Squarespace Inc (SQSP) 2023 Q4 法說會逐字稿

Good morning.

早安.

My name is Tamia, and I will be your conference operator today.

我叫塔米亞，今天我將擔任你們的會議操作員。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I will now hand the call over to your host as Squarespace Clare Peri.

我現在會把電話轉交給主持人 Squarespace Clare Peri。

Calre please go ahead.

卡雷請繼續。

Good morning, and thank you for joining square spaces.

早安，感謝您加入方形空間。

Fourth quarter 2023 earnings conference call.

2023 年第四季財報電話會議。

This is Claire Perry, Head of Investor Relations.

我是克萊爾·佩里，投資人關係主管。

I'm joined by Anthony Castellana, Squarespace as founder and CEO, and Jonathan Goodman, CFO.

Squarespace 創辦人兼執行長 Anthony Castellana 和財務長 Jonathan Goodman 也加入了我的行列。

After their prepared remarks, we'll open the call to your questions.

在他們準備好發言後，我們將開始回答您的問題。

Earlier today, we posted a press release and shareholder letter to the Investor Relations section of our website.

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 will be referencing both GAAP and non-GAAP financial results and operating metrics.

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表現和營運指標。

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.

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 指標的調整。

These measures should not be considered in isolation from or substitute for GAAP reporting.

這些措施不應孤立地考慮或取代公認會計準則報告。

We will make forward-looking statements pursuant to this 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.

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財務業績、我們的策略以及我們將新技術融入我們的能力相關的聲明。核心平台。

These forward looking statements are subject risks and uncertainties that could cause our actual results to differ materially.

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。

These risks are further defined in our most recent filings with the Securities and Exchange Commission.

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。

Any forward looking statements that we make on this call are based on assumptions as of this day, February 28, 2024.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至 2024 年 2 月 28 日這一天的假設。

We undertake no obligation to update these statements as a result of new information or future events except where required by law.

除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些聲明的義務。

Please also note that all comparisons are on a year-over-year basis unless we state otherwise.

另請注意，除非我們另有說明，否則所有比較都是按年比較。

I will now turn the call over to Anthony.

我現在將把電話轉給安東尼。

Thank you, Clare, and good morning, everyone. 2023 with a strong year for Squarespace, both strategically and financially.

謝謝你，克萊爾，大家早安。 2023 年對 Squarespace 來說無論是策略上或財務上都是強勁的一年。

We crossed $1 billion in revenue for the first time, growing 17% for the year.

我們的營收首次突破 10 億美元，全年成長 17%。

Our unlevered free cash flow margin expanded to 24%.

我們的無槓桿自由現金流利潤率擴大至 24%。

This top and bottom line performance puts us in a rule of 40 territory for the year.

這項收入和利潤表現使我們今年的業務範圍達到 40 個區域。

Q4 was an excellent finish to 2023 with faster bookings and revenue growth than we thought for the full year.

第四季為 2023 年畫上了圓滿的句號，預訂量和收入成長速度比我們全年預期的要快。

Also aided by the addition of our customers coming over from Google domains.

也得益於來自 Google 網域的客戶的增加。

Last year was also an important year for laying the foundation for accelerating multiyear growth.

去年也是為多年加速成長奠定基礎的重要一年。

We began rolling out Squarespace payments in Q4, a key strategic initiatives supporting our commerce aspirations.

我們在第四季開始推出 Squarespace 支付，這是支持我們商業願望的關鍵策略舉措。

And I'm delighted to share today that payments is now fully rolled out to new customers in United States.

今天我很高興與大家分享，支付功能現已全面向美國的新客戶推出。

We invested significantly in our Domains business as we welcome customers over from Google Domains and establish ourselves further in this space.

我們在網域業務上投入了大量資金，歡迎來自 Google Domains 的客戶，並在這一領域進一步確立自己的地位。

We also launched dozens of new products and features in 2023 that make it easier than ever for entrepreneurs who launch their businesses and stand out online by leveraging in both distinctive design capabilities anywhere in our industry.

我們也在 2023 年推出了數十種新產品和功能，讓創業家能夠比以往更輕鬆地利用我們行業中任何地方的獨特設計能力來開展業務並在網路上脫穎而出。

The main drivers of our business moving forward into 2024 our first enabling small business, which is inclusive of the essential services and entrepreneur needs to get started, namely a domain website and e-mail second, commerce, where we offer powerful tools to enable customers to engage and transact via their online presence.

我們業務邁向2024 年的主要驅動力是我們的第一個小型企業，其中包括基本服務和企業家啟動所需的服務，即域名網站和電子郵件，其次是商務，我們提供強大的工具來為客戶提供支援透過他們的線上狀態進行參與和交易。

And finally, third, international, where we're making great progress in expanding our brand and presence in both existing key markets and new ones.

最後，第三，國際市場，我們在擴大我們的品牌以及在現有主要市場和新市場的影響力方面取得了巨大進展。

With respect to enabling small businesses to key highlights this year with the build-out of our domains business and the launch of Squarespace blueprint, forfeit domains is now the fourth largest registrar in the world.

在讓小型企業成為今年的主要亮點方面，透過網域業務的擴展和 Squarespace 藍圖的推出，Forfeit 網域現已成為全球第四大註冊商。

Renewals from migrating Google customers are going better than expected, and we're now poised to grow adoption of our broader offering as we capitalize on it, wider customer funnel and larger customer base.

遷移的 Google 客戶的續約情況比預期要好，現在，隨著我們利用更廣泛的產品、更廣泛的客戶管道和更大的客戶群，我們準備擴大對更廣泛產品的採用。

Major updates to our platform to interface or are launching as soon as next week and what our customers want to go to website many are onboarding is, of course, this blueprint also available in select international markets.

我們的平台介面的重大更新或最快將於下週推出，我們的客戶想要訪問的網站很多正在上架，當然，這個藍圖也可在選定的國際市場上使用。

Blueprints guided interactive design experience enhances our users, the ability to rapidly create a distinct personalized website, and that is a natural place for us to inject an array of January of AI.

藍圖引導的互動設計體驗增強了我們的用戶快速創建獨特的個人化網站的能力，這也是我們注入一系列 AI 的自然場所。

Features that help guide customers through setup will be releasing these improvements throughout the year under the banner of design intelligence, which you will find a home on our prototype.

幫助指導客戶完成設定的功能將在設計智慧的旗幟下全年發布這些改進，您將在我們的原型上找到它的家。

Turning to commerce, we're now offering a comprehensive set of tools that enable our customers' digital content, physical goods and services.

談到商業，我們現在提供一套全面的工具，支援客戶的數位內容、實體商品和服務。

Acuity scheduling has proven to be an important driver of GMV growth and underscores our increasing focus on services sellers, what we believe we will offer meaningful product differentiation.

事實證明，Acuity 調度是 GMV 成長的重要驅動力，並強調了我們對服務賣家的日益關注，我們相信我們將提供有意義的產品差異化。

Top closed out the year with a record Q4 its best revenue quarter ever, and we saw an uplift in seasonal GMD.

Top 以創紀錄的第四季度收入結束了這一年，這是有史以​​來最好的收入季度，我們看到季節性 GMD 有所上升。

We believe that the product enhancements, new integration and an improved IOS app, further separate talk the leading hospitality solutions for restaurants and diners alike.

我們相信，產品的增強、新的整合和改進的 IOS 應用程式將進一步區分餐廳和食客的領先飯店解決方案。

Our largest Squarespace payments in Q4 serves as a cornerstone of our commerce capabilities.

我們第四季最大的 Squarespace 支付是我們商務能力的基石。

Enabling merchants to collect money directly through our native solution will be central to enhancing the power of our platform by growing GMV and driving customer growth and retention.

讓商家能夠直接透過我們的原生解決方案收款，對於透過增加 GMV 並推動客戶成長和保留來增強我們平台的力量至關重要。

With payments now 100% rolled out in the US, we're turning our attention.

現在支付已在美國 100% 普及，我們正在轉移注意力。

The key international markets payment is getting great early feedback from customers, and we look forward to building payments discount for our current customers and our broader plan offering as we move throughout the year, marking the first time we will have the ability to do that.

關鍵的國際市場支付是從客戶那裡獲得良好的早期反饋，我們期待為我們當前的客戶提供支付折扣，並在我們全年的行動中提供更廣泛的計劃服務，這標誌著我們第一次有能力做到這一點。

Finally, we are excited to the efforts we have put into expanding our international offering are showing up in our performance.

最後，我們很高興看到我們為擴大國際產品所付出的努力正在我們的業績中得到體現。

Our largest international markets continue to grow, and we've seen double-digit subscription growth across all key markets.

我們最大的國際市場持續成長，所有主要市場的訂閱量都實現了兩位數的成長。

In 2023, we added 18 and currencies enabling more customers to pay in the ways most convenient for them.

