Squarespace Inc (SQSP) 2022 Q4 法說會逐字稿

Good morning. My name is Alex, and I'll be your conference operator today. At this time, I would like to welcome everyone to Squarespace's Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions). I'll now hand the call over to your host at Squarespace, Clare Perry. Clare, please go ahead.

早上好。我叫亞歷克斯，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 2020 年第四季度收益電話會議。 （操作員說明）。我現在將把電話轉給 Squarespace 的主持人克萊爾·佩里 (Clare Perry)。克萊爾，請繼續。

Good morning, and thank you for joining Squarespace's Fourth Quarter and Fiscal Year 2022 Conference Call. I'm Clare Perry, Investor Relations Manager. And with me today are Anthony Casalena, Squarespace's Founder and CEO; and Nathan Gooden, CFO. After their prepared remarks, we will open the call to your questions. Earlier today, we posted a press release and shareholder letter to the Investor Relations section of our website. On today's call, we'll be referencing 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 and shareholder letter, which can be found in the Investor Relations section of our website. These measures should not be considered in isolation from nor a substitute for our GAAP reporting.

早上好，感謝您加入 Squarespace 的第四季度和 2022 財年電話會議。我是投資者關係經理 Clare Perry。今天和我在一起的是 Squarespace 的創始人兼首席執行官 Anthony Casalena；和首席財務官 Nathan Gooden。在他們準備好的發言之後，我們將開始回答您的問題。今天早些時候，我們向我們網站的投資者關係部分發布了新聞稿和股東信。在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務結果和運營指標。您可以在今天的新聞稿和股東信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。這些措施不應與我們的 GAAP 報告隔離開來，也不能替代它們。

We will make forward-looking statements pursuant to the safe harbor provisions of the Private Securities 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. Any forward-looking statements that we make on this call are based on assumptions as of this day, March 7, 2023. We undertake no obligation to update these statements as a result of new information or future events, except where required by law. Please also note that all comparisons are on a year-over-year basis, unless specifically noted otherwise. I will now turn the call over to Anthony.

我們將根據 1995 年《私人證券訴訟改革法案》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。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 2023 年 3 月 7 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。另請注意，除非另有特別說明，否則所有比較均為同比。我現在將把電話轉給安東尼。

Good morning, and thank you for joining us today. 2022 was an extraordinary year for Squarespace and I'm proud to announce very strong Q4 results alongside a positive outlook for 2023. During Q4, we achieved record bookings of $232 million, growing over 18% year-over-year in constant currency. This growth speaks to the enduring ways our products help our customers succeed online at a moment when digital presence is central to how entrepreneurs engage with their audiences. Commerce revenue grew to 3-year CAGR of 42% bolstered by new commerce subscription growth as we continue to prioritize tools and features for entrepreneurs everywhere. The growth in our commerce revenue continues to outpace our presence revenue growth. Our Q4 unlevered free cash flow was more than triple the amount last year, resulting in an overall unlevered free cash flow margin of 19% for 2022. We plan on continuing our disciplined approach to balancing cash flow growth and revenue growth and improving this margin in 2023 by continuing to improve operations, growing our product lines and continuing to invest both domestically and internationally. Our outstanding results are a testament to the power of our products. They are influenced by a rapid pace of innovation as we deliver new technology and drive improvements across our entire platform throughout the year.

早上好，感謝您今天加入我們。 2022 年對 Squarespace 來說是不平凡的一年，我很自豪地宣布非常強勁的第四季度業績以及對 2023 年的積極展望。在第四季度，我們實現了創紀錄的 2.32 億美元預訂量，按固定匯率計算同比增長超過 18%。這種增長說明了我們的產品以持久的方式幫助我們的客戶在數字存在成為企業家與受眾互動方式的核心的時刻在線取得成功。隨著我們繼續優先為各地的企業家提供工具和功能，在新的商業訂閱增長的推動下，商業收入增長至 3 年復合年增長率 42%。我們的商業收入增長繼續超過我們的業務收入增長。我們第四季度的無槓桿自由現金流是去年的三倍多，導致 2022 年的整體無槓桿自由現金流利潤率為 19%。我們計劃繼續採用嚴格的方法來平衡現金流增長和收入增長，並在到 2023 年，我們將繼續改善運營、擴大我們的產品線並繼續在國內和國際上進行投資。我們出色的成績證明了我們產品的強大功能。他們受到快速創新的影響，因為我們全年提供新技術並推動整個平台的改進。

In September, we introduced Squarespace Refresh, our annual recap of product releases. This year, we highlighted more than 100 improvements across the platform. These releases included fluid engine, a new design system for building pages on Squarespace, which represents one of the biggest changes that we brought to our content management system in a decade. Fluid engine drive measurable usability improvements for our customers and pro communities while also expanding the number of designs our customers are able to create. We've been consistently updating it since launching over the summer and continue to receive positive feedback from our customers. We believe with the improvements we've made to the platform in 2022 that we are both the easiest to use and most expressive content management system on the market.

9 月，我們推出了 Squarespace Refresh，這是我們對產品發布的年度回顧。今年，我們強調了整個平台的 100 多項改進。這些版本包括 fluid engine，這是一種用於在 Squarespace 上構建頁面的新設計系統，它代表了我們在十年內為內容管理系統帶來的最大變化之一。流體引擎為我們的客戶和專業社區帶來了可衡量的可用性改進，同時也擴大了我們的客戶能夠創建的設計數量。自夏季推出以來，我們一直在不斷更新它，並繼續收到客戶的積極反饋。我們相信，隨著我們在 2022 年對平台所做的改進，我們將成為市場上最易於使用和最具表現力的內容管理系統。

Last week, Fast Company named Squarespace is one of the world's most innovative companies in 2023 for our e-commerce improvements. Custom merchandise, our print-on-demand service, video hosting and our expanding payment tools provide digital-first entrepreneurs with the technology they need to monetize content and create new revenue streams. Our decade-plus investment in digital commerce helps customers retool their businesses with everything to sell anything. Our product investments for service-based sellers have improved immensely in 2022, and we're delighted by the recognition. Our growing set of products and corresponding investments in new go-to-market initiatives continue to strengthen the underlying drivers of our business. Our commerce capabilities, international expansion, enterprise initiatives and our pro user community circle remain key to our future growth. We made progress on advancing each throughout 2022.

上週，Fast Company 將 Squarespace 評為 2023 年全球最具創新力的公司之一，以表彰我們的電子商務改進。定製商品、我們的按需印刷服務、視頻託管和我們不斷擴展的支付工具為數字優先的企業家提供了他們將內容貨幣化和創造新收入流所需的技術。我們在數字商務領域十多年的投資幫助客戶重組他們的業務，以銷售任何東西。我們對基於服務的賣家的產品投資在 2022 年有了巨大改善，我們很高興獲得認可。我們不斷增加的產品組合以及對新上市計劃的相應投資繼續加強我們業務的潛在驅動力。我們的商業能力、國際擴張、企業計劃和我們的專業用戶社區圈子仍然是我們未來增長的關鍵。整個 2022 年，我們在推進每一項方面都取得了進展。

Our commerce revenue growth continues to be an important driver of our business. Commerce Website subscriptions represent an increasing percentage of our total website subscription mix. And this mix shift to commerce is one of the main factors why average revenue per unique subscription increased by 3% year-over-year to $209 in 2022. This continued remix to higher-value services will continue to be Squarespace's business in 2023 and beyond. Tock, our platform for managing hospitality and time-slot businesses also had a standout year and processed record levels of GMV on its platform and tens of millions of diners booked reservations through Tock in 2022. Matt Tucker, former President and CEO of Olo, joined at the end of the year to drive Tock's next stage of growth, and I'm excited about the progress he's already made in the short tenure.

我們的商業收入增長仍然是我們業務的重要驅動力。商務網站訂閱占我們網站訂閱總量的比例越來越大。這種向商業的混合轉變是 2022 年每次獨立訂閱的平均收入同比增長 3% 至 209 美元的主要因素之一。這種向更高價值服務的持續再混合將在 2023 年及以後繼續成為 Squarespace 的業務.我們管理酒店和時段業務的平台 Tock 也取得了突出的一年，其平台上的 GMV 達到了創紀錄的水平，2022 年有數千萬食客通過 Tock 進行了預訂。Olo 前總裁兼首席執行官馬特·塔克 (Matt Tucker) 加入在年底推動 Tock 的下一階段增長，我對他在短期任期內取得的進步感到興奮。

Acuity Scheduling, our product for customers managing calendar-based businesses also had a fantastic year. We recently welcomed Dan Chandra, who brings over 15 years' experience with time management software and payment solutions to our team to lead Acuity to its next stage of growth, and we're excited for what's to come. Acuity benefits greatly from the integration with and funnel from the Squarespace platform, and we look forward to continuing both these integration efforts as well as growing Acuity as a stand-alone brand. Many large customers may not use Squarespace as their website provider, and we want to make sure our product lines can grow independently of one another when we have that opportunity.

