Squarespace Inc(NYSE:SQSP) 
Squarespace, Inc. is an American website building and hosting company which is based in New York City, United States. It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.
Website: https://www.squarespace.com/
Founded: 2003
IPO Price: $50 (May 19, 2021)
Full Time Employees: 1,800
CEO / Founder: Anthony Casalena
Sector: Technology
Industry: Software — Infrastructure
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 296,769,000 | 281,148,000 | 270,718,000 | 257,061,000 | 247,529,000 | 237,028,000 | 228,812,000 | 217,696,000 | 212,702,000 | 207,762,000 | 207,420,000 | 200,962,000 | 196,010,000 |
yoy | 19.89% | 18.61% | 18.31% | 18.08% | 16.37% | 14.09% | 10.31% | 8.33% | 8.52% | ||||
qoq | 5.56% | 3.85% | 5.31% | 3.85% | 4.43% | 3.59% | 5.11% | 2.35% | 2.38% | 0.16% | 3.21% | 2.53% | |
cost of revenue | 82,939,000 | 80,774,000 | 69,650,000 | 51,753,000 | 43,167,000 | 42,950,000 | 40,106,000 | 38,907,000 | 36,993,000 | 36,649,000 | 33,854,000 | 32,868,000 | 32,501,000 |
gross profit | 213,830,000 | 200,374,000 | 201,068,000 | 205,308,000 | 204,362,000 | 194,078,000 | 188,706,000 | 178,789,000 | 175,709,000 | 171,113,000 | 173,566,000 | 168,094,000 | 163,509,000 |
yoy | 4.63% | 3.24% | 6.55% | 14.83% | 16.31% | 13.42% | 8.72% | 6.36% | 7.46% | ||||
qoq | 6.72% | -0.35% | -2.07% | 0.46% | 5.30% | 2.85% | 5.55% | 1.75% | 2.69% | -1.41% | 3.26% | 2.80% | |
gross margin % | 72.05% | 71.27% | 74.27% | 79.87% | 82.56% | 81.88% | 82.47% | 82.13% | 82.61% | 82.36% | 83.68% | 83.64% | 83.42% |
operating expenses: | |||||||||||||
research and product development | 69,805,000 | 66,846,000 | 61,715,000 | 60,491,000 | 61,412,000 | 58,570,000 | 56,828,000 | 54,312,000 | 58,829,000 | 57,328,000 | 50,679,000 | 48,769,000 | 48,912,000 |
marketing and sales | 88,282,000 | 117,533,000 | 91,513,000 | 81,016,000 | 75,373,000 | 101,672,000 | 66,154,000 | 74,248,000 | 68,743,000 | 112,906,000 | 90,960,000 | 80,249,000 | 70,784,000 |
general and administrative | 38,873,000 | 30,823,000 | 29,922,000 | 36,155,000 | 30,909,000 | 32,340,000 | 37,942,000 | 38,507,000 | 39,190,000 | 35,981,000 | 31,608,000 | 32,091,000 | 284,730,000 |
total operating expenses | 196,960,000 | 215,202,000 | 183,150,000 | 177,662,000 | 167,694,000 | 192,582,000 | 386,087,000 | 167,067,000 | 166,762,000 | 206,215,000 | 173,247,000 | 161,109,000 | 404,426,000 |
operating income | 16,870,000 | -35,102,000 | |||||||||||
yoy | |||||||||||||
qoq | |||||||||||||
operating margin % | 5.68% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -16.90% | 0% | 0% | 0% |
interest expense | -10,157,000 | -10,381,000 | -10,718,000 | -9,321,000 | -8,635,000 | -8,094,000 | -7,230,000 | -5,209,000 | -3,319,000 | -2,449,000 | -2,503,000 | -2,491,000 | -2,827,000 |
other income | 4,454,000 | -4,163,000 | 6,327,000 | 2,038,000 | 3,649,250 | 6,869,000 | 1,511,000 | ||||||
income/(loss) before/benefit from income taxes | 11,167,000 | 30,071,000 | -2,703,250 | 13,382,000 | -61,319,500 | 6,595,000 | |||||||
(benefit from)/benefit from income taxes | -5,034,000 | -26,411,000 | -19,784,000 | -3,277,000 | -56,820,000 | -16,264,000 | -3,756,000 | ||||||
net income | 6,133,000 | 144,000 | -92,860,000 | ||||||||||
yoy | |||||||||||||
qoq | 4159.03% | ||||||||||||
net income margin % | 2.07% | 0.05% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -44.70% | 0% | 0% | 0% |
net income per share | 0.04 | -0.67 | |||||||||||
