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NEW YORK, Nov. 7, 2023 /PRNewswire/ — Squarespace, Inc. (NYSE: SQSP), the design-driven platform helping entrepreneurs build brands and businesses online, today announced results for the third quarter ended September 30, 2023. With its continued expansion and growth, Squarespace aims to exceed $1 billion in total revenue by the end of 2023. This is a significant milestone for the company as it solidifies its position as a leader in the industry. Furthermore, Squarespace plans to expand its offerings and footprint globally, providing entrepreneurs with new entry points and catering to their diverse customer base and use cases. To enhance its platform’s value proposition, Squarespace introduced powerful new products and features, as seen in Squarespace Refresh 2023, which marks one of the company’s strongest years of product releases.

Squarespace’s financial performance in the third quarter reflected its strong growth and solid execution. The company achieved 18% year-over-year topline growth, surpassing revenue and unlevered free cash flow expectations. This success can be attributed to the strong customer demand and retention that Squarespace experienced. As the company approaches year-end, it projects powerful growth drivers to continue fueling its success. These drivers include international expansion, go-to-market synergies resulting from the acquisition of Google Domains, and the continued relevance of the Squarespace platform for entrepreneurs.

In terms of financial highlights for the third quarter of 2023, Squarespace saw a total revenue growth of 18% year over year, amounting to $257.1 million. Presence revenue increased by 20% to $179.5 million, while commerce revenue grew by 15% to $77.6 million. Although the net loss was $16.5 million, a decrease from the net income of $10.1 million in the third quarter of 2022, this was primarily due to a larger income tax provision. Furthermore, the cash flow from operating activities increased by 29% to $53.3 million, indicating sustained strength in bookings. Total bookings also grew by 18% to $267.0 million in the third quarter. Additionally, adjusted EBITDA increased to $66.5 million, compared to $43.7 million in the third quarter of 2022.

Squarespace’s total unique subscriptions increased by 5% year over year, reaching over 4.4 million in 2023. The average revenue per unique subscription (ARPUS) also experienced a 10% year-over-year increase, amounting to $226.05 in 2023. Moreover, the annual run rate revenue (ARRR) showed significant growth, increasing by 18% year over year to $1,013.5 million in 2023. These metrics indicate the company’s ability to attract and retain customers, as well as its potential for future revenue generation.

To provide investors with a comprehensive understanding of its financial performance, Squarespace presents non-GAAP financial measures such as revenue growth in constant currency, adjusted EBITDA, and unlevered free cash flow. Revenue growth in constant currency is provided to increase transparency by excluding the effect of foreign currency exchange rate fluctuations. Adjusted EBITDA is used to assess Squarespace’s operating performance, while unlevered free cash flow evaluates the company’s liquidity and ability to meet its financing and investing needs.

Looking ahead, Squarespace has provided its outlook and guidance for the fourth quarter and full fiscal year of 2023. For the fourth quarter, the company expects revenue of $261 million to $264 million, representing year-over-year growth of 14% to 16%. The non-GAAP unlevered free cash flow is projected to be $56 million to $60 million. In terms of the full fiscal year, Squarespace anticipates revenue of $1,002 million to $1,006 million, indicating year-over-year growth of 15% to 16%. The non-GAAP unlevered free cash flow is expected to range from $232 million to $236 million.

To learn more about Squarespace’s financial results and future plans, interested individuals can participate in the webcast conference call hosted by the company on November 7, 2023, at 8:30 a.m. ET. A live webcast of the event will be available on the Squarespace Investor Relations website, and an archived replay will be accessible afterward. Additionally, Squarespace invites shareholders to read its shareholder letter, which provides further information and insights.

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