Block Inc (SQ) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block Fourth Quarter 2022 Earnings Conference Call. I would now like to turn the call over to your host, Nikhil Dixit, Head of Investor Relations. Please go ahead.

女士們先生們，美好的一天，歡迎來到 Block 2022 年第四季度收益電話會議。我現在想把電話轉給你的主持人，投資者關係主管 Nikhil Dixit。請繼續。

Hi, everyone. Thanks for joining our fourth 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。感謝您加入我們的 2022 年第四季度財報電話會議。今天有 Jack 和 Amrita 和我們一起。在開始直接回答您的問題之前，我們將以一些簡短的評論開始本次電話會議。在問答環節，除了電話會議參與者的問題外，我們還將回答客戶的問題。

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. These forward-looking statements include discussions of our long-term targets and goals, which are subject to risks and uncertainties. And we may decide to shift our priorities or move away from these targets and goals at any time. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance.

我們還想提醒大家，我們將在本次電話會議上發表前瞻性聲明。除歷史事實陳述外，所有陳述均可視為前瞻性陳述。這些前瞻性陳述包括對我們長期目標的討論，這些目標和目標受到風險和不確定性的影響。我們可能隨時決定改變我們的優先事項或遠離這些目標。實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異。報告的結果不應被視為未來業績的指標。

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.

請查看我們提交給美國證券交易委員會的文件，討論可能導致我們的結果不同的因素。另請注意，本次電話會議的前瞻性陳述是基於截至今天我們可獲得的信息。除非法律要求，否則我們不承擔任何更新任何前瞻性陳述的義務。

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

在此電話會議中，我們將提供 1 月和 2 月的毛利增長表現的初步估計。這些代表我們目前對 1 月和 2 月業績的估計，因為我們尚未最終確定 1 月和 2 月的財務報表，而且我們的月度結果不受審計師的中期審查。因此，1 月和 2 月的實際結果可能與這些估計不同。

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 January and February or the first quarter.

此外，此財務信息僅根據管理層當前可用的信息編制，並由管理層負責。此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。此初步財務信息不是我們 1 月和 2 月或第一季度財務業績的綜合報表。

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 and Investor Day materials on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

此外，我們將在本次電話會議期間討論某些非 GAAP 財務指標。我們的投資者關係網站上的股東信函和投資者日材料中提供了與最直接可比的 GAAP 財務指標的對賬。這些非 GAAP 措施無意替代我們的 GAAP 結果。

Finally, this call in its entirety is being audio webcast on our Investor Relations website. An audio replay of this call and the transcript for Jack and Amrita's opening remarks will be available on our website shortly.

最後，我們的投資者關係網站上正在對此次電話會議進行完整的音頻網絡廣播。此次通話的音頻重播以及 Jack 和 Amrita 的開場白的文字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. During our last earnings call, we committed to sharing our investment framework. We'll spend the majority of our interim remarks on that instead of a review of our last quarter, which you'll find in our shareholder letter we sent out about an hour ago.

謝謝大家加入我們。在我們上次的財報電話會議上，我們承諾分享我們的投資框架。我們將把大部分中期評論用於此，而不是對上個季度的審查，您可以在我們大約一個小時前發出的股東信中找到。

There are 3 principles guiding our investment framework. Number one, ensure our investments are focused on customer retention and growth; number two, account for ongoing cost of the business, including stock-based compensation; and number three, utilize industry standard conventions that are simple to communicate and to understand. Using these principles, our investment framework can be articulated in a single sentence. Block, in each of our ecosystems, must show a believable path to gross profit retention of over 100% and Rule of 40 on adjusted operating income.

我們的投資框架有 3 條指導原則。第一，確保我們的投資集中在客戶保留和增長上；第二，考慮企業的持續成本，包括基於股票的補償；第三，利用易於溝通和理解的行業標準約定。使用這些原則，我們的投資框架可以用一句話來表達。在我們的每個生態系統中，Block 都必須展示一條可信的途徑，以實現超過 100% 的毛利潤保留率和調整後營業收入的 40 條規則。

This is an ambitious goal, especially at our scale, and one we aren't meeting today. We're sharing this today to provide full transparency into how we want to drive the business and how we want to be held accountable. In the coming quarters, we'll provide more details into our strategies and plans for how we're moving the company towards achieving this goal.

這是一個雄心勃勃的目標，尤其是在我們的規模上，而且我們今天還沒有實現。我們今天分享這個是為了讓我們完全透明地了解我們希望如何推動業務以及我們希望如何承擔責任。在接下來的幾個季度，我們將提供更多關於我們如何推動公司實現這一目標的戰略和計劃的細節。

I wanted to take a moment to share why we believe this is so important before Amrita dives into where we are today and what it means for operating our business. Our ability to retain a customer over time tells us a lot. It says we found product market fit; we have the right set of services and features; we're providing the right customer support; we're able to efficiently cross-sell into more products, and we have the right pricing. In the simplest terms, it means that our customers find value in our offerings and want to stick with us.

在 Amrita 深入探討我們今天所處的位置以及它對經營我們的業務意味著什麼之前，我想花點時間分享一下為什麼我們認為這如此重要。隨著時間的推移，我們留住客戶的能力告訴了我們很多。它說我們找到了適合市場的產品；我們擁有合適的服務和功能；我們提供正確的客戶支持；我們能夠有效地交叉銷售更多產品，而且我們有合適的定價。用最簡單的話來說，這意味著我們的客戶在我們的產品中發現了價值並希望堅持使用我們。

Historically, both Cash App and Square have delivered positive gross profit retention. We may not achieve this in every period due to macro shifts. For instance, we saw Square's retention dip in 2020 due to the pandemic before recovering the next year. But over the long term, we expect the average annual gross profit retention of our ecosystems to be above 100%.

從歷史上看，Cash App 和 Square 都實現了正的毛利潤保留。由於宏觀變化，我們可能無法在每個時期都實現這一目標。例如，我們看到 Square 的留存率在 2020 年因大流行而下降，然後在明年恢復。但從長遠來看，我們預計我們生態系統的年均毛利保留率在100%以上。

To complement retention, we'll continue to measure customer cohort economics, to assess each stage of the customer journey. We assess our efforts to efficiently attract new customers by looking at returns on investment, a factor of both growing customer lifetime value and appropriately aligning our customer acquisition costs. Together, the combination of efficient acquisition and retention leads to greater gross profit growth for our ecosystems.

為了補充保留，我們將繼續衡量客戶群經濟學，以評估客戶旅程的每個階段。我們通過查看投資回報來評估我們為有效吸引新客戶所做的努力，這是增加客戶生命週期價值和適當調整客戶獲取成本的一個因素。有效的獲取和保留相結合，可以為我們的生態系統帶來更大的毛利增長。

Turning now to the second component of our investment framework, which is Rule of 40. We want to further raise the bar on our growth rates and our efficiency. We believe measuring our ecosystems on growth plus margins is the best framework to enable this. A growth plus margin framework provides flexibility for products and businesses at different stages of maturity. It's a useful and universal formula for evaluating each of our ecosystems with different growth trends and margin profiles today and for those we might launch in the future.

現在轉向我們投資框架的第二個組成部分，即 40 法則。我們希望進一步提高我們的增長率和效率的標準。我們相信，衡量我們的生態系統的增長加利潤是實現這一目標的最佳框架。增長加利潤框架為處於不同成熟階段的產品和業務提供了靈活性。這是一個有用且通用的公式，可用於評估我們目前具有不同增長趨勢和利潤率的每個生態系統以及我們未來可能推出的生態系統。

It also ensures accountability. When we increase our investments, this framework forces us to think critically about the expected returns. And if growth slows, it encourages us to adapt, to operate with more discipline or to pursue different investments. It pushes us to think creatively using new technologies or distribution models to create efficiencies and do more with less.

它還確保問責制。當我們增加投資時，這個框架迫使我們批判性地思考預期回報。如果增長放緩，它會鼓勵我們適應，更加自律地經營或尋求不同的投資。它促使我們創造性地思考使用新技術或分銷模式來提高效率並事半功倍。

Historically, we have looked at gross profit growth plus adjusted EBITDA margins. In 2022, Block's gross profit growth plus adjusted EBITDA margin was 52%, or 42% when excluding Afterpay, which provided a onetime benefit to growth last year.

從歷史上看，我們關注的是毛利潤增長加上調整後的 EBITDA 利潤率。 2022 年，Block 的毛利潤增長加上調整後的 EBITDA 利潤率為 52%，如果不包括 Afterpay，則為 42%，這為去年的增長提供了一次性收益。

While adjusted EBITDA margin is one of the key profit disclosures we focused on in the past, we recognize it excludes certain expenses like stock-based compensation, which is a real meaningful ongoing cost to operating our business. It isn't a cash expense, but it's a real expense. So we're going to include it in how we assess our investments and performance. And to do so, we are developing better signals around it.

雖然調整後的 EBITDA 利潤率是我們過去關注的主要利潤披露之一，但我們認識到它不包括某些費用，如基於股票的補償，這是我們業務運營的真正有意義的持續成本。這不是現金支出，而是實際支出。因此，我們將把它納入我們評估投資和績效的方式。為此，我們正在圍繞它開發更好的信號。

As a result, we're shifting our focus to an adjusted operating income margin. With this metric, profit margins will include certain noncash expenses like stock-based compensation and depreciation and amortization. With the Rule of 40, we are targeting the sum of our gross profit growth and adjusted operating income margins to be at or above 40% over the long term. This target applies to Block at the overall company level as well as each of our ecosystems. By comparison, for 2022, Block's gross profit growth plus adjusted operating income margin was 33% or 23% excluding Afterpay.

