Squarespace Inc (SQSP) 2022 Q1 法說會逐字稿

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

早上好。我的名字是哈利，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Squarespace 的 2022 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

Mr. Sanders, you may now begin your conference.

桑德斯先生，你現在可以開始你的會議了。

Good morning. Thank you for joining us. My name is Robert Sanders, Head of Investor Relations. With me today are Anthony Casalena, Squarespace Founder and CEO; and Marcela Martin, CFO. They will share some opening remarks and then open the call to your questions.

早上好。感謝您加入我們。我的名字是投資者關係主管羅伯特·桑德斯。今天和我在一起的是 Squarespace 創始人兼首席執行官 Anthony Casalena；和首席財務官 Marcela Martin。他們將分享一些開場白，然後打開電話詢問您的問題。

Earlier today, we issued a press release and posted a shareholder letter to the Investor Relations section of our website with additional information related to our Q1 results. On today's call, we'll be referencing both GAAP and non-GAAP financial results and operating metrics.

今天早些時候，我們發布了一份新聞稿，並向我們網站的投資者關係部分發布了一封股東信函，其中包含與我們第一季度業績相關的更多信息。在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務業績和運營指標。

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, which can be found in the Investor Relations section of our website.

您可以在今天的新聞稿中找到有關我們如何計算這些指標的更多信息，包括 GAAP 與非 GAAP 指標的對賬，該新聞稿可在我們網站的“投資者關係”部分找到。

These measures should not be considered in isolation from or a substitute for our GAAP results. 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.

這些措施不應與我們的公認會計原則結果隔離或替代。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陳述，包括但不限於與我們未來財務業績相關的陳述。

These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks are further defined in our most recent Form 10-Q filings with the Securities and Exchange Commission.

這些前瞻性陳述受風險和不確定性的影響，可能導致我們的實際結果出現重大差異。這些風險在我們最近提交給證券交易委員會的 10-Q 表格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 of this day, May 12, 2022. We undertake no obligations to update these statements as a result of new information or future events, except where required by law. I'll now turn the call over to Anthony.

我們在本次電話會議上做出的任何前瞻性陳述均基於 2022 年 5 月 12 日這一天的假設。除法律要求外，我們不承擔因新信息或未來事件而更新這些陳述的義務。我現在把電話轉給安東尼。

Good morning, and thank you, everyone, for joining us today. We are quite pleased with our first quarter results, which exceeded our guidance in multiple ways. We currently support 4.2 million unique subscriptions across our product categories, representing significant traction amongst the audience of entrepreneurs and creators we provide tools for.

早上好，謝謝大家今天加入我們。我們對第一季度的業績感到非常滿意，該業績在多個方面超出了我們的指導。我們目前在我們的產品類別中支持 420 萬個獨特的訂閱，這在我們為其提供工具的企業家和創作者的受眾中具有顯著的吸引力。

Late last year, we introduced our Everything to Sell Anything campaign, which is a fantastic way to understand where Squarespace is headed and the value we provide to our customers. Our marketing campaign centered around this concept has delivered record impressions in the first quarter. Thank you to our marketing and creative teams for elevating the Squarespace brand and powering our growth.

去年年底，我們推出了 Everything to Sell Anything 活動，這是了解 Squarespace 的發展方向以及我們為客戶提供的價值的絕佳方式。我們圍繞這一概念開展的營銷活動在第一季度創造了創紀錄的印象。感謝我們的營銷和創意團隊提升 Squarespace 品牌並推動我們的發展。

I hope you had the opportunity to read our shareholder letter we issued this morning and take in some of the enhancements our product team has been delivering, which will help us realize our long-term goals for the business.

我希望您有機會閱讀我們今天早上發出的股東信函，並了解我們的產品團隊一直在提供的一些改進，這將有助於我們實現業務的長期目標。

Related to our commerce offering, we added new features to help sellers grow their customer base and are encouraged by the momentum building on Tock, our unique solution for hospitality and time-slotted businesses.

與我們的商務產品相關的是，我們添加了新功能來幫助賣家擴大客戶群，並且對 Tock 的發展勢頭感到鼓舞，Tock 是我們為酒店和分時段業務提供的獨特解決方案。

We believe our efforts to expand our international revenue are supported by the global rollout of our Everything to Sell Anything marketing campaign and enablement of website language translation within our platform.

我們相信，我們擴大國際收入的努力得到了我們在全球範圍內推出 Everything to Sell Anything 營銷活動以及在我們的平台內啟用網站語言翻譯的支持。

One highlight coming up this summer I'd like to tease are some fundamental enhancements to our core content management system, or CMS, which will enhance Squarespace's core usability and expressability to a wide range of users. We'll be talking about that over the next few weeks.

今年夏天的一個亮點是對我們的核心內容管理系統或 CMS 的一些基本增強，這將增強 Squarespace 的核心可用性和對廣大用戶的可表達性。我們將在接下來的幾週內討論這個問題。

As always, we continue to operate Squarespace by balancing our strong cash flow with sustainable growth, both of which Marcela will cover in more detail. Given how we are situated, we're delighted to announce that our Board has approved a $200 million share repurchase program, which underscores the confidence we have in our business and our opportunities for future growth.

與往常一樣，我們通過平衡強勁的現金流和可持續增長來繼續運營 Squarespace，Marcela 將更詳細地介紹這兩者。鑑於我們的處境，我們很高興地宣布，我們的董事會已批准一項 2 億美元的股票回購計劃，這突顯了我們對業務的信心以及我們未來增長的機會。

Lastly, I'd like to thank Marcela for her leadership at Squarespace. She's been a great partner to me, helping execute on our public listing and aligning our taxable goals with our long-term priorities. I'm pleased she'll with us through July, and we wish her the best in her next endeavor. Now I'll pass it to Marcela to share some financial highlights.

最後，我要感謝 Marcela 在 Squarespace 的領導。她一直是我的好夥伴，幫助執行我們的公開上市並將我們的應稅目標與我們的長期優先事項保持一致。我很高興她能和我們一起度過七月，我們祝她在下一次努力中一切順利。現在我將把它傳遞給 Marcela 以分享一些財務亮點。

Good morning, everyone, and thank you, Anthony. We are delighted to share results with you this morning that exceeded our guidance for the first quarter of 2022. Our strong customer retention, the adoption of higher-value subscriptions and new customer actions fueled our top line results.

大家早上好，謝謝你，安東尼。我們很高興今天早上與您分享超出我們對 2022 年第一季度的指導的結果。我們強大的客戶保留率、更高價值訂閱的採用和新的客戶行動推動了我們的頂線業績。

Unlevered free cash flow outperformance demonstrates our commitment to deliver value to our shareholders as we continue to empower our loyal customer base of 4.2 million unique subscriptions.

無槓桿自由現金流的出色表現表明了我們致力於為股東創造價值的承諾，因為我們將繼續為擁有 420 萬獨特訂閱的忠實客戶群提供支持。

We exceeded the high end of our revenue guidance by approximately $2.8 million. A portion of this outperformance was a result of nonrecurring drivers, including the accelerated delivery of new features at Tock and higher-than-anticipated GMV. Increased transactional revenue signals a growing contribution from commerce, which further validates our investments.

