Block Inc (SQ) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Square First Quarter 2019 Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到 Square 2019 年第一季度收益電話會議。

I would now like to turn the call over to your host, Jason Lee, Head of Investor Relations.

我現在想把電話轉給你的主持人，投資者關係主管 Jason Lee。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for joining our first quarter 2019 earnings call.

感謝您參加我們 2019 年第一季度的財報電話會議。

We have Jack and Amrita with us today.

今天有 Jack 和 Amrita 和我們一起。

First, we want to remind everyone of the format of our earnings call.

首先，我們想提醒大家注意我們財報電話會議的形式。

We have published a shareholder letter on our Investor Relations website, which was available shortly after the market closed.

我們在我們的投資者關係網站上發布了一封股東信，該網站在收市後不久就可以看到。

We will begin this call with some short remarks before opening the call directly to your questions.

在開始直接回答您的問題之前，我們將以一些簡短的評論開始本次電話會議。

During Q&A, we will take questions from our sellers in addition to questions from conference call participants.

在問答環節，除了電話會議參與者的問題外，我們還將回答賣家的問題。

We would also like to remind everyone that we'll be making forward-looking statements on this call.

我們還想提醒大家，我們將在此次電話會議上發表前瞻性聲明。

Actual results could differ materially from those contemplated by our forward-looking statements.

實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異。

Reported results should not be considered as an indication of future performance.

報告的結果不應被視為未來業績的指標。

Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ.

請查看我們提交給美國證券交易委員會的文件，討論可能導致我們的結果不同的因素。

Also note that the forward-looking statements on this call are based on information available to us as of today's date.

另請注意，本次電話會議的前瞻性陳述是基於截至今天我們可獲得的信息。

We disclaim any obligation to update any forward-looking statement except as required by law.

除非法律要求，否則我們不承擔任何更新任何前瞻性陳述的義務。

Also during this call, we will discuss certain non-GAAP financial measures.

同樣在本次電話會議中，我們將討論某些非 GAAP 財務措施。

Reconciliations to the most directly comparable GAAP measures are provided in the shareholder letter on our Investor Relations website.

我們的投資者關係網站上的股東信中提供了與最直接可比的 GAAP 措施的對賬。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非 GAAP 措施無意替代我們的 GAAP 結果。

Finally, this call in its entirety is being audio webcast on our Investor Relations website.

最後，我們的投資者關係網站上正在對此次電話會議進行完整的音頻網絡廣播。

An audio replay of this call will be available on our website shortly.

不久將在我們的網站上提供此次通話的音頻重播。

With that, I'd like to turn it over to Jack.

有了這個，我想把它交給傑克。

Good day, everyone, and thanks for joining us on our call today.

大家好，感謝您今天加入我們的電話會議。

I wanted to start off just by talking a little bit about some of the highlights from the quarter and pass it off to Amrita for some of her comments.

我想先談談本季度的一些亮點，然後將其傳遞給 Amrita，徵求她的一些意見。

So 1 quarter ended in 2019, what's been top of mind for me and us has been around our ecosystem that we're building.

因此，2019 年第 1 個季度結束時，我和我們最關心的是我們正在構建的生態系統。

This is our strongest competitive differentiator.

這是我們最強大的競爭優勢。

This not only benefits our customers, both sellers and increasingly individuals with the Cash App, but also benefits our internal teams.

這不僅有利於我們的客戶，包括賣家和越來越多的使用 Cash App 的個人，也有利於我們的內部團隊。

For our internal teams, it allows us to move a whole lot faster.

對於我們的內部團隊，它使我們能夠更快地移動。

Some examples of this is because we had and built the e-commerce API, we're able to very quickly build Virtual Terminal and get it to scale, and because we built the Cash Card that enabled us to build the Square card to offer a similar offering for sellers.

這方面的一些例子是因為我們擁有並構建了電子商務 API，我們能夠非常快速地構建虛擬終端並使其擴展，並且因為我們構建了現金卡，這使我們能夠構建 Square 卡以提供為賣家提供類似的服務。

This quarter, we relaunched Square for Retail with an applet model.

本季度，我們以小程序模型重新啟動了 Square for Retail。

This allows us to add features like invoices that were originally developed for Square point-of-sale directly to Square for Retail.

這使我們能夠將最初為 Square 銷售點開發的發票等功能直接添加到 Square for Retail。

So generally, we're going to continue to invest into this ecosystem.

所以總的來說，我們將繼續投資這個生態系統。

We do think it sets us apart from all of our peers and competitors in the industry.

我們確實認為這讓我們有別於業內所有同行和競爭對手。

It allows us to move faster and faster every single day.

它讓我們每一天都走得越來越快。

We've been improving our tools for sellers to combine online and in-person sales.

我們一直在改進我們的工具，供賣家將在線和麵對面銷售相結合。

We've been talking about omnichannel for quite some time.

我們談論全渠道已經有一段時間了。

This quarter, we launched the new Square Online Store, and we made it so that it has automatic syncing of both online and in-person data, so all of the seller's items, orders, inventory and prices are synced automatically, which is another result of our ecosystem and using our internal tools to have much more impact and to move faster.

本季度，我們推出了新的 Square Online Store，我們讓它自動同步線上和線下數據，所以賣家的所有商品、訂單、庫存和價格都會自動同步，這是另一個結果我們的生態系統並使用我們的內部工具來產生更大的影響並更快地移動。

We've also been increasing our product velocity in our markets outside the United States.

我們也一直在提高我們在美國以外市場的產品速度。

So Square Online Store launched in Australia, Canada, the U.K. and the United States.

So Square 在線商店在澳大利亞、加拿大、英國和美國推出。

Square Invoices launched in all of our markets at once.

Square Invoices 立即在我們所有的市場推出。

We want to see more of our products do this.

我們希望看到更多我們的產品做到這一點。

And Japan has been a very interesting story.

日本一直是一個非常有趣的故事。

I was in the country a few months ago, and we're starting to see a lot more tailwinds within the market rather than headwinds.

幾個月前我在這個國家，我們開始看到市場上有更多順風而不是逆風。

There's a few things fueling this.

有幾件事助長了這一點。

One, the government is working to double card payments, and they're pushing and incentivizing both consumers and also sellers to use more digital means of payments instead of paper cash.

第一，政府正在努力使信用卡支付翻倍，他們正在推動和激勵消費者和賣家使用更多的數字支付方式而不是紙幣。

Two, we have a -- we launched Square Stand and our Square contactless and chip card reader in Japan.

第二，我們有一個 - 我們在日本推出了 Square Stand 和我們的 Square 非接觸式芯片卡讀卡器。

This is a huge upgrade from the reader that we had in the market in the past.

這是我們過去在市場上擁有的閱讀器的巨大升級。

It allows our sellers to automatically pair wirelessly or through a wire.

它允許我們的賣家自動無線配對或通過有線配對。

It allows them to hold their iPad and hook it up to the new Square Reader and just is an overall better experience than we were providing in the market in the past.

它允許他們拿著他們的 iPad 並將其連接到新的 Square Reader，這比我們過去在市場上提供的整體體驗更好。

And three, we have a new partnership with SMBC, which is distributing our readers in all of the bank branches around the country.

第三，我們與 SMBC 建立了新的合作夥伴關係，它在全國所有銀行分行分發我們的讀者。

So now any one of our Japanese sellers to be can go to their local bank branch, pick up a Square card reader and be in business.

所以現在我們的任何一個日本賣家都可以去他們當地的銀行分行，拿起一個 Square 讀卡器並開展業務。

And it is at parity with what we offer in the United States and our other markets.

它與我們在美國和其他市場提供的產品相當。

This all combines with the fact that Japan is hosting the 2020 Olympics and International Rugby League (sic) [Rugby League International Federation] where you have a bunch of individuals from all around the world who are coming to the market, expecting to pay the way they know how to usually with card or with a phone, makes it a perfect storm of a situation where we can really see a potential for a lot of growth.

這一切都與日本舉辦 2020 年奧運會和國際橄欖球聯盟 (sic) [橄欖球聯盟國際聯合會] 的事實相結合，來自世界各地的一群人來到市場，期望支付費用他們通常知道如何使用卡或電話，這使我們真正看到了巨大增長潛力的情況成為一場完美的風暴。

So we're really excited about Japan and our increased velocity in our markets outside the United States.

因此，我們對日本以及我們在美國以外市場的增長速度感到非常興奮。

So with that, I'll hand it over to Amrita.