因此，我們將重點轉移到調整後的營業利潤率上。使用此指標，利潤率將包括某些非現金費用，例如基於股票的補償以及折舊和攤銷。根據 40 法則，我們的目標是長期內毛利潤增長和調整後的營業利潤率之和達到或超過 40%。該目標適用於整個公司層面的 Block 以及我們的每個生態系統。相比之下，2022 年，Block 的毛利潤增長加上調整後的營業利潤率為 33% 或 23%（不包括 Afterpay）。

Finally, we want to be able to communicate this in a way that's easy to understand, using methods that have been widely accepted by the investment community. Gross profit retention and the Rule of 40 targets are both clear and balance each other in a way that aligns our customer interest with those of our investors. They provide a clear way for us to determine what's working and what's not working as we seek to serve more and more customers around the world. We believe this investment framework will ultimately enhance our ecosystem around the world in our ecosystem model by allowing each business to make holistic decisions around their teams and road maps in parallels. It ensures the quick decisions of 1 ecosystem will constrain the others. And this model will help us move quicker and be more dynamic with our investments to grow Block overall.

最後，我們希望能夠使用投資界廣泛接受的方法，以易於理解的方式傳達這一點。毛利保留率和 40 條目標規則既明確又相互平衡，使我們的客戶利益與投資者的利益保持一致。它們為我們提供了一種清晰的方法，可以在我們尋求為全球越來越多的客戶提供服務時確定哪些有效，哪些無效。我們相信，通過允許每個企業圍繞其團隊和路線圖並行做出整體決策，該投資框架最終將在我們的生態系統模型中增強我們在全球的生態系統。它確保 1 個生態系統的快速決策將約束其他生態系統。這種模式將幫助我們更快地採取行動，更有活力地進行投資，以實現 Block 的整體發展。

And this framework has already informed some decisions for us. As you may have seen in our 10-K, we're consolidating our corporate teams, people, legal and finance in a 1 organization that Amrita will lead as our Chief Operating Officer. This will allow us to be far more focused and efficient as we work to achieve our goals. Amrita will continue to serve as our CFO as well.

這個框架已經為我們做出了一些決定。正如您可能在我們的 10-K 中看到的那樣，我們正在將我們的公司團隊、人員、法律和財務整合到一個組織中，Amrita 將作為我們的首席運營官領導。這將使我們在努力實現目標時更加專注和高效。 Amrita 也將繼續擔任我們的首席財務官。

So now, over to Amrita, our COO.

現在，請輪到我們的首席運營官 Amrita。

Thanks, Jack. I'll start with how we're executing against our investment framework before moving to our expectations for 2023 and recent trends.

謝謝，傑克。在轉向我們對 2023 年的預期和近期趨勢之前，我將從我們如何根據我們的投資框架執行。

Let's start with gross profit retention. We are a customer-led company, and gross profit retention is an effective way to reflect this. In 2022, Cash App and Square experienced positive gross profit retention compared to 2021, which is in line with our long-term target that Jack outlined. We measure gross profit retention on a net basis, factoring in gross profit growth from existing customers as they increase engagement or adopt more products, net of any churn from customers who leave our ecosystem.

讓我們從毛利潤保留開始。我們是一家以客戶為導向的公司，毛利保留是體現這一點的有效方式。與 2021 年相比，Cash App 和 Square 在 2022 年實現了正的毛利保留，這符合我們傑克概述的長期目標。我們以淨額為基礎衡量毛利潤保留，將現有客戶增加參與度或採用更多產品時的毛利潤增長考慮在內，扣除離開我們生態系統的客戶的任何流失。

It's a similar definition to the net revenue retention metric many other companies use but adapted to our main top line metric, which is gross profit. We look at retention alongside broader cohort economics to both assess the health of the customer base and our ability to efficiently acquire new customers. In 2022, we experienced strong returns on acquisition spend, which gives us confidence in our ability to invest for long-term profitable growth.

它與許多其他公司使用的淨收入保留指標的定義類似，但適用於我們的主要頂線指標，即毛利。我們將保留率與更廣泛的隊列經濟學一起考慮，以評估客戶群的健康狀況以及我們有效獲取新客戶的能力。 2022 年，我們在收購支出方面獲得了強勁回報，這讓我們對自己投資實現長期盈利增長的能力充滿信心。

For Cash App, in 2022, we achieved an efficient cost of acquisition of $10 or less on average as we grew to 51 million monthly transacting actives in December, adding our largest annual cohort of customers on a gross profit basis. Our historical Cash App cohorts, through 2020, have achieved ROIs of 6x or greater over 3 years. While our most recent annual cohorts in 2021 and 2022 are at or pacing at an estimated payback of less than 1 year.

對於 Cash App，在 2022 年，我們實現了平均 10 美元或更低的有效購置成本，因為我們在 12 月增長到 5100 萬月活躍交易，增加了我們在毛利基礎上最大的年度客戶群體。到 2020 年，我們歷史上的 Cash App 隊列在 3 年內實現了 6 倍或更高的投資回報率。而我們在 2021 年和 2022 年的最新年度隊列估計投資回報期不到 1 年。

For Square, each of our annual cohorts onboarded through 2020 are at or pacing at an estimated ROI of 3x or greater over 4 years with our 2021 and 2022 cohorts pacing at an estimated payback of 6 quarters or less. There are periods over the past year where expected paybacks on our 2022 Square cohort stretched beyond our 6-quarter target, primarily because of increased spend in our international markets and experimental areas. We then pulled back on these areas and are now seeing paybacks trend in line again with our targets.

對於 Square，我們到 2020 年入職的每個年度隊列在 4 年內的投資回報率估計達到或超過 3 倍，而我們的 2021 年和 2022 年隊列的投資回報率估計為 6 個季度或更少。在過去一年的某些時期，我們 2022 Square 隊列的預期回報超出了我們 6 季度的目標，這主要是因為我們在國際市場和試驗區的支出增加了。然後我們撤回了這些領域，現在看到回報趨勢再次符合我們的目標。

In 2023, we're focused on refining Square's go-to-market approach and strengthening our sales and marketing motion. Taken together, we believe these fundamentals of positive retention, efficient acquisition and strong returns on acquisition spend drive sustainable business models.

2023 年，我們將專注於改進 Square 的上市方法並加強我們的銷售和營銷活動。總而言之，我們相信積極保留、高效收購和強勁的收購支出回報率這些基本要素推動了可持續的商業模式。

Moving to our long-term goal of Rule of 40. We expect our path to achieving this 40% growth plus adjusted operating income margin benchmark will be driven by a few key areas of opportunity. From a growth perspective, we're just getting started. We have less than 5% share of a nearly $200 billion gross profit opportunity across our addressable markets, with much of the landscape sitting on legacy infrastructure. We'll continue to invest with discipline to unlock growth in each of our ecosystems.

轉向我們的 40 條規則的長期目標。我們預計我們實現 40% 增長加上調整後的營業收入利潤率基準的道路將由幾個關鍵領域的機會驅動。從增長的角度來看，我們才剛剛開始。在我們的潛在市場中，我們擁有近 2000 億美元毛利機會的不到 5% 的份額，其中大部分景觀都位於遺留基礎設施上。我們將繼續有紀律地投資，以釋放我們每個生態系統的增長。

For Square and Cash App, this includes launching new products for our customers, expanding into new customer segments and refining our go-to-market approach across our global audiences. For our emerging businesses, our principles are the same, though at an earlier stage. We're constraining investment for these businesses to less than 3% of operating expenses in 2023 in aggregate. And we'll look for these ecosystems to show a path to achieving and sustaining Rule of 40.

對於 Square 和 Cash App，這包括為我們的客戶推出新產品、擴展到新的客戶群以及改進我們在全球受眾中的上市方法。對於我們的新興業務，我們的原則是相同的，儘管處於更早的階段。我們將對這些業務的投資限制在 2023 年合計佔運營支出的 3% 以下。我們將尋找這些生態系統來展示實現和維持 40 法則的途徑。

From a margin perspective, key opportunities include finding greater efficiencies and share-based compensation and our overhead expenses. We intend on slowing our pace of hiring across the company in 2023. Within our overhead expenses, we plan to drive leverage across our software and data consumption, real estate footprint, professional fees and other discretionary areas. Within our reporting disclosures, we want to bring more transparency to our performance against these targets and intend on introducing new disclosures around profitability on an adjusted operating income basis and sharing more about segment-level profitability for Square and Cash App over time. Our priority remains driving long-term profitable growth at scale, and we believe this balance of compounding growth and margins will help us achieve this.

從利潤率的角度來看，關鍵機會包括提高效率和以股份為基礎的薪酬以及我們的管理費用。我們打算在 2023 年放慢整個公司的招聘步伐。在我們的間接費用中，我們計劃提高軟件和數據消費、房地產足跡、專業費用和其他可自由支配領域的槓桿率。在我們的報告披露中，我們希望提高我們針對這些目標的績效的透明度，並打算在調整後的營業收入基礎上引入有關盈利能力的新披露，並隨著時間的推移分享更多關於 Square 和 Cash App 的細分市場盈利能力。我們的首要任務仍然是推動大規模的長期盈利增長，我們相信這種複合增長和利潤率的平衡將幫助我們實現這一目標。

Now let's shift gears to look at our plans for 2023. Over the past several years, we've significantly grown our business and our expense base. We're focused on operating with efficiency in 2023 and expect to slow our pace of expense growth meaningfully compared to prior years. We expect to deliver approximately $1.3 billion in adjusted EBITDA in 2023 for a growth of more than 30% and at least 1 point of margin expansion year-over-year.

現在讓我們換個話題，看看我們 2023 年的計劃。在過去的幾年裡，我們的業務和支出基礎都得到了顯著增長。我們專注於 2023 年的高效運營，並預計與往年相比，我們的費用增長速度將顯著放緩。我們預計 2023 年調整後 EBITDA 將實現約 13 億美元，同比增長超過 30%，利潤率至少增長 1 個百分點。

On an adjusted operating income basis, we are targeting a loss of approximately $150 million for 2023 and expect our adjusted operating income margin to modestly improve year-over-year. This incorporates the run rate of trends we've observed in our business up until earnings and our current estimates for performance through February.

