Squarespace Inc (SQSP) 2023 Q2 法說會逐字稿

Good morning. My name is Ellen, and I will be your conference operator for today. At this time, I'd like to welcome everyone to Squarespace's Second Quarter 2023 Earnings Conference Call. (Operator Instructions). I would now like to hand the call over to your host at Squarespace, Clare Perry. Clare, please go ahead.

早上好。我叫艾倫，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Squarespace 2023 年第二季度收益電話會議。 （操作員說明）。現在我想將電話轉交給 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 Second Quarter 2023 Earnings Conference Call. This is Clare Perry, Head of Investor Relations. I'm joined by 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.

早上好，感謝您參加 Squarespace 2023 年第二季度收益電話會議。我是投資者關係主管克萊爾·佩里 (Clare Perry)。 Squarespace 的創始人兼首席執行官 Anthony Casalena 也加入了我的行列。和首席財務官內森·古登。在他們準備好發言後，我們將開始電話詢問您的問題。今天早些時候，我們在網站的投資者關係部分發布了新聞稿和股東信。

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. These measures should not be considered in isolation from nor a substitute for our GAAP reporting. 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, our strategies and our ability to integrate new technology into our core platform.

在今天的電話會議上，我們將參考公認會計準則和非公認會計準則的財務業績和運營指標。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 指標的調節。這些措施不應孤立於我們的公認會計原則報告，也不應替代我們的公認會計原則報告。我們將根據1995 年《私人證券訴訟改革法案》的安全港條款做出前瞻性聲明，其中包括但不限於與我們未來的財務業績、我們的戰略以及我們將新技術融入我們的業務的能力相關的聲明。核心平台。

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 will make on this call are based on assumptions as of this day, August 8, 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.

這些前瞻性陳述存在風險和不確定性，可能導致我們的實際結果出現重大差異。這些風險在我們最近向美國證券交易委員會提交的文件中得到了進一步定義。我們在本次電話會議中做出的任何前瞻性陳述均基於截至 2023 年 8 月 8 日的假設。我們不承擔因新信息或未來事件而更新這些陳述的義務，除非法律要求。另請注意，除非另有特別說明，所有比較均以同比為基礎。

I will now turn the call over to Anthony.

我現在將把電話轉給安東尼。

Hello, everyone. I'm pleased to announce another solid quarter of strong financial performance for Squarespace. Revenue grew more than 16%, and we achieved a 22% unlevered free cash flow margin, putting us within striking distance of the rule of 40.

大家好。我很高興地宣布 Squarespace 又一個季度實現了強勁的財務業績。收入增長超過 16%，無槓桿自由現金流利潤率達到 22%，距離 40 法則已經很近了。

The positive trends that we saw in Q1 continued this quarter, highlighting the strength of our core business and customer enthusiasm for our products and services. For the second consecutive quarter, website trials in our core products at an all-time high. We attribute this to a variety of factors, including the new Squarespace Blueprint onboarding flows, changes to our advertising mix based on updated internal marketing attribution models, strong international performance and favorable macro elements.

我們在第一季度看到的積極趨勢在本季度得到延續，凸顯了我們核心業務的實力以及客戶對我們產品和服務的熱情。我們的核心產品的網站試用量連續第二個季度達到歷史最高水平。我們將此歸因於多種因素，包括新的 Squarespace Blueprint 入職流程、基於更新的內部營銷歸因模型的廣告組合變化、強勁的國際業績和有利的宏觀因素。

We have a number of exciting product launches set to go live through the end of this year to enable more functionality for service-based sellers in classes and courses and for payments. Stay tuned for our Squarespace refresh product event coming in early October for more product updates and a roundup of everything we've accomplished this year.

我們將在今年年底推出許多令人興奮的產品，以便為基於服務的賣家提供更多課程和支付功能。請繼續關注我們將於 10 月初舉行的 Squarespace 更新產品活動，了解更多產品更新以及我們今年所完成的一切的總結。

In June, we announced our intent to acquire Google Domains assets, which includes up to approximately 10 million domains. Domains are a critical part of web infrastructure and essential to an entrepreneur's online presence. We're using this unprecedented opportunity to also invest in and relaunch [Squarespace] domains, which we are operating as an independent domain registrar. Squarespace is already a leading and trusted domain registrar, relied on by millions of domain customers.

6 月，我們宣布有意收購 Google Domains 資產，其中包括多達約 1000 萬個域名。域名是網絡基礎設施的重要組成部分，對於企業家的在線形象至關重要。我們還利用這個前所未有的機會投資並重新啟動 [Squarespace] 域名，我們作為獨立域名註冊商運營該域名。 Squarespace 已經是一家領先且值得信賴的域名註冊商，受到數百萬域名客戶的信賴。

At this point, we've been perfecting our domains offering now for nearly a decade. As a Google Domains' customer myself, I'm personally committed to making sure this transition is seamless for all of us. Some might wonder why the Google Domains' customer when we had a domain offering in Squarespace. The answer is to the domain offering from Squarespace was historically very website-centric and I have many domains accumulated over the years that were simply parked or used for e-mail. The Squarespace's domains product that we are investing in will cater to these types of customers as well as the ones that have domain centered around a website.

到目前為止，我們已經完善我們的域名產品近十年了。作為 Google Domains 的客戶，我個人致力於確保我們所有人都能順利完成這一過渡。有些人可能想知道，當我們在 Squarespace 中提供域名產品時，為什麼還要選擇 Google Domains 的客戶。答案是 Squarespace 提供的域名歷來都是以網站為中心的，多年來我積累了許多域名，這些域名只是停放或用於電子郵件。我們正在投資的 Squarespace 域名產品將迎合這些類型的客戶以及那些擁有以網站為中心的域名的客戶。

Whether you use Squarespace's products or not, we want to be the easiest and most straightforward way for you to manage your domains. We'll be building on Google's infrastructure as a foundation for our squarespace domain service, and customers can expect the same level of reliability as we move along with the migration of Squarespace.

無論您是否使用 Squarespace 的產品，我們都希望成為您管理域名的最簡單、最直接的方式。我們將建立在 Google 的基礎設施上，作為我們 squarespace 域服務的基礎，隨著 Squarespace 的遷移，客戶可以期望獲得相同水平的可靠性。

We're thrilled to be working with Google on the management of these domains and looking forward to deepening our relationship. We are already one of the largest resellers of Google Workspace in the world and have been reselling it for close to a decade. As part of this deal, for a minimum of up to 3 years, we will also be acting as the exclusive domain provider when customers purchase domains through Google Workspace.

我們很高興能與 Google 合作管理這些域名，並期待加深我們的關係。我們已經是全球最大的 Google Workspace 經銷商之一，並且已經轉售該產品近十年了。作為此次交易的一部分，在至少長達 3 年的時間裡，當客戶通過 Google Workspace 購買域名時，我們還將充當獨家域名提供商。

This quarter, we introduced Squarespace blueprint in 5 new languages. With the introduction of Squarespace's blueprint earlier this year, we integrated a modular design experience [of] customer onboarding. With blueprint, users cannot begin their journey without having to navigate the template store during onboarding, making each website at the end of the blueprint setup process unique.

本季度，我們推出了 5 種新語言的 Squarespace 藍圖。隨著今年早些時候 Squarespace 藍圖的推出，我們集成了客戶引導的模塊化設計體驗。使用藍圖，用戶在入門期間無需導航模板商店就無法開始他們的旅程，從而使藍圖設置過程結束時的每個網站都是獨一無二的。

We think this, along with our curated template store, represent the best setup experience we've ever offered on our platform and these continue to contribute to our expanding market share as more and more customers choose Squarespace. During the quarter, we continued integrating generative AI technology into our CMS in areas where customers are presented with text they need to generate then edit.

我們認為，這與我們精心策劃的模板商店代表了我們在平台上提供的最佳設置體驗，隨著越來越多的客戶選擇 Squarespace，這些將繼續為我們擴大市場份額做出貢獻。本季度，我們繼續將生成式人工智能技術集成到我們的 CMS 中，在這些區域中，客戶可以看到他們需要生成然後編輯的文本。

This new integration alongside our leading CMS and dominance in design, helps our customers get set up faster than ever before. Expect further developments coming soon that will integrate co-pilot like experiences into our support interface, which already includes AI-powered recommendations trained on our knowledge base.

這種新的集成與我們領先的 CMS 和設計優勢相結合，可以幫助我們的客戶比以往更快地進行設置。預計很快就會有進一步的發展，將類似副駕駛的體驗整合到我們的支持界面中，其中已經包括在我們的知識庫上訓練的人工智能驅動的建議。

We're currently in the process of rolling out a new homepage and brand identity for Acuity Scheduling. Acuity Scheduling is an important part of our product portfolio and can be used as an extension of our website product via deep integrations or completely standalone if you're a larger enterprise or have your website hosted elsewhere. We will continue to invest in the standalone channel as we grow acuity over the next few years, and we'll be expanding the Acuity team significantly in line with the opportunity we see in the market.

