Squarespace Inc (SQSP) 2022 Q3 法說會逐字稿

Good morning. My name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Squarespace's Third Quarter 2022 Earnings Conference Call.

早上好。我叫娜迪亞，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Squarespace 的 2022 年第三季度收益電話會議。

(Operator Instructions) I will now hand the call over to your host, Robert Sanders, Head of Investor Relations at Squarespace to begin. Robert, please go ahead.

（操作員說明）我現在將把電話轉給你的主持人，Squarespace 投資者關係主管羅伯特桑德斯開始。羅伯特，請繼續。

Good morning. Thank you for joining us. My name is Robert Sanders, Head of Investor Relations. With me on the call today are Anthony Casalena, Squarespace Founder and CEO. And we welcome Nathan Gooden, our CFO, who joined the company in October. We will share some opening remarks, and then we will open the call to your questions.

早上好。感謝您加入我們。我叫羅伯特桑德斯，投資者關係主管。今天與我通話的是 Squarespace 創始人兼首席執行官 Anthony Casalena。我們歡迎我們的首席財務官內森古登 (Nathan Gooden) 於 10 月加入公司。我們將分享一些開場白，然後我們將開始回答您的問題。

Earlier today, we issued a press release and posted a shareholder letter in the Investor Relations section of our website with additional information related to our Q3 results.

今天早些時候，我們發布了一份新聞稿，並在我們網站的投資者關係部分發布了一封股東信，其中包含與我們第三季度業績相關的更多信息。

On today's call, we will be referring to both GAAP and non-GAAP financial results and operating metrics. You can find additional information on how we calculate these metrics, including a reconciliation of GAAP to non-GAAP measures in today's press release, which can be found in the Investor Relations section of our website. These measures should not be considered in isolation from or superior to our GAAP results.

在今天的電話會議上，我們將提及 GAAP 和非 GAAP 財務業績和運營指標。您可以在今天的新聞稿中找到有關我們如何計算這些指標的更多信息，包括 GAAP 與非 GAAP 措施的對賬，這些信息可以在我們網站的投資者關係部分找到。這些措施不應孤立於或優於我們的 GAAP 結果。

We will make forward-looking statements pursuant to the safe harbor provisions of the Private Securities and Litigation Reform Act of 1995, which include, but are not limited to, statements related to our future financial performance. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks are further defined in our most recent filings with the Securities and Exchange Commission.

我們將根據 1995 年《私人證券和訴訟改革法案》的安全港條款作出前瞻性陳述，其中包括但不限於與我們未來財務業績相關的陳述。這些前瞻性陳述受風險和不確定因素的影響，可能導致我們的實際結果出現重大差異。我們最近向美國證券交易委員會提交的文件進一步定義了這些風險。

Any forward-looking statements that we make on this call are based on assumptions as of this day, November 8, 2022. We undertake no obligation to update these statements as a result of new information or future events, except where required by law. Now I'll turn the call over to Anthony.

我們在本次電話會議上所做的任何前瞻性陳述均基於截至 2022 年 11 月 8 日這一天的假設。除法律要求外，我們不承擔因新信息或未來事件而更新這些陳述的義務。現在我把電話轉給安東尼。

Good morning, everyone. Please join me in welcoming Nathan Gooden to our team as our new CFO. I'm thrilled he is with us and pleased to have him on this call. Nathan brings over 2 decades of financial leadership in the technology sector, most recently as CFO of Amazon's Alexa business.

大家，早安。請和我一起歡迎 Nathan Gooden 加入我們的團隊，成為我們的新首席財務官。我很高興他和我們在一起，也很高興讓他來接聽這個電話。 Nathan 在技術領域擁有超過 20 年的財務領導經驗，最近擔任亞馬遜 Alexa 業務的首席財務官。

In our first weeks of working together, I'm finding his enthusiasm for our business invigorating and believe his positive influence will spread across the organization as he settles into his new role. Welcome, Nathan.

在我們一起工作的最初幾週，我發現他對我們業務的熱情令人振奮，並且相信隨著他適應新角色，他的積極影響將傳播到整個組織。歡迎，內森。

Thank you, Anthony. I will say I'm thrilled to be working with you and excited about the tremendous opportunity ahead for Squarespace. I believe, together with the amazing Squarespace team, we can further optimize our portfolio of brands for entrepreneurs and accelerate growth. I'm inspired by the vision that drives our business forward to help entrepreneurs with creative ideas stand out and succeed. I believe our mission, enabling millions to build a brand and transact with their customers with an impactful and beautiful online presence, creates an amazing opportunity for our business.

謝謝你，安東尼。我會說我很高興能與您合作，並對 Squarespace 未來的巨大機遇感到興奮。我相信，與令人驚嘆的 Squarespace 團隊一起，我們可以進一步優化我們的企業家品牌組合併加速增長。推動我們的業務向前發展以幫助具有創意的企業家脫穎而出並取得成功的願景啟發了我。我相信我們的使命是讓數百萬人建立品牌並通過具有影響力和美觀的在線形象與客戶進行交易，這為我們的業務創造了絕佳的機會。

Now I'll hand the call back to Anthony for some opening remarks, then I'll take us through our third quarter financial results.

現在我將把電話轉回給 Anthony 做一些開場白，然後我將向我們介紹我們第三季度的財務業績。

Thank you, Nathan. Our third quarter results highlight the strength and durability of our business. Revenue came in at the high end of our guidance range, growing 8% annually as reported and 13% in constant currency, driven by strong customer retention, growth in higher-value commerce subscriptions and Tock.

謝謝你，內森。我們第三季度的業績突出了我們業務的實力和持久性。收入處於我們指導範圍的高端，據報告每年增長 8%，按固定匯率計算增長 13%，這得益於強大的客戶保留率、高價值商業訂閱和 Tock 的增長。

Our revenue is extremely durable with 92% coming from SaaS fees across our 4.2 million unique subscriptions. Unlevered free cash flow in the quarter of $42.1 million exceeded the high end of our guidance range by $3.4 million, mainly due to the timing of payments. We're especially pleased to see bookings accelerate to 10% year-over-year as reported and 14% in constant currency, up from 6% year-over-year growth we achieved in Q2. Bookings strength was fueled by new website subscriptions, legacy price increases and Tock.

我們的收入非常持久，其中 92% 來自我們 420 萬獨立訂閱的 SaaS 費用。本季度的無槓桿自由現金流為 4210 萬美元，超出我們指導範圍的上限 340 萬美元，這主要是由於付款時間。我們特別高興地看到預訂量同比增長 10%，按固定匯率計算增長 14%，高於我們在第二季度實現的 6% 的同比增長。新網站訂閱、傳統價格上漲和 Tock 推動了預訂量的增長。

This strength gives us -- this growth gives us further confidence in our continued success. This fall, we were pleased to announce Squarespace Refresh, our annual campaign that showcases over 100 new product innovations and features that we introduced throughout the year. Our constantly evolving platform has grown exceptionally in a myriad of ways, from improvements in our selling tools, to enhancements in the kinds of sites our customers can create on our platform.

這種力量給了我們——這種增長讓我們對我們的持續成功更有信心。今年秋天，我們很高興地宣布推出 Squarespace Refresh，這是我們的年度活動，展示了我們全年推出的 100 多種新產品創新和功能。我們不斷發展的平台以多種方式取得了非凡的發展，從改進我們的銷售工具到增強我們的客戶可以在我們的平台上創建的網站類型。

We also hosted our first Circle day for our community of professionals to build on Squarespace. This live event in New York was exclusively for members of our community. No matter how simple we make our platform to use, there are many out there who would prefer professional help from setting up their site to consulting on copy, photography and/or marketing. Since Squarespace is uniquely positioned in the world due to our emphasis on incredible design, we are a fantastic starting point for these professionals when they build sites for clients.

我們還為我們的專業人士社區舉辦了第一個 Circle Day，以在 Squarespace 的基礎上進行建設。這場在紐約舉行的現場活動專為我們社區的成員舉辦。無論我們使我們的平台使用起來多麼簡單，仍有許多人更喜歡從設置網站到復制、攝影和/或營銷諮詢等方面的專業幫助。由於 Squarespace 由於我們對令人難以置信的設計的重視而在世界上處於獨特的地位，因此我們是這些專業人士為客戶構建網站時的絕佳起點。

Further, as we continue to enhance our platform with innovations like Fluid Engine, our new page design system we launched a few months ago, we eliminate the need for these professionals to learn custom code or move to more complex platforms that are harder to maintain. This quarter, we also began introducing modest increases to our pricing for our existing base of subscribers and saw a minimal impact to customer retention and response, far below what we originally had modeled.

此外，隨著我們繼續通過 Fluid Engine（我們幾個月前推出的新頁面設計系統）等創新來增強我們的平台，我們消除了這些專業人員學習自定義代碼或轉移到更難維護的更複雜平台的需要。本季度，我們還開始適度提高現有訂戶基礎的定價，並且發現對客戶保留和響應的影響微乎其微，遠低於我們最初的模型。

We continue to benefit from the new pricing introduced in the third quarter over the coming quarters as annual subscriptions come up for renewal with approximately 70% of our entire customer base on annual subscriptions. As we've noted previously, we've never raised prices on existing customers. Accordingly, many of our existing customers who received the new pricing this quarter remain well below our current market rates for new customers.

