(SQ) 2022 Q2 法說會逐字稿

內容摘要

本季財務表現

  • 毛利:14.7 億美元,YoY +29%
  • 調整後 EBITDA:1.87 億美元
  • EPS:0.18 美元
  • 稅後淨利:-2.08 億美元

本季營運概況

按產品分類,收購 Afterpay 獲得的 BNPL 平台貢獻了 1.5 億美元的毛利,剩餘的 13.2 億美元來自Square 和 Cash App 兩個平台,兩平台的總付款規模(GPV)加總為 525 億美元,YoY +23%。

Afterpay 本季總交易規模(GMV)53 億美元,YoY +13%,但線上轉線下的消費模式,使 Afterpay 的 GMV 成長率放緩了 5 個百分點。

另外,Square 毛利 7.55 億美元,YoY +29%,持續發展高端市場,同時穩固中端市場,中端市場賣家的毛利潤 YoY +24%。另外,上半年 Square for Restaurants 賣家的 GTV YoY 增長了一倍以上,公司也持續擴張海外市場,美國以外市場佔 Square 本季毛利的 13%。

Cash App 毛利 7.05 億美元,YoY +29%,三年復合年成長率 88%。同時,Cash App 在本季創造單季最高的現金活動流入量,其中 Cash App Borrow 活躍用戶在 6 月突破 100 萬名。

本季財務與投資概況

Q2 消費者應收賬款損失佔 GMV 的 1.02%,與 Q1 的 1.17% 相比有所改善,這得益於上半年的客戶組成轉變,以及風險模型和整體流程的改進。公司持續觀察到健康的消費者還款行為,90-95% 的分期付款有按時支付。

營運展望

根據 7 月份的最新趨勢,公司預期毛利 YoY +35%。Cash App 毛利受惠於 7 月份活躍用戶和流入資金量的成長,不包括 BNPL 平台的 YoY 成長為 32%。Square 不包括 BNPL 平台的 7 月份毛利 YoY +14%,GPV 預計 YoY +18%。BNPL 平台 7 月份 GMV YoY +12%。

由於公司將增加部分商品,並調整定價,Q3 剩餘時間與全年的 Cash App 毛利預期成長率,都會較上半年有所改善。公司預計下半年調整後的 EBITDA 將高於上半年。

由於總體經濟的不確定性,公司將減少本年的計劃投資共 2.5 億美元,同時放慢招聘步調。針對 Q3 預計 Non-GAAP 營業費用,公司認為將比 Q2 增加 7500 萬美元。

了解更多 Block Inc (SQ) 相關資訊

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, ladies and gentlemen, and welcome to the Block Second Quarter 2022 Earnings Conference Call.

    女士們,先生們,美好的一天,歡迎來到 Block 2022 年第二季度收益電話會議。

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

    我現在想將電話轉給您的主持人,投資者關係主管 Nikhil Dixit。請繼續。

  • Nikhil Dixit - IR Officer

    Nikhil Dixit - IR Officer

  • Hi, everyone. Thanks for joining our second quarter 2022 earnings call. We have Jack and Amrita with us today. 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 customers, in addition to questions from conference call participants.

    大家好。感謝您參加我們的 2022 年第二季度財報電話會議。今天我們有 Jack 和 Amrita。在直接向您提出問題之前,我們將以一些簡短的評論開始本次電話會議。在問答期間,除了電話會議參與者的問題外,我們還將回答客戶的問題。

  • We would also like to remind everyone that we will be making forward-looking statements on this call. All statements other than statements of historical fact could be deemed to be forward-looking. 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, except as required by law.

    我們還想提醒大家,我們將在這次電話會議上做出前瞻性陳述。除歷史事實陳述外,所有陳述均可被視為具有前瞻性。實際結果可能與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。請查看我們向 SEC 提交的文件,以討論可能導致我們的結果不同的因素。另請注意,本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外,我們不承擔更新任何前瞻性陳述的義務。

  • During this call, we will provide preliminary gross profit growth results for the month of July. These represent our current estimates for July performance as we have not yet closed our accounting financials for the month of July, and our monthly results are not subject to interim review by our auditors. As a result, actual July results may differ from these estimates.

    在本次電話會議中,我們將提供 7 月份的初步毛利潤增長結果。這些代表了我們目前對 7 月份業績的估計,因為我們尚未結束 7 月份的會計財務報表,而且我們的每月業績不受審計師的中期審查。因此,7 月份的實際結果可能與這些估計值不同。

  • Also, we will discuss certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter, Investor Day materials and investor presentation on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. 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,我們將在本次電話會議期間討論某些非公認會計原則的財務措施。在我們的投資者關係網站上的股東信函、投資者日材料和投資者演示文稿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。最後,整個電話會議正在我們的投資者關係網站上進行音頻網絡直播。本次通話的音頻重播將很快在我們的網站上提供。

  • With that, I would like to turn it over to Jack.

    有了這個,我想把它交給傑克。

  • Jack Dorsey - Co-Founder, Chairman & President

    Jack Dorsey - Co-Founder, Chairman & President

  • Thank you all for joining us. I'll start with a few highlights across our business from the quarter. We continue to make progress connecting our ecosystems. The connections we are building, like with Afterpay, are what set us apart and make us so valuable to our customers. In Cash App, we're just starting to bring Afterpay's discovery capabilities into our ecosystem. The greatest combined opportunity we see is in commerce. Afterpay will introduce discovery and shopping to build on the elements that Cash App has already created around commerce, like Cash App Pay and Boost.

    感謝大家加入我們。我將從本季度我們業務的一些亮點開始。我們繼續在連接我們的生態系統方面取得進展。我們正在建立的聯繫,就像 Afterpay 一樣,讓我們與眾不同,讓我們對客戶如此有價值。在 Cash App 中,我們剛剛開始將 Afterpay 的發現功能引入我們的生態系統。我們看到的最大的綜合機會是在商業領域。 Afterpay 將引入發現和購物功能,以建立在 Cash App 已經圍繞商業創建的元素的基礎上,例如 Cash App Pay 和 Boost。

  • We believe our new design with Cash App will let us scale new products and drive deeper engagement. We're rolling out a new Discover Tab to the main navigation, making it easier for customers to find and use brands and products that can save on with Boost and paying with installments with Afterpay. This lays the foundation for a new experience and enables customers to connect with one another, find offers and search.

    我們相信我們與 Cash App 的新設計將使我們能夠擴展新產品並推動更深入的參與。我們正在主導航中推出一個新的“發現”標籤,讓客戶更容易找到和使用可以通過 Boost 節省費用並通過 Afterpay 分期付款的品牌和產品。這為新體驗奠定了基礎,並使客戶能夠相互聯繫、查找優惠和搜索。

  • And this is just the beginning. We've seen early results but we believe that over time, Cash App will become one of the best ways to discover products, brands and businesses. Also within Cash App, in the second quarter, we introduced a new investing feature, Round Ups, as part of our work to make investing relatable and accessible for everyone. Customers can now round up their Cash App card purchases and invest the fair change in stock or Bitcoin. Round Ups engage customers on other products within our ecosystem, creating more reasons for customers to bring money into Cash App's ecosystem.

    而這僅僅是個開始。我們已經看到了早期的成果,但我們相信隨著時間的推移,Cash App 將成為發現產品、品牌和業務的最佳方式之一。同樣在 Cash App 中,在第二季度,我們引入了一項新的投資功能 Round Ups,作為我們工作的一部分,以使每個人都可以進行相關和可訪問的投資。客戶現在可以匯總他們的 Cash App 卡購買,並將公平的變化投資於股票或比特幣。 Round Ups 讓客戶參與我們生態系統中的其他產品,為客戶創造更多理由將資金帶入 Cash App 的生態系統。

  • Within our Square ecosystem, in May, we announced the in-person integration of Afterpay for Square sellers in the U.S. and Australia, adding to the online capabilities we announced earlier this year with more products to come. With the addition of in-person, Afterpay is the omnichannel tool in our ecosystem which many of our sellers haven't typically had access to, helping sellers grow their sales both online and in person.

    在我們的 Square 生態系統中,5 月,我們宣佈為美國和澳大利亞的 Square 賣家親自整合 Afterpay,增加了我們今年早些時候宣布的在線功能,並推出了更多產品。隨著面對面的增加,Afterpay 成為我們生態系統中的全渠道工具,我們的許多賣家通常無法使用它,幫助賣家在線和親自增加銷售額。

  • We've also continued to add tools and services to our Square for Restaurants offering to help restaurants of every size and type grow and run their business. Our product suite helps restaurants with every aspect of running a business, from delivery orders to team management. During the quarter, we added new hardware and software solutions including a mobile point of sale to help restaurants efficiently take orders and payments table-side or online and turn more tables and grow sales. We also made it easier for restaurants to get started with Square by adding ability to import menus, along with automated menu creation from PDF, photo or website.

    我們還繼續為我們的 Square for Restaurants 產品添加工具和服務,以幫助各種規模和類型的餐廳發展和經營業務。我們的產品套件可幫助餐廳處理業務運營的各個方面,從交付訂單到團隊管理。在本季度,我們添加了新的硬件和軟件解決方案,包括移動銷售點,以幫助餐廳有效地在桌邊或在線接受訂單和付款,並增加餐桌並增加銷售額。我們還通過添加導入菜單的功能,以及從 PDF、照片或網站自動創建菜單,讓餐廳更容易開始使用 Square。

  • And with that, here's Amrita.

    有了這個,這裡是 Amrita。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Thanks, Jack. There are 3 topics I'd like to cover today. First, an update on our performance for the second quarter of 2022; second, trends across our business in July; and third, our planned investments for 2022, where we are being disciplined in preparation for multiple macro scenarios.

    謝謝,傑克。我今天想討論 3 個主題。首先,更新我們 2022 年第二季度的業績;第二,七月份我們業務的趨勢;第三,我們計劃在 2022 年進行的投資,我們正在為多種宏觀情景做準備。

  • In the second quarter, we delivered strong growth across our ecosystems with gross profit of $1.47 billion, up 29% year-over-year and 47% on a 3-year CAGR basis. Gross profit includes an $18 million impact from the amortization of acquired technology assets. And excluding these noncash expenses, gross profit was $1.49 billion. Adjusted EBITDA was $187 million. For the second quarter, our BNPL platform, which we acquired through the acquisition of Afterpay, contributed $150 million of gross profit, split across Square and Cash App. And excluding this, gross profit for the quarter was $1.32 billion, up 16% on a year-over-year basis and 42% on a 3-year CAGR basis.

