0001104659-21-102154.txt : 20210809 0001104659-21-102154.hdr.sgml : 20210809 20210809162050 ACCESSION NUMBER: 0001104659-21-102154 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210809 DATE AS OF CHANGE: 20210809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Squarespace, Inc. CENTRAL INDEX KEY: 0001496963 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 200375811 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40393 FILM NUMBER: 211156772 BUSINESS ADDRESS: STREET 1: 187 LAFAYETTE STREET, 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: (718) 316-8602 MAIL ADDRESS: STREET 1: 187 LAFAYETTE STREET, 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10013 8-K 1 tm2124216d1_8k.htm FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 9, 2021

 

 

 

Squarespace, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Delaware
(State or Other Jurisdiction
of Incorporation)		 001-40393
(Commission
File Number)		 20-0375811
(IRS Employer
Identification No.)

 

225 Varick Street, 12th Floor

New York, New York
(Address of Principal Executive Offices)

 10014
(Zip Code)

 

(646) 580-3456

(Registrant's Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A Common Stock, $0.0001 par value   SQSP   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (P30.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company          x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

 

On August 9, 2021, Squarespace, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The press release may contain hypertext links to information on the Company’s website. The information on the Company’s website is not incorporated by reference into this Current Report on Form 8-K and does not constitute a part of this Form 8-K

 

The press release is furnished under this Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, whether made before or after today's date, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific references in such filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press Release Issued by the Company dated August 9, 2021
104   Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SQUARESPACE, INC.
   
Dated: August 9, 2021 By: /s/ Courtenay O’Connor
    Courtenay O’Connor
    General Counsel and Secretary

 

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 EX-99.1 2 tm2124216d1_ex99-1.htm EXHIBIT 99.1

 Exhibit 99.1 

 

 

Squarespace Announces Second Quarter 2021 Financial Results

 

 

NEW YORK, August 9, 2021 — Squarespace, Inc. (NYSE: SQSP), the all-in-one website building and ecommerce platform that enables millions to build a brand and transact with their customers in an impactful and beautiful online presence, today announced results for its second quarter ended June 30, 2021.

 

“We are incredibly proud of the results in our first quarter as a publicly traded company,” said Squarespace Founder & CEO Anthony Casalena. “The market opportunity for the Squarespace platform remains large and growing, especially as we expand into helping support the many ways our customers around the world transact online.”

 

“We reported record revenue this quarter, driven in large part by the strong growth in our Commerce offering. Our blend of scale, growth, and profitability continues to provide the flexibility to invest in new areas while achieving durable growth. As a result, we are raising our full year guidance across total revenue and unlevered free cash flow,” said Marcela Martin, Squarespace’s CFO.

 

Second Quarter 2021 Financial Highlights

 

●Total Revenue in the quarter was $196.0 million, up 31% year-over-year
○Commerce Revenue in the quarter was $58.7 million, up 72% year-over-year
●Total annual run rate revenue (ARRR) increased to $777.9 million, up 28% year-over-year
●Unique Subscriptions reached 3.9 million in the quarter, up 15% year-over-year, while average revenue per unique subscription (ARPUS) grew to $193, up 6% year-over-year
●Net loss in the quarter was $234.5 million vs. net income of $18.5 million a year ago, primarily due to Direct Listing related expenses, totaling $254.6 million
●Adjusted EBITDA in the quarter was $42.6 million, up from $39.5 million a year ago
●Cash flow from operating activities was $8.7 million (which includes $25.3 million in fees related to the Direct Listing), down from $46.4 million a year ago
○Non-GAAP unlevered free cash flow was $10.3 million, down from $47.3 million a year ago
●At June 30, 2021, cash and cash equivalents were $160.1 million, investments in marketable securities was $36.6 million, total debt was $533.0 million.

