Block Inc (SQ) 2019 Q4 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到 Square 2019 年第四季度收益電話會議。

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

我現在想把電話轉給你的主持人，投資者關係主管 Jason Lee。請繼續。

Hi, everyone. Thanks for joining our fourth quarter 2019 earnings call. We have Jack and Amrita with us today. First, we want to remind everyone of the format of our earnings call. We have posted a shareholder letter on our Investor Relations website, which was available shortly after the market closed. 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.

大家好。感謝您參加我們 2019 年第四季度的財報電話會議。今天有 Jack 和 Amrita 和我們一起。首先，我們想提醒大家注意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，該網站在市場收盤後不久就可以看到。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。在問答環節，除了電話會議參與者的問題外，我們還將回答賣家的問題。

We would also like to remind everyone that we 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. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. 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 as -- except as required by law. Also during this call, we will discuss certain non-GAAP financial measures. Reconciliation 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.

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。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。報告的結果不應被視為未來業績的指標。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。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。我們不承擔任何更新任何前瞻性陳述的義務——除非法律要求。同樣在本次電話會議中，我們將討論某些非 GAAP 財務措施。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。這些非 GAAP 措施無意替代我們的 GAAP 結果。

Additionally, as discussed in the shareholder letter, we discontinued the use of adjusted revenue last quarter, following receipt of a comment letter from and discussions with the SEC. Our statement of operations continues to disclose total net revenue, transaction-based costs and Bitcoin costs determined in accordance with GAAP, which are the key components of adjusted revenue. We also introduced new guidance measures on GAAP gross profit as well as the sum of transaction-based costs and Bitcoin costs. There are no changes to any other GAAP or non-GAAP metrics. We have posted a spreadsheet on our Investor Relations website with our historical financials and additional details related to our income statement. 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.

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，我們在上個季度停止使用調整後的收入。我們的運營報表繼續披露根據 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。我們還針對 GAAP 毛利以及基於交易的成本和比特幣成本的總和引入了新的指導措施。任何其他 GAAP 或非 GAAP 指標都沒有變化。我們已經在我們的投資者關係網站上發布了一份電子表格，其中包含我們的歷史財務數據以及與損益表相關的其他詳細信息。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。不久將在我們的網站上提供此次通話的音頻重播。

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

有了這個，我想把它交給傑克。

Thanks, Jason. Hello, everyone, and thank you for joining us. A few comments from me and Amrita before we get to your questions.

謝謝，傑森。大家好，感謝您加入我們。在我們回答您的問題之前，我和 Amrita 發表了一些評論。

2019 was a very good year for us. We continue to refine and build upon our ecosystem strategy, which we believe is our biggest competitive differentiator. Many companies only get an opportunity to scale one ecosystem and audience. We're in the incredible position to scale 2 ecosystems, Seller and Cash App, representing sellers, their customers and individuals wanting to access more of the financial system. And we're increasingly happy with the results.

2019 年對我們來說是非常好的一年。我們繼續完善和構建我們的生態系統戰略，我們認為這是我們最大的競爭優勢。許多公司只能獲得擴大一個生態系統和受眾的機會。我們處於擴展 2 個生態系統（Seller 和 Cash App）的絕佳位置，代表賣家、他們的客戶和希望訪問更多金融系統的個人。我們對結果越來越滿意。

In 2019, we launched a lot of key products into our Seller ecosystem. The Square Card, Square Online Store, Order Manager, the Invoices app, Square Assistant and Appointments and Square Terminal in the U.K., Australia and Canada. We also launched a number of new marketing campaigns around the world, our latest reaching an estimated 8 million businesses and updated our U.S.-based pricing to 2.6% plus $0.10. Our products and developer platform are resonating with larger sellers, too. As of Q4, 55% of our GPV was from larger sellers.

2019 年，我們在賣家生態系統中推出了許多關鍵產品。英國、澳大利亞和加拿大的 Square Card、Square 在線商店、訂單管理器、發票應用程序、Square 助手和約會以及 Square Terminal。我們還在全球推出了一系列新的營銷活動，我們最近的活動覆蓋了大約 800 萬家企業，並將我們在美國的定價更新為 2.6% 加 0.10 美元。我們的產品和開發者平台也引起了更大賣家的共鳴。截至第四季度，我們 55% 的 GPV 來自較大的賣家。

Cash App launched a redesign for easier navigation and discoverability, boosted partnerships and equities investing. The investing feature has seen the fastest adoption of any product launched within the cash ecosystem. Cash App continues to exceed our expectations, consistently found in the top 15 free apps in the App Store and driving to 24 million monthly active customers as of December 2019, which is up from 15 million in December of 2018.

Cash App 進行了重新設計，以便於導航和發現，促進了合作夥伴關係和股票投資。在現金生態系統中推出的所有產品中，投資功能的採用速度最快。 Cash App 繼續超出我們的預期，一直位列 App Store 前 15 名免費應用程序之列，截至 2019 年 12 月，每月活躍客戶達到 2400 萬，高於 2018 年 12 月的 1500 萬。

The Cash Card is also at scale being used by over 20% of our monthly active customers. The peer-to-peer transfers network continues to be our best acquisition channel as each person with an account brings in more folks just by sending or receiving money. Those new to the app then go on to discover Bitcoin, the Cash Card, Boost and Investing. It's a strong reinforcing model we don't see elsewhere.

超過 20% 的每月活躍客戶也在大規模使用現金卡。點對點轉賬網絡仍然是我們最好的獲取渠道，因為每個擁有賬戶的人僅通過匯款或收款就能吸引更多人。然後，那些剛接觸該應用程序的人會繼續發現比特幣、現金卡、Boost 和投資。這是我們在其他地方看不到的強大強化模型。

All this has given us a powerful foundation to build upon in 2020. We continue to find value in handling all the complexity a small or large seller or individual would face when working with the financial system. They come to and stay with Square because we're so fast, simple and comprehensive. We strongly believe investing in this model will continue to set us apart and grow the number of people we get to serve.

所有這些都為我們在 2020 年奠定了堅實的基礎。我們繼續發現處理小型或大型賣家或個人在使用金融系統時可能面臨的所有復雜性的價值。他們來到並留在 Square 是因為我們是如此快速、簡單和全面。我們堅信，投資於這種模式將繼續讓我們脫穎而出，並增加我們服務的人數。

And with that, over to Amrita.

然後，轉到 Amrita。

Thanks, Jack. Our results for the fourth quarter and full year 2019 highlight the momentum in our efforts to help existing customers grow to reach new customers and to build new products and services, economic empowerment for sellers and individuals. In the fourth quarter, excluding Caviar, total net revenue grew 46% and gross profit grew 42% year-over-year, exceeding our November guidance. For the full year, excluding Caviar, total net revenue grew 45% to $4.57 billion and gross profit grew 46% to $1.85 billion. We believe our results demonstrate that the strategic investments we are making are bearing fruit as we've continued to gain share while growing rapidly at scale.

謝謝，傑克。我們 2019 年第四季度和全年的業績突顯了我們努力幫助現有客戶發展以吸引新客戶、開發新產品和服務、為賣家和個人提供經濟賦權的勢頭。第四季度，不包括魚子醬，總淨收入同比增長 46%，毛利潤同比增長 42%，超過了我們 11 月份的指引。全年，不包括魚子醬，總淨收入增長 45% 至 45.7 億美元，毛利潤增長 46% 至 18.5 億美元。我們相信我們的結果表明，隨著我們在規模快速增長的同時繼續獲得份額，我們正在進行的戰略投資正在取得成果。

Turning to our Seller ecosystem. In the fourth quarter, Seller generated $938 million of total net revenue and $379 million of gross profit, which increased 26% and 27% year-over-year, respectively. Seller delivered slightly higher gross profit growth in the fourth quarter compared to the third quarter. This was driven by broad-based performance.

轉向我們的賣家生態系統。第四季度，Seller 創造了 9.38 億美元的總淨收入和 3.79 億美元的毛利潤，分別同比增長 26% 和 27%。與第三季度相比，賣方第四季度的毛利增長略高。這是由基礎廣泛的性能驅動的。

Let's examine some of the dynamics. First, as Jack mentioned, we changed the price of U.S. card-present transactions in the fourth quarter to better align with industry costs, and we've seen encouraging retention rates of impacted customers. Though still early, we believe this is evidence of the compelling value we provide sellers.

讓我們檢查一些動態。首先，正如傑克提到的，我們在第四季度改變了美國持卡交易的價格，以更好地與行業成本保持一致，我們看到受影響客戶的保留率令人鼓舞。雖然還為時過早，但我們相信這證明了我們為賣家提供了令人信服的價值。

Second, in the back half of 2019, we began investing more in go-to-market initiatives and saw favorable results following marketing campaigns with which we tell a broader story about Square's ecosystem across software, hardware and financial services. The ecosystem campaign drove an uplift in awareness of Square's products along with a 30% uplift in web traffic year-over-year. This, in turn, drove both self-onboarding and lead generation for our sales teams. While the majority of new sellers still self-onboard to Square, we are increasingly serving larger sellers through our sales team. Sales accounted for 20% of new seller GPV in 2019, up from 12% in 2015. We expect contributions from our sales team to play a growing role in 2020 as we build out the team, increase productivity through data science tools and get the message out about our product innovations that enable us to serve the needs of larger and more complex sellers.

