Good evening. My name is Christian, and I'll be your conference operator today. At this time, I would like to welcome everyone to Squarespace's second quarter 2021 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. Christopher Chiou, you may begin your conference. Good afternoon, and thank you for joining us for Squarespace's second quarter 2021 earnings call. My name is Christopher Chiou, and I'm the Head of Investor Relations and Corporate Development. With me today are Anthony Casalena, Founder and CEO, and Marcela Martin, CFO. They will share some prepared remarks and then open up the call for questions. On today's call, we'll be referencing both GAAP and non-GAAP financial results and operating metrics. You can find additional information on how we calculate any of the metrics discussed on this call, including a reconciliation of GAAP to non-GAAP measures in today's press release, which can be found in the investor relations section of our website. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. The matters we'll be discussing include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which include, but are not limited to those related to our future financial results, new product introductions, and the company's marketing strategy. These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our documents filed with the SEC. Actual results may differ materially from those contained in forward-looking statements. Please take a look at our filings with the SEC for a discussion of the factors that could cause the results to differ. Any forward-looking statements that we make on this call are based on assumptions as of today, August 9th, 2021, and we undertake no obligation to update these statements as a result of new information or future events. I'll now turn the call over to Anthony. Thank you, Christopher. Good afternoon, everyone. Welcome to our first ever quarterly earnings presentation as a publicly traded company. My name is Anthony Casalena, Founder and CEO of Squarespace. Thank you for joining us today as we report a strong quarter of growth for Squarespace. Before we get started sharing the details that led to the financial results, as some of you may be new to the Squarespace story, I'd like to remind our audience of why we exist. For those on the webcast, I would refer you to the slides. First, our vision and mission. Squarespace exists to help people with creative ideas stand out and succeed. As more and more people choose to turn their passions into ventures, we strive to be the best company to support them as they differentiate themselves, grow their audience, and most importantly, transact with their customers. I created Squarespace because I wanted to build a blog and couldn't find anything that would help me look professional and be easy to use. Since then, we've helped millions of customers build their brands. We believe strongly in the power of brands to build connections with customers and create loyalty. We believe that design is a powerful tool to visually and emotionally express your brand. Today, there are over 800 million small businesses and self-employed ventures globally, and they need to do two things to succeed: build their brands and transact directly with their customers. We focus on both. Squarespace helps millions show up beautifully and consistently across the touchpoints that matter most and then sell anything, products, services, content, or a community. The Squarespace journey began in 2003, and over the last 18 years, we've grown to become one of the leading website-building companies in the world. With over 1,400 employees, a global workforce, and customer base, we are now proudly a publicly traded company. We've achieved significant scale with over 3.9 million unique subscriptions as of June 2021, and our last 12 months of revenue is over $710 million, nearly all of which is subscription-based. Our revenue has grown approximately 30% year-over-year on a trailing 12-month basis. We've achieved this with strong gross margins, which speaks to how efficiently we operate our business. Strong returns on our spending has always been important, as illustrated by our positive unlevered free cash flow margins. We also have differentiated commerce offerings that go far beyond physical goods to help our customers sell anything online, from selling their time and expertise with our scheduling product, to selling exclusive content and communities with our Member Areas product. This has translated into commerce revenue of over $180 million over the last 12 months. We think that commerce enablement is a significant opportunity and continues to be an increasing part of our business. We believe that the combination of scale, growth, and profitability places us in an elite class of technology companies with compelling financial profiles. Our market opportunity. We believe our total addressable market is massive and continues to expand. It's highly fragmented, which is an advantage to us given our scale and isn't a winner-take-all environment that other companies may face. We believe that we have ample runway ahead of us, and that we'll be able to maintain significant growth at scale. The overall market is large based on a top-down approach. We believe that there are other ways to view the market opportunity as you look at various products that Squarespace offers today, be it our Member Areas product, our restaurants and hospitality products via Tock, websites or our social presence products with Unfold, online stores, or professional users via Circle. Each of these components address incredibly large markets. We believe this further underpins the size in our large and growing addressable total market opportunity. Macro trends. This market opportunity is being driven in part by the intersection of several secular trends that will allow us to continue to expand our customer base. In the United States, new business formation grew at 62% in the second quarter of 