 

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

 

 1

 

 

Upcoming Analyst Day

 

We are pleased to announce that Squarespace intends to host our first ever Analyst Day, as a public company, during the first half of November of this year after we report our third quarter financial results. The company’s senior leadership team will host a series of presentations and participate in a Q&A session. More details will follow.

 

Outlook & Guidance

 

For the third quarter of fiscal year 2021, Squarespace currently expects:

●Revenue of $193 million to $198 million, representing year-over-year growth of 19% to 22%.
●Non-GAAP unlevered free cash flow of $21.3 million to $24.5 million. This is the result of:
○Cash flow from operating activities of $24.0 million to $27.5 million, minus
○Capital expenditures, expected in the range of $5.5 million to $6.0 million; plus
○Cash paid for interest expense net of associated tax benefit, expected in the range of $2.8 million to $3.0 million.

 

For the full fiscal year 2021, Squarespace currently expects:

●Revenue of $772 million to $780 million, representing year-over-year growth of 24% to 26%.
●Non-GAAP unlevered free cash flow (uFCF) of $102 million to $116 million. This is the result of:
○Cash flow from operating activities of $103 million to $118 million, minus
○Capital expenditures, expected in the range of $12 million to $14 million; plus
○Cash paid for interest expense net of associated tax benefit, expected in the range of $11 million to $12 million.

 

Webcast Conference Call Information

 

Squarespace will host a conference call on August 9, 2021 at 5:00 p.m. ET (2:00 p.m. PT) to discuss its financial results. A live webcast of the event will be available in the Events & Presentations section of the Squarespace Investor Relations website at investors.squarespace.com. An archived replay of the webcast will be available following the conclusion of the call.

 

Non-GAAP Financial Measures

 

Adjusted EBITDA is a supplemental performance measure that our management uses to assess our operating performance. We calculate adjusted EBITDA as net income/(loss) excluding interest expense, other income/(loss), net, provision for/(benefit from) income taxes, depreciation and amortization, stock-based compensation expense and other items that we do not consider indicative of our ongoing operating performance.

 

 2

 

 

Unlevered free cash flow is a supplemental liquidity measure that the Company's management uses to evaluate its core operating business and its ability to meet its current and future financing and investing needs. Unlevered free cash flow is defined as cash flow from operating activities, including one-time expenses related to the Company's direct listing, less cash paid for capital expenditures increased by cash paid for interest expense net of the associated tax benefit.

 

Adjusted EBITDA and unlevered free cash flow are not prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and have important limitations as an analytical tool. Non-GAAP financial measures are supplemental, should only be used in conjunction with results presented in accordance with GAAP and should not be considered in isolation or as a substitute for such GAAP results.

 

Definitions of Key Operating Metrics

 

Annual run rate revenue (“ARRR”). We calculate ARRR as the monthly revenue from subscription fees and revenue generated in conjunction with associated fees (fees taken or assessed in conjunction with commerce transactions) in the last month of the period multiplied by 12. We believe that ARRR is a key indicator of our future revenue potential. However, ARRR should be viewed independently of revenue, and does not represent our GAAP revenue on an annualized basis, as it is an operating metric that can be impacted by subscription start and end dates and renewal rates. ARRR is not intended to be a replacement or forecast of revenue.

 

Unique subscriptions represent the number of unique sites, standalone scheduling subscriptions, Unfold (social) and hospitality subscriptions, as of the end of a period. A unique site represents a single subscription and/or group of related subscriptions, including a website subscription and/or a domain subscription, and other subscriptions related to a single website or domain. Every unique site contains at least one domain subscription or one website subscription. For instance, an active website subscription, a custom domain subscription and a Google Workspace subscription that represent services for a single website would count as one unique site, as all of these subscriptions work together and are in service of a single entity’s online presence. Unique subscriptions do not account for one-time purchases in Unfold or for hospitality services. The total number of unique subscriptions is a key indicator of the scale of our business and is a critical factor in our ability to increase our revenue base.