其次，在 2019 年下半年，我們開始加大對上市計劃的投資，並在營銷活動之後看到了良好的結果，我們通過這些活動講述了 Square 跨軟件、硬件和金融服務的生態系統的更廣泛故事。生態系統活動推動了 Square 產品知名度的提升，同時網絡流量同比增長了 30%。這反過來又推動了我們銷售團隊的自我引導和潛在客戶生成。雖然大多數新賣家仍然自行加入 Square，但我們越來越多地通過我們的銷售團隊為更大的賣家提供服務。銷售額佔 2019 年新賣家 GPV 的 20%，高於 2015 年的 12%。我們預計我們的銷售團隊的貢獻將在 2020 年發揮越來越大的作用，因為我們將建立團隊，通過數據科學工具提高生產力並獲取信息了解我們的產品創新，這些創新使我們能夠滿足更大、更複雜的賣家的需求。

Square Capital was another driver of growth for the Seller ecosystem. We recently updated Capital's data science model, which enabled us to serve more loans to qualified sellers while maintaining loss rates of less than 4% on average.

Square Capital 是賣家生態系統增長的另一個驅動力。我們最近更新了 Capital 的數據科學模型，這使我們能夠向合格的賣家提供更多貸款，同時將平均損失率保持在 4% 以下。

Finally, for Seller, we believe a key part of our future growth is international. Although relatively small for us today at 52% year-over-year growth in Q4, international is compounding at roughly 2x Seller's blended growth rate and has now delivered 2 consecutive quarters of faster year-over-year growth.

最後，對於賣方而言，我們認為我們未來增長的一個關鍵部分是國際化。儘管今天對我們來說相對較小，第四季度同比增長 52%，但國際業務的複合增長率約為賣方混合增長率的 2 倍，現在已經連續兩個季度實現了較快的同比增長。

Turning to Cash App, where we have seen healthy growth in monthly active customers as well as monetization per customer driven by our team's continued innovation around product features. In the fourth quarter, Cash App delivered $183 million in revenue, excluding Bitcoin, up 96% year-over-year and $141 million in gross profit, up 101% year-over-year. Cash App's strong and sustained growth has led to a mix shift in our overall company gross profit with cash accounting for 27% of total gross profit in the fourth quarter compared to just 19% a year ago.

轉向 Cash App，在我們的團隊圍繞產品功能不斷創新的推動下，我們看到每月活躍客戶的健康增長以及每個客戶的貨幣化。第四季度，Cash App 的收入為 1.83 億美元（不包括比特幣），同比增長 96%，毛利潤為 1.41 億美元，同比增長 101%。 Cash App 強勁而持續的增長導致我們公司整體毛利發生混合變化，第四季度現金佔總毛利的 27%，而一年前僅為 19%。

Our teams are focused on driving regular engagement with our customers. As Jack mentioned, Cash App was at 24 million monthly actives in December, up 60% year-over-year and has added more new monthly actives each year since launch, with December 2019 being its strongest month for new adds. Cash App daily active customers increased at an even faster clip of 80% year-over-year as we've enhanced discoverability and navigation to our products as well as added new products like equity investing.

我們的團隊專注於推動與客戶的定期互動。正如 Jack 所提到的，Cash App 在 12 月的月活躍量為 2400 萬，同比增長 60%，並且自推出以來每年都增加了更多的月度活躍用戶，其中 2019 年 12 月是新增用戶數量最多的月份。由於我們增強了產品的可發現性和導航性，並增加了股票投資等新產品，Cash App 的每日活躍客戶同比增長了 80%，甚至更快。

Cash App has not only been growing its engaged customer base to an impressive scale, but it has also driven consistent growth in revenue per customer over the past few years. In December, Cash App generated more than $30 in annualized revenue per monthly active customer, excluding Bitcoin, which more than doubled from less than $15 in December of 2017. While this is strong monetization for a consumer app, we believe we have room to grow further by continuing to increase the attach rate on Cash Card and further cross sell new products to come.

Cash App 不僅將其參與的客戶群擴大到令人印象深刻的規模，而且在過去幾年中還推動了每位客戶收入的持續增長。 12 月，Cash App 為每位每月活躍客戶創造了超過 30 美元的年化收入，不包括比特幣，比特幣比 2017 年 12 月的不到 15 美元翻了一番多。雖然這對於消費者應用程序來說是強勁的貨幣化，但我們相信我們還有增長空間進一步通過繼續提高現金卡的附加率並進一步交叉銷售新產品來。

In both our Seller and Cash App ecosystems, we've achieved compelling unit economics with strong retention and payback periods. This is a result of our ability to build and integrate remarkable products, find efficient channels for customer acquisition and deepen relationships with our customers over time. 2020 is an important year for us as we continue innovating and investing to bring new customers into both our ecosystems in the U.S. and globally.

在我們的 Seller 和 Cash App 生態系統中，我們已經實現了令人信服的單位經濟效益以及強大的保留期和投資回收期。這是因為我們有能力構建和整合卓越的產品，找到有效的客戶獲取渠道，並隨著時間的推移加深與客戶的關係。 2020 年對我們來說是重要的一年，因為我們將繼續創新和投資，將新客戶帶入我們在美國和全球的生態系統。

Turning to our financial guidance for 2020. We expect to achieve total net revenue of $5.90 billion to $5.96 billion and gross profit of $2.44 billion to $2.475 billion or 34% year-over-year gross profit growth at the high end of the range, excluding Caviar. These figures are ahead of the preliminary expectations we shared on our third quarter call as the business has continued to execute at high-growth rates even as we've scaled.

談到我們對 2020 年的財務指導。我們預計總淨收入將達到 59 億美元至 59.6 億美元，毛利潤將達到 24.4 億美元至 24.75 億美元，即毛利潤同比增長 34%，處於區間的高端，不包括魚子醬。這些數字超出了我們在第三季度電話會議上分享的初步預期，因為即使我們已經擴大規模，該業務仍繼續以高增長率執行。

We expect our 2020 transaction profit margins as a percentage of GPV to be relatively stable compared to 1.08% in 2019 as we expect any benefit from the pricing change to be largely offset by mix shift to larger sellers. We expect to generate adjusted EBITDA between $500 million and $520 million, consistent with the preliminary guidance we provided on our last call.

我們預計我們 2020 年的交易利潤率佔 GPV 的百分比將相對穩定，而 2019 年為 1.08%，因為我們預計定價變化帶來的任何好處將在很大程度上被向更大賣家的組合轉移所抵消。我們預計調整後的 EBITDA 將在 5 億至 5.2 億美元之間，與我們在上次電話會議上提供的初步指導一致。

Similar to 2019, if we deliver top line outperformance during the year, we do not intend on increasing our adjusted EBITDA guidance and instead plan on reinvesting that upside back into the business where we see opportunities to benefit long-term profitable growth.

與 2019 年類似，如果我們在這一年實現了出色的業績表現，我們不打算增加調整後的 EBITDA 指引，而是計劃將這些優勢重新投資到我們認為有利於長期盈利增長的機會的業務中。

Our EBITDA guidance includes strategic investments across both ecosystems, including the previously outlined sales and marketing spend for our Seller ecosystem, which we expect to achieve a 4-quarter payback on our overall 2020 spend and to return multiples over time based on the strong returns we see. Additionally, as previously mentioned, 2020 guidance includes a larger-than-normal facilities expansion related to our Oakland office as well as additional regional offices, which will add an incremental onetime step-up of $50 million to our operating expense base. Over the medium to long term, we expect to continue to drive leverage from our G&A expenses as we have historically.

我們的 EBITDA 指南包括跨兩個生態系統的戰略投資，包括之前概述的針對我們的賣方生態系統的銷售和營銷支出，我們預計這將在 2020 年的總體支出中實現 4 個季度的回報，並根據我們強勁的回報隨著時間的推移實現倍數回報看。此外，如前所述，2020 年的指導意見包括與我們的奧克蘭辦事處以及其他地區辦事處相關的比正常情況下更大的設施擴建，這將使我們的運營費用基數一次性增加 5000 萬美元。從中長期來看，我們預計將像以往一樣繼續推動 G&A 費用的槓桿作用。

Finally, we're hosting our Investor Day on March 18 in San Francisco, where we will provide a deeper update on our long-term vision, market opportunity, strategy and business model for the Seller and Cash ecosystems and long-term financial outlook.

最後，我們將於 3 月 18 日在舊金山舉辦投資者日，屆時我們將更深入地介紹我們的長期願景、市場機會、賣家和現金生態系統的戰略和商業模式以及長期財務前景。

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 Lisa Ellis with MoffettNathanson.

