Block Inc (SQ) 2022 Q3 法說會逐字稿

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

女士們，先生們，美好的一天，歡迎來到 Block 2022 年第三季度收益電話會議。

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。

Hi, everyone. Thanks for joining our third 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. (Operator Instructions)

大家好。感謝您參加我們的 2022 年第三季度財報電話會議。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。 （操作員說明）

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 shall 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.

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。報告的結果應被視為未來績效的指標。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。

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. During this call, we will provide preliminary estimates of gross profit growth performance for the month of October. These represent our current estimates for October performance as we have not yet finalized our financial statements for the month of October, and our monthly results are not subject to interim review by our auditors.

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。在本次電話會議中，我們將提供 10 月份毛利潤增長表現的初步估計。這些代表了我們對 10 月份業績的當前估計，因為我們尚未最終確定 10 月份的財務報表，而且我們的每月業績不受審計師的中期審查。

As a result, actual October results may differ from these estimates. Moreover, this financial information has been prepared solely on the basis of currently available information by and is the responsibility of management. This preliminary financial information has not been reviewed or audited by our independent public accounting firm. This preliminary financial information is not a comprehensive statement of our financial results for October or the fourth quarter.

因此，10 月份的實際結果可能與這些估計值不同。此外，此財務信息僅由管理層根據當前可用信息編制，管理層負責。該初步財務信息未經我們的獨立公共會計師事務所審查或審計。該初步財務信息不是我們 10 月或第四季度財務業績的綜合陳述。

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 and the transcript for Jack and Amrita's opening remarks 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。本次電話會議的音頻重播以及 Jack 和 Amrita 的開幕致辭記錄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。

Thank you all for joining us. As we've discussed before, we are building multiple ecosystems to serve different audiences: Square for sellers, Cash App for consumers, TIDAL for musicians and TBD for developers. What makes Block unique is our ability to connect all of these together. We've made a lot of progress on each, and I'll share some highlights from Square and Cash App before Amrita's remarks and your questions.

感謝大家加入我們。正如我們之前所討論的，我們正在構建多個生態系統來服務不同的受眾：面向賣家的 Square、面向消費者的 Cash App、面向音樂家的 TIDAL 以及面向開發者的 TBD。 Block 的獨特之處在於我們能夠將所有這些連接在一起。我們在每個方面都取得了很大進展，在 Amrita 的言論和您的問題之前，我將分享 Square 和 Cash App 的一些亮點。

We'll start with Square. We realized there are some significant challenges all businesses are facing today, and so giving sellers simple and intuitive tools to remove complexity from running their business is critical. We're focused on 3 priorities to achieve this, enabling omnichannel capabilities, growing upmarket and expanding internationally. Core to our strategy is building integrated solutions that give larger sellers a cohesive view of their operations so that they can easily manage every aspect of running a business.

我們將從 Square 開始。我們意識到當今所有企業都面臨著一些重大挑戰，因此為賣家提供簡單直觀的工具來消除運營業務的複雜性至關重要。我們專注於實現這一目標的三個優先事項，即實現全渠道能力、發展高端市場和國際擴張。我們戰略的核心是構建集成解決方案，為大型賣家提供統一的運營視圖，以便他們輕鬆管理業務運營的各個方面。

Our developer platform extends our software capabilities by allowing integrations with hundreds of third-party products built by developers and partners using our open platform. We enable customized solutions for sellers with more complex needs and provide a single platform for developers to take payments from Square across mobile, in-person and web.

我們的開發者平台允許與開發者和合作夥伴使用我們的開放平台構建的數百種第三方產品集成，從而擴展了我們的軟件功能。我們為具有更複雜需求的賣家提供定制解決方案，並為開發人員提供單一平台，讓他們通過移動、面對面和網絡從 Square 進行付款。

We're also continuing to build our vertical point-of-sale solutions that serve our largest verticals of food and drink, retail and services, with Square for Restaurants, Square for Retail and Square Appointments. Together, gross profit from these solutions grew 45% year-over-year, much faster than Square overall in the quarter. In Q3, we also expanded the payment methods we support. In the U.S., we launched Apple's Tap to Pay on iPhone, giving Square sellers a simple way to accept contactless payments with no hardware needed and customers a convenient way to pay. In Japan, sellers can now accept PayPay QR code payments, the most popular QR code wallet in the country.

我們還將繼續構建垂直銷售點解決方案，為我們最大的食品和飲料、零售和服務垂直領域提供服務，包括 Square for Restaurants、Square for Retail 和 Square Appointments。這些解決方案的毛利潤合計同比增長 45%，遠快於 Square 在本季度的整體增長。在第三季度，我們還擴展了我們支持的支付方式。在美國，我們在 iPhone 上推出了 Apple 的 Tap to Pay，為 Square 賣家提供了一種無需硬件即可接受非接觸式支付的簡單方式，並為客戶提供了一種便捷的支付方式。在日本，賣家現在可以接受 PayPay 二維碼支付，這是該國最受歡迎的二維碼錢包。

And now for Cash App. As we shared during our Investor Day earlier this year, we are focused on building 7 development pillars to drive Cash App's business. I'll touch on progress we made this quarter in financial services and commerce. Within financial services, we want to strengthen our relationships with customers through a full suite of banking products. This starts with customers being able to easily fund their Cash App accounts. Over time, we've expanded the ways customers can do this, whether through direct deposit, paper money, check deposits or bank transfers.

現在是現金應用程序。正如我們在今年早些時候的投資者日上分享的那樣，我們專注於建立 7 個發展支柱來推動 Cash App 的業務。我將談談我們本季度在金融服務和商業方面取得的進展。在金融服務領域，我們希望通過一整套銀行產品加強與客戶的關係。首先是客戶能夠輕鬆地為其 Cash App 賬戶注資。隨著時間的推移，我們擴展了客戶執行此操作的方式，無論是通過直接存款、紙幣、支票存款還是銀行轉賬。

Cash App Card and Direct Deposit are 2 of our most important banking products, and we're focused on growing usage of both. Cash App Card is usually our first financial services product that customers try and often their introduction to banking with Cash App. As of September, there were nearly 18 million actives using Cash App Card, making up more than 35% of our monthly actives and bringing in half of all inflows across our platform. In Q3, we made it easier to bank with us. Customers can now receive an account and routing number instantly when ordering a Cash App Card, which reduces friction for those who need banking services and has driven meaningful growth in Direct Deposit customers.

Cash App Card 和 Direct Deposit 是我們最重要的兩種銀行產品，我們專注於增加兩者的使用。 Cash App Card 通常是我們第一個客戶嘗試使用的金融服務產品，並且通常是他們使用 Cash App 進行銀行業務的介紹。截至 9 月，有近 1800 萬活躍用戶使用 Cash App Card，占我們每月活躍用戶的 35% 以上，並帶來了我們平台所有流入的一半。在第三季度，我們讓銀行變得更容易。客戶現在可以在訂購 Cash App 卡時立即收到一個帳戶和路由號碼，這減少了需要銀行服務的人的摩擦，並推動了直接存款客戶的顯著增長。

As we continue to deepen the connections between our ecosystems and undertake the complex integration of Afterpay, one of the long-term opportunities we are most excited for is in commerce. In Q3, we completed the rollout of our first iteration of the new Discover Tab, making it seamless for customers to search for people and businesses and find offers, including instant discounts from merchants who accept Cash App Pay. Cash App Pay lets customers check out through a simple QR code payment, whether online or in person. After testing Cash App Pay at Square sellers over the past year, we're beginning to broaden Cash App Pay acceptance outside of the Square ecosystem, starting with select Afterpay merchants.

隨著我們不斷加深生態系統之間的聯繫並進行 Afterpay 的複雜整合，我們最興奮的長期機會之一就是商業。在第三季度，我們完成了新發現選項卡的第一次迭代的推出，使客戶能夠無縫地搜索人員和企業並查找優惠，包括接受 Cash App Pay 的商家的即時折扣。 Cash App Pay 讓客戶可以通過簡單的二維碼支付結賬，無論是在線還是親自。在過去一年在 Square 賣家中測試 Cash App Pay 之後，我們開始在 Square 生態系統之外擴大 Cash App Pay 的接受範圍，首先是選擇 Afterpay 商家。

We're still early in our journey to transform Cash App into a commerce destination that bridges our seller and consumer ecosystems. We believe it will take some time to achieve this vision, and doing so will bring us back to our original mission to help sellers make more sales.

我們仍處於將 Cash App 轉變為連接賣家和消費者生態系統的商務目的地的早期階段。我們相信實現這一願景需要一些時間，這樣做將使我們回到最初的使命，幫助賣家增加銷售額。

Finally, we know a lot has changed in our business over the last year, including with the acquisition of Afterpay. And we recognize that understanding our business today may seem complex, especially in a changing macro environment. We're working to distill how we invest and operate into a clearer and more cohesive framework to help you better understand our business in 2023 and the longer term.

最後，我們知道去年我們的業務發生了很多變化，包括收購 Afterpay。我們認識到，理解我們今天的業務可能看起來很複雜，尤其是在不斷變化的宏觀環境中。我們正在努力將我們的投資和運營方式提煉成一個更清晰、更有凝聚力的框架，以幫助您更好地了解我們在 2023 年和更長期的業務。

Amrita will be addressing some of our current thinking for 2023 today in her remarks, but we plan to do so more comprehensively in our fourth quarter call in February. And with that, here's Amrita.

Amrita 今天將在她的講話中談到我們目前對 2023 年的一些想法，但我們計劃在 2 月的第四季度電話會議中更全面地這樣做。有了這個，這裡是 Amrita。

Thanks, Jack. There are 3 topics I'd like to cover today: first, an overview of our third quarter results; second, trends we've seen across our business in October; and third, our discipline around expenses. In the third quarter, we delivered strong growth across our ecosystems with gross profit of $1.57 billion, up 38% year-over-year and 46% on a 3-year CAGR basis. Gross profit includes a $19 million impact from the amortization of acquired technology assets, primarily related to Afterpay, and excluding these noncash expenses, gross profit was $1.59 billion.