Acuity Scheduling 是我們為客戶管理基於日曆的業務的產品，這一年也表現出色。我們最近迎來了 Dan Chandra，他為我們的團隊帶來了超過 15 年的時間管理軟件和支付解決方案經驗，帶領 Acuity 進入下一階段的增長，我們對即將到來的事情感到興奮。 Acuity 極大地受益於與 Squarespace 平台的集成和漏斗，我們期待繼續這些集成工作以及將 Acuity 發展為一個獨立品牌。許多大客戶可能不會使用 Squarespace 作為他們的網站提供商，我們希望確保我們的產品線在有機會時能夠獨立發展。

International remains a greenfield opportunity for Squarespace. Last year, we expanded language support with 3 new languages and added the ability to host multilingual websites on our platform. International customers represented about 30% of our total bookings. Throughout the year, we developed tailor-made marketing campaigns for key markets, and we anticipate continuing to scale investment in these markets where we saw opportunities to grow. Our professional partner Community Circle also had a great year, and we hosted our first per user day in 2022 for our Circle members. Over 1,000 members participated in the event with 150 joining us live in New York. We continue to invest in tools for this community as producers have always been important to our growth. Currently, our circle community accounts for over 9% of new sites created on our platform. Releases like fluid engine do not just target consumers, our circle community uses the same tool to produce a wide variety of sites for clients, and we're delighted to hear their positive feedback.

國際仍然是 Squarespace 的綠地機會。去年，我們擴展了 3 種新語言的語言支持，並增加了在我們的平台上託管多語言網站的能力。國際客戶約占我們總預訂量的 30%。全年，我們為主要市場開展了量身定制的營銷活動，我們預計將繼續擴大對這些我們看到增長機會的市場的投資。我們的專業合作夥伴 Community Circle 也度過了美好的一年，我們在 2022 年為我們的 Circle 成員舉辦了第一個用戶日活動。超過 1,000 名成員參加了此次活動，其中 150 人加入了我們在紐約的現場直播。我們繼續為這個社區投資工具，因為生產者對我們的發展一直很重要。目前，我們的圈子社區占我們平台上創建的新站點的 9% 以上。 fluid engine 等版本不僅僅針對消費者，我們的圈子社區使用相同的工具為客戶製作各種各樣的網站，我們很高興聽到他們的積極反饋。

2022 was a building year in enterprise. We strengthened our team, advanced our sales enablement assets and release new product features to support enterprise clients. We launched a shared template store new dashboard features, which include additional functionality around permissioning and analytics and improved features related to single sign-on used by many enterprise customers. Progress towards Squarespace payments continues, and we're still on track to launch our service in the back half of 2023. As we continue to move more payment volume onto our platform, Squarespace payments represents an important piece of the customer experience we ultimately want to deliver. 2023 is set up to be a fantastic year for our company. At Squarespace, we see a future where everyone can be an entrepreneur, and we remain excited to continue to deliver exceptional products that help millions as they embark on that journey. I'll now turn it over to Nathan to go through the financials.

2022 年是企業建設的一年。我們加強了我們的團隊，提升了我們的銷售支持資產並發布了新的產品功能來支持企業客戶。我們推出了共享模板存儲新的儀表板功能，其中包括有關權限和分析的附加功能以及與許多企業客戶使用的單點登錄相關的改進功能。 Squarespace 支付的進展仍在繼續，我們仍有望在 2023 年下半年推出我們的服務。隨著我們繼續將更多支付量轉移到我們的平台上，Squarespace 支付代表了我們最終想要的客戶體驗的重要組成部分遞送。 2023 年對我們公司來說將是美妙的一年。在 Squarespace，我們看到每個人都可以成為企業家的未來，我們仍然很高興能繼續提供卓越的產品，幫助數百萬人踏上這一旅程。我現在將它交給 Nathan 來完成財務。

Thank you, Anthony. Today, we reported a strong fourth quarter, which culminated in a strong year for Squarespace, both our full year 2022 and Q4 results exceeded our top line and unlevered free cash flow guidance as we close 2022 with revenues of $867 million, up 11% and 14% on a constant currency basis with a 19% unlevered free cash flow margin. These achievements speak to Squarespace's solid financial profile. We are driving growth and generating positive cash flow, a combination that affords us the opportunity to deliver more to our customers in 2023 and continuing to deliver for investors. I can tell you, after working with the team these past 5 months leaves me energized by the incredible opportunity ahead of us today. I'm confident in the vision we have guiding Squarespace, one which prioritizes innovation for the benefit of customers and empowers their entrepreneurial aspirations with the tools they need to stand out and succeed. Q4 bookings of $232 million grew by 15% as reported and 18% in constant currency, a sequential increase from the 10% reported and 14% constant currency bookings growth in the third quarter of 2022.

謝謝你，安東尼。今天，我們報告了強勁的第四季度，這最終為 Squarespace 帶來了強勁的一年，我們 2022 年全年和第四季度的業績都超過了我們的收入和無槓桿自由現金流量指導，我們在 2022 年結束時實現了 8.67 億美元的收入，增長了 11% 和14% 以固定貨幣為基礎，19% 的無槓桿自由現金流利潤率。這些成就說明了 Squarespace 穩健的財務狀況。我們正在推動增長並產生正現金流，這種結合使我們有機會在 2023 年為客戶提供更多服務，並繼續為投資者提供服務。我可以告訴你，在過去 5 個月與團隊一起工作後，今天擺在我們面前的難得機會讓我充滿活力。我對我們指導 Squarespace 的願景充滿信心，該願景優先考慮創新以造福客戶，並通過他們脫穎而出並取得成功所需的工具來激發他們的創業抱負。第 4 季度的預訂量為 2.32 億美元，據報告增長 15%，按固定匯率計算增長 18%，比 2022 年第三季度報告的 10% 和 14% 的固定匯率預訂量環比增長。

Full year 2022 bookings of $906 million increased 11% as reported and 15% in constant currency, driven by growth in unique subscriptions and in our hospitality services through Tock as well as the successful implementation of price increases for both new and existing customers. We are delighted by the momentum we achieved in 2022 as bookings increased through the year. Revenue of $229 million exceeded the high end of our guidance of $219 million to $224 million in the fourth quarter, which represents growth of 14% in constant currency. Since providing guidance in November, foreign currency fluctuations positively impacted our fourth quarter revenue by $1.6 million. Our Q4 results were driven by strong customer retention and acquisition, along with the continued success of legacy pricing initiatives, which we initiated for existing customers at the end of Q3. We continue to see better-than-expected retention from our stable base of over 4.2 million subscriptions as we methodically roll out that price increase. Our product offering, more powerful than ever before, provides an essential service to our customers.

2022 年全年的預訂量為 9.06 億美元，據報告增長 11%，按固定匯率計算增長 15%，這主要得益於獨特訂閱量的增長和我們通過 Tock 提供的酒店服務以及新老客戶成功實施的價格上漲。隨著全年預訂量的增加，我們對 2022 年取得的勢頭感到高興。第四季度 2.29 億美元的收入超過了我們 2.19 億美元至 2.24 億美元的指導上限，按固定匯率計算增長了 14%。自 11 月提供指導以來，外匯波動對我們第四季度的收入產生了 160 萬美元的積極影響。我們第四季度的業績得益於強大的客戶保留和獲取，以及我們在第三季度末為現有客戶發起的傳統定價計劃的持續成功。隨著我們有條不紊地推出價格上漲，我們繼續看到超過 420 萬訂閱的穩定基礎的保留率好於預期。我們的產品比以往任何時候都更強大，為我們的客戶提供了必不可少的服務。

International revenue was $244 million for the year, representing 2% growth and comprised 28% of total revenue. Excluding the FX impact, international revenue would have comprised 30% of total revenue and grown at 14% on a constant currency basis. From a product and partnership standpoint, we are making consistent progress in our efforts to drive new international customers. We are now supporting multilingual extensions in 100% of our target markets. We have localized payment mechanisms, and we have added other localization features to fine-tune our platform's suitability to the needs of entrepreneurs globally. Though we are still in the early stages, as we look forward, international expansion will be a key growth driver for our business. As Anthony said, Commerce continues to be a driver and focus at Squarespace as we roll out more solutions to help our customers transact online and engage with their audiences, enabling the sale of merchandise, time-based services and content.

全年國際收入為 2.44 億美元，增長 2%，佔總收入的 28%。排除外匯影響，國際收入將佔總收入的 30%，並以固定匯率計算增長 14%。從產品和合作夥伴關係的角度來看，我們在吸引新的國際客戶方面取得了持續的進展。我們現在在 100% 的目標市場支持多語言擴展。我們擁有本地化的支付機制，並添加了其他本地化功能，以微調我們的平台以適應全球企業家的需求。儘管我們仍處於早期階段，但正如我們所期待的那樣，國際擴張將成為我們業務的主要增長動力。正如 Anthony 所說，隨著我們推出更多解決方案來幫助我們的客戶在線交易並與他們的受眾互動，從而實現商品、基於時間的服務和內容的銷售，商務仍然是 Squarespace 的驅動力和關注點。

In Q4, Commerce revenue was $72 million, growing 12% and 14% in constant currency. Commerce subscriptions, Tock and our scheduling product drove growth in the quarter. Our Commerce revenue includes contributions from GMV-related revenue share resulting from the value of services, merchandise and digital content. GMV was $1.6 billion in the quarter, down to 11% due to lower transaction volume from our scheduling product and Commerce website subscriptions. This result is consistent with the guidance we provided during the last quarter and in line with our expectations. Scheduling showed particular strength in Q4 2021, setting at Q4 2022 for a tough comparison. Despite the slowdown from scheduling in the quarter, we saw strength from Tock. Tock had its highest quarter ever for GMV as more businesses choose Tock to help manage time-based reservations and events. We believe we have a significant opportunity to provide further value for service-based businesses selling through digital channels as we prioritize investments in Tock and scheduling products in 2023.