（操作員說明）你的第一個問題來自 Lisa Ellis 和 MoffettNathanson。

(technical difficulty)

（技術難度）

app numbers. Two quick ones on Cash App. First, given the fee pressure in the retail investing industry, what's your monetization strategy for the new equity investing functionality? And then second, what are the biggest benefits you're seeing from the new Cash App design as you've rolled it out in the last few months?

應用程序編號。 Cash App 上的兩個快速應用程序。首先，鑑於零售投資行業的費用壓力，您對新股權投資功能的貨幣化策略是什麼？其次，您在過去幾個月推出的新 Cash App 設計中看到的最大好處是什麼？

Thanks, Lisa. I'll start with the second question actually. We did -- as I mentioned in my remarks, one of the things we did last year was to clarify the navigation. And the goal of this was to increase the discoverability of our other services. The Cash Card, Bitcoin, which is also grouped with investing now and just provide a much more fluid and easy-to-access way to get some of the core functionality. That worked. We did see increased discoverability. And the reason why that's important, ultimately, is the peer-to-peer network has a great reinforcing model in that it grows as people just send and receive money. But as people see new features within the app such as investing, they tend to retain longer and we tend to see a lot of benefit from that usage as well. So we started just going down that path, there's still potential work to do around the navigation to bring even more forth, but we're really happy with those results.

謝謝，麗莎。實際上，我將從第二個問題開始。我們做到了——正如我在發言中提到的，我們去年所做的其中一件事就是澄清導航。這樣做的目的是提高我們其他服務的可發現性。現金卡，比特幣，現在也與投資組合在一起，只是提供了一種更加流暢和易於訪問的方式來獲得一些核心功能。那奏效了。我們確實看到了增加的可發現性。這之所以重要，歸根結底是因為點對點網絡有一個很好的強化模型，因為它隨著人們發送和接收資金而增長。但隨著人們在應用程序中看到投資等新功能，他們往往會保留更長時間，我們也往往會從這種使用中看到很多好處。所以我們開始沿著這條路走下去，圍繞導航仍有潛在的工作要做，以帶來更多，但我們對這些結果非常滿意。

As we've talked about in the past on these calls around any of these features, we have a lot of levers to pull in terms of whether we see them more as acquisition channels or areas for us to drive monetization and profit. We want to be flexible with that. So this is something, as we introduce these new adjacencies that give people more access to the financial network. We can evolve or change over time. The goal right now is to provide something that not a lot of people have had access to in the past but also learn as much as possible so that we can then make better informed decisions.

正如我們過去在圍繞這些功能的這些電話會議上談到的那樣，我們有很多槓桿可以用來決定我們是否將它們更多地視為獲取渠道或我們推動貨幣化和利潤的領域。我們希望對此保持靈活。所以這很重要，因為我們引入了這些新的鄰接關係，使人們可以更多地訪問金融網絡。我們可以隨著時間的推移而發展或改變。現在的目標是提供一些過去沒有多少人接觸過的東西，但也要盡可能多地學習，這樣我們才能做出更明智的決定。

Just to add to that, Lisa, when we look at products like investing, what we see is very engaged customers who have the opportunity to do lots of things across the ecosystem. And that engagement, in turn, drives broader monetization. So in investing or Bitcoin active tends to generate 2 to 3x the annual revenue compared to other cash customers that we see. And what you think about there is the 7 different revenue streams that we have, the multiple ways that we have to add value to our customers and drive that daily utility, which in turn results in 7 different revenue streams that we have across Cash App that we can drive people to, now that we have greater discoverability and navigation as well.

補充一點，麗莎，當我們研究投資等產品時，我們看到的是非常投入的客戶，他們有機會在整個生態系統中做很多事情。而這種參與反過來又推動了更廣泛的貨幣化。因此，與我們看到的其他現金客戶相比，投資或活躍的比特幣往往會產生 2 到 3 倍的年收入。你認為我們擁有 7 種不同的收入來源，我們必須通過多種方式為客戶增加價值並推動日常效用，這反過來又導致我們在 Cash App 中擁有 7 種不同的收入來源我們可以驅使人們去，因為我們也有更大的可發現性和導航性。

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

你的下一個問題來自摩根大通的 Tien-Tsin Huang。

I wanted to ask on the pricing side, you -- just your pricing philosophy in general. We've seen fees go up for Instant Deposit and some prices down for Register and Terminal as you called out in the letter. So has your thinking around pricing changed as part of your investments in go to market?

我想問定價方面，你 - 只是你的一般定價理念。正如您在信中所說，我們已經看到即時存款的費用上漲，而寄存器和終端的一些價格下降。那麼，作為進入市場投資的一部分，您對定價的想法是否發生了變化？

Thank you. I'll start with this. I think just to remind folks of our early philosophy around price. One of the key differentiators for us in the early days of the company was the simplicity and more so, the consistency of our price. So we started with 2.75%. This is important to merchants because, typically, when they went to accept credit cards, that rate was variable based on the card that their customers were using. So adding something that -- presenting something that was stable, that was transparent and that was upfront was really the philosophy, independent of the particular number. That remains true today. We do see price as a lever for us, and we want to make sure that we're balancing the needs of our customers but also enabling us to fuel more of our work and building.

謝謝。我將從這個開始。我想只是為了提醒人們我們早期的價格理念。在公司成立初期，我們的主要區別之一是簡單性，更重要的是，我們價格的一致性。所以我們從 2.75% 開始。這對商家很重要，因為通常，當他們接受信用卡時，該費率會根據客戶使用的卡而變化。因此，添加一些東西——呈現一些穩定、透明和預先的東西確實是一種哲學，與特定數字無關。今天仍然如此。我們確實將價格視為我們的槓桿，我們希望確保我們在平衡客戶的需求的同時，也使我們能夠為更多的工作和建設提供動力。

Got it. No, you guys pioneered that. See you guys next month.

知道了。不，你們開創了這一點。下個月見。

Your next question comes from

你的下一個問題來自

Brendan O'Connor with [Shareware Square].

Brendan O'Connor 與 [Shareware Square]。

This is Brendan. I'm a Square seller from a small bakery called Flour & Salt Bakery up in upstate New York. My question is does Square have plans to develop a way for sellers to fulfill delivery orders so that small town businesses can run their own delivery service without relying on the big delivery companies that don't have local operators.

這是布倫丹。我是紐約州北部一家名為 Flour & Salt Bakery 的小麵包店的 Square 賣家。我的問題是 Square 是否計劃為賣家開發一種方式來完成送貨訂單，以便小城鎮企業可以運行自己的送貨服務，而無需依賴沒有本地運營商的大型送貨公司。

Yes. Thanks for the question, Brendan, and thanks for being our customer and using Square. This is actually a frequent request from our sellers because we know that managing delivery orders is really difficult and complex and takes away time from you to really focus on your customers and making more sales. If you use Square Online Store, we have Order Manager there. So when customers purchase something from your website and select delivery, the order pops up in your point of sale, but we don't currently have a fleet management service or a way for buyers to track deliveries, but it's something that we're open and considering. And we also have a number of partners in the app marketplace that you can connect with that can help with those needs, too.

是的。感謝 Brendan 的提問，感謝您成為我們的客戶並使用 Square。這實際上是我們賣家經常提出的要求，因為我們知道管理送貨訂單非常困難和復雜，並且會佔用您的時間來真正專注於您的客戶並增加銷售額。如果您使用 Square 在線商店，我們在那裡有訂單管理器。因此，當客戶從您的網站購買商品並選擇送貨時，訂單會在您的銷售點彈出，但我們目前沒有車隊管理服務或買家跟踪送貨的方式，但這是我們開放的並考慮。我們在應用程序市場上也有許多合作夥伴，您可以聯繫這些合作夥伴，它們也可以幫助滿足這些需求。

Yes. Unfortunately, a lot of them aren't local to us because we are in such a small town, but I look forward to seeing you guys work on something for us in the future.

是的。不幸的是，他們中的很多人都不是我們本地人，因為我們在這樣一個小鎮上，但我期待看到你們將來為我們做點什麼。

Your next question comes from Josh Beck with KeyBanc.

您的下一個問題來自 KeyBanc 的 Josh Beck。

I just wanted to maybe unpack 2020 guidance a little bit just given the growth rate and I think really the phase of the consumer and Seller ecosystems are at different points. Any kind of color you can provide and just how we should be thinking about those businesses as we go through the year?

我只是想根據增長率稍微解釋一下 2020 年的指導，我認為消費者和賣家生態系統的階段確實處於不同的階段。您可以提供任何一種顏色，以及我們在這一年中應該如何考慮這些業務？

Yes, happy to take that question, Josh. So as you look at our 2020 guidance, what we see here really is a reflection of the strong broad-based momentum that we have across both ecosystems coming out of Q4 and now in the early part of 2020. So you're looking at gross profit growth of 34% ex caviar at the high end, which is slightly ahead of our initial expectations on our November call.

