| Delaware (State or other jurisdiction of incorporation or organization) | | | 7372 (Primary Standard Industrial Classification Code Number) | | | 20-0375811 (I.R.S. Employer Identification Number) | |
| Ryan J. Dzierniejko David J. Goldschmidt Skadden, Arps, Slate, Meagher & Flom LLP One Manhattan West New York, NY 10001 (212) 735-3000 | | | Courtenay O’Connor Jessica Krasner Squarespace, Inc. 225 Varick Street, 12th Floor New York, New York 10014 (646) 580-3456 | | | Marc D. Jaffe Gregory P. Rodgers Benjamin J. Cohen Latham & Watkins LLP 885 Third Avenue New York, NY 10022 (212) 906-1200 | |
| Large accelerated filer | | | ☐ | | | | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ | | | | | | Smaller reporting company | | | ☐ | |
| | | | | | | | | | Emerging growth company | | | ☒ | |
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Title of Each Class of Securities to be Registered | | | | Amount to be Registered | | | | Proposed Maximum Offering Price Per Share | | | | Proposed Maximum Aggregate Offering Price(1) | | | | Amount of Registration Fee | | | | | Amount to be Registered | | | | Proposed Maximum Offering Price Per Share | | | | Proposed Maximum Aggregate Offering Price(1) | | | | Amount of Registration Fee(2) | | |||||||||||||||
Class A common stock, $0.0001 par value per share | | | | | | | | Not Applicable | | | | | $ | 100,000,000 | | | | | | $ | 10,910 | | | | | | | | | | | | Not Applicable | | | | | $ | 100,000,000 | | | | | | $ | 10,910 | | |
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| | | | F-1 | | |
| | Year Ended December 31, | | Pro Forma Year ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share data) | | | Year Ended December 31, | | Three Months Ended March 31, | | Pro Forma Year Ended December 31, | | Pro Forma Three Months Ended March 31, | | ||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | | 2020 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | 2020 | | 2021 | | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | (unaudited) | | | | | | | | | | | | | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) | | ||||||||||||||||||||||||
Consolidated Statements of Operations Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
Revenue | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 644,177 | | | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 136,874 | | | | $ | 179,646 | | | | $ | 644,177 | | | | $ | 188,747 | | | |||||||||
Cost of revenue(1) | | | | 81,910 | | | | | 98,337 | | | | | 113,662 | | | | | | 81,910 | | | | | 98,337 | | | | | 23,771 | | | | | 27,408 | | | | | 113,662 | | | | | 33,338 | | | |||||||||
Gross profit | | | | 402,841 | | | | | 522,812 | | | | | 530,515 | | | | | | 402,841 | | | | | 522,812 | | | | | 113,103 | | | | | 152,238 | | | | | 530,515 | | | | | 155,409 | | | |||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
Research and product development(1) | | | | 107,645 | | | | | 167,906 | | | | | 180,084 | | | | | | 107,645 | | | | | 167,906 | | | | | 36,086 | | | | | 42,011 | | | | | 180,084 | | | | | 45,789 | | | |||||||||
Marketing and sales(1) | | | | 184,278 | | | | | 260,039 | | | | | 272,652 | | | | | | 184,278 | | | | | 260,039 | | | | | 75,580 | | | | | 97,972 | | | | | 272,652 | | | | | 101,595 | | | |||||||||
General and administrative(1) | | | | 49,578 | | | | | 54,647 | | | | | 324,136 | | | | | | 49,578 | | | | | 54,647 | | | | | 13,786 | | | | | 19,516 | | | | | 324,136 | | | | | 22,710 | | | |||||||||
Total operating expenses | | | | 341,501 | | | | | 482,592 | | | | | 776,872 | | | | | | 341,501 | | | | | 482,592 | | | | | 125,452 | | | | | 159,499 | | | | | 776,872 | | | | | 170,094 | | | |||||||||
Operating income | | | | 61,340 | | | | | 40,220 | | | | | (246,357) | | | ||||||||||||||||||||||||||||||||||||||||
Operating income /(loss) | | | | 61,340 | | | | | 40,220 | | | | | (12,349) | | | | | (7,261) | | | | | (246,357) | | | | | (14,685) | | | |||||||||||||||||||||||||
Interest expense | | | | (1,080) | | | | | (10,043) | | | | | (10,043) | | | | | | (1,080) | | | | | (10,043) | | | | | (3,130) | | | | | (3,260) | | | | | (10,043) | | | | | (3,260) | | | |||||||||
Other income/(loss), net | | | | 3,815 | | | | | (7,678) | | | | | (7,667) | | | | | | 3,815 | | | | | (7,678) | | | | | 1,205 | | | | | 3,593 | | | | | (7,667) | | | | | 3,592 | | | |||||||||
Income before (provision for)/benefit from income taxes | | | | 64,075 | | | | | 22,499 | | | | | (264,067) | | | | | | 64,075 | | | | | 22,499 | | | | | (14,274) | | | | | (6,928) | | | | | (264,067) | | | | | (14,353) | | | |||||||||
(Provision for)/benefit from income taxes | | | | (5,923) | | | | | 8,089 | | | | | (3,586) | | | | | | (5,923) | | | | | 8,089 | | | | | 4,142 | | | | | 5,782 | | | | | (3,586) | | | | | 3,964 | | | |||||||||
Net income/loss | | | $ | 58,152 | | | | $ | 30,588 | | | | $ | (267,653) | | | | | $ | 58,152 | | | | $ | 30,588 | | | | $ | (10,132) | | | | $ | (1,146) | | | | $ | (267,653) | | | | $ | (10,389) | | | |||||||||
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted (2) | | | $ | (14.91) | | | | $ | (14.10) | | | | | | | | | | $ | (14.91) | | | | $ | (14.10) | | | | $ | (0.65) | | | | $ | (0.11) | | | | | | | | | | | | | |||||||||
Weighted-average shares used in computing net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (2) | | | | 17,354,458 | | | | | 17,917,236 | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Pro forma net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (unaudited) | | | | | | | | | | | | | $ | (4.11) | | | ||||||||||||||||||||||||||||||||||||||||
Pro forma weighted-average shares used in computing net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (unaudited) | | | | | | | | | | | | | | 134,172,935 | | | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows Information: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | | | $ | 102,333 | | | | $ | 150,030 | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | | | | (75,323) | | | | | 34,262 | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | | | | (45,827) | | | | | (170,709) | | | | | | | |
| | | As of December 31, 2020 | | |||||||||
| | | Actual | | | Pro Forma | | ||||||
(in thousands) | | | | | | | | | (Unaudited) | | |||
Consolidated Balance Sheet Information: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 57,891 | | | | | $ | 139,803 | | |
Restricted cash | | | | | — | | | | | | 12,334 | | |
Investment in marketable securities | | | | | 37,462 | | | | | | 37,462 | | |
Total assets | | | | | 306,766 | | | | | | 831,622 | | |
Total liabilities | | | | | 839,582 | | | | | | 900,240 | | |
Redeemable convertible preferred stock | | | | | 131,390 | | | | | | — | | |
Total stockholders’ equity/(deficit) | | | | | (664,206) | | | | | | (68,618) | | |
($ in thousands, except share and per share data) | | | Year Ended December 31, | | | Three Months Ended March 31, | | | Pro Forma Year Ended December 31, | | | Pro Forma Three Months Ended March 31, | | ||||||||||||||||||||||||
| 2019 | | | 2020 | | | 2020 | | | 2021 | | | 2020 | | | 2021 | | ||||||||||||||||||||
| | | | | | | | | | | | | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | ||||||||||||
Weighted-average shares used in computing net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted(2) | | | | | 17,354,458 | | | | | | 17,917,236 | | | | | | 17,417,384 | | | | | | 19,012,323 | | | | | | | | | | | | | | |
Pro forma net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (4.07) | | | | | $ | (0.06) | | |
Pro forma weighted-average shares used in computing net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 129,720,912 | | | | | | 130,815,999 | | |
Consolidated Statements of Cash Flows Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | | $ | 102,333 | | | | | $ | 150,030 | | | | | $ | 52,469 | | | | | $ | 50,131 | | | | | | | | | | | | | | |
Net cash (used in) provided by investing activities | | | | | (75,323) | | | | | | 34,262 | | | | | | 12,026 | | | | | | (195,652) | | | | | | | | | | | | | | |
Net cash used in financing activities | | | | | (45,827) | | | | | | (170,709) | | | | | | (7,345) | | | | | | 288,304 | | | | | | | | | | | | | | |
| | | As of March 31, 2021 | | |||||||||
($ in thousands) | | | Actual | | | Pro Forma | | ||||||
| | | (Unaudited) | | | (Unaudited) | | ||||||
Consolidated Balance Sheet Information: | | | | | | | | | |||||
Cash and cash equivalents | | | | $ | 183,339 | | | | | $ | 183,339 | | |
Restricted cash | | | | | 17,011 | | | | | | 17,011 | | |
Investment in marketable securities | | | | | 31,500 | | | | | | 31,500 | | |
Total assets | | | | | 872,464 | | | | | | 872,464 | | |
Total liabilities | | | | | 918,001 | | | | | | 945,871 | | |
Redeemable convertible preferred stock | | | | | 132,359 | | | | | | — | | |
Total stockholders’ equity/(deficit) | | | | | (177,896) | | | | | | (73,407) | | |
| | Year Ended December 31, | | | Year Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
($ in thousands) | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
| | | | | | | | | | | | (Unaudited) | | (Unaudited) | | |||||||||||||||||||||||
Cost of revenue | | | $ | 532 | | | | $ | 780 | | | | | $ | 532 | | | | $ | 780 | | | | $ | 161 | | | | $ | 275 | | | ||||||
Research and product development | | | | 12,087 | | | | | 21,619 | | | | | | 12,087 | | | | | 21,619 | | | | | 4,677 | | | | | 6,793 | | | ||||||
Marketing and sales | | | | 1,737 | | | | | 3,144 | | | | | | 1,737 | | | | | 3,144 | | | | | 641 | | | | | 1,172 | | | ||||||
General and administrative | | | | 3,619 | | | | | 5,711 | | | | | | 3,619 | | | | | 5,711 | | | | | 2,423 | | | | | 1,612 | | | ||||||
Total stock-based compensation | | | $ | 17,975 | | | | $ | 31,254 | | | | | $ | 17,975 | | | | $ | 31,254 | | | | $ | 7,902 | | | | $ | 9,852 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
Unique subscriptions (in thousands)(1) | | | | 2,984 | | | | | 3,656 | | | | | | 2,984 | | | | | 3,656 | | | | | 3,178 | | | | | 3,794 | | | ||||||
Total bookings (in thousands)(2) | | | $ | 514,428 | | | | $ | 664,739 | | | | | $ | 514,428 | | | | $ | 664,739 | | | | $ | 155,868 | | | | $ | 198,947 | | | ||||||
Annual run rate revenue (ARRR) (in thousands)(3) | | | $ | 549,156 | | | | $ | 705,546 | | | | | $ | 549,156 | | | | $ | 709,062 | | | | $ | 556,266 | | | | $ | 754,206 | | | ||||||
Average revenue per unique subscription (ARPUS)(4) | | | $ | 182 | | | | $ | 187 | | | | | $ | 181 | | | | $ | 186 | | | | $ | 183 | | | | $ | 190 | | | ||||||
Adjusted EBITDA (in thousands)(5) | | | $ | 97,624 | | | | $ | 116,666 | | | | | $ | 97,624 | | | | $ | 116,666 | | | | $ | 1,190 | | | | $ | 11,097 | | | ||||||
Unlevered free cash flow (in thousands)(6) | | | $ | 94,571 | | | | $ | 152,439 | | | | | $ | 94,571 | | | | $ | 152,439 | | | | $ | 53,364 | | | | $ | 51,782 | | |
| | | As of March 31, 2021 | | |||||||||
($ in thousands, except share numbers) | | | Actual | | | Pro Forma | | ||||||
| | | (Unaudited) | | | (Unaudited) | | ||||||
Cash and cash equivalents | | | | $ | 183,339 | | | | | $ | 183,339 | | |
Investment in marketable securities | | | | $ | 31,500 | | | | | $ | 31,500 | | |
Debt: | | | | | | | | | | | | | |
Debt, current portion | | | | $ | 13,586 | | | | | $ | 13,586 | | |
Debt, non-current portion | | | | | 522,576 | | | | | | 522,576 | | |
Total debt | | | | | 536,162 | | | | | | 536,162 | | |
Series A-1 redeemable convertible preferred stock, par value $0.0001 per share; 54,431,446 shares authorized, actual; no shares authorized, pro forma; 54,431,446 shares issued and outstanding, actual; and no shares issued and outstanding, pro forma | | | | | 5 | | | | | | — | | |
Series A-2 redeemable convertible preferred stock, par value $0.0001 per share; 39,134,868 shares authorized, actual; no shares authorized, pro forma; 39,134,868 shares issued and outstanding, actual; and no shares issued and outstanding, pro forma | | | | | 63,462 | | | | | | — | | |
Series B redeemable convertible preferred stock, par value $0.0001 per share; 10,880,018 shares authorized, actual; no shares authorized, pro forma; 10,880,018 shares issued and outstanding, actual; and no shares issued and outstanding, pro forma | | | | | 68,892 | | | | | | — | | |
Stockholders’ equity/(deficit): | | | | | | | | | | | | | |
Preferred stock, par value $0.0001 per share; no shares authorized, actual; 100,000,000 shares authorized, pro forma; no shares issued and outstanding, actual; and no shares issued and outstanding, pro forma | | | | | — | | | | | | — | | |
Class A common stock, par value $0.0001 per share; 157,839,411 shares authorized, actual; 1,000,000,000 shares authorized, pro forma; 9,159,601 shares issued and outstanding, actual; and 71,224,389 shares issued and outstanding, pro forma | | | | | 1 | | | | | | 7 | | |
Class B common stock, par value $0.0001 per share; 69,987,398 shares authorized, actual; 100,000,000 shares authorized, pro forma; 15,269,008 shares issued and outstanding, actual; and 64,852,905 shares issued and outstanding, pro forma | | | | | 2 | | | | | | 7 | | |
Class C common stock, par value $0.0001 per share; 7,673,154 shares authorized, actual; 1,000,000,000 shares authorized, pro forma; 7,202,353 shares issued and outstanding, actual; and no shares issued and outstanding, pro forma | | | | | 1 | | | | | | — | | |
Additional paid-in capital | | | | | 497,825 | | | | | | 859,462 | | |
Accumulated other comprehensive income/(loss) | | | | | 1,128 | | | | | | 1,128 | | |
Accumulated deficit | | | | | (676,853) | | | | | | (934,011) | | |
Total stockholders’ equity/(deficit) | | | | | (177,896) | | | | | | (73,407) | | |
Total capitalization | | | | $ | 490,625 | | | | | $ | 462,755 | | |
($ in thousands, except share and per share data) | | | Year Ended December 31, | | Three Months Ended March 31, | | | | |||||||||||||||||||||||||||||||||||||||||||||
| 2018 | | 2019 | | 2020 | | 2020 | | 2021 | | | ||||||||||||||||||||||||||||||||||||||||||
| | Year Ended December 31, | | | (Unaudited) | | | | | | | | | | | | (Unaudited) | | (Unaudited) | | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share data) | | (Unaudited) | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Revenue | | | $ | 389,863 | | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 389,863 | | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 136,874 | | | | $ | 179,646 | | | | |||||||||||
Cost of revenue | | | | 70,176 | | | | | 81,910 | | | | | 98,337 | | | | | | 70,176 | | | | | 81,910 | | | | | 98,337 | | | | | 23,771 | | | | | 27,408 | | | | ||||||||||
Gross profit | | | | 319,687 | | | | | 402,841 | | | | | 522,812 | | | | | 319,687 | | | | | 402,841 | | | | | 522,812 | | | | | 113,103 | | | | | 152,238 | | | | |||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Research and product development(1) | | | | 75,916 | | | | | 107,645 | | | | | 167,906 | | | | | 75,916 | | | | | 107,645 | | | | | 167,906 | | | | | 36,086 | | | | | 42,011 | | | | |||||||||||
Marketing and sales(1) | | | | 149,022 | | | | | 184,278 | | | | | 260,039 | | | | | 149,022 | | | | | 184,278 | | | | | 260,039 | | | | | 75,580 | | | | | 97,972 | | | | |||||||||||
General and administrative(1) | | | | 39,993 | | | | | 49,578 | | | | | 54,647 | | | | | | 39,993 | | | | | 49,578 | | | | | 54,647 | | | | | 13,786 | | | | | 19,516 | | | | ||||||||||
Total operating expenses | | | | 264,931 | | | | | 341,501 | | | | | 482,592 | | | | | | 264,931 | | | | | 341,501 | | | | | 482,592 | | | | | 125,452 | | | | | 159,499 | | | | ||||||||||
Operating income | | | | 54,756 | | | | | 61,340 | | | | | 40,220 | | ||||||||||||||||||||||||||||||||||||||
Operating income/(loss) | | | | 54,756 | | | | | 61,340 | | | | | 40,220 | | | | | (12,349) | | | | | (7,261) | | | | ||||||||||||||||||||||||||
Interest expense | | | | (173) | | | | | (1,080) | | | | | (10,043) | | | | | (173) | | | | | (1,080) | | | | | (10,043) | | | | | (3,130) | | | | | (3,260) | | | | |||||||||||
Other income/(loss), net | | | | 2,632 | | | | | 3,815 | | | | | (7,678) | | | | | | 2,632 | | | | | 3,815 | | | | | (7,678) | | | | | 1,205 | | | | | 3,593 | | | | ||||||||||
Income before (provision for)/benefit from income taxes | | | | 57,215 | | | | | 64,075 | | | | | 22,499 | | ||||||||||||||||||||||||||||||||||||||
Income/(loss) before (provision for)/benefit from income taxes | | | | 57,215 | | | | | 64,075 | | | | | 22,499 | | | | | (14,274) | | | | | (6,928) | | | | ||||||||||||||||||||||||||
(Provision for)/benefit from income taxes | | | | (14,092) | | | | | (5,923) | | | | | 8,089 | | | | | | (14,092) | | | | | (5,923) | | | | | 8,089 | | | | | 4,142 | | | | | 5,782 | | | | ||||||||||
Net income | | | $ | 43,123 | | | | $ | 58,152 | | | | $ | 30,588 | | ||||||||||||||||||||||||||||||||||||||
Net income/(loss) | | | $ | 43,123 | | | | $ | 58,152 | | | | $ | 30,588 | | | | $ | (10,132) | | | | $ | (1,146) | | | | ||||||||||||||||||||||||||
Net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (2) | | | $ | 0.27 | | | | $ | (14.91) | | | | $ | (14.10) | | | | $ | 0.27 | | | | $ | (14.91) | | | | $ | (14.10) | | | | $ | (0.65) | | | | $ | (0.11) | | | | |||||||||||
Weighted-average shares used in computing net income/(loss) per share attributable to Class A and Class B common stockholders, basic and diluted (2) | | | | 20,943,219 | | | | | 17,354,458 | | | | | 17,917,236 | | | | | 20,943,219 | | | | | 17,354,458 | | | | | 17,917,236 | | | | | 17,417,384 | | | | | 19,012,323 | | | | |||||||||||
($ in thousands) | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows Information: | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | | | $ | 111,918 | | | | $ | 102,333 | | | | $ | 150,030 | | ||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | | | | (56,262) | | | | | (75,323) | | | | | 34,262 | | ||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | | | | (13,680) | | | | | (45,827) | | | | | (170,709) | |
| | | As of December 31, | | |||||||||
($ in thousands) | | | 2019 | | | 2020 | | ||||||
Consolidated Balance Sheet Information: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 43,649 | | | | | $ | 57,891 | | |
Investment in marketable securities | | | | | 76,784 | | | | | | 37,462 | | |
Total assets | | | | | 336,729 | | | | | | 306,766 | | |
Total liabilities | | | | | 587,275 | | | | | | 839,582 | | |
Redeemable convertible preferred stock | | | | | 126,546 | | | | | | 131,390 | | |
Total stockholders’ equity/(deficit) | | | | | (377,092) | | | | | | (664,206) | | |
($ in thousands, except share and per share data) | | | Year Ended December 31, | | | Three Months Ended March 31, | | | | | ||||||||||||||||||||||||
| 2018 | | | 2019 | | | 2020 | | | 2020 | | | 2021 | | | |||||||||||||||||||
| | | (Unaudited) | | | | | | | | | | | | | | | (Unaudited) | | | (Unaudited) | | | |||||||||||
($ in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Consolidated Statements of Cash Flows Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Net cash provided by operating activities | | | | $ | 111,918 | | | | | $ | 102,333 | | | | | $ | 150,030 | | | | | $ | 52,469 | | | | | $ | 50,131 | | | | ||
Net cash (used in)/provided by investing activities | | | | | (56,262) | | | | | | (75,323) | | | | | | 34,262 | | | | | | 12,026 | | | | | | (195,652) | | | | ||
Net cash (used in)/provided by financing activities | | | | | (13,680) | | | | | | (45,827) | | | | | | (170,709) | | | | | | (7,345) | | | | | | 288,304 | | | |
| | | As of December 31, | | | As of March 31, | | ||||||||||||