第四季度，商務收入為 7200 萬美元，按固定匯率計算分別增長 12% 和 14%。 Commerce 訂閱、Tock 和我們的日程安排產品推動了本季度的增長。我們的商業收入包括來自服務、商品和數字內容價值的 GMV 相關收入份額的貢獻。本季度 GMV 為 16 億美元，由於我們的日程安排產品和商務網站訂閱的交易量下降，下降了 11%。這一結果與我們在上一季度提供的指引一致，也符合我們的預期。調度在 2021 年第四季度表現出特別強勢，設定在 2022 年第四季度進行艱難的比較。儘管本季度的日程安排有所放緩，但我們看到了 Tock 的實力。隨著越來越多的企業選擇 Tock 來幫助管理基於時間的預訂和活動，Tock 的 GMV 創下有史以來最高的季度。我們相信，隨著我們在 2023 年優先投資 Tock 和調度產品，我們有機會為通過數字渠道銷售的基於服務的企業提供更多價值。

We are encouraged by the continuing trends we are seeing within our website subscriptions with a greater proportion of customers using our higher-valued plans compared to prior years. We believe this demonstrates a greater intent to sell as these offerings include fully integrated e-commerce options and other features that enable digital sales. I believe ARPU is a useful metric in evaluating our ability to sell higher high-value plans, add-on subscriptions and hospitality services. At the end of 2022, ARPUs was $209, representing an increase of 3% from $203 in 2021. Growth in ARPUs is due to an increased mix of higher tiered plans across our website subscriptions, planned pricing increases and the continued growth of our commerce offerings and attached products as well as the addition and subsequent growth of Tock, which began impacting revenue in Q2 2021 following its acquisition. Our model benefits from our ability to sell more to customers and also from new customers joining our platform. Unique subscriptions surpassed $4.2 million at the end of 2022, growing 3%. We have noted softness impacting overall unique subscription growth throughout the year from Unfold, our product that helps customers manage their social media presence. Unfold subscriptions are substantially lower in dollar value than other subscriptions we offer. Unfold's application has been impacted by increased competition in the App Store and the greater evolution of trends on social media. Despite this slowdown, we are excited about Unfold's Bio Site product. Bio Sites are mobile-first one-page websites. With a Bio Site, customers can create a simple web presence, accept payments, connect across social platforms and grow their audiences with 1 URL.

我們對我們在網站訂閱中看到的持續趨勢感到鼓舞，與往年相比，使用我們更高價值計劃的客戶比例更大。我們認為，這表明了更大的銷售意圖，因為這些產品包括完全集成的電子商務選項和其他支持數字銷售的功能。我相信 ARPU 是評估我們銷售更高價值計劃、附加訂閱和酒店服務的能力的有用指標。到 2022 年底，ARPU 為 209 美元，比 2021 年的 203 美元增長了 3%。ARPU 的增長是由於我們網站訂閱中更高層次計劃的組合增加、計劃中的價格上漲以及我們的商業產品的持續增長和附加產品以及 Tock 的增加和隨後的增長，Tock 在被收購後開始影響 2021 年第二季度的收入。我們的模式受益於我們向客戶銷售更多產品的能力以及加入我們平台的新客戶。到 2022 年底，獨立訂閱量超過 420 萬美元，增長 3%。我們注意到 Unfold 的疲軟影響了全年的整體獨特訂閱增長，我們的產品 Unfold 幫助客戶管理他們的社交媒體存在。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。 Unfold 的應用程序受到 App Store 競爭加劇和社交媒體趨勢演變的影響。儘管增速放緩，但我們對 Unfold 的 Bio Site 產品感到興奮。生物網站是移動優先的單頁網站。通過 Bio Site，客戶可以創建一個簡單的 Web 存在、接受付款、跨社交平台連接並通過 1 個 URL 擴大他們的受眾。

Full year adjusted EBITDA grew to $147 million, representing a 17% margin, a 106 basis points of improvement compared to the previous year and 18% growth driven by our operational discipline. As a result of our annual impairment analysis, we incurred a $225 million noncash goodwill impairment charge, primarily due to market value deteriorating subsequent to our acquisition of Tock in March of 2021. The impairment charge impacted our operating expenses for the quarter and year. Moving beyond top line metrics. We delivered non-GAAP gross margin of 84%, down approximately 130 basis points year-over-year as we prioritize faster and more scalable deployments through cloud-first delivery. Gross margins are also impacted by Tock's hospitality business on account of its payments business. In 2022, we delivered a non-GAAP operating margin of 17% and which represents expansion of approximately 430 basis points compared to the previous year and excludes the impairment charge we incurred in Q4. We improved non-GAAP operating efficiency as we reduced marketing and sales expenses throughout the year, in part by focusing our investments in areas that drive subscriptions and continuously adjust for demand. We drove efficiencies in our marketing and sales spend throughout the year and delivered over 600 basis points of year-over-year improvement on a non-GAAP basis in 2022, where non-GAAP marketing and sales represented approximately 35% of revenue.

全年調整後的 EBITDA 增長至 1.47 億美元，利潤率為 17%，與上一年相比提高了 106 個基點，在我們的運營紀律推動下增長了 18%。根據我們的年度減值分析，我們產生了 2.25 億美元的非現金商譽減值費用，這主要是由於我們在 2021 年 3 月收購 Tock 後市場價值惡化。減值費用影響了我們本季度和年度的運營費用。超越頂線指標。我們的非 GAAP 毛利率為 84%，同比下降約 130 個基點，因為我們通過雲優先交付優先考慮更快、更具可擴展性的部署。由於其支付業務，毛利率也受到托克酒店業務的影響。 2022 年，我們實現了 17% 的非美國通用會計準則營業利潤率，與上年相比擴大了約 430 個基點，並且不包括我們在第四季度產生的減值費用。我們提高了非 GAAP 運營效率，因為我們全年減少了營銷和銷售費用，部分原因是我們將投資集中在推動訂閱和不斷調整需求的領域。我們全年提高了營銷和銷售支出的效率，並在 2022 年的非 GAAP 基礎上實現了 600 多個基點的同比改進，其中非 GAAP 營銷和銷售約佔收入的 35%。

Additionally, we reduced G&A expenses by 75 basis points to 11.5% of revenue on a non-GAAP basis. We realized this operating leverage while still investing in our future growth as we increased our R&D spend to 21% of revenue on a non-GAAP basis, up 125 basis points over 2021 and in line with the outlook we provided last year. Throughout the year, we took a disciplined approach to our expenses with intent to drive improvements from our 2021 expense allocation, in line with where we saw opportunity for future growth. Turning now to the balance sheet and cash flow statement. We finished 2022 with cash and cash equivalents of $197 million and investments of $32 million. Our total debt was $514 million, of which $41 million is current. Our cash flow from operating activities grew 33% to $164 million. In Q4, we generated strong unlevered free cash flow of $41.5 million for the trailing 3 months or 18% of total revenue, a growth rate of 217% to surpass the high end of our guidance. The outperformance was due to higher bookings driven by strong customer retention associated with legacy pricing increases and favorable FX rates, combined with operational efficiencies.

此外，我們在非 GAAP 基礎上將 G&A 費用減少了 75 個基點，達到收入的 11.5%。我們實現了這一經營槓桿，同時仍在投資於我們未來的增長，因為我們將研發支出按非公認會計準則計算增加到收入的 21%，比 2021 年增加 125 個基點，這與我們去年提供的展望一致。全年，我們對支出採取了嚴格的方法，旨在根據我們看到的未來增長機會，推動 2021 年支出分配的改善。現在轉向資產負債表和現金流量表。到 2022 年，我們的現金和現金等價物為 1.97 億美元，投資為 3200 萬美元。我們的總債務為 5.14 億美元，其中 4100 萬美元是流動債務。我們來自經營活動的現金流增長了 33%，達到 1.64 億美元。在第四季度，我們在過去 3 個月產生了 4150 萬美元的強勁無槓桿自由現金流，佔總收入的 18%，增長率為 217%，超過了我們指引的上限。出色的表現是由於與傳統定價上漲和有利的匯率相關的強大客戶保留率以及運營效率所推動的預訂量增加。

We continued our share repurchase program authorized by our Board of Directors in May, which underscores the confidence leadership has in our business and Squarespace's opportunity for future growth. As of December 31, 2022, we returned over $120 million of cash to shareholders under the current authorization. This represents purchases of approximately 5.5 million shares at an average price per share of $21.28 on the open market. At year-end, approximately $80 million remained available for repurchase. The shares repurchased in 2022 had an antidilutive impact and more than offset our stock-based compensation grants, net of forfeitures and expirations. Turning to our guidance for Q1 and full year 2023. In Q1 2023, we are targeting total revenue in the range of $232 million to $234 million. This represents 12% growth at the midpoint. We expect unlevered free cash flow during Q1 to be in the range of $63 million to $65 million, which implies an unlevered free cash flow margin of 27% at the midpoint of the range. For the full year, we expect total revenue to be in the range of $955 million to $970 million, representing growth of 11% at the midpoint of the range.

