(SQ) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block Second 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，歡迎參加 Block 2023 年第二季度收益電話會議。現在我想將電話轉給主持人投資者關係主管 Nikhil Dixit。請繼續。

Hi, everyone. Thanks for joining our second quarter 2023 earnings call. We have Jack and Amrita with us today. We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from our customers in addition to questions from conference call participants.

大家好。感謝您參加我們的 2023 年第二季度財報電話會議。今天我們有傑克和阿姆麗塔。我們將以一些簡短的評論開始本次電話會議，然後直接回答您的問題。在問答過程中，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 outlook and guidance as well as our long-term targets and goals, and we may decide to shift our priorities or move away from these targets and goals at any time.

我們還想提醒大家，我們將在這次電話會議上做出前瞻性陳述。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述。這些前瞻性陳述包括對我們的前景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或放棄這些目標和目標。

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. 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.

這些陳述存在風險和不確定性。實際結果可能與我們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。請查看我們向 SEC 提交的文件，討論可能導致我們的結果出現差異的因素。另請注意，本次電話會議的前瞻性陳述基於截至今天為止我們掌握的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

在本次電話會議中，我們將提供 7 月份毛利潤增長、GPV 和 GMV 表現的初步估計。這些代表了我們目前對 7 月份業績的估計，因為我們尚未最終確定 7 月份的財務報表，並且我們的月度業績不受審計師的中期審查。因此，7 月份的實際結果可能與這些估計有所不同，並且可能無法反映整個第三季度的業績。

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 July or the third quarter.

此外，該財務信息僅根據管理層現有信息編制，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。此初步財務信息並不是我們 7 月份或第三季度財務業績的綜合報表。

Within these remarks, we will also discuss metrics related to our investment framework, including Rule of 40. With Rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margins.

在這些評論中，我們還將討論與我們的投資框架相關的指標，包括 40 規則。根據 40 規則，我們正在評估毛利潤增長和調整後營業利潤率的總和。

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.

此外，我們還將在本次電話會議中討論某些非公認會計準則財務指標。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。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。

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，本次電話會議的全部內容將在我們的投資者關係網站上進行音頻網絡廣播。本次電話會議的音頻重播以及傑克和阿姆麗塔的開場白文字記錄很快就會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 for joining us today. I'll spend my time today highlighting the progress we've made on 2 themes: first, our investment framework; and second, our ecosystem of ecosystems model. You'll find everything else from the quarter in the shareholder letter we posted an hour ago.

感謝您今天加入我們。今天我將重點介紹我們在兩個主題上取得的進展：第一，我們的投資框架；第二，我們的生態系統的生態系統模型。您可以在我們一小時前發布的股東信中找到本季度的所有其他內容。

As we shared earlier this year, we define our investment framework as: Block and each ecosystem must show a believable path to gross profit retention of over 100% and Rule of 40 on adjusted operating income.

正如我們今年早些時候分享的那樣，我們將投資框架定義為：區塊和每個生態系統必須顯示出一條可靠的路徑，以實現超過 100% 的毛利潤保留和調整後營業收入的 40 規則。

Today, I want to share our progress towards this target and demonstrate how our investment framework forces us to make trade-offs and guides our decision-making across the company.

今天，我想分享我們實現這一目標的進展，並展示我們的投資框架如何迫使我們做出權衡並指導我們整個公司的決策。

Leaders across our company are now looking at the true full cost of their businesses, inclusive of share-based compensation. This has led us to pull back on our pace of hiring, to be more targeted in hiring for critical roles and to focus more on performance management.

我們公司的領導者現在正在考慮其業務的真實全部成本，包括基於股票的薪酬。這導致我們放慢了招聘速度，更有針對性地招聘關鍵職位，並更加關注績效管理。

For sales and marketing, we have focused on efficiency to drive acquisition while decreasing spend. We've pulled back on brand spend and more experimental channels across our ecosystems in favor of channels with more proven returns.

對於銷售和營銷，我們專注於提高效率以推動收購，同時減少支出。我們在整個生態系統中減少了品牌支出和更多實驗性渠道，轉而支持回報更可靠的渠道。

This past quarter, we also decided to wind down operations in certain markets, including Cash App's Verse brand in the EU and our buy-now-pay-later platform, Clearpay, in Spain, France and Italy. These required significant investment and the markets have not seen the growth and profitability we had expected over the past several years. We see an opportunity to shift these resources towards strategic areas that have a higher potential return on investment. As we continue to drive towards our goal, we may identify other areas where we aren't seeing the expected and necessary returns.

上個季度，我們還決定停止在某些市場的運營，包括歐盟的 Cash App 的 Verse 品牌以及西班牙、法國和意大利的先買後付平台 Clearpay。這些需要大量投資，而市場在過去幾年中並未出現我們預期的增長和盈利能力。我們看到了將這些資源轉移到具有更高潛在投資回報的戰略領域的機會。當我們繼續努力實現我們的目標時，我們可能會發現我們沒有看到預期和必要回報的其他領域。

We also continue to improve our cost structure for each of the ecosystems by identifying opportunities to expand our structural margins. These include the investments we make in technologies like automation and machine learning to manage risk and finding ways to optimize our partnerships. As a result of our investment discipline, we are increasing our profitability expectations for this year, which Amrita will speak about. We'll continue to share updates with you as we make progress towards our target.

我們還通過尋找擴大結構利潤的機會，繼續改善每個生態系統的成本結構。其中包括我們對自動化和機器學習等技術進行的投資，以管理風險並尋找優化我們合作夥伴關係的方法。由於我們的投資紀律，我們正在提高今年的盈利預期，阿姆麗塔將談到這一點。隨著我們朝著目標取得進展，我們將繼續與您分享最新動態。

As a company, our strength and resilience comes from our diversified ecosystems, each serving different audiences and the connections we create between them. There are some notable examples of this work in the second quarter. In June, we turned on Cash App Pay as a payment method for Square Invoices, giving customers the ability to pay outstanding invoices directly from their Cash App balance.

作為一家公司，我們的優勢和韌性來自於我們多元化的生態系統，每個生態系統都服務於不同的受眾以及我們在他們之間建立的聯繫。第二季度有一些值得注意的例子。 6 月份，我們啟用了 Cash App Pay 作為 Square Invoices 的付款方式，使客戶能夠直接從其 Cash App 餘額中支付未結髮票。

In the second quarter, we launched Cash App Pay with several well-known Afterpay sellers, expanding the connection between Cash App and our buy-now-pay-later platform, and also recently launched strategic partnerships with payment providers, Stripe, Adyen and PayNearMe, an important step in reaching a wider range of merchants.

