Squarespace Inc (SQSP) 2024 Q1 法說會逐字稿

Good morning. My name is Melissa, and I will be your operator today. At this time, I would like to welcome everyone to Squarespace First-Quarter 2024 earnings conference call, all lines have been placed on mute to prevent any background noise. After the prepared remarks, there will be a question and answer session. (Operator Instructions)

早安.我叫梅麗莎，今天我將成為您的接線生。此時此刻，我歡迎大家參加 Squarespace 2024 年第一季財報電話會議，所有線路均已置於靜音狀態，以防止任何背景噪音。準備好的發言結束後，將進行問答環節。 （操作員說明）

Thank you. I will now hand the call over to your host, Squarespace, Clare Perry. Clare, please go ahead.

謝謝。現在我將把電話轉交給主持人 Squarespace 克萊爾佩里 (Clare Perry)。克萊爾，請繼續。

Good morning, and thank you for joining Squarespace First Quarter 2024 earnings conference call. This is Claire Paris, Head of Investor Relations, and I'm joined by Anthony Consolino. Squarespace is 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.

早安，感謝您參加 Squarespace 2024 年第一季財報電話會議。我是投資人關係主管克萊爾‧帕里斯 (Claire Paris)，和我一起的是安東尼‧康索利諾 (Anthony Consolino)。 Squarespace 是創辦人兼首席執行官，Nathan Gooden 是財務長。在他們準備好發言後，我們將開始回答您的問題。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 will 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.

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。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。這些措施不應孤立於我們的公認會計原則報告，也不應取代我們的公認會計原則報告。

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

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業務的能力相關的聲明。

These risks are further defined in our most recent filings with the Securities and Exchange Commission. Any forward-looking statements that we make on this call are based on assumptions as of this date, May seventh, 2024. We undertake no obligation to update these statements as a result of new information or future events except where required by law. Please note that all comparisons are on a year-over-year basis unless we state otherwise.

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所做的任何前瞻性陳述均基於截至 2024 年 5 月 7 日的假設。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。

Thanks, Claire, and good morning, everyone. I'm pleased to share that score space's. Q1 was a strong one with our revenue up 19% and bookings up 23%, beating the high end of our guidance on both metrics. Unlevered free cash flow margin within the quarter was 32%, further setting us up for a fantastic year.

謝謝克萊爾，大家早安。我很高興分享這個分數空間。第一季表現強勁，我們的營收成長了 19%，預訂量成長了 23%，這兩個指標都超出了我們指導的上限。本季無槓桿自由現金流利潤率為 32%，進一步為我們創造了精彩的一年奠定了基礎。

On the back of the strong performance, we're pleased to raise our fiscal year 2024 outlook today from both a revenue and free cash flow perspective. The quarter was driven by continued organic growth momentum in the core business, specifically websites, where we saw strong retention and new customer growth domestically and globally.

在強勁業績的支持下，我們很高興今天從收入和自由現金流的角度上調了 2024 財年的展望。本季的推動因素是核心業務（特別是網站）持續的有機成長勢頭，我們在網站上看到了國內和全球的強勁保留和新客戶成長。

Squarespace is now positioned as a leader in three primary categories that are critical to all small businesses, website, domains and email. Of course, this demand has been a big focus for us in 2024 as we complete the migration of domains from Google as well as launch constant improvements to our domains platform. Already, millions of demands from Google have been migrated, and we are on track to complete this migration over the summer.

Squarespace 現在被定位為對所有小型企業至關重要的三個主要類別、網站、網域和電子郵件的領導者。當然，這項需求一直是我們 2024 年的重點，因為我們完成了從 Google 的網域遷移，並對我們的網域平台進行了不斷的改進。來自 Google 的數以百萬計的需求已經遷移，我們預計在今年夏天完成此遷移。

The acquisition of Google Domains positions us as one of the top registrars in the world, and we are especially encouraged by the new domains business. We are seeing a funnel, which is showing a strong attach rate into our core web building tools as well as a strong uptake of Google Workspace.

收購 Google Domains 使我們成為世界頂級註冊商之一，新的網域業務尤其令我們感到鼓舞。我們看到了一個漏斗，它顯示出我們的核心網路建置工具的強大附加率以及 Google Workspace 的強勁使用率。

We have nearly reached 100% rollout of our partnership from the Google Workspace side, where Squarespace access the exclusive domain provider for any customer, purchasing a demand along with a workspace subscription from Google Squarespace payments is also off to a great start now available to 100% of customers in the United States and feedback so far has been very positive.

我們在Google Workspace 方面的合作夥伴關係幾乎已實現100% 推廣，Squarespace 可以為任何客戶提供獨家網域供應商的服務，透過Google Squarespace 付款購買需求和工作區訂閱也是一個良好的開端，現在可供100 人使用% 的美國客戶，迄今為止的回饋非常正面。

We launched our migration tool which lets our existing stripe customers move their accounts to Squarespace payments in just a few clicks while retaining their transaction history and without having to re verify their business data.

我們推出了遷移工具，讓我們現有的 stripe 客戶只需點擊幾下即可將他們的帳戶轉移到 Squarespace 支付，同時保留他們的交易歷史記錄，而無需重新驗證他們的業務資料。

We also introduced Klarna, the Squarespace payments, the first of many other ways to pay we will be adding Klarna is the first alternative payment mechanism we introduced in three years and our ability to rapidly innovate on our payments product will unlock multiple new features through the end of the year.

我們也推出了 Klarna，Squarespace 支付，這是我們將添加的許多其他支付方式中的第一個。

A primary focus of ours is enabling selling across all of our plan types and Squarespace and Squarespace payments is a critical unlock for us as we will be bundling it within our various SaaS tiers and adjusting our take rate for higher-value plans, which is the first in our history. We believe this will attract both larger sellers that are not accommodated by our current plan structure and smaller sellers who are just getting started and now have access to even more of our tools.

我們的主要重點是實現所有計劃類型的銷售，而Squarespace 和Squarespace 支付對我們來說是一個關鍵的解鎖，因為我們將把它捆綁在我們的各個SaaS 層中，並調整我們對更高價值計劃的接受率，這是我們歷史上的第一個例子。我們相信，這將吸引我們目前計劃結構無法容納的大型賣家和剛起步且現在可以使用我們更多工具的小型賣家。

I'm also excited to announce that we've recently introduced our AI philosophy as it pertains to web design called design intelligence by Squarespace it is rooted in the principles of a I should augment human creativity rather than replace it.

我還很高興地宣布，我們最近推出了我們的人工智慧理念，因為它與網頁設計有關，由 Squarespace 稱為設計智能，它植根於「我應該增強人類創造力而不是取代它」的原則。

It combines two decades of industry leading design proficiency with AI driven content generation and guidance. This integration will empower entrepreneurs to leave their mark with confidence. While I will feature in all of our products, design intelligence offers customers clear insights into how its application should be applied to their website, explore more about how AI is shaping our current and future endeavors at Squarespace.com/design intelligence.

它將二十年業界領先的設計能力與人工智慧驅動的內容生成和指導相結合。這種整合將使企業家能夠充滿信心地留下自己的印記。雖然我將在我們所有的產品中展示設計智能，但設計智能可以讓客戶清楚地了解如何將其應用應用到他們的網站上，並更多地了解人工智慧如何塑造我們當前和未來的工作，請訪問Squarespace.com/design Intelligence。

All said, it is a very exciting time for our company. I'd like to extend a huge thank you to our customers, team and supporters as we continue our pace of innovation throughout 2024. And with that, I'll turn it over to Nathan.

總而言之，這對我們公司來說是一個非常令人興奮的時刻。隨著我們在 2024 年繼續保持創新步伐，我謹向我們的客戶、團隊和支持者表示衷心的感謝。

Thank you, Anthony. Good morning, everyone, and thank you for joining us today. The investments we have made into building a powerful ecosystem for entrepreneurs everywhere have delivered strength across all elements of our business. We entered the year with strong Q1 2024 results, building on our momentum in 2023 and benefiting from a combination of catalysts, including strength in our core business, pricing and packaging optimization, international expansion in our Domains business, both the organic and Google migration.

謝謝你，安東尼。大家早安，感謝您今天加入我們。我們為為世界各地的企業家建立強大的生態系統而進行的投資為我們業務的所有要素帶來了力量。我們以2024 年第一季的強勁業績進入了這一年，以2023 年的勢頭為基礎，並受益於多種催化劑的結合，包括我們的核心業務實力、定價和包裝優化、域名業務的國際擴張、有機遷移和Google 遷移。

All of these catalysts will continue to drive revenue growth and unlevered free cash flow expansion in 2024 and over the long term at Squarespace, we exceeded our top-line and unlevered free cash flow guidance with revenue growth of 19% and an unlevered free cash flow margin of 32% over 340 basis points of improvement. We continue to drive meaningful revenue growth, improve profitability and deliver strong incremental cash flow. Q1 total bookings of $326 million grew 23%. We are seeing strong growth come from our core website business and our acquired domain assets.

所有這些催化劑將繼續推動 2024 年的收入成長和無槓桿自由現金流擴張，從長遠來看，Squarespace 的收入成長 19%，無槓桿自由現金流超出了我們的營收成長和無槓桿自由現金流指導利潤率提高了340 個基點，達到32%。我們繼續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。第一季總預訂量為 3.26 億美元，成長 23%。我們看到我們的核心網站業務和收購的網域資產帶來了強勁的成長。

Our platform has never been stronger, and we are encouraged by the retention and acquisition of new subscriptions. Our acquired domain assets helped drive our growth as well as a reminder, our acquired domain assets consist of single domain subscriptions originally sold by Google as part of our acquisition of Google Domains. Renewal rates from this customer base continues to surpass our expectations.