2023 年，我們增加了 18 種貨幣，使更多客戶能夠以最方便的方式付款。

As we enter other decade scores basis in a better position than ever to empower more entrepreneurs online.

隨著我們進入其他十年，我們將比以往任何時候都處於更好的地位，可以為更多的線上企業家提供支援。

We're looking forward to even more strong product releases in 2024 as we continue to refine the go-to market for much of what we are able to release in 2023.

我們期待在 2024 年發布更強大的產品，因為我們將繼續完善 2023 年發布的大部分產品的市場定位。

Today, we're also announcing it will be holding an Investor Day at our offices in New York City on May 15, where Nathan and I Squarespace leaders will dive deeper into our market positioning and growth drivers and opportunities for the future.

今天，我們也宣布將於 5 月 15 日在紐約市辦公室舉辦投資者日活動，屆時 Nathan 和 I Squarespace 領導人將更深入地探討我們的市場定位、成長動力和未來機會。

Thank you all for your support.

感謝大家的支持。

And now I'll turn it over to Nathan.

現在我會把它交給內森。

Thank you, Anthony, and good morning, everyone. 2023 was a tremendous year.

謝謝你，安東尼，大家早安。 2023 年是偉大的一年。

Squarespace ecosystem of products and solid execution fueled our strong financial results.

Squarespace 產品生態系統和紮實的執行力推動了我們強勁的財務表現。

We exceeded our top line and unlevered free cash flow guidance, which culminated in full year revenue growth of 17% and a 24% unlevered free cash flow margin over 400 basis points of improvement.

我們超越了營收和無槓桿自由現金流指導，最終全年營收成長 17%，無槓桿自由現金流利潤率提高 400 個基點以上，達到 24%。

We are driving meaningful top line growth, improving our profitability and delivering strong incremental cash flow, a powerful formula for long-term value creation.

我們正在推動有意義的收入成長，提高獲利能力並提供強勁的增量現金流，這是創造長期價值的強大公式。

We continue to balance our strong cash flow with sustainable top-line growth.

我們持續平衡強勁的現金流與可持續的營收成長。

Today, we announced a $500 million share repurchase program.

今天，我們宣布了一項 5 億美元的股票回購計畫。

This authorization underscores the strong financial momentum of our business.

這項授權凸顯了我們業務強勁的財務動能。

Our robust balance sheet and cash flow generation provide us with the flexibility to repurchase shares while continuing to execute against our long-term strategy.

我們穩健的資產負債表和現金流產生為我們提供了回購股票的靈活性，同時繼續執行我們的長期策略。

We view share repurchase programs as an integral part of our capital allocation strategy, a key topic, which I will discuss more at our upcoming Investor Day in May.

我們將股票回購計畫視為我們資本配置策略不可或缺的一部分，這是一個關鍵主題，我將在即將到來的五月投資者日上對此進行更多討論。

Turning now to the strong financial results driving our business.

現在轉向推動我們業務發展的強勁財務表現。

Q4 bookings of $286 million grew 23% as reported and 22% in constant currency.

據報告，第四季預訂量為 2.86 億美元，成長 23%，以固定匯率計算成長 22%。

Our acquired domain assets consisting of single domain subscriptions originally sold by Google as part of our acquisition of Google Domains, drove about half of the growth during the quarter, followed by contribute from Websites, both in presence and commerce related to our acquired domain assets.

我們收購的網域資產包括最初由 Google 作為收購 Google Domains 的一部分出售的單一網域訂閱，推動了本季成長的一半左右，其次是網站的貢獻，包括與我們收購的網域資產相關的存在和商業。

Renewal rates from this customer base have surpassed our expectations.

該客戶群的續訂率超出了我們的預期。

As a reminder, we acquired Google Domains in September 2023.

謹此提醒，我們於 2023 年 9 月收購了 Google Domains。

This is an asset purchase with no deferred revenue.

這是一項沒有遞延收入的資產購買。

There are two primary components of the acquisition, which include the acquired domain assets and a partnership.

此次收購有兩個主要組成部分，包括所收購的域名資產和合作夥伴關係。

Squarespace is the exclusive domains provider for any customer purchasing a domain, along with our workspace subscription from Google directly for a minimum of three years.

Squarespace 是任何購買網域的客戶的獨家網域供應商，而且我們的工作區直接從 Google 訂閱至少三年。

Additionally, we see benefits from Google referral pages, which direct traffic to Squarespace domains, unique subscriptions and RPUs do not include our acquired domain assets.

此外，我們還看到了 Google 推薦頁面的好處，它將流量引導至 Squarespace 網域、獨特訂閱和 RPU 不包括我們收購的網域資產。

Full year 2023 bookings were $1.1 billion, growing 19% and 18% in constant currency.

2023 年全年預訂量為 11 億美元，以固定匯率計算分別成長 19% 及 18%。

The primary driver of growth during the year.

年內成長的主要動力。

With the strong retention and growth of unique subscriptions.

隨著獨特訂閱的強勁保留和成長。

Legacy price increases across several of our website plans were another driver of our full year bookings growth.

我們的幾個網站計劃的舊價格上漲是我們全年預訂量增長的另一個推動因素。

In addition to contributions from our acquired domain assets, we are delighted by the momentum we achieved through 2023, with bookings growth accelerating quarter after quarter and driving $169 million. as the incremental growth in the year.

除了我們收購的域名資產的貢獻之外，我們對 2023 年實現的勢頭感到高興，預訂量增長逐季加速，推動了 1.69 億美元的增長。隨著年內的增量成長。

Revenue of $271 million exceeded the high end of our guidance of $261 million to $264 million in the fourth quarter, which represents 18% growth and 16% in constant currency.

第四季營收為 2.71 億美元，超出了我們指引的 2.61 億美元至 2.64 億美元的上限，即成長 18%，以固定匯率計算成長 16%。

In addition to positive contributions from foreign exchange, we saw stronger new subscription acquisition from websites.

除了外匯的正面貢獻外，我們還看到網站的新訂閱量成長強勁。

We continue to see a positive halo effect following our acquisition of Google Domains, where we see robust referral traffic to Squarespace.

收購 Google Domains 後，我們繼續看到正面的光環效應，我們看到 Squarespace 的推薦流量強勁。

Increases in premium plan mix and new unique subscriptions.

高級計劃組合和新的獨特訂閱的增加。

As of year end, our customer base represented over 4.6 million unique subscriptions, up 10% and representing a net increase of 427,000 unique subscriptions over the 12-month period.

截至年底，我們的客戶群擁有超過 460 萬個獨立訂閱，成長了 10%，在 12 個月期間淨增加了 427,000 個獨立訂閱。

Q4 2023 revenue highlights included presence revenue of $188 million, growing 20% and 18% in constant currency and $82 million of commerce revenue, growing 14% and 13% in constant currency.

2023 年第四季的營收亮點包括 1.88 億美元的展示收入，以固定匯率計算分別成長 20% 和 18%，以及 8,200 萬美元的商務收入，以固定匯率計算分別成長 14% 和 13%。

Presence revenue grew from the acquisition and retention of unique subscriptions and also benefited from legacy customer price increases.

線上狀態收入的成長得益於獨特訂閱的獲取和保留，並且還受益於舊客戶價格的上漲。

Our acquired domain asset also contributed to presence revenue growth during the quarter.

我們收購的域名資產也為本季的線上收入成長做出了貢獻。

Revenue recognition of our acquired domain assets, where generally domain subscriptions, our annual and paid upfront is recognized ratably over the course of 12 months.

我們收購的網域資產（通常是網域訂閱）的收入確認，我們的年度和預付款在 12 個月內按比例確認。

Therefore, we see greater contributions from this important customer base and our presence revenue in 2024.

因此，我們預計這一重要客戶群和我們的營業收入將在 2024 年做出更大的貢獻。

Squarespace has built a strengthening diverse commerce portfolio to support our customers e-commerce needs, including physical goods and service sellers as well as hospitality customers, commerce websites, subscriptions, Acuity scheduling and talk were primary drivers of commerce revenue growth in Q4.

Squarespace 建立了一個強大的多元化商務產品組合來支援客戶的電子商務需求，包括實體商品和服務賣家以及飯店客戶、商務網站、訂閱、Acuity 調度和談話是第四季度商務收入成長的主要動力。

We saw positive contributions to GMV related revenue sharing across commerce capabilities.

我們看到跨商務功能對 GMV 相關收入分享的正面貢獻。

In Q4, GMV was approximately $1.7 billion, growing 6%.

第四季度，GMV 約為 17 億美元，成長 6%。

We saw strength in acuity scheduling this quarter and talk had a great finish the year with strong seasonal uplift in reservations, leading to a record high GMB and solid subscription revenue contributions from customers.

我們看到本季調度的敏銳度有所增強，並且預訂量的季節性強勁增長使得今年的討論取得了良好的成果，導致 GMB 創下歷史新高，並且來自客戶的訂閱收入貢獻穩定。

As Anthony highlighted, our full year 2022 revenue reached approximately $1.01 billion, up 17% and 16% in constant currency.