我們在 5 月份繼續執行董事會授權的股票回購計劃，這凸顯了領導層對我們的業務和 Squarespace 未來增長機會的信心。截至 2022 年 12 月 31 日，我們根據當前授權向股東返還了超過 1.2 億美元的現金。這代表在公開市場上以每股 21.28 美元的平均價格購買了大約 550 萬股股票。截至年底，仍有約 8000 萬美元可供回購。 2022 年回購的股票具有反稀釋作用，並且超過了我們基於股票的補償補助（扣除沒收和到期後的淨額）。轉向我們對 2023 年第一季度和全年的指導。在 2023 年第一季度，我們的目標是總收入在 2.32 億美元至 2.34 億美元之間。這代表中點增長 12%。我們預計第一季度的無槓桿自由現金流量將在 6300 萬美元至 6500 萬美元之間，這意味著該範圍中點的無槓桿自由現金流量利潤率為 27%。對於全年，我們預計總收入將在 9.55 億美元至 9.7 億美元之間，在該範圍的中點增長 11%。

Unlevered free cash flow is expected to grow throughout the year to the range of $183 million to $198 million and implies an unlevered free cash flow margin of 20% at the midpoint of the range. This outlook is constructed from our stable recurring revenue model, 92% of revenue coming from subscription revenue and our continued commitment to operate our business with a focus on balancing profitability and investment. In constructing our guidance, we assume continued positive impacts from our legacy price increases and a customer demand trajectory, which continues at a similar rate. We also assumed FX rates as of the end of February. We look to sustain profitable growth for our business and expect to maintain a 2023 non-GAAP gross margin similar to the strong margin we delivered in '22.

預計全年無槓桿自由現金流量將增長至 1.83 億美元至 1.98 億美元，這意味著無槓桿自由現金流量利潤率在該範圍的中點為 20%。這一前景基於我們穩定的經常性收入模式，92% 的收入來自訂閱收入，以及我們繼續致力於以平衡盈利能力和投資為重點來經營我們的業務。在構建我們的指導方針時，我們假設我們的傳統價格上漲和客戶需求軌跡將繼續產生積極影響，並以類似的速度持續下去。我們還假設了 2 月底的匯率。我們希望維持我們業務的盈利增長，並期望在 2023 年保持與我們在 22 年實現的強勁利潤率相似的非 GAAP 毛利率。

We expect to see continued improvements in our marketing and sales expense throughout the year. We balanced this efficiency with increased R&D expense as a percentage of revenue as we invest for growth. We are always keeping an eye on the bottom line to rationalize spend and ensure our resources are aligned with strategic priorities. Operating through the lens of scalable and profitable growth remains true to Squarespace's core and is evidenced through our financial results. We believe we are in the early stages of addressing a large and growing global opportunity for our services and our technology has the ability to scale and empower millions more customers in the future. Our results demonstrate our customers' commitment to our platform and our ability to deliver both top line growth and bottom line margin expansion. We are inspired by the opportunities available to us today and see those opportunities expanding over the years ahead as we optimize our platform and launch additional services for our customers. Our singular focus on our customers is driven by the talented people who work at Squarespace. I will now open the call for any questions.

我們預計全年我們的營銷和銷售費用會持續改善。隨著我們為增長而投資，我們平衡了這種效率與增加的研發費用佔收入的百分比。我們始終關注底線，以合理化支出並確保我們的資源與戰略重點保持一致。通過可擴展和盈利增長的鏡頭進行運營仍然是 Squarespace 的核心，我們的財務業績證明了這一點。我們相信，我們正處於為我們的服務解決一個巨大且不斷增長的全球機會的早期階段，我們的技術有能力在未來擴展和增強數百萬客戶的能力。我們的業績證明了客戶對我們平台的承諾，以及我們實現收入增長和利潤率擴張的能力。我們受到今天提供給我們的機會的啟發，並看到這些機會在未來幾年隨著我們優化我們的平台並為我們的客戶推出更多服務而不斷擴大。我們對客戶的特別關注是由在 Squarespace 工作的人才推動的。我現在將打開任何問題的電話。

(Operator Instructions). Our first question for today comes from Trevor Young of Barclays.

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

Great. First, for Anthony, we're hearing a lot about AI across internet and software and even some of the web tools players are looking at it for chatbots to complement kind of self-serve customer support and the like as well as maybe generative AI for making product descriptions to go on websites. Can you talk a little bit about your ambitions with AI? Is it something that you're looking at? Is it an opportunity? Is that something you want to lean in on some investments there? And then for Nathan, on the revenue guide, implying a bit of a deceleration later in the year. Is there something that you're seeing that informs why you think growth maybe slows from here versus the 1Q guide? Or is that just some conservatism given the macro uncertainty?

偉大的。首先，對於 Anthony，我們在互聯網和軟件中聽到了很多關於 AI 的信息，甚至一些網絡工具玩家也在尋找聊天機器人來補充自助式客戶支持等，以及可能的生成 AI製作產品描述以在網站上發布。你能談談你對人工智能的抱負嗎？這是你正在看的東西嗎？這是一個機會嗎？這是你想依靠那裡的一些投資嗎？然後對於 Nathan，在收入指南中，暗示今年晚些時候會有所減速。您看到的是否有什麼可以說明為什麼您認為與 1Q 指南相比，增長可能會從這裡放緩？還是鑑於宏觀不確定性，這只是一些保守主義？

Trevor, thanks for the question. We're no stranger to AI and have been following developments related to it for probably 8 or 9 years now. 8 or 9 years ago, we had smaller competitors that tried to really differentiate by making essentially like a Squarespace clone, but starting with AI. And I think what we've sort of found through that process is that AI is best used to augment tools like Squarespace and help with, in our case, a lot of the initial setup, not necessarily do the entire thing and pretend that tools like Squarespace don't exist. For instance, ChatGPT doesn't replace Microsoft Word. You still need the tool even if they're going to pre-populate it with a really nice starting point in terms of initial content. So as we've moved along, we've seen start-ups, I'm referencing same 8 years ago now, 2 other competitors integrating it to their setup process. And that's really what we're focused right now to take things like DALL-E, ChatGPT and help people with sort of what we call the content not ready problem.

特雷弗，謝謝你的提問。我們對 AI 並不陌生，並且一直關注與它相關的發展大概 8 或 9 年了。 8 或 9 年前，我們有一些規模較小的競爭對手，他們試圖通過從本質上類似於 Squarespace 克隆，但從 AI 開始，真正實現差異化。而且我認為我們在這個過程中發現的是，AI 最適合用於增強 Squarespace 等工具，並在我們的案例中幫助進行大量初始設置，不一定要完成所有事情並假裝像這樣的工具Squarespace 不存在。例如，ChatGPT 不會取代 Microsoft Word。您仍然需要該工具，即使他們將在初始內容方面用一個非常好的起點預先填充它。因此，在我們前進的過程中，我們看到了初創企業，我現在指的是 8 年前的同一家公司，另外 2 個競爭對手將其整合到他們的設置過程中。這就是我們現在真正關注的是採用 DALL-E、ChatGPT 等東西，並幫助人們解決我們稱之為內容未準備好的問題。

So when you start a Squarespace website, the biggest reason why people don't sign up is content not ready. So if every time you present it with a blank text box or you presented with a blank image field, if we can give you an AI solution for that, that is something we will absolutely do and we're currently working on it. You mentioned actually a customer service chatbot implementations. Well, we actually have had an AI-assisted chat bot for don't quote me on the exact amount of time out I think over 2 or 3 years, helping with customer support, and that's been really successful for us, too, in improving the efficiency in customer operations. So yes, we're -- it's nothing -- it's definitely not something new to us. And I think tools like us are going to be in a fantastic position to capitalize on what's available in AI because again, you're going to need a platform to run the business, to edit the site to make changes, it can't just be kind of an AI card trick.

因此，當您啟動 Squarespace 網站時，人們不註冊的最大原因是內容尚未準備好。因此，如果每次您向它展示一個空白文本框或一個空白圖像字段時，如果我們可以為您提供一個 AI 解決方案，那我們絕對會做，我們目前正在努力。您實際上提到了客戶服務聊天機器人的實現。好吧，我們實際上有一個 AI 輔助的聊天機器人，不要在我認為超過 2 或 3 年的確切超時時間上引用我的話，幫助客戶支持，這對我們來說也非常成功，在改進客戶運營的效率。所以是的，我們 - 這沒什麼 - 這對我們來說絕對不是什麼新鮮事。而且我認為像我們這樣的工具將處於一個很好的位置，可以利用 AI 中的可用功能，因為同樣，您將需要一個平台來運行業務，編輯站點以進行更改，它不能只是是一種 AI 卡片技巧。

Hi Trevor, this is Nathan. Good to talk to you again. The -- on revenue, this is reflective of the price increase. As you recall, we did a legacy price increase for the first time in Q3 -- the end of Q3 in 2022. And as that rolls out, then you see the effect of the timing of that. Our biggest renewal period for pricing is in Q1, which we saw -- we just came through January and February and continue to see the strong customer retention that we had seen in the end of 2022 that caused us to exceed our guidance. And so as that timing wraps, that's just the essence of the price increase.

嗨，特雷弗，我是內森。很高興再次和你交談。 --關於收入，這反映了價格上漲。正如你所記得的，我們在第三季度首次進行了傳統價格上漲——2022 年第三季度末。隨著它的推出，你會看到時間的影響。我們最大的定價更新期是在第一季度，我們看到了這一點——我們剛剛度過了 1 月和 2 月，並且繼續看到我們在 2022 年底看到的強大的客戶保留率，這導致我們超出了我們的指導。因此，隨著時間的推移，這就是價格上漲的本質。

That's really helpful. Thank you both.

這真的很有幫助。謝謝你倆。

Our next question comes from Ken Wong of Oppenheimer.