weighted-average shares used for eps calculation | 137,760,693 | 136,936,860 | 135,531,363 | 135,736,599 | 135,302,409 | 134,917,610 | 138,409,491 | 137,832,634 | 140,082,038 | 139,423,228 | 96,234,381 | 75,580,940 | 72,900,951 |
operating (loss)/income | -14,828,000 | -240,917,000 | |||||||||||
other income/ | 4,577,000 | ||||||||||||
income before benefit from income taxes | -20,632,000 | ||||||||||||
benefit from income taxes | 20,776,000 | 2,219,000 | -41,151,000 | ||||||||||
operating income/ | 17,918,000 | 27,646,000 | 36,668,000 | 1,496,000 | -3,608,250 | 11,722,000 | 8,947,000 | -60,298,250 | 6,985,000 | ||||
income/(loss) before benefit from income taxes | 3,037,000 | 24,652,000 | |||||||||||
net (loss)/income | -3,084,250 | -16,499,000 | -234,532,000 | ||||||||||
net (loss)/income per share, basic and dilutive | -0.023 | -0.12 | |||||||||||
net income/ | 3,660,000 | 502,000 | -4,564,750 | 10,105,000 | 64,496,000 | -58,209,750 | 2,839,000 | ||||||
net income/(loss) per share attributable to class a, class b and class c common stockholders, basic | 0.03 | ||||||||||||
net income/(loss) per share attributable to class a, class b and class c common stockholders, dilutive | 0.03 | ||||||||||||
other (loss)/income | -840,000 | -1,201,000 | |||||||||||
income before benefit from/(benefit from) income taxes | -7,438,000 | ||||||||||||
benefit from/(benefit from) income taxes | 7,940,000 | 52,651,000 | 10,413,000 | ||||||||||
less: accretion of redeemable convertible preferred stock to redemption value | |||||||||||||
net income/(loss) attributable to class a, class b and class c common stockholders, basic and dilutive | -4,564,750 | 10,105,000 | 64,496,000 | ||||||||||
net income/(loss) per share attributable to class a, class b, and class c common stockholders, basic | -0.033 | 0.07 | 0.46 | -0.725 | 0.04 | ||||||||
net income/(loss) per share attributable to class a, class b, and class c common stockholders, dilutive | -0.033 | 0.07 | 0.45 | -0.725 | 0.04 | ||||||||
other income/(loss) | 6,217,000 | 2,138,000 | 2,101,000 | ||||||||||
income/(loss) before benefit from/(benefit from) income taxes | 11,845,000 | ||||||||||||
income before/benefit from income taxes | -36,040,000 | ||||||||||||
net income attributable to class a, class b and class c common stockholders, basic and dilutive | -92,860,000 | ||||||||||||
less: undistributed earnings to participating securities | |||||||||||||
net income/(loss) attributable to class a, class b, and class c common stockholders, basic | -58,452,000 | 2,839,000 | |||||||||||
add: reallocation of net income attributable to participating securities | |||||||||||||
net income/(loss) attributable to class a, class b, and class c common stockholders, dilutive | -58,452,000 | 2,839,000 | |||||||||||
(loss)/income before benefit from/(benefit from) income taxes | -244,945,000 | ||||||||||||
net (loss)/income attributable to class a, class b, and class c common stockholders, basic | -234,532,000 | ||||||||||||
net (loss)/income attributable to class a, class b, and class c common stockholders, dilutive | -234,532,000 | ||||||||||||
net (loss)/income per share attributable to class a, class b, and class c common stockholders, basic | -3.22 | ||||||||||||
net (loss)/income per share attributable to class a, class b, and class c common stockholders, dilutive | -3.22 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||
current assets: | |||||||||||||
