Block Inc (SQ) 2019 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Square Second Quarter 2019 Earnings Conference Call. I would now like to turn the call over to your host, Jason Lee, Head of Investor Relations. Please go ahead.

女士們，先生們，美好的一天，歡迎來到 Square 2019 年第二季度收益電話會議。我現在想將電話轉給您的主持人，投資者關係主管 Jason Lee。請繼續。

Hi, everyone. Thanks for joining our second quarter 2019 earnings call. We have Jack and Amrita with us today.

大家好。感謝您參加我們的 2019 年第二季度財報電話會議。今天我們有 Jack 和 Amrita。

First, we want to remind everyone of the format of our earnings call. We have published a shareholder letter on our Investor Relations website, which was available shortly after the market close. We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from our sellers in addition to questions from conference call participants.

首先，我們想提醒大家我們財報電話會議的形式。我們已在我們的投資者關係網站上發布了一封股東信函，該信函在收市後不久即可獲得。在直接向您提出問題之前，我們將以一些簡短的評論開始本次電話會議。在問答期間，除了電話會議參與者的問題外，我們還將回答賣家的問題。

In addition to our shareholder letter, we have filed a press release announcing our definitive agreement to sell Caviar, our food ordering platform, to DoorDash. This transaction is subject to certain closing conditions, including regulatory approvals.

除了我們的股東信函外，我們還提交了一份新聞稿，宣布我們最終同意將我們的食品訂購平台 Caviar 出售給 DoorDash。本次交易需滿足一定的成交條件，包括監管部門的批准。

We would also like to remind everyone that we will be making forward-looking statements on this call. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance.

我們還想提醒大家，我們將在這次電話會議上做出前瞻性陳述。實際結果可能與我們的前瞻性陳述所設想的結果大不相同。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.

請查看我們向 SEC 提交的文件，以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. We disclaim any obligation to update any forward-looking statements, except as required by law.

另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

同樣在本次電話會議中，我們將討論某些非公認會計原則的財務措施。我們投資者關係網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。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. An audio replay of this call will be available on our website shortly.

最後，整個電話會議正在我們的投資者關係網站上進行音頻網絡直播。本次通話的音頻重播將很快在我們的網站上提供。

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

有了這個，我想把它交給傑克。

Thanks, Jason. Hello, everyone. A few remarks from me before we turn it over to Amrita for some details and then your questions. So we've been able to accomplish something very few companies have, the creation of not just 1 but 2 incredible customer ecosystems at scale. We started the company by creating and building a seller ecosystem. We did it again this time for individuals with the Cash App. Along the way, we've seen a lot of opportunity to strengthen both of these ecosystems, but those opportunities require more focus and more investment.

謝謝，傑森。大家好。在我們把它交給 Amrita 之前，我的一些評論是關於一些細節，然後是你的問題。因此，我們已經能夠完成很少有公司能夠做到的事情，不僅創建了 1 個，而且還創建了 2 個令人難以置信的大規模客戶生態系統。我們通過創建和構建賣家生態系統來創辦公司。這次我們為使用 Cash App 的個人再次這樣做了。在此過程中，我們看到了很多加強這兩個生態系統的機會，但這些機會需要更多的關注和更多的投資。

To increase our focus, we decided to sell our Caviar business to DoorDash. This enables us to focus on serving restaurant and food sellers through a platform approach, specifically our orders API and Square for Restaurants. DoorDash was an obvious choice for us because of our pre-existing partnership through orders API and Cash App. Both companies have an alignment of interest to strengthen our partnership. This decision will also allow us to increase our investment, specifically in seller. Our initial focus will be on go-to-market investment, inclusive of hardware and sales and marketing. Given our payback periods and ROIs for multiple products within the seller ecosystem, we see compelling opportunities for more growth.

為了增加我們的關注度，我們決定將我們的魚子醬業務出售給 DoorDash。這使我們能夠專注於通過平台方法為餐廳和食品銷售商服務，特別是我們的訂單 API 和餐廳廣場。 DoorDash 對我們來說是一個顯而易見的選擇，因為我們之前通過訂單 API 和 Cash App 建立了合作夥伴關係。兩家公司在加強我們的合作夥伴關係方面有著共同的利益。這一決定還將使我們能夠增加我們的投資，特別是對賣方的投資。我們最初的重點將放在進入市場的投資上，包括硬件、銷售和營銷。鑑於我們在賣家生態系統中的多種產品的投資回收期和投資回報率，我們看到了更多增長的巨大機會。

The Cash App ecosystem continues to exceed our expectations. In just 3 years, Cash App revenue grew basically $0 to $135 million, excluding Bitcoin. We love you, Bitcoin. And we saw 3.5 million customers use Cash Card in June, typically using it to purchase multiple times per week.

Cash App 生態系統繼續超出我們的預期。在短短 3 年內，Cash App 的收入基本增長了 0 美元至 1.35 億美元，不包括比特幣。我們愛你，比特幣。我們看到 6 月份有 350 萬客戶使用現金卡，通常每週使用它進行多次購買。

Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment. And every time we tighten our focus, we get stronger. These moves will enable us to move faster and much better.

我們的賣家和 Cash App 生態系統擁有令人難以置信的路線圖來實現我們的經濟賦權目標。每次我們加強注意力，我們就會變得更強大。這些舉措將使我們能夠更快更好地行動。

And with that, I'll turn it over to Amrita for some details.

有了這個，我會把它交給 Amrita 來了解一些細節。

Thanks, Jack. There are 4 key highlights, which I'd like to call out this quarter. First, we continue to drive impressive revenue growth at scale. Second, we continue to see strong returns on sales and marketing spend and see further opportunity to invest at attractive returns in our seller ecosystem. Third, Cash App has grown rapidly and is now a meaningful contributor to our overall revenue. Fourth, we believe the transaction to sell Caviar will improve our focus and drive greater investment in our seller and cash ecosystems.

謝謝，傑克。有 4 個關鍵亮點，我想在本季度指出。首先，我們繼續推動大規模的收入增長。其次，我們繼續看到銷售和營銷支出的強勁回報，並看到在我們的賣家生態系統中投資獲得有吸引力回報的進一步機會。第三，Cash App 發展迅速，現已成為我們整體收入的重要貢獻者。第四，我們相信出售魚子醬的交易將提高我們的關注度並推動對我們的賣家和現金生態系統的更大投資。

Let's expand on these points a bit.

讓我們稍微擴展一下這些點。

First, we drove strong revenue growth at scale. Total net revenue grew 44% year-over-year to $1.17 billion in the second quarter. Adjusted revenue grew 46% year-over-year to $563 million. We saw broad-based momentum across both seller and Cash App ecosystems driving our results.

首先，我們在規模上推動了強勁的收入增長。第二季度總淨收入同比增長 44% 至 11.7 億美元。調整後的收入同比增長 46% 至 5.63 億美元。我們看到賣家和 Cash App 生態系統的廣泛動力推動了我們的業績。

As a reminder, we lapped a few events, which drove the tougher comp on revenue growth this quarter relative to the first quarter of 2019. We lapped the acquisitions of Weebly and Zesty, which closed in the second quarter of 2018. These acquisitions contributed 2 points to total net revenue growth and 3 points to adjusted revenue growth in the quarter. And we also lapped the pricing change on Cash App's Instant Deposit.

提醒一下，與 2019 年第一季度相比，我們記錄了一些事件，這導致本季度的收入增長更加艱難。我們記錄了對 Weebly 和 Zesty 的收購，這兩家公司於 2018 年第二季度結束。這些收購貢獻了 2本季度總淨收入增長和調整後收入增長 3 個百分點。我們還對 Cash App 的即時存款進行了定價變化。

Second, in our seller business, we continue to generate strong return on investments from sales and marketing, with further opportunity to scale at attractive returns. We've seen payback period trend towards 3 quarters with continued positive revenue retention. This results in a 3 to 4x return on investment for a new seller cohort within 3 years of onboarding.

