SQUARESPACE, INC.

(SQSP)
  Report
Delayed Nyse  -  05/18 04:00:02 pm EDT
20.30 USD   -5.14%
08:01aSquarespace to Present at the 50th Annual J.P. Morgan Global Technology, Media and Communications Conference
PR
05/16NORTH AMERICAN MORNING BRIEFING : Stock Futures -3-
DJ
05/13Squarespace Shares Gain After Wedbush Upgrade to Outperform
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

SQUARESPACE, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

05/12/2022 | 04:25pm EDT
The following discussion and analysis of our financial condition and results of
operations should be read together with our unaudited condensed consolidated
financial statements and the related notes and the other financial information
included elsewhere in this Quarterly Report on Form 10-Q and our audited
consolidated financial statements and the related notes and the discussion under
the heading "Management's Discussion and Analysis of Financial Condition and
Results of Operations" for the fiscal year ended December 31, 2021 included in
the our Annual Report on Form 10-K filed with the Securities and Exchange
Commission ("SEC") on March 7, 2022. This discussion contains forward-looking
statements that involve risks and uncertainties. Our actual business, financial
condition and results of operations could differ materially from those
anticipated in these forward-looking statements as a result of various factors,
including those discussed below and elsewhere in this Quarterly Report on Form
10-Q, particularly under "Part 2. Item 1A. Risk Factors." Our historical results
are not necessarily indicative of the results that may be expected for any
period in the future.

Overview


Squarespace is an all-in-one platform with everything to sell anything,
providing customers in over 200 countries and territories with all the tools
they need to sell physical products, digital content, classes, appointments,
reservations and more. Powered by best-in-class design for a consistent brand
experience across all touchpoints, our suite of fully integrated products
enables anyone to manage their projects and businesses through websites,
domains, e-commerce, marketing tools, and scheduling, along with tools for
managing a social media presence with Unfold and hospitality services via Tock.

We primarily derive revenue from monthly and annual subscriptions to our
presence and commerce solutions. Subscription revenue accounted for 91.7% and
94.2% of our total revenue for the three months ended March 31, 2022 and 2021,
respectively. Payments for our subscription plans are generally collected at the
beginning of the subscription period and we generally recognize the associated
revenue ratably over the term of the customer contract. Non-subscription revenue
primarily consists of commerce transaction fees received through revenue sharing
arrangements with payment processors that handle our customers' commerce
transactions, payment processing fees received in exchange for use of our
hospitality services as well as revenue we generate from third-party services we
offer that provide additional functionality to our customers.

We generated revenue of $207.8 million and $179.6 million for the three months
ended March 31, 2022 and 2021, respectively, and net loss of $92.9 million and
$1.1 million for the three months ended March 31, 2022 and 2021, respectively.
We believe we have a stable and predictable business model driven by efficient
customer acquisition and the adoption by our customers over time of higher value
offerings and add-on subscriptions. Our platform serves all types of customers,
from small and medium-sized businesses ("SMBs") and independent creators, such
as restaurants, photographers, wedding planners, artists, musicians and
bloggers, to iconic brands. No individual unique subscription accounted for more
than 1% of our total bookings for the three months ended March 31, 2022 and
2021.

Key Factors Affecting Our Performance

Acquisition of new and retention of existing unique subscriptions


The growth of new unique subscriptions to our platform is the primary driver of
our revenue growth. The number of unique subscriptions to our platform has grown
sequentially across 25 consecutive quarters, rising to 4.2 million unique
subscriptions as of March 31, 2022, representing an increase of 9.7% relative to
March 31, 2021. In order to continue to grow the number of unique subscriptions,
we intend to continue to invest in our marketing efforts, develop new points of
entry to our platform and expand internationally. We increased our marketing and
sales spend over 15.2% during the three months ended March 31, 2022 relative to
the same period in 2021. We view this increased spending as a long-term
investment in our business to attract new unique subscriptions.

We believe that our easy-to-customize and design-first solutions drive
consistent cash retention in our subscription base. Our historical cash
retention rate is the percentage of revenue share and subscription bookings
received in the current period from website and domain subscriptions in
existence during the same period in the prior year. In calculating cash
retention, revenue share from contractual arrangements is allocated to the
relevant subscription base based on the GMV processed on the platform. Our
historical cash retention rate for the years ended December 31, 2021, 2020 and
2019 was 84.4%, 85.6% and 83.5%, respectively. We also look at cash retention of
only our website and domain subscriptions, excluding revenue share, in order to
better isolate and understand the underlying retention trends of our
subscription customers. Our cash retention rate excluding revenue share is
calculated as the percentage of subscription bookings received in the current
period from website and domain subscriptions in existence during the same period
in the prior year. Our cash retention rate, excluding revenue share, for the
years ended December 31, 2021, 2020 and 2019 was 84.1%, 83.6% and 83.0% ,
respectively.
                                       26
--------------------------------------------------------------------------------

Table of Contents

                    [[Image Removed: sqsp-20220331_g1.jpg]]

The above chart represents cumulative cash from each website and domain
subscription cohort for website subscription bookings and allocated revenue
share from contractual arrangements. These website and domain subscription
cohorts are defined by the first payment date associated with the website
subscription or stand-alone domain purchase. Revenue share from contractual
arrangements is allocated based on GMV for that period. For example, if the Q1
2020 cohort accounted for 3% of total GMV in Q1 2021, then 3% of the Q1 2021
revenue share from contractual arrangements is allocated to the Q1 2020 cohort
in that period.

Expansion of our commerce offerings


We believe that our commerce offerings significantly expand our addressable
market. Our comprehensive commerce offerings enable our customers to sell
anything online, attracting a differentiated set of commerce-oriented brands to
our platform. On March 31, 2021, we acquired Tock, which expanded our commerce
offerings by adding a platform for reservations, take-out, delivery and events
for the hospitality industry.

For the three months ended March 31, 2022, our platform processed approximately
$1,574.5 million of GMV, representing an increase of 28.4% from the same period
in 2021. GMV represents the total dollar value of orders processed through our
platform in the period, net of refunds and fraudulent orders.

We continue to invest and innovate our commerce offerings to enable customers to
build the most impactful online stores, deepen our functionality in physical
commerce and establish leadership in commerce services and hospitality services.
Our commerce revenue was $63.8 million for the three months ended March 31,
2022, representing 36.4% growth from the same period in 2021. Ultimately, we
believe the adoption of our commerce offerings by new and existing customers
will help drive our long-term revenue growth.