    在第二季度,我們在整個生態系統中實現了強勁增長,毛利潤為 14.7 億美元,同比增長 29%,3 年復合年增長率為 47%。毛利潤包括所購技術資產攤銷產生的 1800 萬美元影響。不包括這些非現金支出,毛利潤為 14.9 億美元。調整後的 EBITDA 為 1.87 億美元。第二季度,我們通過收購 Afterpay 獲得的 BNPL 平台貢獻了 1.5 億美元的毛利潤,分為 Square 和 Cash App。不包括這一點,本季度毛利潤為 13.2 億美元,同比增長 16%,3 年復合年增長率為 42%。

  • Square generated $755 million of gross profit in the second quarter, an increase of 29% year-over-year and 30% on a 3-year CAGR basis. Excluding $75 million of gross profit from our BNPL platform, Square gross profit was $681 million, up 16% year-over-year and 25% on a 3-year CAGR basis.

    Square 在第二季度創造了 7.55 億美元的毛利潤,同比增長 29%,三年復合年增長率為 30%。不包括我們 BNPL 平台的 7500 萬美元毛利潤,Square 毛利潤為 6.81 億美元,同比增長 16%,3 年復合年增長率為 25%。

  • Looking into the drivers of second quarter performance. First, we saw continued healthy retention across our existing seller base. In the second quarter, we achieved positive GTV and gross profit retention for our Square business. Second, we continue to deliver on our strategic priority of growing upmarket. Gross profit from mid-market sellers was up 24% year-over-year and 40% on a 3-year CAGR basis. We've seen continued momentum in food and drink, which has delivered the fastest gross profit growth of any Square vertical on a 5-year CAGR basis.

    調查第二季度業績的驅動因素。首先,我們在現有的賣家群中看到了持續健康的留存率。在第二季度,我們為 Square 業務實現了正的 GTV 和毛利潤保留。其次,我們繼續實現發展高端市場的戰略重點。中端市場賣家的毛利潤同比增長 24%,3 年復合年增長率為 40%。我們已經看到食品和飲料的持續發展勢頭,在 5 年復合年增長率的基礎上,它實現了 Square 垂直領域中最快的毛利潤增長。

  • As Jack mentioned, Square for Restaurants has been an important driver of our success here. Through the first half of the year, GTVs from Square for Restaurants sellers more than doubled year-over-year, with these sellers using an average of 4 monetized products during the second quarter. Third, we've experienced continued success expanding globally. Including Afterpay, our markets outside the U.S. represented 13% of Square's gross profit in the second quarter. We remain focused on improving product parity globally and launched 44 products in our international markets during the first half of the year. We believe that bringing more of our ecosystem in these markets helps increase our value to sellers.

    正如傑克所說,餐廳廣場一直是我們在這裡取得成功的重要推動力。今年上半年,Square for Restaurants 賣家的 GTV 同比增長了一倍以上,這些賣家在第二季度平均使用 4 種貨幣化產品。第三,我們在全球擴張方面取得了持續的成功。包括 Afterpay,我們在美國以外的市場佔 Square 第二季度毛利潤的 13%。我們仍然專注於提高全球產品平價,上半年在我們的國際市場推出了 44 款產品。我們相信,在這些市場中引入更多我們的生態系統有助於增加我們對賣家的價值。

  • Cash App generated $705 million of gross profit in the second quarter, an increase of 29% year-over-year and 88% on a 3-year CAGR basis. Excluding our BNPL platform, Cash App gross profit was $630 million, up 15% year-over-year and 82% on a 3-year CAGR basis. This quarter, we had our highest quarterly inflows ever in the Cash App, with overall inflows increasing both quarter-over-quarter and year-over-year.

    Cash App 在第二季度創造了 7.05 億美元的毛利潤,同比增長 29%,三年復合年增長率為 88%。不包括我們的 BNPL 平台,Cash App 的毛利潤為 6.3 億美元,同比增長 15%,3 年復合年增長率為 82%。本季度,我們在 Cash App 中獲得了有史以來最高的季度流入量,總體流入量環比和同比均有所增加。

  • Let's discuss some of the drivers here using our inflow framework, looking at active and inflows per active. First, we continued growth from monthly transacting actives, reaching 47 million as of June, up 18% year-over-year, with weekly and daily actives growing even faster. We have been focused on enhancing the reality of peer-to-peer by expanding our presence in new demographics. When an active has more of their friends and family using Cash App, they have more reasons to come back and their retention often improves.

    讓我們在這裡使用我們的流入框架討論一些驅動因素,查看活動和每個活動的流入。首先,我們從月度交易活躍度繼續增長,截至 6 月達到 4700 萬,同比增長 18%,每周和日活躍度增長更快。我們一直專注於通過擴大我們在新的人口統計中的存在來增強點對點的現實。當活躍用戶有更多的朋友和家人使用 Cash App 時,他們就有更多的理由回來,並且他們的留存率通常會提高。

  • In the first quarter, retention was 31 percentage points higher for actives with a network size of 4 or more other accounts compared to those with a network size of one. A focus of our community pillar has been to deepen our presence in lower penetrated regions and demographics, by broadening our go-to-market efforts and enabling more social discovery of our products.

    在第一季度,網絡規模為 4 個或更多其他賬戶的活躍用戶的留存率比網絡規模為 1 的活躍用戶高 31 個百分點。我們社區支柱的一個重點是通過擴大我們的市場推廣力度和讓更多的社會發現我們的產品來加深我們在滲透率較低的地區和人口統計中的存在。

  • Second, inflows per active averaged $1,048 in the second quarter, which was relatively stable compared to the first quarter, even as the seasonal impact from tax refunds subsided and was down 11% year-over-year, primarily due to government disbursements in the prior year. By having a full suite of financial products, Cash App has been able to drive more banking customers who are highly engaged, bringing in more inflows on average and typically use multiple products across our ecosystem.

    其次,第二季度每個活躍用戶的平均流入為 1,048 美元,與第一季度相比相對穩定,儘管退稅的季節性影響已經消退並同比下降 11%,這主要是由於上一季度的政府支出年。通過擁有一整套金融產品,Cash App 能夠吸引更多高度參與的銀行客戶,平均帶來更多資金流入,並且通常在我們的生態系統中使用多種產品。

  • And with the introduction of Cash App Borrow, our first credit product, we have greater breadth to offer our banking customers and more ways to deliver value. Cash App Borrow has seen strong early momentum. Similar to our lending products across -- other lending products across Block, we're focused on 2 areas.

    隨著 Cash App Borrow(我們的第一個信貸產品)的推出,我們可以為我們的銀行客戶提供更廣泛的服務和更多創造價值的方式。 Cash App Borrow 早期勢頭強勁。與我們的借貸產品類似——Block 的其他借貸產品,我們專注於兩個領域。

  • First, we're building fair and accessible products to our customers. Cash App Borrow short duration loans where customers have taken out loans amounting to less than $200 on average in a month. These loans can be paid back either in installments or as a percentage of inflows into Cash App. Many of these customers may have been left out by traditional financial institutions, and we believe unique insights from our broader ecosystem allows us to serve them in a responsible manner.

    首先,我們正在為客戶打造公平且易於使用的產品。 Cash App Borrow 短期貸款,客戶在一個月內平均獲得的貸款金額低於 200 美元。這些貸款可以分期償還,也可以按流入 Cash App 的一定比例償還。其中許多客戶可能已被傳統金融機構排除在外,我們相信來自更廣泛生態系統的獨特見解使我們能夠以負責任的方式為他們服務。

  • Second, we've achieved profitable unit economics on Borrow, driven by discipline around risk. Using automation and machine learning models, we proactively offer loans to some of our most engaged customers. Borrow actives brought 4x more inflows into Cash App compared to actives' [full needs] peer-to-peer. This discipline around eligibility criteria, combined with multiple frictionless ways to pay back has allowed us to generate meaningful improvements in risk loss as we iterated on the product over time, achieving loss rates of less than 3% as of the second quarter.

    其次,在圍繞風險的紀律的推動下,我們在 Borrow 上實現了盈利的單位經濟效益。使用自動化和機器學習模型,我們主動向一些最活躍的客戶提供貸款。與 actives 的 [全部需求] 點對點相比,借用 actives 為 Cash App 帶來了 4 倍的資金流入。這種圍繞資格標準的紀律,再加上多種無摩擦的回報方式,使我們能夠隨著時間的推移對產品進行迭代,從而在風險損失方面產生有意義的改進,截至第二季度,損失率低於 3%。

  • Our approach to expanding access to discipline on risk is how we've operated Square loans, and it has allowed us to scale Cash App Borrow to 1 million monthly actives as of June. Further, Cash App Borrow has benefited our broader ecosystem. In the second quarter, over half of these loans were used to fund transactions on Cash App Card or peer-to-peer transfers.

    我們擴大風險紀律准入的方法是我們運營 Square 貸款的方式,它使我們能夠將 Cash App Borrow 擴展到 6 月的 100 萬月活躍用戶。此外,Cash App Borrow 使我們更廣泛的生態系統受益。在第二季度,這些貸款中有一半以上用於資助 Cash App Card 交易或點對點轉賬。

  • While we've seen strength so far, we are also being mindful of the environment. This is a short duration product where we determine eligibility based on unique data signals, which we believe enables us to pivot quickly. As with the rest of our business, we are tracking trends in real time to monitor any changes, and we intend on acting conservatively with each of our credit products as the macro environment evolves.

    雖然到目前為止我們已經看到了力量,但我們也注意到了環境。這是一個短期產品,我們根據獨特的數據信號確定資格,我們相信這使我們能夠快速調整。與我們的其他業務一樣,我們正在實時跟踪趨勢以監控任何變化,並且我們打算隨著宏觀環境的發展對我們的每種信貸產品採取保守行動。

  • Shifting to Afterpay. In the second quarter, GMV for Afterpay was $5.3 billion, up 13% year-over-year or 65% on a 3-year CAGR basis. For overall growth trends, we've seen impacts from spend shifts from online to in-person, competitive dynamics as well as foreign currency, which slowed year-over-year GMV growth by 5 points. We've seen growth hold up better in our more mature regions like Australia, which is more diversified across discretionary and nondiscretionary verticals as well as in-person and online channels.

    轉移到Afterpay。第二季度,Afterpay 的 GMV 為 53 億美元,同比增長 13% 或 3 年復合年增長率為 65%。對於整體增長趨勢,我們已經看到支出從在線轉移到面對面、競爭動態以及外彙的影響,這使 GMV 同比增長放緩了 5 個百分點。我們已經看到,在澳大利亞等更成熟的地區,增長保持得更好,澳大利亞在可自由支配和非自由支配垂直領域以及面對面和在線渠道方面更加多樣化。

  • Trends have slowed more in North America, a newer market for Afterpay, where the primary verticals of fashion and beauty are both discretionary retail and where the Afterpay in-person product is still ramping. As we integrate Afterpay, we see an opportunity to further diversify, particularly in the U.S. with our base of millions of Square sellers across a range of high-ticket verticals and omnichannel products.