第二季度，我們與多家知名Afterpay賣家推出了Cash App Pay，擴大了Cash App與我們先買後付平台之間的聯繫，最近還與支付提供商Stripe、Adyen和PayNearMe建立了戰略合作夥伴關係，是接觸更廣泛商戶的重要一步。

We started enabling Square Payroll employees to file taxes for free by using automated W-2 import directly in the Cash App Taxes. After receiving a notification from Square Payroll, employees simply log in to Cash App Taxes, securely import their W-2 and complete and submit their tax forms.

我們開始允許 Square Payroll 員工直接在 Cash App Taxes 中使用自動 W-2 導入來免費報稅。收到 Square Payroll 的通知後，員工只需登錄 Cash App Taxes，安全地導入其 W-2 並填寫並提交納稅表即可。

Earlier this year, we shared plans for the public beta testing of our Bitcoin wallet, Bitkey. And in June, we announced our first 2 global partners, Coinbase and Cash App, to allow customers to buy and immediately transfer Bitcoin from those custodial platforms into Bitkey's self-custody wallet.

今年早些時候，我們分享了比特幣錢包 Bitkey 的公開 Beta 測試計劃。 6 月，我們宣布了首批 2 個全球合作夥伴：Coinbase 和 Cash App，允許客戶購買比特幣並立即將其從這些託管平台轉移到 Bitkey 的自助託管錢包中。

I'll now pass it to Amrita, who will provide more details on our financials.

我現在將其轉交給阿姆麗塔，她將提供有關我們財務狀況的更多詳細信息。

Thanks, Jack. There are 3 topics I'd like to cover. First, an overview of our strong second quarter results across growth and profitability; second, trends we're seeing across our business in July; and third, a look at our investment discipline and profit expectations for the remainder of the year.

謝謝，傑克。我想討論 3 個主題。首先，概述我們第二季度在增長和盈利方面的強勁業績；其次，我們在 7 月份看到的整個業務的趨勢；第三，看看我們的投資紀律和今年剩餘時間的利潤預期。

In the second quarter, we had strong growth at scale with gross profit of $1.87 billion, up 27% year-over-year. Our strong profitability this quarter is a demonstration of our ability to drive leverage and operating efficiency in our business.

第二季度，我們規模增長強勁，毛利潤達18.7億美元，同比增長27%。本季度我們強勁的盈利能力證明了我們提高業務槓桿率和運營效率的能力。

Adjusted EBITDA was $384 million, up more than 2x year-over-year. Adjusted operating income, which, as a reminder, includes expenses related to stock-based compensation and depreciation, was $25 million compared to a loss of $103 million a year ago.

調整後 EBITDA 為 3.84 億美元，同比增長超過 2 倍。調整後的營業收入（其中包括與股票薪酬和折舊相關的費用）為 2500 萬美元，而一年前為虧損 1.03 億美元。

Let's get into Square and Cash App. Square generated $888 million in gross profit, up 18% year-over-year. Looking at some of the drivers. Gross profit from our vertical point-of-sale products was up 37% year-over-year, with each of our restaurants, retail and appointment products delivering gross profit of more than $100 million on an annualized basis during the quarter.

讓我們進入 Square 和 Cash App。 Square 的毛利潤為 8.88 億美元，同比增長 18%。看看一些司機。我們的垂直銷售點產品的毛利潤同比增長 37%，本季度我們的每家餐廳、零售和預約產品的年化毛利潤均超過 1 億美元。

Square GPV was up 12% year-over-year. Looking at the components of growth across retention, churn and acquisition, GPV per existing seller, which effectively measures same-store growth, has stepped down since the third quarter of 2022 and has been the primary driver of the moderation in GPV growth since then. We achieved positive growth in acquisition and saw relative stability in churn of existing sellers compared to historical levels.

Square GPV 同比增長 12%。從保留、流失和收購的增長組成部分來看，有效衡量同店增長的現有賣家人均 GPV 自 2022 年第三季度以來一直在下降，並一直是此後 GPV 增長放緩的主要驅動力。與歷史水平相比，我們在收購方面實現了正增長，並且現有賣家的流失率相對穩定。

We've seen strength in our Square Banking products, which totaled $167 million in gross profit during the quarter, an increase of 24% year-over-year. Banking products represented 19% of Square gross profit, excluding PPP, up from 17% in the prior year. The 4 biggest drivers of Square Banking during the quarter were Instant Transfer, Square Debit Card, Square Savings and Square Loans. We saw benefits from raising pricing on instant transfer earlier this year, from recent launches of our banking products outside the U.S. and from interest on Square Savings balances.

我們看到了 Square Banking 產品的強勁表現，本季度毛利潤總計 1.67 億美元，同比增長 24%。銀行產品佔 Square 毛利潤（不包括 PPP）的 19%，高於上一年的 17%。本季度 Square Banking 的 4 大推動力是即時轉賬、Square 借記卡、Square Savings 和 Square Loans。今年早些時候，我們看到了提高即時轉賬定價、最近在美國境外推出銀行產品以及 Square Savings 餘額利息帶來的好處。

Lastly, for Square, growing upmarket has remained strong, with gross profit from mid-market sellers up 20% year-over-year. We believe the total addressable market for the larger seller segment remains large and highly fragmented, and our recent shift in go-to-market efforts is intended to drive further growth upmarket.

最後，對於 Square 來說，高端市場的增長依然強勁，中端市場賣家的毛利潤同比增長 20%。我們認為，較大賣家細分市場的總體目標市場仍然龐大且高度分散，我們最近在進入市場方面的轉變旨在推動高端市場的進一步增長。

Cash App generated $968 million in gross profit, an increase of 37% year-over-year. Each component of our inflows framework, active, inflows per transacting active and monetization rate, grew on a year-over-year basis. During the month of June, we reached 54 million monthly transacting actives, up 15% year-over-year. We've continued to see significantly higher retention for actives with larger network sizes.

Cash App 產生毛利潤 9.68 億美元，同比增長 37%。我們的流入框架的每個組成部分（活躍、每筆交易活躍的流入和貨幣化率）均同比增長。 6 月份，我們的月活躍交易量達到 5400 萬，同比增長 15%。我們繼續看到網絡規模較大的活躍用戶的留存率顯著提高。

During the quarter, those were a network of 4 or more represented more than half of Cash App quarterly transacting actives. Peer-to-peer functionality has allowed us to scale our network rapidly and has driven engagement. In the second quarter, peer-to-peer transactions per active reached an all-time quarterly high. This helped drive $53 billion in peer-to-peer volume across Cash App during the second quarter, an increase of 18% year-over-year.

在本季度，這些網絡由 4 個或更多組成，佔 Cash App 季度交易活躍量的一半以上。點對點功能使我們能夠快速擴展網絡並提高參與度。第二季度，每活躍點對點交易量達到歷史季度最高水平。這幫助第二季度 Cash App 的點對點交易量增長了 530 億美元，同比增長 18%。

Inflows per transacting active averaged $1,134 in the second quarter, up 8% year-over-year and relatively stable compared to the first quarter, which typically has a seasonal benefit from tax refunds. We believe there is significant runway for growth and inflows per transacting active over time through increased product adoption and growing share of wallet. This tax season, more than 1/3 of Cash App Taxes' actives chose to receive their refund directly into Cash App, a meaningful increase year-over-year, driving new actives to direct deposits. Product adoption has been especially strong for our financial services products. Both Cash App card and direct deposit experienced strong growth in actives and volumes.