我們目前正在為 Acuity Scheduling 推出新的主頁和品牌標識。 Acuity Scheduling 是我們產品組合的重要組成部分，可以通過深度集成用作我們網站產品的擴展，如果您是一家較大的企業或將您的網站託管在其他地方，則可以完全獨立使用。隨著未來幾年我們敏銳度的提高，我們將繼續投資於獨立渠道，並且我們將根據我們在市場上看到的機會大幅擴大敏銳度團隊。

Finally, I'm also excited to note that we processed our first payment through Squarespace payments on production infrastructure as part of our alpha test program. We are on track to deliver Squarespace payments to new customers in Q4 of this year, and I'm looking forward to sharing more when we finally launch. We have an incredible set of releases lined up for the second half of 2023, and I remain incredibly encouraged by our strong financial performance, which brings us very close to the rule of 40 this year. Beyond our performance, I'm delighted to serve our millions of customers across so many different endeavors as we continue to power entrepreneurship everywhere.

最後，我還很高興地註意到，作為我們 alpha 測試計劃的一部分，我們通過 Squarespace 支付在生產基礎設施上處理了我們的第一筆付款。我們有望在今年第四季度向新客戶提供 Squarespace 支付服務，我期待著在我們最終推出時分享更多信息。我們準備在 2023 年下半年發布一系列令人難以置信的版本，我們強勁的財務業績仍然讓我深受鼓舞，這使我們今年非常接近 40 的規則。除了我們的業績之外，我很高興能夠在我們繼續推動各地創業的同時，通過如此多的不同努力為數百萬客戶提供服務。

With that, I'll turn it over to Nathan to review the financials.

這樣，我將把它交給內森來審查財務狀況。

Thank you, Anthony. Good morning, everyone, and thank you for joining us today. Squarespace's second quarter 2023 demonstrated the power of our core business. Our products are well suited to provide today's entrepreneurs with the best-in-class tools to build a beautiful brand and launch a business online. Our results surpassed the high end of our top line and unlevered free cash flow guidance as customer demand surpassed our expectations. Throughout the quarter, we leveraged our brand momentum across the globe to deepen our connections with entrepreneurs and drive strong revenue growth. In Q2, revenue was $248 million growing 16%, both as reported and in constant currency. The positive results of our pricing increases and strength in new unique subscriptions, both in the U.S. and international give us confidence for sustained top line growth in 2023.

謝謝你，安東尼。大家早上好，感謝您今天加入我們。 Squarespace 2023 年第二季度展示了我們核心業務的實力。我們的產品非常適合為當今的企業家提供一流的工具來打造美麗的品牌並開展在線業務。由於客戶需求超出了我們的預期，我們的業績超過了收入和無槓桿自由現金流指導的高端。在整個季度，我們利用我們在全球的品牌勢頭來加深與企業家的聯繫並推動收入的強勁增長。第二季度的收入為 2.48 億美元，按報告收入和按固定匯率計算均增長 16%。我們在美國和國際上的定價上漲和新的獨特訂閱的實力所取得的積極成果讓我們對 2023 年收入的持續增長充滿信心。

Bookings kept pace with our top line, growing 16% as reported and in constant currency to $256 million driven by healthy demand from new customers and stable retention as we completed our third consecutive quarter of pricing increases rolling out to legacy customers. Q2 2023 revenue growth of 16% represented an increase of approximately $34.8 million over the same period last year. The primary driver of growth was the strength in unique subscriptions both the retention of existing and contributions from new, which contributed $20.1 million or 58% of the growth of this quarter.

預訂量與我們的營收保持同步，按固定匯率計算，預訂量增長了16%，達到2.56 億美元，這得益於新客戶的健康需求和穩定的保留率，因為我們完成了向老客戶推出的連續第三個季度的定價上漲。 2023 年第二季度收入增長 16%，較去年同期增加約 3480 萬美元。增長的主要驅動力是獨特訂閱的實力，包括現有訂閱和新訂閱的貢獻，貢獻了 2010 萬美元，佔本季度增長的 58%。

This expansion includes additional revenue resulting from attached subscriptions [in Tock,] another meaningful opportunity to drive growth. Increasing the attach rate of our products with our existing base of over 4.3 million unique subscriptions provides us the opportunity to equip customers with more tools to power their businesses, all from one streamlined platform. The impact of pricing increases from our legacy customers was also an important driver during the quarter which represented approximately $10.4 million across both presence and commerce website subscriptions and was about 30% of the growth of this quarter.

這種擴張包括附加訂閱帶來的額外收入[在Tock]，這是推動增長的另一個有意義的機會。我們現有的超過 430 萬個獨立訂閱的基礎提高了我們產品的附加率，這使我們有機會為客戶配備更多工具來推動他們的業務，所有這些都通過一個簡化的平台進行。我們的老客戶定價上漲的影響也是本季度的一個重要驅動因素，在線狀態和商務網站訂閱量約為 1,040 萬美元，約佔本季度增長的 30%。

The legacy price increases have an outsized impact on our presence business and represented growth of 17%, both as reported and in constant currency. As of quarter end, approximately 90% of eligible customers have received a price increase, a process which we began in Q3 2022. Consistent with all previous quarters, customer retention outpaced our expectations against this period of price optimization which has also resulted in a robust total cash retention rate in Q2 2023, that is nearly 1,000 basis points higher than the same period last year.

傳統的價格上漲對我們的在線業務產生了巨大影響，無論是按報告還是按固定匯率計算，價格增長了 17%。截至季度末，大約90% 的合格客戶已收到價格上漲，這一過程是我們於2022 年第三季度開始的。與之前所有季度一致，客戶保留率超出了我們對這段價格優化期間的預期，這也帶來了強勁的增長2023年第二季度總現金保留率比去年同期高出近1,000個基點。

Squarespace is firing on all cylinders as we grow with customers, culminating in a highly cash-generative business model with strong margins and predictability over future revenue. Customers continue to adopt higher value plans when choosing between our subscription offerings and an increased rate compared to last year. This is the third consecutive quarter where we have observed this trend and the mix shift is impacting our ARPUS, which grew above $219 at a growth rate of 7%.

隨著我們與客戶一起成長，Squarespace 正全力以赴，最終形成一種具有高利潤率和對未來收入可預測性的高現金生成業務模式。客戶在選擇我們的訂閱產品和與去年相比更高的費率時，繼續採用更高價值的計劃。這是我們連續第三個季度觀察到這一趨勢，而且這種組合轉變正在影響我們的 ARPUS，其增長率為 7%，超過 219 美元。

On a net basis, we continue to see gains in our unique subscriptions despite continued churn from lower-value unfold subscriptions. We are beginning to see unfold customers gradually stabilize from elevated rates, which plagued much of the past 12 months. We are encouraged to see continued traction with Bio Sites as customers choose a Bio site as a hub to share social media links and a beautiful layout to match their individual style and branding.

從淨值來看，儘管低價值的展開訂閱持續流失，但我們的獨特訂閱繼續增長。我們開始看到未完成客戶逐漸從費率上漲中穩定下來，費率在過去 12 個月的大部分時間裡一直困擾著我們。我們很高興看到 Bio 網站的持續吸引力，因為客戶選擇 Bio 網站作為共享社交媒體鏈接和漂亮佈局以匹配其個人風格和品牌的中心。

Commerce revenue grew to $75 million or 14% as reported and in constant currency in the second quarter, which represents approximately 30% of total revenue. Subscription revenue related to commerce websites, Acuity Scheduling and Tock were the main drivers of growth in the quarter. We saw a reversal of GMV trends with positive growth during the quarter as GMV reached over $1.5 billion. Softness in Acuity Scheduling abated, and we are encouraged by early customer trends we are seeing there following a revamp of new customer engagement with an optimized onboarding wizard.

第二季度商務收入增長至 7500 萬美元，按固定匯率計算增長 14%，約佔總收入的 30%。與商業網站、Acuity Scheduling 和 Tock 相關的訂閱收入是本季度增長的主要推動力。我們看到 GMV 趨勢出現逆轉，本季度出現正增長，GMV 達到 15 億美元以上。 Acuity Scheduling 的軟性有所減弱，在通過優化的入職嚮導改進新客戶參與之後，我們看到了早期客戶趨勢，這讓我們感到鼓舞。

International revenue represented approximately $70 million or 28% of total revenue in Q2 2023 and grew 17%, 15% in constant currency as foreign exchange rates acted as a tailwind relative to currency prices in Q2 2022. We are energized to see strong revenue growth coming from our international markets as we have been prioritizing ex U.S. geographies to drive new customer adoption. As a [percentage] of total revenue, the mix of international and U.S. revenue has trended flat over the past 3 quarters, largely due to the impact of our legacy price increases, which have overwhelmingly impacted USD customers.

