Good afternoon. I'm Ygal Arounian, cover internet here at Citi. Really glad to have Squarespace CEO, Anthony Casalena, with us. You know, thanks for joining us, and excited to have a conversation. Thanks for having me. Pleasure to be here. All right, great. So, Anthony, I wanna start a little big picture, you know, more of a kind of like your view on things. So the last three quarters, you delivered really good kind of beat and raise quarters. The last two, which haven't really seen much of a reaction from the stock. You know, it swung around ultimately kind of in the same place as you were a few quarters ago, despite the better improvements and better numbers. What do you think investors are misunderstanding about Squarespace and the story, and, you know, where do you think investors should be focused? So I think there's a couple dynamics at play. Again, you know, I shouldn't be the one answering questions about why a stock should be at a certain price or not. I feel like before earnings calls, sometimes if I were to... I would joke that if I were to insider trade against myself, I'd be wrong 30% of the time. So, and I'm not doing that. 30% is pretty good, by the way. Just trying- Yeah, yeah, when some things are really nice. But the... Look, there's a couple things at play. I think that, you know, we've been public for a little over, 2 years now. We've been around for 20 years, and so I think it's just really about helping people understand the predictability of, of the company, get comfortable with, sustained top-line growth and really great cash flow, great cash flow profile. Those are all kind of, in my view, like exhaust factors, in the sense that what we're focused on day to day is the products we're delivering, the quality of those products, and how many, things we can provide for the entrepreneurial community. You know, Squarespace started as a company that helped people make websites, and now, yes, we help people make websites, but we also can help you get a domain, set up your email, manage appointments, sell physical products, sell services-based products, run a hospitality business, manage a social media profile. I mean, Squarespace just has a huge portfolio of products for entrepreneurs at this point. And so as we enter into the end of the year, there's just a lot of strong releases coming. We've been talking about Squarespace Payments for a long time. That is currently in use. Well, we processed our first transaction pre the earnings, I believe. I think I mentioned that. But right now we have people in our Circle community, our community of developers, using it right now, you know, in a limited sort of alpha. I wouldn't even say it's a beta right now, but that's on production infrastructure. They're using it. They're gonna build companies on it. We've got a great release coming out in our courses product, great features for service-based sellers. The Google Domains deal should, you know, be wrapped up any time soon now. We made really big improvements to our domain product, which are live right now. So yeah, a lot of great stuff towards the end of the year, but I think we sort of aim towards, just to bring it back to, you know, the what an investor would be interested in, very strong cash flow profile. You know, we're not one of those companies that had to pivot a year or two, or five years ago into that. We were cash flow break even from when we started, so we're gonna continue to improve that, free cash flow margin. And then, you know, the more these products that are used by entrepreneurs, we've got so many opportunities at really sustainable top-line growth. So that's kind of what we're interested in. We like to look at the Rule of 40, and we're very close to it this year. Okay, great. The mic's working okay? I feel like we're going in and out. We're okay. So that's great. We'll hit on a lot of those things. Maybe just to expand a little bit more, kind of, I know you're really always. You've mentioned it before, and I know you're really proud about consistently being cash generative. Mm-hmm. Rule of 40, you mentioned just now, you mentioned it at earnings. You know, from here, how do you think about kind of like that Rule of 40 as a framework and investing, you know, versus like that cash generation? You know, I'm assuming you still feel you're pretty early in your path, so just how do you think about that going forward? Yeah. So again, it's more that story of sustainable growth. So, again, we're one of those companies that we did very, very small amounts of layoffs, just mostly as a team restructuring. Earlier this year, we had modulated our headcount growth greatly five, six, seven quarters ago at this point. So we're able to deliver on our roadmap by keeping headcount, roughly flat. We obviously were increasing it a lot during the beginning of the pandemic, where we saw these tailwinds. Excuse me. But, you know, I think that if given the option, we'd always take a point of top line versus a point of sustainable cash flow. But, yeah, it's really getting these new products in the market and getting this suite of products tied together for people. That being said, I think we're also seeing, and I mentioned this on the earnings call, a bit of a macro tailwind. We just see... You know, there's a number of reasons why we were able to report that Q2 had the strongest trial number of any quarter, including any pandemic quarter, and one of them is a macro trend