我們超出了收入指導的上限約 280 萬美元。這種優異表現的一部分是非經常性驅動因素的結果，包括 Tock 新功能的加速交付和高於預期的 GMV。交易收入的增加表明商業的貢獻越來越大，這進一步驗證了我們的投資。

We expect these transactional revenues to increase them further when we deliver our white-label payment solutions later in 2023. Some notes on the quarterly financials that we have presented in our shareholder letter. We anticipate marketing and sales expenses will decrease significantly compared to Q1 in the second half of the year. Q1 represents a high level of spend as we lean into seasonality and kick off the year with an extension to our macro everything to sell anything campaign at the Super Bowl. Research and development expenses increased in Q1 as we analyzed the headcount that was incorporated last year.

我們預計，當我們在 2023 年晚些時候提供我們的白標支付解決方案時，這些交易收入將進一步增加。我們在股東信中提供的關於季度財務的一些說明。我們預計下半年的營銷和銷售費用將比第一季度顯著下降。第一季度代表了高水平的支出，因為我們傾向於季節性，並通過擴展我們的宏觀一切來開始這一年，以在超級碗上出售任何東西。由於我們分析了去年合併的員工人數，第一季度的研發費用有所增加。

Non-GAAP G&A expenses are increasing about $6 million year-over-year. mostly related to D&O insurance, additional public company expenses, the consolidation of stock and the annualization of added headcount in 2021. Now turning to guidance for the second quarter of 2022.

Non-GAAP G&A 費用同比增長約 600 萬美元。主要與 D&O 保險、額外的上市公司費用、股票合併和 2021 年新增員工人數的年化有關。現在轉向 2022 年第二季度的指導。

We expect revenue to be in the range of $208 million to $213 million representing 6% to 9% growth year-over-year. As noted on our fourth quarter call, we believe the second quarter we marked the trough in our year-over-year revenue growth comparison and we anticipate accelerating year-over-year revenue growth for the balance of 2022.

我們預計收入將在 2.08 億美元至 2.13 億美元之間，同比增長 6% 至 9%。正如我們在第四季度電話會議上所指出的那樣，我們認為第二季度我們標誌著同比收入增長比較的低谷，我們預計 2022 年剩餘時間的收入同比增長將加速。

For Q2, we project our unlevered free cash flow to be in the range of $33 million to $37 million, which implies an unlevered free cash flow margin of 16.6% at the midpoint of the range. Unlevered free cash flow margin is reduced in Q2, mainly due to the timing of payments. We are increasing our guidance for the full year 2022 for both revenue and unlevered free cash flow.

對於第二季度，我們預計我們的無槓桿自由現金流在 3300 萬美元至 3700 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 16.6%。第二季度無槓桿自由現金流量利潤率下降，主要是由於支付時間。我們正在增加對 2022 年全年收入和無槓桿自由現金流的指導。

With regards to revenue, we now expect that to be in the range of $867 million to $879 million, representing 11% to 12% year-over-year growth. On our Q4 call, we outlined our expectations for non-GAAP operating expenses for 2022. Today, we are executing well against our plan and we have some updates to these expenses as we look to the rest of the year or further remainder of 2022.

關於收入，我們現在預計將在 8.67 億美元至 8.79 億美元之間，同比增長 11% 至 12%。在我們的第四季度電話會議上，我們概述了我們對 2022 年非 GAAP 運營費用的預期。今天，我們的計劃執行情況良好，我們在展望今年剩餘時間或 2022 年剩餘時間時對這些費用進行了一些更新。

We anticipate our non-GAAP gross margin to remain at or close to the first quarter level for the remainder of 2022. However, if our transactional revenue, which is the lower gross margin (technical difficulty) represents a higher percentage of our total revenue, our gross margin will decline sightly. For marketing and sales expenses in 2022, we anticipate a ratio of between 32% to 35% of the total revenue versus the previous guidance of 30% to 35%. For research and development, we expect the expense to revenue ratio to decrease to 20% to 25% versus the previous guidance of 25% to 30% of revenue. This is due to further efficiencies and changes in the ways of working that have caused savings in this expense line.

我們預計我們的非公認會計原則毛利率將在 2022 年剩餘時間內保持在或接近第一季度的水平。但是，如果我們的交易收入（即較低的毛利率（技術難度））占我們總收入的百分比較高，我們的毛利率將小幅下降。對於 2022 年的營銷和銷售費用，我們預計佔總收入的比例在 32% 至 35% 之間，而之前的指導為 30% 至 35%。對於研發，我們預計費用與收入的比率將下降至 20% 至 25%，而之前的指導為收入的 25% 至 30%。這是由於進一步的效率和工作方式的變化導致該費用項目的節省。

For G&A, we still expect that will represent approximately 11% of revenue. We expect unlevered free cash flow will be between $156 million to $169 million, representing an 18.6% margin at the midpoint. Our guidance assumes significant free cash flow leverage in the second half of 2022 as we benefit from reduced marketing and sales expenses having preloaded much of our annual spend in the first half of the year.

對於 G&A，我們仍然預計這將佔收入的 11% 左右。我們預計無槓桿自由現金流將在 1.56 億美元至 1.69 億美元之間，中點利潤率為 18.6%。我們的指導假設在 2022 年下半年有顯著的自由現金流槓桿，因為我們受益於減少的營銷和銷售費用，因為我們在上半年預載了大部分年度支出。

As we referenced during our Q4 earnings call, 2022 is a year of difficult comparisons due to the COVID-related demand environment in 2021 and 2020. However, we are very excited and confident about our ability to capitalize on the large market opportunity.

正如我們在第四季度財報電話會議中提到的那樣，由於 2021 年和 2020 年與 COVID 相關的需求環境，2022 年是難以比較的一年。但是，我們對利用巨大市場機會的能力感到非常興奮和自信。

As a reminder, during the last 2 years, we have had a tailwind related to the pandemic and have grown our top line 27% on a compound annual growth basis. Those tailwinds made us even stronger as our customer base has expanded significantly, and we continue to retain and serve our customers with tools that help them stay in business, through the pandemic.

提醒一下，在過去的兩年中，我們遇到了與大流行有關的順風，並且在復合年增長率的基礎上，我們的收入增長了 27%。隨著我們的客戶群顯著擴大，這些順風使我們變得更加強大，我們將繼續通過大流行幫助他們保持業務的工具來留住和服務我們的客戶。

We reiterate our expectations for 2023 and 2024 with regards to revenue growth into the mid- to high teens, crossing the $1 billion mark in revenues in 2023. In summary, the fundamentals of our business remain strong and we continue to execute. We have a long operating history of profitable growth, a consistently strong gross margin and with a large and growing customer base.

我們重申我們對 2023 年和 2024 年收入增長至中高青少年的預期，到 2023 年收入將超過 10 億美元。總而言之，我們的業務基本面依然強勁，我們將繼續執行。我們擁有長期盈利增長的經營歷史、持續強勁的毛利率以及龐大且不斷增長的客戶群。

We believe the introduction of new products, combined with the optimization of existing offerings will accelerate our growth in the back half of this year as we look into the future. We now look forward to your questions. So operator, you can open the line.

我們相信，隨著我們展望未來，新產品的推出以及現有產品的優化將加速我們在今年下半年的增長。我們現在期待您的提問。所以接線員，你可以開線了。

(Operator Instructions)

（操作員說明）

And our first question for today comes from Matt Pfau from William Blair.

我們今天的第一個問題來自 William Blair 的 Matt Pfau。

Yes. Just wanted to ask in terms of how the quarter progressed. I think on the fourth quarter call, you called out a bit of softness in January. Did you see any change as you went through February, March and April?