其次，在我們的賣方業務中，我們繼續從銷售和營銷中獲得強勁的投資回報，並有進一步擴大規模的機會，獲得有吸引力的回報。我們已經看到了 3 個季度的投資回收期趨勢，並持續保持正收入。這導致新賣家群體在入職後 3 年內獲得 3 到 4 倍的投資回報。

In April, we launched a marketing campaign to increase brand awareness for Square's ecosystem of products to help sellers manage and grow their business. We are encouraged by early returns from this campaign, including improved top-of-funnel metrics around awareness, which has led to growth in sign-ups.

4 月，我們發起了一項營銷活動，以提高 Square 產品生態系統的品牌知名度，以幫助賣家管理和發展業務。我們對此次活動的早期回報感到鼓舞，包括提高了關於知名度的漏斗頂部指標，這導致了註冊人數的增長。

Third, our Cash App ecosystem has driven meaningful monetization and attractive unit economics. We see strong momentum and durability across 3 key vectors, the network, engagement and monetization. Cash App delivered $135 million in quarterly revenue, excluding Bitcoin. While we are improving the efficiency of our cash ecosystem, we continue to invest given the rapid growth of the platform and compelling unit economics. What we see is, one, low and stable acquisition costs for new customers, even as we scale in the mainstream populations; and two, greater engagement and monetization for active customers across multiple revenue streams, driven by increased attach rates on key products that provide daily utility, and as we launch new features, we see further opportunities to cross-sell into large and growing -- into our large and growing customer base with minimal incremental acquisition costs.

第三，我們的 Cash App 生態系統推動了有意義的貨幣化和有吸引力的單位經濟。我們在 3 個關鍵向量（網絡、參與度和貨幣化）中看到了強勁的勢頭和持久性。 Cash App 的季度收入為 1.35 億美元，不包括比特幣。雖然我們正在提高現金生態系統的效率，但鑑於平台的快速增長和引人注目的單位經濟性，我們將繼續投資。我們看到的是，即使我們在主流人群中擴展，新客戶的獲取成本低且穩定；第二，在提供日常實用性的關鍵產品的附加率增加的推動下，在多個收入流中為活躍客戶提供更大的參與度和貨幣化，並且隨著我們推出新功能，我們看到了更多交叉銷售到大型和不斷增長的機會 - 進入我們龐大且不斷增長的客戶群以最小的增量購置成本。

Finally, we have entered into an agreement to sell Caviar, which will allow for improved focus and greater investment in our seller and cash ecosystem where we have seen attractive returns. With the pending sale of Caviar, we are maintaining our full year 2019 guidance for 43% adjusted revenue growth year-over-year and 60% adjusted EBITDA growth year-over-year at the midpoints. We will update our guidance after the close of the transaction.

最後，我們達成了出售魚子醬的協議，這將有助於我們提高對賣家和現金生態系統的關注度和更大的投資，我們已經看到了可觀的回報。隨著魚子醬的待售，我們將維持我們 2019 年全年的指導，即調整後的收入同比增長 43%，調整後的 EBITDA 同比增長 60%。我們將在交易結束後更新我們的指導。

Similar to prior quarters, we intend to reinvest outperformance back into the business to capture the long-term opportunities ahead of us. We expect most of our incremental seller ecosystem sales and marketing expenses to land in Q3 and the early part of Q4 when we know businesses make decisions and spend can be more effective prior to the holidays. We expect these investments to benefit us and drive growth in the future.

與前幾個季度類似，我們打算將出色的表現重新投資於業務，以抓住我們面前的長期機會。我們預計我們的大部分增量賣家生態系統銷售和營銷費用將在第三季度和第四季度早期出現，因為我們知道企業在假期前做出決策並且支出會更有效。我們預計這些投資將使我們受益並推動未來的增長。

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

我現在將其轉回給接線員以開始通話的問答部分。

(Operator Instructions) Your first question comes from the line of Darrin Peller with Wolfe Research.

（操作員說明）您的第一個問題來自 Wolfe Research 的 Darrin Peller。

Listen, I just want to start off on the Cash App, given you gave more data points around how much is being monetized, and maybe start off if you could help us understand the curve and the maturity of that monetization? Is it 20 -- I mean you talked about Cash Card being about 23% of the actual Cash App users, where is that? Is that something that could proceed much higher from here?

聽著，我只想從 Cash App 開始，因為您提供了更多關於貨幣化金額的數據點，如果您能幫助我們了解該貨幣化的曲線和成熟度，也許可以開始？是 20 歲嗎？我的意思是您談到 Cash Card 約佔實際 Cash App 用戶的 23%，那在哪裡？那是不是可以從這裡走得更高？

And then maybe you can help us understand the breakdown of revenue across the Cash App between the different sources you highlighted, whether it's the Cash Card or others? Clearly, it seems like it's growing well, just curious how much room it has.

然後也許您可以幫助我們了解您強調的不同來源（無論是現金卡還是其他來源）之間現金應用程序的收入細分？顯然，它似乎成長得很好，只是好奇它有多少空間。

Thanks so much for the question. So we are very pleased with the performance that we've seen from the Cash App team. They're focused, first and foremost, on growing the network and growing engagement and daily utility on Cash App, and we believe and we've seen that lead to monetization. And Cash App has scaled from negligible revenues 3 years ago to now an annualized rate of over $0.5 billion in revenues. So we can unpack that a little bit for you.

非常感謝這個問題。因此，我們對 Cash App 團隊的表現感到非常滿意。他們首先專注於發展網絡，增加 Cash App 的參與度和日常實用性，我們相信並且我們已經看到這會導致貨幣化。 Cash App 的收入從 3 年前微不足道的收入增長到現在的年化收入超過 5 億美元。所以我們可以為你解開一點。

I think you're asking specifically about how the opportunities with Cash Card and the ability to grow that attach rate in those revenues associated with Cash Card over time. Maybe if you take it back one step and look at overall monetization for Cash App, 2 years ago, when we were very early in the life of monetization of Cash App, we disclosed, I think, this is in the second quarter of 2017, that over 1/3 of users monetized. And that was pre-Cash Card. Now we've seen significant growth in that number with the addition of these new monetization and engagement levers like Cash Card, like Bitcoin and a number of other levers.

我認為您是在特別詢問現金卡的機會以及隨著時間的推移在與現金卡相關的收入中增加附加率的能力。也許如果你退一步看一下 Cash App 的整體貨幣化，2 年前，當我們在 Cash App 貨幣化的早期，我們透露，我認為，這是在 2017 年第二季度，超過 1/3 的用戶通過貨幣獲利。那是預現金卡。現在，隨著這些新的貨幣化和參與槓桿（如現金卡、比特幣和許多其他槓桿）的加入，我們已經看到這一數字顯著增長。

With Cash Card, in particular, we disclosed the 3.5 million actives. We continue to see growing attach rate for Cash Card from period to period, and we think we're in the early days of that. We're also seeing really strong metrics around usage and engagement with multiple transactions in a given week for everyday purchases. So this is a really great proof point for us around customer engagement and driving retention and opportunities for cross-sell into this large and growing audience into the future.

特別是現金卡，我們披露了 350 萬活躍用戶。我們繼續看到現金卡的附加率不斷增長，我們認為我們還處於早期階段。我們還看到，在給定的一周內，日常購買的多筆交易的使用和參與度非常強大。因此，對於我們來說，這對於我們來說是一個非常好的證明點，圍繞著客戶參與和推動留存以及在未來向這一龐大且不斷增長的受眾進行交叉銷售的機會。

In terms of just -- I think the last part of your question was around breaking down revenues for Cash App. We have half a dozen revenue streams and we believe that we are in the very early days of that. The 2 biggest are around Instant Deposit and Cash Card, and we've got 4 other growing revenue streams. And given we're in the early days and this team has demonstrated strong product velocity, we envision many more into the future.