2021, according to the U.S. Census. On entrepreneurship, Squarespace also commissioned a poll that concluded that Gen Z is the most ambitious generation to date. The vast majority, 92% of Gen Zers, plan to start their own businesses. We believe this will contribute to the continued growth in unique subscriptions. We are also benefiting from the shift to online versus offline. According to the same poll, 60% of Gen Zers and 62% of millennials believe how you present yourself online is more important than how you present yourself in person. With more than half, 57% of Americans being polled, believe it is more important for a business to have a well-designed online store or website than a brick-and-mortar location. We believe that social commerce remains a high-growth industry segment for which we are well-positioned to capitalize on in the future. Our platform has six key pillars we believe differentiate us. First, we have an all-in-one platform. This means having a fully integrated suite of online tools an entrepreneur needs to show up online, build their brand, connect with customers, and sell anything. Second, we believe in beautiful design being consistent everywhere. Design is at the core of all of our products, and we make it easy to keep a brand consistent across multiple touch points. Third, our platform lets our customers sell anything. Our commerce platform goes far beyond just selling physical goods. With Squarespace, you can also sell time, expertise, or content. Fourth, we believe in power with simplicity. Simplicity is one of our corporate values, and our products deliver professional-grade results quickly and easily. Fifth, we're built for modern use cases. We intend to continue to evolve as we always have, from beyond websites to broad commerce capabilities, to marketing tools, social tools, to whatever's next that will make a difference for our customers. Sixth is our investment in customer support. Our award-winning customer support team is one of the best in class, and we've always invested in having a high-quality in-house support team. Our customer journey. We seek to provide tools for every step of our customer's journey through having their ideas come alive and grow online. From the very moment when our customers have an idea, to fleshing out a brand online, to growing and scaling, Squarespace has products that are part of every piece of that journey. Presence. We are a leader in website design, with customers across nearly all industries and verticals. Our tools allow our customers to create websites that often might otherwise require a digital agency and could cost tens of thousands of dollars. With Squarespace, you get a professional quality product right out of the box. Of course, we help you set up a domain and everything else you might need to get your team online. We're also a reseller of Google Workspace. Our customers can get branded email in their domain as well. For larger customers, we have a relatively new offering called Enterprise, which combines our most advanced features with dedicated priority support, bulk purchasing, and custom contracting and payment methods that larger organizations might otherwise require. With Unfold, our app that lets people improve their brand across their social presences, we are acknowledging that not every journey starts with a website. This exciting acquisition expands our funnel and allows our customers to maintain a consistent brand on social media. Social presence. With the acquisition of Unfold, we enable creators and small and medium businesses to stand out and keep their brand consistent across social media. Unfold is a top 10 graphics and design app in dozens of countries and has been downloaded 55 million times and has led to the creation of over one billion stories. Recently within Unfold, we launched Bio Sites, which are small websites intended to exist in user social media bios and act as a hub to link to deeper experiences across the web. Selling anything. Our commerce offering provides the tools for our customers to transact in the ways that work best for their business. We believe that we have one of the few commerce solutions that supports a diverse set of business models with the breadth to capture the entire online commerce market beyond just physical commerce. We enable customers to sell subscriptions, content, and services all within the same platform. Our acquisition of Acuity Scheduling added a robust appointment scheduling solution that works for almost any industry, while our Member Areas product lets our customers monetize private content beyond paywalls. The ability for our customer to transact in multiple ways on the same platform, all while ensuring brand consistency, is a key differentiator for us. Today, we're processing billions of dollars worth of GMV and believe our commerce solutions will continue to be a significant revenue driver. Finally, with Squarespace, brands have access to powerful marketing tools that allow them to better engage their audiences and stand out online. The real value of our platform, though, is that all aspects of the platform are fully integrated, so our customers can share data and brand assets across every touch point they manage with Squarespace. Additionally, with our integrations and extensions marketplace, we're able to offer functionality to our customers via partnerships, whether it's shipping and fulfillment services or synchronization with third-party accounting systems. We're an engineering and design-led company with a technology stack that is modern, agile, and built to scale. Our best-in-class platform serves billions of page views per month. We've invested hundreds of millions of dollars over the years to build both broad and deep functionality. Our company was established in the heart of New York City, which continues to inspire us as we scale our business, innovate on our products, and serve a growing, diverse customer base. That said, we've made significant progress