在調整後的營業收入基礎上，我們的目標是在 2023 年虧損約 1.5 億美元，並預計我們調整後的營業收入利潤率將同比小幅改善。這結合了我們在盈利之前在我們的業務中觀察到的趨勢運行率以及我們目前對截至 2 月份的業績的估計。

In 2023, we expect Cash App to expand its margins on a year-over-year basis, while we expect Square's margins to be relatively consistent year-over-year. While this is our base case entering the year, we recognize that we are in an uncertain macro environment. Amidst this uncertainty, we intend to hold to our stated profit targets for 2023. If growth slows, we'll exercise discipline and look for cost initiatives to pull back within our planned expense base.

到 2023 年，我們預計 Cash App 的利潤率將同比增長，而我們預計 Square 的利潤率將同比保持相對穩定。雖然這是我們進入今年的基本情況，但我們認識到我們處於不確定的宏觀環境中。在這種不確定性中，我們打算堅持我們既定的 2023 年利潤目標。如果增長放緩，我們將遵守紀律並尋求成本舉措以將支出基礎拉回計劃內。

As we shared on our last earnings call, we are moderating spend in our 2 biggest discretionary areas. First, hiring. Headcount makes up the largest driver of our expense base. In 2023, we expect to increase our headcount by 10% compared to the prior year period, a significant change compared to 46% growth in 2022. However, given the pace of hiring last year, we expect overall personnel expenses to increase in the mid-20% range year-over-year, with greater leverage on headcount costs expected in the back half of 2023 and into 2024.

正如我們在上次財報電話會議上分享的那樣，我們正在減少 2 個最大的可自由支配領域的支出。第一，招聘。員工人數是我們費用基礎的最大驅動因素。到 2023 年，我們預計員工人數將比上年同期增加 10%，與 2022 年 46% 的增長率相比有了顯著變化。但是，考慮到去年的招聘速度，我們預計整體人事費用將在中期增加-20% 的同比範圍，預計在 2023 年下半年和 2024 年對員工成本的影響更大。

Second, sales and marketing. We expect overall sales and marketing growth to be 5% to 10% year-over-year in 2023, moderating compared to approximately 25% in the prior year period. Breaking this line item down, we expect variable Cash App expenses, including peer-to-peer costs and Cash App Card issuance costs to grow faster and the remaining portion of our sales and marketing expenses across the business to be relatively consistent with the prior year as we drive efficiency on acquisition spend. Consistent with our remarks last quarter, we'll continue investing in channels with more proven ROI and intend on pulling back in other go-to-market areas.

第二，銷售和營銷。我們預計到 2023 年整體銷售和營銷增長將同比增長 5% 至 10%，與去年同期的約 25% 相比有所放緩。細分這一項目，我們預計包括點對點成本和現金應用卡發行成本在內的可變現金應用費用增長更快，我們整個業務的銷售和營銷費用的剩餘部分將與上一年相對一致當我們提高收購支出的效率時。與我們上個季度的言論一致，我們將繼續投資於投資回報率更高的渠道，並打算撤回其他進入市場的領域。

As we shared last quarter, about 1/3 of our overall non-GAAP operating expense base is made up of variable expenses, which have historically grown more in line with overall gross profit. These not only include peer-to-peer costs and Cash App Card issuance costs in sales and marketing, but also transaction and loan losses and expenses related to data and our platform infrastructure.

正如我們上個季度分享的那樣，我們整體非 GAAP 運營費用基數的大約 1/3 由可變費用組成，從歷史上看，可變費用的增長更符合整體毛利潤。這些不僅包括銷售和營銷中的點對點成本和 Cash App Card 發行成本，還包括交易和貸款損失以及與數據和我們的平台基礎設施相關的費用。

Next, an update on recent trends and some highlights from the fourth quarter. For the month of January and February, we estimate overall company gross profit growth to be approximately 33% year-over-year on a reported basis, and we expect growth for the full first quarter to be a few points below this. As a reminder, we are now lapping the acquisition of Afterpay, which closed on January 31, 2022. And as a result, our reported growth rate for January should be greater than that of February and March.

接下來，更新最新趨勢和第四季度的一些亮點。對於 1 月和 2 月，我們估計公司整體毛利潤同比增長約 33%，我們預計整個第一季度的增長率將比這低幾個百分點。提醒一下，我們現在正在完成對 Afterpay 的收購，該收購於 2022 年 1 月 31 日結束。因此，我們報告的 1 月份增長率應該高於 2 月份和 3 月份的增長率。

If we look at our performance on a combined company basis, which would include a $51 million contribution from our BNPL platform to January 2022 results, we see stable to improving trends. In particular, we see an improvement in January and February gross profit growth compared to the fourth quarter of 2022. On a combined company basis, we estimate overall company gross profit growth in January and February of approximately 25% year-over-year, an improvement from 21% in the fourth quarter. And we expect a combined company growth rate of 25% in January and February to be relatively stable for the full first quarter.

如果我們以合併後的公司為基礎查看我們的業績，其中包括我們的 BNPL 平台對 2022 年 1 月業績的 5100 萬美元貢獻，我們會看到穩定到改善的趨勢。特別是，我們看到與 2022 年第四季度相比，1 月和 2 月的毛利增長有所改善。在合併後的公司基礎上，我們估計 1 月和 2 月的整體公司毛利同比增長約 25%，較第四季度的 21% 有所改善。我們預計 1 月和 2 月公司的綜合增長率為 25%，整個第一季度將相對穩定。

We have continued to see the diversity of our ecosystem model provide resilience in this dynamic environment. Through January and February, Cash App saw continued strength with stable consumer trends. Square saw some moderation in growth rates for certain discretionary verticals with greater stability in other verticals.

我們繼續看到我們的生態系統模型的多樣性在這個動態環境中提供了彈性。整個 1 月和 2 月，Cash App 持續走強，消費趨勢穩定。 Square 發現某些可自由支配垂直領域的增長率有所放緩，而其他垂直領域則更為穩定。

Let's get into some of these trends by ecosystem. As a reminder, gross profit includes a 50% allocation from our BNPL platform across each of Square and Cash App. For Cash App, we expect gross profit growth to be greater than 50% on a reported basis year-over-year for the months of January and February. In March, we expect gross profit growth to slow as we lap pricing changes made in the prior year period. Cash App's early momentum this year has been a continuation of our strong fourth quarter. We continue to build out our banking offering by introducing Savings, which has been one of our fastest-growing products on Cash App. Cash App Card achieved strong growth in monthly actives and spend per active and delivered more than $750 million in gross profit for the year, up 56% year-over-year and making up more than 1/4 of overall Cash App gross profit.

讓我們通過生態系統來了解其中的一些趨勢。提醒一下，毛利包括我們 BNPL 平台在 Square 和 Cash App 中分配的 50%。對於 Cash App，我們預計 1 月和 2 月毛利潤同比增長超過 50%。 3 月份，我們預計毛利增長將放緩，因為我們將對去年同期的定價進行調整。 Cash App 今年早期的勢頭延續了我們強勁的第四季度。我們通過推出 Savings 繼續擴展我們的銀行服務，Savings 一直是我們在 Cash App 上增長最快的產品之一。 Cash App Card 在每月活躍度和每活躍度支出方面實現強勁增長，全年實現毛利潤超過 7.5 億美元，同比增長 56%，佔 Cash App 整體毛利潤的 1/4 以上。

For Square, we expect gross profit growth to be approximately 15% on a reported basis year-over-year through January and February. Looking at recent volume trends, we saw a moderation in the GPV growth rates for discretionary verticals in the U.S. beginning in November, primarily for food and drink and retail. And we have seen these trends continue into the first quarter. Even with these shifts in macro trend line, the Square ecosystem, excluding PPP and our BNPL platform, had a gross profit growth rate of 17% year-over-year in the fourth quarter and is expected to grow 21% year-over-year in January and February. As a reminder, for the full first quarter of 2022, we recognized $51 million of nonrecurring PPP gross profit.

對於 Square，我們預計截至 1 月和 2 月的毛利同比增長約為 15%。從最近的銷量趨勢來看，我們發現從 11 月開始，美國可自由支配垂直行業的 GPV 增長率有所放緩，主要是食品和飲料以及零售業。我們已經看到這些趨勢持續到第一季度。即使宏觀趨勢線發生了這些變化，Square 生態系統（不包括 PPP 和我們的 BNPL 平台）在第四季度的毛利潤同比增長率為 17%，預計同比增長 21%在一月和二月。提醒一下，在整個 2022 年第一季度，我們確認了 5100 萬美元的非經常性 PPP 毛利潤。

And lastly, an update on our BNPL platform, which was also embedded in the figures I just noted for Cash App and Square. Through the months of January and February, we expect GMV growth of 19% year-over-year, an improvement compared to 14% growth in the fourth quarter. We have been encouraged by our ability to manage loss rates as losses on consumer receivables remained below 1% during the fourth quarter and improved on both a year-over-year and quarter-over-quarter basis behind consistent repayment trends. In the first quarter, loss rates typically see a seasonal increase compared to other quarters, though are expected to remain around 1% for the first quarter.

最後，我們的 BNPL 平台的更新，也包含在我剛剛為 Cash App 和 Square 注意到的數字中。在 1 月和 2 月，我們預計 GMV 同比增長 19%，與第四季度 14% 的增長率相比有所改善。我們對管理損失率的能力感到鼓舞，因為消費者應收賬款的損失在第四季度保持在 1% 以下，並且在一致的還款趨勢下同比和環比都有所改善。在第一季度，與其他季度相比，損失率通常會出現季節性上升，但預計第一季度將保持在 1% 左右。

To conclude, our potential is profound across our significant addressable opportunity, the ability to grow with our existing customers and the longer-term path to grow new ecosystems. With all this opportunity, we have found that constraints are clarifying and can help us execute responsibly and creatively. With the components of our investment framework, we believe our teams will be able to continue driving product velocity while prioritizing agility, accountability and long-term thinking paired with near-term feedback loops.