    北美的趨勢已經放緩,這是 Afterpay 的一個較新市場,時尚和美容的主要垂直領域都是可自由支配的零售,而且 Afterpay 面對面產品仍在增長。隨著我們整合 Afterpay,我們看到了進一步多元化的機會,特別是在美國,我們擁有數百萬 Square 賣家,涵蓋一系列高價垂直和全渠道產品。

  • On a GAAP basis, revenue for our BNPL platform was up 6% year-over-year, growing slower than GMV, given mix shift in newer markets. Gross profit was down 2% year-over-year, impacted by $11 million in amortization of intangibles within cost of sales. Without this impact, gross profit growth would have been more in line with revenue growth.

    根據公認會計原則,我們的 BNPL 平台的收入同比增長 6%,增長速度低於 GMV,因為新市場的組合轉變。毛利潤同比下降 2%,受到銷售成本中 1100 萬美元無形資產攤銷的影響。如果沒有這種影響,毛利潤增長將更符合收入增長。

  • Losses on consumer receivables were 1.02% of GMV during the second quarter, an improvement compared to 1.17% in the first quarter, driven by mix shifts as well as enhancements to our risk models and processes during the first half of the year. We continue to see healthy consumer repayment behavior with 90% -- 95% of installments paid on time.

    第二季度消費者應收賬款損失佔 GMV 的 1.02%,與第一季度的 1.17% 相比有所改善,這得益於上半年的組合轉變以及我們風險模型和流程的改進。我們繼續看到健康的消費者還款行為,90% - 95% 的分期付款按時支付。

  • Next, an update on recent trends through July. We expect overall company gross profit growth of approximately 35% on a year-over-year basis, including our BNPL platform, or 22% excluding our BNPL platform. The year-over-year growth rate improved compared to the second quarter, although the 3-year CAGR helps normalize for the unusual growth comparisons during the pandemic. On a 3-year CAGR basis, we expect overall growth to be consistent with the 47% 3-year CAGR we delivered in the second quarter or 42% 3-year CAGR, excluding our BNPL platform.

    接下來,更新到 7 月份的最新趨勢。我們預計公司整體毛利潤同比增長約 35%,包括我們的 BNPL 平台,或 22%,不包括我們的 BNPL 平台。與第二季度相比,同比增長率有所改善,儘管 3 年復合年增長率有助於使大流行期間異常增長比較正常化。在 3 年復合年增長率的基礎上,我們預計整體增長將與我們在第二季度實現的 47% 的 3 年復合年增長率或 42% 的 3 年復合年增長率一致,不包括我們的 BNPL 平台。

  • Let's look at the trends by ecosystem. For Cash App, in July, we expect gross profit, excluding our BNPL platform to grow by 32% year-over-year and be relatively consistent with the 82% 3-year CAGR in the second quarter. On a year-over-year basis, we have seen growth in actives and overall inflows in July, while inflows per active declined slightly, given government disbursements in the prior year. On a 3-year CAGR basis, inflows per active growth was in the mid-teens in July and relatively consistent with the first and second quarters.

    讓我們按生態系統看一下趨勢。對於 Cash App,我們預計 7 月份不包括我們的 BNPL 平台的毛利潤將同比增長 32%,並且與第二季度 82%的 3 年 CAGR 相對一致。與去年同期相比,我們看到 7 月份活躍用戶和總體流入量有所增長,而由於上一年的政府支出,每個活躍用戶的流入量略有下降。在 3 年復合年增長率的基礎上,7 月份每個活躍增長的流入量在十幾歲左右,與第一季度和第二季度相對一致。

  • July spend per active on Cash App Card achieved positive growth on a year-over-year basis, with a 3-year CAGR also in the mid-teens. And July spend on Cash App Card increased compared to the monthly average in the second quarter. The mix of discretionary and nondiscretionary spend remained relatively consistent with the second quarter. We have seen a diverse range of use cases on Cash App Card with 33% of spend on gas, utilities and travel, 30% on food and grocery and 22% at big-box and discount retailers. While we expect Cash App year-over-year growth rate to improve in the third quarter, we expect to see a slight moderation in the 3-year CAGR as we begin to lap the launch of Tabs in 2019 and as Cash App continues to grow off of a much larger base.

    Cash App Card 的 7 月活躍用戶支出同比實現正增長,3 年復合年增長率也在十幾歲左右。與第二季度的月平均水平相比,7 月份在 Cash App Card 上的支出有所增加。可自由支配和非自由支配支出的組合與第二季度保持相對一致。我們在 Cash App Card 上看到了各種各樣的用例,其中 33% 的支出用於天然氣、公用事業和旅行,30% 用於食品和雜貨,22% 用於大型和折扣零售商。雖然我們預計第三季度 Cash App 的同比增長率將有所改善,但隨著我們在 2019 年開始推出 Tabs 以及 Cash App 繼續增長,我們預計 3 年 CAGR 將略有放緩在一個更大的基礎上。

  • For Square, in July, we expect gross profit, excluding our BNPL platform, to grow by 14% year-over-year and to be consistent with a 3-year CAGR of 25% in the second quarter. Square GPV is expected to be up 18% year-over-year in July. On a 3-year CAGR basis, GPV growth is expected to be 23%, in line with second quarter trends. Diversity among our seller base from our mix of channels and verticals has helped drive this stability. We're seeing faster growth from card-present volumes compared to card-not-present volumes as in-person channels have offset some recent mix shifts from online channels.

    對於 Square,我們預計 7 月份的毛利潤(不包括我們的 BNPL 平台)將同比增長 14%,並與第二季度 25% 的 3 年復合年增長率保持一致。 Square GPV 預計 7 月份將同比增長 18%。在 3 年復合年增長率的基礎上,GPV 增長預計為 23%,與第二季度的趨勢一致。來自我們的渠道和垂直組合的賣家群的多樣性有助於推動這種穩定性。與無卡交易量相比,我們看到有卡交易量增長更快,因為面對面渠道抵消了最近在線渠道的一些組合轉變。

  • And across 3 of our largest discretionary verticals, food and drink, retail and beauty and personal care, growth was relatively stable on a 3-year CAGR basis. As we had expected, Square GPV continued to grow faster than gross profit on a year-over-year basis, driven by continued normalization in transaction-based gross profit margins and as we lapped nonrecurring PPP gross profit of $13 million in Q3 of 2021 and $59 million in Q4 of 2021. We expect the delta between GPV and gross profit growth to continue through the remainder of 2022 on a year-over-year basis.

    在我們最大的 3 個可自由支配的垂直領域,食品和飲料、零售和美容和個人護理,在 3 年復合年增長率的基礎上增長相對穩定。正如我們所預期的那樣,由於基於交易的毛利率持續正常化以及我們在 2021 年第三季度實現了 1300 萬美元的非經常性 PPP 毛利潤和2021 年第四季度為 5900 萬美元。我們預計 GPV 與毛利潤增長之間的差值將同比持續到 2022 年剩餘時間。

  • Turning to our BNPL platform, in July, we expect GMV to be up 12% year-over-year or 61% on a 3-year CAGR basis. In July, we expect GAAP gross profit to increase 1% year-over-year. On a GAAP gross profit basis, Afterpay's results are impacted by expenses related to the amortization of intangible assets, which is expected to be $12 million on a quarterly basis going forward. We remain focused on unlocking the opportunities we see with our integration and the vision we outlined at Investor Day. We believe our combined scale will be a key differentiator as we bring Afterpay to Cash App consumers and to Square's diverse seller base.

    談到我們的 BNPL 平台,我們預計 7 月份 GMV 將同比增長 12% 或 3 年復合年增長率為 61%。 7 月份,我們預計 GAAP 毛利潤將同比增長 1%。在 GAAP 毛利潤基礎上,Afterpay 的業績受到與無形資產攤銷相關的費用的影響,預計未來每季度將達到 1200 萬美元。我們仍然專注於通過我們的整合和我們在投資者日概述的願景來釋放我們看到的機會。我們相信我們的綜合規模將成為一個關鍵的差異化因素,因為我們將 Afterpay 帶給 Cash App 消費者和 Square 的多元化賣家群。

  • Shifting to our expectations for the remainder of the third quarter and full year. As we shared on our last earnings call, we continue to believe Cash App's year-over-year gross profit growth rate, excluding Afterpay, will improve in the second half of the year compared to the first half as comparisons become more favorable, as newer commerce and financial services products ramp and with the benefit of certain pricing adjustments.

    轉向我們對第三季度剩餘時間和全年的預期。正如我們在上次財報電話會議上所分享的那樣,我們仍然相信 Cash App 的同比毛利潤增長率(不包括 Afterpay)將在今年下半年與上半年相比有所改善,因為比較變得更加有利,因為更新商業和金融服務產品增加並受益於某些定價調整。

  • Also consistent with what we mentioned last quarter, for the remainder of 2022, we expect Cash App and Square to sequentially grow gross profit each quarter throughout the year, even excluding Afterpay, assuming the macroeconomic environment remains stable.

    同樣與我們上個季度提到的一致,在 2022 年剩餘時間內,假設宏觀經濟環境保持穩定,我們預計 Cash App 和 Square 全年每個季度的毛利潤都將連續增長,即使不包括 Afterpay。

  • Moving to our planned investments for the third quarter and remainder of the year. While gross profit trends have been healthy through July, we recognize the importance of exercising discipline with our investments as we enter a period of potential uncertainty. As a result, we are reducing our planned investments for the full year 2022 by $250 million. We pulled back on experimental and less efficient go-to-market spend, adjusted risk loss estimates based on more current trends and slowed the pace of hiring. In total, we have now reduced our non-GAAP operating expense plan by a total of $450 million since the start of the year, which is 20% of what we initially guided for the step-up in 2022.

    轉向我們在第三季度和今年剩餘時間的計劃投資。儘管整個 7 月份的毛利潤趨勢一直很健康,但隨著我們進入一個潛在的不確定時期,我們認識到在投資中遵守紀律的重要性。因此,我們將 2022 年全年的計劃投資減少了 2.5 億美元。我們撤回了實驗性和效率較低的上市支出,根據更當前的趨勢調整了風險損失估計,並放慢了招聘步伐。自今年年初以來,我們總共將非 GAAP 運營費用計劃減少了 4.5 億美元,這是我們最初指導的 2022 年逐步增加的 20%。

  • As we outlined at Investor Day, each of our Cash App and Square ecosystem has a large portion of variable expenses and discretionary levers which we can pull. And we believe this gives us the ability to be nimble based on changes to the environment. For 2022, we now expect to increase overall non-GAAP operating expenses by $1.85 billion compared to 2021, roughly 10% less than what we shared last quarter. Within this, we now expect Afterpay's operating expense base to be approximately $750 million this year. And excluding Afterpay, we expect to grow overall non-GAAP operating expenses by 30% year-over-year or $1.1 billion.

