Block Inc (SQ) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block First Quarter 2023 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 2023 年第一季度收益電話會議。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 first quarter 2023 earnings call. We have Jack and Amrita with us today.

大家好。感謝您加入我們 2023 年第一季度的財報電話會議。今天有 Jack 和 Amrita 和我們一起。

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. 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 outlook and guidance as well as our long-term targets and goals, and we may decide to shift our priorities, move away from these targets and goals at any time. These statements are subject to risks and uncertainties. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ.

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。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的展望和指導以及我們的長期目標和目標的討論，我們可能隨時決定改變我們的優先事項，遠離這些目標和目標。這些陳述受風險和不確定性的影響。實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異。報告的結果不應被視為未來業績的指標。請查看我們提交給美國證券交易委員會的文件，討論可能導致我們的結果不同的因素。

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 and GMV performance for the month of April. These represent our current estimates for April performance as we have not yet finalized our financial statements for the month of April, and our monthly results are not subject to interim review by our auditors. As a result, actual April results may differ from these estimates and may not be reflective of performance for the full second quarter.

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。在此電話會議中，我們將提供 4 月份毛利增長和 GMV 表現的初步估計。這些代表我們目前對 4 月份業績的估計，因為我們尚未最終確定 4 月份的財務報表，而且我們的月度業績不受審計師的中期審查。因此，4 月份的實際結果可能與這些估計有所不同，並且可能無法反映整個第二季度的業績。

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 April or the second quarter.

此外，此財務信息僅根據管理層當前可用的信息編制，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 4 月份或第二季度財務業績的綜合報表。

We will also discuss combined company gross profit during this call. Block combined company gross profit assumes we acquired our BNPL platform on January 1, 2022, and includes a $51 million gross profit contribution from our BNPL platform for the month of January 2022. For purpose of comparison, fourth quarter combined company gross profit assumes a $185 million contribution to Block gross profit from our BNPL platform in the fourth quarter of 2021 as if we acquired our BNPL platform on October 1, 2021.

我們還將在本次電話會議中討論合併後的公司毛利潤。 Block 合併公司毛利潤假設我們在 2022 年 1 月 1 日收購了我們的 BNPL 平台，並包括我們 BNPL 平台在 2022 年 1 月貢獻的 5100 萬美元毛利潤。為了比較，第四季度合併公司毛利潤假設為 185 美元就像我們在 2021 年 10 月 1 日收購了我們的 BNPL 平台一樣，我們的 BNPL 平台在 2021 年第四季度為 Block 毛利貢獻了 100 萬美元。

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, historical financial information spreadsheet and Investor Day materials 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 GAAP 財務措施。我們的投資者關係網站上的股東信函、歷史財務信息電子表格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。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. Last quarter, we shared our investment framework going forward. As a reminder, our framework can be articulated in a single sentence: Block and each ecosystem must show a believable path to gross profit retention of over 100% and Rule of 40 on adjusted operating income.

謝謝大家加入我們。上個季度，我們分享了我們未來的投資框架。提醒一下，我們的框架可以用一句話來表達：Block 和每個生態系統必須展示一條可信的途徑，以實現超過 100% 的毛利潤保留和調整後營業收入的 40 條規則。

The principles that led us to this framework were: 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 understand.

引導我們建立這個框架的原則是：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。

We will not be distracted from living up to these principles and building our business according to this framework. Obviously, there are challenges ahead, including many out of our control. I want to spend a moment talking about those so you're aware of how we're thinking about meeting them. And then hand it over to Amrita to discuss our quarter. I'll start with the macro challenges and then the prevailing trends we can use to advantage our customers and us.

我們不會因為遵守這些原則和根據此框架開展業務而分心。顯然，前方還有許多挑戰，包括許多我們無法控制的挑戰。我想花點時間談談這些，以便您了解我們是如何考慮與他們會面的。然後交給 Amrita 討論我們的季度。我將從宏觀挑戰開始，然後是我們可以用來使我們的客戶和我們自己受益的主流趨勢。

There are 3 macro challenges affecting all businesses now and over the long term. Number one, constant state of global crisis. Number two, regulatory fragmentation. And number three, global financial system shifts. The world seems to be moving from one global prices to the next and suffering from an overwhelming amount of information, which is causing people and organizations of all sizes to be distracted and reactive to the moment. From COVID, to inflation, to the war in Ukraine, to bank failures, the number of things we all need to pay attention to grows unbounded. Throughout this time, we want to remain focused and not reactive to any one particular moment in time. This is easier said than done, but it's something that underlies everything we do, ensuring our long-term view guides all of our actions, especially those we take in the short term.

現在和長期影響所有企業的 3 大宏觀挑戰。第一，全球危機的持續狀態。第二，監管分散。第三，全球金融體係發生變化。世界似乎正在從一種全球價格轉向另一種全球價格，並受到海量信息的影響，這導致各種規模的個人和組織分心並在當下做出反應。從 COVID 到通貨膨脹，再到烏克蘭戰爭，再到銀行倒閉，我們都需要關注的事情越來越多。在這段時間裡，我們希望保持專注，而不是對任何一個特定時刻做出反應。這說起來容易做起來難，但它是我們所做的一切的基礎，確保我們的長期觀點指導我們的所有行動，尤其是我們在短期內採取的行動。

At the same time, regulators around the world are coming up with slightly or entirely different answers to problems facing their citizens. Instead of having global standards, we end up with rules which are different for every market, effectively slowing the pace of development. While this might be a good thing for each market, it makes it very challenging to grow a global Internet business, especially for smaller companies. Part of our job will be to help our customers navigate this complexity by taking it on ourselves.

與此同時，世界各地的監管機構對其公民面臨的問題提出了略有不同或完全不同的答案。我們最終沒有製定全球標準，而是製定了每個市場都不同的規則，這有效地減緩了發展步伐。雖然這對每個市場來說都是一件好事，但它使發展全球互聯網業務變得非常具有挑戰性，尤其是對於較小的公司而言。我們的部分工作將是幫助我們的客戶自行應對這種複雜性。

Finally, there have been numerous challenges to the global financial system and is experiencing some significant shifts. From new global reserve currency candidates, centralization of banks through failure of smaller ones, to adoption of Central Bank Digital Currencies with entirely new capabilities. These all affect our core business and are all trends we need to navigate carefully. I'm confident we will as we see and acknowledge them early. We want to be proactive in our approach and not just react when it's too late.

最後，全球金融體系面臨諸多挑戰，並正在經歷一些重大轉變。從新的全球儲備貨幣候選者，通過較小銀行的倒閉實現銀行集中化，到採用具有全新功能的中央銀行數字貨幣。這些都影響著我們的核心業務，都是我們需要謹慎駕馭的趨勢。我相信我們會儘早看到並承認他們。我們希望在我們的方法中積極主動，而不僅僅是在為時已晚時做出反應。

And there are a few technology trends that I believe will help us do just that. The 3 trends we're focused on: Number one is artificial intelligence; number two is open protocols; and number three is the global south. Consider how many times you've heard the term AI or GPT in the earnings calls just this quarter versus all quarters in history prior. This trend seems to be moving faster than anyone can comprehend or get a handle on. Everyone feels like they're on their back foot and struggling to catch up. Utilizing machine learning is something we've always employed at Block, and the recent acceleration in availability of tools is something we're eager to implement across all of our products and services. We see this first as a way to create efficiencies, both internally and for our customers. And we see many opportunities to apply these technologies to create entirely new features for our customers. More and more effort in the world will ship to creative endeavors as AI continues to automate mechanical tasks away and we believe we are well positioned for that shift with our strategy for artists on TIDAL.

我相信有一些技術趨勢將幫助我們做到這一點。我們關注的 3 個趨勢：第一是人工智能；第二是開放協議；第三是全球南方。想一想您在本季度的財報電話會議上聽到 AI 或 GPT 一詞的次數與歷史上所有季度的情況相比。這種趨勢似乎比任何人都能理解或掌握的速度更快。每個人都覺得自己處於落後狀態，正在努力追趕。利用機器學習是我們在 Block 一直採用的方法，最近工具可用性的加速是我們渴望在我們所有的產品和服務中實施的方法。我們首先將此視為在內部和為我們的客戶創造效率的一種方式。我們看到了許多應用這些技術為我們的客戶創造全新功能的機會。隨著 AI 繼續將機械任務自動化，世界上越來越多的努力將投入到創造性的努力中，我們相信我們已經為 TIDAL 上的藝術家戰略做好了準備。

Open protocols represent another fork in the road moment for people and companies. Bitcoin, Nostr, Bluesky, Web5 and others are all working to level the playing field for competition and give individuals and organizations entirely new capabilities. I believe this trend is growing as fast as AI, will have just as large an impact and may even help address some of the harms AI presents. We are embracing this early, so we can figure out how to best contribute to these protocols and build valuable businesses on top of them. This isn't just about centralization versus decentralization. If these protocols are even remotely successful, they will present a customer base far larger than any one company can create alone. And there is a good precedent for this happening again. Look at the web, e-mail and the overall Internet for proof.

開放協議代表了個人和公司的另一個岔路口。 Bitcoin、Nostr、Bluesky、Web5 和其他公司都在努力為競爭創造公平的競爭環境，並賦予個人和組織全新的能力。我相信這種趨勢的發展速度與人工智能一樣快，其影響也同樣大，甚至可能有助於解決人工智能帶來的一些危害。我們很早就接受了這一點，因此我們可以弄清楚如何最好地為這些協議做出貢獻，並在它們之上建立有價值的業務。這不僅僅是集中化與分散化的問題。即使這些協議取得了一點點成功，它們也將提供一個比任何一家公司單獨創建的客戶群都要大得多的客戶群。這種情況再次發生有一個很好的先例。查看網絡、電子郵件和整個互聯網以獲取證據。

We have a number of efforts towards those trends, including our Bitcoin wallet, miner, Bitcoin exchange, Spiral and TBD. If we consider where the Internet population will grow the fastest, we must look at the so-called global south, countries within Africa, Latin America, Asia and Oceania, where most of humanity resides. This region is adopting open protocols faster than Western countries because the use cases they provide are increasingly becoming a necessity such as money remittance. We are choosing to focus on these markets because we believe the total addressable market over time is bigger than anything we're currently in. The assumption you have to make here, of course, is that nearly everyone in these markets has access to the Internet, which is a credible one to make over the next decade. We have already started this work in earnest and with our partnership between TBD and Yellow Card to enable fiat on and off-ramps in 16 African countries.