總而言之，我們的潛力在我們重要的可尋址機會、與現有客戶一起成長的能力以及發展新生態系統的長期道路上是深遠的。有了所有這些機會，我們發現約束正在變得清晰，可以幫助我們負責任和創造性地執行。憑藉我們投資框架的組成部分，我們相信我們的團隊將能夠繼續推動產品速度，同時優先考慮敏捷性、問責制和長期思考以及近期反饋循環。

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

有了這個，我們將打開它來回答你的問題。

(Operator Instructions) Your first question is from 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。

I like the investment framework, especially the inclusion of the operating income margin. I think it will be well received. So I wanted to ask on that, if you don't mind, just focusing on the margin and cost side, which you have more control over. Can you just discuss or talk about the broader opportunity for operating leverage longer term? I know you gave some thoughts for '23. But just beyond that operating leverage overall or maybe even across the 2 ecosystems, how should we think about that?

我喜歡這個投資框架，尤其是營業利潤率。我認為它會很受歡迎。所以我想問一下，如果你不介意的話，只關注利潤和成本方面，你可以更好地控制它們。您能否討論或談論更廣泛的長期經營槓桿機會？我知道你對 23 年提出了一些想法。但是，除了整體或什至跨兩個生態系統的運營槓桿之外，我們應該如何考慮這一點？

Thanks for the question, Tien-Tsin. I'll start us off. Our investment framework here is -- around Rule of 40 is really about helping to build profitable long-term growth. And just as important as achieving Rule of 40 is a staying Rule of 40. So we're looking to make investments in our business that can accrete returns both for our customers and ultimately for us and for our business model.

謝謝你的問題，Tien-Tsin。我會開始的。我們這裡的投資框架是——圍繞 40 條規則實際上是為了幫助建立有利可圖的長期增長。與實現 40 條規則同樣重要的是保持 40 條規則。因此，我們希望對我們的業務進行投資，以增加我們的客戶回報，最終為我們和我們的商業模式帶來回報。

From a leverage perspective, specifically to your question, there are a couple of key things that we're looking at that I'd point you to in terms of opportunities for us to find increased leverage across our fixed expense base. The first key areas that we're looking at are hiring and sales and marketing. As you heard on the call today, we're meaningfully slowing the pace of our hiring, growing about 10% in terms of headcount in 2023 compared to 46% growth in 2022.

從槓桿的角度來看，特別是針對你的問題，我們正在研究一些關鍵的事情，我會向你指出我們在固定費用基礎上找到增加槓桿的機會。我們關注的第一個關鍵領域是招聘、銷售和營銷。正如您今天在電話會議上聽到的那樣，我們正在顯著放慢招聘步伐，2023 年的員工人數將增長約 10%，而 2022 年的增長率為 46%。

We're putting our teams to work across key important areas to build out our product ecosystem to address a sizable market opportunity ahead of us, $200 billion in gross profit opportunity, about 5% were penetrated in. But we're doing it in a way that enables them to be smarter with their work, more efficient and effective in their work.

我們正在讓我們的團隊在關鍵的重要領域開展工作，以構建我們的產品生態系統，以應對擺在我們面前的巨大市場機會，2000 億美元的毛利機會，約有 5% 被滲透進去。但我們正在做這件事使他們能夠更聰明地工作、更有效率和更有效地工作的方式。

Now in terms of how you'll see that roll through our P&L, because we're run rating the hires that we made in 2022, we'd expect you to see more of the impact of that slower hiring and that pace of hiring in the back half of 2023 and into 2024.

現在，就您將如何看待我們的損益表而言，因為我們正在對 2022 年的招聘進行評級，我們希望您能看到更多招聘放緩和招聘步伐的影響2023 年下半年和 2024 年。

The second piece in terms of sales and marketing is around, again, orienting our spend towards areas that are more proven and that can impact our customer base and potential future customer segments that we can serve. So expect to slow our pace of sales and marketing spend to 5% to 10% in 2023 relative to where we were at about 25% last year. And I think this is an area for us to find continued improvement on in refining our sales and marketing motion across each of Square and Cash App.

銷售和營銷方面的第二部分再次圍繞著將我們的支出定向到更成熟的領域，這些領域可以影響我們的客戶群和我們可以服務的潛在未來客戶群。因此，預計到 2023 年我們的銷售和營銷支出速度將比去年的 25% 左右放慢到 5% 到 10%。我認為這是我們在 Square 和 Cash App 中不斷改進銷售和營銷活動的領域。

From an overhead perspective, we're going to be looking across all of our corporate overhead expenses, from software and data utilization to real estate facilities to professional fees and a range of other discretionary areas. Now what that all means for 2023 is we expect to see 1 point or greater of margin expansion on an EBITDA basis. And we also expect to see margin expansion on an adjusted operating income basis.

從間接費用的角度來看，我們將審視我們所有的公司間接費用，從軟件和數據利用到房地產設施再到專業費用和一系列其他可自由支配的領域。現在，這對 2023 年意味著我們預計在 EBITDA 基礎上看到 1 個百分點或更多的利潤率擴張。我們還預計在調整後的營業收入基礎上會看到利潤率增長。

But again, if we're going to sustain, not just reach, but sustain Rule of 40 over the long term, we need to continue investing in our business. And that's where we see opportunities around reaching new customer segments through our go-to-market motions, continuing to take share in our TAM and building new products that enable greater TAM expansion and unlocking new audiences through our emerging initiatives. And we'll continue to invest with discipline across each of those areas to ultimately build growth opportunities, profitable growth opportunities over the long term.

但同樣，如果我們要長期維持，不僅僅是達到，而是維持 40 條規則，我們需要繼續投資於我們的業務。這就是我們看到機會的地方，通過我們的上市行動接觸新的客戶群，繼續在我們的 TAM 中佔有份額，並開發新產品以實現更大的 TAM 擴展並通過我們的新興計劃解鎖新的受眾。我們將繼續在每個領域進行有紀律的投資，以最終創造增長機會，從長遠來看將帶來盈利的增長機會。

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

你的下一個問題來自瑞士信貸的 Timothy Chiodo。

Great. I want to focus a little bit on the restaurant vertical given the competition there. So you have the Square for Restaurant's vertical offering. At the May 2022 Investor Day, one of the big themes was the build-out of the vertical sales teams and the move upmarket to larger sellers. At the time, you talked about verticalizing the sales team, starting with the inbound teams and then building out further from there.

偉大的。鑑於那裡的競爭，我想稍微關註一下垂直餐廳。因此，您擁有餐廳垂直產品的廣場。在 2022 年 5 月的投資者日，一大主題是垂直銷售團隊的擴建和向高端市場轉移到更大的賣家。當時，您談到了垂直化銷售團隊，從入站團隊開始，然後從那裡進一步擴展。

Was hoping you could give an update on the progress there, the feet on the street effort, how many people we're talking about and how the LTV to CAC look for that type of a go-to-market effort relative to the historical Square approach?

希望您能提供有關那裡進展的最新信息，街頭努力的腳步，我們正在談論的人數以及 LTV 到 CAC 如何尋找相對於歷史廣場的那種進入市場的努力方法？

Tim, thanks for the question. So let's talk about our go-to-market approach for the Square business. We have targets that we look to maintain across both payback and returns. And that encompasses the full set of our costs across sales and marketing across U.S. as well as international. And those blended rates, obviously being 3x ROI over 4 years and a 6-quarter payback.

蒂姆，謝謝你的提問。那麼讓我們來談談我們的 Square 業務的上市方法。我們有希望在回報和回報方面保持的目標。這包括我們在美國和國際上的銷售和營銷的全部成本。這些混合利率顯然是 4 年 3 倍的投資回報率和 6 個季度的回報。

And we've seen us over the past few years be dynamic with that spend and our approach to the sales initiatives that you mentioned specifically throughout the year, and I think we'll continue to be dynamic here as we read our results in the environment in 2023.

在過去的幾年裡，我們看到我們在這一年中特別提到的支出和我們對銷售計劃的方法充滿活力，我認為當我們在環境中閱讀我們的結果時，我們將繼續保持活力2023年。

Specifically to our sales efforts, we're in the early stages of building out a software-led, with embedded financial services, sales team. And this sales team not only has inbound capabilities but also outbound capabilities. We're building verticalization into our team. So where in the past, we had a more generalized sales team, we've started to now verticalize across our 3 key areas of restaurants, retail and services and expect this to benefit deal cycle times and win rates over time.

具體到我們的銷售工作，我們正處於建立以軟件為主導、具有嵌入式金融服務的銷售團隊的早期階段。而這個銷售團隊不僅有入站能力，還有出站能力。我們正在將垂直化融入我們的團隊。因此，在過去，我們擁有一支更廣泛的銷售團隊，現在我們已經開始在餐廳、零售和服務這 3 個關鍵領域進行垂直化，並期望隨著時間的推移，這將有利於交易週期和贏率。

From an outbound perspective, we're also enhancing our capabilities here around targeting specific verticals and seller sizes using better data and signals that enable our team to be able to reach those sellers at the right time with the right message. And we expect outbound sales to be a bigger contributor to sell our acquisition over time.

從出站的角度來看，我們還在使用更好的數據和信號增強我們針對特定垂直行業和賣家規模的能力，使我們的團隊能夠在正確的時間用正確的信息聯繫這些賣家。隨著時間的推移，我們預計出境銷售將成為出售我們收購的更大貢獻者。

Now this is a multiyear journey that we're on, on reorienting and building up the sales team, and we'll continue to iterate on our processes and tooling. But we are encouraged by the traction that we've had in building our upmarket success through mid-market sales. And what we're seeing is that our mid-market sellers have grown twice as fast in the fourth quarter than the total Square gross profit, excluding BNPL. Mid-market gross profit was up 16% year-over-year, excluding BNPL.