我們的下一個問題來自奧本海默的 Ken Wong。

Great, fantastic. Anthony, I wanted to touch on Tock. You guys talked about record GMV and that was definitely a business that surged during the pandemic, and you guys were able to pivot to where it still remains successful. Just wondering if you can maybe just kind of talk through some of those pivots and kind of what's been driving the outperformance here. And you also touched on the next stage of growth for Tock but I would love a sense for kind of how you envision that product evolving in '23.

太好了，太棒了。安東尼，我想談談托克。你們談到了創紀錄的 GMV，這絕對是一項在大流行期間激增的業務，你們能夠轉向它仍然成功的地方。只是想知道你是否可以談談其中的一些支點，以及是什麼推動了這裡的出色表現。你還談到了 Tock 的下一階段增長，但我很想了解你對 23 年產品發展的設想。

Sure. Yes. As you mentioned, Tock was in an interesting position over the pandemic in the sense that they had to kind of rapidly shift to Tock to go, and that let them kind of help people remain in business and generate revenue during the pandemic period. And over the past year, what you've really seen is us to shift back to sort of business is normal sort of scenario. We greatly expanded Tock's sales team in 2022. We have a new leader there, Matt Tucker, who just basically got started in December, January. He was the President of Olo for about a decade and sell them through their IPO. So we're really excited to kind of be packing a business as normal kind of growth mode where we hope continued pivots aren't necessary. So we continuing to focus on the core product there, make improvements for the existing businesses we've got and really updating our go-to-market and making sure that the salespeople trained and up to speed. But we're happy with the performance and looking forward to 2023. We're also going to try and probably closer to later '23, start to activate on some of those cross-sells that I think are going to be possible with Squarespace as we abstract some of our tool set and make them available to Tock customers. So all stuff I'm excited about.

當然。是的。正如你提到的，Tock 在大流行病中處於一個有趣的位置，因為他們必須迅速轉向 Tock 才能走，這讓他們能夠幫助人們在大流行期間繼續經營並創造收入。在過去的一年裡，你真正看到的是我們回到某種業務是一種正常的情況。我們在 2022 年極大地擴大了 Tock 的銷售團隊。我們在那裡有一位新的領導者 Matt Tucker，他基本上是在 1 月的 12 月才開始工作的。他擔任 Olo 總裁大約十年，並通過首次公開募股將其出售。因此，我們真的很高興能夠將業務包裝成一種正常的增長模式，我們希望在這種模式下不需要持續的支點。因此，我們繼續專注於那裡的核心產品，對我們現有的業務進行改進，並真正更新我們的上市時間，並確保銷售人員接受培訓並跟上速度。但我們對錶現感到滿意並期待 2023 年。我們還將嘗試並可能更接近 23 年底，開始激活我認為 Squarespace 可能實現的一些交叉銷售，因為我們提取了我們的一些工具集，並將它們提供給 Tock 客戶。所以所有讓我興奮的事情。

Got it. Fantastic. And then, Nathan, just a follow-up on just the solid ARPU performance here. Any way to help us kind of dissect what the impact from the mix is in terms of moving up to commerce versus the pricing impact from -- that you guys initiated in Q3?

知道了。極好的。然後，內森，只是對這裡穩定的 ARPU 性能的跟進。有什麼方法可以幫助我們剖析混合對商業的影響與你們在第三季度發起的定價影響的關係？

Thanks for the question. And yes, we are seeing continued increase in our ARPU as from the pricing increases you mentioned, customers going to higher value plan. As we look forward in '23, I think that the pricing increase will have a higher impact as we rolled that out at the end of 2022. So I would expect that to have a more concrete impact in '23 versus '22. And the -- we're increasing to higher tier plans. We're also increasing the mix to commerce. As we increase the attach rates of our existing products of the scheduling product and other things that will also help to increase our ARPU.

謝謝你的問題。是的，我們看到我們的 ARPU 持續增長，因為您提到的價格上漲，客戶轉向更高價值的計劃。正如我們在 23 年展望的那樣，我認為隨著我們在 2022 年底推出價格上漲，價格上漲將產生更大的影響。因此我預計這將在 23 年和 22 年產生更具體的影響。而且 - 我們正在增加更高級別的計劃。我們也在增加商業組合。隨著我們提高調度產品和其他產品的現有產品的附加率，這也將有助於提高我們的 ARPU。

Got it. Great. Fantastic quarter, guys.

知道了。偉大的。很棒的季度，伙計們。

Our next question comes from Andrew Boone of JPM Securities.

我們的下一個問題來自 JPM Securities 的 Andrew Boone。

I wanted to ask about 2 things. You talked about the slowdown in e-commerce as well as the opportunity within services. Can you just double-click on what you're seeing in services and where you guys are pushing? And then, Nathan, I think you mentioned more S&M sales marketing discipline as we think about 2023. Can you just expand on that?

我想問兩件事。您談到了電子商務的放緩以及服務業的機遇。您可以雙擊您在服務中看到的內容以及你們正在推送的內容嗎？然後，Nathan，我想你在我們考慮 2023 年時提到了更多的 S&M 銷售營銷紀律。你能擴展一下嗎？

Sure. So our our GPV, the amount of payments flowing through the platform is mix between physical commerce, which we all saw a surge during the pandemic and has waned a bit. And we've been talking about that dynamic. And multiple companies have been talking about that dynamic for the past couple of quarters. We've got services-based commerce. So those are people selling services, to the appointment-based stuff that's flowing through Acuity. And then there's the hospitality and bookings fee area of things, which is flowing through Tock. Our focus has been more on the services appointment-based and event and booking fee area versus just focusing on physical commerce. We have an almost 10-year investment in physical commerce. And so I think when you're referring to sort of softness in the overall GMV number, it's mostly from the physical side. And also, I'd like to say, during '23, we've got a lot of changes coming out that will be our product changes to benefit service-based sellers. And so those will start to roll out during the year and then, of course, later in the year, hope to have merchants onboarding the score space payments for the first time, which is just -- we're doing -- I mean, obviously, there's a financial impact there to us. It's positive, but there's really also a customer experience impact that's very positive. So we hope that all those changes will continue to bolster our presence in that space.

當然。因此，我們的 GPV，即流經該平台的支付金額混合了實體商業，在大流行期間我們都看到了激增，但有所減弱。我們一直在談論這種動態。在過去的幾個季度裡，多家公司一直在談論這種動態。我們有基於服務的商務。因此，這些人是在向 Acuity 提供的基於預約的服務銷售服務。然後是流經 Tock 的招待費和預訂費區。我們的重點更多地放在基於預約的服務以及活動和預訂費用領域，而不是僅僅關注實體商業。我們對實體商業進行了近 10 年的投資。所以我認為，當你提到整體 GMV 數字的疲軟時，它主要來自物理方面。而且，我想說的是，在 23 年期間，我們進行了很多更改，這些更改將是我們的產品更改，以使基於服務的賣家受益。因此，這些將在今年開始推出，當然，在今年晚些時候，希望商家首次加入積分空間支付，這就是——我們正在做——我的意思是，顯然，這對我們有財務影響。這是積極的，但實際上也對客戶體驗產生了非常積極的影響。因此，我們希望所有這些變化將繼續加強我們在該領域的存在。

Good Morning Andrew, on your question on the marketing ER, I might step back a little bit first and say the -- we are taking a very maniacal approach as we think about driving the profitability and investing in growth. And marketing is certainly a key lever there. In 2022, we were constantly assessing the return on our marketing dollars to make sure that we were making conscious decisions of where we were investing. And you saw in the latter half of the year, we did pull back and continue to see strong returns from our core suns in Q3 and Q4, we saw that acceleration in our core business. As we look to 2023, I would expect that same discipline and similar ratios on the ER for marketing and sales. But we will keep an eye on the spend to make sure that we are most efficient in getting the highest return for what we're spending.

早上好，安德魯，關於你關於營銷 ER 的問題，我可能會先退一步說——我們在考慮推動盈利能力和投資增長時採取了一種非常瘋狂的方法。營銷無疑是其中的關鍵槓桿。 2022 年，我們不斷評估營銷資金的回報，以確保我們對投資方向做出有意識的決定。你看到在今年下半年，我們確實有所回落，並在第三季度和第四季度繼續看到核心太陽的強勁回報，我們看到了核心業務的加速。當我們展望 2023 年時，我希望在營銷和銷售的 ER 上有相同的紀律和類似的比率。但我們會密切關注支出，以確保我們最有效地為我們的支出獲得最高回報。

Our next question comes from Ygal Arounian from Citi.

我們的下一個問題來自花旗銀行的 Ygal Arounian。

I just had some follow-up on the comment you just made on the products that are launching this year that will benefit some of the sellers. You talked about a really strong product pipeline in '22, one of the best you've ever had. Maybe just expand a little bit on what's to come next, maybe (inaudible) but specifically just following up on that service or comment.