Investments in product innovation


We rely on hiring and retaining a talented product development workforce. The
success of our customers relies on the innovation tied to this workforce and our
ability to remain agile to address customer needs. Our research and product
development expenses were $57.3 million for the three months ended March 31,
2022, representing 36.5% growth over the same period in 2021.

Foreign currency fluctuations


As of March 31, 2022, we had customers in over 200 countries and territories and
our international customers represented approximately 30% of our total bookings.
As foreign currency exchange rates change, translation of the statements of
operations of our international businesses into U.S. dollars may affect
year-over-year comparability of our operating results.
                                       27
--------------------------------------------------------------------------------

Table of Contents

Key Components of Results of Operations

Revenue


We primarily derive revenue from annual and monthly subscriptions. Typically,
annual and monthly subscriptions represent 70% and 30% of total subscriptions,
respectively. Revenue is also derived from non-subscription services, including
fixed percentages or fixed-fees earned on revenue share arrangements with
third-parties and on sales made through our customers' sites. In addition, we
earn fixed-fees on sales through certain hospitality offerings and payment
processing fees received in exchange for use of our hospitality services.
Payments received for subscriptions in advance of fulfillment of our performance
obligations are recorded as deferred revenue. Subscription plans automatically
renew unless advanced notice is provided to us. We primarily recognize
subscription revenue ratably on a straight-line basis, net of a reserve for
refunds. Transaction fee revenue, payment processing revenue and revenue
generated from third-parties is recognized at a point in time, when the sale has
been completed.

We disaggregate our revenue by product type in accordance with the following definitions:


Presence revenue

Presence revenue primarily consists of fixed-fee subscriptions to our plans that
offer core platform functionalities, currently branded "Personal" and "Business"
plans in our offerings. Presence revenue also consists of fixed-fee
subscriptions related to additional entry points for starting online such as
domain managed services and social media stories. Additionally, presence revenue
is derived from third-party solutions related to email services and access to
third-party content to enhance online presence. For customers in need of a
larger scale solution, we have an enterprise offering where revenue is
recognized over the life of the contract.

Commerce revenue


Commerce revenue primarily consists of fixed-fee subscriptions to our plans that
offer all the features of presence plans as well as additional features that
support end to end commerce transactions, currently branded "Basic" and
"Advanced" in our plan offerings. Commerce revenue also includes fixed-fee
subscriptions to a number of other tools that support running an online business
such as marketing, member areas, scheduling and hospitality tools.
Non-subscription revenue is derived from fixed-fees earned on revenue share
arrangements with commerce partners as well as fixed transaction fees earned on
GMV processed through Business plan sites and certain hospitality offerings.
Commerce revenue also includes payment processing fees received in exchange for
use of our hospitality services.

Cost of revenue


Cost of revenue consists primarily of credit card and payment processing fees,
domain registration fees, and web hosting costs. Cost of revenue also includes
customer support employee-related expenses, amortization and depreciation, and
allocated shared costs. Employee-related expenses consist of salaries, taxes,
benefits and stock-based compensation. We expect that cost of revenue may
fluctuate as a percentage of total revenue from period to period based on the
subscriptions purchased and non-subscription transactions during that particular
period.

Operating expenses:

Research and product development


Research and product development expenses are primarily employee-related
expenses, costs associated with continuously developing new solutions and
enhancing and maintaining our technology platform as well as allocated shared
costs. These costs are expensed as incurred. Employee-related expenses consist
of salaries, taxes, benefits and stock-based compensation. In addition, we
capitalize employee-related expenses relating to software development costs
incurred in connection with adding functionality to our platform, as well as
internal-use projects during the application development stage. These
capitalized software development costs are deferred and amortized ratably over
three years.

Marketing and sales

Marketing and sales expenses include costs related to advertisements used to
drive customer acquisition, employee-related expenses related to our brand,
customer acquisition and creative assets, affiliate fees on customer referrals,
sales commissions, and allocated shared costs. Depending on the nature of the
advertising, costs are expensed at the time a commercial initially airs, when a
promotion first appears in the media or as incurred. Affiliate fees on customer
referrals are deferred and recognized ratably over the expected period of our
relationship with the new customer. In addition, we capitalize sales commissions
paid to internal sales personnel relating to obtaining customer contracts for
hospitality
                                       28
--------------------------------------------------------------------------------

Table of Contents

services. These capitalized sales commissions are deferred and amortized ratably over the expected life of the new customer.

General and administrative


General and administrative expenses are primarily employee-related expenses
associated with supporting business operations as well as expenses required to
comply with government regulations in the markets in which we operate. The
functional elements included in general and administrative are finance, people,
legal, information technology and overall corporate support. Employee-related
expenses consist of salaries, taxes, benefits and stock-based compensation.

Interest expense

Interest expense primarily consists of the interest expense related to our debt facilities as well as the expense on acquisition liabilities. For further discussion on our interest expense related to our debt facilities, see "Liquidity and Capital Resources, Indebtedness."

Other income, net


Other income, net is primarily comprised of net investment income and realized
and unrealized foreign currency gains and losses. See "Item 3. Quantitative and
Qualitative Disclosures About Market Risk, Foreign Currency Exchange Risk."

(Provision for)/benefit from income taxes


We are subject to income taxation and file U.S. federal income tax returns as
well as income tax returns in the various U.S. states and foreign jurisdictions
in which we conduct business. During interim periods we use the estimated annual
effective tax rate approach to determine the (provision for)/benefit from income
taxes except for jurisdictions for which a loss is expected for the year and no
benefit can be realized for those losses, and the tax effect of discrete items
occurring during the period. The estimated annual effective tax rate is based on
forecasted annual results which may fluctuate due to significant changes in the
forecasted/actual results and any other transaction that results in differing
tax treatment.

Results of operations

The following table sets forth our condensed consolidated statements of operations information for the three months ended March 31, 2022 and 2021.

