Squarespace (NYSE: SQSP)

Squarespace (NYSE: SQSP) is an online platform that allows entrepreneurs to establish, build and grow their business. It was founded in 2003 by Anthony Casalena who continues to run the business to this day. Per p. 4 of the 2021 10-K, “Squarespace is an all-in-one platform with everything to sell anything, providing customers in over 200 countries and territories with all the tools they need to sell physical products, digital content, classes, appointments, reservations and more. Powered by best-in-class design for a consistent brand experience across all touchpoints, our suite of fully integrated products enables anyone to manage their projects and businesses through websites, domains, e-commerce, marketing tools, and scheduling, along with tools for managing a social media presence with Unfold and hospitality services via Tock.” Per the 2021 10-K again, the business generated $784 million in revenue which was a 26% increase from 2020. Squarespace is headquartered in the mean streets of New York City.

History

As stated above, Squarespace started in 2003 and was officially launched in 2004 by Anthony Casalena. He got the idea for the business when he struggled to design his own website. Per the letter from Mr. Casalena in Squarespace’s prospectus, “In 2003, I experienced this firsthand when I tried to build a website for myself. I was immediately frustrated by the lack of polish and the integration work required to build even something simple using the technologies available at the time. Squarespace was born of that frustration. I wanted to create a simple solution to enable anyone to easily publish to the Web and enable anyone to access the power of great design.” He initially financed the business with a $30,000 loan from his parents. Squarespace hired its first employee in 2006, received its first venture capital investment of $38.5 million from Accel and Index Ventures in 2010, added its Commerce offering in 2013, raised $40 million from General Atlantic in 2014 and acquired three businesses (Acuity, Unfold and Tock) between 2019-2020. Not too shabby.

CEO

Per p. 5 of the 2022 Proxy Statement, Anthony Casalena is “… the Founder and Chief Executive Officer of Squarespace, which he started from his dorm room in 2003. During the company’s early years, Mr. Casalena acted as the sole engineer, designer and support representative for the Squarespace platform. In addition to running the company and setting overall product strategy, Mr. Casalena remains actively involved in many departments of the company that he had previously run himself. Mr. Casalena holds a B.S. in Computer Science from the University of Maryland.” Squarespace is Mr. Casalena’s only professional work experience and has been his life’s work.

CEO Compensation

Mr. Casalena’s compensation is made up of a base salary and equity awards. His base salary in 2021 was $650,000. Per the 2022 Proxy Statement, his base salary will be $1 going forward because of the equity awards which will be detailed for the rest of this section. Per p. 18 of the 2022 Proxy Statement, “On April 15, 2021, our board of directors granted a long-term performance-based restricted stock unit award under our 2017 Equity Incentive Plan (the “2017 Plan”) to Anthony Casalena, which provides Mr. Casalena with the ability to earn up to 2,750,000 shares of our Class A common stock. Please see “— Equity Award Grants” below.” A description of Mr. Casalena’s long-term performance awards can be found on pp. 21-22 of the proxy statement referenced above. Per p. 21 of the document, “On April 15, 2021, our board of directors granted a long-term performance-based restricted stock unit award under our 2017 Equity Incentive Plan to Anthony Casalena, our Founder and Chief Executive Officer, which provides Mr. Casalena with the ability to earn up to 2,750,000 shares of our Class A common stock (the “Casalena Performance Award”). The Casalena Performance Award is subject to vesting based upon the achievement of meaningful stock price targets and the satisfaction of service conditions, each as described in more detail below.

We expect that the Casalena Performance Award will serve as Mr. Casalena’s sole form of cash and equity compensation from the company, other than a $1 annual base salary, through the fifth anniversary of the effectiveness of the registration statement for the Direct Listing. We do not currently intend to provide Mr. Casalena with any additional base salary, cash incentive awards or equity awards during this five-year period.”

The performance conditions of the long-term equity awards are described on pp. 21-22 of the 2022 Proxy Statement where it states, “The Casalena Performance Award is eligible to vest based on our achievement of specified stock price targets during the period beginning upon the effectiveness of the registration statement for the Direct Listing and ending on the fifth anniversary of the grant date (the “Performance Period”). The Casalena Performance Award is divided into ten equal tranches that are eligible to vest based on our achievement of ten different and steadily increasing stock price targets, each of which will be deemed to have been achieved when the average closing price of a share of our Class A common stock on the trading days over any consecutive 30 calendar day period during the Performance Period equals or exceeds the applicable stock price goal.

