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Squarespace, Inc. (SQSP) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Squarespace, Inc.

HISTORY TOOLS
CIK: 1496963 Ticker: SQSP
Exhibit 99.1
image_1.jpg
Squarespace Announces Fourth Quarter and Full Year 2023 Financial Results and $500 Million Share Repurchase Authorization
Revenue Increased 18% in the Fourth Quarter and 17% for the Full Year 2023, Topping $1 Billion
Squarespace to Host Investor Day on May 15, 2024

NEW YORK, February 28, 2024 — Squarespace, Inc. (NYSE: SQSP), the design-driven platform helping entrepreneurs build brands and businesses online, today announced results for the fourth quarter and year ended December 31, 2023.

“Squarespace surpassed $1 billion in revenue for the first time in its 20-year history in 2023, driven by new customer growth across markets and strong retention, which speaks to our robust product offering,” said Anthony Casalena, Founder & CEO of Squarespace. “During 2023 we also made important strides in enhancing the foundation of our long-term growth through our acquisition of Google Domains, the launch of Squarespace Payments, and key product and feature introductions including new AI capabilities that expand our ecosystem and broaden accessibility to entrepreneurs wherever they are on their journey. Entering our third decade, we are in a strong position to capitalize across our core verticals of enabling small business, commerce and international expansion.”

“Squarespace delivered a record fourth quarter that exceeded our expectations across the board,” said Nathan Gooden, CFO of Squarespace. “We are combining increased scale and profitability with consistent execution and a relentless focus on innovation for entrepreneurs to set a strong foundation for sustainable growth and value creation. We view share repurchases as an integral part of our capital allocation strategy and the $500 million authorization announced today underscores the strong financial momentum in our business.”
Fourth Quarter 2023 Financial Highlights
•Total revenue grew 18% year over year to $270.7 million in the fourth quarter, compared with $228.8 million in the fourth quarter of 2022, and 16% in constant currency.
◦Presence revenue grew 20% year over year to $188.4 million and 18% in constant currency.
◦Commerce revenue grew 14% year over year to $82.3 million and 13% in constant currency.
•Net income totaled $5.3 million, compared with a net loss of $234.0 million in the fourth quarter 2022. The 2022 result included a $225.2 million non-cash goodwill impairment charge. Excluding the impairment charge, net loss for the fourth quarter of 2022 was $8.8 million.
•Earnings per share totaled $0.04 based on 136,153,002 basic and 139,387,350 dilutive weighted average shares in the fourth quarter, compared with a loss per share of $1.72 based on 136,340,283 basic and dilutive weighted average shares in the fourth quarter of 2022.
•Cash flow from operating activities increased 56% to $61.1 million for the three months ended December 31, 2023, compared with $39.1 million for the three months ended December 31, 2022.
•Total bookings grew 23% year over year to $286.1 million in the fourth quarter, compared to $232.1 million in the fourth quarter of 2022.
•Unlevered free cash flow increased 57% to $65.0 million representing 24% of total revenue for the three months ended December 31, 2023, compared with $41.5 million for the three months ended December 31, 2022.
1
The following information was filed by Squarespace, Inc. (SQSP) on Wednesday, February 28, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Squarespace, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Deficit
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Purchase Obligations (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Debt Outstanding (Details)
Debt - Schedule Of Principal Payments (Details)
Description Of Business
Description Of Business (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Schedule Of Investments In Marketable Securities (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Narrative (Details)
Goodwill And Intangible Assets, Net - Schedule Of Amortization Expense (Details)
Goodwill And Intangible Assets, Net - Schedule Of Amortization Expense By Statement Of Operation Location (Details)
Goodwill And Intangible Assets, Net - Schedule Of Fair Value Assumptions Of Goodwill (Details)
Goodwill And Intangible Assets, Net - Schedule Of Goodwill (Details)
Goodwill And Intangible Assets, Net - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of (Provision)/Benefit From Income Taxes (Details)
Income Taxes - Schedule Of Deferred Income Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Domestic And Foreign Components Income Taxes (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Uncertain Tax Benefits (Details)
Income Taxes - Schedule Of Valuation Allowance (Details)
Insider Trading Arrangements
Investment In Marketable Securities
Investment In Marketable Securities (Tables)
Investment In Marketable Securities - Schedule Of Available-For-Sale Marketable Securities (Details)
Investment In Marketable Securities - Schedule Of Contractual Maturities (Details)
Investment In Marketable Securities - Schedule Of Investment Income/(Expense) (Details)
Investments, Debt And Equity Securities - Schedule Of Debt Securities, Available-For-Sale, Unrealized Loss Position, Fair Value (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities (Details)
Leases - Schedule Of Operating Lease Costs (Details)
Leases - Schedule Of Supplemental Disclosure Of Cash And Non-Cash And Other Operating Activities (Details)
Net Loss Per Share Attributable To Class??A, Class??B And Class??C Common Stockholders
Net Loss Per Share Attributable To Class??A, Class??B And Class??C Common Stockholders (Tables)
Net Loss Per Share Attributable To Class??A, Class??B And Class??C Common Stockholders - Schedule Of Basic And Diluted Loss Per Share (Details)
Net Loss Per Share Attributable To Class??A, Class??B And Class??C Common Stockholders - Schedule Of Potentially Dilutive Securities (Details)
Pay Vs Performance Disclosure
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Narrative (Details)
Property And Equipment, Net - Schedule Of Capitalized Software Development Costs (Details)
Property And Equipment, Net - Schedule Of Depreciation And Amortization Expense (Details)
Property And Equipment, Net - Schedule Of Property And Equipment, Net (Details)
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock - Narrative (Details)
Related Party Transactions
Related Party Transactions (Details)
Retirement Plans
Retirement Plans (Details)
Revenue
Revenue (Tables)
Revenue - Narrative (Details)
Revenue - Schedule Of Capitalized Contract Costs (Details)
Revenue - Schedule Of Revenue By Geography (Details)
Revenue - Schedule Of Revenue By Product Type, Subscription Type And Revenue Recognition Pattern (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Option Activity (Details)
Stock-Based Compensation - Schedule Of Rsu Activity (Details)
Stock-Based Compensation - Schedule Of Shares Available For Future Grants (Details)
Stock-Based Compensation - Schedule Of Stock Price Targets (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation (Details)
Stockholders??? Deficit
Stockholders??? Deficit - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies -Schedule Of Assets And Liabilities Related To Payment Processing Transactions (Details)
Ticker: SQSP
CIK: 1496963
Form Type: 10-K Annual Report
Accession Number: 0001496963-24-000010
Submitted to the SEC: Wed Feb 28 2024 9:26:59 AM EST
Accepted by the SEC: Wed Feb 28 2024
Period: Sunday, December 31, 2023
Industry: Prepackaged Software

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