我們為這些趨勢做出了很多努力，包括我們的比特幣錢包、礦工、比特幣交易所、Spiral 和 TBD。如果我們考慮互聯網人口增長最快的地方，我們必須看看所謂的全球南部，即非洲、拉丁美洲、亞洲和大洋洲內的國家，那裡是大多數人居住的地方。該地區比西方國家更快地採用開放協議，因為它們提供的用例越來越成為必需品，例如匯款。我們選擇專注於這些市場，因為我們相信隨著時間的推移，總的潛在市場比我們目前所處的任何市場都要大。當然，你必須在這裡做出的假設是，這些市場中幾乎每個人都可以訪問互聯網，這是在未來十年內值得信賴的。我們已經認真地開始了這項工作，並與 TBD 和 Yellow Card 建立了合作夥伴關係，以在 16 個非洲國家實現法幣的進出匝道。

Open protocols and focused AI solutions will help us to move even faster and in a way that's complementary to the businesses that already exist within these markets and the ones starting up in the future. I realize this is a lot to take in, but I want to make sure you all had the context for how we will be driving our road maps and businesses in the future.

開放協議和專注的 AI 解決方案將幫助我們以一種與這些市場中已經存在的業務和未來新興業務相輔相成的方式更快地發展。我意識到這需要考慮很多，但我想確保你們都了解我們未來將如何推動我們的路線圖和業務。

With our investment framework, we will have the right accountability as we look to grow Blocks many ecosystems together. Together is the key word here as our real value comes from our multiple ecosystems, working to positively reinforce one another, and provide resiliency through challenging times. I couldn't be more excited about what's ahead and how we're positioned as a company to grow. Over to Amrita.

有了我們的投資框架，我們將有正確的責任感，因為我們希望共同發展 Blocks 許多生態系統。在一起是這裡的關鍵詞，因為我們的真正價值來自我們的多個生態系統，這些生態系統努力相互加強，並在充滿挑戰的時期提供彈性。我對未來的發展以及我們作為一家成長型公司的定位感到無比興奮。到 Amrita 了。

Thanks, Jack. You've now heard 3 of the longer-term trends we are prioritizing in the coming years to expand our market opportunity and help advance our ecosystem. As we pursue these opportunities, we'll continue our day-to-day focus on serving our customers, operating with discipline and driving long-term profitable growth at scale.

謝謝，傑克。您現在已經聽說了我們在未來幾年優先考慮的 3 個長期趨勢，以擴大我們的市場機會並幫助推進我們的生態系統。在我們追求這些機會的過程中，我們將繼續將日常工作重點放在為客戶提供服務、規范運營和大規模推動長期盈利增長上。

There are 3 topics related to our more recent performance that I'd like to cover today. First, an overview of our strong first quarter results; second, trends we've seen across our business in April; and third, a look at our investments through the remainder of the year.

今天我想介紹 3 個與我們最近的表現相關的主題。首先，概述我們強勁的第一季度業績；其次，我們在 4 月份的業務中看到的趨勢；第三，看看我們今年剩餘時間的投資。

In the first quarter, we delivered strong growth across our ecosystem with gross profit of $1.71 billion, up 32% year-over-year. On a combined company basis, gross profit grew 27% year-over-year in the first quarter, up from 21% in the prior quarter. We delivered adjusted EBITDA of $368 million during the quarter, an increase from $195 million in the prior year period. Adjusted operating income, which includes expenses related to stock-based compensation and depreciation and amortization was $51 million in the first quarter, up from a $42 million loss in the prior year period. We also continued to diversify our monetization streams across our ecosystem. In the first quarter, we had 14 revenue streams across Square and Cash App that generated $100 million or more in annualized gross profit, up from 11 a year ago.

第一季度，我們在整個生態系統中實現了強勁增長，毛利潤為 17.1 億美元，同比增長 32%。在合併後的公司基礎上，第一季度毛利潤同比增長 27%，高於上一季度的 21%。我們在本季度交付了 3.68 億美元的調整後 EBITDA，高於去年同期的 1.95 億美元。第一季度調整後的營業收入為 5100 萬美元，高於去年同期的 4200 萬美元虧損，其中包括與基於股票的薪酬以及折舊和攤銷相關的費用。我們還繼續在整個生態系統中實現貨幣化流的多樣化。第一季度，我們在 Square 和 Cash App 中有 14 個收入流產生了 1 億美元或更多的年化毛利，高於一年前的 11 個。

Let's get into each ecosystem. Cash App generated $931 million of gross profit in the first quarter, an increase of 49% year-over-year. On a combined company basis, Cash App gross profit grew 43% year-over-year, up from 39% in the prior quarter.

讓我們進入每個生態系統。 Cash App 第一季度產生了 9.31 億美元的毛利潤，同比增長 49%。在合併後的公司基礎上，Cash App 的毛利潤同比增長 43%，高於上一季度的 39%。

We delivered year-over-year growth across each component of our inflows framework, actives, inflows per active and monetization rate. We reached 53 million monthly transacting actives in March, an increase of 17% year-over-year. Inflows per transacting active averaged $1,136 in the first quarter, up 8% year-over-year and quarter-over-quarter. And overall inflows into Cash App totaled $61 billion, up 27% year-over-year. We remain focused on driving growth in inflows per active by growing product adoption, diversifying ways in which people can bring their money into Cash App and investing in areas that strengthen trust in Cash App.

我們在流入框架的每個組成部分、活躍、每個活躍的流入和貨幣化率方面實現了同比增長。我們在 3 月份達到了 5300 萬的月活躍交易量，同比增長 17%。第一季度每個交易活動的平均流入量為 1,136 美元，同比和環比增長 8%。流入 Cash App 的資金總額為 610 億美元，同比增長 27%。我們仍然專注於通過提高產品採用率、使人們將錢投入 Cash App 的方式多樣化以及投資於加強對 Cash App 的信任的領域來推動每個活動的流入量增長。

Monetization rate was 1.41%, excluding gross profit contributions from our BNPL platform, up from 1.19% in the first quarter of 2022, benefiting from growth in monetized products and pricing changes implemented in 2022. On a quarter-over-quarter basis, monetization rate was up slightly from 1.39% in the fourth quarter, including a modest benefit from interest income.

貨幣化率為 1.41%，不包括我們 BNPL 平台的毛利潤貢獻，高於 2022 年第一季度的 1.19%，這得益於貨幣化產品的增長和 2022 年實施的定價變化。按季度環比計算，貨幣化率略高於第四季度的 1.39%，其中包括利息收入帶來的適度收益。

Our financial services products are a key driver of inflows in the Cash App and help us build retentive relationships with our actives, particularly Cash App Card. In March, there were 20 million monthly Cash App Card actives, up 34% year-over-year, and average spend per active increased on a year-over-year and quarter-over-quarter basis.

我們的金融服務產品是 Cash App 資金流入的主要驅動力，並幫助我們與我們的活躍客戶建立保持關係，尤其是 Cash App Card。 3 月份，Cash App Card 每月有 2000 萬個活躍用戶，同比增長 34%，每個活躍用戶的平均支出同比和環比都有所增長。

In March, we had 2 million monthly direct deposit actives, 1/10 the scale of Cash App Card monthly actives. In particular, paycheck deposits continued to increase as a percentage of overall inflows, totaling $2.5 billion in March or $30 billion on an annualized basis.

3 月，我們有 200 萬月直接存款活躍，是 Cash App Card 月活躍規模的 1/10。特別是，薪水存款佔總流入量的百分比繼續增加，3 月份總計 25 億美元，按年率計算為 300 億美元。

These paycheck deposits grew 69% year-over-year, 2.5x as fast as overall inflows in the Cash App. We've driven adoption for direct deposit actives through a unique boost and more recently, we've introduced free in-network ATM withdrawal for those receiving their paycheck in Cash App. We also launched savings on Cash App earlier this year, which was a top requested feature amongst our customers. This gives customers a simple and flexible way to manage money and easily set aside funds as a separate savings balance. Since it launched in January, more than 3 million savings actives added funds to their savings balance as of the end of April.

這些薪水存款同比增長 69%，是 Cash App 整體流入速度的 2.5 倍。我們通過獨特的提升推動了直接存款活動的採用，最近，我們為那些在 Cash App 中領取薪水的人推出了免費的網絡內 ATM 取款。今年早些時候，我們還在 Cash App 上推出了儲蓄功能，這是我們客戶最需要的功能。這為客戶提供了一種簡單靈活的方式來管理資金，並輕鬆地將資金作為單獨的儲蓄餘額。自 1 月推出以來，截至 4 月底，已有超過 300 萬儲蓄積極分子將資金添加到他們的儲蓄餘額中。

Square generated $770 million of gross profit in the first quarter, an increase of 16% year-over-year. On a combined company basis, Square gross profit was up 12% year-over-year. And further, excluding gross profit from PPP loan forgiveness, Square combined company gross profit grew 21% in the first quarter, up from 16% in the prior quarter. Looking at the drivers of Square's first quarter performance. First, we continued to drive growth in software and integrated payments with gross profit from these products up 19% year-over-year. Within this, we've seen strong momentum from our vertical point-of-sale offerings across Retail, Restaurants and Appointments, where gross profit was up 42% year-over-year in aggregate. By channel, gross profit from in-person channels grew faster than our online channels as we've seen online growth rates normalize compared to pandemic levels.