($ in thousands) | | | 2019 | | | 2020 | | | 2021 | | |||||||||
| | | | | | | | | | | | | | | (Unaudited) | | |||
Consolidated Balance Sheet Information: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 43,649 | | | | | $ | 57,891 | | | | | $ | 183,339 | | |
Restricted cash | | | | | — | | | | | | — | | | | | | 17,011 | | |
Investment in marketable securities | | | | | 76,784 | | | | | | 37,462 | | | | | | 31,500 | | |
Total assets | | | | | 336,729 | | | | | | 306,766 | | | | | | 872,464 | | |
Total liabilities | | | | | 587,275 | | | | | | 839,582 | | | | | | 918,001 | | |
Redeemable convertible preferred stock | | | | | 126,546 | | | | | | 131,390 | | | | | | 132,359 | | |
Total stockholders’ equity/(deficit) | | | | | (377,092) | | | | | | (664,206) | | | | | | (177,896) | | |
| | Year Ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2020 | | | Year Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | | (Unaudited) | | | | 2018 | | 2019 | | 2020 | | 2020 | | 2021 | | |||||||||||||||||||||||||||||||||||
| | (Unaudited) | | | | | | | | | | | | (Unaudited) | | (Unaudited) | | |||||||||||||||||||||||||||||||||
Cost of revenue | | | $ | 281 | | | | $ | 532 | | | | $ | 780 | | | | | $ | 281 | | | | $ | 532 | | | | $ | 780 | | | | $ | 161 | | | | $ | 275 | | | ||||||||
Research and product development | | | | 4,090 | | | | | 12,087 | | | | | 21,619 | | | | | | 4,090 | | | | | 12,087 | | | | | 21,619 | | | | | 4,677 | | | | | 6,793 | | | ||||||||
Marketing and sales | | | | 708 | | | | | 1,737 | | | | | 3,144 | | | | | | 708 | | | | | 1,737 | | | | | 3,144 | | | | | 641 | | | | | 1,172 | | | ||||||||
General and administrative | | | | 1,939 | | | | | 3,619 | | | | | 5,711 | | | | | | 1,939 | | | | | 3,619 | | | | | 5,711 | | | | | 2,423 | | | | | 1,612 | | | ||||||||
Total stock-based compensation | | | $ | 7,018 | | | | $ | 17,975 | | | | $ | 31,254 | | | | | $ | 7,018 | | | | $ | 17,975 | | | | $ | 31,254 | | | | $ | 7,902 | | | | $ | 9,852 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | Three Months Ended March 31, | | | | |||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2020 | | | 2018 | | 2019 | | 2020 | | 2020 | | 2021 | | | ||||||||||||||||||||||||||||||||||
Unique subscriptions (in thousands)(1) | | | | 2,336 | | | | | 2,984 | | | | | 3,656 | | | | | | 2,336 | | | | | 2,984 | | | | | 3,656 | | | | | 3,178 | | | | | 3,794 | | | | ||||||||||
Total bookings (in thousands)(2) | | | $ | 426,926 | | | | $ | 514,418 | | | | $ | 664,739 | | | | | $ | 426,926 | | | | $ | 514,418 | | | | $ | 664,739 | | | | $ | 155,868 | | | | $ | 198,947 | | | | ||||||||||
ARRR (in thousands)(3) | | | $ | 425,849 | | | | $ | 549,156 | | | | $ | 705,546 | | | | | $ | 425,849 | | | | $ | 549,156 | | | | $ | 709,062 | | | | $ | 556,266 | | | | $ | 754,206 | | | | ||||||||||
ARPUS(4) | | | $ | 178 | | | | $ | 182 | | | | $ | 187 | | | | | $ | 178 | | | | $ | 181 | | | | $ | 186 | | | | $ | 183 | | | | $ | 190 | | | | ||||||||||
Adjusted EBITDA (in thousands)(5) | | | $ | 74,505 | | | | $ | 97,624 | | | | $ | 116,666 | | | | | $ | 74,505 | | | | $ | 97,624 | | | | $ | 116,666 | | | | $ | 1,190 | | | | $ | 11,097 | | | | ||||||||||
Unlevered free cash flow (in thousands)(6) | | | $ | 82,905 | | | | $ | 94,571 | | | | $ | 152,439 | | | | | $ | 82,905 | | | | $ | 94,571 | | | | $ | 152,439 | | | | $ | 53,364 | | | | $ | 51,782 | | | |
| | | Year Ended December 31, | | |||||||||||||||
($ in thousands) | | | 2018 | | | 2019 | | | 2020 | | |||||||||
Net income | | | | $ | 43,123 | | | | | $ | 58,152 | | | | | $ | 30,588 | | |
Interest expense | | | | | 173 | | | | | | 1,080 | | | | | | 10,043 | | |
Other income/(loss), net | | | | | (2,632) | | | | | | (3,815) | | | | | | 7,678 | | |
Provision for /(benefit from) income taxes | | | | | 14,092 | | | | | | 5,923 | | | | | | (8,089) | | |
Depreciation and amortization | | | | | 12,731 | | | | | | 18,309 | | | | | | 21,703 | | |
Stock-based compensation expense | | | | | 7,018 | | | | | | 17,975 | | | | | | 31,254 | | |
Special bonus* | | | | | — | | | | | | — | | | | | | 23,489 | | |
Adjusted EBITDA | | | | $ | 74,505 | | | | | $ | 97,624 | | | | | $ | 116,666 | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
($ in thousands) | | | 2018 | | | 2019 | | | 2020 | | | 2020 | | | 2021 | | |||||||||||||||
Net income/(loss) | | | | $ | 43,123 | | | | | $ | 58,152 | | | | | $ | 30,588 | | | | | $ | (10,132) | | | | | $ | (1,146) | | |
Interest expense | | | | | 173 | | | | | | 1,080 | | | | | | 10,043 | | | | | | 3,130 | | | | | | 3,260 | | |
Other (income)/loss, net | | | | | (2,632) | | | | | | (3,815) | | | | | | 7,678 | | | | | | (1,205) | | | | | | (3,593) | | |
Provision for /(benefit from) income taxes | | | | | 14,092 | | | | | | 5,923 | | | | | | (8,089) | | | | | | (4,142) | | | | | | (5,782) | | |
Depreciation and amortization | | | | | 12,731 | | | | | | 18,309 | | | | | | 21,703 | | | | | | 5,637 | | | | | | 8,506 | | |
Stock-based compensation expense | | | | | 7,018 | | | | | | 17,975 | | | | | | 31,254 | | | | | | 7,902 | | | | | | 9,852 | | |
Special bonus* | | | | | — | | | | | | — | | | | | | 23,489 | | | | | | — | | | | | | — | | |
Adjusted EBITDA | | | | $ | 74,505 | | | | | $ | 97,624 | | | | | $ | 116,666 | | | | | $ | 1,190 | | | | | $ | 11,097 | | |
| | Year Ended December 31, | | Three Months Ended March 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2019 | | 2020 | | | 2018 | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||||||||||
Cost of revenue | | | $ | — | | | | $ | — | | | | $ | 1,303 | | | | | $ | — | | | | $ | — | | | | $ | 1,303 | | | | $ | — | | | | $ | — | | | ||||||||
Research and product development | | | | — | | | | | — | | | | | 18,290 | | | | | | — | | | | | — | | | | | 18,290 | | | | | — | | | | | — | | | ||||||||
Marketing and sales | | | | — | | | | | — | | | | | 3,122 | | | | | | — | | | | | — | | | | | 3,122 | | | | | — | | | | | — | | | ||||||||
General and administrative | | | | — | | | | | — | | | | | 774 | | | | | | — | | | | | — | | | | | 774 | | | | | — | | | | | — | | | ||||||||
Total | | | $ | — | | | | $ | — | | | | $ | 23,489 | | | | | $ | — | | | | $ | — | | | | $ | 23,489 | | | | | — | | | | | — | | |
| | | Year Ended December 31, | | |||||||||||||||
($ in thousands) | | | 2018 | | | 2019 | | | 2020 | | |||||||||
Cash flow from operating activities | | | | $ | 111,918 | | | | | $ | 102,333 | | | | | $ | 150,030 | | |
Cash paid for capital expenditures | | | | | (29,163) | | | | | | (8,217) | | | | | | (4,712) | | |
Free cash flow | | | | | 82,755 | | | | | | 94,116 | | | | | | 145,318 | | |
Cash paid for interest expense net of the associated tax benefit | | | | | 150 | | | | | | 455 | | | | | | 7,121 | | |
Unlevered free cash flow | | | | $ | 82,905 | | | | | $ | 94,571 | | | | | $ | 152,439 | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
($ in thousands) | | | 2018 | | | 2019 | | | 2020 | | | 2020 | | | 2021 | | |||||||||||||||
Cash flow from operating activities | | | | $ | 111,918 | | | | | $ | 102,333 | | | | | $ | 150,030 | | | | | $ | 52,469 | | | | | $ | 50,131 | | |
Cash paid for capital expenditures | | | | | (29,163) | | | | | | (8,217) | | | | | | (4,712) | | | | | | (1,274) | | | | | | (657) | | |
Free cash flow | | | | | 82,755 | | | | | | 94,116 | | | | | | 145,318 | | | | | | 51,195 | | | | | | 49,474 | | |
Cash paid for interest expense net of the associated tax benefit | | | | | 150 | | | | | | 455 | | | | | | 7,121 | | | | | | 2,169 | | | | | | 2,308 | | |
Unlevered free cash flow | | | | $ | 82,905 | | | | | $ | 94,571 | | | | | $ | 152,439 | | | | | $ | 53,364 | | | | | $ | 51,782 | | |
| | | Squarespace (Historical) | | | Listing Adjustments | | | | | | Pro Forma Consolidated | | |||||||||
Assets | | | | | | |||||||||||||||||
Current assets: | | | | | | |||||||||||||||||
Cash and cash equivalents | | | | $ | 183,339 | | | | | $ | — | | | | | | | | $ | 183,339 | | |
Restricted cash | | | | | 17,011 | | | | | | — | | | | | | | | | 17,011 | | |
Investment in marketable securities | | | | | 31,500 | | | | | | — | | | | | | | | | 31,500 | | |
Accounts receivable | | | | | 9,254 | | | | | | — | | | | | | ��� | | | 9,254 | | |
Due from vendors | | | | | 2,400 | | | | | | — | | | | | | | | | 2,400 | | |
Prepaid expenses and other current assets | | | | | 44,296 | | | | | | — | | | | | | | | | 44,296 | | |
Total current assets | | | | $ | 287,800 | | | | | $ | — | | | | | | | | $ | 287,800 | | |
Property and equipment, net | | | | | 46,855 | | | | | | — | | | | | | | | | 46,855 | | |
Deferred income taxes | | | | | 838 | | | | | | — | | | | | | | | | 838 | | |
Goodwill | | | | | 422,198 | | | | | | — | | | | | | | | | 422,198 | | |
Intangible assets, net | | | | | 106,849 | | | | | | — | | | | | | | | | 106,849 | | |
Other assets | | | | | 7,924 | | | | | | — | | | | | | | | | 7,924 | | |
Total assets | | | | $ | 872,464 | | | | | $ | — | | | | | | | | $ | 872,464 | | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity / (Deficit) | | | | | | |||||||||||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 35,620 | | | | | $ | — | | | | | | | | $ | 35,620 | | |
Accrued liabilities | | | | | 61,292 | | | | | | 34,587 | | | | a | | | | | 95,879 | | |
Deferred revenue | | | | | 227,751 | | | | | | — | | | | | | | | | 227,751 | | |
Funds payable to customers | | | | | 19,411 | | | | | | — | | | | | | | | | 19,411 | | |
Debt, current portion | | | | | 13,586 | | | | | | — | | | | | | | | | 13,586 | | |
Deferred rent and lease incentives, current portion | | | | | 1,231 | | | | | | — | | | | | | | | | 1,231 | | |
Total current liabilities | | | | $ | 358,891 | | | | | $ | 34,587 | | | | | | | | $ | 393,478 | | |
Debt, non-current portion | | | | | 522,576 | | | | | | — | | | | | | | | | 522,576 | | |
Deferred rent and lease incentives, non-current portion | | | | | 24,946 | | | | | | — | | | | | | | | | 24,946 | | |
Deferred income taxes | | | | | 11,026 | | | | | | (6,717) | | | | c | | | | | 4,309 | | |
Other liabilities | | | | | 562 | | | | | | — | | | | | | | | | 562 | | |
Total liabilities | | | | $ | 918,001 | | | | | $ | 27,870 | | | | | | | | $ | 945,871 | | |
Redeemable convertible preferred stock | | | | | 132,359 | | | | | | (132,359) | | | | b | | | | | — | | |
Shareholders’ (Deficit) Equity | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock | | | | | 1 | | | | | | 6 | | | | b | | | | | 7 | | |
Class B common stock | | | | | 2 | | | | | | 5 | | | | b c | | | | | 7 | | |
Class C common stock | | | | | 1 | | | | | | (1) | | | | b | | | | | — | | |
Additional paid-in capital | | | | | 497,825 | | | | | | 361,637 | | | | b c | | | | | 859,462 | | |
Accumulated other comprehensive loss | | | | | 1,128 | | | | | | — | | | | | | | | | 1,128 | | |
Accumulated (deficit) equity | | | | | (676,853) | | | | | | (257,158) | | | | a c | | | | | (934,011) | | |
Total shareholders’ (deficit) equity | | | | | (177,896) | | | | | | 104,489 | | | | | | | | | (73,407) | | |
Total liabilities, shareholders’ (deficit) equity and redeemable convertible preferred stock | | | | $ | 872,464 | | | | | $ | — | | | | | | | | $ | 872,464 | | |
| | | Squarespace (Historical) | | | Tock (Historical) | | | Private Placement Adjustments | | | | | | As Adjusted Before Acquisition and Listing Adjustments | | | Acquisition Transaction Adjustments | | | | | | As Adjusted Before Listing Adjustments | | | Listing Adjustments | | | | | | Pro Forma Combined | | ||||||||||||||||||||||||
Cash and cash equivalents | | | | $ | 57,891 | | | | | $ | 15,996 | | | | | $ | 304,609 | | | | a | | | | $ | 378,496 | | | | | $ | (238,693) | | | | c | | | | $ | 139,803 | | | | | $ | — | | | | | | | | $ | 139,803 | | |
Restricted cash | | | | | — | | | | | | 12,334 | | | | | | — | | | | | | | | | 12,334 | | | | | | — | | | | | | | | | 12,334 | | | | | | — | | | | | | | | | 12,334 | | |
Investment in marketable securities | | | | | 37,462 | | | | | | — | | | | | | — | | | | | | | | | 37,462 | | | | | | — | | | | | | | | | 37,462 | | | | | | — | | | | | | | | | 37,462 | | |
Accounts receivable | | | | | 7,516 | | | | | | 109 | | | | | | — | | | | | | | | | 7,625 | | | | | | — | | | | | | | | | 7,625 | | | | | | — | | | | | | | | | 7,625 | | |
Prepaid expenses and other current assets | | | | | 37,384 | | | | | | 310 | | | | | | — | | | | | | | | | 37,694 | | | | | | 3,402 | | | | b e f | | | | | 41,096 | | | | | | — | | | | | | | | | 41,096 | | |
Deferred contract costs, current portion | | | | | — | | | | | | 239 | | | | | | — | | | | | | | | | 239 | | | | | | (239) | | | | b | | | | | — | | | | | | — | | | | | | | | | — | | |
Due from vendors | | | | | — | | | | | | 2,744 | | | | | | — | | | | | | | | | 2,744 | | | | | | — | | | | | | | | | 2,744 | | | | | | — | | | | | | | | | 2,744 | | |
Total current assets | | | | $ | 140,253 | | | | | $ | 31,732 | | | | | $ | 304,609 | | | | | | | | $ | 476,594 | | | | | $ | (235,530) | | | | | | | | $ | 241,064 | | | | | $ | — | | | | | | | | $ | 241,064 | | |
Property and equipment, net | | | | | 49,249 | | | | | | 2,798 | | | | | | — | | | | | | | | | 52,047 | | | | | | (2,798) | | | | e | | | | | 49,249 | | | | | | — | | | | | | | | | 49,249 | | |
Deferred income taxes | | | | | 7,773 | | | | | | — | | | | | | — | | | | | | | | | 7,773 | | | | | | (7,773) | | | | g | | | | | — | | | | | | — | | | | | | | | | — | | |
Goodwill | | | | | 83,171 | | | | | | — | | | | | | — | | | | | | | | | 83,171 | | | | | | 338,705 | | | | d | | | | | 421,876 | | | | | | — | | | | | | | | | 421,876 | | |
Intangible assets, net | | | | | 18,868 | | | | | | — | | | | | | — | | | | | | | | | 18,868 | | | | | | 93,000 | | | | d | | | | | 111,868 | | | | | | — | | | | | | | | | 111,868 | | |
Deferred contract costs, net of current portion | | | | | — | | | | | | 365 | | | | | | — | | | | | | | | | 365 | | | | | | (365) | | | | b | | | | | — | | | | | | — | | | | | | | | | — | | |
Other assets | | | | | 7,452 | | | | | | 113 | | | | | | — | | | | | | | | | 7,565 | | | | | | — | | | | b e | | | | | 7,565 | | | | | | — | | | | | | | | | 7,565 | | |
Total assets | | | | $ | 306,766 | | | | | $ | 35,008 | | | | | $ | 304,609 | | | | | | | | $ | 646,383 | | | | | $ | 185,239 | | | | | | | | $ | 831,622 | | | | | $ | — | | | | | | | | $ | 831,622 | | |
Liabilities, redeemable convertible preferred stock and shareholders’ (deficit) equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | $ | 16,758 | | | | | $ | 1,561 | | | | | $ | — | | | | | | | | $ | 18,319 | | | | | $ | — | | | | | | | | $ | 18,319 | | | | | $ | — | | | | | | | | $ | 18,319 | | |
Accrued liabilities | | | | | 46,779 | | | | | | 1,629 | | | | | | 200 | | | | a | | | | | 48,608 | | | | | | 3,922 | | | | f h | | | | | 52,530 | | | | | | 34,587 | | | | i | | | | | 87,117 | | |
Deferred revenue | | | | | 210,392 | | | | | | 21 | | | | | | — | | | | | | | | | 210,413 | | | | | | (21) | | | | e | | | | | 210,392 | | | | | | — | | | | | | | | | 210,392 | | |
Debt, current portion | | | | | 13,586 | | | | | | — | | | | | | — | | | | | | | | | 13,586 | | | | | | — | | | | | | | | | 13,586 | | | | | | — | | | | | | | | | 13,586 | | |
Deferred rent and lease incentives, current portion | | | | | 1,197 | | | | | | — | | | | | | — | | | | | | | | | 1,197 | | | | | | — | | | | | | | | | 1,197 | | | | | | — | | | | | | | | | 1,197 | | |
Funds payable and amounts due to customers | | | | | — | | | | | | 15,078 | | | | | | — | | | | | | | | | 15,078 | | | | | | — | | | | | | | | | 15,078 | | | | | | — | | | | | | | | | 15,078 | | |
Total current liabilities | | | | $ | 288,712 | | | | | $ | 18,289 | | | | | $ | 200 | | | | | | | | $ | 307,201 | | | | | $ | 3,901 | | | | | | | | $ | 311,102 | | | | | $ | 34,587 | | | | | | | | $ | 345,689 | | |
Debt, non-current portion | | | | | 525,752 | | | | | | — | | | | | | — | | | | | | | | | 525,752 | | | | | | — | | | | | | | | | 525,752 | | | | | | — | | | | | | | | | 525,752 | | |
Deferred rent and lease incentives, non-current portion | | | | | 24,856 | | | | | | — | | | | | | — | | | | | | | | | 24,856 | | | | | | — | | | | | | | | | 24,856 | | | | | | — | | | | | | | | | 24,856 | | |
Other liabilities | | | | | 262 | | | | | | 248 | | | | | | — | | | | | | | | | 510 | | | | | | 10,150 | | | | g | | | | | 10,660 | | | | | | (6,717) | | | | k | | | | | 3,943 | | |
Total liabilities | | | | $ | 839,582 | | | | | $ | 18,537 | | | | | $ | 200 | | | | | | | | $ | 858,319 | | | | | $ | 14,051 | | | | | | | | $ | 872,370 | | | | | $ | 27,870 | | | | | | | | $ | 900,240 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock | | | | | 131,390 | | | | | | — | | | | | | — | | | | | | | | | 131,390 | | | | | | — | | | | | | | | | 131,390 | | | | | | (131,390) | | | | j | | | | | — | | |
Shareholders’ (Deficit) Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock | | | | | — | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | | | | | (1) | | | | c | | | | | — | | | | | | — | | | | | | | | | — | | |
Common stock | | | | | — | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | | | | | (1) | | | | c | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | Squarespace (Historical) | | | Tock (Historical) | | | Private Placement Adjustments | | | | | | As Adjusted Before Acquisition and Listing Adjustments | | | Acquisition Transaction Adjustments | | | | | | As Adjusted Before Listing Adjustments | | | Listing Adjustments | | | | | | Pro Forma Combined | | ||||||||||||||||||||||||
Class A common stock | | | | | 1 | | | | | | — | | | | | | — | | | | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | | | | | 5 | | | | j | | | | | 6 | | |
Class B common stock | | | | | 1 | | | | | | — | | | | | | — | | | | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | | | | | 5 | | | | j k | | | | | 6 | | |
Class C common stock | | | | | — | | | | | | — | | | | | | — | | | | a | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | j | | | | | — | | |
Additional paid-in capital | | | | | 9,043 | | | | | | 31,141 | | | | | | 304,409 | | | | a | | | | | 344,593 | | | | | | 157,038 | | | | c | | | | | 501,631 | | | | | | 360,668 | | | | j k | | | | | 862,299 | | |
Accumulated other comprehensive loss | | | | | 2,455 | | | | | | — | | | | | | — | | | | | | | | | 2,455 | | | | | | — | | | | | | | | | 2,455 | | | | | | — | | | | | | | | | 2,455 | | |
Accumulated (deficit) equity | | | | | (675,706) | | | | | | (14,672) | | | | | | — | | | | | | | | | (690,378) | | | | | | 14,152 | | | | c f h | | | | | (676,226) | | | | | | (257,158) | | | | i k | | | | | (933,384) | | |
Total shareholders’ (deficit) equity | | | | | (664,206) | | | | | | 16,471 | | | | | | 304,409 | | | | | | | | | (343,326) | | | | | | 171,188 | | | | | | | | | (172,138) | | | | | | 103,520 | | | | | | | | | (68,618) | | |
Total liabilities, redeemable convertible preferred stock and shareholders’ (deficit) equity | | | | $ | 306,766 | | | | | $ | 35,008 | | | | | $ | 304,609 | | | | | | | | $ | 646,383 | | | | | $ | 185,239 | | | | | | | | $ | 831,622 | | | | | $ | — | | | | | | | | $ | 831,622 | | |
|
| | | Squarespace (Historical) | | | Tock (Historical) | | | Acquisition Transaction Adjustments | | | | | | As Adjusted Before Listing Adjustments | | | Listing Adjustments | | | Pro Forma Combined | | | | | ||||||||||||||||||
Revenue | | | | $ | 179,646 | | | | | $ | 9,101 | | | | | $ | — | | | | | | | | $ | 188,747 | | | | | $ | — | | | | | $ | 188,747 | | | | | |
Cost of revenue | | | | | 27,408 | | | | | | 4,180 | | | | | | 1,750 | | | | d e | | | | | 33,338 | | | | | | — | | | | | | 33,338 | | | | | |