我們的平台從未如此強大，我們對新訂閱的保留和獲取感到鼓舞。我們收購的網域資產幫助推動了我們的成長，同時提醒我們，我們收購的網域資產包括最初由 Google 出售的單一網域訂閱，作為我們收購 Google Domains 的一部分。該客戶群的續訂率持續超出我們的預期。

Revenue of $281 million exceeded the high end of our guidance of $274 million to $277 million in the first quarter, which represents 19% growth as reported and 18% in constant currency. Outperformance of our revenue guidance range was primarily due to the strength in our core business where we saw strong new subscription acquisitions from websites, retention and acquisition of unique subscriptions contributed approximately $26 million or over 59% of the growth during the quarter.

第一季營收 2.81 億美元超出了我們指引的 2.74 億美元至 2.77 億美元的上限，按報告成長 19%，以固定匯率計算成長 18%。我們的收入指導範圍的出色表現主要是由於我們核心業務的實力，我們看到來自網站的強勁新訂閱收購、獨特訂閱的保留和收購貢獻了約 2600 萬美元或超過本季度增長的 59%。

Organic growth, excluding revenue associated with our acquired domain assets, was 13% in the quarter. The second largest contributor to revenue growth this quarter was from our acquisition of Google Domains, which contributed approximately $13 million, representing 29% of growth during the quarter.

不包括與我們收購的域名資產相關的收入，本季的有機成長為 13%。本季營收成長的第二大貢獻者來自我們對 Google Domains 的收購，貢獻了約 1,300 萬美元，佔本季成長的 29%。

This amount includes revenue associated with our acquired domain assets domains referred from Google, and we sold domains through our exclusive workspace reseller agreement, we continue to see a positive halo effect following our acquisition of Google Domains, where we see robust referral traffic to Squarespace as of March 31st, 2024, our customer base represented over $4.9 million unique subscriptions, up 15% and representing a net increase of 648,000 unique subscriptions over the 12 period.

這筆金額包括與我們收購的域名資產相關的收入，這些域名是從Google 推薦的，並且我們通過獨家工作空間經銷商協議出售了域名，在收購Google Domains 後，我們繼續看到積極的光環效應，我們看到Squarespace 的強勁推薦流量為截至 2024 年 3 月 31 日，我們的客戶群代表了超過 490 萬美元的獨立訂閱，成長了 15%，並且在 12 個時期內淨增加了 648,000 個獨立訂閱。

This strength includes websites as well as new domain subscriptions as we see strong demand for Squarespace domains. Rpus was $227 in Q1 2024, growing 7%. Residual revenue impact from 2022. Pricing increases and increased attachment rates for certain commerce offerings drove RPUs growth in the quarter quarter over quarter, RPUs comparison reflects the fact that a larger number of our Q1 2024 new unique subscriptions in the quarter were domain subscription, which carry a lower price point.

這種優點包括網站以及新網域訂閱，因為我們看到 Squarespace 網域的強勁需求。 2024 年第一季度，Rpus 為 227 美元，成長 7%。 2022 年起的剩餘收入影響。有更多是域訂閱，價格較低。

Note that unique subscriptions and RPUs do not account for our acquired domain assets. In Q1, presence revenue grew 22% as reported and in constant currency to $201 million as a reminder, Associated revenue from our domains is recognized as presence. Revenue strength in our unique subscriptions were the primary driver of growth, contributing over 56% of the growth. We saw solid retention of existing subscriptions and continued acquisition of new subscriptions in both our personal and business plans.

請注意，唯一訂閱和 RPU 不計入我們獲得的域名資產。在第一季度，以固定匯率計算，線上狀態收入成長了 22%，達到 2.01 億美元，提醒您，來自我們網域的相關收入被視為線上狀態。我們獨特訂閱的收入優勢是成長的主要推動力，貢獻了超過 56% 的成長。我們在個人和商業計劃中都看到了現有訂閱的穩固保留和新訂閱的持續獲取。

Another important driver of revenue growth was our acquired domain assets, which represent renewals from legacy Google domain customers. Additionally, we continue to see some benefit from our legacy price increases, which we began rolling out to customers in Q3 2022.

營收成長的另一個重要驅動力是我們收購的網域資產，這些資產代表了舊 Google 網域客戶的續約。此外，我們繼續看到我們從 2022 年第三季開始向客戶推出的傳統價格上漲中獲益。

Squarespace benefits from a diversified commerce portfolio serving our customers' varied e-commerce needs, including selling physical goods, services, content, time, hospitality and events. Commerce revenue grew to approximately $80 million or 11% as reported and 10% in constant currency.

Squarespace 受惠於多元化的商務產品組合，可滿足客戶的各種電子商務需求，包括銷售實體商品、服務、內容、時間、招待和活動。商業收入成長至約 8,000 萬美元，按報告成長 11%，以固定匯率計算成長 10%。

The increase in commerce revenue was primarily the result of unique subscription growth, which represented approximately $6 million. Many of our customers who are sellers choose our business plan and therefore fall under presence revenue so that dynamic can match some of the underlying growth we are seeing in commerce gross payment volume or GPV was $1.6 billion in the quarter, up 8% over 100 basis points of momentum versus Q4 2023.

商業收入的成長主要是獨特訂閱成長的結果，約 600 萬美元。我們的許多賣家客戶選擇我們的業務計劃，因此屬於線上收入，因此動態可以與我們在商業總支付量或GPV 中看到的一些潛在成長相匹配，本季GPV 為16 億美元，比100 基礎成長8%與 2023 年第四季相比的動量點。

Breaking historical seasonal trends effective with Q1 2024, we have changed our nomenclature for this metric to GPV from GMV. gross merchandise value. We have not changed the calculation or definition G GPV V represents the total dollar value of orders processed through our platform in the period, net of refunds and Proginet orders.

打破自 2024 年第一季起生效的歷史季節性趨勢，我們已將該指標的術語從 GMV 更改為 GPV。商品總價值。我們沒有改變計算或定義 G GPV V 代表在此期間透過我們平台處理的訂單的總美元價值，扣除退款和 Proginet 訂單。

This new nomenclature better captures Squarespace payments, which we launched at the end of 2023 we saw GPV momentum continue from Q4 2023, with notable strength driven by acuity scheduling and increased commerce transactions occurring on our customers' website plans. We exited Q1 2024 with annual run rate revenue of $1.1 billion, up 19% or $176 million increases in our unique subscriptions.

這個新術語更好地體現了我們於2023 年底推出的Squarespace 支付，我們看到GPV 勢頭從2023 年第四季度開始持續，在敏銳的調度和客戶網站計劃上發生的商業交易增加的推動下，勢頭顯著。截至 2024 年第一季度，我們的年運行收入為 11 億美元，成長了 19%，即我們的獨特訂閱量增加了 1.76 億美元。

The impact of the acquired domain assets and price increases across several of our subscription plans were the primary drivers of growth for the period. We have updated our calculation of annual run rate revenue to represent quarterly revenue from subscription fees and revenue generated in conjunction with associated fees in the last quarter of the period multiplied by four rather than calculating based off the most recent month, the revenue figure multiplied by 12 to normalize results for the run rate each quarter, international revenue was $80 million, growing 19% and 18% in constant currency and representing 28% of our total revenue.

所收購的域名資產的影響以及我們多個訂閱計劃的價格上漲是該期間增長的主要驅動力。我們更新了年運行率收入的計算，以表示來自訂閱費的季度收入以及最後一個季度與相關費用相關的收入乘以四，而不是根據最近一個月的收入數字乘以截至12 月12 日，為了使每季的運行率結果正常化，國際營收為8,000 萬美元，以固定匯率計算分別成長19% 和18%，占我們總營收的28%。

International is a key area of focus for the business as we bring our ecosystem into new markets where we see clear synergies with design and strong product market, our growing Domain's footprint further expand our reach internationally. We now support 25 currencies, adding 21 in the last 12 months and 11 languages looking to launch more new languages in 2024.

國際化是我們業務的一個重點關注領域，因為我們將我們的生態系統帶入新市場，在這些市場中我們看到了與設計和強大產品市場的明顯協同效應，我們不斷增長的Domain 足跡進一步擴大了我們的國際影響力。我們現在支援 25 種貨幣，在過去 12 個月內增加了 21 種，並支援 11 種語言，並希望在 2024 年推出更多新語言。

Turning to our margin profile. Our non-GAAP gross profit margin was approximately 73% in Q1 2024, as we have called out previously comparisons of gross profit margin to prior year reflect higher cost of revenue, primarily due to the domain registration fees associated with our acquired domain assets.

轉向我們的利潤概況。 2024 年第一季度，我們的非GAAP 毛利率約為73%，正如我們之前指出的，毛利率與上一年的比較反映了較高的收入成本，這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 while recognizing the associated revenue ratably over the course of the subscription. Q1 2024 is the trough for our gross profit margin and we expect improvement building each quarter as we progress through the year.

舊版 Google 網域客戶會續訂其網域訂閱。我們預先支付註冊費，同時在訂閱過程中按比例確認相關收入。 2024 年第一季是我們毛利率的低谷，我們預計隨著全年的進展，每個季度都會有所改善。

Non-gaap operating expenses grew by only 4% in Q1 2024 to $173 million or 62% of revenue. This ratio represents over 800 basis points of improvement. Non-gaap R&D was $50 million in the quarter or approximately 18% of revenue historically, Q1 is our strongest quarter of demand from new customers, and we therefore spend more marketing and sales dollars into this demand pattern.