就 - 我認為你問題的最後一部分是關於分解 Cash App 的收入。我們有六種收入來源，我們相信我們還處於早期階段。最大的 2 個是即時存款和現金卡，我們還有 4 個其他不斷增長的收入來源。鑑於我們還處於早期階段，並且這個團隊已經展示了強大的產品速度，我們對未來的設想會更多。

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

您的下一個問題來自德意志銀行的 Bryan Keane。

I just want to ask about Caviar, if we could get any sense of revenue or EBITDA. I'm guessing the EBITDA margin for Caviar is lower than the overall company average. So trying to think about that and maybe the growth rate of those -- of revenue and EBITDA, how fast is it growing? And then if we're going to reinvest those proceeds, where exactly inside of Cash App are we thinking about reinvesting those?

我只是想問一下魚子醬，我們是否能獲得任何收入或 EBITDA 的感覺。我猜魚子醬的 EBITDA 利潤率低於公司整體平均水平。因此，嘗試考慮這一點，也許是收入和 EBITDA 的增長率，它的增長速度有多快？然後，如果我們要將這些收益再投資，我們究竟在 Cash App 內部的哪個位置考慮再投資這些收益？

Thanks for the question, Bryan. So let me help you break it down a little bit on Caviar. We'll be able to share a lot more with the relevant financial statements, including and excluding Caviar, upon the close of the transaction expected to happen later this year. But just to give you a little bit of boundaries as you kind of model the business. From a revenue scale perspective, Caviar is the second largest component of our subscription and services revenue stream where we did $251 million in revenue in the second quarter. We've now disclosed key revenues for Cash App, which was the #1 driver of our subscription and services revenue stream. Capital is the third. So you can kind of benchmark within there, backing into a figure within range for Caviar.

謝謝你的問題，布萊恩。所以讓我幫你把它分解一下魚子醬。在預計將於今年晚些時候發生的交易完成後，我們將能夠與相關財務報表分享更多信息，包括和不包括魚子醬。但只是為了在您對業務建模時給您一些界限。從收入規模的角度來看，魚子醬是我們訂閱和服務收入流的第二大組成部分，我們在第二季度的收入為 2.51 億美元。我們現在披露了 Cash App 的主要收入，這是我們訂閱和服務收入流的第一大驅動力。第三是資本。所以你可以在那裡進行基準測試，支持魚子醬範圍內的數字。

From a margin perspective, as a delivery platform, Caviar has lower gross margin profile than the remainder of our revenue streams related to subscription and services. There are ongoing costs associated with Caviar, including fees for couriers and the revenue share with restaurants that have made it the largest component of subscription and services-based costs. But again, we will update you on -- in the future upon the closing of the transaction on further details there. And then...

從利潤率的角度來看，作為一個交付平台，Caviar 的毛利率低於我們與訂閱和服務相關的其他收入流。與魚子醬相關的成本持續存在，包括快遞費用和與餐廳的收入分成，這使其成為訂閱和服務成本的最大組成部分。但同樣，我們將在未來交易完成後向您更新那裡的更多細節。然後...

And in terms of the reinvestment of proceeds, you mentioned Cash App. Cash App is pretty amazing network effects right now, and we benefit a lot from them. So a lot of our focus, as we think about these 2 ecosystems between seller and cash, is going to be on go-to-market and seller. We think there's a lot of opportunity based on our payback periods and return on investment within multiple products within the seller ecosystem. And that will be inclusive of hardware, but also more we can do with sales and marketing.

在收益再投資方面，您提到了 Cash App。 Cash App 現在是非常了不起的網絡效應，我們從中受益良多。因此，當我們考慮賣家和現金之間的這兩個生態系統時，我們的很多關注點都將放在上市和賣家上。我們認為，基於我們的投資回收期和賣家生態系統內多種產品的投資回報，我們有很多機會。這將包括硬件，但我們可以在銷售和營銷方面做更多的事情。

So as we've been looking at the business and looking at a new world where we do have the ability to focus on just 2 ecosystems instead of 3, we're really compelled by a number of the opportunities on the seller side and continuing to build out more and more of the Cash App roadmap, which continues to address some critical needs the people have in accessing the financial system.

因此，當我們一直在關注業務並關註一個我們確實有能力只關注 2 個而不是 3 個生態系統的新世界時，我們真的被賣方方面的許多機會所驅使並繼續構建越來越多的 Cash App 路線圖，繼續滿足人們在訪問金融系統方面的一些關鍵需求。

Your next question comes from the line of Tien-Tsin Huang with JPMorgan.

您的下一個問題來自摩根大通的 Tien-Tsin Huang。

Just wanted to ask on GPV and your plans to invest more in the seller ecosystem like you just said. I know GPV growth in percentage terms gets a lot of attention, but you're still adding a record notional amount of GPV, if I'm doing the math right. So my question is do you feel confident that you can keep adding whether 5 billion on volume a quarter and can that actually accelerate with the seller ecosystem investments that you're talking about?

只是想問一下 GPV 以及您剛才所說的對賣家生態系統進行更多投資的計劃。我知道按百分比計算的 GPV 增長引起了很多關注，但如果我計算正確的話，你仍然會增加創紀錄的 GPV 名義金額。所以我的問題是，你是否有信心繼續增加每季度 50 億的交易量，並且隨著你所說的賣家生態系統投資，這實際上會加速嗎？

Thanks for the question, Tien-Tsin. We are focused with these investments on driving both top of funnel through awareness and activations, along with cross-sell across the ecosystem. GPV picks up one piece of one ecosystem. It picks up primarily a payment piece of the seller ecosystem. Keep in mind, as people think about GPV, that we don't include things like Cash App GPV in the figure, and we also don't include the other revenue streams around subscription and services as a part of GPV, which is why we, as a company, manage the business to our revenues and we think about revenue growth when we're driving investments.

謝謝天津的提問。我們專注於這些投資，通過意識和激活推動漏斗頂部，以及整個生態系統的交叉銷售。 GPV 從一個生態系統中分一杯羹。它主要獲取賣方生態系統的支付部分。請記住，當人們想到 GPV 時，我們沒有在圖中包含 Cash App GPV 之類的東西，我們也沒有將圍繞訂閱和服務的其他收入流作為 GPV 的一部分包括在內，這就是為什麼我們，作為一家公司，根據我們的收入來管理業務，我們在推動投資時會考慮收入增長。

Revenue grew 46% in the quarter and that fully -- adjusted revenue grew 46% in the quarter to $563 million. That really captures the full breadth and value of the ecosystem.

本季度收入增長 46%，完全調整後的收入在本季度增長 46% 至 5.63 億美元。這確實體現了生態系統的全部廣度和價值。

Within GPV, some of the pockets of growth that we've seen that we're very encouraged by include around our larger sellers who now are more than half of our GPV mix. Mid-market sellers, which are the largest sellers that we serve with over $0.5 million of GPV also grew and actually grew at the fastest rate, which is 45% year-over-year. And we believe we have multiple levers of growth ahead on GPV, including across the rest of the business.

在 GPV 中，我們看到的一些增長點讓我們感到非常鼓舞，包括我們現在占我們 GPV 組合一半以上的大型賣家。中端市場賣家是我們服務的最大賣家，其 GPV 超過 50 萬美元，也以最快的速度增長，同比增長 45%。我們相信，我們在 GPV 方面擁有多種增長槓桿，包括其他業務。

And a lot of that is related to some of the newer payment channels that we have developed that are growing faster than the base GPV amount. So think about things like our vertical point-of-sale offerings around retail and restaurants or developer platform in omnichannel products. But again, I would anchor you to thinking about the overall revenue growth for our business is that captures the breadth of offerings that we have for our sellers and individual customers.