Square 第一季度的毛利潤為 7.7 億美元，同比增長 16%。在合併後的公司基礎上，Square 的毛利潤同比增長 12%。此外，不包括 PPP 貸款免除的毛利潤，Square 合併後的公司毛利潤在第一季度增長了 21%，高於上一季度的 16%。看看 Square 第一季度業績的驅動因素。首先，我們繼續推動軟件和綜合支付的增長，這些產品的毛利潤同比增長 19%。其中，我們從零售、餐廳和預約的垂直銷售點產品中看到了強勁勢頭，毛利潤總額同比增長 42%。按渠道劃分，面對面渠道的毛利潤增長速度快於我們的在線渠道，因為我們已經看到與大流行水平相比在線增長率正常化。

Second, we continue to grow with larger sellers. Gross profit from mid-market sellers was also up 19% year-over-year. We remain focused on driving acquisition of larger sellers across our 3 key verticals of restaurants, retail and beauty and our software offerings for those verticals. We recently introduced vertical-specific home pages on our website that offer customized experiences to sellers. The updated website funnels demand to our sales team which we are also verticalizing in order to further support our go-to-market efforts.

其次，我們繼續與更大的賣家一起成長。中端市場賣家的毛利潤也同比增長 19%。我們仍然專注於在我們的餐廳、零售和美容這 3 個主要垂直領域以及我們為這些垂直領域提供的軟件產品中推動對更大賣家的收購。我們最近在我們的網站上引入了垂直特定主頁，為賣家提供定制體驗。更新後的網站將需求匯集到我們的銷售團隊，我們也在對其進行垂直化，以進一步支持我們的上市工作。

Third, we continue to expand globally. Gross profit in our international markets outpaced overall Square gross profit, up 29% year-over-year, excluding contributions from our BNPL platform. We remain focused on Square's top strategic priorities of omnichannel software, upmarket and global and have been orienting our road maps and investments towards these areas of meaningful growth in recent years. These priorities have helped us proactively evolve our business mix from our roots in sidecar payments or transactions where sellers enter an amount on a key pad and hit charge towards software and integrated payments, which enable us to create more retentive long-term relationships with sellers.

第三，我們繼續在全球擴張。我們國際市場的毛利潤超過了 Square 的整體毛利潤，同比增長 29%，其中不包括我們的 BNPL 平台的貢獻。我們仍然專注於 Square 的全渠道軟件、高端市場和全球軟件的首要戰略重點，並且近年來一直將我們的路線圖和投資導向這些有意義的增長領域。這些優先事項幫助我們從邊車支付或交易的基礎上主動發展我們的業務組合，在這些交易中，賣家在鍵盤上輸入金額並點擊軟件和集成支付，這使我們能夠與賣家建立更牢固的長期關係。

As a result, Square's gross profit from sidecar payments grew 5% year-over-year and represented 21% of Square gross profit during the first quarter down from 30%, 2 years ago. We intend for the mix of Square's business related to sidecar payments to continue to decline over time. As sidecar use cases are now also well served by peer-to-peer solutions, such as Cash for Business within our Cash App ecosystem.

因此，Square 來自邊車支付的毛利潤同比增長 5%，佔 Square 第一季度毛利潤的 21%，低於 2 年前的 30%。我們打算讓 Square 與邊車支付相關的業務組合隨著時間的推移繼續下降。由於 Sidecar 用例現在也可以通過點對點解決方案得到很好的服務，例如我們的 Cash App 生態系統中的 Cash for Business。

Finally, our BNPL platform generated $5.6 billion of GMV in the first quarter, an increase of 18% year-over-year, inclusive of January 2022 volumes. Losses on consumer receivables were 0.7% of GMV, an improvement year-over-year and quarter-over-quarter. Next, an update on April trends. For the month of April, we expect total gross profit growth of 24% year-over-year, which we expect to remain relatively consistent for the second quarter.

最後，我們的 BNPL 平台在第一季度產生了 56 億美元的 GMV，同比增長 18%，包括 2022 年 1 月的交易量。消費者應收賬款損失佔 GMV 的 0.7%，同比和環比均有所改善。接下來，更新 4 月份的趨勢。對於 4 月份，我們預計總毛利同比增長 24%，我們預計第二季度將保持相對穩定。

Looking at the dynamics of each ecosystem. For the month of April, we expect Cash App gross profit to grow 35% year-over-year, a moderation compared to 43% combined company growth in the first quarter, as we have lapped the benefit of pricing changes made in the first quarter of 2022. We expect Square gross profit to grow 14% year-over-year in April compared to 12% combined company growth during the first quarter as we lap the more meaningful PPP benefits from the first quarter of 2022.

查看每個生態系統的動態。對於 4 月份，我們預計 Cash App 的毛利潤將同比增長 35%，與第一季度 43% 的公司總增長率相比有所放緩，因為我們已經受益於第一季度的定價變化2022 年。我們預計 Square 4 月份的毛利潤將同比增長 14%，而第一季度公司的合併增長率為 12%，因為我們從 2022 年第一季度獲得了更有意義的 PPP 收益。

Excluding PPP, combined company gross profit for Square is expected to be up 16% year-over-year in April, consistent with the fourth quarter's 16% growth. And moderating compared to the first quarter's 21% growth, while first quarter growth benefited from lapping Omicron in the prior year period, April trends were in line with the fourth quarter, which is when we started to see a moderation in processing volume growth, particularly in discretionary verticals. For our BNPL platform, we expect year-over-year GMV growth of 20% in April, an improvement from 18% in the first quarter.

不計入 PPP，Square 4 月份的綜合公司毛利預計將同比增長 16%，與第四季度 16% 的增幅一致。與第一季度 21% 的增長相比有所放緩，雖然第一季度的增長得益於去年同期的 Omicron 研磨，但 4 月份的趨勢與第四季度一致，這是我們開始看到加工量增長放緩的時候，特別是在自由裁量的垂直領域。對於我們的 BNPL 平台，我們預計 4 月份 GMV 同比增長 20%，高於第一季度的 18%。

Turning to our expectations for the remainder of the year. Given the gross profit momentum in our business during the first quarter, we are increasing our expectations for profitability this year. We expect to deliver adjusted EBITDA of $1.36 billion and adjusted operating loss of $115 million for the full year 2023. This primarily incorporates stronger top line outperformance during the first quarter as we intend on shifting some expenses that we had intended for the first quarter to later in the year. We remain focused on operating with efficiency in 2023, driving operating leverage across hiring, sales and marketing and corporate overhead. For the full year, we continue to expect margin improvement year-over-year on both an adjusted EBITDA and adjusted operating income basis.

談談我們對今年剩餘時間的預期。鑑於第一季度我們業務的毛利勢頭，我們提高了對今年盈利能力的預期。我們預計 2023 年全年調整後的 EBITDA 為 13.6 億美元，調整後的營業虧損為 1.15 億美元。這主要包括第一季度更強勁的營收表現，因為我們打算將第一季度的一些費用轉移到以後在這一年。我們將繼續專注於 2023 年的高效運營，推動招聘、銷售和營銷以及企業管理費用的運營槓桿。對於全年，我們繼續預計調整後的 EBITDA 和調整後的營業收入基礎上的利潤率將同比提高。

Shifting to share-based compensation. Last year, in the second quarter, our share-based compensation expenses increased by $47 million quarter-over-quarter when excluding a onetime SBC expense of $66 million related to the acquisition of Afterpay, recognized in the first quarter of 2022. We expect a similar quarter-over-quarter increase in the second quarter of this year. This remains an area on which we are focused and expect to drive greater leverage over time.

轉向以股份為基礎的薪酬。去年第二季度，如果不包括 2022 年第一季度確認的與收購 Afterpay 相關的一次性 SBC 費用 6600 萬美元，我們的股權補償費用環比增加 4700 萬美元。我們預計今年第二季度環比增長類似。這仍然是我們關注的領域，並希望隨著時間的推移推動更大的槓桿作用。

I'll now turn it back to the operator to start the Q&A portion of the call.

我現在將其轉回給接線員以開始通話的問答部分。

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

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

I hope you can hear me okay. I appreciate your opening comments, Jack, on constant crisis and your thoughts on long-term trends here. But I want to ask about the near term, if you don't mind, because we've fielded a lot of questions on the short report earlier and now get a lot of questions on turmoil on the banking system. So I'm curious if these, let's call them, challenges change your near-term priorities or strategy in any way in 2023. And I want to also ask just from a risk management standpoint, how do you think about benchmarking your investments and governance and compliance and things of that nature versus peers?

我希望你能聽到我的聲音。傑克，我很欣賞你關於持續危機的開場白以及你對這里長期趨勢的看法。但我想問一下近期的情況，如果你不介意的話，因為我們之前已經回答了很多關於短期報告的問題，現在有很多關於銀行系統動蕩的問題。所以我很好奇這些，讓我們稱之為挑戰，是否會在 2023 年以任何方式改變你的近期優先事項或戰略。我還想從風險管理的角度問，你如何看待你的投資和治理基準和合規性以及那種性質的東西與同行相比？

So I'll take the first part of this question. I would say that we stand by our response to the shareholder report. We will not be distracted from our strategy and from our privatizations. We have a pretty compelling road map ahead of us in every one of our ecosystems. And we -- as I said in my opening remarks, we think it's really important to focus as much as possible on that despite what's happening around in macro. And as you mentioned, there's a lot happening, obviously, in the financial industry and finance larger. And being able to acknowledge us, take them into account and make sure that we're building appropriately according to what our customers need and what our customers want in growing that customer base is the most important thing to us.