我剛剛對你剛剛對今年推出的產品發表的評論進行了一些跟進，這些評論將使一些賣家受益。你在 22 年談到了一個非常強大的產品線，這是你擁有過的最好的產品線之一。也許只是稍微擴展一下接下來會發生什麼，也許（聽不清），但具體只是跟進該服務或評論。

Sure. So we were named one of Fast Company's most innovative companies in retail and e-commerce in 2022 -- so for 2023, which you talked about in the release. And that really highlights the attention we get for a number of the things that we announced during Squarespace refresh. So a lot of improvements to the existing platform. When you look forward into 2023, without giving kind of too much away, there is improvements to the appointment system within Acuity. We're reinvesting that as a stand-alone brand. We've got giant investments in classes and courses and a lot of updates coming there. We're looking at project-based sellers. So somebody has a score space site with a contact form, maybe they're a wedding photographer and they get an inbound lead. How do we help them with that inbound lead coming in from product proposal to initial charge to finally sending the invoice to them to collect payments. So what's happening there? And then finally, Squarespace payments, which we're making great progress on and expect to have towards the end of the year, which will further improve that whole end-to-end experience for people selling services on the platform.

當然。因此，我們被評為 2022 年 Fast Company 零售和電子商務領域最具創新力的公司之一——2023 年也是如此，您在新聞稿中談到了這一點。這確實突出了我們對我們在 Squarespace 更新期間宣布的許多事情的關注。所以對現有平台進行了很多改進。當您展望 2023 年時，在不放棄太多的情況下，Acuity 內的任命系統有所改進。我們正在將其作為一個獨立品牌進行再投資。我們在課程和課程上投入了大量資金，並且有很多更新即將到來。我們正在尋找基於項目的賣家。所以有人有一個帶有聯繫表的分數空間網站，也許他們是一名婚禮攝影師並且他們獲得了入境線索。我們如何幫助他們處理從產品提案到初始收費到最終將發票發送給他們以收款的入站線索。那麼那裡發生了什麼？最後是 Squarespace 支付，我們在這方面取得了很大進展，預計將在年底前取得進展，這將進一步改善平台上銷售服務的人們的整個端到端體驗。

You guys also talked about the enterprise as kind of one of the pillars of growth here. Can you talk a little bit more about that, maybe how much enterprise represents right now in terms of bookings and revenue and some of the factors that you look to implement that business to grow from where it is right now?

你們還談到企業是這裡增長的支柱之一。你能多談談這個嗎，也許企業現在在預訂和收入方面代表了多少，以及你希望實施該業務以從現在的位置增長的一些因素？

So enterprise is still small for us. It doesn't represent a large portion of our bookings at all. And we really think about it in 3 kind of areas because we have 3 product lines right now where maybe a fourth "enterprise" applies to. You got enterprise within Squarespace, which I talked about on previous calls, mostly volume sellers or people meeting single sign on our multi-account management. And we actually had a lot of releases last year in those areas, which I think kind of puts us on better footing to achieve progress there. You've got enterprise within Acuity. We've underinvested in that up until this point, but it remains a big opportunity, very natural upsell there if you got a very large business, probably, in some ways, conceptually equal to or greater than the Squarespace side of things because a lot of the larger customers using Acuity don't use Squarespace at their website because they don't have a website built on the DIY platform, which is totally fine with us and why we're investing in acuity as a stand-alone brand. And then you've got Tock in the hospitality experience, which is really all enterprise right now. There's no DIY sales and the opportunity is actually kind of of course, to continue that because that customer base needs it, but then also move to a DIY model starting hopefully with events. So yes, that's kind of an overview of the landscape. But right now, this is not a large percentage of our revenue.

所以企業對我們來說還是很小的。它根本不代表我們預訂的很大一部分。我們真的在 3 個領域考慮它，因為我們現在有 3 個產品線，其中可能有第四個“企業”適用。你在 Squarespace 中有企業，我在之前的電話中談到過，主要是批量銷售者或在我們的多賬戶管理上遇到單點登錄的人。去年我們實際上在這些領域發布了很多版本，我認為這讓我們在取得進展方面處於更好的基礎。您在 Acuity 中擁有企業。到目前為止，我們在這方面的投資不足，但它仍然是一個巨大的機會，如果你有一個非常大的企業，很自然地向上銷售，在某些方面，在概念上可能等於或大於事物的 Squarespace 方面，因為很多使用 Acuity 的大客戶不在他們的網站上使用 Squarespace，因為他們沒有在 DIY 平台上構建的網站，這對我們來說完全沒問題，也是我們將 Acuity 作為獨立品牌投資的原因。然後你在酒店體驗中得到了托克，現在這真的是所有企業。沒有 DIY 銷售，機會實際上是當然的，因為客戶群需要它，但也有希望從活動開始轉向 DIY 模式。所以是的，這是對景觀的概述。但現在，這還不是我們收入的很大一部分。

Very helpful Thank you.

非常有幫助謝謝。

Our next question comes from Matt Pfau from William Blair.

我們的下一個問題來自 William Blair 的 Matt Pfau。

Great. I wanted to ask on the transaction volume in the quarter, you called out some softness around scheduling or at least difficult comps there. Maybe just help us understand what was going on there and is this sort of a onetime issue?

偉大的。我想問一下本季度的交易量，你提到了一些關於日程安排的軟性，或者至少是那裡的困難補償。也許只是幫助我們了解那裡發生了什麼，這是一次性的問題嗎？

Yes. Thanks for the question. The -- so scheduling had an outsized impact in 2021. So comparing quarter-over-quarter is an anomaly, if you will. Scheduling it overall, if you look at 2022, had a very good year. We did see strong growth. But what I was calling out there is just the comparison year-over-year because of what happened in 2021.

是的。謝謝你的問題。 - 所以日程安排在 2021 年產生了巨大的影響。因此，如果你願意的話，按季度進行比較是一種反常現象。總體而言，如果您看一下 2022 年，那是非常好的一年。我們確實看到了強勁的增長。但由於 2021 年發生的事情，我所說的只是同比比較。

I'd like to just add that I think we see the volume opportunity there as just -- the volume is just a giant opportunity for us. I mean most of the Squarespace's revenue is still coming from SaaS and subscription. So when we see fluctuations in the platform volume, we're still sort of getting used to this at scale. And honestly, it can be so many multiples larger that it sort of doesn't -- I don't think it's not that concerning to us when it's slightly down slightly up, just considering the the new seasonality that we're getting used to with it.

我想補充一點，我認為我們認為那裡的數量機會只是 - 數量對我們來說只是一個巨大的機會。我的意思是 Squarespace 的大部分收入仍然來自 SaaS 和訂閱。因此，當我們看到平台交易量出現波動時，我們仍然在某種程度上習慣了這種規模。老實說，它可能會大很多倍，以至於它不會——我認為當它略微下降略微上升時，這對我們來說並不重要，只是考慮到我們已經習慣的新季節性用它。

Got it. And then Unfold, any update to your thinking on strategy there? How you plan to move forward with that business?

知道了。然後展開，你對那裡的戰略思考有什麼更新嗎？你打算如何推進這項業務？

For sure. I think that the strategy there can be summarized in -- basically that we're focusing on Bio Sites, -- so Unfold is a great product. It's been in market for a number of years now, a lot of competition in that space, nothing really new to my dialogue there. But what's been really exciting, and you don't see it in any of the numbers, the subscription numbers we have because these are not necessarily paid subscriptions yet, but there has been over hundreds of thousands of bio sites that have been created. We recently launched the ability to create a Bio Site from the web in addition to being able to create one in the Unfold app. And we see just a huge amount of opportunity there for monetization. I mean, considering our numbers and literally the hundreds of thousands of sites created and spreading virally with very, very little marketing spend just due to the nature of the product. I'm really excited about future monetization opportunities there. And that tails very nicely with things we're doing in the future on Squarespace payments, upsell to the main -- upsell to perhaps a larger website, everything we're doing for services-based sellers. So that's really the crux of where we see the future within that product. In addition to continuing to invest in the unfold products and making sure we are updating it. But there's not really a world I see where we have some macro strategy that triples the amount of unfold subscribers or anything like that. So it's a great deployment. It's a great product, solid revenue stream for us and a really, really great deployment mechanism for Bio Site.

一定。我認為那裡的策略可以概括為——基本上我們專注於 Bio Sites——所以 Unfold 是一個很棒的產品。它已經上市多年了，在那個領域有很多競爭，我在那裡的對話並沒有什麼新鮮事。但真正令人興奮的是，你看不到任何數字，我們擁有的訂閱數字，因為這些不一定是付費訂閱，但已經創建了數十萬個生物網站。除了能夠在 Unfold 應用程序中創建一個 Bio Site 之外，我們最近還推出了從 Web 創建 Bio Site 的功能。我們在那裡看到了大量的貨幣化機會。我的意思是，考慮到我們的數字，以及從字面上看，由於產品的性質，僅以非常非常少的營銷支出創建和傳播病毒式傳播的數十萬個網站。我對那裡未來的貨幣化機會感到非常興奮。這與我們未來在 Squarespace 支付上所做的事情非常吻合，向上銷售到主要 - 向上銷售到一個更大的網站，我們為基於服務的賣家所做的一切。所以這真的是我們在該產品中看到未來的關鍵所在。除了繼續投資於展開的產品並確保我們正在更新它。但我並沒有看到一個真正的世界，我們有一些宏觀策略可以將展開訂閱者的數量增加三倍或類似的東西。所以這是一個很好的部署。這是一個很棒的產品，對我們來說是穩定的收入來源，對 Bio Site 來說是一個非常非常好的部署機制。

Appreciate it.

欣賞它。

Our next question comes from Gabriela Borges from Goldman Sachs. Gabriela.

我們的下一個問題來自高盛的 Gabriela Borges。加布里埃拉。

At want to ask, are you seeing any macro impact on the business? The KPIs across the board of studies are improving on a number of company-specific drivers at play here. But given your unique lines into the installed base, what are you seeing in terms of the health of the service pin...