謝謝，傑克。今天我想討論三個主題：第一，我們第三季度業績的概述；第二，我們在 10 月份看到的整個業務的趨勢；第三，我們圍繞費用的紀律。第三季度，我們的生態系統實現了強勁增長，毛利潤為 15.7 億美元，同比增長 38%，3 年復合年增長率為 46%。毛利潤包括主要與 Afterpay 相關的收購技術資產攤銷產生的 1900 萬美元影響，不包括這些非現金費用，毛利潤為 15.9 億美元。

We delivered strong profitability during the quarter, with adjusted EBITDA of $327 million. In the third 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 $1.42 billion, up 25% on a year-over-year basis and 42% on a 3-year CAGR basis. Cash App generated $774 million of gross profit in the third quarter, an increase of 51% year-over-year and 84% on a 3-year CAGR basis. Excluding our BNPL platform, Cash App gross profit was $700 million, up 37% year-over-year and 78% on a 3-year CAGR basis. This quarter, overall inflows into Cash App totaled $52 billion for growth of 19% year-over-year and represented our highest quarterly inflows into Cash App.

我們在本季度實現了強勁的盈利能力，調整後的 EBITDA 為 3.27 億美元。第三季度，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 14.2 億美元，同比增長 25%，3 年復合年增長率為 42%。 Cash App 在第三季度產生了 7.74 億美元的毛利潤，同比增長 51%，三年復合年增長率為 84%。不包括我們的 BNPL 平台，Cash App 的毛利潤為 7 億美元，同比增長 37%，3 年復合年增長率為 78%。本季度，Cash App 的整體流入總額為 520 億美元，同比增長 19%，是我們流入 Cash App 的最高季度流入量。

Let's look into the drivers using our inflow framework across actives, inflows per active and monetization rate. First, our network reached 49 million transacting actives in September, up 20% on a year-over-year basis, with daily and weekly actives growing even faster. With Cash App's community pillar, we remain focused on enhancing the viral growth of peer-to-peer with complementary marketing programs that target new audiences.

讓我們來看看使用我們的流入框架跨活躍、每活躍流入和貨幣化率的驅動因素。首先，我們的網絡在 9 月達到了 4900 萬交易活躍，同比增長 20%，每日和每週活躍增長更快。憑藉 Cash App 的社區支柱，我們仍然專注於通過針對新受眾的互補營銷計劃來增強點對點的病毒式增長。

Second, inflows per active averaged $1,046 in the third quarter, which was relatively consistent with the first and second quarters and was also stable on a year-over-year basis. Inflows per active has been driven by continued product adoption with Cash App Card and Direct Deposit, as Jack mentioned, and by expanding our inflow channels. We believe driving inflows per active starts with customers' ability to easily fund their Cash App accounts through a variety of channels. Together, direct deposit and paper money deposits have made up a growing share of overall inflows, reaching 14% of inflows in the third quarter, up from 9% a year ago. In September, customers received more than $2 billion in direct deposits into their Cash App accounts, driven by strong growth in Direct Deposit actives and Direct Deposit inflows per active compared to the prior year. Paper money deposits crossed nearly $3.5 billion in cumulative deposits through September, only a year since launch.

其次，第三季度每個活躍用戶的平均流入量為 1,046 美元，與第一季度和第二季度相對一致，同比也保持穩定。正如傑克所說，通過現金應用卡和直接存款繼續採用產品，以及擴大我們的流入渠道，推動了每個活躍用戶的流入。我們認為，推動每位活躍用戶的流入始於客戶通過各種渠道輕鬆為其 Cash App 賬戶注資的能力。直接存款和紙幣存款在總流入量中所佔的份額越來越大，第三季度達到流入量的 14%，高於一年前的 9%。 9 月，客戶在其 Cash App 賬戶中收到了超過 20 億美元的直接存款，這得益於與去年相比，直接存款活躍度和每個活躍度的直接存款流入量的強勁增長。截至 9 月，紙幣存款累計存款超過近 35 億美元，距推出僅一年。

Square generated $783 million of gross profit in the third quarter, an increase of 29% both year-over-year and on a 3-year CAGR basis. Excluding $75 million of gross profits from our BNPL platform, Square gross profit was $708 million, up 17% year-over-year and 25% on a 3-year CAGR basis. Square GPV grew 20% year-over-year in the quarter or 22% on a constant currency basis with a 2-point headwind to growth from foreign exchange rates.

Square 在第三季度創造了 7.83 億美元的毛利潤，同比和 3 年復合年增長率均增長 29%。不包括我們 BNPL 平台的 7500 萬美元毛利潤，Square 毛利潤為 7.08 億美元，同比增長 17%，3 年復合年增長率為 25%。 Square GPV 在本季度同比增長 20% 或按固定匯率計算增長 22%，外匯匯率增長受到 2 個百分點的不利影響。

Looking at our cohort economics, we continue to see healthy retention trends across our existing seller base. In the third quarter, we achieved positive GPV and gross profit retention for our Square business. Looking into the drivers of Square's third quarter performance. First, we continue to drive growth with larger sellers. Gross profit from mid-market sellers was up 22% year-over-year and 39% on 3-year CAGR basis. Our developer tools have helped us serve the needs of larger, more complex sellers, allowing us to grow up-market. During the third quarter, nearly 50% of mid-market GPV was generated by sellers connected to our open developer platform.

從我們的隊列經濟學來看，我們繼續在現有的賣家群中看到健康的保留趨勢。在第三季度，我們的 Square 業務實現了正的 GPV 和毛利潤保留。調查 Square 第三季度業績的驅動因素。首先，我們繼續與更大的賣家一起推動增長。中端市場賣家的毛利潤同比增長 22%，3 年復合年增長率為 39%。我們的開發人員工具幫助我們滿足更大、更複雜的賣家的需求，使我們能夠在高端市場中成長。在第三季度，近 50% 的中端市場 GPV 是由連接到我們開放開發者平台的賣家產生的。

Second, we continue to expand globally. In the third quarter, GPV from our markets outside the U.S. grew 40% year-over-year or 55% on a constant currency basis as foreign exchange was a significant drag on a year-over-year growth across all international markets. Looking at volume trends by market in the quarter. Growth in Australia and Canada remained strong while we saw a macro-related slowdown in the U.K.

其次，我們繼續在全球範圍內擴張。第三季度，我們在美國以外市場的 GPV 同比增長 40% 或按固定匯率計算增長 55%，因為外匯對所有國際市場的同比增長造成重大拖累。查看本季度按市場劃分的數量趨勢。澳大利亞和加拿大的增長保持強勁，而英國則出現與宏觀相關的放緩。

Now to provide an update on our BNPL platform, which we acquired through the Afterpay acquisition. In the third quarter, GMV for our BNPL platform was $5.4 billion, up 10% year-over-year or 60% on a 3-year CAGR basis. For overall growth trends, we've experienced an impact 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 in the third quarter. As we integrate Afterpay, our teams are focused on bridging commerce across Cash App and Square and are making steady progress towards our longer-term vision.

現在提供我們通過 Afterpay 收購獲得的 BNPL 平台的更新。第三季度，BNPL 平台的 GMV 為 54 億美元，同比增長 10% 或 3 年復合年增長率為 60%。對於整體增長趨勢，我們經歷了從在線到面對面的支出轉變、競爭動態以及外彙的影響，這使第三季度的 GMV 同比增長放緩了 5 個百分點。隨著我們整合 Afterpay，我們的團隊專注於在 Cash App 和 Square 之間架起商業橋樑，並朝著我們的長期願景穩步前進。

On a GAAP basis, revenue for our BNPL platform was up 6% year-over-year, growing slower than GMV, given mix shift to enterprise sellers and newer markets. Gross profit was down 3% year-over-year, impacted by $12 million in amortization of intangibles within cost of sales. Without this impact, gross profit would have been more in line with revenue growth. Losses on consumer receivables were 0.96% of GMV during the third quarter, an improvement quarter-over-quarter compared to 1.02% in the second quarter and an improvement year-over-year, driven by mix shifts as well as enhancements to our risk models and processes during the first half of the year.

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，因為混合轉向企業賣家和新市場。毛利潤同比下降 3%，受到銷售成本中 1200 萬美元無形資產攤銷的影響。如果沒有這種影響，毛利潤將更符合收入增長。第三季度消費者應收賬款損失佔 GMV 的 0.96%，與第二季度的 1.02% 相比，環比有所改善，並且同比有所改善，這是由組合轉變以及我們風險模型的改進所推動的和上半年的流程。

We continue to see healthy consumer repayment behavior, with more than 95% of installments paid on time. As we enter into 2023, we intend on simplifying many of these disclosures, we don't intend on speaking to our BNPL performance separately once we anniversary the acquisition of Afterpay. And we'll also shift our focus away from 3-year CAGRs and towards year-over-year growth rates as we lap the onset of the pandemic 3 years ago.

我們繼續看到健康的消費者還款行為，超過 95% 的分期付款按時支付。隨著我們進入 2023 年，我們打算簡化其中的許多披露，我們不打算在我們收購 Afterpay 週年紀念日後單獨談論我們的 BNPL 業績。隨著 3 年前大流行的爆發，我們還將把重點從 3 年的複合年增長率轉移到同比增長率上。

Next, an update on recent trends. On both a year-over-year and 3-year CAGR basis, October total gross profit growth is expected -- is estimated to be relatively consistent with the third quarter. In October, we estimate overall company gross profit growth of 37% on a year-over-year basis, including our BNPL platform, or 24% excluding our BNPL platform. We expect fourth quarter gross profit growth to remain relatively consistent with third quarter growth rates on both a year-over-year and 3-year CAGR basis at the total company level.