是的。只是想問一下這個季度的進展情況。我認為在第四季度的電話會議上，您在一月份表示了一些溫和。你在 2 月、3 月和 4 月經歷了哪些變化？

Thank you for your call. We have delivered according to what we had originally expected in the quarter and what we had guided. We saw a little bit of better news coming into March. And so far, we are pleased with the growth that we have had in new subscriptions and overall, how the funnel has worked.

謝謝你的來電。我們已經按照我們在本季度最初的預期和我們的指導進行了交付。我們在 3 月份看到了一些更好的消息。到目前為止，我們對新訂閱的增長以及渠道的整體運作方式感到滿意。

Yes, that's great -- sorry.

是的，那太好了——對不起。

And -- on top of that. Go ahead -- sorry. Just on top of that, Squarespace is now comprised of multiple different revenue streams, each of which are kind of reacting differently to different phases of the pandemic in different macro world events. And so while we're really pleased with the quarter, stuff like -- things like the revenues coming in the Tock business are starting to see tailwinds as we really return to something a lot more normal in the geographies where Tock is concentrated right now. So you're seeing a positive effect there.

而且 - 最重要的是。繼續——對不起。最重要的是，Squarespace 現在由多個不同的收入流組成，每個收入流在不同的宏觀世界事件中對大流行的不同階段都有不同的反應。因此，雖然我們對本季度感到非常滿意，但諸如 Tock 業務的收入之類的事情開始出現順風，因為我們現在真正回到了 Tock 集中的地區更加正常的狀態。所以你在那裡看到了積極的影響。

Got it. And on that, I just wanted to follow up on the reservation fee you introduced for Tock. Just maybe some more details on what you're seeing with that?

知道了。關於這一點，我只是想跟進你為 Tock 介紹的預訂費。只是關於你所看到的更多細節？

Positive reception. What we're doing there is in exchange for the booking fee, covering charge backs up to a certain amount for the businesses that are on the other end of that. So, so far, so good.

積極接待。我們在那裡做的是換取預訂費，為另一端的企業支付一定數額的費用。所以，到目前為止，一切都很好。

Yes, and we are actually very pleased with the results that we have seen in Tock this quarter. You may have -- you may remember that we talked in the last quarter about the investments that we were doing and the Tock team has been able to deliver this enhancement ahead of what we had originally expected. So we are very happy with the investments that we are doing there because they are paying off.

是的，我們實際上對本季度在 Tock 看到的結果感到非常滿意。您可能已經 - 您可能還記得我們在上個季度談到了我們正在進行的投資，並且 Tock 團隊已經能夠在我們最初預期的之前實現這一增強。因此，我們對在那裡進行的投資感到非常滿意，因為它們正在獲得回報。

And our next question is from Trevor Young of Barclays.

我們的下一個問題來自巴克萊的 Trevor Young。

First, on the 1Q guide, 9% growth at the high end I think that would imply steady to accelerating year-on-year growth on an organic and FX basis, I think FX headwinds working here. One is that how you're thinking about it? And two, it looks like a little bit of a wider range for the quarter than in prior quarters about a $5 million spread there. Is that indicative of a bit greater uncertainty from here?

首先，在第一季度指南中，9% 的高端增長我認為這意味著在有機和外匯基礎上穩步加速同比增長，我認為外匯逆風在這裡起作用。一是你是這麼想的？第二，與前幾個季度相比，本季度的範圍似乎有點寬，約為 500 萬美元。這是否表明這裡有更大的不確定性？

Thank you, Trevor, for the question. On your first question, yes, the answer is yes. And for the second question, look, I mean, what we had anticipated, what we have seen so far versus what we had anticipated is a macro impact and some headwinds coming from FX that has not played in our favor. So we are putting a little bit more conservatism in the second half of the year just because the macro environment is a little bit unstable.

謝謝你，特雷弗，你的問題。關於你的第一個問題，是的，答案是肯定的。對於第二個問題，看，我的意思是，我們所預期的，到目前為止我們所看到的與我們預期的相比，宏觀影響和來自外彙的一些不利因素對我們不利。所以我們在下半年稍微保守一點，只是因為宏觀環境有點不穩定。

We -- execution-wise, we have been executing according to what we had expected. So we are quite happy with that. But unfortunately, FX has moved negatively in the first quarter, and that put us -- we want to take a prudent position with that regard.

我們——在執行方面，我們一直在按照我們的預期執行。所以我們對此非常滿意。但不幸的是，外彙在第一季度出現了負面走勢，這讓我們——我們希望在這方面採取謹慎的立場。

Great. That's really helpful. And then just last one. On the $200 million share repurchase authorization, should we expect some accelerated repurchases near term in light of where the stock is trading? And then can you maybe touch on your appetite for M&A right now given that public and private market stands appear to be coming in a bit?

偉大的。這真的很有幫助。然後只是最後一個。關於 2 億美元的股票回購授權，鑑於股票的交易情況，我們是否應該預期近期會有一些加速回購？那麼，鑑於公共和私人市場似乎即將到來，您現在能否談一談您對併購的興趣？

Yes. We're excited about where the business is situated and we are long-term believers in it, and that's the driver behind the share repurchase. We're probably not going to get into the exact strategy of that repurchase, but it's there, and we intend to use it.

是的。我們對業務所處的位置感到興奮，並且我們長期相信它，這就是股票回購背後的驅動力。我們可能不會進入回購的確切策略，但它就在那裡，我們打算使用它。

Regarding impacts on M&A, I think there's three ways you can look at cash, right? We can do a dividend, which is not -- I don't think well-situated to Squarespace right now. As you mentioned, there's M&A potential, which is definitely still on the table. We don't feel constrained from an M&A perspective, with the authorization of the $200 million repurchase.

關於對併購的影響，我認為您可以從三種方式看待現金，對吧？我們可以分紅，但我不認為 Squarespace 現在處於有利位置。正如您所提到的，存在併購潛力，這肯定仍在討論中。從併購的角度來看，我們並沒有受到 2 億美元回購授權的限制。

Most of our MA targets have been kind of sub-$100 million sub-$70 million sort of move -- Tock, obviously, being the exception. But we continue to pursue a number of smaller ideas and tuck-ins, and this doesn't constrain us from that in any way. So we thought it was -- we were excited to be able to issue it.

我們的大多數 MA 目標都是低於 1 億美元或低於 7000 萬美元的走勢——顯然，Tock 是個例外。但是我們繼續追求一些較小的想法和小插曲，這不會以任何方式限制我們。所以我們認為它是——我們很高興能夠發布它。

Yes, the business profile of the Squarespace is really great with regards to delivery of cash. And you can see that on our confidence through the share buyback program and also on the fact that we have increased guidance for the full year.

是的，Squarespace 的業務概況在現金交付方面非常出色。您可以通過股票回購計劃看到我們的信心，以及我們增加了全年的指導這一事實。

And our next question is from Ron Josey of Citi.

我們的下一個問題來自花旗的 Ron Josey。

Anthony, Marcela, I wanted to follow up on the subscriber growth and the visibility from what we just talked about. I think coming out of 4Q, you talked about more modest growth. 1Q results were certainly better in terms of sub additions. And Marcela, I think you just said that macro was better, but still unstable. So can you help us understand a little bit more about the visibility in subscriber growth, given 1Q was better, maybe better marketing and the Super Bowl campaign.