    正如我們在投資者日概述的那樣,我們的每個 Cash App 和 Square 生態系統都有很大一部分可變費用和我們可以拉動的可自由支配的槓桿。我們相信這使我們能夠靈活應對環境的變化。與 2021 年相比,我們現在預計 2022 年的總體非公認會計原則運營費用將增加 18.5 億美元,比我們上一季度共享的費用減少約 10%。在此範圍內,我們現在預計 Afterpay 今年的運營費用基數約為 7.5 億美元。不包括 Afterpay,我們預計整體非 GAAP 運營費用將同比增長 30% 或 11 億美元。

  • As we previously shared, on a dollar basis, we expect to deliver greater adjusted EBITDA in the second half of 2022 compared to the first half of the year. For the third quarter, we expect to increase non-GAAP operating expenses by $75 million compared to the second quarter or $65 million when excluding Afterpay.

    正如我們之前分享的那樣,以美元計算,我們預計 2022 年下半年調整後的 EBITDA 將高於上半年。對於第三季度,我們預計非 GAAP 運營費用將比第二季度增加 7500 萬美元,如果不包括 Afterpay 則增加 6500 萬美元。

  • In closing, there are 2 aspects of our business that we believe can help us navigate potential uncertainty with agility. We believe the diversity inherent in our ecosystem model adds resilience in a dynamic environment as our business is diversified across customer types, product lines, business models and multiple ecosystems. And second, across our ecosystems, we have a number of signals into the health of consumers and businesses. We're tracking these trends in real time, and we'll use them to act quickly and prudently and to guide our business decisions. Our long-term priorities remain serving our customers, delivering profitable growth and executing with financial discipline.

    最後,我們認為我們業務的兩個方面可以幫助我們靈活應對潛在的不確定性。我們相信,我們的生態系統模型固有的多樣性增加了動態環境中的彈性,因為我們的業務在客戶類型、產品線、業務模型和多個生態系統中是多樣化的。其次,在我們的生態系統中,我們有許多關於消費者和企業健康狀況的信號。我們正在實時跟踪這些趨勢,我們將利用它們快速、謹慎地採取行動,並指導我們的業務決策。我們的長期優先事項仍然是為我們的客戶服務,實現盈利增長並以財務紀律執行。

  • With that, we'll open it up to your questions.

    有了這個,我們將向您提出問題。

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Tien-Tsin Huang with JPMorgan.

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

  • Tien-Tsin Huang - Senior Analyst

    Tien-Tsin Huang - Senior Analyst

  • Appreciate the product updates and the development pillars. I like that in the letter. Actually, at least, my question on the financials and what you just commented there in terms of curbing some of your spend. Because I think about spending on product and marketing, right, for Block is sort of a hallmark for the company, right, to drive differentiated growth.

    欣賞產品更新和開發支柱。我喜歡信中的這一點。實際上,至少,我關於財務的問題以及您剛才在遏制部分支出方面發表的評論。因為我考慮在產品和營銷上的支出,對,Block 是公司推動差異化增長的標誌。

  • So my question is just trying to balance the needs of your employees that want a [tighter] budget, I'm sure, to keep building out great products, but also it sounds like you're being mindful as well of the macro, and for shareholders that care more about profitability. So just trying to understand how you balance all of that, and what benchmarks you're really looking at to balance both the growth and the investments, if that makes sense.

    所以我的問題只是試圖平衡你的員工的需求,他們想要[更緊的]預算,我敢肯定,繼續打造偉大的產品,但聽起來你也在關注宏觀,並且對於更關心盈利能力的股東。因此,只需嘗試了解您如何平衡所有這些,以及您真正在尋找什麼基準來平衡增長和投資,如果這有意義的話。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Thanks for the question, Tien-Tsin. We are very mindful of profitability and demonstrating discipline here. Of course, as you say, we have to balance this with the large market opportunity we're addressing and our opportunity to take share gains at a time when customers need us. So we are continuing to invest, given the vast market opportunities we see, but we also recognize that the environment has changed, and we're prepared to adapt to uncertainty and maintain discipline by pulling back on some of the discretionary operating expenses, particularly those that are less efficient.

    謝謝天津的提問。我們非常注意盈利能力並在這裡展示紀律。當然,正如您所說,我們必須在這一點與我們正在解決的巨大市場機會以及在客戶需要我們時獲得份額收益的機會之間取得平衡。因此,鑑於我們看到的巨大市場機會,我們將繼續投資,但我們也認識到環境已經發生變化,我們準備通過減少一些可自由支配的運營費用,特別是那些效率較低。

  • So our actions today show that we are also focused on demonstrating greater near-term profitability as we head into what could be a more volatile macro environment. In only the first 6 months here this year, we pulled back on our full year OpEx by 8% or $450 million, $250 million of which came today across 3 primary areas: sales and marketing; risk loss, which as you know, is both an input and an output for us; and hiring. This shows how we can dial our knobs in real time and be disciplined.

    因此,我們今天的行動表明,隨著我們進入可能更加動蕩的宏觀環境,我們還專注於展示更大的近期盈利能力。今年僅在前 6 個月,我們的全年運營支出就減少了 8% 或 4.5 億美元,其中 2.5 億美元今天來自三個主要領域:銷售和營銷;如您所知,風險損失對我們來說既是輸入也是輸出;和招聘。這顯示了我們如何實時調整旋鈕並保持自律。

  • And we intend on bringing a similar level of rigor to how we think about the remainder of the year and 2023 as we enter into planning. We have more discretionary OpEx levers across those 3 areas as well as corporate overheads that we could explore based on how we see the environment play out.

    我們打算在我們進入規劃時對今年剩餘時間和 2023 年的想法採取類似的嚴格程度。我們在這三個領域擁有更多可自由支配的運營支出槓桿,以及我們可以根據我們對環境發展的看法來探索的公司間接費用。

  • While the breadth of utility to our customers across our ecosystems has held our business up well to date, what we uniquely have is a real-time read on our business and on millions of consumers and businesses, which enables us to pivot quickly and take the appropriate actions that we need to take for our business. So we're focused on driving long-term profitability growth. Behind the strong structural profitability of both Square and Cash App, 2022 has been a significant investment year for us with Afterpay and with the investments in the Cash and Square. And as we look towards the remainder of the year and planning ahead for 2023, we intend on being purposeful with our investments and will be dynamic to adapt them to any further changes we see in the macro environment.

    雖然在我們的生態系統中為客戶提供的廣泛實用性使我們的業務保持最新狀態,但我們唯一擁有的是對我們的業務以及數百萬消費者和企業的實時讀取,這使我們能夠快速調整併採取我們需要為我們的業務採取的適當行動。因此,我們專注於推動長期盈利增長。在 Square 和 Cash App 強勁的結構性盈利能力背後,2022 年對我們來說是 Afterpay 以及對 Cash 和 Square 的投資的重要投資年。當我們展望今年剩餘時間並為 2023 年做計劃時,我們打算對我們的投資進行有目的的投資,並將動態地使它們適應我們在宏觀環境中看到的任何進一步變化。

  • Tien-Tsin Huang - Senior Analyst

    Tien-Tsin Huang - Senior Analyst

  • Yes, it's clear and encouraging. Thank you. I appreciate it.

    是的,這很明確且令人鼓舞。謝謝你。我很感激。

  • Operator

    Operator

  • Our next question comes from Timothy Chiodo with Credit Suisse.

    我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

  • Timothy Edward Chiodo - Director

    Timothy Edward Chiodo - Director

  • I want to hit a little bit on Cash App commerce initiatives. Jack, you talked a little bit about this in the prepared remarks in terms of the new Discover Tab, the in-app capabilities there. Maybe you could talk a little bit about the road map a little further, whether some of the commerce can be done in the app, if it's going to be clicked off to other sites and how that might look over time. And then the second aspect is Cash App Pay, not within the app, but maybe you could give an update on the merchant acceptance of Cash App Pay with non-Square or non-Afterpay merchants.

    我想談談 Cash App 商務計劃。傑克,你在準備好的評論中談到了新的發現標籤,那裡的應用內功能。也許您可以進一步談談路線圖,是否可以在應用程序中完成某些商業活動,是否會被點擊到其他網站以及隨著時間的推移會如何。然後第二個方面是 Cash App Pay,不在應用程序內,但也許您可以提供有關非 Square 或非 Afterpay 商家接受 Cash App Pay 的商家的最新信息。

  • Jack Dorsey - Co-Founder, Chairman & President

    Jack Dorsey - Co-Founder, Chairman & President

  • Yes. Thank you for the question. So this really gets at the heart at exactly why we made the acquisition of Afterpay in the first place is because we believe that Cash App ultimately can drive a ton of discovery for merchants all around the world but especially around local merchants. And not just businesses but products and services that people would otherwise not have had a signal around. So we believe that Cash App ultimately becomes a place that you want to check not on a weekly basis but every single day because it consistently gives you a good sense of your friends and families, the businesses around you, products and services that you're interested in, offers such as Boost, all in 1 place.

    是的。感謝你的提問。因此,這確實是我們最初收購 Afterpay 的核心原因,因為我們相信 Cash App 最終可以為世界各地的商家,尤其是當地商家帶來大量的發現。不僅是企業,還有人們本來不會有信號的產品和服務。因此,我們相信 Cash App 最終會成為您想要查看的地方,而不是每週,而是每天,因為它始終讓您對您的朋友和家人、您周圍的企業、您的產品和服務有一個很好的了解感興趣的,諸如 Boost 之類的優惠,都在一個地方。

  • So a number of you have probably seen the Discovery Tab in your Cash App. We're rolling it out to more and more people right now. But we're really excited about this because we believe that the biggest part of our future is around connecting people with commerce and transactions, in particular, with local merchant but also merchants around the world. Afterpay is our solution around that. And we think there's a huge opportunity to make these connections not just with the Afterpay merchants but the entire Square ecosystem as well, which really speaks to our strength in connecting these 2 ecosystems together.

    因此,你們中的許多人可能已經在您的 Cash App 中看到了 Discovery 選項卡。我們現在正在向越來越多的人推廣它。但我們對此感到非常興奮,因為我們相信我們未來的最大部分是將人們與商業和交易聯繫起來,特別是與當地商人以及世界各地的商人聯繫起來。 Afterpay是我們的解決方案。我們認為,不僅與 Afterpay 商家建立聯繫,還與整個 Square 生態系統建立聯繫,這是一個巨大的機會,這確實說明了我們將這兩個生態系統聯繫在一起的實力。

  • In terms of Cash App Pay, in the second quarter, we made a lot of strides scaling Cash App Pay to more Afterpay sellers, allowing more merchants software both buy now, pay later and Cash App Pay at checkout. And since launching Square Sellers in September of last year, there have been more than 2 million transactions through Cash App Pay, and this has been mainly organic adoption.