cash and cash equivalents | 270,363,000 | 241,905,000 | 257,702,000 | 216,464,000 | 274,004,000 | 239,327,000 | 197,037,000 | 200,480,000 | 215,092,000 | 230,492,000 | 203,247,000 | 200,180,000 | 160,142,000 |
restricted cash | 38,778,000 | 36,583,000 | 40,671,000 | 34,272,000 | 38,170,000 | 35,583,000 | 40,831,000 | 39,706,000 | 40,384,000 | 30,433,000 | 30,197,000 | 27,308,000 | |
investment in marketable securities | 52,041,000 | 46,981,000 | 31,757,000 | 27,748,000 | 32,163,000 | 27,891,000 | 31,456,000 | 31,900,000 | 36,582,000 | ||||
accounts receivable | 41,384,000 | 30,297,000 | 24,894,000 | 21,999,000 | 9,748,000 | 11,345,000 | 10,748,000 | 10,014,000 | 8,638,000 | 8,353,000 | 7,969,000 | 8,071,000 | 8,416,000 |
due from vendors | 5,298,000 | 6,089,000 | 4,292,000 | 3,030,000 | 3,383,000 | 4,442,000 | 2,928,000 | 2,872,000 | 2,805,000 | 1,828,000 | 2,475,000 | 2,200,000 | |
prepaid expenses and other current assets | 83,016,000 | 70,419,000 | 48,947,000 | 57,398,000 | 51,305,000 | 64,240,000 | 48,326,000 | 46,766,000 | 50,528,000 | 27,376,000 | 67,099,000 | 57,161,000 | 48,839,000 |
total current assets | 446,804,000 | 433,678,000 | 374,215,000 | 340,824,000 | 372,359,000 | 356,465,000 | 327,893,000 | 328,767,000 | 348,999,000 | 337,301,000 | 342,032,000 | 329,984,000 | 283,487,000 |
property and equipment | 49,609,000 | 58,759,000 | 58,211,000 | 57,245,000 | 53,874,000 | 51,772,000 | 51,633,000 | 52,379,000 | 52,690,000 | 53,190,000 | 52,839,000 | 48,781,000 | 45,979,000 |
operating lease right-of-use assets | 61,016,000 | 75,325,000 | 77,764,000 | 79,810,000 | 82,247,000 | 84,590,000 | 86,824,000 | 88,893,000 | 96,354,000 | 99,262,000 | |||
goodwill | 196,522,000 | 210,438,000 | 210,438,000 | 210,438,000 | 210,438,000 | 210,438,000 | 210,438,000 | 435,601,000 | 435,601,000 | 435,601,000 | 435,601,000 | 420,800,000 | 421,076,000 |
intangible assets | 140,839,000 | 175,225,000 | 190,103,000 | 205,147,000 | 35,118,000 | 38,985,000 | 42,808,000 | 46,778,000 | 51,122,000 | 55,494,000 | 60,138,000 | 97,786,000 | 102,342,000 |
other assets | 11,560,000 | 12,044,000 | 11,028,000 | 11,432,000 | 12,376,000 | 12,151,000 | 10,921,000 | 10,396,000 | 9,537,000 | 9,566,000 | 8,939,000 | 7,626,000 | 7,525,000 |
assets of business held for sale | 94,529,000 | ||||||||||||
total assets | 1,000,879,000 | 965,469,000 | 921,759,000 | 904,896,000 | 766,412,000 | 754,401,000 | 730,517,000 | 962,814,000 | 994,303,000 | 990,414,000 | 899,549,000 | 905,804,000 | 867,232,000 |
liabilities and stockholders’ deficit | |||||||||||||
current liabilities: | |||||||||||||
accounts payable | 21,933,000 | 21,386,000 | 12,863,000 | 10,561,000 | 4,782,000 | 5,738,000 | 12,987,000 | 10,637,000 | 23,230,000 | 19,641,000 | 26,533,000 | 18,741,000 | 14,895,000 |
accrued liabilities | 98,933,000 | 109,789,000 | 99,435,000 | 113,733,000 | 83,222,000 | 89,886,000 | 64,360,000 | 68,797,000 | 65,370,000 | 107,351,000 | 60,861,000 | 62,996,000 | 62,622,000 |
deferred revenue | 397,923,000 | 376,134,000 | 333,191,000 | 315,603,000 | 308,662,000 | 300,245,000 | 269,689,000 | 261,192,000 | 258,099,000 | 254,140,000 | 233,999,000 | 241,289,000 | 238,888,000 |
funds payable to customers | 44,076,000 | 42,672,000 | 44,208,000 | 36,713,000 | 40,424,000 | 38,845,000 | 43,074,000 | 39,593,000 | 40,985,000 | 30,137,000 | 32,672,000 | 29,508,000 | |
debt, current portion | 57,140,000 | 53,058,000 | 48,977,000 | 48,977,000 | 40,758,000 | 40,758,000 | 40,758,000 | 32,627,000 | 26,280,000 | 19,933,000 | 13,586,000 | 13,586,000 | 13,586,000 |