we're seeing, that you know, more people are starting businesses right now. A domain, and a website, and your email account are very important for any small business. Every single one has one. So yeah, we're really excited about the products that are coming out. Great. Well, we'll talk about all the products. On to follow up on that macro point, I mean, is there something noticeable that shifted? I think you guys have been stronger, your commentary has been stronger on the macro. You know, is it just kind of like a steady improvement over time? Are you seeing something kind of shift that's noticeable? It's really hard for me to comment on the macro. It never ceases to, I think, surprise many of us. But, I think there were three things leading to that trial number. One is, we rolled out a change to our attribution models on our marketing spend last year, and we've been improving on that the whole year. So we have more of a presence, so we'll suck up more of that macro as it occurs. And our onboarding and the product's been easier to use than ever. We launched Squarespace Blueprint, which is a new onboarding flow in Q1. And our layout, our Fluid Engine page builder is in the best state it's ever been. That launched a little over a year and a half ago. So it's just all those things it's not one thing, but all those things come together to us being in a healthy position, and that's in the core business, right? I mean, most of Squarespace's revenue still comes from that website subscription, that website commerce subscription. So, yeah, that's all looking pretty good right now. Okay. Is there more you could share on the, on the, marketing attribution model, and what you're seeing there or what's driving the improvement? I ask 'cause we're seeing, well, I'll just call it a pullback in marketing spend, or at least as a percentage of revenue from not just you guys, but your, your peers as well. You know, what, what's kind of... what's getting us to this point where we're seeing more efficiency in marketing? If you wanna just speak to Squarespace, that's fine, but- Well, we're more efficient in marketing in the last quarter, just 'cause you noticed in the expense to revenue ratio, it's kind of going in the right direction. But really what that attribution model does... And we've spent on paid marketing for, well, since I launched it 20 years ago. So, you know, we started with AdWords and started to layer in more channels, and you know us from podcasts and Super Bowl ads and everything like that. Behind the scenes, the reason why we're able to operate the business to cash flow break even is we try and be as scientific and methodical as possible about where that spend is going. And so We have a multi-touch attribution model that's internal to the company that we, you know, it has gone through phases and iterations over time. A really big update to it was launched, I believe it was last September, and then we did, like, a 2.1 version of it that's been rolling out this year. It It takes a while to do it, 'cause we have to back test everything and, you know, make sure that we're not making a big mistake. But ultimately what it means is, even for the same amount of dollars, we're going to shift the mix of those dollars, sometimes drastically. And so, that's just led to improved efficiencies over time. But it's an ongoing effort. It's not something we just, like, you know, woke up and thought, "Oh, you know, we need to track the marketing somehow." You know it's really part of the DNA of the company. Okay. What about organic traffic? Are there improvements there? Is this leading to better organic traffic, or it's really more so- Organic traffic is always very tricky, because outside of the organic traffic, that's sort of a direct result of like our search engine positioning. The macro around the paid... Like, the paid traffic causes organic traffic, 'cause it causes word-of-mouth, and you don't know where the traffic's really coming from, but they're totally correlated. The trick with our company and the companies like us is, you know, people don't start businesses or start websites that many times in their life, and so you have to kind of be omnipresent for when that moment comes around. And luckily, at this point, there are very few of us that occupy that spot in people's mind when they're like, "Oh, I need a website. Oh, I gotta get a domain. Oh, I gotta..." You know, and it takes... You know, it's taken us decades to build to that point. And again, what we do remains as relevant as ever. You know, the domain, the website you have, that's your authority, you know? If people are looking, if somebody really said what you said, they might go to your website to check it out. Like, this is just... It's more important than ever in today's age. So, yeah. Okay, great. You mentioned the back-to-back record trial quarters which to me is really impressive, A, given the kind of volume of growth, web building saw at the early days of COVID, and you know you're seeing better trials now than you did then. And then also there's seasonality, where typically 2Q is below 1Q, but that, that didn't happen this quarter. So you talked about some of those dynamics. You've got a lot coming, you know, on the quality of people that are coming in, conversion, like, those kind of things, are they similar to what you've seen in the past? You know, better type of customers or, you know, what are you seeing on that? And