                                                                    Three Months Ended March 31,
($ in thousands)                                                    2022                    2021
                                                                (Unaudited)              (Unaudited)
Revenue                                                      $       207,762          $      179,646
Cost of revenue(1)                                                    36,649                  27,408
Gross profit                                                         171,113                 152,238
Operating expenses:
Research and product development(1)                                   57,328                  42,011
Marketing and sales(1)                                               112,906                  97,972
General and administrative(1)                                         35,981                  19,516
Total operating expenses                                             206,215                 159,499
Operating loss                                                       (35,102)                 (7,261)
Interest expense                                                      (2,449)                 (3,260)
Other income, net                                                      1,511                   3,593
Loss before (provision for)/benefit from income taxes                (36,040)                 (6,928)
(Provision for)/benefit from income taxes                            (56,820)                  5,782
Net loss                                                     $       (92,860)         $       (1,146)


__________________
                                       29
--------------------------------------------------------------------------------

Table of Contents

(1)Includes stock-based compensation as follows:

                                              Three Months Ended March 31,
($ in thousands)                                 2022                       2021
                                              (Unaudited)               (Unaudited)
Cost of revenue                     $            624                   $        275
Research and product development              10,168                          6,793
Marketing and sales                            1,599                          1,172
General and administrative                    11,706                          1,612
Total stock-based compensation      $         24,097                   $    

9,852

The following table sets forth our condensed consolidated statements of operations information as a percentage of total revenue for the three months ended March 31, 2022 and 2021.

                                                                        Three Months Ended March 31,
                                                                     2022                           2021
                                                                 (Unaudited)                    (Unaudited)
Revenue                                                                    100.0  %                       100.0  %
Cost of revenue                                                             17.6  %                        15.3  %
Gross profit                                                                82.4  %                        84.7  %
Operating expenses:
Research and product development                                            27.6  %                        23.4  %
Marketing and sales                                                         54.3  %                        54.5  %
General and administrative                                                  17.3  %                        10.9  %
Total operating expenses                                                    99.2  %                        88.8  %
Operating loss                                                             (16.8) %                        (4.1) %
Interest expense                                                            (1.2) %                        (1.8) %
Other income, net                                                            0.7  %                         2.0  %
Loss before (provision for)/benefit from income taxes                      (17.3) %                        (3.9) %
(Provision for)/benefit from income taxes                                  (27.3) %                         3.2  %
Net loss                                                                   (44.6) %                        (0.7) %

The following table sets forth our condensed consolidated revenue by geographic location and our condensed consolidated revenue by geographic location as a percentage of total revenue for the three months ended March 31, 2022 and 2021.


                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                             2022                  2021               Amount                %
                                                             (Unaudited)            (Unaudited)
United States                                             $      146,819           $  127,043          $  19,776                 15.6  %
International                                                     60,943               52,603              8,340                 15.9  %
Total revenue                                             $      207,762           $  179,646          $  28,116                 15.7  %
Percentage of total revenue:
United States                                                       70.7   %             70.7  %
International                                                       29.3   %             29.3  %
Total revenue                                                        100   %              100  %


During the three months ended September 30, 2021, we identified certain revenues
which should have been classified as international revenues during the first and
second quarter of 2021. Accordingly, in the third quarter of 2021, we
reclassified approximately $4.1 million related to the first quarter out of
United States and into international revenue. Using the updated classification,
the year-over-year growth for the three months ended March 31, 2022 would have
been 7.4% for international and 19.4% for the United States. In addition, for
the three months ended March 31, 2021 the international percentage of total
revenue would have been 31.6% and the United States percentage of total revenue
would have been 68.4%. No amounts were reclassified related to fiscal 2022.
                                       30
--------------------------------------------------------------------------------

Table of Contents

Comparison of the Three Months Ended March 31, 2022 and 2021

Revenue


                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                             2022                  2021               Amount                %
                                                             (Unaudited)            (Unaudited)
Presence                                                  $      143,945           $  132,871          $  11,074                  8.3  %
Commerce                                                          63,817               46,775             17,042                 36.4  %
Total revenue                                             $      207,762           $  179,646          $  28,116                 15.7  %
Percentage of total revenue:
Presence                                                            69.3   %             74.0  %
Commerce                                                            30.7   %             26.0  %
Total revenue                                                        100   %              100  %


Presence revenue

Presence revenue increased $11.1 million, or 8.3%, for the three months ended
March 31, 2022 compared to the same period in 2021. This increase was primarily
a result of an increase in active subscriptions, driven by strong retention of
existing subscriptions and continued acquisition of new subscriptions.

Commerce revenue


Commerce revenue increased $17.0 million, or 36.4%, for the three months ended
March 31, 2022 compared to the same period in 2021. This increase was primarily
a result of growth of our subscription base as well as the addition of
hospitality services.

Cost of revenue and gross profit


                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                             2022                  2021               Amount                %
                                                             (Unaudited)            (Unaudited)
Cost of revenue                                           $       36,649           $   27,408          $   9,241                 33.7  %
Gross profit                                              $      171,113           $  152,238          $  18,875                 12.4  %
Percentage of total revenue:
Cost of revenue                                                     17.6   %             15.3  %
Gross profit                                                        82.4   %             84.7  %


Cost of revenue

Cost of revenue increased $9.2 million, or 33.7%, for the three months ended
March 31, 2022 compared to the same period in 2021. The increase was primarily
driven by increased payment processing fees and hosting costs associated with
our growing subscription base as well as payroll and associated benefit expenses
for customer support associated with hospitality services.

Gross profit


Gross profit increased $18.9 million, or 12.4%, for the three months ended March
31, 2022 compared to the same period in 2021. As a percentage of total revenue,
gross profit was 82.4% and 84.7% for the three months ended March 31, 2022 and
2021, respectively.

Operating expenses:

Research and product development


                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                            2022                   2021               Amount                %
                                                             (Unaudited)    

(Unaudited)

Research and product development                          $      57,328           $    42,011          $  15,317                 36.5  %
Percentage of total revenue                                        27.6   %              23.4  %


                                       31
--------------------------------------------------------------------------------

Table of Contents


Research and product development expenses increased $15.3 million, or 36.5%, for
the three months ended March 31, 2022 compared to the same period in 2021. The
increase is primarily due to payroll and associated benefit expenses related to
increased headcount in support of our product development roadmap and the
addition of hospitality services.

