2023-08-08 06:11:39 ET
- Squarespace press release ( NYSE: SQSP ): Q2 GAAP EPS of $0.03 misses by $0.10 .
- Revenue of $247.5M (+16.7% Y/Y) beats by $4.15M .
- Total bookings grew 16% year over year to $256.1 million in the second quarter, compared to $219.9 million in the second quarter 2022.
- Adjusted EBITDA increased to $73.4 million in the second quarter, compared with $43.6 million in the second quarter 2022.
- Cash and cash equivalents of $274.0 million; total debt of $494.0 million, of which $40.8 million is current, debt net of cash and investments totaled $220.0 million.
- Total unique subscriptions increased 3% year over year to over 4.3 million in 2023, compared to 4.2 million in 2022.
- Average revenue per unique subscription increased 7% year over year to $219.42 in 2023, compared to $204.17 in 2022.
- Annual run rate revenue increased 17% year over year to $980.8 million in 2023, compared to $837.8 million in 2022.
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Outlook & Guidance: For the third quarter of fiscal year 2023, Squarespace currently expects:
- Revenue of $250 million to $253 million, or year-over-year growth of 15% to 16% vs. consensus of $245.65M.
- Non-GAAP unlevered free cash flow of $47 million to $51 million. This is the result of:
- Cash flow from operating activities of $43 million to $47 million, minus
- Capital expenditures, expected to be approximately $2 million; plus
- Cash paid for interest expense net of associated tax benefit, expected to be approximately $6 million.
For the full fiscal year 2023, Squarespace currently expects:
- Revenue of $987 million to $995 million, or year-over-year growth of 14% to 15% vs. consensus of $980.62M.
- Non-GAAP unlevered free cash flow of $217 million to $225 million. This is the result of:
- Cash flow from operating activities of $205 million to $211 million, minus
- Capital expenditures, expected in the range of $10 million to $12 million; plus
- Cash paid for interest expense net of associated tax benefit, expected in the range of $24 million to $25 million.
For further details see:
Squarespace reports mixed Q2 earnings; initiates Q3 and updates FY23 outlook