所以我將回答這個問題的第一部分。我會說我們堅持對股東報告的回應。我們不會從我們的戰略和我們的私有化中分心。在我們的每一個生態系統中，我們都有一個非常引人注目的路線圖。我們——正如我在開場白中所說的那樣，我們認為盡可能多地關注這一點非常重要，儘管宏觀上正在發生一些事情。正如你提到的，顯然，在金融業和更大的金融領域發生了很多事情。能夠承認我們，將他們考慮在內，並確保我們根據客戶的需求和客戶在擴大客戶群方面的需求進行適當的建設，這對我們來說是最重要的。

We also want to make sure that we continue to build trust. And as I talked about before, trust is earned in many ways. It's through transparency, through reliability, dependability, and that is all something that we earn. We're not given, and that comes over time. And a lot of that has to be focused on how our customers ultimately trust us, our partners, including our banking partners and the regulatory -- regulators trust us as well. So this is a significant focus for us and always has been. It has to be, as you do anything in the financial space and certainly always been part of our mindset and our approach and turn it over to Amrita to talk about benchmarking against peers and more broadly investment.

我們還希望確保繼續建立信任。正如我之前談到的，信任可以通過多種方式獲得。這是通過透明度，通過可靠性，可靠性，而這一切都是我們賺取的。我們沒有得到，隨著時間的推移。其中很多必須關注我們的客戶最終如何信任我們、我們的合作夥伴，包括我們的銀行合作夥伴和監管機構——監管機構也信任我們。所以這對我們來說是一個重要的重點，而且一直都是。它必須是，因為你在金融領域做任何事情，當然一直是我們思維方式和方法的一部分，並將其交給 Amrita 來討論與同行的基準和更廣泛的投資。

Yes. Thanks for the question, Tien-Tsin. Block operates a business that is highly regulated, and our goal is ultimately to expand access to the economy through intuitive financial products. In order to do that, we must maintain a culture of compliance and responsible risk management, including through investment in programs, processes, controls and teams with deep compliance expertise, prioritizing compliance ultimately helps us drive trust to their customers with regulators and external partners, and that enables us to then develop innovative products responsibly. We have significantly grown our investment in compliance over the last few years.

是的。謝謝你的問題，Tien-Tsin。 Block 經營的業務受到高度監管，我們的最終目標是通過直觀的金融產品擴大進入經濟的渠道。為了做到這一點，我們必須保持合規和負責任的風險管理文化，包括通過投資於具有深厚合規專業知識的計劃、流程、控制和團隊，優先考慮合規最終幫助我們贏得監管機構和外部合作夥伴對客戶的信任，這使我們能夠負責任地開發創新產品。在過去幾年中，我們顯著增加了對合規性的投資。

At a company level, we expect to invest approximately $160 million in compliance in 2023, which represents an increase in our investment dollars of more than 5x since 2020, outpacing OpEx growth by approximately 2x during that same period. Specifically within Cash App, the pace of growth on compliance investment has been even faster than that. With regards to how you might benchmark that, other companies may calculate compliance investment differently. So it can be hard to benchmark across companies. What we include in these figures is investments that go towards personnel as well as software and tooling amongst other areas to support our program.

在公司層面，我們預計 2023 年將在合規方面投資約 1.6 億美元，這意味著自 2020 年以來我們的投資增加了 5 倍以上，超過同期運營支出增長約 2 倍。特別是在 Cash App 中，合規投資的增長速度甚至更快。關於如何基準測試，其他公司可能會以不同方式計算合規投資。因此很難跨公司進行基準測試。我們在這些數字中包括的是對人員以及軟件和工具等其他領域的投資，以支持我們的計劃。

These dedicated compliance resources support our business units and our customers that our business units serve and ultimately provide oversight across the ecosystem. Maybe just to very quickly handle, you also asked about banking -- sort of banking crisis and our partner ecosystem. Look, we benefit from having a diverse ecosystem of products and services with diverse business models. As you heard now with 14 revenue streams at $100 million or more in gross profit, up from 11 a year ago. Across our products and our partners, we are always focused on building redundancies wherever we can in addition to assessing potential future risks. So we have a diverse set of products, and we build redundancies where we can, and we have a transparent approach to our partnership as we always have.

這些專門的合規資源支持我們的業務部門和我們的業務部門服務的客戶，並最終提供整個生態系統的監督。也許只是為了快速處理，您還詢問了銀行業——一種銀行業危機和我們的合作夥伴生態系統。看，我們受益於擁有多樣化的產品和服務生態系統以及多樣化的商業模式。正如你現在聽到的那樣，有 14 個收入流的毛利潤在 1 億美元或以上，高於一年前的 11 個。在我們的產品和我們的合作夥伴中，除了評估潛在的未來風險之外，我們始終專注於盡可能地建立冗餘。因此，我們擁有多種產品，我們會盡可能地建立冗餘，並且我們一如既往地採用透明的方式來處理我們的合作夥伴關係。

Our next question comes from the line of Tim Chiodo from Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Tim Chiodo。

Great. I want to touch on the verticalized offerings in retail, restaurants and beauty. They are the key to moving up market. They were a focus at the Investor Day. I know they're in the letter and you touched on it earlier, but specifically for those 3, if you could talk a little bit about the investment you've made behind the product specifically. And then on the distribution, you mentioned the call to action on the website and how that's changed and drive more leads for the larger sellers. But maybe you could also talk about maybe the next steps around the feet on the street, salespeople, that will also support the vertical offerings.

偉大的。我想談談零售、餐館和美容領域的垂直化產品。它們是提升市場的關鍵。他們是投資者日的焦點。我知道他們在信中，你早些時候也提到過，但特別是對於這 3 個，如果你能談談你在產品背後所做的具體投資。然後在分發中，你提到了網站上的號召性用語，以及它是如何改變的，並為更大的賣家帶來了更多的線索。但也許你也可以談談在街上腳下的下一步，銷售人員，這也將支持垂直產品。

Yes. I'll set this up. So the key differentiator to remind is our ecosystem of tools. And it's not just about any one particular vertical, but how everything works together, ultimately. We have over 30 products, including some vertical-specific software and a developer platform, which is our customers don't find the tools they need in our platform, they can always build their own or higher developer to do the same. And we also see -- because of that, we see a lot of growth in upmarket because we provide flexibility for folks.

是的。我會設置這個。因此，需要提醒的關鍵區別在於我們的工俱生態系統。這不僅僅是關於任何一個特定的垂直領域，而是一切最終如何協同工作。我們有 30 多種產品，包括一些垂直特定的軟件和一個開發者平台，這是我們的客戶在我們的平台上找不到他們需要的工具，他們總是可以構建自己的或更高級別的開發者來做同樣的事情。我們還看到——正因為如此，我們看到了高端市場的大量增長，因為我們為人們提供了靈活性。

In terms of our vertical software, our solutions addressing key verticals of restaurants, retail and beauty allow us to serve much more complex sellers with very specific needs, which again goes back to that flexibility point and the strength of our ecosystem and the developer platform continues to be stronger and stronger as we move forward.

就我們的垂直軟件而言，我們針對餐廳、零售和美容等關鍵垂直領域的解決方案使我們能夠為具有非常具體需求的更複雜的賣家提供服務，這又回到了靈活性點，我們的生態系統和開發者平台的優勢仍在繼續在我們前進的過程中變得越來越強大。

In terms of just the investment behind products that I can talk about like go-to-market actually a little bit. We're constantly looking for refinements for how we think about rolling these tools out, including the website and the first time as someone see Square. This is inclusive of sales. This is inclusive of our direct marketing. And this is something that is never done in terms of having a final point. It's just a constant iteration, and we're really excited to always take a fresh look at how to improve this and make it better.

就我可以談論的產品背後的投資而言，實際上有點像進入市場。我們一直在尋找關於推出這些工具的改進方式，包括網站和人們第一次看到 Square 的方式。這包括銷售額。這包括我們的直接營銷。就最後一點而言，這是永遠不會做的事情。這只是一個不斷的迭代，我們真的很高興總是重新審視如何改進它並讓它變得更好。

And I'll add, Tim, just a couple of data points to help frame up the response. So in the first quarter, as we look at this broad set of mid-market sellers that we can serve and the specific solutions, we see outsized growth in those areas, around vertical points of sale and developer solutions. So mid-market sellers overall, up 19% year-over-year in the first quarter, outpacing our blended Square gross profit growth rate of 16% and our strong growth in our vertical points of sale growing at 42% year-over-year. With gross profit growth from our developer tools also outpacing overall Square gross profit growth. This is a large TAM that we're addressing here with upmarket and with our vertical points of sale.

蒂姆，我將添加幾個數據點來幫助構建響應。因此，在第一季度，當我們審視我們可以服務的廣泛的中端市場賣家和具體解決方案時，我們看到這些領域在垂直銷售點和開發商解決方案方面出現了巨大的增長。因此，總體而言，中端市場賣家在第一季度同比增長 19%，超過了我們 16% 的混合 Square 毛利增長率和我們垂直銷售點的強勁增長，同比增長 42% .我們開發者工具的毛利增長也超過了 Square 的整體毛利增長。這是一個大型的 TAM，我們在這裡與高端市場和我們的垂直銷售點一起解決。

We believe that we're less than 1% penetrated in the larger seller opportunity just in the U.S. based on gross receipts alone, which is why we're making the investments and doing the hard work on verticalizing our sales force and our go-to-market efforts. So to contextualize that a little bit, we have pulled back meaningfully on Square sales and market -- sales marketing investments year-over-year. As we optimize channel mix and refine our operations in the first quarter, and we're seeing positive growth in acquisition even as we've pulled back on spend.

