Block Inc (SQ) 2019 Q3 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到 Square 2019 年第三季度收益電話會議。

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 third quarter 2019 earnings call.

感謝您參加我們 2019 年第三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。

On November 1, we filed a press release and 8-K announcing that we completed the sale of Caviar, our food ordering platform, to DoorDash on October 31.

11 月 1 日，我們提交了一份新聞稿和 8-K，宣布我們於 10 月 31 日完成了將我們的食品訂購平台 Caviar 出售給 DoorDash。

Today, in addition to our shareholder letter, we have filed an 8-K that includes Caviar financial statements for the third quarter of 2019 and the preceding 6 quarters, which I encourage you all to read.

今天，除了我們的股東信外，我們還提交了一份 8-K，其中包括 Caviar 2019 年第三季度和前 6 個季度的財務報表，我鼓勵大家閱讀。

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

我們還想提醒大家，我們將在本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 statements 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 financial 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 財務指標的對賬。

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。

Additionally, as discussed in the shareholder letter, we will be discontinuing the use of adjusted revenue beginning next quarter following receipt of a comment letter from and discussions with the SEC.

此外，正如股東信中所討論的那樣，在收到 SEC 的評論信並與 SEC 進行討論後，我們將從下個季度開始停止使用調整後的收入。

As background, we introduced adjusted revenue in November 2015 as a supplemental non-GAAP metric for investors to measure our business performance and growth and provide greater comparability to other payment solution providers.

作為背景，我們在 2015 年 11 月引入了調整後的收入作為非 GAAP 補充指標，供投資者衡量我們的業務績效和增長，並提供與其他支付解決方案提供商的更大可比性。

Additionally, management uses adjusted revenue internally to measure the performance of our business.

此外，管理層在內部使用調整後的收入來衡量我們的業務績效。

Going forward, our statement of operations will continue to disclose total net revenue, transaction-based costs and Bitcoin costs, determined in accordance to with GAAP, which are the key components of adjusted revenue.

展望未來，我們的運營報表將繼續披露根據 GAAP 確定的總淨收入、基於交易的成本和比特幣成本，它們是調整後收入的關鍵組成部分。

We are also introducing new guidance measures this quarter on GAAP gross profit as well as the sum of transaction-based costs and Bitcoin costs.

我們還在本季度推出了關於 GAAP 毛利以及基於交易的成本和比特幣成本總和的新指導措施。

We have posted an FAQ document on our Investor Relations website with further details on this reporting change as well as the spreadsheet with our historical financials.

我們已在我們的投資者關係網站上發布了一份常見問題解答文件，其中包含有關此報告變更的更多詳細信息以及包含我們歷史財務數據的電子表格。

There are no changes to any other GAAP or non-GAAP metrics.

任何其他 GAAP 或非 GAAP 指標都沒有變化。

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 would like to turn it over to Jack.

有了這個，我想把它交給傑克。

Good afternoon, everyone, and thanks for joining us.

大家下午好，感謝您加入我們。

A few comments before I pass it to Amrita, and we answer your questions.

在我將其傳遞給 Amrita 之前，請先發表一些評論，我們會回答您的問題。

What makes Square unique is our focus on building a robust ecosystem.

Square 的獨特之處在於我們專注於構建強大的生態系統。

An ecosystem to us is a set of tools which solve critical problems for folks in remarkable ways, and more importantly, reinforce one another.

對我們來說，生態系統是一套工具，可以以非凡的方式為人們解決關鍵問題，更重要的是，它們可以相互加強。

For instance, a seller might come to Square because we are the fastest and most elegant way to manage their payments in store.

例如，賣家可能會選擇 Square，因為我們是管理店內付款的最快、最優雅的方式。

And through that one move, they find a broader set of tools such as capital to get a quick loan, a website builder to sell online, the most advanced register to put on their countertop and payroll to pay their employees instantly via Cash App.

通過這一舉措，他們找到了一套更廣泛的工具，例如獲得快速貸款的資本、在線銷售的網站建設者、放在工作檯面上的最先進的收銀機以及通過 Cash App 即時支付員工工資的工資單。

Likewise, an individual comes in to Cash App because they received some money from their friends or a new employer.

同樣，個人進入 Cash App 是因為他們從朋友或新雇主那裡收到了一些錢。

Not only do they find the fastest way to send and receive money but also a free Visa card they can use everywhere for purchases, an instant rewards program called Boost, a way to invest their money in the stock market or even Bitcoin and a way to quickly pay yoga teacher or dog walker.

他們不僅找到了最快的匯款和收款方式，還找到了可以在任何地方使用的免費 Visa 卡、名為 Boost 的即時獎勵計劃、一種將資金投資於股票市場甚至比特幣的方式，以及一種快速付錢給瑜伽老師或遛狗者。

Having one of these ecosystems at scale is incredible, but having 2 that can interact with and strengthen each other is profound.

擁有這些生態系統之一的規模令人難以置信，但擁有兩個可以相互作用並相互加強的生態系統意義深遠。

With the sale of Caviar to DoorDash complete, we've taken the opportunity to look deeply at how to best guide these forward.

隨著魚子醬對 DoorDash 的出售完成，我們藉此機會深入研究如何最好地引導這些前進。

With the seller ecosystem, we built and shown a long-term profitable business, one that has an expected adjusted EBITDA margin of nearly 30% for full year 2019.

借助賣家生態系統，我們建立並展示了一項長期盈利的業務，預計 2019 年全年調整後的 EBITDA 利潤率將接近 30%。

Compare this to a margin of negative 9% in 2015 at the time of our IPO.

將此與 2015 年我們首次公開募股時的負 9% 的利潤率進行比較。

Given the efficient payback periods and ROI for the tools in this ecosystem, we've decided to significantly grow our sales and marketing efforts this year and into 2020.

鑑於該生態系統中工具的有效投資回收期和投資回報率，我們決定在今年和 2020 年大幅增加我們的銷售和營銷工作。

Our first investments will be focused on bringing more awareness to all the software tools we make available to sellers to run their entire business, in addition to managing their payments.

我們的第一筆投資將集中在提高對我們為賣家提供的所有軟件工具的認識，這些工具除了管理他們的付款外，還可以用來運營他們的整個業務。

And we will continue to prioritize investments to grow our seller network beyond our expectations.

我們將繼續優先投資，以擴大我們的賣家網絡，超出我們的預期。

Cash has been another incredible story.

現金是另一個不可思議的故事。

Excluding Bitcoin, Cash App revenue was $159 million in Q3, up 115% year-over-year.

不包括比特幣在內，Cash App 第三季度的收入為 1.59 億美元，同比增長 115%。

Like Seller, Cash App also has a broad portfolio of tools that reinforce each other.

與 Seller 一樣，Cash App 也擁有廣泛的工具組合，這些工具可以相互加強。

And this quarter, we successfully redesigned the app to make all of them much easier to find and use.

本季度，我們成功地重新設計了該應用程序，使所有這些應用程序更易於查找和使用。

Adding to send, store and spend, we introduced a new capability this quarter, investing, and did so in a way we believe is transformational.

除了發送、存儲和消費之外，我們在本季度引入了一項新功能，即投資，並以我們認為具有變革性的方式進行。

Today on the Cash App, you can purchase stock instantly for free when the market is open or scheduled when it's closed.

今天，在 Cash App 上，您可以在市場開市時立即免費購買股票，或在市場關閉時按計劃購買股票。

But we wanted to solve a much bigger problem we saw.

但是我們想解決我們看到的一個更大的問題。

Most people can't even afford to buy 1 share of a company they want to own.

大多數人甚至買不起他們想擁有的公司的 1 股。

So we took everything we learned from Bitcoin and fashionalize the stock market.

因此，我們利用從比特幣中學到的一切知識，使股票市場時尚化。

Now someone who believes in Berkshire Hathaway A currently trading above $300,000 and buy $42 or even $1 worth of the company and hold or sell it at any point.

現在有人相信伯克希爾哈撒韋 A 目前的交易價格超過 300,000 美元，併購買價值 42 美元甚至 1 美元的公司股票，並隨時持有或出售。

Others will offer this ability eventually but none will match our ease or the fact that this one app serves most of the needs your bank did in the past.

其他人最終會提供此功能，但沒有一個能與我們的易用性或這個應用程序滿足您的銀行過去所做的大部分需求這一事實相提並論。

For many of the folks we serve, Cash App is the first introduction to financial services.

對於我們服務的許多人來說，Cash App 是金融服務的第一個介紹。

And for many more in the mainstream, it's the best replacement for a number of apps they had to otherwise cobble together to make work.

對於更多主流應用程序來說，它是許多應用程序的最佳替代品，否則他們必須拼湊起來才能工作。

Finally, we've shown what a thoughtful and deliberate approach has paid off.

最後，我們展示了深思熟慮的深思熟慮的方法所帶來的回報。

We started this company over 10 years ago with hopes of solving only 1 critical need sellers had.

我們在 10 多年前創辦了這家公司，希望只解決賣家的 1 個關鍵需求。

We saw the opportunity to build a rich ecosystem around that to serve multiple needs and ended up building 2 of those ecosystems.

我們看到了圍繞它構建豐富的生態系統以滿足多種需求的機會，並最終構建了其中的兩個生態系統。

I'm really proud of how far we've come.

我為我們取得的成就感到非常自豪。

And given everything we've proven to ourselves and all the positive signals in our business, I'm really excited to accelerate our investments to grow these ecosystems together.

鑑於我們已經向自己證明的一切以及我們業務中的所有積極信號，我真的很高興能夠加快我們的投資以共同發展這些生態系統。

Each of these businesses have massive potential when taken alone, but the magic really lies in how they will work together.