因此，我將把它交給 Amrita。

Thanks, Jack.

謝謝，傑克。

I'd like to share 3 highlights this quarter: first, we continued to deliver strong revenue growth at scale; second, we continued to build out our seller ecosystem, including the launch of Square Invoices as a stand-alone app; and third, we're raising revenue guidance for the full year 2019 on the basis of strong underlying trends across our business.

我想分享本季度的 3 個亮點：第一，我們繼續實現強勁的規模收入增長；其次，我們繼續構建我們的賣家生態系統，包括推出 Square Invoices 作為獨立應用程序；第三，基於我們業務的強勁潛在趨勢，我們提高了 2019 年全年的收入預期。

So first, driving growth at scale.

首先，推動規模增長。

The momentum across both our seller and Cash App ecosystems drove total net revenue growth of 43% year-over-year or 39%, excluding acquisitions.

我們的賣家和 Cash App 生態系統的勢頭推動總淨收入同比增長 43% 或 39%，不包括收購。

And adjusted revenue growth of 59% year-over-year or 49%, excluding acquisitions.

調整後收入同比增長 59% 或 49%，不包括收購。

Within our seller ecosystem, GPV from mid-market sellers grew 50% year-over-year.

在我們的賣家生態系統中，來自中端市場賣家的 GPV 同比增長 50%。

Mid-market sellers, which we define as those with over $0.5 million in GPV, are now 24% of overall GPV, up from only 6% 5 years ago.

中端市場賣家，我們將其定義為 GPV 超過 50 萬美元的賣家，現在佔總 GPV 的 24%，高於 5 年前的 6%。

Within our Cash App ecosystem, we're seeing powerful network effects at play.

在我們的 Cash App 生態系統中，我們看到了強大的網絡效應。

We see strong growth in monthly active customers, with Cash App consistently ranking as a top 20 overall app in the iOS App Store, and we drive daily utility in Cash App.

我們看到每月活躍客戶的強勁增長，Cash App 在 iOS App Store 中一直排名前 20 位，我們推動 Cash App 的日常實用性。

We also saw growth in engagement as measured by transaction frequency per active customer.

我們還看到參與度的增長是通過每個活躍客戶的交易頻率來衡量的。

With the compounding effects of growing reach and growing engagement per active Cash App volumes grew nearly 2.5x year-over-year.

隨著覆蓋面的擴大和每個活躍 Cash App 的參與度的增加的複合效應，Cash App 的數量同比增長了近 2.5 倍。

Second, we continue to build out our seller ecosystem.

其次，我們繼續構建我們的賣家生態系統。

The proof point this most recent quarter was the launch of Square Invoices as a stand-alone app.

最近一個季度的證明是 Square Invoices 作為獨立應用程序的推出。

Invoices is a great example of our investment in scaling, an important product to our sellers.

發票是我們投資擴展的一個很好的例子，它是我們賣家的重要產品。

This is a product that targets the large market opportunity with $1 trillion in consumer invoices annually in the U.S. alone.

這是一款針對巨大市場機會的產品，僅在美國每年就有 1 萬億美元的消費發票。

We began Invoices 5 years ago as a feature in our Dashboard then added it to the Square point-of-sale app, and now, we've expanded the offering with a dedicated stand-alone mobile app.

我們在 5 年前將發票作為儀表板中的一項功能開始使用，然後將其添加到 Square 銷售點應用程序中，現在，我們已經通過專用的獨立移動應用程序擴展了該產品。

Invoices has reached impressive scale, processing over $5 billion in GPV over the last 12 months with over 350,000 active sellers, and we see significant runway ahead.

發票已達到令人印象深刻的規模，在過去 12 個月中處理了超過 50 億美元的 GPV，有超過 350,000 名活躍賣家，我們看到了巨大的發展前景。

Finally, we're increasing our full year revenue guidance to reflect ongoing momentum in the business.

最後，我們正在增加全年收入指引，以反映業務的持續發展勢頭。

We're raising our full year 2019 total net revenue by $60 million, and we're raising full year adjusted revenue guidance by $30 million.

我們將 2019 年全年總淨收入提高 6000 萬美元，並將全年調整後收入指引提高 3000 萬美元。

This represents a 43% growth rate, an increase of 2 points compared to our prior guidance.

這代表了 43% 的增長率，與我們之前的指導相比增加了 2 個百分點。

The increase was primarily driven by outperformance in Cash App as well as continued strength across our seller business.

增長的主要原因是 Cash App 的出色表現以及我們整個賣家業務的持續增長。

We're maintaining adjusted EBITDA guidance of $405 million to $415 million.

我們將調整後的 EBITDA 指引維持在 4.05 億美元至 4.15 億美元之間。

We plan to use our momentum in delivering growth at scale to reinvest back into the business as we execute on our long-term opportunities of omnichannel, financial services and international.

我們計劃利用我們實現大規模增長的勢頭，在我們執行全渠道、金融服務和國際的長期機會時重新投資於業務。

And I'll now turn it back to the operator to start the Q&A portion of the call.

現在我將把它轉回給接線員以開始通話的問答部分。

(Operator Instructions) The first question comes from Tien-Tsin Huang of JPMorgan.

（操作員說明）第一個問題來自摩根大通的Tien-Tsin Huang。

So wanted to ask on the EBITDA upside this quarter versus your guidance.

所以想問問本季度的 EBITDA 與您的指導相比的上升空間。

Looks like it's bigger than usual by our count and is bigger than the revenue upside, I believe, as well.

根據我們的統計，它看起來比平時更大，而且我相信也比收入增長更大。

So can you detail a little more for us what fueled the upside?

那麼，您能否為我們詳細說明是什麼推動了上漲？

I heard Cash App and strength in seller.

我聽說 Cash App 和賣家的實力。

Any more you can give us on that?

你還能告訴我們更多嗎？

And then also again, like you said, Amrita, you're reinvesting but holding EBITDA guidance, which makes sense.

然後再一次，就像你說的，Amrita，你在進行再投資，但持有 EBITDA 指導，這是有道理的。

But where are you prioritizing your investments from here -- I'm curious between consumer and seller and everything else you guys have going on, what's changing in your priorities, if at all.

但是，從這裡開始，你在哪裡確定你的投資優先級——我很好奇消費者和賣家之間以及你們正在進行的所有其他事情，你的優先事項有什麼變化，如果有的話。

Sure.

當然。

Thanks for the question, Tien-Tsin.

謝謝你的問題，Tien-Tsin。

So to explain what happened in Q1, our business is demonstrating success at scale across the portfolio.

因此，為了解釋第一季度發生的事情，我們的業務在整個投資組合中取得了大規模成功。

We had strong adjusted revenue growth of 59% in the first quarter, and excluding M&A, 49% on an organic basis.

我們在第一季度實現了 59% 的強勁調整後收入增長，不包括併購，有機增長 49%。

This is driven by both the outperformance in Cash App as well as broad strength across the seller business.

這是由 Cash App 的出色表現以及整個賣家業務的廣泛實力推動的。

I'll break it down -- the revenue beat into the 2 component pieces between transaction-based profit and subscription and services.

我將把它分解——收入分為基於交易的利潤和訂閱和服務之間的兩個組成部分。

From a transaction-based profit perspective, we grew 27% year-over-year in the first quarter based on the strength of the seller ecosystem.

從基於交易的利潤角度來看，基於賣家生態系統的實力，我們在第一季度同比增長了 27%。

We continue to see stable trends with positive revenue retention, a consistent 3- to 4-quarter payback period for new sellers and new cohorts of sellers increasing in adjusted revenue contribution.

我們繼續看到穩定的趨勢，收入保留為正，新賣家的投資回收期始終如一，新賣家群的調整後收入貢獻也在增加。

And we're moving into even larger sellers.

我們正在進入更大的賣家。

As I just mentioned, GPV from mid-market sellers grew 50% year-over-year.

正如我剛才提到的，來自中端市場賣家的 GPV 同比增長了 50%。

From an S&S revenue standpoint, we doubled organically year-over-year with broad strengths.

從 S&S 收入的角度來看，我們憑藉廣泛的優勢實現了同比有機翻番。

A couple of things to highlight there.

有幾件事要強調。

In particular, with Cash App, we drove outperformance.

特別是，通過 Cash App，我們取得了優異的成績。

As you've heard, volume grew nearly 2.5x year-over-year, which highlights the continued growth in terms of reach and engagement on the platform.