Gross profit | | | | | 152,238 | | | | | | 4,921 | | | | | | (1,750) | | | | | | | | | 155,409 | | | | | | — | | | | | | 155,409 | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and product development | | | | | 42,011 | | | | | | — | | | | | | 1,819 | | | | d f | | | | | 43,830 | | | | | | — | | | | | | 43,830 | | | | | |
Marketing and sales | | | | | 97,972 | | | | | | 1,660 | | | | | | 2,755 | | | | d e f | | | | | 102,387 | | | | | | — | | | | | | 102,387 | | | | | |
General and administrative | | | | | 19,516 | | | | | | 5,823 | | | | | | (1,462) | | | | d e f | | | | | 23,877 | | | | | | — | | | | | | 23,877 | | | | | |
Total operating expenses | | | | | 159,499 | | | | | | 7,483 | | | | | | 3,112 | | | | | | | | | 170,094 | | | | | | — | | | | | | 170,094 | | | | | |
Operating income / (loss) | | | | | (7,261) | | | | | | (2,562) | | | | | | (4,862) | | | | | | | | | (14,685) | | | | | | — | | | | | | (14,685) | | | | | |
Other income (expenses) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (3,260) | | | | | | — | | | | | | — | | | | | | | | | (3,260) | | | | | | — | | | | | | (3,260) | | | | | |
Other income / (expense), net | | | | | 3,593 | | | | | | (1) | | | | | | — | | | | | | | | | 3,592 | | | | | | — | | | | | | 3,592 | | | | | |
Income before (provision for) benefit from income taxes | | | | | (6,928) | | | | | | (2,563) | | | | | | (4,862) | | | | | | | | | (14,353) | | | | | | — | | | | | | (14,353) | | | | | |
(Provision for) / benefit from income taxes | | | | | 5,782 | | | | | | — | | | | | | 1,834 | | | | h | | | | | 7,616 | | | | | | — | | | | | | 7,616 | | | | | |
Net income / (loss) | | | | $ | (1,146) | | | | | $ | (2,563) | | | | | | (3,028) | | | | | | | | $ | (6,737) | | | | | | — | | | | | $ | (6,737) | | | | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | $ | (969) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (969) | | | | | | — | | | | | $ | (969) | | | | | |
Net loss attributable to Class A and Class B common stockholders | | | | $ | (2,115) | | | | | $ | (2,563) | | | | | | (3,028) | | | | | | | | $ | (7,706) | | | | | $ | — | | | | | $ | (7,706) | | | | | |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.06) | | | | l | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 130,815,999 | | | | l | |
| | Squarespace (Historical) | | Tock (Historical) | | Private Placement Adjustments | | As Adjusted Before Acquisition and Listing Adjustments | | Acquisition Transaction Adjustments | | | | As Adjusted Before Listing Adjustments | | Listing Adjustments | | | | Pro Forma Combined | | | | | Squarespace (Historical) | | Tock (Historical) | | Acquisition Transaction Adjustments | | | | As Adjusted Before Listing Adjustments | | Listing Adjustments | | | | Pro Forma Combined | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 621,149 | | | | $ | 23,028 | | | | $ | — | | | | $ | 644,177 | | | | $ | — | | | | | | $ | 644,177 | | | | $ | — | | | | | | $ | 644,177 | | | | | | | $ | 621,149 | | | | $ | 23,028 | | | | $ | — | | | | | | $ | 644,177 | | | | $ | — | | | | | | $ | 644,177 | | | | | ||||||||||||||||||||
Cost of revenue | | | | 98,337 | | | | | 9,864 | | | | | — | | | | | 108,201 | | | | | 5,461 | | | l m | | | | 113,662 | | | | | — | | | | | | | 113,662 | | | | | | | | 98,337 | | | | | 9,864 | | | | | 5,461 | | | d e | | | | 113,662 | | | | | — | | | | | | | 113,662 | | | | | ||||||||||||||||||||
Gross profit | | | | 522,812 | | | | | 13,164 | | | | | — | | | | | 535,976 | | | | | (5,461) | | | | | | | 530,515 | | | | | — | | | | | | | 530,515 | | | | | | | | 522,812 | | | | | 13,164 | | | | | (5,461) | | | | | | | 530,515 | | | | | — | | | | | | | 530,515 | | | | | ||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Research and product development | | | | 167,906 | | | | | — | | | | | — | | | | | 167,906 | | | | | 12,178 | | | l n | | | | 180,084 | | | | | — | | | | | | | 180,084 | | | | | | | | 167,906 | | | | | — | | | | | 4,344 | | | d f | | | | 172,250 | | | | | — | | | | | | | 172,250 | | | | | ||||||||||||||||||||
Marketing and sales | | | | 260,039 | | | | | 4,949 | | | | | — | | | | | 264,988 | | | | | 7,664 | | | l m | | | | 272,652 | | | | | — | | | | | | | 272,652 | | | | | | | | 260,039 | | | | | 4,949 | | | | | 10,831 | | | d e f | | | | 275,819 | | | | | — | | | | | | | 275,819 | | | | | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | d e | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | | | | 54,647 | | | | | 9,026 | | | | | — | | | | | 63,673 | | | | | (3,412) | | | l m o | | | | 60,261 | | | | | 263,875 | | | q r | | �� | | 324,136 | | | | | | | | 54,647 | | | | | 9,026 | | | | | 1,255 | | | f g | | | | 64,928 | | | | | 263,875 | | | i j | | | | 328,803 | | | | | ||||||||||||||||||||
Total operating expenses | | | | 482,592 | | | | | 13,975 | | | | | — | | | | | 496,567 | | | | | 16,430 | | | | | | | 512,997 | | | | | 263,875 | | | | | | | 776,872 | | | | | | | | 482,592 | | | | | 13,975 | | | | | 16,430 | | | | | | | 512,997 | | | | | 263,875 | | | | | | | 776,872 | | | | | ||||||||||||||||||||
Operating income / (loss) | | | | 40,220 | | | | | (811) | | | | | — | | | | | 39,409 | | | | | (21,891) | | | | | | | 17,518 | | | | | (263,875) | | | | | | | (246,357) | | | | | | | | 40,220 | | | | | (811) | | | | | (21,891) | | | | | | | 17,518 | | | | | (263,875) | | | | | | | (246,357) | | | | | ||||||||||||||||||||
Other income (expenses) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Interest expense | | | | (10,043) | | | | | — | | | | | — | | | | | (10,043) | | | | | — | | | | | | | (10,043) | | | | | — | | | | | | | (10,043) | | | | | | | | (10,043) | | | | | — | | | | | — | | | | | | | (10,043) | | | | | — | | | | | | | (10,043) | | | | | ||||||||||||||||||||
Other income / (expense), net | | | | (7,678) | | | | | 11 | | | | | — | | | | | (7,667) | | | | | — | | | | | | | (7,667) | | | | | — | | | | | | | (7,667) | | | | | | | | (7,678) | | | | | 11 | | | | | — | | | | | | | (7,667) | | | | | — | | | | | | | (7,667) | | | | | ||||||||||||||||||||
Income before (provision for) benefit from income taxes | | | | 22,499 | | | | | (800) | | | | | — | | | | | 21,699 | | | | | (21,891) | | | | | | | (192) | | | | | (263,875) | | | | | | | (264,067) | | | | | | | | 22,499 | | | | | (800) | | | | | (21,891) | | | | | | | (192) | | | | | (263,875) | | | | | | | (264,067) | | | | | ||||||||||||||||||||
(Provision for) / benefit from income taxes | | | | 8,089 | | | | | — | | | | | — | | | | | 8,089 | | | | | (4,958) | | | p | | | | 3,131 | | | | | (6,717) | | | s | | | | (3,586) | | | | | | | | 8,089 | | | | | — | | | | | 4,958 | | | h | | | | 13,047 | | | | | 6,717 | | | k | | | | 19,764 | | | | | ||||||||||||||||||||
Net income / (loss) | | | $ | 30,588 | | | | $ | (800) | | | | | — | | | | $ | 29,788 | | | | | (26,849) | | | | | | $ | 2,939 | | | | | (270,592) | | | | | | $ | (267,653) | | | | | | | $ | 30,588 | | | | $ | (800) | | | | | (16,933) | | | | | | $ | 12,855 | | | | | (257,158) | | | | | | $ | (244,303) | | | | | ||||||||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | | | $ | (4,844) | | | | $ | — | | | | $ | — | | | | $ | (4,844) | | | | $ | — | | | | | | $ | (4,844) | | | | | | | | | | | $ | (4,844) | | | | | | | $ | (4,844) | | | | $ | — | | | | $ | — | | | | | | $ | (4,844) | | | | | | | | | | | $ | (4,844) | | | | | ||||||||||||||||||||
Deemed dividends upon repurchase of redeemable convertible preferred stock | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | | | — | | | | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | | | — | | | | | ||||||||||||||||||||
Declared dividends to preferred shareholders | | | | (278,454) | | | | | — | | | | | — | | | | | (278,454) | | | | | — | | | | | | | (278,454) | | | | | — | | | | | | | (278,454) | | | | | | | | (278,454) | | | | | — | | | | | — | | | | | | | (278,454) | | | | | — | | | | | | | (278,454) | | | | | ||||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | | | $ | (252,710) | | | | $ | (800) | | | | $ | — | | | | $ | (253,510) | | | | $ | (26,849) | | | | | | $ | (280,359) | | | | $ | (270,592) | | | | | | $ | (550,951) | | | | | | | $ | (252,710) | | | | $ | (800) | | | | $ | (16,933) | | | | | | $ | (270,443) | | | | $ | (257,158) | | | | | | $ | (527,601) | | | | | ||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (4.11) | | | t | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 134,172,935 | | | t | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (4.07) | | | l | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 129,720,912 | | | l | |
| Cash and cash equivalents | | | | $ | 15,996 | | |
| Restricted cash | | | | | 12,334 | | |
| Accounts receivable | | | | | 109 | | |
| Prepaid expenses and other current assets | | | | | 310 | | |
| Prepaid expenses and other current assets – indemnification assets | | | | | 3,402 | | |
| Due from vendors | | | | | 2,744 | | |
| Other assets | | | | | 113 | | |
| Intangible assets | | | | | 93,000 | | |
| Accounts payable | | | | | (1,561) | | |
| Accrued expenses | | | | | (1,629) | | |
| Accrued expenses – sales tax | | | | | (3,402) | | |
| Funds payable and amounts due to customers | | | | | (15,078) | | |
| Other liabilities – deferred tax liabilities | | | | | (17,923) | | |
| Other liabilities | | | | | (248) | | |
| Estimated net asset assumed | | | | $ | 88,167 | | |
| Estimated consideration | | | | | 426,872 | | |
| Estimated goodwill | | | | $ | 338,705 | | |
Intangible Assets | | | Approximate Fair Value | | | Estimated Useful Life | | ||||||
| | | (in thousands) | | | (in years) | | ||||||
Customer relationships – Restaurants | | | | $ | 64,000 | | | | | | 12.0 | | |
Customer relationships – Enterprise | | | | | 19,000 | | | | | | 12.0 | | |
Tradename | | | | | 6,000 | | | | | | 5.0 | | |
Software and technologies | | | | | 4,000 | | | | | | 3.0 | | |
Total | | | | $ | 93,000 | | | | | | | | |
| Total consideration | | | | $ | 426,872 | | |
| Less: | | | | | | | |
| Preferred stock | | | | | 1 | | |
| Common Stock | | | | | 1 | | |
| Additional paid in capital | | | | | 31,141 | | |
| Accumulated deficit | | | | | (14,672) | | |
| Identifiable intangible assets | | | | | 93,000 | | |
| Other adjustments | | | | | (21,304) | | |
| Goodwill – related to the Acquisition | | | | $ | 338,705 | | |
Intangible Assets | | Amortization Expense | | Classification | | | Three Months Ended March 31, 2021 | | Year Ended December 31, 2020 | | Classification | | ||||||||||||||
Customer relationships – Restaurants | | | $ | 5,333 | | | Marketing and sales | | | | $ | 1,333 | | | | $ | 5,333 | | | Marketing and sales | | |||||
Customer relationships – Enterprise | | | | 1,583 | | | Marketing and sales | | | | | 396 | | | | | 1,583 | | | Marketing and sales | | |||||
Tradename | | | | 1,200 | | | General and administrative | | | | | 300 | | | | | 1,200 | | | General and administrative | | |||||
Software and technologies | | | | 1,333 | | | Cost of revenue | | | | | 333 | | | | | 1,333 | | | Cost of revenue | | |||||
Total | | | $ | 9,449 | | | | | | | $ | 2,362 | | | | $ | 9,449 | | | | |
| | | Three Months Ended March 31, 2021 | | | Year Ended December 31, 2020 | | ||||||
Research and product development | | | | $ | 541 | | | | | $ | 2,166 | | |
Marketing and sales | | | | | 792 | | | | | | 3,167 | | |
General and administrative | | | | | 1,167 | | | | | | 4,667 | | |
Total | | | | $ | 2,500 | | | | | $ | 10,000 | | |
| | | Three Months Ended March 31, 2021 | | | Year Ended December 31, 2020 | | ||||||
Numerator: | | | | | | | | | | | | | |
Pro forma net loss attributable to Class A and Class B common stockholders | | | | $ | (7,706) | | | | | $ | (527,601) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | 19,012,323 | | | | | | 17,917,236 | | |
Pro forma adjustment to reflect the issuance of Class C common stock in the Acquisition and conversion to Class A common stock | | | | | 2,750,330 | | | | | | 2,750,330 | | |
Pro forma adjustment to reflect the vesting of restricted stock units issued related to the Acquisition | | | | | 146,156 | | | | | | 146,156 | | |
Pro forma adjustment to reflect the assumed conversion of the redeemable convertible preferred stock to Class A and Class B common stock | | | | | 104,446,332 | | | | | | 104,446,332 | | |
Pro forma adjustment to reflect the vesting of Class B common stock as a result of the Listing | | | | | 4,460,858 | | | | | | 4,460,858 | | |
Weighted-average shares used in computing pro forma net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | 130,815,999 | | | | | | 129,720,912 | | |
Pro forma net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | $ | (0.06) | | | | | $ | (4.07) | | |
| | Year Ended December 31, | | | Year Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
($ in thousands) | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
| | | | | | | | | | | | (Unaudited) | | (Unaudited) | | |||||||||||||||||||||||
Revenue | | | $ | 484,751 | | | | $ | 621,149 | | | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 136,874 | | | | $ | 179,646 | | | ||||||
Cost of revenue(1) | | | | 81,910 | | | | | 98,337 | | | | | | 81,910 | | | | | 98,337 | | | | | 23,771 | | | | | 27,408 | | | ||||||
Gross profit | | | | 402,841 | | | | | 522,812 | | | | | | 402,841 | | | | | 522,812 | | | | | 113,103 | | | | | 152,238 | | | ||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Research and product development(1) | | | | 107,645 | | | | | 167,906 | | | | | | 107,645 | | | | | 167,906 | | | | | 36,086 | | | | | 42,011 | | | ||||||
Marketing and sales(1) | | | | 184,278 | | | | | 260,039 | | | | | | 184,278 | | | | | 260,039 | | | | | 75,580 | | | | | 97,972 | | | ||||||
General and administrative(1) | | | | 49,578 | | | | | 54,647 | | | | | | 49,578 | | | | | 54,647 | | | | | 13,786 | | | | | 19,516 | | | ||||||
Total operating expenses | | | | 341,501 | | | | | 482,592 | | | | | | 341,501 | | | | | 482,592 | | | | | 125,452 | | | | | 159,499 | | | ||||||
Operating income | | | | 61,340 | | | | | 40,220 | | | |||||||||||||||||||||||||||
Operating income/(loss) | | | | 61,340 | | | | | 40,220 | | | | | (12,349) | | | | | (7,261) | | | |||||||||||||||||
Interest expense | | | | (1,080) | | | | | (10,043) | | | | | | (1,080) | | | | | (10,043) | | | | | (3,130) | | | | | (3,260) | | | ||||||
Other income/(loss), net | | | | 3,815 | | | | | (7,678) | | | | | | 3,815 | | | | | (7,678) | | | | | 1,205 | | | | | 3,593 | | | ||||||
Income before (provision for)/benefit from income taxes | | | | 64,075 | | | | | 22,499 | | | |||||||||||||||||||||||||||
Income/(loss) before (provision for)/benefit from income taxes | | | | 64,075 | | | | | 22,499 | | | | | (14,274) | | | | | (6,928) | | | |||||||||||||||||
(Provision for)/benefit from income taxes | | | | (5,923) | | | | | 8,089 | | | | | | (5,923) | | | | | 8,089 | | | | | 4,142 | | | | | 5,782 | | | ||||||
Net income | | | $ | 58,152 | | | | $ | 30,588 | | | |||||||||||||||||||||||||||
Net income/(loss) | | | $ | 58,152 | | | | $ | 30,588 | | | | $ | (10,132) | | | | $ | (1,146) | | |
| | Year Ended December 31, | | | Year Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
($ in thousands) | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
| | | | | | | | | | | | (Unaudited) | | (Unaudited) | | |||||||||||||||||||||||
Cost of revenue | | | $ | 532 | | | | $ | 780 | | | | | $ | 532 | | | | $ | 780 | | | | $ | 161 | | | | $ | 275 | | | ||||||
Research and product development | | | | 12,087 | | | | | 21,619 | | | | | | 12,087 | | | | | 21,619 | | | | | 4,677 | | | | | 6,793 | | | ||||||
Marketing and sales | | | | 1,737 | | | | | 3,144 | | | | | | 1,737 | | | | | 3,144 | | | | | 641 | | | | | 1,172 | | | ||||||
General and administrative | | | | 3,619 | | | | | 5,711 | | | | | | 3,619 | | | | | 5,711 | | | | | 2,423 | | | | | 1,612 | | | ||||||
Total stock-based compensation | | | $ | 17,975 | | | | $ | 31,254 | | | | | $ | 17,975 | | | | $ | 31,254 | | | | $ | 7,902 | | | | $ | 9,852 | | |
| | Year Ended December 31, | | Three Months Ended March 31, | | |||||||||||||||||||||||||||||||||
| | Year Ended December 31, | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||||
| | 2019 | | 2020 | | | | | | | | | | | | | (Unaudited) | | (Unaudited) | | ||||||||||||||||||
Revenue | | | | 100% | | | | | 100% | | | | | | 100% | | | | | 100% | | | | | 100% | | | | | 100% | | | ||||||
Cost of revenue | | | | 16.9 | | | | | 15.8 | | | | | | 16.9 | | | | | 15.8 | | | | | 17.4 | | | | | 15.3 | | | ||||||
Gross profit | | | | 83.1 | | | | | 84.2 | | | | | | 83.1 | | | | | 84.2 | | | | | 82.6 | | | | | 84.7 | | | ||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Research and product development | | | | 22.2 | | | | | 27.0 | | | | | | 22.2 | | | | | 27.0 | | | | | 26.4 | | | | | 23.4 | | | ||||||
Marketing and sales | | | | 38.0 | | | | | 41.9 | | | |||||||||||||||||||||||||||
General and administrative | | | | 10.2 | | | | | 8.8 | | | |||||||||||||||||||||||||||
Total operating expenses | | | | 70.4 | | | | | 77.7 | | | |||||||||||||||||||||||||||
Operating income | | | | 12.7 | | | | | 6.5 | | | |||||||||||||||||||||||||||
Interest expense | | | | (0.2) | | | | | (1.6) | | |
| | Year Ended December 31, | | | Year Ended December 31, | | Three Months Ended March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
| | | | | | | | | | | | (Unaudited) | | (Unaudited) | | |||||||||||||||||||||||
Marketing and sales | | | | 38.0 | | | | | 41.9 | | | | | 55.2 | | | | | 54.5 | | | |||||||||||||||||
General and administrative | | | | 10.2 | | | | | 8.8 | | | | | 10.1 | | | | | 10.9 | | | |||||||||||||||||
Total operating expenses | | | | 70.4 | | | | | 77.7 | | | | | 91.7 | | | | | 88.8 | | | |||||||||||||||||
Operating income/(loss) | | | | 12.7 | | | | | 6.5 | | | | | (9.0) | | | | | (4.0) | | | |||||||||||||||||
Interest expense | | | | (0.2) | | | | | (1.6) | | | | | (2.3) | | | | | (1.8) | | | |||||||||||||||||
Other income/(loss), net | | | | 0.8 | | | | | (1.3) | | | | | | 0.8 | | | | | (1.3) | | | | | 0.9 | | | | | 2.0 | | | ||||||
Income before (provision for)/benefit from income taxes | | | | 13.3 | | | | | 3.6 | | | |||||||||||||||||||||||||||
Income/(loss) before (provision for)/benefit from income taxes | | | | 13.3 | | | | | 3.6 | | | | | (10.4) | | | | | (3.9) | | | |||||||||||||||||
(Provision for)/benefit from income taxes | | | | (1.3) | | | | | 1.3 | | | | | | (1.3) | | | | | 1.3 | | | | | 3.0 | | | | | 3.2 | | | ||||||
Net income | | | | 12.0% | | | | | 4.9% | | | |||||||||||||||||||||||||||
Net income/(loss) | | | | 12.0% | | | | | 4.9% | | | | | (7.4)% | | | | | (0.6)% | | | |
| | Year Ended December 31, | | Change | | | Year Ended December 31, | | Change | | Three Months Ended March 31, | | Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except percentages) | | 2019 | | 2020 | | Amount | | % | | | 2019 | | 2020 | | Amount | | % | | 2020 | | 2021 | | Amount | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | (Unaudited) | | (Unaudited) | | | ||||||||||||||||||||||||||||||||||||||||||||||||
United States | | | $ | 343,051 | | | | $ | 430,118 | | | | $ | 87,067 | | | | | 25.4% | | | | | $ | 343,051 | | | | $ | 430,118 | | | | $ | 87,067 | | | | | 25.4% | | | | $ | 95,372 | | | | $ | 127,043 | | | | $ | 31,671 | | | | | 33.2% | | | ||||||||||||
International | | | | 141,700 | | | | | 191,031 | | | | | 49,331 | | | | | 34.8% | | | | | | 141,700 | | | | | 191,031 | | | | | 49,331 | | | | | 34.8% | | | | | 41,502 | | | | | 52,603 | | | | | 11,101 | | | | | 26.7% | | | ||||||||||||