Marketing and sales


                                                                Three Months Ended March 31,                         Change
($ in thousands, except percentages)                              2022                   2021               Amount              %
                                                              (Unaudited)            (Unaudited)
Marketing and sales                                        $      112,906           $    97,972          $  14,934               15.2  %
Percentage of total revenue                                          54.3   %              54.5  %


Marketing and sales expenses increased $14.9 million, or 15.2%, for the three
months ended March 31, 2022 compared to the same period in 2021, primarily due
to increased spend in multiple direct response and associated production
channels both domestically and internationally. The remainder of the increase
was due to payroll and associated benefits related to increased headcount in
support of our expanded marketing operations including hospitality services.

General and administrative

                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                            2022                   2021               Amount                %
                                                             (Unaudited)           (Unaudited)
General and administrative                                $      35,981           $    19,516          $  16,465                 84.4  %
Percentage of total revenue                                        17.3   %              10.9  %


General and administrative expenses increased $16.5 million, or 84.4%, for the
three months ended March 31, 2022 compared to the same period in 2021, primarily
due to stock-based compensation expense associated with the CEO performance
stock award and payroll and associated benefit expenses due to increased
headcount.

Interest expense

                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                            2022                   2021               Amount                %
                                                             (Unaudited)           (Unaudited)
Interest expense                                          $      (2,449)          $    (3,260)         $    (811)               (24.9) %
Percentage of total revenue                                        (1.2)  %              (1.8) %


Interest expense decreased $0.8 million, or 24.9%, for the three months ended
March 31, 2022 compared to the same period in 2021 due to lower total debt
outstanding related to our amended credit agreement partially offset by higher
interest rate.

Other income, net

                                                               Three Months Ended March 31,                         Change
($ in thousands, except percentages)                            2022                   2021               Amount                %
                                                             (Unaudited)           (Unaudited)
Other income, net                                         $       1,511           $     3,593          $  (2,082)               (57.9) %
Percentage of total revenue                                         0.7   %               2.0  %


Other income, net was in a net income position of $1.5 million for the three
months ended March 31, 2022 compared to a net income position of $3.6 million
during the same period in 2021. The decrease is primarily due to unfavorable
foreign exchange rates for the three months ended March 31, 2022 compared to the
same period in 2021.

(Provision for)/benefit from income taxes
For the three months ended March 31, 2022 and 2021, we recorded an income tax
expense of $56.8 million and an income tax benefit of $5.8 million,
respectively, which resulted in an effective tax rate of 157.7% and (83.5)%,
respectively.

Our estimated annual effective income tax rate for the three months ended March 31, 2022 differed from the statutory rate of 21% primarily due to an increase in the valuation allowance for deferred tax assets related primarily to the capitalization of research and development expenditures, nondeductible executive compensation, unrecognized tax benefits, and global intangible low-taxed income, partially offset by research and development tax credits, windfall on stock-based

                                       32
--------------------------------------------------------------------------------

Table of Contents


compensation, deduction from foreign-derived intangible income and the effect
from foreign operations. The provision for income taxes for the three months
ended March 31, 2022 also reflects a provision of the Tax Cuts and Jobs Act of
2017 becoming effective as of January 1, 2022 that requires companies to
capitalize and amortize research and development expenditures rather than deduct
the costs as incurred. Unless the law is changed or repealed, we expect our
effective tax rate and cash payments to change significantly as compared to
fiscal 2021.

Our estimated annual effective income tax rate for the three months ended
March 31, 2021 differed from the statutory rate of 21% primarily due to
nondeductible executive compensation, state and local taxes, nondeductible
expenses, including the limitation on meals and entertainment expense, partially
offset by the impact of windfalls on stock-based compensation and research and
development tax credits.

Quarterly Results of Operations


The following tables set forth selected unaudited quarterly statements of
operations data for each of the eight fiscal quarters ended March 31, 2022, as
well as the percentage of revenues that each line item represents for each
quarter. The information for each of these quarters has been prepared in
accordance with GAAP on the same basis as our audited historical condensed
consolidated financial information and includes, in the opinion of management,
all adjustments, consisting only of normal recurring adjustments, necessary for
the fair statement of the results of operations for these periods. This data
should be read in conjunction with our condensed consolidated financial
statements included elsewhere in this Quarterly Report on Form 10-Q. These
quarterly results are not necessarily indicative of our results of operations to
be expected for any future period.

                                                                                           Three Months Ended (Unaudited)
                                           March 31,       December 31,     September 30,      June 30,       March 31,      December 31,     September 30,      June 30,
($ in thousands)                              2022             2021             2021             2021           2021             2020             2020             2020
Revenue                                 $     207,762    $     207,420    $      200,962    $   196,010    $    179,646    $     172,300    $      162,335    $    149,640
Cost of revenue(1)                             36,649           33,854            32,868         32,501          27,408           26,171            24,550          23,845
Gross profit                                  171,113          173,566           168,094        163,509         152,238          146,129           137,785         125,795
Operating expenses:
Research and product development(1)            57,328           50,679            48,769         48,912          42,011           57,409            38,379          36,032
Marketing and sales(1)                        112,906           90,960            80,249         70,784          97,972           73,549            59,656          51,254
General and administrative(1)                  35,981           31,608            32,091        284,730          19,516           17,077            11,961          11,823
Total operating expenses                      206,215          173,247           161,109        404,426         159,499          148,035           109,996          99,109
Operating (loss)/income                       (35,102)             319             6,985       (240,917)         (7,261)          (1,906)           27,789          26,686
Interest expense                               (2,449)          (2,503)           (2,491)        (2,827)         (3,260)          (1,997)           (2,460)         (2,456)
Other income/(loss), net                        1,511            2,138             2,101         (1,201)          3,593           (4,076)           (3,488)         (1,319)
(Loss)/income before (provision
for)/benefit from income taxes                (36,040)             (46)            6,595       (244,945)         (6,928)          (7,979)           21,841          22,911
(Provision for)/benefit from income
taxes                                         (56,820)         (16,264)           (3,756)        10,413           5,782           12,236            (3,917)         (4,372)
Net (loss)/income                       $     (92,860)   $     (16,310)   $ 