2024 年第一季度，非 GAAP 營運支出僅成長 4%，達到 1.73 億美元，佔營收的 62%。此比率代表了超過 800 個基點的改進。本季非 GAAP 研發費用為 5,000 萬美元，約佔歷史收入的 18%，第一季是我們新客戶需求最強的季度，因此我們在這種需求模式上投入了更多的行銷和銷售資金。

Non-gaap marketing and sales expenses grew 4% to $100 million, which represents approximately 36% of revenue, a decline of more than 500 basis points. Our marketing attribution model continues to efficiently direct the mix of our marketing spend across our marketing channels.

非 GAAP 行銷和銷售費用成長 4%，達到 1 億美元，約佔營收的 36%，下降超過 500 個基點。我們的行銷歸因模型繼續有效地指導我們跨行銷管道的行銷支出組合。

Finally, non-GAAP G&A expenses were $23 million or 8% of revenue. G&a expenses improved on an absolute dollar basis and as a percentage of revenue as we continue to optimize investments and benefit from the scale of our business. In the first quarter, our adjusted EBITDA increased to $32 million or 11% of total revenue, more than 100, 60 basis points of decline from the same period last year.

最後，非 GAAP G&A 費用為 2,300 萬美元，佔營收的 8%。隨著我們不斷優化投資並從業務規模中受益，一般管理費用以絕對美元計算以及佔收入的百分比有所改善。第一季度，我們調整後的 EBITDA 增至 3,200 萬美元，佔總營收的 11%，比去年同期下降了 100、60 個基點以上。

The impact to adjusted EBITDA from our strong growth in revenue was softened by higher domain registration fees. On a dollar basis, advertising expenses were higher, though, as a percentage of total revenue, we saw over 300 basis points of improvement.

營收強勁成長對調整後 EBITDA 的影響因網域註冊費上漲而減弱。以美元計算，廣告費用較高，但就佔總收入的百分比而言，我們看到了超過 300 個基點的改善。

Adjusted EBITDA can fluctuate quarter to quarter due to operating expense seasonality. We anticipate favorable leverage on adjusted EBITDA through the full year 2024 as we continue our disciplined approach to invest across our operations as we scale our revenue. Overall, our solid execution and core business strength demonstrates Squaire space's ability to deliver profitable growth at scale.

由於營運費用季節性，調整後的 EBITDA 可能會出現季度波動。我們預計到 2024 年全年，調整後的 EBITDA 將獲得有利的槓桿作用，隨著我們擴大收入規模，我們將繼續採取嚴格的方法對我們的業務進行投資。總體而言，我們紮實的執行力和核心業務實力證明了 Squaire space 實現大規模獲利成長的能力。

We are driving stronger cash flow and profitability. Despite the temporary gross profit margin headwind related to our acquired domain assets, we intend to continue driving higher levels of profitability and longer-term shareholder return by prioritizing investments in our offerings.

我們正在推動更強勁的現金流和獲利能力。儘管與我們收購的域名資產相關的暫時毛利率不利，但我們打算透過優先投資我們的產品來繼續推動更高水準的獲利能力和長期股東回報。

We maintained a healthy balance sheet with cash and cash equivalents of $242 million and approximately $18 million of available borrowing. Total debt was approximately $557 million, of which $53 million is current. I remain comfortable with our net debt to trailing 12 adjusted EBITDA at 1.0 times as of quarter end.

我們保持健康的資產負債表，擁有 2.42 億美元的現金和現金等價物以及約 1800 萬美元的可用借款。總債務約 5.57 億美元，其中 5,300 萬美元為流動債務。截至季末，我對過去 12 年調整後 EBITDA 的淨債務為 1.0 倍感到滿意。

Turning now to our cash flow. We delivered strong cash flow in the quarter, surpassing our guidance. Our cash flow from operating activities grew 33% to $85 million for the three months ended March 31st, 2024, primarily due to the strength in bookings in Q1, our unlevered free cash flow was $89 million, growing 33% and representing a margin of 32%, surpassing the high end of our guidance.

現在轉向我們的現金流。我們在本季度實現了強勁的現金流，超出了我們的指導。截至2024 年3 月31 日的三個月，我們的經營活動現金流增加了33%，達到8,500 萬美元，這主要是由於第一季的預訂量強勁，我們的無槓桿自由現金流為8,900 萬美元，成長了33%，利潤率為32% %，超過了我們指導的上限。

The outperformance was primarily due to strong bookings driven by renewals and acquisition of website subscriptions. The year-over-year increase of over 340 basis points in unlevered free cash flow margin also reflects the timing of our Q1 tax payment, which fell in Q1 a year ago and will fall in Q2 in 2024. Timing of payments may fluctuate in any one quarter.

表現出色主要是由於續訂和網站訂閱的收購推動了強勁的預訂。無槓桿自由現金流利潤率同比增長超過340 個基點也反映了我們第一季納稅的時間，該納稅時間在一年前第一季下降，並將在2024 年第二季度下降。在任何情況下波動。

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 the seeds for long-term growth and return value to shareholders through our stock repurchase program. In February 2024, our Board of Directors authorized a $500 million share repurchase program. We view share repurchases as an integral part of our capital allocation strategy.

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，我們看到有機會為客戶提供更多價值，並透過我們的股票回購計畫為股東播下長期成長和回報價值的種子。 2024 年 2 月，我們的董事會批准了一項 5 億美元的股票回購計畫。我們將股票回購視為我們資本配置策略的一個組成部分。

As of March 31st, 2024, we returned over $12 million to shareholders under the current authorization, representing approximately 321,000 shares at an average weighted price per share of $33.33 on the open market.

截至 2024 年 3 月 31 日，我們根據目前授權向股東返還了超過 1,200 萬美元，相當於公開市場上每股平均加權價格為 33.33 美元的約 321,000 股股票。

Now turning to our guidance for Q2 and the full year 2020 for the second quarter of 2024, we are targeting total revenue in the range of $291 million to $294 million, which represents approximately 18% growth at the midpoint of the range. We expect unlevered free cash flow during the second quarter to be in the range of $61 million to $64 million, which represents a margin of approximately 21% at the midpoint of the range.

現在轉向我們對 2024 年第二季度第二季度和 2020 年全年的指導，我們的目標是總收入在 2.91 億美元至 2.94 億美元之間，這意味著該範圍中位數增長約 18%。我們預計第二季的無槓桿自由現金流將在 6,100 萬美元至 6,400 萬美元之間，這意味著該範圍中點的利潤率約為 21%。

The implied Q2 margin relative to Q1 2024 primarily reflects the timing of our Q1 corporate tax payment as I noted a moment ago because the timing of such payments may cause fluctuations in any one quarter. We manage the full year metric and margin.

正如我剛才指出的，相對於 2024 年第一季隱含的第二季利潤率主要反映了我們第一季企業稅的支付時間，因為此類支付的時間可能會導致任何一個季度的波動。我們管理全年指標和利潤。

The strength that we saw in Q1, combined with our healthy expectations for Q2 gives us confidence to raise our full year guidance today in 2024, we expect total revenue to be in the range of $1.193 billion to $1.208 billion, up from our previous range of $1.170 billion to $1.190 billion. The midpoint of our updated range represents 19% growth. Unlevered free cash flow is expected to reach between $298 million to $318 million and implies a margin of 26% at the midpoint of the range. This represents an increase from our previous estimate of $290 million to $310 million.

我們在第一季看到的強勁勢頭，加上我們對第二季度的健康預期，使我們有信心今天提高2024 年全年指引，我們預計總收入將在11.93 億美元至12.08 億美元之間，高於我們先前預期的範圍11.7 億至 11.9 億美元。我們更新範圍的中點代表 19% 的成長。無槓桿自由現金流預計將達到 2.98 億美元至 3.18 億美元之間，意味著該範圍中點的利潤率為 26%。這比我們之前估計的 2.9 億美元增加到了 3.1 億美元。

To summarize, we had a great Q1. We saw strong momentum in the core business, fueling our top line growth, profitability and cash flow supported by solid early traction from the migration of our Google domain assets.

總而言之，我們的第一季表現非常出色。我們看到了核心業務的強勁勢頭，在Google域名資產遷移的早期堅實牽引力的支持下，推動了我們的營收成長、獲利能力和現金流。

Our business continues to grow with existing and new customers as we make progress against our strategic priority to drive long-term growth while continuing to gain leverage, achieving profitable growth at scale. Thank you to our employees for their continued commitment to our customer success.

隨著我們在推動長期成長的策略重點方面取得進展，同時繼續獲得影響力，實現大規模獲利成長，我們的業務將繼續與現有和新客戶一起成長。感謝我們的員工對我們客戶成功的持續承諾。

I look forward to engaging with many of you at our Investor Day next week. With that operator, please open the line for the Q&A portion on the call.

我期待在下週的投資者日與你們中的許多人進行交流。請透過該接線生開啟電話中問答部分的線路。

We will now begin the question and answer session. (Operator Instructions)

我們現在開始問答環節。 （操作員說明）

Vikram Kesavabhotla, Baird.

維克拉姆·凱薩瓦博特拉，貝爾德。

Great. Thanks for taking the questions. My first one is on the unique subscriptions number. It looks like that was up 15% year over year. I think that compares to 10% and 5% in the prior two quarters. So just wondering if you can help us understand the drivers behind the acceleration in that metric?

偉大的。感謝您提出問題。我的第一個是關於唯一的訂閱號碼。看起來年增了 15%。我認為與前兩個季度的 10% 和 5% 相比。所以想知道您是否可以幫助我們了解該指標加速背後的驅動因素？

How much of that is a reflection of easier comparisons versus some of the tailwinds that you're seeing from the work on the platform and maybe if you can offer some thoughts on how we should think about the growth of that metric through the balance of this year?