現在這是我們正在進行的多年旅程，重新定位和建立銷售團隊，我們將繼續迭代我們的流程和工具。但我們對通過中端市場銷售在高端市場取得成功所產生的吸引力感到鼓舞。我們看到的是，我們的中端市場賣家在第四季度的增長速度是 Square 總利潤（不包括 BNPL）的兩倍。中端市場毛利潤同比增長 16%，不包括 BNPL。

So these go-to-market initiatives are starting to resonate, and we'll be making more progress over time as we continue to reorient the sales team and pair that with our marketing messages.

因此，這些進入市場的舉措開始引起共鳴，隨著我們繼續重新調整銷售團隊並將其與我們的營銷信息相結合，我們將隨著時間的推移取得更多進展。

Your next question comes from Cash App customer, [Austin Watson.]

您的下一個問題來自 Cash App 客戶 [Austin Watson。]

My name is [Austin.] I use Cash App as my primary bank account. I get my paycheck direct-deposited. I use my Cash App Card every day. And I love the app, but I still have a legacy bank account for no other reason than auto bill pay. And for me, personally, this problem could be solved if I had the ability to schedule recurring payments just to other Cash App customers. But yes, so I guess the question is, are there any plans to enable scheduling recurring payments within the Cash App?

我的名字是 [Austin]。我使用 Cash App 作為我的主要銀行賬戶。我的薪水是直接存入的。我每天都使用我的 Cash App Card。我喜歡這個應用程序，但我仍然有一個舊的銀行賬戶，除了自動支付賬單之外沒有其他原因。就我個人而言，如果我能夠為其他 Cash App 客戶安排定期付款，這個問題就可以解決。但是，是的，所以我想問題是，是否有計劃在 Cash App 中啟用安排定期付款？

[Austin,] first of all, thank you for using Cash App and seeing us as your primary banking tool. That's exactly what -- it's exactly the relationship we want to have with all of our customers. We're seeing more and more of that. We're always going to be looking at things that people are trying to do with Cash App that we didn't build. Like we're -- we have a mindset of looking at the broadest patterns. And I'm sure we've seen desire for recurring payments to friends and to other Cash App customers across the board. And as we see more and more of that, we tend to prioritize it.

[Austin，] 首先，感謝您使用 Cash App 並將我們視為您的主要銀行工具。這正是 - 這正是我們希望與所有客戶建立的關係。我們看到越來越多這樣的事情。我們總是會關注人們試圖用我們沒有構建的 Cash App 做的事情。就像我們一樣——我們有一種看待最廣泛模式的心態。而且我敢肯定，我們已經看到了對全面向朋友和其他 Cash App 客戶定期付款的渴望。隨著我們看到越來越多的事情，我們傾向於優先考慮它。

But right now, we're really focused on making sure like just the basics are rock-solid for every type of customer that we have, whether you're just starting with a bank account or a savings account or you've had one. And really, that's a question of looking at like the limits we placed onto Cash App and what we enable to make it super easy for people.

但現在，我們真正專注於確保基礎知識對於我們擁有的每一種類型的客戶來說都是堅如磐石的，無論您是剛開始使用銀行賬戶還是儲蓄賬戶，或者您已經擁有一個。實際上，這是一個問題，比如我們對 Cash App 施加的限制，以及我們為人們提供的超級便利。

So we've been focused on savings accounts. We've been focused on unlimited free withdrawals at ATMs and paper money deposits. So we don't have any immediate plans for recurring, but I'm sure it will be on the road map at some point in the future. But thank you so much.

所以我們一直專注於儲蓄賬戶。我們一直專注於 ATM 和紙幣存款的無限制免費取款。所以我們沒有任何立即的重複計劃，但我相信它會在未來的某個時候出現在路線圖上。但非常感謝你。

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

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

Look, it's great to hear your confidence around the $1.3 billion of EBITDA in pretty much any macro scenario. But if you could just give us a little bit more color on your assumptions for the base case macro backdrop embedded. And then just on that note, I'd love to know a little more, specifically, gross profit growth embedded in that base case.

看，很高興聽到您對幾乎任何宏觀情景中 13 億美元的 EBITDA 充滿信心。但是，如果你能給我們更多關於你對嵌入的基本案例宏背景的假設的顏色。然後就在那張紙條上，我很想知道更多，特別是該基本案例中嵌入的毛利潤增長。

I guess relative to the 20% to 25% rates we're seeing through January into February, if you could just frame it in that way. And then, Jack, just a bigger picture question on the sustainability of Cash App. Obviously, Cash Card was called out quite a bit, and we're seeing a lot of success there. But can you just revisit some of the drivers of sustainability medium term with Cash Card now 25%, 30% of the mix? I think we'd just love to hear more on that.

我想相對於我們在 1 月到 2 月看到的 20% 到 25% 的利率，如果你能以這種方式來構建它的話。然後，傑克，關於 Cash App 可持續性的一個更大的問題。顯然，Cash Card 受到了很多關注，我們在那裡看到了很多成功。但是，您能否重新審視現金卡現在佔組合的 25%、30% 的一些可持續性中期驅動因素？我想我們很想听到更多關於這方面的信息。

Darrin, thanks for the questions. I'll start off on sort of our 2023 EBITDA guidance and what our assumptions are with respect to growth in that guide. So first, what I'll share is our 2023 outlook is based on what we've seen so far. Obviously, exiting 2022 and our Q4 growth rates, but also the early part of this year, which we've shared with you. From a growth perspective, we expect Cash App to grow faster than Square, which is a continuation of Q1, where you've seen consumer trends relatively stable for Cash App versus some moderation in a few discretionary verticals that we believe are macro related for Square.

達林，謝謝你的提問。我將從我們的 2023 年 EBITDA 指南開始，以及我們對該指南中增長的假設。所以首先，我要分享的是我們 2023 年的展望是基於我們迄今為止所看到的。顯然，退出 2022 年和我們的第四季度增長率，以及我們與您分享的今年年初。從增長的角度來看，我們預計 Cash App 的增長速度將快於 Square，這是第一季度的延續，您已經看到 Cash App 的消費者趨勢相對穩定，而我們認為與 Square 宏觀相關的一些可自由支配的垂直領域有所緩和.

Within Cash App, we expect to see when we think about our inflows framework of active inflows per active which is the amount of money our customers bring in to Cash App and then monetization rate, we expect to see continued year-over-year growth across each of those 3 drivers of the Cash App business during 2023. We do expect to see some gross profit growth to slow in March for Cash App and Q2 onwards as we lap some of the pricing changes that we made last year.

在 Cash App 中，我們希望看到當我們考慮每個活躍的活躍流入的流入框架時，即我們的客戶為 Cash App 帶來的金額，然後是貨幣化率，我們希望看到跨年度持續增長2023 年 Cash App 業務的這 3 個驅動因素中的每一個。我們確實預計 3 月份 Cash App 和第二季度以後的毛利潤增長會放緩，因為我們對去年所做的一些定價調整進行了調整。

From a Square driver's perspective, our focus, as you've heard so far today, continues to be refining our sales and marketing motion and continuing to grow and take advantage of the success that we've seen in growing upmarket with larger sellers, building out our omnichannel needs. We've seen now software plus integrated payments has become the significant portion of the Square business, 75% of Square's gross profit, ex PPP.

從 Square 司機的角度來看，正如您今天所聽到的那樣，我們的重點將繼續完善我們的銷售和營銷活動並繼續發展並利用我們在與大型賣家一起發展高端市場時所取得的成功，建立滿足我們的全渠道需求。我們現在看到，軟件加集成支付已成為 Square 業務的重要組成部分，佔 Square 毛利潤的 75%（不包括購買力平價）。

And so continuing to focus on our strategic areas around upmarket, omnichannel, international and refining our sales and marketing motion for the Square business. From a profitability perspective, in 2023 by ecosystem, we are focused on efficiency here. And as you've heard, we're slowing the pace of growth meaningfully, and we also have the ability and a number of levers at our disposal to be nimble based on what we see from a macro perspective with those levers.

因此，我們將繼續專注於我們圍繞高端、全渠道、國際的戰略領域，並完善我們對 Square 業務的銷售和營銷活動。從盈利能力的角度來看，到 2023 年，按生態系統，我們將重點放在效率上。正如你所聽到的，我們正在有意義地放慢增長速度，而且我們也有能力和一些槓桿可以根據我們從宏觀角度看到的這些槓桿來靈活調整。

Now that said, by ecosystem, we expect Cash App margins to expand, which is a continuation really of some years now of improving profitability for the Cash App business. We expect Square margins to be more consistent year-over-year, partly due to some of the moderation of growth related to macro impact starting in mid-Q4 and given its already high incremental margins. We outlined those in some great detail during our Investor Day last year.

話雖如此，通過生態系統，我們預計 Cash App 的利潤率將會擴大，這實際上是多年來提高 Cash App 業務盈利能力的延續。我們預計 Square 的利潤率將與去年同期相比更加穩定，部分原因是從第四季度中期開始與宏觀影響相關的增長有所放緩，並且考慮到其已經很高的增量利潤率。我們在去年的投資者日期間非常詳細地概述了這些內容。

But as you noted, in the midst of potential macro dynamism, we intend to hold to these profit targets. And if we see growth slow, as I noted, we have a number of levers that we're scrutinizing and have the ability to pull back prudently while still investing for growth against our planned expenses.

但正如您所指出的，在潛在的宏觀活力中，我們打算堅持這些利潤目標。如果我們看到增長放緩，正如我所指出的，我們有許多我們正在審查的槓桿，並且有能力謹慎地撤回，同時仍然根據我們的計劃支出投資增長。

Just to clarify the second part of your question, Darrin?

只是為了澄清你問題的第二部分，Darrin？

But it's now, as you guys pointed out, almost 30% of the mix of revenues. And so what do you think about that business longer term in terms of the driving force of it to keep growing well? What's going to drive that?