正如安東尼所強調的那樣，我們 2022 年全年收入達到約 10.1 億美元，以固定匯率計算分別成長 17% 和 16%。

We exited the year with annual run rate revenue of $1.01 billion up 19% or $174 million year.

我們以 10.1 億美元的年運行率結束了這一年，成長了 19%，即 1.74 億美元。

We saw strength from websites, the largest driver of our growth, both from retention of existing, an acquisition of new subscriptions.

我們看到了網站的力量，這是我們成長的最大推動力，既來自於現有訂閱的保留，也來自於新訂閱的獲取。

For the full year 2023 unique subscriptions contribute $87 million, representing 60% of our top line growth.

2023 年全年，獨立訂閱貢獻了 8,700 萬美元，占我們營收成長的 60%。

Price increases across our subscription offerings contributed $39 million representing approximately 27% of our top line growth, with renewal rates supporting strong cash retention.

我們訂閱產品的價格上漲貢獻了 3,900 萬美元，約占我們營收成長的 27%，續訂率支持了強勁的現金保留。

Price increases had an outsized impact on our presence revenue during the year.

價格上漲對我們這一年的營業收入產生了巨大影響。

In 2023 the growth of unique subscriptions and legacy price increases drove record cash retention to 88%, 400 basis points of improvement versus 2022.

2023 年，獨特訂閱的成長和傳統價格的上漲將現金保留率推至創紀錄的 88%，比 2022 年提高了 400 個基點。

As of year end, RPUs accelerated 9% to $228, primarily the result of the increase in revenue associated with our unique subscriptions and price increases across several of our subscription plans.

截至年底，RPU 成長了 9%，達到 228 美元，這主要是由於與我們獨特的訂閱相關的收入增​​加以及我們的多個訂閱方案的價格上漲。

International revenue was $286 million, growing 17% and 14% in constant currency and representing 28% to our total revenue during the full year period.

國際營收為 2.86 億美元，以固定匯率計算分別成長 17% 和 14%，占我們全年總營收的 28%。

Strong growth in web sites across the target markets contributed to our revenue growth.

目標市場網站的強勁成長促進了我們的收入成長。

In 2023, we increased our currency options five times, which alongside growing our support languages, bolsters our ability to support our international customers.

2023 年，我們的貨幣選項增加了五倍，同時增加了支援語言，增強了我們支持國際客戶的能力。

As Anthony mentioned, international is a key growth driver for our business.

正如安東尼所提到的，國際化是我們業務的關鍵成長動力。

As we look to bring our ecosystem to new markets, we are focusing resources on markets where we see clear synergies with our differentiated design and where our product market fit as well supported, we are investing in product features, targeted marketing campaigns and building ties with Pro users through circle our partner program to deliver growth.

當我們希望將我們的生態系統引入新市場時，我們將資源集中在那些我們認為與我們的差異化設計具有明顯協同效應並且我們的產品市場適合併得到良好支持的市場上，我們正​​在投資於產品功能、有針對性的行銷活動並與專業用戶可以透過我們的合作夥伴計劃來實現成長。

Through our powerful business model we drilled from stability as a result of solid execution and operating improvements, offsetting the temporary gross profit margin impact from our acquired domain assets.

透過我們強大的業務模式，我們透過紮實的執行和營運改善實現了穩定，抵消了我們收購的網域資產對毛利率的臨時影響。

We intend to improve profitability while we continue to invest to support long-term growth and shareholder return.

我們打算提高獲利能力，同時繼續投資以支持長期成長和股東回報。

Turning to our margin profile, our non-GAAP gross profit margin was 81% and full year 2023, a decline of 286 basis points.

談到我們的利潤率情況，我們的非 GAAP 毛利率為 81%，2023 年全年下降了 286 個基點。

Cost of revenue increase in the year, primarily due to domain registration fees associated with our acquired domain assets.

本年度收入成本增加，主要是由於與我們收購的域名資產相關的域名註冊費用。

As legacy Google domain customers renew their domain subscriptions, we pay registry fees upfront, recognize associated revenue ratably over the course of 12 months as I mentioned earlier.

當舊的 Google 網域客戶續約其網域訂閱時，我們會預付註冊費，並在 12 個月內按比例確認相關收入，正如我之前提到的。

Our customer operations costs increased on an incremental dollar basis, but as a percentage of revenue remained in line with 2022, showing that we are able to sustain it efficient model for our business as we scale, we see AI as a continued driver of efficiency in our customer operations, we have been using AI models to bolster parts of our platform and enhance our customer support for the better part of a decade.

我們的客戶營運成本以增量美元為基礎增加，但佔收入的百分比仍與 2022 年保持一致，這表明我們能夠在規模擴大時維持業務的高效模式，我們認為人工智慧是提高效率的持續驅動力在我們的客戶營運方面，在過去十年的大部分時間裡，我們一直在使用人工智慧模型來支援我們平台的部分內容並增強我們的客戶支援。

We will continue to leverage technology to drive efficiency in our business.

我們將繼續利用科技來提高業務效率。

Moving to operational expenses, we improved non-GAAP operating efficiency in areas throughout the year, lowering expenses as a percentage of revenue.

轉向營運費用，我們全年提高了各領域的非公認會計準則營運效率，降低了費用佔收入的百分比。

In 2023, non-GAAP R&D expense was $183 million or 18% of revenue, an improvement of nearly 280 basis points, primarily due to efficient spending and cash base payroll with increased capitalization year-over-year.

2023 年，非 GAAP 研發費用為 1.83 億美元，佔收入的 18%，提高了近 280 個基點，這主要是由於高效的支出和現金基礎工資以及資本化逐年增加。

During the same period, non-GAAP marketing and sales expenses were approximately $313 million or 31% of revenue, an improvement of nearly 400 basis points.

同期，非 GAAP 行銷和銷售費用約為 3.13 億美元，佔營收的 31%，提高了近 400 個基點。

Our marketing attribution model has been efficiently directing the mix of spend the optimal marketing channels helping us drive better ROI.

我們的行銷歸因模型一直有效地指導最佳行銷管道的支出組合，幫助我們提高投資報酬率。

During the year, we prioritize direct response channels and decrease investment in brand advertising.

年內，我們優先考慮直接反應管道，減少品牌廣告投入。

These changes supported increases to our growing subscription base.

這些變化支持了我們不斷增長的訂閱基礎的增加。

Finally, non-GAAP G&A expenses were $90 million or 9% of revenue.

最後，非 GAAP G&A 費用為 9,000 萬美元，佔營收的 9%。

We improved non-GAAP G&A expenses both on it dollar basis and as a percentage of revenue more than 250 basis points, primarily due to taxes.

我們將非 GAAP G&A 費用以美元計算並佔收入百分比提高了 250 個基點以上，這主要是由於稅收。

In 2023, we focus on execution and efficiency, which can be seen across each of the operating expense areas.

2023 年，我們將專注於執行力和效率，這可以在每個營運費用領域中看到。

Full year 2023, adjusted EBITDA increased 60% to approximately $235 million or 23% of total revenue, nearly 600 basis points of improvement compared to the previous year, driven by our operational discipline for this performance more than offset impacts related to the acquired domain assets and increases in employee expenses.

2023 年全年，調整後的EBITDA 成長了60%，達到約2.35 億美元，佔總營收的23%，與前一年相比，提高了近600 個基點，這得益於我們的營運紀律，這一業績遠遠抵消了與所收購的域名資產相關的影響以及員工開支的增加。

Turning now to the balance sheet and cash flow statement.

現在轉向資產負債表和現金流量表。

We finished Q4 with cash and cash equivalents of approximately $258 million and approximately $18 million of available borrowing.

在第四季結束時，我們的現金和現金等價物約為 2.58 億美元，可用借款約為 1800 萬美元。

Total debt was approximately $569 million, of which $49 million is current.

總債務約 5.69 億美元，其中 4,900 萬美元為流動債務。

I remain comfortable with our leverage ratios today with net debt to our trailing 12 month adjusted EBITDA at 1.2 times as of year end, we delivered strong cash flow in 2023, surpassing the high end of our guidance.

我對今天的槓桿率仍然感到滿意，截至年底，淨債務與過去 12 個月調整後 EBITDA 的比率為 1.2 倍，我們在 2023 年實現了強勁的現金流，超過了我們指導的上限。

Our cash flow from operating activities grew 41% to $231 million.

我們的經營活動現金流成長了 41%，達到 2.31 億美元。

We generated strong unlevered free cash flow of $241 million for the trailing 12 months or 24% of total revenue growth rate of 46%, surpassing the high end of our guidance.

過去 12 個月，我們產生了 2.41 億美元的強勁無槓桿自由現金流，佔總收入成長率 46% 的 24%，超過了我們指導的上限。

The outperformance was primarily due to strong bookings driven by renewals and acquisition of our website business.