如您所知，交易量同比增長近 2.5 倍，這凸顯了該平台的覆蓋面和參與度持續增長。

As you heard last quarter from us, our monthly actives in December, 15 million monthly actives was up more than 100% year-over-year.

正如您在上個季度從我們那裡聽到的那樣，我們在 12 月份的每月活躍人數為 1500 萬，同比增長超過 100%。

And we continue to see that growth in terms of strong monthly active growth with revenues outpacing growth in monthly active customers.

我們繼續看到強勁的每月活躍增長，收入超過每月活躍客戶的增長。

Cash Card is an important piece of that.

現金卡是其中重要的一部分。

Cash Card drove higher engagement in the quarter.

現金卡在本季度推動了更高的參與度。

We saw rapid growth in Cash Card adoption within the customer base with increasing attach rates.

隨著附加率的提高，我們看到客戶群中現金卡的採用率快速增長。

And an increase in the frequency of usage per card active.

並增加了每張卡活躍的使用頻率。

We also saw strength with Square Capital, with originations growing 50% year-over-year based on the core flex loan products.

我們還看到了 Square Capital 的實力，基於核心靈活貸款產品的發起同比增長了 50%。

And so for EBITDA, you saw the adjusted revenue beat flowing through to the bottom line.

因此，對於 EBITDA，您看到調整後的收入超過了利潤。

We also had some timing of expenses in the quarter, which we now expect to materialize later in the year.

我們在本季度也有一些支出時間，我們現在預計將在今年晚些時候實現。

And we plan to reinvest this upside back into the business for the remainder of the year.

我們計劃在今年剩餘時間內將這一優勢重新投資到業務中。

We're optimizing for compelling reinvestment opportunities whenever they occur, and they're based on when it's the right time for our marketing and product development time line to reinvest.

無論何時發生，我們都在優化引人注目的再投資機會，並且它們基於何時是我們的營銷和產品開發時間表進行再投資的正確時間。

So you'll see that flow through in future quarters.

所以你會在未來幾個季度看到這種情況。

Your next question comes from Darrin Peller of Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Darrin Peller。

I just want to touch again on the -- just given how strong subscription and services keeps holding up.

我只想再次談談——鑑於訂閱和服務的強勁勢頭。

Cash App volume, it's good to see it was up 2.5x.

Cash App 交易量，很高興看到它增長了 2.5 倍。

I mean, I guess that's showing -- the strength from the doubling of users is showing better engagement.

我的意思是，我想這表明——用戶翻倍帶來的力量顯示出更好的參與度。

If you can just comment on how much that doubling is actually being monetized, how many of those users are now being monetized so far?

如果您只能評論一下實際貨幣化了多少翻倍，那麼到目前為止，這些用戶中有多少現在正在貨幣化？

And how much does that contribute -- the Cash App drivers contribute to subscription and services?

Cash App 驅動程序對訂閱和服務的貢獻有多大？

And then if I could just add on, the business debit card you touched on, Jack, before, I mean, how has that been going so far?

然後，如果我可以添加，傑克，你提到的商業借記卡，我的意思是，到目前為止，情況如何？

It seems like a good opportunity to kind of add more revenue after a tough comp here -- from up here.

這似乎是一個很好的機會，可以在艱難的競爭之後增加更多的收入——從這裡開始。

Thanks for the question, Darrin.

謝謝你的問題，達林。

I'll start off with your question on Cash App.

我將從您關於 Cash App 的問題開始。

You're right, we saw strong growth in subscription and services in the quarter, doubling on an organic basis.

沒錯，本季度我們看到訂閱和服務的強勁增長，有機翻了一番。

With respect to Cash App, what we're really focused on is driving a strong business model which we're seeing play out here through network effects, through engagement growth, all of which should lead to meaningful revenue growth.

關於 Cash App，我們真正關注的是推動一個強大的商業模式，我們在這裡看到它通過網絡效應、通過參與度增長發揮作用，所有這些都應該帶來有意義的收入增長。

And we're beginning to see that play out now in our financials.

我們現在開始在我們的財務中看到這一點。

The opportunity here is vast to enable access to financial services for the over 65 million [adults] in the U.S. alone that are unbanked or underbanked.

這裡的機會是巨大的，可以讓僅美國就有超過 6500 萬沒有銀行賬戶或銀行賬戶不足的 [adults] 獲得金融服務。

And clearly, with our success consistently in the top 20s in the iOS App Store, we're achieving mainstream scale.

很明顯，隨著我們在 iOS App Store 中始終保持前 20 名的成功，我們正在實現主流規模。

So the way we think about the business model for Cash App is first, driving reach.

因此，我們首先考慮 Cash App 的商業模式，即擴大影響範圍。

The network effects within the business and the frictionless onboarding that the product teams have focused on have driven really efficient acquisition at scale.

企業內部的網絡效應和產品團隊關注的無摩擦入職流程推動了真正高效的大規模收購。

And you've seen that play out with the doubling of the monthly active.

你已經看到每月活躍度翻倍的結果。

You also see that in our financials.

您也可以在我們的財務報表中看到這一點。

What we spend to acquire in monthly active is a fraction of what traditional financial institutions spend, and that's inclusive of ongoing P2P costs.

我們花費在每月活躍度上的費用只是傳統金融機構花費的一小部分，這包括持續的 P2P 成本。

From an engagement perspective with Cash App, we've talked about how the product velocity and the speed of mobile -- developing on the mobile platform has enhanced the daily utility of the app.

從與 Cash App 的互動角度來看，我們討論了產品速度和移動速度——在移動平台上開發如何增強應用程序的日常實用性。

Our teams have released Cash Card, Boost, direct deposit, cryptocurrency, all within a relatively recent time period.

我們的團隊在最近一段時間內發布了現金卡、Boost、直接存款、加密貨幣。

And another proof point of that daily utility is if you look in our filings, you'll see that we've tripled the amount of customer-stored funds within Cash App, and that obviously Cash App volume is growing even faster than monthly actives as we shared.

日常效用的另一個證據是，如果您查看我們的文件，您會發現我們已經將 Cash App 中客戶存儲的資金數量增加了兩倍，而且顯然 Cash App 的數量增長速度甚至超過每月活躍度，因為我們分享過。

Cash Card is a big part of this where we're driving engagement and higher lifetime values.

現金卡是我們推動參與和更高生命週期價值的重要組成部分。

From a monetization standpoint, we have a number of business models in place today, as you know, Instant Deposit, Cash Card, Cash for Business, P2P funded through credit cards, cryptocurrency.

從貨幣化的角度來看，我們今天有許多商業模式，如您所知，即時存款、現金卡、商業現金、通過信用卡資助的 P2P、加密貨幣。

But this is just the beginning.

但這僅僅是開始。

The hard part is the engagement, and our team is nailing that.

困難的部分是參與，我們的團隊正在努力做到這一點。

So as we launch more features, as we launch more services, as we grow daily utility, we believe monetization will follow.

因此，隨著我們推出更多功能，推出更多服務，隨著我們日常效用的增長，我們相信貨幣化將隨之而來。

And Darrin, this is Jack.

達林，這是傑克。

On Square Card, just to remind everyone, this is a card that we enable sellers to receive.

在Square Card上，只是提醒大家，這是我們讓賣家可以收到的卡。

And basically, it allows them to download the Square Point of Sale and get a place to store their money and also a card that's MasterCard-branded that they can use anywhere.

基本上，它允許他們下載 Square Point of Sale 並找到一個地方來存放他們的錢，還有一張他們可以在任何地方使用的 MasterCard 品牌的卡。

So basically, they don't have to make a trip to the bank just to get in the business which is pretty cool.

所以基本上，他們不必為了進入這個非常酷的業務而去銀行。

And we -- one of the biggest reasons we did Square Card was to give our sellers faster access to their funds.

我們 - 我們使用 Square Card 的最大原因之一是讓我們的賣家更快地獲得他們的資金。

It's been a consistent theme throughout our history.

在我們的整個歷史中，這一直是一個始終如一的主題。

The faster we give access to funds, the more people can make smart decisions about how to build their business, so it ultimately leads to these businesses growing over time.

我們越快獲得資金，就越多的人可以就如何建立他們的業務做出明智的決定，因此最終會導致這些業務隨著時間的推移而增長。

So we found in our early pilot that over 40% of Square Card sellers did not previously have a business debit card, so they're actually mixing their business funds for their shop with personal funds.

因此，我們在早期試點中發現，超過 40% 的 Square Card 賣家之前沒有商業借記卡，因此他們實際上是將用於商店的商業資金與個人資金混合使用。

So this also allows them to segment those funds.