第二季度每個活躍交易者的平均流入額為 1,134 美元，同比增長 8%，與第一季度相比相對穩定，第一季度通常會因退稅而受益。我們相信，隨著時間的推移，通過增加產品採用率和增加錢包份額，每筆交易活躍量的增長和資金流入將有顯著的增長空間。本報稅季，超過 1/3 的 Cash App Taxes 活躍用戶選擇直接通過 Cash App 接收退稅，同比大幅增長，推動新的活躍用戶直接存款。我們的金融服務產品的產品採用率尤其強勁。 Cash App 卡和直接存款的活躍度和交易量均出現強勁增長。

Monetization rate, which excludes gross profit contributions from our BNPL platform was 1.44%. Monetization was up 16 basis points year-over-year, driven primarily by pricing changes over the past year, and up 3 basis points quarter-over-quarter, driven primarily by the timing of strong first quarter inflows during the tax season.

不包括 BNPL 平台的毛利潤貢獻的貨幣化率為 1.44%。貨幣化同比增長 16 個基點，主要是由於過去一年的定價變化推動的；環比增長 3 個基點，主要是由於報稅季第一季度資金流入強勁。

Lastly, our BNPL platform contributed $84 million of gross profit to each of Square and Cash App in the second quarter. GMV from our BNPL platform was $6.4 billion in the second quarter, an increase of 22% year-over-year. Losses on consumer receivables were 1.01% of GMV, relatively consistent with the prior year.

最後，我們的 BNPL 平台在第二季度為 Square 和 Cash App 各貢獻了 8400 萬美元的毛利潤。第二季度 BNPL 平台的 GMV 為 64 億美元，同比增長 22%。消費者應收賬款損失佔GMV的1.01%，與上年基本一致。

Next, an update on July trends. For the month of July, we expect total gross profit growth of 21% year-over-year, which we would orient you to for the third quarter and the remainder of 2023.

接下來是七月趨勢的更新。對於 7 月份，我們預計總毛利潤同比增長 21%，我們將在第三季度和 2023 年剩餘時間內為您提供這一目標。

Looking at each ecosystem. For the month of July, we expect Square gross profit to grow 15% year-over-year, which we expect to be relatively consistent through the third quarter. The moderation in gross profit growth from the second quarter is primarily due to transaction margin compression as we lap certain benefits from more favorable interchange economics last year.

審視每個生態系統。對於 7 月份，我們預計 Square 毛利潤將同比增長 15%，我們預計這一數字在第三季度將保持相對穩定。第二季度毛利潤增長放緩主要是由於交易利潤率壓縮，因為我們從去年更有利的交換經濟中獲得了某些好處。

Square GPV is expected to be up 12% year-over-year, consistent with the second quarter as we've seen stability in GPV growth over the past 3 months from May through July. For the fourth quarter, we expect gross profit and GPV growth to improve slightly compared to the third quarter as Square benefits from more favorable comparisons.

Square GPV 預計將同比增長 12%，與第二季度一致，因為我們看到從 5 月到 7 月的過去 3 個月 GPV 增長穩定。對於第四季度，我們預計毛利潤和 GPV 增長將較第三季度略有改善，因為 Square 受益於更有利的比較。

For Cash App, we expect gross profit to grow 27% year-over-year in July. And similar to Square, we expect it to be relatively consistent through the third quarter. In 2023, we continue to expect growth on a year-over-year basis from monthly transacting actives, inflows per active and monetization rate. We expect Cash App's monetization rate in the back half of the year to be more consistent with the second quarter, and we expect gross profit to grow more in line with the overall inflows as a result.

對於 Cash App，我們預計 7 月份毛利潤將同比增長 27%。與 Square 類似，我們預計第三季度的表現將相對穩定。到 2023 年，我們繼續預計月度交易活躍度、每個活躍活躍度的流入量和貨幣化率將同比增長。我們預計 Cash App 下半年的變現率將與第二季度更加一致，因此我們預計毛利潤的增長將更加符合整體資金流入。

Given the focus on efficiency, the wind down of Verse will have an impact on monthly actives going forward, although we do not expect an impact to inflows or gross profit. For the fourth quarter, we expect a slight moderation in Cash App's gross profit growth, driven by stabilization in Cash App's monetization rate and as we lap stronger growth in the prior year period.

鑑於對效率的關注，Verse 的退出將對未來的月度活躍活動產生影響，儘管我們預計不會對資金流入或毛利潤產生影響。對於第四季度，我們預計 Cash App 的毛利潤增長將略有放緩，原因是 Cash App 的貨幣化率趨於穩定，並且我們在去年同期實現了強勁的增長。

For our BNPL platform, we expect year-over-year GMV growth in July to be similar to the second quarter's 22%, with GMV growing faster than gross profit due to regional mix.

對於我們的 BNPL 平台，我們預計 7 月份 GMV 同比增長將與第二季度的 22% 相似，由於區域組合，GMV 增長速度快於毛利潤。

Turning to our progress against Rule of 40 and our profit expectations for the remainder of the year. Our investment framework sets up an ambitious goal, and we're focused on progressing towards it over the long term. We'll continue to share updates with you and hold ourselves accountable.

談到我們在遵守 40 條規則方面取得的進展以及我們對今年剩餘時間的利潤預期。我們的投資框架設定了一個雄心勃勃的目標，我們致力於長期實現這一目標。我們將繼續與您分享最新動態，並自行承擔責任。

Expanding on what Jack touched on, we've worked to deliver efficiencies through the first half of the year. On hiring, we drove leverage compared to our expectations entering the year by encouraging efficiencies among existing teams and prioritizing hiring in more critical areas. We expect our headcount growth in 2023 to be below the 10% target set out earlier this year.

擴展傑克談到的內容，我們在今年上半年努力提高效率。在招聘方面，與進入今年的預期相比，我們通過鼓勵現有團隊的效率並優先考慮更關鍵領域的招聘來提高槓桿率。我們預計 2023 年員工人數增長將低於今年早些時候設定的 10% 目標。

With sales and marketing, we've pulled back on lower-ROI channels to increase our efficiency. While Cash App's variable sales and marketing expenses, namely peer-to-peer and cash up card issuance costs, were up year-over-year, overall company customer acquisition spend was down year-over-year, driving leverage across Square and Cash App. Despite this pullback, we saw healthy acquisition across each ecosystem as we shifted our mix of spend.