表現出色主要是由於我們網站業務的續訂和收購推動了強勁的預訂。

Our consistent levels of positive unlevered free cash flow afford us opportunities to innovate and develop new products where we see opportunity to provide more value to our customers and to plant seeds for long-term growth.

我們持續的正無槓桿自由現金流水準為我們提供了創新和開發新產品的機會，我們看到了為客戶提供更多價值並為長期成長播下種子的機會。

In 2023, we returned approximately $26 million of cash to shareholders under our current share repurchase authorization.

2023 年，我們根據目前的股票回購授權向股東返還了約 2,600 萬美元現金。

This represents purchases of approximately 1.3 million shares at an average price per share of $22.17 on the open market.

這意味著在公開市場上以每股平均價格 22.17 美元購買了約 130 萬股股票。

At year end, we had approximately $54 million remaining on the current authorization.

截至年底，我們目前的授權剩餘約 5,400 萬美元。

The shares repurchased in 2023 and anti-dilutive impact and offset some of our stock based compensation grants.

2023 年回購的股票和反稀釋影響並抵消了我們的一些股票薪酬補助。

Turning to our guidance for Q1 and full year 2024, we are expecting another year of strong growth for Squarespace, driven by our expanded ecosystem contributions from new in Google domain customers and the continued strong performance of our website business.

談到我們對第一季和2024 年全年的指導，我們預計Squarespace 將在新的一年中實現強勁增長，這得益於Google 域新客戶對生態系統的貢獻擴大以及我們網站業務的持續強勁表現。

In Q1 2024, we are targeting total revenue in the range of $274 million to $277 million.

2024 年第一季度，我們的目標是總營收在 2.74 億美元至 2.77 億美元之間。

This represents 16% growth at the midpoint.

這意味著中點成長率為 16%。

We expect unlevered free cash flow during the quarter to be in the range of $83 million to $86 million, which implies an unlevered free cash flow margin of 31% at the midpoint of the range.

我們預計本季的無槓桿自由現金流將在 8,300 萬美元至 8,600 萬美元之間，這意味著該範圍中點的無槓桿自由現金流利潤率為 31%。

Our Q1 unlevered free cash flow margin reflects the seasonal strength in bookings, including the added benefit of bookings from our Google Domains asset acquisition.

我們第一季的無槓桿自由現金流利潤率反映了預訂的季節性優勢，包括我們的 Google Domains 資產收購帶來的預訂帶來的額外好處。

For the full year 2024, we expect total revenue to be in the range of $1.17 billion to $1.19 billion, representing growth of 17% at the midpoint of the range.

對於 2024 年全年，我們預計總營收將在 11.7 億美元至 11.9 億美元之間，即該範圍中位數成長 17%。

Unlevered free cash flow is expected to grow through the year to the range of $290 million to $310 million and implies an unlevered free cash flow margin of 25% at the midpoint of the range.

無槓桿自由現金流預計全年將成長至 2.9 億至 3.1 億美元的範圍，這意味著無槓桿自由現金流利潤率為該範圍中點的 25%。

Related to the full year revenue guide, we expect contributions from our Google Domains assets to be in the range of $85 million to $88 million.

與全年收入指南相關，我們預計 Google Domains 資產的貢獻將在 8,500 萬美元至 8,800 萬美元之間。

I want to call out that we are not including any material contributions from either pricing of our core offerings or cross-selling of Squarespace products to our little main customers in our revenue guidance.

我想指出的是，我們的收入指導中沒有包括我們的核心產品定價或 Squarespace 產品交叉銷售給我們的小主要客戶的任何實質貢獻。

Adjusted EBITDA is expected to improve as the year progresses, ultimately showing some leverage to our full year 2024 from improved marketing efficiency in the second half of 2024.

調整後的 EBITDA 預計將隨著時間的推移而改善，最終顯示出 2024 年下半年行銷效率的提高對我們 2024 年全年的影響力。

Finishing where I started, I couldn't be more proud of our performance in Q4 and 2023.

回到起點，我對我們在第四季和 2023 年的表現感到非常自豪。

Our teams helped drive steady performance, enabling us to maintain a strong outlook and steadfast execution.

我們的團隊幫助推動了穩定的業績，使我們能夠保持強勁的前景和堅定的執行力。

2023 was my first full year as CFO at Squarespace.

2023 年是我擔任 Squarespace 財務長的第一個完整年度。

It is clear that we have a strong foundation and for growth supported by our growing Squarespace ecosystem and suite of products.

顯然，我們擁有堅實的基礎，並得到不斷發展的 Squarespace 生態系統和產品套件的支持，能夠實現成長。

Thank you to our employees who execute daily to deliver value to our customers.

感謝我們的員工每天為客戶創造價值。

I look forward with confidence and excitement in this new year.

我滿懷信心和興奮地期待著新的一年。

With that, operator, please open the line for the Q&A portion of the call.

話務員，請打開電話問答部分的線路。

Matt Pfau with William Blair.

馬特普福與威廉布萊爾。

Great.

偉大的。

Nice results and thanks for taking my question.

很好的結果，感謝您提出我的問題。

First, actually, I too wanted to ask related on payments out migrating existing customers over to Squarespace payments and then into both from score spaces perspective as well as the customer's perspective, what would the advantages be to moving from a third-party payment system and over to Squarespace payments?

首先，實際上，我也想問一下有關支付的相關問題，將現有客戶遷移到Squarespace 支付，然後從分數空間的角度和客戶的角度來看，從第三方支付系統遷移到這兩個系統有什麼優勢？轉向 Squarespace 付款？

Thanks.

謝謝。

Sure I can take that.

我當然可以接受。

And so one of the things that we haven't talked about up to this point is what the release of payments can do to our plan and offering architecture.

因此，到目前為止我們還沒有討論的一件事是支付的發布會對我們的計劃和產品架構產生什麼影響。

So in the past, we've talked about costs experience, which is better.

所以過去我們講的是成本體驗，這是比較好的。

Everything being integrated.

一切都在整合。

They don't have to get more than one place.

他們不必獲得多個地方。

Obviously, we have some better economics with it.

顯然，我們有更好的經濟效益。

But as we roll this out, we've been spending we can give people on higher SaaS peers and more advantageous take rate than they currently get right now.

但隨著我們推出這項服務，我們一直在投入資金，為人們提供比目前更高的 SaaS 服務和更有利的使用率。

Via the strike relationship.

透過罷工關係。

And so that sort of begins to kind of answer both of your questions at once, right.

這樣就開始同時回答你的兩個問題了，對吧。

So your first is about migration in the second is why do it?

所以你的第一個是關於遷移，第二個是為什麼要這樣做？

So you don't see it in the plan architecture now, but that is something we're going to be actively working on and test that we can deploy that.

所以你現在在計劃架構中看不到它，但這是我們將積極致力於並測試我們可以部署它的事情。

And if you look across our competitive set and a decrease, take rate is probably in multiple cases, the very first line item on widened.

如果你看看我們的競爭環境和下降情況，在多種情況下，採用率可能會增加，第一個項目就擴大了。

In my opinion, one of the reasons why I think, you know, certain larger sellers are people who would adopt and linking our invoicing products might not use Squarespace might not even be in our ecosystem.

在我看來，我認為某些較大的賣家會採用並連結我們的發票產品的原因之一可能不會使用 Squarespace，甚至可能不在我們的生態系統中。

So we have a lot coming there, and it's just a huge unlock for us.

所以我們有很多東西要去那裡，這對我們來說是一個巨大的解鎖。

So right now, we're just we're focused on making sure that the systems we wouldn't be at 100% U.S. rollout and Internet moving into all of our international markets and then integrating that to our plan architecture.

所以現在，我們只是專注於確保我們的系統不會 100% 在美國部署，並將互聯網轉移到我們所有的國際市場，然後將其整合到我們的計劃架構中。

So that's all just frankly, super exciting.

坦白說，這一切都非常令人興奮。

And we're all spending a lot of time here looking into it.

我們都花了很多時間來研究它。

Okay.

好的。

So just to follow hedges, pricing, perhaps what does that meant and customers that have been exposed to Squarespace payments coming into your or your customer ecosystem?

那麼，只要遵循對沖、定價，也許這意味著什麼，以及接觸過 Squarespace 付款的客戶進入您或您的客戶生態系統？

So what I'm talking about is not something you see in production right now.

所以我所說的並不是你現在在生產中看到的東西。

So this is something we have the ability to do and are currently contemplating it in our rebundling and you know, just new new offerings as we as we continue to shape the commerce product that is not currently out.

因此，這是我們有能力做的事情，目前正在我們的重新捆綁中考慮它，你知道，只是新的新產品，因為我們繼續塑造目前尚未推出的商業產品。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Your next question comes from the line of Andrew Boone with J&P Securities.

您的下一個問題來自 J&P 證券公司的安德魯·布恩 (Andrew Boone)。

Your line is now open.

您的線路現已開通。

Thanks, much for taking my questions.