在接下來的幾個季度中，我們將繼續受益於第三季度推出的新定價，因為年度訂閱即將續訂，我們整個客戶群中大約 70% 的年度訂閱。正如我們之前所指出的，我們從未提高現有客戶的價格。因此，我們本季度收到新定價的許多現有客戶仍然遠低於我們當前為新客戶提供的市場價格。

To unpack some of the drivers of growth in this quarter. Unique subscriptions for websites grew in line with our expectations throughout the quarter as we acquired new customers and retained existing ones. However, our unfold business saw softness impacting overall subscription growth, leading to the number being roughly flat from a macro perspective.

分析本季度的一些增長驅動因素。隨著我們獲得新客戶並留住現有客戶，整個季度網站的獨特訂閱量增長符合我們的預期。然而，我們的展開業務看到疲軟影響了整體訂閱增長，導致從宏觀角度來看這個數字大致持平。

Unfold subscriptions are substantially lower in dollar value than other subscriptions we offer. We continue to innovate and unfold by rapidly launching new features, including Bio Sites, which were easy to create websites for social profiles that are being adopted rapidly.

與我們提供的其他訂閱相比，展開訂閱的美元價值要低得多。我們通過快速推出包括 Bio Sites 在內的新功能來繼續創新和展開，這些功能很容易為社交資料創建網站，這些網站正在迅速被採用。

Commerce subscription growth continues to outpace presence as entrepreneurs are created in greater numbers turned to our simple to use, but powerful integrated platform and services for sellers.

隨著越來越多的企業家轉向我們易於使用但功能強大的賣家集成平台和服務，商業訂閱增長繼續超過存在。

Tock is also helping drive growth in our Commerce segment. In Q3 2020, presence revenue grew at 6% year-over-year as reported and 12% in constant currency. Commerce revenue grew 13% year-over-year as reported and 16% in constant currency.

Tock 還幫助推動了我們商業部門的增長。 2020 年第三季度，據報導，在線收入同比增長 6%，按固定匯率計算增長 12%。據報告，商業收入同比增長 13%，按固定匯率計算增長 16%。

Our mix of Commerce subscriptions as well as the addition and subsequent growth of Tock contributed to ARPUS climbing to $206 growing 4% annually. International expansion remains a core growth driver as we localize our offerings. I'm excited about some of our new international brand ambassadors and geo-specific campaigns tailored to appeal to international audiences.

我們的 Commerce 訂閱組合以及 Tock 的添加和隨後的增長促成了 ARPUS 攀升至 206 美元，每年增長 4%。隨著我們對產品進行本地化，國際擴張仍然是核心增長動力。我很高興看到我們的一些新的國際品牌大使和為吸引國際觀眾而量身定制的針對特定地區的活動。

Within Tock, which held hospitality and time-slotted businesses thrive, we launched the Tock Wine shop. This makes it possible for our winery partners to sell directly to consumers while continuing to manage the tasting reservations on its all-in-one platform.

在 Tock 內，熱情好客和有時限的業務蓬勃發展，我們推出了 Tock Wine 商店。這使得我們的酒廠合作夥伴可以直接向消費者銷售產品，同時繼續在其一體化平台上管理品酒預訂。

Further, we're making progress with Squarespace Payments and recently hired a new Vice President who brings over a decade of experience in Payments to our team. We believe Payments will be an important driver of our business moving forward. I'll hand it over to Nathan to speak to the financials before taking your questions.

此外，我們在 Squarespace Payments 方面取得了進展，最近聘請了一位新的副總裁，他為我們的團隊帶來了十多年的支付經驗。我們相信支付將成為我們業務向前發展的重要驅動力。在回答你的問題之前，我會把它交給內森與財務人員交談。

Thank you, Anthony. Let me begin by highlighting some of the bright spots in the third quarter. Revenue of $218 million was at the top end of our guidance range. As Anthony said, our growth was underpinned by strong customer retention as we introduced new pricing with existing customers. Increases in higher-value commerce subscriptions, which continue to outpace growth in present subscriptions and growth in our Tock business.

謝謝你，安東尼。首先讓我強調第三季度的一些亮點。 2.18 億美元的收入處於我們指導範圍的頂端。正如 Anthony 所說，我們的增長得益於強大的客戶保留率，因為我們向現有客戶引入了新的定價。高價值商業訂閱的增加，繼續超過當前訂閱的增長和我們 Tock 業務的增長。

As Anthony pointed out, these signs give us further confidence in our business and its future success. In addition to our top line performance, our efficient and scalable model delivered $42 million in unlevered free cash flow, giving us a 19.3% unlevered free cash flow margin and demonstrating our ability to generate growth and drive profits.

正如安東尼指出的那樣，這些跡象讓我們對我們的業務及其未來的成功更有信心。除了我們的頂級業績外，我們高效且可擴展的模型還提供了 4200 萬美元的無槓桿自由現金流，使我們的無槓桿自由現金流利潤率為 19.3%，並展示了我們產生增長和推動利潤的能力。

Total GMV of $1.4 billion grew 3% year-over-year as discretionary spending dwindled due to macroeconomic environment we are in. Recall, our Board of Directors authorized a $200 million share repurchase program in the second quarter of this year.

由於我們所處的宏觀經濟環境導致可自由支配支出減少，總 GMV 為 14 億美元，同比增長 3%。回想一下，我們的董事會在今年第二季度批准了一項 2 億美元的股票回購計劃。

As of September 30, we have repurchased and retired 3.99 million shares, including 2.43 million shares during the third quarter, offsetting dilution related to stock-based compensation. Approximately $114.4 million remained available under this program at the end of the third quarter.

截至 9 月 30 日，我們已回購和退回 399 萬股，其中包括第三季度的 243 萬股，以抵消與股票薪酬相關的攤薄。截至第三季度末，該計劃仍有大約 1.144 億美元可用。

I do want to clarify our mix of international revenue as reported, which represented 28% of our total revenue and declined 15% year-over-year, whereas U.S. revenue as reported was 72% of revenue and grew 21% year-over-year. This is a reflection of prior year revenue reclassifications and current year FX headwinds.

我確實想澄清一下我們報告的國際收入組合，占我們總收入的 28%，同比下降 15%，而報告的美國收入佔收入的 72%，同比增長 21% .這反映了前一年的收入重新分類和當年的外匯逆風。

As we noted previously, in the third quarter of 2021, we reclassified $9.2 million of first and second quarter 2021 revenue out of the U.S. and into international.

正如我們之前提到的，在 2021 年第三季度，我們將 2021 年第一季度和第二季度的 920 萬美元收入從美國重新分類為國際收入。

When taking into account this reclassification and the $9.3 million of currency headwinds versus rates and effect in the third quarter of 2021, our mix of U.S. and international revenue would have been 69% and 31%, respectively, which is consistent with levels in the first 2 quarters of this year. When considering the impact of these 2 adjustments, both U.S. and international grew 13% year-over-year.

考慮到這一重新分類以及 2021 年第三季度 930 萬美元的匯率逆風和影響，我們的美國和國際收入組合將分別為 69% 和 31%，這與第一季度的水平一致今年2個季度。考慮到這兩項調整的影響，美國和國際市場同比增長 13%。

We are executing against our expectations for non-GAAP expenses. Full year 2022, our non-GAAP operating margin is expected to increase approximately 300 basis points from 2021 levels as we reduced G&A and marketing sales expenses as a percent of revenue, while at the same time, increasing our investment in R&D relative to 2021. This balanced approach fuels our future growth while also delivering strong unlevered free cash flow.

我們正在按照我們對非 GAAP 費用的預期執行。到 2022 年全年，我們的非 GAAP 營業利潤率預計將從 2021 年的水平增加約 300 個基點，因為我們減少了 G&A 和營銷銷售費用佔收入的百分比，同時相對於 2021 年增加了研發投資。這種平衡的方法推動了我們未來的增長，同時也提供了強勁的無槓桿自由現金流。

Let me turn to guidance before opening up for Q&A. For the fourth quarter of 2022, we expect revenue to be in the range of $219 million to $224 million, representing a year-over-year growth rate range of 6% to 8% versus Q4 2021.

在開始問答之前，讓我轉向指導。對於 2022 年第四季度，我們預計收入將在 2.19 億美元至 2.24 億美元之間，與 2021 年第四季度相比，同比增長率為 6% 至 8%。

We anticipate unlevered free cash flow in the range of $24.6 million to $29.6 million. Our unlevered free cash flow guidance comprises ranges of cash flow from operating activities of $24.0 million to $28.9 million. Capital expenditures of $4.6 million to $5.5 million and cash paid for interest expenses net of associated tax benefits between $5.1 million and $6.2 million.