我們相信，僅根據總收入，我們在美國的更大賣家機會滲透率不到 1%，這就是為什麼我們進行投資並努力垂直化我們的銷售隊伍和我們的目標-市場努力。因此，為了稍微考慮一下這一點，我們對 Square 的銷售和市場——同比銷售營銷投資進行了有意義的撤回。隨著我們在第一季度優化渠道組合和完善我們的運營，即使我們已經縮減了支出，我們也看到了收購的正增長。

Within sales, the work that we've been doing is continuing to shift to a verticalized software-led sales team. We've now implemented this with our U.S. inbound sales team, which is verticalized. And over the next 2 quarters, we're going to be doing that with our U.S. outbound sales team. It's early here, but we're seeing encouraging improvements in the efficiency and productivity of our sales reps. From a website perspective, we recently redesigned the Square website, allowing our sellers to select vertical specific experiences, cater to the products needed to run their businesses. And to direct sellers to our sales team, making it easier for both existing and prospective sellers to contact support. And again, it's early, but we've seen strength in overall acquisition as well as new lead generation for sales since introducing our new homepage. These are long-term initiatives that we're continuing to work on, and we expect them to drive results over the coming years as we continue that work.

在銷售方面，我們一直在做的工作正在繼續轉向以軟件為主導的垂直化銷售團隊。我們現在已經與垂直化的美國入站銷售團隊一起實施了這一點。在接下來的兩個季度裡，我們將與我們的美國出境銷售團隊一起這樣做。現在還早，但我們看到銷售代表的效率和生產率有了令人鼓舞的提高。從網站的角度來看，我們最近重新設計了 Square 網站，允許我們的賣家選擇垂直的特定體驗，以滿足經營他們業務所需的產品。並將賣家引導至我們的銷售團隊，使現有和潛在賣家更容易聯繫支持人員。再一次，現在還早，但自從推出新主頁以來，我們已經看到了整體收購的實力以及新的銷售線索生成。這些是我們將繼續努力的長期舉措，我們希望它們在我們繼續這項工作的過程中在未來幾年取得成果。

We have [Dan Chapman] dialing in to ask a question. Your next question comes from the line of Dan Chapman .

我們有 [Dan Chapman] 撥入提問。你的下一個問題來自 Dan Chapman。

My name is Dan, of course, and I use Square to run operations for a couple of businesses, craft beer and pizza restaurant, we call AW Wander and 105-year-old movie theater called the [Malley] Cinema. I've been a Square seller for about 6 years now, and I currently use Square Point of Sale, Square Online, gift cards, loyalty and a few others. When the pandemic struck, we are forced to quickly pivot our business model and set up an online store within 2 days. And I always credit Square for giving us the tools we needed to be flexible in the moment. Now business owners like myself must adapt again as we face economic uncertainty. My question is, how can small business build resilience and really set ourselves up for success in this current climate?

當然，我叫 Dan，我使用 Square 經營幾家企業，精釀啤酒和比薩餅餐廳，我們稱之為 AW Wander 和擁有 105 年曆史的電影院 [Malley] Cinema。我已經成為 Square 賣家大約 6 年了，我目前使用 Square Point of Sale、Square Online、禮品卡、忠誠度和其他一些。當大流行來襲時，我們被迫迅速調整我們的商業模式，並在 2 天內建立了一個在線商店。我總是相信 Square 為我們提供了我們需要的工具，讓我們在當下變得靈活。現在，隨著我們面臨經濟不確定性，像我這樣的企業主必須再次適應。我的問題是，小型企業如何才能建立彈性並真正為在當前環境下取得成功做好準備？

Thank you. Thank you for using Square and thank you for the question. I'll spend some time with this. I would say that the biggest lesson I've learned in building our business is just the importance of having really good and clear data about how your business is doing and making sure that you compare that and kind of look for patterns elsewhere, whether those be patterns within your own community, your talent, your city against other competitors. To me, that's the only way to really inform decisions in order to create resilience, especially in more challenging times, making sure that like you are looking for opportunities to convert more customers to recurring and ways to get them to keep coming back and we constantly respond to, which, again, continues to seem to get harder right now.

謝謝。感謝您使用 Square 並感謝您提出問題。我會花一些時間來解決這個問題。我想說的是，我在建立我們的業務過程中學到的最大教訓就是擁有關於您的業務如何運作的真正好的和清晰的數據的重要性，並確保您比較這些數據並在其他地方尋找模式，無論這些是在你自己的社區、你的才能、你的城市中對抗其他競爭對手的模式。對我來說，這是真正為決策提供信息以創造彈性的唯一方法，尤其是在更具挑戰性的時期，確保像您一樣正在尋找機會將更多客戶轉化為經常性客戶以及讓他們不斷回來的方法我們不斷回應，現在似乎繼續變得更難。

But I think there's a general trend. And I think the trend will continue to more and more local and less and less about global answers. And I think small businesses are set up extremely well for that. And we're really happy to support in every way that we can, that effort and that trend. And hopefully, we're doing the right work by making sure that our tools just work together. And you don't really have to think much about adding an entirely new system like customer relationship management or subscriptions or moving to an online business, you just press a button and it's done so that you can really focus on the core fundamentals of your business by looking at the data and making informed judgments around us. So we'll continue to improve our dashboard, where hopefully, you're seeing a lot of those metrics and information and enable more and more actions and activities that you can make based on that insight and data.

但我認為有一個總的趨勢。而且我認為趨勢將繼續越來越本地化，越來越少地涉及全球答案。而且我認為小企業在這方面做得非常好。我們真的很高興盡我們所能支持這種努力和趨勢。希望我們通過確保我們的工具協同工作來做正確的工作。您真的不必考慮添加一個全新的系統，如客戶關係管理或訂閱或轉向在線業務，您只需按一下按鈕即可完成，這樣您就可以真正專注於業務的核心基礎通過查看數據並在我們周圍做出明智的判斷。因此，我們將繼續改進我們的儀表板，希望您能看到很多這些指標和信息，並啟用越來越多的操作和活動，您可以根據這些洞察力和數據進行操作。

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

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

I wanted to focus in on Cash App gross profit growth there. You said on a combined company basis, up 42%. Again, up from 39% in 4Q, so an acceleration, another quarter of really extraordinary growth. Can you just help disaggregate a little bit where you're really seeing that acceleration in growth and how you're thinking about the sustainability of it going forward, for example, continuing to diversify Cash apps revenue streams, et cetera?

我想關注那裡的 Cash App 毛利潤增長。你說的是合併後的公司，增長了 42%。同樣，從第四季度的 39% 上升，加速，又一個真正非凡的增長季度。您能否幫助分解一下您真正看到增長加速的地方，以及您如何考慮其未來的可持續性，例如，繼續使 Cash 應用程序收入流多樣化，等等？

Thanks so much for the question, Lisa. I can start us off here. I would look at unpacking Cash App's performance according to our inflows framework, where we have seen strong growth in each of the 3 variables that ultimately ladder up to gross profit, whether it's actives, inflows per active or monetization rate. So if we look at Q1 growth, monthly transacting actives were $53 million in March, up 17% year-over-year. This is really driven by both the virality of our peer-to-peer network effects as well as increasing focus on leveraging marketing and acquisition tools to drive qualified new customers and higher product adoption over time. We've been targeting using marketing, new and higher-value audiences while also remaining disciplined in how we deploy those funds to ultimately see returns.

非常感謝麗莎的提問。我可以從這裡開始。我會根據我們的資金流入框架來分析 Cash App 的業績，我們已經看到最終上升到毛利潤的 3 個變量中的每一個都有強勁增長，無論是活躍度、每個活躍度的流入量還是貨幣化率。因此，如果我們看一下第一季度的增長，3 月份的月度交易活躍度為 5300 萬美元，同比增長 17%。這實際上是由我們的點對點網絡效應的病毒式傳播以及越來越注重利用營銷和獲取工具來推動合格的新客戶和隨著時間的推移提高產品採用率所推動的。我們一直在瞄準使用營銷、新的和更高價值的受眾，同時在我們如何部署這些資金以最終看到回報方面也保持紀律。

From an inflows per active perspective, at 1,136 in the first quarter. This is an increase of 8%, both on a year-over-year and quarter-over-quarter basis, where we've been encouraged by the healthy trends we see here. The key drivers of inflows per active are really around product adoption where we continue to see strong adoption of products like Cash App Card, now reaching 38% of those monthly transacting actives.

從每個活躍的流入量來看，第一季度為 1,136。同比和環比增長 8%，我們在這裡看到的健康趨勢令我們感到鼓舞。每個活動流入的主要驅動因素實際上是產品採用，我們繼續看到 Cash App Card 等產品的大量採用，現在達到每月交易活動的 38%。

The 20 million Cash App Card customers actives in our March time frame. And with strong growth in spend per Cash App Card active as well, underpinning the overall inflows that we see growing in the overall Cash App ecosystem. So this product adoption on critical products like Cash App Cards leads to greater activity on our platform stronger engagement and ultimately inflows per active.

2000 萬 Cash App Card 客戶在我們 3 月份的時間範圍內活躍。隨著每張 Cash App Card 活躍支出的強勁增長，支撐了我們在整個 Cash App 生態系統中看到的總體流入。因此，這種產品在 Cash App Cards 等關鍵產品上的採用會導致我們平台上的活動更多，參與度更高，最終每個活動的資金流入。

Another key piece of that is driving increasing the ways in which customers can inflow their funds into Cash App over time, which can lead to incremental volumes as we've seen in the past, for example, with things like our paper money inflow channel. Finally, on inflows per active, a key driver that we'll be mindful of as we move forward is the mix shift of our customer base. As we target a younger audience and see success with Gen Z or with their families product, there could actually be some pressure on inflows per active over time as those customers are likely to have lower inflows per active earlier in their financial journey. But we'd expect to see that grow over time as they become the earners and spenders of the future. Even with that mix shift, we've continued to see strong growth on inflows per active.