2,839 $ (234,532) $ (1,146) $ 4,257 $ 17,924 $ 18,539


Net (loss)/income attributable to Class
A, Class B and Class C common
stockholders, basic(2)                  $     (92,860)   $     (16,310)   $        2,839    $  (234,532)   $     (2,115)   $    (275,439)   $        2,963    $      3,046
Net (loss)/income attributable to Class
A, Class B and Class C common
stockholders, dilutive(2)               $     (92,860)   $     (16,310)   $        2,839    $  (234,532)   $     (2,115)   $    (275,439)   $        3,841    $      3,810
Net (loss)/income per share
attributable to Class A, Class B and
Class C common stockholders, basic      $       (0.67)   $       (0.12)   $         0.02    $     (3.22)   $      (0.11)   $      (14.98)   $         0.13    $       0.14
Net (loss)/income per share
attributable to Class A, Class B and
Class C common stockholders, dilutive   $       (0.67)   $       (0.12)   $         0.02    $     (3.22)   $      (0.11)   $      (14.98)   $         0.12    $       0.13
Weighted-average shares used in
computing net loss per share
attributable to Class A, Class B and
Class C stockholders, basic               139,423,228      138,970,923       138,625,579     72,900,951      19,012,323       18,383,523        22,535,791      22,247,105
Weighted-average shares used in
computing net loss per share
attributable to Class A, Class B and
Class C stockholders, dilutive            139,423,228      138,970,923       143,251,717     72,900,951      19,012,323       18,383,523        31,201,743      29,402,966


__________________
                                       33
--------------------------------------------------------------------------------

Table of Contents

(1)Includes stock-based compensation as follows:


                                                                                       Three Months Ended (Unaudited)
                                           March 31,     December 31,     

September 30, June 30, March 31, December 31, September 30,

   June 30,
($ in thousands)                              2022           2021             2021            2021         2021            2020             2020           2020
Cost of revenue                           $     624    $         450    $  

440 $ 380 $ 275 $ 212 $ 202 $ 205 Research and product development

             10,168            9,210             8,782        8,245         6,793            6,151             5,522       5,269
Marketing and sales                           1,599            1,472             1,716        1,569         1,172              839               882         782
General and administrative(a)                11,706           12,693            12,796      240,319         1,612            1,229             1,047   

1,012

Total stock-based compensation            $  24,097    $      23,825    $   

23,734 $ 250,513 $ 9,852 $ 8,431 $ 7,653 $ 7,268



a.In conjunction with our Direct Listing in May 2021, we incurred certain
stock-based compensation expense associated with the vesting conditions of a
grant to our CEO of shares of Class B common stock upon completion of the
listing which resulted in a one time expense of $229.3 million. In addition, we
incurred professional fees of $25.3 million associated with the Direct Listing.
We expect to continue to incur additional expenses as a result of operating as a
public company, including costs to comply with the rules and regulations
applicable to companies listed on a U.S. securities exchange and costs related
to compliance and reporting obligations pursuant to the rules and regulations of
the SEC. In addition, as a public company, we expect to incur additional costs
associated with accounting, compliance, insurance and investor relations.

(2)   Preferred shares of the Company do not participate in periods of net loss.
Therefore, in periods of net loss, or when undistributed earnings of the Company
are negative, there is no additional allocation of undistributed earnings to
preferred shareholders included within the calculation of net (loss)/income
attributable to Class A, Class B and Class C common stockholders.

The following table sets forth our condensed consolidated statements of operations information as a percentage of total revenue for the three month periods indicated below.


                                                                                                Three Months Ended (Unaudited)
                                      March 31,        December 31,         September 30,         June 30,         March 31,         December 31,         September 30,         June 30,
($ in thousands)                        2022               2021                 2021                2021             2021                2020                 2020                2020
Revenue                                   100.0  %             100.0  %              100.0  %         100.0  %          100.0  %             100.0  %              100.0  %         100.0  %
Cost of revenue(1)                         17.6  %              16.3  %               16.4  %          16.6  %           15.3  %              15.2  %               15.1  %          15.9  %
Gross profit                               82.4  %              83.7  %               83.6  %          83.4  %           84.7  %              84.8  %               84.9  %          84.1  %
Operating expenses:
Research and product
development(1)                             27.6  %              24.4  %               24.3  %          25.0  %           23.4  %              33.3  %               23.6  %          24.1  %
Marketing and sales(1)                     54.3  %              43.9  %               39.9  %          36.1  %           54.5  %              42.7  %               36.7  %          34.3  %
General and administrative(1)              17.3  %              15.2  %               16.0  %         145.3  %           10.9  %               9.9  %                7.4  %           7.9  %
Total operating expenses                   99.2  %              83.5  %               80.2  %         206.4  %           88.8  %              85.9  %               67.7  %          66.3  %
Operating (loss)/income                   (16.8) %               0.2  %                3.4  %        (123.0) %           (4.1) %              (1.1) %               17.2  %          17.8  %
Interest expense                           (1.2) %              (1.2) %               (1.2) %          (1.4) %           (1.8) %              (1.2) %               (1.5) %          (1.6) %
Other income/(loss), net                    0.7  %               1.0  %                1.0  %          (0.6) %            2.0  %              (2.4) %               (2.1) %          (0.9) %
(Loss)/income before (provision
for)/benefit from income taxes            (17.3) %                 -  %                3.2  %        (125.0) %           (3.9) %              (4.7) %               13.6  %          15.3  %
(Provision for)/benefit from
income taxes                              (27.3) %              (7.8) %               (1.9) %           5.3  %            3.2  %               7.1  %               (2.4) %          (2.9) %
Net (loss)/income                         (44.6) %              (7.8) %                1.3  %        (119.7) %           (0.7) %               2.4  %               11.2  %          12.4  %


Quarterly Trends

Our business is impacted by seasonal fluctuations. We typically register a
greater number of new unique subscriptions during the first quarter of a year.
We believe this is related to, among other things, our customers' buying habits
and our increased marketing and sales spend in the first quarter of most years.
Our hospitality services have experienced a greater number of prepayments on
reservations around the time of major holidays and special occasions during the
first and fourth quarter of the year. In the future, seasonal trends may cause
fluctuations in our quarterly results, which may impact the predictability of
our business and operating results.

Liquidity and Capital Resources

To date, we have primarily financed our operations through cash flows from operations.