    在 Cash App Pay 方面,在第二季度,我們在將 Cash App Pay 擴展到更多 Afterpay 賣家方面取得了長足的進步,讓更多的商戶軟件既可以現在購買,也可以稍後付款,也可以在結賬時使用 Cash App Pay。自去年 9 月推出 Square Sellers 以來,通過 Cash App Pay 進行的交易已超過 200 萬筆,這主要是有機採用。

  • And we've signed partnerships with several enterprise Afterpay merchants who will begin offering Cash App Pay as a payment method. We hope to bring this even further to our sales team on broadening Cash App Pay acceptance to more and more of our merchants within the Afterpay merchant base but also the Square merchant base as well.

    我們已經與幾家企業 Afterpay 商家簽署了合作夥伴關係,他們將開始提供 Cash App Pay 作為支付方式。我們希望進一步將這一點帶給我們的銷售團隊,將 Cash App Pay 的接受範圍擴大到 Afterpay 商家群以及 Square 商家群中越來越多的商家。

  • Timothy Edward Chiodo - Director

    Timothy Edward Chiodo - Director

  • Great. Thank you for that update on the merchant acceptance. I appreciate taking the question.

    偉大的。感謝您對商家接受情況的更新。我很感激提出這個問題。

  • Operator

    Operator

  • Our next question comes from Darrin Peller with Wolfe Research.

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

  • Darrin David Peller - MD & Senior Analyst

    Darrin David Peller - MD & Senior Analyst

  • Guys, if you could just touch on the behavior that you're seeing with customers and consumers across the business, given the backdrop of the macro uncertainty, especially in the Cash Card side. Also, your EBITDA came in well above expectations and obviously happy to hear about the incremental steps being taken on the OpEx side. But if you could just revisit the investments into Cash App, because it does sound like, at least into July, it was stable on a CAGR -- 3-year CAGR basis, I think you said 82%. Maybe just some tough comps coming up aside from that.

    伙計們,考慮到宏觀不確定性的背景,特別是在現金卡方面,如果你能談談你在整個企業中看到的客戶和消費者的行為。此外,您的 EBITDA 遠高於預期,顯然很高興聽到運營支出方面正在採取的增量措施。但是,如果您可以重新審視對 Cash App 的投資,因為它聽起來確實像,至少到 7 月,它在復合年增長率(3 年復合年增長率)的基礎上是穩定的,我想您說的是 82%。除此之外,也許只是一些艱難的比賽。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Thanks for the question there, Darrin. Happy to start out. So from a Cash App perspective, we are seeing sort of stability in the trend lines on a 3-year CAGR basis across sort of the customer cohorts that we look at and on a blended basis across Cash App. Let's unpack a little bit of what we've seen here across our product set, which we believe provides diversity and breadth of utility for our Cash App customers; across engagement, which we would measure as transactions and inflows per active; and then across monetization or sort of our revenue streams. And then I'll come back to your point about EBITDA.

    謝謝你的問題,達林。很高興開始。因此,從 Cash App 的角度來看,我們看到趨勢線在 3 年復合年增長率的基礎上,在我們查看的各種客戶群體中以及在整個 Cash App 的混合基礎上保持穩定。讓我們對我們在產品集中看到的一些內容進行解包,我們相信這些產品為我們的 Cash App 客戶提供了多樣性和廣泛的實用性;跨參與度,我們將其衡量為每個活躍用戶的交易和流入;然後跨越貨幣化或我們的收入流。然後我會回到你關於 EBITDA 的觀點。

  • From a product perspective, look, we've -- as you've seen with our development pillars across financial services, commerce, community, crypto, there are a number of things that we're doing where we're building relationships and seeing product adoption from our customers. And that enables us to be dynamic in environments like this where we see a product providing differential utility in that environment and being able to double down quickly.

    從產品的角度來看,我們已經 - 正如您在金融服務、商業、社區、加密領域的發展支柱所看到的那樣,我們正在做很多事情,我們正在建立關係並看到客戶對產品的採用。這使我們能夠在這樣的環境中保持活力,在這種環境中,我們看到產品在該環境中提供不同的效用,並能夠快速翻倍。

  • An example of that obviously being in the early days of COVID, our ability to move quickly to enable direct deposit access to our customers to receive government disbursements. And in an environment like this, Cash App Card is becoming an increasing part of broad-based use cases for our customers. What we saw, as I mentioned earlier on Cash App Card, is positive growth of spend per active in July, even relative to Q2, with a consistent mix across discretionary and nondiscretionary verticals alike.

    一個明顯的例子顯然是在 COVID 的早期,我們能夠迅速採取行動,使我們的客戶能夠直接存款以接收政府付款。在這樣的環境中,Cash App Card 正在成為我們客戶廣泛使用案例中越來越多的一部分。正如我之前在 Cash App Card 上提到的,我們看到的是 7 月份每個活躍用戶的支出正增長,甚至相對於第二季度也是如此,並且在可自由支配和非自由支配的垂直領域保持一致。

  • So product diversity is a key pillar for us and continued growth with Cash App and in how we can serve our customers through dynamic times. Engagement is another key lever for us. And what we see here is that obviously, as I mentioned earlier, certain products perform better at certain times. But on a blended basis, we're seeing our strongest engagement in terms of transactions per active in recent months with July at 21x per active. Inflows per active overall has grown over time as well. And that's something that we'd like to see continue to grow. In July, we had mid-teens growth on an inflows per active basis on a 3-year CAGR basis.

    因此,產品多樣性是我們的關鍵支柱,也是 Cash App 的持續增長以及我們如何在動態時期為客戶提供服務的關鍵支柱。參與度是我們的另一個關鍵槓桿。我們在這裡看到的是,顯然,正如我之前提到的,某些產品在某些時候表現更好。但綜合來看,我們看到近幾個月來我們在每次活躍交易方面的參與度最高,7 月份為每次活躍交易的 21 倍。每個活躍整體的流入量也隨著時間的推移而增長。這是我們希望看到的繼續增長的東西。 7 月,我們在 3 年復合年增長率的基礎上,每個活躍的流入量增長了十幾歲。

  • And so that's led to an overall diversification of our revenue streams and our monetization across various business models, which ultimately has enabled us to continue to invest in the business across a variety of at-scale revenue streams and with some newer ramping revenue streams like Cash App Pay, which obviously Jack was just talking about as well as Cash App Borrow and other banking and commerce products.

    因此,這導致了我們收入流的整體多樣化以及我們在各種業務模式中的貨幣化,這最終使我們能夠繼續投資於各種規模化收入流的業務,以及一些新的增長收入流,如現金App Pay,顯然 Jack 只是在談論 Cash App Borrow 和其他銀行和商業產品。

  • From an EBITDA perspective, look, we're continuing to invest in our business across the 7 pillars that we outlined at Investor Day, from a product development standpoint as well as from a sales and marketing standpoint. We're going to be disciplined to make sure that the areas of investment are the areas that have the strongest likelihood of return. And I think that's part of what you're seeing in terms of our operating expense guide, which is obviously an operating expense guide for the whole company, of which Cash App is a key part.

    從 EBITDA 的角度來看,從產品開發的角度以及銷售和營銷的角度來看,我們將繼續投資於我們在投資者日概述的 7 個支柱的業務。我們將自律,以確保投資領域是最有可能獲得回報的領域。我認為這是您在我們的運營費用指南中看到的一部分,這顯然是整個公司的運營費用指南,其中 Cash App 是關鍵部分。

  • But given signs of stability that we see so far, obviously, we continue to read these trends in real time, we want to continue to invest to ensure that we remain highly valuable to our customer base and can even take share through dynamic times like this.

    但鑑於到目前為止我們看到的穩定跡象,顯然,我們將繼續實時閱讀這些趨勢,我們希望繼續投資以確保我們對客戶群保持高度價值,甚至可以在這樣的動態時期分享.

  • Operator

    Operator

  • Our next question comes from Lisa Ellis with MoffettNathanson.

    我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson。

  • Lisa Ann Dejong Ellis - Partner & Senior Research Analyst

    Lisa Ann Dejong Ellis - Partner & Senior Research Analyst

  • Just a follow-up a bit on the macro point there. Are you starting to see any signs of changes in, say, spending or borrowing behavior across either the Square base or Cash App or BNPL base as a result of the macro environment? Just thinking about your exposure to SMBs and middle-income consumers.

    只是對那裡的宏觀點進行一些跟進。由於宏觀環境,您是否開始看到 Square 基礎或 Cash App 或 BNPL 基礎的支出或借貸行為有任何變化的跡象?想想你與中小企業和中等收入消費者的接觸。

  • And I guess kind of maybe take a step back overall, how are you feeling about how a weaker -- potentially weaker macro environment might affect you? I could imagine there are some positives and some negatives.

    而且我想總體上可能會退後一步,您如何看待較弱的 - 可能較弱的宏觀環境可能會影響您?我可以想像有一些積極的一面和一些消極的一面。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Sure. I'm happy to start here. Thanks for the question, Lisa. And since I shared a couple of stats on the Cash App perspective in the last question, maybe I'll share some incremental stats on the Square perspective. I think similar story from a 3-year CAGR basis with respect to gross profit being relatively stable from Q2 into July. Of course, there are pockets of shifts underneath the surface with respect to performance. For instance, as I mentioned earlier, mix shift from online to in-person.

    當然。我很高興從這裡開始。謝謝你的問題,麗莎。由於我在上一個問題中分享了關於 Cash App 視角的一些統計數據,也許我會分享一些關於 Square 視角的增量統計數據。我認為從 3 年復合年增長率來看,毛利潤從第二季度到 7 月相對穩定。當然,就性能而言,表面之下也有許多變化。例如,正如我之前提到的,混合從在線轉變為面對面。

  • But the breadth of our Square ecosystem is what enables us to capture the stronger performance in-person even as we see normalizing mix shifts from online. And the other thing I'd say here with respect to our strategy before maybe double-clicking on some of the specifics is that our strategy has been to grow in these areas that add diversity and add broader footprint for us.

    但是,我們 Square 生態系統的廣度使我們能夠在現場獲得更強大的表現,即使我們看到在線混合的正常化轉變也是如此。在雙擊某些細節之前,關於我們的戰略,我要在這裡說的另一件事是,我們的戰略一直是在這些增加多樣性並為我們增加更廣泛足蹟的領域發展。

  • So the 3 top strategic investments for the Square business for some years now and into 2022 are growing upmarket with larger sellers who we've seen have generally larger -- greater resilience through macro volatility; growing our omnichannel capabilities, which obviously, again, helps us navigate mixing spending patterns or shifts in spending patterns across channels; and growing globally, which enables us to see a broader range of sellers, including outside of the United States. And ultimately, it's that breadth of our ecosystems, including the Square ecosystem, which has enabled us to be resilient through macro changes, as we've seen, even during the pandemic, which obviously impacted the Square business particularly and has enabled us to grow at a pace faster than the broader industry.