國際收入約佔2023 年第二季度總收入的7000 萬美元，佔總收入的28%，由於匯率相對於2022 年第二季度的貨幣價格起到了推動作用，因此按固定匯率計算分別增長了17%和15%。我們很高興看到強勁的收入增長即將到來來自我們的國際市場，因為我們一直優先考慮美國以外的地區，以推動新客戶的採用。作為總收入的[百分比]，國際和美國收入的組合在過去三個季度中趨於持平，這主要是由於我們的傳統價格上漲的影響，這對美元客戶產生了極大的影響。

Understanding the impact of FX is also important for appreciating the underlying dynamics, which have prevented the mix from increasing. As we look ahead to the rest of the year and lap depressed FX rates, we expect to see a larger impact to revenue mix shift year-over-year.

了解外彙的影響對於理解阻礙混合增長的潛在動態也很重要。當我們展望今年剩餘時間並經歷低迷的匯率時，我們預計收入組合的同比變化將受到更大的影響。

I would also note our international business is primarily driven from websites. Higher growth products such as Tock, Acuity and other attached products are still nascent in international markets.

我還要指出的是，我們的國際業務主要是由網站驅動的。 Tock、Acuity 等高增長產品和其他附加產品在國際市場上仍處於萌芽階段。

Turning now to our margin profile. Our non-GAAP gross margin was 84% in Q2 where we saw nearly 100 basis points of sequential improvement and remained steady compared to the same period last year. Our non-GAAP marketing and sales expense was $69.3 million in the quarter or 28% of revenue. This degree of expense was down sequentially from Q1 2023, in line with seasonal trends and showed over 100 basis points of leverage versus the same period last year.

現在轉向我們的利潤概況。第二季度我們的非 GAAP 毛利率為 84%，環比提高近 100 個基點，與去年同期相比保持穩定。本季度我們的非 GAAP 營銷和銷售費用為 6930 萬美元，佔收入的 28%。這一費用水平比 2023 年第一季度連續下降，與季節性趨勢一致，並且與去年同期相比，槓桿率超過 100 個基點。

We expect marketing and sales expenses to increase during the remaining 2 quarters of the year but still show improvement relative to 2022 levels. Non-GAAP R&D expense was $44.6 million during the quarter and represented 18% of revenue as hiring continued to ramp during the quarter but at a slower rate than anticipated.

我們預計今年剩餘 2 個季度的營銷和銷售費用將會增加，但相對 2022 年的水平仍有所改善。本季度非 GAAP 研發費用為 4460 萬美元，佔收入的 18%，因為本季度招聘繼續增加，但速度低於預期。

Finally, non-GAAP G&A expenses were $21.1 million, 8.5% of revenue. We have improved our margin here by approximately [370] basis points compared to the same period last year as we see opportunities to sustain operating efficiencies. Overall, we are tracking ahead of plan and I am proud of the efficiencies that many of the teams are driving across the organization. In the second quarter, our adjusted EBITDA increased to $73.4 million at 30% of total revenue growing 68%.

最後，非 GAAP G&A 費用為 2110 萬美元，佔收入的 8.5%。與去年同期相比，我們的利潤率提高了約 [370] 個基點，因為我們看到了維持運營效率的機會。總體而言，我們正在提前跟踪計劃，我對許多團隊在整個組織中推動的效率感到自豪。第二季度，我們調整後的 EBITDA 增至 7340 萬美元，佔總收入的 30%，增長了 68%。

Our adjusted EBITDA margin improved by over 900 basis points when compared to the same period last year. The culmination of top line improvements and the discipline on our investments is driving this improvement. We are excited to see this leverage as our business model produces growth, tremendous cash generation and profitability. Seasonally speaking, Q2 adjusted EBITDA tends to be stronger relative to other periods due to timing of our marketing and sales expenses. Our balance sheet remains healthy with cash and cash equivalents of $274 million and approximately $18 million of available borrowing. Total debt was approximately $494 million at the end of the quarter, of which approximately $41 million is current.

與去年同期相比，我們調整後的 EBITDA 利潤率提高了 900 多個基點。營收改善和投資紀律的最終結果正在推動這一改善。我們很高興看到這種槓桿作用，因為我們的商業模式帶來了增長、巨大的現金產生和盈利能力。從季節性角度來看，由於我們的營銷和銷售費用的時間安排，第二季度調整後的 EBITDA 往往比其他時期更強。我們的資產負債表保持健康，現金和現金等價物為 2.74 億美元，可用借款約為 1800 萬美元。截至本季度末，總債務約為 4.94 億美元，其中流動債務約為 4100 萬美元。

We amended the terms of our 2020 credit agreement in June to establish an additional term loan commitment of $100 million. The additional commitment is intended to fund a portion of financing related to our announced acquisition of the Google Domains assets. Upon the closing date of the acquisition, which is still subject to regulatory approval and customary closing conditions, the loan will fund.

我們於 6 月修改了 2020 年信貸協議的條款，確定了 1 億美元的額外定期貸款承諾。額外承諾旨在為我們宣布的收購 Google Domains 資產相關的部分融資提供資金。在收購結束之日（仍需獲得監管部門的批准並滿足慣例成交條件），貸款將提供資金。

Once again, we delivered strong cash flow in the quarter. Our cash flow from operating activities grew 44% to $52.5 million for the trailing 3 months compared to $36.4 million for the trailing 3 months ended June 30, 2022, primarily due to continued strength in bookings and overall investment efficiencies. For the same period, our unlevered free cash flow reached $54.8 million growing 51% year-over-year and representing over 500 basis points of improvement at 22.1% of total revenue.

我們在本季度再次實現了強勁的現金流。我們過去三個月的經營活動現金流量增長了44%，達到5250 萬美元，而截至2022 年6 月30 日的過去三個月為3640 萬美元，這主要是由於預訂量和整體投資效率的持續強勁。同期，我們的無槓桿自由現金流達到 5,480 萬美元，同比增長 51%，改善超過 500 個基點，佔總收入的 22.1%。

Our share repurchase program continues to be active. While there were no repurchases in Q2, as of quarter end, we still had approximately $54 million available for repurchase under our current authorization. Since initiating the program in May of 2022, we have returned approximately $146 million to shareholders.

我們的股票回購計劃繼續活躍。雖然第二季度沒有回購，但截至季度末，根據我們目前的授權，我們仍有約 5400 萬美元可用於回購。自 2022 年 5 月啟動該計劃以來，我們已向股東返還約 1.46 億美元。

Turning to our guidance for Q3 and full year 2023. In the third quarter of 2023, we are targeting total revenue in the range of $250 million to $253 million. The midpoint of the range represents 16% growth. We expect unlevered free cash flow during the third quarter to be in the range of $47 million to $51 million, which implies an unlevered free cash flow margin of 19.4% at the midpoint of the range. The strength that we continue to see in our core business gives us confidence to raise our full year guidance today. In 2023, we expect total revenue to be in the range of $987 million to $995 million, representing growth of 14% at the midpoint of the range, up from our previous guidance of $969 million to $981 million.

談到我們對 2023 年第三季度和全年的指導。2023 年第三季度，我們的目標是總收入在 2.5 億至 2.53 億美元之間。該範圍的中點代表 16% 的增長。我們預計第三季度的無槓桿自由現金流將在 4700 萬美元至 5100 萬美元之間，這意味著無槓桿自由現金流利潤率為該範圍中點的 19.4%。我們在核心業務中繼續看到的實力讓我們有信心今天提高全年指導。到 2023 年，我們預計總收入將在 9.87 億美元至 9.95 億美元之間，即該範圍中值增長 14%，高於我們之前 9.69 億美元至 9.81 億美元的指導值。

Unlevered free cash flow is expected to reach between $217 million and $225 million and implies a margin of 22.3% at the midpoint of the range. This is up from our previous guidance of $192 million to $207 million. We continue our trajectory towards sustained profitable growth and expect some improvements to our 2023 non-GAAP gross margin relative to the non-GAAP gross margin we delivered in 2022. We are seeing efficiencies across areas of our business without sacrificing essential investments for continued innovation in our product offerings.

無槓桿自由現金流預計將達到 2.17 億美元至 2.25 億美元之間，意味著該範圍中點的利潤率為 22.3%。這高於我們之前 1.92 億美元至 2.07 億美元的指導值。我們將繼續朝著持續盈利增長的方向發展，並預計2023 年的非GAAP 毛利率相對於我們2022 年實現的非GAAP 毛利率將有所改善。我們看到我們業務各個領域的效率都在提高，而無需犧牲持續創新的必要投資。我們的產品。

In June, we announced our intention to acquire Google Domains assets, including approximately 10 million domains currently managed by Google. We expect the acquisition to close in Q3 2023 and to begin to see a positive impact on both revenue and unlevered free cash flow following the close. Though the amount depends on the timing of Google Domains customers' contracts and the number of domains which migrate to Squarespace. As such, we have not included any impact to our financial results in our Q3 and full year 2023 guidance.