接下來，對最近的趨勢進行更新。在同比和 3 年復合年增長率的基礎上，預計 10 月份的總毛利潤增長 - 估計與第三季度相對一致。 10 月份，我們估計公司整體毛利潤同比增長 37%，包括我們的 BNPL 平台，或 24%，不包括我們的 BNPL 平台。我們預計第四季度毛利潤增長將與第三季度在整個公司層面的同比和 3 年復合年增長率保持相對一致。

Now let's dig into some of the dynamics by ecosystem. For Cash App, we expect the year-over-year gross profit growth rate to improve in the fourth quarter compared to the third quarter. We saw this play out in October where we estimate Cash App gross profit growth, excluding our BNPL platform, improved on a year-over-year basis compared to 37% in the third quarter. On a 3-year CAGR basis, we expect to see a slight decrease in Cash App's gross profit growth in the fourth quarter relative to the third quarter as we lap the launch of Tabs in 2019.

現在讓我們按生態系統深入研究一些動態。對於 Cash App，我們預計第四季度的毛利潤同比增長率將比第三季度有所改善。我們在 10 月份看到了這種情況，我們估計 Cash App 的毛利潤增長（不包括我們的 BNPL 平台）同比有所改善，而第三季度為 37%。在 3 年復合年增長率的基礎上，隨著我們在 2019 年推出 Tabs，我們預計第四季度 Cash App 的毛利潤增長將比第三季度略有下降。

Cash App's gross profit growth in October was driven by growth in actives and monetization rate, while inflows per active was relatively consistent on a year-over-year basis. Cash App Card continued to have strong momentum on active and spend per active, which both increased on a year-over-year basis. For Square, we expect the year-over-year growth rate for gross profit, excluding our BNPL platform, to moderate in the fourth quarter compared to the third quarter given we are now lapping $59 million of nonrecurring PPP gross profit recognized in the fourth quarter of 2021.

Cash App 10 月份的毛利潤增長是由活躍度和貨幣化率的增長推動的，而每活躍度的流入量同比相對穩定。 Cash App Card 在活躍度和每活躍度支出方面繼續保持強勁勢頭，均同比增長。對於 Square，我們預計第四季度毛利潤的同比增長率（不包括我們的 BNPL 平台）與第三季度相比將放緩，因為我們現在已經在第四季度確認了 5900 萬美元的非經常性 PPP 毛利潤2021 年。

Excluding PPP and our BNPL platform, we expect year-over-year gross profit growth for Square in the fourth quarter to be relatively consistent with the third quarter, which had a 19% year-over-year growth rate with the same exclusions. On a 3-year CAGR basis, we expect gross profit growth, excluding our BNPL platform, to decrease slightly in the fourth quarter relative to the third quarter. Looking at recent volume trends, we estimate Square GPV in October was up 16% year-over-year compared to 20% growth in the third quarter, and on a constant currency basis, 19% year-over-year as compared to 22% in the third quarter.

剔除 PPP 和我們的 BNPL 平台，我們預計 Square 在第四季度的同比毛利潤增長將與第三季度相對一致，第三季度的同比增長率為 19%，同樣排除在外。在 3 年復合年增長率的基礎上，我們預計第四季度毛利潤增長（不包括我們的 BNPL 平台）將比第三季度略有下降。從最近的交易量趨勢來看，我們估計 10 月份 Square GPV 同比增長 16%，而第三季度增長 20%，按固定匯率計算，同比增長 19%，而第三季度增長 22%在第三季度。

Trends on a 3-year CAGR basis were more stable as we estimate GPV grew by 21% in October compared to 22% in the third quarter. By region, growth in the U.S. remains relatively stable through October. However, we've seen a meaningful slowdown in year-over-year GPV growth in our international markets, primarily driven by foreign exchange rates and, to a lesser extent, the ongoing macro-related slowdown in the U.K. In October, we estimate that international GPV was up 23% year-over-year or 44% on a constant currency basis.

3 年復合年增長率的趨勢更加穩定，因為我們估計 10 月份的 GPV 增長了 21%，而第三季度為 22%。按地區劃分，美國的增長在 10 月份保持相對穩定。然而，我們看到我們的國際市場的 GPV 同比增長顯著放緩，這主要是由外匯匯率驅動的，在較小程度上是由於英國持續的宏觀相關放緩。在 10 月份，我們估計國際 GPV 同比增長 23%，按固定匯率計算增長 44%。

Moving to our planned investments for the fourth quarter of 2022. While our business trends have remained stable through October, we have been increasingly focused on our spend amidst an uncertain macro environment. We plan to reduce our investments for the full year 2022 by an additional $140 million, which brings the total pullback on our planned non-GAAP operating expenses on the year to $590 million or approximately 25% of our expected step-up entering the year. For the fourth quarter, we expect to increase non-GAAP operating expenses by $206 million compared to the third quarter.

轉向我們在 2022 年第四季度的計劃投資。雖然我們的業務趨勢在 10 月份保持穩定，但在不確定的宏觀環境中，我們越來越關注我們的支出。我們計劃將 2022 年全年的投資再減少 1.4 億美元，這使我們當年計劃的非公認會計原則運營費用的總回撤至 5.9 億美元，約占我們進入今年預期增長的 25%。對於第四季度，我們預計非 GAAP 運營費用將比第三季度增加 2.06 億美元。

Looking ahead to 2023, we are still in the process of finalizing our plans for next year. And while we aren't quite ready to share specifics, we wanted to give you a sense of how we are thinking about next year. Over the past several years, we've significantly grown our business and our expense base. Looking to 2023, we're focused on operating more efficiently, and we expect a slower pace of expense growth meaningfully compared to prior years.

展望 2023 年，我們仍在敲定明年的計劃。雖然我們還沒有準備好分享具體細節，但我們想讓您了解我們對明年的看法。在過去幾年中，我們的業務和開支基礎顯著增長。展望 2023 年，我們將專注於提高運營效率，我們預計與往年相比，支出增長速度會顯著放緩。

Based on our preliminary plans, our outlook includes a slowdown across several areas of our discretionary expenses, a continuation of the discipline we've seen from us in recent quarters. In particular, 2 areas to underscore. First, hiring. Headcount makes us the largest driver of our expense base. In 2023, we expect to significantly moderate our pace of hiring compared to recent years, which will benefit our financial results on a lag, with greater leverage on headcount costs expected in the back half of 2023 and into 2024.

根據我們的初步計劃，我們的前景包括我們的可自由支配開支的幾個領域的放緩，這是我們在最近幾個季度看到的紀律的延續。特別要強調兩個方面。首先，招聘。員工人數使我們成為支出基礎的最大驅動力。與近年來相比，我們預計 2023 年的招聘步伐將顯著放緩，這將有利於我們滯後的財務業績，預計在 2023 年下半年和 2024 年對員工成本產生更大的影響。

Second, sales and marketing. In 2023, we intend on pulling back on lower ROI, more experimental areas, including brand and awareness spend across both our Square and Cash App ecosystems and continue investing in channels with more proven ROI. Outside of these, 1/3 of our non-GAAP operating expenses include variable expenses, which has historically grown more in line with overall gross profit, including transaction and loan losses, peer-to-peer costs, Cash App Card issuance costs and expenses related to data and our platform infrastructure.

第二，銷售和營銷。 2023 年，我們打算在 Square 和 Cash App 生態系統中撤回較低的投資回報率、更多的實驗領域，包括品牌和知名度支出，並繼續投資於投資回報率更高的渠道。除此之外，我們 1/3 的非 GAAP 運營費用包括可變費用，該費用歷來與整體毛利潤更加一致，包括交易和貸款損失、點對點成本、現金應用卡發行成本和費用與數據和我們的平台基礎設施相關。

We continue to see a compelling opportunity for long-term growth, and we're prepared to be dynamic with our spend as we see the macro environment play out, both investing more when we see returns and pulling back with lower or uncertain returns as we've done in the past. We'll look to share more on our approach for the coming year in our fourth quarter earnings call in February.

我們繼續看到一個令人信服的長期增長機會，並且隨著我們看到宏觀環境的發展，我們準備在支出方面保持活力，當我們看到回報時進行更多投資，並在我們看到回報較低或不確定的情況下回落過去做過。我們將在 2 月份的第四季度財報電話會議上分享更多關於來年的方法。

Ultimately, we remain focused on balancing growth and profitability in this environment. We want to operate with efficiency and agility in 2023 and beyond, with an increasing focus on not only top line growth, but also profitability across both adjusted EBITDA and profit metrics that factor in stock-based compensation, where we intend on driving leverage over time. To conclude, as we enter an uncertain macro environment, our agility means we can track our business trends in real-time across a diverse set of products and customers and make strategic decisions quickly to support our customers and adapt to the changes we observed.

最終，我們仍然專注於在這種環境下平衡增長和盈利能力。我們希望在 2023 年及以後以高效和敏捷的方式運營，不僅要更加關注收入增長，還要關注調整後 EBITDA 和考慮股票薪酬的利潤指標的盈利能力，我們打算隨著時間的推移提高槓桿率.總而言之，當我們進入一個不確定的宏觀環境時，我們的敏捷性意味著我們可以實時跟踪各種產品和客戶的業務趨勢，并快速做出戰略決策以支持我們的客戶並適應我們觀察到的變化。

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

有了這個，我們將向您提出問題。

(Operator Instructions) Your first question comes from the line of Tien-Tsin Huang with JPMorgan.

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

It's nice to see the strong revenue, gross profit and EBITDA here. So just wanted to build on what you just talked about there, Amrita. Just thinking ahead, I know you're not going to give too much specific guidance for fiscal '23, but is it reasonable to expect that Block is now in a position to show some operating leverage in '23, given the less certain macro and you've invested quite a bit? It looks like you're getting good returns since the bottom of the pandemic here. But can we get back to operating leverage when we get back to '23?

很高興在這裡看到強勁的收入、毛利潤和 EBITDA。所以只是想在你剛才談到的內容的基礎上再接再厲，Amrita。只是想一想，我知道你不會為 '23 財年提供太多具體指導，但考慮到宏觀和不確定性較低，預計 Block 現在能夠在 '23 年顯示一些經營槓桿是否合理？你投入了很多？自從這裡的大流行底部以來，您似乎獲得了不錯的回報。但是，當我們回到 23 年時，我們能否恢復運營槓桿？

Thanks for the question, Tien-Tsin. We are focused on driving long-term profitable growth at scale. And what that means for us is that we're going to balance growth and margins in our investment framework. As you note, given the significant growth of our business, we've grown our investments over the past few years to create products and marketing engines that help us drive that top line growth paired with profitable unit economics across both of our ecosystems.