非常感謝您回答我的問題。

I may.

我可以。

Can you unpack the 2020 for guidance, given the fact you've given us kind of domains revenue, is that 8% kind of high single digit number right to think about for 2024?

鑑於您已經給我們提供了一定的域名收入，您能否對 2020 年進行分析以獲取指導，對於 2024 年，考慮 8% 的高個位數數字是否正確？

Is there anything else we should consider as we're doing our math?

當我們進行數學計算時，還有什麼是我們應該考慮的嗎？

And then Anthony, on domains.

然後是安東尼，關於域名。

Can you just help us understand where you on that cross-sell into other Squarespace products and what the strategy is there?

您能否幫助我們了解您在哪些方面交叉銷售其他 Squarespace 產品以及其中的策略是什麼？

Thank you so much.

太感謝了。

Yes.

是的。

Thanks for the question, Andrew.

謝謝你的提問，安德魯。

So for '24 guidance, Jim, we certainly into '23 very strong.

因此，對於 24 年的指導，吉姆，我們在 23 年的發展肯定非常強勁。

It was an incredible year at 17% year over year growth rate, which was driven by the top driver of our core business of the retention of our existing, an acquisition of new against the backdrop of rising electricity prices.

這是令人難以置信的一年，年成長率達到 17%，這是由我們核心業務的最大推動力，即保留現有業務以及在電價上漲的背景下收購新業務所推動的。

So as we go into two 2024 18% growth at the top end of the range is really driven a combination of what we disclosed for Google to name, but that core business coming through.

因此，當我們進入 2024 年 18% 的上限增長時，這實際上是由我們為谷歌披露的內容以及核心業務的實現所推動的。

But we are lapping the pricing.

但我們正在調整定價。

And so you will see that impact in the 2024 guide as well.

因此，您也會在 2024 年指南中看到這種影響。

As I said in my opening remarks, we've built immaterial cross-sell for the Google Domains.

正如我在開場白中所說，我們已經為 Google Domains 建立了非實質的交叉銷售。

I'll let Andy talk really the focus of migrating those domains.

我會讓安迪真正談談遷移這些網域的重點。

Yes.

是的。

And just to reemphasize, in 2023, we saw some of the strongest quarters ever, including COVID quarters in our core business.

再次強調一下，2023 年，我們看到了一些有史以來最強勁的季度，包括我們核心業務中的新冠疫情季度。

And so, you know, I'm sure we'll get to it later, but we've built it and really no material that changes in the '24 guidance due date anymore pricing changes other than an update to some of our customers who are currently not list, that will be at least, but that is that is not a single digit millions sort of thing.

所以，你知道，我確信我們稍後會討論它，但我們已經構建了它，並且實際上沒有任何材料會在24 指導到期日發生變化，除了對我們的一些客戶進行更新之外，價格也發生了變化目前還沒有列出，至少會是這樣，但這不是數百萬之類的事情。

We talk about pricing and pricing strategy later.

我們稍後再討論定價和定價策略。

And to your question on domains and cross sell.

關於域名和交叉銷售的問題。

So right now, the answer is nowhere because we're still in the process of migrating everyone over relief.

所以現在，答案無處可尋，因為我們仍在將所有人轉移到救濟地點。

We have a new interface coming on next week, which to be kind of the foundation for more cross-sell and upsell what we're really just focused on a seamless transition, making sure everything is working perfectly to make sure that no interruptions and we'll be doing after the next couple of months.

我們下週將推出一個新介面，這將成為更多交叉銷售和追加銷售的基礎，我們真正關注的是無縫過渡，確保一切正常運行，以確保沒有中斷，我們接下來的幾個月後就會做。

And then after that, we'll be thinking more about cross-sell and upsell.

之後，我們將更多地考慮交叉銷售和追加銷售。

That being said, we do have a elevated at new stream of new domains coming in.

話雖如此，我們確實有大量新網域湧入。

They we are seeing attach rates into as Googling website products at four, and that is greatly elevated versus last year.

我們看到它們作為谷歌搜尋網站產品的附加率達到了四，這比去年大大提高了。

And the early results, considering we're literally doing almost nothing is encourage the encouraging that what they're attaching.

考慮到我們實際上幾乎沒有做任何事情，早期的結果鼓勵了他們所附加的內容。

I mean, the thesis here is not really like to hard hitting all small businesses in the world, need domain, a website and e-mail.

我的意思是，本文並不是要嚴厲打擊世界上所有需要網域、網站和電子郵件的小型企業。

And so we're just refining the offering there, and we're going to have plenty of opportunity later and throughout the year and throughout these customers lifecycles to get them into that a trifecta of products.

因此，我們只是完善那裡的產品，我們將在以後、全年以及整個客戶生命週期中有大量機會讓他們使用這三重產品。

Thank you.

謝謝。

Siti Panigrahi with Mizuho.

西蒂·帕尼格拉希 (Siti Panigrahi) 與瑞穗 (Mizuho)。

Thanks for taking my question.

感謝您提出我的問題。

And thirdly, and of course, this has been a pioneer in website building on the always differentiate yourself from this crowded market competitive market.

第三，當然，這是網站建立的先驅，始終使自己從這個擁擠的市場競爭市場中脫穎而出。

So now the question we're getting with this emergence of a new competition to us now leveraging a I am wondering how you're positioning yourself from the pack and all some of the investment you did on the AI side.

因此，現在我們面臨的問題是，隨著新的競爭的出現，我們現在利用的是，我想知道您如何從群體中定位自己以及您在人工智慧方面所做的所有投資。

Could you talk about how the product in our chain changes right now that you're offering?

您能談談您現在提供的產品鏈中的產品有何變化嗎？

And also in terms of go-to-market what you are doing?

在進入市場方面您正在做什麼？

Yes, sure.

是的，當然。

Thanks for the question.

謝謝你的提問。

At refresh last year, which is just it really kind of on this a couple of months ago, we have some demo.

在去年的刷新中，也就是幾個月前，我們有一些演示。

Video is about how we plan on and have incorporated a I advancement into the product.

影片介紹了我們如何規劃並將一項進步融入產品中。

I mean, Squarespace has always had a machine learning group here and which we use insights from to Thanks in the setup experience.

我的意思是，Squarespace 一直在這裡有一個機器學習小組，我們在設定體驗中使用來自「感謝」的見解。

So I think a couple of things to first of jumping back to your original kind of positioning as Squarespace, which is how I believe we're positioned to, which is that we're really the leader in design and we're the leader in, I believe, quality and all of the things we do.

因此，我認為首先要回到 Squarespace 最初的定位，這就是我認為我們的定位，即我們確實是設計領域的領導者，我們是，我相信，品質和我們所做的所有事情。

So coming over the next couple of months, you're going to see more ongoing releases compared with the FDA status.

因此，在接下來的幾個月裡，與 FDA 狀態相比，您將看到更多正在進行的發布。

And ongoing process were always releasing.

並且正在進行的過程總是被釋放。

Things were always updating things.

事物總是在更新。

It's not this big bang.

這不是大爆炸。

Now a tiered were done sort of situation, but we're going to be releasing and a number of incremental improvements under the banner of sort of design intelligence.

現在已經完成了分層的情況，但我們將在設計智慧的旗幟下發布一些漸進式改進。

We're calling it.

我們正在呼喚它。

So it's really not just the fact that AI. is there.

所以這不僅僅是人工智慧的事實。有沒有。

It's the combination of AI., which us and all these smaller startups have equal access to with a tool and it taste level that is really, really, really incredible.

這是人工智慧的結合，我們和所有這些小型新創公司都可以平等地使用一種工具，而且它的品味水平真的非常非常令人難以置信。

I think you can't just have a I generate the code for your site have no tool, no posting no domains, no order management, no e-commerce capabilities like you have to build all this stuff.

我認為你不能只是為你的網站產生程式碼，沒有工具，沒有發布域名，沒有訂單管理，沒有電子商務功能，就像你必須建立所有這些東西一樣。

And of course, it has an amazing technology stack that we're building on top of.

當然，我們正在建立一個令人驚嘆的技術堆疊。

So we're constantly releasing a I improvements into our editor into blueprint into setup.

因此，我們不斷發布對編輯器和設定藍圖的改進。

We have new services going online.

我們有新的線上服務。

They understand the context of your brand and kind of start to help you automatically put that into prompt, you build your site.

他們了解您的品牌背景，並開始幫助您自動將其納入提示，您建立您的網站。

So a lot of releases.

所以發布了很多。

I agree.

我同意。

I take I look at the refresh stuff and then office.

我先看看刷新的東西，然後再辦公室。

Stay tuned for that design intelligence appearing on the front side.

請繼續關注正面的設計智慧。

That's really how we are going to continue to integrate a I guess anything, but just one more thing on this is that a lot of the magical stuff people see with mid journey attack, GBT. or whatever.