這些業務中的每一個單獨來看都具有巨大的潛力，但真正的魔力在於它們如何協同工作。

This is a fundamentally new idea, and our entire focus now is on being the greatest and most inclusive financial ecosystem to serve all needs.

這是一個全新的想法，我們現在的全部重點是成為最大、最具包容性的金融生態系統，以滿足所有需求。

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

然後，我將把它交給 Amrita。

Thanks, Jack.

謝謝，傑克。

There are 4 key highlights that I want to share today.

今天我想分享 4 個重點。

First, we continue to drive strong revenue growth in the third quarter and recently completed the sale of Caviar.

首先，我們在第三季度繼續推動強勁的收入增長，最近完成了魚子醬的銷售。

Second, given sellers' strong profitability profile and attractive returns, we are increasing our investments in go-to-market and also aligning our team's efforts to prioritize the highest return product opportunities in 2020.

其次，鑑於賣家強大的盈利能力和有吸引力的回報，我們正在增加對進入市場的投資，並調整我們團隊的努力，以優先考慮 2020 年回報最高的產品機會。

Third, as the Cash App service has scaled over the past 3 years, it has built a strong business model with compelling cohort economics that have improved the ecosystem's margins each of the last 3 years.

第三，隨著 Cash App 服務在過去 3 年中不斷擴大，它已經建立了一個強大的商業模式，具有令人信服的隊列經濟學，在過去 3 年中每年都提高了生態系統的利潤率。

Fourth, we are raising our guidance for our business ex Caviar in 2019 and providing a preliminary outlook on growth and profitability in 2020.

第四，我們提高了對 2019 年魚子醬業務的指導，並對 2020 年的增長和盈利能力提供了初步展望。

First, our strong revenue growth.

首先，我們強勁的收入增長。

In the third quarter, total net revenue grew 44% year-over-year to $1.27 billion.

第三季度，總淨收入同比增長 44% 至 12.7 億美元。

Adjusted revenue grew 40% year-over-year to $602 million, and gross profit grew 42% to $500 million.

調整後收入同比增長 40% 至 6.02 億美元，毛利潤增長 42% 至 5 億美元。

We saw continued strength from the seller and cash businesses, offsetting underperformance from Caviar in the quarter.

我們看到賣家和現金業務持續強勁，抵消了本季度魚子醬的表現不佳。

We also had a sizable EBITDA beat in the quarter, driven by our core business performance as well as the timing of certain expenses.

在我們的核心業務績效以及某些支出的時間安排的推動下，我們在本季度的 EBITDA 也有可觀的增長。

We completed the transaction to sell Caviar to DoorDash on October 31.

我們於 10 月 31 日完成了將 Caviar 出售給 DoorDash 的交易。

Caviar is included in our reported financials for the entire third quarter and will be included in part of the fourth quarter.

魚子醬包含在我們報告的整個第三季度的財務數據中，並將包含在第四季度的一部分中。

Excluding Caviar from the first 3 quarters of 2019, we would have seen our year-over-year growth for total net revenue and adjusted revenue increased by 1 point and 2 points, respectively.

如果不計入 2019 年前 3 季度的魚子醬，我們的總淨收入和調整後收入同比分別增長 1 個百分點和 2 個百分點。

Second, given sellers' strong profitability, we are capturing the opportunity to invest at compelling returns and orienting the team to address the highest return product opportunities in 2020.

其次，鑑於賣家的強大盈利能力，我們正在抓住機會以可觀的回報進行投資，並引導團隊在 2020 年抓住回報最高的產品機會。

In the third quarter of 2019, our seller ecosystem generated $918 million of total net revenue and $364 million of gross profit, which increased 27% and 26% year-over-year, respectively.

2019 年第三季度，我們的賣家生態系統產生了 9.18 億美元的總淨收入和 3.64 億美元的毛利潤，分別同比增長 27% 和 26%。

As we're investing more in go-to-market, we're seeing good early results, and I wanted to call out a couple of examples.

隨著我們在進入市場方面投入更多，我們看到了良好的早期結果，我想舉幾個例子。

First, our marketing campaigns this year have driven an uplift across key indicators, including awareness, web traffic and revenue contribution from new seller cohorts.

首先，我們今年的營銷活動推動了關鍵指標的提升，包括知名度、網絡流量和來自新賣家群體的收入貢獻。

Second, reducing the pricing on our newer hardware devices, Square Register and Square Terminal, has resulted in an uplift in unit sales, which is bringing new sellers into our ecosystem.

其次，降低我們較新的硬件設備 Square Register 和 Square Terminal 的價格，導致單位銷售額上升，這將新的賣家帶入我們的生態系統。

From a product perspective, as we think ahead to the work we have to do in 2020, we are aligning our seller teams to our key priorities of omnichannel, global and financial services.

從產品的角度來看，當我們提前思考 2020 年必須做的工作時，我們正在調整我們的賣家團隊，使其與全渠道、全球和金融服務的關鍵優先事項保持一致。

We have recently decided to pull back resources on the marketplace product that supports Eventbrite's core online processing volumes in 2020.

我們最近決定在 2020 年撤回支持 Eventbrite 核心在線處理量的市場產品的資源。

We are exploring other opportunities to partner with Eventbrite, although we don't expect these to be meaningful to GPV in the near term.

我們正在探索與 Eventbrite 合作的其他機會，儘管我們預計這些在短期內不會對 GPV 有意義。

While the originally contemplated Eventbrite deal would have contributed to GPV, the impact to revenue would have been de minimis.

雖然最初考慮的 Eventbrite 交易會對 GPV 有所貢獻，但對收入的影響微乎其微。

Given this, we have decided to double down on the higher potential return opportunities in our core focus areas to strengthen our platform and our ability to address multiple customers who contribute to meaningful revenue growth.

鑑於此，我們決定在我們的核心重點領域加倍努力獲得更高的潛在回報機會，以加強我們的平台和我們解決多個客戶的能力，這些客戶有助於有意義的收入增長。

Third, Cash App has a strong business model with compelling cohort economics.

第三，Cash App 擁有強大的商業模式和引人注目的隊列經濟學。

As with the seller business, it starts with efficient customer acquisition.

與賣方業務一樣，它始於有效的客戶獲取。

For Cash App, this comes through peer-to-peer network effects.

對於 Cash App，這是通過點對點網絡效應實現的。

Next, like seller, Cash App retains the majority of our active customers through our strong product appeal.

接下來，像賣家一樣，Cash App 通過我們強大的產品吸引力留住了我們的大部分活躍客戶。

We then cross-sell our new products and features across our base to drive more money movements and higher average revenue per customer, which our new tabs redesign will help us do more effectively.

然後，我們在我們的基礎上交叉銷售我們的新產品和功能，以推動更多的資金流動和更高的每位客戶平均收入，我們重新設計的新標籤將幫助我們更有效地做到這一點。

All of this leads to cash having achieved positive revenue retention for each of its monthly customer cohorts since 2015.

自 2015 年以來，所有這一切都導致現金為其每個月度客戶群體實現了積極的收入保留。

Said differently, if Cash App did not acquire another new customer, revenues would still grow from the existing base.

換句話說，如果 Cash App 沒有獲得另一個新客戶，收入仍會在現有基礎上增長。

Low customer acquisition costs combined with positive revenue retention drive compelling cohort and payback economics, dynamics that are very similar to what we have seen in the seller business.

低客戶獲取成本與積極的收入保留相結合，推動了令人信服的隊列和投資回報經濟學，這與我們在賣家業務中看到的非常相似。

This has provided a strong foundation for rapid and efficient growth while expanding margins as Cash App is scaled.

這為快速高效的增長奠定了堅實的基礎，同時隨著 Cash App 的規模擴大而擴大了利潤率。

We expect dynamics to continue to improve as we scale our customer base and launch new products like investing.

隨著我們擴大客戶群並推出投資等新產品，我們預計動態將繼續改善。

Fourth, we are raising the guidance for our business ex Caviar in 2019 and providing our initial outlook for revenue and profitability in 2020.

第四，我們提高了 2019 年魚子醬業務的指引，並提供了我們對 2020 年收入和盈利能力的初步展望。

As a reminder, as Jason noted, starting next quarter, we will no longer be reporting or guiding to adjusted revenue.

提醒一下，正如 Jason 指出的那樣，從下個季度開始，我們將不再報告或指導調整後的收入。

We provide certain adjusted revenue measures this quarter only as a transitional bridge.

我們在本季度提供某些調整後的收入措施只是作為過渡橋樑。

You can find additional information on this change in our shareholder letter and on our Investor Relations website.

您可以在我們的股東信函和我們的投資者關係網站上找到有關此變化的更多信息。

There are 2 factors impacting our updated full year 2019 guidance of $2.24 billion to $2.25 billion in adjusted revenue.

有兩個因素影響我們更新後的 2019 年全年調整後收入 22.4 億美元至 22.5 億美元的指導意見。

First, underlying trends in our seller and Cash App ecosystems increased the top end of our guidance by $15 million.

首先，我們的賣家和 Cash App 生態系統的潛在趨勢使我們的指導上限增加了 1500 萬美元。

Second, the timing of the Caviar sale and its underperformance reduced our guidance by $45 million.

其次，魚子醬銷售的時機及其表現不佳使我們的指引減少了 4500 萬美元。

These offsetting factors result in a net decrease of $30 million to the top end of our full year 2019 guidance.

這些抵消因素導致我們 2019 年全年指導的上限淨減少 3000 萬美元。

Though, again, what we are managing going forward is a core business with strong momentum heading into the fourth quarter.