是的，喬什，很高興回答這個問題。因此，當您查看我們的 2020 年指南時，我們在這裡看到的確實反映了我們從第四季度開始到 2020 年初在兩個生態系統中擁有廣泛的強大勢頭。高端利潤增長 34%（不包括魚子醬），略高於我們在 11 月電話會議上的初步預期。

So to unpack that for you a little bit across Seller and Cash. With Seller, we expect stable gross profit growth consistent with the back half of 2019, which was roughly in the 26% range. And as you know, we're ramping our investments throughout the year in sales and marketing. So as we ramp those investments, we'd expect to see an impact to our top line numbers towards the end of 2020 as we ramp the spend and as we add new customer cohorts throughout the year at the end of 2020 and into 2021.

因此，在 Seller 和 Cash 中為您解壓縮一下。對於賣方，我們預計毛利潤穩定增長與 2019 年下半年一致，大致在 26% 的範圍內。如您所知，我們全年都在加大對銷售和營銷的投資。因此，隨著我們增加這些投資，我們預計到 2020 年底，我們會增加支出，並在 2020 年底和 2021 年全年增加新的客戶群體，從而對我們的收入產生影響。

On Cash App, we have grown this ecosystem rapidly. It now represents 27% of the overall company gross profit in the fourth quarter, and on an annualized revenue run rate basis ex Bitcoin is at over $700 million in Q4. And so with triple-digit gross profit growth, you're at 104% gross profit growth in the fourth quarter. Naturally, you'd expect to see those growth percentages come down over time. In 2020, we still expect cash flow to drive sustained growth on a dollar basis. And this is, again, based on the durability of the business model that we have here in the power of compounding over time.

在 Cash App 上，我們迅速發展了這個生態系統。它現在佔第四季度公司總毛利的 27%，按年化收入運行率計算，除比特幣外，第四季度的收入超過 7 億美元。因此，憑藉三位數的毛利潤增長，第四季度的毛利潤增長率為 104%。自然地，您會期望看到這些增長率隨著時間的推移而下降。 2020 年，我們仍預計現金流將推動以美元計價的持續增長。這再次基於我們在這裡擁有的商業模式的持久性，它具有隨著時間的推移複合的能力。

With respect to your question around phasing. In Q1, we tend to see a bit of seasonality around the Seller business, especially coming out of the holidays in Q4 with cash becoming a larger percentage of our business. So that has started to counteract that a little bit because we see less of that seasonality in cash. That's a little bit of the dynamics that we're seeing play out in terms of the phasing throughout the year.

關於你關於分階段的問題。在第一季度，我們往往會看到圍繞賣方業務的一些季節性，尤其是在第四季度假期結束後，現金在我們業務中所佔的比例更大。所以這已經開始抵消一點，因為我們看到現金的季節性較少。這是我們在全年分階段看到的一些動態。

Your next question comes from Darrin Peller with Wolfe Research.

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

I just want to follow up a bit on the Cash App monetization side, which was clearly impressive at about $30 per user, I think you guys said. And I mean it looks like it's around 3x that of the revenue per user of your closest competitor has called out. So just maybe help us understand, again, the strategy that's enabling that other than maybe just pricing nuances. What's the opportunity? And what are you seeing consumers -- how are they behaving around this app? Is it becoming that neobank to them yet that's enabling that? Is it still mostly Instant Deposit and Card and what else is to come? And then maybe just when we look at the gross margin of that, I think it was around 70%. It was also pretty impressive. Can you just touch on the scale possible in that business versus the investments needed?

我只想跟進一下 Cash App 貨幣化方面的情況，這顯然令人印象深刻，每位用戶大約 30 美元，我想你們說過。我的意思是，它看起來大約是你最接近的競爭對手的每用戶收入的 3 倍。因此，也許可以幫助我們再次理解實現這一目標的戰略，而不僅僅是定價的細微差別。有什麼機會？你看到的消費者是什麼——他們在這個應用程序周圍的行為如何？它是否正在成為他們的新銀行，但正在實現這一目標？它仍然主要是即時存款和卡嗎？還會有什麼？然後也許只是當我們看它的毛利率時，我認為它大約是 70%。這也令人印象深刻。您能否簡單談談該業務的可能規模與所需投資的比較？

Sure. I can start on that, Darrin. Thanks for the question. So just to break down kind of how the cash team -- this team has a lot of gumption and they have really executed at a high level over the past few years. Just to break down a little bit about how that team focuses and what they're looking at, first and foremost, it's network growth. And you saw that this quarter, ending the year at 24 million monthly active customers, which is up 60% year-over-year. But even more importantly than that is the daily usage that the team is looking to drive through the launch of new products, through things like the tabs redesign, which really creates greater navigation to the broader ecosystem of products that we offer. And daily usage was up 80% year-over-year, growing faster than the overall network. So we're proud of the work there and also proud that we've achieved this growth with relatively low cost of acquisition on paid marketing, which, again, is a result of that core feature around peer-to-peer transfer, helping to bring in more customers at a relatively low cost, efficient cost of acquisition.

當然。我可以開始了，達林。謝謝你的問題。所以只是為了打破現金團隊的方式 - 這個團隊有很大的進取心，他們在過去幾年中確實在高水平上執行。只是為了分解一下該團隊的關注方式以及他們正在關注的內容，首先是網絡增長。你看到本季度，年底時每月活躍客戶為 2400 萬，同比增長 60%。但比這更重要的是，團隊希望通過新產品的發布，通過重新設計標籤等方式來推動日常使用，這確實為我們提供的更廣泛的產品生態系統創造了更好的導航。每日使用量同比增長 80%，增長速度超過整個網絡。因此，我們為那裡的工作感到自豪，也為我們以相對較低的付費營銷獲取成本實現了這種增長而感到自豪，這再次是圍繞點對點傳輸的核心功能的結果，有助於以相對較低的成本、高效的獲取成本吸引更多客戶。

From a cohort economic standpoint, as you called out, that $30 on a per customer basis that's across all monthly active customers has more than doubled since 2017. And there's another important step in that as well, which we shared last quarter, which is we see positive revenue retention for each of Cash's monthly cohorts of active customers since 2015. That's a similar dynamic that we've seen to the Seller business and again, shows that we're able to efficiently acquire customers, keep them engaged on increasingly a daily basis and then offer them additional ways that we can add value and therefore, monetize across the ecosystem.

從隊列經濟的角度來看，正如您所說，自 2017 年以來，所有每月活躍客戶的每位客戶 30 美元增長了一倍多。還有另一個重要的步驟，我們在上個季度分享了這一點，那就是我們自 2015 年以來，Cash 每個月的活躍客戶群體都實現了積極的收入保留。這與我們在賣方業務中看到的類似動態再次表明，我們能夠有效地獲取客戶，讓他們每天參與更多基礎，然後為他們提供我們可以增加價值的其他方式，從而在整個生態系統中獲利。

Yes. And I just would want to point out that this is where the ecosystem model really works well for us. We don't see that with the other neobanks. We have a very strong foundation in utility in peer to peer, which allows us to introduce folks to various aspects of new functionality within the app itself. And that spreads through word of mouth as well. We also benefit from some really creative and highly impactful marketing that the team does do. We've just -- the team has kind of rethought how to think -- how to bring a product and features into the market in the first place, and we also benefit a lot from all the songs that are out there that have Cash App either in the name or in the lyrics.

是的。我只想指出，這就是生態系統模型真正適合我們的地方。我們在其他新銀行中看不到這一點。我們在點對點實用程序方面擁有非常強大的基礎，這使我們能夠向人們介紹應用程序本身新功能的各個方面。這也通過口耳相傳。我們還受益於團隊所做的一些真正有創意和極具影響力的營銷活動。我們剛剛 - 團隊重新考慮瞭如何思考 - 如何首先將產品和功能推向市場，我們也從所有帶有 Cash App 的歌曲中受益匪淺無論是名字還是歌詞。

Your next question comes from Harshita Rawat with Bernstein.

你的下一個問題來自伯恩斯坦的 Harshita Rawat。

So Amrita, a question for you on investments. Clearly, lots of good opportunities for you to invest across omnichannel, international, sales and marketing, new products, Cash App. As you sort of look into your guidance for 2020, what are the 2 or 3 big investment areas that you've planned for this year beyond sort of like increased sales and marketing spend on the Seller business as you had articulated before? And then more broadly, how do you think about balancing incremental investment dollars between Cash App, which is really fast growing versus Seller business, which is majority of your revenue today?

那麼 Amrita，請問您一個關於投資的問題。顯然，您有很多投資全渠道、國際、銷售和營銷、新產品、Cash App 的好機會。當您審視 2020 年的指導方針時，除了您之前闡明的增加賣家業務的銷售和營銷支出之外，您今年計劃的 2 或 3 個大投資領域是什麼？然後更廣泛地說，您如何考慮在 Cash App 和 Seller 業務之間平衡增量投資美元，Cash App 確實快速增長，而 Seller 業務是您目前收入的大部分？

Sure. Happy to take that question, Harshita. We are focused on growing the 2 ecosystems in 2020 across not only products. We think of product innovation as driving long-term growth for us in TAM expansion and being able to serve new customers in new ways; and then secondly, as you mentioned, in sales and marketing, which helps us scale those products, helps us reach customers not only in the U.S. where we are distributed today but also in a number of markets around the world. So we continue to be focused on investing in both of those areas: product development to make sure we're serving our customers through feature enhancements today as well as new ways to serve them in the future as well as sales and marketing, which is then helping to scale those products by reaching more customers in new ways.