在銷售和營銷方面，我們減少了投資回報率較低的渠道，以提高效率。雖然 Cash App 的可變銷售和營銷費用（即點對點和現金充值卡發行成本）同比上升，但公司總體客戶獲取支出同比下降，從而推動了 Square 和 Cash App 的槓桿率。儘管出現這種回落，但隨著我們改變支出組合，我們在每個生態系統中都看到了健康的收購。

And looking at corporate overhead spend, we began to identify cost savings opportunities by downsizing our real estate footprint across some of our West Coast office locations.

考慮到企業管理費用，我們開始通過縮小西海岸一些辦公地點的房地產佔地面積來尋找節省成本的機會。

Given some of these items on a GAAP basis, operating loss was $132 million in the second quarter, which includes the impact of acquisition-related amortization expenses as well as restructuring expenses for the wind down of Verse and Clearpay in certain markets and write-downs for certain real estate facilities among other items. We expect to find further leverage opportunities in these and other overhead expenses over time.

考慮到其中一些項目按照 GAAP 計算，第二季度運營虧損為 1.32 億美元，其中包括與收購相關的攤銷費用以及 Verse 和 Clearpay 在某些市場的逐步結束和減記的重組費用的影響用於某些房地產設施等項目。隨著時間的推移，我們預計將在這些費用和其他管理費用中找到進一步的槓桿機會。

Moving to our full year 2023 profit guidance. As we progressed further into the year, we have better line of sight into our planned expenses, and our updated guidance today reflects this. We're increasing our expectations for profitability in 2023 and now expect to deliver adjusted EBITDA of $1.5 billion and adjusted operating income of $25 million for the full year 2023. We expect to achieve profitability on an adjusted operating income basis for the year, which is inclusive of share-based compensation expenses. We continue to expect year-over-year margin expansion on both an adjusted EBITDA and adjusted operating income basis.

轉向 2023 年全年利潤指導。隨著今年的進展，我們對計劃支出有了更好的了解，我們今天更新的指導反映了這一點。我們提高了對 2023 年盈利能力的預期，目前預計 2023 年全年調整後 EBITDA 為 15 億美元，調整後營業收入為 2500 萬美元。我們預計今年將在調整後營業收入的基礎上實現盈利，即包括基於股份的補償費用。我們繼續預計調整後 EBITDA 和調整後營業收入的利潤率將同比增長。

Our updated full year guidance represents a step-up of $140 million for each figure compared to our prior guidance. This represents both the gross profit momentum in our business during the second quarter and the focus on expense discipline we delivered in the first half of the year, which we expect to continue to drive in the second half of the year.

與之前的指導相比，我們更新後的全年指導每項數字增加了 1.4 億美元。這既代表了我們第二季度業務的毛利潤勢頭，也代表了我們上半年對費用紀律的關注，我們預計下半年將繼續推動這一趨勢。

Finally, touching on the third quarter. We expect third quarter non-GAAP operating expenses of $1.55 billion, and we expect share-based compensation to increase by approximately $25 million relative to the second quarter. As Jack mentioned, share-based compensation remains an area on which we are focused and expect to drive greater leverage over time.

最後，談談第三季度。我們預計第三季度非 GAAP 運營費用為 15.5 億美元，並且我們預計股權激勵將較第二季度增加約 2500 萬美元。正如傑克所提到的，基於股份的薪酬仍然是我們關注的領域，並期望隨著時間的推移推動更大的槓桿作用。

We're excited about the progress we've made towards our investment framework and Rule of 40 this quarter and are eager to continue to work.

我們對本季度在投資框架和 40 規則方面取得的進展感到興奮，並渴望繼續努力。

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

這樣，我現在將其轉回給接線員以開始通話的問答部分。

(Operator Instructions) We'll take our first question from Tien-Tsin Huang at JPMorgan.

（操作員說明）我們將回答摩根大通的黃天欽 (Tien-Tsin Huang) 提出的第一個問題。

So given your July month update tracking a little bit slower than the second quarter and also your profit update, which you raised, just love to hear your updated thoughts on operating leverage. I know I ask that quite a bit, but just operating leverage here in the second half versus the first half. Is operating leverage going to be driven more by the top line? Or by expense focus that you also talked about across the 2 ecosystems?

因此，考慮到您 7 月份的更新跟踪速度比第二季度稍慢一些，而且您提出的利潤更新也比較慢，我很想听聽您對運營槓桿的最新想法。我知道我經常問這個問題，但只是下半年與上半年的運營槓桿不同。運營槓桿是否將更多地由營收驅動？或者通過您在兩個生態系統中也談到的費用重點？

Thanks for the question, Tien-Tsin. So obviously, as we see strong second quarter results across both top line and profitability, we're pleased with our ability to show discipline in our operating expenses, finding efficiencies while continuing to strongly grow the business. And we expect to deliver continued discipline on our expenses in the back half of this year. And that's what's led to raising our profitability targets for the full year by $140 million, reflective of -- on each of adjusted EBITDA and adjusted operating income, which reflects not only the strong performance in the second quarter but raises our guidance for the remainder of the year.

謝謝田津的提問。顯然，當我們看到第二季度的營收和盈利能力都強勁時，我們對我們在運營支出方面表現出紀律、在繼續強勁增長業務的同時提高效率的能力感到滿意。我們預計今年下半年將繼續嚴格控制開支。這就是我們將全年盈利目標提高 1.4 億美元的原因，這反映了調整後 EBITDA 和調整後營業收入，這不僅反映了第二季度的強勁業績，還提高了我們對剩餘時間的指導。那一年。

As you heard, our second quarter, our July expected gross profit growth of 21% year-over-year growth, we urge you to look at it from a third -- full third quarter perspective and remainder of 2023 perspective as well. So seeing some stability from a gross profit perspective at the Block level from July forward. As we noted, there are some lapping effects within Cash App and Square related to pricing dynamics within Cash App and related to interchange economics within Square.

正如您所聽到的，我們第二季度、7 月份預計毛利潤同比增長 21%，我們敦促您從第三季度（整個第三季度）以及 2023 年剩餘時間的角度來看待這一問題。因此，從 7 月份開始，從毛利潤的角度來看，區塊層面會出現一些穩定。正如我們所指出的，Cash App 和 Square 中存在一些重疊效應，這些效應與 Cash App 中的定價動態以及 Square 中的交換經濟相關。

From an operating leverage perspective, we see a number of opportunities for us, not only that we've executed on in the first half of this year and expect to continue to drive into the second half but also as we look forward longer term. Mainly 3 that I'd call out to as the 3 biggest areas in our expense base of leverage. First, sales and marketing; second, around hiring and headcount; and third, around our corporate overhead.