Total revenue | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 136,398 | | | | | 28.1% | | | | | $ | 484,751 | | | | $ | 621,149 | | | | $ | 136,398 | | | | | 28.1% | | | | $ | 136,874 | | | | $ | 179,646 | | | | $ | 42,772 | | | | | 31.2% | | | ||||||||||||
Percentage of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
United States | | | | 70.8% | | | | | 69.2% | | | | | | | | | | | | | | | | 70.8% | | | | | 69.2% | | | | | | | | | | | | | | | 69.7% | | | | | 70.7% | | | | | | | | | | | | | ||||||||||||
International | | | | 29.2 | | | | | 30.8 | | | | | | | | | | | | | | | | 29.2 | | | | | 30.8 | | | | | | | | | | | | | | | 30.3 | | | | | 29.3 | | | | | | | | | | | | | ||||||||||||
Total revenue | | | | 100% | | | | | 100% | | | | | | | | | | | | | | | | 100% | | | | | 100% | | | | | | | | | | | | | | | 100% | | | | | 100% | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Presence | | | | $ | 404,156 | | | | | $ | 477,831 | | | | | $ | 73,675 | | | | | | 18.2% | | |
Commerce | | | | | 80,595 | | | | | | 143,318 | | | | | | 62,723 | | | | | | 77.8% | | |
Total revenue | | | | $ | 484,751 | | | | | $ | 621,149 | | | | | $ | 136,398 | | | | | | 28.1% | | |
Percentage of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Presence | | | | | 83.4% | | | | | | 76.9% | | | | | | | | | | | | | | |
Commerce | | | | | 16.6 | | | | | | 23.1 | | | | | | | | | | | | | | |
Total revenue | | | | | 100% | | | | | | 100% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
Presence | | | | $ | 110,622 | | | | | $ | 132,871 | | | | | $ | 22,249 | | | | | | 20.1% | | |
Commerce | | | | $ | 26,252 | | | | | $ | 46,775 | | | | | $ | 20,523 | | | | | | 78.2% | | |
Total revenue | | | | $ | 136,874 | | | | | $ | 179,646 | | | | | $ | 42,772 | | | | | | 31.2% | | |
Percentage of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Presence | | | | | 80.8% | | | | | | 74.0% | | | | | | | | | | | | | | |
Commerce | | | | | 19.2% | | | | | | 26.0% | | | | | | | | | | | | | | |
Total revenue | | | | | 100% | | | | | | 100% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
Cost of revenue | | | | $ | 23,771 | | | | | $ | 27,408 | | | | | $ | 3,637 | | | | | | 15.3% | | |
Gross profit | | | | $ | 113,103 | | | | | $ | 152,238 | | | | | $ | 39,135 | | | | | | 34.6% | | |
Percentage of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 17.4% | | | | | | 15.3% | | | | | | | | | | | | | | |
Gross profit | | | | | 82.6% | | | | | | 84.7% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
Research and product development | | | | $ | 36,086 | | | | | $ | 42,011 | | | | | $ | 5,925 | | | | | | 16.4% | | |
Percentage of total revenue | | | | | 26.4% | | | | | | 23.4% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
Marketing and sales | | | | $ | 75,580 | | | | | $ | 97,972 | | | | | $ | 22,392 | | | | | | 29.6% | | |
Percentage of total revenue | | | | | 55.2% | | | | | | 54.5% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
General and administrative | | | | $ | 13,786 | | | | | $ | 19,516 | | | | | $ | 5,730 | | | | | | 41.6% | | |
Percentage of total revenue | | | | | 10.1% | | | | | | 10.9% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
Interest expense | | | | $ | (3,130) | | | | | $ | (3,260) | | | | | $ | 130 | | | | | | 4.2% | | |
Percentage of total revenue | | | | | (2.3)% | | | | | | (1.8)% | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2020 | | | 2021 | | | Amount | | | % | | ||||||||||||
| | | (Unaudited) | | | (Unaudited) | | | | ||||||||||||||||
Other income, net | | | | $ | 1,205 | | | | | $ | 3,593 | | | | | $ | 2,388 | | | | | | 198.2% | | |
Percentage of total revenue | | | | | 0.9% | | | | | | 2.0% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Presence | | | | $ | 404,156 | | | | | $ | 477,831 | | | | | $ | 73,675 | | | | | | 18.2% | | |
Commerce | | | | | 80,595 | | | | | | 143,318 | | | | | | 62,723 | | | | | | 77.8% | | |
Total revenue | | | | $ | 484,751 | | | | | $ | 621,149 | | | | | $ | 136,398 | | | | | | 28.1% | | |
Percentage of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Presence | | | | | 83.4% | | | | | | 76.9% | | | | | | | | | | | | | | |
Commerce | | | | | 16.6 | | | | | | 23.1 | | | | | | | | | | | | | | |
Total revenue | | | | | 100% | | | | | | 100% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Cost of revenue | | | | $ | 81,910 | | | | | $ | 98,337 | | | | | $ | 16,427 | | | | | | 20.1% | | |
Gross profit | | | | $ | 402,841 | | | | | $ | 522,812 | | | | | $ | 119,971 | | | | | | 29.8% | | |
Percentage of total revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue | | | | | 16.9% | | | | | | 15.8% | | | | | | | | | | | | | | |
Gross profit | | | | | 83.1% | | | | | | 84.2% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Research and product development | | | | $ | 107,645 | | | | | $ | 167,906 | | | | | $ | 60,261 | | | | | | 56.0% | | |
Percentage of total revenue | | | | | 22.2% | | | | | | 27.0% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Marketing and sales | | | | $ | 184,278 | | | | | $ | 260,039 | | | | | $ | 75,761 | | | | | | 41.1% | | |
Percentage of total revenue | | | | | 38.0% | | | | | | 41.9% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
General and administrative | | | | $ | 49,578 | | | | | $ | 54,647 | | | | | $ | 5,069 | | | | | | 10.2% | | |
Percentage of total revenue | | | | | 10.2% | | | | | | 8.8% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Interest expense | | | | $ | (1,080) | | | | | $ | (10,043) | | | | | $ | 8,963 | | | | | | 829.9% | | |
Percentage of total revenue | | | | | (0.2)% | | | | | | (1.6)% | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | | Change | | ||||||||||||||||||
($ in thousands, except percentages) | | | 2019 | | | 2020 | | | Amount | | | % | | ||||||||||||
Other income/(loss), net | | | | $ | 3,815 | | | | | $ | (7,678) | | | | | $ | (11,493) | | | | | | (301.3)% | | |
Percentage of total revenue | | | | | 0.8% | | | | | | (1.3)% | | | | | | | | | | | | | | |
| | | Three Months Ended (Unaudited) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | | | March 31, 2019 | | | June 30, 2019 | | | September 30, 2019 | | | December 31, 2019 | | | March 31, 2020 | | | June 30, 2020 | | | September 30, 2020 | | | December 31, 2020 | | | March 31, 2021 | | |||||||||||||||||||||||||||
Revenue | | | | $ | 108,796 | | | | | $ | 117,764 | | | | | $ | 125,019 | | | | | $ | 133,172 | | | | | $ | 136,874 | | | | | $ | 149,640 | | | | | $ | 162,335 | | | | | $ | 172,300 | | | | | $ | 179,646 | | |
Cost of revenue(1) | | | | | 19,015 | | | | | | 20,035 | | | | | | 20,709 | | | | | | 22,151 | | | | | | 23,771 | | | | | | 23,845 | | | | | | 24,550 | | | | | | 26,171 | | | | | | 27,408 | | |
Gross profit | | | | | 89,781 | | | | | | 97,729 | | | | | | 104,310 | | | | | | 111,021 | | | | | | 113,103 | | | | | | 125,795 | | | | | | 137,785 | | | | | | 146,129 | | | | | | 152,238 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and product development(1) | | | | | 22,265 | | | | | | 24,706 | | | | | | 29,403 | | | | | | 31,271 | | | | | | 36,086 | | | | | | 36,032 | | | | | | 38,379 | | | | | | 57,409 | | | | | | 42,011 | | |
Marketing and sales(1) | | | | | 51,604 | | | | | | 32,931 | | | | | | 42,427 | | | | | | 57,316 | | | | | | 75,580 | | | | | | 51,254 | | | | | | 59,656 | | | | | | 73,549 | | | | | | 97,972 | | |
General and administrative(1) | | | | | 10,384 | | | | | | 11,604 | | | | | | 11,929 | | | | | | 15,661 | | | | | | 13,786 | | | | | | 11,823 | | | | | | 11,961 | | | | | | 17,077 | | | | | | 19,516 | | |
Total operating expenses | | | | | 84,253 | | | | | | 69,241 | | | | | | 83,759 | | | | | | 104,248 | | | | | | 125,452 | | | | | | 99,109 | | | | | | 109,996 | | | | | | 148,035 | | | | | | 159,499 | | |
Operating income | | | | | 5,528 | | | | | | 28,488 | | | | | | 20,551 | | | | | | 6,773 | | | | | | (12,349) | | | | | | 26,686 | | | | | | 27,789 | | | | | | (1,906) | | | | | | (7,261) | | |
Interest expense | | | | | (1) | | | | | | (120) | | | | | | (157) | | | | | | (802) | | | | | | (3,130) | | | | | | (2,456) | | | | | | (2,460) | | | | | | (1,997) | | | | | | (3,260) | | |
Other income/(loss), net | | | | | 1,293 | | | | | | 49 | | | | | | 4,931 | | | | | | (2,458) | | | | | | 1,205 | | | | | | (1,319) | | | | | | (3,488) | | | | | | (4,076) | | | | | | 3,593 | | |
Income/(loss) before (provision for)/benefit from income taxes | | | | | 6,820 | | | | | | 28,417 | | | | | | 25,325 | | | | | | 3,513 | | | | | | (14,274) | | | | | | 22,911 | | | | | | 21,841 | | | | | | (7,979) | | | | | | (6,928) | | |
(Provision for)/benefit from income taxes | | | | | (1,667) | | | | | | (7,107) | | | | | | (6,919) | | | | | | 9,770 | | | | | | 4,142 | | | | | | (4,372) | | | | | | (3,917) | | | | | | 12,236 | | | | | | 5,782 | | |
Net income/(loss) | | | | $ | 5,153 | | | | | $ | 21,310 | | | | | $ | 18,406 | | | | | $ | 13,283 | | | | | $ | (10,132) | | | | | $ | 18,539 | | | | | $ | 17,924 | | | | | $ | 4,257 | | | | | $ | (1,146) | | |
| | | Three Months Ended (Unaudited) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | | | March 31, 2019 | | | June 30, 2019 | | | September 30, 2019 | | | December 31, 2019 | | | March 31, 2020 | | | June 30, 2020 | | | September 30, 2020 | | | December 31, 2020 | | | March 31, 2021 | | |||||||||||||||||||||||||||
Cost of revenue | | | | $ | 95 | | | | | $ | 145 | | | | | $ | 144 | | | | | $ | 148 | | | | | $ | 161 | | | | | $ | 205 | | | | | $ | 202 | | | | | $ | 212 | | | | | $ | 275 | | |
Research and product development | | | | | 1,482 | | | | | | 2,856 | | | | | | 3,719 | | | | | | 4,030 | | | | | | 4,677 | | | | | | 5,269 | | | | | | 5,522 | | | | | | 6,151 | | | | | | 6,793 | | |
Marketing and sales | | | | | 304 | | | | | | 417 | | | | | | 487 | | | | | | 529 | | | | | | 641 | | | | | | 782 | | | | | | 882 | | | | | | 839 | | | | | | 1,172 | | |
General and administrative | | | | | 628 | | | | | | 826 | | | | | | 862 | | | | | | 1,303 | | | | | | 2,423 | | | | | | 1,012 | | | | | | 1,047 | | | | | | 1,229 | | | | | | 1,612 | | |
Total stock-based compensation | | | | $ | 2,509 | | | | | $ | 4,244 | | | | | $ | 5,212 | | | | | $ | 6,010 | | | | | $ | 7,902 | | | | | $ | 7,268 | | | | | $ | 7,653 | | | | | $ | 8,431 | | | | | $ | 9,852 | | |
| | | Three Months Ended (Unaudited) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | March 31, 2019 | | | June 30, 2019 | | | September 30, 2019 | | | December 31, 2019 | | | March 31, 2020 | | | June 30, 2020 | | | September 30, 2020 | | | December 31, 2020 | | | March 31, 2021 | | |||||||||||||||||||||||||||
Revenue | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
Cost of revenue | | | | | 17.5 | | | | | | 17.0 | | | | | | 16.6 | | | | | | 16.6 | | | | | | 17.4 | | | | | | 15.9 | | | | | | 15.1 | | | | | | 15.2 | | | | | | 15.3 | | |
Gross profit | | | | | 82.5 | | | | | | 83 | | | | | | 83.4 | | | | | | 83.4 | | | | | | 82.6 | | | | | | 84.1 | | | | | | 84.9 | | | | | | 84.8 | | | | | | 84.7 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and product development | | | | | 20.5 | | | | | | 21 | | | | | | 23.5 | | | | | | 23.5 | | | | | | 26.4 | | | | | | 24.1 | | | | | | 23.6 | | | | | | 33.3 | | | | | | 23.4 | | |
Marketing and sales | | | | | 47.4 | | | | | | 28 | | | | | | 33.9 | | | | | | 43.0 | | | | | | 55.2 | | | | | | 34.3 | | | | | | 36.7 | | | | | | 42.7 | | | | | | 54.5 | | |
General and administrative | | | | | 9.5 | | | | | | 9.9 | | | | | | 9.5 | | | | | | 11.8 | | | | | | 10.1 | | | | | | 7.9 | | | | | | 7.4 | | | | | | 9.9 | | | | | | 10.9 | | |
Total operating expenses | | | | | 77.4 | | | | | | 58.8 | | | | | | 67.0 | | | | | | 78.3 | | | | | | 91.7 | | | | | | 66.2 | | | | | | 67.8 | | | | | | 85.9 | | | | | | 88.8 | | |
Operating income | | | | | 5.1 | | | | | | 24.2 | | | | | | 16.4 | | | | | | 5.1 | | | | | | (9.0) | | | | | | 17.8 | | | | | | 17.1 | | | | | | (1.1) | | | | | | (4.0) | | |
Interest expense | | | | | 0.0 | | | | | | (0.1) | | | | | | (0.1) | | | | | | (0.6) | | | | | | (2.3) | | | | | | (1.6) | | | | | | (1.5) | | | | | | (1.2) | | | | | | (1.8) | | |
Other income/(loss), net | | | | | 1.2 | | | | | | 0.0 | | | | | | 3.9 | | | | | | (1.8) | | | | | | 0.9 | | | | | | (0.9) | | | | | | (2.1) | | | | | | (2.4) | | | | | | 2.0 | | |
Income/(loss) before (provision for)/benefit from income taxes | | | | | 6.3 | | | | | | 24.1 | | | | | | 20.3 | | | | | | 2.6 | | | | | | (10.4) | | | | | | 15.3 | | | | | | 13.5 | | | | | | (4.6) | | | | | | (3.9) | | |
(Provision for)/benefit from income taxes | | | | | (1.5) | | | | | | (6.0) | | | | | | (5.5) | | | | | | 7.3 | | | | | | 3.0 | | | | | | (2.9) | | | | | | (2.4) | | | | | | 7.1 | | | | | | 3.2 | | |
Net income/(loss) | | | | | 4.7% | | | | | | 18.1% | | | | | | 14.7% | | | | | | 10.0% | | | | | | (7.4)% | | | | | | 12.4% | | | | | | 11.0% | | | | | | 2.5% | | | | | | (0.6)% | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Unique subscriptions (in thousands) | | | | | 2,984 | | | | | | 3,656 | | |
Total bookings (in thousands) | | | | $ | 514,418 | | | | | $ | 664,739 | | |
ARRR (in thousands) | | | | $ | 549,156 | | | | | $ | 705,546 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ThreeMonthsEnded March 31, | | ||||||||||||||||||||||||||||||
| | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
Unique subscriptions (in thousands) | | | | 2,984 | | | | | 3,656 | | | | | 3,178 | | | | | 3,794 | | | |||||||||||||||||
Total bookings (in thousands) | | | $ | 514,418 | | | | $ | 664,739 | | | | $ | 155,868 | | | | $ | 198,947 | | | |||||||||||||||||
ARRR (in thousands) | | | $ | 549,156 | | | | $ | 709,062 | | | | $ | 556,266 | | | | $ | 754,206 | | | |||||||||||||||||
ARPUS | | | $ | 182 | | | | $ | 187 | | | | | $ | 181 | | | | $ | 186 | | | | $ | 183 | | | | $ | 190 | | | ||||||
Adjusted EBITDA (in thousands) | | | $ | 97,624 | | | | $ | 116,666 | | | | | $ | 97,624 | | | | $ | 116,666 | | | | $ | 1,190 | | | | $ | 11,097 | | | ||||||
Unlevered free cash flow (in thousands) | | | $ | 94,571 | | | | $ | 152,439 | | | | | $ | 94,571 | | | | $ | 152,439 | | | | $ | 53,364 | | | | $ | 51,782 | | | ||||||
GMV (in thousands) | | | $ | 2,043,195 | | | | $ | 3,897,241 | | | | | $ | 2,043,195 | | | | $ | 3,897,241 | | | | $ | 612,590 | | | | $ | 1,225,988 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ThreeMonthsEnded March 31, | | ||||||||||||||||||||||||||||||
($ in thousands) | | 2019 | | 2020 | | | 2019 | | 2020 | | 2020 | | 2021 | | ||||||||||||||||||||||||
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Operating activities | | | $ | 102,333 | | | | $ | 150,030 | | | | | $ | 102,333 | | | | $ | 150,030 | | | | $ | 52,469 | | | | $ | 50,131 | | | ||||||
Investing activities | | | $ | (75,323) | | | | $ | 34,262 | | | | | $ | (75,323) | | | | $ | 34,262 | | | | $ | 12,026 | | | | $ | (195,652) | | | ||||||
Financing activities | | | $ | (45,827) | | | | $ | (170,709) | | | | | $ | (45,827) | | | | $ | (170,709) | | | | $ | (7,345) | | | | $ | 288,304 | | |
| | | Payments Due by Period | | |||||||||||||||||||||||||||||||||||||||
($ in thousands) | | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | Thereafter | | | Total | | |||||||||||||||||||||
Credit Agreement obligations | | | | $ | 13,586 | | | | | $ | 13,586 | | | | | $ | 40,758 | | | | | $ | 40,758 | | | | | $ | 434,749 | | | | | $ | — | | | | | $ | 543,437 | | |
Operating lease payments | | | | | 13,890 | | | | | | 14,192 | | | | | | 14,054 | | | | | | 14,557 | | | | | | 13,965 | | | | | | 72,648 | | | | | | 143,306 | | |
Total contractual obligations | | | | $ | 27,476 | | | | | $ | 27,778 | | | | | $ | 54,812 | | | | | $ | 55,315 | | | | | $ | 448,714 | | | | | $ | 72,648 | | | | | $ | 686,743 | | |
Name | | | Age | | | Position | |
Anthony Casalena | | | | | Founder, Chief Executive Officer and Chairperson of the Board | | |
Paul Gubbay | | | 53 | | | Chief Product Officer | |
Marcela Martin | | | 49 | | | Chief Financial Officer | |
Courtenay O’Connor | | | 41 | | | General Counsel and Secretary | |
Andrew Braccia | | | 45 | | | Director | |
Michael Fleisher | | | 56 | | | Director | |
Jonathan Klein | | | 60 | | | Director | |
Liza Landsman | | | | | Director | | |
Anton Levy | | | 46 | | | Director | |
Name and Principal Position | | | Year | | | Salary ($)(1) | | | Bonus ($)(2) | | | Stock Awards ($)(3) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||
Anthony Casalena Chief Executive Officer | | | | | 2020 | | | | | | 650,000 | | | | | | — | | | | | | — | | | | | | 475,336(4) | | | | | | 1,125,336 | | |
Marcela Martin Chief Financial Officer | | | | | 2020 | | | | | | 104,167 | | | | | | 200,000 | | | | | | 2,900,012 | | | | | | 157,668(5) | | | | | | 3,361,847 | | |
Paul Gubbay Chief Product Officer | | | | | 2020 | | | | | | 260,417 | | | | | | 525,000 | | | | | | 2,700,017 | | | | | | 2,768(6) | | | | | | 3,488,202 | | |
| | | Stock Awards | | |||||||||
Name | | | Number of Shares or Units of Stock That Have Not Vested | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | ||||||
Anthony Casalena | | | | | 4,460,858(2) | | | | | | 218,582,042 | | |
Marcela Martin | | | | | 61,480(3) | | | | | | 3,012,520 | | |
Paul Gubbay | | | | | 55,797(4) | | | | | | 2,734,053 | | |
Company Stock Price Target | | | Cumulative Number of Shares to Vest | | |||
$105.00 | | | | | 275,000 | | |
$140.00 | | | | | 550,000 | | |
$175.00 | | | | | 825,000 | | |
$210.00 | | | | | 1,100,000 | | |
$245.00 | | | | | 1,375,000 | | |
$280.00 | | | | | 1,650,000 | | |
$315.00 | | | | | 1,925,000 | | |
$350.00 | | | | | 2,200,000 | | |
$385.00 | | | | | 2,475,000 | | |
$420.00 | | | | | 2,750,000 | | |
Title | | | Ownership Guideline | | |||
Chief Executive Officer | | | | | 6x | | |
Senior Vice President and Above | | | | | 1x | | |
Non-Employee Director | | | | | 1x | | |
Name(1) | | | Fees Earned or Paid in Cash ($)(2) | | | Stock Awards ($)(3)(4) | | | Total ($) | | |||||||||
Jonathan Klein | | | | | 40,000 | | | | | | 169,987 | | | | | | 209,987 | | |
Liza Landsman | | | | | 40,000 | | | | | | 169,987 | | | | | | 209,987 | | |
Michael Fleisher | | | | | 60,000 | | | | | | 169,987 | | | | | | 229,987 | | |
Stockholder | | | Aggregate Purchase Price ($) | | |||
Entities affiliated with Accel | | | | | 40,000,003 | | |
Entities affiliated with General Atlantic | | | | | 40,000,003 | | |
Stockholder | | | Aggregate Purchase Price ($) | | |||
Anthony Casalena | | | | | 96,810,428 | | |
| | | | 4,145,940 | | | |
Entities affiliated with Accel | | | | | 60,505,503 | | |
Entities affiliated with General Atlantic | | | | | 108,348,829 | | |
Entities affiliated with Index Ventures | | | | | 78,868,580 | | |
| | Shares Beneficially Owned | | | | | Shares Beneficially Owned | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Class A | | Class B+ | | | Total Voting† % | | Shares of Class A Common Stock Being Registered | | | Class A | | Class B+ | | | Total Voting† % | | Shares of Class A Common Stock Being Registered | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | % | | Shares | | % | | | Shares | | % | | Shares | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Directors and Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Anthony Casalena(1) | | | | — | | | | | * | | | | | 49,086,410 | | | | | 75.7 | | | | | 68.2 | | | | | | | | — | | | | | * | | | | | 49,086,410 | | | | | 75.7 | | | | | 68.2 | | | | |||||||||||||