operating lease liabilities, current portion | 11,281,000 | 12,819,000 | 12,640,000 | 12,352,000 | 12,104,000 | 11,821,000 | 11,514,000 | 11,170,000 | 10,975,000 | 10,103,000 | |||
total current liabilities | 587,210,000 | 617,262,000 | 549,778,000 | 545,434,000 | 486,241,000 | 488,872,000 | 438,153,000 | 427,497,000 | 423,547,000 | 452,153,000 | 367,211,000 | 371,269,000 | 360,764,000 |
deferred income taxes, non-current portion | 1,164,000 | 1,100,000 | 1,039,000 | 978,000 | 912,000 | 850,000 | 788,000 | ||||||
debt, non-current portion | 487,846,000 | 503,833,000 | 519,816,000 | 531,714,000 | 453,230,000 | 463,204,000 | 473,167,000 | 484,475,000 | 494,000,000 | 503,525,000 | 513,047,000 | 516,224,000 | 519,400,000 |
operating lease liabilities, non-current portion | 71,843,000 | 94,317,000 | 97,714,000 | 100,710,000 | 104,020,000 | 107,172,000 | 110,169,000 | 112,595,000 | 118,485,000 | 121,258,000 | |||
other liabilities | 18,940,000 | 15,230,000 | 13,764,000 | 14,022,000 | 13,205,000 | 12,638,000 | 11,231,000 | 356,000 | 357,000 | 3,167,000 | 422,000 | 549,000 | 551,000 |
liabilities of business held for sale | 76,745,000 | ||||||||||||
total liabilities | 1,243,748,000 | 1,231,742,000 | 1,182,111,000 | 1,192,858,000 | 1,057,608,000 | 1,072,736,000 | 1,033,508,000 | 1,024,923,000 | 1,036,389,000 | 1,080,103,000 | 913,028,000 | 921,694,000 | 905,382,000 |
commitments and contingencies | |||||||||||||
stockholders’ deficit: | |||||||||||||
class a common stock | 9,000 | 9,000 | 9,000 | 8,000 | 8,000 | 8,000 | 8,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 |
class b common stock | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of june 30, 2024 and december 31, 2023, respectively; zero shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively | |||||||||||||
additional paid in capital | 936,277,000 | 918,552,000 | 924,634,000 | 905,069,000 | 883,192,000 | 859,417,000 | 875,737,000 | 886,602,000 | 914,420,000 | 929,199,000 | 911,570,000 | 891,667,000 | 871,350,000 |
accumulated other comprehensive loss | -1,280,000 | -826,000 | -843,000 | -3,631,000 | -1,487,000 | -1,191,000 | -1,665,000 | -5,611,000 | -3,301,000 | -1,187,000 | |||
accumulated deficit | -1,177,880,000 | -1,184,013,000 | -1,184,157,000 | -1,189,413,000 | -1,172,914,000 | -1,176,574,000 | -1,177,076,000 | -943,114,000 | -953,219,000 | -1,017,715,000 | -924,855,000 | -908,545,000 | -911,384,000 |
total stockholders’ deficit | -242,869,000 | -266,273,000 | -260,352,000 | -287,962,000 | -291,196,000 | -318,335,000 | -302,991,000 | -62,109,000 | -42,086,000 | -89,689,000 | -13,479,000 | -15,890,000 | -38,150,000 |
total liabilities and stockholders’ deficit | 1,000,879,000 | 965,469,000 | 904,896,000 | 766,412,000 | 754,401,000 | ||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of march 31, 2024 and december 31, 2023, respectively; zero shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively | |||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ deficit | |||||||||||||
redeemable convertible preferred stock | |||||||||||||