從運營槓桿的角度來看，我們看到了許多機會，不僅是我們在今年上半年執行並預計將繼續進入下半年，而且是我們對更長期的展望。我主要將這 3 個領域稱為我們槓桿費用基礎中的 3 個最大領域。第一，銷售和營銷；第二，關於招聘和人員編制；第三，圍繞我們的公司管理費用。

From a sales and marketing perspective, we've focused on finding efficiencies and optimizing our spend. What you saw in the second quarter was our overall customer acquisition spend was down year-over-year with leverage across Square and Cash App. And despite this, we continue to see healthy acquisition across Square and Cash App as we oriented more of our remaining spend towards more proven channels and more proven areas of return.

從銷售和營銷的角度來看，我們專注於提高效率和優化支出。您在第二季度看到的是，借助 Square 和 Cash App 的槓桿作用，我們的整體客戶獲取支出同比下降。儘管如此，我們仍然看到 Square 和 Cash App 的健康收購，因為我們將更多剩餘支出轉向更成熟的渠道和更成熟的回報領域。

Secondly, with hiring, we've taken a more disciplined approach to growing our teams. In the first half of the year, we drove leverage compared to our expectations and are encouraging more efficiencies out of our existing teams. Over time, we'd expect to see a slower pace of hiring, which drive leverage here as well as on stock-based compensation.

其次，在招聘方面，我們採取了更加嚴格的方法來發展我們的團隊。今年上半年，與我們的預期相比，我們提高了槓桿率，並鼓勵現有團隊提高效率。隨著時間的推移，我們預計招聘速度將會放緩，這會提高槓桿率以及基於股票的薪酬。

From an overhead perspective, as we noted in the quarter, in the second quarter, we downsized our real estate footprint on the West Coast for some relatively modest savings. But longer term, we expect to drive leverage across a number of meaningful areas of spend here, whether it's software and data usage or real estate facilities, professional fees, T&E and a range of other discretionary areas.

從管理費用的角度來看，正如我們在本季度所指出的，在第二季度，我們縮小了西海岸的房地產足跡，以節省一些相對適度的費用。但從長遠來看，我們預計將在許多有意義的支出領域發揮槓桿作用，無論是軟件和數據使用還是房地產設施、專業費用、差旅費和一系列其他可自由支配的領域。

Ultimately, our investment framework and our target of achieving Rule of 40, which is a growth plus margin framework, will help us make these important trade-offs as we continue to invest to drive long-term profitable growth in the back half of this year and into 2024 and beyond, while doing so prudently and with discipline in our operating expense base.

最終，我們的投資框架和實現 40 法則（即增長加利潤框架）的目標將幫助我們在今年下半年繼續投資以推動長期盈利增長時做出這些重要的權衡到2024 年及以後，同時在我們的運營費用基礎上謹慎行事並遵守紀律。

We'll take our next question from Will Vu with Wolfe Research.

我們將回答 Wolfe Research 的 Will Vu 提出的下一個問題。

This is Darrin Peller on for Will. You had 12% GPV growth into July, I think you just said, Amrita, right? And then it compares to the Networks around 6% to 7% growth. So obviously, your share is still gaining and holding up versus the industry. If you could just touch on what's working well there. And then also maybe expand on the verticalization efforts in the segment.

我是威爾的達林·佩勒。到 7 月份，您的 GPV 增長了 12%，我想您剛剛說過，Amrita，對吧？與網絡相比，其增長率約為 6% 至 7%。顯然，與行業相比，您的份額仍在增加並保持不變。如果你能談談那裡運作良好的話。然後也可能會擴大該領域的垂直化工作。

While we're on that topic, though, I mean the verticalization efforts, obviously, are going to come with some investments. So if you could just remind us your view on profitability levels beyond '23. And I know the Rule of 20 is there, but just without a time frame, it's hard to really handicap how to think about progress in '24, '25.

不過，當我們談論這個話題時，我的意思是垂直化努力顯然需要一些投資。因此，請您提醒我們您對 23 年後盈利水平的看法。我知道 20 條規則是存在的，但只是沒有時間框架，很難真正阻礙如何思考 24 年、25 年的進展。

Thanks for the questions, Darrin. So I think what I'll do is I'll first hit what we're seeing in terms of Square GPV in the second quarter and into July, and then we'll hit upon the verticalization efforts for the Square business? So what we're seeing in terms of July trends was fairly consistent with what we've seen really through May. We've seen a stability in GPV trends from May through July, with July coming in at that 12% year-over-year basis, consistent with the second quarter also at 12%.

謝謝你的提問，達林。所以我認為我要做的是首先討論我們在第二季度和 7 月份看到的 Square GPV，然後我們將討論 Square 業務的垂直化工作？因此，我們所看到的 7 月趨勢與 5 月份的實際情況相當一致。我們看到從 5 月到 7 月，GPV 趨勢保持穩定，7 月同比增長 12%，與第二季度的 12% 一致。

If you unpack that by vertical in the second quarter, Food and Drink GPV grew by 17% year-over-year. Retail GPV grew by 9% year-over-year. Services, also by 9%. Services, of course, encompassing a number of subsectors, duty, health and fitness, home and repair, professional services. We have seen some moderation of trends across discretionary and nondiscretionary verticals, which we've talked about since really that mid-Q4 time frame, and that's really broad-based across a number of different verticals.

如果按垂直方向分析，第二季度食品和飲料 GPV 同比增長 17%。零售 GPV 同比增長 9%。服務業也增長了9%。當然，服務涵蓋了許多子行業，例如值班、健康和健身、家庭和維修、專業服務。我們已經看到全權委託和非全權委託垂直領域的趨勢有所緩和，我們從第四季度中期開始就一直在討論這一點，而且這種趨勢在許多不同的垂直領域都有廣泛的基礎。

From a geographic perspective, what we've seen is international markets have continued to also see some of those macro-related headwinds, which were more pronounced in Australia in the second quarter, albeit with overall growth ex BNPL continuing to be at a much faster rate of growth than the overall base of the business at 35% year-over-year growth for those international markets in the second quarter. And again, from a month-to-month perspective, have generally seen greater stability from May through July on those GPV trends for Square.

從地理角度來看，我們看到國際市場繼續面臨一些與宏觀相關的不利因素，其中第二季度在澳大利亞更為明顯，儘管不包括 BNPL 的總體增長速度繼續加快第二季度這些國際市場的業務整體增長率為35%。同樣，從逐月角度來看，5 月至 7 月 Square 的 GPV 趨勢普遍更加穩定。

Driving the -- diving into your verticalization question now, which I think is a key question for us as we think about continuing to grow upmarket where we have seen upsized growth. From a gross profit perspective, upmarket grew 20% year-over-year in the second quarter for us. This is a key area for us as we continue in that strategic focus of bringing larger sellers onto our platform, and acquiring those sellers across our key verticals of restaurants, retail and beauty.