儘管如此，我們正在管理的是進入第四季度的強勁勢頭的核心業務。

We are maintaining our guidance for 60% adjusted EBITDA growth in 2019.

我們維持 2019 年調整後 EBITDA 增長 60% 的指引。

We plan to reinvest Q3 outperformance given the returns we see and the opportunity to drive future growth.

鑑於我們看到的回報和推動未來增長的機會，我們計劃對第三季度的表現進行再投資。

Turning to 2020.

轉眼2020年。

Based on our preliminary outlook, we expect to achieve year-over-year gross profit and adjusted revenue growth in the low 30% range on a pro forma basis, excluding Caviar.

根據我們的初步展望，我們預計在不包括魚子醬的情況下，預計將實現同比毛利潤和調整後的收入增長在 30% 的低範圍內。

In 2020, we expect adjusted EBITDA margins to be roughly flat compared to the 18% adjusted EBITDA margins implied by our updated 2019 guidance.

到 2020 年，我們預計調整後的 EBITDA 利潤率將與我們更新的 2019 年指引所暗示的 18% 的調整後 EBITDA 利潤率大致持平。

We expect to reinvest the entirety of the 2 points of EBITDA margin unlocked by the sale of Caviar.

我們希望將出售魚子醬釋放的 2 個點的 EBITDA 利潤率全部再投資。

A key investment area in 2020 includes sales and marketing spend into the seller ecosystem.

2020 年的一個關鍵投資領域包括對賣家生態系統的銷售和營銷支出。

We expect to invest over $75 million in incremental seller sales and marketing over 2019 levels, targeting payback periods to remain within 4 quarters.

我們預計將在 2019 年的水平上投資超過 7500 萬美元用於增量賣家銷售和營銷，目標是將投資回收期保持在 4 個季度內。

Additionally, 2020 guidance includes a larger-than-normal office expansion related to our Oakland office as well as additional regional expansion, which will add an incremental onetime step-up of $50 million of operating expenses.

此外，2020 年的指導意見包括與我們的奧克蘭辦事處相關的比正常情況下更大的辦公室擴張以及額外的區域擴張，這將一次性增加 5000 萬美元的運營費用。

Finally, we plan to host an Investor Day in mid-March.

最後，我們計劃在 3 月中旬舉辦投資者日活動。

Since our last Investor Day in 2017, we have more than doubled our revenues and gross profit scale, tripled our EBITDA and scaled 2 unique ecosystems for sellers and individuals.

自 2017 年上一次投資者日以來，我們的收入和毛利潤規模翻了一番多，EBITDA 翻了三倍，並為賣家和個人擴展了 2 個獨特的生態系統。

In our 2020 Investor Day, we will provide a deeper update into our long-term vision, our market opportunity, strategy and business model for the seller and cash ecosystem and our long-term financial model.

在我們的 2020 年投資者日，我們將更深入地介紹我們的長期願景、我們的市場機會、賣家和現金生態系統的戰略和商業模式以及我們的長期財務模式。

We'll provide more information on Investor Day in the coming months.

我們將在未來幾個月提供有關投資者日的更多信息。

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) And your first question comes from the line of Tien-Tsin Huang from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Tien-Tsin Huang。

I hope you can hear me.

我希望你能聽到我的聲音。

Sorry about that.

對於那個很抱歉。

Thanks for all the disclosure.

感謝所有的披露。

A lot to digest.

很多東西要消化。

On 2020, I'll ask there, just can you give us an idea on the growth between the 2 ecosystems, seller and cash?

2020 年，我會問，你能給我們介紹一下賣家和現金這兩個生態系統之間的增長嗎？

And I'm curious if you can give us some idea here -- thanks for the EBITDA margin disclosure on seller, how quickly you can scale the Cash App margins?

我很好奇你能否在這裡給我們一些想法——感謝賣家披露的 EBITDA 利潤率，你可以多快擴大 Cash App 的利潤率？

And can that ultimately approach the margins you're seeing on seller?

這最終能否接近您在賣家身上看到的利潤率？

That is Cash App versus seller.

那就是 Cash App 與賣家的對比。

Thanks for the question, Tien-Tsin.

謝謝你的問題，Tien-Tsin。

So I'll start off on the growth for 2020 between seller and cash.

因此，我將從賣家和現金之間的 2020 年增長開始。

As noted in the prepared remarks, we're expecting low 30% gross profit growth, which is similar to what we would have expected for adjusted revenue.

正如準備好的評論中所指出的，我們預計毛利潤增長率將低於 30%，這與我們對調整後收入的預期相似。

Two things to keep in mind there.

有兩件事要記住。

First, our exit rate from 2019 in the fourth quarter, adjusted revenue and gross profit guide implies a 37% growth rate and 36% growth rate, respectively, excluding Caviar.

首先，我們從 2019 年第四季度的退出率、調整後的收入和毛利指引分別意味著 37% 和 36% 的增長率，不包括魚子醬。

And secondly, we are making meaningful investments into the business with payback periods of about 4 quarters, particularly for the seller sales and marketing investments.

其次，我們正在對業務進行有意義的投資，投資回收期約為 4 個季度，特別是對於賣家銷售和營銷投資。

So to break it apart between seller and cash, with seller, we're expecting steady revenue and gross profit growth in 2020 from the current Q3 baseline that you heard of about 27% and 26% growth, respectively.

因此，為了將賣家和現金分開，對於賣家，我們預計 2020 年的收入和毛利潤將從目前的第三季度基線穩定增長，你聽說分別增長約 27% 和 26%。

But again, keep in mind these investments that we're making tend to have a 4-quarter payback.

但同樣，請記住，我們正在進行的這些投資往往有 4 個季度的回報。

So we'd expect to start seeing the impact on top line numbers towards the end of 2020 as we add new cohorts into the seller ecosystem.

因此，隨著我們向賣家生態系統中添加新的隊列，我們預計到 2020 年底將開始看到對收入的影響。

For Cash App, we've reached pretty significant scale, representing 1/4 of our revenue in the third quarter very rapidly.

對於 Cash App，我們已經達到了相當大的規模，非常迅速地佔了我們第三季度收入的 1/4。

The growth in 2019 has been greater than 100% on the top line.

2019 年的收入增長超過 100%。

And now with this over $600 million annualized revenue run rate, naturally, growth rates at this level, you'd expect to come down over time.

現在有了超過 6 億美元的年化收入運行率，自然地，這個水平的增長率，你會期望隨著時間的推移而下降。

The biggest drivers for Cash App, as you know, Instant Deposit and Cash Card, we'll be growing in 2020 off of a larger base as those 2 business lines have ramped rapidly during 2019.

如您所知，Cash App 的最大驅動力是 Instant Deposit 和 Cash Card，我們將在 2020 年實現更大基數的增長，因為這兩條業務線在 2019 年迅速增長。

And ultimately, we're focused on growing revenue scale on a dollar basis here.

最終，我們專注於以美元為基礎增加收入規模。

That said, we're continuing to invest aggressively into both our Cash App ecosystem as well as our seller ecosystem, and we think we're in the early days there in terms of customer acquisition and in terms of the product road map.

也就是說，我們將繼續積極投資於我們的 Cash App 生態系統以及我們的賣家生態系統，我們認為我們在客戶獲取和產品路線圖方面處於早期階段。

So we'd expect to continue to see strong and growing contributions from Cash app going forward.

因此，我們預計未來 Cash 應用程序將繼續做出強勁且不斷增長的貢獻。

With respect to margins, just quickly, we see attributes in the cash business that are very similar to what we see in the seller business in terms of efficient customer acquisition, in terms of retaining customers over the long term and in terms of positive revenue retention.

關於利潤率，很快，我們看到現金業務的屬性與我們在賣家業務中看到的在有效客戶獲取、長期留住客戶和積極收入保留方面非常相似.

And because of that, we've been able to increase cash margins each of the last 3 years, and we'd expect to do the same in 2020.

正因為如此，我們在過去 3 年中每年都能夠提高現金利潤率，我們預計在 2020 年也能做到這一點。

So over the long term, we see a very positive trajectory there as well.

因此，從長遠來看，我們也看到了非常積極的軌跡。

Your next question comes from the line of Darrin Peller from Wolfe Research.

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

Just given that 30% margin disclosure on seller, and obviously, the backdrop of the lift from Caviar sale and margins.

考慮到賣方披露的 30% 保證金，以及魚子醬銷售和利潤率提升的背景。

Maybe just help us understand the priorities around the investments in terms of U.S. seller versus omnichannel versus international.

也許只是幫助我們了解美國賣家、全渠道和國際賣家的投資優先級。

How can we think about the magnitude of the payback you're expecting and what that could mean in terms of just revenue inflection?

我們如何考慮您期望的回報規模以及僅就收入變化而言這意味著什麼？

And we appreciate the guidance on 2020.

我們感謝 2020 年的指導。

So I'll start off and Amrita can follow with some answers as well.

所以我會開始，Amrita 也可以跟著回答一些問題。

But I think the most important thing is we have recognized a pretty compelling opportunity, specifically within seller.

但我認為最重要的是我們已經認識到一個非常有吸引力的機會，特別是在賣家內部。

And we have found a lot of efficiencies in our model, and we found a lot of areas that we can really focus on in sales and marketing that we think will move the needle for us in meaningful ways.

我們在我們的模型中發現了很多效率，我們發現了很多我們可以真正專注於銷售和營銷的領域，我們認為這些領域會以有意義的方式為我們帶來幫助。

So a lot of what we've identified is certainly continuing to build upon the product and being the best product out there, but we think we could do a much better job in supporting it around awareness but -- externally, but more importantly, awareness internally to our customers today.