Anthony，Marcela，我想從我們剛才談到的內容中跟進訂戶增長和知名度。我認為從第四季度開始，您談到了更溫和的增長。就子添加而言，第一季度的結果肯定更好。還有 Marcela，我想你剛才說宏更好，但仍然不穩定。因此，鑑於第一季度更好，也許更好的營銷和超級碗活動，您能否幫助我們更多地了解訂戶增長的可見性。

And then as we think about 2Q and beyond, would it be fair to think about subscriber growth maybe following the revenue growth trajectory that you outlined, Marcela? And then I have a quick follow-up.

然後當我們考慮第二季度及以後，考慮用戶增長是否可能遵循您概述的收入增長軌跡，Marcela？然後我有一個快速跟進。

I would think that related to -- the subscriber growth related to revenue growth, I mean the key strategy behind what we've been doing is to give people more ways to sell and to be more involved in our customers' transactions and how they grow their business.

我認為這與 - 與收入增長相關的訂戶增長有關，我的意思是我們一直在做的事情背後的關鍵戰略是為人們提供更多銷售方式並更多地參與我們客戶的交易以及他們如何成長他們的生意。

So from a macro perspective, a long-term perspective, I think that you should see the revenue growth outpaced the subscriber growth as we get more into GMV, things like member areas, different ways to sell different subscriptions. And so I would think those would diverge a bit?

因此，從宏觀角度和長期角度來看，我認為隨著我們更多地進入 GMV、會員領域、銷售不同訂閱的不同方式等方面，收入增長應該超過用戶增長。所以我認為這些會有所不同嗎？

Right.

對。

Yes.

是的。

Definitely. And regards to Q2, we had anticipated that the trough was going to be for Q2. And -- but the conservatism that we are adding in the second half of the year, is not related to subscriptions and additions.

確實。關於第二季度，我們預計第二季度將出現低谷。而且——但我們在下半年添加的保守主義與訂閱和添加無關。

I mean, as I said, we have performed a little bit better. It's just that we see some headwinds with regards to euro, the impact of the euro. Hopefully 29% of our revenues are denominated in euro. So the underlying growth of the international business is still strong.

我的意思是，正如我所說，我們的表現要好一些。只是我們在歐元方面看到了一些不利因素，即歐元的影響。希望我們 29% 的收入以歐元計價。因此，國際業務的潛在增長仍然強勁。

This quarter has been 16% year-over-year. And we are quite happy with the progress that we have been making in countries like Australia, the U.K. Canada, we have also delivered local marketing campaigns this quarter in Germany and France. And so we are firm believers that international is a huge opportunity for us. But as the revenue size is quite significant.

本季度同比增長 16%。我們對我們在澳大利亞、英國、加拿大等國家取得的進展感到非常滿意，本季度我們還在德國和法國開展了本地營銷活動。因此，我們堅信國際化對我們來說是一個巨大的機會。但由於收入規模相當可觀。

We are just mindful of the headwinds because of the headwinds on FX that we have seen in the first quarter.

由於我們在第一季度看到的外匯逆風，我們只是注意到逆風。

Got it. That's very helpful. And my last question is just on pricing, any thoughts or any update on there, given what we just talked about maybe the unstable macro? We talked about bundling new pricing later this year coming out.

知道了。這很有幫助。我的最後一個問題只是關於定價、任何想法或任何更新，鑑於我們剛剛談到的可能是不穩定的宏？我們談到了今年晚些時候推出的捆綁新定價。

Yes, absolutely. So in the first quarter, we completed a series of price tests on new users, and we have another couple of sort of running right now. Some of those were successful, and you see that reflected in the pricing on our on site.

是的，一點沒錯。因此，在第一季度，我們完成了對新用戶的一系列價格測試，我們現在還有另外一些運行。其中一些是成功的，您會在我們現場的定價中看到這一點。

That gives us also more leverage when it comes to what you were referring to in the latter half of your question, which is the legacy pricing updates, which we still expect to happen in the second half of this year.

當談到您在問題的後半部分所指的內容時，這也為我們提供了更多的影響力，即傳統的定價更新，我們仍預計會在今年下半年發生。

Frankly, it gives us more confidence that they'll be successful because we can now point it, frankly, in our view, quite modest price increases that are actually going to keep a lot of customers still below the list price that you would enter at as a new customer.

坦率地說，這讓我們更有信心相信他們會成功，因為我們現在可以指出，坦率地說，在我們看來，相當適度的價格上漲實際上會讓很多客戶仍然低於您輸入的標價作為新客戶。

And the bundling stuff is a longer-term project in full effect, still a really big believer there that we have a lot of products that we have made and are in-market that are just -- just due to our release time line over the years, it's just behind another subscription, another subscription, another subscription, whereas if we took these things that are already there and built, put them in the bundles, made them a little bit more accessible from a getting started perspective so that when you're signing up for Squarespace you're signing up for basically, like -- imagine have a business starter kit. I'm somebody who wants to sell courses.

捆綁產品是一個完全有效的長期項目，仍然非常相信我們有很多我們已經製造並在市場上銷售的產品 - 只是因為我們的發佈時間線超過了幾年，它只是在另一個訂閱，另一個訂閱，另一個訂閱之後，而如果我們把這些已經存在並構建的東西放在捆綁包中，從入門的角度來看它們更容易訪問，這樣當你'重新註冊你基本上註冊的 Squarespace，就像 - 想像有一個商業入門工具包。我是想賣課程的人。

I go and sign up for that and be via a single subscription get access to more of a full suite of Squarespace products, which enables us to then grow you as you use more and more of that suite. Big believer in that, a lot of complexity there, much more much more difficult for us than just a pricing update or a price test to new customers.

我去註冊並通過一個訂閱獲得更多全套的 Squarespace 產品，這使我們能夠隨著您使用越來越多的該套件而發展您。堅信這一點，那裡有很多複雜性，對我們來說比僅僅更新定價或對新客戶進行價格測試要困難得多。

So still excited about both of those, but you don't see the impact of either of them in Q1 or Q2 thus far. But they will appear in the second half of the year.

所以仍然對這兩者感到興奮，但到目前為止你還沒有看到它們在第一季度或第二季度的影響。但它們將在下半年出現。

Yes. And look, I mean, the success that we have had with the scheduling tools and member areas has been quite good. They are very strong products and sometimes the net new unit subscriptions are not truly reflecting the actual growth because we can't unique as actually unique.

是的。看，我的意思是，我們在調度工具和成員區域方面取得的成功非常好。它們是非常強大的產品，有時淨新單位訂閱並不能真正反映實際增長，因為我們不能真正獨一無二。

But these products have been growing really nicely as well as marketing campaigns -- the main growth on GMV, for example, has been driven by the growth in scheduling again. We are -- I believe we are very well-positioned to continue to lead in providing services for customers and for customers that manage time-slotted businesses.

但這些產品和營銷活動的增長非常好——例如，GMV 的主要增長再次受到調度增長的推動。我們 - 我相信我們處於非常有利的位置，可以繼續為客戶和管理有時限業務的客戶提供服務。

Yes. What Marcela is highlighting there is, I think, a really important point as well, which is that depending on which competitor you picked up, that GMV breakdown is very, very different. And we've said kind of over and over again on these calls and as part of the marketing campaign that -- yes, physical product sales are very, very important to Squarespace. We've got a big investment in that product, that will continue.