謝謝天津的提問。我們專注於推動大規模的長期盈利增長。這對我們來說意味著我們將在我們的投資框架中平衡增長和利潤。正如您所指出的，鑑於我們業務的顯著增長，我們在過去幾年中增加了投資，以創造產品和營銷引擎，幫助我們推動收入增長，同時在我們的兩個生態系統中實現盈利的單位經濟。

Our preliminary 2023 plans really significantly moderate those expense -- that expense growth as we focus on balancing growth and profitability. Longer term, we do -- we will continue to moderate that expense growth to drive increased operating efficiency, profitability. And specifically for Cash App, we do expect to see operating leverage next year. We'll have more to say in February, of course, as we're still in our planning stages across the business.

我們的 2023 年初步計劃確實顯著降低了這些費用——當我們專注於平衡增長和盈利能力時，費用增長。從長遠來看，我們會這樣做——我們將繼續減緩費用增長，以提高運營效率和盈利能力。特別是對於 Cash App，我們確實預計明年會看到運營槓桿。當然，我們將在二月份有更多話要說，因為我們仍處於整個業務的規劃階段。

Our focus ultimately is on agility. As the environment continues to evolve here, we want to remain agile and be able to adapt to what we're seeing. And we intend on maintaining the discipline that you've seen so far this year with the pullback in discretionary, operating expenses particularly in those areas that are less efficient or conversely lean into areas where we are seeing attractive returns and that enable us to grow our business in a profitable way over time.

我們最終的重點是敏捷性。隨著這裡環境的不斷發展，我們希望保持敏捷並能夠適應我們所看到的情況。我們打算保持今年迄今為止您所看到的紀律，減少可自由支配的運營費用，特別是在那些效率較低或相反傾向於我們看到有吸引力的回報的領域，這使我們能夠發展我們的隨著時間的推移以有利可圖的方式開展業務。

We've proven that ability to kind of dial back expenses in real time. So far this year, we pulled back almost $600 million, about 10% of our planned OpEx space or 25% of the step-up where we haven't seen returns or where the returns are less certain in order to deliver more near-term profitability. That gives us the confidence in our ability to continue to invest and help us determine how much is needed to drive that next incremental dollar of growth and where we should be prioritizing our investment over time.

我們已經證明了這種實時撥回費用的能力。今年到目前為止，我們撤回了近 6 億美元，大約是我們計劃的運營支出空間的 10% 或我們尚未看到回報或回報不太確定的升級空間的 25%，以便在短期內交付更多盈利能力。這讓我們對我們繼續投資的能力充滿信心，並幫助我們確定需要多少資金來推動下一個增量增長，以及隨著時間的推移我們應該在哪裡優先考慮我們的投資。

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

您的下一個問題來自 Lisa Ellis 和 MoffettNathanson 的觀點。

I just wanted to follow up that call out in your shareholder letter in the prepared remarks about the 18 million monthly Cash App Card users. You now have 35% of total monthly actives. Can you elaborate a bit on the nature of the Cash Card users? So for example, do you have a sense for how many cash card users you now have using the Cash Card as their primary debit card? Or like are these banks consumers? Or is this their primary bank accounts? And what steps are you taking to kind of keep building out the wallet share of those Cash Card users? I think you had highlighted at Investor Day, they drive something like 5x as much gross profit as a non-Cash Card user.

我只是想在準備好的關於每月 1800 萬現金應用卡用戶的評論中跟進您在股東信中的呼籲。您現在擁有每月總活躍人數的 35%。您能詳細說明一下現金卡用戶的性質嗎？例如，您是否知道您現在有多少現金卡用戶使用現金卡作為他們的主要藉記卡？還是這些銀行的消費者？或者這是他們的主要銀行賬戶？您正在採取哪些措施來不斷擴大這些現金卡用戶的錢包份額？我想你在投資者日強調過，他們的毛利潤是非現金卡用戶的 5 倍。

Lisa, thanks for the question. I can kick off here. Driving product adoption for us across our banking products is one of our primary focus areas within our Cash App pillar around financial services. And we've experienced strong attach rates here. These financial services products allow us to really deepen our relationship with our customers beyond just peer-to-peer and serve them more holistically related to their finances.

麗莎，謝謝你的問題。我可以從這裡開始。在我們的銀行產品中推動產品採用是我們圍繞金融服務的 Cash App 支柱中的主要重點領域之一。我們在這裡經歷了強大的附加率。這些金融服務產品使我們能夠真正加深與客戶的關係，而不僅僅是點對點，並更全面地為他們提供與其財務相關的服務。

So specifically for Cash App Card, as you know, 18 million monthly actives in September, growing 20% -- or sorry, growing strongly and then now growing in terms of attach at 35% of our monthly actives during the month. And also with strong engagement in September, Cash App Card actives made 16 purchases during the month on average. So we're seeing our customers using their card on average every other day. And really with broad-based utilities, with customers spending across a diverse range of use cases, gas and utilities, restaurants and grocery, various retailers, and with spend that's increased over time on a per user basis. So in the third quarter, spend per active grew on a year-over-year basis, bringing -- as we see our customers bringing more of their spend to Cash App Card.

如您所知，特別是對於 Cash App Card，9 月份有 1800 萬月活躍用戶，增長了 20%——或者抱歉，增長強勁，然後現在就附加而言增長，占我們月活躍用戶的 35%。此外，由於 9 月份的積極參與，Cash App Card 活躍用戶在該月平均進行了 16 次購買。所以我們看到我們的客戶平均每隔一天使用一次他們的卡。實際上，對於基礎廣泛的公用事業，客戶在各種用例、天然氣和公用事業、餐館和雜貨店、各種零售商的支出，並且隨著時間的推移，每個用戶的支出都在增加。因此，在第三季度，每位活躍用戶的支出同比增長，我們看到我們的客戶將更多的支出用於 Cash App Card。

And as Jack noted, Cash App Card customers accounted for about half of overall inflows into Cash App, to your point about the importance of this customer base to our ecosystem. And these customers have also significantly higher monetization rate, compounding together as they bring more inflows and a higher monetization rate to drive even greater gross profit from this Cash App Card customer cohort.

正如傑克所指出的，Cash App Card 客戶約佔 Cash App 總流入量的一半，這表明該客戶群對我們的生態系統的重要性。這些客戶的貨幣化率也顯著提高，隨著他們帶來更多的流入和更高的貨幣化率，從而從這個 Cash App Card 客戶群中獲得更大的毛利潤。

Maybe the final thing that I'd say here is that Cash App Card is an important way for us to bring Cash App to greater top of mind from a financial services perspective, certainly top of wallet for our customers, bigger part of the core offering as we graduate our customers from peer to peer into the ease of use of our financial services products. And we see that really resonating with younger demographics, but also as a way to drive greater adoption into other banking products like Direct Deposit, where we've now eliminated the friction of allowing customers to create a direct deposit account the moment they sign up for Cash App Card and which, though it's still early days, has meaningfully increased the adoption of direct deposit as well for us. So it's important in and of itself, but also important as the gateway to adopting other banking products within Cash App.

也許我在這裡要說的最後一件事是，Cash App Card 是我們從金融服務的角度將 Cash App 置於更重要位置的重要方式，當然是我們客戶的首選錢包，核心產品的更大部分當我們讓我們的客戶從對等網絡中逐步了解我們金融服務產品的易用性時。我們認為這確實引起了年輕人的共鳴，同時也是推動其他銀行產品（如直接存款）更多采用的一種方式，我們現在已經消除了允許客戶在註冊時創建直接存款賬戶的摩擦Cash App Card 雖然還處於早期階段，但對我們來說也有意義地增加了直接存款的採用。因此，它本身很重要，但作為在 Cash App 中採用其他銀行產品的門戶也很重要。

I'll just say to your question, we don't have the data on whether we're primarily against other cards or other banks, but that is certainly our goal. And I think we have a better strategy over the long term in that we are not just a card, we are not just savings or other features that we offer, including the Discover Tab to find commerce, Bitcoin, stocks, deposits, people, peer-to-peer, obviously, which is the easiest way to send money to anyone.

我只想對你的問題說，我們沒有關於我們是否主要針對其他卡或其他銀行的數據，但這當然是我們的目標。而且我認為從長遠來看，我們有一個更好的策略，因為我們不僅僅是一張卡，我們不僅僅是我們提供的儲蓄或其他功能，包括發現標籤來查找商業、比特幣、股票、存款、人、同行點對點，顯然，這是向任何人匯款的最簡單方式。

People come in for various different reasons, and they will find our other services, and ideally, those services resonate even more. And our goal at first is to be first consideration for any one of these services, including the Cash App Card. But over time, we want to work towards being primary because everything that you need in your financial life, you can find within Cash App. So that is the goal. That's what we're focused on, and I think we have the best strategy to get there.

人們出於各種不同的原因進來，他們會發現我們的其他服務，理想情況下，這些服務會引起更大的共鳴。我們的目標是首先考慮這些服務中的任何一項，包括 Cash App Card。但隨著時間的推移，我們希望努力成為主要的，因為您在財務生活中需要的一切都可以在 Cash App 中找到。所以這就是目標。這就是我們所關注的，我認為我們有實現目標的最佳策略。

We have Ali Kenis, a Square seller, dialing in to ask a question.

我們讓 Square 賣家 Ali Kenis 撥入詢問問題。

My name is Ali, and I own Sugar Lab Bake Shop in Ventura, California. We've been using Square to run operations at Sugar Lab for the last 10 years, which is as long as we've been in business. We've grown to over 45 employees over the years, not currently, but we do use several Square software and hardware products, including stand, point-of-sale marketing, loyalty, savings, payroll and more, pretty much everything. And then I'm also a Square Super Seller.