6 月，我們宣布有意收購 Google Domains 資產，其中包括目前由 Google 管理的約 1000 萬個域名。我們預計此次收購將於 2023 年第三季度完成，並在完成後開始看到對收入和無槓桿自由現金流的積極影響。不過金額取決於 Google Domains 客戶合同的時間以及遷移到 Squarespace 的域名數量。因此，我們沒有在第三季度和 2023 年全年指引中納入對財務業績的任何影響。

We expect to provide additional modeling points and impact to key performance indicators on a future date following the close of the acquisition. We had an exceptional quarter, surpassing our expectations and achieving remarkable results across our business. We are investing in areas to fuel our future growth and deliver increasing value for our customers. The strength of our recurring revenue and customer retention enable us to innovate, invest and capitalize upon future growth opportunities.

我們希望在收購結束後的未來日期提供額外的建模點和對關鍵績效指標的影響。我們度過了一個出色的季度，超出了我們的預期，並在整個業務中取得了顯著的成果。我們正在投資一些領域來推動我們未來的增長並為我們的客戶提供不斷增加的價值。我們的經常性收入和客戶保留能力使我們能夠創新、投資並利用未來的增長機會。

Finally, I want to thank our employees for their dedication and passion for helping our customers succeed and building a platform to enable entrepreneurs everywhere. With that, operator, please open the line for the Q&A portion of the call.

最後，我要感謝我們的員工為幫助客戶取得成功並為世界各地的企業家搭建平台所付出的奉獻和熱情。話務員，請打開電話問答部分的線路。

(Operator Instructions). Our first question comes from Ygal Arounian from Citigroup.

（操作員說明）。我們的第一個問題來自花旗集團的 Ygal Arounian。

I want to focus on that last point, mid just on future growth drivers. And Anthony, you talked about Squarespace refresh and key product improvements in the letter you talked about new technologies coming through. You are accelerated real nicely here into the mid-teens, but you also quantified the impact from the price increases so far in the quarter and I guess, kind of translate all the guidance into 4Q, it implies a little bit of a step down, I guess, as we're lapping some of those pricing increases.

我想重點關注最後一點，即未來的增長動力。安東尼，您在談到即將推出的新技術的信中談到了 Squarespace 的更新和關鍵產品改進。你在這裡加速到十幾歲左右，但你也量化了本季度迄今為止價格上漲的影響，我想，有點將所有指導轉化為第四季度，這意味著有點下降，我想，因為我們正在經歷其中一些價格上漲。

So as we kind of work our way through this and into 2024 and the new products coming out, I was hoping kind of like paint picture of that transition and whatever you're willing to share ahead of Squarespace refresh on products and roadmap and how you're thinking about some of the things to come.

因此，當我們努力度過這一時期並進入 2024 年，新產品即將推出時，我希望能夠描繪出這一轉變的畫面，以及您願意在 Squarespace 更新產品和路線圖之前分享的內容，以及您如何正在考慮一些即將發生的事情。

Sure. Thanks for the question. This refresh is -- I'm glad you're pointing the refresh. This refresh is going to be a big one for us because we have so much coming out over the next, frankly, 45 days into Q4. Just a couple of highlights there.

當然。謝謝你的提問。這次刷新是——我很高興您指出刷新。這次更新對我們來說將是一次重大更新，坦率地說，在進入第四季度的 45 天后，我們將推出很多產品。這裡只有幾個亮點。

One, we've got product -- a number of large product releases with respect to products for class -- selling classes and courses on the platform and also tools for our service-based sellers who run businesses based on invoicing, et cetera, both of which provide a combination of both an opportunity for [SAS] increases as we sell the certain plants related to those products as well as moving a lot of GMV onto the platform that wasn't previously being processed through us.

第一，我們有產品——一些關於課堂產品的大型產品發布——在平台上銷售課程和課程，還有為我們基於服務的賣家提供的工具，他們根據發票等經營業務，兩者其中提供了[SAS] 增長的機會，因為我們出售與這些產品相關的某些工廠，並將大量GMV 轉移到以前未通過我們處理的平台上。

In addition, a huge amount of investment in Squarespace domains, which is taking -- it's something we have an increased interest in making really, really work as we hopefully look to close the acquisition of the Google Domains assets. So a lot will be updated there. A lot of visuals will show up during refresh. We accepted our first payment on the Squarespace payments platforms and our production infrastructure. Now that's an alpha. So it's not yet in front of a wide variety of people, but nevertheless, a positive milestone there. And we anticipate having customers onboarded not an alpha or beta in production in Q4.

此外，我們對 Squarespace 域名進行了大量投資，我們越來越有興趣使其真正發揮作用，因為我們希望完成對 Google Domains 資產的收購。所以那裡會更新很多東西。刷新期間會出現很多視覺效果。我們在 Squarespace 支付平台和生產基礎設施上接受了第一筆付款。現在這是一個阿爾法。所以它還沒有出現在很多人面前，但無論如何，這是一個積極的里程碑。我們預計第四季度客戶將不會進入生產階段。

And we are launching a refresh of the Acuity brand, which you'll see happen over the next 30 days and there'll be more on that in refresh. So that's just 5 areas. All of those are pretty substantial in terms of just the amount of effort we've put on things and the scale we think we can get out of those updates.

我們正在推出 Acuity 品牌的更新，您將在接下來的 30 天內看到更新，更新中還會有更多內容。所以這只是 5 個區域。就我們在​​事情上付出的努力以及我們認為我們可以從這些更新中獲得的規模而言，所有這些都是相當可觀的。

And then on top of that, anything we're launching in terms of releases related to generative AI being integrated or co-pilot-like experiences, we think will just accelerate -- hopefully accelerate across all those product initiatives. So probably one of the best refreshes we're going to have up to this point and a lot of product changes, a lot of product updates coming out. So really looking forward to that.

最重要的是，我們在與集成生成人工智能或副駕駛體驗相關的版本方面推出的任何內容，我們認為都會加速——希望加速所有這些產品計劃。因此，這可能是迄今為止我們將進行的最好的更新之一，並且進行了大量的產品更改、大量的產品更新。所以真的很期待。

That's helpful. And just a quick follow-up on that. Nathan mentioned customers choosing higher price point packages on average kind of moving up there. In the past, you talked about kind of repackaging the products like next lever of an opportunity to move ARPU's up. Is that already happening? Is the strategy evolving? Can you just update us on thoughts around that?

這很有幫助。對此進行快速跟進。內森提到，選擇更高價位套餐的顧客平均會升級到那裡。過去，您談到了重新包裝產品，就像提高 ARPU 的下一個槓桿。這已經發生了嗎？戰略是否正在演變？您能否向我們介紹一下有關這方面的最新想法？

Sure. Yes, we're always running some kind of price test every other month basically. I think that as we look towards the future, I think looking at usage-based pricing and using it, looking at just ways to make the product, ways to get more of the product in more people's hands earlier while still retaining the ability to kind of keep more upside if you become a power user or a heavy user of the product, you'll see this in our classes and courses release where on the low end, if you're just getting started with the product, you're paying less of a (inaudible) and we're having more of a GMV take rate.

當然。是的，我們基本上每隔一個月都會進行某種價格測試。我認為，當我們展望未來時，我認為要考慮基於使用的定價並使用它，考慮製造產品的方法，以及如何更早地將更多產品交到更多人手中，同時仍然保留分類的能力。如果您成為該產品的高級用戶或重度用戶，您會在我們的課程和課程版本中看到這一點，如果您剛剛開始使用該產品，那麼您將付出更多的優勢更少（聽不清） ，而我們的GMV 轉化率更高。

And if you become really successful on the platform, our idea is you're paying more of a [SaaS] and we're taking much less of a GMV take rate. I think a lot of customers in businesses like this don't want to feel like they're being penalized for their success. And so there isn't one just big mega change that's going to happen, but us rolling some of these subscription plans into our core, introducing new ones in niche environments like classes and courses and kind of taking it from there.

如果您在該平台上真正取得成功，我們的想法是您支付更多的 [SaaS] 費用，而我們收取的 GMV 費用要少得多。我認為像這樣的企業中的很多客戶都不想因為自己的成功而受到懲罰。因此，不僅會發生巨大的變化，而且我們會將其中一些訂閱計劃納入我們的核心，在課程和課程等利基環境中引入新的計劃，並從那裡開始。

Our next question comes from Matt Pfau from William Blair.

我們的下一個問題來自威廉·布萊爾的馬特·普福。

Great results. I wanted to ask on the record trial volume that you're seeing. Perhaps you can just give us a little bit more detail on what's driving this specifically? And then the follow-up there is within those record trials, how has conversion been trending relative to historical levels?

很好的結果。我想問一下你所看到的創紀錄的試用量。也許您可以向我們提供更多詳細信息，具體說明是什麼推動了這一趨勢？接下來，在這些創紀錄的試驗中，相對於歷史水平，轉化趨勢如何？

So I'm actually really glad you're asking about this because it's kind of one of the a point that we were really just kind of pleased to see. So a couple of things are contributing to the trial volume being up. And again, that trial volume is -- it is an all-time high for Q2, including any pandemic quarter. And we saw a reversal for the first time in seasonal trends from Q1 to Q2 in the core product.