    因此,從現在到 2022 年,Square 業務的 3 項頂級戰略投資正在向高端市場發展,我們看到的大型賣家通常具有更大的規模——通過宏觀波動具有更大的彈性;提高我們的全渠道能力,這顯然有助於我們駕馭混合支出模式或跨渠道支出模式的轉變;並在全球範圍內增長,這使我們能夠看到更廣泛的賣家,包括美國以外的賣家。最終,正是我們生態系統的廣度,包括 Square 生態系統,使我們能夠在宏觀變化中保持彈性,正如我們所看到的,即使在大流行期間也是如此,這顯然特別影響了 Square 業務並使我們得以發展以比更廣泛的行業更快的速度。

  • Maybe just to give you a couple of stats in terms of verticals and seller mix that we see in real time. We have obviously a diverse base of sellers, millions of sellers. From a vertical perspective, we span a range of verticals. So 40% of Square GPV comes from a range of services verticals in 2021. The remaining 60% is across some of those discretionary areas like food and beverage, retail and other smaller but growing verticals, where we've continued to see stability from a 3-year CAGR perspective.

    也許只是為了給你一些我們實時看到的垂直和賣家組合方面的統計數據。我們顯然擁有多元化的賣家基礎,數以百萬計的賣家。從垂直的角度來看,我們跨越了一系列垂直領域。因此,到 2021 年,Square GPV 的 40% 來自一系列服務垂直領域。剩下的 60% 來自一些可自由支配的領域,如食品和飲料、零售和其他規模較小但不斷增長的垂直領域,我們繼續看到從3年復合年增長率的觀點。

  • From a sellers size perspective, as I said, continue to grow upmarket. In the second quarter, 2/3 of our volume in the Square business is from larger sellers, $125,000 in annual GPV or more. And historically, those larger sellers have been more resilient through downturns. And as we've said, larger seller, broader retention within the Square business, even including our smaller sellers, has been positive across GPV and gross profit in the second quarter and into July.

    正如我所說,從賣家規模的角度來看,繼續向高端市場發展。在第二季度,我們在 Square 業務中 2/3 的交易量來自較大的賣家,年 GPV 為 125,000 美元或更多。從歷史上看,那些較大的賣家在經濟低迷時期更具彈性。正如我們所說,Square 業務中更大的賣家、更廣泛的保留,甚至包括我們的小賣家,在第二季度和 7 月的 GPV 和毛利潤方面都是積極的。

  • And the final point I'd make here is that, again, the diversity of the products that we offer our customers, which go beyond commerce and payments and include customer staff, banking and other products that drive retention and multiple points of value that we can offer our sellers. And we're seeing, as we increasingly stretch to mid-market sellers, that they're adopting more products. Mid-market sellers, on average, adopt 4 products in our ecosystem, which enables us to get hired for multiple tools and value that we can provide to our customers, which again adds resilience.

    我要在這裡提出的最後一點是,我們為客戶提供的產品的多樣性,不僅限於商業和支付,還包括客戶員工、銀行業務和其他產品,這些產品可以提高保留率和我們的多個價值點可以提供我們的賣家。我們看到,隨著我們越來越多地接觸中端市場賣家,他們正在採用更多的產品。平均而言,中端市場賣家在我們的生態系統中採用 4 種產品,這使我們能夠為我們可以提供給客戶的多種工具和價值獲得聘用,這再次增加了彈性。

  • So those are kind of the key areas that I would focus to and what we're seeing in real time. But of course, we're mindful of the environment and are reading all of these stats in real time to be able to make proactive and front-footed adjustments as needed.

    所以這些是我會關注的關鍵領域,也是我們實時看到的。但是,當然,我們會留意環境,並實時閱讀所有這些統計數據,以便能夠根據需要進行主動和主動的調整。

  • Operator

    Operator

  • Our next question comes from Kunaal Malde with Atlantic Equities.

    我們的下一個問題來自大西洋股票的庫納爾馬爾德。

  • Kunaal Malde - Research Analyst

    Kunaal Malde - Research Analyst

  • Amrita, I guess you're seeing good growth across the lending products at the moment, and now you're scaling Cash App Borrow. But could you kind of expand on your comments about risk loss and how you're thinking about credit risk across these products, particularly given the macro risks?

    Amrita,我猜您目前看到借貸產品的良好增長,現在您正在擴展 Cash App Borrow。但是,您能否進一步擴展您對風險損失的評論以及您如何看待這些產品的信用風險,特別是考慮到宏觀風險?

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Of course. Thanks, Kunaal. So look, I think there's 2 attributes that we ensure all of our lending product teams are laser-focused on. One is a data-driven approach and the second is the unique structure, optimizing for the unique structure of our products relative to many others out there.

    當然。謝謝,庫納爾。所以看,我認為有兩個屬性可以確保我們所有的貸款產品團隊都專注於激光。一個是數據驅動的方法,第二個是獨特的結構,優化我們產品相對於其他許多產品的獨特結構。

  • From a data-driven approach, our risk in underwriting machine learning models get updated in real time and based on a broad set of customer data, whether you're looking at Borrow, Cash App Borrow, Square Loans and Afterpay receivables. And specifically with Borrow and Loans, we determine the eligibility criteria, which ultimately is responsible in terms of helping to protect the customer and Block. And what that does is it enables us to read that data and move quickly in times of change, as we did at the start of the pandemic, as you know, with the Square Loans business.

    通過數據驅動的方法,我們承保機器學習模型的風險會根據廣泛的客戶數據實時更新,無論您是查看 Borrow、Cash App Borrow、Square Loans 還是 Afterpay 應收賬款。特別是在藉貸方面,我們確定資格標準,最終負責幫助保護客戶和阻止。正如您所知,它使我們能夠讀取這些數據並在變化時期迅速採取行動,正如您在大流行開始時所做的那樣,Square Loans 業務。

  • The unique structure of our products is really designing our products to simplify access to capital for customers and to make it easy to pay them back. These products are generally short duration and they have a simplified repayment process, including, for some products, being first in that payback priority. And these generally short-duration Square Loans is well less than a year in terms of duration, Afterpay turns 15x per year, 4 to 6 weeks at average and Cash App Borrow, all similarly terms with less than a month in terms of repayment on average.

    我們產品的獨特結構實際上是在設計我們的產品,以簡化客戶獲取資金的途徑並使其易於償還。這些產品的期限通常很短,並且它們的還款流程很簡單,包括,對於某些產品,優先考慮還款。這些通常短期的 Square Loans 的期限遠低於一年,Afterpay 每年翻 15 倍,平均 4 到 6 週,Cash App Borrow,所有類似的條款,平均還款時間不到一個月.

  • What that means is that we're laser-focused on managing risk loss as an input to how we run these businesses and the underwriting decision-making that we employ across products, enabling us to be more front-footed in a dynamic environment. And as a result, we are seeing loss rates on Cash App Borrow, which is earlier in its life and consistent with where Square Loans has been, at less than 3%, and positive unit economics there on Cash App Borrow and, of course, Square Loans.

    這意味著我們專注於管理風險損失,作為我們如何運營這些業務以及我們跨產品採用的承保決策的投入,使我們能夠在動態環境中更加領先。結果,我們看到 Cash App Borrow 的損失率低於 3%,它的生命週期較早,與 Square Loans 的情況一致,而且 Cash App Borrow 的單位經濟效益為正,當然,廣場貸款。

  • And then for Afterpay, we're seeing a 1% loss rate, which actually improved slightly from Q1 into Q2 on the back of mix shifts as well as enhancements that we're making here to the risk loss models. So a key area of focus for us and one that we're deliberately looking to manage.

    然後對於 Afterpay,我們看到 1% 的損失率,由於混合變化以及我們在此處對風險損失模型進行的改進,從第一季度到第二季度實際上略有改善。因此,這是我們關注的關鍵領域,也是我們有意管理的領域。

  • Operator

    Operator

  • Our next question comes from Josh Beck with KeyBanc.

    我們的下一個問題來自 KeyBanc 的 Josh Beck。

  • Josh J. Beck - Senior Research Analyst

    Josh J. Beck - Senior Research Analyst

  • I wanted to talk a little bit about the Afterpay integration path. Obviously it seems like you're making some very good headway with respect to commerce discovery as well as the API for sellers. Once we start to get into some of these longer-term integration priorities, I'm just kind of curious now that you've owned the company for a complete quarter, how you feel like you're tracking against those and really any guidance on what metrics we should look for in terms of synergies. Obviously it's one of these opportunities that can really show up across the business. So curious to hear a little bit about the integration path and what we should be watching for there.

    我想談談 Afterpay 集成路徑。顯然,您似乎在商業發現和賣家 API 方面取得了一些非常好的進展。一旦我們開始進入其中一些長期整合優先事項,我現在只是有點好奇你已經擁有公司一個完整的季度,你感覺如何跟踪這些以及真正的任何指導我們應該在協同效應方面尋找哪些指標。顯然,這是可以真正體現在整個企業中的機會之一。很想听聽一些關於集成路徑以及我們應該在那裡註意什麼的信息。

  • Jack Dorsey - Co-Founder, Chairman & President

    Jack Dorsey - Co-Founder, Chairman & President

  • Thank you for the question. I'll start and Amrita can follow up with more numbers. But I think the biggest reason for this acquisition was to bring 2 ecosystems together, so to really improve the ecosystem model between Square and also Cash App. On the Cash App side, as I talked about before, we're really focused on discovery, discovery of merchants around you, products, services, offers like Boost.

    感謝你的提問。我會開始,Amrita 可以跟進更多的數字。但我認為這次收購的最大原因是將兩個生態系統結合在一起,從而真正改善 Square 和 Cash App 之間的生態系統模型。在 Cash App 方面,正如我之前談到的那樣,我們真正專注於發現、發現您周圍的商家、產品、服務和 Boost 等優惠。

  • A number of you have probably seen the Discovery Tab. You can find it within Cash App by looking for the magnifying glass at the bottom of your navigation. We intend this to be a place where you can find everything related to what you might want within Cash App, be it sending money to people like your friends or buying products or services for merchants around your -- across the Internet. So that is a big part of our focus and a big aspect of what we believe is important about this acquisition.