As of March 31, 2022, we had cash and cash equivalents and investment in
marketable securities of $258.4 million and $15.4 million of available borrowing
capacity under our Revolving Credit Facility, as defined below. During July
2021, we were issued an additional letter of credit for $2.5 million relating to
a security deposit for a new operating lease in Chicago, IL which reduced the
amount available under our Revolving Credit Facility from $17.9 million to $15.4
million; see "Item 1. Financial Information, Item 1. Financial Statements, Note
9. Debt." We believe our existing cash and cash equivalents and investment in
marketable securities will be sufficient to meet our operating working capital
and capital expenditure requirements over the next 12 months. We have also filed
federal tax refund claims totaling approximately $8.7 million of which $4.0
million relates to a research and development tax credit carryback to 2018 and
$4.7 million relates to a 2020 tax overpayment. We do not expect to receive
these refunds until later in 2022. Our principal commitments consist of payments
for our Credit Facility, operating leases and purchase commitments related to
cloud-computing services. In addition, as of March 31, 2022, we had accrued
$11.1 million of unrecognized tax benefits related to uncertain tax positions.
At this time, we are unable to reasonably estimate the timing of the long-term
payments or the amount by which the liability will increase or decrease over
time. Our future financing requirements will depend on many factors, including
                                       34
--------------------------------------------------------------------------------

Table of Contents


our growth rate, subscription renewal activity, the timing and extent of
spending to support development of our platform and products, the expansion of
marketing and sales activities and any future investments or acquisitions we may
make. Although we currently are not a party to any agreement and do not have any
understanding with any third-parties with respect to future investments in, or
acquisitions of, businesses or technologies, we may enter into these types of
arrangements following the filing of this Quarterly Report on Form 10-Q, which
could also require us to seek additional equity or debt financing. Additional
funds may not be available on terms favorable to us or at all, including as a
result of disruptions in the credit markets. See "Part 2. Item 1A. Risk
Factors."

The following table summarizes our operating, investing and financing activities for the three months ended March 31, 2022 and 2021.

                                          Three Months Ended March 31,
($ in thousands)                              2022                   2021
Net cash provided by/(used in):
Operating activities                $      47,270                $   50,131
Investing activities                $         (46)               $ (195,652)
Financing activities                $      (9,811)               $  288,304

Net cash provided by operating activities


Net cash provided by operating activities in the three months ended March 31,
2022 was $47.3 million, which reflected our net loss of $92.9 million, which was
increased by non-cash items such as $24.1 million of stock-based compensation,
$8.1 million of depreciation and amortization, and $0.3 million of non-cash
lease expense. Cash provided by operating activities included $31.9 million in
prepaid expenses and other current assets, $21.5 million in deferred revenue,
$10.8 million in funds payable to customers, $42.2 million of accounts payable
and accrued liabilities, which was offset by $1.4 million in accounts
receivables and due from vendors.

Net cash provided by operating activities in the three months ended March 31,
2021 was $50.1 million, which reflected our net loss of $1.1 million, which was
increased by certain non-cash items primarily consisting of $9.9 million of
stock-based compensation and $8.5 million of depreciation and amortization. Cash
provided by operating activities included $21.0 million in accounts payable and
accrued liabilities and $20.4 million in deferred revenue.

Net cash used in investing activities


Net cash used in investing activities in the three months ended March 31, 2022
was $0.05 million, which reflected $3.4 million spent in connection with the
purchase of property and equipment, and $4.0 million used to purchase marketable
securities, offset by $7.3 million in proceeds from the sale and maturities of
marketable securities.

Net cash used in investing activities in the three months ended March 31, 2021
was $195.7 million, which reflected $200.9 million, net of acquired cash, used
to pay for the acquisition of Tock and $1.2 million used to purchase marketable
securities, which was partially offset by $7.1 million in proceeds from the sale
and maturities of marketable securities. We additionally spent $0.7 million in
connection with the purchase of property and equipment.

Net cash (used in)/provided by financing activities


Net cash used in financing activities in the three months ended March 31, 2022
was $9.8 million, which reflects $7.6 million cash spent on stock purchases
related to equity incentive plans and $3.4 million in principal payments on our
Term Loan, partially offset by $1.1 million in proceeds from the exercise of
stock options.

Net cash provided by financing activities in the three months ended March 31,
2021 was $288.3 million, which primarily reflected $304.4 million in proceeds
from the issuance of 4,452,023 shares of Class C common stock, net of issuance
costs. These proceeds were partially offset by $13.4 million in stock purchases
related to equity incentive plans and $3.4 million in principal payments on our
Term Loan.

Indebtedness

On December 12, 2019, we entered into a credit agreement with various financial
institutions that provided for a $350.0 million term loan (the "Term Loan") and
a $25.0 million revolving credit facility ("Revolving Credit Facility"), which
included a $15.0 million letter of credit sub-facility. On December 11, 2020, we
amended the credit agreement (as amended, the "Credit Agreement") to increase
the size of the Term Loan to $550.0 million and extend the maturity date for the
Term Loan and the Revolving Credit Facility to December 11, 2025.

The original borrowings under the Term Loan were used to provide for the
repurchase, and subsequent retirement, of outstanding capital stock in 2019. The
additional borrowings were used to provide for a dividend on all outstanding
capital stock.

Borrowings under the Credit Agreement are subject to an interest rate equal to,
at our option, LIBOR or the bank's alternative base rate (the "ABR"), in either
case, plus an applicable margin. The ABR is the greater of the prime rate, the
                                       35
--------------------------------------------------------------------------------

Table of Contents


federal funds effective rate plus 0.5% or the LIBOR quoted rate plus 1.00%. The
applicable margin is based on an indebtedness to consolidated EBITDA ratio as
prescribed under the Credit Agreement and ranges from 1.25% to 2.25% on
applicable LIBOR loans and 0.25% to 1.25% on ABR loans. In addition, the
Revolving Credit Facility is subject to an unused commitment fee, payable
quarterly, in an aggregate amount equal to 0.25% of the unutilized commitments
(subject to reduction in certain circumstances). Consolidated EBITDA is defined
in the Credit Agreement and is not comparable to our definition of adjusted
EBITDA used elsewhere in the Quarterly Report on Form 10-Q since the Credit
Agreement allows for additional adjustments to net loss including the exclusion
of transaction costs, changes in deferred revenue, and other costs that may be
considered non-recurring. Further, consolidated EBITDA, as defined in the Credit
Agreement, may be different from similarly titled EBITDA financial measures used
by other companies. The definition of consolidated EBITDA is contained in
Section 1.1 of the Credit Agreement.