我們預計無槓桿自由現金流在 2460 萬美元至 2960 萬美元之間。我們的無槓桿自由現金流量指導包括 2400 萬美元至 2890 萬美元的經營活動現金流量範圍。 460 萬至 550 萬美元的資本支出和 510 萬至 620 萬美元之間的扣除相關稅收優惠後的利息支出現金。

For the full year 2022, we expect revenue to be in the range of $857 million to $862 million, representing a year-over-year growth rate range of 9% to 10%. We anticipate unlevered free cash flow in the range of $148.6 million to $153.6 million. Our 2022 unlevered free cash flow guidance assumes cash flow from operating activities in the range of $149.2 million to $154.2 million.

對於 2022 年全年，我們預計收入將在 8.57 億美元至 8.62 億美元之間，同比增長率為 9% 至 10%。我們預計無槓桿自由現金流在 1.486 億美元至 1.536 億美元之間。我們的 2022 年無槓桿自由現金流量指南假設經營活動產生的現金流量在 1.492 億美元至 1.542 億美元之間。

Capital expenditures of $12.9 million to $13.9 million and cash paid for interest expenses, net of associated tax benefit between $12.4 million and $13.4 million. We are reducing our revenue outlook for full year 2022 by $2.5 million or 0.3% at the midpoint as we take a more conservative outlook related to the GMV transacting on our platform in the fourth quarter.

資本支出為 1290 萬美元至 1390 萬美元，以及為利息支出支付的現金，扣除相關稅收利益後為 1240 萬美元至 1340 萬美元。我們將 2022 年全年的收入預期下調 250 萬美元或中點 0.3%，因為我們對第四季度平台上的 GMV 交易持更為保守的展望。

Historically, during the fourth quarter, we processed higher levels of GMV relative to other periods during the year, -- this year, with increased uncertainty around consumer spending, we're taking our expectations for GMV in the fourth quarter down slightly. We are also factoring an additional $1.1 million in currency headwinds since we offered full year guidance in July.

從歷史上看，在第四季度，我們處理的 GMV 水平高於一年中的其他時期——今年，隨著消費者支出的不確定性增加，我們對第四季度 GMV 的預期略有下調。自我們在 7 月份提供全年指引以來，我們還考慮了另外 110 萬美元的貨幣逆風。

Turning to unlevered free cash flow. Reducing full year 2022 guidance by $10 million at the midpoint to a range of $149 million to $156 million representing a 17.5% margin at the midpoint to account for our lowered revenue expectations and primarily the uncertainty and timing of tax receivables.

轉向無槓桿的自由現金流。將 2022 年全年指引的中點減少 1000 萬美元至 1.49 億美元至 1.56 億美元的範圍，中點利潤率為 17.5%，以說明我們降低的收入預期以及應收稅款的不確定性和時間安排。

In summary, I believe the fundamentals of our business remains strong. We have a long operating history of profitable growth, a strong gross profit margin and a loyal customer base.

總之，我相信我們業務的基本面依然強勁。我們擁有長期盈利增長的運營歷史、強勁的毛利率和忠實的客戶群。

Our Refresh platform delivers an exceptional experience for entrepreneurs that will continue to fuel future growth. I look forward to meeting our investors and analysts in the coming weeks and cannot be more excited to be a part of the Squarespace team and for the opportunity we have in front of us.

我們的 Refresh 平台為企業家提供了非凡的體驗，這將繼續推動未來的增長。我期待在未來幾週與我們的投資者和分析師會面，並且對成為 Squarespace 團隊的一員以及我們面前的機會感到無比興奮。

Given my short tenure, Anthony will be fielding your questions today, and I look forward to speaking with you on our fourth quarter call. Now we would like to open the line to your questions.

鑑於我的任期很短，安東尼今天將回答您的問題，我期待在我們的第四季度電話會議上與您交談。現在我們想打開您的問題熱線。

(Operator Instructions) And our first question today goes to Trevor Young of Barclays.

（操作員說明）我們今天的第一個問題是巴克萊銀行的 Trevor Young。

Great. Two, if I may. First one, Nathan, on the unlevered free cash flow. You came in just over $3 million ahead in the quarter, but as you mentioned, lowering full year by about $10 million at the midpoint. I think you mentioned something about tax receivables, but I think also in prior years stronger cash flow on some timing events that reversed in 4Q. Maybe that's the tax item you're referring to but also 4Q, I think you had some ad spend prepay ahead of 1Q. So is that the dynamic that's going on here that basically a little bit of a reversal of the 3Q trend? Just any color on that would be appreciated.

偉大的。兩個，如果可以的話。第一個，內森，關於無槓桿的自由現金流。你在本季度的收入略高於 300 萬美元，但正如你所提到的，在中點將全年減少約 1000 萬美元。我想你提到了一些關於應收稅款的事情，但我認為在前幾年，一些時間事件的現金流在第四季度出現逆轉。也許這就是您所指的稅收項目，但也是第 4 季度，我認為您在第 1 季度之前預付了一些廣告支出。那麼這裡發生的動態是否基本上是第三季度趨勢的一點點逆轉？任何顏色都將不勝感激。

Thank you, Trevor, for your question. The tax receivables are relating to two things: one, from 2018, as you can see in the queue on a research and development tax credit that we received or haven't received but filed for a tax overpayment from tax year 2020 that was paid in 2021. That represents the far majority of that $10 million that we have pushed to 2023. As you look at the operating margin in the cash flow margin that is improving to 300 basis points, as I said in my remarks year-over-year.

謝謝你，特雷弗，你的問題。應收稅款與兩件事有關：第一，從 2018 年開始，正如您在研發稅收抵免隊列中看到的那樣，我們收到或未收到但申請了 2020 納稅年度的多繳稅款2021 年。這代表了我們推到 2023 年的 1000 萬美元的絕大部分。正如你在現金流利潤率中看到的營業利潤率正在提高到 300 個基點，正如我在發言中所說的那樣。

That's really helpful.

這真的很有幫助。

Yes. In terms of the payments -- I mean the timing is moving some things around it, it's not reflective of like a fundamental difference in how the company is generating free cash flow.

是的。就付款而言——我的意思是時間正在改變一些事情，它並沒有反映出公司如何產生自由現金流的根本差異。

Got it. Yes. That's what I'm trying to get. And Anthony, of course around your comments a bit on taking price, which I think started earlier in the year, you mentioned rolling out the price increases to existing subs and not having an impact on churn initially. Can you just remind us how much of a discount versus list price existing subs are? Because I think you mentioned still a significant discount, so this maybe is like a multiyear initiative to kind of get closer to parity.

知道了。是的。這就是我想要得到的。安東尼，當然圍繞你關於定價的評論，我認為這在今年早些時候開始，你提到將價格上漲推廣到現有的訂閱者並且最初不會對客戶流失產生影響。您能否提醒我們現有潛艇的折扣與標價相比多少？因為我認為你提到仍然有很大的折扣，所以這可能就像是一項多年計劃，旨在接近平價。

Yes. Good. Thanks for highlighting that. It is -- it will be a multiyear initiative. So basically, we went in on a plan-by-plan level and tried to find -- we didn't want anyone's price increase because it could have been on Squarespace 10 years ago to be 25% or something like that. So a lot of it -- I guess the biggest -- we wanted to take people up by, let's call it, around 10% to 15%, around 10% on average. And so there's not just one kind of difference that people saw. But you're correct in assuming that we have more room to move in subsequent years as we kind of slowly bring us -- bring everyone up to what we would call like list price.

是的。好的。感謝您強調這一點。這將是一項多年計劃。所以基本上，我們逐個計劃地進行，並試圖找到——我們不希望任何人提價，因為 10 年前 Squarespace 的價格可能是 25% 或類似水平。所以很多——我想是最大的——我們想讓人們提高，我們稱之為，大約 10% 到 15%，平均大約 10%。因此，人們看到的不只是一種差異。但是你假設我們在接下來的幾年裡有更多的移動空間是正確的，因為我們慢慢地給我們帶來了——讓每個人都達到我們所說的定價。

In addition, in international markets, depending on how our new price test go, we'll have even more kind of room to move as we establish a new intro price point, right, which is a prerequisite for doing all this.

此外，在國際市場上，根據我們新價格測試的進展情況，我們將有更多的移動空間，因為我們建立了一個新的介紹價格點，對，這是做這一切的先決條件。

The other part what you were talking about, and this was just -- I mean, again, it's like the first time we're doing something like this. So it's like -- yes, there's no precedent. The churn ended up coming in far below what we modeled, which was great.

你所說的另一部分，這只是——我的意思是，這就像我們第一次做這樣的事情。所以就像——是的，沒有先例。流失率最終遠低於我們建模的水平，這很好。

And again, we don't know how much of that is just a pull forward, which would be ideal, right, because we're going to leave anyway. So I'm really pleased with the rollout of this and with the reaction we're seeing. And it just kind of underscores to me how important the product is to the people who are using it and the fact that they get a lot of value out of this. Otherwise, we wouldn't be able to do this. And I think, look, the intro prices still remains very, very competitive in my view. So I don't think we've done anything at all (inaudible) here. And I think the platform is just so much better than it was years ago. So I think this has been a highlight for us over the quarter.