If the average closing price of a share of our Class A common stock on the trading days over any consecutive 30 calendar day period during the Performance Period does not equal or exceed $105.00, then none of the shares subject to the Casalena Performance Award will become eligible to vest. The applicable stock price targets and the number of shares that are eligible to vest in respect of the Casalena Performance Award are subject to adjustment to reflect any mergers, consolidations, reorganizations, stock dividends, stock splits or similar transactions or events that impact our Class A common stock in accordance with the terms of our 2017 Equity Incentive Plan.

We believe that the Casalena Performance Award will provide an additional level of meaningful alignment between Mr. Casalena and our stockholders generally, since the Casalena Performance Award will only become eligible to vest if the company achieves stock price targets over a five year period following the grant date that would result in returns to our stockholders that significantly exceed those generally applicable to our peer companies and the equity markets generally.”

The screencap below shows the stock price targets for Mr. Casalena’s long-term performance awards and is taken from p. 21 of the 2022 Proxy Statement.

I don’t dislike the incentives for Mr. Casalena’s long-term performance awards. It’s not tied to returns on capital or increases in free cash flow, but at least there is a tranche structure with increasingly higher stock prices to hit to receive share awards even if the prices only need to be sustained for 30 days. Please don’t think that Mr. Casalena will struggle financially with the $1 base salary if he doesn’t hit the stock price targets. He received $229 million in stock-based compensation that vested immediately when the business went public and bought three pieces of property on Long Island for $42 million a few years ago. I wasn’t thrilled by the $229 million payment, but what can I do?

There is another aspect of Mr. Casalena’s stock holdings that deserves mentioning. In addition to the Class A shares discussed above, Mr. Casalena owns ~43 million Class B shares. These shares have the same economic rights as the Class A shares, but have ten votes per share instead of one. Per p. 14 of the 2022 Proxy Statement, Mr. Casalena owns ~89% of all Class B shares which gives him a total voting percentage of ~75% meaning that he will have control over any voting matter.

What Does Squarespace Do?

Squarespace’s platform has three segments: Presence, Commerce and Marketing. Presence offers websites, domains, social media via Unfold, Enterprise and Google Workspace. A breakdown of each component of Presence is listed below and was taken directly from p. 7 of 2021 10-K:

“Websites: We offer a comprehensive set of award-winning website templates created by our world-class designers. Our simple and intuitive drag-and-drop solutions enable our customers to build flexible, relevant and easy-to-customize pages with sections that are designed to help bring their ideas to life quickly and beautifully. Our platform provides hundreds of customizable settings, including fonts, custom color palettes and built-in photo editing capabilities, so every website can be made to stand out with just a few clicks.

Domains: Buying a domain with Squarespace is simple and straightforward. We offer a large selection of domains, including the latest top-level domains. Our domain management tools allow customers to do everything from editing their DNS records to forwarding their URL. All of our sites come with the security tools needed to host a growing online presence and automatically provide free domain privacy for all eligible domains.

Social (Unfold): With elevated design collections and intuitive photo and video editing, Unfold helps users create expert-looking stories for social media. According to AppFigures, as of December 2021, Unfold was ranked top 10 in their “Graphics & Design” category in 98 countries, with over one and a half billion stories across 50 million downloads. Unfold also enables businesses to create and manage brand assets on social platforms from a single place and enables stories to be shared to the web. Unfold+ and Unfold for Brands subscriptions offer more advanced experiences, including access to additional collections and features to expand a brand’s storytelling toolkit and the ability to create custom Bio Sites that connect social followers to a website.

Enterprise: For our larger customers, we offer a set of premium plans combining Squarespace’s most advanced features with dedicated and prioritized support. We provide business solutions spanning from bulk purchase packaging, to custom contracting and payment methods, to premium support tailored to each customer’s needs. We also offer the ability for these customers to secure their accounts using customized Single Sign-On (SSO) providers.

Google Workspace (Professional Email): Professional email on a custom domain is a necessity for our customers who are establishing a brand online. To offer this, we enable our customers to activate Google Workspace on their domains that are hosted by Squarespace. In addition to professional email, Google Workspace customers also get access to Google Calendar, Google Drive, Google Hangouts and more.”