    你們中的一些人可能已經看過“發現”選項卡。您可以通過查找導航底部的放大鏡在 Cash App 中找到它。我們希望這是一個讓您可以在 Cash App 中找到與您可能想要的一切相關的地方的地方,無論是向您的朋友等人匯款,還是通過 Internet 為您周圍的商家購買產品或服務。所以這是我們關注的一個重要部分,也是我們認為對這次收購很重要的一個重要方面。

  • The second is on the Square ecosystem side, offering a tool for Square sellers to ensure that they can make more sales. And day 1 of the start after we closed, we offered the service online and are now offering it in-person as well. So we are very early with this integration, and it does take time to have an integration of this size. But we believe as we continue to push forward, we will see a ton of synergies between everything that we're doing on the Cash App and also the Square side to bring these 2 ecosystems together.

    第二個是在 Square 生態系統方面,為 Square 賣家提供一個工具,以確保他們可以進行更多銷售。在我們關閉後的第一天,我們在線提供服務,現在也提供面對面服務。因此,我們很早就開始進行這種集成,而且這種規模的集成確實需要時間。但我們相信,隨著我們繼續向前推進,我們將看到我們在 Cash App 和 Square 方面所做的一切之間的大量協同作用,從而將這兩個生態系統結合在一起。

  • And that really is the aspect that we think is most powerful in this partnership that a lot of our peers in the industry do not have. They often are focused on one aspect, such as buy now, pay later and not focused on the connection between all these things, especially the consumer and also the merchant side. So we will continue to increase our customers' ability to discover new products and services within Cash App but also make it easier for our sellers to turn on these features so that they can make more sales. And the more we do that, the more the ecosystems benefit and the more our customers value us.

    這確實是我們認為在這種夥伴關係中最強大的方面,我們的許多業內同行都沒有。他們通常只關註一個方面,例如現在購買,以後付款,而不是關注所有這些事物之間的聯繫,尤其是消費者和商家方面。因此,我們將繼續提高客戶在 Cash App 中發現新產品和服務的能力,同時讓我們的賣家更容易打開這些功能,以便他們進行更多銷售。我們做得越多,生態系統受益越多,我們的客戶就越重視我們。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Yes. And I'd just add, Josh, that I think you're right that from a synergy perspective, we should expect to see opportunities that span beyond just the buy now, pay later platform into each of the Square and Cash App revenue streams and lines of opportunity as we think about increasingly creating that marketplace that connects sellers and consumers alike.

    是的。我想補充一點,喬希,我認為你是對的,從協同效應的角度來看,我們應該期待看到超越現在購買、稍後支付平台到 Square 和 Cash App 收入流的機會,以及當我們考慮越來越多地創建連接賣家和消費者的市場時,機會線。

  • We are more fully integrating the people who run these businesses from a product perspective, a marketing perspective, a customer service perspective. And I'd expect us to see opportunities over time, both from top line and cost optimization to be able to really drive stronger unit economics as well as to drive those opportunities that Jack is referencing across the broader commerce opportunity.

    我們正在從產品角度、營銷角度、客戶服務角度更充分地整合經營這些業務的人。我希望隨著時間的推移,我們會看到機會,包括收入和成本優化,能夠真正推動更強勁的單位經濟,以及推動傑克在更廣泛的商業機會中引用的那些機會。

  • I'd also point you back to, as we said on the -- in my interim remarks, the diversity and the sort of complementary aspects of our customer bases is also an opportunity for us to continue to explore as we go deeper with these product integrations. We provided diversity in terms of seller size, in terms of verticals and in terms of channels to the Afterpay BNPL platform through our Square integration. And Afterpay provides to us, similarly, a deeper exploration of both commerce and financial services with consumers and merchants. So there are a number of things to unpack here from a product integration standpoint, and I expect to see that play out in a broader way across the P&L over the long term as we make those integrations.

    正如我們在臨時評論中所說的那樣,我還要向您指出,我們客戶群的多樣性和互補性方面也是我們繼續探索這些產品的機會集成。我們通過 Square 集成為 Afterpay BNPL 平台提供了賣家規模、垂直領域和渠道方面的多樣性。同樣,Afterpay 為我們提供了與消費者和商家對商業和金融服務的更深入探索。因此,從產品集成的角度來看,這裡有很多東西需要解開,我希望在我們進行這些集成時,在長期的損益表中看到這些東西以更廣泛的方式發揮作用。

  • Operator

    Operator

  • Our next question comes from John Davis with Raymond James.

    我們的下一個問題來自約翰戴維斯和雷蒙德詹姆斯。

  • John Kimbrough Davis - MD & Analyst

    John Kimbrough Davis - MD & Analyst

  • So I wanted to touch a little bit on Cash App active growth. Still remains very healthy but has slowed a little bit, I think, as expected as we lap stimulus and obviously, crypto weakness. But I wanted to drill down and see, Amrita, maybe just a little bit of detail on kind of top of funnel, like new customers versus churn. I think it's only natural you probably have a little bit elevated churn. Like what are you doing to try and keep customers active on Cash App that may have been driven to the app by stimulus? Is there a chance we could see a reacceleration in kind of net new active growth if we kind of digest this churn? Just any color there would be helpful.

    所以我想談談 Cash App 的活躍增長。我認為仍然非常健康,但速度有所放緩,正如我們預期的那樣,因為我們實施了刺激措施,顯然,加密貨幣疲軟。但我想深入了解,Amrita,也許只是漏斗頂部的一些細節,比如新客戶與流失。我認為您的流失率可能會升高一點是很自然的。就像您正在做些什麼來嘗試讓客戶在可能已被刺激驅動到應用程序的現金應用程序上保持活躍?如果我們消化這種流失,我們是否有可能看到新的淨活躍增長重新加速?任何顏色都會有幫助。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • Sure. Thanks for the question. Maybe I can start and Jack, obviously, should add in. So one thing I'd say is that 47 million monthly transacting assets, what we're seeing is sort of broad-based appeal, particularly for digital-native Gen Z and millennials but even more broadly than that. And we think that there's so much more opportunity to go deeper here, as we outlined in some of the TAM numbers at our Investor Day.

    當然。謝謝你的問題。也許我可以開始,傑克顯然應該加入。所以我想說的一件事是,每月有 4700 萬筆交易資產,我們看到的是一種廣泛的吸引力,特別是對於數字原生的 Z 世代和千禧一代但范圍更廣。正如我們在投資者日的一些 TAM 數據中概述的那樣,我們認為這裡有更多的機會可以更深入地研究。

  • To look at the more detailed specifics on sort of a quarter-to-quarter basis, the pace for growth in monthly active base can be influenced by seasonal impacts. For instance, in Q1 with tax refunds, we historically see that -- seen Q1 be a stronger quarter from an active and inflows per active perspective as they have greater spending power and look to deploy that.

    要查看更詳細的季度細節,每月活躍基數的增長速度可能會受到季節性影響的影響。例如,在第一季度有退稅的情況下,我們從歷史上看 - 從活躍的角度來看,第一季度是一個更強勁的季度,從活躍的角度來看,他們有更大的消費能力並希望部署這一點。

  • We grew our monthly active base by the same amount in Q1 and Q2, although with the seasonal strength in March from -- related to that sort of tax seasonality. What we look at from a go-to-market perspective has been fairly consistent so far. Through the first half of 2022, we continue to see strong long-term returns on our investments, and the cost of acquisition for net new actives has been in line with what we saw in 2021.

    我們在第一季度和第二季度將我們的月度活躍基數增長了相同的數量,儘管 3 月份的季節性強度與這種稅收季節性有關。到目前為止,我們從進入市場的角度來看是相當一致的。到 2022 年上半年,我們繼續看到我們投資的強勁長期回報,並且淨新活動的收購成本與我們在 2021 年看到的一致。

  • With continued engagement, as I said earlier, product adoption across the range of financial services and commerce offerings that ultimately drives that higher lifetime value for our customers, which enables us, again, of course, to reinvest.

    正如我之前所說,隨著持續參與,金融服務和商業產品範圍內的產品採用最終會為我們的客戶帶來更高的生命週期價值,這當然使我們能夠再次進行再投資。

  • And the other thing I'd point out is that, as I mentioned in the interim remarks, one of the key things that we think about as we think about retention for our customers is driving stronger connections amongst customers within Cash App. We see a 31 percentage point stronger retention per actives with the network or 4 or more in Cash App compared to those with only a network of one. And so that's a key piece of leaning into our community pillar, making these products and your contacts within Cash App more discoverable in order to drive awareness and to drive retention.

    我要指出的另一件事是,正如我在臨時評論中提到的那樣,我們在考慮留住客戶時考慮的關鍵問題之一是在 Cash App 內推動客戶之間更緊密的聯繫。我們發現,與只有一個網絡的用戶相比,網絡中的每個活躍用戶或 Cash App 中的 4 個或更多用戶保留率高出 31 個百分點。因此,這是我們社區支柱的關鍵部分,使這些產品和您在 Cash App 中的聯繫人更容易被發現,以提高知名度並提高保留率。

  • Jack Dorsey - Co-Founder, Chairman & President

    Jack Dorsey - Co-Founder, Chairman & President

  • The only thing I would add here is, I think one of the important things that we want to continue to focus on and you all have brought up in the past is we want to make sure that we have diversity of utility. So we believe it's really important that people may come in for a particular reason, such as what we saw during the [seamless] or just a peer-to-peer functionality that we've always provided.

    我要在這裡補充的唯一一件事是,我認為我們想要繼續關注的重要事情之一,你們過去都提到過,我們要確保我們擁有多樣性的效用。因此,我們認為人們可能出於特定原因進來非常重要,例如我們在 [無縫] 期間看到的內容,或者只是我們一直提供的點對點功能。

  • But in terms of retention and also new customer acquisition, it really has to do with like how much utility we're offering, that we're not just focused on one thing such as peer-to-peer transactions or investing or Bitcoin or lending, but it is a place, one place you can do all those things. And we see peers in other industries and other spaces and other countries that have done that very well, which is sometimes referenced as super apps or neobanks.

    但就保留和新客戶獲取而言,它確實與我們提供多少效用有關,我們不僅僅專注於一件事,例如點對點交易或投資或比特幣或借貸,但它是一個地方,一個你可以做所有這些事情的地方。我們看到其他行業、其他空間和其他國家的同行在這方面做得很好,有時被稱為超級應用程序或新銀行。

  • And we believe that over the long term, that is the right strategy, and that is both for the Cash App ecosystem and also the Square ecosystem. And more importantly, the fact that we have both of those in one company, we believe, is our superpower. So over the long term, we will continue to see a bunch of ebbs and flows within the markets and macro environments. But our strength relies on the fact that we're not just dependent upon one particular use case, one particular utility, but that we offer all of them.