in expanding our global footprint and have begun the process of opening locations in London, Amsterdam, and Sydney to capitalize on our growing international opportunity. On March 31st, we acquired Tock, a leader in providing reservation and online ordering services for the hospitality industry. We've been successful in our approach to past integrations and are taking care to make sure this one is successful as well. We decided to take a very thoughtful approach towards integration across people, process, and technologies, considering it is our largest transaction to date. I hope you enjoyed this overview of our business, and with that, I will pass along to Marcela Martin, our CFO, who will walk you through the financials. Thank you, Anthony. Thank you, everyone, for being here today. We are very excited about our first quarter earnings as a public company and even more excited about the state of our business. Before we walk you through the Q2 financial results, I would like to remind the audience of our business model. As a SaaS company, we have a recurring, predictable, and transparent business model. As of the end of Q2 2021, 91% of the revenue is subscription-based. We sell monthly and annual subscriptions to our Presence and Commerce plans, and approximately 70% of our customers opt to subscribe on an annual basis. Non-subscription or volume-based revenue primarily relates to the revenue share agreements from partnerships with payment processors that assist our customers with their transactions and the payment processing business from our recently acquired company, Tock. Our operating model is highly efficient, resulting in a strong gross profit margin. Our financial discipline has also allowed us to deliver attractive cash flow margins, which gives us the opportunity to continue to invest organically and inorganically. Overall, our business model allows us to scale and expand with minimum incremental cost. Let's talk now about our second quarter performance. As we anticipated, we delivered strong revenue growth this quarter, and both bookings and revenue came in ahead of expectations. Revenue was $196 million in the quarter, an increase of 31% over the same quarter last year, driven by strong performance across both Presence and Commerce. Our Commerce revenue reached $59 million, representing a 72% year-over-year growth, which includes also Tock's revenue. Bookings have grown 23% during the same period, an annualized run rate revenue of $778 million as of the end of Q2 is 28% higher than the prior year. Continued strong revenue, bookings, and annual run rate revenue were driven by growth in our unique subscriptions of 15% year-over-year and growth in RPOS. RPOS grew 6% to 193 due to a combination of growth in Commerce, including scheduling and the addition of hospitality services through Tock. We delivered adjusted EBITDA of $43 million, which represents a 22% margin and a lever free cash flow of $10.3 million or a 5% margin. Our strong revenue growth of 31% accelerated from 27% growth in Q2 2020. This quarter, Presence revenue grew 19% year-over-year, and our Commerce revenue experienced a 72% year-over-year growth. We break down our revenue into Presence and Commerce. Presence comprises our personal and business plans, our social presence tool, Unfold, the resale of Google Workspace, which we account for on a net revenue basis, and the sales of domains and Enterprise solutions. Our Commerce business comprises our basic and advanced Commerce plans, as well as the scheduling, Member Areas, campaigns, hospitality services subscriptions, revenue shares from payment processors that handle the customer's payments, and the payment processor revenue related to hospitality services provided by Tock. Our Commerce revenue continues to grow faster. We delivered $59 million in Commerce revenue this quarter, which grew 72% versus Q2 2020. Organically, and without the inclusion of the Tock revenue, Commerce would have grown approximately 50%. On top of our strong Commerce revenue, the Commerce contribution over the total revenue continues to grow and gain in share of the overall pie. As of the end of Q2 2021, Commerce represented 30% of our total revenue. The total transactional or non-subscription revenue represents 28% of the total Commerce pie, growing 200 basis points from last year. Non-subscription revenue continues to grow as a percentage of revenue as the GMV that flows through our platform continues to increase. GMV has grown 40% this quarter versus last year on the back of merchants continuing to increase sales on our platform, as well as new merchants joining Squarespace. Overall, our take rate has also increased, mostly due to the addition of payment processing services through Tock. We are very excited about our growing revenue base. Our total annual run rate revenue has grown to $778 million, or 28% higher than the annual run rate revenue at the same time last year, and it represents a 40% increase compared to Q1 2020. We continue to be very excited about our opportunities in markets outside the U.S. Our international expansion is one of the most important areas of growth and focus. Our international revenue reached almost $55 million for the quarter, representing a 22% year-over-year growth rate and 28% of the total revenue pie. Much of the growth was driven by performance in English-speaking countries such as Australia, U.K., and Canada. In addition, we continue to invest to expand our offerings to other non-English-speaking countries. Unique subscriptions grew 15% year-over-year, reaching 3.9 million. As a reminder, a unique subscription may account for both Presence and Commerce revenue as it represents a one single count of what could potentially be multiple offerings. This growth was complemented by a 6% year-over-year increase in average revenue per unique subscription or RPOS to $193 versus $182 in the prior year. Squarespace has strong fundamentals, including an attractive margin