preferred stock, par value of 0.0001; 100,000,000 shares authorized as of december 31, 2023 and 2022, respectively; zero shares issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of december 31, 2023 and 2022, respectively; zero shares issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of december 31, 2023 and 2022, respectively; zero shares issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ deficit | 921,759,000 | 730,517,000 | 962,814,000 | 994,303,000 | 990,414,000 | 899,549,000 | 905,804,000 | 867,232,000 | |||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of september 30, 2023 and december 31, 2022, respectively; zero shares issued and outstanding as of september 30, 2023 and december 31, 2022, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of june 30, 2023 and december 31, 2022, respectively; zero shares issued and outstanding as of june 30, 2023 and december 31, 2022, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of march 31, 2023 and december 31, 2022, respectively; zero shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively | |||||||||||||
deferred rent and lease incentives, current portion | 2,095,000 | 1,985,000 | 1,265,000 | ||||||||||
deferred rent and lease incentives, non-current portion | 32,348,000 | 32,557,000 | 24,667,000 | ||||||||||
preferred stock, par value of 0.0001; 100,000,000 shares authorized as of december 31, 2022 and 2021, respectively; zero shares issued and outstanding as of december 31, 2022 and 2021, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of december 31, 2022 and 2021, respectively; zero shares issued and outstanding as of december 31, 2022 and 2021, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of december 31, 2022 and 2021, respectively; zero shares issued and outstanding as of december 31, 2022 and 2021, respectively | |||||||||||||
preferred stock, par value of 0.0001; 100,000,000 authorized as of september 30, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of september 30, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of september 30, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively | |||||||||||||
preferred stock, par value of 0.0001; 100,000,000 authorized as of june 30, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of june 30, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of june 30, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively | |||||||||||||
preferred stock, par value of 0.0001; 100,000,000 authorized as of march 31, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of march 31, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 shares authorized as of march 31, 2022 and december 31, 2021, respectively; zero shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively | |||||||||||||
deferred income taxes | 827,000 | 6,823,000 | |||||||||||
preferred stock, par value of 0.0001; 100,000,000 and zero shares authorized as of december 31, 2021 and 2020, respectively; zero shares issued and outstanding as of december 31, 2021 and 2020, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of december 31, 2021 and 2020, respectively; zero shares issued and outstanding as of december 31, 2021 and 2020, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 and zero shares authorized as of december 31, 2021 and 2020, respectively; zero shares issued and outstanding as of december 31, 2021 and 2020, respectively | |||||||||||||
accumulated other comprehensive (loss)/income | -208,000 | ||||||||||||
preferred stock, par value of 0.0001; 100,000,000 and zero shares authorized as of september 30, 2021 and december 31, 2020, respectively; zero shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of september 30, 2021 and december 31, 2020, respectively; zero shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 and zero shares authorized as of september 30, 2021 and december 31, 2020, respectively; zero shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively | |||||||||||||