所以我們已經確定的很多東西肯定會繼續建立在產品的基礎上並成為最好的產品，但我們認為我們可以在圍繞意識支持它方面做得更好，但 - 在外部，但更重要的是，意識今天在內部對我們的客戶。

So as we are set apart by the ecosystem nature of our business, the most important thing is that our sellers find all the tools that would help them run their entire business.

因此，由於我們業務的生態系統性質使我們脫穎而出，最重要的是我們的賣家找到了所有可以幫助他們經營整個業務的工具。

And that's where we could do a whole -- we could do a lot better job, both in terms of the product experience itself and showing people the right tools to fit the right needs with marketing via e-mail or direct response and also with our sales team and account management.

這就是我們可以做一個整體的地方——我們可以做得更好，無論是在產品體驗本身，還是通過電子郵件或直接回應向人們展示滿足正確需求的正確工具，以及我們的銷售團隊和客戶管理。

Our goal here mainly is to focus our sellers and make them aware of everything that we have to offer.

我們的目標主要是讓我們的賣家集中註意力，讓他們了解我們所提供的一切。

Because if we have sellers who find value in multiple services and products from us, we build a much more durable relationship with the seller.

因為如果我們的賣家從我們的多種服務和產品中發現價值，我們就會與賣家建立更持久的關係。

So that's the immediate goal.

這就是近期目標。

But the net is we see a pretty significant opportunity to accelerate our investment and really grow the overall base.

但網是我們看到一個非常重要的機會來加速我們的投資並真正擴大整體基礎。

And just to add to that, Darrin, with respect to the sizing.

另外，Darrin，關於尺碼。

The $75 million of incremental seller, non-GAAP sales and marketing in 2020, just to size that relative to that number in 2019, it's a 2x increase over 2019's incremental spend on both a dollar and a percentage basis.

2020 年增加的 7500 萬美元賣家、非 GAAP 銷售和營銷，只是相對於 2019 年的數字而言，無論是在美元還是百分比基礎上，它都是 2019 年增量支出的 2 倍。

We have a large, large and fragmented addressable market for both seller and cash, and we see tremendous attractive opportunity to invest into that.

對於賣家和現金，我們有一個龐大、龐大且分散的可尋址市場，我們看到了巨大的投資機會。

Specifically on seller, we see 3 primary areas of investment.

具體到賣方，我們看到了 3 個主要的投資領域。

As we think about our strong brand awareness of 80%, but our relatively low product awareness of 9%, we can see ways to move the needle across marketing, across sales and across hardware pricing.

當我們考慮我們 80% 的強大品牌知名度，但我們相對較低的 9% 的產品知名度時，我們可以看到在營銷、銷售和硬件定價方面取得進展的方法。

Specifically on marketing, we're investing in campaigns that improve our awareness of the broader product set beyond just payments.

特別是在營銷方面，我們正在投資提高我們對支付以外更廣泛產品集的認識的活動。

We already initiated some campaigns this year in April and then again in September and October, and we've seen some encouraging early results.

我們已經在今年 4 月發起了一些活動，然後在 9 月和 10 月又發起了一些活動，我們已經看到了一些令人鼓舞的早期結果。

In April, we reached 7 million businesses, and we've driven an uplift across indicators like awareness, web traffic and revenue contribution.

4 月，我們觸及了 700 萬家企業，我們推動了意識、網絡流量和收入貢獻等指標的提升。

So we would expect, even with this elevated spend in 2020, to still see around a 4-quarter payback overall as a blended payback across all of our investments.

因此，我們預計，即使 2020 年的支出有所增加，作為我們所有投資的混合回報，我們仍會看到大約 4 個季度的總體回報。

Frankly, today, we believe we are too efficient in the U.S. at a 3-quarter payback, and across some products, even less than a 3-quarter payback.

坦率地說，今天，我們認為我們在美國的 3 個季度投資回收期效率太高，而在某些產品中，甚至低於 3 個季度的投資回收期。

So we see opportunities here to expand the funnel even further.

因此，我們在這裡看到了進一步擴大漏斗的機會。

From a sales perspective, we see strong ROI comparable to marketing, so we want to lean in there in 2020.

從銷售的角度來看，我們看到了與營銷相當的強勁投資回報率，因此我們希望在 2020 年專注於此。

And then from a hardware perspective, as mentioned in the prepared remarks, we see that when we flex pricing on compelling products like terminal and register, we're able to attract more sellers.

然後從硬件的角度來看，正如準備好的評論中提到的，我們看到，當我們對終端和註冊等引人注目的產品定價時，我們能夠吸引更多的賣家。

So those are the 3 primary ways that we look to deploy incremental funds in 2020.

因此，這些是我們希望在 2020 年部署增量資金的 3 種主要方式。

Your next question comes from the line of [Beatrice Calderon from Square].

你的下一個問題來自 [Square 的 Beatrice Calderon]。

So I'm a Square seller, and I am -- my org -- my business is called [Housing Work for Shops].

所以我是 Square 賣家，我是——我的組織——我的公司叫做[商店的住房工作]。

And as a retail business, it would be helpful to see sales and inventory in one report.

作為一家零售企業，在一份報告中查看銷售額和庫存會很有幫助。

Has Square considered creating a report that would provide the sales of inventory and also sell-through percentages?

Square 是否考慮過創建一份報告，以提供庫存銷售額和銷售百分比？

Yes.

是的。

Thanks, [Beatrice], and thanks for using us.

謝謝，[比阿特麗斯]，感謝您使用我們。

This is a request we get from sellers a lot, and we know that managing inventory is pretty difficult and exceedingly complex.

這是我們經常從賣家那裡收到的請求，我們知道管理庫存非常困難且極其複雜。

And we believe that, ultimately, it's our job to remove a bunch of that complexity to make it easier.

我們相信，最終，我們的工作是消除一堆複雜性以使其更容易。

So while I can't share the full details yet, heading into next year, we're looking to spend some time adding new reports like this and more broadly looking at opportunities to remove more and more of complexity from the task of inventory and reports because, ultimately, if we simplify things, we're giving time back so that you can focus more on your customers and your business.

因此，雖然我還不能分享全部細節，但進入明年，我們希望花一些時間添加這樣的新報告，並更廣泛地尋找機會，從庫存和報告任務中消除越來越多的複雜性因為，歸根結底，如果我們簡化事情，我們就會把時間還給您，這樣您就可以更專注於您的客戶和您的業務。

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

您的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask about Cash App.

我想問一下Cash App。

You gave the revenue growth rate, which is very helpful, 115%.

你給出的收入增長率是 115%，這很有幫助。

Maybe you could just help us think through the composition of drivers and maybe how that's changing over time as either new products are introduced, like stock trading or the app redesign or direct deposit?

也許您可以幫助我們思考驅動因素的構成，以及隨著新產品的推出（例如股票交易或應用程序重新設計或直接存款），隨著時間的推移，這種情況會發生怎樣的變化？

And just how that can ultimately influence the growth composition of the drivers there?

這最終會如何影響那裡的驅動因素的增長構成？

Josh, I'll take that.

喬什，我會接受的。

So yes, we had strong revenue growth for Cash App in the third quarter, up 115%, with gross profit actually up even higher at 125% year-over-year.

所以，是的，我們第三季度 Cash App 的收入增長強勁，增長了 115%，毛利潤實際上同比增長了 125%。

We're seeing, as discussed, strong unit economics and cohort economics here.

正如所討論的，我們在這裡看到了強大的單位經濟學和隊列經濟學。

The primary drivers in terms of monetization levers across Cash App, we have half a dozen of them, but the 2 primary ones are Instant Deposit and Cash Card.

就 Cash App 的貨幣化槓桿而言，我們有六個主要驅動因素，但兩個主要驅動因素是即時存款和現金卡。

However, when we manage our product feature set across the ecosystem, we think about both engagement drivers and monetization levers and things like investing enable us to introduce new engagement drivers into the ecosystem that have the potential to raise awareness and raise the daily utility for Cash App, which then impacts the other levers that we have in Cash App around monetization.

然而，當我們在整個生態系統中管理我們的產品功能集時，我們會同時考慮參與驅動因素和貨幣化槓桿以及投資等因素，使我們能夠將新的參與驅動因素引入生態系統，這些驅動因素有可能提高意識並提高現金的日常效用App，然後影響我們在 Cash App 中圍繞貨幣化的其他槓桿。

An example of that, that we've seen more recently with our Bitcoin product, which we launched about a year ago, is that Bitcoin actives have a 2x attach rate to Cash Card, which means that when you're using the app on a more regular basis and when you're finding daily utility in the app, you're finding other important uses that we can provide you within the app.

這方面的一個例子是，我們最近在大約一年前推出的比特幣產品中看到，比特幣活動對現金卡的附加率是現金卡的 2 倍，這意味著當您在更定期，當您在應用程序中找到日常實用程序時，您會發現我們可以在應用程序中為您提供的其他重要用途。

And so the tabs redesign was another piece of that to provide increased discoverability and navigation to many of those new products that we've launched over time.

因此，重新設計選項卡是其中的另一部分，目的是為我們隨著時間的推移推出的許多新產品提供更高的可發現性和導航。

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

你的下一個問題來自德意志銀行的 Bryan Keane。

I saw the GPV stabilized this quarter at over 25%, even a slight acceleration on our math.

我看到本季度的 GPV 穩定在 25% 以上，甚至在我們的計算上略有加速。

Just curious what drove the strength?