then, you know, how sustainable do you think this kind of level is? Well, I think the current level's definitely sustainable. And I think we should, you know, improve from here. Regarding the quality of the trials, the quality of the customers, that's something we've always been really proud of, because we've established ourselves, I think, and, you know, there have been various studies on pricing, pricing power and customers' willingness to pay, not conducted by us, but conducted by third parties. And I think because of how we've branded things and our lack of discounting and flash sales and countdown sales, all this crazy stuff, we've attracted people who are more serious about their brand and who are more, you know, I think, higher intent to pay, care about their image, care about their business, you know, functioning well, need the reliability of Squarespace. And so, no, we haven't seen that deteriorate, and nothing we do... You know, part of my job is to make sure that nothing we're doing in our marketing and whatnot is gonna let that, like, help hurt us, hurt us, you know, knock us off our footing if you will. And that also is really important because when we relaunched our main product a little over 10 years ago, Squarespace 5 went to Squarespace 6, we were really, really set on best-looking websites, portfolio websites, things for creatives, and so we had a really strong presence with the creative and agency community. And so when we host things like our Circle Day last week, you know, there's this natural affinity for Squarespace from those communities that I think some other companies either repel those communities or are gonna have to put in a lot of very time-intensive work to kind of build that brand back up. You kinda, you can't fake that, like, who you are sort of thing. So I couldn't be happier with, you know, the people who are coming to us right now and our position within the developer and creative communities. Okay. You at the Circle Day, I think it was 7.1, right? Is that what you're talking about and- I was talking about SaaS, but yeah. Well, on the platform you're shifting to 7.1 from 7, right? So the history of that- That sounded very important. Yeah. It was. I mean, so the history of that is Squarespace has been around for 20 years. The platform you all see today was called Squarespace 6, launched 10 years ago, reinvention of the platform. Let you make any kind of website, you know, doubled our conversion rate overnight. It's like why we're here today. Then we released 7, which was a version. It was a UI update, and then something called 7.1. The Circle members are very, like, clued into, which is the- it was the next evolution of our template system. And so what the Circle members were interested in was we gave them a new migration path from 7 to 7.1, that frankly I didn't really think was gonna be possible, and ended up turning out to be a something they really liked. Okay. Yeah. All right. So, and I mean, I think that's part of the story around product, right? So we talked about Blueprint, Fluid Engine 7.1. And you just had your Circle Day. You, you hit on courses so I wanna. That's a new product. Let's talk about that and what that opportunity might be. Let's just start with the courses. Yeah, so we're really focused on services-based commerce, right? So essentially, well, not just services-based commerce, but digital commerce, any kind of commerce that is not you selling a physical product. We have a strong product in the physical product space, but it's much more interesting to us to carve out a space in selling digital goods, appointments, classes and courses, which are basically membership communities where you're delivering custom video content and giving people coursework and quizzes and fostering a community there. There's already very big companies, not very big 'cause they're not public, but they're sizable private companies, that target only that vertical. And so I think what we're able to do is rely on all that other stuff that we've built over the past 10 years, which they're having to rebuild, and show people, "Hey, with this, you know, 10%-20% extra stuff that we're building specifically for this audience, you can get the rest of the power of Squarespace," and hopefully, it will give us pricing leverage over time. I think the challenge that we and everyone in our position has always had is when you have such a broad amount of people coming in, it's very difficult to figure out how to price the product so that you're getting the most... Like, there's people on Squarespace that would pay $1,000 a month for Squarespace. That's fine. Most people need to be in a tier that's very different from that. So what I hope will happen with something like courses is that we can get, you know, that low price point on for everybody, but figure out the, you know, 3-5 or 7 things you need as you're scaling, and unlock a higher tier of SaaS that will require so many fewer customers to subscribe to that tier to really be a meaningful revenue number for us. So, or unlock usage-based pricing. So that's really what I'm looking forward to there, trying to figure out, hey, can we get some really big, you know, sellers on this platform and can we scale with them? Can we get them onto Squarespace Payments? Another way for us to scale with them. Yeah, so that's what the future of that looks like. Right. Yeah, I mean, I think just to keep going on that pricing