這確實是我們將繼續整合的方式，我想任何事情，但還有一件事是人們在中途攻擊中看到的很多神奇的東西，GBT。管他呢。

We've integrated a lot of that into the interface, which is a convenient staying, but also keep in mind that I think this is directionally correct, don't quote me exactly, but like a third or a third of Americans have used chat GPT.

我們已經將很多內容整合到介面中，這是一個方便的停留，但也要記住，我認為這是方向正確的，不要完全引用我的話，但就像三分之一或三分之一的美國人使用過聊天GPT。

So whatever they're getting there, if that's not augmented with a great tool is just a commodity at this point.

因此，無論他們得到什麼，如果沒有一個偉大的工具來增強，那麼此時就只是一種商品。

So we're looking at and make sure our integration of AI. isn't the same tricks.

因此，我們正在研究並確保人工智慧的整合。不是同一個招數。

We see everyone use and is something genuinely useful for our customers.

我們看到每個人都在使用，並且對我們的客戶來說是真正有用的東西。

That's great color.

那顏色真棒。

And then just quick housekeeping one question.

然後快速整理一個問題。

So I don't know if you talked about the Google Doman impact on revenue and gross margin in Q4.

所以我不知道您是否談到了 Google Doman 對第四季營收和毛利率的影響。

Yes, happy to unpack that a little bit there.

是的，很高興能在那裡稍微解開它。

As a reminder, the for Google Domains, you will see the impact of revenue.

提醒一下，對於 Google Domains，您將看到收入的影響。

We recognize that over 12 months.

我們認識到這一點已經超過 12 個月了。

So you'll see the initial impact in bookings, which we saw 20% year over year.

因此，您會看到預訂量的初步影響，我們看到預訂量比去年同期增長了 20%。

Growth in bookings in Q4, which is predominantly driven by the group, remains that the revenue impact you will see over time, there was an 820 basis points of degradation in our margin, which we were not surprised by that because we recognize the registry cost upfront, whereas revenue is recognized over time.

第四季的預訂量成長主要由集團推動，隨著時間的推移，您將看到收入影響，我們的利潤率下降了 820 個基點，我們對此並不感到驚訝，因為我們認識到註冊成本預付，而收入則隨著時間的推移而確認。

So you'll see that continue in the first half of 2024 (technical difficulty) .

所以你會看到這種情況在 2024 年上半年持續（技術難度）。

And then as we lap the anniversary for both,

然後當我們慶祝兩人的周年紀念日時，

Please standby actually reconnect our speaker line.

請等待實際重新連接我們的揚聲器線。

Speaking to you have been reconnected.

與您的通話已重新連線。

Please proceed.

請繼續。

Hey there.

嘿。

Sorry about that.

對於那個很抱歉。

And so I'll take it from the top on the pricing question again.

因此，我將再次從頂部討論定價問題。

And so first off, I had spent about it.

所以首先，我已經花了很多錢。

It will be two years since our original price increases in August in August and September in that timeframe and also referenced was at some people picked up on a list price tests that we were doing about a month ago.

距離我們在八月和九月的最初提價已經過去了兩年，而且還提到了一些人在大約一個月前進行的標價測試中發現的情況。

So first off, we're always doing price testing.

因此，首先，我們一直在進行價格測試。

We have tons of price tests in the market.

我們在市場上進行了大量的價格測試。

The one that was being observed is a pretty slight increase.

觀察到的情況是略有增加。

So I think there's like 5%, 10% across the board.

所以我認為整體來說大概有5%、10%。

Certain plants changing more than others.

某些植物比其他植物變化更多。

It's something like that ends up being successful and we can move up list prices for new customers in that August, September timeframe.

類似的事情最終會成功，我們可以在八月、九月的時間範圍內提高新客戶的標價。

That would mean that everyone is then again below list, and we would have another opportunity to hopefully do a really marginal the price increase again.

這意味著每個人都再次低於列表，我們將有另一個機會希望再次實現真正的邊際價格上漲。

But of course, this has joined implications and '25 and '26 because it affects millions and millions and millions of people.

當然，這已經加入了「25」和「26」的含義，因為它影響著數以百萬計的人。

And just to remind everyone, we saw a really positive back retention dynamics when we did this last time.

只是提醒大家，當我們上次這樣做時，我們看到了非常積極的背部保留動力。

And so I would like to think that that will be the same or better this time around means it's not the very first price increase.

因此，我認為這次的情況會相同或更好，這意味著這不是第一次漲價。

The other thing I would mention is, again, going back to payments and what this can unlock with respect to a broader pricing strategy, us being able to change the take rate as part of the SaaS tiers and contemplate different platform fees on different ways to transact is a huge change, and we couldn't do it before because we didn't have this end market.

我要提到的另一件事是，再次回到支付問題，以及這可以在更廣泛的定價策略方面釋放什麼，我們能夠改變作為SaaS 層的一部分的採用率，並以不同的方式考慮不同的平台費用transact是一個巨大的改變，之前我們做不到，因為我們沒有這個終端市場。

And so what are the biggest things that I'm sure because you are watching the pricing picture probably by the test on is on plan is that are differentiated based on take rate and platform fees.

因此，我確信最重要的事情是什麼，因為您正在觀看定價圖片，可能是透過計劃中的測試進行的，這些事情是根據收取率和平台費用進行區分的。

And that will hopefully allow us to introduce commerce to basically everyone using the platform and just differentiate based on take rate.

這有望讓我們向基本上使用該平台的每個人介紹商業，並根據使用率進行區分。

So you'll be able to use invoices, donations classes in courts to sell physical product, sell services, book appointments all across Squarespace.

因此，您將能夠在 Squarespace 上使用發票、法庭捐贈課程來銷售實體產品、銷售服務、預約。

And and you just got a lower take rate with a higher Sassy.

而且你只是得到了較低的接受率和較高的 Sassy。

So that's kind of what we've got in store for pricing.

這就是我們準備的定價。

I mean, in my mind, once every two years doesn't feel particularly aggressive with respect to a modest increase in price.

我的意思是，在我看來，每兩年一次對於價格的適度上漲並沒有特別激進的感覺。

So yes, that's kind of how we're how we're adjusting and it needs.

所以，是的，這就是我們正在調整的方式，也是它所需要的。

And none of that is built into guidance except for a tape and the cohort of people who are not currently at the previous list price.

除了磁帶和目前未達到先前標價的一群人之外，所有這些都沒有納入指導。

Correct.

正確的。

But is it immaterial to the 2024 guide at single-digit millions.

但這對 2024 年的個位數百萬目標來說並不重要。

Okay.

好的。

That's really helpful.

這真的很有幫助。

A follow-up on the Swiss-based domains experience and some of the work you're doing there.

關於瑞士域名經驗以及您在那裡所做的一些工作的後續行動。

I'll jump in the fourth largest registrar business.

我將進軍第四大註冊商業務。

Now anymore color you could share around what what that experience like, how it's changed in differentiating as a registrar business to drive more traffic you guys versus US and the other competitors?

現在，您可以分享一下這種體驗是什麼樣的嗎？作為一家註冊商業務，與美國和其他競爭對手相比，在差異化方面如何改變以吸引更多流量？

Right now, most of our efforts have been on making sure the migration of the successful and also improving our interface for people who were interested in having a domain and e-mail or I know website or multiple domains are worth, yes, domain that forwards elsewhere, our et cetera.

目前，我們的大部分努力都是確保成功遷移，並為有興趣擁有網域和電子郵件的人改進我們的介面，或者我知道網站或多個網域值得，是的，轉發的網域其他地方，我們的等等。

So again, I think as early as next week, you may see a new interface starting to rollout, which is just a big upgrade on everything that's going on in the majority of the customers moving over from Google will experience that interface.

因此，我認為最早在下週，您可能會看到一個新介面開始推出，這只是對大多數從 Google 轉移過來的客戶將體驗該介面所發生的一切的重大升級。

The migration is and started from.

遷移是從開始的。

But there is, you know, it's a small percentage of the actual number of domains and have actually moved over right now.

但是，您知道，它只佔實際網域數量的一小部分，而且現在實際上已經轉移了。

We're just being really careful any goal.

我們只是對任何目標都非常小心。

I will say since we closed the transaction in September, we are seeing very good retention of the legacy business that continues to exceed the expectations that we had to close the deal.

我要說的是，自從我們在 9 月完成交易以來，我們看到遺留業務得到了很好的保留，繼續超出了我們完成交易的預期。

So happy with for all transactions where it's trending.

對所有趨勢交易感到非常滿意。

Thanks so much, guys.

非常感謝，夥計們。

Thank you.

謝謝。

The next question comes from the line of Ken Wong with Oppenheimer.

下一個問題來自 Ken Wong 和 Oppenheimer 的對話。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to maybe just kind of dive in on the fiscal '24 revenue guidance.

我想也許只是深入了解一下 24 財年的營收指引。

Again, one way I think we typically think about the growth rate of revenue.

再說一遍，我認為我們通常會考慮收入成長率的一種方式。

Is that kind of bookings lead revenue?