Commerce is well…… commerce. It’s the segment of the platform that helps you sell your product(s), time via Acuity and it’s scheduling app, brand via member areas and hospitality offerings through Tock. Taken from pp. 7-8 of the 2021 10-K:

“Commerce: Squarespace offers deep e-commerce functionality in our integrated platform. Our easy-to-customize and award-winning designs help our customers sell more by making them look better. Being a true multi-modal commerce platform, we support the sale of physical products, subscriptions, digital content and services without the need for third-party tools or integrations. Our commerce functionality includes shipping labels, inventory management, product merchandising, customer relationship management, customized purchase confirmation emails, product promotions, gift cards, selling on Instagram and more. We offer secure checkout and enable payment through credit or debit cards via our partnerships with payment processors. Squarespace customers can also sell offline via our Point-of-Sale integration with card reader hardware.

​Scheduling: As an add-on to our customers’ websites or as a standalone subscription, Squarespace Scheduling enables businesses to share availability and take bookings for appointments and classes. Scheduling integrates with the most popular calendars and video conference tools and includes customizable communications for appointment confirmations, reminders, follow-ups and intake forms. Consumers can pay online or reschedule appointments with a click, all in one place.

Member Areas: Our customers can create exclusive members-only content and have full control over how to charge for access. As an add-on subscription, Member Areas enables many additional commerce use cases including virtual classes, private podcasts and paid newsletters.

Hospitality Services (Tock): As a standalone subscription to customers in the restaurant, winery and hospitality business, Squarespace offers the capability for customers to seamlessly manage reservations, events, takeout, and delivery using Tock. In addition to managing reservations, Tock’s hospitality services include integrated guest marketing, including guest profiles and pre- and post-visit questionnaires, contactless payments, restaurant floor-plan and layout management, automated waitlists, and real-time customer information reporting for enhanced hospitality management. Combining the brand-building power of Squarespace and the hospitality tools of Tock, everything our customers would need to market and manage their business is available.”

The third segment of the platform is Marketing. Quoting the 2021 10-K again on p. 8, Marketing offers:

“Email Campaigns: Our customers can amplify their message and make personal connections with their customers through our Email Campaigns product, which is available as an add-on subscription to their website subscription. Customers can seamlessly use and manage contact lists and drop content and products from their sites into Email Campaigns, giving them quick access to content and keeping their brand consistent between the web and email. Our platform is designed to make it easy to manage a growing audience, with features like smart client lists and easy access to customer profiles, which include things like customer order information.

SEO: Every Squarespace website and online store comes optimized to be indexed and found online, with a suite of integrated features and guides that help maximize prominence among search results. Squarespace was the first website builder to integrate directly with Google Search Console, giving our customers a view into how they are being seen and found on Google. Everything on the Squarespace platform is optimized to be found online with no third-party plugins required.

Analytics: We have developed our own custom analytics solution that incorporates data from our website, commerce and email solutions into a single view for our customers. Without an integrated platform, customers would be forced to use multiple third-party tools, resulting in a fragmented view of their data across multiple systems.”

Why was describing Squarespace’s segments important? The answer is that the business offers all of them (Presence, Commerce and Marketing) as an all-in-one, easy to use platform that focuses on design which is geared towards “solopreneurs”, creatives, artists, designers, and restaurants. It allows its customers to build a beautiful online presence, sell their product(s) and market their brand right out of the box. Other e-commerce and design platforms do not have this type of offering. That’s not to say you can’t do all these things on other website builders, but Squarespace allows you to do all of them without needing to download additional plugins or extensions or worry about your servers or website security. To their credit, the other platforms do offer more integrations, design templates and hyper customization, but they come at a cost which is that you must do everything on your own. That is the tradeoff. Squarespace simply works and does most of the heavy lifting for you. As Chief Product Officer Paul Gubbay said in Squarespace’s Investor Day video on 5/2/2021, “We provide tools for every step of the customer journey. From branding and launching to marketing and scaling your business.”

As mentioned in the previous paragraph, Squarespace makes it a point to be easy and intuitive to use. You do not need to know any kind of coding skills or the hottest new integration product/tool. That’s not to say there’s not a learning curve with the platform though. Two quotes below highlight its ease of use.