因此，這也使他們能夠對這些資金進行細分。

The early read on this, just one interesting metric that we can share, is that active Square Card sellers are spending over 20% of their GPV through the card.

關於這一點的早期閱讀，我們可以分享一個有趣的指標，即活躍的 Square Card 賣家通過該卡花費超過 20% 的 GPV。

So this is pretty excellent and a strong leading indicator that there's product market fit and something that provides a lot of utility to get access to their funds to actually focus on what matters most, which is building their business.

因此，這是非常出色的，也是一個強有力的領先指標，表明產品市場適合，並且提供了很多實用程序來獲得他們的資金，以真正專注於最重要的事情，即建立他們的業務。

So we think there's a long runway here.

所以我們認為這裡有一條很長的跑道。

As I said earlier in my opening, this is all based on Cash Card functionality and that system.

正如我在開場白中所說，這一切都基於現金卡功能和該系統。

So we've learned a ton through our Cash Card, and we expect to take all those learnings and make it better for our seller audience.

因此，我們通過我們的現金卡學到了很多東西，我們希望利用所有這些知識，讓它更好地服務於我們的賣家受眾。

Your next question comes from the line of Eric Ciancaglini, a Square seller.

您的下一個問題來自 Square 賣家 Eric Ciancaglini。

It's Eric Ciancaglini.

我是埃里克·錢卡里尼。

Again, I'm a Square seller.

同樣，我是 Square 賣家。

The name of my business is Chank's Pizza Cones.

我公司的名稱是 Chank's Pizza Cones。

We actually serve pizza in a cone shape.

我們實際上供應圓錐形的披薩。

And my question is so we use Square Payroll, and I'm also a Square shareholder.

我的問題是我們使用 Square Payroll，我也是 Square 的股東。

And I'm just -- I'm curious to know your strategy for adding Payroll to the Square services.

我只是 - 我很想知道您將 Payroll 添加到 Square 服務的策略。

Was it mainly because you see an ability to drive additional revenue through users that use Square now?

主要是因為您看到了通過現在使用 Square 的用戶帶來額外收入的能力嗎？

Are you focusing on capturing new users as more of a strategic move for bigger market share?

您是否將吸引新用戶作為爭取更大市場份額的戰略舉措？

Thank you for the question, Eric, and thanks for using Square.

埃里克，謝謝你提出這個問題，也感謝你使用 Square。

We traditionally just look at what are the most critical needs for sellers and is there anything that we can build that would be differentiated in the market that's bringing some new value.

傳統上，我們只關注賣家最關鍵的需求是什麼，是否有任何我們可以構建的東西可以在市場上脫穎而出，從而帶來一些新的價值。

And with Payroll, we looked pretty deeply at a lot of the time that was being spent just managing employees within each one of our seller's shops.

在 Payroll 方面，我們非常深入地研究了很多時間，這些時間花在了管理每個賣家商店的員工上。

We already had an ability to use timecards within our register.

我們已經能夠在我們的登記簿中使用考勤卡。

It just felt like a natural move to also figure out how to use that system to pay people as well.

弄清楚如何使用該系統來支付人們的工資，這感覺就像是一個自然而然的舉動。

And it really speaks to something we want to do more of and see more of as kind of -- see a lot more overlap between the seller ecosystem and the individual ecosystem that we're building with cash.

它確實說明了我們想要做更多的事情，看到更多的東西——看到賣家生態系統和我們用現金建立的個人生態系統之間有更多的重疊。

So one of the things that we did for Payroll, for instance, is employees can be paid via the Cash App.

例如，我們為 Payroll 所做的其中一件事就是可以通過 Cash App 支付員工工資。

So we believe it's an extremely easy and fast way to get paid but also to utilize your money much faster as well for those employees.

因此，我們相信這是獲得報酬的一種極其簡單快捷的方式，而且這些員工也可以更快地利用您的錢。

So as we looked at the opportunity and we saw where we could add some value, we decided to do it.

因此，當我們審視機會並看到可以增加價值的地方時，我們決定這樣做。

But generally, that's how we think about strategy going forward is identifying really critical needs and where there are gaps within our ecosystem and then figure out like what we can bring to the table that's unique and differentiated and much stronger than what's out there today.

但總的來說，這就是我們思考未來戰略的方式，即確定真正關鍵的需求以及我們生態系統中存在的差距，然後弄清楚我們可以帶來什麼獨特、差異化且比今天更強大的東西。

Your next question comes from the line of Josh Beck of KeyBanc.

您的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to follow up on the seller card, sounds like nice product market fit with the stat that you gave there.

我想跟進賣家卡，聽起來不錯的產品市場符合你在那裡提供的統計數據。

How should we think about the adoption curve?

我們應該如何考慮採用曲線？

It seems like you have a very good channel to these sellers through the dashboard, e-mail or otherwise, so it feels like the adoption curve could be fairly strong.

您似乎通過儀表板、電子郵件或其他方式與這些賣家建立了很好的渠道，因此感覺採用曲線可能相當強勁。

So how should we think about that?

那麼我們應該如何考慮呢？

And then secondly, when we think about the build with the Square pipeline, obviously, you have a really good relationship with Eventbrite where it's more of an online gateway capacity.

其次，當我們考慮使用 Square 管道進行構建時，顯然，您與 Eventbrite 的關係非常好，它更多的是在線網關功能。

How should we think about the pipeline of opportunities there?

我們應該如何看待那裡的機會管道？

Yes.

是的。

Thanks for the question, Josh.

謝謝你的問題，喬希。

So on Square Card, I don't believe we've done much in the way of traditional marketing or any sort of push outside of the product itself.

因此，在 Square Card 上，我認為我們沒有在傳統營銷方式或產品本身之外的任何形式的推動方面做太多事情。

So we do think there's a lot of opportunity to make it known that we are doing this.

所以我們確實認為有很多機會讓人們知道我們正在這樣做。

But right now, we're making sure that the sellers that we see that would really benefit from it have access to it.

但現在，我們正在確保我們看到的真正會從中受益的賣家能夠使用它。

So there's a number of things we can do, both in terms of onboarding but also with sellers that are currently utilizing Square to surface this much higher.

因此，我們可以做很多事情，無論是在入職方面，還是在目前正在使用 Square 的賣家方面，這些事情都要高得多。

As I said, we just haven't prioritized that yet because we still want to make sure that the product feels really amazing, works, provides utility, and then really turn on the gas.

正如我所說，我們只是還沒有優先考慮它，因為我們仍然想確保產品感覺真的很棒、工作、提供實用性，然後真正打開氣體。

So that's where we are in the adoption curve.

這就是我們在採用曲線中的位置。

It's still early, and we're getting a lot of really great feedback from our sellers.

現在還早，我們從賣家那裡得到了很多非常好的反饋。

It's -- I think it's one of our most well-received launches in recent times.

這是——我認為這是我們最近推出的最受歡迎的產品之一。

So -- and it's something that we definitely exceeded our expectations in the results so far.

所以——到目前為止，我們的結果絕對超出了我們的預期。

On Build with Square and Eventbrite, yes, we see Eventbrite certainly as an amazing partner but also a prototype of another marketplace.

在 Build with Square 和 Eventbrite 上，是的，我們將 Eventbrite 視為一個了不起的合作夥伴，同時也是另一個市場的原型。

We have a marketplace within Caviar.

我們在魚子醬中有一個市場。

We have a marketplace within Eventbrite.

我們在 Eventbrite 中有一個市場。

And we do believe that we should be building within our developer platform more opportunities for marketplaces like Eventbrite.

我們確實相信，我們應該在我們的開發者平台內為像 Eventbrite 這樣的市場構建更多機會。

So we get to learn a lot from this partnership and that will lead to more opportunities outside of any one company, but any marketplace that exists can utilize our services.

因此，我們可以從這種夥伴關係中學到很多東西，這將在任何一家公司之外帶來更多機會，但任何存在的市場都可以利用我們的服務。

So that's ultimately the goal.

所以這就是最終目標。

Your next question comes from Jim Schneider of Goldman Sachs.

你的下一個問題來自高盛的吉姆施耐德。

I was wondering if you can maybe comment on the further development and traction you're getting with your vertical-specific software, specifically things like Square for Restaurants.

我想知道你是否可以評論一下你的垂直特定軟件的進一步發展和牽引力，特別是像 Square for Restaurants 這樣的軟件。

I think there was some anecdotal evidence that, that's -- you have some competitive takeaways there.