我叫 Ali，我在加利福尼亞州文圖拉擁有 Sugar Lab Bake Shop。在過去的 10 年裡，我們一直在使用 Square 在 Sugar Lab 開展業務，這與我們開展業務的時間一樣長。這些年來，我們已經發展到超過 45 名員工，但我們確實使用了幾種 Square 軟件和硬件產品，包括展台、銷售點營銷、忠誠度、儲蓄、工資單等等，幾乎所有東西。然後我也是一個 Square 超級賣家。

So my question is, as the tight labor market continues in the food industry, we have fewer bakers and kitchen staff this year. How can Square help us prepare to handle the seasonal rush? And what are ways in which I can attract talent in time for the holidays, especially given that we're competing with larger businesses?

所以我的問題是，隨著食品行業勞動力市場的持續緊張，今年我們的麵包師和廚房員工減少了。 Square 如何幫助我們做好應對季節性高峰的準備？我可以通過哪些方式在假期及時吸引人才，尤其是考慮到我們正在與更大的企業競爭？

Thank you, and congrats on your business. I think the biggest thing here is anything that we can do from a technology perspective to give you time back. First and foremost, to make sure that you're not wasting a bunch of time hooking up different systems and fiddling with interface, that all the solutions we provide are intuitive and they get easier and easier and potentially even more automated, so that you can focus more on what you have and doing a whole lot more with less. So that is the first part. And we're focused a lot on that internally, but there are also products that will take some of the workload off you such as self-serve ordering and Square Payroll's On-Demand Pay.

謝謝你，祝賀你的生意。我認為這裡最重要的事情是我們可以從技術角度做任何事情來給你時間。首先，為了確保您不會浪費大量時間連接不同的系統和擺弄界面，我們提供的所有解決方案都是直觀的，它們變得越來越容易，甚至可能更加自動化，這樣您就可以更多地關注你擁有的東西，用更少的錢做更多的事情。這是第一部分。我們在內部非常關注這一點，但也有一些產品可以減輕您的一些工作量，例如自助訂購和 Square Payroll 的按需支付。

And also making it much more efficient for your employees. So our team management product, I don't know if you've used that yet, we focus a lot of energy on making sure that the team and the employees, and you have 45 Sugar Lab (inaudible) where it could be quite useful that they have all the information they need to help you operate and run the business very efficiently. All of these things that we're doing today, we're going to continue to improve with more automation, more artificial intelligence that you can turn on and off and really make informed decisions around how you run your business.

並且還使您的員工更有效率。所以我們的團隊管理產品，我不知道你是否使用過它，我們將大量精力集中在確保團隊和員工，並且你有 45 Sugar Lab（聽不清），它可能非常有用他們擁有幫助您非常有效地運營和經營業務所需的所有信息。我們今天正在做的所有這些事情，我們將通過更多的自動化和更多的人工智能繼續改進，您可以打開和關閉這些人工智能，並真正圍繞您的業務運營做出明智的決策。

And as you continue to grow your business, it becomes more and more attractive to more people. So by focusing on your customers and making sure that you have your time focused entirely on that instead of all the operational capacities or needs of your business, which is where we come in, your business gets more successful and more people want to join. So thank you for using Square, and we'll keep at it.

隨著您的業務不斷發展，它對更多人的吸引力越來越大。因此，通過專注於您的客戶並確保您的時間完全專注於這一點，而不是您的業務的所有運營能力或需求，這是我們進來的地方，您的業務會變得更加成功，並且會有更多人想要加入。因此，感謝您使用 Square，我們將繼續努力。

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

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

Look, just following up a little more on Cash App. The combination of monthly active user strength continues as well as the gross profit. It looks like attach rates, the card was a key part. But if you could just remind us on what you see as the real opportunity there in terms of attach rates on different products and what -- really what the path is for ARPU when layering in not only what you've already done on the sort of the financial services side, but also what kind of opportunity pay with cash can be and how the progress is going there, too?

看，只是在 Cash App 上多做一些跟進。月活躍用戶強度和毛利潤的結合仍在繼續。看起來像附加費率，卡是關鍵部分。但是，如果您能提醒我們，您認為在不同產品的附加率方面存在的真正機會以及什麼 - 真正的 ARPU 路徑是什麼，而不僅僅是您已經在那種金融服務方面，還有什麼樣的機會用現金支付？進展如何？

Darrin, thanks for the question. So let me start with kind of where we are in terms of ARPU, which is another metric you can measure along with the overall inflows framework, and then talk about where some of our product priorities sit, based on where we're driving key elements of the inflows framework forward.

達林，謝謝你的問題。因此，讓我從我們在 ARPU 方面的情況開始，這是您可以與整體流入框架一起衡量的另一個指標，然後根據我們推動關鍵要素的位置來討論我們的一些產品優先級的位置流入框架向前推進。

So from an ARPU perspective, gross profit per active, excluding the BNPL platform, was $57 in the third quarter, up from $53 in the second and $50 in the first quarter. So we are continuing to see growth there, in part driven by our monetization rate, in part driven by the increased utilization of the platform, strong engagement on the Cash App platform. If you break that down across our inflows framework, what we look at is active where we've continued to see strong growth; inflows per active, which we've seen continued stability despite now lapping some of the significant government disbursements and even some of the seasonal tax benefits from the first half of this year; and then monetization rate, where, as I said, we have some products where we can flex our pricing and some products where we are driving engagement and driving utilization.

因此，從 ARPU 的角度來看，不包括 BNPL 平台的每個活躍用戶的毛利潤在第三季度為 57 美元，高於第二季度的 53 美元和第一季度的 50 美元。因此，我們繼續看到那裡的增長，部分原因是我們的貨幣化率，部分原因是平台利用率的提高，Cash App 平台的強大參與度。如果你在我們的流入框架中分解它，我們看到的是活躍的，我們繼續看到強勁的增長；每個活躍用戶的流入量，儘管現在已經超過了一些重要的政府支出，甚至是今年上半年的一些季節性稅收優惠，但我們已經看到持續穩定；然後是貨幣化率，正如我所說，我們有一些產品可以靈活定價，還有一些產品可以提高參與度和利用率。

That inflows framework is really clarifying for us in terms of our product road map and where we see the traction across each of those variables. And so these 3 top product development pillars that I'd call out are financial services, network growth and trust in terms of being able to continue to drive the Cash App platform forward. From a financial services perspective, as you've noted, we've seen growing adoption here, and that's a key top priority for us into 2023 to see continued adoption of these products across not only Cash App Card and Direct Deposit, where there's a lot more for us to do there. Strong traction but continued runway ahead, but also through some of the newer products that are continuing to take hold like Cash App Pay, as you noted, where we see 60% of Cash App Pay volumes are now from customers who aren't active in Cash App Card, showing that strong brand affinity for our products beyond even a strong attach product like Cash App Card.

就我們的產品路線圖以及我們看到每個變量的牽引力而言，流入框架確實為我們澄清了。因此，我要指出的這 3 個頂級產品開發支柱是金融服務、網絡增長和信任，它們能夠繼續推動 Cash App 平台向前發展。正如您所指出的，從金融服務的角度來看，我們在這裡看到越來越多的採用，這是我們到 2023 年看到這些產品繼續採用不僅在現金應用卡和直接存款中的首要任務，其中有我們還有很多事情要做。正如您所指出的，強勁的牽引力但繼續保持領先，而且還通過一些繼續佔據主導地位的新產品，如 Cash App Pay，我們看到現在 60% 的 Cash App Pay 交易量來自不活躍的客戶Cash App Card，表明我們的產品具有強大的品牌親和力，甚至超越了 Cash App Card 等強大的附加產品。

And also for products like Cash App Borrow, which we're still in the early days of ramping and where we've seen strong growth with profitable unit economics. From a network growth perspective, our priorities here is using our core differentiator, which is the network effects inherent in Cash App to really bring customer engagement out and enable our customers to engage more with their network and with each other, including bringing others from their network into Cash App.

還有像 Cash App Borrow 這樣的產品，我們仍處於起步階段，我們已經看到強勁的增長和盈利的單位經濟。從網絡增長的角度來看，我們的首要任務是利用我們的核心差異化優勢，即 Cash App 固有的網絡效應，真正讓客戶參與進來，讓我們的客戶能夠更多地參與到他們的網絡和彼此之間，包括從他們的網絡中吸引其他人網絡進入現金應用程序。

And then from a trust perspective, we've evolved relatively quickly from a peer-to-peer app into a financial services app, and trust in our platform is extremely important as customers bring more of their money into the app. And so that's another key focus for us as we drive our inflows framework forward, and ultimately, as we drive ARPU forward as well.

然後從信任的角度來看，我們從點對點應用程序發展為金融服務應用程序的速度相對較快，並且隨著客戶將更多資金帶入應用程序，對我們平台的信任非常重要。因此，這是我們推動流入框架向前發展的另一個關鍵焦點，最終，隨著我們推動 ARPU 向前發展。

Your next question is from the line of Timothy Chiodo with Credit Suisse.

您的下一個問題來自瑞士信貸的 Timothy Chiodo。

I want to talk a little bit about Cash App customer acquisition costs. So taking this back actually to a comment that you made last quarter. You mentioned that CAC was relatively stable versus 2021, which was, at the time, you had mentioned the $10 blended CAC number. So we were a little bit surprised to hear that simply because you've been moving more towards building density with higher income customers and making the direct deposit push. And we would have expected that to maybe come up a little bit.

我想談談 Cash App 的客戶獲取成本。因此，實際上將其帶回到您上個季度發表的評論中。您提到 CAC 與 2021 年相比相對穩定，當時您提到了 10 美元的混合 CAC 數字。因此，我們聽到這個消息感到有點驚訝，這僅僅是因為您一直在向更高收入客戶的密度建設邁進，並推動直接存款。我們本來預計這可能會出現一點點。

If you could just talk about what some of the offsets have been, how you've been able to contain those customer acquisition costs. Clearly, the peer-to-peer network is a part of it, but maybe some of the other drivers, Boost, Afterpay? And then broadly, to the extent you can, if you could give us an update on gross adds and churn trends for the Cash App base overall.