其中有多少反映了更容易的比較與您從平台上的工作中看到的一些順風，也許您可以提供一些關於我們應該如何通過平衡來考慮該指標的增長的想法年？

And then my second question is on the guidance. I just wondering if you could clarify your expectations for Google Domains contribution to the revenue ranges for the second quarter and fiscal 24, and I'll leave it there. Thanks.

我的第二個問題是關於指導的。我只是想知道您是否可以澄清一下您對 Google Domains 對第二季度和 24 財年收入範圍貢獻的預期，我就留在那裡。謝謝。

Great. I can get started on the M unique subscribers. A lot of that is driven by new domain subscribers come to remind everyone we've had even before the Google Domains acquisition there were scores. They sold demands for better part of a decade. Now we had millions of demands on the platform. So it's not a not exactly a new type of subscription for us.

偉大的。我可以開始處理 M 個唯一訂閱者。其中很大一部分是由新網域訂閱者推動的，這提醒了我們在 Google Domains 收購之前就已經擁有的所有人。他們在十年的大部分時間裡銷售了需求。現在我們平台上有數百萬的需求。所以這對我們來說並不是一種新的訂閱類型。

That being said, post the Google Domains closure, we've seen really greatly increase on traffic in new demands coming onto the platform that are domain first set of website for us. So that's a huge difference between now and this time last year, I get to remind everyone, the ruble, the BASE transaction officially closed at September. So we're really encouraged by that we're really encouraged by the attach rate to our core products on those new domains.

話雖這麼說，在 Google Domains 關閉後，我們發現該平台的新需求流量確實大幅增加，而該平台是我們的第一套網站。所以現在和去年這個時候有很大的不同，我要提醒大家，盧布，BASE 交易在 9 月正式關閉。因此，我們對這些新領域的核心產品的附加率感到非常鼓舞。

And you know, there's a lot of factors contributing to the ecosystem which we can. We can touch on later, but it's an entirely different world than it was last year. And we're the beneficiary of a lot of that inbound traffic, but that's the primary driver of the unique subscriptions being higher. And I can turn it over to Nathan on the guidance.

你知道，我們可以為生態系統做出很多貢獻。我們可以稍後再談，但這與去年完全不同。我們是大量入站流量的受益者，但這是唯一訂閱量增加的主要驅動力。我可以將指導轉交給內森。

Yes, on the guidance, but from what I would say, we're not going to continue to break out the contribution from Google Domains as we did for the full year in Q1. But what I will say, we were able to raise our guidance and they call that the trifecta of small business for website domain and email. And we are seeing continued strength from all three of those channels and that caused us to raise the guide for the full year.

是的，根據指導意見，但我想說的是，我們不會像第一季全年那樣繼續公佈 Google Domains 的貢獻。但我要說的是，我們能夠提高我們的指導，他們稱之為網站域名和電子郵件的小型企業三連勝。我們看到這三個管道的持續強勁，這促使我們提高了全年指南。

So the organic business is continuing to maintain the same strength that we saw throughout 2023. And as a reminder, Google Domains, the revenue, we'll recognize that over 12 months, you'll see that continue to gain momentum as part of revenue throughout the year. I will say grew domains was the number one driver for bookings this quarter. So we are very happy to see that as of yet the overall domain business come through.

因此，有機業務將繼續保持我們在2023 年全年看到的同樣的實力。動力全年。我想說的是，成長的網域是本季預訂的第一大推動因素。因此，我們很高興看到到目前為止整體域名業務已經完成。

Okay, great. Thank you.

好的，太好了。謝謝。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Good morning and thanks so much for taking my questions on Nick. And you talked about a 500 basis point improvement in marketing efficiency can you help us understand the drivers of that as well as the sustainability of that marketing efficiency going forward?

早上好，非常感謝您提出有關尼克的問題。您談到行銷效率提高了 500 個基點，您能否幫助我們了解其驅動因素以及行銷效率未來的可持續性？

And then going back to the last question, can you break down international, we've seen strong acceleration from 14% for Q2, 18% in 1Q 24 ex FX growth. Can you help us understand that? Is that the subscriber number or is there anything else to highlight as we think about the international opportunity?

然後回到最後一個問題，你能細分國際市場嗎？你能幫助我們理解這一點嗎？當我們考慮國際機會時，這是訂戶數量還是有其他需要強調的內容？

Yes, I'll take the marketing attribution or the marketing expense improvement. We did see 500 basis points on a non-GAAP basis, I'll say this has continued and impact from our marketing attribution model as we direct spend at the right channel and that is driving a healthy on top. I think we're very efficient when it comes to marketing spend and investing in the right channels and shifting as we see inefficient spend there.

是的，我將採取行銷歸因或行銷費用改進。我們確實在非公認會計原則的基礎上看到了 500 個基點，我想說，隨著我們在正確的管道上直接支出，這會持續影響我們的行銷歸因模型，這正在推動健康的發展。我認為，在行銷支出和投資正確的管道以及當我們看到那裡的支出效率低下時進行轉變方面，我們非常有效率。

And that's just the of that coming through the model, I would say, you know, we do expect to continue to maintain healthy margins on that. I think I'd point out, especially on a GAAP basis and you do see the amortization of the PPA from gold transaction rolling through that. So on a GAAP basis, that's why it's not as impactful improvements.

這只是透過該模型得出的結果，我想說，你知道，我們確實希望繼續保持健康的利潤率。我想我會指出，特別是在公認會計準則的基礎上，你確實會看到黃金交易中的購電協議攤提。因此，在公認會計準則的基礎上，這就是為什麼它沒有那麼有影響力的改進。

So on international revenue will be. We're continuing to see it lots of investments there that are continuing to pay off. We increased currency year over year by 21 currencies to 25 currencies. The momentum that we're seeing in United States revenue is really a trailing indicator and the ones that we're seeing that the moment momentum in Q1, we saw very healthy trials International. And so we expect the investments that we're making there to pay up on throughout the year. But I will say we're very excited to talk about international Our next week at our Investor Day is one of the key growth drivers we're seeing going forward.

國際收入也是如此。我們繼續看到那裡的大量投資正在持續獲得回報。我們逐年增加了 21 種貨幣，達到 25 種貨幣。我們在美國收入中看到的勢頭實際上是一個落後指標，而我們在第一季看到的勢頭，我們看到了非常健康的國際試驗。因此，我們預計我們在那裡所做的投資將在全年得到回報。但我要說的是，我們非常高興能夠在下週的投資者日談論國際議題，這是我們看到的未來​​成長的關鍵驅動力之一。

Thank you.

謝謝。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Great. Thanks for taking my question, especially for you, Anthony, when you guys brought up design intelligence, how do you envision customers will engage with that interface? Is this the end of day? And will this be default upon kind of interacting with Squarespace? How does that potentially roll out over time?

偉大的。感謝您提出我的問題，尤其是您，安東尼，當你們提出設計智慧時，您認為客戶將如何與該介面互動？這是一天的結束嗎？這會是與 Squarespace 互動時預設的嗎？隨著時間的推移，這可能會如何推廣？

Sure. So you guys mentioned in the letter people can go and take a look on our front side. It's actually linked from the header Squarespace.com/design dash intelligence and is just a real roundup of how we see our AI efforts applying to our design tools.

當然。所以信裡提到的可以去我們的正面看看。它實際上是從標題 Squarespace.com/design dash Intelligence 連結的，只是我們如何看待人工智慧工作應用於我們的設計工具的真正綜述。

As to your question of if it will be often part of default experience, it will be part of the default experience I this page focuses a lot on how we are maintaining design integrity while utilizing a lot of these solutions at various parts in our platform.

至於您提出的問題，即它是否經常成為預設體驗的一部分，它將成為預設體驗的一部分，本頁面重點關注我們如何在平台的各個部分利用大量這些解決方案的同時保持設計完整性。

But AI is going to appear everywhere within Squarespace, as mentioned on previous calls, in the form of machine learning, it's already appeared in our customer operations. You know, we've had a chat bot trained on our knowledge base for the better part of a decade. We monitor deflection rates there, et cetera, et cetera.

但人工智慧將出現在 Squarespace 的任何地方，正如先前的電話中所提到的，以機器學習的形式，它已經出現在我們的客戶運作中。您知道，我們的聊天機器人在我們的知識庫上進行了近十年的訓練。我們監測那裡的偏轉率，等等。

There's great opportunities for it to do boring things like filling metadata, simple choice, but the design intelligence app is great because if you take a look at it, you'll see it woven into the blueprint onboarding and showing how we can so that we can in a very particular way, generate image libraries that are both stylistic and appropriate contextually on the website for what content may go over a background image or something else like that.

它有很大的機會去做一些無聊的事情，例如填充元數據、簡單的選擇，但是設計智能應用程式很棒，因為如果你看一下它，你會發現它融入了入職藍圖，並展示了我們如何能夠讓我們可以以非常特殊的方式產生圖像庫，這些圖像庫既具有風格又適合網站上的上下文，以便哪些內容可以覆蓋背景圖像或其他類似的內容。

We're really focused on the quality and the results here. I think a lot of and people are sort of in a mad scramble to just put a eye on something on their front side. And I think the results are in a lot better in many ways, very, very unimpressive, frankly. And so we're trying to make sure we use the technology mix with our taste level and doing it in a curated way to get to maintain really great results.

我們非常注重這裡的品質和結果。我認為很多人都有點瘋狂地爭先恐後地關注他們正面的東西。我認為結果在很多方面都好得多，坦白說，非常非常不起眼。因此，我們正在努力確保我們使用符合我們品味水平的技術組合，並以精心策劃的方式進行，以保持真正出色的結果。

And so the design intelligence pages around up of some stuff that's either launched or is in flight. And yes, it will appear everywhere. You won't need like opt into it as some special thing. It's just part of the experience.