其中很多與我們開發的一些較新的支付渠道有關，這些渠道的增長速度超過了基本 GPV 金額。因此，請考慮一下我們圍繞零售和餐廳提供的垂直銷售點產品或全渠道產品中的開發者平台。但是，我想再次提醒您考慮我們業務的整體收入增長，這體現了我們為賣家和個人客戶提供的產品的廣度。

Your next question comes from the line of Dan Dolev with Nomura.

您的下一個問題來自野村的 Dan Dolev。

Just a quick housekeeping question. The Eventbrite, is that included in GPV for this quarter?

只是一個快速的家政問題。 Eventbrite，是否包含在本季度的 GPV 中？

Thanks for the question, Dan. Eventbrite is still in testing phase, so I wouldn't think of that as a material contributor to GPV in the second quarter. We are hard at work on building out a long-term solution, omnichannel solution for Eventbrite and expect to launch in the back half of this year.

謝謝你的問題，丹。 Eventbrite 仍處於測試階段，所以我不認為它是第二季度 GPV 的重要貢獻者。我們正在努力為 Eventbrite 構建一個長期解決方案、全渠道解決方案，並預計在今年下半年推出。

Got it. And then maybe a question for you and maybe for Jack, too. I mean, we've been getting -- we've been doing a lot of work on the Cash App and the ecosystem, but can you maybe give us like one concrete example, Jack, of how the ecosystem kind of helps you get both sides of the transaction, both the sellers and the consumers, which I believe is sort of the holy grail of this whole thing?

知道了。然後也許是你的問題，也許是傑克的問題。我的意思是，我們一直在 - 我們在 Cash App 和生態系統上做了很多工作，但是你能不能給我們舉一個具體的例子，傑克，生態系統是如何幫助你同時獲得這兩者的交易的雙方，賣家和消費者，我認為這是整個事情的聖杯？

I agree with you. We do see a lot of opportunity there. Like, so our first focus is to build the individual ecosystems, the seller ecosystem and the Cash App ecosystem. There's a lot of strength, and both ecosystems are addressing critical needs. So within seller, it's payments and register and capital and appointments, and Square for restaurants and Square for retail and whatnot. On the developer platform, on the cash side, it's everything from peer-to-peer to the Cash Card to Bitcoin to Instant Deposit to a host of other services that help people on a daily basis, like Direct Deposit as well.

我同意你的看法。我們確實在那裡看到了很多機會。就像，所以我們的第一個重點是建立個人生態系統、賣家生態系統和 Cash App 生態系統。有很多力量，兩個生態系統都在解決關鍵需求。因此，在賣方內部，它是付款、註冊、資本和約會，Square 用於餐廳，Square 用於零售等。在開發者平台上，在現金方面，從點對點到現金卡，從比特幣到即時存款，再到許多其他日常幫助人們的服務，如直接存款，應有盡有。

So we have seen some crossover between these 2 ecosystems, and we do think that there's a lot of power in connecting them. We have been paying some of our payroll customers through the Cash App, which is beneficial to both the seller and the Cash App ecosystem. Some time ago, we started paying Caviar couriers through the Cash App, which is beneficial to Caviar and soon to be the DoorDash ecosystem and also the Cash App ecosystem. And we have been doing more and more consideration around Boost as well and where that fits in to that ecosystem as well.

所以我們已經看到了這兩個生態系統之間的一些交叉，我們確實認為連接它們有很大的力量。我們一直通過 Cash App 向我們的一些工資單客戶付款，這對賣家和 Cash App 生態系統都有好處。前段時間，我們開始通過 Cash App 向 Caviar 快遞員付款，這對 Caviar 有利，很快就會成為 DoorDash 生態系統和 Cash App 生態系統。我們也一直在對 Boost 進行越來越多的考慮，以及它也適合該生態系統的位置。

So we do believe there's a ton of connections between these 2. And some of this focused investment, we'll definitely be answering that question, making those connections much, much stronger.

因此，我們確實相信這兩者之間存在大量聯繫。其中一些重點投資，我們肯定會回答這個問題，使這些聯繫變得更加強大。

(Operator Instructions) Your next question comes from the line of Jason Kupferberg from Bank of America Merrill Lynch.

（操作員說明）您的下一個問題來自美銀美林的 Jason Kupferberg。

So you did, as we've become accustomed to seeing, you did beat the high end of your revenue guidance for the second quarter here. Now typically, historically, that's been accompanied by a raise in your annual revenue guidance. We did not see that this quarter, so I just wanted to get an understanding of what the thought process is around the second half and where you may have a little bit of uncertainty/caution perhaps that might have led you to decide to not change the full year outlook despite another very strong quarterly performance.

所以你做到了，正如我們已經習慣看到的那樣，你確實超過了第二季度收入指導的高端。現在通常，從歷史上看，這伴隨著您的年度收入指導的提高。本季度我們沒有看到這一點，所以我只是想了解下半場的思考過程以及您可能在哪些方面存在一些不確定性/謹慎，這可能導致您決定不更改儘管另一個季度表現非常強勁，但全年展望。

Hey, Jason, thanks for the question. So with respect to the revenue raise, I'd urge you to remember that this quarter, we've announced the transaction with Caviar. And so we will update you post the closing of this transaction, which we'd expect to happen later this year, with respect to guidance for the rest of the year.

嘿，傑森，謝謝你的問題。因此，關於收入增長，我敦促您記住，本季度，我們已經宣布了與 Caviar 的交易。因此，我們將在此交易完成後向您更新，我們預計將在今年晚些時候發生，關於今年剩餘時間的指導。

Also remember, we raised guidance last quarter by $30 million or 2 points of growth, which was obviously more than the beat that we had last quarter.

另請記住，我們上個季度將指導提高了 3000 萬美元或 2 個增長點，這顯然超過了我們上個季度的表現。

And finally, recall that, of course, we're driving growth for the long term. And so the investments that we're making in the back half of this year, we expect to drive growth for us into the future.

最後，請記住，當然，我們正在推動長期增長。因此，我們在今年下半年進行的投資，我們預計將推動我們未來的增長。

Your next question comes from the line of Pete Christiansen with Citi.

您的下一個問題來自花旗銀行的 Pete Christiansen。

Jack, can you -- I appreciate the refocus into the core ecosystem here, but can you give us a sense, at least, the competition seems to be getting tougher with other cloud POS players, but on the seller side. Is this more of a response to things like that? And perhaps maybe you can at least qualitatively give us a sense of how retention is holding up in the seller channel?

傑克，你能 - 我很欣賞這裡重新關注核心生態系統，但你能給我們一個感覺，至少，與其他雲 POS 玩家的競爭似乎越來越激烈，但在賣方方面。這更像是對此類事情的回應嗎？也許您至少可以定性地讓我們了解賣方渠道的保留率如何？

Yes, I'll take the first part and Amrita will answer the second. We -- I mean, really, this is not looking externally, this is looking internally. We just see a ton of opportunity based on our -- the strength of our payback periods and the return on investment of multiple products within the seller ecosystem particularly. And we think just doing some small things like a focus on go-to-market through hardware and also through sales and marketing will have very, very good outcomes. So we want to pull the thread on that. And we do believe that the thing that still sets us apart from all of our competitors is the cohesiveness of our ecosystem. The fact that I can come in for one tool and see an array of other tools that will help with your second question, which is around retention. We do have a number of sellers who use multiple products at once and find the ability to just download one app and, suddenly, you have an entire universe of tools to solve all the critical needs that one would have right there. It's very compelling, very easy and very fast and something that continues to be a competitive differentiator for us.