point for a second, pricing's been, it's been a factor for you guys. You're kind of in the middle of taking around the pricing, which is first time you've done that, so- Yep talked about the list price still being kind of, you know, below fair value. You're talking about kind of some new pricing models, your, your, your peers are raising prices. Feels like there's still we're still early days and kind of like the trade-off, let's call it, between, you know, value offered versus value captured. Yeah, I think if you look at the list prices of us versus competitors right now, I think there's even still room to move. There's room for usage-based pricing, repackaging, finding verticals that will pay more. And then even for our existing base, you're right, we are lapping the price change that started in September, but over the year, we rolled that out internationally, incrementally. And most of the—oh, not most, but a lot of the customers that we raised prices for, we wanted to constrain that to, you know, 10% or 15% this time around, which still means there are actually a large cohort of customers on Squarespace right now that are below our list price. So we have more room without even moving the list price up. We'll do list we test new packaging and number of packages and list prices. We do that multiple times a year, so you'll always see that kind of moving around on the front side for us to find the efficient frontier. But yeah, so there's a lot of room to move, and there's room to move creatively, right? It's not just like, you know, make $9, $10, make $10, $11 and that sort of thing. The other thing that's really interesting is, with respect to pricing, is actually, you know, with us being in the domain space really fully and with Google exiting that space, it'll be interesting to look at that landscape over the next year or two to see what happens. I mean Google Domains was a very large player in the domain space and, you know, they were offering dot-coms at a level far below us and GoDaddy, and that's not there anymore. So, you know, GoDaddy's domains renew at $22, ours renew at $20, Google's renewing at $12. And then, yes, if you wanna, like, value shop, you can find some very, very small place that will renew for $10, but that's not where any serious business wants to put their domain. Right. It's a very important asset. Okay. I was gonna hit on that a little bit later, but let's just- No, sure, yeah. let's just follow up on that, now then. So, with the pending Google Domains acquisition talked about kind of revamping the domain product. Yep. You know, what does that look like? And then, you know, we sat with GoDaddy earlier today, and we talked about the funnel from domains and how important that was. Yeah. Assuming that that's a big part of, you know, what you saw in the value of the transaction, but- Yeah maybe just to expand a little bit on where you're going from where you were to where you're gonna be with this. For sure. So I couldn't be more excited about working with Google on this. I'm really grateful they chose us. We've been one of the main resellers of Google Workspace for about a decade. We've also sold domains, mostly through backend resellers, but also through our own registrar for a decade, for some of that, half a decade, a little less than half a decade for our own registrar. Domains are really important because as I sort of mentioned earlier, all businesses need this sort of trifecta. You need a domain, you need email, you need a website. All businesses have that. I just got back from Montauk, and you look on the street, and there's like a... You know, any truck has a telephone number and a website. It's like a domain. It's crazy. So that's really important. We host millions of domains now. Google Domains has over 10 million domains, and millions of customers will be the custodian for them. They can, of course, transfer away, but I personally am not sure why they would, because they wouldn't be transferring somewhere better than Squarespace, and we're really focusing on making sure that that domains experience is really, really top-notch, and I'll give you an example. So I'm a Google Domains customer. Why? Why would I be a Google Domains customer when I have Squarespace? Because I've had so many domains that I've accumulated over the years I haven't started something with, and I have, you know, 15 of them, and I put them in Google because it was a reputable place to put them. And frankly, Squarespace's Domains product 10 years ago was very website first. So it was, I have a website on Squarespace, I'm attaching a domain to it. The new Domains product is very domain first, and you might not even use us for your website. That's not important to us with this product. So if you go to domains.squarespace.com, you register a domain, you log in, you're on a domains dashboard, it has all of the features you need. You know, it's very competitive with any other place you would host domains, super clean interface. You know, I mean, there's so many other places on the web where you try and get a domain, and the business is obviously a margin-constrained business, and it's just upsell madness, and it's crazy, and they're selling antiquated things that you shouldn't need. I mean, the Squarespace experience is: use us for the website or don't. Fine. We think it's the best place to put your website, but you can park all of your domains here, easy-to-use interface, log