現在就深入探討垂直化問題，我認為這對我們來說是一個關鍵問題，因為我們正在考慮繼續發展已經看到規模增長的高端市場。從毛利潤的角度來看，我們第二季度高端市場同比增長了20%。這是我們的一個關鍵領域，因為我們繼續將更大的賣家引入我們的平台，並在我們的餐廳、零售和美容等關鍵垂直領域收購這些賣家。

Within our sales team, our focus has been on providing our reps with the right tools, industry knowledge and signals to prospect and to acquire sellers across those 3 verticals.

在我們的銷售團隊中，我們的重點是為我們的銷售代表提供正確的工具、行業知識和信號，以尋找和獲取這三個垂直領域的賣家。

Let's take inbound and outbound sales. Within inbound, we began verticalizing our U.S. inbound sales team last year. We completed that in April of this year. And since that completion, we have seen an improvement in gross profit added per account executive and in software attach rates, still early but encouraging trends there.

讓我們以入站和出站銷售為例。在入境業務中，我們去年開始垂直化我們的美國入境銷售團隊。我們於今年四月完成了這項工作。自完成以來，我們已經看到每位客戶經理增加的毛利潤和軟件附加率有所改善，雖然還處於早期階段，但趨勢令人鼓舞。

Now for outbound, we finalized verticalizing our U.S. outbound sales team in July, so just this past month. Our account executives have now completed their industry training programs, which enable them to really deepen their knowledge within the assigned vertical that they've got. And we anticipate our account execs will continue to ramp through Q3 and hopefully be fully ramped into Q4.

現在，對於出境銷售，我們在 7 月（也就是上個月）完成了美國出境銷售團隊的垂直化。我們的客戶經理現已完成他們的行業培訓計劃，這使他們能夠真正加深他們所分配的垂直領域的知識。我們預計我們的客戶經理將在第三季度繼續提升，並希望在第四季度全面提升。

With those changes, our goal is to increase gross profit accounts added per account exec and software attach rates as we've seen with the inbound sales team. And as we see those signals and gain confidence there on our processes and results, we'll look to continue to scale the outbound sales team over time.

通過這些變化，我們的目標是增加每個客戶執行人員增加的毛利潤賬戶和軟件附加率，正如我們在入站銷售團隊中看到的那樣。當我們看到這些信號並對我們的流程和結果充滿信心時，我們將隨著時間的推移繼續擴大對外銷售團隊的規模。

Ultimately, we'll be iterating on this in the coming quarters and years as this is a long-term initiative for us to continue to grow upmarket and with our vertical points of sale and to drive those sustained results over time. We'd expect to see these results paying off and driving growth into 2024 and expect our overall go-to-market spend to target that 3x ROI over 4 years.

最終，我們將在未來幾個季度和幾年內反复討論這一點，因為這是一項長期舉措，旨在讓我們繼續發展高端市場和垂直銷售點，並隨著時間的推移推動這些持續的成果。我們預計這些成果將得到回報並推動增長直至 2024 年，並預計我們的總體上市支出將在 4 年內實現 3 倍的投資回報率。

And we'll take our next question from Tim Chiodo with Credit Suisse.

我們將回答瑞士信貸蒂姆·奇奧多 (Tim Chiodo) 提出的下一個問題。

Great. I want to talk about seller sales and marketing or Square sales and marketing a little bit. So this year's marketing expense, you mentioned it's benefiting from some of the annualization of the pullback that you had on brand, awareness and some of the experimental stuff. So a shift towards more efficient spend. But sometimes there's a concern from investors that because the dollar amount is lower, that the size and health of the new cohort coming in might actually be a little bit smaller. But we gather that the payback periods have really come in, more to the 4 to 5 range, and they had expanded to maybe 6 to 7 at one point last year. So with all that context, maybe you could talk about the health and the size of the cohort that you're bringing in now for Square.

偉大的。我想談談賣家銷售和營銷或 Square 銷售和營銷。所以，今年的營銷費用，你提到它受益於你在品牌、知名度和一些實驗性東西上的一些年度回落。因此，轉向更高效的支出。但有時投資者會擔心，由於美元金額較低，新加入群體的規模和健康狀況實際上可能會更小一些。但我們發現，投資回收期確實已經到來，更多的是 4 到 5 個月的範圍，並且去年某個時候投資回收期可能擴大到 6 到 7 個月。因此，在所有這些背景下，也許您可​​以談談您現在為 Square 引入的團隊的健康狀況和規模。

Sure. Happy to take that. Thanks for the question, Tim. Let me start with the cohort trends on payback periods, and then we can dive into what we're seeing in the first half of the year in terms of spend and customer acquisition. So in 2022 -- for our 2022 cohort, we're seeing trends toward a 6- to 7-quarter payback, which is slightly higher than our expectations as these cohorts have cured.

當然。很高興接受。謝謝你的提問，蒂姆。讓我從投資回收期的隊列趨勢開始，然後我們可以深入了解今年上半年在支出和客戶獲取方面的情況。因此，到 2022 年，對於我們 2022 年的隊列，我們​​看到了 6 到 7 個季度投資回收的趨勢，這略高於我們的預期，因為這些隊列已經治愈。

Square sales and marketing spend was up approximately 20% year-over-year in 2022 compared to 2021. From a 2023 cohort perspective, we're targeting approximately a 5-quarter payback as we expect payback to improve compared to last year and have a more meaningful impact to growth in 2024. And as I just mentioned, our longer-term target across our go-to-market investments for Square remains the 3x ROI over 4 years.

與2021 年相比，2022 年Square 銷售和營銷支出同比增長約20%。從2023 年隊列的角度來看，我們的目標是大約5 個季度的投資回收期，因為我們預計投資回收期將比去年有所改善，並且有對 2024 年的增長產生更有意義的影響。正如我剛才提到的，我們對 Square 上市投資的長期目標仍然是 4 年內 3 倍的投資回報率。

When you look at the first half of this year, we have pulled back on sales and marketing spend through the first half of the year. Square sales and marketing is down 6% year-over-year, and we expect continued pullback for the rest of the year. Again, we're focused on optimizing our mix of investments across channels and driving efficiency. So we pulled back meaningfully on our brand and awareness channels on a year-over-year basis as well as sales. And we've reduced the size of the team meaningfully as we focus on reorganizing the teams and enhancing our data and incentives, as I was just speaking to on the sales team.

當你看看今年上半年時，我們已經削減了上半年的銷售和營銷支出。 Square 銷售和營銷同比下降 6%，我們預計今年剩餘時間將繼續下滑。同樣，我們致力於優化跨渠道投資組合併提高效率。因此，我們逐年大幅縮減了我們的品牌和知名度渠道以及銷售額。正如我剛剛在銷售團隊中所說的那樣，我們有意義地縮小了團隊規模，因為我們專注於重組團隊並增強我們的數據和激勵措施。

Despite this pullback, we've seen strong growth in acquisition over the past 2 quarters, with year-over-year growth in acquisition improving in the second quarter compared to the first quarter. This is with Square sales and marketing down slightly year-over-year in the second quarter and down 6% through the first half of the year.