因此，設計情報頁面圍繞著一些已發射或正在飛行的東西。是的，它會出現在任何地方。您不需要選擇將其作為一些特殊的事情。這只是體驗的一部分。

And the other thing I would call out on that is onboarding experiences like blueprint are really important because we have yet to see somebody come to our site to, hey, I want to write an essay and I want you to turn that into a visual website for me and then I want to write paragraphs back in order to edit. That's just never occurred. We don't really anticipate it occurring.

我要指出的另一件事是像藍圖這樣的入職體驗非常重要，因為我們還沒有看到有人來到我們的網站，嘿，我想寫一篇文章，我希望你把它變成一個視覺網站對我來說，然後我想寫回段落以便編輯。那隻是從未發生過。我們並沒有真正預料到它會發生。

So it's very important for us to provide visual interfaces into AI tools so that people can see what they're getting and then have control of the over those experiences and manipulate them in place. And so we're going to continue to pursue that sort of visual first, but AI enabled path through integrating these technologies into our products.

因此，對我們來說，為人工智慧工具提供視覺化介面非常重要，這樣人們就可以看到他們所獲得的內容，然後控制這些體驗並就地操縱它們。因此，我們將繼續追求這種視覺第一，但人工智慧透過將這些技術整合到我們的產品中來啟用路徑。

We've got a fantastic. Nathan, just a quick follow-up. You mentioned GPV coming in above seasonal trends. Like how much of that is new versus perhaps same-store sales. And then should should we think that there's additional tailwinds that come now that you guys have launched Squarespace payments? Or is that already starting to work its way into that above seasonal number?

我們有一個很棒的。內森，我只是快速跟進一下。您提到 GPV 高於季節性趨勢。例如其中有多少是新的，或有多少是同店銷售。那麼，既然你們推出了 Squarespace 支付，我們是否應該認為還會有額外的推動力呢？或者這已經開始影響到上述季節性數字？

Yes, great question here. So we are seeing great acceleration in our GBB., as I said, there's multiple streams here and that are flowing in for GPV. And like Acuity, we sell double digit growth both from a SaaS perspective and GPBU., some of the newer stuff that we launched in 23 with invoicing membership courses also double digit growth.

是的，這是一個很好的問題。因此，我們看到 GBB 的巨大加速。與 Acuity 一樣，我們從 SaaS 角度和 GPBU 的角度來看都實現了兩位數的成長。

And so you're starting to see that flow through the numbers. I'm so excited to break the historical trend where Q1 is usually lower from a pure dollar standpoint than Q4. I mean that's just the momentum, again, like all the investments you made in service sellers, you're starting to see that flow through.

所以你開始從數字中看到這一點。我很高興能夠打破歷史趨勢，即從純美元角度來看，第一季通常低於第四季。我的意思是，這只是動力，就像您對服務賣家所做的所有投資一樣，您開始看到這種勢頭。

And as you mentioned, specific payments like we're just at the start. It's versus payments in the and you're probably a little bit about the re-architecture of plans is really going to start to accelerate that in the latter half of the year. But as we roll out square six payments to all of our customers. You'll start to see more GDP going through our platform.

正如您所提到的，像我們這樣的特定付款才剛剛開始。這是相對於支付而言的，你可能有點擔心計劃的重新架構確實會在今年下半年開始加速。但當我們向所有客戶推出第六方付款時。您將開始看到更多的 GDP 透過我們的平台。

Yes, I'll just add on there that it was encouraging to see the GPV break seasonal trend and move in a positive direction. Just two more comments there. One is that the GP on the platform is composed of many, many, many different types of GPV, their physical products or service sellers and tickets donations there, yet our courses and courses.

是的，我想補充一點，看到 GPV 打破季節性趨勢並向積極方向發展是令人鼓舞的。那裡還有兩則評論。一是平台上的GP是由許多很多不同類型的GPV組成的，他們的實體產品或服務賣家以及門票捐贈在那裡，但是我們的課程和課程。

There's invoicing all these different things and what Scorsese payments unlock for us in addition to a better customer experience and take rate is a take rate for us is once we've integrated this more tightly with our SaaS plan, we can enable selling across the entire platform and have a variable take rate as people move up and SaaS tiers.

除了更好的客戶體驗和採用率之外，Scorsese 付款還為我們帶來了所有這些不同的東西，一旦我們將其與我們的 SaaS 計劃更緊密地整合在一起，我們就可以在整個領域實現銷售平台，隨著人員升級和SaaS 層級的變化，採用率也會變化。

That does two things. One on the low end, more people have access to our commerce tools that don't have access to them today because of how we've architected the plans and to on the high end sellers who were looking for at a discount to take rigs out of the gate without any kind of negotiation required, we'll see that option in our offering. So both of those things very huge unlock for us.

這有兩件事。一方面，在低端市場，更多的人可以使用我們的商務工具，但由於我們制定計劃的方式，現在無法使用這些工具；對於那些尋求折扣以取出設備的高端賣家來說無需任何形式的談判即可進入大門，我們將在我們的產品中看到該選項。所以這兩件事對我們來說都是非常重要的。

I'm of the belief that we've launched many, many products, but extremely good that we have not commercialized well. And so you'll see some of that next week at Investor Day to just that connective tissue between we're speaking to on the front side, what the product looks like and offers you what words to use this when you go in and what plan applies to you when you checkout and what tools you have available to you at every step of the way.

我相信我們已經推出了很多很多產品，但非常好，但我們還沒有很好地商業化。因此，您將在下週的投資者日看到其中的一些內容，即我們在正面所說的結締組織，產品的外觀，並為您提供進入時使用的詞語以及計劃適用於您結帳時的情況，以及在整個流程的每一步中您可以使用哪些工具。

So until the two, obviously, scores is payments being available, 100% of the US is amazing but the real amazing parts when we do the other things I was talking about complete the commercialization process and integrate take rates into the SaaS peers. It unlocks these ways to transact for everyone across the platform.

因此，顯然，直到這兩個分數可供支付之前，美國100% 的情況都令人驚嘆，但真正令人驚嘆的部分是當我們完成我正在談論的其他事情時，完成商業化過程並將費用率整合到SaaS 同業。它為平台上的每個人解鎖了這些交易方式。

Extremely helpful. Thank you.

非常有幫助。謝謝。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Yes, thank you so much for taking the question. I was kind of curious about the comment around the unique subscription adds, certainly having a larger domain first component. What are you tracking in terms of adoption of either workspace or Web site in terms of maybe where it is today and maybe where you think that could head in the years forward?

是的，非常感謝您提出這個問題。我對獨特訂閱新增的評論感到有點好奇，當然有一個更大的網域優先元件。在工作空間或網站的採用方面，您正在追蹤什麼，也許是現在的情況，也許是您認為未來幾年可能會發生的情況？

Sure. So Adam, in the past through our ecosystem are many, right? If you start with a website that additive maintain at e-mail, that's one that you could also start with the demand. Then add email then at a website added just e-mail address the website, just keep the domain.

當然。那麼亞當，過去透過我們的生態系統的有很多，對吧？如果您從一個透過電子郵件附加維護的網站開始，那麼您也可以從需求開始。然後新增電子郵件，然後在網站上新增僅電子郵件地址的網站，只需保留網域名稱即可。

Yes, there's all these sort of flows through the system. The flow that's really been unlocked post Google. And this is due to a a lot of engineering effort on our side is the flow. You really start with a domain then manage domains. And after that flow we track your we on a cohort basis your attachment of website products and e-mail products from.

是的，系統中有所有這些類型的流程。在谷歌之後，流程才真正解鎖。這是由於我們這邊大量的工程工作就是流程。您實際上是從網域開始，然後管理網域。在此流程之後，我們會按群體追蹤您的網站產品和電子郵件產品附件。

And that's just kind of the primary thing. We're very encouraged by the attach rates that we're seeing from that domains. First flow, we have not yet completed the migration, which we expect to complete over the summer of the existing domain.

這只是首要的事情。我們對這些網域的附加率感到非常鼓舞。第一個流程，我們尚未完成遷移，我們預計將在今年夏天完成現有域的遷移。

And we have made some at this 0.0 efforts to China and market to those customers or anything else. In fact, we're in kind of a I call it like a do no harm mode make sure that this migration complete successfully for everybody that the prices what they everyone's expecting. We're not increasing the price in the first renewal for a lot of people, and it's just making sure that that's just super, super, super smooth.

我們在這個 0.0 方面做了一些努力，向中國和這些客戶或其他方面進行行銷。事實上，我們處於一種我稱之為無害模式的狀態，確保每個人都能成功完成遷移，並且價格符合每個人的期望。對於很多人來說，我們不會在第一次續約時提高價格，只是確保這超級、超級、超級順利。

But that all being said, that new demand funnel is greatly elevated because one of the most trusted brands in the industry last and we are the we are the partner that they selected to do see a register dimension there. So that's a massive ecosystem change. As people move over to Squarespace, they want another demand if the demand is already with us together with us, the domains experiences greatly improve.

但話雖如此，新的需求管道大大提升，因為最後是業界中最值得信賴的品牌之一，而我們是他們選擇在那裡看到收銀尺寸的合作夥伴。這是一個巨大的生態系統變化。當人們轉移到 Squarespace 時，他們想要另一個需求，如果我們已經有這個需求，那麼領域體驗就會大大改善。

The upsells and cross-sells are easy, but noninvasive and it's just kind of like a whole different world. And so and we have yet to even lean into marketing there after all the things that we can do in that in that world. So we'll continue to lean into the domains on world over the next couple of years. But even today in an unoptimized form, it is a really encouraging.