是的。我認為，Marcela 強調的還有一個非常重要的點，那就是根據你選擇的競爭對手，GMV 細分非常非常不同。我們在這些電話中一遍又一遍地說，作為營銷活動的一部分——是的，實體產品銷售對 Squarespace 非常非常重要。我們對該產品進行了大量投資，這種投資將繼續下去。

But there's so many other ways to transact. The appointments product, the Tock is doing for time-slotted businesses in hospitality. The transactions are happening around the appointments that are flowing through our platform that we see a big opportunity in getting onto our platform. So invoicing, basically, it's all this GMV related to services that we're going to be able to tap into that we're targeting that is a little different than if we were just a pure-play physical product commerce.

但是還有很多其他的交易方式。約會產品 Tock 正在為酒店業的時間段業務做。交易圍繞著通過我們平台流動的約會進行，我們看到了進入我們平台的巨大機會。因此，發票基本上都是與我們將能夠利用的服務相關的所有這些 GMV，我們的目標與我們只是一個純粹的實體產品貿易有點不同。

Our next question is from the line of Ygal Arounian from Wedbush.

我們的下一個問題來自 Wedbush 的 Ygal Arounian。

I just follow up on the last comment. Is there any way to go with one layer deeper and think about the growth in services and scheduling versus what you're seeing in products? Like, are you still seeing growth in kind of more traditional product e-com sales? Obviously, that's been an area that's been under a lot of pressure. So is there any way to kind of help understand the puts and takes between those two sides a little bit better?

我只是跟進最後的評論。有什麼方法可以更深入地考慮服務和調度的增長與您在產品中看到的情況？比如，您是否還在看到更多傳統產品電子商務銷售的增長？顯然，這是一個承受很大壓力的領域。那麼有什麼方法可以幫助更好地理解這兩方之間的看跌期權嗎？

So while we don't break it out, I can make some macro comments. When you're leading into what you saw in various other earnings releases recently, which is that there was sort of a return to some interest in commerce and a bit of a softening in e-commerce, but even though it's still incredibly strong and it's obviously going to be a huge thing over the next decade.

因此，雖然我們不打破它，但我可以做一些宏觀評論。當你看到你最近在其他各種收益發布中看到的內容時，那就是對商業的一些興趣和電子商務的一些軟化，但即使它仍然非常強大而且它是顯然，這將在未來十年成為一件大事。

So there's that. But part of what makes Squarespace really strong and well-positioned is as -- insofar as you're like so some of the e-commerce stuff is returning to in-person, well, our business is like Tock and time-slotted business -- I mean -- and appointments and -- the more we can get the transaction related to that appointment flowing through Squarespace, in many cases which it doesn't right now, that stuff will be countercyclical to that other trend.

所以就是這樣。但是讓 Squarespace 真正強大和定位良好的部分原因是——就你而言，一些電子商務的東西正在回歸到面對面，嗯，我們的業務就像 Tock 和時間段的業務—— - 我的意思是 - 約會和 - 我們可以通過 Squarespace 獲得與該約會相關的交易，在許多情況下它現在還沒有，這些東西將與其他趨勢反週期。

And so we've just tried to set ourselves up by serving the needs of a broad array of businesses and ones that operate with services. And I think that, that will -- that positioning will continue to play out very well over the next couple of years, even as these things sort of ebb and flow.

因此，我們只是試圖通過滿足廣泛的企業和使用服務運營的企業的需求來建立自己。而且我認為，這將——在接下來的幾年裡，這種定位將繼續很好地發揮作用，即使這些事情有點起起落落。

Because at the end of the day, I still believe that if you take any one of these topic areas, e-commerce invoicing appointments, scheduling, any area where we operate, I just see them all being bigger and more online and transaction flowing more to online sources over the next couple of years. So I'm really happy with how we're situated there.

因為歸根結底，我仍然相信，如果您選擇這些主題領域中的任何一個，電子商務發票預約，日程安排，我們運營的任何領域，我都會看到它們都變得更大，更在線，交易更流暢在接下來的幾年中，在線資源。所以我對我們在那裡的位置感到非常滿意。

Certainly, the well-roundedness is proving to be beneficial these days. And maybe you could just talk a little bit more about the new features and functionality in the platform. I think you called out a lot in the letter. And then I don't know if you would be willing to add any more color around the CMS enhancements. But just broadly speaking, what are the areas in within the new features and functionality that maybe have you guys the most excited in terms of how it contributes to the overall product?

當然，這些天來，全面發展被證明是有益的。也許您可以多談談平台中的新特性和功能。我想你在信中提到了很多。然後我不知道您是否願意為 CMS 增強功能添加更多顏色。但從廣義上講，新特性和功能中的哪些領域可能讓你們對它對整體產品的貢獻感到最興奮？

Sure. So there's a lot of things. Where to begin? A lot of what happened during the quarter, we frankly don't highlight on these calls because we just do a lot of blocking and tackling a lot of releases all the time that are important features for our customers that people might not see immediately, let's say.

當然。所以有很多事情。從哪裡開始？本季度發生的很多事情，坦率地說，我們不會在這些電話會議上強調，因為我們只是一直在做大量的阻止和處理大量的發布，這些對於我們的客戶來說是人們可能不會立即看到的重要功能，讓我們說。

So for international, new languages launching, SEPA being kind of fully rolled out, user site translation available, we -- people asked about the insurance coverage and the booking fee on Tock. That was a great win for us.

因此，對於國際、新語言的發布、SEPA 的全面推出、用戶網站翻譯可用，我們——人們詢問了 Tock 的保險範圍和預訂費。這對我們來說是一場偉大的勝利。

In the Unfold products, we continue to innovate with Bio Sites, and we're purchasing a large number of those created. And as I was alluding to in the transcript, we have some functionality that hits as the core functionality of the content management system that we've really been working on for some time related to the core page building experience. And it's really important because that functionality is like it hits every customer in every trial going through the website product.

在 Unfold 產品中，我們繼續通過 Bio Sites 進行創新，並且我們正在購買大量創建的產品。正如我在成績單中提到的那樣，我們有一些功能作為內容管理系統的核心功能，我們已經研究了一段時間，與核心頁面構建體驗相關。這真的很重要，因為該功能就像在通過網站產品進行的每次試用中都會影響到每個客戶。

It's the most difficult thing to get right. And it's the most important thing to get right because when you get it right, you increase, again, usability of people using the product and expressibility.

做對是最難的。做對是最重要的，因為當你做對時，你會再次增加使用產品的人的可用性和可表達性。

And I think that what you'll see as we kind of introduce one of our new page building engines here is that we have a strategy in the core platform of not fragmenting that editing experience. We want fewer kinds of editing experiences with the right level of usability for beginners, but also the expressibility for professional users and Circle members so that they feel comfortable making more advanced sites on the platform.

而且我認為，當我們在這裡介紹我們的新頁面構建引擎之一時，您會看到我們在核心平台中製定了不分散編輯體驗的策略。我們想要更少種類的編輯體驗，為初學者提供適當的可用性水平，同時也為專業用戶和圈子成員提供可表達性，以便他們在平台上製作更高級的網站時感到自在。

So some of the functionality is in beta right now. I hesitate to go too on and on about it in the call just because I'd rather show it with visuals because I think that just kind of suits it better. But that kind of stuff is really important to us staying and being a world-class performer in our space. And so I'm really looking forward to that. Again, it's tough to describe developments at Squarespace for a long time.