是的，我將參加第一部分，Amrita 將回答第二部分。我們——我的意思是，真的，這不是在尋找外部，而是在尋找內部。基於我們的投資回報期的優勢以及賣家生態系統中多種產品的投資回報，我們只是看到了大量的機會。我們認為僅僅做一些小事情，比如通過硬件以及通過銷售和營銷來關注市場，將會產生非常非常好的結果。所以我們想拉開這個話題。而且我們確實相信，使我們與所有競爭對手區分開來的仍然是我們生態系統的凝聚力。事實上，我可以使用一個工具並查看一系列其他工具，這些工具將幫助您解決第二個問題，即關於留存的問題。我們確實有許多賣家同時使用多種產品並發現只需下載一個應用程序的能力，突然間，您擁有一整套工具來解決一個人在那裡可能遇到的所有關鍵需求。它非常引人注目，非常簡單且非常快速，並且繼續成為我們的競爭優勢。

So we now get the opportunity to really focus on these 2 ecosystems, and we see a lot of opportunity within seller. We continue to beat our expectations within cash. Both ecosystems have some incredible roadmaps ahead, and especially for this year, which I'm really excited about, which bring both to a significant strength.

所以我們現在有機會真正專注於這兩個生態系統，我們在賣家內部看到了很多機會。我們繼續在現金方面超出我們的預期。這兩個生態系統都有一些令人難以置信的路線圖，尤其是今年，我對此感到非常興奮，這為兩者帶來了巨大的力量。

But as the previous caller indicated, we think there's even more opportunity in connecting the 2 and having a positive reinforcement cycle between those 2 ecosystems. So this really allows us to focus on 2 critical constituencies that, I think, strengthens both ecosystems and adds a lot of value to the company.

但正如前一位來電者所指出的，我們認為將兩者聯繫起來並在這兩個生態系統之間形成正強化循環的機會更大。因此，這確實使我們能夠專注於兩個關鍵的支持者，我認為這兩個支持者都加強了生態系統並為公司增加了很多價值。

And Pete, I'll just add to the retention point. The last time we shared a full deep dive with you about our seller business back at our Investor Day 2 years ago, we talked a lot about paybacks and ROI and retention. And if you look at how the business has evolved since then, the dynamics in our seller ecosystem remain largely the same or better. We talked about paybacks at that time in the 4-quarter range. We're now seeing them trend to the 3-quarter range. We see return on investment that is also at very significant levels. We see positive revenue retention for our existing cohorts. We see new cohorts joining at higher revenue levels.

還有Pete，我將添加到保留點。上一次我們在 2 年前的投資者日與您分享了關於我們的賣家業務的全面深入探討，我們談到了很多關於回報、投資回報率和留存率的問題。如果你看看自那以後業務是如何發展的，我們的賣家生態系統中的動態基本保持不變或更好。我們當時討論了 4 個季度範圍內的回報。我們現在看到它們趨向於第三季度的範圍。我們看到投資回報率也非常可觀。我們看到現有同類群組的收入保持正增長。我們看到新的同夥以更高的收入水平加入。

All of these drivers have led to our seller ecosystem driving a very attractive profitability profile even as the business has scaled. And it's because of that scaled level of profitability, it's because of the strong unit economics, it's because of the strong ROIs that we have the confidence to invest in this business in the back half of this year and into next year.

所有這些驅動因素導致我們的賣家生態系統推動了非常有吸引力的盈利狀況，即使業務已經擴大。正是因為這種規模化的盈利水平，因為強大的單位經濟，因為強大的投資回報率，我們有信心在今年下半年和明年投資這項業務。

Your next question comes from the line of Jim Schneider with Goldman Sachs.

您的下一個問題來自高盛集團的 Jim Schneider。

With respect to the investments you plan on making on the seller ecosystem, can you maybe just give us a little bit of color about the dimensionality of that in terms of how much of this is about going after new sellers and adding to the total number of sellers, especially larger sellers, and how much of that is about kind of extending the ancillary product offerings and additional subscriptions and services to the existing base?

關於你計劃在賣家生態系統上進行的投資，你能否給我們一些關於它的維度的顏色，其中有多少是關於追逐新賣家並增加總數量的？賣家，尤其是大賣家，其中有多少是關於將輔助產品供應以及額外訂閱和服務擴展到現有基礎的？

So the way we think about this is building 1 tool for all types of sellers, all sizes of sellers. We want to make sure that we're enabling the seller who's just getting started on their houseboat, all the way up to a seller with 40 locations to be able to sell within the ecosystem.

因此，我們對此的思考方式是為所有類型的賣家、各種規模的賣家構建 1 個工具。我們希望確保我們能夠讓剛開始使用船屋的賣家，一直到擁有 40 個地點的賣家能夠在生態系統內進行銷售。

So our focus right now is going to be on hardware sales and marketing, and that will be continuing to reach out to the very small and the very large. And of course, we're going to balance that with making our product better and better. A big focus for us right now is on the developers platform and the API. We continue to see a lot of benefit from taking a platform approach. This is especially true as we move Caviar to DoorDash. As DoorDash succeeds, we also succeed and our restaurants succeed by using the orders API and the orders hub, the orders manager at their restaurants. So this is something that we feel very confident in.

因此，我們現在的重點將放在硬件銷售和營銷上，這將繼續延伸到非常小的和非常大的公司。當然，我們將平衡這一點，使我們的產品越來越好。我們現在的一個重點是開發者平台和 API。我們繼續看到採用平台方法的很多好處。當我們將 Caviar 移至 DoorDash 時尤其如此。隨著 DoorDash 的成功，我們也成功了，我們的餐廳也通過使用訂單 API 和訂單中心（他們餐廳的訂單經理）而成功。所以這是我們非常有信心的事情。

And Jim, just to add to that, some of the sales and marketing efforts that we've already seen this year have delivered positive traction. So as an example, our brand marketing campaign in April reached 7 million sellers. And while it's still early, that positive early traction delivered top-of-funnel metrics like awareness and conversion for new sellers that we're really encouraged by. When we look at other markets where we've invested in this way with brand awareness in our international markets, those brand awareness campaigns have actually driven greater efficiency in our direct performance marketing spend as well. So I think as Jack mentioned, you'll see us lean in on areas like hardware, top of funnel, brand awareness as well as some of the direct performance-related marketing to drive the full ecosystem here.

吉姆，補充一點，我們今年已經看到的一些銷售和營銷工作已經產生了積極的影響。例如，我們在 4 月份的品牌營銷活動達到了 700 万賣家。雖然現在還為時過早，但這種積極的早期牽引力為我們真正受到鼓舞的新賣家提供了諸如知名度和轉化率等頂級渠道指標。當我們以這種方式在國際市場上以品牌知名度進行投資的其他市場時，這些品牌知名度活動實際上也提高了我們直接績效營銷支出的效率。所以我認為正如傑克所說，你會看到我們在硬件、漏斗頂部、品牌知名度以及一些直接與績效相關的營銷等領域推動整個生態系統的發展。

Your next question comes from the line of Candace Cox with Candid Art.

您的下一個問題來自 Candace Cox 與 Candid Art 的系列。

Hello, I am a Square seller and my business is CANDIDART from Oakland, California. And my question is, will Square ever offer some classes specific to entrepreneurs that business owners can attend?

您好，我是 Square 賣家，我的業務是來自加利福尼亞州奧克蘭的 CANDIDART。我的問題是，Square 是否會為企業主提供一些專門針對企業家的課程？

That is a great idea. We -- and also, thanks for using Square. We have actually started a program called Self-Made, which is a series of free night schools, and the first editions were in Atlanta and Pittsburgh. And we do believe we're going to bring this series to Oakland in 2020. So next year, we should have some classes for you on social media marketing, setting up a website, online store and everything you need to start and run and grow your business.

這是一個好主意。我們——也感謝您使用 Square。我們實際上已經啟動了一個名為 Self-Made 的計劃，這是一系列免費夜校，第一版在亞特蘭大和匹茲堡。我們相信我們會在 2020 年把這個系列帶到奧克蘭。所以明年，我們應該為你開設一些關於社交媒體營銷、建立網站、在線商店以及你開始、運行和成長所需的一切的課程你的事。

Your next question comes from the line of Harshita Rawat with Bernstein.