in, shows you domains, doesn't bother you about websites. And yeah, I think that we've got a real shot at being one of the premier places people do that. Now, you may say, "Oh, boring, domains." Yeah, sure, but again, it's a fundamental part of the infrastructure of the internet, and identity is more important than ever, and it's the entryway into many people starting a business, right? You have this great idea with your friend. You register the domain. Sometimes that just sits there. Sometimes you build something with it. So I couldn't be more pleased with our upcoming positioning there. But that's really important, that flip from it is actually domain first on this product, versus the website product is very website first, which is why if you were just registering five domains, you wouldn't be like, "Oh, I'm gonna start a website with Squarespace and then attach five domains to it." It doesn't make any sense. This product and flow fixes that completely. And that falls into the same way we're thinking about many products, like our Acuity product. We just relaunched the Acuity brand. It will go live to 100% this week. We were correct in our thesis when buying Acuity that there was a big attach rate into the people wanting scheduling from the website's funnel. What's also important is people running scheduling that don't use us for their website. So we're gonna keep doing that over and over and over again. We're gonna look at email that way. We've obviously looked at the hospitality business that way, but it's gonna be an ecosystem of products and an ecosystem of brands for entrepreneurs, and they'll work better together, but you won't need to have our website subscription to do those other things. Got it. Do you think about cross-sell as really important or, you know, important in some places, but you really wanna be clear about being distinct in some of these products, too, where you're not forcing people around? Now, cross-sell is a huge opportunity. It's a huge opportunity. I mean, it, so it's really important. I mean, one of the main theses is, in something like the Acuity acquisition, was that people wanted to do scheduling on Squarespace, and this was a self-service product, so they were able to funnel it. We talk about Unfold. That's people managing their social media presence using this product, and that cross-sell into websites is very important. And then there's also gonna be interesting kind of cross-sells back that we sort of wouldn't have normally thought about. For instance, if you're a big appointments customer that doesn't have a website with us, let's say you're using it for your fitness business, and then you wanna graduate into classes, into selling courses, right, membership content to your people who are booking subscriptions, okay, that's a cross-sell back to Squarespace- Right with a particular kind of website that hopefully has a higher SaaS opportunity in the future. So I'd say it's really important, but we're not gonna push it when it doesn't make any sense or when we can't support it or anything like that. And certainly in things like the Domains product, we don't want people to feel like they're getting, like, beaten over the head by, you know, "Maybe put your website on Squarespace," all that. We'll suggest it, of course, but, I mean, even there, if you look at Google Domains, there's a lot of cross-selling and upselling that it's actually heavier than what we're, even gonna launch with. Right. So. Okay, great. Going back to, to product, kind of a big-picture view, so we talked about some of these things, right? Blueprint, Fluid Engine, courses launching y ou know, you just had your Circle Day event. But you, on the earnings call, talked about the product roadmap for next year being even more exciting than what it's been this year. And the product refresh in particular that's coming up you kind of pointed to as being really excited about. So, you're not gonna give away your product launch, I understand that but, you know, what can you share about why it's more exciting and what you think the kind of future product holds for you guys? Yeah, so I mean, I am very focused on this earnings and this upcoming refresh event, 'cause we have so much launching right now that I don't wanna kind of get too far ahead. Right. I'd say two things when you want to think about it. One is just more services for entrepreneurs, and that could be within the main Squarespace brand or via a separate brand. And then two is, once we have payments in place, which is, again, in testing, in alpha testing right now with our Circle community, and we will have customers on it onboarding to it by the end of the year, hopefully, that just goes across all of our product lines, and then we're able to monetize the platform, GPV, even more efficiently, and just keep bringing more volume onto the platform. And focusing, again, on not just physical sellers, all the other ways people sell and transact online. So I think we've got a real, real opportunity there. Great. Yeah, I know investors take particular note of payments, and they're pretty excited about that. We'll come back to that probably, but one of the things I wanted to ask you about is, you guys have taken an approach of a single product for both your kind of DIY users and your professional users. That's a little bit differentiated, so wanna maybe dig into why, why that's the right approach for you guys. So we've been through an evolution of three different main shots at the content management system and two different interpretations of the page builder. So the first shot at the content management system in Squarespace, 1 through 5, that's like Anthony's coding in his dorm room, and then 6 is the underlying platform that we've been using up until about a year and a half. Then there's been 7, which is a visual thing, not a platform thing, and 7.1. 