想問一下，您是否看到對業務有任何宏觀影響？跨研究委員會的 KPI 正在改善這裡發揮作用的許多公司特定驅動因素。但是考慮到您在安裝基礎上的獨特線路，您在服務引腳的健康方面看到了什麼......

So look, we continue to see strength across our product lines. I think one of the questions that we're kind of always getting is around if the economy goes into more of a decline or there's a recession, what happens to Squarespace. And we've run some internal analysis and also lived through a past recession, I think we were so much smaller at the time. But it would seem to us that we still have some correlation to small business formation. That is not as strong as it was pre-pandemic for whatever reason, maybe do the diversity of services or it moves towards the creator economy. So we think we're well positioned there. I think if you look at even the results from the price increase, I really think it shows the power of the product and the importance of the product even on even in times of uncertainty, right? Churn was much lower than we expected. It was definitely pull forward in churn as opposed to a lot of net new. And so we think it's well positioned. I think I'm less able to comment on things like what was brought in the prior question around GMV and macro flows related to e-commerce cyclicality or what's happening with our service-based sellers, which are sort of just getting started. So -- but for the core business, I think it's well positioned in a downturn. And yes, I don't think we'd be able to show a lot of what we showed in Q4 and continuing into Q1 if that wasn't true, hopefully.

所以看，我們繼續看到我們產品線的實力。我認為我們經常遇到的問題之一是，如果經濟進一步下滑或出現衰退，Squarespace 會發生什麼。我們進行了一些內部分析，也經歷了過去的經濟衰退，我認為當時我們的規模要小得多。但在我們看來，我們仍然與小企業的形成有一些關聯。無論出於何種原因，它都不像大流行前那麼強大，也許是服務的多樣性，或者它正在轉向創作者經濟。所以我們認為我們在那里處於有利地位。我想如果你甚至看一下價格上漲的結果，我真的認為它顯示了產品的力量和產品的重要性，即使在不確定的時期也是如此，對吧？流失率遠低於我們的預期。這絕對是在流失中向前推進，而不是大量的淨新。所以我們認為它的定位很好。我認為我不太能夠評論之前的問題中圍繞 GMV 和與電子商務週期性相關的宏觀流程所帶來的問題，或者我們基於服務的賣家正在發生的事情，這些才剛剛起步。所以——但對於核心業務，我認為它在經濟低迷時期處於有利地位。是的，我不認為我們能夠展示我們在第四季度展示的很多東西，如果不是這樣，希望繼續進入第一季度。

I might just add to that. The -- our core business is seeing strength as we -- as I said, Q3 and Q4, we're starting to see the acceleration. So even in this environment, we are performing well. As Anthony said, our pricing increase. We saw strong customer retention and continue to see that in Q1. So with 92% of our revenue coming from the SaaS side of the business, I would say we pull fairly strong about our '23 guidance.

我可能會補充一點。我們的核心業務正在看到實力，正如我所說，第三季度和第四季度，我們開始看到加速。因此，即使在這種環境下，我們也表現良好。正如安東尼所說，我們的價格上漲了。我們看到了強大的客戶保留率，並將在第一季度繼續看到這一點。因此，由於我們 92% 的收入來自業務的 SaaS 方面，我想說我們對 23 年的指導意見相當有力。

Yes. Yes, that makes sense. And Nathan, a follow-up is to you standing how bookings not to revenue essentially. So you've talked about the impact from the pricing increase and how that flows through the year. You also talked about expecting customer demand to remain at a similar level. So if we tie that together, if you're able to continue to deliver bookings growth in the mid-teens, high teens range, are there any other reasons why you wouldn't be able to show that kind of move call it, 15% to 18% for the full year, understanding that early in the year and visibility went arounf?

是的。是的，這是有道理的。內森（Nathan），跟進是關於您如何從根本上說明預訂不是收入。所以你已經談到了價格上漲的影響以及這一年的影響。您還談到期望客戶需求保持在類似水平。因此，如果我們將其結合在一起，如果您能夠繼續在十幾歲、十幾歲的青少年範圍內實現預訂量增長，是否還有其他原因導致您無法表現出這種變化，稱之為 15 % 到全年的 18%，了解年初和知名度的變化？

So as you know, we rolled out the Q3 -- or the pricing in Q3 of last year. And so the bookings increase that we saw in '22 is actually been reflected in the revenue growth in '23. I do think if I step back, though, as we look at the growth of this business, we -- the core area of the business is continuing to see strong growth. The top business had a very strong Q4, which flows into our '23 guidance, scheduling performed well. So I do feel good that we -- as I look forward beyond '23 even as we increase the attach rate of our existing services and grow these various other services with GMV being such a small part of our business today and launching payments at the end of this year. Beyond 23, I think I feel very good about strong growth for our revenue.

如您所知，我們推出了第三季度——或去年第三季度的定價。因此，我們在 22 年看到的預訂量增長實際上反映在 23 年的收入增長中。不過，我確實認為，如果我退後一步，當我們審視這項業務的增長時，我們——該業務的核心領域將繼續保持強勁增長。頂級企業的第四季度表現非常強勁，這反映在我們的 23 年指南中，調度表現良好。因此，我確實感覺很好，因為我期待著 23 年後，即使我們提高了現有服務的附加率並發展了這些各種其他服務，而 GMV 僅占我們今天業務的一小部分，並在年底推出支付今年的。超過 23 歲，我認為我對我們收入的強勁增長感到非常滿意。

Our next question comes from Siti Panigrahi from Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

So I wanted to ask you on the cash flow, like 300 bps expansion how sustainable is that? And also I was thinking about what are you thinking about capital allocation from here? And if a buyback should be -- thought about as a consistent part of your capital allocation for more.

所以我想問你關於現金流的問題，比如 300 個基點的擴張有多可持續？而且我在想你對這裡的資本配置有什麼看法？如果回購應該——被認為是你的資本配置的一致部分，以獲得更多。

So with regards to the margin sustainability, it's incredibly sustainable. And it's my goal to continue to improve free cash flow margin into well into the mid and upper 20s over the next couple of years. So that's absolutely a goal of the company.

因此，就利潤率的可持續性而言，它是非常可持續的。我的目標是在未來幾年內繼續將自由現金流量利潤率提高到 20 多歲左右。所以這絕對是公司的目標。

What was the second part of the question again?

問題的第二部分又是什麼？

Capital allocation...

資金配置...

Yes. I mean, look, we reevaluate our stance on where to allocate capital, really, I mean, every single month. And so I think that there will always be some room for an authorized buyback program, whether or not we're executing on that. It's going to depend on other opportunities we see in the market. So as we move into this year, depending on what we see from an M&A front, we may decide to allocate it there. But yes, I mean we believe it's in the equity of the business. And so -- in so far as we can return capital to shareholders, that is one way we'll continue to do it.

是的。我的意思是，看，我們每個月都會重新評估我們在何處分配資本的立場。因此，我認為授權回購計劃總會有一些空間，無論我們是否正在執行該計劃。這將取決於我們在市場上看到的其他機會。因此，隨著我們進入今年，根據我們從併購方面看到的情況，我們可能會決定將其分配在那裡。但是，是的，我的意思是我們相信這是企業的公平。因此 - 就我們可以向股東返還資本而言，這是我們將繼續這樣做的一種方式。

Okay. Great. And then one follow-up that I'm getting a question today, your unique subscription that's only grew 4,000 and you talked about the weakness and unfold. So I think it will be helpful to unpack what was your gross increase? And maybe help us like what the churn was and how much of that unfold? Maybe it will be helpful. And how should we think about this unique subscription growth in 2023?

好的。偉大的。然後是我今天收到的一個後續問題，你的獨特訂閱只增加了 4,000，你談到了弱點和展開。所以我認為解開你的總增長是多少會有所幫助？也許可以幫助我們了解流失是什麼以及流失的程度有多大？也許會有幫助。我們應該如何看待 2023 年這種獨特的訂閱增長？

So as you noted, not all unique subscriptions in that number created equal. We've got top subscriptions in there that have tens of thousands of dollars you've got unfold subscriptions in there, which are more like a domain name to us like $100 a year type subscription. So as I mentioned in the previous -- one of the previous answers, there's some things we can do to change the Unfold term, but not -- it's not going to be like in a macro way correctable in some giant sense, and we're really focusing on Bio Site a bit more there. But look, I mean, overall, the churn properties of the business are stable to -- they remain really positive. Again, the pricing increase. It's the first time we've ever affected something like this, and we were in a very pleasantly surprised with the -- with what we saw from a churn standpoint.

因此，正如您所指出的，並非該數字中的所有唯一訂閱都是平等的。我們在那裡有數万美元的頂級訂閱，你在那裡有展開的訂閱，對我們來說更像是一個域名，比如每年 100 美元的訂閱。因此，正如我在之前提到的那樣——之前的一個答案，我們可以做一些事情來改變展開項，但不是——它不會像在某種宏觀意義上可以糾正的宏觀方式那樣，我們”我們真的更關注 Bio Site。但是，我的意思是，總的來說，企業的客戶流失率穩定到——它們仍然非常積極。再次，價格上漲。這是我們第一次受到這樣的影響，我們對從客戶流失的角度所看到的情況感到非常驚喜。

Yes. I would just layer on there we are seeing strong retention of our stable customer base, though we don't disclose beyond the breakdown of the 4.2%. I can tell you that the core business did see acceleration in Q3 and Q4, which that does flow through to our '23 guidance. Our churn levels are lower than our 2020 level. So we feel very good about where the core business is relative to our subscriber base. Thank you.