您的下一個問題來自 Harshita Rawat 與 Bernstein 的對話。

I want to ask about omnichannel, this has been a boost for you since the Weebly acquisition. But it's also a fiercely competitive market, and many of your peers whose business is primarily e-com are now moving in store. So can you talk about the competitive differentiators in online? How it has evolved? And how is Weebly fitting in there?

我想問一下全渠道，自從 Weebly 收購以來，這對你來說是一個推動力。但它也是一個競爭激烈的市場，您的許多以電子商務為主的同行現在都在進駐。那麼你能談談在線競爭的差異化因素嗎？它是如何演變的？ Weebly 如何融入其中？

Yes. So we believe that omnichannel is a big strategic value for us and something that we want to continue to invest in and grow. We believe this because we do have a lot of our sellers offline and online who either want to sell online, or for a lot of online businesses, they're considering more experimental ways of selling like pop-up shops and physical retail. So we want to make sure that we're a place where you can come to, you can download an app, open the service up and everything you need is right there.

是的。因此，我們相信全渠道對我們來說是一個巨大的戰略價值，也是我們希望繼續投資和發展的東西。我們相信這一點，因為我們確實有很多線下和線上的賣家想要在線銷售，或者對於很多在線業務，他們正在考慮更多實驗性的銷售方式，比如快閃店和實體零售。所以我們想確保我們是一個你可以來的地方，你可以下載一個應用程序，打開服務，你需要的一切都在那裡。

I think what differentiates us is it's not just about e-commerce, it's about all these channels, including mobile, so that a seller can bring all the channels together from offline, mobile and online in one place, in one dashboard, and have all the suite of other tools that we offer, including appointments, capital, customer relationship, management, everything needed to really grow the business, not just to make sales, but to actually grow the business and provide insights into it. And that's what we want to continue to strengthen.

我認為我們與眾不同之處不僅在於電子商務，還在於所有這些渠道，包括移動渠道，因此賣家可以將線下、移動和線上的所有渠道集中在一個地方、一個儀表板中，並擁有所有我們提供的其他工具套件，包括約會、資本、客戶關係、管理，以及真正發展業務所需的一切，不僅是為了進行銷售，而且是為了實際發展業務並提供洞察力。這就是我們想要繼續加強的。

And we see a lot of opportunity in continuing to invest and increasing our investment around online store omnichannel in the form of sales and marketing, which will complement everything that we're doing around hardware and hardware sales as well. So we do think there's a lot more room for us here. Hence, why the moves today were so important and we'll benefit so much from.

我們看到很多機會以銷售和營銷的形式繼續投資和增加我們對在線商店全渠道的投資，這將補充我們在硬件和硬件銷售方面所做的一切。所以我們確實認為這裡有更多的空間。因此，為什麼今天的舉措如此重要，我們將從中受益匪淺。

Your next question comes from the line of James Faucette with Morgan Stanley.

您的下一個問題來自摩根士丹利的 James Faucette。

You guys have talked about increased marketing and efforts, and obviously, a lot of that has been dedicated to Cash App and expansion of services. But wondering if you can talk about the campaigns that you launched in the U.K. last year and how effective that was and how you're looking at expanding marketing efforts international -- to the international markets you've identified versus in the U.S.?

你們談到了增加營銷和努力，顯然，其中很多都致力於現金應用程序和服務擴展。但是想知道您是否可以談談您去年在英國發起的活動以及它的效果如何，以及您如何看待將營銷工作擴大到您所確定的國際市場而不是美國？

Yes, so in the U.K., this continues to be a focus for us and we want to make sure that we have a remarkable product within the market. We have been investing in brand campaigns in the U.K., and this has driven efficient customer acquisition with the costs to acquire new seller down by over 50% compared to prior year.

是的，所以在英國，這仍然是我們關注的焦點，我們希望確保我們在市場上擁有卓越的產品。我們一直在英國投資品牌活動，這推動了高效的客戶獲取，與去年相比，獲取新賣家的成本下降了 50% 以上。

So we are learning as quickly as possible. And as you know, we are not first to the market in the U.K., but we strive to be the best, and we strive to continue to bring more and more of our ecosystem to the market. We've managed to launch multiple products at once within the U.K., which was a huge milestone for us. And we continue to look for opportunities to showcase the uniqueness of the U.K. market and everything that's happening within the U.K. through marketing and also through our media, which continues to create a flywheel where more and more people are aware of Square and utilizing it.

因此，我們正在盡可能快地學習。如您所知，我們並不是第一個進入英國市場的，但我們努力做到最好，我們努力繼續將越來越多的生態系統推向市場。我們已經成功地在英國同時推出了多種產品，這對我們來說是一個巨大的里程碑。我們繼續尋找機會通過營銷和我們的媒體展示英國市場的獨特性以及英國境內發生的一切，這將繼續創造一個飛輪，讓越來越多的人了解 Square 並利用它。

And just, James, to add on the international expansion part of your question, our approach to international markets is, step 1, make sure that we have a full suite of products and fill in any gaps that we see there; step 2, to drive brand awareness campaign so that people understand Square and the full breadth of our ecosystem; and step 3, to drive greater performance media to drive conversion.

詹姆斯，補充一下你問題的國際擴張部分，我們進入國際市場的方法是，第一步，確保我們擁有一整套產品並填補我們在那裡看到的任何空白；第 2 步，推動品牌知名度活動，讓人們了解 Square 和我們生態系統的全部廣度；第 3 步，推動更高性能的媒體以推動轉化。

So we're still in that ramp. But with some of the product offerings that we released earlier this year and with things to come, you'll see us continue to fill in product gaps internationally, have a full suite of offerings internationally and lean in, therefore, to sales and marketing increasingly.

所以我們仍然在那個坡道上。但隨著我們今年早些時候發布的一些產品以及即將推出的產品，您會看到我們繼續填補國際產品空白，在國際上提供全套產品，因此越來越傾向於銷售和營銷.

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

您的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask about your distribution model in international markets and how it's evolving. Are you -- does it look and smell different in these different markets? Is it more partnerships in some and more direct sales in other? And just a quick bolt-on to that question, I was just wondering if the Q3 guidance was impacted by any changes in your expectations around when Eventbrite would roll out?

我想問一下你們在國際市場的分銷模式以及它是如何發展的。你——在這些不同的市場中，它的外觀和氣味是否不同？是不是在一些地方有更多的合作夥伴關係，在另一些地方有更多的直接銷售？只是快速回答這個問題，我只是想知道第三季度的指導是否受到您對 Eventbrite 何時推出的預期變化的影響？

Thanks for the question. So I think every market is going to be unique. And Japan is a really good example of this where we feel very confident now in our success in the country because we have a lot of tailwinds from the government who is providing subsidies for both sellers and buyers to shift to digital and card payments. We have a number of events coming up in Tokyo that bolster the number of global travelers into Tokyo. We're expecting to use cards at every merchant that they go to within the city and within the country. So that does require a very different approach from what we have seen in the U.K. and what we've seen in Australia. So each one is going to be slightly different. And we have folks on the ground who are aware of what the best channels are within each market. And in some cases, it is more direct sale, in some cases, it is more partnerships. So we just want to be flexible and agile as we approach every market.

謝謝你的問題。所以我認為每個市場都將是獨一無二的。日本就是一個很好的例子，我們現在對我們在該國的成功充滿信心，因為政府為賣家和買家提供補貼以轉向數字和信用卡支付。我們將在東京舉辦一系列活動，以增加前往東京的全球旅客人數。我們希望在城市和國內的每個商家都使用卡。因此，這確實需要一種與我們在英國和澳大利亞看到的截然不同的方法。所以每一個都會略有不同。我們有當地人知道每個市場中最好的渠道是什麼。在某些情況下，它是更直接的銷售，在某些情況下，它是更多的合作夥伴關係。因此，我們只想在接近每個市場時保持靈活和敏捷。

And Ramsey, with respect to your question on guidance, it does contemplate the beginning of the ramp-up and the rollout of Eventbrite in the back half of the year.