只是好奇是什麼驅動了力量？

Because it had been slightly moderating in the past few quarters.

因為它在過去幾個季度略有緩和。

And it sounds like you expect similar GPV growth in 2020.

聽起來您預計 2020 年 GPV 會出現類似的增長。

So with the investment now in seller, will we see an acceleration eventually in the revenues and TPV from that line in fourth quarter 2020 and maybe into 2021?

因此，隨著現在對賣方的投資，我們最終會在 2020 年第四季度甚至 2021 年看到該生產線的收入和 TPV 加速增長嗎？

Bryan, thanks for the question.

布萊恩，謝謝你的提問。

Yes, we drove strong GPV growth at scale in the third quarter, up 25% year-over-year to $28 billion.

是的，我們在第三季度推動了 GPV 的大規模增長，同比增長 25% 至 280 億美元。

And if you look at the last 4 quarters combined, we've driven over $100 billion in GPV.

如果你看看過去 4 個季度的總和，我們已經推動了超過 1000 億美元的 GPV。

To break down what happened in Q3, there's a few important drivers to discuss across both existing and new sellers.

為了分解第三季度發生的事情，現有和新賣家都需要討論一些重要的驅動因素。

Existing sellers are a source of strength for us as they have been historically, with positive revenue retention across all cohorts.

現有賣家是我們的力量源泉，因為他們在歷史上一直如此，在所有群體中都有積極的收入保留。

And then on new sellers, we have 3 drivers as we saw new sellers adding to the Square platform.

然後在新賣家方面，我們有 3 個驅動程序，因為我們看到新賣家添加到 Square 平台。

First, larger seller GPV growth was in line with Q2, up 34% year-over-year and now comprises 55% of total GPV as a mix.

首先，較大的賣家 GPV 增長與第二季度一致，同比增長 34%，目前佔總 GPV 的 55%。

Second, we're focused on expanding our total addressable market.

其次，我們專注於擴大我們的總潛在市場。

In our shareholder letter, you saw us calling out new omnichannel use cases like stadiums as an example.

在我們的股東信中，您看到我們以體育場館等新的全渠道用例為例。

Third, we had strong growth in the quarter from international markets where we actually had an acceleration in the third quarter versus the second quarter.

第三，本季度我們在國際市場上實現了強勁增長，實際上我們在第三季度與第二季度相比有所加速。

Though these markets are still relatively a small part of our business, growth in international continues to outpace the U.S.

儘管這些市場仍然只占我們業務的一小部分，但國際業務的增長速度繼續超過美國。

As you look ahead to 2020, of course, we don't guide to GPV but a couple of things for you to keep in mind on the trajectory of GPV in Q4 and into the future.

當您展望 2020 年時，當然，我們不會指導 GPV，但您需要記住一些關於第四季度和未來 GPV 軌蹟的事情。

First, remember, we implemented the pricing change on our seller business for card-present transactions on November 1. And we'd expect that to have an impact on GPV growth in the fourth quarter and into 2020.

首先，請記住，我們於 11 月 1 日對有卡交易的賣家業務實施了定價變更。我們預計這將對第四季度和 2020 年的 GPV 增長產生影響。

Although from a revenue and transaction margin perspective, we expect neutral to positive impact.

儘管從收入和交易利潤率的角度來看，我們預計會產生中性到積極的影響。

And then again, thinking longer term, the investments that we're making in our seller business in terms of sales and marketing today, we're seeing encouraging early signs around them.

再一次，從長遠來看，我們在今天的銷售和營銷方面對我們的賣家業務進行的投資，我們看到了令人鼓舞的早期跡象。

But we do expect a payback period in the 4-quarter range, which means that these incremental investments would add incremental absolute dollars of GPV in late 2020 and into 2021.

但我們確實預計投資回收期在 4 個季度左右，這意味著這些增量投資將在 2020 年底和 2021 年增加 GPV 的增量絕對美元。

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

您的下一個問題來自 MoffettNathanson 的 Lisa Ellis。

A follow-up on Cash App.

Cash App 的後續行動。

This is more of a strategic question.

這更像是一個戰略問題。

How do you think about how Cash App is differentiated from the sort of like avalanche of other, sort of neo banks that are popping up like a chime or discover direct banking?

您如何看待 Cash App 與其他像雪崩一樣的新銀行有何不同，這些新銀行像鐘聲一樣湧現或發現直接銀行業務？

And then maybe more broadly, you just announced the ability to purchase fractional stocks.

然後可能更廣泛地說，你剛剛宣布了購買部分股票的能力。

Like what is the pipeline of additional services that you're planning to launch the Cash App?

比如您計劃推出 Cash App 的附加服務管道是什麼？

Like should we be expecting installment lending, perhaps, or maybe a credit card offering, some credit-related offering?

就像我們是否應該期待分期貸款，或者信用卡產品，一些與信用相關的產品？

Thanks for the question, Lisa.

謝謝你的問題，麗莎。

There is a lot out there as you point out.

正如你指出的那樣，那裡有很多。

And one of the things that I'm really excited about is that, just like Square, we've taken on a bunch of the complexity of connecting together the most critical needs in one place.

我真正感到興奮的一件事是，就像 Square 一樣，我們已經承擔了將最關鍵的需求連接到一個地方的一系列複雜性。

And what that means is that people can come to it for very different reasons.

這意味著人們可以出於非常不同的原因來到這裡。

As Amrita pointed out earlier, like some people come to the Cash App because it's the easiest way, the fastest way to buy Bitcoin.

正如 Amrita 之前指出的那樣，就像一些人來到 Cash App 一樣，因為它是購買比特幣的最簡單、最快的方式。

And that allows for us to show them the other attributes it offers as well, including sending and receiving fiat money, storing money, getting a Cash Card that they can use anywhere, Visa's accepted, or go to an ATM to get paper cash out.

這讓我們能夠向他們展示它提供的其他屬性，包括發送和接收法定貨幣、存儲資金、獲得一張他們可以在任何地方使用的現金卡、Visa 接受的現金卡，或者去 ATM 取現金。

And what is important about this is we're not just an app for one specific thing, but a lot of the critical needs you might have that you would typically look to from a traditional bank are built right in the app.

重要的是，我們不僅是針對某一特定事物的應用程序，而且您可能擁有的許多您通常會從傳統銀行尋求的關鍵需求都是在該應用程序中構建的。

So you can go to the App Store and you can download this app, and you come in and you have so much incredible capabilities right away and entirely new capabilities like investing in fractional shares.

所以你可以去 App Store 下載這個應用程序，然後你進來，你會立即擁有如此多令人難以置信的功能和全新的功能，比如投資零星股票。

So in terms of the competition and how we think about building now, it really goes back to the Square story of putting all these things together in one experience, we believe, is very strong.

因此，就競爭和我們現在對建築的看法而言，它真的可以追溯到 Square 的故事，我們相信，將所有這些東西放在一個體驗中是非常強大的。

And they actually play off each other and reinforce one another in very interesting ways, too.

他們實際上也以非常有趣的方式相互競爭並相互加強。

So we think that's a real strength.

所以我們認為這是一個真正的優勢。

In terms of fractional shares and what features are coming, we're really excited about this feature.

在分數份額和即將推出的功能方面，我們對這個功能感到非常興奮。

We -- as I said, we think it's pretty transformational.

我們——正如我所說，我們認為這是非常具有變革性的。

And we do believe that this gives access to a part of the financial system that most have been left out of.

我們確實相信，這可以讓人們接觸到金融系統中大多數人被排除在外的部分。

And there's a number of things that we could do -- if you just look at the other services within Cash App to really bring this to even more light and to even more strength.

我們可以做很多事情——如果您只看一下 Cash App 中的其他服務，就可以真正使它更加清晰和強大。

And that's just not what our competitors can do because they're focused on just one aspect of these financial services instead of considering how they all exist together and how they work together.

這不是我們的競爭對手能做的，因為他們只關注這些金融服務的一個方面，而不是考慮它們如何共同存在以及它們如何協同工作。

And in terms of future features for Cash App, generally, we're just constantly looking for critical needs and where we can make things in order of magnitude, better in terms of the experience or accessibility or how we might be able to reinvent the approach of how people thought about buying stocks, for instance.

就 Cash App 的未來功能而言，一般來說，我們只是在不斷尋找關鍵需求，以及我們可以在哪些方面做出更大的事情，在體驗或可訪問性方面做得更好，或者我們如何能夠重新發明方法例如，人們如何考慮購買股票。

So that's what we're looking at.

這就是我們正在研究的。

We have a bunch of experiments we're excited about, but nothing to announce today.

我們有很多讓我們興奮的實驗，但今天沒有什麼可宣布的。

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

你的下一個問題來自 Bernstein 的 Harshita Rawat。

My question is on the competitive environment in the seller business.

我的問題是關於賣方業務的競爭環境。

There's a lot that has happened over the last few years in terms of growth of integrated players.

在過去幾年中，在綜合參與者的增長方面發生了很多事情。

There's not a lot of cloud-based POS providers out there.

那裡沒有很多基於雲的 POS 提供商。

And of course, there's been some consolidation.

當然，還有一些整合。

So can you talk about what you're seeing from a competition point of view now versus a few years ago?

那麼，您能談談您現在與幾年前相比，從競爭的角度所看到的情況嗎？

I don't think it's really any different from when we started the company.

我認為這與我們創辦公司時沒有任何不同。

We saw a lot of folks who were building solutions for parts of the ecosystem but very few who are building an ecosystem.

我們看到很多人在為生態系統的一部分構建解決方案，但很少有人在構建生態系統。

And that is what continues to set us apart, both on the seller side and also more recently on the cash side.