Paul Gubbay | | | | — | | | | | * | | | | | — | | | | | * | | | | | * | | | | | | | | — | | | | | * | | | | | — | | | | | * | | | | | * | | | | | ||||||||||||
Marcela Martin | | | | — | | | | | * | | | | | — | | | | | * | | | | | * | | | | | | | | — | | | | | * | | | | | — | | | | | * | | | | | * | | | | | ||||||||||||
Andrew Braccia(2) | | | | 15,514,196 | | | | | 21.9 | | | | | — | | | | | * | | | | | 2.2 | | | | | | | | 15,514,196 | | | | | 21.8 | | | | | — | | | | | * | | | | | 2.2 | | | | |||||||||||||
Michael Fleisher | | | | 38,236 | | | | | * | | | | | — | | | | | * | | | | | * | | | | | | | | 38,236 | | | | | * | | | | | — | | | | | * | | | | | * | | | | |||||||||||||
Jonathan Klein(3) | | | | 208,438 | | | | | * | | | | | 680,064 | | | | | 1.1 | | | | | * | | | | | | | | 208,438 | | | | | * | | | | | 680,064 | | | | | 1.1 | | | | | 1.0 | | | | |||||||||||||
Liza Landsman | | | | 20,886 | | | | | * | | | | | — | | | | | * | | | | | * | | | | | | | | 20,886 | | | | | * | | | | | — | | | | | * | | | | | * | | | | |||||||||||||
Anton Levy | | | | — | | | | | * | | | | | — | | | | | * | | | | | * | | | | | | | | — | | | | | * | | | | | — | | | | | * | | | | | * | | | | | ||||||||||||
All executive officers and directors as a group (9 persons)(4 ) | | | | 15,816,201 | | | | | 22.3 | | | | | 49,772,374 | | | | | 76.7 | | | | | 71.3 | | | | | ||||||||||||||||||||||||||||||||||||||||
All executive officers and directors as a group (9 persons) (4) | | | | 15,816,201 | | | | | 22.2 | | | | | 49,809,224 | | | | | 76.8 | | | | | 71.4 | | | | |||||||||||||||||||||||||||||||||||||||||
Other 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Entities affiliated with Accel(5) | | | | 15,514,196 | | | | | 21.9 | | | | | — | | | | | * | | | | | 2.2 | | | | | ||||||||||||||||||||||||||||||||||||||||
Entities affiliated with General Atlantic(6 ) | | | | 22,361,073 | | | | | 31.5 | | | | | 4,958,345 | | | | | 7.6 | | | | | 9.9 | | | | | ||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Index Ventures(7 ) | | | | 19,460,619 | | | | | 27.4 | | | | | — | | | | | * | | | | | 2.7 | | | | | ||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Accel(5) | | | | 15,514,196 | | | | | 21.8 | | | | | — | | | | | * | | | | | 2.2 | | | | |||||||||||||||||||||||||||||||||||||||||
Entities affiliated with General Atlantic (6) | | | | 22,361,073 | | | | | 31.4 | | | | | 4,958,345 | | | | | 7.7 | | | | | 9.9 | | | | |||||||||||||||||||||||||||||||||||||||||
Entities affiliated with Index Ventures (7) | | | | 19,460,619 | | | | | 27.3 | | | | | — | | | | | * | | | | | 2.7 | | | | |||||||||||||||||||||||||||||||||||||||||
Other Registered Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Non-Executive Officers Holding Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Non-Executive Officers and Non-Director Service Providers Holding Common Stock | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Other Registered Stockholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Page | | |||
Squarespace, Inc. | | | | | | | |
Audited Consolidated Financial Statements | | | | | | | |
| | | | F-2 | | | |
Consolidated Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 | | | |
Unaudited Condensed Consolidated Financial Statements | | | | | | | |
Condensed Consolidated Financial Statements: | | | | | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
| | | | F-49 | | | |
| | | | F-50 | | | |
| | | | F-51 | | | |
Tock, Inc. | | | | | | | |
| | | | | | ||
Financial Statements | | | | | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 43,649 | | | | | $ | 57,891 | | |
Investment in marketable securities | | | | | 76,784 | | | | | | 37,462 | | |
Account receivables | | | | | 4,573 | | | | | | 7,516 | | |
Prepaid expenses and other current assets | | | | | 36,745 | | | | | | 37,384 | | |
Total current assets | | | | | 161,751 | | | | | | 140,253 | | |
Property and equipment, net | | | | | 60,137 | | | | | | 49,249 | | |
Deferred income taxes | | | | | 2,896 | | | | | | 7,773 | | |
Goodwill | | | | | 83,171 | | | | | | 83,171 | | |
Intangible assets, net | | | | | 26,185 | | | | | | 18,868 | | |
Other assets | | | | | 2,589 | | | | | | 7,452 | | |
Total assets | | | | $ | 336,729 | | | | | $ | 306,766 | | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity/ (Deficit) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 3,204 | | | | | $ | 16,758 | | |
Accrued liabilities | | | | | 46,392 | | | | | | 46,779 | | |
Deferred revenue | | | | | 164,428 | | | | | | 210,392 | | |
Debt, current portion | | | | | 8,750 | | | | | | 13,586 | | |
Deferred rent and lease incentives, current portion | | | | | 939 | | | | | | 1,197 | | |
Total current liabilities | | | | | 223,713 | | | | | | 288,712 | | |
Debt, non-current portion | | | | | 339,429 | | | | | | 525,752 | | |
Deferred rent and lease incentives, non-current portion | | | | | 23,909 | | | | | | 24,856 | | |
Other liabilities | | | | | 224 | | | | | | 262 | | |
Total liabilities | | | | | 587,275 | | | | | | 839,582 | | |
Commitments and contingencies (see Note 13) | | | | | | | | | | | | | |
Redeemable convertible preferred stock, par value of $0.0001; 118,117,738 shares authorized; 104,446,332 shares issued and outstanding as of December 31, 2019 and 2020, respectively | | | | | 126,546 | | | | | | 131,390 | | |
Stockholders’ equity/(deficit): | | | | | | | | | | | | | |
Class A common stock, par value of $0.0001; 159,000,000 shares authorized; 8,185,625 and 8,903,770 shares issued and outstanding as of December 31, 2019 and 2020, respectively | | | | | 1 | | | | | | 1 | | |
Class B common stock, par value of $0.0001; 93,782,222 shares authorized; 13,470,755 and 14,368,532 shares issued and outstanding as of December 31, 2019 and 2020, respectively | | | | | 1 | | | | | | 1 | | |
Additional paid in capital | | | | | 1,196 | | | | | | 9,043 | | |
Accumulated other comprehensive income/(loss) | | | | | (108) | | | | | | 2,455 | | |
Accumulated deficit | | | | | (378,182) | | | | | | (675,706) | | |
Total stockholders’ deficit | | | | | (377,092) | | | | | | (664,206) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity/(deficit) | | | | $ | 336,729 | | | | | $ | 306,766 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Revenue | | | | $ | 484,751 | | | | | $ | 621,149 | | |
Cost of revenue | | | | | 81,910 | | | | | | 98,337 | | |
Gross profit | | | | | 402,841 | | | | | | 522,812 | | |
Operating expenses: | | | | | | | | | | | | | |
Research and product development | | | | | 107,645 | | | | | | 167,906 | | |
Marketing and sales | | | | | 184,278 | | | | | | 260,039 | | |
General and administrative | | | | | 49,578 | | | | | | 54,647 | | |
Total operating expenses | | | | | 341,501 | | | | | | 482,592 | | |
Operating income | | | | | 61,340 | | | | | | 40,220 | | |
Interest expense | | | | | (1,080) | | | | | | (10,043) | | |
Other income/(loss), net | | | | | 3,815 | | | | | | (7,678) | | |
Income before (provision for)/benefit from income taxes | | | | | 64,075 | | | | | | 22,499 | | |
(Provision for)/benefit from income taxes | | | | | (5,923) | | | | | | 8,089 | | |
Net income | | | | $ | 58,152 | | | | | $ | 30,588 | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | (5,340) | | | | | | (4,844) | | |
Deemed dividends upon repurchase of redeemable convertible preferred stock | | | | | (311,610) | | | | | | — | | |
Declared dividends to preferred shareholders | | | | | — | | | | | | (278,454) | | |
Net loss attributable to Class A and Class B common stockholders | | | | $ | (258,798) | | | | | $ | (252,710) | | |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | $ | (14.91) | | | | | $ | (14.10) | | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B stockholders, basic and diluted | | | | | 17,354,458 | | | | | | 17,917,236 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Net income | | | | $ | 58,152 | | | | | $ | 30,588 | | |
Other comprehensive income/(loss): | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | | | (86) | | | | | | 2,528 | | |
Unrealized gain on marketable securities, net of income taxes of $44 and $11, respectively | | | | | 134 | | | | | | 35 | | |
Total other comprehensive income/(loss) | | | | | 48 | | | | | | 2,563 | | |
Total comprehensive income/(loss) | | | | $ | 58,200 | | | | | $ | 33,151 | | |
| | Redeemable Convertible Preferred Stock | | | | Class A Common Stock | | Class B Common Stock | | | Additional Paid in Capital | | Accumulated Other Comprehensive Income/(Loss) | | Accumulated Deficit | | Total Stockholders’ Equity/ (Deficit) | | | Redeemable Convertible Preferred Stock | | | | Class A Common Stock | | Class B Common Stock | | | Additional Paid in Capital | | Accumulated Other Comprehensive Income/(Loss) | | Accumulated Deficit | | Total Stockholders’ Equity/ (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | | | Shares | | Amount | | Shares | | Amount | | | Shares | | Amount | | | | Shares | | Amount | | Shares | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | | | | 118,117,738 | | | | $ | 144,819 | | | | | | | 8,030,251 | | | | $ | 1 | | | | | 13,359,956 | | | | $ | 1 | | | | $ | 3,187 | | | | $ | (156) | | | | $ | (81,098) | | | | $ | (78,065) | | | | | | 118,117,738 | | | | $ | 144,819 | | | | | | | 8,030,251 | | | | $ | 1 | | | | | 13,359,956 | | | | $ | 1 | | | | $ | 3,187 | | | | $ | (156) | | | | $ | (81,098) | | | | $ | (78,065) | | | ||||||||||||||||||
Stock based compensation | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 18,321 | | | | | — | | | | | — | | | | | 18,321 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 18,321 | | | | | — | | | | | — | | | | | 18,321 | | | ||||||||||||||||||
Stock option exercises | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | 2,481,266 | | | | | — | | | | | 3,982 | | | | | — | | | | | — | | | | | 3,982 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | 2,481,266 | | | | | — | | | | | 3,982 | | | | | — | | | | | — | | | | | 3,982 | | | ||||||||||||||||||
Vested RSUs converted to common shares | | | | — | | | | | — | | | | | | | 385,735 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | 385,735 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Repurchase of Class A common stock and retirement | | | | — | | | | | — | | | | | | | (184,779) | | | | | — | | | | | — | | | | | — | | | | | (3,340) | | | | | — | | | | | — | | | | | (3,340) | | | | | | — | | | | | — | | | | | | | (184,779) | | | | | — | | | | | — | | | | | — | | | | | (3,340) | | | | | — | | | | | — | | | | | (3,340) | | | ||||||||||||||||||
Tender offer repurchase and share retirement | | | | — | | | | | — | | | | | | | (34,104) | | | | | — | | | | | (1,779,290) | | | | | — | | | | | (15,614) | | | | | — | | | | | (28,849) | | | | | (44,463) | | | | | | — | | | | | — | | | | | | | (34,104) | | | | | — | | | | | (1,779,290) | | | | | — | | | | | (15,614) | | | | | — | | | | | (28,849) | | | | | (44,463) | | | ||||||||||||||||||
Investor repurchase and share retirement | | | | (13,671,406) | | | | | (23,613) | | | | | | | (11,478) | | | | | — | | | | | (591,177) | | | | | — | | | | | — | | | | | — | | | | | (326,387) | | | | | (326,387) | | | | | | (13,671,406) | | | | | (23,613) | | | | | | | (11,478) | | | | | — | | | | | (591,177) | | | | | — | | | | | — | | | | | — | | | | | (326,387) | | | | | (326,387) | | | ||||||||||||||||||
Accretion of redeemable convertible preferred stock | | | | — | | | | | 5,340 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,340) | | | | | — | | | | | — | | | | | (5,340) | | | | | | — | | | | | 5,340 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (5,340) | | | | | — | | | | | — | | | | | (5,340) | | | ||||||||||||||||||
Net income | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 58,152 | | | | | 58,152 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 58,152 | | | | | 58,152 | | | ||||||||||||||||||
Total impact on comprehensive income, net of taxes | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 48 | | | | | — | | | | | 48 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 48 | | | | | — | | | | | 48 | | | ||||||||||||||||||
Balance at December 31, 2019 | | | | 104,446,332 | | | | $ | 126,546 | | | | | | | 8,185,625 | | | | $ | 1 | | | | | 13,470,755 | | | | $ | 1 | | | | $ | 1,196 | | | | $ | (108) | | | | $ | (378,182) | | | | $ | (377,092) | | | | | | 104,446,332 | | | | $ | 126,546 | | | | | | | 8,185,625 | | | | $ | 1 | | | | | 13,470,755 | | | | $ | 1 | | | | $ | 1,196 | | | | $ | (108) | | | | $ | (378,182) | | | | $ | (377,092) | | | ||||||||||||||||||
Stock based compensation | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 31,417 | | | | | — | | | | | — | | | | | 31,417 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 31,417 | | | | | — | | | | | — | | | | | 31,417 | | | ||||||||||||||||||
Stock option exercises | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | 897,777 | | | | | — | | | | | 1,435 | | | | | — | | | | | — | | | | | 1,435 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | 897,777 | | | | | — | | | | | 1,435 | | | | | — | | | | | — | | | | | 1,435 | | | ||||||||||||||||||
Vested RSUs converted to common shares | | | | — | | | | | — | | | | | | | 1,366,242 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | 1,366,242 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Repurchase of Class A common stock and retirement | | | | — | | | | | — | | | | | | | (648,097) | | | | | — | | | | | — | | | | | — | | | | | (20,161) | | | | | — | | | | | — | | | | | (20,161) | | | | | | — | | | | | — | | | | | | | (648,097) | | | | | — | | | | | — | | | | | — | | | | | (20,161) | | | | | — | | | | | — | | | | | (20,161) | | | ||||||||||||||||||
Investor repurchase and share retirement | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
Accretion of redeemable convertible preferred stock | | | | — | | | | | 4,844 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,844) | | | | | — | | | | | — | | | | | (4,844) | | | | | | — | | | | | 4,844 | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (4,844) | | | | | — | | | | | — | | | | | (4,844) | | | ||||||||||||||||||
Dividends declared | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (328,112) | | | | | (328,112) | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (328,112) | | | | | (328,112) | | | ||||||||||||||||||
Net income | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 30,588 | | | | | 30,588 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 30,588 | | | | | 30,588 | | | ||||||||||||||||||
Total other comprehensive income, net of taxes | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,563 | | | | | — | | | | | 2,563 | | | | | | — | | | | | — | | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,563 | | | | | — | | | | | 2,563 | | | ||||||||||||||||||
Balance at December 31, 2020 | | | | 104,446,332 | | | | $ | 131,390 | | | | | | | 8,903,770 | | | | $ | 1 | | | | | 14,368,532 | | | | $ | 1 | | | | $ | 9,043 | | | | $ | 2,455 | | | | $ | (675,706) | | | | $ | (664,206) | | | | | | 104,446,332 | | | | $ | 131,390 | | | | | | | 8,903,770 | | | | $ | 1 | | | | | 14,368,532 | | | | $ | 1 | | | | $ | 9,043 | | | | $ | 2,455 | | | | $ | (675,706) | | | | $ | (664,206) | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net income | | | | $ | 58,152 | | | | | $ | 30,588 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 18,309 | | | | | | 21,703 | | |
Stock-based compensation | | | | | 17,975 | | | | | | 31,254 | | |
Deferred income taxes | | | | | (4,018) | | | | | | (4,852) | | |
Other | | | | | (310) | | | | | | 2,437 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (133) | | | | | | (2,936) | | |
Prepaid expenses and other current assets | | | | | (17,910) | | | | | | 8,659 | | |
Accounts payable and accrued liabilities | | | | | 987 | | | | | | 27,115 | | |
Deferred revenue | | | | | 30,347 | | | | | | 40,104 | | |
Deferred rent and lease incentives | | | | | 200 | | | | | | 1,199 | | |
Other operating assets and liabilities | | | | | (1,266) | | | | | | (5,241) | | |
Net cash provided by operating activities | | | | | 102,333 | | | | | | 150,030 | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from the sale and maturities of marketable securities | | | | | 174,583 | | | | | | 148,762 | | |
Purchases of marketable securities | | | | | (145,850) | | | | | | (109,966) | | |
Purchase of property and equipment | | | | | (8,217) | | | | | | (4,712) | | |
Cash paid for acquisitions, net of acquired cash | | | | | (95,744) | | | | | | — | | |
Other | | | | | (95) | | | | | | 178 | | |
Net cash (used in)/provided by investing activities | | | | | (75,323) | | | | | | 34,262 | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Borrowings on term loan | | | | | 349,100 | | | | | | 197,325 | | |
Payment of debt issuance costs | | | | | (938) | | | | | | — | | |
Principal payments on debt | | | | | (556) | | | | | | (6,563) | | |
Contingent consideration paid for acquisition | | | | | — | | | | | | (15,000) | | |
Dividends paid | | | | | — | | | | | | (327,745) | | |
Surrender of Class A common stock for tax purposes | | | | | (3,340) | | | | | | (20,161) | | |
Proceeds from exercise of stock options | | | | | 4,370 | | | | | | 1,435 | | |
Payments for Tender Offer | | | | | (44,463) | | | | | | — | | |
Payments for Investor Repurchase | | | | | (350,000) | | | | | | — | | |
Net cash used in financing activities | | | | | (45,827) | | | | | | (170,709) | | |
Effect of exchange rate changes on cash and cash equivalents | | | | | (171) | | | | | | 659 | | |
Net increase/(decrease) in cash and cash equivalents | | | | | (18,988) | | | | | | 14,242 | | |
Cash and cash equivalents at the beginning of the period | | | | | 62,637 | | | | | | 43,649 | | |
Cash and cash equivalents at the end of the period | | | | $ | 43,649 | | | | | $ | 57,891 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW | | | | | | | | | | | | | |
Cash paid during the year for interest | | | | $ | 603 | | | | | $ | 9,429 | | |
Cash paid during the year for taxes | | | | $ | 13,265 | | | | | $ | 6,580 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCE ACTIVITIES | | | | | | | | | | | | | |
Purchases of property and equipment included in accounts payable | | | | $ | 293 | | | | | $ | 104 | | |
Dividends declared included in accrued liabilities | | | | $ | — | | | | | $ | 367 | | |
Capitalized stock-based compensation | | | | $ | 346 | | | | | $ | 163 | | |
Payment withheld on acquisition | | | | $ | 14,376 | | | | | $ | — | | |
| | | Year Ended December 31, 2019 | | |||||||||||||||
| | | Presence | | | Commerce | | | Total | | |||||||||
Subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | $ | 395,721 | | | | | $ | 64,388 | | | | | $ | 460,109 | | |
Transferred at a point in time | | | | | 7,347 | | | | | | — | | | | | | 7,347 | | |
Non-subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | | 609 | | | | | | 19 | | | | | | 628 | | |
Transferred at a point in time | | | | | 479 | | | | | | 16,188 | | | | | | 16,667 | | |
Total revenue | | | | $ | 404,156 | | | | | $ | 80,595 | | | | | $ | 484,751 | | |
| | | Year Ended December 31, 2020 | | |||||||||||||||
| | | Presence | | | Commerce | | | Total | | |||||||||
Subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | $ | 466,321 | | | | | $ | 110,988 | | | | | $ | 577,309 | | |
Transferred at a point in time | | | | | 8,700 | | | | | | — | | | | | | 8,700 | | |
Non-subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | | 1,430 | | | | | | 208 | | | | | | 1,638 | | |