儘管出現這種回落，但我們在過去兩個季度中看到了收購的強勁增長，與第一季度相比，第二季度的收購同比增長有所改善。 Square 的銷售和營銷第二季度同比略有下降，上半年下降了 6%。

And we'll take our next question from Lisa Ellis with MoffettNathanson.

我們將與 MoffettNathanson 一起回答 Lisa Ellis 提出的下一個問題。

I was hoping to drill in a little bit on the initiatives you have underway to connect Block to ecosystems. In the shareholder letter and prepared remarks, you called out a few different ones. With Cash App Pay, also, I saw 15% growth in cash for business and a couple of other highlights in there. Can you just kind of take a step back and update us on sort of your current overall strategy for connecting the ecosystems and maybe some data points on the benefits you see in the organization, the kind of network effects as well as maybe some of the profitability benefits you see?

我希望深入了解你們正在進行的將 Block 連接到生態系統的舉措。在股東信和準備好的評論中，您提出了一些不同的觀點。通過 Cash App Pay，我還看到業務現金增長了 15%，並且還有其他一些亮點。您能否退後一步，向我們介紹一下您當前連接生態系統的整體戰略，也許還有一些關於您在組織中看到的好處的數據點、網絡效應的類型以及可能的一些盈利能力好處你看到了嗎？

Yes, I can start with that. So as we've talked about, we do believe our power and especially resilience in our business has to do with the fact we have multiple different ecosystems serving different audiences. And I've been spending a lot of my time and focus on looking for opportunities with the teams to connect them. Some of the ones we mentioned earlier in the remarks are mostly between Square and Cash App. So Payroll and Cash App Taxes was a big one.

是的，我可以從這個開始。因此，正如我們所討論的，我們確實相信我們的力量，尤其是業務的彈性，與我們擁有多個不同的生態系統為不同的受眾提供服務這一事實有關。我花了很多時間並專注於尋找與團隊建立聯繫的機會。我們前面在評論中提到的一些主要是在 Square 和 Cash App 之間。因此，工資和現金應用稅是一項很大的稅。

Cash App and Square through Afterpay is the biggest part of my focus right now. And I'm really excited about the strategy. We continue to refine it and look for opportunities to build a really compelling experience within the Cash App that builds network effects and increases our network effects within Cash App, but also enables us to have an app that people are checking every day because there's something interesting. And especially as we balance that with Square and our network of sellers it gets even more unique and more compelling.

Cash App 和 Square 通過 Afterpay 是我現在最關注的部分。我對這個策略感到非常興奮。我們繼續完善它，並尋找機會在Cash App 中構建真正引人注目的體驗，從而建立網絡效應並增加Cash App 中的網絡效應，同時也使我們能夠擁有一個人們每天都會檢查的應用程序，因為有一些有趣的東西。尤其是當我們與 Square 和我們的賣家網絡取得平衡時，它會變得更加獨特、更具吸引力。

Cash App and our Bitcoin hardware, specifically the Bitcoin wallet, we announced a partnership in the launch. That will be a global-first product. We'll be launching in the most countries we've ever launched in, to start.

現金應用程序和我們的比特幣硬件，特別是比特幣錢包，我們在發布會上宣佈建立合作夥伴關係。這將是全球首創的產品。首先，我們將在我們推出過的大多數國家/地區推出產品。

And we're constantly looking for other ones. There's a lot around Cash App Pay and Square, especially around local offers and local merchants, and we continue to find more and more connections. And that doesn't speak to the future ones, which would be TIDAL, in looking at opportunities for Square, especially musicians looking for -- to sell merchandise or ticketing. And TBD, we believe, with its protocol, will enable both Cash App and Square and even TIDAL to move much faster and move much faster globally. So we're excited about that.

我們一直在尋找其他的。 Cash App Pay 和 Square 周圍有很多東西，尤其是本地優惠和本地商家，而且我們還在繼續尋找越來越多的聯繫。這並不意味著未來的 TIDAL 會為 Square 尋找機會，特別是尋找銷售商品或票務的音樂家。我們相信，TBD 的協議將使 Cash App 和 Square 甚至 TIDAL 的發展速度更快，並在全球範圍內更快地發展。所以我們對此感到興奮。

So we have a mix of external product-facing and features that connected to ecosystems and a lot of internal stuff as well where we're using more shared resources or shared learnings and able to move much faster as an individual ecosystem because of the work already done by a peer ecosystem.

因此，我們混合了面向外部產品和與生態系統連接的功能以及許多內部內容，以及我們使用更多共享資源或共享學習，並且由於已經開展的工作，能夠作為單個生態系統更快地發展由同行生態系統完成。

We'll take our next question from Ken Suchoski with Autonomous Research.

我們將回答 Autonomous Research 的 Ken Suchoski 提出的下一個問題。

So it's good to see the strong growth coming out of Square's international markets yet again. I believe Square recently highlighted that many of its verticalized software products are now available in some of the company's largest international markets. Can you just talk about the opportunity here from a software penetration perspective compared to the U.S. And how have -- I guess, how having these verticalized software products in these local markets can help you sustain the momentum behind the international business in terms of GPV growth and gross profit growth?

因此，很高興看到 Square 國際市場再次出現強勁增長。我相信 Square 最近強調其許多垂直化軟件產品現已在該公司一些最大的國際市場上提供。您能從與美國相比的軟件滲透率角度談談這裡的機會嗎？我想，在這些本地市場擁有這些垂直化軟件產品如何幫助您維持國際業務背後的 GPV 增長勢頭以及毛利增長？

Yes. Thanks for the question. I'll start. So our priority with Square is to achieve parity across each of our markets, meaning that we launch all of our features in any 1 particular market globally. There's various challenges to doing that. Square Loans being an example, different regulatory environments that just increases the workload. And every new market that we take on, it does have some cost to us doing more features for the general product. So we're always avoiding the cost and making sure that we're picking the right markets at the right time.

是的。謝謝你的提問。我開始吧。因此，Square 的首要任務是在每個市場實現平等，這意味著我們可以在全球任何一個特定市場推出我們的所有功能。這樣做面臨著各種挑戰。 Square Loans 就是一個例子，不同的監管環境只會增加工作量。我們進入的每個新市場，為通用產品提供更多功能確實需要付出一定的成本。因此，我們總是避免成本，並確保我們在正確的時間選擇正確的市場。

We made a lot of strides in Q2 with the launch of 30 products across our global markets for Square. One of the most notable was [Tap to Band Android], and that's available to sellers in the U.S., Australia, the U.K., Ireland, France and Spain. This is a big deal as tap becomes the dominant way to pay, more and more people are using their phones, especially outside of the United States and Europe and Australia.