再說一次，我們不知道其中有多少只是向前推進，這將是理想的，對吧，因為無論如何我們都要離開。所以我對這個的推出以及我們看到的反應感到非常高興。它只是在某種程度上向我強調了產品對使用它的人的重要性以及他們從中獲得很多價值的事實。否則，我們將無法做到這一點。而且我認為，在我看來，介紹價格仍然非常非常有競爭力。所以我不認為我們在這裡做了任何事情（聽不清）。而且我認為這個平台比幾年前好多了。所以我認為這對我們來說是本季度的一個亮點。

That's really helpful. And just to dovetail on that, can you update us on where we stand with the bundling efforts? And as part of that to bring maybe some older subs that were kind of a la carte into new bundles at potentially higher price point?

這真的很有幫助。為了與此相吻合，您能否向我們介紹我們在捆綁工作方面的立場？作為其中的一部分，可能會以可能更高的價格將一些有點像點菜的舊潛艇帶入新的捆綁包中？

So we're still doing a lot of the engineering work for that. Part of the idea behind the bundling efforts are to give more like basically supercharge the power and the features and functionality that are in the base level plans. And so I think that just will speak to us maybe being able to get to a higher intro price point and also mid-bundle price point later on. So I think we'll start to see some of that stuff enter into a test phase more in Q1, but yes, still remain excited about that.

所以我們仍在為此做大量的工程工作。捆綁工作背後的部分想法是提供更多的東西，比如基本上增強基本級別計劃中的功能以及特性和功能。因此，我認為這只會告訴我們也許能夠在以後獲得更高的介紹價格點和中等捆綁價格點。所以我認為我們將開始看到其中一些東西在第一季度更多地進入測試階段，但是，是的，仍然對此感到興奮。

And the next question goes to Josh Beck of KeyBanc.

下一個問題交給 KeyBanc 的 Josh Beck。

I just want to add one thing there because we saw a bookings reacceleration this quarter, which we're all very pleased to see. Some of that is the price increase, but a lot of that is also just new website subscribers, which, again, is getting masked by the offset in the negative story related to the Unfold subscribers. So I just want to point that out.

我只想在那裡添加一件事，因為我們看到本季度的預訂重新加速，我們都很高興看到這一點。其中一些是價格上漲，但其中很多也只是新的網站訂閱者，這再次被與 Unfold 訂閱者相關的負面故事的抵消所掩蓋。所以我只想指出這一點。

And the next question goes to Josh Beck of KeyBanc.

下一個問題交給 KeyBanc 的 Josh Beck。

I wanted to go back to, Anthony, your comment there around churn. Certainly, you had embedded something into the model. You obviously have so many months of experience at this point. Do you feel like you have a pretty good handle on how that churn at least related to pricing is going to play out in the future quarters? Or is that one where you're may be awaiting a little bit more data through the end of the year to really be able to make the call, like, okay, we have a very good kind of handle on the sensitivity around pricing there?

安東尼，我想回到你對客戶流失的評論。當然，您已經在模型中嵌入了一些東西。你顯然在這一點上有這麼多個月的經驗。您是否覺得您對至少與定價相關的客戶流失在未來幾個季度將如何發揮作用有很好的把握？或者，您可能正在等待年底前獲得更多數據，以便真正能夠做出決定，比如，好吧，我們對那裡定價的敏感性有很好的處理方式？

I think we have enough data to say we have a good handle around it. I think when we're talking about hundreds of thousands of data points, the one area where we won't know until it happens is the full impact of what it will mean for annual renewals. But I would think that if you didn't like the new price, you were planning on leaving, you would have just set your site to cancel and not renew it as soon as you saw this. But no, I think, again, it's a positive story for us, and it's -- we rolled it out in a controlled way, and I think I don't anticipate more surprises related to this.

我認為我們有足夠的數據表明我們可以很好地處理它。我認為當我們談論數十萬個數據點時，只有在它發生之前我們才會知道的一個領域是它對年度續訂意味著什麼的全部影響。但我認為，如果你不喜歡新價格，你打算離開，你會在看到這個後立即將你的網站設置為取消而不是續訂。但不，我認為，這對我們來說是一個積極的故事，而且它是 - 我們以可控的方式推出它，我認為我預計不會有更多與此相關的驚喜。

Okay. That's great to hear. Obviously, it's kind of breaking new ground in some ways with your model. I also wanted to ask just a follow-up on GMV. Obviously, the growth slow. We've heard this theme from many commerce-oriented companies this quarter. I'm kind of curious -- you mentioned discretionary that's obviously been a topic that's come up many times. But if you kind of double click on GMV and what the drivers are, any verticals that really stood out or maybe some that were resilient. Just kind of curious on what some of those drivers were and how we should kind of bleed that forward into future periods?

好的。聽到這個消息我很高興。顯然，它在某些方面為您的模型開闢了新天地。我還想問一下 GMV 的後續問題。顯然，增長緩慢。本季度我們從許多面向商業的公司那裡聽到了這個主題。我有點好奇——你提到了自由裁量權，這顯然是一個多次出現的話題。但是，如果你雙擊 GMV 和驅動因素，任何真正脫穎而出的垂直領域或者一些有彈性的垂直領域。只是有點好奇其中一些驅動因素是什麼以及我們應該如何將其滲透到未來時期？

Yes. So again, no surprises there. We've seen softness in U.S. e-commerce over the past couple of months and last quarter and all that. So it shouldn't be too much of a surprise. I think the interesting thing about our GMV is that it's really multidimensional. So it's not just physical commerce, it's services-based commerce. It's appointments. It's bookings. It's bookings and reservations with Tock. So I think Tock showed a bit of resilience where its physical and services-based commerce was a little bit weakened. But again, that's kind of going to be the difference between what you're going to see in Squarespace's GMV as we move forward, which will maybe cause it to look a little bit different than if you just compared it to like what Amazon or Shopify sees.

是的。再次重申，沒有驚喜。在過去幾個月和上個季度等等，我們已經看到美國電子商務的疲軟。所以這應該不足為奇。我認為我們 GMV 的有趣之處在於它確實是多維的。因此，這不僅僅是實體商務，還是基於服務的商務。是約會。是訂票。這是通過 Tock 進行的預訂和預訂。因此，我認為 Tock 在其實體和基於服務的商業略有減弱的情況下表現出了一定的彈性。但同樣，隨著我們的前進，這將是您在 Squarespace 的 GMV 中看到的不同之處，這可能會導致它看起來與您將其與亞馬遜或 Shopify 進行比較時有所不同看到。

And the next question goes to Ken Wong of Oppenheimer.

下一個問題交給奧本海默的 Ken Wong。

Great. Fantastic. Anthony, you mentioned weakness in Unfold. That was something we saw last quarter as well. Any color on whether or not that stabilized, worsened? Would love an update on how that piece of the business did.

偉大的。極好的。安東尼，你提到了 Unfold 的弱點。這也是我們上個季度看到的情況。任何顏色是否穩定，惡化？很想知道這部分業務的最新情況。

Yes. So I remain really enthusiastic about Unfold, and I'll kind of break down what I'm -- what we're looking at in there a little bit. So Unfold is a very low-priced subscription, one of our lowest aside from domains, but there's a high volume of them. And what is -- and it's also, by the way, a very global business, much more than the rest of Squarespace. So I think a couple of quarters ago when we were talking about the situation in Europe, things like that actually impact Unfold in a disproportionate way as well as events in Asia and South America.

是的。所以我仍然對 Unfold 充滿熱情，我會稍微分解一下我在裡面看到的東西。 So Unfold 是一種非常低價的訂閱服務，是我們除域名外價格最低的訂閱服務之一，但訂閱量很大。順便說一句，它也是一項非常全球化的業務，遠遠超過 Squarespace 的其他業務。所以我認為幾個季度前，當我們談論歐洲的情況時，類似的事情實際上以不成比例的方式影響展開，以及亞洲和南美洲的事件。

So what's happening in Unfold is it's a place where there's 2 factors that really kind of batter it, if you will. One is competition in the App Store and two is just the evolution of trends on social media. So what people are doing on social media and how it looks and how do you use Instagram, how do you use stories 3 years ago, aren't the same as 2 years ago or 5 years ago or even last year, and especially with the usage trends changing alongside the pandemic.

所以在 Unfold 中發生的事情是，如果你願意的話，它是一個有兩個真正影響它的因素的地方。一是 App Store 的競爭，二是社交媒體趨勢的演變。所以人們在社交媒體上做什麼，它看起來如何，你如何使用 Instagram，你如何使用 3 年前的故事，與 2 年前或 5 年前甚至去年都不一樣，尤其是使用趨勢隨著大流行而變化。

That being said, we still have a huge belief that people are starting out on social media and then their presence managed in there. And the real bright spot actually within Unfold is the introduction of Bio Sites, which we're not fully monetizing yet. So there's -- like if you're looking at what's called like the Link in Bio space, there's a couple of different competitors there. It's a notion that you've all seen it, I'm sure, on Instagram. You click on somebody's bio and you could see that little site that's kind of a train station routing links out. We have hundreds of thousands of Bio Sites created and the pace of them being deployed is accelerating.