所以一些功能現在處於測試階段。我不願在電話中繼續談論它，只是因為我寧願用視覺效果來展示它，因為我認為這更適合它。但是這種東西對於我們在我們的空間中保持並成為世界級的表演者非常重要。所以我真的很期待。同樣，很難描述 Squarespace 長期以來的發展。

I mean, I would add because I don't want to disclose too much about it. But on the EBITDA, we have our Circle members. We have our Circle members, which is our beloved community of developers that give us feedback and the reception of this product has been great so far what we have seen in their reviews. We have received great feedback. So we are quite excited about these changes that are coming. And we hope that we can announce them very soon.

我的意思是，我會補充，因為我不想透露太多。但在 EBITDA 上，我們有自己的圈子成員。我們有自己的 Circle 成員，這是我們心愛的開發者社區，他們向我們提供反饋，到目前為止，我們在他們的評論中看到，這款產品的接受度非常好。我們收到了很好的反饋。因此，我們對即將到來的這些變化感到非常興奮。我們希望我們能很快宣布它們。

Our next question is from the line of Gabriela Borges of Goldman Sachs.

我們的下一個問題來自高盛的加布里埃拉博爾赫斯。

Anthony and Marcela, I'm hoping you can share your observations on the folks that joined Squarespace in 2020 and 2021 during the worst of COVID. Any observations around those cohorts relative to your older cohorts, either in terms of churn willingness to grow and expand with the Squarespace platform? Just curious what you're seeing relative to history in those cohorts specifically.

Anthony 和 Marcela，我希望您能分享您對在 COVID 最嚴重的 2020 年和 2021 年加入 Squarespace 的人們的觀察。相對於您的老同夥，圍繞這些同夥有什麼觀察結果，無論是在使用 Squarespace 平台增長和擴展的流失意願方面嗎？只是好奇您在這些群組中看到的與歷史相關的具體情況。

Thanks, Gabriela, for the question. I'm going to kick off, and Anthony if you want to add later. So let me talk first about the 2021 cash retention. Because what we have seen for subscription, cash retention is that it was stronger in 2021 versus what it was in 2020.

謝謝加布里埃拉的問題。我要開始了，如果你想稍後再補充的話，還有 Anthony。所以讓我先談談2021年的現金保留。因為我們在訂閱中看到的情況是，現金保留在 2021 年比 2020 年更強。

And even at a constant FX basis, the retention was actually better. I mean, of course, as you can imagine, 2020 and 2021 are really big cohorts. So we are paying attention to how they behave. What we have also looked at is at the 2020 cohort and how that has performed in a 2-year cash retention basis, actually a little bit less than that because it hasn't been fully 2 years for all of the cohorts, but how those have performed compared to 2019.

即使在固定的外匯基礎上，留存率實際上也更好。我的意思是，當然，正如您可以想像的那樣，2020 年和 2021 年確實是很大的群體。因此，我們正在關注他們的行為方式。我們還研究了 2020 年的隊列，以及它們在 2 年現金保留的基礎上的表現，實際上比這要少一些，因為所有隊列還沒有滿 2 年，但是那些與 2019 年相比表現良好。

And they have performed slightly better even than 2019. So we are quite pleased with the way that so far, these cohorts have been behaving which, as I said, represent a large number of customers. And I think that this retention is a testament of the stickiness of our platform and the loyal customer base that we have. With regards to churn, we have not seen changes in churn overall.

他們的表現甚至比 2019 年略好一些。因此，我們對迄今為止這些群體的表現感到非常滿意，正如我所說，它們代表了大量客戶。我認為這種保留證明了我們平台的粘性和我們擁有的忠實客戶群。關於流失，我們沒有看到整體流失的變化。

And I think one more piece of information perhaps is that we have seen this year more -- sorry, more people coming directly to commerce versus what we saw at first in 2020, where there was people moving more from personal to commerce. But we have seen a larger adoption of commerce versus what we saw in the past with regards to upgrades.

而且我認為還有一條信息可能是我們今年看到的更多——抱歉，與我們在 2020 年最初看到的相比，更多的人直接進入商業領域，當時人們從個人轉向商業。但是，與我們過去在升級方面看到的相比，我們看到了商業的更大採用。

That's very helpful color.

這是非常有用的顏色。

No. I mean, to summarize what Marcela is saying, it's -- they're not weird cohorts. Yes, it -- last better, right?

不。我的意思是，總結一下 Marcela 所說的話，就是——他們不是奇怪的同夥。是的，它——最後更好，對吧？

Right. Understood. And Marcela, I know it's early days, but any guidance on how we can think about the payments revenue stream in 2023 and how to model that?

對。明白了。還有 Marcela，我知道現在還為時尚早，但是關於我們如何考慮 2023 年的支付收入流以及如何建模的任何指導？

Look, I mean, we are at the later stages of choosing our partners. We have been going on due diligence for a while. And the reason is because we really have amazing partners that -- and potential partners, the companies that we are talking to are really, really good companies.

看，我的意思是，我們正處於選擇合作夥伴的後期階段。我們已經進行了一段時間的盡職調查。原因是因為我們真的有很棒的合作夥伴——以及潛在的合作夥伴，我們正在與之交談的公司都是非常非常好的公司。

So we have to make a tough decision there. However, we have been developing payments from I believe we started last year, sometime in October. And the teams have been showing us a lot of progress so far. So we are confirming that we will launch payments in 2023, most likely it's going to be in the second half of the year.

所以我們必須在那裡做出艱難的決定。但是，我們一直在開發付款，我相信我們從去年開始，即 10 月的某個時候開始。到目前為止，這些團隊已經向我們展示了很多進展。因此，我們確認我們將在 2023 年推出付款，很可能是在下半年。

But the piece that we have yet to figure it out is what's going to be our commercial policy because as you see in the market, there is a wide range of some payments and -- sorry, processing fees you know that different processes charge. And so I can't talk too much about how that's going to plan.

但是，我們尚未弄清楚的部分是我們的商業政策，因為正如您在市場上看到的那樣，有些付款範圍很廣，而且 - 抱歉，您知道不同流程會收取處理費。所以我不能過多地談論這將如何計劃。

We've been working on the plans behind the scenes, but those decisions are still yet to be made because we have a year to go and we have to continue to look at market conditions and so on.

我們一直在製定幕後計劃，但這些決定仍未做出，因為我們還有一年的時間，我們必須繼續關注市場狀況等等。

And our next question is from the line of Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I had a little bit of a question, just maybe high level, about presence in commerce revenue. And trying to put some guardrails. Obviously, there's been a large gap on commerce revenue outgrowing presence revenue between 20% and 40%. Obviously, we're going into a period where we'll be lapping Tock, and there's obviously some changes there.

關於商業收入的存在，我有一點問題，也許是高水平的。並試圖設置一些護欄。很明顯，商業收入在 20% 到 40% 之間存在巨大差距。很明顯，我們正在進入一個我們將碾壓托克的時期，顯然那裡有一些變化。

So I imagine we'll converge to some degree, but just any guidance you can give us just on how to build out these two businesses for the remainder of the year.

所以我想我們會在某種程度上融合，但你能給我們的任何指導都只是關於如何在今年剩下的時間裡建立這兩個業務。

So without getting in the -- I think you can maybe take some of -- piecing together some of what we've answered in other -- in some of the other questions and sort of think about -- all right, Squarespace is obviously very interested in attracting customers that are transacting. And we wouldn't be a part of that transaction.