如果你能談談一些抵消是什麼，你是如何控制這些客戶獲取成本的。顯然，點對點網絡是其中的一部分，但也許其他一些驅動因素，Boost，Afterpay？然後從廣義上講，如果您可以向我們提供有關現金應用程序庫整體的總增加和流失趨勢的最新信息。

Tim, I can kick us off here. Thanks for the question. We've continued to see relative efficiency in terms of our sales and marketing spend here with the cost of acquisition for net new actives in line -- continue to be in line with what we saw in 2021, as you noted in that $10 sort of customer acquisition cost range.

蒂姆，我可以在這裡踢我們。謝謝你的問題。我們在這裡的銷售和營銷支出方面繼續看到相對效率，淨新活動的獲取成本保持一致——繼續與我們在 2021 年看到的一致，正如你在 10 美元的那種獲客成本範圍。

We are looking to drive new demographics. We are looking to drive higher product adoption at the start with our new customers, and we are looking to bring in higher lifetime value customers. We're seeing some of that play out now in some of the trends that you've seen today, including across the financial services offerings, Cash App Card and some of those core offerings that have become a bigger part of our product adoption earlier on in the customers' life cycle. We're pairing that with being disciplined in our spend. We're focused on the channels that we have the most confidence in and in driving the greatest returns and are prepared to be flexible on that moving forward.

我們正在尋求推動新的人口統計。我們希望從一開始就與我們的新客戶一起推動更高的產品採用率，並且我們希望引入更高生命週期價值的客戶。我們現在在您今天看到的一些趨勢中看到了其中的一部分，包括金融服務產品、Cash App Card 和一些核心產品，這些產品已經成為我們早期產品採用的重要組成部分在客戶的生命週期中。我們將這一點與我們的支出紀律相結合。我們專注於我們最有信心並在推動最大回報方面最有信心的渠道，並準備在向前邁進時保持靈活。

Ultimately, we think there's a tremendous opportunity from an actives perspective to continue our growth here. If you think about digital natives, Gen Z, millennial customers, though they make up a significant portion of Cash App customers, we are still only penetrated into 20% of Gen Z, millennial customers as of the U.S. population, as we shared at our Investor Day in March. This is the fastest-growing demographic for us in monthly actives over the past few years, but there's still much more we can do here to bring the other 80% into Cash App over time, too.

最終，我們認為從積極的角度來看，這裡有一個巨大的機會來繼續我們的增長。如果您考慮數字原住民、Z 世代、千禧一代客戶，儘管他們佔 Cash App 客戶的很大一部分，但我們仍然只滲透到美國人口中 20% 的 Z 世代千禧一代客戶，正如我們在我們的三月的投資者日。這是過去幾年我們每月活躍用戶增長最快的人群，但隨著時間的推移，我們還可以做更多的事情來將另外 80% 的用戶帶入 Cash App。

Your next question is from Michael Ng with Goldman Sachs.

您的下一個問題來自高盛的 Michael Ng。

I was just wondering if you could expand on the inflow strategy for Cash App. It was really encouraging to hear the stable inflows per active despite the tough comps and I believe the year-over-year declines in July. So could you talk a little bit about things on the road map to drive inflows and direct deposit actives for next year, for instance? Are there any meaningful improvements to drive engagement on Cash App Taxes for next spring? And then as a quick follow-up, I was just wondering if you could update us on the Direct Deposit monthly actives number. I think that was 1.5 at the beginning of the year.

我只是想知道您是否可以擴展 Cash App 的流入策略。儘管情況艱難，但聽到每個活躍用戶的穩定流入確實令人鼓舞，我相信 7 月份的同比下降。例如，您能否談談路線圖上的一些事情，以推動明年的資金流入和直接存款活動？明年春天是否有任何有意義的改進可以推動現金應用稅的參與？然後作為快速跟進，我只是想知道您是否可以向我們更新 Direct Deposit 每月活躍數字。我認為這是年初的 1.5。

Sure. I'm happy to get started maybe with framing up our inflows framework, and then we'll dive into some of the greater detail on Direct Deposit. So the inflows framework, again, active -- inflows per active monetization rate. You can think of the key drivers of inflows per active being the spending power of our customers and then our share of wallet of our customers. And so there's sort of 2 variables for us to think about there, both in terms of the customers that make up the mix of customers on our platform and then our ability to engage those customers across our products.

當然。我很高興開始構建我們的流入框架，然後我們將深入探討直接存款的一些更詳細的信息。因此，流入框架再次活躍——每個活躍貨幣化率的流入。您可以認為每個活躍用戶流入的關鍵驅動因素是我們客戶的消費能力，然後是我們在客戶錢包中的份額。因此，我們需要考慮兩個變量，分別是構成我們平台上客戶組合的客戶，以及我們在產品中吸引這些客戶的能力。

What we've seen in the third quarter at continued stability in inflows per active at over $1,000, but growth on a 3-year CAGR basis at 17%, which we've seen for most of this year as that growth in the mid-teens is really encouraging healthy trends across our Cash App customer base, even as we move past those periods of stimulus and tax refunds. We think ultimately, there's so much more room to grow, this inflows per active number by having multiple inflow channels, and cross-selling more of our products to our customers, specifically the financial services products like Cash App Card and Direct Deposit.

我們在第三季度看到，每個活躍用戶的流入持續穩定在 1,000 美元以上，但 3 年復合年增長率為 17%，我們在今年大部分時間都看到了這一增長teens 確實在我們的 Cash App 客戶群中鼓勵健康的趨勢，即使我們已經度過了那些刺激和退稅的時期。我們認為最終，還有更多的增長空間，通過擁有多個流入渠道，以及向客戶交叉銷售我們的更多產品，特別是現金應用卡和直接存款等金融服務產品，每個活躍人數的流入。

And with Direct Deposit, as we noted $2 billion in September of Direct Deposit volumes, those volumes grew by more than 65% year-over-year in September as we've begun to reduce the friction on account creation after customers sign up for their Cash App Card. So this is a key focus for us as we continue with our strategy of enabling our banking products to our customers. Cash App Card's a big part of it, Direct Deposit another key part of it. And as a result, direct deposit plus paper money deposit, which is another inflow channel we've opened up growing as a share of total inflows, making up more than 14% of inflows in September versus 9% a year ago.

而對於直接存款，正如我們注意到 9 月份 20 億美元的直接存款交易量一樣，這些交易量在 9 月份同比增長了 65% 以上，因為我們已經開始減少客戶註冊後創建賬戶的摩擦。現金應用卡。因此，隨著我們繼續實施為客戶提供銀行產品的戰略，這對我們來說是一個重點。 Cash App Card是其中的重要組成部分，Direct Deposit是其中的另一個關鍵部分。因此，直接存款加紙幣存款，這是我們開闢的另一個流入渠道，佔總流入量的份額在 9 月份佔流入量的 14% 以上，而一年前為 9%。

In terms of the road map ahead, a lot of what you saw with what we did over the past year with the navigation is meant to exactly bring more of this to life so that it's even more accessible and easier to find how to turn on Direct Deposit, for instance. If you get a Cash App Card now, you instantly have a direct deposit number. So there's a number of things we can do to optimize for what we're doing in the interface itself so that people are more aware that we have this offering in the first place.

就未來的路線圖而言，您在過去一年中通過導航所做的很多事情都旨在將更多內容帶入生活，以便更容易訪問和更容易找到如何打開 Direct以存款為例。如果您現在獲得 Cash App Card，您將立即擁有一個直接存款號碼。因此，我們可以做很多事情來優化我們在界面本身中所做的事情，以便人們更加意識到我們首先提供了這個產品。

And we will continue to add features and products that also coexist with existing ones that people are using. We have to keep in mind that a lot of people in Cash App start with this very simple, "I received money from a friend or a family member or I want to send money to a friend or a family member." And then it's our opportunity to really showcase everything else we have to offer including the Cash App Card, including Direct Deposit, including Cash App Taxes. And the easier we make that and the more tips we add in the interface, the more compelling the outcome we will have.

我們將繼續添加與人們正在使用的現有功能和產品共存的功能和產品。我們必須記住，Cash App 中的很多人都是從這個非常簡單的開始，“我從朋友或家人那裡收到錢，或者我想給朋友或家人匯款。”然後我們有機會真正展示我們必須提供的所有其他東西，包括現金應用卡，包括直接存款，包括現金應用稅。我們越容易做到這一點，我們在界面中添加的提示越多，我們將獲得的結果就越引人注目。

Your next question comes from the line of Rayna Kumar with UBS.

您的下一個問題來自瑞銀的 Rayna Kumar。

I'm curious to understand the progress you've made in combining 2 powerful ecosystems, Cash App Pay and Afterpay. How has organic growth of Cash App pay trended? And what are the next steps for a full integration here?

我很想了解您在結合 2 個強大的生態系統 Cash App Pay 和 Afterpay 方面取得的進展。 Cash App pay的有機增長趨勢如何？在這裡全面整合的下一步是什麼？

Yes. So our big focus here is on commerce. And linking our 2 ecosystems through Afterpay is the most compelling option that we found in the market. We believe that this is a perfect blend of everything that we can offer to sellers, including a way for them to drive more sales and also new discovery and new opportunities for customers, which also helps them discover Square merchants and merchants all around the world, especially when you consider online commerce and digital commerce.

是的。所以我們這裡的重點是商業。通過 Afterpay 連接我們的 2 個生態系統是我們在市場上發現的最引人注目的選擇。我們相信這是我們可以為賣家提供的一切的完美結合，包括讓他們推動更多銷售的方式以及為客戶提供新發現和新機會，這也有助於他們發現 Square 商家和世界各地的商家，特別是當您考慮在線商務和數字商務時。

So our long-term vision is to build a more dynamic checkout experience, which enables a much more fluid checkout than what you see today. We recently introduced the Discover Tab into Cash App. See, this as a complete start. Our goal here was to introduce people to the concept. We're not there yet with the experience. Think of this as more of a search engine that we're trying to optimize and iterate super fast on to make sure that when people go there, they're looking for something or we can display relevant content based on their location.