這種預訂會帶來收入嗎？

You obviously exited with it with a really high 23% bookings growth rate.

顯然，您以 23% 的預訂成長率退出了。

I guess why wouldn't we think of Radian closer to that number?

我想我們為什麼不考慮更接近這個數字的弧度呢？

Is there something missing in terms of the all the revenue lag or what might be in bookings versus versus top line?

收入滯後或預訂量與營收相比是否有缺失？

Yes.

是的。

A great question can be.

一個很好的問題可能是。

So the 23% year over year bookings in Q4 that we saw on the top driver of that was what Google Domains flowing through.

因此，我們看到，第四季預訂量年增 23%，這是 Google Domains 的主要動力。

The second driver being our core business as that flows through to about '24 because we recognize the revenue from Google over 12 months, you don't see that tick up really until the last half of the year when we lap the the acquisition.

第二個驅動因素是我們的核心業務，因為它一直持續到24 世紀左右，因為我們在12 個月內確認了來自谷歌的收入，直到今年下半年我們完成收購時，你才會看到這種收入真正上升。

And so the last latter part of this year, you will see improvement on that side.

因此，今年下半年，你會看到這方面的進步。

(technical difficulty) Got it, but at a high level, but all kind of that booking lead revenue shouldn't be too much of a stretch like are granted as maybe some ups and downs depending on quarter.

（技術難度）明白了，但處於高水平，但所有預訂線索收入不應該像理所當然的那樣太誇張，因為可能會根據季度而起伏。

And obviously, you've got some from acquisitions that we have the kind of worked through.

顯然，我們已經從收購中獲得了一些成果。

Correct.

正確的。

That is can that is the essence of our model.

這就是我們模型的本質。

Okay, perfect.

好的，完美。

And then maybe just a follow-up for you, Anthony, on the again on the on the domain side, now that you guys have harmonized the experience, you get that taken ownership of it from Google, like are you seeing a similar kind of customer funnel coming in?

然後也許只是你的後續行動，安東尼，在域方面，現在你們已經協調了體驗，你從谷歌那裡獲得了它的所有權，就像你看到類似的情況一樣客戶漏斗進來了？

I realize the retention has been really good, but I'm just wondering in terms of kind of a new lead gen and that's been consistent with expectations when you when you purchase the asset.

我意識到保留率非常好，但我只是想知道新的潛在客戶開發的方式，這與您購買資產時的預期一致。

The new lead gen remains greatly elevated over our stand-alone business from last year.

與去年相比，新的潛在客戶數量仍然大大高於我們的獨立業務。

And that elevation has been sustained.

而這種提升一直持續著。

I think it and the attach rate on those new customers, we're monitoring very closely, even though we do not have an optimized experienced there just to reemphasize that we have not currently migrated over most Google Domains.

我認為我們正在非常密切地監控這些新客戶的附加率，儘管我們沒有優化經驗，只是再次強調我們目前尚未遷移到大多數 Google Domains。

We've migrated a minority over and we have an interface out there that does not prioritize cross-sell and upsell that you'll see something appear again within a week or so.

我們已經遷移了少數人，我們有一個介面，它不優先考慮交叉銷售和追加銷售，您會在一周左右的時間內看到某些內容再次出現。

It doesn't have much better job at that.

在這方面它沒有更好的工作。

So it's in it's just extremely early days on by in terms of how we're positioned.

因此，就我們的定位而言，現在還處於非常早期的階段。

This fits into my mind is that trifecta things, all small businesses need a website, e-mail and the domain.

這符合我的想法，三連勝，所有小型企業都需要一個網站、電子郵件和網域。

And so we're going to continue to iterate on that experience.

因此，我們將繼續迭代這項經驗。

But yes, the funnel increase of new customers and really, really encouraging.

但是，是的，新客戶的增加確實非常令人鼓舞。

It'll only get better as we solidify the domains offering and get better as your optimization refined our packaging and offering it.

當我們鞏固網域產品時，它只會變得更好，並且隨著您的優化完善我們的包裝和提供它，它只會變得更好。

But it's just, you know, it's really, really early days.

但這只是，你知道，現在還處於非常非常早期的階段。

So I think the revenue in the bookings are seeing are great, but I think the best is yet to come.

因此，我認為預訂收入非常可觀，但我認為最好的時刻尚未到來。

And I would layer on that.

我會在此之上分層。

It is important as you think about the guide because we are very focused on the migration that that is a successful customer experience becoming a Squarespace customer.

當您考慮本指南時，這一點很重要，因為我們非常關注遷移，即成為 Squarespace 客戶的成功客戶體驗。

That is why we've not included the cross-sell impact from these millions of customers coming into the square feet.

這就是為什麼我們沒有包括數百萬客戶進入平方英尺的交叉銷售影響。

Yes,

是的，

The guidance we're able to cross-sell the air because we just need to observe it.

我們能夠交叉銷售空氣的指導，因為我們只需要觀察它。

Yes, yes.

是的是的。

Perfect.

完美的。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

Apologies for.

為表示歉意。

The next question comes from the line of Chris Jane, UBS.

下一個問題來自瑞銀集團 (UBS) 的 Chris Jane。

Thanks for taking my question.

感謝您提出我的問題。

So I wanted to hear your perspective on the vertical verticalization in less than builders and pretty notably in the POS software industry.

因此，我想聽聽您對非建築商尤其是 POS 軟體產業垂直垂直化的看法。

And I guess, particularly by some of the leading restaurant POS providers offering less homebuilders for, for example, with on Clover Go to the market with Bendel box post and shift for having recently introduced less of bidders for their restaurant customers.

我想，特別是一些領先的餐廳 POS 提供商提供的住宅建築商較少，例如，在 Clover Go 上使用 Bendel 箱郵報和班次進入市場，因為最近為其餐廳客戶引入了較少的投標人。

And of course, Square has had quickly and squarely aligned for a while.

當然，Square 已經快速、正確地結盟了一段時間了。

So those are not their core business, but those are tightly integrated POS off those restaurants used to run their business day in and day out.

因此，這些不是他們的核心業務，但這些是與那些日復一日經營的餐廳緊密整合的 POS。

But maybe can you share with us we've seen an increase in competition from on these types of our vertical software providers, hospitality and maybe some other vertical and also can you discussed in the cross-sell between Park and you're on existing less that product.

但也許您可以與我們分享一下，我們已經看到來自這些類型的垂直軟體提供商、酒店業以及其他一些垂直行業的競爭日益激烈，您也可以在Park 之間的交叉銷售中討論一下您現有較少的軟體嗎？那個產品。

Sure.

當然。

We generally have not observed a large amount of competition, when and e-mail marketing companies or other companies to put us out, companies want to offer a website with their core offerings.

我們通常沒有觀察到大量的競爭，當電子郵件行銷公司或其他公司將我們排除在外時，公司希望提供一個包含其核心產品的網站。

In fact, the kind of reverse economics should be true like it certainly isn't Squarespace.

事實上，這種逆向經濟學應該是真實的，就像它肯定不是 Squarespace 一樣。

I mean, you know if the website right now is, yes, 20, 30, 40 hours in month that talk subscription is 100 and the GMV play into the platform is what's really important and frankly, how a lot of these businesses are driving there.

我的意思是，你知道現在的網站是否每月有20、30、40 小時，談話訂閱量為100，平台的GMV 發揮的作用才是真正重要的，坦白說，有多少此類企業正在推動該平台的發展。

Their choice of tools, right?

他們選擇的工具，對吧？

It's kind of inverted from website first and then the rest of the tools so that we certainly see that.

它首先與網站相反，然後與其他工具相反，因此我們當然可以看到這一點。

I think what's interesting is for us as we get kind of more vertical scalable tools in place, like, for instance, our email marketing tools and can further integrate those with talk that kind of upsell is much more of what we'd be looking to do versus having, you know, a couple of thousand additional websites from the restaurant customers.

我認為對我們來說有趣的是，因為我們擁有了更多垂直可擴展的工具，例如我們的電子郵件行銷工具，並且可以進一步將這些工具與對話相結合，這種追加銷售更符合我們的期望與擁有餐廳顧客提供的數千個額外網站相比。

So, you know, I mean, if a vertical provide a status of a few thousand websites, it's really kind of immaterial to us.

所以，你知道，我的意思是，如果一個垂直產業提供數千個網站的狀態，那對我們來說真的是無關緊要的。

But that being said, there was always a giant overlap between talking squared.

但話雖這麼說，平方的說法之間總是存在著巨大的重疊。

It's just organically and kind of talk restaurants, of course, having their own brand used Squarespace.

當然，這只是有機的、談論性的餐廳，有自己的品牌使用 Squarespace。

And so that's where a lot of that came from originally.

這就是其中許多內容最初的來源。

But the cross-sell we're looking for is more higher margin, higher value products, not now necessarily.