profile. Gross profit margin was 83.4% in Q2. Slightly below Q2 2020, mainly due to the consolidation with Tock, where payment processor fees represent the largest component of revenue. Our strong gross profit margin allow us to continue to invest in R&D, which grew 36% year-over-year to $49 million, and marketing and sales, up 38% versus prior year to $71 million. G&A expenses were impacted by the one-time inclusion cost of the direct listing and organic growth as we continue to invest in our corporate services. Adjusted for one-time direct listing cost components, G&A grew almost 155% year-over-year to $30 million. We expect to continue to make investments in engineering, talent, and marketing, both in absolute dollars and as a percentage of our revenue. Our strong fundamentals are also reflected in non-GAAP margins and profitability measures. Adjusted EBITDA was $43 million in the second quarter versus $40 million a year ago. Our unlevered free cash flow margin decreased this quarter from the prior year, driven by the following factors. Our cash flow from operations has been impacted by the direct listing expenses and the timing of prepayments, in particular, D&O insurance. Normalizing for approximately $25 million in one-time direct listing fees related to financial advisory, audit, and legal expenses, unlevered free cash flow would have been $36 million or approximately an 18% margin. We had a strong and healthy balance sheet. Cash and investments reached almost $200 million at the end of the quarter, and our net leverage is about 2.6 times the last 12 months adjusted EBITDA. Squarespace continues to deliver its financial goals and remain focused on execution. Our opportunities are significant. Our key areas of focus are geographical expansion, continued expansion of our multimodal commerce, Enterprise solutions, expert communities, and targeted strategic acquisitions. Let's move on now to talk about third quarter guidance and what we are expecting in the full year of 2021. In Q3 2021, we expect to achieve total revenue between $193 million and $198 million, and unlevered free cash flow between $21.3 million and $24.5 million. Unlevered free cash flow is comprised of cash flow from operating activities between $24 million and $27.5 million, CapEx of $5.5 million and $6 million, and cash paid for interest expenses, net of associated tax benefits between $2.8 million and $3 million. For our full-year guidance, we have increased both our total revenue expectation to between $772 million and $780 million from $764 million - $776 million previously, and our unlevered free cash flow between $102 million and $116 million from $100 million - $115 million that we had previously reported. Guidance on the various components of unlevered free cash flow has changed primarily based on timing of prepayments, such as D&O insurance and other vendor arrangements and reduced CapEx spending. Cash flow from operating activities is now between $103 million and $118 million, capital expenditures of $12 million and $14 million, and cash paid for interest expenses, net of associated tax benefit between $11 million and $12 million. We are also pleased to announce that we intend to host our first-ever Analyst Day as a public company in November of this year after we report our third quarter financial results. We are excited for this event and the opportunity to share more on the Squarespace story and our future. More details to follow. Last, we remain very optimistic on the long-term secular trends in our industry, the large total addressable market, as well as our ability to execute against our plan. We will now turn to Q&A. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Our first question is from Siti Panigrahi from Mizuho. Your line is open. Hey, thanks for taking my question and congratulations as being the public company. Wanted to ask you about your expectation for Q3. What are the factors baked into your guidance for Q3, especially when you think of, I know you had a pretty strong growth, in Q2 as well, both commerce, and Presence. Wondering, what are your expectation heading into Q3 and second half? Thank you, Siddhi, for your question. We feel confident about our guidance, and we are taking a prudent approach both on Tock and on Squarespace. Tock, as a newly acquired company that I will remind everyone, we closed the transaction at the end of March, and a company that is a very strategic asset for us, and we are quite pleased with it. The world is in a very uncertain place with COVID and the new variants. Economies are opening up and shutting down. We continue to be focused on execution. We are delivering a very strong quarter, and we have never been more excited about the business. We are highly confident in the guidance that we are providing at this moment. We are highly confident in the business. Okay. Thank you for that. Anthony, question about the competition. Some of your competitors also updated their product, and you guys have the strength in terms of your product quality and aesthetic appeal. Where does it stand, and could you give us some color in terms of competition at this point? Yeah, sure. I remain very confident in a couple things about our positioning. One is that within one single design system, we're able to achieve a huge array of very good-looking websites from an easy-to-use tool. We've really focused on having one design system, not having multiple ones. We have a lot of improvements coming into that system throughout the end of the year. Some of which are going to be really unprecedented with regards to the kinds of sites you can create with the platform. That's really always been the goal of the CMS too, to ensure that you can get these really advanced results without having to resort to code or more sophisticated design systems or things like that. There's a lot of stuff underway there, and that I really like. The other thing that I've really focused on is when you look at the different