話雖如此，我們仍然堅信人們是從社交媒體開始的，然後他們的存在在那裡得到管理。 Unfold 中真正的亮點是 Bio Sites 的引入，我們還沒有完全將其貨幣化。所以有 - 就像如果你正在看所謂的 Bio 空間中的鏈接，那裡有幾個不同的競爭對手。我敢肯定，這是一個你們都在 Instagram 上看到過的概念。你點擊某人的簡歷，你會看到那個類似火車站路線的小網站鏈接。我們創建了數十萬個 Bio Sites，並且部署速度正在加快。

So I think we're going to have a lot of opportunities within that product as well as the stories products to create a really positive story here. Again, like it's just so great to see something accelerate and organically spread that we deployed from within Unfold. In addition to it being a new homegrown brand that we're launching, we developed and launched in-house. So more to come there, but I'm really happy with that foothold we've got and how that story is played out.

所以我認為我們將在該產品以及故事產品中有很多機會在這裡創造一個真正積極的故事。再一次，看到我們從 Unfold 部署的東西加速和有機傳播真是太棒了。除了它是我們正在推出的一個新的本土品牌外，我們還在內部開發和推出。所以還有更多的人來到那裡，但我對我們所擁有的立足點以及這個故事的展開方式感到非常滿意。

Got it. Fantastic. And then maybe following up on Trevor's question on bundling, I noticed you guys put out this refresh campaign. Should we think of that as the first kind of education process to get the customers aware. Where are we in terms of the direct sales efforts, your partner efforts to kind of get the bundling initiative up and rolling. And then it sounds like the product piece is still TBD. But on the go-to-market side, are we kind of getting to the point where you guys are ready to activate that once the product side is squared away?

知道了。極好的。然後可能跟進 Trevor 關於捆綁的問題，我注意到你們推出了這個刷新活動。我們是否應該將其視為讓客戶了解的第一種教育過程。就直銷工作而言，我們在哪裡，您的合作夥伴努力實現捆綁計劃。然後聽起來產品仍然是待定的。但是在上市方面，我們是否已經到了你們準備好在產品方面準備好後激活它的地步？

There's more than enough we can put into the bundles. I mean they -- part of the situation Squarespace has found itself in over the years is that we actually do so many things with classes and courses or e-mail campaigns. And these things are launched then on the platform, but they're behind separate subscription. So we have plenty of -- the bundling work is not dependent upon like us needing to create new features for the bundles. It's the re-architecture of how those things are accessed is really -- it's just a heavy lift. I mean, it's just a lot in the platform.

我們可以放入捆綁包中的東西綽綽有餘。我的意思是他們 - Squarespace 多年來發現自己的部分情況是我們實際上通過課程和課程或電子郵件活動做了很多事情。這些東西都是在平台上發布的，但它們是單獨訂閱的。所以我們有很多 - 捆綁工作並不依賴於我們需要為捆綁包創建新功能。這是對這些內容的訪問方式的重新架構——這只是一項繁重的工作。我的意思是，平台上有很多。

So Refresh, that's kind of the rebrand -- that's a new brand for us again, branding date, what's essentially going to be our annual product event, which is a combination of future launches and a roundup of what's been going on. We actually launched a ton of stuff during the year, and I think some of it gets locked because it's not at the level of a press release. And so Refresh gives us an opportunity to say, "Hey, wait, let's take a look, this product improved in like 100 different ways over the past year. Let's relook at Fluid Engine. Let's look at the work we're doing with various personalities and brands that are on the platform."

所以 Refresh，這是一種品牌重塑——這對我們來說又是一個新品牌，品牌日期，本質上將是我們的年度產品活動，它是未來發布和對正在發生的事情的總結的結合。我們實際上在這一年推出了很多東西，我認為其中一些被鎖定是因為它沒有達到新聞稿的水平。因此 Refresh 讓我們有機會說，“嘿，等等，讓我們來看看，這個產品在過去一年里以大約 100 種不同的方式改進了。讓我們重新審視 Fluid Engine。讓我們看看我們正在做的各種工作平台上的個性和品牌。”

Another thing was fun and part of Refresh is after putting Fluid Engine out, which I have talked to a previous con, would love to talk to about more. It's really unlocked the ability for us in a no-code fashion to do really kind of forward-thinking sites that our customers can then not just admire but manipulate and it's something that would work for them. And so as part of Refresh, we launched icons, which lets us showcase sort of like we've always had this dream for like a fall in a spring season of templates, if you will, just to further the fashion analogy.

另一件有趣的事情是 Refresh 的一部分是在推出 Fluid Engine 之後，我已經和之前的騙子談過了，我很樂意談論更多。它真的讓我們能夠以無代碼的方式開發真正具有前瞻性的網站，這樣我們的客戶不僅可以欣賞而且可以操縱這些網站，這對他們來說是有用的。因此，作為 Refresh 的一部分，我們推出了圖標，它讓我們展示了我們一直以來的夢想，就像模板在春季的秋天一樣，如果你願意的話，只是為了進一步進行時尚類比。

And we can finally do that and then do it in a way where those templates that we put out there, we collaborated with Björk on one of the first ones here are usable by customers, and they -- it's not just as completely as on cards saying they can take it. And with Fluid Engine and our section-based design system actually make it work for a portfolio or for a consulting site or something like that. So that has been a long time coming for me, and I'm happy we've got it there. But yes, I hope that gives some color on Refresh and the intersection with bundling.

我們終於可以做到這一點，然後以我們與 Björk 合作開發的第一批模板中的那些模板可供客戶使用的方式來實現，而且他們 - 它不僅僅是卡片上的那麼完整說他們可以接受。借助 Fluid Engine 和我們基於部分的設計系統，它實際上可以用於作品集或諮詢網站或類似的東西。所以這對我來說已經很長時間了，我很高興我們已經做到了。但是，是的，我希望這能為 Refresh 和與捆綁的交叉點提供一些顏色。

And the next question goes to Chris Zhang of Credit Suisse.

下一個問題交給瑞士信貸的 Chris Zhang。

I had a question on the unique subscriptions. I know a lot of details and very helpful color has been provided, especially around the continued impact from Unfold and at the same time, the growth in website subscribers. So given the moving parts here, can you maybe unpack the growth of unique subscriptions in the presence versus commerce segments and how they compare to the overall growth? I think any directional comments on the sequential or year-on-year growth of these 2 segments would be appreciated. And I had a follow-up, if I may.

我對唯一訂閱有疑問。我知道很多細節，並且提供了非常有用的顏色，特別是圍繞 Unfold 的持續影響以及網站訂閱者的增長。因此，考慮到這裡的移動部分，您能否解開存在與商業細分市場中唯一訂閱的增長，以及它們與整體增長的比較情況？我認為對這兩個部分的連續或同比增長的任何定向評論將不勝感激。如果可以的話，我有一個後續行動。

Sure. I think why you see a positive bookings and revenue story here is that we continue to grow a higher-value subscriptions at a pace above lower-value subscriptions, and we continue to get more revenue out of the subscriptions that we have. Again, underscoring in that number that it's masking the fact that the new website revenue number was strong.

當然。我認為為什麼你在這裡看到積極的預訂和收入故事是因為我們繼續以高於低價值訂閱的速度增長高價值訂閱，並且我們繼續從我們擁有的訂閱中獲得更多收入。再次強調該數字掩蓋了新網站收入數字強勁的事實。

To be more specific about it, commerce sub is growing at 7% versus presence subs growing at 4%, just to kind of help you think about that. Look, I think that as we continue to evolve the system and provide more and more sophisticated tools and become more and more a part of the infrastructure that entrepreneurs use to grow their businesses, it's just naturally going to trend towards those higher-value subscriptions because we're getting just more -- it's just more business oriented in nature.

更具體地說，商業訂閱以 7% 的速度增長，而存在訂閱以 4% 的速度增長，只是為了幫助你考慮這一點。看，我認為隨著我們繼續發展系統並提供越來越複雜的工具並越來越成為企業家用來發展業務的基礎設施的一部分，它自然會傾向於那些更高價值的訂閱，因為我們得到的只是更多 - 它本質上只是更面向業務。

And the more kinds of businesses that we serve, time-slotted businesses, hospitality, services-based businesses, classes and courses, it's just going to keep trending there. And then once we overlay that with improvements to payments, we'll be unlocking that stream too. Again, 92% of our revenue right now is coming from SaaS and recurring fees in the business, which is, again, great from a resiliency standpoint, especially considering our cash retention and churn properties, but just a lot more to do there.