 

Average revenue per unique subscription (“ARPUS”). We calculate ARPUS as the total revenue during the preceding 12-month period divided by the average of the number of total unique subscriptions at the beginning and end of the period. We believe ARPUS is a useful metric in evaluating our ability to sell higher-value plans and add-on subscriptions.

 

 3

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding the Squarespace’s future operating results and financial position, including for its third fiscal quarter ended September 30, 2021 and its fiscal year ended December 31, 2021. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to: the Company's ability to attract and retain customers and expand their use of its platform; the Company's ability to improve and enhance the functionality, performance, reliability, design, security and scalability of its solutions; the Company's ability to compete successfully against current and future competitors; the impact of the COVID-19 pandemic on the Company; the Company's ability to protect or promote its brand; the Company's ability to generate new customers through its marketing and selling activities; the Company's ability to hire, integrate and retain its personnel; the reliability, security and performance of the Company's software; the Company's ability to adapt to changes to technologies used in its platform or new versions or upgrades of operating systems and internet browsers; the Company's compliance with privacy and data protection laws and regulations as well as contractual privacy and data protection obligations; and risks associated with international sales and the use of the Company's platform in various countries. It is not possible for the Company's management to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties, and assumptions, the Company's actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are included in the Company's filings with the Securities and Exchange Commission ("SEC") including its final prospectus filed on May 19, 2021 with the SEC. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

 

About Squarespace

 

Squarespace is a leading all-in-one website building and ecommerce platform that enables millions to build a brand and transact with their customers in an impactful and beautiful online presence. Our suite of products enables anyone at any stage of their journey to manage their projects and businesses through websites, domains, ecommerce, marketing tools, and scheduling, along with tools for managing a social media presence with Unfold and hospitality business management via Tock. Squarespace democratizes access to best-in-class design, helping our customers in approximately 200 countries and territories maintain consistent branding across all digital touchpoints to stand out online. Our team of more than 1,400 is headquartered in downtown New York City, with offices in Dublin, Ireland, Portland, Oregon, Los Angeles, California and Chicago, Illinois.

 

 4

 

 

Contacts

 

Investors

Christopher Chiou

investors@squarespace.com

 

Media

Amanda Cowie

press@squarespace.com

 

 5

 

 

 CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

   June 30, 2021   December 31, 2020 
Assets   ​    ​ 
Current assets:   ​    ​ 
Cash and cash equivalents  $160,142   $57,891 
Restricted cash   27,308    - 
Investment in marketable securities   36,582    37,462 
Accounts receivable, net   8,416    7,516 
Due from vendors   2,200    - 
Prepaid expenses and other current assets   48,839    37,384 
Total current assets   283,487    140,253 
Property and equipment, net   45,979    49,249 
Deferred income taxes    6,823    7,773 
Goodwill   421,076    83,171 
Intangible assets, net   102,342    18,868 
Other assets   7,525    7,452 
Total assets  $867,232   $306,766 
           
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit   ​    ​ 
Current liabilities:   ​    ​ 
Accounts payable  $14,895   $16,758 
Accrued liabilities   62,622    46,779 
Deferred revenue   238,888    210,392 
Funds payable to customers   29,508    - 
Debt, current portion   13,586    13,586 
Deferred rent and lease incentives, current portion   1,265    1,197 
Total current liabilities   360,764    288,712 
Debt, non-current portion   519,400    525,752 
Deferred rent and lease incentives, non-current portion   24,667    24,856 
Other liabilities   551    262 
Total liabilities   905,382    839,582 
Commitments and contingencies    ​    ​ 
Redeemable convertible preferred stock, par value of $0.0001; zero and 118,117,738 shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero and 104,446,332 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   -    131,390 
Preferred stock, par value of $0.0001; 100,000,000 and zero shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   -    - 
Stockholders’ deficit:        ​ 
Class A common stock, par value of $0.0001; 1,000,000,000 and 159,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 90,149,966 and 8,903,770 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   9    1 
Class B common stock, par value of $0.0001; 100,000,000 and 93,782,222 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 48,344,755 and 14,368,532 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   5    1 
Class C common stock (authorized March 15, 2021), par value of $0.0001; zero shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   -    - 
Class C common stock (authorized May 10, 2021), par value of $0.0001; 1,000,000,000 and zero shares authorized as of June 30, 2021 and December 31, 2020, respectively; zero shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively   -    - 
Additional paid in capital   871,350    9,043 
Accumulated other comprehensive income   1,870    2,455 
Accumulated deficit   (911,384)   (675,706)
Total stockholders’ deficit   (38,150)   (664,206)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit  $867,232   $306,766 