所以我真的很高興你問這個問題，因為這是我們真的很高興看到的一點。因此，有幾件事導致了試用量的增加。再說一遍，該試驗量是第二季度的歷史最高水平，包括任何大流行季度。我們首次看到核心產品從第一季度到第二季度的季節性趨勢出現逆轉。

Normally, Q1 is a stronger volume month and then Q2, it decelerates a bit, and it goes back up in Q3 a little and then down again in Q4. But we saw a reversal of that trend. So, why? First off, we've been talking about changes to our internal attribution model since about this time last year when we started to introduce what we were calling attribution 2.0. And then as we move forward through before in Q1, we were retraining that model and launching attribution 2.1, et cetera, et cetera. What that does? It's allowing us to deploy our cash more intelligently.

通常情況下，第一季度是成交量較強的月份，然後是第二季度，它會稍微減速，在第三季度略有回升，然後在第四季度再次下降。但我們看到了這一趨勢的逆轉。所以為什麼？首先，自去年這個時候我們開始引入所謂的歸因 2.0 以來，我們一直在討論內部歸因模型的變化。然後，當我們在第一季度繼續前進時，我們正在重新訓練該模型並啟動歸因 2.1 等等。那是做什麼的？它使我們能夠更明智地部署現金。

And so we're just seeing more effectiveness in terms of the core funnel. So more optimized landings, more trials coming from those landings and conversion remaining strong, while all those factors are up. So that's really positive. Two, we talk about Squarespace blueprint, which is our way of onboarding people to the product and letting them "bypass the template store" and getting more bespoke starting point for when they want to create their site. We've rolled that out in 5 additional languages now.

因此，我們只是看到核心渠道的效率更高。因此，更優化的著陸、來自這些著陸的更多試驗和轉化仍然強勁，而所有這些因素都在上升。所以這確實是積極的。第二，我們談論 Squarespace 藍圖，這是我們讓人們進入產品並讓他們“繞過模板商店”並在他們想要創建網站時獲得更多定制起點的方式。我們現在已經推出了另外 5 種語言版本。

So that's kind of up and running and contributing to more people, finding the product easier to use. Product is easier to use, things like fluid engine, where redesigning internal [NAV.] So it's a combination of the product being the best has ever been, the onboarding being the best it's ever been and just increased intelligence and our ability to deploy dollars and get people onto the platform. Also worth mentioning that certain international markets are outperforming the U.S. very nicely. Again, it's not just one magic thing we're doing, it's years and years of effort and results and tweaking and tuning. So it's a very encouraging number for us because, again, that is the core -- that is right now the core product representing the majority of revenues.

因此，這就是啟動並運行並為更多人做出貢獻，發現產品更易於使用。產品更容易使用，比如流體引擎，重新設計內部[NAV]。所以它是有史以來最好的產品、有史以來最好的入職培訓以及增加的智能和我們部署資金的能力的組合並讓人們進入平台。還值得一提的是，某些國際市場的表現非常好於美國。再說一次，我們所做的不僅僅是一件神奇的事情，而是多年的努力和結果以及調整和調整。所以這對我們來說是一個非常令人鼓舞的數字，因為這又是核心——這是目前代表大部分收入的核心產品。

Our next question comes from Siti Panigrahi from Mizuho.

我們的下一個問題來自 Mizuho 的 Siti Panigrahi。

Congrats on a good quarter. I want to -- and also good to see the Squarespace payment now in alpha. So my question is, could you talk about -- more about like your Squarespace payment offering. I know that you said it launched in Q4. Are you going to like migrate all your customers maybe like currently using strive to that? Or what's your target when you launch it in Q4?

祝賀季度表現良好。我希望——也很高興看到 Squarespace 支付現已進入 alpha 階段。所以我的問題是，您能否更多地談談您的 Squarespace 支付產品。我知道你說過它是在第四季度推出的。您是否願意將所有客戶遷移到當前使用的目標？或者說您在第四季度推出該產品時的目標是什麼？

The target in Q4 is going to be new customers, not existing customers. We want to make sure we're able to ramp them up and get volume onto the platform without taking somebody who's been a very successful seller and moving them over on day 1. Certainly, we're also releasing it and it will be released in beta to our circle community before a more general release.

第四季度的目標將是新客戶，而不是現有客戶。我們希望確保我們能夠增加它們並增加平台上的交易量，而無需在第一天就將非常成功的賣家轉移到平台上。當然，我們也會發布它，並將在 2019 年發布。在更廣泛的版本發布之前，先在我們的圈子社區進行測試版。

And so hopefully, we'll be able to work through some of the early days in that platform with that community and with people we're really, really close to. So that's the main plan. And then as we move into next year and we get a lot -- we get confidence in the platform. Yes, we will provide incentives, and we will be working with existing customers who have higher volume and move over. Yes, and it's going to be an incentive-based process.

因此，希望我們能夠在該平台的早期階段與該社區以及我們非常非常親近的人一起工作。這就是主要計劃。然後，當我們進入明年時，我們得到了很多——我們對這個平台充滿了信心。是的，我們將提供激勵措施，並且我們將與流量更大並轉移的現有客戶合作。是的，這將是一個基於激勵的過程。

Great. And a follow-up on equity business. I know Q1 was weak, but you talked about some of the improvement you're doing. How should we think about and when you think equity business could bounce back? And what are the things you are doing to help it?

偉大的。以及股權業務的後續。我知道第一季度很弱，但你談到了你正在做的一些改進。當您認為股權業務可以反彈時，我們應該如何思考？您正在採取哪些措施來幫助它？

Well, we're super excited to do the -- to announce the brand relaunch, it looks fantastic. And I think it just shows this commitment to a dual-pronged approach. The Acuity acquisition was very successful for us in terms of there is a significant funnel coming from people attaching Acuity in the core products, which was the thesis.

嗯，我們非常興奮地宣布品牌重新推出，看起來棒極了。我認為這只是表明了對雙管齊下的承諾。 Acuity 的收購對我們來說非常成功，因為將 Acuity 附加到核心產品中的人們產生了一個重要的漏斗，這就是我們的論文。

And then there's a number of people that, frankly, are big customers and don't need to use DIY website builder, but they have a robust business that relies on appointment. So I'm really excited to be attacking both of those at the same time and the brand refresh that's more targeted towards the standalone business is hopefully going to be a driver there. I think one of the things that we saw in Q1 is there are a lot of COVID testing sort of businesses that were on the big drivers of Acuity GMV.

還有一些人，坦率地說，是大客戶，不需要使用 DIY 網站構建器，但他們擁有依賴預約的強勁業務。因此，我真的很高興能夠同時攻擊這兩個領域，而更針對獨立業務的品牌更新有望成為那裡的驅動力。我認為我們在第一季度看到的一件事是，有很多新冠病毒測試類業務是 Acuity GMV 的主要推動力。

Those are more have come to pass at this point. And so I think we'll be able to predict Acuity in a more normalized way moving forward with the absence of those sort of anomaly type sellers. So again, highest -- more headcount growth in Acuity than in other parts of the business right now as we invest in that both standalone and attached story together, which is something that wasn't front and center, let's call it, 2 years ago.

此時此刻，更多的事情已經發生。因此，我認為，在沒有此類異常類型賣家的情況下，我們將能夠以更規範的方式預測敏銳度。再次強調，Acuity 的員工人數增長速度目前比業務其他部門更多，因為我們同時投資了獨立故事和附加故事，這在 2 年前並不是首要和中心的事情。 。

Great. Congrats again for another good quarter.

偉大的。再次祝賀又一個美好的季度。

Thank you.

謝謝。

Our next question comes from Trevor Young from Barclays.

我們的下一個問題來自巴克萊銀行的特雷弗·楊。

Great. Anthony, you mentioned ramping investments in Acuity, heavy investments in domains plus all the initiatives with payments and the whole new refresh realize you're not guiding to '24 yet, but how should we think about margins as we look beyond this year? Is a lot of that investment already reflected in the current cost base? Or should we expect OpEx to grow a bit faster from here? And then second question, the letter mentioned strength in English-speaking international markets.

偉大的。安東尼，您提到了對 Acuity 的加大投資、對領域的大量投資以及所有支付舉措和全新的刷新，意識到您還沒有指導 24 世紀，但是當我們展望今年之後，我們應該如何考慮利潤率？大部分投資是否已經反映在當前的成本基礎中？或者我們是否應該期望運營支出在此基礎上增長得更快一些？第二個問題，信中提到了英語國際市場的實力。

What are you seeing in non-English-speaking markets, in particular, in Europe? Some peers have flagged strength there. Others seem to be showing some weakness. Just trying to understand what's going on in Continental Europe.

您在非英語市場（尤其是歐洲）看到了什麼？一些同行已經在這方面表現出了實力。其他人似乎也表現出了一些弱點。只是想了解歐洲大陸正在發生什麼。

For sure. So in terms of thinking about margins moving forward, a lot of that is baked in. It's our intent to continue to tick up that free cash flow margin into next year and beyond. I don't see any significant reason why it needs to erode.