這就是繼續讓我們與眾不同的原因，無論是在賣方方面還是最近在現金方面。

We don't have a company that's just focused on 1 tool or 1 use case.

我們沒有一家公司只專注於一種工具或一種用例。

It's really focused on how do we ensure a seller, number one, can run a business, and ideally, how do we help them make more sales.

它真正關注的是我們如何確保排名第一的賣家能夠開展業務，理想情況下，我們如何幫助他們增加銷售額。

And a lot of our tools are really focused on looking for opportunities to help sellers make more sales, which is great for us because if they make more sales, we grow the business.

我們的很多工具都專注於尋找機會來幫助賣家增加銷售額，這對我們來說非常好，因為如果他們增加銷售額，我們就會發展業務。

And as we grow the business, we can help more sellers.

隨著我們業務的發展，我們可以幫助更多的賣家。

And we just don't see much else for that out there.

而且我們只是看不到其他東西。

But what really sets us apart is even if there are companies out there who are attempting to bite at the edges of an ecosystem, they're only doing it with 1 ecosystem like seller.

但真正讓我們與眾不同的是，即使有公司試圖咬住生態系統的邊緣，他們也只是在像賣家這樣的 1 個生態系統中這樣做。

They don't have the equal pairing of an individual ecosystem like cash.

他們沒有像現金這樣的個體生態系統的平等配對。

So while we can focus on the strength of the seller ecosystem, if you zoom out a bit, what's really powerful is that we have an at-scale seller ecosystem, and we have an-at scale buyer ecosystem in Cash App, and they're in the same company.

因此，雖然我們可以專注於賣家生態系統的優勢，但如果你縮小一點，真正強大的是我們擁有一個大規模的賣家生態系統，我們在 Cash App 中擁有一個大規模的買家生態系統，他們'在同一家公司。

So this is very rare, and I don't know of many others that have this capacity.

所以這是非常罕見的，我不知道有多少其他人有這種能力。

And that, I think, really speaks to our true differentiation and our true power and our true potential ahead.

我認為，這確實說明了我們真正的差異化、我們真正的力量和我們未來的真正潛力。

As I said in my opening remarks, we do believe we have a lot of invention to bring to financial services, and we're guiding that invention by bringing more access to more people.

正如我在開場白中所說，我們確實相信我們有很多發明可以用於金融服務，並且我們正在通過為更多人提供更多訪問權限來指導這項發明。

And that's both sellers and now individuals through the Cash App.

這既是賣家，也是現在通過 Cash App 的個人。

So I think it's quite strong, and I just don't see it as a -- I don't see it's complementing the market.

所以我認為它非常強大，我只是不認為它——我不認為它是對市場的補充。

Harshita, just to add to that.

Harshita，只是為了補充這一點。

It's always been a competitive landscape, but we continue to gain share.

這一直是一個競爭格局，但我們繼續獲得份額。

Our volume's growing at 25% these days relative to the rest of merchant acquirers, on average, growing 5% to 8%.

相對於其他商戶收單機構，我們這些天的交易量增長了 25%，平均增長 5% 到 8%。

And the network is growing low double digits.

而且網絡正在以低兩位數的速度增長。

So we are growing.

所以我們在成長。

We're growing fast, and we're continuing to take share in a large and, frankly, still a very fragmented market.

我們發展迅速，我們將繼續在一個龐大而坦率地說仍然非常分散的市場中佔據份額。

And that just speaks to payment volumes.

這只是說明支付量。

Our ecosystem does much more than that.

我們的生態系統所做的遠不止於此。

As Jack was saying, we have many more monetization levers beyond payments when you look at subscription and services for seller and when you look at the broader buyer ecosystem with Cash App.

正如傑克所說，當您查看賣家的訂閱和服務以及使用 Cash App 查看更廣泛的買家生態系統時，我們有更多的貨幣化槓桿超越支付。

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

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

I wanted to just parse out a little bit.

我只想解析一下。

I know you've talked about it already, but the investments necessary to kind of capture the incremental seller, I'm trying to just think through larger merchants or larger sellers relative to different verticals or really just deepening the product penetration.

我知道你已經談過了，但是吸引增量賣家所必需的投資，我正在嘗試考慮相對於不同垂直行業的更大的商家或更大的賣家，或者真的只是加深產品滲透。

I mean it sounds like a lot of it is an awareness to drive deeper product penetration, but I'm just trying to parse those 3. And then the other just quick question is on the international side on the sellers.

我的意思是，這聽起來很像是推動更深入的產品滲透的意識，但我只是想解析這 3 個。然後另一個簡單的問題是關於賣家的國際方面。

Can you just give us some idea about what those cohorts look like relative to the United States in terms of size, maybe level of sophistication and maybe even number of products purchased?

您能否告訴我們一些關於這些群體相對於美國在規模、複雜程度甚至購買產品數量方面的情況？

Yes.

是的。

Thanks, Dan.

謝謝，丹。

So in terms of the investment side, I mean fundamentally, we believe that we have a suite of tools for sellers at scale, scales from the very small to the very large.

因此，就投資方面而言，我的意思是從根本上說，我們相信我們擁有一套適用於規模從非常小到非常大的賣家的工具。

And where we don't, we have a platform and API strategy that larger sellers can fill in whatever they need to, whether it be legacy hardware or inventory systems.

在我們沒有的地方，我們有一個平台和 API 策略，大型賣家可以填寫他們需要的任何內容，無論是遺留硬件還是庫存系統。

So that strategy has continued to play out.

因此，該策略繼續發揮作用。

And as we think about our investments, as we talked a bit about a little earlier, we have a bunch of levers to pull.

當我們考慮我們的投資時，正如我們之前談到的那樣，我們有很多槓桿可以拉動。

Certainly, awareness of more of the products is important.

當然，了解更多產品很重要。

Sales, our sales team and account management is another important area for us.

銷售、我們的銷售團隊和客戶管理是我們的另一個重要領域。

And hardware is an area that we can also see a lot of potential.

硬件是我們也可以看到很多潛力的領域。

And this is independent of whether you're a large seller, you're a restaurant, you're a retail organization.

這與你是大賣家、餐館還是零售組織無關。

We can really customize a solution around each one.

我們真的可以圍繞每個人定制一個解決方案。

So we're not necessarily guiding that to a particular size or so.

所以我們不一定要將其引導到特定大小左右。

It's more focused on the use cases and how utilizing more of our tools will make your business a lot more efficient.

它更側重於用例以及如何利用更多我們的工具來提高您的業務效率。

And run better, ultimately, hopefully, leading to more sales for you and your -- for you and your company.

並最終有希望地更好地運行，從而為您和您的 - 您和您的公司帶來更多銷售。

And I'll just add to that, Dan.

我還要補充一點，丹。

On the point about larger sellers, we continue to have strong traction there with larger sellers growing 34% year-over-year in the third quarter.

關於大賣家，我們繼續保持強勁勢頭，第三季度大賣家同比增長 34%。

The products that address larger sellers, as you know, our vertical point-of-sale around retail and restaurants; our developer platform, where you can create more customized product offerings for larger sellers; and some of our newer hardware products, terminal and register.

針對較大賣家的產品，如您所知，我們圍繞零售和餐館的垂直銷售點；我們的開發者平台，您可以在其中為更大的賣家創建更多定制產品；以及我們的一些較新的硬件產品、終端和寄存器。

In terms of the go-to-market ways that we can address larger sellers, our marketing campaigns, we believe, address small and large sellers alike.

就我們可以針對較大賣家的上市方式而言，我們認為，我們的營銷活動同樣針對小型和大型賣家。

And we do see that larger sellers have a tendency to take on more product.

我們確實看到大賣家傾向於購買更多產品。

And so the focus of the campaign being the broad suite of products that we offer beyond just payments, we feel can resonate with large sellers.

因此，該活動的重點是我們提供的範圍廣泛的產品，而不僅僅是支付，我們認為這可以引起大賣家的共鳴。

Finally, the sales team growth, which we expect in 2020, should also address larger seller needs and more complex seller needs.

最後，我們預計 2020 年銷售團隊的增長也應能滿足更大的賣家需求和更複雜的賣家需求。

I did want to address your international question.

我確實想解決你的國際問題。

We see that our cohorts of customers internationally, similar to the U.S., have positive revenue retention, which is an important thing for us obviously to continue to measure.

我們看到我們在國際上的客戶群，類似於美國，有積極的收入保留，這顯然是我們繼續衡量的重要事情。

We most recently launched our terminal product in Australia, Canada and the U.K. in this past quarter.

我們最近在上個季度在澳大利亞、加拿大和英國推出了我們的終端產品。

And those launches were successful launches for us.

這些發布對我們來說是成功的發布。

We're seeing that we're unlocking new use cases as we bring our full suite of products to our international markets.

我們看到，隨著我們將全套產品推向國際市場，我們正在解鎖新的用例。

So we're excited to continue doing that in 2020.

因此，我們很高興能在 2020 年繼續這樣做。

Your next question comes from the line of Andrew Jeffrey from SunTrust.

您的下一個問題來自 SunTrust 的 Andrew Jeffrey。

I wonder if I could dig just a little bit deeper into Cash App.

我想知道我是否可以更深入地研究 Cash App。

You've talked about a number of ways.

你談到了很多方法。

You're looking to monetize it.

您希望通過它獲利。

I mean if there's any pushback we get, it's that it's really an Instant Deposit product, first and foremost, and I think you fleshed out the means by which to advance beyond that.