當然。很高興接受這個問題，Harshita。我們專注於在 2020 年發展這兩個生態系統，而不僅僅是產品。我們認為產品創新是推動我們在 TAM 擴張方面的長期增長，並能夠以新的方式為新客戶提供服務；其次，正如你提到的，在銷售和營銷方面，這有助於我們擴大這些產品的規模，幫助我們不僅在我們今天分佈的美國，而且在世界各地的許多市場接觸到客戶。因此，我們繼續專注於在這兩個領域進行投資：產品開發以確保我們通過今天的功能增強為客戶提供服務，以及在未來為他們提供服務的新方式以及銷售和營銷，然後是通過以新方式吸引更多客戶，幫助擴大這些產品的規模。

With respect to how we balance investments across Seller and Cash, we think about, first, what the needs are independently across each business and the ways that we can best serve our customers be it sellers or individuals in each of those businesses. And then we think about ways that the rising tide can lift all boats, and we can eventually create ways that benefits in one area, can return results in another area as well. So we -- and we've luckily been able to do this historically by delivering compounding scaled growth in the Seller business while creating an entirely new ecosystem organically with Cash App at the same time in a matter of 3 or 4 years. That's now at a more than $700 million run rate. So we don't see it as an either/or with the 2 ecosystems. We believe that we can drive growth and investment dollars in both of them.

關於我們如何平衡賣家和現金之間的投資，我們首先考慮每個業務的獨立需求是什麼，以及我們如何最好地為我們的客戶服務，無論是賣家還是每個業務中的個人。然後我們思考漲潮可以提升所有船隻的方式，我們最終可以創造在一個領域受益的方式，也可以在另一個領域產生結果。因此，我們 - 我們很幸運能夠在歷史上做到這一點，在 3 到 4 年的時間裡，通過在賣方業務中實現複合規模增長，同時使用 Cash App 有機地創建一個全新的生態系統。現在的運行率超過 7 億美元。所以我們不認為它是兩個生態系統的非此即彼。我們相信我們可以推動兩者的增長和投資。

Your next question comes from Bryan Keane with Deutsche Bank.

你的下一個問題來自德意志銀行的 Bryan Keane。

Wanted to ask about the change in pricing in instant transfer. Do you expect some churn in that channel and a resulting pickup in Cash Card? Just thinking about the impact in the P&L. And then I have to ask the obvious question on coronavirus. Any impact you're seeing -- I doubt you're seeing anything on consumer spending in U.S. But how about international markets like Australia and Japan?

想問一下即時轉賬的價格變化。您是否預計該渠道會出現一些流失並導致現金卡出現問題？僅考慮對損益表的影響。然後我不得不問一個關于冠狀病毒的明顯問題。您看到的任何影響——我懷疑您是否看到美國消費者支出有任何影響，但澳大利亞和日本等國際市場如何？

Bryan, so you're right. In early January, we announced a pricing change on seller instant transfer from 1% to 1.5%. We felt that now that sellers have the free alternative on Square Card that gives them instant access to their funds. We felt the timing was right to reconsider the pricing on instant transfer because with Square Card not only do they have access instantly to their own funds, but it encourages sellers to keep their funds within the Square ecosystem and to use and explore our ecosystem in new and different ways.

布萊恩，所以你是對的。 1 月初，我們宣布將賣家即時轉賬的價格從 1% 上調至 1.5%。我們認為，現在賣家可以免費使用 Square Card，讓他們可以即時使用資金。我們認為現在是重新考慮即時轉賬定價的正確時機，因為有了 Square Card，他們不僅可以立即使用自己的資金，而且還鼓勵賣家將資金保留在 Square 生態系統中，並在新的環境中使用和探索我們的生態系統和不同的方式。

Now with respect to the P&L, this price change is already contemplated in our 2020 guidance, included in that 34% gross profit growth ex Caviar at the high end. We expect the change to be accretive in 2020 to total net revenue and gross profit growth, but it's going to be small, we believe, relative to the size of the Seller business. Remember, we had $1.4 billion in annual gross profit in 2019.

現在就損益表而言，我們的 2020 年指導方針中已經考慮到了這一價格變化，其中包括高端 34% 的毛利增長（不包括魚子醬）。我們預計這一變化將在 2020 年增加總淨收入和毛利潤增長，但我們認為，相對於賣方業務的規模，這種變化將會很小。請記住，我們在 2019 年的年度毛利潤為 14 億美元。

And then your second question was on coronavirus?

然後你的第二個問題是關于冠狀病毒？

Yes, just the impact. I mean any impact in U.S. consumer spending. I doubt it, but curious on any impact on international markets.

是的，只是影響。我的意思是對美國消費者支出的任何影響。我對此表示懷疑，但對對國際市場的任何影響感到好奇。

Sure. In short, we didn't see any material impact in our Q4 results, as you can see, nor do we expect a material impact in Q1 for our results. When you look across the Seller and Cash ecosystems today, we continue to see healthy trends in performance. We have sellers in a variety of industries on our platform, and we're actually under-indexed to tourism. Although, of course, we'll continue to monitor any impact to the overall consumer spend numbers that we see.

當然。簡而言之，正如您所見，我們在第四季度的業績中沒有看到任何實質性影響，我們也預計第一季度的業績不會受到實質性影響。當您縱觀當今的 Seller 和 Cash 生態系統時，我們會繼續看到健康的績效趨勢。我們的平台上有各種行業的賣家，實際上我們對旅遊業的索引不足。當然，我們會繼續監控對我們看到的整體消費者支出數字的任何影響。

Your next question comes from Tim Chiodo with Crédit Suisse.

你的下一個問題來自 Crédit Suisse 的 Tim Chiodo。

So I want to touch on an important aspect of Cash App, and that will be direct deposit. With the recent app redesign and then also some of the stuff that you are doing around Payroll and/or Caviar and DoorDash, is there anything you could let us know in terms of direct deposit penetration or trends or maybe plans going forward?

所以我想談談 Cash App 的一個重要方面，那就是直接存款。隨著最近的應用程序重新設計以及您圍繞 Payroll 和/或 Caviar 和 DoorDash 所做的一些事情，您是否可以讓我們知道直接存款滲透或趨勢或未來計劃方面的任何信息？

We -- so with direct deposit, this is another area that we saw an opportunity to serve more the needs that people would typically go to a bank branch for and again, like just removing as much friction as possible so they don't have to think about the financial system in any way. This is certainly one, ATM card -- the Cash Card being used at ATMs is another such example, build a way so that we can fit in people's lives every single day instead of just being a weekly occurrence.

我們 - 所以通過直接存款，這是我們看到機會的另一個領域，可以滿足人們通常會一次又一次去銀行分行的需求，比如盡可能多地消除摩擦，這樣他們就不必以任何方式考慮金融系統。這當然是一個，ATM 卡——在 ATM 機上使用的現金卡是另一個這樣的例子，建立一種方式，讓我們每天都能適應人們的生活，而不僅僅是每週發生一次。

So as we look at features like that, we're always looking for opportunities through the app first party or through partnership. But it's a good entry point for us and for our customers so that they can see us more and more as the way to manage their access to the financial system and for us to remove a bunch of that complexity. We're still pretty early in understanding what those use cases are ultimately and where it goes, but we intend to learn as we see more and more usage around it.

因此，當我們著眼於此類功能時，我們一直在通過應用第一方或合作夥伴尋找機會。但這對我們和我們的客戶來說是一個很好的切入點，這樣他們就可以越來越多地將我們視為管理他們對金融系統訪問的方式，並讓我們消除一堆複雜性。我們仍然很早地了解這些用例的最終含義以及它們的去向，但我們打算在看到越來越多的使用情況時學習。

Your next question comes from Pete Christiansen with Citi.

你的下一個問題來自花旗的皮特克里斯蒂安森。

A lot to like here. I was just hoping if we could talk a little bit about the Square Capital changes to the system there, perhaps if you could describe a little bit more in detail some of the factors that help you open up that product to more of the seller base and whether you're seeing any changes in like origination economics for Square.

非常喜歡這裡。我只是希望我們能談談 Square Capital 對那裡系統的改變，也許你能更詳細地描述一些有助於你向更多賣家群開放該產品的因素，以及您是否看到 Square 的原創經濟學有任何變化。

Pete, thanks for the question. So we recently updated our capital risk model to capture what we would call additional signals, which help us better optimize various loan attributes. Think of it like term length or repayment amount for sellers. Those signals improve our ability to monitor key themes, like ability to repay and likelihood of fraudulent activity that, in turn, then helps us determine creditworthiness. And this credit -- this update to our risk model was a key driver of Capital's outperformance in the fourth quarter as it resulted in larger loans to our most creditworthy sellers. And I think it's part of a broader theme here of our access to proprietary real-time data, where we are able to continuously improve Capital's machine learning models. And this is what's enabled us to maintain stable loss rates below 4% on average for our core flex loan product since 2017, even as originations have roughly doubled. And in the fourth quarter, we saw some of the benefits of that. Capital generated $671 million in originations on a dollar basis, up 42% year-over-year with revenues up even higher because of the strong investor demand that we see here.