因此，我們的長期願景是打造更加動態的結賬體驗，實現比您現在看到的更加流暢的結賬體驗。我們最近在 Cash App 中引入了 Discover Tab。看，這是一個完整的開始。我們的目標是向人們介紹這個概念。我們還沒有經驗。把它想像成一個搜索引擎，我們正在嘗試優化和迭代超快，以確保當人們去那裡時，他們正在尋找東西，或者我們可以根據他們的位置顯示相關內容。

And it gets more and more efficient, more effective and ultimately leads to a purchase. So that is our goal. We're just starting a lot of that work right now. And we intend to make it a place that is instantly relevant over time. And this will take some time, but this is -- this will really unlock a lot of what we hope to unlock in both the Cash App ecosystem and the Square ecosystem and be beneficial to our Square sellers but also more broadly for the cash App customers as well.

它變得越來越高效，越來越有效並最終導致購買。這就是我們的目標。我們現在才剛剛開始做很多這樣的工作。我們打算讓它成為一個隨著時間的推移立即相關的地方。這將需要一些時間，但這是——這將真正解鎖我們希望在 Cash App 生態系統和 Square 生態系統中解鎖的很多東西，並有利於我們的 Square 賣家，也更廣泛地有利於 Cash App 客戶也是。

Your next question is from Trevor Williams with Jefferies.

您的下一個問題來自傑富瑞的 Trevor Williams。

I wanted to ask a follow-up on margins, particularly in seller or Square just with more of the growth there coming from larger merchants and then international, which I think both are higher CAC. How should we think of the growth versus margin trade-off there if there is one? Is there still more that you need to do to invest behind either of those markets, whether it's the force or brand marketing? Just trying to get ultimately what you expect the margin impact to be over time as the mix continues to skew more towards international and larger sellers.

我想詢問有關利潤率的後續情況，特別是在賣家或 Square 中，其中更多的增長來自較大的商家，然後是國際商家，我認為兩者的 CAC 都更高。如果有的話，我們應該如何看待增長與利潤的權衡？在這兩個市場的背後，你還需要做更多的投資嗎，無論是力量營銷還是品牌營銷？只是試圖最終獲得您期望的利潤影響隨著時間的推移隨著組合繼續更傾向於國際和更大的賣家。

Thanks, Trevor. I can kick off here. So look, our Square business is a fairly high structural margin business, as we shared at Investor Day, at a 69% structural margin in 2021. We can think of a significant portion of every dollar of top line growth drops down to profitability. Where we are orienting our priorities is where we are seeing the strongest returns in terms of our growth, whether it's omnichannel products, moving upmarket with larger sellers. Our mid-market sellers are now 40% of our GPV, growing at 22% year-over-year. And international, which also growing 40%. And some of the key products that underpin growth with larger sellers like vertical points of sale, growing at 45% year-over-year. So each of those strategic priorities for our Square business that we're investing behind are driving stronger growth than the overall base.

謝謝，特雷弗。我可以從這裡開始。所以看，我們的 Square 業務是一項相當高的結構性利潤率業務，正如我們在投資者日分享的那樣，2021 年的結構性利潤率為 69%。我們可以認為，每一美元的收入增長都有很大一部分下降到盈利能力。我們將重點放在哪裡，就我們的增長而言，我們看到了最強勁的回報，無論是全渠道產品，還是與更大的賣家一起進入高端市場。我們的中端市場賣家現在占我們 GPV 的 40%，同比增長 22%。而國際，也增長了40%。一些支持大型賣家增長的關鍵產品，如垂直銷售點，同比增長 45%。因此，我們投資的 Square 業務的每一個戰略重點都在推動比整體基礎更強勁的增長。

Now we expect in 2023 to moderate the pace of some of our investments across sales and marketing and product development in order to continue that balance, that growth and profitability as we spoke about earlier, whether it's across hiring, sales and marketing, where we would be pulling back on some of that brand marketing and have a stable to increasing mix of our investments on things like sales teams, as we focus on optimization, and as we focus on building with our upmarket sellers, bringing more those larger sellers onto our platform as well as our product development investments where we are really expanding the reach of our platform and the cohesiveness of our platform so we can take the work off our sellers' plates and focus on some of the key products that are truly resonating, as you hear today, the vertical solutions, the developer platform our omnichannel software. So those are some of the key focus areas for us. Of course, we want to remain agile with our spend and be responsive to what we see in a potentially changing macro environment. But we are seeing traction in the areas where we are most strategically oriented.

現在，我們預計到 2023 年將放緩我們在銷售和營銷以及產品開發方面的一些投資步伐，以保持我們之前談到的這種平衡、增長和盈利能力，無論是在招聘、銷售和營銷方面，我們都會隨著我們專注於優化，我們專注於與高端賣家合作，將更多大型賣家帶到我們的平台以及我們的產品開發投資，我們正在真正擴大我們平台的覆蓋範圍和平台的凝聚力，因此我們可以將工作從賣家的工作中解放出來，專注於一些真正引起共鳴的關鍵產品，正如你所聽到的今天，垂直解決方案，我們的全渠道軟件開發者平台。因此，這些是我們的一些重點關注領域。當然，我們希望在支出方面保持敏捷，並對我們在潛在變化的宏觀環境中看到的情況做出反應。但我們在最具戰略導向的領域看到了牽引力。

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

您的下一個問題來自 Josh Beck 和 KeyBanc。

I have actually a follow-up along those lines as well for the Square seller business. Obviously, you made a pretty substantial investment last year in outbound sales. You've obviously had more time to see the payback and obviously blend that with the other go-to-market strategies. So as you look forward to '23, based on kind of the lessons that you've learned, how important is that outbound motion within the Square go-to-market?

實際上，我也對 Square 賣家業務進行了跟進。顯然，您去年在對外銷售方面進行了相當大的投資。您顯然有更多的時間來看到回報，並且顯然將其與其他上市策略相結合。因此，當您期待 23 年時，根據您所學到的經驗教訓，Square 上市中的出站動作有多重要？

Josh, happy to double click on this and maybe I'll address more broadly our go-to-market approach for the Square business. So our focus, maintaining target paybacks of about a 6-quarter payback and target returns of about 3x ROI as we evolve our go-to-market strategy to support the growth upmarket.

喬希，很高興雙擊這個，也許我會更廣泛地討論我們對 Square 業務的上市方法。因此，我們的重點是在我們制定進入市場戰略以支持增長高端市場的過程中，將目標回報保持在大約 6 個季度的回報和大約 3 倍 ROI 的目標回報。

Throughout 2022, we've pulled back on some of the lower ROI areas and recalibrated our spending mix to the channels with more proven ROI. So what does that look like across each of the areas? From a sales perspective, we're focused on optimizing our sales channel, which was more predictable returns and where we have the ability to measure performance. We believe our sales team, it will ultimately be a long-term core engine of growth for the business.

在整個 2022 年，我們已經撤回了一些投資回報率較低的領域，並將我們的支出組合重新調整到投資回報率更高的渠道。那麼每個領域的情況如何？從銷售的角度來看，我們專注於優化我們的銷售渠道，這是更可預測的回報以及我們有能力衡量績效的地方。我們相信我們的銷售團隊，最終將成為業務增長的長期核心引擎。

And there's kind of 3 key strategies for enhancing our growth upmarket using our sales team. One is the verticalization of the team, so creating pods around specific verticals, retail, restaurant services, where you see we're gaining traction with our vertical points of sale today to enable those account executives to go deeper and the needs that are specific to each of those verticals.

使用我們的銷售團隊，有 3 種關鍵策略可以提高我們在高端市場的增長。一個是團隊的垂直化，因此圍繞特定的垂直、零售、餐廳服務創建豆莢，您會看到我們今天的垂直銷售點正在獲得牽引力，以使這些客戶主管能夠更深入地滿足特定的需求這些垂直領域中的每一個。

Second, expanding our outbound sourcing capabilities so that we can reach out and make sure that these larger sellers have a better understanding of all the many things that Square can do for them today. And then third, introducing more automation into our tooling to enable our sales team to have better information as they're reaching out to these sellers, which ultimately then can help drive greater efficiency.

其次，擴大我們的對外採購能力，以便我們能夠接觸並確保這些大賣家更好地了解 Square 今天可以為他們做的所有事情。第三，在我們的工具中引入更多自動化，使我們的銷售團隊在接觸這些賣家時能夠獲得更好的信息，最終有助於提高效率。

From an international perspective, our foremost tenured international markets are pacing at these healthy payback periods that we're targeting. Our 3 more recently launched markets in the last 18 months do have longer payback periods, whether we're looking at marketing or sales, as we're introducing our ecosystem into those markets and building our awareness. From a performance marketing perspective, this is really the core engine, which continues to drive stable proven returns and historically has been a significant driver of acquisition. So that's really giving you an orientation of our overall go-to-market efforts. Sales is a key piece of that.

從國際角度來看，我們最重要的長期國際市場正在我們所瞄準的這些健康的投資回報期中踱步。在過去 18 個月中，我們最近推出的 3 個市場確實有更長的投資回報期，無論我們是關注營銷還是銷售，因為我們正在將我們的生態系統引入這些市場並建立我們的知名度。從績效營銷的角度來看，這確實是核心引擎，它繼續推動穩定的已證明回報，並且在歷史上一直是收購的重要推動力。因此，這確實為您提供了我們整體上市工作的方向。銷售是其中的關鍵部分。

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

您的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask about vertical solutions and whether there is a long-term road map to expand the number of verticals that you support. And then separately, I just wanted to ask Amrita about the potential to maybe more actively leverage the customer account balances to drive more float income. It looks like you guys used to keep more cash, more funds in the money market versus sitting in cash. I'm just curious if that's something that we could see more of in the future to drive some interest income.