ways people can transact on Squarespace, we really have a lot of depth in those product offerings, right? It's not just physical commerce or donations or Member Areas or scheduling or hospitality or reservations, prepaid bookings to go. Our offerings are actually really deep in those areas, and that's what I think you see starting to appear in the numbers with the uptick in the commerce business. I think those two things really set us apart. As we kind of come to the end of all the work required to do this direct listing, my main focus is going to be on product development and innovation as we always have. We've always been a company that, especially from a competitive standpoint, design standpoint, has always been, in my opinion, the real leader there. Yeah, we have some exciting things coming up, but I feel very good. The other thing I'd like to just really briefly mention on there, talking about this multimodal commerce opportunity in front of us, is we just think there's a huge opportunity in services-based commerce, not just physical commerce. That's where our appointments, our scheduling product comes in, and we've seen a lot of really strong growth there. That's great. Thanks for that color. Sure. Our next question is from Trevor Young from Barclays. Your line is open. Great. Thanks. Two for me. First for Anthony, just dovetailing on some of those comments you just made. What are maybe the two or three key areas that you're looking to flesh out within your product offering near term? Are there any areas where you actually want to close the gap, if any, versus peers? In that same vein, any aspirations to build out or have a point-of-sale presence as that narrative investment? Just on the commerce side, commerce accelerated 3 points or 4 points while GMV accelerated, I think, 12 points. I know this segment has some fixed fee subscriptions, but also some variable component tied to payment volume. Can you just help us unpack kind of the moving pieces within commerce? Thank you. Sure. I'll start with just the product versus peers and sort of where we're investing. We have now almost an eight or a nine-year, probably around an eight-year investment in specifically the e-commerce components of what Squarespace does. We are going to continue to invest there. I think we have one of the better platforms out there for running a store, especially, I would say, in two dimensions. One, just really simplicity of setup with Squarespace, that it's an easy-to-approach tool that if you're not making something really big, it's easy to get started and use. Its ease of use has always been one of our main differentiators. Also with Squarespace, you look better, and if you look better, you're selling more, hopefully, and you're standing out from your competitors. We've really focused on doing those two things really well. That being said, in addition to the continued investment in the e-commerce scheduling platform, everything we're doing to help support Tock's growth, all really big levers for us moving forward. You see that reflected in the commerce results. Really from the Presence side of things, it's of course just my opinion, but I think that we really remain the leader there, and this is something we've always been known for. It's not about closing a gap with peers. It's about making sure that we're really always on front and that we're the people are attempting to close the gap with when it comes to visual presentation, ease of use, and all that. I may have missed part of the question because it was longer. You asked about a point-of-sale as well. We actually do have a point-of-sale product that's built into, right now, our commerce app, which is merging with our main app into a single app. It's a very simple point-of-sale solution, though. It's not really meant for you're running a brick and mortar store. It's more, you're an independent seller, you're at a craft fair, you're doing a transaction in person. We had gotten that out a little bit before the pandemic started and sort of, due to the lack of in-person transactions, sort of started to pause further thought there. I think as we get bigger and bigger merchants onto the platform, we'll adapt that product to support their needs. Right now, the simple product is the one that was really appropriate for our customer base. Could you go back? Was there a third portion of the question related to, I believe, GMV? Just on commerce, just kind of unpacking the pieces there, because I know a big piece of that segment is fixed fee subscriptions, but also maybe, a payment component. That varies with GMV growth. Just trying to understand the growth differential between commerce, which accelerated about 3 points, versus GMV accelerating 12 points. Marcela, I would pass it to you. Sure. Thanks for the question. Well, overall commerce grew 72%. Out of that, approximately 50% is the growth that we have seen in Squarespace. The remaining relates to Tock. With regards to Tock, there are a couple of dynamics to point out. If you look at the subscription base and the non-subscription base, when you compare this quarter, you will notice that the subscription-based business now represents 91% of the overall pie. The main reason for the growth of the non-subscription part of the business, which approximately represents 99%, is basically because of Tock. The large majority of the revenue that relates to Tock is based on payment processing services. That has also created an impact on the gross margins. If you look at our gross margin, the margins have erode a little, and that is because of this dynamic of adding Tock. We have been able to find other synergies within the other areas that make that component. GMV overall for all of the consolidated Squarespace, including Tock, has grown 40%. As Anthony had anticipated, we see a strong growth mostly on scheduling services and all of the services that we offer through the platform. Great. Thank you both. Our next question is from