 

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

   Three Months Ended June 30,   Six Months Ended June 30, 
   2021   2020   2021   2020 
Revenue  $196,010   $149,640   $375,656   $286,514 
Cost of revenue (1)  32,501    23,845   59,909    47,616 
Gross profit   163,509    125,795    315,747    238,898 
Operating expenses:                    
Research and product development (1)   48,912    36,032    90,923    72,118 
Marketing and sales (1)   70,784    51,254    168,756    126,834 
General and administrative (1)   284,730    11,823    304,246    25,609 
Total operating expenses   404,426    99,109    563,925    224,561 
Operating (loss)/income   (240,917)   26,686    (248,178)   14,337 
Interest expense   (2,827)   (2,456)   (6,087)   (5,586)
Other (loss)/income, net   (1,201)   (1,319)   2,392    (114)
(Loss)/income before benefit from/(provision for) income taxes   (244,945)   22,911    (251,873)   8,637 
Benefit from/(provision for) income taxes   10,413    (4,372)   16,195    (230)
Net (loss)/income  $(234,532)  $18,539   $(235,678)  $8,407 
Less: accretion of redeemable convertible preferred stock to redemption value   -    (1,196)   -    (2,377)
Less: undistributed earnings to participating securities   -    (14,297)   -    (4,978)
Net (loss)/income attributable to Class A, Class B, and Class C common stockholders, basic  $(234,532)  $3,046   $(235,678)  $1,052 
Add: reallocation of net income attributable to participating securities   -    764    -    278 
Net (loss)/income attributable to Class A, Class B, and Class C common stockholders, dilutive  $(234,532)  $3,810   $(235,678)  $1,330 
                     
Net (loss)/income per share attributable to Class A, Class B, and Class C common stockholders, basic  $(3.22)  $0.14   $(4.54)  $0.05 
Net (loss)/income per share attributable to Class A, Class B, and Class C common stockholders, dilutive  $(3.22)  $0.13   $(4.54)  $0.04 
Weighted-average shares used in computing net (loss)/income per share attributable to Class A, Class B, and Class C stockholders, basic   72,900,951    22,247,105    51,879,264    22,062,674 
Weighted-average shares used in computing net (loss)/income per share attributable to Class A, Class B, and Class C stockholders, diluted   72,900,951    29,402,966    51,879,264    29,552,132 

 

(1)Includes stock-based compensation as follows:

  

   Three Months Ended June 30,    Six Months Ended June 30, 
   2021   2020   2021   2020 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Cost of revenue  $380   $205   $655   $366 
Research and product development   8,245    5,269    15,038    9,946 
Marketing and sales   1,569    782    2,741    1,423 
General and administrative (a)   240,319    1,012    241,931    3,435 
Total stock-based compensation  $250,513   $7,268   $260,365   $15,170 

 

(a)During the three and six months ended June 30, 2021, we incurred $229.3 million of additional stock-based compensation expense associated with the lapse of vesting conditions upon consummation of the Direct Listing.