我想詢問垂直解決方案以及是否有長期路線圖來擴大您支持的垂直數量。然後，我只想問 Amrita 是否有可能更積極地利用客戶賬戶餘額來推動更多浮動收入。看起來你們過去在貨幣市場上保留更多現金，更多資金而不是現金。我只是好奇這是否是我們在未來可以看到更多的東西來推動一些利息收入。

So yes, our 3 vertical point of sales right now and services are Square for Restaurants, Square for Retail and Appointments. We're always looking for opportunities to, first and foremost, expand these and add more features, add more services to each one to continue to make sure that we're serving the need for the particular service but also looking for other opportunities for more vertical services.

所以是的，我們現在的 3 個垂直銷售點和服務是 Square for Restaurants、Square for Retail 和 Appointments。我們一直在尋找機會，首先是擴展這些功能並添加更多功能，為每個服務添加更多服務，以繼續確保我們滿足對特定服務的需求，同時也在尋找其他機會以獲得更多垂直服務。

But first and foremost, it's making sure that we remain competitive and we're ahead in terms of our feature set and making sure that we're continuing to work to optimize these services for our customers. The other thing that we've talked about in the past on these calls is one trend we continue to see is that the vertical aspects of these things tend to blur a little bit. We see restaurants adding retail like services; and appointment type businesses adding or merging with like restaurant type services or retail as well.

但最重要的是，它確保我們保持競爭力，我們在功能集方面處於領先地位，並確保我們繼續努力為我們的客戶優化這些服務。我們過去在這些電話會議上談到的另一件事是我們繼續看到的一個趨勢是，這些事情的垂直方面往往有點模糊。我們看到餐館增加了類似零售的服務；預約類型的企業也增加或合併了餐廳類型的服務或零售。

So the benefit of our ecosystem is we're not focused on just one; we're focused on all 3, and more generally, how you operate a business, how you operate a team and ensuring that we're giving you tools no matter what business you choose to be in to make a sale and make more sales ultimately. So that is our goal, every day answering the question, how do we help sellers make more sales? In some cases, these vertical efforts make more sense. But the most compelling trend that we continue to see is the blending of all these things. And that's where our ecosystem mindset really shows the strength.

所以我們生態系統的好處是我們不只關註一個；我們專注於所有 3 個方面，更一般地說，您如何經營企業、如何經營團隊，並確保無論您選擇從事何種業務，我們都能為您提供工具來進行銷售並最終獲得更多銷售.所以這就是我們的目標，每天都在回答這個問題，我們如何幫助賣家增加銷售額？在某些情況下，這些縱向努力更有意義。但我們繼續看到的最引人注目的趨勢是所有這些東西的融合。這就是我們的生態系統思維方式真正顯示出力量的地方。

And Ramsey, just to follow up on your question on float or interest income, the majority of our cash in our customer funds is variable to interest rate fluctuations via a pretty diversified portfolio of accounts, the vast majority of which are relatively short term, which allows us to capitalize on increasing the yields. So in the third quarter, interest income increased as a result of, obviously, higher interest rates. And we expect to continue to benefit as some of -- as many of our investments lag on interest income pickup.

拉姆齊，只是為了跟進你關於浮動或利息收入的問題，我們客戶資金中的大部分現金通過相當多元化的賬戶組合隨利率波動而變化，其中絕大多數是相對短期的，其中使我們能夠利用提高產量。因此，在第三季度，利息收入顯然由於利率上升而增加。我們預計將繼續受益，因為我們的許多投資都落後於利息收入的增加。

Just to maybe break that down for you across our corporate balance sheet and customer funds. From a corporate balance sheet standpoint, interest income was $15 million in the third quarter. That's up from $9 million in the second, $8 million in the first. Majority of our cash here is variable, as I said, to interest rate fluctuations either via fixed income, T-bills, government money market accounts or noninterest-bearing accounts that earn an earnings credit rate. And much of this interest income flows through to the interest income and expense line, which is below the EBITDA line.

只是為了在我們的公司資產負債表和客戶資金中為您分解。從公司資產負債表的角度來看，第三季度的利息收入為 1500 萬美元。這比第二次的 900 萬美元和第一次的 800 萬美元有所增加。正如我所說，我們這裡的大部分現金都是可變的，通過固定收益、國庫券、政府貨幣市場賬戶或賺取收益信貸利率的無息賬戶來影響利率波動。大部分利息收入流向低於 EBITDA 線的利息收入和費用線。

From a customer fund standpoint, Cash App customer funds does generate interest income as well. We had 7 million in the third quarter, up from less than 1 million in each of the first and second quarters. Majority of these funds are invested in very short-term accounts or money market accounts, and they flow through Cash App revenue and gross profit line.

從客戶資金的角度來看，Cash App 客戶資金也確實產生了利息收入。第三季度我們有 700 萬，高於第一和第二季度每個季度的不到 100 萬。這些資金大部分投資於非常短期的賬戶或貨幣市場賬戶，它們通過 Cash App 收入和毛利潤線流動。

Your final question comes from the line of Andrew Jeffrey with Truist Securities.

您的最後一個問題來自 Truist Securities 的 Andrew Jeffrey。

I appreciate you squeezing me in here toward the end. I wanted to ask about the Square business and the competitive environment. And how much of the growth is coming from competitive takeaways? Who are the companies that you generally see at the point of sale? How much is net new business creation? Just trying to get a sense of kind of the way the market's evolving competitively and how you think you're positioned.

我很感激你把我擠到最後。我想問一下 Square 的業務和競爭環境。有多少增長來自競爭性外賣？您通常在銷售點看到的公司有哪些？淨新業務創造有多少？只是試圖了解市場競爭性發展的方式以及您認為自己的定位方式。

Andrew, maybe I can kick us off here. What we see is stability in our trend lines. It will depend on each product as to who our competitors are. We don't see a competitor out there who has the breadth that we have across our ecosystem. And really, it's that diversity of products, verticals, channels and customer types that we have that we believe is the most resilient, particularly as we may be entering a volatile time from a macro perspective. So what we saw in the Square ecosystem through October was relative stability from Q3 in October or into Q4, with GPV through October in the U.S., in particular for some of those discretionary verticals, which we're paying particularly close attention to, retail, restaurant, services, on a 3-year CAGR basis with stability.

安德魯，也許我可以在這裡踢我們。我們看到的是趨勢線的穩定性。至於我們的競爭對手是誰，這將取決於每種產品。我們沒有看到一個競爭對手擁有我們在整個生態系統中所擁有的廣度。實際上，我們認為最具彈性的是我們擁有的產品、垂直領域、渠道和客戶類型的多樣性，特別是從宏觀角度來看，我們可能正在進入一個動蕩的時期。因此，截至 10 月，我們在 Square 生態系統中看到的是從 10 月的第三季度或到第四季度的相對穩定，截至 10 月在美國的 GPV，特別是對於我們特別密切關注的一些可自由支配的垂直行業，零售，餐廳、服務、3 年復合年增長率穩定。

Now of course, from an international perspective, we don't see this as a necessarily competitive issue. But from an FX perspective, we're seeing some headwinds there as are many other companies and from a macro perspective, as we noted in the U.K. But more broadly, when you look at the Square ecosystem ex PPP, as we noted, which is a nonrecurring benefit in Q4, and ex BNPL, we see stable rates of year-over-year growth in Square gross profit from Q3 into Q4. And again, from a competitive perspective, we believe we're fairly differentiated given the diversity of customer types and product types that we serve.

當然，從國際角度來看，我們並不認為這是一個必然的競爭問題。但從外彙的角度來看，正如我們在英國所指出的那樣，從宏觀角度來看，我們看到了與許多其他公司一樣的一些不利因素。但更廣泛地說，當您查看 Square 生態系統（除 PPP）時，正如我們所指出的那樣，這是第四季度的非經常性收益，除 BNPL，我們看到 Square 毛利潤從第三季度到第四季度的同比增長率穩定。同樣，從競爭的角度來看，鑑於我們服務的客戶類型和產品類型的多樣性，我們相信我們是相當差異化的。

Yes. I would say that generally, there are certainly areas across our verticals or across some of our products where we're behind competition and some where we're ahead. But on the net, I think, as Amrita said, we're much further ahead over the long term because of that ecosystem mindset and because of the breadth of the tools that we offer and, most importantly, how easily they integrate together. It's literally a button push to turn things on or off, and that includes a wide array of services, from lending to customer relationship management to vertical points of sale to hardware.

是的。我會說，一般來說，在我們的垂直領域或我們的某些產品中，肯定有一些領域我們落後於競爭，而在某些領域我們領先。但在網上，我認為，正如 Amrita 所說，由於生態系統的思維方式和我們提供的工具的廣度，以及最重要的是它們集成在一起的容易程度，我們在長期內走得更遠。它實際上是一個按鈕來打開或關閉事物，其中包括從貸款到客戶關係管理到垂直銷售點到硬件的各種服務。

So this is where I think things really matter is a business no longer has to go vendor to vendor to vendor, but they can come to one place. They can come to Square, and they see pretty much everything they need. It does mean that we are going to be slightly slower in rolling out all the features for each one particular vertical, but it also balances that with a much higher quality of integration, which ultimately ends up taking a whole ton of -- it gives a whole ton of time back to the seller so that we see much, much better retention than a lot of our peers.

所以這就是我認為真正重要的事情是企業不再需要供應商到供應商，但他們可以來到一個地方。他們可以來 Square，他們幾乎可以看到他們需要的一切。這確實意味著我們在為每個特定垂直領域推出所有功能時會稍微慢一些，但它也平衡了這一點與更高質量的集成，最終最終需要一整噸——它給出了一個大量的時間回饋給賣家，這樣我們就看到了比很多同行更好的留存率。

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

在這個時候，我想把電話轉回公司來結束髮言。

Thank you for joining. That concludes our call. We will see you for our fourth quarter 2022 earnings call on February 23. You can now disconnect.

感謝您的加入。我們的電話到此結束。我們將於 2 月 23 日在 2022 年第四季度財報電話會議上與您見面。您現在可以斷開連接。

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

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