拉姆齊，關於你關於指導的問題，它確實考慮了在今年下半年開始加速和推出 Eventbrite。

Your next question comes from the line of George Mihalos with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 George Mihalos。

I just wanted to ask on the net transaction yield that came in a little bit lower than what we were looking for and down a little bit year-over-year, is that as simple as the mix toward larger merchant? Or is there anything else we should be thinking about in the quarter and going forward?

我只是想問一下，淨交易收益率比我們預期的要低一點，而且同比下降一點，這就像向大商家的組合一樣簡單嗎？或者還有什麼我們應該在本季度考慮並繼續前進的嗎？

Hey, George, yes, you got it. Transaction margin was 1.06% of GPV in the second quarter, which is down 2 basis points year-over-year. It was as expected. We discussed this back at last quarter that we expect transaction margins to come down slightly throughout the year as we continue to grow with larger sellers. And because of that, transaction margins are not a metric we use in isolation to measure success. We really orient again towards revenue and absolute dollars of revenue along with these efficiency metrics that we look at, overall payback periods, revenue retention, et cetera, which help us focus on the growth of the overall ecosystem along with cross-sell opportunities.

嘿，喬治，是的，你明白了。第二季度交易利潤率為 GPV 的 1.06%，同比下降 2 個基點。正如預期的那樣。我們在上個季度討論過這個問題，我們預計隨著我們繼續與更大的賣家一起增長，全年交易利潤率會略有下降。正因為如此，交易利潤並不是我們單獨用來衡量成功的指標。我們真的再次關注收入和絕對收入美元以及我們關注的這些效率指標，整體投資回收期，收入保留等，這有助於我們專注於整個生態系統的增長以及交叉銷售機會。

Your next question comes from the line of Lisa Ellis with MoffettNathanson.

您的下一個問題來自 Lisa Ellis 與 MoffettNathanson 的對話。

A follow-up from me on the sales and marketing investments and the seller ecosystem. As you move upmarket, and as you called out, an increasing amount of your business is coming from greater than 500,000 or the 125,000 to 500,000, a lot of the competitors in that space heavily use channels like direct sales or ISVs or bank channels. As you're investing in your go-to-market model up there, how do you think about some of those channels, like what's sort of Square's view on your go-to-market strategy, your channel strategy in the upper market?

我對銷售和營銷投資以及賣方生態系統的跟進。隨著您向高端市場邁進，正如您所說，越來越多的業務來自超過 500,000 或 125,000 到 500,000，該領域的許多競爭對手大量使用直銷或 ISV 或銀行渠道等渠道。當你在那裡投資你的進入市場模式時，你如何看待其中一些渠道，比如 Square 對你的進入市場策略的看法，你在高端市場的渠道策略是什麼？

So when you say upmarket, do you mean larger sellers? Just to be clear.

所以當你說高檔時，你的意思是更大的賣家嗎？只是要清楚。

Yes, larger sellers, like greater than 500,000 or even in the upper end of the 125,000 to 500,000.

是的，更大的賣家，比如超過 500,000 甚至在 125,000 到 500,000 的上端。

Yes, so we have a -- we've seen a pretty unique dynamic. I'll just point you to Square for Restaurants and Square for Retail where we saw that it is attracting a number of larger sellers. And what's interesting and really compelling is that the majority of them, over 70%, 80%, are self-serving into the app and into the service.

是的，所以我們有一個 - 我們已經看到了一個非常獨特的動態。我只是將您指向餐廳廣場和零售廣場，我們看到它正在吸引一些更大的賣家。有趣且真正令人信服的是，他們中的大多數，超過 70%、80% 的人都在為應用程序和服務提供自助服務。

So self-service is important because it means that we have enabled people to -- we've built an intuitive interface where they don't need a call, where they don't need help and they can just go right away. And if we can make larger sellers approach Square as smaller sellers do, who just go to the App Store and get it done, that's a really scalable model.

所以自助服務很重要，因為這意味著我們讓人們能夠——我們建立了一個直觀的界面，他們不需要打電話，不需要幫助，他們可以馬上去。如果我們可以讓大賣家像小賣家一樣接近 Square，他們只需去 App Store 就可以完成它，這是一個真正可擴展的模型。

And then sales and marketing and a lot of our account management really becomes an opportunity for us to cross-sell and to show other tools within the ecosystem that, that seller can use. So we benefited a lot from just having a really fast, easy, elegant and accessible product that a seller of any size can utilize.

然後銷售和營銷以及我們的許多帳戶管理確實成為我們交叉銷售和展示生態系統內其他工具，賣家可以使用的機會。因此，我們從擁有任何規模的賣家都可以使用的真正快速、簡單、優雅且易於使用的產品中受益匪淺。

And we will always be open to other models, but we have -- we think we have a lot of room to strengthen the one that we have.

我們將永遠對其他模式持開放態度，但我們有——我們認為我們有很大的空間來加強我們現有的模式。

And Lisa, just add to that, in particular, when we look at our sales approach, looking at our sellers' sales and marketing spend, we see strong returns and an opportunity to invest efficiently. Our sales and account management teams has had high returns on investment comparable to the overall return that we've already shared with you on sales and marketing, which is already attractive.

麗莎，請補充一點，特別是當我們審視我們的銷售方式，審視賣家的銷售和營銷支出時，我們看到了強勁的回報和有效投資的機會。我們的銷售和客戶管理團隊的高投資回報與我們已經與您分享的銷售和營銷的總體回報相當，這已經很有吸引力了。

So we know that this team is often touching upmarket sellers, those larger sellers, and sometimes have higher acquisition costs, but because of the higher lifetime value of those customers, we see strong returns on those investments with our sales team and an opportunity to invest further.

所以我們知道這個團隊經常接觸高端賣家，那些較大的賣家，有時會有更高的收購成本，但由於這些客戶的生命週期價值更高，我們看到我們的銷售團隊的這些投資獲得了豐厚的回報，並有機會進行投資進一步。

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

您的下一個問題來自 Josh Beck 和 KeyBanc。

I noticed some of the Boost commentary in the letter calling out things like customer acquisition, frequency, ticket sizes. I think those are all really important elements for restaurants. So you have DoorDash. I think that's a really encouraging leading signal. But when you think about maybe the tenor of conversations with other potential partners, could you maybe give us a sense and maybe some type of time line for how long it takes to attract others. Is it quarters? Is it multiyear effort? That would be really helpful.

我注意到信中的一些 Boost 評論提到了客戶獲取、頻率、門票大小等內容。我認為這些對於餐廳來說都是非常重要的元素。所以你有DoorDash。我認為這是一個非常令人鼓舞的領先信號。但是，當您考慮與其他潛在合作夥伴對話的基調時，您能否給我們一個感覺，也許是某種類型的時間線，以了解吸引其他人需要多長時間。是宿舍嗎？是多年的努力嗎？那真的很有幫助。

Thank you, Josh. We're super happy with what Boost has been doing. So as you know, we started this with a very controlled approach where we took it upon ourselves to create Boost and to learn as quickly as possible, continue to add features and functionality to the Boost that allow more and more opportunities for ourselves but also with partners. And we do see a very compelling horizon with partners in particular. We've had a lot of interest, and again, we want to take on a mindset of making sure that we're running really controlled experiments so we're creating value for both parties and our customers.