追加銷售和交叉銷售很容易，但無侵入性，就像一個完全不同的世界。因此，在我們可以在那個世界上做所有事情之後，我們甚至還沒有轉向那裡的行銷。因此，我們將在未來幾年繼續關注世界領域。但即使在今天以未經優化的形式出現，這仍然令人鼓舞。

Which I will say, as a reminder, we talked about this last quarter. We have not included any material contribution from cross-sell upsell of these domains in our guide, and we do view that as a future year on benefits and we will talk more about that next week at our Investor Day.

我想說的是，作為提醒，我們在上個季度討論過這個問題。我們的指南中沒有包含這些網域的交叉銷售追加銷售的任何實質貢獻，我們確實認為這是未來一年的收益，我們將在下週的投資者日更多地討論這一點。

Okay. That's super helpful. And then just on Squarespace payments, obviously, it's available to the customer base when we think about the adoption curve with existing customers. It certainly seems like a renewal is always a natural insertion point, right for new customers. It seems like the door is kind of always open. So what are you doing or strategically, how are you thinking about promoting the existing base to kind of move on to the Squarespace payments platform and over what time frame. Is that a multiyear journey? Is it something that could start to happen fairly quickly as some of these tier-based pricing plans are rolled out? Just how should we how should we frame that?

好的。這非常有幫助。然後，就 Squarespace 支付而言，顯然，當我們考慮現有客戶的採用曲線時，它可供客戶群使用。當然，更新似乎始終是自然的插入點，適合新客戶。看起來門總是開著的。那麼，您在做什麼，或者從策略上講，您如何考慮推動現有基礎轉向 Squarespace 支付平台，以及在什麼時間範圍內。這是一個多年的旅程嗎？隨著一些分級定價計畫的推出，這種情況是否會很快開始發生？我們應該如何建構它？

So it's going to be a multiyear journey, of course. But that being said, right now you can go into Squarespace and in three clicks without reentering your customer information port from straight into scores based payments, retaining your entire order and transaction history. And we actually have people doing that with absolutely no pushing and no incentive to do that other than the fact that it's a better product experience, everything's in one place, you're dealing with one vendor UM.

當然，這將是一個多年的旅程。但話雖這麼說，現在您可以進入 Squarespace，只需點擊三下，無需重新輸入客戶資訊端口，直接進入基於分數的支付，保留您的整個訂單和交易歷史記錄。事實上，我們有人這樣做，除了這是一種更好的產品體驗，一切都在一個地方，你正在與一個供應商 UM 打交道之外，完全沒有推動也沒有動力這樣做。

And yes, that's what people are telling us before. We launched there. So it's nice to see that with absent again, actually no financial incentive to do that young people or people organically doing that. And we've made that process. So easy is frankly, incredible to something else.

是的，這就是人們之前告訴我們的。我們在那裡發射。因此，很高興看到再次缺席，實際上沒有經濟動力讓年輕人或人們有機地這樣做。我們已經完成了這個過程。坦白說，如此簡單，對於其他事情來說是難以置信的。

You said the real driver of moving people over to payments will be when we have this integrated into our SaaS peers because you will have a financial benefit from moving over to Squarespace payments in addition to the integration.

您說過，將人們轉向支付的真正驅動力將是我們將其整合到我們的 SaaS 同行中，因為除了整合之外，您還可以透過轉向 Squarespace 支付來獲得經濟利益。

So that's going to be the real transition point. And then we can, of course, market that say, hey, you're above x amount of sales, click here once and move a discourse based payments and using a SaaS fee. And that said, it's a win for all of us. So we're really on, we're really looking forward to being able to do that.

所以這將是真正的轉變點。然後，我們當然可以進行行銷，說，嘿，您的銷售額超過了 x 額，點擊此處一次並移動基於話語的付款並使用 SaaS 費用。也就是說，這對我們所有人來說都是一場勝利。所以我們真的很努力，我們真的很期待能夠做到這一點。

Very helpful. Thanks, Anthony and Nathan.

很有幫助。謝謝，安東尼和內森。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great, thanks. First one, just back to international. Could you just expand on what countries are driving that strength and what in particular is enabling you to win I understand localizing the platform site languages and even the currency offerings certainly help. But that also feels a little bit like table stakes vis-a-vis competitors. So it would seem to me that something else is helping you win was the combination.

萬分感謝。第一個，回到國際。您能否詳細說明哪些國家/地區正在推動這種優勢，特別是哪些國家/地區使您能夠獲勝？但這也感覺有點像是與競爭對手的賭注。所以在我看來，還有其他東西可以幫助你獲勝，那就是組合。

It is the table stakes, things and just different payment methods. You know, I think we are is to test out with PayPal internationally right now?

這是賭注、事情和不同的支付方式。你知道嗎，我想我們現在正在國際上測試 PayPal？

Yes. So we just launched PayPal as a way to check out of Squarespace in certain markets. We had SAP introduced last year and we're continuing to refine the localization. Frankly, Google was a great kick start for us with respect to our language and currency coverage because we support 98% or so, maybe even more of the languages and currencies supported in Google Domains, which is as worldwide as you can imagine.

是的。因此，我們剛剛推出了 PayPal，作為在某些市場上使用 Squarespace 進行結算的一種方式。我們去年引入了 SAP，並且我們正在繼續完善本地化。坦白說，就我們的語言和貨幣覆蓋範圍而言，Google 對我們來說是一個很好的開始，因為我們支援98% 左右，甚至可能更多Google Domains 支援的語言和貨幣，這是您可以想像的全球性的。

You know, I think there's, you know, just stepping through the markets, English-speaking non-US were very strong the conversion rates there, approach that of the US and then mostly it's the European markets that are kind of next on our list, we call it EM. 12 and then later this year, we're going to be dabbling in Asia at some certain select Asian markets as well.

你知道，我認為，你知道，只要走進市場，講英語的非美國國家的轉換率就非常高，接近美國，然後主要是歐洲市場，我們名單上的下一個市場，我們稱之為 EM。 12 月以及今年晚些時候，我們還將涉足亞洲的某些特定亞洲市場。

And look, I know it's sort of like a maybe a generic sounding answer but it really is a process. We can't just arrive in a market. And then bam, everything's just the way we want. So you start with using our Circle community, local media of just really like Gorilla tactical, more local type marketing initially and then you can move to bigger and bigger things.

看，我知道這有點像一個聽起來很籠統的答案，但它確實是一個過程。我們不能只是到達市場。然後砰的一聲，一切都如我們所願。因此，您可以從使用我們的 Circle 社群、真正像 Gorilla 戰術的本地媒體、更本地化的行銷開始，然後您可以轉向越來越大的事情。

Direct response we can always do worldwide at any time, but it's just a combination of hundreds of things and hundreds of languages and 100 languages, but like a lot of languages and like many, many currencies to really be successful in these markets.

我們可以隨時在全球範圍內進行直接回應，但這只是數百種事物、數百種語言和 100 種語言的組合，但就像很多語言和很多很多貨幣一樣，才能在這些市場上真正取得成功。

So it's a time and effort thing along with the feature and functionality thing again, I think we say our tails a well is it is a long time. You can get PayPal's checkup or testing that now in certain markets. So it's not like we have complete coverage even today. So yes, but yes, a decade-long effort for us, and we'll continue to be.

所以這是一個時間和精力的事情，再加上特性和功能的事情，我想我們說我們的尾巴很好，這是很長一段時間了。現在您可以在某些市場進行 PayPal 的檢查或測試。所以即使在今天我們也沒有完全覆蓋。所以，是的，但是，是的，我們花了十年的努力，而且我們將繼續這樣做。

That's helpful, Anthony. And Nathan just a quick follow up on the Google Domains. I appreciate you're not in disclosing what it's going to be in 2Q, but is that $85 million to $88 million from last quarter for the full year, still kind of a good number to model in here?

這很有幫助，安東尼。 Nathan 只是對 Google Domains 進行了快速跟進。我很高興您沒有透露第二季度的情況，但是全年從上個季度到 8500 萬美元到 8800 萬美元的數字仍然是一個很好的模型數字嗎？

I mean, I will say I'm Trevor we do maintain the strong renewal rates that we have forecasted at the beginning of the year. So that's continuing to flow through the model. But again, like the full year guide was raised for all three of those. So we are seeing goodness from websites, domains and and the email side of the business.

我的意思是，我會說，我是特雷弗，我們確實保持了年初預測的強勁續訂率。因此，這將繼續貫穿模型。但同樣，就像為這三個人提出了全年指南一樣。因此，我們從網站、網域和電子郵件業務方面看到了好處。

Okay, great. Thank you.

好的，太好了。謝謝。

Siti Panigrahi, Mizuho.

西蒂·帕尼格拉希，瑞穗。

Hey, guys. This is Phil on for Citi. Can you help us better understand what drove the $5 million contribution from the pricing increase this quarter? And how should we think about the pricing uplift included in your FY24 guidance? Thanks.

大家好。我是花旗銀行的菲爾。您能否幫助我們更了解是什麼推動了本季價格上漲 500 萬美元的貢獻？我們該如何看待 2024 財年指引中包含的價格上漲？謝謝。

Yes, the $5 million that flew 100 that came through in Q1 is the increase of the legacy customers that we did in Q3 of 22. So you're still seeing the annual impact of those that received it in Q2 and Q3 of 23 that's flowing through in Q1. Here the we have included a very immaterial impact for price increases for those legacy customers in Q3 of this year going forward and where you'll see just like you saw on previously, the material impact from a price increase in the latter half of the year is in the following. So we would expect a more material impact for '25 and we would in '24 for price increases for our legacy customers.