accumulated other comprehensive income | 974,000 | 1,870,000 | |||||||||||
preferred stock, par value of 0.0001; 100,000,000 and zero shares authorized as of june 30, 2021 and december 31, 2020, respectively; zero shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively | |||||||||||||
class c common stock (authorized march 15, 2021), par value of 0.0001; zero shares authorized as of june 30, 2021 and december 31, 2020, respectively; zero shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively | |||||||||||||
class c common stock (authorized may 10, 2021), par value of 0.0001; 1,000,000,000 and zero shares authorized as of june 30, 2021 and december 31, 2020, respectively; zero shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities: | ||||||||||||
net income | 6,133,000 | 144,000 | 5,256,000 | 10,105,000 | 64,496,000 | -92,860,000 | ||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
depreciation and amortization | 18,213,000 | 18,672,000 | 18,952,000 | 10,498,000 | 7,236,000 | 7,241,000 | 7,844,000 | 7,904,000 | 7,811,000 | 8,058,000 | 8,814,000 | 7,674,000 |
stock-based compensation | 32,798,000 | 28,167,000 | 27,827,000 | 28,317,000 | 29,479,000 | 22,126,000 | 27,482,000 | 24,094,000 | 26,860,000 | 24,097,000 | 23,825,000 | 23,734,000 |
deferred income taxes | 63,000 | 62,000 | 61,000 | 66,000 | 62,000 | 62,000 | 16,951,000 | 3,226,000 | ||||
non-cash lease income | -990,000 | -767,000 | ||||||||||
other | 275,000 | 350,000 | 346,000 | 175,000 | 217,000 | 93,000 | 132,000 | 198,000 | 241,000 | 261,000 | 310,000 | 306,000 |
changes in operating assets and liabilities: | ||||||||||||
accounts receivable and due from vendors | -11,105,000 | -4,592,000 | -4,527,000 | -13,515,000 | 1,953,000 | 411,000 | -2,362,000 | -1,398,000 | -340,000 | -1,361,000 | 747,000 | 70,000 |
prepaid expenses and other current assets | -13,991,000 | -21,554,000 | 9,028,000 | -8,006,000 | 12,217,000 | -13,697,000 | 15,213,000 | -8,493,000 | -34,917,000 | 31,896,000 | -16,493,000 | -8,144,000 |
accounts payable and accrued liabilities | 10,157,000 | 19,627,000 | -10,561,000 | 34,258,000 | -7,138,000 | 16,960,000 | -8,249,000 | -3,226,000 | -32,960,000 | 42,220,000 | 6,588,000 | 3,677,000 |
deferred revenue | 23,343,000 | 45,669,000 | 13,578,000 | 9,756,000 | 8,751,000 | 29,279,000 | 1,429,000 | 7,741,000 | 8,756,000 | 21,538,000 | -5,590,000 | 4,188,000 |
funds payable to customers | -6,347,000 | 1,404,000 | -1,537,000 | 7,495,000 | -3,711,000 | 1,580,000 | -4,229,000 | 3,480,000 | -1,391,000 | 10,847,000 | -2,535,000 | 3,164,000 |
other operating assets and liabilities | 2,080,000 | -1,963,000 | 3,352,000 | 1,392,000 | 344,000 | 64,000 | 9,884,000 | -591,000 | -2,453,000 | 2,246,000 | -1,227,000 | -31,000 |
net cash from operating activities | 60,629,000 | 85,219,000 | 61,090,000 | 53,325,000 | 52,547,000 | 64,155,000 | 39,102,000 | 41,434,000 | 36,413,000 | 47,270,000 | 14,990,000 | 49,344,000 |
capital expenditures | -3,043,000 | -2,736,000 | -3,751,000 | -6,147,000 | -3,918,000 | -3,053,000 | -2,721,000 | -2,885,000 | -2,126,000 | -2,027,000 | -4,277,000 | -2,757,000 |
free cash flows | 57,586,000 | 82,483,000 | 57,339,000 | 47,178,000 | 48,629,000 | 61,102,000 | 36,381,000 | 38,549,000 | 34,287,000 | 45,243,000 | 10,713,000 | 46,587,000 |
investing activities: | ||||||||||||