Ken Wong from Guggenheim Securities. Your line is open. Great. Thank you for taking my question. I wanted to dive into Tock a little more. Maybe first for you, Anthony, just kind of where are we on the Tock integration efforts? What are the incremental learnings since you closed that acquisition? Have we started to flush out some of the other verticals that they had initially intended to expand into? Also on Tock, I guess my sense is about $ 7.5 million. Looks like it's down a little bit from what was previously reported in Q1. Just wondering maybe kind of what were some of the headwind, tailwinds there, and if possible, any sense for what the right contribution for Tock is in fiscal 2021? Thank you. The beginning part of it, Tock closed essentially April 1st, March 31st. It's very new. We're just in the early phases of integrating. It's been very interesting to watch during COVID, of course, because you're seeing some of the trends from last year unwind, right? You saw in-person dining move to to-go, which has its own kind of margin profile for us. A lot of to-go is moving back to in-person, and it depends on the geography you're in. We're seeing all of that sort of move around as the virus pops up, goes away, and as we all sort of deal with that. That being said, we're adding customers to Tock at a strong rate. As they shift between those two kind of purchasing dynamics, we'll see that play out over time. Tock has a really strong presence in wineries and event-based businesses, we haven't yet made additional progress on our integrations there. We're just really in the early phases of this. We had a lot to do closing the transaction, I think over the next six months, you're going to see a lot more from us. Yeah, very early days. Marcela, did you want to take the financial part of that question? Sure. Thanks, Ken, for that question. We have seen high double-digit growth on Tock as well for this quarter. As I mentioned earlier, we're very excited about this strategic acquisition, which fits really well within our portfolio and the type of offerings that we want to delight our customers to. In terms of margins, Tock was not at the same stage in, I would say, in the life or the span of the company as it was to Squarespace. We expect that through time we will be leveraging more the businesses as we continue to integrate. As Anthony mentioned, we are in very early stages of integrations, but really exciting so far. We are quite pleased with the growth that we have seen in this business as well. Got it. Great. Thank you for that. And also- Oh, go ahead. Yeah, the only other thing I add is this is an example of one of those areas where we really wanted to have something deep. Tock powers some of the world's best restaurants. It opens up other restaurants to new ordering and reservation paradigms. It's got a strong to-go business. It can flex into events, wineries, many different things. I think it's really just the beginning of what you're going to see from us and this. Got it. Super helpful. If I could maybe just squeeze in a quick follow-up. Sure on 3Q, since it's probably what's bombarding my inbox right now. I think a lot of investors want to understand if there's anything kind of maybe unique in 2Q that might have drove some outperformance that caused more of just a sequential uptick in 3Q. Is there some seasonality components that we should be aware of in terms of how to think about that 3Q guide? Thank you, and that's it for me. Thanks, Ken. I'm going to follow up with that. Look, I mean, the way that we have forecast for 2021 is somewhat going a little bit back to the seasonality that we had in the business before COVID. COVID has been a very strange year in terms of seasonality. If you look at our financials in the documents that we have filed now and the documents that we have filed in the S1, you will see how our quarters behave. That's how we have been modeling the guidance for the rest of the year. Great. Thank you. Our next question is from Drew Foster from Citi. Your line is open. Hey, thanks for taking the questions. First one's for Marcela. Looked like your take rate expansion was quite strong in the quarter. I'm assuming Tock is a primary driver there. Applies Tock is a much higher take rate than the underlying Squarespace business. Could you just break down Tock's contribution in the quarter and other puts or takes of your sort of underlying organic take rate expansion and where you ultimately see that take rate going over time? Thank you for the question. Yeah, you have seen, and that is right, the take rate has been higher this quarter. The majority of that relates to the acquisition of Tock and the fact that I believe that more than 60% of their business is related to payment processing fees. With regards to how we see that going forward, we have been quite excited and pleased with the revenue share agreements that we have with payment processors that help our customers with their payments and with their transactions. We continue to explore in ways where we can expand further into that, either through a white label solution like others in the industry have taken, or perhaps even more a hybrid approach. I believe now that we have Tock in the mix, we do have a hybrid payment model. Tock charges a fee on GMV, and on top of that, the fees that we charge for the payment processing. Internationally, we continue both Tock and Squarespace. We continue to have revenue share agreements with third parties. It's an area that we continue to explore. Thanks a lot, Marcel. Anthony, you've made a few acquisitions over the last couple of years, primarily into new verticals, and just wondering how we should think about the pace, magnitude, and any shift in strategy and how you're thinking about that moving forward. Sure. Look, it's a relatively new muscle for us. We've been around 18 years and prior to the last three years, we hadn't acquired any companies. They've been really successful for us, at least