*** Please note that the quotes below are from two entrepreneurs who use Squarespace’s platform and had their businesses profiled in the company’s 5/2/2021 Investor Day video so there is some bias given that they were handpicked examples. ***

“My favorite thing about Squarespace is that I can actually use it. I am not super tech savvy. I’m pretty bad at navigating things on the internet and Squarespace has made my life very easy. It’s made me feel very smart because I can actually figure it out.” – Nicole Fiore, World Champion Roller Skater

“You know it all goes back again to just kind of the DIY aspect of Squarespace. I don’t know anything about coding, I don’t know anything about website development. It was nice that I could make it look the way that I wanted it to.” – Blake Wright of Januari

Lastly, I’d like to highlight why design is so important to Squarespace. In my opinion, this is the biggest differentiator from other e-commerce and design platforms. Per the prospectus from last year, “Based on a study by the Association for Computing Study and a study in Taylor & Francis’ Behavior and Information Technology Journal, 94% of first impressions are design-related, and it takes less than 0.05 seconds for someone to form an opinion about whether they like a website or not.” Squarespace obviously has an incentive to post a statistic like this due to the nature of its design focused platform, but let’s say that it isn’t entirely accurate. I would ask you, the reader, if the design/layout of a website is important. How much do you value visiting a website/online business that is sleek, beautiful to look at, and easy to navigate versus one that is dull, not visually impressive (I feel like ugly is too strong of a word), and hard to navigate? I posted three quotes below that highlight the value of Squarespace’s focus on design.

*** Please note that the quotes below are from an entrepreneur who had his businesses profiled in the company’s 5/2/2021 Investor Day video and from the Chief Creative Officer of the business so there is some bias given that they were handpicked examples. ***

“I can throw my products on my website the same way a multi-million-dollar company can put theirs on their website. It’s really nice for someone like me who wants to learn how to do something, but not spend years learning how to do it. I’ve definitely gotten work from people seeing my website and thinking like, “Wow, this looks really great. This guy must really know what he’s doing.”” – Blake Wright of Januari

“Our promise to our customers is simple. Help them look their best and make a lasting impression across every touch point. So, we have to apply that same standard to our own brand. Squarespace is special in having C-suite representation for design and creativity. It’s not an afterthought. It’s core to what we do because when we say design, we don’t mean pretty wallpaper. We mean a competitive advantage for our customers businesses.” – David Lee, Chief Creative Officer, 5/2/2021 Investor Day video

“Modern brands have a huge number of moving parts and our platform has the breadth to create a consistent design language across all of them. You never know what’s going to stick with someone. It could be your color palette or the type style you choose. It might be a minimal and clean post in the middle of a cluttered social feed or a product gallery that’s so rich with content that someone can imagine holding your product in their hands. Brands are made up of all these little moments and interactions with the customer and great brands understand that they’re all equally important.” – David Lee, Chief Creative Officer 5/2/2021 Investor Day video

I’ve written a lot about design, but I think that you should look at some websites that use the platform to see it in action. My goal is for you to see what a Squarespace website looks like, what the general layouts/themes are and what kind of customers they’re going for. Hopefully this will drive home the emphasis on design that I’ve written about. Please clink this link to be taken to Squarespace’s Showcase.

What does the internet think about Squarespace? I Googled “Squarespace review” and a lot of results came up from independent reviewers. The problem was that most of them had affiliate marketing links so I couldn’t totally trust what they said. Luckily, G2 and its peer-to-peer review system exists so I went there. Squarespace comes in with a solid 4.4/5 stars and is labeled as a “Leader” in its category for Summer 2022. A link to Squarespace’s reviews on G2 is here. I would pay attention to the reviews from early 2020 onwards since that is when Squarespace released the newest version (7.1) of its platform. You can also find comments about how easy Squarespace is to use and its focus on design if you think the quotes in the previous section are too biased.

Valuation

Sales increased from ~$485 million to ~$784 million between 2019 and 2021 which is a CAGR of 17.36%. The business breaks down its revenue in to two segments: Presence and Commerce. For whatever reason, Marketing is not listed. Presence revenue increased 16.1% year-over-year (YoY) from ~$430 million to ~$555 million. Commerce revenue increased 60.1% YoY from ~$143 million to ~$229 million. That is the kind of sales growth that I want to see as a potential investor in the business. Revenues for the first half of 2022 have been mixed. Q1 2022 revenues saw YoY growth of 16% to $208 million. However, guidance for Q2 2022 is only a YoY increase of 6-9% which indicates revenues of $208-$213 million. Full year guidance is in the range of $867-$879 million which would be YoY increase of 11-12%. 2022 revenue guidance is a bit concerning on the surface given the rapid growth the business experienced over the last few years. However, the macro-economic environment isn’t exactly rosy as I type out this writeup and the fact that Squarespace is expecting YoY revenue increases during these trying times is encouraging. Its market capitalization is ~$2.9 billion meaning that the business trades anywhere from 3.3-3.7x revenues depending on whether you want to use the 2021 figures or the guidance provided by management for 2022. What about its free cash flow?