Transferred at a point in time | | | | | 1,380 | | | | | | 32,122 | | | | | | 33,502 | | |
Total revenue | | | | $ | 477,831 | | | | | $ | 143,318 | | | | | $ | 621,149 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
United States | | | | $ | 343,051 | | | | | $ | 430,118 | | |
International | | | | | 141,700 | | | | | | 191,031 | | |
Total revenue | | | | $ | 484,751 | | | | | $ | 621,149 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Prepaid referral fees, current | | | | $ | 1,370 | | | | | $ | 3,452 | | |
Prepaid referral fees, non-current | | | | | 2,189 | | | | | | 7,018 | | |
Prepaid app fees, current | | | | | 295 | | | | | | 1,016 | | |
Total capitalized contract costs | | | | $ | 3,854 | | | | | $ | 11,486 | | |
Identified Intangible Assets | | | Useful Life | |
Technology | | | 5 years | |
Tradename | | | 3 years | |
Customer relationships | | | 3 years | |
Identified Intangible Assets | | | Useful Life | |
Technology | | | 5 years | |
Tradename | | | 3 years | |
Customer relationships | | | 8 years | |
Identified Intangible Assets | | | Useful Life | |
Technology | | | 5 years | |
Tradename | | | 3 years | |
Customer relationships | | | 2 years | |
| | | Acuity | | | Videolicious | | | Unfold | | | Total | | ||||||||||||
Net tangible assets (liabilities) acquired | | | | $ | (349) | | | | | $ | (1,546) | | | | | $ | (138) | | | | | $ | (2,033) | | |
Technology | | | | | 12,700 | | | | | | 1,200 | | | | | | 633 | | | | | | 14,533 | | |
Customer relationships | | | | | 3,700 | | | | | | 4,300 | | | | | | 830 | | | | | | 8,830 | | |
| | | Acuity | | | Videolicious | | | Unfold | | | Total | | ||||||||||||
Tradename | | | | | 1,100 | | | | | | 210 | | | | | | 5,186 | | | | | | 6,496 | | |
Net assets acquired | | | | $ | 17,151 | | | | | $ | 4,164 | | | | | $ | 6,511 | | | | | $ | 27,826 | | |
Consideration | | | | | 49,311 | | | | | | 11,670 | | | | | | 50,016 | | | | | | 110,997 | | |
Goodwill | | | | $ | 32,160 | | | | | $ | 7,506 | | | | | $ | 43,505 | | | | | $ | 83,171 | | |
|
| | | Year Ended December 31, 2019 | | |||
Consideration transferred | | | | $ | 110,997 | | |
Less: Acquisition Liability | | | | | (14,376) | | |
Less: Cash acquired | | | | | (877) | | |
Cash paid for acquisitions, net of acquired cash | | | | $ | 95,744 | | |
| | | December 31, 2019 | | | |||||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Aggregate Fair Value | | | ||||||||||||||
Corporate bonds and commercial paper | | | | $ | 38,696 | | | | | $ | 67 | | | | | $ | — | | | | | $ | 38,763 | | | | ||
Asset backed securities | | | | | 20,924 | | | | | | 25 | | | | | | (4) | | | | | | 20,945 | | | | ||
U.S. treasuries | | | | | 17,059 | | | | | | 18 | | | | | | (1) | | | | | | 17,076 | | | | | |
Total investment in marketable securities | | | | $ | 76,679 | | | | | $ | 110 | | | | | $ | (5) | | | | | $ | 76,784 | | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Aggregate Fair Value | | ||||||||||||
Corporate bonds and commercial paper | | | | $ | 21,438 | | | | | $ | 55 | | | | | $ | — | | | | | $ | 21,493 | | |
Asset backed securities | | | | | 7,820 | | | | | | 94 | | | | | | — | | | | | | 7,914 | | |
U.S. treasuries | | | | | 8,053 | | | | | | 2 | | | | | | — | | | | | | 8,055 | | |
Total investment in marketable securities | | | | $ | 37,311 | | | | | $ | 151 | | | | | $ | — | | | | | $ | 37,462 | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | 12 Months or Greater | | | Total | | |||||||||||||||||||||||||||
| | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Asset backed securities | | | | $ | 3,017 | | | | | $ | (4) | | | | | $ | — | | | | | $ | — | | | | | $ | 3,017 | | | | | $ | (4) | | |
U.S. treasuries | | | | | 4,009 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | 4,009 | | | | | | (1) | | |
Total | | | | $ | 7,026 | | | | | $ | (5) | | | | | $ | — | | | | | $ | — | | | | | $ | 7,026 | | | | | $ | (5) | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Due within 1 year | | | | $ | 68,906 | | | | | $ | 32,607 | | |
Due in 1 year through 5 years | | | | | 7,878 | | | | | | 4,855 | | |
Total investment in marketable securities | | | | $ | 76,784 | | | | | $ | 37,462 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Interest income | | | | $ | 1,919 | | | | | $ | 1,373 | | |
Accretion income/(expense) | | | | | 998 | | | | | | (278) | | |
Total investment income | | | | $ | 2,917 | | | | | $ | 1,095 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 564 | | | | | $ | — | | | | | $ | — | | | | | $ | 564 | | |
Available-for-sale debt securities | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate bonds and commercial paper | | | | | — | | | | | | 38,763 | | | | | | — | | | | | | 38,763 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Asset backed securities | | | | | — | | | | | | 20,945 | | | | | | — | | | | | | 20,945 | | |
U.S. treasuries | | | | | 17,076 | | | | | | — | | | | | | — | | | | | | 17,076 | | |
Total | | | | $ | 17,640 | | | | | $ | 59,708 | | | | | $ | — | | | | | $ | 77,348 | | |
|
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 876 | | | | | $ | — | | | | | $ | — | | | | | $ | 876 | | |
Available-for-sale debt securities | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate bonds and commercial paper | | | | | — | | | | | | 21,493 | | | | | | — | | | | | | 21,493 | | |
Asset backed securities | | | | | — | | | | | | 7,914 | | | | | | — | | | | | | 7,914 | | |
U.S. treasuries | | | | | 8,055 | | | | | | — | | | | | | — | | | | | | 8,055 | | |
Total | | | | $ | 8,931 | | | | | $ | 29,407 | | | | | $ | — | | | | | $ | 38,338 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Prepaid advertising | | | | $ | 18,565 | | | | | $ | 9,645 | | |
Prepaid income tax | | | | | 7,152 | | | | | | 16,924 | | |
Prepaid operational expenses | | | | | 4,870 | | | | | | 5,152 | | |
Other current assets | | | | | 6,158 | | | | | | 5,663 | | |
Total prepaid expenses and other current assets | | | | $ | 36,745 | | | | | $ | 37,384 | | |
| | | Estimated Useful Life (Years) | | | December 31, 2019 | | | December 31, 2020 | | ||||||
Computer hardware | | | 3 | | | | $ | 24,803 | | | | | $ | 27,088 | | |
Furniture and fixtures | | | 7 | | | | | 4,515 | | | | | | 4,675 | | |
Leasehold improvements | | | Shorter of estimated useful life or remaining term of lease | | | | | 65,660 | | | | | | 66,380 | | |
| | | Estimated Useful Life (Years) | | | December 31, 2019 | | | December 31, 2020 | | | ||||||||
Capitalized software development costs | | | 3 | | | | | 10,857 | | | | | | 11,228 | | | | ||
Total property and equipment | | | | | | | | 105,835 | | | | | | 109,371 | | | | ||
Less: accumulated depreciation and amortization | | | | | | | | (45,698) | | | | | | (60,122) | | | | | |
Total property and equipment, net | | | | | | | $ | 60,137 | | | | | $ | 49,249 | | | | ||
|
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Cost of revenue | | | | $ | 7,681 | | | | | $ | 7,298 | | |
Research and product development | | | | | 3,847 | | | | | | 4,034 | | |
Marketing and sales | | | | | 1,241 | | | | | | 1,384 | | |
General and administrative | | | | | 1,866 | | | | | | 1,600 | | |
Total depreciation and amortization expense | | | | $ | 14,635 | | | | | $ | 14,316 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Cost of revenue | | | | $ | 1,161 | | | | | $ | 2,469 | | |
General and administrative expenses | | | | | 342 | | | | | | 288 | | |
Total amortization of capitalized software development costs | | | | $ | 1,503 | | | | | $ | 2,757 | | |
| | | Useful Lives (in years) | | | December 31, 2019 | | | |||||||||||||||||
| | | Gross Carrying Value | | | Accumulated Amortization | | | Net Carrying Value | | | ||||||||||||||
Technology | | | 5 | | | | $ | 14,533 | | | | | $ | (1,905) | | | | | $ | 12,628 | | | | ||
Customer relationships | | | 2 to 8 | | | | | 8,830 | | | | | | (1,116) | | | | | | 7,714 | | | | ||
Tradenames | | | 3 | | | | | 6,496 | | | | | | (653) | | | | | | 5,843 | | | | ||
Total intangible assets, net | | | | | | | $ | 29,859 | | | | | $ | (3,674) | | | | | $ | 26,185 | | | | | |
| | | Useful Lives (in years) | | | December 31, 2020 | | | |||||||||||||||||
| | | Gross Carrying Value | | | Accumulated Amortization | | | Net Carrying Value | | | ||||||||||||||
Technology | | | 5 | | | | $ | 14,533 | | | | | $ | (4,818) | | | | | $ | 9,715 | | | | ||
Customer relationships | | | 2 to 8 | | | | | 8,830 | | | | | | (3,348) | | | | | | 5,482 | | | | ||
Tradenames | | | 3 | | | | | 6,496 | | | | | | (2,825) | | | | | | 3,671 | | | | ||
Total intangible assets, net | | | | | | | $ | 29,859 | | | | | $ | (10,991) | | | | | $ | 18,868 | | | | | |
| | | Year Ended December 31, 2020 | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Cost of revenue | | | | $ | 1,905 | | | | | $ | 2,915 | | |
Marketing and sales | | | | | — | | | | | | 2,232 | | |
General and administrative | | | | | 1,769 | | | | | | 2,240 | | |
Total amortization of finite-lived intangible assets | | | | $ | 3,674 | | | | | $ | 7,387 | | |
Year Ending December 31, | | | Amount | | |||
2021 | | | | $ | 7,168 | | |
2022 | | | | | 5,311 | | |
2023 | | | | | 3,444 | | |
2024 | | | | | 1,533 | | |
2025 | | | | | 538 | | |
Thereafter | | | | | 874 | | |
Total | | | | $ | 18,868 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Accrued marketing expenses | | | | $ | 14,042 | | | | | $ | 26,459 | | |
Accrued indirect taxes | | | | | 11,239 | | | | | | 13,463 | | |
Accrued Acquisition Liability | | | | | 14,812 | | | | | | — | | |
Other accrued expenses | | | | | 6,299 | | | | | | 6,857 | | |
Total accrued liabilities | | | | $ | 46,392 | | | | | $ | 46,779 | | |
| | December 31, 2019 | | December 31, 2020 | | | December 31, 2019 | | December 31, 2020 | | ||||||||||||||||
Term Loan | | | $ | 350,000 | | | | $ | 543,437 | | | | | $ | 350,000 | | | | $ | 543,437 | | | ||||
Less: unamortized original issue discount | | | | (892) | | | | | (3,356) | | | | | | (892) | | | | | (3,356) | | | ||||
Less: unamortized deferred financing costs | | | | (929) | | | | | (743) | | | | | | (929) | | | | | (743) | | | ||||
Less: debt, current | | | $ | (8,750) | | | | $ | (13,586) | | | | | | (8,750) | | | | | (13,586) | | | ||||
Total debt, non-current | | | $ | 339,429 | | | | $ | 525,752 | | | | | $ | 339,429 | | | | $ | 525,752 | | |
Year Ending December 31, | | | Amount | | |||
2021 | | | | $ | 13,586 | | |
2022 | | | | | 13,586 | | |
2023 | | | | | 40,758 | | |
2024 | | | | | 40,758 | | |
2025 | | | | | 434,749 | | |
Total | | | | $ | 543,437 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
U.S. | | | | $ | 55,896 | | | | | $ | 16,672 | | |
Foreign | | | | | 8,179 | | | | | | 5,827 | | |
Income before (provision for)/benefit from income taxes | | | | $ | 64,075 | | | | | $ | 22,499 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Current: | | | | | | | | | | | | | |
Federal | | | | $ | (7,663) | | | | | $ | 5,421 | | |
State | | | | | (975) | | | | | | (660) | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Foreign | | | | | (1,303) | | | | | | (1,524) | | |
Total current | | | | | (9,941) | | | | | | 3,237 | | |
Deferred: | | | | | | | | | | | | | |
Federal | | | | | 3,243 | | | | | | 4,340 | | |
State | | | | | 646 | | | | | | (151) | | |
Foreign | | | | | 129 | | | | | | 663 | | |
Total deferred | | | | | 4,018 | | | | | | 4,852 | | |
(Provision for)/benefit from income taxes | | | | $ | (5,923) | | | | | $ | 8,089 | | |
|
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Expected provision for income tax at federal statutory tax rate (21%) | | | | $ | (13,454) | | | | | $ | (4,725) | | |
Effect of: | | | | | | | | | | | | | |
State and local income taxes, net of federal benefit | | | | | (651) | | | | | | (230) | | |
Nondeductible expenses | | | | | (791) | | | | | | (283) | | |
Stock-based compensation | | | | | 7,722 | | | | | | 5,192 | | |
Effect of foreign operations | | | | | 477 | | | | | | 231 | | |
Foreign-derived intangible income deduction | | | | | 610 | | | | | | 236 | | |
Research and development credits, net | | | | | — | | | | | | 10,644 | | |
Nondeductible compensation | | | | | — | | | | | | (2,498) | | |
Other adjustments | | | | | 164 | | | | | | (478) | | |
(Provision for)/benefit from income taxes | | | | $ | (5,923) | | | | | $ | 8,089 | | |
| | | December 31, 2019 | | | December 31, 2020 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Accrued expenses | | | | $ | 1,206 | | | | | $ | 1,020 | | |
Deferred lease incentives | | | | | 2,341 | | | | | | 2,085 | | |
Deferred rent | | | | | 3,614 | | | | | | 3,944 | | |
Unrealized foreign currency gain | | | | | — | | | | | | 1,345 | | |
Research and development tax credits | | | | | — | | | | | | 3,523 | | |
Net operating loss carryforwards | | | | | 4,532 | | | | | | 4,243 | | |
Total deferred tax assets | | | | | 11,693 | | | | | | 16,160 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Deferred expenses | | | | | (925) | | | | | | (2,181) | | |
Software development costs | | | | | (2,171) | | | | | | (1,583) | | |
Depreciation and amortization | | | | | (3,065) | | | | | | (4,020) | | |
Stock-based compensation | | | | | (2,433) | | | | | | (602) | | |
Capital loss carryforward | | | | | — | | | | | | (1) | | |
Other | | | | | (203) | | | | | | — | | |
Total deferred tax liabilities | | | | | (8,797) | | | | | | (8,387) | | |
Net deferred tax asset | | | | $ | 2,896 | | | | | $ | 7,773 | | |
| | | Year Ended December 31, 2020 | | |||
Balance at beginning of year | | | | $ | — | | |
Additions based on tax positions taken during a prior period | | | | | 4,085 | | |
| | | Year Ended December 31, 2020 | | |||
Additions based on tax positions taken during the current period | | | | | 1,217 | | |
Balance at end of year | | | | $ | 5,302 | | |
|
Location | | | Primary Purpose | | | Lease Expires | |
Varick Street, New York, New York | | | Headquarters, Office | | | October 2030 | |
Portland, Oregon | | | Office | | | January 2031 | |
Los Angeles, California | | | Office | | | January 2023 | |
Dublin, Ireland | | | Office | | | March 2030 | |
Broadway, New York, New York | | | Office(1) | | | June 2020 | |
| | | Operating Lease Payments | | |||
Years Ending: | | | | | | | |
2021 | | | | $ | 13,890 | | |
2022 | | | | | 14,192 | | |
2023 | | | | | 14,054 | | |
2024 | | | | | 14,557 | | |
2025 | | | | | 13,965 | | |
Thereafter | | | | | 72,648 | | |
Total | | | | $ | 143,306 | | |
| | | Authorized and Originally Issued Shares | | | December 31, 2019 | | ||||||||||||
| | | Outstanding Shares | | | Net Carrying Value | | ||||||||||||
A-1 Preferred Stock | | | | | 57,999,960 | | | | | | 54,431,446 | | | | | $ | 6 | | |
A-2 Preferred Stock | | | | | 47,483,380 | | | | | | 39,134,868 | | | | | | 62,368 | | |
B Preferred Stock | | | | | 12,634,398 | | | | | | 10,880,018 | | | | | | 64,172 | | |
Total | | | | | 118,117,738 | | | | | | 104,446,332 | | | | | $ | 126,546 | | |
| | | Authorized and Originally Issued Shares | | | December 31, 2020 | | ||||||||||||
| | | Outstanding Shares | | | Net Carrying Value | | ||||||||||||
A-1 Preferred Stock | | | | | 57,999,960 | | | | | | 54,431,446 | | | | | $ | 6 | | |
A-2 Preferred Stock | | | | | 47,483,380 | | | | | | 39,134,868 | | | | | | 63,283 | | |
B Preferred Stock | | | | | 12,634,398 | | | | | | 10,880,018 | | | | | | 68,101 | | |
Total | | | | | 118,117,738 | | | | | | 104,446,332 | | | | | $ | 131,390 | | |
| | | As of December 31, 2019 and 2020 | | |||||||||
| | | Liquidation Preferences | | | Issuance Price/Liquidation Preference Per Share | | ||||||
Series A-2 | | | | $ | 31,699 | | | | | $ | 0.81 | | |
Series B | | | | | 34,490 | | | | | | 3.17 | | |
Total | | | | $ | 66,189 | | | | | | | | |
| | | Redemption Value | | |||
Series A-2 | | | | $ | 63,462 | | |
Series B | | | | | 68,891 | | |
Total redemption value | | | | $ | 132,353 | | |
| | | December 31, 2019 | | |||
Shares reserved for redeemable convertible preferred stock outstanding | | | | | 104,446,332 | | |
Options issued and outstanding | | | | | 6,602,149 | | |
RSUs | | | | | 5,723,783 | | |
Executive restricted stock | | | | | 4,460,858 | | |
Shares available for future grants | | | | | 1,787,435 | | |
Total | | | | | 123,020,557 | | |
| | | December 31, 2020 | | |||
Shares reserved for redeemable convertible preferred stock outstanding | | | | | 104,446,332 | | |
Options issued and outstanding | | | | | 5,228,413 | | |
RSUs | | | | | 5,441,475 | | |
Executive restricted stock | | | | | 4,460,858 | | |
Shares available for future grants | | | | | 8,727,557 | | |
Total | | | | | 128,304,635 | | |
| | | December 31, 2018 | ��� | | Additions | | | Reclassifications | | | Provision for income taxes | | | December 31, 2019 | | |||||||||||||||
Foreign currency translation loss | | | | $ | (101) | | | | | | (86) | | | | | | — | | | | | | — | | | | | $ | (187) | | |
Unrealized gains/(losses) on marketable securities | | | | | (55) | | | | | | 148 | | | | | | 30 | | | | | | (44) | | | | | | 79 | | |
Accumulated other comprehensive income/(loss) | | | | $ | (156) | | | | | | 62 | | | | | | 30 | | | | | | (44) | | | | | $ | (108) | | |
| | | December 31, 2019 | | | Additions | | | Reclassifications | | | Provision for income taxes | | | December 31, 2020 | | |||||||||||||||
Foreign currency translation loss | | | | $ | (187) | | | | | | 2,528 | | | | | | — | | | | | | — | | | | | $ | 2,341 | | |
Unrealized gains/(losses) on marketable securities | | | | | 79 | | | | | | 41 | | | | | | 5 | | | | | | (11) | | | | | | 114 | | |
Accumulated other comprehensive income/(loss) | | | | $ | (108) | | | | | | 2,569 | | | | | | 5 | | | | | | (11) | | | | | $ | 2,455 | | |
| | Number of Options | | Weighted- Average Exercise Price | | Weighted- Average Remaining Life (years) | | Aggregate Intrinsic Value | | | Number of Options | | Weighted- Average Exercise Price | | Weighted- Average Remaining Life (years) | | Aggregate Intrinsic Value | | ||||||||||||||||||||||||||||||||
As of December 31, 2018 | | | | 9,334,493 | | | | $ | 2.08 | | | | | 5.46 | | | | $ | 115,122 | | | | | | 9,334,493 | | | | $ | 2.08 | | | | | 5.46 | | | | $ | 115,122 | | | ||||||||
Options granted | | | | — | | | | | — | | | | | | | | | | | | | | | | — | | | | | — | | | | | | | | | | | | | ||||||||
Options exercised | | | | (2,481,266) | | | | | 1.61 | | | | | | | | | | | | | | | | (2,481,266) | | | | | 1.61 | | | | | | | | | | | | | ||||||||
Options forfeited and cancelled | | | | (251,078) | | | | | 4.15 | | | | | | | | | | | | | | | | (251,078) | | | | | 4.15 | | | | | | | | | | | | | ||||||||
As of December 31, 2019 | | | | 6,602,149 | | | | $ | 2.18 | | | | | 4.69 | | | | $ | 147,482 | | | | | | 6,602,149 | | | | $ | 2.18 | | | | | 4.69 | | | | $ | 147,482 | | | ||||||||
Options granted | | | | — | | | | | — | | | | | | | | | | | | | | | | — | | | | | — | | | | | | | | | | | | | ||||||||
Options exercised | | | | (897,777) | | | | | 1.60 | | | | | | | | | | | | | | | | (897,777) | | | | | 1.60 | | | | | | | | | | | | | ||||||||
Options forfeited and cancelled | | | | (475,959) | | | | | 6.05 | | | | | | | | | | | | | | | | (475,959) | | | | | 6.05 | | | | | | | | | | | | | ||||||||
As of December 31, 2020 | | | | 5,228,413 | | | | $ | 1.93 | | | | | 3.60 | | | | | 246,101 | | | | | | 5,228,413 | | | | $ | 1.93 | | | | | 3.60 | | | | $ | 246,101 | | | ||||||||
Options vested at December 31, 2020 | | | | 5,138,861 | | | | $ | 1.87 | | | | | 3.55 | | | | $ | 242,178 | | | | | | 5,138,861 | | | | $ | 1.87 | | | | | 3.55 | | | | $ | 242,178 | | | ||||||||