但現在，正如你們所指出的，幾乎佔收入組合的 30%。那麼，從長期來看，您如何看待該業務保持良好增長的驅動力？什麼會推動它？

I'm sorry, you broke up a little bit, Darrin. Are you on mute? Are you talking about Cash App Card or other parts of the banking experience?

對不起，你有點分手了，達林。你在靜音嗎？您是在談論 Cash App Card 還是銀行體驗的其他部分？

I was just trying to figure out gross profit growth sustainability for Cash App in general. How -- what kind of drivers do you see given how strong Cash App Card has already contributed? Does it have a lot more to go? Is it other drivers?

我只是想弄清楚 Cash App 總體上毛利增長的可持續性。鑑於 Cash App Card 已經做出了多麼強大的貢獻，您如何看待什麼樣的驅動程序？還有很多事情要做嗎？是其他司機嗎？

Yes. I mean I -- just to start off, Amrita can opine in here as well. But I think the most important thing for us to grow the Cash App ecosystem is to continue to find adjacencies, adjacent financial services that complement one another. And there's certainly aspects to everything that we're doing around inflows, direct deposit, all these utilities and functionalities that we're building. One of them gets people into the ecosystem and drives them in.

是的。我的意思是，首先，Amrita 也可以在這裡發表意見。但我認為，對於我們發展 Cash App 生態系統而言，最重要的事情是繼續尋找相鄰的、相互補充的相鄰金融服務。我們圍繞流入、直接存款以及我們正在構建的所有這些實用程序和功能所做的一切肯定都有一些方面。其中之一讓人們進入生態系統並驅使他們進入。

And then our goal is to really cross-sell and make sure that like we're -- people are able to find the other services quite easily, and there might be one that resonates even more, like Cash App Card. So I do believe that Cash App Card has a ton of room ahead of it. And I do believe that it's a great marketing device for us, in the same way that the original Square Reader was. When people see it, whether they see their friends use it or they see pictures over social media why they designed it, it tends to effectively encourage people to download the app and make their own.

然後我們的目標是真正的交叉銷售，並確保像我們一樣——人們能夠很容易地找到其他服務，而且可能會有一種更能引起共鳴的服務，比如 Cash App Card。所以我相信 Cash App Card 有很大的發展空間。而且我確實相信它對我們來說是一個很好的營銷工具，就像最初的 Square Reader 一樣。當人們看到它時，無論是看到他們的朋友使用它還是在社交媒體上看到他們設計它的原因的圖片，它往往會有效地鼓勵人們下載該應用程序並製作自己的應用程序。

In the same way that the Square Reader seen at farmer's markets saw other sellers who quickly was able to recognize what the power of that thing was and then decided to download for themselves. But it's just one part of the equation. And success to us means that it's not just Cash App Card that drives the ecosystem growth, but there's multiple entry vectors that all complement each other and encourage one another in contributing.

就像在農貿市場看到的 Square Reader 看到其他賣家一樣，他們很快就能認出那東西的威力，然後決定自己下載。但這只是等式的一部分。對我們來說，成功意味著推動生態系統增長的不僅僅是 Cash App Card，還有多個入口向量，它們相互補充並鼓勵彼此做出貢獻。

Darrin, I'll just add that Cash App now has 5 revenue streams at $100 million or more in annualized gross profit. Instant Deposit, obviously, Cash App Card, as you've heard, at $750 million in 2022. Our Bitcoin revenue stream, business accounts and Cash App Borrow with several others that are smaller, but scaling, like Cash App Pay, as an example, and other banking and commerce products.

Darrin，我只想補充一點，Cash App 現在有 5 個年化毛利在 1 億美元或以上的收入來源。即時存款，很明顯，如您所知，Cash App Card 到 2022 年將達到 7.5 億美元。我們的比特幣收入流、企業賬戶和 Cash App Borrow 以及其他幾個規模較小但規模較大的公司，例如 Cash App Pay ，以及其他銀行和商業產品。

And even within Cash App Card, we're at about a 36% attach of Cash App Card monthly transacting actives QR overall monthly transacting actives in December. That's about 18 million actives on Cash App Card on a monthly basis. And we're seeing that Cash App Card is increasingly top of wallet to our customers with a broad use case in terms of everyday payments.

即使在 Cash App Card 中，我們在 12 月份的 Cash App Card 月度交易活躍度 QR 中也有大約 36% 的月度交易活躍度。 Cash App Card 每月大約有 1800 萬活躍用戶。我們看到 Cash App Card 越來越成為我們客戶的首選錢包，在日常支付方面有廣泛的用例。

But to Jack's point about adjacencies, maybe one recent product launch to call out that's an example of that is our recent launch of peer-to-peer gift cards, where we allow customers to send a gift card from a wide range of merchants to their friends and family, who can then receive it and spend it through their Cash App Card.

但就傑克關於鄰接關係的觀點而言，也許最近推出的一款產品就是我們最近推出的點對點禮品卡的一個例子，我們允許客戶將禮品卡從廣泛的商家發送到他們的朋友和家人，然後他們可以收到它並通過他們的現金應用卡消費。

It's an example of a product that, for us, spans multiple development pillars. There's a community aspect, there's a peer-to-peer element. And there's a banking aspect that ties in utility of Cash App Card, all while ultimately promoting more commerce within our ecosystem, which is a longer-term focus for us, particularly with Afterpay and our efforts there.

對我們來說，這是一個跨越多個發展支柱的產品示例。有社區方面，有點對點元素。還有一個銀行方面與現金應用卡的效用相關，同時最終在我們的生態系統中促進更多的商業，這是我們的長期關注點，特別是 Afterpay 和我們在那裡的努力。

So that's an example of an adjacency. There are numerous others like our Savings accounts, which we just launched in January and is one of our fastest-growing products, which is yet another reason for people to bring money into Cash App. And you link a debit card and use roundups and a number of other features that end up creating an everyday experience for our customers through Cash App and through our banking offerings.

所以這是鄰接的一個例子。還有許多其他產品，例如我們在 1 月份剛剛推出的儲蓄賬戶，它是我們增長最快的產品之一，這也是人們將錢存入 Cash App 的另一個原因。您鏈接借記卡並使用匯總和許多其他功能，最終通過 Cash App 和我們的銀行產品為我們的客戶創造日常體驗。

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

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

And thanks for all of the detail on Block's investment framework. This shift from the focus on adjusted EBITDA to adjusted operating income is an important one, and I think one that will be welcomed by a lot of investors. Can you just elaborate a bit more on the why now behind that shift and how it's being operationalized by the BUs?

並感謝 Block 投資框架的所有細節。這種從關注調整後的 EBITDA 到調整後的營業收入的轉變是一個重要的轉變，我認為這一轉變會受到很多投資者的歡迎。您能否更詳細地說明這種轉變背後的原因以及業務部門如何實施這種轉變？

So for example, should we expect that we would see these noncash items, SBC and D&A, et cetera, sort of decline or slow in their growth over time with the differential there narrows?

因此，例如，我們是否應該期望我們會看到這些非現金項目、SBC 和 D&A 等隨著時間的推移隨著時間的推移縮小或增長放緩？

Yes. Thanks for the question. I'll start off here and Amrita can follow up. But just from a high level, why now? As we talked in our Investor Day, but also a bit in the last quarter, we realized like our business is fairly unique. We're not -- we started with this 1 ecosystem called Square. And we've added other ones such as Cash App, Tidal and TBD. Two of them are at massive scale. And the other 2 are just beginning.

是的。謝謝你的問題。我將從這裡開始，Amrita 可以跟進。但只是從高層次上來說，為什麼是現在？正如我們在投資者日以及上個季度所說的那樣，我們意識到我們的業務相當獨特。我們不是——我們從這個名為 Square 的生態系統開始。我們還添加了其他應用程序，例如 Cash App、Tidal 和 TBD。其中兩個是大規模的。而另外兩個才剛剛開始。

And we intend to create new ecosystems, whether that comes from an organic creation like TBD or an acquisition like Tidal. All these things are also under this purpose of economic empowerment. Like how do we serve entirely new audiences to empower them, give them simple tools to participate more fully in the economy?

我們打算創建新的生態系統，無論是來自像 TBD 這樣的有機創造還是像 Tidal 這樣的收購。所有這些事情也都在經濟賦權的這個目的之下。比如我們如何為全新的受眾提供服務以賦予他們權力，為他們提供簡單的工具以更充分地參與經濟？

This is a complex business. It's not like many others that you probably cover. And the reason we wanted to share this is we wanted a simple way that we could communicate how we think about investing in ourselves and a simple way to help align the interest of our shareholders and you all with those of our customers.

這是一項複雜的業務。它與您可能涵蓋的許多其他內容不同。我們想要分享這一點的原因是我們想要一種簡單的方式來傳達我們對投資自己的看法，以及一種簡單的方式來幫助我們的股東和你們所有人的利益與我們客戶的利益保持一致。

So what was important to us was making sure that we had, first and foremost, a customer-focused metric, and that is gross profit retention, making sure that we are keeping the customers that we bring into the network. And most importantly, we're seeing them buy more and more services within the ecosystem that they started with, such as Square, or going to a completely different ecosystem such as Cash App, and utilizing more and more of our tools and staying with us.

因此，對我們來說重要的是確保我們首先擁有一個以客戶為中心的指標，即毛利潤保留率，確保我們留住我們帶入網絡的客戶。最重要的是，我們看到他們在他們開始使用的生態系統中購買越來越多的服務，例如 Square，或者轉向一個完全不同的生態系統，例如 Cash App，並使用越來越多的我們的工具並留在我們身邊.

And the second, we want to account for real cost of the business. We've heard from a lot of you. We've heard from a lot of the broader investment community that SBC, the way it's accounted for, just doesn't make sense. And we listened, we wanted to really see it as true cost and reported as such. And hold a bar to ourselves on making sure that we integrate that as a real cost. So it's much clear and more transparent to you.