我們服務的業務種類越多，時間段業務、酒店、基於服務的業務、課程和課程，它只會在那裡保持趨勢。然後，一旦我們將其與支付的改進疊加起來，我們也將解鎖該流。同樣，我們現在 92% 的收入來自 SaaS 和業務中的經常性費用，從彈性的角度來看，這再次很好，特別是考慮到我們的現金保留和流失屬性，但還有很多工作要做。

I really appreciate it. And my second question is on the payments. Can you maybe give us some update on the progress and the timing of your in-house payments offering?

對此，我真的非常感激。我的第二個問題是關於付款的。您能否向我們提供一些有關內部支付產品的進度和時間安排的最新信息？

Yes, I wish I had more of an update. The big update I do have is that we welcomed a new Vice President, (inaudible) who's joining us -- actually it's his first day today, who will be really focusing on this and also our Acuity business, which I can talk about later. But yes, we've just been making updates to the team and going back and forth to try and make this reality. We're far down the road with it. It's just -- it's a heavy undertaking, and it's a new muscle for the company. So it takes a minute.

是的，我希望我有更多的更新。我確實有一個重大更新是，我們歡迎一位新的副總裁（聽不清）加入我們——實際上這是他今天的第一天，他將真正專注於此以及我們的 Acuity 業務，我可以稍後再談。但是，是的，我們一直在對團隊進行更新，並反复嘗試實現這一目標。我們離它還很遠。這只是——這是一項艱鉅的任務，也是公司的新力量。所以需要一分鐘。

And the next question goes to Matt Pfau of William Blair.

下一個問題交給威廉·布萊爾的馬特·普福。

I wanted to first ask on the macro and dig into the sub commentary a little bit more. Are you seeing any impact from the macro in terms of the top of funnel activity or conversion or even on the churn side of things?

我想先問一下宏觀問題，然後再深入研究一下子評論。您是否看到宏觀對漏斗活動或轉化的頂部或什至在事物的流失方面有任何影響？

No, all of that remains strong, especially if you're looking at the website business in particular, which is going to be one of the main drivers of bookings and revenue.

不，所有這些仍然很強勁，特別是如果你特別關注網站業務，這將成為預訂和收入的主要驅動力之一。

Okay. Got it. And then if we are heading into a weaker macro next year, how do you all think about managing your expenses? And are there certain areas where you might pull back on if we were to see demand weaken a bit?

好的。知道了。然後，如果明年我們將進入一個疲軟的宏觀經濟，你們如何看待管理你的開支？如果我們看到需求有所減弱，是否有某些領域你可能會撤回？

Yes. I mean that's kind of been the whole story of the year, right? So Squarespace, one of the things I'm very proud of with our company is that we've always been, I think, very cautious with cash. And this company operated to cash flow breakeven for 15 years before flipping over to profitability a number of years before going public. And to put it in perspective, like earlier in this year, when we saw things changing internally, we massively changed our plans regarding headcount and hiring and continue to keep our eye on that as we move forward into the year.

是的。我的意思是這就是今年的全部故事，對吧？所以 Squarespace，我對我們公司感到非常自豪的一件事是，我認為我們一直對現金非常謹慎。這家公司在 15 年內實現了現金流收支平衡，然後在上市前幾年扭虧為盈。換個角度來看，就像今年早些時候一樣，當我們看到內部發生變化時，我們大規模改變了關於員工人數和招聘的計劃，並在我們進入新的一年時繼續關注這一點。

We're looking further into our marketing spend, making sure that ratio remains under control and managed as we continue to grow. And you see those actions and those results for us kind of almost every quarter. So it's not like Squarespace is going to be making like some sort of less churn. We have a diversity of businesses, right? So it's not just Squarespace websites or Unfold or Bio Sites, or Tock or Scheduling. We've got all these different business lines and all these different ways that we're helping entrepreneurs.

我們正在進一步研究我們的營銷支出，以確保隨著我們的持續增長，這一比例仍然受到控制和管理。您幾乎每個季度都會為我們看到這些行動和結果。所以這不像是 Squarespace 會減少某種流失。我們有多種業務，對嗎？因此，它不僅僅是 Squarespace 網站或 Unfold 或 Bio Sites，或者 Tock 或 Scheduling。我們擁有所有這些不同的業務線以及我們幫助企業家的所有這些不同方式。

And so it will be interesting to see as we move forward into what is an uncertain macroeconomic time, which of these have headwinds and which have tailwinds, it's something we saw during the pandemic, right? Our websites business had massive tailwinds and other businesses like appointments suffered a certain headwinds on any given quarter, same with Tock.

因此，當我們進入一個不確定的宏觀經濟時期時，看看哪些有逆風，哪些有順風，這將是一件很有趣的事情，這是我們在大流行期間看到的，對吧？我們的網站業務有巨大的順風，而約會等其他業務在任何給定季度都遇到了一定的逆風，Tock 也是如此。

Two things. One, just underscore that 92% of the business is SaaS revenue. So even if there are further fluctuations that are affecting GMV in those -- that aspect of the business, that is not like Squarespace's current main driver for growth. It remains a big opportunity for us. But I don't think you should worry too much about that.

兩件事情。第一，只是強調 92% 的業務是 SaaS 收入。因此，即使有進一步的波動影響這些業務的 GMV，那也不像 Squarespace 當前的主要增長動力。這對我們來說仍然是一個很大的機會。但我認為你不必為此擔心太多。

The second thing, and this will be interesting because no 2 recessions are created equal. And the last time Squarespace existed in a time like this was 2008. And what ended up happening back then, and again, it was such sort of different numbers, different recession, et cetera, we were actually countercyclical to that recession because people get laid off or have to switch jobs or have to evolve, they evolve. They adapt. They don't just sit there and give up and go home and say, "Oh, that's it, I won't put my portfolio online. I won't try and start a business. I'd just give up." It's not what we tend to see.

第二件事，這將很有趣，因為沒有兩次經濟衰退是平等的。 Squarespace 上一次出現在這樣的時代是在 2008 年。那時候發生的事情又一次發生了，這是不同的數字，不同的衰退，等等，我們實際上是反週期的，因為人們被解雇了關閉或必須換工作或必須進化，他們進化。他們適應。他們不會只是坐在那裡放棄，然後回家說，“哦，就是這樣，我不會把我的投資組合放在網上。我不會嘗試創業。我會放棄。”這不是我們傾向於看到的。

So I hope that we're well positioned to help people adapt in this time frame. And frankly, for some of them to come out with new businesses of their own and not that we want to be in a situation, but it could push certain people to have a positive change. So we'll see, but we remain a critical infrastructure component in people's lives. And yes, I think we're -- hopefully, we're well positioned.

所以我希望我們能夠很好地幫助人們適應這個時間框架。坦率地說，他們中的一些人推出自己的新業務並不是我們想要的情況，但這可能會推動某些人做出積極的改變。所以我們拭目以待，但我們仍然是人們生活中重要的基礎設施組成部分。是的，我認為我們 - 希望我們處於有利位置。

I would just layer on this, Matt, this is Nathan, that in my few weeks here, I do think the company has a very strong discipline here that we manage the expenses to our top line and make the adjustments necessary. And you can see that in our operating profit improvement year-over-year and our healthy cash flow margin.

我只想強調這一點，馬特，這是內森，在我在這裡的幾周里，我確實認為公司在這裡有非常嚴格的紀律，我們將支出控制在我們的頂線並進行必要的調整。你可以在我們的營業利潤同比增長和健康的現金流利潤率中看到這一點。

And the next question goes to Gabriela Borges of Goldman Sachs.

下一個問題是高盛的加布里埃拉博爾赫斯。

Anthony, as you and Nathan think about your medium-term planning assumptions, I would love if you could share a little bit of color on what do you think the normalized growth rate of this business is? And more specifically on 2023, do you think 2023 can accelerate based on the visibility that you have today?

安東尼，當你和內森考慮你的中期計劃假設時，如果你能分享一點關於你認為這項業務的正常增長率是多少的顏色，我很樂意？更具體地說，關於 2023 年，您認為 2023 年會根據您今天的可見性加速嗎？

Well, one of the highlights -- thank you. Well, one of the highlights of this call today is talking about the bookings acceleration to 10% year-over-year and 14% on a constant currency basis. So I think that, that's really encouraging while still preserving margins that we like. We're not burning cash to just falsely inflate that number. We would never do that. We've always operated with a balance. So I think there -- that, along with pricing, along with bundling, along with payments, there are many, many, many levers this business has to accelerate our growth rate.

嗯，亮點之一——謝謝。好吧，今天這個電話會議的亮點之一是談論預訂量同比增長 10%，按固定匯率計算增長 14%。所以我認為，這真的很令人鼓舞，同時仍然保持我們喜歡的利潤率。我們燒錢不是為了虛報這個數字。我們永遠不會那樣做。我們一直保持平衡。所以我認為，除了定價、捆綁和支付之外，還有很多很多的槓桿可以加快我們的增長速度。

I can highlight kind of 2 additional ones. One of the ways we're thinking about the business right now is not just Squarespace the brand and everything falling under that one brand. We're really thinking about having -- building on the portfolio of brands. You see that with Tock, you see that with Unfold, you see that with Bio Sites, but one of the areas where I don't think that we've pushed enough and we've changed our structure internally to be able to do this, it's things like the Acuity brand. Yes, appointments will appear as part of the Squarespace platform because there's a large number of people that want to do schedule appointments as part of that subscription, but there's a huge number of people that want to do that, that aren't using us for their website.