是的，第一季100 架飛機收到的500 萬美元是我們在22 個季度第三季度所做的傳統客戶的增加。季度收到的客戶的年度影響。在這裡，我們已經包括了今年第三季度對這些傳統客戶的價格上漲的非常非實質性的影響，您將看到，就像您之前看到的那樣，下半年價格上漲的實質影響如下。因此，我們預計 25 年會產生更大的實質影響，24 年我們的老客戶的價​​格也會上漲。

I'd just add one thing to that in quarter, we did we were able to successfully move up slightly the list price in the business and plans and above. And so I think that's rolled out to 100% now. And it just gives us opportunity later in the year as we kind of contemplate what to do with legacy prices. Now that more people are, quote, unquote, legacy UM. And yes, again, we've guided to yes, roughly every two years, roughly 5% to 10%. Yes, that's what to expect there.

我只想在本季度添加一件事，我們確實能夠成功地略微提高業務和計劃及以上的標價。所以我認為現在已經 100% 推廣了。這只是在今年晚些時候給我們提供了機會，讓我們思考如何處理遺留價格。現在越來越多的人引用或取消引用傳統的 UM。是的，我們再次指導，大約每兩年，大約 5% 到 10%。是的，這就是我們所期待的。

Ygal Arounian, Citi group.

Ygal Arounian，花旗集團。

Hey, good morning, guys. I wanted to dive into the subscriptions a little bit more understanding that we're seeing some strength coming from the domain side of the funnel. But the the website, the subscriber growth was was up 12%. And if we look back to that's what that number was pre goodwill domain or kind of if I'm just looking back over the beginning of 22, let's say on average was mid mid single digits and were up 12, 13% here.

嘿，早上好，夥計們。我想更深入地了解訂閱，我們看到了來自漏斗領域方面的一些力量。但該網站的訂戶增加了 12%。如果我們回顧這個數字是前商譽領域的數字，或者如果我只是回顧 22 年初，我們可以說平均為中個位數，這裡成長了 12%、13%。

What is all that incremental being driven from some of the domain part of the funnel? Is it or are you still are you seeing incremental strength from people coming directly to build a website at this point, should we think about the split of the lift here from was that the pre-COVID run rate?

從漏斗的某些領域部分驅動的增量是什麼？現在您是否仍然看到人們直接建立網站的力量不斷增強，我們是否應該考慮一下這裡的提升與新冠疫情之前的運行率之間的差距？

So the answer is no. It's not a result of just you know, domains attaching websites. I mean, that's a factor. But the trial first website starts are at an all-time high, too. So that's not the demand funnel.

所以答案是否定的。這不僅僅是您知道的網域附加網站的結果。我的意思是，這是一個因素。但試用首個網站的啟動率也達到了歷史最高水準。所以這不是需求漏斗。

You're dealing with a lot of things here that like this, the halo effect around Google is very, very big and it's not so easy to just draw a straight line between, you know, they were referral than they did a demand and they get a website, you got to imagine that as people move over from Google, 7 million new people will be Squarespace customers, whether or not they decide to transact and buy a website in month, one month, five month, 12 month 24.

你在這裡處理了很多像這樣的事情，谷歌周圍的光環效應非常非常大，要在他們之間畫一條直線並不容易，你知道，他們是推薦而不是他們提出了需求，他們有了一個網站，你必須想像一下，隨著人們從Google 轉移，700 萬新用戶將成為Squarespace 客戶，無論他們是否決定在一個月、一個月、五個月、十二月二十四日內進行交易和購買網站。

It's just a totally different macro landscape in addition to the product being better than ever in addition to international strength remaining strong in. And you know, it's just there's a lot of factors at play here that are leading to really strengthen the core, but I wouldn't just point to like other domains businesses driving because it's not the case yet.

這是一個完全不同的宏觀環境，產品比以往任何時候都更好，國際實力仍然強勁。的企業一樣，因為情況還不是這樣。

Let me layer on that Ygal. And we reported in 23 record trials every quarter and Q1, again, this year was a record trial, highest in the history of the Company on. So that momentum of our core business started before the Google transaction. So it's just continuing to flow through, and we're maintaining those strong rates.

讓我把Ygal 疊起來。我們每季和第一季都會報告 23 項創紀錄的試驗，今年也是創紀錄的試驗，是公司史上最高的。因此，我們核心業務的勢頭在谷歌交易之前就已經開始了。因此，它只是繼續流動，我們正在維持這些強勁的利率。

Okay. Great. That's helpful. We're getting a lot of questions from investors on that already. So I think a clarification, this is important for the second one, just on the pricing and packaging optimizations that we're talking about kind of integrating the payments fee into a higher size tier. Is there more you're doing there as well. And we'll hear more about that at Investor Day. I'm guessing. And how should we think about the timelines for one of the stuff and those start to roll out. Thanks.

好的。偉大的。這很有幫助。我們已經從投資者那裡收到了很多關於此問題的問題。因此，我認為需要澄清一下，這對於第二個很重要，只是關於定價和包裝優化，我們正在討論將支付費用整合到更高規模的層級。您還在那裡做更多事嗎？我們將在投資者日聽到更多相關資訊。我正在猜測。我們應該如何考慮其中一項內容以及那些內容開始推出的時間表。謝謝。

There's a lot we're contemplating that. I think that is the biggest one just the transaction fee showing up. I think it's also important to note that alongside that transactions he showing up will be enabling the actual commerce functionality and almost all of the plans just differentiated by a fee.

我們正在考慮很多事情。我認為這是最大的一筆交易費用。我認為還需要注意的是，除了他出現的交易之外，他還將啟用實際的商務功能，並且幾乎所有計劃都只是透過費用來區分。

That's a giant change from the adjustment of the fee in the business plan, which I don't think is particularly market right now. It's another giant change, frankly, that removal of it. So there's that I think there's feature interplay with those plans and it would be more minor in terms of time frame on.

這與商業計劃中的費用調整相比是一個巨大的變化，我認為目前這不是特別市場化。坦白說，刪除它是另一個巨大的變化。因此，我認為這些計劃之間存在著功能相互作用，就時間框架而言，它會更小。

Yes, later this year, definitely something in year, i.e., for testing it or putting it out. I don't think impact this year necessarily, but some.

是的，今年晚些時候，肯定是今年的一些事情，即測試或推出它。我認為今年不一定會產生影響，但會有一些影響。

Yes, I mean, it's all under development right now. The other thing we have under development from a it's not really a pricing perspective, but from a package packaging perspective right now, although we're really really encouraged by that new domains funnel.

是的，我的意思是，現在一切都在開發中。我們正在開發的另一件事實際上不是定價的角度，而是從包裝的角度來看，儘管我們確實對新領域管道感到鼓舞。

Yes, our product is immature. When you check out with a domain, it doesn't ask you if you want to buy the website right there. At the same time, we have a lot of no-brainer things to do in the checkout flow that could have pretty dramatic results if somebody's couch on. So we're working on things like that to. Again, that's more bundling than it is pricing. But yes, that's kind of what we're looking at.

是的，我們的產品還不成熟。當您查看網域時，它不會詢問您是否要立即購買網站。同時，我們在結帳流程中要做很多簡單的事情，如果有人坐在沙發上，這些事情可能會產生非常戲劇性的結果。所以我們正在做類似的事情。再說一次，這更多的是捆綁而不是定價。但是，是的，這就是我們正在考慮的。

It's great, really helpful. Thank you.

太棒了，真的很有幫助。謝謝。

Naved Khan, B. Riley.

納維德汗 (Naved Khan)，B. 萊利 (B. Riley)。

Yes, I think so. Are you planning to launch more more more market this year, I think I can say is I think you mentioned adding support for more languages. Are these new markets? Are you just kind of and most trends support and market share already and just talk about that a little bit. And then maybe just on the mix of monthly subscribers versus N. Was any color there in terms if the mix has changed and if anything, a bit?

是的，我想是這樣。您是否計劃今年推出更多更多市場，我想我可以說的是我認為您提到增加對更多語言的支援。這些是新市場嗎？您是否已經提供了大多數趨勢支持和市場份額，請稍微談談這一點。然後也許只是每月訂閱者與 N 的組合。

Yes. So I mentioned prior with the closing of Google Domains, not anticipating that global customer base moving over, we're now in. I mean, I misquoted in that letter, it's like 27 currency is in like how 25 currencies and countless languages that are needed and the interface to support those customers in terms of new markets for the primary products we have under development from the language and support needed to enter a couple of select Asian markets. Hopefully by the end of this year. So that will be the new it changed there.

是的。所以我之前提到Google Domains 的關閉，沒有預料到全球客戶群會轉移，我們現在已經進入了。 我的意思是，我在那封信中錯誤引用了，就像27 種貨幣的含義就像25 種貨幣和無數語言的含義一樣。希望到今年底。所以這將是它在那裡改變的新內容。

And I think on total active subscriptions, we are still mixing at 75% annual 25% monthly we've talked about previously that there's been some mix on new, but it's such a mix on new to monthly, but it's not moving the total active subs number from the 75%, 25% that we previously reported.

我認為，就總活躍訂閱量而言，我們仍然以75% 的年度訂閱量和25% 的每月訂閱量混合在一起，我們之前談到過，新訂閱量有一些混合，但新訂閱量與每月活躍訂閱數的混合，但這並沒有改變總活躍訂閱量潛艦數量從我們之前報道的 75%、25% 下降。

Got it. Thank you, guys.