謝謝你，喬希。我們對 Boost 一直在做的事情感到非常滿意。如您所知，我們以一種非常可控的方法開始了這件事，我們自己承擔起創建 Boost 並儘快學習的責任，繼續為 Boost 添加特性和功能，為我們自己提供越來越多的機會，但也夥伴。我們確實看到了一個非常引人注目的前景，尤其是合作夥伴。我們有很多興趣，而且我們希望採取一種心態，確保我們正在運行真正受控的實驗，因此我們正在為雙方和我們的客戶創造價值。

One of the sole value propositions for the Boost program is the fact that a lot of the people that we're serving have never had access to a rewards program, and certainly one that isn't as easy and as simple and as straightforward as what we've done with Boost. We want to make sure that we have a very high bar for our partnerships and that we're optimizing for learning, and that comes through a lot of experimentation. And we're matching the transactions with brands and companies and sellers that our customers love and would be delighted to utilize. So that's kind of the thesis around it, but we have received a lot of interest. And as you might have seen on Twitter, we are hiring lead roles for the sales function, but we definitely expect this to be full with a lot of opportunities for partnership down the line and a really interesting business.

Boost 計劃的唯一價值主張之一是，我們所服務的許多人從未獲得過獎勵計劃，而且肯定不像獎勵計劃那樣簡單、簡單和直接。我們已經完成了 Boost。我們希望確保我們的合作夥伴關係有一個非常高的標準，並且我們正在優化學習，這是通過大量的實驗來實現的。我們正在將交易與客戶喜愛並樂於使用的品牌、公司和賣家進行匹配。所以這就是圍繞它的論文，但我們收到了很多興趣。正如您可能在 Twitter 上看到的那樣，我們正在招聘銷售部門的主要角色，但我們絕對希望這將充滿未來的合作機會和非常有趣的業務。

And Josh, just want to help also on the funding and the economic side of the Boost program, just to clarify, we fund -- we have -- as part of the controlled rollout of the program, as Jack was mentioning, have funded a lot of this ourselves. But the cost flow in is contra revenue. So the $135 million that we disclosed this quarter in revenue, excluding Bitcoin, is already net of any Boost cost associated with our Cash Card program.

喬什，只是想在 Boost 計劃的資金和經濟方面提供幫助，只是為了澄清一下，我們資助 - 我們已經 - 作為該計劃的受控推出的一部分，正如傑克所提到的，已經資助了一個我們自己很多。但是流入的成本是相反的收入。因此，我們本季度披露的 1.35 億美元收入（不包括比特幣）已經扣除了與我們的現金卡計劃相關的任何 Boost 成本。

And as we continue to attract partners as we did with DoorDash this past quarter, but as we continue to attract more, that gives us even more opportunities to really strategically fund this program with other partners and deliver value to our customers.

隨著我們繼續吸引合作夥伴，就像我們在上個季度對 DoorDash 所做的那樣，但隨著我們繼續吸引更多合作夥伴，這為我們提供了更多機會與其他合作夥伴真正戰略性地資助該計劃並為我們的客戶創造價值。

Your next question comes from the line of Steven Kwok with KBW.

您的下一個問題來自 Steven Kwok 與 KBW 的對話。

I had a quick one around the transaction event losses. It seems like that rate as a percentage of GPV has been taking up a little bit. I was wondering, is there anything specific that's causing that? And is that the rate that we should use going forward?

我對交易事件損失進行了快速處理。看起來這個比率佔 GPV 的百分比已經佔了一點點。我想知道，有什麼具體的原因嗎？這是我們應該使用的利率嗎？

Sure. Happy to help. Risk loss was relatively consistent year-over-year at 6% of adjusted revenue. And this line item, for us, is really driven by volume growth across each of our seller business, our cash business and our capital business. And so just to put a little bit of color on that, seller GPV grew 25%, as you saw this past quarter. Cash, we disclosed in the first quarter, cash volumes grew almost 150%. And capital originations grew 36% this past quarter. So we've got strong volume of growth across the business, and that is obviously what leads into the risk loss, which has stayed consistent year-over-year at that 6% of adjusted revenue. On the seller business, risk loss remains below 0.1% of GPV. And on our capital business with core flex loans, loss rates are consistent with historical averages at less than 4%.

當然。樂意效勞。風險損失同比相對穩定，佔調整後收入的 6%。對我們來說，這個項目實際上是由我們每個賣家業務、我們的現金業務和我們的資本業務的銷量增長推動的。因此，就像你在上個季度看到的那樣，賣家的 GPV 增長了 25%。現金，我們在第一季度披露，現金量增長了近 150%。上個季度的資本來源增長了 36%。因此，我們的業務增長強勁，這顯然是導致風險損失的原因，在調整後收入的 6% 上與去年同期保持一致。在賣方業務方面，風險損失仍低於 GPV 的 0.1%。在我們的核心靈活貸款的資本業務中，損失率與歷史平均水平一致，低於 4%。

Your last question comes from the line of Brett Huff with Stephens.

你的最後一個問題來自 Brett Huff 和 Stephens 的對話。

Quick follow up on the habituation and usage of the Square Cash App Card. I know that Boost is a part of that, but as you think about the economics going forward, do you see yourselves delivering enough incremental value or enough incremental people to a merchant to shift the cost of those deals more and more to your partners and less and less coming from Square? And kind of what's the evolution of that so far?

快速跟進 Square Cash App Card 的習慣和使用情況。我知道 Boost 是其中的一部分，但是當您考慮未來的經濟時，您是否看到自己為商家提供了足夠的增量價值或足夠的增量人員，以將這些交易的成本越來越多地轉移給您的合作夥伴，而不是越來越少來自Square的更少？到目前為止，它的演變是什麼？

Hey, Brett, yes, happy to help. As we shared just a few minutes ago, we're in the early days of the Boost program. We're about a year in. I think we launched it May of last year, just less than a year after the launch of the Cash Card itself. And we continue to prove out the value here, not only to consumers where we see a strong incentive through Boost to join into the Cash Card program where, as Jack said, we believe we have a really unique offering around Instant Rewards for our customers here as a prepaid debit card, but also delivering value for merchants. And so we're in the early days of that. And this DoorDash program in this past quarter is the first milestone, the first proof point towards our ability to drive traffic and drive customers into merchants. And the team continues to innovate here. The Cash team continues to be creative and experiment with Boost. There's all sorts of things planned in the roadmap for the future that we'll be excited to share with you when the time is right. But we're in the very, very early days here, and we're excited.

嘿，布雷特，是的，很樂意提供幫助。正如我們在幾分鐘前分享的那樣，我們正處於 Boost 計劃的早期階段。我們大約一年了。我想我們是在去年 5 月推出的，距離現金卡本身推出不到一年。我們繼續在這裡證明價值，不僅是我們看到通過 Boost 強烈激勵加入現金卡計劃的消費者，正如傑克所說，我們相信我們在這里為我們的客戶提供真正獨特的即時獎勵產品作為預付借記卡，同時也為商家帶來價值。所以我們還處於早期階段。上個季度的這個 DoorDash 計劃是第一個里程碑，是我們推動流量和吸引客戶進入商家的能力的第一個證明點。團隊在這裡不斷創新。 Cash 團隊繼續發揮創意並嘗試 Boost。未來的路線圖中計劃了各種各樣的事情，我們很高興在適當的時候與您分享。但我們還處於非常非常早期的階段，我們很興奮。

And at this time, I'd like to turn the call back to the company for closing remarks.

在這個時候，我想把電話轉回公司來結束髮言。

Thank you, everyone, for joining our call. I would like to remind everyone that we will be hosting our third quarter 2019 earnings call on November 6. Thanks again for participating today.

謝謝大家加入我們的電話。我想提醒大家，我們將於 11 月 6 日召開 2019 年第三季度財報電話會議。再次感謝您今天的參與。

Ladies and gentlemen, thank you for participating in today's program. This does conclude the program, and you may now disconnect.

女士們，先生們，感謝你們參加今天的節目。這確實結束了程序，您現在可以斷開連接。