As of March 31, 2022, $526.5 million was outstanding under the Term Loan. The
Term Loan requires scheduled quarterly principal payments beginning March 31,
2021 in aggregate annual amounts equal to 2.50% for 2021 and 2022, 7.50% for
2023 and 2024 and 10.00% for 2025, in each case, on the amended Term Loan
principal amount, with the balance due at maturity. In addition, the Credit
Agreement includes certain customary prepayment requirements for the Term Loan,
which are triggered by events such as asset sales, incurrences of indebtedness
and sale leasebacks.

As of March 31, 2022, $9.6 million was outstanding under the Revolving Credit
Facility in the form of outstanding letters of credit and $15.4 million remained
available for borrowing by us. The outstanding letters of credit relate to
security deposits for certain of our leased locations.

The Credit Agreement contains certain customary affirmative covenants and events
of default. The negative covenants in the Credit Agreement include, among
others, limitations on our ability (subject to negotiated exceptions) to incur
additional indebtedness or issue additional preferred stock, incur liens on
assets, enter into agreements related to mergers and acquisitions, dispose of
assets or pay dividends and distributions. In addition, commencing with the
fiscal quarter ended December 31, 2020, we are required to maintain an
indebtedness to consolidated EBITDA ratio of not more than 4.50, tested as of
the last day of each fiscal quarter, with a step-down to 4.25 for the fiscal
quarters ending March 31, 2022 and June 30, 2022, a further step-down to 4.00
for the fiscal quarters ending September 30, 2022 and December 31, 2022 and a
final step-down to 3.75 for the fiscal quarter ending March 31, 2023 and each
fiscal quarter thereafter (the "Financial Covenant"), subject to customary
equity cure rights. The Financial Covenant is subject to a 0.50 step-up in the
event of a material permitted acquisition, which we can elect to implement up to
two times during the life of the facility. We did not elect to implement this
step-up as a result of the acquisition of Tock. If we are not in compliance with
the covenants under the Credit Agreement or we otherwise experience an event of
default, the lenders would be entitled to take various actions, including
acceleration of amounts due under the Credit Agreement. As of March 31, 2022, we
were in compliance with all applicable covenants, including the Financial
Covenant.

The obligations under the Credit Agreement are guaranteed by our wholly-owned
domestic subsidiaries and are secured by substantially all of the assets of the
guarantors, subject to certain exceptions.

Total interest expense related to our indebtedness was $2.4 million and $3.3 million for the three months ended March 31, 2022, and 2021 respectively.

Key Performance Indicators and Non-GAAP Financial Measures


We review the following key performance indicators and non-GAAP financial
measures to evaluate our business, measure our performance, identify trends
affecting our business, formulate financial projections and make strategic
decisions. Increases or decreases in our key performance indicators and non-GAAP
financial measures may not correspond with increases or decreases in our revenue
and our key performance indicators and non-GAAP financial measures may be
calculated in a manner different from similar key performance indicators and
non-GAAP financial measures, respectively, used by other companies.

                                                Three Months Ended March 

31,

                                                   2022                  

2021

Unique subscriptions (in thousands)                 4,161                  

3,794

Total bookings (in thousands)             $       228,539            $   198,947
ARRR (in thousands)                       $       869,000            $   754,206
ARPUS                                     $        204.18            $    190.45
Adjusted EBITDA (in thousands)            $        (2,947)           $    

11,097

Unlevered free cash flow (in thousands)   $        45,535            $    51,782
GMV (in thousands)                        $     1,574,540            $ 1,225,988

Unique subscriptions. Unique subscriptions represent the number of unique sites, standalone scheduling subscriptions, Unfold (social) and hospitality subscriptions, as of the end of a period. A unique site represents a single subscription and/or group of related subscriptions, including a website subscription and/or a domain subscription, and other

                                       36
--------------------------------------------------------------------------------

Table of Contents


subscriptions related to a single website or domain. Every unique site contains
at least one domain subscription or one website subscription. For instance, an
active website subscription, a custom domain subscription and a Google Workspace
subscription that represent services for a single website would count as one
unique site, as all of these subscriptions work together and are in service of a
single entity's online presence. Unique subscriptions do not account for
one-time purchases in Unfold or for hospitality services. The total number of
unique subscriptions is a key indicator of the scale of our business and is a
critical factor in our ability to increase our revenue base.

Unique subscriptions increased 0.4 million, or 9.7%, as of March 31, 2022 compared to the same period in 2021. These increases were primarily a result of increased acquisition of new subscriptions and the retention of existing customers.


Total bookings.  Total bookings includes cash receipts for all subscriptions
purchased, as well as payments due under the terms of contractual agreements for
obligations to be fulfilled. In the case of multi-year contracts, total bookings
only includes one year of committed revenue. Total bookings provides insight
into the sales of our solutions and the performance of our business because, for
a large portion of our business, we collect payment at the time of sale and
recognize revenue ratably over the term of our subscription agreements.

Total bookings increased $29.6 million, or 14.9%, for the three months ended
March 31, 2022 compared to the same period in 2021. These increases were
primarily a result of an increase in unique subscriptions and the addition of
hospitality services.

Annual run rate revenue ("ARRR").  We calculate ARRR as the monthly revenue from
subscription fees and revenue generated in conjunction with associated fees
(fees taken or assessed in conjunction with commerce transactions) in the last
month of the period multiplied by 12. We believe that ARRR is a key indicator of
our future revenue potential. However, ARRR should be viewed independently of
revenue, and does not represent our GAAP revenue on an annualized basis, as it
is an operating metric that can be impacted by subscription start and end dates
and renewal rates. ARRR is not intended to be a replacement or forecast of
revenue.

ARRR increased $114.8 million, or 15.2%, as of March 31, 2022 compared to the
same period in 2021. This increase was primarily a result of an increase in
unique subscriptions and an increase in our commerce revenue which includes the
addition of hospitality services.

Average revenue per unique subscription.  We calculate ARPUS as the total
revenue during the preceding 12-month period divided by the average of the
number of total unique subscriptions at the beginning and end of the period. We
believe ARPUS is a useful metric in evaluating our ability to sell higher-value
plans and add-on subscriptions.

ARPUS increased $13.73, or 7.2%, as of March 31, 2022 compared to the same
period in 2021. The increase was primarily due to the addition of hospitality
services as well as growth in attached products and an increased mix towards
higher value plans.