知道了。感謝你們。

Chris Zhang, UBS.

張克里斯，瑞銀。

Thanks, for taking our question. So I think a lot of great questions have been answered. But I guess to start on the on the potential tiered pricing for different website plans to be in one increased capabilities to target some of the larger customers and also on.

謝謝您提出我們的問題。所以我認為很多重要的問題已經得到解答。但我想首先要針對不同網站的潛在分層定價計劃，增加針對一些較大客戶的功能。

And also, I guess to start on just maybe from the incrementality of investment perspective, what are you thinking about potentially going after kind of going upmarket and getting bigger customers? Or would you say the kind of the focus still remains the same? Is that across all your existing customer base.

而且，我想也許從投資增量的角度開始，您對進入高端市場並獲得更大客戶的可能性有何看法？或者你會說焦點仍然是一樣的嗎？您現有的所有客戶群都是如此。

I would say, as a blunt statement that our current commercialization of our commerce products is wrong and what we need to do is get payments. Well, payments is out. And what we need to now do is get it integrated with the plan tiers and enable commerce across all selling but differentiate via fees, not via SaaS to unlock commerce functionality, the current market, the current personal plan does not have commerce functionality.

我想說，作為一個直言不諱的說法，我們目前的商業產品的商業化是錯誤的，我們需要做的是獲得付款。嗯，付款已經結束了。我們現在需要做的是將其與計劃層集成，並在所有銷售中實現商務，但通過費用進行區分，而不是通過 SaaS 來解鎖商務功能，當前市場，當前個人計劃不具備商務功能。

The business plan doesn't have a particularly compelling take rate if you're a consumer and then up from there we don't get you into a sub 2.9% take rate automatically. Now you can do that for select customers, but it's not automatic based on your SSG. So by adding the payments take rates into the SaaS tiers.

如果您是消費者，那麼商業計劃並沒有特別引人注目的採用率，然後我們不會自動讓您達到低於 2.9% 的採用率。現在，您可以為選定的客戶執行此操作，但它不會根據您的 SSG 自動執行。因此，透過將支付費用添加到 SaaS 層中。

It actually does two things one on the low end and one on the high end on the low end, you can now use all the commerce functionality and pace beyond slightly higher fee for doing it on the high end. If you upgrade your SaaS here, you'll get a lower fee without having to negotiate anything with anyone.

它實際上做了兩件事，一件事在低端，一件事在高端，在低端，您現在可以使用所有商務功能和速度，而在高端執行此操作的費用略高。如果您在這裡升級 SaaS，您將獲得較低的費用，而無需與任何人進行任何談判。

It's currently my feeling that large customers are probably looking at our SaaS peers and going not for me, and I think that we have finally an opportunity to correct that. So that's exciting. And then it's exciting. On the low end to say, look, you don't have to pay more to get started with Commerce tried out, tried out tried everything out. And if something works, we've Great. We're here with you when you grow.

目前我的感覺是，大客戶可能會關注我們的 SaaS 同行，而不是我，我認為我們終於有機會糾正這一點。所以這很令人興奮。然後就很令人興奮了。從低端來說，看，您不必支付更多費用來開始使用 Commerce 嘗試過的、嘗試過的、嘗試過的一切。如果有效果，我們就太好了。當你成長時，我們就在你身邊。

Thank you, Anthony. And that's very helpful. I guess just a quick follow-up on the on the macro? And do you feel like that? Does it feel to you like this is kind of the new normal post pandemic? Or do you think there are different pockets or different and segments or industries verticals where you can still see some improvement or some recovery.

謝謝你，安東尼。這非常有幫助。我想只是對宏觀的快速跟進？你有這樣的感覺嗎？您是否覺得這是疫情後的新常態？或者您認為在不同的領域、不同的細分市場或垂直行業中您仍然可以看到一些改善或一些復甦。

So I wouldn't have any commentary on a vertical by vertical basis. I would say that the macro right now, again, as somebody who doesn't know anything about macro and I can't possibly predict it for, you seems to be not detrimental. I think it's it feels normal and positive. I guess from us from our end, we don't see anything that is a huge headwind. And but it's hard for me to call out what that like like if there was a specific tailwind of 0.2.

所以我不會對垂直方向進行任何評論。我想說，現在的宏觀，再一次，作為一個對宏觀一無所知的人，我也無法預測它，你似乎沒有害處。我認為這感覺正常且積極。我想從我們的角度來看，我們沒有看到任何巨大的阻力。但我很難說出如果有 0.2 的特定順風的話會是什麼樣子。

It just feels normal, I don't know, which is great because we're seeing great results in what I would call a normal environment certainly that's Squarespace has proven to be countercyclical, if you will, to a lot of the things like financial recessions and pandemics where people go home and start businesses, they adapt. So that has always been sort of a boon to us by now. Right now, it's sort of like strong performance in a what I would call normal macro environment.

我不知道，這感覺很正常，這很好，因為我們在我所說的正常環境中看到了很好的結果，當然，如果你願意的話，Squarespace 已經被證明對很多事情（比如金融）具有反週期作用。所以到目前為止，這對我們來說一直是一種福音。現在，這有點像我所說的正常宏觀環境中的強勁表現。

All right. Appreciate it. Thank you so much.

好的。欣賞它。太感謝了。

Alexei Gogolev, JP Morgan.

阿列克謝‧戈戈列夫，摩根大通。

Hi, this is Ellis Smith on for Alexei Gogolev. Thank you so much for taking your question. So first on the pulse of the second quarter of reacceleration in unique subs growth and Anthony, I was hoping oh, sorry. And you said the Google Domains is a big driver there. Are these customers typically come into Squarespace organically or via a referral link from Google?

大家好，我是阿列克謝·戈戈列夫的艾利斯·史密斯。非常感謝您提出問題。因此，首先了解第二季度獨特的替補增長和安東尼的重新加速的脈搏，我希望哦，抱歉。你說 Google Domains 是那裡的一個重要推動力。這些客戶通常是自然進入 Squarespace 還是透過 Google 的推薦連結進入 Squarespace？

Yes, it's a great question. So to model, Google is very hard because you have a giant ecosystem chain trades, people who were previously going to Google demands. If they go there, it will be a referral into Squarespace. If the demand is transferred to Squarespace, they will be within Squarespace if they're on SEO, looking for things, they might find Squarespace inside of Google if their accountant transfer, they will have an e-mail from Squarespace saying you're now it's versus customer, you can login those counts, sign-up things, Bob.

是的，這是一個很好的問題。因此，要建模，Google非常困難，因為你有一個巨大的生態系統鏈交易，這是以前去谷歌的人們的需求。如果他們去那裡，就會被推薦到 Squarespace。如果需求轉移到 Squarespace，他們將在 Squarespace 內，如果他們在 SEO 上尋找東西，他們可能會在 Google 內找到 Squarespace 如果他們的會計師轉移，他們將收到一封來自 Squarespace 的電子郵件，說您現在這是針對客戶的，你可以登入這些計數，註冊一些東西，鮑伯。

So yes, some part of it is a direct link but it's a seismic ecosystem change that we'll be absorbing for them, yes, a period of time, but I it's just really a good position for us to be to have such strong, sustained, sustained organic growth in the funnel and to also see some lower than expected churn in customers coming over. And just we haven't even begun the like market, it sounds like it's early days for the sort of Google saying, but highly encouraging.

所以，是的，其中一部分是直接聯繫，但這是一個地震性的生態系統變化，我們將為他們吸收，是的，一段時間，但我認為，我們擁有如此強大的實力，這確實是一個很好的位置，漏斗中持續、持續的有機成長，且客戶流失率也低於預期。只是我們還沒有開始類似的市場，谷歌的說法聽起來還為時過早，但非常令人鼓舞。

Got it. Very clear, Anthony, thank you so much, Nathan. And I think this next one would be for you. So the guidance for CapEx in 2024 is much lower than what you printed in 2023. Can you remind us why that is?

知道了。非常清楚，安東尼，非常感謝你，內森。我認為下一篇適合你。因此，2024 年的資本支出指引遠低於您在 2023 年發布的指引。

Because of the Google transaction. We had it internally developed software in 2023 that had an outsized impact. So you'll see that come down in 2024 to a more normal state.

因為谷歌交易。我們在 2023 年讓它內部開發了軟體，產生了巨大的影響。所以你會看到這種情況到 2024 年會下降到更正常的狀態。

Understood. Thanks so much.

明白了。非常感謝。

Thank you. This concludes the question and answer portion of today's call. I would now like to hand the call back to Anthony for any final remarks.

謝謝。今天電話會議的問答部分到此結束。我現在想把電話轉給安東尼，讓他發表最後的評論。

Yes, just obviously at a hopefully what we feel is a really great quarter. And thank you all for joining and for the questions. We'll see a lot of you next week at our Investor Day. And it's a real pleasure to be in this position. I mean, I think Squarespace positioned as one of the top website builders in the world. One of the top domain registrars in the world and one of the largest resellers, Google Workspace in the world and to have all of those in one really strong modern platform is just some of the best positioning we've ever had. So thank you. I'll speak to everyone soon, and thanks for the thoughtful questions.

是的，顯然我們希望這是一個非常出色的季度。感謝大家的加入與提問。我們將在下週的投資者日見到你們。能夠擔任這個職位真的很高興。我的意思是，我認為 Squarespace 被定位為世界頂級網站建立者之一。 Google Workspace 是世界上頂級的網域註冊商之一，也是世界上最大的經銷商之一，並將所有這些都集中在一個真正強大的現代平台中，這只是我們有史以來最好的定位之一。所以謝謝。我很快就會和大家交談，感謝大家提出的深思熟慮的問題。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。