第二，我們要計算業務的實際成本。我們收到了很多人的來信。我們從許多更廣泛的投資界聽說，SBC 的計算方式是沒有意義的。我們傾聽了，我們希望真正將其視為真實成本並據此進行報告。並在確保我們將其整合為實際成本方面對自己有所限制。所以它對你來說更清楚、更透明。

And then finally, we wanted to use phrases and words and formulas and concepts that you all are familiar with, which is where gross profit retention or an NRR and Rule of 40 really comes from, but do it in a way that raises the bar even more so.

最後，我們想使用你們都熟悉的短語、單詞、公式和概念，這是毛利潤保留率或 NRR 和 40 規則的真正來源，但這樣做的方式甚至可以提高標準更是如此。

We believe that it's really important to recognize that this is a steady-state goal for us. We're not there today, but it will help us really think about our investments, whether they be at scale ecosystems like Square and Cash App or newer ecosystems like Tidal and TBD, to make sure that we're investing in the right way, that we're customer-focused, that we're balancing the investment between all these ecosystems in the correct way. And ultimately, that we're fulfilling our promise of a model of ecosystem of ecosystem, which means that each one of them positively contributes to the other, and that we continue to disrupt ourselves with each one of these ecosystems.

我們認為，認識到這是我們的穩態目標非常重要。我們今天不在那裡，但這將幫助我們真正思考我們的投資，無論是像 Square 和 Cash App 這樣的大規模生態系統，還是像 Tidal 和 TBD 這樣的新生態系統，以確保我們以正確的方式投資，我們以客戶為中心，我們正在以正確的方式平衡所有這些生態系統之間的投資。最終，我們正在履行我們對生態系統生態系統模型的承諾，這意味著它們中的每一個都為另一個生態系統做出積極貢獻，並且我們繼續通過這些生態系統中的每一個來破壞自己。

Like I expect some of our ecosystems like TBD to be disruptive to what we're currently doing within Cash App. And I'm happy that we're thinking about that before external competitors. And that's exactly the model that we want to continue because, ultimately, all this represents resilience. And so we're just going to use this investment model and make sure that we iterate as quickly as possible to hit it and to keep hitting it. Amrita, do you want to say anything more?

就像我預計我們的一些生態系統（如 TBD）會破壞我們目前在 Cash App 中所做的事情。我很高興我們在外部競爭對手之前就考慮到了這一點。這正是我們想要繼續的模式，因為最終，所有這些都代表了彈性。因此，我們將使用這種投資模型，並確保我們盡可能快地進行迭代以實現目標並繼續實現目標。 Amrita，你還想說什麼嗎？

Yes, Lisa, thanks for the question. We agree with you that it is a meaningful shift to include stock-based compensation and D&A, but particularly stock-based compensation in our profitability metrics. And what we wanted to do here was align our external disclosures and targets with how we're actually running the business internally. So to now include SBC as a part of how our leaders are measured and our business units and business models are measured internally is we think the right level playing field across our businesses and across whether it's maturity type or business model.

是的，麗莎，謝謝你的提問。我們同意你的看法，將基於股票的薪酬和 D&A 包括在內是一個有意義的轉變，尤其是將基於股票的薪酬納入我們的盈利能力指標。我們在這裡想要做的是使我們的外部披露和目標與我們內部實際運營業務的方式保持一致。因此，現在將 SBC 作為衡量我們的領導者以及我們的業務部門和業務模型的內部衡量方式的一部分，我們認為在我們的業務中以及無論是成熟度類型還是業務模型中，都是正確的公平競爭環境。

SBC is an important part of our compensation model here. We want our employees to be shareholders. And ultimately, that structure enables us to attract and retain amazing talent and invest in high-performing teams. So this shift to adjusted operating income to account for SBC and D&A brings increased rigor to how we manage those costs, those SBC costs.

SBC 是我們這裡薪酬模型的重要組成部分。我們希望我們的員工成為股東。最終，這種結構使我們能夠吸引和留住優秀人才，並投資於高績效團隊。因此，這種向調整後的營業收入轉變以計算 SBC 和 D&A 的做法，使我們管理這些成本和 SBC 成本的方式更加嚴格。

And we want our teams to consider SBC as an expense when they are hiring and making those investment decisions. Over the long term, we expect to drive efficiencies and leverage from SBC. And historically, our share count dilution -- just to get into some of the tactics around what we expect to see, historically, our share count dilution from SBC has been in the low single-digit percent range, excluding impacts from converts, and we expect this trend to continue of low single-digit dilution for normal run rate across our business.

我們希望我們的團隊在招聘和做出投資決策時將 SBC 視為一項費用。從長遠來看，我們希望通過 SBC 提高效率和槓桿作用。從歷史上看，我們的股票稀釋 - 只是為了了解我們期望看到的一些策略，從歷史上看，我們從 SBC 獲得的股票稀釋一直處於較低的個位數百分比範圍內，不包括轉換的影響，我們預計我們業務的正常運行率將繼續保持低個位數稀釋的趨勢。

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

您的下一個問題來自 KBCM 的 Josh Beck。

And also thanks for collapsing your investment philosophy into 1 sentence. That's not easy to do for anyone. But I wanted to ask a little bit about Cash App. Amrita, I believe you said pretty much all of those 3 core drivers would be up in '23. The one that I wanted to ask about was the inflows per MAU. You certainly did cite some, at least in the Square business, slowdown in discretionary spend. But I assume there are offsets, things like obviously, Cash Card attach, which I'm assuming is going to lead to higher direct deposit, which obviously had a really nice step up on the metrics you gave at 3Q.

也感謝您將您的投資理念概括為 1 句話。這對任何人來說都不容易。但我想問一些關於 Cash App 的問題。 Amrita，我相信你說過幾乎所有這 3 個核心驅動程序都會在 23 年出現。我想問的是每個 MAU 的流入量。你當然確實提到了一些，至少在 Square 業務中，可自由支配支出放緩。但我假設有一些抵消，比如現金卡附加，我假設這會導致更高的直接存款，這顯然比你在第三季度給出的指標有了很大的進步。

So I'm curious to hear a little bit just about the drivers there as well as the monetization rate. Certainly, you mentioned the pricing changes and that's had a sizable impact. But as we look forward, should we be thinking about Borrow as a bigger driver or other items around the monetization side?

所以我很想听聽一些關於那裡的驅動程序以及貨幣化率的信息。當然，您提到了價格變化，這產生了相當大的影響。但當我們展望未來時，我們是否應該考慮將 Borrow 視為更大的驅動因素或圍繞貨幣化方面的其他項目？

Sure. Thanks for the question, Josh. So let's break down our inflows framework for Cash App. And we'll talk in a little bit more detail on 1 of the 3 measures, inflows per active, to your question. So starting first with actives, 51 million monthly transacting actives in December. That grew 16% year-over-year with, importantly, weekly and daily actives growing even faster.

當然。謝謝你的問題，喬希。因此，讓我們分解一下 Cash App 的流入框架。我們將更詳細地討論 3 項措施中的一項，即每個活躍的流入量，以回答您的問題。因此，首先從活動開始，12 月每月有 5100 萬活躍交易。同比增長 16%，重要的是，每周和每天的活躍度增長更快。

Over time, we've increasingly leveraged marketing to enhance the inherent virality in our peer-to-peer network effects. And that's enabled us to drive greater acquisition and product adoption for those new customers.

隨著時間的推移，我們越來越多地利用營銷來增強我們點對點網絡效應中固有的病毒式傳播。這使我們能夠為這些新客戶推動更多的收購和產品採用。

I think what's even maybe more important than the 51 million is that 2 out of 3 of those 51 million transacting actives are using Cash App on a weekly basis on average. And I think that's an indication of the growth of our product ecosystem and the product adoption within it that it's becoming a more and more everyday use case.

我認為甚至可能比 5100 萬更重要的是，這 5100 萬交易活動中有三分之二平均每週使用 Cash App。而且我認為這表明我們的產品生態系統和其中的產品採用正在成為越來越多的日常用例。

In terms of inflows per active, we were at $1,048 in the fourth quarter. That's relatively stable on a quarter-over-quarter and year-over-year basis despite lapping a period of government disbursements in the prior period and despite the broader uncertain macro environment. Ultimately, we're encouraged here by the healthy trends that we're seeing in inflows per active.

就每個活動的流入而言，我們在第四季度為 1,048 美元。儘管在前一時期有一段時間的政府支出並且儘管宏觀環境更廣泛的不確定性，但在季度環比和同比基礎上還是相對穩定的。最終，我們在這裡看到的人均流入的健康趨勢令我們感到鼓舞。

And as we think about how to grow inflows per active over time, I think there's 2 key opportunities for us. And the third mix shift dynamic that's worth pointing out. So first, product adoption. We can drive more inflows through both cross-selling our existing products and the launch of new products. As we see our customers take on more products within Cash App, that generally leads to greater inflows per actives. We've noted in the past that Cash App Card actives inflow twice the amount of money of peer-to-peer actives. And you see that increase as you move up the funnel into Direct Deposit and other sorts of deeper financial services.

當我們考慮如何隨著時間的推移增加每個活躍的流入時，我認為我們有兩個關鍵機會。第三個混合轉變動態值得指出。首先，產品採用。我們可以通過交叉銷售現有產品和推出新產品來吸引更多資金流入。當我們看到我們的客戶在 Cash App 中購買更多產品時，這通常會導致每個活動的流入量增加。過去我們注意到，Cash App Card 的活躍資金流入量是點對點活躍資金的兩倍。當您沿著漏斗向上移動到直接存款和其他種類的更深層次的金融服務時，您會看到這種增長。

We're also increasing the number of inflows channels for the ways in which people can bring money into Cash App, for example, through paper money deposits, and that will continue to be a focus for us to make it easier to bring your money into Cash App and ultimately move it around.