其中的另一個關鍵部分是推動增加客戶隨著時間的推移將資金流入 Cash App 的方式，這可能會導致交易量增加，就像我們過去看到的那樣，例如我們的紙幣流入渠道。最後，關於每個活躍的流入，我們在前進時會注意的一個關鍵驅動因素是我們客戶群的混合轉變。當我們瞄準年輕的受眾並看到 Z 世代或他們的家庭產品取得成功時，隨著時間的推移，每個活躍的流入實際上可能會有一些壓力，因為這些客戶在他們的財務旅程的早期可能會有較低的流入。但隨著他們成為未來的收入者和支出者，我們預計會隨著時間的推移而增長。即使發生了這種混合轉變，我們仍然看到每個活躍的流入量強勁增長。

And then the third key driver, of course, for Cash App is monetization rate, which also grew strongly year-over-year given the pricing changes and more moderately quarter-over-quarter on the back of some interest income benefits. Ultimately, as we look forward, as you noted, in the first quarter, a combined company growth rate of about 43% for Cash App. What we saw in April or expect to see in April was about a 35% year-over-year growth rate. This is as we expected and as we shared on our last earnings call, now that we're lapping pricing changes that we instituted in the first quarter of 2022, but still strong growth at 35% year-over-year in April.

然後，Cash App 的第三個關鍵驅動因素當然是貨幣化率，考慮到定價變化，貨幣化率也同比強勁增長，並且在一些利息收入收益的支持下，環比增長更為溫和。最終，正如我們所期待的那樣，正如您所指出的那樣，在第一季度，Cash App 的公司綜合增長率約為 43%。我們在 4 月份看到或預計在 4 月份看到的同比增長率約為 35%。正如我們預期的那樣，正如我們在上次財報電話會議上分享的那樣，現在我們正在對我們在 2022 年第一季度製定的價格變化進行調整，但 4 月份仍實現了 35% 的同比強勁增長。

Final thing to note here is, of course, margin expansion for the Cash App business, again, as we noted last quarter. We expect to see this year Cash App to not only grow strongly, but continue to see operating leverage in the Cash App margin. As we continue to operate our business with discipline and continue on the path that we've been on for a few years now with Cash App and growing our margins.

當然，正如我們上個季度所指出的，這裡最後要注意的是 Cash App 業務的利潤率擴張。我們預計今年 Cash App 不僅會強勁增長，而且還會繼續在 Cash App 利潤率中看到運營槓桿。隨著我們繼續以紀律經營我們的業務，並繼續沿著我們幾年來一直在使用 Cash App 並增加利潤的道路上前進。

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

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

Look, GPV growth was obviously strong in the quarter, and it was good to see the spread versus the industry hold up well. I think you talked about 14% gross profit growth into April for Square. If there's any comments you can give us on volume growth into April or May versus the 17% that would be really helpful. And then more importantly, I think just revisiting the key drivers of the GPV and the seller -- or the Square business overall, differentiation and the sustainability, international, obviously, was up over 40%. So maybe you can comment on that together with e-com and some of the other drivers that we've been seeing and your view of sustainability.

看，本季度 GPV 增長明顯強勁，很高興看到與行業的利差保持良好。我想你談到 4 月份 Square 的毛利潤增長了 14%。如果有任何意見，您可以就 4 月或 5 月的銷量增長與真正有幫助的 17% 進行比較。然後更重要的是，我認為只要重新審視 GPV 和賣家的關鍵驅動因素——或者 Square 整體業務、差異化和可持續性，國際顯然增長了 40% 以上。因此，也許您可以與電子商務和我們一直看到的其他一些驅動因素以及您對可持續性的看法一起對此發表評論。

Thanks for the question, Darrin. I'll start us off. So look, overall, as we think about the health of the ecosystem, I'd orient you more to gross profit than GPV as we look at our performance. Let me start there with gross profit in April at 16% year-over-year. This is on an ex PPP basis for comparison purposes. The comparable figure was 21% in Q1 where, obviously, we had a more favorable comp related to Omicron in the prior year. And then in the Q4 comparable ex PPP was 16% on a combined company basis. So that trend in April looks very consistent with the trend that we saw in Q4, from a gross profit perspective on a combined company basis ex PPP.

謝謝你的問題，達林。我會開始的。因此，總的來說，當我們考慮生態系統的健康狀況時，在我們查看我們的表現時，我會讓你更多地關注毛利潤而不是 GPV。讓我從 4 月份的毛利潤同比增長 16% 開始。出於比較目的，這是基於前購買力平價的基礎。第一季度的可比數字為 21%，顯然，我們在前一年有一個與 Omicron 相關的更有利的競爭。然後在第四季度可比的 ex PPP 在合併公司的基礎上為 16%。因此，4 月份的趨勢看起來與我們在第 4 季度看到的趨勢非常一致，從綜合公司基礎（不包括購買力平價）的毛利角度來看。

And really unpacking some of the trends that we see is growth in the areas where we are strategically oriented, software and integrated payments, versus sidecar or vertical points of sale. And even in Q1, we saw outsized growth and in person versus online channels, albeit omnichannel more broadly is the key focus for us. We've also seen strength from our banking ecosystem with Loans, ex PPP, Instant Deposit and Square Card outpacing overall Square gross profit growth.

真正揭示我們看到的一些趨勢是我們戰略導向領域的增長，軟件和集成支付，而不是邊車或垂直銷售點。即使在第一季度，我們也看到了超額增長，面對面渠道與在線渠道相比，儘管更廣泛的全渠道是我們的重點。我們還從我們的銀行生態系統中看到了實力，貸款、不包括 PPP、即時存款和 Square Card 超過了 Square 的整體毛利增長。

Now when we look at the overall sort of growth rates in terms of key verticals, we have seen some moderation as we noted. Since that mid-Q4, mid-November time frame, across certain discretionary verticals, food and beverage and retail, churn has been relatively stable where we've seen a bit of pressure on the processing volumes at existing sellers, similar to the trends that we noted back in February. Because of the breadth of the overall Square ecosystem, we have resilience because we serve multiple verticals, multiple types of customers increasingly at market. And obviously, multiple revenue streams across multiple products.

現在，當我們從關鍵垂直領域來看整體增長率時，我們已經看到了一些放緩。自第 4 季度中旬、11 月中旬以來，在某些可自由支配的垂直行業、食品和飲料以及零售業，流失率一直相對穩定，我們看到現有賣家的處理量有點壓力，類似於我們在二月份就注意到了。由於整個 Square 生態系統的廣度，我們具有彈性，因為我們在市場上服務於多個垂直領域、多種類型的客戶。顯然，多個產品的多個收入來源。

And then maybe to address your international question, we have also seen some strong growth in international, ex BNPL, we grew 11 -- mix was about 11% of Square's gross profit and ex BNPL grew 28% year-over-year, outpacing overall Square gross profit growth. We're really taking sort of a product-led product-centric approach to our global expansion where, again, the key differentiator is the breadth and integration and the cohesion of our ecosystem. And so our priority continues to be driving product parity in these markets. And as we bring new markets -- new products to bear, look to global launches of those products, increasingly so.

然後也許為了解決你的國際問題，我們也看到了一些強勁的國際增長，不包括 BNPL，我們增長了 11——混合約佔 Square 毛利潤的 11%，不包括 BNPL 同比增長 28%，超過整體增長廣場毛利增長。我們確實在採取一種以產品為主導的以產品為中心的方法來進行我們的全球擴張，其中，關鍵的差異化因素是我們生態系統的廣度、整合和凝聚力。因此，我們的首要任務仍然是推動這些市場的產品平價。當我們帶來新市場——新產品時，越來越多地關注這些產品的全球發布。

In the first quarter, we had Square Loyalty and Square for Restaurants in Japan. And we've also had tap-to-pay launches over the past couple of months across Android and iPhone in the U.S. So more to come here. And again, our key focus is on these top 3 strategic priorities in driving the Square business forward.

第一季度，我們在日本推出了 Square Loyalty 和 Square for Restaurants。在過去的幾個月裡，我們還在美國的 Android 和 iPhone 上推出了點擊支付。所以更多的人會來到這裡。同樣，我們的重點是推動 Square 業務向前發展的三大戰略重點。

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

我們的下一個問題來自 Bernstein 的 Harshita Rawat。

Can you talk about recession sensitivity across the different businesses? So on the Square side, how should we think about exposure to net new business formation, consumer discretionary spend? And then on the Cash App side, are you more exposed to unemployment trends, consumer spending trends, given the demographic SKU? And then just as a follow-up, can you also touch upon your credit businesses and the sensitivity there to a growth cycle?

您能談談不同業務對衰退的敏感性嗎？那麼在 Square 方面，我們應該如何考慮接觸淨新業務形成、非必需消費支出？然後在 Cash App 方面，考慮到人口統計 SKU，您是否更容易受到失業趨勢、消費者支出趨勢的影響？然後作為後續行動，您能否也談談您的信貸業務以及那裡對增長周期的敏感性？

Sure. Thanks for the question, Harshita. Let me start with saying, first, the work that we do to broaden our ecosystem is bearing fruit in the diversity of our revenue streams now. In the first quarter, 14 revenue streams at $100 million or more in annualized gross profit across Cash App and Square Cash App with 6, and Square with 7 along with BNPL as well. And so each of our ecosystem is doing the work to broaden our product set that can serve our customers in uncertain times. And doing that increasingly at scale. It was -- we were at 11 revenue streams a year ago. So we've grown 3 new ones while continuing to grow our currently at scale revenue streams.