皮特，謝謝你的提問。因此，我們最近更新了我們的資本風險模型，以捕捉我們所謂的額外信號，這有助於我們更好地優化各種貸款屬性。將其視為賣家的期限或還款金額。這些信號提高了我們監控關鍵主題的能力，例如還款能力和欺詐活動的可能性，進而幫助我們確定信用度。而這種信貸——我們風險模型的這種更新是 Capital 在第四季度表現出色的一個關鍵驅動因素，因為它導致我們向最有信譽的賣家提供了更多貸款。我認為這是我們訪問專有實時數據的更廣泛主題的一部分，我們能夠在其中不斷改進 Capital 的機器學習模型。這就是自 2017 年以來我們的核心靈活貸款產品平均損失率穩定低於 4% 的原因，即使發起人數大約翻了一番。在第四季度，我們看到了其中的一些好處。以美元計算，資本產生了 6.71 億美元的發起，同比增長 42%，由於我們在這裡看到的強勁的投資者需求，收入甚至更高。

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

你的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

How should we think about the kind of horizon of your marketing investment? Should we expect a certain point in time where we sort of lap a period of heavy investment? Or should we think of some of this as a more kind of permanent addition to the expense structure in nature? And then just as a bolt-on to that, Jack, you talked last quarter about combining the Seller and Cash ecosystems. I'm just wondering how you're thinking along those lines has evolved since we last spoke.

我們應該如何考慮您的營銷投資的視野？我們是否應該期待某個特定的時間點，我們會在某種程度上結束一段大量投資的時期？或者我們是否應該將其中一些視為本質上對費用結構的一種更永久的補充？ Jack，作為補充，你在上個季度談到了將 Seller 和 Cash 生態系統結合起來。我只是想知道，自從我們上次發言以來，您的這些思路發生了怎樣的變化。

Ramsey, I'll take the first part of your question on how we think about the horizons for our marketing investments. What we really look at more than anything here is the efficiency metrics. And so you've heard us talk about things like payback period being in that 4-quarter range. What we saw in Q4 even with the beginning of the ramp of the spend here is, we believe, consistent with that 4-quarter payback. And in 2020, with the incremental investments that we're making, again, we expect a 4-quarter payback.

Ramsey，我將回答你問題的第一部分，即我們如何考慮營銷投資的前景。我們在這裡真正關注的是效率指標。因此，您已經聽到我們談論諸如投資回收期在 4 個季度範圍內之類的事情。我們在第四季度看到的情況，即使這裡的支出開始增加，我們相信也與第四季度的回報一致。到 2020 年，隨著我們正在進行的增量投資，我們預計將在 4 個季度收回投資。

But the other key metric that we'd look at is ROI, return on investment, and that captures the overall lifetime value of a seller. As we're able to reach more and more large and complex sellers who we know take on generally more products within the Square ecosystem, we have the opportunity to expand lifetime value for these customers, and therefore, even with increased spend on sales and marketing, to see very, very compelling ROI. So what we plan to continue to do is ramp the spend, optimize as we go and measure these results to ensure that we continue to see this ROI. And with the unit economics that we have in the seller ecosystem, where we have positive revenue retention, what that means is that each seller that we bring in effectively has the ability to grow on our platform and to become an annuity stream. So we believe that, that's the dynamic that we'd want -- that our investors would want us to invest behind.

但我們要查看的另一個關鍵指標是投資回報率，即投資回報率，它反映了賣家的整體生命週期價值。隨著我們能夠接觸到越來越多的大型和復雜的賣家，我們知道他們通常在 Square 生態系統中承擔更多的產品，我們有機會擴大這些客戶的生命週期價值，因此，即使增加了銷售和營銷支出，看到非常非常引人注目的投資回報率。因此，我們計劃繼續做的是增加支出，不斷優化並衡量這些結果，以確保我們繼續看到這種投資回報率。憑藉我們在賣家生態系統中的單位經濟，我們有積極的收入保留，這意味著我們有效引入的每個賣家都有能力在我們的平台上成長並成為年金流。所以我們相信，這就是我們想要的動力——我們的投資者希望我們投資。

And we have an incredible advantage over our peers in this industry because of the 2 ecosystems that we're building: one, seller focused and also focusing on their customers but Cash App up as well. Pairing both of them together is quite powerful. We see this in a few ways. One, we benefit from a lot of the internal collaboration and intersections. A lot of what we've learned from Cash App has informed some of the products and features within the Seller business and vice versa. So that gives us ability to learn very, very quickly from 2 ecosystems at scale. And we do think there's a lot of opportunity in the future to connect them from a external customer-facing experience perspective.

由於我們正在構建的 2 個生態系統，我們比這個行業的同行擁有難以置信的優勢：一個，以賣家為中心，也以他們的客戶為中心，但 Cash App 也是如此。兩者搭配起來，威力相當大。我們從幾個方面看到了這一點。第一，我們受益於很多內部協作和交叉點。我們從 Cash App 中學到的很多東西已經為賣家業務中的一些產品和功能提供了信息，反之亦然。因此，這使我們能夠非常非常快速地從 2 個生態系統中大規模學習。我們確實認為未來有很多機會從面向外部客戶的體驗角度將它們聯繫起來。

We have done this in the past. Most notably -- or probably a good example of this is Payroll. So employees can actually utilize the Payroll feature to get paid via Cash App, which is excellent. We saw this in the past with carriers when we had Caviar as well. So there's a number of points between the 2 ecosystems that you can imagine us continuing to explore and building something around. Right now we're learning what the most impactful ones of those are, starting small and then building up as we learn more from it.

我們過去曾這樣做過。最值得注意的是 - 或者可能是一個很好的例子是薪資。因此，員工實際上可以利用薪資功能通過 Cash App 獲得報酬，這非常好。過去我們也有魚子醬時，我們在運營商身上看到了這一點。所以在這兩個生態系統之間有很多點，你可以想像我們會繼續探索並圍繞它們構建一些東西。現在我們正在了解其中最有影響力的是什麼，從小處著手，然後隨著我們從中學到更多而逐漸積累。

Your next question comes from Jason Kupferberg with Bank of America.

你的下一個問題來自美國銀行的 Jason Kupferberg。

Guys, I just had 2 on Cash App, so I'll ask them upfront. The first is on Cash Card itself. I think you said that it's only being used by about 20% of monthly actives currently. I would just be curious to know what that number maybe looked like a year ago and what kind of headroom you see in that number as you look forward. And then just second, can you give us a sense of how much the Boost rewards program is currently pressuring revenue and what the prospects are for more of that to move into a merchant-funded model over time?

伙計們，我在 Cash App 上只有 2 個，所以我會提前問問他們。第一個是現金卡本身。我想你說過目前只有大約 20% 的月度活躍用戶在使用它。我只是想知道這個數字在一年前可能是什麼樣子，以及在您期待的時候您在這個數字中看到了什麼樣的淨空。其次，您能否讓我們了解 Boost 獎勵計劃目前對收入造成的壓力有多大，以及隨著時間的推移，更多的收入進入商家資助模式的前景如何？

Jason, I'll take those questions. So on Cash Card, you did hear the 20% stat. We're at over 20% attached rate on Cash Card. The last absolute number we gave you as of June was 3.5 million monthly actives. But as we've grown the base of Cash monthly actives more broadly since June, obviously, we've also ramped Cash Card active, and we've ramped the attach rate since June as well.

傑森，我來回答這些問題。所以在現金卡上，你確實聽到了 20% 的數據。我們的現金卡附加費率超過 20%。截至 6 月，我們給你的最後一個絕對數字是每月 350 萬活躍用戶。但是，隨著我們自 6 月以來更廣泛地擴大每月現金活躍度的基礎，顯然，我們也提高了現金卡的活躍度，並且自 6 月以來我們也提高了附加率。

So to your question about how has attached looked over the past year, that is something that has grown over time as we've been able to prove out the value to our customers and fast access to these funds and through products like Boost and as we've been able to create better discoverability and navigation around products like Cash Card. Our Cash Card actives are transacting multiple times a week, so we know it's a key part of that daily engagement, daily utility that we're driving with Cash App more broadly. It's also a key part of that revenue per customer that we outlined this quarter at $30 in December of 2019 versus $15 2 years ago when Cash Card was still in its infancy.