一定。因此，在考慮未來的利潤率方面，很多因素都已被考慮在內。我們的目的是在明年及以後繼續提高自由現金流利潤率。我看不出有什麼重要的理由說明它需要被侵蝕。

The way we intend to invest in these growth businesses, well, I mean, some -- a lot of what you mentioned, we already have the investment there, right? [We] have the investment in Acuity, in domains and in payments. So what we can do after making that initial investment is just make sure we're disciplined about how we ramp more headcount into those products vis-a-vis how much revenue they're bringing in. So I think we have a good handle on all that. So again, just see [pretty] cash flow margins continuing to tick up into next year. Nathan?

我們打算投資這些成長型企業的方式，嗯，我的意思是，一些——很多你提到的，我們已經在那裡進行了投資，對嗎？ [我們]對 Acuity、領域和支付進行了投資。因此，在進行初始投資後我們能做的就是確保我們嚴格遵守如何向這些產品增加更多員工以及他們帶來的收入。所以我認為我們可以很好地處理這些問題所有這些。再說一次，看看[相當]的現金流利潤率在明年繼續上升。內森？

Yes, I'll just add on there. Trevor, I think that we, as a company, have demonstrated strong fundamental financials and that certainly is not going to change. As we look at growing investments in some of these key areas, we would pull back in other areas that are either more mature or not getting the ROI that we want to maintain the operating margins that we have and continue to see that improve.

是的，我就在那裡補充一下。特雷弗，我認為我們作為一家公司，已經表現出了強勁的基本財務狀況，這一點肯定不會改變。當我們考慮在其中一些關鍵領域不斷增長的投資時，我們將撤回其他領域，這些領域要么更加成熟，要么無法獲得我們想要的投資回報率，以維持我們現有的運營利潤率，並繼續看到這種情況的改善。

Your second question was around sort of international markets, both English-speaking, non-English speaking. We see strength in both. I don't think we have split out kind of exactly where that's coming. But again, a 10-year investment in the core platform in terms of its ability to be internationalized.

你的第二個問題是關於國際市場，包括英語市場和非英語市場。我們在兩者中都看到了力量。我不認為我們已經分清了具體的發展方向。但同樣，就其國際化能力而言，對核心平台進行了10年的投資。

So when we do things like roll out Squarespace blueprint in 5 additional languages, we do see that impacting growth rates in those markets. So it's not -- it's never just one thing with international, it's all the things that want payment methods languages, Blueprints, product innovation. So Yes, I think we're seeing positive results for what.

因此，當我們以另外 5 種語言推出 Squarespace 藍圖之類的事情時，我們確實看到這會影響這些市場的增長率。所以它不是——國際化不僅僅是一件事，所有的事情都需要支付方式、語言、藍圖、產品創新。所以是的，我認為我們正在看到積極的結果。

Yes, we're continuing to see double-digit growth in all of our international markets, Trevor.

是的，我們所有的國際市場都將繼續實現兩位數的增長，特雷弗。

Our next question comes from Vikram Kesavabhotla from Baird.

我們的下一個問題來自貝爾德 (Baird) 的 Vikram Kesavabhotla。

My first one is on the free cash flow margin guidance for this year. It looks like the guidance reflects some contraction in the second half relative to the first half. Just wondering if you can give us some more color on the drivers of the sequential performance there? And then separately, I also wanted to ask about pricing. It sounds like you've been pleased with the retention rates you're seeing from the recent price increase.

我的第一個是關於今年的自由現金流利潤率指導。看起來該指導反映了下半年相對於上半年的一些收縮。只是想知道您是否能為我們提供有關順序性能驅動因素的更多信息？另外，我還想問一下定價問題。聽起來您對最近價格上漲所帶來的保留率感到滿意。

And so I'm curious if you can talk about how this experience is impacting your broader philosophy around pricing? And specifically, do you think you can raise prices more frequently going forward and what your plans are for fiscal '24 at this point?

所以我很好奇您是否可以談談這種經歷如何影響您更廣泛的定價理念？具體來說，您認為未來可以更頻繁地提價嗎？目前您對 24 財年的計劃是什麼？

Yes. Thanks. I'll take the first on the free cash flow. I think we -- overall, we're very excited to raise the high end of the guidance by $18 million for the year to reach 22.3% margin. And what this reflects if you look at the whole year is really seasonality because we do see an uptick in Q3, Q4, specifically around marketing and advertising, cash outlay. And so for the -- I would not cash -- as I said in my opening remarks, Q2 is generally a lighter quarter, so just following that seasonal trend, and we flowed that through for the full year. So excited where we are landing for the full year.

是的。謝謝。我將首先考慮自由現金流。我認為，總的來說，我們非常高興能夠將今年指導上限提高 1800 萬美元，達到 22.3% 的利潤率。如果你看看全年，這反映出的實際上是季節性，因為我們確實看到第三季度、第四季度有所上升，特別是在營銷和廣告、現金支出方面。因此，對於——我不會兌現——正如我在開場白中所說，第二季度通常是一個較淡的季度，所以只要遵循季節性趨勢，我們就將其貫穿全年。我們對全年的著陸感到非常興奮。

Yes. And I'll comment regarding pricing and pricing leverage. We have been so conservative for so long about any kind of price increases. We still don't even have all of our customers across all of our plans at our even current list price. And we haven't made a plan yet on exactly when we wanted to begin to begin that second wave of, again, just increasing them to list price, not even raising beyond that.

是的。我將評論有關定價和定價槓桿的問題。長期以來，我們對任何形式的漲價都持保守態度。即使按照當前的標價，我們的所有計劃仍然無法滿足所有客戶的需求。我們還沒有製定計劃，明確何時開始第二波浪潮，只是將它們提高到標價，甚至不加價。

I think it's pretty clear that we will continue to have pricing leverage just based on the strength of the product where I'm focusing more instead of just saying how high can we make all the pricing [clients,] I don't think is the right way to remain competitive is what niches do we serve where a higher price plan would be more -- would be viewed very favorably. We talked about classes and courses earlier. Is there an add-on subscription? If you get -- eventually basically all of our functionality somewhere in the core, and then we're charging a bit more for people who are really at scale at volume. We can translate that into higher (inaudible).

我認為很明顯，我們將繼續根據產品的優勢來定價，我更關注這一點，而不是僅僅說我們可以將所有定價定多高[客戶]，我認為這並不是最重要的。保持競爭力的正確方法是我們所服務的利基市場，在這些利基市場中，更高的價格計劃會更受歡迎。我們之前討論過課程和課程。有附加訂閱嗎？如果你得到——最終基本上我們所有的功能都在核心的某個地方，然後我們會對那些真正規模化的人收取更多的費用。我們可以將其轉化為更高的（聽不清）。

What can we do there? If you're an incredibly successful business on Squarespace and you don't want to pay a percentage of GMV back as any kind of tax on top of the main processing fees, it does a $200, $300 SaaS fee sounds like a really cheap product to run a multimillion dollar business. And I think -- we think it does. You see similar dynamics in the top business where the SaaS fees can be much higher and there's more of an emphasis on making sure the GMV take rates lower.

我們在那裡能做什麼？如果你在 Squarespace 上是一家非常成功的企業，並且你不想在主要處理費用之外支付一定比例的 GMV 作為任何形式的稅收，那麼 200 美元、300 美元的 SaaS 費用聽起來像是一個非常便宜的產品經營價值數百萬美元的業務。我認為——我們認為確實如此。您會在頂級企業中看到類似的動態，其中 SaaS 費用可能要高得多，並且更加註重確保 GMV 獲取率更低。

Our next question comes from Deepak Mathivanan from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的迪帕克·馬蒂瓦南。

Anthony, can you elaborate on the new AI technologies you're building, you launching co-pilot type experiences. Is that all built on top of sort of open AI APIs or are you also thinking about other [LLMs?] Kind of more broadly, I guess, how do you think about the extensibility versus sort of go-to-market speed for some of these technologies over the next 12 to 18 months? And then maybe one for Nathan. Can you unpack the subscriber additions between gross adds, conversion and churn? It seems like overall macro is getting a little bit better, but what is the path for net adds to kind of get back to recoverage or sort of like the historical levels?

安東尼，您能否詳細介紹一下您正在構建的新人工智能技術，您推出了副駕駛類型的體驗。這一切都是建立在某種開放式 AI API 之上，還是您也在考慮其他 [LLM？] 更廣泛地說，我想，您如何看待某些產品的可擴展性與上市速度？這些技術在未來12 到18 個月內會怎樣？然後也許是給內森的。您能否將訂閱者增加量與總增加量、轉化率和流失率之間的關係進行分析？看起來整體宏觀經濟正在好轉，但淨增加要恢復到復蘇或接近歷史水平的路徑是什麼？

I can comment on the AI question. So right now, A lot of what we're building is based on models and APIs that are widely available, which is frankly why in the industry, do you see everyone sort of magically coming up with the same demos at the same time. it's good in a way because it means that our investment actually in doing the harder ML stuff is equal to or lower than it was 5 years ago with much more "magical results" if you will.