我的意思是，如果我們遇到任何阻力，那就是它確實是一種即時存款產品，首先也是最重要的，我認為你充實了超越這一點的方法。

But I wonder if you could elaborate a little bit on the merchant flywheel.

但我想知道你是否可以詳細說明一下商家飛輪。

It strikes me that this is a pretty powerful tool for merchants who have receipts from Cash App or a Square capital loan or whatever the case may be in that.

讓我印象深刻的是，對於從 Cash App 或 Square 資本貸款或任何情況下獲得收據的商家來說，這是一個非常強大的工具。

It can really act as a small business bank account substitute for traditional accounts.

它真的可以作為傳統賬戶的小型企業銀行賬戶替代品。

Could you just elaborate on that and how you think that sort of plays out to the long-term ability to monetize that ecosystem

您能否詳細說明一下，以及您認為這種情況如何影響通過該生態系統獲利的長期能力？

Andrew, I'm not sure I'm following your question.

安德魯，我不確定我是否在關注你的問題。

Are you talking about the Cash App or Square card?

你說的是 Cash App 還是 Square card？

Well, I mean I think about Square Card as being sort of integral to that whole value proposition.

好吧，我的意思是我認為 Square Card 是整個價值主張不可或缺的一部分。

Yes.

是的。

So with the -- so we have 2 main offerings here that I think speak to the flywheel that you're talking about.

因此，我們在這裡有 2 種主要產品，我認為它們與您正在談論的飛輪有關。

One is the Square Card, which allows sellers to store money with Square.

一種是 Square Card，它允許賣家在 Square 存錢。

And we can also issue them MasterCard that allows them to spend instantly and get access to their funds around their business instantly.

我們還可以向他們發行萬事達卡，使他們能夠立即消費並立即使用他們的業務資金。

And we think that one has been a pretty amazing product experience but entirely new functionality that serves as another reason to join Square and to enter into our ecosystem.

我們認為這是一個非常驚人的產品體驗，但全新的功能是加入 Square 並進入我們的生態系統的另一個原因。

In terms of the Cash App, there is a lot of opportunity between our receipts as a way to drive more Cash App downloads and usage.

就 Cash App 而言，我們的收據之間有很多機會可以推動更多 Cash App 下載和使用。

And there's a potential intersection between what we're doing around loyalty on the seller side and boost on the Cash App side.

我們圍繞賣家忠誠度所做的工作與 Cash App 方面的提升之間存在潛在的交叉點。

So these are things that are definitely questions for us and would love to experiment with, but it all goes back to the broader point that we believe that while these 2 ecosystems are extremely strong at scale and quite powerful, and that each one of them has tools that reinforce one another, it's when ecosystems themselves reinforce one another that makes the company truly incredible.

所以這些對我們來說絕對是個問題，我們很樂意嘗試，但這一切都可以追溯到更廣泛的觀點，我們相信，雖然這兩個生態系統在規模上非常強大，而且非常強大，而且每個生態系統都有工具相互加強，當生態系統本身相互加強時，這家公司才真正令人難以置信。

So we will continue to look for smart ways to bring these 2 ecosystems together, driven by customer needs.

因此，我們將在客戶需求的驅動下，繼續尋找將這兩個生態系統整合在一起的明智方法。

And that's customer needs on the seller side, but also on the Cash App side.

這是賣家方面的客戶需求，也是 Cash App 方面的客戶需求。

And your next question comes from the line of Peter Christiansen from Citi.

你的下一個問題來自花旗的 Peter Christiansen。

Jack, I wanted to ask you more of a philosophical question.

傑克，我想問你更多哲學問題。

As you think about these 2 ecosystems, both have different competitive dynamics and different phases of maturity.

當您考慮這兩個生態系統時，它們具有不同的競爭動態和不同的成熟階段。

How do you think -- how does Square think about balancing the investment between seller and Cash App?

您如何看待——Square 如何考慮平衡賣家和 Cash App 之間的投資？

And perhaps what are some of the key variables that you consider when you're in the decisioning process as you invest across the company broadly?

當您在整個公司範圍內進行廣泛投資時，您在決策過程中可能會考慮哪些關鍵變量？

Yes.

是的。

Thanks, Pete.

謝謝，皮特。

Great question.

很好的問題。

So this is going to be something that we're constantly learning from -- I mean the most important thing is we recognize this opportunity on the seller side of the -- like how are you thinking about investing within seller?

所以這將是我們不斷學習的東西——我的意思是最重要的是我們在賣方方面認識到這個機會——比如你如何考慮在賣方內部投資？

And all the payback periods we're seeing or ROI we're seeing in the tools, it's just begged for more investment.

我們在工具中看到的所有投資回收期或投資回報率，都只是乞求更多投資。

It just felt like we're leaving opportunity on the table by not focusing on growing this in a much more substantial way.

感覺就像我們沒有專注於以更實質性的方式發展它，而是把機會留在了桌面上。

Cash, on the other hand, has had that mindset for some time and has really been focused on network first.

另一方面，Cash 持有這種心態已有一段時間，並且確實首先關注網絡。

And what gives me a lot of confidence is we have a pretty deep understanding of how both businesses work and what levers to pull, where we can be pretty agile about when to drive growth and when not to.

讓我充滿信心的是，我們對兩家公司的運作方式和拉動槓桿有著相當深刻的理解，我們可以非常敏捷地決定何時推動增長，何時不推動增長。

And we've come a long way with the Cash App and how we think about building that network.

我們在 Cash App 以及我們如何考慮構建該網絡方面取得了長足的進步。

But ultimately, over time, we want to continue to build features that people love, that people can't find anywhere else.

但最終，隨著時間的推移，我們希望繼續構建人們喜愛的、人們在其他地方找不到的功能。

And as I said in my previous answer, I think there's a lot of potential between the 2 ecosystems.

正如我在之前的回答中所說，我認為這兩個生態系統之間存在很大的潛力。

So we will be constantly looking for these opportunities to grow both ecosystems, but more importantly, ways to connect the 2 together.

因此，我們將不斷尋找這些機會來發展這兩個生態系統，但更重要的是，尋找將兩者連接在一起的方法。

And Pete, just to tie that to our 2020 outlook, we see strong opportunities to deliberately invest in both of the ecosystems in 2020.

皮特，為了將其與我們的 2020 年展望聯繫起來，我們看到了在 2020 年有意投資這兩個生態系統的巨大機會。

For seller, today, as you know, as we disclosed, we see strong profitability with adjusted EBITDA margins of nearly 30% in 2019, expected for the full year.

對於賣家，今天，正如您所知，正如我們所披露的那樣，我們看到強勁的盈利能力，預計 2019 年調整後的 EBITDA 利潤率將達到近 30%，預計全年。

That's up from negative 9% in 2015.

這比 2015 年的負 9% 有所上升。

In a very short period of time, we've been able to scale this ecosystem while driving strong profitability and seeing very compelling returns, as Jack was saying.

正如傑克所說，在很短的時間內，我們已經能夠擴展這個生態系統，同時推動強勁的盈利能力並看到非常可觀的回報。

So we want to intentionally invest for future growth in our go-to-market efforts that we outlined earlier in the call.

因此，我們希望有意投資於我們在電話會議早些時候概述的上市工作中的未來增長。

And so for 2020, we expect margins in the seller business as a result to slightly come down.

因此，到 2020 年，我們預計賣家業務的利潤率將因此略有下降。

And we do expect to start seeing returns on these investments that we're making towards the end of 2020 and into 2021.

我們確實希望在 2020 年底和 2021 年開始看到我們正在進行的這些投資的回報。

With cash, given the strong cohort economics that we've seen, given the margin expansion that we've seen over time over the past few years, and given the continued scaling of the ecosystem, we expect to see some margin improvement in 2020 even as we continue to invest in scaling the ecosystem.

有了現金，考慮到我們所看到的強勁的群體經濟，考慮到我們在過去幾年中看到的利潤率擴張，以及考慮到生態系統的持續擴展，我們預計 2020 年利潤率甚至會有所改善隨著我們繼續投資擴展生態系統。

So those are some of the dynamics for how this investment model plays out for 2020.

因此，這些是這種投資模式如何在 2020 年發揮作用的一些動態。

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

你的下一個問題來自 Cowen 的 George Mihalos。

This is Allison on for George.

這是喬治的艾莉森。

I wanted to follow-up on the GPV commentary from earlier.

我想跟進之前的 GPV 評論。

It looks like the year-over-year growth in the sub 125,000 GPV seller category accelerated this quarter versus 2Q.

與第二季度相比，本季度 GPV 低於 125,000 的賣家類別的同比增長似乎有所加快。

I'm wondering if there's any color you can provide there?

我想知道你們是否可以提供任何顏色？

Thanks for the question, Allison.

謝謝你的問題，艾莉森。

GPV growth from larger sellers was 34% in the second quarter -- sorry, in the third quarter and actually also in the second quarter.

第二季度來自大型賣家的 GPV 增長率為 34%——抱歉，第三季度，實際上也是第二季度。

From a mix perspective, larger sellers were up slightly quarter-over-quarter, so 55% in terms of mix and 53% in terms of mix in the second quarter.

從混合的角度來看，較大的賣家環比略有增長，因此第二季度的混合增長了 55%，混合增長了 53%。

So we continue to see real traction with larger sellers and continue to build out products, as mentioned earlier, in terms of vertical points of sale in terms of hardware and in terms of the developer platform to address this base of customers.

因此，我們繼續看到更大賣家的真正吸引力，並繼續構建產品，如前所述，在硬件方面的垂直銷售點和開發平台方面，以解決這一客戶群。

And your next question comes from the line of Jason Kupferberg from Bank of America Merrill Lynch.