Adjusted EBITDA.  Adjusted EBITDA is a supplemental performance measure that our
management uses to assess our operating performance. We calculate adjusted
EBITDA as net loss excluding interest expense, other income, net, provision
for/(benefit from) income taxes, depreciation and amortization, stock-based
compensation expense and other items that we do not consider indicative of our
ongoing operating performance. The following is a reconciliation of adjusted
EBITDA to the most comparable GAAP measure, net loss:
                                                    Three Months Ended March 31,
($ in thousands)                                         2022                    2021
Net loss                                     $        (92,860)                $ (1,146)
Interest expense                                        2,449                    3,260
Provision for/(benefit from) income taxes              56,820               

(5,782)

Depreciation and amortization                           8,058               

8,506

Stock-based compensation expense                       24,097                    9,852
Other income, net                                      (1,511)                  (3,593)
Adjusted EBITDA                                        (2,947)                  11,097


Adjusted EBITDA decreased $14.0 million, or 126.6% for the three months ended
March 31, 2022 compared to the same period in 2021. The decrease is primarily
due to increased marketing and sales expenses, an increase in cash-based payroll
and benefit related expenses related to increases in headcount in research and
development and the addition of hospitality services.

Unlevered free cash flow.  Unlevered free cash flow is a supplemental liquidity
measure that our management uses to evaluate our core operating business and our
ability to meet our current and future financing and investing needs. We define
unlevered free cash flow as cash flow from operating activities less cash paid
for capital expenditures increased by
                                       37
--------------------------------------------------------------------------------

Table of Contents

cash paid for interest expense net of the associated tax benefit. The following is a reconciliation of unlevered free cash flow to the most comparable GAAP measure, cash flows from operating activities:

                                                                Three Months Ended March 31,
($ in thousands)                                                 2022                    2021
Cash flows from operating activities                      $        47,270          $      50,131
Cash paid of capital expenditures                                  (3,359)                  (657)
Free cash flow                                                     43,911                 49,474
Cash paid for interest, net of the associated tax benefit           1,624                  2,308
Unlevered free cash flow                                  $        45,535          $      51,782


Unlevered free cash flow decreased $6.2 million, or 12.1%, for the three months
ended March 31, 2022 compared to the same period in 2021. The decrease was
primarily driven by increased spending for marketing and sales and research and
development expenses offset by the timing of diner prepayments related to our
hospitality services. In addition, our capital expenditures increased as a
result of purchases related to our growing employee base as it relates to
leasehold improvements and employee hardware.

Gross Merchandise Value.  GMV represents the value of merchandise, physical
goods, content and time sold, including hospitality services, net of refunds, on
our platform over a given period of time. GMV processed on our platform
increased $348.6 million, or 28.4%, for the three months ended March 31, 2022
compared to the same period in 2021.

Critical Accounting Policies and Estimates


The preparation of the condensed consolidated financial statements in conformity
with U.S. GAAP requires management to make estimates, judgments and assumptions
that affect the amounts reported in the condensed consolidated financial
statements. Management's estimates are based on historical experience and on
various other market-specific and relevant assumptions that management believes
to be reasonable under the circumstances. Actual results could differ from those
estimates.

Our critical accounting policies are disclosed in our Annual Report on Form 10-K
for the year ended December 31, 2021. Our critical accounting policies have not
significantly changed during the three months ended March 31, 2022. See "Part 1.
Financial Information, Item 1. Financial Statements, Note 2. Summary of
Significant Accounting Policies" elsewhere in this Quarterly Report on Form 10-Q
for more information.

Recently Issued Accounting Standards


A discussion of recent accounting pronouncements is included in Note 2 to our
unaudited condensed consolidated financial statements included elsewhere in this
Quarterly Report on Form 10-Q.

Implications of Being an Emerging Growth Company


As a company with less than $1.07 billion in revenue during our last fiscal
year, we qualify as an "emerging growth company" as defined in the JOBS Act. An
emerging growth company may take advantage of specified reduced reporting and
other requirements that are otherwise applicable generally to public companies.
These provisions include that:

•we are required to include only reduced disclosure in "Management's Discussion and Analysis of Financial Condition and Results of Operations";

•we are not required to engage an auditor to report on our internal controls over financial reporting pursuant to Section 404(b);

•we are not required to submit certain executive compensation matters to stockholder advisory votes, such as "say-on-pay," "say-on-frequency" and "say-on-golden parachutes"; and


•we are not required to disclose certain executive compensation related items
such as the correlation between executive compensation and performance and
comparisons of the chief executive officer's compensation to our median employee
compensation.

We may take advantage of these provisions until the last day of the fiscal year
following the fifth anniversary of the effectiveness of the registration
statement on Form S-1 filed with the SEC on May 19, 2021 or such earlier time
that we are no longer an emerging growth company.

Under the JOBS Act, emerging growth companies also can delay adopting new or
revised accounting standards until such time as those standards would otherwise
apply to private companies. We currently take advantage of this exemption.

For risks related to our status as an emerging growth company, see "Part II.
Item 1A.Risk Factors, Risks Related to our Business and Industry". We are an
"emerging growth company" and we cannot be certain if the reduced disclosure
requirements applicable to emerging growth companies will make our Class A
common stock less attractive to investors."
                                       38
--------------------------------------------------------------------------------

Table of Contents

© Edgar Online, source Glimpses

All news about SQUARESPACE, INC.
08:01aSquarespace to Present at the 50th Annual J.P. Morgan Global Technology, Media and Comm..
PR
05/16NORTH AMERICAN MORNING BRIEFING : Stock Futures -3-
DJ
05/13Squarespace Shares Gain After Wedbush Upgrade to Outperform
MT
05/13Truist Securities Adjusts Price Target for Squarespace to $33 From $40, Reiterates Buy ..
MT
05/13Squarespace Gains Enough Tailwinds From Reopening, Offsets Macro Challenges, Wedbush Sa..
MT
05/13Raymond James Adjusts Price Target on Squarespace to $28 From $30, Keeps Outperform Rat..
MT
05/13Berenberg Bank Adjusts Price Target on Squarespace to $33 From $37, Maintains Buy Ratin..
MT
05/13Wedbush Raises Squarespace to Outperform From Neutral, Price Target to $34 From $25 on ..
MT
05/12SQUARESPACE, INC. Management's Discussion and Analysis of Financial Condition and Resu..
AQ
05/12Thinking about buying stock in Squarespace, Cullinan Oncology, Moneylion, SmartRent, or..
PR
More news
Analyst Recommendations on SQUARESPACE, INC.
More recommendations