因此，對於您關於過去一年附件情況如何的問題，這是隨著時間的推移而增長的，因為我們已經能夠證明對客戶的價值并快速獲得這些資金以及通過像 Boost 這樣的產品以及我們已經能夠圍繞 Cash Card 等產品創建更好的可發現性和導航。我們的 Cash Card 活動每週進行多次交易，因此我們知道這是我們通過 Cash App 更廣泛地推動的日常參與和日常實用程序的關鍵部分。這也是我們本季度在 2019 年 12 月概述的每位客戶收入的關鍵部分，為 30 美元，而 2 年前現金卡仍處於起步階段時為 15 美元。

With respect to your question on Boost. The numbers that we report for revenue already take out the Boost cost. So revenue ex Bitcoin being $183 million in the fourth quarter already nets out our Boost costs. We -- the team is very active in how we manage Boost and has actually innovated on Boost quite a bit over this past year, doing things like lock Boosts and expiring Boosts and geo-located Boosts. So creating different ways to create engagement around Boosts and create timeliness around Boosts, which also have the added benefit of creating an expense management mechanism for us around Boost as well. So it's a growth lever for us, but it's also one that we can actively manage.

關於你關於 Boost 的問題。我們報告的收入數字已經扣除了 Boost 成本。因此，第四季度不包括比特幣的收入為 1.83 億美元，已經抵消了我們的 Boost 成本。我們 - 團隊在我們如何管理 Boost 方面非常積極，並且在過去一年中實際上在 Boost 上進行了相當多的創新，做了鎖定 Boosts 和過期 Boosts 和地理位置 Boosts 等事情。因此，創建不同的方式來圍繞 Boosts 創建參與度並圍繞 Boosts 創建及時性，這也有一個額外的好處，即為我們圍繞 Boost 創建費用管理機制。因此，這對我們來說是一種增長槓桿，但也是我們可以積極管理的槓桿。

Your next question comes from George Mihalos with Cowen.

你的下一個問題來自 George Mihalos 和 Cowen。

Just had a question on the ILC application. Any update you could provide there? And then within that context of another fintech going out and purchasing a bank, are you thinking any differently around sort of the build-versus-buy strategy and maybe the need for an ILC application versus just buying, I guess, more of a traditional corporate bank -- commercial bank?

剛剛對 ILC 申請有疑問。您可以在那裡提供任何更新嗎？然後在另一家金融科技公司走出去並收購銀行的背景下，你是否對構建與購買策略有任何不同的想法，也許是需要 ILC 應用程序而不是僅僅購買，我想，更多的是傳統企業銀行——商業銀行？

Yes, thanks for the question. We -- no update on the ILC process and progress. We will certainly keep you informed as we have more. In terms of -- I think it's important to remember why we're doing this in the first place. This is not something our business is dependent upon but creates a number of opportunities of efficiency. And we would certainly look at other potential options, but this is one that feels right to potentially create more efficiencies but again, no dependency on it. So we haven't focused on other considerations.

是的，謝謝你的提問。我們——沒有關於 ILC 流程和進展的最新消息。我們一定會及時通知您，因為我們有更多信息。就-我認為重要的是要記住我們為什麼要這樣做。這不是我們的業務所依賴的東西，而是創造了許多提高效率的機會。我們當然會考慮其他可能的選擇，但這是一種可能會提高效率但又不依賴它的感覺是正確的。所以我們沒有專注於其他考慮因素。

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

你的下一個問題來自 RBC 資本市場的 Dan Perlin。

I just had a quick question as it pertains in aggregate to the guidance for 2020. And it's really more a function of how much flexibility do you -- have you built into that given maybe some concerns around the economy if we run into some bumps and you guys have to throttle back or toggle a little bit on these investments that you're making. Would you still envision, if you didn't make those investments that you would have, this type of growth trajectory that you guys are on? And I'm just thinking in terms of your ability to throttle back on some of those expenses to the extent that we run into some more difficult times.

我只是有一個簡短的問題，因為它總體上與 2020 年的指導有關。這實際上更多地取決於你有多少靈活性——你是否已經考慮到如果我們遇到一些顛簸和經濟問題，可能會對經濟產生一些擔憂你們必須對正在進行的這些投資進行節流或稍微調整一下。如果你們沒有進行本應進行的投資，你們還會設想你們所處的這種增長軌跡嗎？我只是在考慮你是否有能力在我們遇到一些更困難的時期時減少其中一些費用。

Thanks for the question, Dan. So I'd start at a high level and just say that nothing has changed with respect to our guidance philosophy, which is to use as much as we know about the business to inform our outlook in future periods. And again, we're coming into 2020 with strong broad-based momentum across both Seller and Cash in multiple ways within each of those ecosystems. So that's really what's informing our guide.

謝謝你的問題，丹。所以我會從高層次開始，只是說我們的指導理念沒有任何改變，即盡可能多地使用我們對業務的了解來告知我們未來時期的展望。再一次，我們將以多種方式在每個生態系統中以多種方式在 Seller 和 Cash 中以強大的基礎廣泛勢頭進入 2020 年。這就是我們的指南所要傳達的信息。

With respect to flexibility, of course, we find ways to build in flexibility in terms of how we manage the business. And that's through weekly reviews, monthly reviews across each of the key spend areas, whether it's hiring or sales and marketing spend to ensure that we're using the levers in an optimal way and that we can pivot as needed based on what we see in the market or based on the returns and efficiencies we see across various channels.

當然，關於靈活性，我們想方設法在我們管理業務方面建立靈活性。這是通過對每個關鍵支出領域的每週審查、每月審查，無論是招聘還是銷售和營銷支出，以確保我們以最佳方式使用槓桿，並且我們可以根據我們看到的情況根據需要進行調整市場或基於我們在各種渠道中看到的回報和效率。

Your next question comes from James Faucette with Morgan Stanley.

你的下一個問題來自摩根士丹利的 James Faucette。

I just wanted to ask 2 quick follow-ups related to questions that have previously been asked. First, you talked about a bit of acceleration in your international markets, particularly on Seller, et cetera. I'm just wondering if you can give out some additional color as to what you're seeing in those -- which markets and kind of what you think is driving that acceleration and how we should think about contribution from that. And my second question goes back to the ILC. And it sounds like, at least for the time being, you're not feeling limited. But if you had [style figures] or some other sort of banking charter and license, do you think you could accelerate faster or further your Cash App and associated services?

我只想問 2 個與之前提出的問題相關的快速跟進。首先，您談到了國際市場的一些加速，特別是在賣家等方面。我只是想知道您是否可以就您在這些市場中看到的內容提供一些額外的顏色 - 哪些市場和您認為推動這種加速的因素以及我們應該如何考慮其中的貢獻。我的第二個問題要回到 ILC。聽起來，至少目前，你並沒有感到受限。但是，如果你有 [style figures] 或某種其他類型的銀行章程和執照，你認為你可以更快地加速或進一步發展你的 Cash App 和相關服務嗎？

Well, I'll answer the second question first. So I don't believe that would necessarily be the case. So we're in an extremely good position. I'm really happy with our progress, pace and speed and our ability to work in very, very creative ways with partners so that we don't have to be everything in order to provide a really compelling customer experience. So in terms of global acceleration, I think a high-level driver is we're launching. We're launching a lot more of our products into the markets that we're currently in. So we launched Square Terminal in Australia, Canada and the U.K. We launched Square for Restaurants in the U.K. and Australia. And we continue to experiment with Cash in the U.K. so that we can better inform how we think about expanding the Cash App as well. But launches are meaningful. So the more we complete our ecosystem in all the markets that we're in, look for opportunities to go into new markets, it definitely benefits us in terms of usage.

嗯，我先回答第二個問題。所以我認為情況不一定如此。所以我們處於非常有利的位置。我對我們的進步、步伐和速度以及我們以非常、非常有創意的方式與合作夥伴合作的能力感到非常滿意，這樣我們就不必為了提供真正引人注目的客戶體驗而面面俱到。因此，就全球加速而言，我認為我們正在推出一個高級驅動程序。我們正在向我們目前所在的市場推出更多產品。因此，我們在澳大利亞、加拿大和英國推出了 Square Terminal。我們在英國和澳大利亞推出了 Square for Restaurants。我們將繼續在英國試驗 Cash，以便我們可以更好地告知我們如何考慮擴展 Cash App。但發射是有意義的。因此，我們越是在我們所處的所有市場中完善我們的生態系統，尋找進入新市場的機會，它在使用方面肯定對我們有利。

And James, on international, I'd add that it's pretty broad-based in terms of the performance that we're seeing. I do want to caution it's still small today, right? So international Q4 GAAP revenue was $75 million, but it's growing rapidly. It's growing at 2x the rate of the broader Seller business at 52% year-over-year in Q4, and we've seen 2 straight quarters of improving growth rates there. And another key piece of it, as Jack mentioned, we're launching new products. We're attracting new sellers, and the revenue contribution from new seller cohorts, we feel, is a leading indicator of growth, and it is growing faster in international markets than in the U.S. with international now contributing over 10% of seller -- new seller GPV in the fourth quarter. So we're happy with the momentum that we're seeing there.