我可以強調另外 2 個。我們現在考慮業務的方式之一不僅僅是 Squarespace 這個品牌以及屬於該品牌的所有東西。我們真的在考慮擁有 - 建立品牌組合。你在 Tock 身上看到了這一點，你在 Unfold 身上看到了這一點，你在 Bio Sites 身上看到了這一點，但我認為我們在其中一個領域的努力還不夠，我們已經在內部改變了我們的結構來做到這一點，就像 Acuity 品牌一樣。是的，約會將作為 Squarespace 平台的一部分出現，因為有很多人希望將安排約會作為該訂閱的一部分，但也有很多人想要這樣做，他們並沒有使用我們他們的網站。

And so I think one of the ways that we can really continue to grow a lot bigger is invest in those brands. I mean, that's what Squarespace is so good at doing. I mean we've added internal agency of the year, last year. We can apply that skill set to all of these other brands that we've either acquired or launched so that we can win in more categories than just websites. And that is, frankly, a really big difference from us and a lot of our competitive set and what we're -- and kind of the path we're pursuing right now.

所以我認為我們可以真正繼續發展壯大的方法之一就是投資這些品牌。我的意思是，這就是 Squarespace 擅長做的事情。我的意思是我們去年增加了年度內部機構。我們可以將該技能應用於我們已經收購或推出的所有其他品牌，這樣我們就可以在更多類別中獲勝，而不僅僅是網站。坦率地說，這與我們和我們的許多競爭對手以及我們現在的情況以及我們現在正在追求的道路有很大的不同。

Anthony, do you think -- if you think about the next 3 to 5 years, the consistency that -- and the strategy that you have with pricing, order of magnitude, how much do you think pricing can contribute to the growth algorithm?

安東尼，你認為 - 如果你考慮未來 3 到 5 年，一致性 - 以及你對定價的戰略，數量級，你認為定價對增長算法有多大貢獻？

Well, a lot. I mean, again, another positive highlight from this quarter that we were able to -- and by the way, a positive highlight throughout the entire year is that we were able to really successfully increased the price for new customers, which gives us the leverage to increase for existing customers, and we started to push that up a little bit. I think there's huge potential there, and -- but it's not all I want to rely on.

嗯，很多。我的意思是，本季度的另一個積極亮點我們能夠——順便說一句，全年的一個積極亮點是我們能夠真正成功地提高新客戶的價格，這給了我們槓桿作用為現有客戶增加，我們開始將其提高一點。我認為那裡有巨大的潛力，而且——但這並不是我想要依賴的全部。

What I really am interested to see what happens with bundling, see what happens with pricing within Acuity, pricing within Tock. I mean we've just scratched the surface of what we're able to do across the product portfolio there. And then in addition, bundling is one side of it because we're introducing new features on to like a kind of a base level subscription. But in areas like Tock and Acuity, we have a real opportunity to grow with customers and have much, much, much higher LTV as we pursue those lines of business. So I see there's just a lot of directions we can move in, and we're moving in them, right? I mean, you saw the past quarter.

我真正感興趣的是看看捆綁會發生什麼，看看 Acuity 內的定價會發生什麼，Tock 內的定價會發生什麼。我的意思是，我們只是觸及了我們在整個產品組合中能夠做的事情的表面。此外，捆綁是它的一方面，因為我們正在引入新功能，就像一種基本級別的訂閱。但在 Tock 和 Acuity 等領域，我們有真正的機會與客戶一起成長，並且在我們追求這些業務線時擁有更高、更高的 LTV。所以我看到我們可以前進的方向有很多，我們正在朝這些方向前進，對吧？我的意思是，你看到了上個季度。

And the next question goes to Logan Reich of RBC Capital Markets.

下一個問題是 RBC Capital Markets 的 Logan Reich。

Just on the sequential sub growth, you guys were flat or approximately flat this quarter. Obviously, a lot of that was related to the Unfold being soft, but what needs to happen for you guys to return back to your sub growth?

就連續的子增長而言，你們本季度持平或大致持平。顯然，這在很大程度上與 Unfold 軟化有關，但是你們需要做些什麼才能恢復到亞生長？

I personally find that number challenging to look at from a number of reasons. I mean we're reporting it. And I think what we're trying to show is that versus the ARPUS and that positive dynamic within that subscriber set. But if you're just looking at the raw number, it's hard because Tock has thousands of subs that generate tens of millions of dollars, and Unfold has hundreds of thousands of subs that generates like single digit to slow low -- like somewhere in that range, millions of revenue.

我個人覺得這個數字很難看，原因有很多。我的意思是我們正在報告它。我認為我們要展示的是與 ARPUS 的對比以及該訂戶集中的積極動態。但如果你只看原始數字，這很難，因為 Tock 有成千上萬的訂閱者，產生數千萬美元，而 Unfold 有數十萬個訂閱者，產生像個位數到緩慢的低 - 就像那個地方的某個地方範圍，百萬收入。

So my focus is not necessarily, I need to see 4.2, go to 4.3, go to 4.4, although that would be great, it should go to 1 billion. But it's what's happening in that number that's so important. And so focusing on the Acuity sub, the high-value subs. And again, one highlight of the quarter, and I want to make sure we're emphasizing this, the website subscription growth was strong within that number, which is a core driver of the business and why we have a positive bookings story.

所以我的重點不一定，我要看4.2，到4.3，到4.4，雖然那很好，應該到10億。但重要的是這個數字中發生的事情。所以專注於 Acuity 子，高價值子。再一次，本季度的一個亮點，我想確保我們強調這一點，網站訂閱量在這個數字內增長強勁，這是業務的核心驅動力，也是我們有一個積極的預訂故事的原因。

And so yes, I mean I guess to answer the question in a nuance way, I'd almost have to take it like subtype by subtype, right? Like you have to talk about Tock and what that means for our sales force and how that's related to those growing and Unfold that driver of that is organic growth. In the App Store, it's virally spreading like there's so much underlying that number. So I hope it's not too misleading.

所以是的，我的意思是我想以一種細微的方式回答這個問題，我幾乎不得不像逐個子類型一樣對待它，對吧？就像你必須談論 Tock 以及這對我們的銷售人員意味著什麼，以及它與那些不斷增長的人有何關係，並揭示其驅動力是有機增長。在 App Store 中，它像病毒一樣傳播開來，就像這個數字背後隱藏著如此多的東西一樣。所以我希望它不會太誤導人。

And the next question goes to Siti Panigrahi of Misuho City.

下一個問題是 Misuho 市的 Siti Panigrahi。

Anthony, I think last year, you talked about enterprise team, which you started a couple of years back. Just wondering if you could give an update on that? And what kind of traction are you seeing on the enterprise customer, larger customer?

安東尼，我想去年，你談到了幾年前你開始的企業團隊。只是想知道你是否可以提供最新情況？您在企業客戶、更大的客戶身上看到了什麼樣的吸引力？

Yes. Thanks for the question. It's actually seen some improvements over the past couple of quarters, but it's such a small part of the business right now that we kind of don't share too many updates on it. It is definitely still a focus. And if you think about Squarespace as again being a bit of a portfolio of brands, the unlock that, that gives you inside the enterprise space is really big because if we've got scheduling as a separate product, as a separate brand with Acuity, a lot of the enterprise interest that we had that was really natural came in through that angle. It wasn't because somebody made a website on Squarespace and added scheduling and suddenly they're some giant customer opportunity for us.

是的。謝謝你的問題。它實際上在過去幾個季度看到了一些改進，但它現在只是業務的一小部分，我們有點不分享太多更新。肯定還是重點。而且，如果您再次將 Squarespace 視為品牌組合的一部分，那麼解鎖它，讓您進入企業空間真的很重要，因為如果我們將調度作為一個單獨的產品，作為一個單獨的品牌與 Acuity，我們擁有的很多企業興趣都是從這個角度而來的。這並不是因為有人在 Squarespace 上創建了一個網站並添加了日程安排，突然間他們為我們帶來了巨大的客戶機會。

So I think as we clarify that point, we're going to be able to give kind of a -- or I look at it like as a segment-by-segment breakdown of how we're doing in enterprise. Again, Tock, for instance, is kind of enterprise right word, but maybe more mid-market sales force-driven already has that muscle and growth that way. It's just we're trying to grow that in Acuity and Squarespace more broadly, but still getting footing there, but not a significant driver of revenue in the business yet.

所以我認為，當我們澄清這一點時，我們將能夠提供一種 - 或者我將其視為我們在企業中的表現的逐個細分。再次，例如，Tock 是企業正確的詞，但也許更多的中端市場銷售人員驅動已經擁有這種力量和增長方式。只是我們正試圖在 Acuity 和 Squarespace 中更廣泛地發展它，但仍在站穩腳跟，但還不是業務收入的重要驅動力。

Great. And Nathan, As you joined, you talked about why you joined and about like profitability part of this business. And what are the things -- you did mention some of the things that you like. Maybe help us understand the strength and where do you think you can improve further and how do you think about the opportunity in terms of investing given that such a large TAM and this business is pretty much ties to your growth pretty much ties to campaign and how you're investing. How you're thinking about that?