    我們相信,從長遠來看,這是正確的策略,既適用於 Cash App 生態系統,也適用於 Square 生態系統。更重要的是,我們相信,我們在一家公司中擁有這兩者,這就是我們的超級大國。因此,從長遠來看,我們將繼續在市場和宏觀環境中看到一系列潮起潮落。但我們的優勢在於我們不僅僅依賴於一個特定的用例、一個特定的實用程序,而是我們提供了所有這些。

  • And while one may ebb, the other will flow. And we will continue to build this ecosystem where someone is coming back to the Cash App every single day for something that is of extreme importance in their life, which, obviously, we believe the relationship with money and people's financial empowerment into the economy is critical and we hope to serve them in multiple ways. And we think that is a relationship, that is the strength and that is the resilience. Ultimately, over time, that creates both new customer acquisition but also retention over time.

    雖然一個可能會退潮,但另一個會流動。我們將繼續構建這個生態系統,讓人們每天都回到 Cash App 來尋找對他們生活極為重要的事情,顯然,我們相信與金錢的關係以及人們對經濟的金融賦權至關重要我們希望以多種方式為他們服務。我們認為這是一種關係,那是力量,那是韌性。最終,隨著時間的推移,這不僅會創造新的客戶獲取,還會隨著時間的推移而保留。

  • Operator

    Operator

  • Our next question comes from Ramsey El-Assal with Barclays.

    我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

  • Ramsey Clark El-Assal - Research Analyst

    Ramsey Clark El-Assal - Research Analyst

  • I wanted to follow up on your comments just now, Jack, I guess, and Amrita, just in terms of the multiple touch points that you can develop here that would drive benefits such as engagement and retention. I guess can you give us more detail on the approach or strategy to sort of drive that cross-sell? I mean, obviously, the Discovery Tab is a key piece of the puzzle. But I'm just curious what other levers or plans do you have. I don't know if it's marketing investments, partnerships, sponsorships. Is this more of a sort of you will build it and they will come type of situation? Or are you going to need to push the message out a little bit more to kind of force those connections to happen?

    我想跟進您剛才的評論,我猜是 Jack 和 Amrita,就您可以在這裡開發的多個接觸點而言,這些接觸點將帶來諸如參與度和保留等好處。我想您能否詳細介紹一下推動交叉銷售的方法或策略?我的意思是,很明顯,Discovery Tab 是拼圖中的關鍵部分。但我只是好奇你還有什麼其他的槓桿或計劃。我不知道是營銷投資、合作夥伴還是讚助。這更像是一種你會建造它並且他們會出現這種情況的情況嗎?或者您是否需要更多地發布信息以強制這些聯繫發生?

  • Jack Dorsey - Co-Founder, Chairman & President

    Jack Dorsey - Co-Founder, Chairman & President

  • I think we have a very unique benefit in that like we have critical, regular use network effect, which is -- and you can see this for yourself in how the app behaves in the App Store on a biweekly basis, payday in the United States. We continue to see an increase in downloads in the App Store. Why? Payday. When people get money, they tend to send it or request it to their friends and family. So we have a built-in network effect that is inherently natural to the use case that we want to continue to see grow.

    我認為我們有一個非常獨特的好處,就像我們有關鍵的、經常使用的網絡效應一樣——你可以在應用程序在 App Store 中每兩週一次的行為中看到這一點,在美國的發薪日.我們繼續看到 App Store 的下載量有所增加。為什麼?發薪日。當人們得到錢時,他們傾向於將錢寄給或要求給他們的朋友和家人。因此,我們有一個內置的網絡效應,對於我們希望繼續看到增長的用例來說,它本質上是自然的。

  • And we've built an ecosystem around that. So just by virtue of people needing to send and receive money to their friends, family, work via a direct deposit and payroll and getting their paychecks, we can build something that is, at least, weekly, if not every 2 weeks use case and then get to more and more a daily use case, which ultimately is our goal. We saw a step towards that with Bitcoin. We see a step towards that with the Cash Card. We see it with lending in terms of Borrow.

    我們已經圍繞它建立了一個生態系統。因此,僅僅由於人們需要向他們的朋友、家人匯款和收款,通過直接存款和工資單工作並獲得他們的薪水,我們就可以構建至少每週一次,如果不是每兩週一次的用例和然後獲得越來越多的日常用例,這最終是我們的目標。我們看到比特幣朝著這一目標邁出了一步。我們看到現金卡朝著這一目標邁出了一步。我們在藉貸方面看到它。

  • But ultimately, discovery and the Discover Tab, as you said, will bring us to that daily use case where people want to open the app every single day because they find something meaningful there. They find something meaningful in the neighborhood. They find a meaningful product, a meaningful service. They continue to find easy ways to go back to that utility that they have with peer-to-peer.

    但最終,正如您所說,發現和發現選項卡將把我們帶到人們想要每天打開應用程序的日常用例,因為他們在那裡發現了一些有意義的東西。他們在附近發現了一些有意義的東西。他們找到了有意義的產品,有意義的服務。他們繼續尋找簡單的方法來回到他們在點對點中擁有的實用程序。

  • So that is always going to be our strongest acquisition and retention channel. It's entirely organic based on just what people want to do. Of course, there are many other opportunities in terms of partnerships and marketing and all these other things that we've been very creative around, especially within Cash App. And I think you've seen with our partnerships with various celebrities and artists around the world, however it all comes back to like, is this a use case that people want to use every single day? Is it providing them value? And are they finding and discovering something that ultimately they want to do more of that is adjacent to it? That is the model.

    因此,這始終是我們最強大的獲取和保留渠道。它完全是基於人們想要做的事情的有機的。當然,在合作夥伴關係和營銷方面還有許多其他機會,以及我們一直非常有創意的所有其他事情,尤其是在 Cash App 中。而且我認為您已經看到我們與世界各地的名人和藝術家的合作夥伴關係,但是這一切又回到了喜歡,這是人們每天都想使用的用例嗎?是否為他們提供價值?他們是否正在尋找和發現最終他們想做的更多與之相關的事情?那就是模型。

  • And again, it's a model for Cash App but it's also a model for Square and the rest of our ecosystem, inclusive of title and TBD. And it doesn't happen overnight, but over the long term, we believe these relationships that we're building with people, especially in the retention sense will just continue to grow and continue to be more and more valuable to people, especially given that we have the broadest and, ultimately, the deepest relationship with customers and what they want to do in participating with the economy.

    同樣,它是 Cash App 的模型,但它也是 Square 和我們生態系統其他部分的模型,包括標題和 TBD。這不會在一夜之間發生,但從長遠來看,我們相信我們正在與人們建立的這些關係,特別是在保留的意義上,將繼續增長,並繼續對人們越來越有價值,特別是考慮到我們與客戶的關係最廣泛,最終也是最深入的關係,以及他們在參與經濟中想要做的事情。

  • Amrita Ahuja - CFO & Treasurer

    Amrita Ahuja - CFO & Treasurer

  • And I would add, Ramsey, just to sort of provide some more examples on the product forms of connecting points within the Cash App ecosystem because, of course, as Jack mentioned, there are a number of things we can do from partnerships, sponsorships, sales perspective to broaden the platform.

    我想補充一下,拉姆齊,只是為了提供更多關於現金應用生態系統中連接點的產品形式的示例,因為當然,正如傑克所提到的,我們可以通過合作夥伴關係、贊助來做很多事情,銷售視野拓寬平台。

  • But from a product perspective, I think there's 3 things that I would outline. One, as Jack said, the network effects inherent in peer-to-peer. You've seen us leverage peer-to-peer not only for sort of standard fiat transfers, but also for Bitcoin and stock transfers to bring visibility to our investing products. You could imagine being able to peer-to-peer send a gift card to a friend as we build out our commerce vertical. So being able to bring your connections, your friends and family along with you as you experience these other products is an opportunity for us in driving greater adoption.

    但從產品的角度來看,我想我會概述三件事。一,正如傑克所說,點對點固有的網絡效應。您已經看到我們不僅利用點對點進行標準法定轉移,而且還利用比特幣和股票轉移來為我們的投資產品帶來可見性。您可以想像在我們建立垂直商務時能夠點對點向朋友發送禮品卡。因此,當您體驗這些其他產品時,能夠將您的人脈、您的朋友和家人帶到一起,這對我們來說是一個推動更多采用的機會。

  • The second piece from a product perspective is around our Boost network, and now, superstars, even further with Afterpay. But with our Boost network, what we've obviously seen is the opportunity for customers engaged through Cash App Card to get differential incentives and opportunities if they try investing or if they try direct deposit, as an example, where you can provide them with even more incentives. And now with Afterpay and the sort of ad and affiliate networks that they've got, we, with our combined efforts here, have an opportunity to grow that even further.

    從產品的角度來看,第二部分是圍繞我們的 Boost 網絡,現在是超級明星,甚至是 Afterpay。但是通過我們的 Boost 網絡,我們顯然已經看到通過 Cash App Card 參與的客戶如果嘗試投資或嘗試直接存款,就有機會獲得不同的激勵和機會,例如,您可以為他們提供甚至更多的激勵措施。現在有了 Afterpay 以及他們擁有的那種廣告和聯屬網絡,我們在這里共同努力,有機會進一步發展。

  • The third piece I'd say is the product initiatives that we have that enable us to cross-sell and go even deeper with already engaged customers. You can think of those as being direct deposit, where we see it as an attach to Cash App Card. You can see that with our Taxes product, which is really seamless to use with our broader -- if you use our financial -- broader financial services suite of products. You can see that with Cash App Borrow, which as we mentioned, we determine eligibility and we've been offering that to our customers who have multiple higher inflows.

    我要說的第三部分是我們擁有的產品計劃,使我們能夠交叉銷售並與已經參與的客戶進行更深入的接觸。您可以將這些視為直接存款,我們將其視為 Cash App Card 的附件。您可以通過我們的 Taxes 產品看到這一點,該產品可以與我們更廣泛的——如果你使用我們的金融——更廣泛的金融服務產品套件無縫使用。您可以通過 Cash App Borrow 看到這一點,正如我們所提到的,我們確定資格,並且我們一直向擁有多個更高流入的客戶提供該資格。

  • So that gives us the chance to go even deeper and offer more value and obviously monetize some of those products with our customers who are already deeply engaged and really just create a frictionless experience about both broadening the product adoption as well as going deeper in each of these verticals.

    因此,這使我們有機會更深入地提供更多價值,並且顯然將其中一些產品與我們已經深入參與的客戶一起貨幣化,實際上只是創造了一種無摩擦的體驗,既可以擴大產品採用率,也可以在每個產品中更深入地進行這些垂直領域。

  • Ramsey Clark El-Assal - Research Analyst

    Ramsey Clark El-Assal - Research Analyst

  • That was very comprehensive. I appreciate it.

    那是非常全面的。我很感激。

  • Operator

    Operator

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

    我現在想將電話轉回公司以進行結束髮言。

  • Nikhil Dixit - IR Officer

    Nikhil Dixit - IR Officer

  • Thank you for joining our call and we'll see you next quarter.

    感謝您加入我們的電話,我們下個季度再見。

  • Operator

    Operator

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

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