我們還增加了人們可以通過紙幣存款將錢帶入 Cash App 的方式的流入渠道數量，這將繼續成為我們關注的重點，讓您更容易將錢帶入Cash App 並最終移動它。

We're also investing more in trust. This is really important for us as well. The team has been prioritizing both increased access, as I noted, as well as the ability to increase limits for customers who are looking to bring more money into Cash App each week. And we ultimately think that will enable us to drive greater share of wallet and expand into broader customer segments.

我們也在信任方面投入更多。這對我們也非常重要。正如我所指出的，該團隊一直在優先考慮增加訪問權限，以及為希望每週為 Cash App 帶來更多資金的客戶提高限額的能力。我們最終認為這將使我們能夠推動更大的錢包份額並擴展到更廣泛的客戶群。

The third thing to note around inflows per active is that we may see a mix shift dynamic moving forward. Given that we're targeting a younger dynamic with Gen Z and have had success in this target with younger customers, there will be some pressure on inflows per active as these customers are more likely to have lower inflows per active earlier on in their financial journey. But these are also the customers, who we expect to be the future spenders over the years to come and ones that we want to be a part of in their early financial journey and have the ability to grow with them over time.

關於每個活動的流入要注意的第三件事是，我們可能會看到混合轉變動態向前發展。鑑於我們的目標是 Z 世代的年輕活力，並且在年輕客戶的這一目標上取得了成功，因此每個活躍的流入量將面臨一些壓力，因為這些客戶在其財務旅程的早期更有可能獲得較低的每個活躍流入量.但這些也是客戶，我們希望他們在未來幾年成為未來的消費者，我們希望成為他們早期財務旅程的一部分，並有能力隨著時間的推移與他們一起成長。

Obviously, the third component of our inflows framework is monetization rate. And monetization rate is a factor of both the ability -- the pricing that we can charge our customers and the mix -- their mix of usage across our products. We have a number of products that are free. We have some products that we charge for. And as we think about monetization rate, we think of it holistically across the entirety of the ecosystem.

顯然，我們的流入框架的第三個組成部分是貨幣化率。貨幣化率是能力的一個因素——我們可以向客戶收取的定價和組合——他們在我們產品中的使用組合。我們有許多免費的產品。我們有一些收費的產品。當我們考慮貨幣化率時，我們會從整體上考慮整個生態系統。

Maybe just the last point I'd make since you asked about Cash Card. We see broad-based utility for Cash App Card. And as I noted earlier, spend per active actually has continued to grow on Cash App Card. And that broad-based utility means that we've been able to -- we see customers using, across both discretionary and nondiscretionary use cases, whether it's gas and utilities or it's grocery, that's about 1/3 of the spend on Cash App Card over this past year. And that enables us to participate wherever our customers are spending in these dynamic times.

也許這是自您詢問現金卡後我要提出的最後一點。我們看到 Cash App Card 具有廣泛的實用性。正如我之前提到的，Cash App Card 上的人均支出實際上在持續增長。這種基礎廣泛的效用意味著我們已經能夠——我們看到客戶在任意和非任意用例中使用，無論是天然氣和公用事業還是雜貨，這大約是現金應用卡支出的 1/3在過去的一年裡。這使我們能夠參與到客戶在這個充滿活力的時代消費的任何地方。

Your next question is from the line of Mike Ng with Goldman Sachs.

你的下一個問題來自高盛的 Mike Ng。

I just have one housekeeping item and then one follow-up. First, it was helpful to get all the January and February gross profit pacing for Cash App and Seller on a reported basis. I was just wondering if you'd be able to discuss those pacing figures, excluding Buy Now, Pay Later?

我只有一件家政用品，然後是一件後續用品。首先，在報告的基礎上獲得 Cash App 和 Seller 的所有 1 月和 2 月的毛利潤步調是有幫助的。我只是想知道您是否能夠討論那些節奏數字，不包括先買後付？

And then second, could you just give us an update on the integration of the ecosystems, not only Afterpay across Cash App and Seller, but also things like Cash App Pay on Square Seller.

其次，您能否向我們介紹一下生態系統集成的最新情況，不僅是跨 Cash App 和 Seller 的 Afterpay，還包括 Square Seller 上的 Cash App Pay。

Thanks for the questions. I'll kick off on our Q1 top line trends so far. So what we've seen so far this year, I think there are 2 sets of numbers to orient you to. There is an as-reported basis, which is 33% year-over-year growth estimated for Jan and February. And as we move into March, what we expect to see for the full first quarter is growth, that's a few points below this, of course, as we lapped the acquisition of Afterpay from Q1 of last year.

感謝您的提問。到目前為止，我將開始介紹我們第一季度的頂線趨勢。所以我們今年到目前為止所看到的，我認為有兩組數字可以引導你。有一個報告基礎，估計 1 月和 2 月同比增長 33%。隨著我們進入 3 月，我們預計整個第一季度都會出現增長，當然，這比這低幾個點，因為我們從去年第一季度開始收購 Afterpay。

I think the second way to look at overall company gross profit growth so far this year is on a combined company basis, which would then include the $51 million contribution from a gross profit perspective for Afterpay in January of 2022. And when you look at that combined company growth, what we see is overall Block gross profit growth of approximately 25% year-over-year in January and February, which we expect to be relatively consistent for the full quarter as well and which is an improvement from what we saw in Q4 of 21% year-over-year growth on a combined company basis.

我認為，今年到目前為止，查看公司整體毛利增長的第二種方法是在合併公司的基礎上，其中包括 2022 年 1 月 Afterpay 從毛利角度來看的 5100 萬美元貢獻。當你看那個綜合公司增長，我們看到 1 月和 2 月整體 Block 毛利潤同比增長約 25%，我們預計整個季度也將保持相對穩定，這比我們在第四季度公司合併後同比增長 21%。

Within each of those, Cash App, we expect to grow at more than 50% on an as-reported basis in January and February. Albeit March, we expect to see a slower growth rate as we lap the pricing changes. Really the drivers of Cash App growth are continued strength in active, inflows per active and monetization rate. From a Square perspective, we expect to see gross profit growth of 15% on an as-reported basis in January and February.

在其中的每一個中，Cash App，我們預計 1 月和 2 月的報告基礎上將增長 50% 以上。儘管是 3 月，但我們預計隨著價格的變化，增長率會放緩。 Cash App 增長的真正驅動因素是活躍度、每活躍度流入量和貨幣化率的持續增長。從 Square 的角度來看，我們預計 1 月和 2 月毛利潤將按報告基礎增長 15%。

I think it's important to unpack the numbers further on Square here to see what's going on in the core Square ecosystem, ex BNPL and ex PPP. So just as a reminder, in Q3, Square, ex PPP and ex BNPL, grew 19% year-over-year. We saw some softening in discretionary verticals in Q4. And so that same rate of growth for the same Square, ex PPP and ex BNPL, was 17% in Q4. And now we're seeing growth for Square, ex PPP, ex BNPL, in January and February of 21%. So those are some of the puts and takes that we see across the Square ecosystem so far this year.

我認為重要的是在此處進一步解壓縮 Square 上的數字，以了解核心 Square 生態系統（ex BNPL 和 ex PPP）中發生了什麼。提醒一下，在第三季度，Square（不包括 PPP 和 BNPL）同比增長 19%。我們看到第四季度可自由支配的垂直行業有所疲軟。因此，同一個廣場（不包括 PPP 和 BNPL）在第四季度的增長率為 17%。現在我們看到 Square，不包括 PPP，不包括 BNPL，在 1 月和 2 月增長了 21%。所以這些是我們今年到目前為止在整個 Square 生態系統中看到的一些看跌期權和看跌期權。

And then in terms of the ecosystem integrations, the #1 we're focused on, obviously is -- after paying this is the connection between Square and Cash App. We're still early in the product integration, but the place to look is obviously going to be in Cash App and in the Discover Tab in marketplace. We believe that we started -- we're pretty early in just what this area will do. Right now, it looks like a fairly simple search. And I think the UI is a little bit off. But we're going to continue to iterate as quickly as possible to make sure that we meet the opportunity, which is pretty massive for us.

然後就生態系統集成而言，我們關注的第一點顯然是——在支付之後，這是 Square 和 Cash App 之間的連接。我們仍處於產品集成的早期階段，但顯然應該在 Cash App 和 marketplace 中的 Discover Tab 中尋找。我們相信我們已經開始了——我們在這個領域要做的事情還很早。現在，它看起來像是一個相當簡單的搜索。而且我認為用戶界面有點偏離。但我們將繼續盡快迭代，以確保我們遇到機會，這對我們來說是非常巨大的。

We do -- we see a lot of opportunity not just there, but what you mentioned with Cash App Pay. We're starting more with some Afterpay merchants. So customers can browse and finance and discount offers at merchants who accept Cash App Pay. And then we'll continue to move more and more towards the Square ecosystem.

我們做到了 - 我們不僅看到了很多機會，而且看到了你提到的 Cash App Pay。我們從一些 Afterpay 商家開始。因此，客戶可以在接受 Cash App Pay 的商家處瀏覽、融資和打折優惠。然後我們將繼續越來越多地轉向 Square 生態系統。

But I would say that integration, the acquisition and putting the companies together, we're in a much better position. Now we're really focused on the product and how these 2 things to come together. And I think there's a lot more integrations to come between other ecosystems, namely TBD and a bunch of what we're trying to do with Cash App globally, and then also Tidal as well for artists and musicians and making sure that they have what they need to continue to build up their careers in the same way that we've served sellers as well.

但我要說的是，整合、收購和將公司整合在一起，我們處於一個更好的位置。現在我們真正專注於產品以及這兩件事如何結合在一起。而且我認為其他生態系統之間還有更多的集成，即 TBD 和我們在全球範圍內嘗試用 Cash App 做的一些事情，然後還有 Tidal 以及藝術家和音樂家，並確保他們擁有他們所擁有的需要像我們為賣家提供服務一樣，繼續發展他們的職業生涯。

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。