the two I'm thinking about from a couple of years ago, which was Acuity powering scheduling products, almost fully integrated right now. Unfold, which helps people with their social presence, which the rate of releases we've had there has been fantastic. That product has grown up a lot since we brought it and since they joined the team. I think the other thing that I'm proud of there is that we have a good internal culture, and I hope one that's supportive of founders. I can certainly relate to their journeys in many ways, and I think that that hopefully means Squarespace is a good place for people to go, and I think we've proven out that it is. I'm happy with those. Tock, again, extremely new. We're just starting that. Again, it's at a different scale than we've seen before. Yeah, look, we're going to continue to look around if there's something really unique and high quality out there. I'm definitely looking at things all the time. I don't have a ton more to say on that strategy, just I would only maybe mention that as we look at the different ways that customers transact, it'll always be sort of a build versus buy sort of question for us, and we're an engineering design, product-driven company, and so, again, it's 15 years, my default was to build. There are some scenarios, I'll highlight two, Unfold. The amount of traction they have, and some of that is in the deck. We could've built the same product theoretically, but I doubt we would have ever had traction like what they had achieved on their own. Things like Tock. The founder there has been a veteran in his field for a long time. There's no possible way we'd be able to just simply hire in that sort of expertise, even remotely pretend to be able to compete at that level. They're really an industry leader. Those are scenarios where it's like, yeah, I'm glad to be joining forces with such incredible people. There's other parts of the ecosystem, like our e-commerce product or what we've done with Member Areas, where for various reasons, we just thought we could build it ourselves, or it was necessary to build ourselves because of the way that that product touches the content management system. Hopefully that's a little bit of color there. No, that's very helpful. Thanks to both of you, and congrats on the first quarter. Thank you. Our next question is from Sterling Auty from JP Morgan. Your line is open. Yeah, thanks. Hi, guys, welcome to the public markets. Just a question from my side: How has the September quarter gotten started? The reason why I ask is, if you look at some of the domain name addition data coming out of Verisign, it definitely has hit the summer doldrums, which is not that unusual given seasonality in this industry. I'm kind of curious the dynamics that you've seen since you've been around for a long time in this space. How would you characterize what's happening from a season perspective here? I'll say a couple. Without getting into the future, we're going to stay focused always on Q2. I think the really interesting thing about our business right now is, yes, there is the bread and butter of the business, which is domains, websites, and that has its own seasonal pattern, usually peaking around Q1, slight bump in Q3, and then that, of course, had its own dynamic shift due to COVID, which we've never seen before. There's all these other underlying dynamics that are existing inside Squarespace right now, which is really, really interesting. The entire dynamics of the scheduling business are slightly different. The dynamics of Tock are certainly different with which kinds of businesses they're signing up, where they are in that life cycle, and then the kinds of ways that those businesses are transacting, considering the macro environment. Look, I think things still kind of, if you add it all together, you see the quarterly results. We're quite proud of them. Yeah, it's an interesting world right now with what's going on with COVID. Marcela, anything you'd want to add? I would just add that we tend to focus on the long term. The situation with COVID and Delta, it puts, I think, the economies in a very unstable situation. We are quite confident about the full-year guidance that we are providing, which will represent approximately somewhere between 24%-26% overall for the full year. We believe that we are delivering a very strong quarter, and we are very excited about the business and where we are in our plan. The entire growth for the year still, I believe, remains strong. As I mentioned in an earlier call, the way that we have considered our forecast is considering a little bit more of the seasonality that we used to see before COVID. Thanks, Sterling, for the question. You got it. Maybe if I could sneak in one follow-up, if I can. The 3.9 million unique subscriptions up 15% year-over-year, can you put that in the context of the annual guide? In other words, should we see the unique subscription growth kind of stabilize in this level and the incremental growth comes from the revenue per subscription? How's that mix going to play out this year, do you believe? Yeah. Thank you for the question, Sterling. Look, we have grown unique subscriptions 15%, and this represents the 22nd consecutive quarter of growth overall. We typically tend to look at unique subscriptions together with ARPU. ARPU, or average revenue per unique subscription, has grown 6% year-over-year, or 5.2% on an organic basis without Tock. We think that we have plenty of opportunities to continue to grow domestically and international. We also see that cash retention is actually better than last year, and we are very excited about the fact that subscribers continue to do more online, and we continue to capture that value. From the terms of seasonality, just to remind everyone, seasonality, the stronger quarter that we have is Q1, and that's the time that we tend to spend the most in branding, particularly in the past with the Super Bowl ads. We are quite pleased with