proceeds from the sale and maturities of marketable securities | 0 | 0 | 0 | 39,664,000 | 4,453,000 | 6,800,000 | 8,600,000 | 7,340,000 | 8,550,000 | 10,800,000 | ||
purchases of marketable securities | -5,825,000 | -47,031,000 | 0 | 0 | 0 | -7,824,000 | -8,237,000 | -2,428,000 | -12,989,000 | -4,027,000 | -8,309,000 | -6,204,000 |
purchase of property and equipment | -2,689,000 | -3,385,000 | -3,857,000 | -5,974,000 | -4,092,000 | -3,075,000 | -2,691,000 | -3,117,000 | -2,376,000 | -3,359,000 | -4,277,000 | -4,329,000 |
net cash (used in)/provided by investing activities | -7,514,000 | -50,416,000 | ||||||||||
financing activities: | ||||||||||||
principal payments on debt | -12,244,000 | -12,244,000 | -12,244,000 | -12,244,000 | -10,190,000 | -10,189,000 | -3,397,000 | -3,396,000 | -3,397,000 | -3,396,000 | -3,397,000 | -3,396,000 |
payments for repurchase and retirement of class a common stock | -4,147,000 | -12,164,000 | -668,000 | 0 | 0 | -25,321,000 | -34,613,000 | -50,378,000 | ||||
taxes paid related to net share settlement of equity awards | -13,268,000 | -24,372,000 | -8,060,000 | -7,988,000 | -7,558,000 | -12,760,000 | -3,934,000 | -2,065,000 | -7,713,000 | -7,556,000 | -4,626,000 | -4,142,000 |
proceeds from exercise of stock options | 1,744,000 | 841,000 | 37,000 | 57,000 | 42,000 | 92,000 | 53,000 | 48,000 | 969,000 | 1,141,000 | 564,000 | 630,000 |
net cash from financing activities | -27,915,000 | -47,939,000 | -17,706,000 | -48,178,000 | ||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||||||
increase in cash, cash equivalents and restricted cash, including cash classified as assets of business held for sale | ||||||||||||
less: increase in cash, cash equivalents and restricted cash classified as assets of business held for sale | ||||||||||||
net (decrease)/increase in cash, cash equivalents and restricted cash | -10,320,000 | -13,602,000 | ||||||||||
cash, cash equivalents and restricted cash at the beginning of the period | ||||||||||||
cash, cash equivalents and restricted cash at the end of the period | ||||||||||||
reconciliation of cash, cash equivalents, and restricted cash: | ||||||||||||
cash and cash equivalents | 28,458,000 | 241,905,000 | 41,238,000 | -57,540,000 | 34,677,000 | 239,327,000 | -3,443,000 | -14,612,000 | -15,400,000 | 230,492,000 | 3,067,000 | 40,038,000 |
restricted cash | 38,778,000 | -4,088,000 | 6,399,000 | -3,898,000 | 38,170,000 | -5,248,000 | 1,125,000 | -678,000 | 40,384,000 | 236,000 | 2,889,000 | |
cash, cash equivalents, and restricted cash at the end of the period | -10,320,000 | 280,683,000 | -51,141,000 | 30,779,000 | 277,497,000 | -13,487,000 | -16,078,000 | 270,876,000 | 42,927,000 | |||
supplemental disclosure of cash flow | ||||||||||||
cash paid during the year for interest | 9,932,000 | 9,951,000 | 10,261,000 | 9,047,000 | 8,375,000 | 7,985,000 | 6,805,000 | 5,036,000 | 3,098,000 | 2,149,000 | 2,387,000 | 2,236,000 |
cash paid during the year for income taxes, net of refunds | 29,805,000 | 1,426,000 | 822,000 | 27,000 | ||||||||
cash paid for amounts included in the measurement of operating lease liabilities | 4,021,000 | 4,103,000 | ||||||||||
supplemental disclosure of non-cash investing and finance activities | ||||||||||||
purchases of property and equipment included in accounts payable and accrued liabilities | -354,000 | 649,000 | 106,000 | -173,000 | 174,000 | 22,000 | -30,000 | 232,000 | 250,000 | 1,332,000 | ||