我可以評論一下人工智能問題。所以現在，我們正在構建的很多東西都是基於廣泛可用的模型和 API，坦率地說，這就是為什麼在行業中，你是否看到每個人都神奇地同時提出相同的演示。這在某種程度上是好的，因為這意味著我們在做更難的機器學習方面的實際投資等於或低於 5 年前，並且如果你願意的話，會獲得更多“神奇的結果”。

So we've already integrated generative AI stuff in the platform in the basic areas where you would expect a blank text field, how do we help you edit that? How do we improve that in the future so that you're editing text in that field and it's better. You could look at image generation and things like that, co-pilot like experiences, which I'm very keen to do, but also, in some ways, very confused as to how we see it being presented from some of our competitors. Now I'll mention 2 ways, I'm a little confused by it. One is, right now, if you are a Squarespace customer and you want to write into chat, you will be given results that AI [bot] is returning based on our training on our knowledge base.

因此，我們已經在平台的基本區域中集成了生成式人工智能功能，您可能會在其中看到空白文本字段，我們如何幫助您編輯它？我們將來如何改進這一點，以便您在該字段中編輯文本並且效果更好。你可以看看圖像生成之類的事情，副駕駛之類的體驗，我非常熱衷於這樣做，但在某些方面，我們對我們如何看待我們的一些競爭對手如何呈現它感到非常困惑。現在我就提兩種方法，我對此有點困惑。一是，現在，如果您是 Squarespace 客戶並且想要寫入聊天內容，您將獲得 AI [機器人] 根據我們對知識庫的培訓返回的結果。

And if those results don't work, we are routed to a world-class customer support team that we've invested in for 2 decades that will help you get to the results that you need. And it's going to be great to also integrate co-pilot like experiences that same UI because I think these things really build on each other, right? Self-service, the machine can do it for you. Okay, that's failing. I need more help with it. So that's kind of where we're integrating it versus saying, Oh, actually, it's this completely separate thing that's just I'm going to type like make my text folder and it gets folder, which is not really where we're seeing a lot of people like need the most help.

如果這些結果不起作用，我們會聯繫我們投資了 20 年的世界一流的客戶支持團隊，他們將幫助您獲得所需的結果。將副駕駛體驗集成到相同的 UI 中會很棒，因為我認為這些東西確實是相互構建的，對嗎？自助服務，機器可以幫你做。好吧，失敗了。我需要更多幫助。所以這就是我們集成它的地方，而不是說，哦，實際上，這是一個完全獨立的東西，我只是要輸入像創建我的文本文件夾，它會獲取文件夾，這並不是我們真正看到的地方很多人最需要幫助。

So excited about continuing to integrate it, excited about the fact that the cost for us to integrate is lower than ever. And yes, we think it will continue to make onboarding into the platform easier. That being said, Squarespace Blueprint is a visual onboarding system, and we found that, that was what people -- that set of steps in that process was something closer to what people actually wanted when onboarding to the platform. We've yet to encounter customers that want to type a couple of paragraphs and have it make a website and then type more paragraphs and haven't changed the website.

對繼續集成它感到非常興奮，對我們集成的成本比以往任何時候都低感到興奮。是的，我們認為它將繼續讓平台的加入變得更加容易。話雖這麼說，Squarespace Blueprint 是一個可視化的入門系統，我們發現，這就是人們想要的——該過程中的一組步驟更接近人們在加入該平台時真正想要的。我們還沒有遇到過客戶想要輸入幾個段落並讓它創建一個網站，然後輸入更多段落並且沒有更改網站。

Like there's still a lot of value to visual systems for design. Even though all of these technologies are incredibly exciting, and we'll keep reducing costs and set speed. So we -- like as mentioned before, we think it's a tailwind. You're seeing it on the platform. So we're going to keep integrating it. Yes, I'll turn it over to Nathan for the second part.

就像視覺系統對於設計仍然有很多價值一樣。儘管所有這些技術都非常令人興奮，但我們將不斷降低成本並設定速度。所以我們——就像之前提到的那樣，我們認為這是順風。你在平台上看到的。所以我們將繼續整合它。是的，我會把第二部分交給內森。

Deepak, on your unique steps question. We don't give the breakdown of the different components of it. But what I will say is this is, we saw in Q1 and then we saw again in Q2, strong acceleration of our core business and strong retention and stable churn, which caused us to increase our overall guidance for the year. So we're very pleased with what we're seeing in the core business of the acceleration that we're seeing there. It is still somewhat tainted by the unfold churn that we're seeing. But that is -- and so we do think as we look forward, the core business acceleration caused us to increase guidance and we feel confident of where that is going.

迪帕克，關於你獨特的步數問題。我們沒有給出它的不同組成部分的詳細信息。但我要說的是，我們在第一季度看到，然後在第二季度再次看到，我們的核心業務強勁加速、強勁的保留率和穩定的流失率，這導致我們提高了今年的總體指導。因此，我們對核心業務的加速發展感到非常滿意。它仍然受到我們所看到的不斷變化的影響。但那就是——所以我們確實認為，在我們展望未來時，核心業務的加速導致我們增加了指導，我們對未來的發展充滿信心。

Our next question comes from Brad Erickson from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的布拉德·埃里克森。

So first for Nathan, I guess, given the price increases you've had going now for a few quarters, the month that there has been really (inaudible). Are these kind of the right contribution profit levels to think about longer term? I know you mentioned the sales and marketing in the second half, but maybe looking sort of beyond that, talk about how you manage the growth versus the flow-through bigger picture going forward? And how that works at the moment to say, not raising price? That's the first one.

我想首先是內森，考慮到現在幾個季度的價格上漲，這個月確實出現了（聽不清）。從長遠來看，這些貢獻利潤水平是否合適？我知道您提到了下半年的銷售和營銷，但也許除此之外，談談您如何管理增長與未來的流通大局？目前如何說不提高價格？這是第一個。

And then second, for Anthony, just adding on to that last comment around generative AI. Just as you release tools out, maybe just would be curious to speak to your view is kind of the industry's ability to monetize those tools versus just being kind of competitive table stakes here where everyone builds that into their cost base.

其次，安東尼補充了關於生成人工智能的最後評論。正如您發布工具一樣，也許只是想談談您的觀點，即該行業將這些工具貨幣化的能力，而不是只是作為一種競爭性賭注，每個人都將其納入自己的成本基礎。

Yes, Brad. Thanks for the question. So speaking on the operating margin, as I said earlier, I think that we have shown strong discipline here as from both an operating efficiency standpoint and still drive the top line. And so I think we will continue that practice. Anthony and I are very focused on making sure that we're making the right investments that it's going to continue to drive the top line, but continue to see improvement on our -- both our operating margin and our cash flow. So we feel very confident in the raise that we did for guidance of where we think the company is running.

是的，布拉德。謝謝你的提問。因此，就運營利潤率而言，正如我之前所說，我認為從運營效率的角度來看，我們已經表現出了嚴格的紀律，並且仍然推動著營收增長。所以我認為我們將繼續這種做法。安東尼和我非常專注於確保我們進行正確的投資，這將繼續推動營收，但我們的營業利潤率和現金流都將繼續得到改善。因此，我們對此次加薪非常有信心，因為我們為公司的運營方向提供了指導。

From a growth perspective, kind of layering on what Anthony said earlier, we will lapse the pricing increase that we did at the end of Q3 last year and Q4 this year. But I think that, as Anthony said, like we're only getting started on the pricing. This is the first time that we've ever increased price on our customers, and we only increased by 10% to 15% by cohort. So there's still sufficient room between that and list, and we would certainly tie that to the value we're delivering to customers as Anthony said earlier. And as we continue to deliver more value and new product innovation, looking at using price as a growth driver.

從增長的角度來看，就像安東尼之前所說的那樣，我們將放棄去年第三季度末和今年第四季度的定價上漲。但我認為，正如安東尼所說，我們才剛剛開始定價。這是我們第一次對客戶提高價格，而且我們只按群體提高了 10% 到 15%。因此，在這個和列表之間仍然有足夠的空間，我們肯定會將其與我們為客戶提供的價值聯繫起來，正如安東尼早些時候所說的那樣。隨著我們繼續提供更多價值和新產品創新，將價格作為增長動力。

And regarding the use of [LOMs] in AI technology, again, it's an interesting benefit that we all kind of have access to these trained models and especially for [totex] generation, sort of at the same time at a low cost. And if you think about it, this is why you have, I don't know, countless start-ups and countless companies with, frankly, the same demo coming out that if you're a reasonably sophisticated company, you can integrate this in your product really rapidly we all have.