7.1 basically is an exceptionally powerful, very flexible page-building machine, if you will. A lot of what I see in products that are targeted explicitly to pros, 70%-80% of those sites sometimes, you can make using Squarespace, and then there's 20% that you can't. So what I wanna do is focus on ways to extend that base core system with tools for pros, versus forking these things and saying that, "You know, you have to use this over here for if you're a DIY user," but then, "Oh, this amazing work we did on all these components for DIY users... Oh yeah, the pros, don't worry about that. You have to rebuild all that stuff." Or, you know, we're remaking and forking the system, and then we have to deal with deploying functionality that has to express itself in both places, which is really, in my opinion, a bad place to be in. Although it may be intoxicating to push a product that is very much towards a Photoshop for the web type thing or something else. I think there's always gonna be a spot for custom code, custom development, and really cutting-edge things and headless content management systems over there. But within the scope of a visual design tool, I think we're gonna go very, very, very far with the core platform, and then we have some ideas for pro use cases to put on top of it, to hopefully bridge that last 20%, right? 'Cause the worst thing that can happen, like, for instance, the worst thing that can happen is the CMS gets fragmented. Because what happens is, we found ourselves in this position with 7.1, and I'll try and make this, like, understandable in, like, two sentences. The core platform had all the, like, you could make any kind of website on it before 7.1, and we made this template, and this template, and this template, and this template, and they were all separate code bases. So when we started deploying things, we had to think about all those code bases when we introduced basic functionality. 7.1, we merged those together to one code base, so that when we introduce courses, they all get it. Right. Before, if we introduced courses, update this, update this, update this, update this, update this, and that's not where we wanna be. I think for the tools you're seeing for pros, they're in some version of that problem. Smaller, probably, than we were in. Now we're out of it. But yeah. Okay. That, that's helpful. I think this is a good place to talk about share gain and kind of like broadly, the kind of SaaS CMS platforms versus, well, legacy platforms, let's call it. I think it's an area that investors often miss. You know, where do you see that opportunity? You know, I would imagine think we're still, we're still pretty early, but, you know, what's changing? Is it accelerating? Like, you know, I don't know. I think, I feel like that's a big component of growth, that taking share there. I think one of the things I'm most proud of with Squarespace is when you go to the frontend, and you look at it, and you look at the product offerings, it's so modern, and we've constantly invested in that stack. So I think any player you have out there that's playing in the realm of what kinds of stuff we do, websites, domains, email, payments, page building, commerce, services. If they do not have a very modern stack, and they fix that, like, multi-code problem I was talking about, I just... I don't think people are gonna wanna deal with that. And so I think that you're gonna see market share, I believe, gains by the most modern platforms with the broadest range of functionality, with the best brands, because people have them in their head, and frankly, there aren't that many of those anymore. And so we're one of them, and as we reposition ourselves around these other tools for entrepreneurs and for service-based sellers, and domains, and all that, I'm really confident in that positioning. Anything that's like shared hosting, a developer had to do something, you might get hacked, you're installing a... Like, I just feel like we cannot see that going on for... It, it's gone on for so much far longer than I thought. But like, it just, it becomes really uncompelling, and as the big platforms that are hosted remove reasons to have to do that, because we're building a, you know, this really, really powerful engine, I think you'll start to see that move away.... right? 