Options expected to vest at December 31, 2020 | | | | 89,552 | | | | $ | 5.19 | | | | | 0.48 | | | | $ | 3,923 | | | | | | 89,552 | | | | $ | 5.19 | | | | | 0.48 | | | | $ | 3,923 | | | ||||||||
Exercisable at December 31, 2020 | | | | 5,138,861 | | | | $ | 1.87 | | | | | 3.55 | | | | $ | 242,178 | | | | | | 5,138,861 | | | | $ | 1.87 | | | | | 3.55 | | | | $ | 242,178 | | |
| | | Number of RSUs | | | Weighted Average Grant Date Fair Value Per RSU | | ||||||
RSUs outstanding – December 31, 2018 | | | | | 2,012,399 | | | | | $ | 13.65 | | |
RSUs granted | | | | | 4,465,569 | | | | | | 17.55 | | |
RSUs vested | | | | | (385,735) | | | | | | 13.58 | | |
RSUs forfeited and cancelled | | | | | (368,450) | | | | | | 13.86 | | |
RSUs outstanding – December 31, 2019 | | | | | 5,723,783 | | | | | $ | 16.70 | | |
RSUs granted | | | | | 1,585,618 | | | | | | 33.43 | | |
RSUs vested | | | | | (1,366,242) | | | | | | 16.16 | | |
RSUs forfeited and cancelled | | | | | (501,684) | | | | | | 16.79 | | |
RSUs outstanding – December 31, 2020 | | | | | 5,441,475 | | | | | $ | 21.27 | | |
| | | Shares Available for Future Grant | | |||
Balance at December 31, 2018 | | | | | 5,448,697 | | |
Granted | | | | | (4,465,569) | | |
Forfeited and cancelled | | | | | 619,528 | | |
Reacquired to satisfy employee tax withholding obligations | | | | | 184,779 | | |
Balance as of December 31, 2019 | | | | | 1,787,435 | | |
Additional Class A common shares available for issuance | | | | | 6,900,000 | | |
Granted | | | | | (1,585,618) | | |
Forfeited and expired | | | | | 977,643 | | |
Reacquired to satisfy employee tax withholding obligations | | | | | 648,097 | | |
Balance as of December 31, 2020 | | | | | 8,727,557 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Cost of revenue | | | | $ | 532 | | | | | $ | 780 | | |
Research and product development | | | | | 12,087 | | | | | | 21,619 | | |
Marketing and sales | | | | | 1,737 | | | | | | 3,144 | | |
General and administrative | | | | | 3,619 | | | | | | 5,711 | | |
Total stock-based compensation | | | | $ | 17,975 | | | | | $ | 31,254 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net income | | | | $ | 58,152 | | | | | $ | 30,588 | | |
Less: accretion of redeemable convertible preferred stock to redemption value | | | | | (5,340) | | | | | | (4,844) | | |
Less: deemed dividends upon redemption of redeemable convertible preferred stock | | | | | (311,610) | | | | | | — | | |
Less: declared dividends to preferred shareholders | | | | | — | | | | | | (278,454) | | |
Net loss attributable to Class A and Class B common stockholders, basic and diluted | | | | $ | (258,798) | | | | | $ | (252,710) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | | 17,354,458 | | | | | | 17,917,236 | | |
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | | | | $ | (14.91) | | | | | $ | (14.10) | | |
| | | Year Ended December 31, | | |||||||||
| | | 2019 | | | 2020 | | ||||||
Redeemable convertible preferred stock | | | | | 104,446,332 | | | | | | 104,446,332 | | |
Outstanding stock options | | | | | 6,602,149 | | | | | | 5,228,413 | | |
Restricted stock units | | | | | 5,723,783 | | | | | | 5,441,475 | | |
Executive restricted stock | | | | | 4,460,858 | | | | | | 4,460,858 | | |
Total | | | | | 121,233,122 | | | | | | 119,577,078 | | |
| | Tock | | | Tock | | ||||||||
Net tangible assets (liabilities) assumed | | | $ | (2,322) | | | ||||||||
Net tangible assets acquired | | | $ | 11,511 | | | ||||||||
Deferred income tax liability | | | | (17,923) | | | ||||||||
Customer relationships – restaurants | | | | 64,000 | | | | | | 64,000 | | | ||
Customer relationships – enterprise | | | | 19,000 | | | | | | 19,000 | | | ||
Tradename | | | | 6,000 | | | | | | 6,000 | | | ||
Developed technology | | | | 4,000 | | ��� | | | | 4,000 | | | ||
Net assets acquired | | | $ | 90,678 | | | | | $ | 86,588 | | | ||
Consideration | | | | 426,872 | | | | | | 425,615 | | | ||
Goodwill | | | $ | 336,194 | | | | | $ | 339,027 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
| | | | | | | | | (Unaudited) | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 57,891 | | | | | $ | 183,339 | | |
Restricted cash | | | | | — | | | | | | 17,011 | | |
Investment in marketable securities | | | | | 37,462 | | | | | | 31,500 | | |
Account receivables | | | | | 7,516 | | | | | | 9,254 | | |
Due from vendors | | | | | — | | | | | | 2,400 | | |
Prepaid expenses and other current assets | | | | | 37,384 | | | | | | 44,296 | | |
Total current assets | | | | | 140,253 | | | | | | 287,800 | | |
Property and equipment, net | | | | | 49,249 | | | | | | 46,855 | | |
Deferred income taxes | | | | | 7,773 | | | | | | 838 | | |
Goodwill | | | | | 83,171 | | | | | | 422,198 | | |
Intangible assets, net | | | | | 18,868 | | | | | | 106,849 | | |
Other assets | | | | | 7,452 | | | | | | 7,924 | | |
Total assets | | | | $ | 306,766 | | | | | $ | 872,464 | | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 16,758 | | | | | $ | 35,620 | | |
Accrued liabilities | | | | | 46,779 | | | | | | 61,292 | | |
Deferred revenue | | | | | 210,392 | | | | | | 227,751 | | |
Funds payable to customers | | | | | — | | | | | | 19,411 | | |
Debt, current portion | | | | | 13,586 | | | | | | 13,586 | | |
Deferred rent and lease incentives, current portion | | | | | 1,197 | | | | | | 1,231 | | |
Total current liabilities | | | | | 288,712 | | | | | | 358,891 | | |
Debt, non-current portion | | | | | 525,752 | | | | | | 522,576 | | |
Deferred rent and lease incentives, non-current portion | | | | | 24,856 | | | | | | 24,946 | | |
Deferred income taxes | | | | | — | | | | | | 11,026 | | |
Other liabilities | | | | | 262 | | | | | | 562 | | |
Total liabilities | | | | | 839,582 | | | | | | 918,001 | | |
Commitments and contingencies (see Note 13) | | | | | | | | | | | | | |
Redeemable convertible preferred stock, par value of $0.0001; 118,117,738 shares authorized; 104,446,332 shares issued and outstanding as of December 31, 2020 and March 31, 2021 | | | | | 131,390 | | | | | | 132,359 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Class A common stock, par value of $0.0001; 159,000,000 shares authorized; 8,903,770 and 9,159,601 shares issued and outstanding as of December 31, 2020 and March 31, 2021, respectively | | | | | 1 | | | | | | 1 | | |
Class B common stock, par value of $0.0001; 93,782,222 shares authorized; 14,368,532 and 15,269,008 shares issued and outstanding as of December 31, 2020 and March 31, 2021, respectively | | | | | 1 | | | | | | 2 | | |
Class C common stock, par value of $0.0001; 7,673,154 shares authorized; 0 and 7,202,353 shares issued and outstanding as of December 31, 2020 and March 31, 2021, respectively | | | | | — | | | | | | 1 | | |
Additional paid in capital | | | | | 9,043 | | | | | | 497,825 | | |
Accumulated other comprehensive income | | | | | 2,455 | | | | | | 1,128 | | |
Accumulated deficit | | | | | (675,706) | | | | | | (676,853) | | |
Total stockholders’ deficit | | | | | (664,206) | | | | | | (177,896) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | | | | $ | 306,766 | | | | | $ | 872,464 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Revenue | | | | $ | 136,874 | | | | | $ | 179,646 | | |
Cost of revenue | | | | | 23,771 | | | | | | 27,408 | | |
Gross profit | | | | | 113,103 | | | | | | 152,238 | | |
Operating expenses: | | | | | | | | | | | | | |
Research and product development | | | | | 36,086 | | | | | | 42,011 | | |
Marketing and sales | | | | | 75,580 | | | | | | 97,972 | | |
General and administrative | | | | | 13,786 | | | | | | 19,516 | | |
Total operating expenses | | | | | 125,452 | | | | | | 159,499 | | |
Operating loss | | | | | (12,349) | | | | | | (7,261) | | |
Interest expense | | | | | (3,130) | | | | | | (3,260) | | |
Other income, net | | | | | 1,205 | | | | | | 3,593 | | |
Loss before benefit from income taxes | | | | | (14,274) | | | | | | (6,928) | | |
Benefit from income taxes | | | | | 4,142 | | | | | | 5,782 | | |
Net loss | | | | $ | (10,132) | | | | | $ | (1,146) | | |
Accretion of redeemable convertible preferred stock to redemption value | | | | | (1,181) | | | | | | (969) | | |
Net loss attributable to Class A, Class B, and Class C common stockholders | | | | $ | (11,313) | | | | | $ | (2,115) | | |
Net loss per share attributable to Class A, Class B, and Class C common stockholders, basic and diluted | | | | $ | (0.65) | | | | | $ | (0.11) | | |
Weighted-average shares used in computing net loss per share attributable to Class A, Class B, and Class C stockholders, basic and diluted | | | | | 17,417,384 | | | | | | 19,012,323 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Net loss | | | | $ | (10,132) | | | | | $ | (1,146) | | |
Other comprehensive loss: | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | | | (353) | | | | | | (1,282) | | |
Unrealized loss on marketable securities, net of income taxes | | | | | (181) | | | | | | (45) | | |
Total other comprehensive loss | | | | | (534) | | | | | | (1,327) | | |
Total comprehensive loss | | | | $ | (10,666) | | | | | $ | (2,473) | | |
| | | Redeemable Convertible Preferred Stock | | | | Class A Common Stock | | | Class B Common Stock | | | Class C Common Stock | | | Additional Paid in Capital | | | Accumulated Other Comprehensive Income/(Loss) | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | | | | | 104,446,332 | | | | | $ | 126,546 | | | | | | | 8,185,625 | | | | | $ | 1 | | | | | | 13,470,755 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | $ | 1,196 | | | | | $ | (108) | | | | | $ | (378,182) | | | | | $ | (377,092) | | |
Stock based compensation | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,938 | | | | | | — | | | | | | — | | | | | | 7,938 | | |
Stock option exercises | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 241,803 | | | | | | — | | | | | | — | | | | | | — | | | | | | 387 | | | | | | — | | | | | | — | | | | | | 387 | | |
Vested RSUs converted to common shares | | | | | — | | | | | | — | | | | | | | 414,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Repurchase of Class A common stock and retirement | | | | | — | | | | | | — | | | | | | | (221,408) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,544) | | | | | | — | | | | | | — | | | | | | (5,544) | | |
Accretion of redeemable convertible preferred stock | | | | | — | | | | | | 1,181 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,181) | | | | | | — | | | | | | — | | | | | | (1,181) | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,132) | | | | | | (10,132) | | |
Total impact on comprehensive loss, net of taxes | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (534) | | | | | | — | | | | | | (534) | | |
Balance at March 31, 2020 | | | | | 104,446,332 | | | | | $ | 127,727 | | | | | | | 8,378,228 | | | | | $ | 1 | | | | | | 13,712,558 | | | | | $ | 1 | | | | | | — | | | | | $ | — | | | | | $ | 2,796 | | | | | $ | (642) | | | | | $ | (388,314) | | | | | $ | (386,157) | | |
Balance at December 31, 2020 | | | | | 104,446,332 | | | | | | 131,390 | | | | | | | 8,903,770 | | | | | | 1 | | | | | | 14,368,532 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 9,043 | | | | | | 2,455 | | | | | | (675,706) | | | | | | (664,206) | | |
Stock based compensation | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,873 | | | | | | — | | | | | | — | | | | | | 9,873 | | |
Stock option exercises | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 900,476 | | | | | | — | | | | | | — | | | | | | — | | | | | | 707 | | | | | | — | | | | | | — | | | | | | 707 | | |
Vested RSUs converted to common shares | | | | | — | | | | | | — | | | | | | | 525,920 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Repurchase of Class A common stock and retirement | | | | | — | | | | | | — | | | | | | | (270,089) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,416) | | | | | | — | | | | | | — | | | | | | (13,416) | | |
Issuance of Class C common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,452,023 | | | | | | 1 | | | | | | 304,409 | | | | | | — | | | | | | — | | | | | | 304,409 | | |
Issuance of Class C common stock for acquisition | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,750,330 | | | | | | — | | | | | | 188,178 | | | | | | — | | | | | | — | | | | | | 188,179 | | |
Accretion of redeemable convertible preferred stock | | | | | — | | | | | | 969 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (969) | | | | | | — | | | | | | — | | | | | | (969) | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,146) | | | | | | (1,146) | | |
Total other comprehensive loss, net of taxes | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,327) | | | | | | — | | | | | | (1,327) | | |
Balance at March 31, 2021 | | | | | 104,446,332 | | | | | $ | 132,359 | | | | | | | 9,159,601 | | | | | $ | 1 | | | | | | 15,269,008 | | | | | $ | 2 | | | | | | 7,202,353 | | | | | $ | 1 | | | | | $ | 497,825 | | | | | $ | 1,128 | | | | | $ | (676,853) | | | | | $ | (177,896) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss | | | | $ | (10,132) | | | | | $ | (1,146) | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 5,637 | | | | | | 8,506 | | |
Stock-based compensation | | | | | 7,902 | | | | | | 9,852 | | |
Other | | | | | 1,840 | | | | | | 282 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | 115 | | | | | | (706) | | |
Prepaid expenses and other current assets | | | | | 5,893 | | | | | | (8,190) | | |
Accounts payable and accrued liabilities | | | | | 22,440 | | | | | | 20,971 | | |
Deferred revenue | | | | | 18,946 | | | | | | 20,441 | | |
Deferred rent and lease incentives | | | | | 671 | | | | | | 139 | | |
Other operating assets and liabilities | | | | | (843) | | | | | | (18) | | |
Net cash provided by operating activities | | | | | 52,469 | | | | | | 50,131 | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from the sale and maturities of marketable securities | | | | | 32,845 | | | | | | 7,105 | | |
Purchases of marketable securities | | | | | (19,497) | | | | | | (1,197) | | |
Purchase of property and equipment | | | | | (1,274) | | | | | | (657) | | |
Cash paid for acquisitions, net of acquired cash | | | | | — | | | | | | (200,903) | | |
Other | | | | | (48) | | | | | | — | | |
Net cash provided by/(used in) investing activities | | | | | 12,026 | | | | | | (195,652) | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Principal payments on debt | | | | | (2,188) | | | | | | (3,396) | | |
Surrender of Class A common stock for tax purposes | | | | | (5,544) | | | | | | (13,416) | | |
Proceeds from exercise of stock options | | | | | 387 | | | | | | 707 | | |
Proceeds from issuance of Class C common stock, net of issuance costs | | | | | — | | | | | | 304,409 | | |
Net cash (used in)/provided by financing activities | | | | | (7,345) | | | | | | 288,304 | | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | | | | | (87) | | | | | | (324) | | |
Net increase in cash, cash equivalents, and restricted cash | | | | | 57,063 | | | | | | 142,459 | | |
Cash, cash equivalents, and restricted cash at the beginning of the period | | | | | 43,649 | | | | | | 57,891 | | |
Cash, cash equivalents, and restricted cash at the end of the period | | | | $ | 100,712 | | | | | $ | 200,350 | | |
Reconciliation of cash, cash equivalents, and restricted cash: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 100,712 | | | | | $ | 183,339 | | |
Restricted cash | | | | $ | — | | | | | $ | 17,011 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW | | | | | | | | | | | | | |
Cash paid during the year for interest | | | | $ | 2,882 | | | | | $ | 3,064 | | |
Cash paid/(refunded) during the year for taxes | | | | $ | 46 | | | | | $ | (22) | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCE ACTIVITIES | | | | | | | | | | | | | |
Purchases of property and equipment included in accounts payable | | | | $ | 175 | | | | | $ | 671 | | |
Capitalized stock-based compensation | | | | $ | 36 | | | | | $ | 21 | | |
Payment withheld on acquisition | | | | $ | 14,968 | | | | | $ | — | | |
Issuance of Class C common stock for acquisition | | | | $ | — | | | | | $ | 188,179 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Restricted cash | | | | $ | — | | | | | $ | 17,011 | | |
Due from vendors | | | | | — | | | | | | 2,400 | | |
Total payment processing assets | | | | | — | | | | | | 19,411 | | |
Funds payable to customers | | | | | — | | | | | | (19,411) | | |
Total payment processing liabilities | | | | | — | | | | | | (19,411) | | |
Total payment processing transactions, net | | | | $ | — | | | | | $ | — | | |
| | | Three Months Ended March 31, 2020 | | |||||||||||||||
| | | Presence | | | Commerce | | | Total | | |||||||||
Subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | $ | 107,501 | | | | | $ | 21,682 | | | | | $ | 129,183 | | |
Transferred at a point in time | | | | | 2,318 | | | | | | — | | | | | | 2,318 | | |
Non-subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | | 367 | | | | | | 25 | | | | | | 392 | | |
Transferred at a point in time | | | | | 436 | | | | | | 4,545 | | | | | | 4,981 | | |
Total revenue | | | | $ | 110,622 | | | | | $ | 26,252 | | | | | $ | 136,874 | | |
| | | Three Months Ended March 31, 2021 | | |||||||||||||||
| | | Presence | | | Commerce | | | Total | | |||||||||
Subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | $ | 129,131 | | | | | $ | 37,254 | | | | | $ | 166,385 | | |
Transferred at a point in time | | | | | 2,851 | | | | | | — | | | | | | 2,851 | | |
Non-subscription revenue | | | | | | | | | | | | | | | | | | | |
Transferred over time | | | | | 575 | | | | | | 72 | | | | | | 647 | | |
Transferred at a point in time | | | | | 314 | | | | | | 9,449 | | | | | | 9,763 | | |
Total revenue | | | | $ | 132,871 | | | | | $ | 46,775 | | | | | $ | 179,646 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
United States | | | | $ | 95,372 | | | | | $ | 127,043 | | |
International | | | | | 41,502 | | | | | | 52,603 | | |
Total revenue | | | | $ | 136,874 | | | | | $ | 179,646 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Prepaid referral fees, current | | | | $ | 3,452 | | | | | $ | 3,699 | | |
Prepaid referral fees, non-current | | | | | 7,018 | | | | | | 7,150 | | |
Prepaid app fees, current | | | | | 1,016 | | | | | | 976 | | |
Total capitalized contract costs | | | | $ | 11,486 | | | | | $ | 11,825 | | |
| | | Tock | | |||
Net tangible assets acquired | | | | $ | 11,511 | | |
Deferred income tax liability | | | | | (17,923) | | |
Customer relationships – restaurants | | | | | 64,000 | | |
Customer relationships – enterprise | | | | | 19,000 | | |
Tradename | | | | | 6,000 | | |
Developed technology | | | | | 4,000 | | |
Net assets acquired | | | | | 86,588 | | |
Consideration | | | | | 425,615 | | |
Goodwill | | | | $ | 339,027 | | |
| | | Amount | | |||
Consideration transferred | | | | $ | 425,615 | | |
Less: Issuances of Class C common stock | | | | | (188,179) | | |
Less: Cash acquired | | | | | (18,350) | | |
Less: Restricted cash | | | | | (17,011) | | |
Less: Consideration to be paid | | | | | (1,172) | | |
Cash paid for acquisitions, net of acquired cash | | | | $ | 200,903 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Aggregate Fair Value | | ||||||||||||
Corporate bonds and commercial paper | | | | $ | 21,438 | | | | | $ | 55 | | | | | $ | — | | | | | $ | 21,493 | | |
Asset backed securities | | | | | 7,820 | | | | | | 94 | | | | | | — | | | | | | 7,914 | | |
U.S. treasuries | | | | | 8,053 | | | | | | 2 | | | | | | — | | | | | | 8,055 | | |