關於在人工智能技術中使用 [LOM]，同樣，這是一個有趣的好處，我們都可以訪問這些經過訓練的模型，特別是對於 [totex] 生成，同時以較低的成本。如果你想一想，這就是為什麼你有，我不知道，無數的初創企業和無數的公司，坦率地說，有相同的演示，如果你是一家相當複雜的公司，你可以將其集成到你們的產品很快我們都有了。

I think the thing that people are seeing now or at least we're seeing maybe a little bit with the LOMs, about 1/3 of the population already had access to ChatGPT. And so it wasn't really like rocket science for them to write text in that box and dump it into Squarespace team, with (inaudible) with all these other ways they would generate these assets. So we're able to provide it as a convenience when they're in the product. And certainly, there'll be even more of a convenience where co-pilot can take actions in the product that would have historically had to jump to a human adviser. So I'll just speed that up.

我認為人們現在看到的事情，或者至少我們在 LOM 上看到的事情，大約 1/3 的人口已經可以訪問 ChatGPT。因此，對於他們來說，在那個框中寫入文本並將其轉儲到 Squarespace 團隊中，並使用（聽不清）所有其他方式來生成這些資產，這並不像火箭科學那樣。因此，當它們出現在產品中時，我們能夠提供便利。當然，副駕駛可以在產品中採取行動，這在歷史上必須跳到人類顧問那裡，這會帶來更多的便利。所以我會加快速度。

But in terms of its impact to our core business, again, it's speeding things up. It's a tailwind. And we continue to focus on where people are -- the experiences that people are asking us for, again, Blueprint is a very visual experience, and we've seen conversion rate improvement there, strength of that in international markets. So yes, we'll keep integrating, but that's sort of where more of the product innovation is the stuff unique to what we do and what we do for our customers.

但就其對我們核心業務的影響而言，它再次加快了進程。這是順風。我們繼續關注人們所在的地方——人們要求我們提供的體驗，再次強調，藍圖是一種非常視覺化的體驗，我們已經看到轉化率的提高，以及國際市場的實力。所以，是的，我們將繼續整合，但這就是更多的產品創新是我們所做的事情以及我們為客戶做的事情所獨有的。

Our next question comes from Ken Wong from Oppenheimer.

我們的下一個問題來自奧本海默的 Ken Wong。

This is Nancy on for Ken. My first question is on gross margins and how that will trend as payments layer in? And do you expect further increases to the customer operations and web hosting costs? And then secondly, could you clarify around the terms of the 3-year partnership with Google? And if there's any opportunity to extend that partnership after your 3-year mark and if it's conditional on the performance of the partnership or anything like that?

這是肯的南希。我的第一個問題是毛利率，以及隨著支付的增加，毛利率將如何變化？您預計客戶運營和網絡託管成本是否會進一步增加？其次，您能否澄清一下與 Google 的 3 年合作夥伴關係的條款？三年後是否有機會延長合作夥伴關係，並且是否以合作夥伴關係的績效或類似條件為條件？

Sure. Regarding the gross margins and the payments business, yes, you will see the gross margin change, but it will all be a net impact, positive way to the cash flows of the business. This is not something that's going to erode margins to (inaudible) cash flows. We're going to be generating a better take rate off of payments, all costs factored in after this is out versus before it was out. Otherwise, we would just never done it. So we're going to be disciplined about the spend as we move into this product.

當然。關於毛利率和支付業務，是的，你會看到毛利率發生變化，但這對業務的現金流來說都是一個淨影響，積極的方式。這不會侵蝕（聽不清）現金流的利潤。我們將產生更好的付款率，將所有成本考慮在內，與發布前相比。否則，我們永遠不會這樣做。因此，當我們進入這個產品時，我們將嚴格控制支出。

Regarding the partnership with Google, yes, there's an opportunity to extend it. We've sort of -- we're in a process right now where we're waiting for the deal to close and yes, the terms of what is in there is sort of in our -- is in the releases related to that announcement.

關於與穀歌的合作關係，是的，有機會擴展它。我們現在正處於等待交易完成的過程中，是的，其中的條款在與該公告相關的發布中。

Our next question comes from Franco Granda from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Franco Granda。戴維森。

(technical difficulty)

（技術難度）

We'll move on to our next question from Andrew Boone from JPMorgan Securities.

我們將繼續回答摩根大通證券的安德魯·布恩提出的下一個問題。

Great. I wanted to ask about the new attribution model that you've rolled through on the marketing side. What does that help to unlock? And how should we think about that contributing to just greater overall efficiency? And then on the pricing side, going to international, I thought you guys had kind of weighted to the back half of the year to talk about pricing for non-USD subscriptions. Can you just provide an update there?

偉大的。我想問一下你們在營銷方面採用的新歸因模型。這對解鎖有什麼幫助？我們應該如何看待這有助於提高整體效率？然後在定價方面，就國際而言，我認為你們會在今年下半年討論非美元訂閱的定價。你能在那裡提供更新嗎？

Sure. So just to contextualize the attribution model. So Squarespace operated cash flow breakeven for the greater part of 15 years and has been profitable for almost half a decade now. And that's really based on the fact that we have always done a lot of work internally to try and determine the best of our ability, the efficacy of our spend.

當然。所以只是為了將歸因模型置於情境中。因此，Squarespace 在 15 年的大部分時間裡都實現了現金流盈虧平衡，並且現在已經實現了近五年的盈利。這實際上是基於這樣一個事實：我們一直在內部做大量工作，試圖確定我們最大的能力和支出的效率。

And we have guidelines set around those spends that are always changing is the macro landscape changes and as our product changes that hopefully mean that we're spending efficiency -- efficiently.

我們圍繞那些不斷變化的支出製定了指導方針，這些支出隨著宏觀環境的變化而變化，隨著我們產品的變化，希望這意味著我們的支出效率很高。

And what was great about these recent updates is that we did a major overhaul to our internal model that had been kind of in production for years and years and years. And when we back out to the model, we were able to find that, oh, actually, we were underspending in certain areas, overspending in certain areas, and let's make those change and try that. We do that, and it works. And then when it works, we can feed it back into the model and retrain it and do that on a more continuous basis versus before we were just training it less frequently.

最近這些更新的好處在於，我們對已經生產多年的內部模型進行了重大修改。當我們回到模型時，我們發現，哦，實際上，我們在某些領域支出不足，在某些領域過度支出，讓我們做出這些改變並嘗試一下。我們這樣做了，並且有效。然後，當它起作用時，我們可以將其反饋到模型中並重新訓練它，並且與之前我們只是減少訓練頻率相比，以更連續的方式進行訓練。

And so it was less adaptive to the environment around us. And so that's what's allowing us to spend more with confidence. And frankly, I'm glad of the people are highlighting on the call that you have the Q2 trials in the quarter, higher than Q1 and also higher than any pandemic quarter is quite a thing. Now there will be some macro contributing to that, too, but we're certainly changing our activities as well. So there's that. And then as we move to international, we're seeing strengths there, some of the product improvements take hold, the [foothall] takes hold. I think your question was around pricing with regard to international. I don't -- when did we start increasing the international.

因此它對我們周圍環境的適應能力較差。這就是讓我們有信心增加支出的原因。坦率地說，我很高興人們在電話會議上強調，本季度進行了第二季度的試驗，高於第一季度，也高於任何大流行季度，這是一件很了不起的事情。現在也會有一些宏觀因素對此做出貢獻，但我們當然也在改變我們的活動。所以就是這樣。然後，當我們走向國際市場時，我們看到了那裡的優勢，一些產品改進得到了鞏固，[foothall]也取得了進展。我認為你的問題是關於國際定價的。我不知道——我們什麼時候開始增加國際航班的。

In March for [new] guys.

對於[新]傢伙來說，三月。

March of this year, we started moving some of the international subscription up to list. So all that's not fully baked in. We've got a number of pricing projects started in international markets even right now, which are looking at currencies where we need to, frankly, decrease pricing to be competitive. And so again, the result of any of these tests will be a net positive, but we won't roll them forward. But yes, we're in process there with international prices.

今年三月，我們開始將部分國際訂閱移至列表中。因此，所有這些都還沒有完全融入。即使現在，我們也已經在國際市場上啟動了許多定價項目，坦率地說，這些項目正在研究我們需要降低定價以保持競爭力的貨幣。同樣，任何這些測試的結果都將是淨陽性，但我們不會將它們向前推進。但是，是的，我們正在按照國際價格進行處理。

At this time, I will now hand back to Anthony for any closing remarks.

此時，我將把結束語交還給安東尼。

Everyone, thank you so much for joining on the call. Thrilled with this quarter, thrilled with what's coming up for Squarespace refresh. And thank you for the thoughtful questions and looking forward to hearing from some of you.

非常感謝大家參加這次通話。對這個季度感到興奮，對 Squarespace 的更新感到興奮。感謝您提出的深思熟慮的問題，並期待收到你們中的一些人的來信。

This concludes today's conference call. Thank you all for joining. You may now disconnect your lines. Have a great rest of your day.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開線路。祝您度過愉快的一天。