當然。謝謝你的問題，Harshita。首先讓我說，我們為擴大我們的生態系統所做的工作現在正在我們收入流的多樣性中取得成果。第一季度，Cash App 和 Square Cash App 有 6 家，Square 有 7 家，BNPL 有 14 家年化毛利潤在 1 億美元或以上的收入流。因此，我們的每個生態系統都在努力擴大我們的產品集，以便在不確定時期為我們的客戶提供服務。並且越來越大規模地這樣做。那是——一年前我們有 11 個收入來源。因此，我們已經發展了 3 個新的，同時繼續發展我們目前規模化的收入流。

And I think this is really important as we think about our ecosystems driving resiliency to uncertain times. And when we look at engagement on our platforms, we're also seeing that grow through these uncertain times. Cash App, as I noted earlier, growth across each of the various components of inflows in particular with Cash App Card, we get to see both discretionary spend and nondiscretionary spend. In 2022, nearly 1/3 of spend on Cash App Card was for grocery, gas, auto, utilities, et cetera. And with spend per active -- average spend per active for Cash App Card growing both year-over-year and quarter-over-quarter. So clearly, we see that signals around consumer spend and discretionary and nondiscretionary income, along with signals around the strong engagement on our platform.

而且我認為這非常重要，因為我們考慮到我們的生態系統在不確定時期推動彈性。當我們審視我們平台上的參與度時，我們也看到了在這些不確定時期的增長。 Cash App，正如我之前提到的，流入的各個組成部分都在增長，特別是 Cash App Card，我們可以看到可自由支配的支出和非自由支配的支出。 2022 年，近 1/3 的 Cash App Card 支出用於雜貨、汽油、汽車、公用事業等。隨著每個活躍用戶的支出——Cash App Card 每個活躍用戶的平均支出同比和環比都在增長。很明顯，我們看到了有關消費者支出和可自由支配和非自由支配收入的信號，以及有關我們平台上強大參與度的信號。

From a Square perspective, we have an ecosystem now of 30-plus products that helps to drive those retentive relationships. And as we see -- we've shared last quarter as more customers take on more of our products that we see a meaningful improvement and retention over time. So our focus there being on continuing to drive product adoption and the breadth of our ecosystem, which drives retention and overall growth for us. Ultimately, the signals that we can read in real time across our key indicators across both our consumer ecosystem and our seller ecosystem is what enables us to be able to be agile to the environment and move quickly. Addressing our customer needs as well as our own business and how we're able to react.

從 Square 的角度來看，我們現在擁有一個包含 30 多種產品的生態系統，有助於推動這些保持關係。正如我們所看到的——我們在上個季度分享了隨著越來越多的客戶接受我們的產品，我們看到了隨著時間的推移有意義的改進和保留。因此，我們的重點是繼續推動產品採用和我們生態系統的廣度，這會推動我們的保留和整體增長。最終，我們可以在我們的消費者生態系統和賣家生態系統的關鍵指標中實時讀取的信號使我們能夠敏捷地適應環境并快速行動。解決我們的客戶需求以及我們自己的業務以及我們如何做出反應。

From a lending product perspective, look, I think there are mature products share some attributes that make them fairly unique in an uncertain macro environment. First, we take a very data-driven approach. Our risk and underwriting models are updated in real time based on a broad set of customer data, both about individual -- that individual customer as well as millions of other customers like them. And in fact, some of our core lending products like Cash App Borrow and Square Loans are offered to customers based on specific eligibility criteria, where we determine those eligibility criteria.

從貸款產品的角度來看，我認為成熟的產品具有一些共同的屬性，使它們在不確定的宏觀環境中相當獨特。首先，我們採用非常數據驅動的方法。我們的風險和承保模型根據廣泛的客戶數據實時更新，包括個人數據——該個人客戶以及數百萬像他們一樣的其他客戶。事實上，我們的一些核心貸款產品（如 Cash App Borrow 和 Square Loans）是根據特定的資格標準向客戶提供的，我們在其中確定這些資格標準。

There's also unique structures to these products where we design our products to really simplify access to capital. They're often short in duration and have simplified repayment processes. That's part of the reason that we've seen healthy repayment behavior across each of these different lending types. And as we noted with Afterpay, actually saw an improvement in gross loss as a percent of receivables in Q1 both quarter-over-quarter and year-over-year. And finally, we see strong repeat usage. Historically, we've seen strong adoption from these customers with increasing frequency. These are customers we know well and have a history of repayment and have ability, therefore, to better underwrite.

這些產品也有獨特的結構，我們設計我們的產品以真正簡化獲得資本的途徑。它們的持續時間通常很短，並且簡化了還款流程。這就是我們在這些不同貸款類型中看到健康還款行為的部分原因。正如我們在 Afterpay 中指出的那樣，第一季度毛虧損占應收賬款的百分比實際上有所改善，環比和同比均有所改善。最後，我們看到了強烈的重複使用。從歷史上看，我們已經看到這些客戶越來越頻繁地採用它。這些是我們熟悉的客戶，有還款歷史，因此有能力更好地承保。

So we think those unique attributes of these products that really serve as working capital to our customers are important to note during uncertain times like this.

因此，我們認為這些產品的那些真正作為我們客戶營運資金的獨特屬性在這樣的不確定時期很重要。

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

我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal 系列。

I wanted to ask about the Cash App, the savings product. And just wondering if you could comment on just how that product fits into the overall Cash App value proposition. And also just give us your latest thoughts on the product road map and Cash App in terms of what types of other adjacent financial services, you might contemplate adding or what looks most attractive from here.

我想問一下儲蓄產品 Cash App。只是想知道您是否可以評論該產品如何融入 Cash App 的整體價值主張。還請向我們提供您對產品路線圖和 Cash App 的最新想法，了解您可能會考慮添加哪些類型的其他相鄰金融服務，或者從這裡看起來最有吸引力的內容。

Yes. Just some context for everyone. Earlier this year, we launched our savings product to allow customers to hold a separate savings balance within Cash App. And we've heard from our communities that they want more tools for budgeting and money management. So this is where they came from. And it allows our customers to easily set and track towards financial goals, and they can easily add money to the savings account using their Cash App balance, link debit card or through Round Ups on purchases with the Cash App Card. So far, it's one of our fastest-growing products.

是的。只是為每個人提供一些背景信息。今年早些時候，我們推出了儲蓄產品，允許客戶在 Cash App 中持有單獨的儲蓄餘額。我們從我們的社區聽說他們需要更多用於預算和資金管理的工具。所以這就是他們的來源。它允許我們的客戶輕鬆設置和跟踪財務目標，他們可以使用他們的 Cash App 餘額、鏈接借記卡或通過 Cash App Card 購物時的 Round Ups 輕鬆地將錢添加到儲蓄賬戶。到目前為止，它是我們增長最快的產品之一。

And while early, we see that it's a feature that can drive a lot more inflows into our ecosystem over time. By the end of April, we had more than 3 million actives that have added funds to their savings bonds account. And more than half are savings through roundup on Cash App Card. So this is another strong example of how our products across our ecosystems can reinforce one another and actually build on one another.

雖然早期，我們看到它是一個可以隨著時間的推移推動更多資金流入我們的生態系統的功能。到 4 月底，我們有超過 300 萬名活躍人士已將資金添加到他們的儲蓄債券賬戶中。超過一半是通過 Cash App Card 的匯總節省的。因此，這是另一個強有力的例子，說明我們的產品如何在我們的生態系統中相互加強並實際上相互構建。

Are you asking more about the general product road map for Cash App? Or within savings, in particular, just clarify your question.

您是否在詢問有關 Cash App 的一般產品路線圖的更多信息？或者在儲蓄範圍內，特別是澄清你的問題。

More in general, just other adjacent financial services, that might look attractive. Or any kind of color in terms of the general product road map more so than just specifically within savings.

更一般地說，其他相鄰的金融服務可能看起來很有吸引力。或者就一般產品路線圖而言，任何一種顏色都比專門在節省範圍內更重要。

Yes. All of our products within Cash App are from looking at these adjacencies. And we started with the most viral with the greatest network effect, which is peer-to-peer. And that is a base level of utility that has a lot of value for tons of people, easiest way to get into the app and into our ecosystem. But as we look at what our customers are doing and what products they're adopting and what they're, more importantly, trying to do, that's where our new product ideas come. And I think our strength is really simplifying something that was traditionally fairly complex is something that's very easy to take on, our approach to taxes, for instance.

是的。我們在 Cash App 中的所有產品都來自於查看這些鄰接關係。我們從具有最大網絡效應的最具病毒性的點對點開始。這是一個基本級別的實用程序，對很多人來說都有很大的價值，是進入應用程序和我們的生態系統的最簡單方法。但是當我們觀察我們的客戶在做什麼以及他們正在採用什麼產品以及他們正在嘗試做什麼時，更重要的是，這就是我們新產品創意的來源。而且我認為我們的優勢確實是簡化了傳統上相當複雜的事情，這些事情很容易接受，例如我們的稅收方法。

So we'll continue to look for more of those. And we do see behaviors today that are interesting. But a big part of our focus at the moment is making sure that like the products that we do have are easily accessible and can actually spread and really focused on providing more opportunities from Discover and from that little search icon at the bottom of your Cash App. This is going to be a launch pad for much of the Cash App ecosystem and certainly as a way to bring in full bearing the Afterpay acquisition that we made, but it allows us to get more potentially daily usage as people can find things, not just online, but also around them that then touches on every one of our financial products. And really brings to life those adjacencies.

所以我們將繼續尋找更多這樣的人。我們今天確實看到了有趣的行為。但目前我們的重點是確保像我們擁有的產品一樣易於訪問並且可以實際傳播並且真正專注於通過 Discover 和 Cash App 底部的小搜索圖標提供更多機會.這將成為大部分 Cash App 生態系統的啟動平台，當然也是一種全面支持我們收購 Afterpay 的方式，但它使我們能夠獲得更多潛在的日常使用，因為人們可以找到東西，而不僅僅是在線，但也圍繞他們，然後觸及我們的每一個金融產品。並真正使這些相鄰事物栩栩如生。

So there's a lot of work to do there just to strengthen those connections and to make sure that we're building something that's robust and we can continue to add more new products and more new features.