My free cash flow calculations for Squarespace are shown in the screencap below.

The business paid out a ton of stock-based compensation (SBC) in 2021 which drove down what I call real free cash flow (RFCF). As I stated earlier, most of the SBC was paid out to Mr. Casalena when the business went public. There is even a note on p. 79 of the 2021 10-K stating that the payment to the CEO was a one-time charge. I want to reiterate that I wasn’t thrilled about the amount of compensation he received, but there’s nothing I can do about it. Stock-based compensation for 2019 and 2020 don’t seem too ridiculous given that they were ~4% and ~5% of each year’s revenue. I must admit that I was quite surprised to see a software business paying out relatively low amounts of stock-based compensation. The business provided unlevered free cash flow guidance for 2022 of $32.6-$36.5 million, but I wouldn’t trust this estimate because stock-based compensation isn’t included in the calculation. If, and that’s a big if, stock-based compensation normalized around 4%-5% going forward then RFCF in 2021 would’ve been ~$73 million meaning that the business trades at a ~40x RFCF multiple. Per the Q1 2022 10-Q, stock-based compensation was ~12% of revenues so it appears that guessing at a normalized figure may be a fool’s errand. Hey, I gave it a good shot though. It’s probably best for me to hold off on valuing the business based on RFCF given the huge payment to Mr. Casalena last year, the fact that the business is experiencing a deceleration in revenue growth and doesn’t have a lot of financial data or capital allocation decisions for me to form a reasonable judgement as to how it will perform in the future. On to returns on capital.

Squarespace’s returns on invested capital (ROIC) are shown in the screencap below.

Squarespace’s ROIC is all over the place if you paid attention to my calculations. The business benefitted greatly from the negative equity on its balance sheet for 2019 and 2020 which dramatically improved its returns on capital. There are a couple of other things I’d like to highlight. The first is the significant variance between its NOPAT and net income over the last couple of years. The amounts differed in 2020 because of interest expense and currency losses. The amounts differed in 2021 because of the SBC payment to Mr. Casalena and a $25.3 million payment for professional fees due to the business’ direct listing. Three other line items to keep an eye on regarding its ROIC and capital structure are the amount of long-term debt the business carries, the increase in goodwill and its capital leases. As of Q1 2022, long-term debt stood at ~$520 million which the business took on to pay outstanding capital stock before it went public, Mr. Casalena’s whopping 2021 compensation and professional fees for its direct listing as described previously. Goodwill ballooned to $435.6 million because of the Tock acquisition in spring of 2021. You will notice that the business did not list any capital leases on its balance sheet, but it does in fact have them. Per p. 12 of the Q1 2022 10-Q, “The Company recognized $100,998 of operating lease right-of-use assets and $127,009 of operating lease liabilities on its condensed consolidated balance sheet as of January 1, 2022 with the difference being primarily adjustments for deferred rent and remaining lease incentive balances. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statement of operations. See "Note 12. Leases" for further information.” The amounts in the previous sentence are in thousands meaning that Squarespace’s total lease liabilities as of 1/1/2022 were $127 million. Including this amount of capital leases will negatively affect its ROIC going forward so it is something I will have to keep my eye on as I continue to follow the business. Learning all this additional information about its debt load, capital leases and equity made me question whether the business can achieve high returns on capital in the future. The debt, capital leases and increases in equity will combine to be a drag on ROIC. How much the drag will be is unknowable, but it indicates that Squarespace’s ROIC probably isn’t as high as I thought after I did my calculations. The fact that I cannot get a rough idea of what Squarespace’s actual ROIC figures are is a red flag 🚩. I’m going to hold off on calculating returns on incremental capital for Squarespace because of this. I also want to see if the business will stick to having relatively low amounts of stock-based compensation in the future.