Total investment in marketable securities | | | | $ | 37,311 | | | | | $ | 151 | | | | | $ | — | | | | | $ | 37,462 | | |
| | | March 31, 2021 | | |||||||||||||||||||||
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Aggregate Fair Value | | ||||||||||||
Corporate bonds and commercial paper | | | | $ | 16,052 | | | | | $ | 33 | | | | | $ | (1) | | | | | $ | 16,084 | | |
Asset backed securities | | | | | 7,317 | | | | | | 70 | | | | | | — | | | | | | 7,387 | | |
U.S. treasuries | | | | | 8,025 | | | | | | 4 | | | | | | — | | | | | | 8,029 | | |
Total investment in marketable securities | | | | $ | 31,394 | | | | | $ | 107 | | | | | $ | (1) | | | | | $ | 31,500 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Due within 1 year | | | | $ | 32,607 | | | | | $ | 29,762 | | |
Due in 1 year through 5 years | | | | | 4,855 | | | | | | 1,738 | | |
Total investment in marketable securities | | | | $ | 37,462 | | | | | $ | 31,500 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 876 | | | | | $ | — | | | | | $ | — | | | | | $ | 876 | | |
Available-for-sale debt securities | | | | | — | | | | | | | | | | | | | | | | | | | | |
Corporate bonds and commercial paper | | | | | — | | | | | | 21,493 | | | | | | — | | | | | | 21,493 | | |
Asset backed securities | | | | | — | | | | | | 7,914 | | | | | | — | | | | | | 7,914 | | |
U.S. treasuries | | | | | 8,055 | | | | | | — | | | | | | — | | | | | | 8,055 | | |
Total | | | | $ | 8,931 | | | | | $ | 29,407 | | | | | $ | — | | | | | $ | 38,338 | | |
| | | March 31, 2021 | | |||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ||||||||||||
Cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 81,462 | | | | | $ | — | | | | | $ | — | | | | | $ | 81,462 | | |
Available-for-sale debt securities | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate bonds and commercial paper | | | | | — | | | | | | 16,084 | | | | | | — | | | | | | 16,084 | | |
Asset backed securities | | | | | — | | | | | | 7,387 | | | | | | — | | | | | | 7,387 | | |
U.S. treasuries | | | | | 8,029 | | | | | | — | | | | | | — | | | | | | 8,029 | | |
Total | | | | $ | 89,491 | | | | | $ | 23,471 | | | | | $ | — | | | | | $ | 112,962 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Prepaid advertising | | | | $ | 9,645 | | | | | $ | 4,374 | | |
Prepaid income tax | | | | | 16,924 | | | | | | 22,504 | | |
Prepaid operational expenses | | | | | 5,152 | | | | | | 7,387 | | |
Other current assets | | | | | 5,663 | | | | | | 10,031 | | |
Total prepaid expenses and other current assets | | | | $ | 37,384 | | | | | $ | 44,296 | | |
| | | Useful Lives (in years) | | | December 31, 2020 | | |||||||||||||||
| | | Gross Carrying Value | | | Accumulated Amortization | | | Net Carrying Value | | ||||||||||||
Technology | | | 5 | | | | $ | 14,533 | | | | | $ | (4,818) | | | | | $ | 9,715 | | |
Customer relationships | | | 2 to 8 | | | | | 8,830 | | | | | | (3,348) | | | | | | 5,482 | | |
Tradenames | | | 3 | | | | | 6,496 | | | | | | (2,825) | | | | | | 3,671 | | |
Total intangible assets, net | | | | | | | $ | 29,859 | | | | | $ | (10,991) | | | | | $ | 18,868 | | |
| | | Useful Lives (in years) | | | March 31, 2021 | | |||||||||||||||
| | | Gross Carrying Value | | | Accumulated Amortization | | | Net Carrying Value | | ||||||||||||
Technology | | | 3 to 5 | | | | $ | 18,533 | | | | | $ | (5,536) | | | | | $ | 12,997 | | |
Customer relationships | | | 2 to 12 | | | | | 91,830 | | | | | | (7,115) | | | | | | 84,715 | | |
Tradenames | | | 3 to 5 | | | | | 12,496 | | | | | | (3,359) | | | | | | 9,137 | | |
Total intangible assets, net | | | | | | | $ | 122,859 | | | | | $ | (16,010) | | | | | $ | 106,849 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Cost of revenue | | | | $ | 725 | | | | | $ | 717 | | |
Marketing and sales | | | | | 545 | | | | | | 3,769 | | |
General and administrative | | | | | 580 | | | | | | 534 | | |
Total amortization of finite-lived intangible assets | | | | $ | 1,850 | | | | | $ | 5,020 | | |
Year Ending December 31, | | | Amount | | |||
Remainder of 2021 | | | | $ | 12,293 | | |
2022 | | | | | 14,223 | | |
2023 | | | | | 12,357 | | |
2024 | | | | | 9,462 | | |
2025 | | | | | 8,117 | | |
Thereafter | | | | | 50,397 | | |
Total | | | | $ | 106,849 | | |
| | | December 31, 2020 | | | March 31, 2021 | | ||||||
Accrued marketing expenses | | | | $ | 26,459 | | | | | $ | 29,255 | | |
Accrued indirect taxes | | | | | 13,463 | | | | | | 17,953 | | |
Other accrued expenses | | | | | 6,857 | | | | | | 14,084 | | |
Total accrued liabilities | | | | $ | 46,779 | | | | | $ | 61,292 | | |
| | | Authorized and Originally Issued Shares | | | December 31, 2020 | | ||||||||||||
| | | Outstanding Shares | | | Net Carrying Value | | ||||||||||||
A-1 Preferred Stock | | | | | 57,999,960 | | | | | | 54,431,446 | | | | | $ | 6 | | |
A-2 Preferred Stock | | | | | 47,483,380 | | | | | | 39,134,868 | | | | | | 63,283 | | |
B Preferred Stock | | | | | 12,634,398 | | | | | | 10,880,018 | | | | | | 68,101 | | |
Total | | | | | 118,117,738 | | | | | | 104,446,332 | | | | | $ | 131,390 | | |
| | | Authorized and Originally Issued Shares | | | March 31, 2021 | | ||||||||||||
| | | Outstanding Shares | | | Net Carrying Value | | ||||||||||||
A-1 Preferred Stock | | | | | 57,999,960 | | | | | | 54,431,446 | | | | | $ | 5 | | |
A-2 Preferred Stock | | | | | 47,483,380 | | | | | | 39,134,868 | | | | | | 63,462 | | |
B Preferred Stock | | | | | 12,634,398 | | | | | | 10,880,018 | | | | | | 68,892 | | |
Total | | | | | 118,117,738 | | | | | | 104,446,332 | | | | | $ | 132,359 | | |
| | | Liquidation Preferences | | | Issuance Price/Liquidation Preference Per Share | | ||||||
Series A-2 | | | | $ | 31,699 | | | | | $ | 0.81 | | |
Series B | | | | | 34,490 | | | | | | 3.17 | | |
Total | | | | $ | 66,189 | | | | | | | | |
| | | Redemption Value | | |||
Series A-2 | | | | $ | 63,462 | | |
Series B | | | | | 68,891 | | |
Total redemption value | | | | $ | 132,353 | | |
| | | December 31, 2019 | | | Additions, net | | | March 31, 2020 | | |||||||||
Foreign currency translation loss | | | | $ | (187) | | | | | $ | (353) | | | | | $ | (540) | | |
Unrealized gains/(losses) on marketable securities | | | | | 79 | | | | | | (181) | | | | | | (102) | | |
Accumulated other comprehensive loss | | | | $ | (108) | | | | | $ | (534) | | | | | $ | (642) | | |
| | | December 31, 2020 | | | Additions, net | | | March 31, 2021 | | |||||||||
Foreign currency translation gain/(loss) | | | | $ | 2,341 | | | | | $ | (1,282) | | | | | $ | 1,059 | | |
Unrealized gains/(losses) on marketable securities | | | | | 114 | | | | | | (45) | | | | | | 69 | | |
Accumulated other comprehensive income/(loss) | | | | $ | 2,455 | | | | | $ | (1,327) | | | | | $ | 1,128 | | |
| | | Number of RSUs | | | Weighted Average Grant Date Fair Value Per RSU | | ||||||
RSUs outstanding – December 31, 2020 | | | | | 5,441,475 | | | | | $ | 21.27 | | |
RSUs granted | | | | | 726,673 | | | | | | 63.73 | | |
RSUs vested | | | | | (525,920) | | | | | | 17.47 | | |
RSUs forfeited and cancelled | | | | | (83,923) | | | | | | 24.72 | | |
RSUs outstanding – March 31, 2021 | | | | | 5,558,305 | | | | | $ | 27.53 | | |
| | | Shares Available for Future Grant | | |||
Balance as of December 31, 2020 | | | | | 8,728,327 | | |
Granted | | | | | (726,673) | | |
Forfeited and expired | | | | | 87,361 | | |
Reacquired to satisfy employee tax withholding obligations | | | | | 270,089 | | |
Balance as of March 31, 2021 | | | | | 8,359,104 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Cost of revenue | | | | $ | 161 | | | | | $ | 275 | | |
Research and product development | | | | | 4,677 | | | | | | 6,793 | | |
Marketing and sales | | | | | 641 | | | | | | 1,172 | | |
General and administrative | | | | | 2,423 | | | | | | 1,612 | | |
Total stock-based compensation | | | | $ | 7,902 | | | | | $ | 9,852 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss | | | | $ | (10,132) | | | | | $ | (1,146) | | |
Less: accretion of redeemable convertible preferred stock to redemption value | | | | | (1,181) | | | | | | (969) | | |
Net loss attributable to Class A, Class B and Class C common stockholders, basic and diluted | | | | $ | (11,313) | | | | | $ | (2,115) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average shares used in computing net loss per share attributable to Class A,Class B and Class C common stockholders, basic and diluted | | | | | 17,417,384 | | | | | | 19,012,323 | | |
Net loss per share attributable to Class A, Class B and Class C common stockholders, basic and diluted | | | | $ | (0.65) | | | | | $ | (0.11) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2020 | | | 2021 | | ||||||
Redeemable convertible preferred stock | | | | | 104,446,332 | | | | | | 104,446,332 | | |
Outstanding stock options | | | | | 5,914,365 | | | | | | 4,324,501 | | |
Restricted stock units | | | | | 5,823,221 | | | | | | 5,996,773 | | |
Executive restricted stock | | | | | 4,460,858 | | | | | | 4,460,858 | | |
Total | | | | | 120,644,776 | | | | | | 119,228,464 | | |
| Assets | | | | | | | |
| Current Assets | | | | | | | |
| Cash | | | | $ | 15,996,479 | | |
| Restricted cash | | | | | 12,333,574 | | |
| Accounts receivable, net | | | | | 109,342 | | |
| Prepaid expenses and other current assets | | | | | 309,578 | | |
| Deferred contract costs, current portion | | | | | 239,371 | | |
| Due from vendors | | | | | 2,743,999 | | |
| Total Current Assets | | | | | 31,732,343 | | |
| Property, Equipment and Software, Net | | | | | 2,798,206 | | |
| Other Assets | | | | | | | |
| Deferred contract costs, net of current portion | | | | | 365,427 | | |
| Other assets | | | | | 111,701 | | |
| Total Other Assets | | | | | 477,128 | | |
| Total Assets | | | | $ | 35,007,677 | | |
| Liabilities and Stockholders’ Equity | | | |||||
| Current Liabilities Accounts payable | | | | $ | 1,561,501 | | |
| Accrued expenses | | | | | 1,628,887 | | |
| Deferred revenue | | | | | 20,695 | | |
| Funds payable and amounts due to customers | | | | | 15,077,573 | | |
| Total Current Liabilities | | | | | 18,288,656 | | |
| Other Liabilities | | | | | 247,964 | | |
| Total Liabilities | | | | | 18,536,620 | | |
| Stockholders’ Equity | | | | | | | |
| Preferred stock, $.00001 par value 106,931,596 shares authorized; 106,931,596 shares issued and outstanding | | | | | 1,069 | | |
| Common stock, $.00001 par value 303,496,542 shares authorized; 121,392,684 shares issued; 120,787,253 shares outstanding | | | | | 1,214 | | |
| Additional paid-in capital | | | | | 31,141,171 | | |
| Treasury stock, 605,431 shares, at par value | | | | | (6) | | |
| Accumulated deficit | | | | | (14,672,391) | | |
| Total Stockholders’ Equity | | | | | 16,471,057 | | |
| Total Liabilities and Stockholders’ Equity | | | | $ | 35,007,677 | | |
| Net Sales | | | | $ | 23,027,648 | | |
| Cost of Sales | | | | | 9,863,508 | | |
| | | | | | 13,164,140 | | |
| Operating Expenses Sales and marketing expenses | | | | | 4,948,987 | | |
| General and administrative expenses | | | | | 9,026,016 | | |
| Total Operating Expenses | | | | | 13,975,003 | | |
| Other Income (Expense) Foreign currency transaction losses | | | | | (1,738) | | |
| Interest income | | | | | 5,886 | | |
| Other income | | | | | 7,126 | | |
| Total Other Income | | | | | 11,274 | | |
| Net Loss | | | | $ | (799,589) | | |
| | | Preferred Stock | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A-3 | | | Series A | | | Series A-2 | | | Series Seed | | | Common Stock | | | Additional Paid in Capital | | | Treasury Stock | | | Accumulated Deficit | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance — January 1, 2020 | | | | | — | | | | | $ | — | | | | | | 20,616,548 | | | | | $ | 206 | | | | | | 40,893,799 | | | | | $ | 409 | | | | | | 13,888,889 | | | | | $ | 139 | | | | | | 119,268,939 | | | | | $ | 1,193 | | | | | $ | 20,634,480 | | | | | | (605,431) | | | | | $ | (6) | | | | | $ | (13,872,802) | | | | | $ | 6,763,619 | | |
Exercise of options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,123,745 | | | | | | 21 | | | | | | 509,677 | | | | | | — | | | | | | — | | | | | | — | | | | | | 509,698 | | |
Issuance of Series A-3 preferred stock | | | | | 31,532,360 | | | | | | 315 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,999,682 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,999,997 | | |
Stock issuance costs (Series A-3) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (130,000) | | | | | | — | | | | | | — | | | | | | | | | | | | (130,000) | | |
Stock based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 127,332 | | | | | | — | | | | | | — | | | | | | — | | | | | | 127,332 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (799,589) | | | | | | (799,589) | | |
Balance — December 31, 2020 | | | | | 31,532,360 | | | | | $ | 315 | | | | | | 20,616,548 | | | | | $ | 206 | | | | | | 40,893,799 | | | | | $ | 409 | | | | | | 13,888,889 | | | | | $ | 139 | | | | | | 121,392,684 | | | | | $ | 1,214 | | | | | $ | 31,141,171 | | | | | | (605,431) | | | | | $ | (6) | | | | | $ | (14,672,391) | | | | | $ | 16,471,057 | | |
| Cash Flows From Operating Activities | | | | | | | |
| Net loss | | | | $ | (799,589) | | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | |
| Depreciation and amortization | | | | | 1,465,947 | | |
| Amortization of contract costs | | | | | 113,313 | | |
| Stock based compensation | | | | | 127,332 | | |
| Bad debt expense | | | | | 16,248 | | |
| Changes in operating assets and liabilities: | | | | | | | |
| Accounts receivable | | | | | 417,508 | | |
| Prepaid expenses | | | | | 35,295 | | |
| Due from vendors | | | | | (1,010,205) | | |
| Other assets | | | | | (703,234) | | |
| Accounts payable | | | | | 1,305,745 | | |
| Accrued expenses | | | | | 830,424 | | |
| Deferred revenue | | | | | (325,543) | | |
| Funds payable and amounts due to customers | | | | | 10,064,770 | | |
| Other liabilities | | | | | 233,564 | | |
| Total Adjustments | | | | | 12,571,164 | | |
| Net Cash Provided by Operating Activities | | | | | 11,771,575 | | |
| Cash Flows Used in Investing Activities Purchases of property, equipment and software | | | | | (2,111,131) | | |
| Cash Flows From Financing Activities | | | | | | | |
| Proceeds from issuance of Series A-3 preferred stock | | | | | 9,999,997 | | |
| Payments for stock issuance costs (Series A-3) | | | | | (130,000) | | |
| Proceeds from exercise of stock options | | | | | 509,698 | | |
| Net Cash Provided by Financing Activities | | | | | 10,379,695 | | |
| Net Increase in Cash and Restricted Cash | | | | | 20,040,139 | | |
| Cash and Restricted Cash − Beginning | | | | | 8,289,914 | | |
| Cash and Restricted Cash − Ending | | | | $ | 28,330,053 | | |
| Reconciliation of cash and restricted cash reported in the balance sheet: | | | | | | | |
| Cash | | | | $ | 15,996,479 | | |
| Restricted Cash | | | | | 12,333,574 | | |
| Total Cash and Restricted Cash | | | | $ | 28,330,053 | | |
| Cash Paid During the Year for: | | | | | | | |
| Interest | | | | $ | 871 | | |
| | | Years | |
Computer equipment and software | | | 3 – 5 | |
Website and software development costs | | | 3 | |
Furniture and fixtures | | | 7 | |
Leasehold improvements | | | Lesser of useful life or remaining lease term | |
Source: | | | 2020 | | | % | | ||||||
Subscription fee revenue | | | | $ | 3,401,989 | | | | | | 15% | | |
TPP payment-processing | | | | | 9,613,388 | | | | | | 42% | | |
Non-TPP payment-processing | | | | | 397,406 | | | | | | 2% | | |
Source: | | | 2020 | | | % | | ||||||
Engineering services revenue | | | | | 2,973,952 | | | | | | 13% | | |
Metered GMV fees | | | | | 5,020,047 | | | | | | 22% | | |
Other revenue | | | | | 1,620,866 | | | | | | 6% | | |
Total | | | | $ | 23,027,648 | | | | | | 100% | | |
|
| | | 2020 | | |||
Computer equipment and software | | | | $ | 401,873 | | |
Website and software development costs | | | | | 6,316,649 | | |
Furniture and fixtures | | | | | 183,504 | | |
Leasehold improvements | | | | | 21,892 | | |
Total Cost | | | | | 6,923,918 | | |
Less: Accumulated depreciation and amortization | | | | | (4,125,712) | | |
Property, Equipment and Software, Net | | | | $ | 2,798,206 | | |
For the Years Ending December 31, | | | Amount | | |||
2021 | | | | $ | 1,292,119 | | |
2022 | | | | | 888,960 | | |
2023 | | | | | 324,474 | | |
Total | | | | $ | 2,505,553 | | |
| | | 2020 | | |||
Restricted cash | | | | $ | 12,333,574 | | |
Due from vendors | | | | | 2,743,999 | | |
Total GMV Assets | | | | $ | 15,077,573 | | |
Funds payable and amounts due to customers | | | | $ | 15,077,573 | | |
Total GMV Liabilities | | | | $ | 15,077,573 | | |
| | | 2020 | | |||
Due to restaurants and other businesses | | | | $ | 14,601,922 | | |
Gift card liability | | | | | 475,651 | | |
Total funds payable and amounts due to customer | | | | $ | 15,077,573 | | |
| | | Options Outstanding | | | Weighted-Average Fair Value | | ||||||
Outstanding at January 1, 2020 | | | | | 40,466,067 | | | | | $ | 0.01 | | |
Granted | | | | | 6,986,000 | | | | | | 0.04 | | |
Exercised | | | | | (2,123,745) | | | | | | 0.01 | | |
Forfeited | | | | | (2,613,123) | | | | | | 0.02 | | |
Expired | | | | | (1,907,846) | | | | | | 0.01 | | |
Outstanding at December 31, 2020 | | | | | 40,807,353 | | | | | $ | 0.02 | | |
For the Years Ending December 31, | | | Amount | | |||
2021 | | | | $ | 451,379 | | |
2022 | | | | | 460,407 | | |
2023 | | | | | 193,416 | | |
Total | | | | $ | 1,105,202 | | |
| | | Amount Paid or to Be Paid | | |||
SEC registration fee | | | | $ | 10,910 | | |
Exchange listing fee | | | | | * | | |
Printing and engraving expenses | | | | | * | | |
Legal fees and expenses | | | | | * | | |
Accounting fees and expenses | | | | | * | | |
Custodian, transfer agent and registrar fees and expenses | | | | | * | | |
Other advisor fees | | | | | * | | |
Miscellaneous expenses | | | | | * | | |
Total | | | | $ | * | | |
Exhibit No. | | | | |
2.1** | | | | |
3.1** | | | | |
3.2** | | | | |
3.3** | | | | |
3.4** | | | | |
4.1** | | | | |
| | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP. | | |
10.1** | | | | |
10.2** | | | | |
10.3†** | | | | |
10.4†** | | | | |
10.5†** | | | | |
10.6†** | | | | |
10.7†** | | | | |
10.8†** | | | | |
10.9†** | | | | |
10.10† | | | | |
10.11† | | | Form of Stock Option Agreement pursuant to the Squarespace, Inc. Amended 2008 Equity Incentive Plan. | |
10.12† | | | | |
10.13† | | | Form of Stock Option Agreement pursuant to the Squarespace, Inc. Amended and Restated 2008 Equity Incentive Plan. | |
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
10.1 | | | | |
| | | ||
| | |||
|
Exhibit No. | | | | |
10. | | | | |
10.23** | | | | |
10.24** | | | | |
10.25** | | | | |
21.1** | | | | |
| | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1). | | |
23.2 | | | | |
23.3 | | | | |
24.1** | | | |
| | | | Squarespace, Inc. | | |||
| | | | By: | | | /s/ Anthony Casalena Anthony Casalena Chief Executive Officer | |
| Signature | | | Title | | | Date | |
| /s/ Anthony Casalena Anthony Casalena | | | Chief Executive Officer and Director (Principal Executive Officer) | | | April | |
| /s/ Marcela Martin Marcela Martin | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | April | |
| Andrew Braccia | | | Director | | | April | |
| Michael Fleisher | | | Director | | | April | |
| Liza Landsman | | | Director | | | April | |
| Anton Levy | | | Director | | | April | |
| Jonathan Klein | | | Director | | | April | |
| * By: /s/ Anthony Casalena Attorney-in-Fact | | | |