capitalized stock-based compensation | 592,000 | 812,000 | 813,000 | 1,489,000 | 1,169,000 | 469,000 | 243,000 | 478,000 | 196,000 | 63,000 | 140,000 | 198,000 |
effect of exchange rate changes on cash, cash equivalents, and restricted cash | -466,000 | -403,000 | 30,000 | 135,000 | -385,000 | -383,000 | -217,000 | -121,000 | ||||
cash, cash equivalents, and restricted cash at the beginning of the period | 294,285,000 | 0 | 0 | 232,620,000 | 0 | 0 | 233,680,000 | 0 | ||||
accrued taxes related to net share settlement of equity awards | 12,000 | 645,000 | ||||||||||
impairment charge | ||||||||||||
non-cash lease (income)/expense | -685,000 | -612,000 | -523,000 | -466,000 | ||||||||
cash paid for acquisitions, net of acquired cash | 0 | 345,000 | ||||||||||
net cash from investing activities | -3,857,000 | 1,255,000 | -6,765,000 | -46,000 | ||||||||
borrowings on term loan | 0 | |||||||||||
payments of debt issuance costs | 0 | |||||||||||
proceeds from issuance of class c (authorized on march 15, 2021) common stock, net of issuance costs | 0 | 0 | ||||||||||
dividends paid | 0 | 0 | ||||||||||
net cash (used in)/provided by financing activities | -41,891,000 | -55,791,000 | -45,343,000 | -9,811,000 | ||||||||
net increase/(decrease) in cash, cash equivalents and restricted cash | ||||||||||||
reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||
supplemental disclosure of non-cash investing and financing activities | ||||||||||||
non-cash leasehold improvements | -11,727,000 | 184,000 | ||||||||||
issuance of class c (authorized on march 15, 2021) common stock for acquisition | 0 | |||||||||||
cash paid for asset acquisition | ||||||||||||
net cash provided by/(used in) financing activities | -7,459,000 | -6,908,000 | ||||||||||
net increase in cash, cash equivalents and restricted cash | -51,141,000 | 30,779,000 | 44,877,000 | |||||||||
cash paid during the year for income taxes | 8,338,000 | 12,739,000 | 10,163,000 | 3,482,000 | ||||||||
net income/ | 3,660,000 | 502,000 | ||||||||||
adjustments to reconcile net income/(loss) to net cash from operating activities: | ||||||||||||
net cash provided by/(used in) investing activities | -4,092,000 | 28,765,000 | ||||||||||
net (loss)/income | -16,310,000 | 2,839,000 | ||||||||||
adjustments to reconcile net (loss)/income to net cash from operating activities: | ||||||||||||
non-cash lease expense | -31,000 | 1,620,000 | 310,000 | 328,000 | ||||||||
contingent consideration paid for acquisition | ||||||||||||
purchases of property and equipment included in prepaid expenses and other current assets | ||||||||||||
dividends declared included in accrued liabilities | ||||||||||||
accrued taxes on equity tax withholdings | ||||||||||||
net increase in cash, cash equivalents, and restricted cash | -13,487,000 | -16,078,000 | 37,196,000 | 42,927,000 | ||||||||
receivables for exercise of stock options included in prepaid expenses and other current assets | ||||||||||||
cash paid/(refunded) during the year for income taxes | 1,000 | |||||||||||
accrued taxes related to net share settlement of equity awards included in accrued liabilities | 116,000 | |||||||||||
deferred rent and lease incentives | -90,000 | 8,641,000 | ||||||||||
payment of debt issuance costs | ||||||||||||
payments for tender offer | ||||||||||||
payments for investor repurchase | ||||||||||||
payment withheld on acquisition | ||||||||||||
purchases of property and equipment included in accounts payable and accrued expenses | 1,572,000 |