因此，如果不參與 - 我認為你也許可以採取一些 - 將我們在其他問題中回答的一些內容拼湊起來 - 在其他一些問題中並進行思考 - 好吧，Squarespace 顯然非常有興趣吸引正在交易的客戶。而且我們不會參與該交易。

And then there's different macro trends that are going to influence people's attraction to those various business models and the performance of those various business models within the platform. So I don't know if I have any like very specific guidance on how to...

然後有不同的宏觀趨勢將影響人們對這些不同商業模式的吸引力以及平台內這些不同商業模式的表現。所以我不知道我是否有任何非常具體的指導如何...

Yes. Look, I mean, what I can tell you is we provided a goal in Investor Day last year, and we are -- from our perspective, we are on track to deliver on that goal. If there are significant changes that are going to move in between 2022 and -- sorry, in 2022 between presence and commerce, I mean I don't expect that it's going to be quite dramatic.

是的。聽著，我的意思是，我可以告訴你的是，我們在去年的投資者日提供了一個目標，而且我們 - 從我們的角度來看，我們正在實現這個目標。如果在 2022 年和 - 抱歉，在 2022 年存在和商業之間發生重大變化，我的意思是我不認為它會非常戲劇化。

But -- look, I mean, we are very, very happy and excited with the growth that we have in presence as much as the one that we have in commerce because anybody -- once we have that customer into our platform, we can move that customer that decides to transact into different plan.

但是 - 看，我的意思是，我們對我們在商業中的增長和我們在商業中的增長感到非常、非常高興和興奮，因為任何人 - 一旦我們有那個客戶進入我們的平台，我們就可以移動決定交易到不同計劃的客戶。

Okay. Okay. That's helpful. And then maybe just following up on the prior question about the branded Squarespace payments offering. Question a little bit more on the go-to-market. I appreciate that it's early and you're still working on the commercial arrangements.

好的。好的。這很有幫助。然後也許只是跟進有關品牌 Squarespace 支付產品的先前問題。關於上市的問題多一點。我很感激現在還早，您仍在進行商業安排。

But once you do get that offering live, are you thinking about it as most likely that new customers coming to the platform will be the most likely candidates to adopt? Do you think you can go back to the existing base that may have a different arrangement in place and get them to adopt it?

但是，一旦您確實推出了該產品，您是否認為進入該平台的新客戶最有可能成為最有可能採用的候選人？你認為你可以回到可能有不同安排的現有基地並讓他們採用它嗎？

Just -- I realize it's early so it's probably fairly preliminary, but just curious on the go-to-market there.

只是 - 我意識到現在還早，所以它可能是相當初步的，但只是對那裡的上市感到好奇。

Sure. So no-brainer for us to make it the default for all new customers coming to the platform. I think we're going to aggressively incentivize existing customers to switch over to the payment stack. I think for the most part, the feedback we've heard from people is that they kind of prefer to have everything in one place.

當然。因此，我們毫不猶豫地將其作為所有新客戶進入該平台的默認設置。我認為我們將積極激勵現有客戶切換到支付堆棧。我認為大多數情況下，我們從人們那裡聽到的反饋是，他們更喜歡將所有東西都放在一個地方。

They don't want different vendors. They trust Squarespace. They want one relationship. So insofar as they kind of want that from a product experience, and we can make it beneficial for them to switch over from a commercial side of things. Yes, I mean, I think it would be our goal to have 100% of all of our customers eventually using our payment stack.

他們不想要不同的供應商。他們信任 Squarespace。他們想要一種關係。因此，只要他們希望從產品體驗中獲得這一點，我們就可以讓他們從商業方面進行轉換。是的，我的意思是，我認為我們的目標是讓 100% 的客戶最終使用我們的支付堆棧。

And our next question is from the line of Brad Erickson of RBC.

我們的下一個問題來自 RBC 的 Brad Erickson。

Just a couple of follow-ups on the subscription business. I think given the macro factors going on, there's just a lot of worry right now about the health of the overall SMB out there. What do you think you guys are seeing from your core, call it, SMB pipeline?

只是訂閱業務的幾個後續行動。我認為鑑於正在發生的宏觀因素，現在人們對整個 SMB 的健康狀況感到非常擔憂。你認為你們從核心看到了什麼，稱之為 SMB 管道？

And what have you sort of qualitatively built into your guidance in terms of SMB headwinds potentially getting worse, staying the same or maybe even improving from recent levels? That's one.

在 SMB 逆風可能變得更糟、保持不變甚至可能比最近的水平有所改善方面，您在指導中做了哪些定性的內容？那是一個。

And then secondarily, just on subscription, how do you think you guys are doing market share-wise lately in that part of the business?

其次，就訂閱而言，你認為你們最近在這部分業務中的市場份額如何？

Sure. So one thing to keep in mind regarding Squarespace and kind of SMB formation is that there is going to be some correlation there, but there are a lot of people who are using Squarespace that are not really going to get picked up in that number because they're either part of like a creator economy and their formation of their business is going to lag like incorporation and all that.

當然。所以關於 Squarespace 和 SMB 的形成要記住的一件事是，那裡會有一些相關性，但是有很多使用 Squarespace 的人並不會真正被這個數字所吸引，因為他們'要么是創造者經濟的一部分，而且他們的業務形成將落後於公司等。

So just kind of getting started either with like unfolded Bio Sites or a regular Squarespace website, but they're testing member areas and things like that.

所以只是從展開的 Bio Sites 或常規的 Squarespace 網站開始，但他們正在測試會員區域和類似的東西。

So we service a large number of business models on Squarespace. And again, like not all of them are going to get picked up in these SMB formation numbers, and I think -- and then what was the second thing, Marcela?

所以我們在 Squarespace 上為大量的商業模式提供服務。再一次，就像不是所有人都會在這些 SMB 形成號碼中被選中，我認為 - 然後第二件事是什麼，Marcela？

The second part of your question with regards to guidance. I want to reiterate that the reason of the additional conservative versus the guidance that we provided during the previous call, is related to FX headwinds that we saw in Q1. But we remain with the same plan that we had with regards to subscriptions -- yes, subscription and new customers.

關於指導的問題的第二部分。我想重申，與我們在上次電話會議中提供的指導相比，額外保守的原因與我們在第一季度看到的外匯逆風有關。但我們仍然採用與訂閱相關的相同計劃——是的，訂閱和新客戶。

Yes. Again, for the full year, we've baked in all of...

是的。再一次，在這一年裡，我們已經把所有的…

Yes. It hasn't changed compared to the previous guidance that we have provided earlier.

是的。與我們之前提供的先前指導相比，它沒有改變。

Got it. And then maybe just a quick comment on how you've been doing market share-wise?

知道了。然後也許只是快速評論一下您在市場份額方面的表現如何？

All right. Very interesting. A number of ways to kind of track that from a just -- I mean, there's CMS reports out there that talk about how many URLs are powered by which platforms and all that.

好的。很有意思。有多種方法可以從一個公正的角度進行跟踪——我的意思是，那裡有 CMS 報告，其中討論了有多少 URL 由哪些平台提供支持等等。

I think we've been doing. I think we're doing good. I keep thinking more about what is happening behind those URLs and the value versus necessarily like are there 5 million sites or 6 million sites or 7 million sites, right?