你的下一個問題來自美銀美林的 Jason Kupferberg。

Just a quick clarification on a question.

只是對一個問題的快速澄清。

Just on the clarification, so I want to make sure I've got the numbers apples to apples right here.

只是澄清一下，所以我想確保我在這裡得到了蘋果對蘋果的數字。

So your growth in 2019 ex Caviar is forecasted now at 46%.

因此，您現在預計 2019 年除魚子醬外的增長率為 46%。

And on that same basis, we're talking about low 30s in 2020, so I just wanted to get a clarification on that.

在同樣的基礎上，我們談論的是 2020 年的 30 歲以下，所以我只想澄清一下。

And then can you just give us a sense on the $75 million of incremental sales and marketing, how much of that will be U.S. versus international?

然後你能不能讓我們了解一下 7500 萬美元的增量銷售和營銷，其中有多少是美國與國際的？

Sure.

當然。

I'll take that, Jason.

我會接受的，傑森。

You've got that math right in terms of full year 2019.

就 2019 年全年而言，您的數學計算是正確的。

The guide at the midpoint ex Caviar for the full year is $2.1 billion, which is a 46% growth rate year-over-year, which is actually the same growth rate that 2018 would have been on an ex Caviar basis.

全年不包括魚子醬的中點指南為 21 億美元，同比增長率為 46%，實際上與 2018 年不包括魚子醬的增長率相同。

But as you think ahead to 2020, keep in mind the exit rate that we've got coming out of 2019, which is a 37% rate in the first -- fourth quarter, ex Caviar, on adjusted revenue and 36% growth rate on gross profit at the midpoint.

但是當你展望 2020 年時，請記住我們從 2019 年開始的退出率，第一季度的退出率 - 第四季度，不包括魚子醬，調整後的收入和 36% 的增長率中點的毛利潤。

In terms of the $75 million of marketing investment U.S. versus international, the international markets today are about 5% of our revenues.

就美國與國際市場的 7500 萬美元營銷投資而言，如今國際市場約占我們收入的 5%。

They will be a higher percentage of our marketing investments, but the vast majority of our marketing investments still go towards our U.S. markets.

它們將占我們營銷投資的更高比例，但我們的絕大部分營銷投資仍流向美國市場。

Your next question comes from the line of James Friedman from Susquehanna.

你的下一個問題來自 Susquehanna 的 James Friedman。

It's Jamie from Susquehanna.

我是來自 Susquehanna 的 Jamie。

I just wanted to ask Amrita, in your prepared remarks, you had mentioned that some of the EBITDA upside into Q3, which was a surprise to us.

我只是想問 Amrita，在你準備好的發言中，你提到了第三季度的 EBITDA 上行部分，這讓我們感到驚訝。

You said that some of it came from core and some of it came from timing of expenses.

你說其中一些來自核心，一些來自費用的時間安排。

I was just hoping you could elaborate a little bit about that.

我只是希望你能詳細說明一下。

And I just have to ask about Eventbrite.

我只需要詢問 Eventbrite。

Those comments were helpful, too.

這些評論也很有幫助。

But if I was interpreting what you're saying relative to the GPV versus what sounded like a less important revenue factor.

但是，如果我正在解釋你所說的相對於 GPV 的內容，而不是聽起來不太重要的收入因素。

Was that about price?

那是關於價格的嗎？

Or am I just oversimplifying?

或者我只是過於簡單化了？

Sure.

當然。

On the first part of your question, James, on the EBITDA beat.

關於你問題的第一部分，詹姆斯，關於 EBITDA 節拍。

That's right.

這是正確的。

It was driven by both overperformance in our seller and cash ecosystems, offset by underperformance in Caviar along with overperformance related to expense timing as well as some efficiencies.

這是由我們的賣家和現金生態系統的超常表現所驅動的，被魚子醬的表現不佳以及與費用時間和一些效率相關的超常表現所抵消。

We do expect most of those expenses to materialize in future quarters.

我們確實預計這些費用中的大部分將在未來幾個季度實現。

And as we have in the past, we plan to reinvest any outperformance that we've had back into these ecosystems through both product and sales and marketing efforts to grow for the long term.

正如我們過去所做的那樣，我們計劃通過產品、銷售和營銷方面的努力，將我們已經獲得的任何優異表現重新投資到這些生態系統中，以實現長期增長。

With respect to Eventbrite, I didn't quite catch your question, but I think you were asking why there is less of a revenue impact relative to GPV?

關於 Eventbrite，我不太明白你的問題，但我想你是在問為什麼相對於 GPV 的收入影響較小？

And yes, the take rate on a deal like Eventbrite is much lower.

是的，像 Eventbrite 這樣的交易的接受率要低得多。

So that's why from a GPV perspective, there would have been an impact, but from a revenue perspective, the contribution from Eventbrite would have been de minimis.

所以這就是為什麼從 GPV 的角度來看，會有影響，但從收入的角度來看，Eventbrite 的貢獻微乎其微。

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

你的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

Given all the puts and takes in your revolving business mix -- and not to steal thunder from Analyst Day, but how would you frame up that your kind of normalized margin profile at this point?

考慮到您的循環業務組合中的所有看跌期權和收益——並不是要從分析師日搶風頭，但此時您將如何構建這種標準化的利潤率概況？

I know that you have a completely different business than you did when you -- at our first Analyst Day meeting.

我知道你的業務與你在我們第一次分析師日會議上所做的完全不同。

So I was just wondering if you could comment on that.

所以我只是想知道你是否可以對此發表評論。

And then just a quick bolt-on is what's the revenue model for the stock trading feature?

然後快速補充一下股票交易功能的收入模式是什麼？

How do you make money on that?

你是怎麼賺錢的？

Sure.

當然。

I can take that.

我可以接受。

On our last Investor Day -- at our last Investor Day, Cash App was sort of a twinkle in our eye.

在我們的最後一個投資者日——在我們最後一個投資者日，Cash App 在我們眼中閃過一絲光芒。

And obviously, it has grown rapidly since then.

顯然，從那以後它發展迅速。

It's now 1/4 of our revenues.

它現在占我們收入的 1/4。

And so clearly, I think at this next Investor Day, we'll be sharing much more with you about Cash App in terms of product road map and business model.

很明顯，我認為在下一個投資者日，我們將在產品路線圖和商業模式方面與您分享更多關於 Cash App 的信息。

And so I think it's premature for us today to give you a long-term view in terms of margin profile.

因此，我認為我們今天就利潤率狀況向您提供長期觀點還為時過早。

But what I can say is as we've shared with you this quarter compared to our last Investor Day, the dynamics in our seller ecosystem, which was the majority of our business in 2017, have largely stayed the same or gotten better.

但我可以說的是，正如我們在本季度與您分享的與上一個投資者日相比，我們的賣家生態系統的動態，這是我們 2017 年的大部分業務，在很大程度上保持不變或變得更好。

At last Investor Day, we talked about a 20% to 25% long-term top line growth and 35% long-term margins.

在上一個投資者日，我們談到了 20% 到 25% 的長期收入增長和 35% 的長期利潤率。

And just 1.5 years later now in 2019, we stand here having achieved nearly a 30% margin by year-end and having exceeded the top line growth targets, all with a 3- to 4-quarter payback and positive revenue retention.

僅僅 1.5 年後的 2019 年，我們站在這裡，到年底實現了近 30% 的利潤率，並超過了最高增長目標，所有這些都在 3 到 4 個季度得到回報，並保持了積極的收入。

And then with Cash App, we have scaled it rapidly since the last Investor Day, and as mentioned, have continued to see margin expansion from Cash App for each of the last 3 years with very similar dynamics in terms of cohort economics and compelling returns on our investments, very similar dynamics in Cash App to what we see in the seller ecosystem.

然後使用 Cash App，自上次投資者日以來，我們迅速擴大了規模，並且如前所述，在過去 3 年的每一年中，Cash App 的利潤率都在持續增長，在隊列經濟學和令人信服的回報方面具有非常相似的動態我們的投資，Cash App 中的動態與我們在賣家生態系統中看到的非常相似。

So we're excited to share with you more when we meet at Investor Day.

因此，當我們在投資者日見面時，我們很高興能與您分享更多。

With respect to monetization of investing, as we noted, there's no commission fees related to our investing product today within Cash App.

關於投資的貨幣化，正如我們所指出的，今天在 Cash App 中沒有與我們的投資產品相關的佣金。

The majority of the costs associated with investing will be brokerage costs, and they'll be included in our sales and marketing line related to Cash App.

與投資相關的大部分成本將是經紀成本，它們將包含在我們與 Cash App 相關的銷售和營銷線中。

We really view this product set to be an engagement driver for us as we mentioned earlier, to help build out the network and to help bring discoverability and daily utility to the app that enables growth for other revenue streams within the app.

正如我們之前提到的，我們確實認為該產品集是我們參與度的驅動因素，有助於構建網絡並幫助為應用程序帶來可發現性和日常實用性，從而實現應用程序內其他收入流的增長。

And that is all the time we have for questions.

這就是我們提問的全部時間。

At this time, I'd like to turn the call back over to the company for some closing remarks.

在這個時候，我想把電話轉回給公司，聽取一些結束語。

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 will be making -- we will be hosting our fourth quarter 2019 earnings call on February 26.

我想提醒大家，我們將在 2 月 26 日召開 2019 年第四季度財報電話會議。

Thanks again for participating today.

再次感謝您今天的參與。

This concludes today's conference call.

今天的電話會議到此結束。

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。

You may all disconnect.

你們都可以斷開連接。