但我們正在尋找的交叉銷售是更高利潤、更高價值的產品，但現在不一定。

Yes, the website, SaaS subscription.

是的，網站、SaaS 訂閱。

Got it.

知道了。

That's very helpful, Anthony.

這非常有幫助，安東尼。

And I guess a follow-up would be maybe just can you talk about the top of funnel strength in the core less deposits so far this year, given Q1 is such an important quarter?

我想，考慮到第一季是如此重要的一個季度，您能否談談今年迄今為止核心存款的漏斗頂部實力？

Yes, it's really strong.

是的，它確實很強。

And you know, again, I mentioned multiple times that last year, we had some of our best quarters ever from new trust of trials created.

你知道，我再次提到去年，我們透過新的試驗信任創造了一些有史以來最好的季度。

We're just kind of where what we are two-thirds through Q1, and it's a it's been really positive sign.

截至第一季度，我們已經達到了三分之二的水平，這是一個非常積極的跡象。

So we're on track.

所以我們步入正軌。

Great.

偉大的。

Thank you.

謝謝。

Naved Khan with B. Riley Securities.

Naved Khan 與 B. Riley 證券公司。

Good.

好的。

Thanks a lot.

多謝。

So two questions. one on on on your marketing spend as a percentage of revenues, which was elevated versus Q4 of '22, is that just the privately leaning into marketing because you see opportunity?

那麼兩個問題。談談您的行銷支出佔收入的百分比，與 22 年第四季相比有所提高，這是否只是因為您看到機會而私下傾向於行銷？

Or is it more of a channel mix?

或更多的是渠道組合？

Just wondering what's going on or maybe associated with the push into acuity and so that's that's one.

只是想知道發生了什麼，或者可能與敏銳度的提高有關，這就是其中之一。

The other is just unknown, our new markets.

另一個是未知的，即我們的新市場。

Jonathan, the any thoughts on like maybe going into any new international markets home in 2024?

喬納森，對於 2024 年進入任何新的國際市場有什麼想法嗎？

And so I'll start with your on the marketing and sales question specifically on Q4, there are several things rolling through there.

因此，我將從您的行銷和銷售問題開始，特別是第四季度的行銷和銷售問題，其中有幾件事正在發生。

The amortization of the additional expense related to the Google acquisition roll through their seasonality.

與Google收購相關的額外費用的攤銷按其季節性進行。

We do on Q1 is historically a high dose.

我們在第一季所做的工作在歷史上是高劑量的。

And so we spend into that in Q4.

因此我們在第四季度投入了資金。

Obviously that's not a surprise, but I would encourage you to look at the annual for marketing to help lead our ratios because there is seasonality within each quarter.

顯然，這並不奇怪，但我鼓勵您查看年度行銷報告，以幫助引導我們的比率，因為每個季度都有季節性。

But on an annual basis, you'll see a marked improvement both on golf GAAP and non-GAAP.

但每年，您都會看到高爾夫公認會計準則和非公認會計準則的顯著改善。

Please ensure your line is unmuted if there is a follow-up.

如果有後續情況，請確保您的線路未靜音。

Yes, I do that as a follow-up for Anthony.

是的，我這樣做是為了安東尼的後續行動。

Tom, just about any plans to enter a new international market in 2024.

湯姆，關於 2024 年進入新國際市場的計劃。

Apologies, Snohvit and participants, please hold as we reconnect our speaker lines.

抱歉，Snohvit 和參與者，請稍候，我們將重新連接揚聲器線路。

Once again, please hold as we reconnect our speakers lines.

請再次按住，我們將重新連接揚聲器線路。

Now that please restate your question.

現在請重申你的問題。

Our speakers have rejoined the line.

我們的發言人重新加入隊伍。

Yes.

是的。

My second question was for plant about if you have any plan to add a new market, a new deal in 2024.

我的第二個問題是問工廠，你們是否有計劃在 2024 年增加新市場、新交易。

Yes.

是的。

I think nascent nascent comments apply that to the spend overall.

我認為新的評論將其應用於整體支出。

So I'll bridge into international or just kind of comment on because generally, you see inefficiencies in our spend.

因此，我將談到國際或只是某種評論，因為一般來說，您會看到我們的支出效率低下。

It is because of us trying to grow and international market where we don't have the same spend dynamics and presence as in the US.

這是因為我們試圖發展國際市場，但我們沒有像美國那樣的支出動態和影響力。

And yes, we're looking at a couple of different Asian markets, one in particular, as we go into 2024 or it's a heavier lifting in terms of translation, but should be an exciting one for us.

是的，我們正在關注幾個不同的亞洲市場，特別是其中一個，隨著我們進入 2024 年，或者翻譯方面的提升會更大，但對我們來說應該是一個令人興奮的市場。

Thank you.

謝謝。

Thanks.

謝謝。

The next question comes from the line of Alexi Coke left with JPMorgan.

下一個問題來自亞歷克西·科克（Alexi Coke）離開摩根大通的路線。

Your line is now open.

您的線路現已開通。

Hello, everyone.

大家好。

I was wondering if you could possibly comment and what was the contribution of payments business on that basis than the fourth quarter?

我想知道您是否可以評論一下，在此基礎上支付業務比第四季度的貢獻是什麼？

And what do you expect the contribution for the payments business on a net basis to be in 2024?

您預計 2024 年支付業務的淨貢獻為何？

Yes, both for 2023 and 2024, it is immaterial onto the results and to the guide, we are focused on that, you know, exposing it to have first, the U. S new customers as we have successfully done in the rules, allowed international markets and '24 and then open up to exist.

是的，無論是 2023 年還是 2024 年，結果和指南都不重要，我們的重點是，你知道，首先向美國新客戶展示，正如我們在規則中成功做到的那樣，允許國際市場和'24然後開放才能存在。

So you won't see a material impact until '24.

因此，直到 24 年前您才會看到實質影響。

Okay.

好的。

Thank you for that.

謝謝你。

Thanks, And then Anthony, I had another very high level question around the the comment of your capital allocation.

謝謝，然後安東尼，關於您的資本配置評論，我還有另一個非常高級的問題。

Obviously that the $500 million buyback sounds very impressive.

顯然，5億美元的回購聽起來非常令人印象深刻。

I was wondering if first of all you have any thoughts on the potential cadence where whether it will be front loaded or evenly split over a certain period of time?

我想知道，首先您是否對潛在的節奏有什麼想法，是在一段時間內提前加載還是平均分配？

And then what's your thinking around the potential impact on free float, which is relatively lower versus some of the peers?

那麼，您對自由流通量的潛在影響有何看法？與某些同業相比，自由流通量相對較低？

Sure.

當然。

So we have the $200 million authorized from a year-and-a-half two years ago, which is expiring.

因此，我們兩年前一年半授權的 2 億美元即將到期。

So this is our refreshing and it's more is opportunistic.

所以這是我們的刷新，更多的是投機取巧。

And if we see things floating into certain levels, much like you saw with over two years, yes, we're able to show our support for the stock and buy into it.

如果我們看到事情上升到一定水平，就像你在兩年多的時間裡看到的那樣，是的，我們能夠表達我們對股票的支持併買入它。

And there is no specific cadence that there's no, there's nothing around that that that's being contemplated,

沒有具體的節奏，沒有，周圍沒有任何正在考慮的事情，

And I should also emphasize that this will probably be an ongoing portion of the house Squarespace operates in terms of return of capital, and it shouldn't be viewed as being instead of something else.

我還應該強調，這可能是 Squarespace 在資本回報方面運作的一個持續的部分，並且不應將其視為替代其他東西。

It's not instead of us buying something.

它不是代替我們買東西。

It's not instead of us growing headcount as you've seen over the year as we've been really, really disciplined about moving free cash flow up.

這並不是我們增加員工人數，正如您在過去一年中所看到的那樣，因為我們在增加自由現金流方面一直非常非常自律。

And it's just one of the many things we can do with that.

這只是我們可以做的眾多事情之一。

Also, I think they've been quoted are net debt leverage ratio earlier.

另外，我認為他們之前引用的是淨債務槓桿。

It's very, very low.

這是非常非常低的。

So we're not stopped from doing anything because of this, and it's just a component of how we're going to operate in addition to expanding margins.

因此，我們不會因此而停止做任何事情，這只是除了擴大利潤之外我們將如何運作的一個組成部分。

Yes, I would layer on that.

是的，我會對此進行分層。

I'd like to say you should we would do the share repurchase program.

我想說我們應該進行股票回購計畫。

And as an integral part of our overall capital allocation strategy Investor Day in May, we will talk more about our overall philosophy around capital allocation.

作為五月投資者日整體資本配置策略的一個組成部分，我們將更深入討論我們關於資本配置的整體理念。

Thank you, Bill.

謝謝你，比爾。

Thank you. this will conclude today's conference call.

謝謝。今天的電話會議到此結束。

Thank you all for joining, and you may now disconnect your lines.

感謝大家的加入，現在您可以斷開線路了。