the growth that we have seen so far in our unique subscriptions. As a reminder to everyone, it's because of the nature of the way that we count unique subscriptions, it's a single count that could include multiple offerings, and multiple offerings from both Presence and Commerce. Great. Thank you. I apologize for the inconvenience. Our next question comes from the line of Ron Josey of JMP Securities. Your line is open. Great. Thanks for taking the question. Glad everything's working here. I wanted, Anthony and Marcela, to follow up on just commerce overall. Anthony, when you were talking about Squarespace's six core verticals and commerce, I think you talked about the ability to sell time, expertise, content, physical goods. Can you just talk maybe over the last 12-18 months, just how this mix, how this, call it all these ways of selling, has evolved on Squarespace? Meaning, are we seeing more mix of physical goods? Understood that now scheduling is a bigger part. Just any insights on that would be helpful. Then Marcela, we're getting questions on just ex Tock commerce growth. I think you said it was 50%, but that was down from 78%, so maybe some slightly tougher comps in 2Q. Is this maybe some extended seasonality that you were getting questions on prior or anything else that would've driven this detail? Thank you, guys. I'm not sure how much we get. Marcela, how much should we get into breaking down the mix? I can say this, some of the things are very new, right? Like Member Areas is very new. That's more of a bet on the future versus something that's a huge driver for us right now, but it's still something we find really important. Appointments has been growing very well. Of course, the main e-commerce business, you're starting to wrap on some of the COVID effects, but remains incredibly strong, right? I think e-commerce and the ability to sell on our platform has been the biggest feature request for a decade, we've really always focused on it. Tock is new and growing, we'll get benefits from the synergies there soon. Yeah, Marcela, anything you'd like to add? Well, I would also add that definitely there are tough comps compared to last year, we are quite excited with the growth that we have had. 50% of growth organically is a pretty good growth. As I mentioned earlier also, we see growth on average revenue per subscription about 6% or 5% on an organic basis, and cash retention's better than prior year. GMV growing 40%, definitely we believe we are in the right path for our continued growth with all of the opportunities that we see ahead of us in the markets where we operate, which are quite large. Great. Thank you. Our next question comes from the line of Nat Schindler of Bank of America. Your line is open. Yes. Hi, Anthony and Marcela. Thank you for taking my call, and welcome to public markets and all that. Don't worry about that dead air time. It's not like the radio. No one will mind. Going back, trying to understand, and I know this is probably belaboring a point from Sterling and something that Marcela said earlier about seasonality. Really what happened with COVID, and trying to understand that number, and obviously looking at revenue is not that helpful in the SaaS model because it's very blended across long periods. If you look at bookings, we did see. It's really hard for me to know because I don't have enough quarters of booking data, but I have last quarter, year-over-year, and that was, I believe, 28%, and that seems to have gone down to 25%. Is that because of Q2 last year during the height of COVID, there was a tough comp, people swarmed on? Help us out on figuring out what's going on there. Sure. Thank you for that. Yes, bookings actually grew 23% year-over-year. There are a few things about bookings. First is that we are coming out of COVID with a tough comparable because in Q2 2020 was just when the pandemic was starting, a lot of the businesses were trying to figure it out a way to get an online presence. When you look at the net adds year-over-year, you will see that there is a larger increase in Q2 2020 versus Q2 2021. Second is that, of course, Q1 is the month of the highest acquisition for us and the month that we tend to make the largest investment. The other indicator that we actually use is annual run rate revenue, which has grown 28% year-over-year, reaching $778 million. The last, I think, dynamic that is playing with regards to bookings is that there has been a larger shift from subscription to non-subscription this quarter as we have added Tock in the mix, and currently 9% of the revenue represents non-subscription revenue, where at the end of 2020, only 4% represented non-subscription revenue. Overall, we do expect that bookings and annual run rate revenue will remain strong for the rest of the year. Okay. Should this trend line that we saw from Q1 at 28% bookings revenue to 23% this quarter, is that going to trend down as the revenue moderates from 31% this quarter down to your guidance level for the year? Is it going to stabilize out and basically revenue is going to come closer and closer to sorry, bookings? Right. We believe that in the long. confusing those two columns. We believe that in the long term, bookings is going to come closer to revenue just because of the shift that we see in the subscription versus non-subscription business. Okay. Thank you. Okay. Chris, was that the last one? Yes, I think the operator is due. Thank you for all your questions. I am now turning the call back over to Mr. Anthony Casalena. Hey, everyone. Thanks again for the great questions. Thank you, Marcela and Chris. Thank you to our employees for the strong quarter. I just leave you all with this. Squarespace is really in a unique position. We've got great revenue growth combined with great profitability. Really excited about the long-term amazing depth and breadth of the products we sell, and so looking forward to interacting with you all in the years to come. Thank you very much.