我認為有一些軼事證據表明，那是 - 你在那裡有一些有競爭力的外賣。

So maybe talk about how that is going as well as the traction on your sort of other more traditional retail solutions.

因此，也許可以談談它的進展情況以及對您的其他更傳統零售解決方案的吸引力。

Any kind of metrics you can provide as an update on that front will be helpful.

您可以提供的任何類型的指標作為這方面的更新都會有所幫助。

Yes.

是的。

So just backing up a little bit.

所以只是備份一點。

When we think about vertical points of sales, we don't just limit ourselves to Square for Retail and Square for Restaurants.

當我們考慮垂直銷售點時，我們不僅僅局限於零售廣場和餐廳廣場。

We have Invoices, for example.

例如，我們有發票。

We have Appointments.

我們有約會。

So this is a broader ecosystem of what we see in terms of vertical adoption.

因此，這是我們在垂直採用方面看到的更廣泛的生態系統。

And the extra points of sale with Restaurants and Retail, Restaurants, we're pretty pleased with the adoption and what we're seeing.

餐廳和零售店的額外銷售點，餐廳，我們對採用和我們所看到的感到非常滿意。

And one of the things that we believe is another one of our differentiators is how self-serve our system is and our ecosystem, and this is proven with Restaurants.

我們相信的另一件事是我們的另一個差異化因素是我們的系統和生態系統的自助服務方式，這在餐廳中得到了證明。

65% of Restaurant sellers have self-onboarded, which is amazing because it really de-taxes a bunch of work we might otherwise have to do with customer support or account management or sales.

65% 的餐廳賣家自行入職，這很了不起，因為它確實減輕了我們在客戶支持、客戶管理或銷售方面可能需要做的大量工作。

So that's a great sign that we're building the technology in the right way.

所以這是一個很好的跡象，表明我們正在以正確的方式構建技術。

It's intuitive, people can figure it out and get it up and running.

它很直觀，人們可以理解並啟動並運行它。

You pair that with the average NOI GPV of a Restaurant seller.

您將其與餐廳賣家的平均 NOI GPV 配對。

It's over $650,000.

它超過了 650,000 美元。

So we are reaching large restaurants, and they are onboarding themselves.

所以我們正在接觸大型餐廳，他們正在自行入職。

So those 2 data points are excellent in our view.

因此，我們認為這 2 個數據點非常好。

On the Square for Retail side, as you probably have been following, we had to do a little bit of a reboot here.

在 Square for Retail 方面，正如您可能一直關注的那樣，我們必須在這裡進行一些重新啟動。

One of the things we did well with Square for Restaurants is we took a lot of time talking with restaurant owners and operators and just really decomposed everything that they had to work with every single day and what was frustrating them and how we could improve it.

我們在 Square for Restaurants 方面做得很好的一件事是，我們花了很多時間與餐廳老闆和經營者交談，真正分解了他們每天必須處理的所有事情，讓他們感到沮喪的事情以及我們如何改進它。

And that made a product that found some pretty significant product market fit right away.

這使得產品立即找到了一些非常重要的產品市場契合點。

We did not do that with the original Square for Retail.

我們沒有對最初的 Square for Retail 這樣做。

So we rebooted the whole thing following that pattern, and we're seeing some equally good results from that move.

因此，我們按照該模式重新啟動了整個系統，並且我們從這一舉措中看到了一些同樣好的結果。

In contrast, about 85% of Retail sellers self-onboard versus the 65% on Restaurants.

相比之下，大約 85% 的零售賣家自行加入，而餐廳賣家的這一比例為 65%。

And nearly 40% of those sellers are new to Square, which is excellent.

這些賣家中有近 40% 是 Square 的新手，這非常好。

Average NOI GPV of Square for Retail seller is nearly $250,000.

Square 零售賣家的平均 NOI GPV 接近 250,000 美元。

So again, we continue to be attractive to the very small and the very large with the exact same software.

因此，我們再次通過完全相同的軟件繼續吸引非常小和非常大的公司。

And this is out of intent of wanting to build something that we -- that scales from the very small to the very large.

這是出於想要構建我們可以從非常小到非常大的東西的意圖。

Was that -- I don't know -- was that your whole question or did I miss something?

那是——我不知道——這是你的全部問題還是我錯過了什麼？

It was.

它是。

It was.

它是。

And then maybe -- that's great.

然後也許——那太好了。

Maybe one for Amrita.

也許一個給Amrita。

Just philosophically, as you approach the EBITDA guidance, I think you had previously talked about kind of seeing similar margin improvement from a margin percentage basis as we saw last year.

從哲學上講，當您接近 EBITDA 指南時，我認為您之前曾談到過從我們去年看到的利潤率百分比基礎上看到類似的利潤率改善。

Obviously, you're taking up your revenue but leaving EBITDA the same.

顯然，您正在佔用您的收入，但 EBITDA 保持不變。

So maybe -- I understand the timing of expenses part of it, but maybe just give us an update about how you're philosophically thinking about the EBITDA margin piece of the equation.

所以也許——我理解部分費用的時間安排，但也許只是給我們更新一下你是如何從哲學上思考等式的 EBITDA 利潤率部分的。

Sure.

當然。

Our financial priorities remain the same, which is driving long-term top line growth and growth in absolute dollars of adjusted EBITDA.

我們的財務重點保持不變，這正在推動長期收入增長和調整後 EBITDA 的絕對美元增長。

We have a number of levers in our business to achieve this.

我們在業務中有許多槓桿來實現這一目標。

First, given the opportunity we see and given the efficiency of returns we see in the investment in our business, we're being very deliberate in reinvesting into those opportunities.

首先，鑑於我們看到的機會以及我們在業務投資中看到的回報效率，我們非常慎重地對這些機會進行再投資。

So in our '19 guidance, you see that we're leading with this.

因此，在我們的 19 年指南中，您會看到我們在這方面處於領先地位。

We're maintaining our EBITDA guidance of 60% year-over-year growth at the midpoint while raising guidance on revenue to 43%.

我們將 EBITDA 指引維持在中點同比增長 60%，同時將收入指引提高至 43%。

We focus on financial discipline.

我們專注於財務紀律。

We focus on operating excellence, and you've seen that play out with OpEx leverage in our business.

我們專注於卓越運營，您已經看到 OpEx 對我們業務的影響。

And we expect over time adjusted EBITDA growth to continue to outpace adjusted revenue growth as it has for each of the last 5 years.

我們預計，隨著時間的推移，調整後的 EBITDA 增長將繼續超過調整後的收入增長，就像過去 5 年的每一年一樣。

Again, our reinvestment that we're focused on includes investing into the Cash App, which is -- historically we've been investing in, and it's bearing fruit in a meaningful way now as well as investments in our seller ecosystem, which are driving growth.

同樣，我們關注的再投資包括對 Cash App 的投資，從歷史上看，我們一直在投資，現在它以有意義的方式取得成果，以及對我們的賣家生態系統的投資，這正在推動生長。

You're seeing that play out with things like investments in hardware through Square Register and Terminal, investments in software and payments with Virtual Terminal and Invoices, and scaling launches of our more recent launches like Square Card, Developer and Online.

你會看到，通過 Square Register 和 Terminal 投資硬件，投資軟件和使用虛擬終端和發票支付，以及擴大我們最近推出的產品，如 Square Card、Developer 和 Online。

So ultimately, these investments are supported by a strong business model with positive attributes related to the efficiency of those investments and multiple monetization levers down the road across both seller and individual ecosystems.

因此，最終，這些投資得到了強大的商業模式的支持，該模式具有與這些投資效率相關的積極屬性，以及跨越賣家和個人生態系統的多種貨幣化槓桿。

(Operator Instructions) The next question comes from Lisa Ellis of MoffettNathanson.

（操作員說明）下一個問題來自 MoffettNathanson 的 Lisa Ellis。

I had a question about the Square Online Store, phenomenal to see that launch this quarter, the relaunch of Weebly.

我有一個關於 Square 在線商店的問題，看到本季度推出的 Weebly 的重新推出是驚人的。

Can you talk about when you're looking -- a little more detail on that like when you're looking at your seller base, do you have a sense for what proportion of that base are candidates for adding the Online Store, how you're going after them from a sales and marketing perspective?

你能談談你什麼時候在看嗎——更詳細一點，比如當你在看你的賣家群時，你是否知道該基礎中有多少比例是添加在線商店的候選人，你如何重新從銷售和市場營銷的角度追踪他們？

And then also a little bit of a sense of how the economics of one of those sellers changes when they add the Online Store.