因此，有很多工作要做，只是為了加強這些聯繫，並確保我們正在構建穩健的東西，並且我們可以繼續添加更多新產品和更多新功能。

Our next question comes from the line of Michael Ng from Goldman Sachs.

我們的下一個問題來自高盛的 Michael Ng。

It was just about OpEx. First, OpEx came in a little bit better than guidance in the quarter. I was just wondering if you could talk about any areas of efficiencies that you may have benefited from in the quarter or timing elements that might impact how OpEx is recognized throughout the year. And then second, could you just talk about how you're viewing full year OpEx growth? Any notable areas of investing you're making for the year and whether there are any change in OpEx plans relative to last quarter?

這只是關於運營支出。首先，OpEx 在本季度的表現略好於指導。我只是想知道您是否可以談談您在本季度可能從中受益的任何效率領域或可能影響全年 OpEx 識別方式的時間因素。其次，你能談談你如何看待全年運營支出的增長嗎？您今年有哪些值得注意的投資領域？與上一季度相比，運營支出計劃是否有任何變化？

Mike, thanks for the question. Let me start actually with talking about the full year and our view on profitability for the year, and then we can kind of slice and dice OpEx from Q1. So look, of course, our goal, as always, is investing responsibly to deliver profitable growth. And for the full year, we're raising our profit target to $1.36 billion on adjusted EBITDA, more than 35% growth year-over-year and $115 million adjusted OI loss with improving margins on both. This primarily -- this outlook primarily reflects our strong gross profit growth during the first quarter.

邁克，謝謝你的提問。讓我先談談全年和我們對今年盈利能力的看法，然後我們可以從第一季度開始對 OpEx 進行切片和切塊。因此，當然，我們的目標一如既往地是負責任地投資以實現盈利增長。對於全年，我們將調整後的 EBITDA 的利潤目標提高到 13.6 億美元，同比增長超過 35%，調整後的 OI 損失為 1.15 億美元，兩者的利潤率都有所提高。這主要 - 這一前景主要反映了我們第一季度強勁的毛利增長。

On the expense side, we are deferring some of the investments that we had intended for Q1 to later in the year. Longer term, the investments that we're making should follow our path to deliver a Rule of 40 on an adjusted OI basis longer term, given the returns that we see. As we think about what underpins the work that we're doing, the investments that we're making, as I noted earlier, we continue to expect Cash App margins to expand. This is a trend that we've seen this quarter and a continuation of improving profitability over the last few years, while we expect Square margins, which are already healthy to be more consistent year-over-year. And we intend to hold these targets in the midst of macro uncertainty. If we see growth slow, we'll pull back on our planned expenses.

在費用方面，我們將計劃在第一季度進行的一些投資推遲到今年晚些時候。從長遠來看，考慮到我們看到的回報，我們正在進行的投資應該遵循我們的路徑，在調整後的 OI 基礎上長期提供 40 條規則。正如我之前提到的，當我們考慮支撐我們正在做的工作和正在進行的投資時，我們繼續期望 Cash App 的利潤率會擴大。這是我們在本季度看到的趨勢，也是過去幾年盈利能力持續提高的趨勢，同時我們預計 Square 的利潤率已經很健康，將與去年同期相比更加穩定。我們打算在宏觀不確定性中保持這些目標。如果我們看到增長放緩，我們將縮減計劃開支。

The key areas of leverage that we think about across the year or similar to what we noted last quarter, which is hiring as we see strength in the business, we'll react accordingly. But we are deliberately slowing the pace of hiring as we showed last quarter, expect to increase head count in the approximately 10% year-over-year range in sales and marketing to increase at a much lower rate than the 25% growth we saw in 2022.

我們全年考慮的關鍵槓桿領域或與我們上個季度注意到的類似，即我們看到業務實力時正在招聘，我們將做出相應的反應。但正如上個季度所示，我們有意放慢招聘步伐，預計銷售和營銷部門的人數將同比增長約 10%，增幅遠低於我們在上一季度看到的 25% 的增長率2022.

Now to unpack some of the quarterly variations for the second quarter, we expect EBITDA to be lower than the normalized rate that you saw in Q1 as implied in our guidance, given the timing of expenses during the year. And that then brings me to sort of the operating expense growth that we saw in the first quarter, which came in about $60 million in change lower than what we had included in our guidance. And it was really broad based across our key areas of investment. So sales and marketing was relatively flat year-over-year.

現在要解開第二季度的一些季度變化，我們預計 EBITDA 將低於您在第一季度看到的正常化率，正如我們的指導所暗示的那樣，考慮到一年中的支出時間。然後，這讓我想到了我們在第一季度看到的運營費用增長，其變化比我們的指導中包含的少了約 6000 萬美元。它在我們的關鍵投資領域中確實具有廣泛的基礎。因此，銷售和營銷同比相對持平。

Cash App sales and marketing expenses were up 9%, driven by an increase in peer-to-peer processing costs, peer-to-peer transaction losses and card issuance costs, but the rest of sales and marketing was down year-over-year. Product development grew. Primary driver here is our teams and our personnel costs related to engineering, data science and design.

在點對點處理成本、點對點交易損失和發卡成本增加的推動下，Cash App 銷售和營銷費用增長了 9%，但其餘銷售和營銷費用同比下降.產品開發增長。這裡的主要驅動因素是我們的團隊以及與工程、數據科學和設計相關的人員成本。

And then G&A, down slightly year-over-year, but excluding certain onetime expenses related to the Afterpay acquisition also grew year-over-year with investments in human resources, compliance and customer support personnel. Risk also grew year-over-year, but we also now have a full quarter of Afterpay in our books this year versus last year. So these are kind of the key elements that we're focused on operating with discipline across our business, and we'll continue to do that through the year.

然後是 G&A，同比略有下降，但不包括與 Afterpay 收購相關的某些一次性費用，在人力資源、合規和客戶支持人員方面的投資也同比增長。風險也同比增長，但與去年相比，我們今年的賬簿中也有整整四分之一的 Afterpay。因此，這些是我們專注於在整個業務中遵守紀律的關鍵要素，我們將在今年繼續這樣做。

All right. We'll now take our last question. Our final question comes from the line of Trevor Williams from Jefferies.

好的。我們現在開始最後一個問題。我們的最後一個問題來自 Jefferies 的 Trevor Williams。

(technical difficulty) the BNPL folded in. Amrita, with the ex BNPL monetization rate you gave for Cash App, we were backing into just over $140 million of BNPL gross profit for the first quarter. If you could just comment on that number? And then anything you can share on BNPL gross profit growth within the 24% combined company growth for April would be great.

（技術困難）BNPL 折疊起來。Amrita，根據您為 Cash App 提供的前 BNPL 貨幣化率，我們在第一季度獲得了超過 1.4 億美元的 BNPL 毛利潤。如果你能對那個數字發表評論？然後，在 4 月份 24% 的公司合併增長中，你可以分享 BNPL 毛利潤增長的任何東西都會很棒。

Trevor, it cut out in the first part of your question. Do I take your question to be primarily around sizing the performance for BNPL for the quarter?

特雷弗，它在你問題的第一部分被刪掉了。我是否認為您的問題主要是關於評估 BNPL 本季度的業績？

Yes, BNPL in Q1. And then if you could parse out the BNPL growth within the 24% for April.

是的，第一季度的 BNPL。然後，如果你能分析出 4 月份 BNPL 增長在 24% 以內。

Sure. Look, I think we'll orient here to the volume-based metrics that we provided earlier, which is 18% GMV growth in the first quarter. GMV continued to grow faster than gross profit in the first quarter, given the mix shift to enterprise sellers and newer markets. So gross profit growth was below this. But we expect GMV growth in the April -- in the month of April to be up from what we saw in the first quarter, 20% versus the 18% in the first quarter. We're encouraged by what we see here, which is continued growth in high-quality customer acquisitions with repeat engagement and healthy repayment rates. We've seen 98% of purchases not incurring late fees and 95% of installments paid on time, consistent with what we've shared in the past.

當然。看，我認為我們將在這裡定位到我們之前提供的基於數量的指標，即第一季度 GMV 增長 18%。考慮到向企業賣家和新興市場的轉變，第一季度 GMV 的增長速度繼續快於毛利潤。所以毛利增長低於這個水平。但我們預計 4 月份的 GMV 增長——4 月份的增長將高於我們在第一季度看到的水平，即 20%，而第一季度為 18%。我們在這裡看到的情況讓我們感到鼓舞，這是高質量客戶獲取的持續增長以及重複參與和健康的還款率。我們已經看到 98% 的購買沒有產生滯納金，95% 的分期付款按時支付，這與我們過去分享的情況一致。

And of course, we continue our work of integrating Afterpay with our Square and Cash App ecosystem. This combined scale of which we believe will be a true differentiator for us. Within Cash App unlocking commerce with the Discover Tab to drive increased engagement. And when within Square, launching BNPL in person and online, where we've seen encouraging early adoption. We're focused here on using that combined base across our ecosystem to build a strong pipeline of new merchants and to continue attracting new customers, new consumers to our BNPL platform.

當然，我們會繼續將 Afterpay 與我們的 Square 和 Cash App 生態系統相集成。我們相信，這種綜合規模將成為我們真正的差異化因素。在 Cash App 中，通過 Discover Tab 解鎖商務，以提高參與度。在 Square 內，親自和在線啟動 BNPL，我們看到鼓勵早期採用。我們在這裡專注於利用我們生態系統中的綜合基礎來建立強大的新商家渠道，並繼續吸引新客戶、新消費者到我們的 BNPL 平台。

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。