詹姆斯，在國際上，我要補充的是，就我們所看到的表現而言，它的基礎非常廣泛。我確實想提醒它今天仍然很小，對吧？因此，國際第四季度 GAAP 收入為 7500 萬美元，但增長迅速。它在第四季度以 52% 的同比增長率是更廣泛的賣家業務的 2 倍，而且我們已經看到那裡的增長率連續兩個季度提高。正如傑克提到的，另一個關鍵部分是我們正在推出新產品。我們正在吸引新的賣家，我們認為新賣家群體的收入貢獻是增長的領先指標，而且國際市場的增長速度超過美國，國際市場現在貢獻了超過 10% 的賣家 -- 新賣家第四季度的 GPV。因此，我們對在那裡看到的勢頭感到滿意。

Your next question comes from Bob Napoli with William Blair.

你的下一個問題來自 Bob Napoli 和 William Blair。

Nice execution. Question on your omni-channel strategy. It's been over a year since you acquired Weebly. And Jack, I think you're -- one of the things, the increase in marketing is to increase awareness of products, and so you have the omni-channel strategy with the online store trying to show that your software runs the whole business. So I was just wondering on the progress of that omni-channeled strategy and then with expanding customer usage of your software to run the full business, maybe more like what Shopify may be doing.

執行力不錯。關於您的全渠道策略的問題。您收購 Weebly 已經一年多了。傑克，我認為你是——其中之一，營銷的增加是為了提高產品的知名度，所以你有全渠道戰略，在線商店試圖表明你的軟件運行著整個業務。所以我只是想知道全渠道戰略的進展，然後擴大客戶對你的軟件的使用以運行整個業務，也許更像 Shopify 可能正在做的事情。

Yes. Thanks for the question, Bob. I think first and foremost, the most important thing to point out here that really sets us apart is Square Online store supports all types of businesses. We're not just focused on retail. We handle restaurants. We handle services, and it's all through the same interface that brings the entire business together, whether it's online or through apps or through marketplaces or off-line transactions as well. And the reason why I called that out is because a lot of the newer businesses that we're seeing are crossing over from these categories. So we have retailers who also provide services and restaurants who also handle -- do retail-type things and restaurants doing more services as well. So I think that is what is compelling about our model, but it really sets us apart from all of our peers as well. And again, that leads back to this ecosystem model that we've been building. So we are making a bunch of progress on it, but we -- it's worth noting that we're not limiting ourselves to one category of seller. And we want to make sure that we're managing for all the flexibility of how businesses and merchants and sellers evolve over time because that will ultimately lead them to drive more sales.

是的。謝謝你的問題，鮑勃。我認為首先要指出的最重要的一點是真正讓我們與眾不同的是 Square 在線商店支持所有類型的企業。我們不僅僅專注於零售。我們處理餐館。我們處理服務，這一切都是通過將整個業務聚集在一起的同一個界面，無論是在線還是通過應用程序，還是通過市場或離線交易。我之所以這麼說是因為我們看到的許多新業務都來自這些類別。因此，我們有零售商也提供服務，餐館也處理 - 做零售類的事情，餐館也提供更多服務。所以我認為這就是我們模型的引人注目之處，但它也確實讓我們與所有同行區分開來。再一次，這又回到了我們一直在構建的這個生態系統模型。所以我們在這方面取得了很多進展，但我們 - 值得注意的是我們並沒有將自己局限於一類賣家。我們希望確保我們正在管理企業、商家和賣家如何隨著時間的推移而發展的所有靈活性，因為這最終將導致他們推動更多的銷售。

Just to add to that, Bob, to your point -- your question about progress on Square Online store, one of the metrics that we are encouraged by -- an early metric is that Square Online Store is becoming an entry point into the broader Seller ecosystem, and it's driving a similar amount of net new sellers to Square as other products like point of sale. So you can have a seller who's already a part of the Seller ecosystem and possibly has a shop and now wants to expand online, and they're joining Square Online Store. But you also have net new sellers who are coming online with us through Square Online Store and are joining the Square ecosystem as a part of that.

Bob，補充一下，你的觀點——你關於 Square Online store 進展的問題，這是我們鼓勵的指標之一——一個早期的指標是 Square Online Store 正在成為更廣泛的 Seller 的切入點生態系統，它為 Square 帶來了與銷售點等其他產品相似數量的淨新賣家。所以你可以有一個賣家，他已經是賣家生態系統的一部分，可能有一家商店，現在想在網上擴展，他們正在加入 Square 在線商店。但是你也有淨新賣家通過 Square 在線商店與我們一起上線，並作為其中的一部分加入 Square 生態系統。

Our last question comes from Joseph Foresi with Cantor.

我們的最後一個問題來自 Joseph Foresi 和 Cantor。

I was just -- and I don't want to take anything away from the Analyst Day and give you an opportunity to plug it as well. But on the Cash App side, I was wondering, could you give us a little bit of color, maybe a sneak preview on what the next functionality for that app is going to be? And then just on the margin profile of that business, any thoughts around time frame and when you might think about when it might scale?

我只是 - 我不想從分析師日拿走任何東西，也不想給你一個插上它的機會。但在 Cash App 方面，我想知道，你能否給我們一些顏色，也許是關於該應用程序的下一個功能將是什麼的預覽？然後就該業務的利潤率而言，關於時間框架的任何想法以及您何時考慮何時可以擴展？

Well, we hope to see you at Analyst Day, so we can give you all that color and not surprise anyone. But I think, generally, from a high level, what we talked about during the opening remarks is the model that we follow. And that is we have a really compelling self-reinforcing model where people can grow the network just simply by sending and receiving money. And we see markers of this all the time. Just looking at the App Store on a Friday, which is payday for a lot of people within this country, sends us up the charts very quickly. So we've traditionally looked at what are the most critical needs that we can also add as adjacencies that also reinforce the peer-to-peer aspect and that the peer-to-peer aspect allows to -- allows us to do. So that's how we came up with storing money in Card, and that led to ATMs and direct deposit, which all led to Bitcoin and investing.

好吧，我們希望在分析師日見到你，這樣我們就可以給你所有的顏色而不會讓任何人感到驚訝。但我認為，一般來說，從較高的層面來看，我們在開場白中談到的是我們遵循的模式。那就是我們有一個非常引人注目的自我強化模型，人們可以通過簡單地發送和接收資金來發展網絡。我們一直都能看到這方面的跡象。只要在星期五（這個國家很多人的發薪日）查看 App Store，就會很快讓我們登上排行榜。因此，我們傳統上研究了哪些最關鍵的需求，我們也可以將其添加為鄰接關係，這些鄰接關係也可以加強對等方面，而對等方面允許 - 允許我們這樣做。這就是我們想出將錢存入卡的方式，這導致了 ATM 和直接存款，這一切都導致了比特幣和投資。

So we kind of just look at all the opportunities out there that would fit within this ecosystem and also reinforce it and make judgments based off that. But I'm really happy not just with the breadth of what the Cash App team has been able to do but also the quality and the creativity in their approach. It has netted out to be an immensely enjoyable experience but also is really impactful for the people that we're serving from a very mainstream audience in this country to folks who have not had access to the financial system in the past.

所以我們只是看看所有適合這個生態系統的機會，並加強它，並據此做出判斷。但我真的很高興，不僅是 Cash App 團隊能夠做的事情的廣度，還有他們方法的質量和創造力。它已經成為一種非常愉快的體驗，但也對我們服務的人們產生了真正的影響，從這個國家的非常主流的觀眾到過去沒有接觸過金融系統的人們。

And I would just add on your question on margin profile. It's important to remember that 3.5 years ago, Cash App had de minimis revenues, and we really started monetizing this business in the past 3 to 4 years. And we're now looking at an ecosystem that has 24 million monthly active customers and over $700 million a year revenue run rate ex Bitcoin. So this team has ramped very quickly, as Jack said, by ramping its products and its customer focus.

我只想補充你關於保證金概況的問題。重要的是要記住，3.5 年前，Cash App 的收入微乎其微，而我們在過去 3 到 4 年才真正開始將這項業務貨幣化。我們現在正在研究一個生態系統，該生態系統每月有 2400 萬活躍客戶，除比特幣外每年的收入運行率超過 7 億美元。因此，正如傑克所說，通過提升其產品和客戶關注度，該團隊的發展速度非常快。

And in terms of margin, each of the years that we have been monetizing over the past 3 years, we've also seen margin improvements in each of those years. And we expect to just see the same in 2020. So our focus today, first and foremost, is to continue to scale this business and get it in the hands of more customers with even more product functionality.

就利潤率而言，過去 3 年我們一直在盈利的每一年，我們也看到每一年的利潤率都有所提高。我們希望在 2020 年看到同樣的結果。因此，我們今天的首要任務是繼續擴大這項業務，並以更多的產品功能將其交付給更多的客戶。

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

我想將電話轉回公司以作結束語。

Thank you, everyone, for joining our call. I would like to remind everyone that we'll be hosting our first quarter 2020 earnings call on May 6. Thanks again for participating today.

謝謝大家加入我們的電話會議。我想提醒大家，我們將於 5 月 6 日召開 2020 年第一季度財報電話會議。再次感謝今天的參與。

Lady (sic) [Ladies] and gentlemen, thank you for participating in today's program. This does conclude the program. You may all disconnect.

女士（原文如此）[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。你們都可以斷開連接。