然後還有一點了解其中一個賣家在添加在線商店時經濟如何變化。

I mean, is it like a double of the type of revenue you're seeing?

我的意思是，這是否像您所看到的收入類型的兩倍？

What's -- can you just dimensionalize that for us a little bit?

什麼是 - 你能為我們稍微確定一下嗎？

Yes, Lisa.

是的，麗莎。

Thank you for the question.

感謝你的提問。

So we're also pretty pleased with the launch of the Square Online Store.

因此，我們也對 Square 在線商店的推出感到非常高興。

It does capture a lot of the intent and interest of the thesis we had with Weebly.

它確實抓住了我們與 Weebly 的論文的很多意圖和興趣。

The biggest underlying trend here is that we are seeing sellers all over not -- want to optimize their sales for anywhere their customers are, so that is in-person, that is online and also within mobile apps.

這裡最大的潛在趨勢是，我們看到賣家無處不在——希望針對客戶所在的任何地方優化他們的銷售，因此無論是面對面的、在線的還是移動應用程序中的。

So our strategy is to make sure that feels very fluid and they don't really have to think about where their customers are coming from, which puts a lot of the emphasis on how the Dashboard works and consolidates everything, how we sync data across all those channels.

所以我們的策略是確保感覺非常流暢，他們真的不必考慮他們的客戶來自哪裡，這將重點放在儀表板如何工作和整合一切，我們如何同步數據那些頻道。

And we've tried to make it as effortless as possible, and there's still some work to do there.

我們已盡力使其盡可能輕鬆，但仍有一些工作要做。

So far, we have seen about 70% of Square online sellers have used Square before expanding online.

到目前為止，我們看到大約 70% 的 Square 在線賣家在在線擴張之前使用過 Square。

And as we've seen generally, when a seller does go online and -- or an online seller goes off-line, they do increase their sales and that is good.

正如我們通常看到的那樣，當賣家確實上線並且 - 或者在線賣家下線時，他們確實會增加銷售額，這很好。

I don't have the exact metrics around what those look like.

我沒有關於這些看起來像什麼的確切指標。

But we are -- we're making sure that: one, our sellers know that this option is available.

但我們 - 我們正在確保：第一，我們的賣家知道此選項可用。

It's an easy flip of a switch.

這是一個簡單的開關。

And if they want to do anything a little bit more custom or personalized to their business, they can utilize our API or hire a developer to utilize the API.

如果他們想對他們的業務做更多定製或個性化的事情，他們可以使用我們的 API 或聘請開發人員來使用 API。

So marketing ideally starts within the product, but we're going to continue to experiment and test as well.

所以營銷最好從產品內部開始，但我們也將繼續試驗和測試。

And anything you want to say, Amrita, about the economics?

Amrita，關於經濟學，你有什麼想說的嗎？

We know that 30% of our larger sellers serve their customers via more than 1 channel on Square, so we're very focused on expanding our opportunities across going deeper within sellers and providing new ways that sellers can onboard.

我們知道 30% 的大型賣家通過 Square 上的一個以上渠道為他們的客戶提供服務，因此我們非常專注於擴大我們的機會，深入賣家內部並提供賣家可以加入的新方式。

Your next question comes from Rayna Kumar of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Rayna Kumar。

(inaudible) and if you can speak about some of the other markets you're interested in entering?

（聽不清）能否談談您有興趣進入的其他一些市場？

Rayna, we didn't hear your full question.

Rayna，我們沒有聽到你的完整問題。

Caught you at the end, and it's very muted.

最後抓住了你，它非常安靜。

Okay, let me try again.

好的，讓我再試一次。

There you are.

你在這。

There you are.

你在這。

What's your progress been in some of your international markets like the U.K., Canada and Australia?

您在英國、加拿大和澳大利亞等國際市場取得了哪些進展？

And if you can also discuss some of the other markets you may be interested in entering.

如果您還可以討論您可能有興趣進入的其他一些市場。

So I'll start there.

所以我將從那裡開始。

One of the reasons we believe was very interesting to us is because they are operating in markets that we're not in, and that gave us a lot more understanding and learning and to help us make better-informed decisions about what -- where to go next.

我們認為對我們來說非常有趣的原因之一是因為他們在我們不在的市場中運營，這給了我們更多的理解和學習，並幫助我們做出更明智的決定——去哪裡。下一步。

Right now, we are so focused on making sure that we have more and more product parity with the United States around all of our markets.

現在，我們非常專注於確保我們在所有市場上擁有越來越多與美國同等的產品。

So Japan is the most notable recent example of this where, as I said earlier, we do see a lot of tailwinds now, especially with the government incentivizing both consumers and also merchants to adopt digital money and move away from paper cash.

因此，日本是最近最著名的例子，正如我之前所說，我們現在確實看到了很多順風，尤其是在政府鼓勵消費者和商家採用數字貨幣並擺脫紙幣的情況下。

So we've been in that market for quite some time and it's the first time we've seen that broad-based government support as well as other events coming up that will put much more focus on Tokyo and also on paying with cards and also phones.

所以我們進入這個市場已經有一段時間了，這是我們第一次看到廣泛的政府支持以及即將發生的其他事件，這些事件將更加關注東京以及用卡支付以及電話。

So we're pretty pleased with that.

所以我們對此非常滿意。

And then in terms of more broadly, we're working to make sure that we can launch more and more of our products in all of our markets.

然後在更廣泛的方面，我們正在努力確保我們能夠在我們所有的市場推出越來越多的產品。

Square Invoices, the app launch in all of our markets at once.

Square Invoices，該應用程序同時在我們所有的市場推出。

So that's what we want to see a whole lot more of.

所以這就是我們希望看到更多的東西。

And we continue to make progress around the world with the markets that we're currently in.

我們繼續在我們目前所處的市場上在世界範圍內取得進展。

Maybe Amrita can speak to some of the details.

也許 Amrita 可以談談一些細節。

Sure.

當然。

So as Jack mentioned, we are really focused on increasing our product velocity for launches outside of the U.S., and that really means completing our feature set, bringing what we've worked hard to build here in the U.S. to our international markets.

因此，正如傑克提到的那樣，我們真正專注於提高在美國以外推出產品的速度，這實際上意味著完成我們的功能集，將我們在美國努力打造的產品帶到我們的國際市場。

Again, you've seen that more recently with the global launch for Invoices as a stand-alone app, and 25% of Invoices downloads to date actually come from outside of U.S. You see that with the launch of the Square Online Store across the U.S., U.K., Canada and Australia.

再一次，您已經看到最近隨著 Invoices 作為獨立應用程序在全球推出，迄今為止 25% 的 Invoices 下載實際上來自美國以外。您看到 Square Online Store 在美國各地的推出。 、英國、加拿大和澳大利亞。

And you see that with the hardware launches that Jack mentioned in Japan.

你會看到 Jack 在日本提到的硬件發布。

We see strong Net Promoter Scores in most of our international markets, anywhere from 60 to 80 across the U.K., Canada and Australia.

我們在大多數國際市場看到了強勁的淨推薦值，在英國、加拿大和澳大利亞的任何地方都在 60 到 80 之間。

And we've got ongoing brand campaigns in each of our international markets now.

現在，我們在每個國際市場都開展了持續的品牌宣傳活動。

We launched a brand campaign in the U.K. and saw efficiency from that.

我們在英國發起了一場品牌活動，並從中看到了效率。

And now that we're reaching feature completeness across our portfolio and some of the other markets, we're beginning to roll out those brand campaigns across the other international markets.

現在，我們的產品組合和其他一些市場的功能已經達到了完整性，我們開始在其他國際市場推出這些品牌活動。

Overall, it's a large opportunity for us.

總的來說，這對我們來說是一個很大的機會。

We see $6 trillion in household spend across our current international markets, which is 2x what it is in the U.S. So we see a big opportunity ahead of us, and we'll try to continue to execute.

我們看到當前國際市場的家庭支出為 6 萬億美元，是美國的 2 倍。因此，我們看到了一個巨大的機遇，我們將努力繼續執行。

Your next question comes from the line of Bryan Keane of Deutsche Bank.

你的下一個問題來自德意志銀行的 Bryan Keane。

Wanted to ask, as Square moves up the market to the mid- to large clients, I assume Square is likely replacing incumbents.