'Cause the, the reason why people are doing this custom-coded thing is 'cause we were missing a function, or they can't change a thing, or you know, and they have to add this one thing over here. But, yeah, just the platforms just keep getting better and better. Right. And so. Okay, great. Yeah, you hit on Acuity. You didn't hit on Tock. They're both kind of seeing a little bit of a rebrand. Not rebrand, but just a rebuild, or you kind of doing a bunch of things with both, and I know you see them both as big kind of growth drivers over time. Can you expand if there's anything on Acuity and, you know, on Tock and what that opportunity is? No, I've been mostly a little bit focused on the Acuity opportunity right now. I think, you know, we hired a new head of it. We hired a new head of Tock as well, last year, which both good things. And with Acuity, really making sure that we didn't neglect that standalone experience in favor of the attached funnel, and that we keep a strong brand there. I think we've, again, done a very good job of associating Squarespace with website in people's heads, but that means it's to the exclusion of everything else it could possibly mean for them. So really invested in strengthening that brand, strengthening the Tock product go-to-market, figuring out our product integrations there, figuring out, you know, once payments arrives in Squarespace, how do we get that one payments architecture across all of these products, which would be, you know, a huge, a huge, boost there. What does the payments opportunity open up for you? So, you know, we're in alpha. We're, you know, getting closer to launch. Like, what does that open up? Yeah, there are two reasons to do it. One is customer experience. Our customers don't know what Stripe is. They, you know, just need to accept payments, so they're like, "Okay, I'll connect Stripe," or, "Where's PayPal?" Or something like that. So they'd rather, and this is what they tell us, have everything in one place, with one set of customer support, with everything fused together in one single interface, and we're really good at product design and interfaces, so, you know. And so is Stripe, by the way. But outside of other people out there, that's gonna be a better customer experience to have that all together. From a business perspective, it means two things. One, we're more in control of our margins. Two, we can pass on different levels of discounts or whatnot to customers as they grow and get larger, you know, while they just deal with us versus somewhere else. There's lending opportunities and everything else down the road, but we're just so focused on getting customers on the platform right now, that that's just kind of in the periphery. Okay, great. Yeah, I know there's a lot of excitement around that. Another area where there's a lot of excitement is GenAI. You know, and I know you kind of shared some pretty detailed views at earnings around AI. So maybe just at a kind of high level, you know, what are you seeing from it? Are you seeing any noticeable impact, uptick at all in your business? How are you seeing your customers kind of adopt the products? Like, it's still pretty early, but what are you seeing from AI? So in the main product, we've already integrated generated AI for text. You know, where we haven't integrated it. Which, by the way, is just a convenience. All of our customers already—like 30% of the population knows what, like, has used ChatGPT, right? So it's not like something they don't know how to get. And then there's things like Midjourney and DALL-E, and all these other ways to generate images and 3D videos. Connecting all that is super helpful for our customers. I think what's gonna be interesting is integrating a Copilot experience with our customer support experience, right? So you go in, we already have a box where you can type things in and ask people a question, it just goes to a person right now. I think some of those can be siphoned off into an automatic copilot experience being triggered, so that you don't have to hit the person, but then you actually, at the end of the day, if the thing's broken, it's not doing what you want, still wanna talk to a person. So we see that as one sort of funnel. I'd say one of the things that's actually quite surprising me is, in the onboarding flow, how little it mattered to add the ChatGPT stuff to conversion rate. I was expecting it to change the conversion rate a little bit. People already had it. And also, the funny thing about it, and we launched Blueprint, right, which has AI components and prompt, you know, some prompt engineering capabilities under it, and we're adding this everywhere as a convenience, but our customers never came to us and said, "Hey, I wish there was, like, a big text box where I could write an essay about what my website should look like, and then you could, like, make that website for me, and then I could just keep typing, like, an essay back to you." Like, they're very visual. A website's a very visual thing, and so I think that that kind of tool might be useful, to get started. And it's certainly a neat hat trick, and it's certainly very, very important technology that we, and frankly, everyone else, is integrating, 'cause we all have access to the same APIs and models, which is very different to machine learning ten years ago, where we had actually more we'd have to invest more in it than I think we're investing now. It's really interesting. But the visual onboarding in Squarespace, the Blueprint onboarding in Squarespace, that stuff will be augmented by the AI tools and the APIs that we have access to. That's gonna be super, super exciting. But, you know, ultimately, Squarespace does many, many, many, many things for a very, very cheap price that, that AI is not gonna do. We are hosting a domain registrar, an SSL certificate, a bandwidth provider, a CDN, a DDoS shield, customer service, a payments provider, and, you know, all the, all the products we've made that are not just like you know, make me a thing that lets me sell things online. Like, good luck with that interface. Like, we have product managers that are looking