我想我們一直在做。我認為我們做得很好。我一直在思考這些 URL 背後發生了什麼，以及價值與必然有 500 萬個站點、600 萬個站點或 700 萬個站點，對嗎？

I mean you could be powering the top 20,000 most valuable sites in the world, each of which process $1 billion in GMV. And that would be very, very valuable versus like the next million presence websites that may not be transacting.

我的意思是你可以為世界上最有價值的 20,000 個站點提供動力，每個站點處理 10 億美元的 GMV。與下一個可能沒有交易的百萬存在網站相比，這將是非常非常有價值的。

So I think about what kind of customer we attract, I think about getting people in that entry level that have a high appreciation for quality and an aptitude to grow into those bigger kind of customers over time.

所以我考慮我們吸引什麼樣的客戶，我考慮讓那些對質量有高度評價的入門級的人隨著時間的推移有能力成長為更大的客戶。

And so that's kind of how my mindset has been with regards to that. I think that -- and I referenced it earlier verbally on the script and also as an answer to one of the questions, I'm really confident that with what we're releasing in the CMS and the unification of all the commerce packages together into one sort of bundle over time that -- and call me biased, but I really think this is the best product in the market.

這就是我的心態。我認為——我早些時候在腳本中口頭引用了它，同時也作為對其中一個問題的回答，我非常有信心通過我們在 CMS 中發布的內容以及將所有商業包統一到一起隨著時間的推移，一種捆綁——並稱我有偏見，但我真的認為這是市場上最好的產品。

And I think that it's going to be -- just the usability and expressability of what we do, how we push the market forward from a visual and creative standpoint remains really, really important. So I have more confidence than ever in the main tool. And at our core we're a product company, and we invest in that and have always invested in that. And that's why I'm excited about the road map and what's coming out.

而且我認為這將是 - 只是我們所做工作的可用性和可表達性，我們如何從視覺和創意的角度推動市場發展仍然非常非常重要。所以我對主要工具比以往任何時候都更有信心。在我們的核心，我們是一家產品公司，我們對此進行投資並且一直在投資。這就是為什麼我對路線圖和即將推出的內容感到興奮的原因。

Our next question is from the line of Naved Khan of Truist Securities.

我們的下一個問題來自 Truist Securities 的 Naved Khan。

A couple of questions. So Anthony, you mentioned earlier that you did some price tests and then some of them were kind of the ones you take, then continue to kind of do more work there. But just can you just give us some color on what kind of tests these are?

幾個問題。所以安東尼，你之前提到你做了一些價格測試，然後其中一些是你接受的，然後繼續在那裡做更多的工作。但是你能給我們一些關於這些測試的顏色嗎？

And are these kind of just for the new customers, meaning new customers do not -- in the sign ups, may not be getting as big of a discount as it might have in the past? Or is there generally an increase in the subscription pricing as well for the existing ones?

這些是否僅適用於新客戶，這意味著新客戶在註冊時可能不會像過去那樣獲得大的折扣？還是現有的訂閱價格通常也會上漲？

Sure. So the tests I'm referring to are for new customers only. The -- any adjustments that we're making to any existing subscriptions is going to happen in the later half of this year (inaudible). The kinds of tests we do, just to give you some color on it, remerchandising, changing plan counts, changing the difference between annual and monthly, changing the intra price, changing the difference between the prices between plans, changing that on an international basis versus a U.S. dollar basis.

當然。因此，我所指的測試僅適用於新客戶。我們對任何現有訂閱所做的任何調整都將在今年下半年發生（聽不清）。我們所做的測試只是為了給您一些顏色，重新銷售，更改計劃計數，更改年度和月度之間的差異，更改內部價格，更改計劃之間的價格差異，在國際基礎上進行更改相對於美元基礎。

So looking through the multiple currencies and testing elasticity there. We have other ideas around prior tech support offerings that we're going to be seeing if people have an attraction to.

因此，查看多種貨幣並在那裡測試彈性。我們對先前的技術支持產品有其他想法，如果人們對這些產品感興趣，我們將拭目以待。

And so yes, I hope I gave some color on kind of what we've been doing. And we sort of do this all the time, right, to try and figure out what the optimal point is in the market for us.

所以是的，我希望我對我們一直在做的事情有所了解。我們一直在這樣做，對，試圖找出對我們來說市場上的最佳點是什麼。

Got it. But it also sounds like the existing customers will start to pay a little bit more in the back half. Is that a fair statement? And how big of a hike that might be?

知道了。但聽起來現有客戶將開始在後半部分支付更多費用。這是一個公平的說法嗎？那可能有多大的徒步旅行？

Can you -- What was the second? What was the last thing you said?

你能 - 第二個是什麼？你說的最後一句話是什麼？

How big of an increase they might see there in this thing?

他們可能會在這件事上看到多大的增長？

Yes. So correct, in the second half, we'll be targeting existing customers. I think what we've proven it, I hope we can infer, is that because people were -- new people coming in were good with an even higher price, that we'll be able to say, "Hey, look, we're not going to necessarily increase everyone to those prices, but we can kind of inch things up a little bit." And say, "Look, you've still got some -- in many cases, some version of a grandfathered price. But I think that was -- you would prove out somewhat of a willingness to pay on the top end."

是的。沒錯，在下半年，我們將瞄準現有客戶。我認為我們已經證明了這一點，我希望我們可以推斷，因為人們是——新來的人很好，價格更高，我們可以說，“嘿，看，我們”不一定要讓每個人都漲到這些價格，但我們可以稍微提高一點。”並說，“看，你仍然有一些——在很多情況下，一些版本的祖父價格。但我認為那是——你會證明有點願意支付高價。”

And our next question is from the line of Aaron Kessler of Raymond James.

我們的下一個問題來自 Raymond James 的 Aaron Kessler。

All of the questions have been asked. But can you just maybe just talk a little bit about some of this performance of the verticals? I think talk a little about e-commerce. I mean, talk about restaurant performance as well, especially as the economy continues to reopen and any other verticals you would highlight?

所有的問題都被問到了。但是你能不能簡單談談垂直行業的一些表現？我想談談電子商務。我的意思是，還要談談餐廳的表現，尤其是在經濟繼續重新開放以及您會強調的任何其他垂直領域？

Yes. Actually, you're touching on one that I would highlight, which is that the performance within Tock has seen tailwinds as of late as we've returned to a bit of a more normal environment within the hospitality space. So we're really encouraged by what we're seeing there.

是的。實際上，您談到了我要強調的一個問題，那就是 Tock 的表現最近出現了順風，因為我們已經回到了酒店空間內更正常的環境。因此，我們對在那裡看到的情況感到非常鼓舞。

And -- Yes, I'd say there's definitely strength there. I think in terms of headwinds people pointed out on this call just what's happening in physical e-commerce, but then Squarespace has that offset by services-based commerce and appointments and other revenue streams. So that's a bit of a feel for kind of what we're seeing.

而且——是的，我會說那裡絕對有實力。我認為就逆風而言，人們在這次電話會議上指出了實體電子商務中正在發生的事情，但是 Squarespace 已經被基於服務的商務和約會以及其他收入來源所抵消。所以這對我們所看到的有點感覺。

And I'm afraid we have no more time for any further questions today. So I would like to thank everyone for joining the Squarespace First Quarter 2022 Earnings Call. This concludes the phone conference, and you may now disconnect your lines.

恐怕我們今天沒有時間再提出任何問題了。因此，我要感謝大家參加 Squarespace 2022 年第一季度財報電話會議。電話會議到此結束，您現在可以斷開線路。