想問一下，隨著 Square 將市場推向中大型客戶，我認為 Square 可能會取代現任者。

So curious on what's winning versus the competition?

很好奇是什麼贏得了比賽？

Is it all just the omni solution you guys could provide?

這只是你們可以提供的全能解決方案嗎？

And just thinking do you guys have enough in the sales channels to go after that larger market?

想想你們有足夠的銷售渠道來追求更大的市場嗎？

Yes.

是的。

I'll start off.

我要開始了。

So we continue to see that largest sellers find value and utility in our base offerings.

因此，我們繼續看到最大的賣家在我們的基礎產品中發現價值和實用性。

So we built products with intent of the same software scaling from very small to very large, and that continues to resonate even with larger sellers.

因此，我們構建產品的目的是將相同的軟件從非常小擴展到非常大，並且即使在更大的賣家中也會繼續引起共鳴。

And we continue to see larger sellers self-onboard.

我們繼續看到更大的賣家自行加入。

We continue to see them take advantage of the broader ecosystem.

我們繼續看到他們利用更廣泛的生態系統。

So all these things combine towards what differentiates us from our competitors.

因此，所有這些因素共同構成了我們與競爭對手的區別。

But if I only had to pick one, it would be the ecosystem, and just like all of the tools in one place and how quickly we're moving to add new tools or to improve them.

但如果我只能選擇一個，那就是生態系統，就像所有工具都在一個地方，以及我們添加新工具或改進它們的速度有多快。

We continue to see large sellers also utilize our API in significant ways.

我們繼續看到大型賣家也在以重要方式使用我們的 API。

This has been a very strong offering for larger sellers because they can hook up legacy systems and can also customize entire point-of-sale but still use our hardware, which you can't find at any of our peers.

對於較大的賣家來說，這是一個非常強大的產品，因為他們可以連接遺留系統，也可以定制整個銷售點，但仍然使用我們的硬件，這是您在我們的任何同行中都找不到的。

And then I'll pass it over to Amrita.

然後我會把它傳遞給 Amrita。

Yes, sure.

是的，當然。

I'll just add to Jack's comments.

我將添加到 Jack 的評論中。

We're focused, as he said, on building products that serve larger sellers.

正如他所說，我們專注於打造服務於大賣家的產品。

Whether you look at our hardware products like Square Terminal or Square Register, both of which overindex to larger sellers, Square Terminal with $165,000 GPV, Register with $300,000 GPV, or the Developer platform, as Jack mentioned, which overindexes to mid-market sellers.

無論您是看我們的硬件產品，如 Square Terminal 或 Square Register，這兩種產品都對較大的賣家指數過高，GPV 為 165,000 美元的 Square Terminal，GPV 為 300,000 美元，或者如傑克提到的開發者平台，它對中端市場賣家的指數過高。

And then the verticals, which Jack had earlier mentioned, overindexing to larger sellers.

然後是傑克之前提到的垂直領域，對更大的賣家過度索引。

We are also trying to reach sellers from a marketing standpoint.

我們也試圖從營銷的角度接觸賣家。

So we've got products that address larger sellers and smaller sellers, and then we want to reach from a marketing perspective these larger sellers.

所以我們有針對大賣家和小賣家的產品，然後我們想從營銷的角度接觸這些大賣家。

So just in April, just last month, we launched a new ecosystem marketing campaign reaching 7 million small- and medium-sized businesses across the U.S. focused on expanding awareness of the full breadth and ecosystem of products that Jack was referring to.

因此，就在 4 月，也就是上個月，我們發起了一項新的生態系統營銷活動，覆蓋了全美 700 萬家中小企業，重點是擴大傑克所指的產品的整體範圍和生態系統的知名度。

We know that over 50% of larger sellers already use 2 or more of our products, but we're focused on continuing to grow that through this ecosystem marketing campaign and continuing to build out strong products that address this market.

我們知道，超過 50% 的大型賣家已經在使用我們的 2 種或更多產品，但我們專注於通過這一生態系統營銷活動繼續發展，並繼續打造適合該市場的強大產品。

Your next question comes from Ramsey El-Assal of Barclays.

你的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask again about online, your online strategy.

我想再問一次在線，你的在線策略。

Obviously, you're advantaged in terms of linking online and off-line sales for retailers, and I get that's what makes Square Online Store compelling.

顯然，您在鏈接零售商的在線和離線銷售方面具有優勢，我知道這就是 Square Online Store 引人注目的原因。

Can you do something similar at other platforms like WooCommerce or Magento or Shopify, those types of commerce platforms?

您能否在 WooCommerce、Magento 或 Shopify 等其他類型的商務平台上做類似的事情？

I mean, is there a bigger e-commerce like omnichannel addressable market you can go after by kind of opening up and working to integrate online and off-line through those folks?

我的意思是，是否有更大的電子商務，如全渠道可尋址市場，您可以通過開放和努力通過這些人整合線上和線下市場來追求？

Yes.

是的。

We have focused more on omnichannel rather than just pure e-commerce because that's really where our sweet spot is with sellers.

我們更多地關注全渠道，而不僅僅是純粹的電子商務，因為這才是我們與賣家的最佳結合點。

But you can imagine us favoring one more in the future, given how much activity is happening with e-commerce.

但你可以想像，鑑於電子商務正在發生多少活動，我們將來會再支持一個。

So all this is going into our strategy around the Developer platform.

因此，所有這些都將納入我們圍繞開發者平台的戰略。

We want to make sure that we're testing the very small but also the very large.

我們想確保我們測試的是非常小的，但也是非常大的。

Eventbrite is a good example of the very large where we are testing a marketplace's strategy within -- on top of the Developer platform.

Eventbrite 是一個很好的例子，說明我們在開發者平台之上測試市場策略。

So we do believe that there's a ton of room here, and we just want to make sure that we are optimizing for the best experience first.

所以我們確實相信這裡有很多空間，我們只是想確保我們首先優化以獲得最佳體驗。

We don't believe that we need to be first to market to win customers.

我們不認為我們需要率先上市才能贏得客戶。

We just have to provide something that really adds differentiated value to the marketplace, and that's where we're focused on and that's what we've proving out.

我們只需要提供真正為市場增加差異化價值的東西，這就是我們關注的地方，也是我們已經證明的。

Your next question comes from Bob Napoli of William Blair.

你的下一個問題來自威廉·布萊爾的鮑勃·那不勒斯。

The purchase volume, while very impressive at 27% growth, has decelerated somewhat.

購買量雖然以 27% 的速度增長非常可觀，但有所放緩。

There are -- you've certainly waken up a lot of competitors in the space, Jack, and they're investing more heavily to compete with Square.

有 - 你肯定已經喚醒了這個領域的很多競爭對手，傑克，他們正在加大投資以與 Square 競爭。

Are you seeing more competition, whether it's -- and I know you built the ecosystem and others are trying to build something similar to that.

你是否看到更多的競爭，無論是 - 我知道你建立了生態系統，其他人正在嘗試建立類似的東西。

But are you seeing more competition, whether it's from Clover or TSYS or other merchant acquirers or fintech companies?

但是你是否看到更多的競爭，無論是來自 Clover 還是 TSYS 或其他商業收單機構或金融科技公司？

Yes.

是的。

I mean, we are definitely seeing competition on the edges.

我的意思是，我們肯定看到了邊緣競爭。

We have a lot of firms out there that are making solutions around payments, around payroll, around delivery, around everything that we serve, P2P or whatnot.

我們有很多公司正在圍繞支付、工資單、交付、我們服務的一切、P2P 或諸如此類的東西製定解決方案。

But again, I think it really comes back to this concept of ecosystem and how all these things tie together.

但我認為這又回到了生態系統的概念以及所有這些東西如何联系在一起。

And we have built, I think, a fundamentally new model within finance that we benefit a lot from, and we do expect people to copy aspects of it.

我認為，我們已經在金融領域建立了一個全新的模式，我們從中受益匪淺，我們確實希望人們能夠複製它的各個方面。

But we want to make sure that we're focused on being the best out there.

但我們想確保我們專注於成為最好的。

And really focusing on the quality of the experience, the elegance, the fact that it is intuitive, so it's self-serve, that it works seamlessly with all tools that we provide and also third-party tools.

真正專注於體驗的質量、優雅、直觀的事實，所以它是自助服務，它可以與我們提供的所有工具以及第三方工具無縫協作。

And that continues to win.

並且繼續獲勝。

But we do expect competition on that dynamic, but we -- I think we have a pretty good and proven track record of being able to scale that into something that is meaningful both for sellers, individuals and also us.