at this, and tweaking this, and integrating this stuff, and we sell that for, you know, $20 a month, $30 a month. Why would you... Like, Like, anyway, we're gonna keep- we're gonna keep integrating it. Right. It's super important. Yeah. I think people at times have lost sight about the kind of uneven impact it will have across the ecosystem of tech companies. Yeah. I think what you pretty much addressed it, but one of the things that when GenAI kind of first burst onto the scene, especially for, as people thought about it, you know, relating to your industry, other people, other companies can kind of come in, replicate what you're doing really easily on the front end at no cost. And then there's, there was also thoughts that, you know, larger competitors can kind of that are bigger in AI, investing a lot, can kind of recreate what you're doing, kind of, you know, squeeze you and your peers out. And I think you kind of- Just the- Just kind of hit on why, but- Yeah, it's like the inverse. Like, we are the large competitor, and we do have the product that was 10 years in use, and we are able to integrate these APIs, just like any startup could integrate these APIs. We're more equipped to do that. And, and again, it's a very modern technology stack. So, you know, it's not hard when we wanna kind of pivot. It's never easy to pick a product, but it's not hard when we wanna pivot and say like, "Hey, actually, we're gonna need this technology behind this experience and this experience." But be thoughtful about it. Stop doing just this hat trick that everyone does around pi- make the text pink, and it's like, "Okay, it's pink. Right. You know, but then they never go to the next step. It's like, "Move the text over by one pixel. Oh, it doesn't work, 'cause it doesn't fit into the system, huh? Right. Like, so I'm very... I love being able to access these technologies. It's truly mind-blowing. I really like it with content not ready, right? 'Cause that's the biggest... You know, people don't sign up for Squarespace because they don't have content, so it's obviously helping with writing. Before, we would do that with stock imagery, Unsplash, Getty Images, et cetera, et cetera. You've got that, too. Now, there's other ways to generate images and manipulate those. That's all super positive. So yeah, we see it as an accelerant. But what I don't see happening is a five-person startup making, like, a pretend website builder and then having to rebuild all that stuff I just said, and like, us somehow thinking, like, "Oh, we missed all this AI stuff." Like, we've been doing it in machine learning for 10 years at Squarespace. We have parts of the template, store process that is based on it. Domain recommendations are already based on it. Like, this stuff's already there, so anyway. Great. Great. Great answer. Yeah. I wanna see if there's any questions from, from the floor. No? Yeah. All right, well, I have more. We have a minute and 15 seconds. So, international, it's a big, big growth area. You're really focused on that. What are the biggest levers to getting international to be a bigger part of the mix? Yeah, this is almost a decade-long investment for us. You know, we were strong initially with English-speaking non-U.S., mostly due to the podcast reach and all that stuff that just spreads naturally. And now we've had more of an effort in Nordic countries, France, Italy, Germany, all that. We have Australia. We have localized campaigns coming out. We have multiple payment methods that have rolled out. SEPA launched earlier this year. I can't even tell. I'm, like, gonna blank on how many new languages we launched and currencies we launched. I know we just launched a slew of 6 new languages. I know we just launched a slew of new currencies as part of the domains work we're doing, 'cause we have to support, you know, a much more global audience coming in from that. So that's just kind of a nice accelerant for us. Yeah, it becomes... You know, it's just, it's just a slow roll, right? You can't just go into one of these markets and dump a bunch of ad money in and think, you know, overnight everything's gonna be okay. So we're constantly localizing, constantly improving all those areas. Okay, great. Five seconds. M&A's been core to your growth. How do you see it from here? Is it still really important for you guys? Yeah, I think our sweet spot remains stuff like Acuity, stuff like Unfold, where we're not buying this big, you know, revenue stream or customer base or company. We're buying a part and integrating it, or really opportunistic stuff, like what happened with Google Domains. Which is obviously not something we could have planned for, but, you know, it's nice to have the cash flow profile we have, such that we're even able to participate in that conversation when it comes up. Because I'm sure there's a lot of people who would have wanted that opportunity but, you know, hadn't partnered with Google for 10 years, don't have the balance sheet for it, weren't a registrar, all these different things. So, it will become interesting. We're gonna be really selective about what we do, because, you know, I've now had to live with M&A for the past four or five years of my life, so I have some opinions on where it worked well and where it didn't. Okay, great. Thanks, Anthony. Thank you so much for having me. Really appreciate your time. It was great. Pleasure. Thanks, everyone. Thank you all for attending.