偉大的。內森，當你加入時，你談到了你加入的原因以及這項業務的盈利能力部分。那是什麼——你確實提到了一些你喜歡的東西。也許可以幫助我們了解實力，您認為您可以在哪些方面進一步改進，以及您如何看待投資方面的機會，因為如此龐大的 TAM 和這項業務與您的增長密切相關，與營銷活動密切相關，以及如何你在投資。你是怎麼想的？

Yes. Thanks for the question. So as I evaluated the Squarespace opportunity, I'll say one of the key factors was Anthony. And partnering with a CEO that could grow the business. He is a very forward-looking, product driven, what we can do to the entrepreneurial world type of thinker and that was personally, very attractive to me, like I want to partner with the right CEO that we can grow and drive a business to be 10X.

是的。謝謝你的問題。因此，當我評估 Squarespace 機會時，我會說關鍵因素之一是安東尼。並與可以發展業務的首席執行官合作。他是一個非常具有前瞻性、產品驅動、我們可以為創業世界做些什麼的思想家，這對我個人來說非常有吸引力，就像我想與合適的 CEO 合作，我們可以發展和推動業務是 10X。

Secondly, I would say, like the foundation that we have at Squarespace with the premium brand and the portfolio of brands that Anthony referred to, I think that's just the start of what we can deliver to the entrepreneurial world. And thinking about the adjacent spaces that we can go in 3 years and 5 years of how that looks to deliver an even more holistic approach to our entrepreneurs that will drive monetization for both the entrepreneur and for Squarespace.

其次，我想說的是，就像我們在 Squarespace 擁有的優質品牌和 Anthony 提到的品牌組合的基礎一樣，我認為這只是我們可以為創業世界提供的服務的開始。並考慮我們可以在 3 年和 5 年內進入的相鄰空間，看看如何為我們的企業家提供更全面的方法，這將推動企業家和 Squarespace 的貨幣化。

Lastly, I did refer to this, the -- I think the financial profile of Squarespace is very healthy. We have a very strong cash flow margin. We also have a very good operating margin that allows us to think about where we're going to drive growth and investment growth but also give strong returns to our shareholders. And I think that, that is laying the land of how we are going to grow this business to be 10X.

最後，我確實提到了這一點——我認為 Squarespace 的財務狀況非常健康。我們的現金流利潤率非常強勁。我們還擁有非常好的營業利潤率，這使我們能夠思考我們將在哪些方面推動增長和投資增長，同時也為我們的股東帶來豐厚的回報。我認為，這為我們如何將這項業務增長 10 倍奠定了基礎。

Thank you Nathan and welcome, looking forward to working with you.

謝謝內森，歡迎並期待與您合作。

And our final question today goes to Clarke Jeffries of Piper Sandler.

我們今天的最後一個問題是 Piper Sandler 的 Clarke Jeffries。

One thing that stood out to me in the shareholder letter was that Scheduling and Tock account for half of the mix of GMV. I was wondering if you could talk about -- what does the payment attach look like in the scheduling product today or broadly within time sorted businesses? And what would be your ambition to have more off-line commerce functionality potentially at the point of sale, but even scheduling or software functionality offline.

在股東信中讓我印象深刻的一件事是 Scheduling 和 Tock 佔 GMV 組合的一半。我想知道您是否可以談談 - 付款附加在今天的日程安排產品中或在時間排序的業務中大致是什麼樣的？您希望在銷售點擁有更多的離線商務功能，甚至在線下安排或軟件功能。

So this is a huge focus for us, especially within the Acuity business. A huge, huge amount of the transactions are happening not at the point of booking, but at the point of service rendering. So it is a big focus of the team right now to think about that, think about invoicing, think about workflows. Invoicing was announced as part of refresh. And it's just a big focus for us.

所以這對我們來說是一個巨大的關注點，尤其是在 Acuity 業務中。大量交易不是在預訂時發生，而是在服務提供時發生。所以現在團隊的一個重點是考慮這一點，考慮發票，考慮工作流程。發票是作為更新的一部分宣布的。這對我們來說只是一個重點。

And further, with innovations that are happening on the phones with Tap to Pay and all of that, it means that if we want to enable solutions within the mobile app to kind of complete that end-to-end payment that we're not reliant on hardware and things like that to help people facilitate that. So very excited there. And again, excited in pursuing this portfolio-based approach, right? It's not just physical commerce, it's services-based commerce, it's reservations, it's events, it's all of these things that we can push on.

此外，隨著手機上發生的點擊支付等創新，這意味著如果我們想在移動應用程序中啟用解決方案來完成我們不依賴的端到端支付在硬件和類似的東西上幫助人們促進這一點。那裡非常興奮。再一次，對追求這種基於投資組合的方法感到興奮，對吧？這不僅僅是實體商業，它是基於服務的商業，它是預訂，它是事件，我們可以推動所有這些事情。

And I think when you think about, hey, look, it's going to be a portfolio of brands, not just one. You can see that it affords you to kind of have a path to like, okay, well -- we'll Tock is winning and as a reservations platform in a number of ways. How can we make sure that Acuity doesn't fade into the darkness, but becomes a prominent thing in people's minds when they think of scheduling platforms. So there's just so much opportunity there.

我想當你想的時候，嘿，看，這將是一個品牌組合，而不僅僅是一個。你可以看到它讓你有點喜歡，好吧，好吧 - 我們會 Tock 正在獲勝，並以多種方式作為預訂平台。我們如何才能確保 Acuity 不會消失在黑暗中，而是在人們想到調度平台時成為人們腦海中的突出事物。所以那裡有很多機會。

Our analysis of what's happening around those platforms, just especially with Acuity, it's just billions and billions in that ecosystem. And because we have permission, I think -- because we're like the front door and we have that like branded touch point, I think people want us to participate there and they want us to be providing the solutions so that the customer, everything from booking an appointment to the invoice they see looks consistent. So that's kind of how we're oriented.

我們對這些平台周圍發生的事情的分析，尤其是 Acuity，在該生態系統中只有數十億。因為我們得到了許可，我想——因為我們就像前門，我們有品牌接觸點，我認為人們希望我們參與其中，他們希望我們提供解決方案，以便客戶，一切從預約到他們看到的發票看起來一致。這就是我們的定位方式。

Absolutely. It certainly seems like there's a level of functionality specific to time slotted businesses related to loyalty and services rather than products. A follow-up question is really a lot of the commentary had been around during this call, I've been around the new customer funnel, the subscription growth, I think the last few quarters, we've got the characterization that you may have been pulling back on sales and marketing spend because of the ROI in this environment, do you think that's changing? Does the new customer funnel look today? Is it in a place where you might consider increasing the sales and marketing investments?

絕對地。看起來確實有一定程度的功能特定於與忠誠度和服務相關的時隙業務，而不是產品。一個後續問題是在這次電話會議期間確實有很多評論，我一直在關注新客戶漏斗，訂閱增長，我認為在過去的幾個季度中，我們已經了解了您可能擁有的特徵由於在這種環境下的投資回報率，一直在縮減銷售和營銷支出，您認為這種情況正在改變嗎？新客戶漏斗今天看起來怎麼樣？您是否可以考慮增加銷售和營銷投資？

I think we've been focusing on sort of rightsizing it. And I think when you think about these different businesses and how they need to grow, we're trying to take a pretty nuanced approach to where we're adding and where we're holding it flat. You've seen us through that throughout the year, we try to keep that (inaudible) ratio kind of in a certain range.

我認為我們一直專注於對其進行合理調整。而且我認為，當您考慮這些不同的業務以及它們需要如何增長時，我們正試圖採取一種非常微妙的方法來處理我們正在添加的地方以及我們保持平穩的地方。你已經看到我們全年都經歷了這一點，我們試圖將這種（聽不清）比率保持在一定範圍內。

So we're not thinking about really taking it up from that ratio right now. I mean we certainly would if there was something to lean into more heavily. But I think we keep focusing on really sustainable growth. And so that's kind of been our model.

所以我們現在不考慮真正從那個比率中拿走它。我的意思是，如果有什麼可以更深入地研究的話，我們當然會。但我認為我們一直專注於真正可持續的增長。所以這就是我們的模式。

All right. Thank you for joining today. We will be presenting at the RBC Conference in New York later this month and at the Barclays Conference in December. Thank you all, and enjoy your Tuesday.

好的。感謝您今天加入。我們將在本月晚些時候在紐約舉行的 RBC 會議和 12 月的巴克萊會議上發表演講。謝謝大家，祝您週二愉快。

Thank you. This now concludes today's call. Thank you so much for joining. You may now disconnect your lines.

謝謝你。今天的電話會議到此結束。非常感謝您的加入。您現在可以斷開線路。