 

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)

(unaudited)

 

   Six Months Ended June 30, 2020 
   2021   2020 
OPERATING ACTIVITIES:          
Net (loss)/income  $(235,678)  $8,407 
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:          
Depreciation and amortization   16,232    11,188 
Stock-based compensation   260,365    15,170 
Deferred income taxes   (16,981)   - 
Other   565    2,028 
Changes in operating assets and liabilities:          
Accounts receivable and due from vendors   (105)   (4,636)
Prepaid expenses and other current assets   (10,786)   15,282 
Accounts payable and accrued liabilities   4,260    16,769 
Deferred revenue   30,766    35,986 
Funds payable to customers   10,097    - 
Deferred rent and lease incentives   (133)   764 
Other operating assets and liabilities   221    (2,044)
Net cash provided by operating activities   58,823    98,914 
INVESTING ACTIVITIES:          
Proceeds from the sale and maturities of marketable securities   14,805    46,489 
Purchases of marketable securities   (14,181)   (36,636)
Purchase of property and equipment   (2,415)   (2,218)
Cash paid for acquisitions, net of acquired cash   (202,515)   - 
Other    -    (49)
Net cash (used in)/provided by investing activities   (204,306)   7,586 
FINANCING ACTIVITIES:          
Principal payments on debt   (6,793)   (4,375)
Contingent consideration paid for acquisition   -    (15,000)
Taxes paid related to net share settlement of equity awards   (25,735)   (10,820)
Proceeds from exercise of stock options   3,566    627 
Proceeds from issuance of Class C (authorized on March 15, 2021) common stock, net of issuance costs   304,409    - 
Dividends paid   (367)   - 
Net cash provided by/(used in) financing activities   275,080    (29,568)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   (38)   14 
Net increase in cash, cash equivalents, and restricted cash   129,559    76,946 
Cash, cash equivalents, and restricted cash at the beginning of the period   57,891    43,649 
Cash, cash equivalents, and restricted cash at the end of the period  $187,450   $120,595 
           
Reconciliation of cash, cash equivalents, and restricted cash:          
Cash and cash equivalents  $160,142   $120,595 
Restricted cash   27,308    - 
Cash, cash equivalents, and restricted cash at the end of the period  $187,450   $120,595 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW          
Cash paid during the year for interest  $5,628   $5,215 
Cash paid during the year for income taxes, net of refunds  $1,080   $908 
           
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCE ACTIVITIES          
Purchases of property and equipment included in accounts payable and accrued expenses  $1,090   $204 
Capitalized stock-based compensation  $42   $70 
Issuance of Class C (authorized on March 15, 2021) common stock for acquisition  $188,179   $- 
Receivables for exercise of stock options included in prepaid expenses and other current assets  $103   $- 

 

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

(unaudited)

 

The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:

  

   Three Months Ended June 30,   Six Months Ended June 30, 
   2021   2020   2021   2020 
Net income/(loss)  $(234,532)  $18,539   $(235,678)  $8,407 
Interest expense   2,827    2,456    6,087    5,586 
Provision for/(benefit from) income taxes   (10,413)   4,372    (16,195)   230 
Depreciation and amortization   7,726    5,551    16,232    11,188 
Stock-based compensation expense   250,513    7,268    260,365    15,170 
Other income/(loss), net   1,201    1,319    (2,392)   114 
Direct listing costs   25,318    -    25,318    - 
Adjusted EBITDA  $42,640   $39,505   $53,737   $40,695 

 

   Three Months Ended June 30,   Six Months Ended June 30, 
   2021   2020   2021   2020 
Net cash provided by operating activities  $8,692   $46,445   $58,823   $98,914 
Cash paid for capital expenditures   (1,758)   (944)   (2,415)   (2,218)
Free cash flow   6,934    45,501    56,408    96,696 
Cash paid for interest, net of the associated tax benefit   3,320    1,769    5,628    3,938 
Unlevered free cash flow  $10,254   $47,270   $62,036   $100,634 

  

 9

 

 

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