但我們確實期待在這種動態方面的競爭，但我們 - 我認為我們有一個非常好的和經過驗證的記錄，能夠將其擴展為對賣家、個人和我們都有意義的東西。

And Bob, just on your GPV point, just to give you a little bit of context there.

鮑勃，就您的 GPV 觀點而言，只是為了給您提供一些背景信息。

So in the first quarter, GPV was $23 billion, up 27% year-over-year.

因此，第一季度，GPV 為 230 億美元，同比增長 27%。

Over the trailing 4 quarters, we had approximately $90 billion of GPV.

在過去的 4 個季度中，我們的 GPV 約為 900 億美元。

What we're seeing drive growth there -- outsized growth is a couple of things.

我們看到的推動那裡的增長——超大增長是兩件事。

First, larger sellers, which we've been talking about.

首先，更大的賣家，我們一直在談論。

We see continued strength there.

我們在那裡看到了持續的力量。

Over half of our GPV mix now comes from larger sellers and mid-market sellers as we share this growing 50% -- or grew 50% year-over-year in the first quarter.

我們一半以上的 GPV 組合現在來自大型賣家和中端市場賣家，因為我們分享了這一增長 50%——或第一季度同比增長 50%。

We have multiple levers of growth within scaling our new payment channels.

在擴展我們的新支付渠道方面，我們有多種增長方式。

A couple of examples of that.

舉幾個例子。

Invoices, as we discussed, $5 billion in GPV over the trailing 4 quarters is growing much faster versus the blended overall GPV rate.

發票，正如我們所討論的那樣，過去 4 個季度的 50 億美元 GPV 的增長速度遠高於混合整體 GPV 率。

And some of the products that Jack was referencing, developer verticals online, these are all relatively younger products, and they're growing meaningfully faster.

傑克提到的一些產品，在線開發垂直，這些都是相對年輕的產品，而且它們的增長速度非常快。

So we're going to continue to push them.

所以我們將繼續推動他們。

But GPV is only 1 measure of the value that we provide to our sellers.

但 GPV 只是我們為賣家提供的價值的衡量標準之一。

When we think about the ecosystem, we think about adjusted revenue, which is how we measure our business and how we incent our teams to grow.

當我們考慮生態系統時，我們會考慮調整後的收入，這是我們衡量業務以及激勵團隊發展的方式。

And again, adjusted revenue grew 59% year-over-year, which captures, we think, the full breadth and value of the ecosystem beyond just payments, including also subscription and services.

再一次，調整後的收入同比增長 59%，我們認為，這涵蓋了生態系統的全部廣度和價值，而不僅僅是支付，還包括訂閱和服務。

Your next question comes from Dan Perlin of RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Dan Perlin。

The transaction cost as a percentage of GPV was a little bit better than what we had anticipated.

交易成本佔 GPV 的百分比比我們預期的要好一些。

And conversely, the profit dollar associated with that in the profit margins was also better.

相反，與利潤率相關的利潤美元也更好。

The question I really have is, is there something that's happening in the result of Cash App or Cash Card that is changing this funding mix so to speak as we think about that?

我真正的問題是，在 Cash App 或 Cash Card 的結果中是否發生了一些正在改變這種資金組合的事情，可以這麼說，就像我們考慮的那樣？

And if so, is this trend something we should be tracking a little more closely like commensurate with the Cash App growth?

如果是這樣，我們是否應該更密切地跟踪這種趨勢，使其與 Cash App 的增長相稱？

Thanks for the question, Dan.

謝謝你的問題，丹。

No, Cash App, you should think of as separately from transaction costs.

不，Cash App，你應該把它與交易成本分開考慮。

As a reminder, both GPV and transaction profit growth exclude Cash App.

提醒一下，GPV 和交易利潤增長均不包括 Cash App。

Separately, as you've heard us say, Cash App has continued to outperform and drove revenue growth for us and for the overall business, with volumes up 2.5x nearly year-over-year.

另外，正如您聽到我們所說，Cash App 繼續跑贏大盤，推動我們和整個業務的收入增長，銷量同比增長近 2.5 倍。

But I would think of that separately from a transaction cost perspective.

但我會從交易成本的角度單獨考慮。

And that's true for Cash Card as well?

現金卡也是如此嗎？

That's right.

這是正確的。

Your next question comes from James Faucette of Morgan Stanley.

你的下一個問題來自摩根士丹利的 James Faucette。

Jack, I wanted to ask kind of an industry question of you.

傑克，我想問你一個行業問題。

We've seen obviously a move to consolidate some of the upmarket merchant acquirers and participants in the market.

我們顯然已經看到了整合一些高端商戶收單機構和市場參與者的舉措。

And I know in the past, you've indicated that you didn't feel like you could achieve everything that you wanted to if you were part of a bigger organization.

我知道在過去，你曾表示如果你是一個更大的組織的一部分，你並不覺得你可以實現你想要的一切。

I'm wondering how you're thinking about consolidation and if it makes sense for Square to be looking at doing something similar or its own M&A activity, et cetera in the States or do you prefer still a very much an organic approach to the market?

我想知道你是如何考慮整合的，Square 考慮做類似的事情或它自己的併購活動是否有意義，等等，或者你更喜歡一種非常有機的市場方法？

Well, a bit of both, if I'm understanding your question correctly.

好吧，如果我正確理解你的問題的話，兩者兼而有之。

We do see that others are consolidating and acquiring, but they do so in a fairly typical pattern than we've resisted, which is looking at just the parts of the equation instead of building a greater ecosystem.

我們確實看到其他人正在整合和收購，但他們這樣做的方式比我們所抵制的相當典型，即只關注方程式的各個部分，而不是建立一個更大的生態系統。

So we do have a significant M&A strategy in terms of looking for really great teams, really great products.

因此，在尋找真正優秀的團隊、真正優秀的產品方面，我們確實有一項重要的併購戰略。

And if we determine that they will help ecosystem or add a new potential solution that a seller is facing in a critical way or an individual within Cash App is facing in a critical way, then we will acquire it.

如果我們確定他們將幫助生態系統或添加賣家面臨的關鍵方式或 Cash App 內的個人面臨的關鍵方式的新潛在解決方案，那麼我們將收購它。

We tend to do much smaller ones than our peers because we've managed to find like really great teams that every single person in the organization is really high impact.

我們傾向於做比同行小得多的事情，因為我們已經設法找到了非常棒的團隊，組織中的每個人都具有很大的影響力。

And that's what we want to optimize for ultimately, but it comes down to we're constantly looking at the horizon of what companies are out there, start-ups, current companies and making decisions based on what we see in the quality of the people, the quality of the work, the quality of the product.

這就是我們最終想要優化的目標，但歸根結底，我們一直在關注現有公司、初創企業、現有公司的前景，並根據我們對人員素質的了解做出決策，工作的質量，產品的質量。

We haven't historically taken a position of just buying revenue or buying customers.

從歷史上看，我們並沒有採取只購買收入或購買客戶的立場。

We want to buy technology, and that is what we're focused on.

我們想購買技術，這就是我們關注的重點。

So I do think we'll continue to see consolidation but that doesn't worry me.

所以我確實認為我們會繼續看到整合，但這並不讓我擔心。

What I want to push on is like we continue to enrich our ecosystem and make it stronger and stronger and stronger.

我想推動的是，我們繼續豐富我們的生態系統，讓它變得越來越強大。

By doing so, we add resilience, we add durability.

通過這樣做，我們增加了彈性，增加了耐用性。

We're hired for multiple jobs by a seller, by an individual rather than just be dependent upon one.

我們被一個賣家、一個人僱用做多項工作，而不是僅僅依賴於一個。

So all of these things are what we want to drive, and M&A is certainly a channel to do so.

所以所有這些都是我們想要推動的，併購當然是一個渠道。

I'd like to turn the call back over to the company for closing remarks.

我想將電話轉回公司以作結束語。

Thank you, everyone, for joining our call.

謝謝大家加入我們的電話會議。

I would like to remind everyone that we'll be hosting our second quarter 2019 earnings call on August 1. Thanks again for participating today.

我想提醒大家，我們將於 8 月 1 日召開 2019 年第二季度財報電話會議。再次感謝今天的參與。

Ladies and gentlemen, thank you for participating in today's program.

女士們，先生們，感謝你們參加今天的節目。

This does conclude the program.

這確實結束了程序。

You may now disconnect.

您現在可以斷開連接。