是的。我只想說，我們看到我們穩定的客戶群有很強的保留率，儘管我們沒有透露超過 4.2% 的細目。我可以告訴你，核心業務在第三季度和第四季度確實出現了加速，這確實影響了我們的 23 年指南。我們的客戶流失率低於 2020 年的水平。因此，我們對核心業務相對於我們的用戶群的位置感到非常滿意。謝謝。

Our next question comes from Chris Zhang of Credit Suisse. Please go ahead.

我們的下一個問題來自瑞士信貸的 Chris Zhang。請繼續。

So you highlighted higher bookings and net churn than anticipated from the legacy price increase. We understand that you try to keep the increases less than 20% to not give customers a shock. But at the same time, there seems to be lots of customers that are still paying well below the list price. So my question is, are you planning on continuing to reach their prices each and every year to renew until you bring their prices to the list price or are you planning on a pause at some point? And if you could also give us a rough sense of the portion of the subscriptions, that would be very helpful. And I have a quick follow-up.

因此，您強調了比傳統價格上漲預期更高的預訂量和淨流失率。我們理解你們試圖將漲幅保持在 20% 以下，以免讓客戶感到震驚。但與此同時，似乎仍有許多客戶支付的價格遠低於標價。所以我的問題是，您是否計劃每年繼續達到他們的價格以續訂，直到您將他們的價格提高到標價，或者您是否計劃在某個時候暫停？如果您還可以讓我們大致了解訂閱的部分，那將非常有幫助。我有一個快速的跟進。

Yes. It's actually a fantastic question. So our current price increases were targeted at USD customers only, so we didn't look at the international anything internationally. And as you mentioned, correct, there's a number of customers hundreds of thousands of customers that are still under list price and some substantially so. I mean when you don't raise prices for a decade, we've got -- we had plant level a long time because $8 a month. And so yes, we have raised these a little bit. It's given us some confidence to understand the dynamics of what happens when we do that. And yes, I think there's no -- I don't know the exact frequency at which it's going to be reasonable to do those raises. But yes, there's hundreds of thousands still below list price in U.S. dollars. So we want to raise -- we want to get everyone a list over time, but I don't want to -- unduly hit some to the 50% price increase or something crazy like that, which would make any sense.

是的。這實際上是一個很好的問題。所以我們目前的價格上漲只針對美元客戶，所以我們沒有在國際上看國際上的任何東西。正如您所提到的，正確的是，有數十萬客戶仍然低於標價，有些甚至是這樣。我的意思是，當你十年不提價時，我們有 - 我們有很長一段時間的工廠水平，因為每月 8 美元。所以是的，我們已經提高了一些。它給了我們一些信心來理解當我們這樣做時會發生什麼的動態。是的，我認為沒有——我不知道進行這些加薪的確切頻率是合理的。但是，是的，仍有數十萬美元低於標價。所以我們想提高——我們希望隨著時間的推移讓每個人都有一份清單，但我不想——過度地將一些價格提高到 50% 或類似瘋狂的東西，這是有道理的。

Yes, Chris, we will take a longer-term holistic approach to pricing as we think about it as a growth side of our business. In addition to the core business, we also have never raised pricing on talk or scheduling. So we will look at all different areas of the business as we think about pricing strategy.

是的，克里斯，我們將採取長期的整體定價方法，因為我們將其視為我們業務的增長方面。除了核心業務之外，我們也從未在談話或日程安排上提高價格。因此，在考慮定價策略時，我們將著眼於業務的所有不同領域。

And we have a number of new hires starting this year as we develop a more sophisticated pricing discipline, especially considering how many different product lines we have and how many different brands are going to be supporting.

隨著我們制定更複雜的定價規則，我們從今年開始招聘了一些新員工，特別是考慮到我們擁有多少不同的產品線以及將支持多少不同的品牌。

All right. Thank you, Anthony, and Nathan, both of you for the great color. And my follow-up is for Nathan. Last quarter, you mentioned there's $8.7 million of tax refund that was not in the fourth quarter guide, but close to 2023. Could you confirm that was that realized in the fourth quarter? Or is that still in 2023 guide and whether that's in the first quarter, if that's the case.

好的。謝謝 Anthony 和 Nathan，感謝你們倆的出色色彩。我的後續行動是針對內森的。上個季度，你提到有 870 萬美元的退稅不在第四季度指南中，但接近 2023 年。你能確認這是在第四季度實現的嗎？或者是否仍在 2023 年指南中，如果是這樣的話，是否在第一季度。

Yes. Thanks, Chris. Yes, the tax flows, obviously, there's up and down, puts and takes that we have built into the '23 guidance. The -- what I referenced in the November call, we do expect to receive in 2023, it was not received in Q4 of '22.

是的。謝謝，克里斯。是的，很明顯，稅收流動有上下波動，我們已經將其納入 23 年指導方針。我在 11 月的電話會議中提到的，我們確實希望在 2023 年收到，但在 22 年第四季度沒有收到。

Thank you very much.

非常感謝。

Our next question comes from Deepak Mathivanan from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Great. A couple of ones from us. So first, on the marketing front, are you seeing improved returns from some of the marketplace getting more efficient? Because a lot of the competitors are also pulling back marketing spend currently. Is the customer acquisition cost coming down? Or is it kind of your more optimization that's driving good leverage currently? And then Anthony, I wanted to ask about long-term margins. You referred to kind of free cash flow margin reaching mid- to high 20s. Is that sort of the right way to think about long-term targets? Can you provide your updated thoughts on how to think about that, that would be great.

偉大的。我們有幾個。那麼首先，在營銷方面，您是否看到某些市場的回報率越來越高？因為很多競爭對手目前也在縮減營銷支出。獲客成本是否下降？還是您的更多優化目前正在推動良好的槓桿作用？然後安東尼，我想問一下長期利潤率。您提到的自由現金流量利潤率達到 20 多歲中高水平。這是考慮長期目標的正確方法嗎？您能否提供有關如何思考這一點的最新想法，那就太好了。

Sure. With respect to marketing efficiency, we're certainly not trying to indicate that on a quarter-to-quarter basis, it's getting cheaper to acquire customers. But that being said, a lot of what you're seeing a shift is 2 things. one, a movement of brand spend to pre-pandemic levels, but also the benefit of having done that brand spend. So you've got more people typing in Squarespace than how to build a website. And so the continued strength there, even though that was done in the past, continues to benefit us. The other thing you're going to see is more of a remix of that spend to international markets as opposed to just focusing it in the U.S., which externally will cause -- it dilutes the efficiency that we do have in the U.S. Yes. And also, in the past quarter, we've affected some strategic changes in how we've gone about just certain methods that we were pursuing in the company. We -- it just wants to change course on. And so yes, lots of changes under the hood. But Yes. I wouldn't say cheaper to pierce right now than before.

當然。關於營銷效率，我們當然不是要表明按季度計算，獲取客戶的成本越來越低。但話雖這麼說，你看到的很多轉變都是兩件事。第一，品牌支出上升到大流行前的水平，但也有品牌支出的好處。所以你有更多的人在 Squarespace 中打字而不是如何建立一個網站。因此，那裡的持續實力，即使過去是這樣做的，也繼續使我們受益。您將看到的另一件事更多是將這些支出重新組合到國際市場，而不是僅僅將其集中在美國，這在外部會導致——它會削弱我們在美國的效率。是的。而且，在過去的一個季度中，我們已經影響了一些戰略變化，即我們如何處理我們在公司中追求的某些方法。我們 - 它只是想改變路線。所以是的，引擎蓋下有很多變化。但是，是的。我不會說現在穿孔比以前便宜。

But we do look at it by specific product line within the business, and we do have strong attribution models that help us drive the right spend across each of those channels to make sure that we are the most efficient in getting the return that we want. And we do consistently shift dollars as we see the attribution model output.

但我們確實通過業務中的特定產品線來看待它，並且我們確實擁有強大的歸因模型，可以幫助我們在每個渠道中推動正確的支出，以確保我們最有效地獲得我們想要的回報。當我們看到歸因模型輸出時，我們確實會不斷轉移美元。

Yes, that's a good point. We did launch a new attribution model in August. Well, we've been testing for a long time, but it really took effect in like August, September of last year, which allows us to have a more nuance look at our channel spends and rebalance between them. So with respect to the question around long-term margins in the mid- to upper 20s, yes, I mean, I'm not giving a specific time frame for that. You're going to hopefully see a very consistent pattern of us increasing that margin. every single quarter, but definitely every single year. I see no reason why we can't achieve upper 20s free cash flow over time.

是的，這是一個很好的觀點。我們確實在八月份推出了一個新的歸因模型。好吧，我們已經測試了很長時間，但它確實在去年 8 月、9 月生效，這讓我們能夠更細緻地了解我們的渠道支出並在它們之間重新平衡。因此，關於 20 多歲中期長期利潤率的問題，是的，我的意思是，我沒有給出具體的時間框架。你會希望看到我們增加利潤率的非常一致的模式。每個季度，但絕對是每年。隨著時間的推移，我看不出為什麼我們不能實現 20 多歲以上的自由現金流。

Thank you. That will be the final question for today. This concludes today's call. Thank you so much for joining. You may now disconnect your lines.

謝謝。這將是今天的最後一個問題。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。