It's not all bad for Squarespace’s valuation. The business does have some feathers in its cap that are somewhat related to it. These include increases in unique subscriptions, average revenue per unique subscription and high gross margins. Unique subscriptions have increased for 25 straight quarters to 4.1 million. Average revenue per unique subscription increased from $181 at year-end 2019 to $204 in Q1 2022. Gross margins from 2018-2021 were 82%, 83%, 84% and 84% respectively.

Risks

The biggest risk for Squarespace that I can think of is Shopify. Let me be clear about Shopify. It is without question a better option than Squarespace if you want to sell lots of products and I can see how one might be worried about Shopify eating Squarespace’s lunch, but I’d like to ask you two questions. Why hasn’t Shopify taken out Squarespace and why do both businesses continue to experience growth in revenues (hyper growth in Shopify’s case)? Looking at the market like an ecosystem, I would argue that it has determined, at least for now, that there’s room for both kinds of platforms to coexist. In addition to Shopify, the business also faces competition from Wix, Wordpress, GoDaddy and others. I held off on doing a comparison of Squarespace versus its major competitors because I don’t have the time or resources as a one-person operation.

Another major risk for Squarespace going forward is its debt load. As stated above, long-term debt is ~$520 million which is ~60% of 2022 projected revenue and more than double current cash and short-term investments. The debt isn’t due until 2025, but we are in a rising interest rate environment, so it’s something to be aware of as time goes on.

Tailwinds

As expected, the business highlights the huge total addressable market that its penetrating and all the different types of businesses and customers that it serves in its investor presentations. I took these statistics with the largest grain of salt I could think of and asked myself four simple questions. Will there be a continued trend of businesses needing an online presence? Will there be a large amount of creative and design focused businesses that demand beautiful website design and an all-in-one platform solution? Do I think Squarespace’s revenues will be higher in 5-10 years than they are now? Does Squarespace have a unique offering, and will they continue to offer new products and features for the clients to drive value to the platform? The answer to all these questions is, “Yes.”

A second tailwind is international growth. Per p. 6 of the 2021 10-K, “We aim to continue to deploy offerings across the globe, both in English and non-English speaking regions, in order to continue to diversify and accelerate our growth. As of December 31, 2021, we currently serve customers in over 200 countries and territories and approximately 30% of our bookings are from outside of the United States. We support eight languages, with English, German, Spanish, French, Italian and Portuguese available for the creation of websites and Dutch and Swedish available for website translation, and we intend to continue to invest internationally and localize our product offerings. We believe there is significant growth potential within international markets. We intend to continue investment in strategic marketing across brand, direct response and unpaid channels in order to deepen overall brand awareness and attract businesses and individuals seeking to establish an online presence.” International revenues increased 25.4% YoY in 2021 to ~$240 million and made up 30.6% of total revenues.

A third tailwind are enterprise customers. Per p. 6 of the 2021 10-K, “Enterprise includes both larger businesses looking to build an online presence and volume customers who may require scalable solutions for many websites. For example, an agriculture e-commerce company relies on our enterprise solutions to power hundreds of websites for independent farmers to market and sell products. We offer dedicated, prioritized support to ensure they are able to fully leverage our all-in-one platform.” It states in the Q4 2021 Investor Letter linked here that the business plans on growing enterprise revenue to 5% of bookings in 2022. Unfortunately, there are not any additional data points about enterprise customers or how much revenue they generate for the business.

Conclusion

Do I think Squarespace is a compounder? I think it could be in the future, but not as things currently stand. I don’t feel comfortable paying more than 3x revenues for a business that isn’t experiencing hyper growth, has several competitors, has a sizable debt load in a rising interest rate environment and may not be achieving high returns on capital. The business deserves credit for increasing revenues as a solid clip over the last few years, operating in a growing industry and having a differentiated all-in-one platform that’s easy to use and focused on design along with runways for growth in its international and enterprise markets. The best decision for me at this time is to pass on the business, but I will keep my eye on it.

Thanks again as always for reading. If you liked this writeup then please feel free to share it and subscribe!

Please reach out to me at possiblevalueresearch@gmail.com, @PossibleValue on Twitter and @Heshy on MicroCapClub with any comments, concerns or questions. Lastly, don’t forget to tell someone that you love them.

*** Remember that this isn’t investing advice. Consult a trusted financial or investment advisor before making any kind of investment decision. ***

Disclosure: I do not own shares in Squarespace.