我們在第二季度取得了很大進步，在全球市場上為 Square 推出了 30 種產品。其中最著名的是 [Tap to Band Android]，美國、澳大利亞、英國、愛爾蘭、法國和西班牙的賣家都可以使用該功能。這是一件大事，因為點擊成為主要的支付方式，越來越多的人使用手機，特別是在美國、歐洲和澳大利亞以外的地區。

And then we also launched our second-generation Square Reader in the U.K., Canada, Australia, Japan, France, Ireland and Spain. And this improves our battery life, stronger connection, NFC performance and it allows sellers around the world to take secure payments from just about anywhere. It's extremely affordable.

然後我們還在英國、加拿大、澳大利亞、日本、法國、愛爾蘭和西班牙推出了第二代 Square Reader。這提高了我們的電池壽命、更強的連接、NFC 性能，並允許世界各地的賣家從幾乎任何地方進行安全支付。這是非常實惠的。

Australia continues to be very strong. In the 12 months ending in June, almost half of Square's gross profit in Australia came from sellers that used 4 monetized products, which is up from less than 1/3 2 years ago. And we've seen our Square Banking products contribute to some of the strong gross profit growth we've seen in international markets as well.

澳大利亞仍然非常強大。截至 6 月的 12 個月中，Square 在澳大利亞的毛利潤近一半來自使用 4 種貨幣化產品的賣家，這一數字比 2 年前的不到 1/3 有所上升。我們看到我們的 Square Banking 產品也為我們在國際市場上看到的強勁毛利潤增長做出了貢獻。

So we continue to push. Going international is -- has to be more deliberate and therefore, a little bit slower. But we've learned a lot as we go into every market, and each market that we open, we can move much faster and ideally grow faster as well.

所以我們繼續推動。走向國際必須更加深思熟慮，因此要慢一些。但當我們進入每個市場時，我們學到了很多東西，而我們打開的每個市場，我們都可以更快地發展，理想情況下也能更快地增長。

And I'd just add, Ken, that as you noted, this is a big opportunity for us. We believe that in these markets outside the U.S. that we're in, we're less than 1% penetrated in the opportunity with a long runway for growth. So as I noted, our gross profit growth for Square, excluding the BNPL platform and our markets outside the U.S., was 35% year-over-year in the second quarter.

肯，我想補充一點，正如您所指出的，這對我們來說是一個巨大的機會。我們相信，在我們所在的美國以外的這些市場中，我們只有不到 1% 的人能夠抓住具有長期增長機會的機會。正如我所指出的，不包括 BNPL 平台和美國以外的市場，第二季度 Square 的毛利潤同比增長 35%。

Now at about 11% of Square's total gross profit ex BNPL, with GPV up 26% year-over-year and 32% on a constant currency basis. And this really encompasses, as Jack was saying, the rollout of additional products across the full suite, whether it's payments, software, hardware as well as the banking products now more recently where we're seeing strong traction and where we've got our work to continue to build upon this momentum.

目前，其毛利潤約佔 Square 不計 BNPL 總毛利潤的 11%，GPV 同比增長 26%，按固定匯率計算增長 32%。正如傑克所說，這確實包括在整套產品中推出更多產品，無論是支付、軟件、硬件，還是最近的銀行產品，我們在這些產品中看到了強勁的吸引力，並且我們已經獲得了我們的支持。努力繼續鞏固這一勢頭。

Well take our next question from Bryan Keane with Deutsche Bank.

我們將回答德意志銀行布萊恩·基恩 (Bryan Keane) 提出的下一個問題。

We were excited to see the 1 million Cash App pay active user base. Just curious on the time line for merchant distribution and acquirer expansion for Cash App Pay. And then maybe you can just go over the revenue model for Cash App Pay in particular.

我們很高興看到 100 萬 Cash App 付費活躍用戶群。只是對 Cash App Pay 的商戶分銷和收單機構擴展的時間線感到好奇。然後也許您可以特別回顧一下 Cash App Pay 的收入模式。

Yes. So with Cash App Pay, we're -- our goal is to provide a lot more flexibility for customers. And as I mentioned in my opening remarks, we have expanded our distribution recently with the partnerships with Stripe, Adyen and PayNearMe, which allows us to reach a much broader range of merchants and also industries.

是的。因此，通過 Cash App Pay，我們的目標是為客戶提供更大的靈活性。正如我在開場白中提到的，我們最近通過與 Stripe、Adyen 和 PayNearMe 的合作擴大了我們的分銷範圍，這使我們能夠覆蓋更廣泛的商家和行業。

We launched some additional Afterpay merchants in Q2, including Steve Madden and Fenty Beauty. And we still see significant room to grow the adoption of Cash App Pay, and we're actively pursuing a pipeline of new merchants. Afterpay certainly helps with that. During the second quarter, nearly $500 million in annualized volume was processed through Cash App Pay and nearly 1 million Cash App Pay monthly actives as of June.

我們在第二季度推出了一些額外的 Afterpay 商家，包括 Steve Madden 和 Fenty Beauty。我們仍然認為 Cash App Pay 的採用還有很大的空間，並且我們正在積極尋求新商戶的渠道。 Afterpay 對此肯定有幫助。第二季度，通過 Cash App Pay 處理的年化交易量接近 5 億美元，截至 6 月份，Cash App Pay 每月活躍量接近 100 萬。

So it allows us to reach customers beyond those that the Cash App Card is serving. And we've seen really strong adoption amongst our younger audience Gen Z demographic. So we've seen promising results, and we're still looking for opportunities to make sure that we continue to see those and push it.

因此，它使我們能夠接觸到 Cash App 卡所服務的客戶之外的客戶。我們已經看到，我們的年輕 Z 世代受眾群體中的採用率非常高。因此，我們已經看到了有希望的結果，並且仍在尋找機會以確保我們繼續看到這些結果並推動它。

And I'd just add, Bryan, that we see merchants eager to onboard with Cash App Pay because of the access to the very attractive customer base that we have 54 million monthly transacting actives as of June who are highly engaged on our platform and in-flowed over $1,100 during the second quarter.

Bryan，我只想補充一點，我們看到商家渴望加入Cash App Pay，因為我們可以接觸到非常有吸引力的客戶群，截至6 月份，我們每月有5400 萬交易活躍用戶，他們高度參與我們的平台並參與其中。 -第二季度流量超過 1,100 美元。

And so with Cash App Pay being present as a payment device on their platform, they get access to these customers who don't even necessarily have to have been signed up via Cash App Card. And that's really the proposition that we're selling into these merchants, these large merchants who are finding real product fit here with Cash App Pay.

因此，隨著 Cash App Pay 作為支付設備出現在他們的平台上，他們可以接觸到這些甚至不一定必須通過 Cash App 卡註冊的客戶。這確實是我們向這些商家推銷的主張，這些大型商家正在尋找適合 Cash App Pay 的真正產品。

We'll take our next question from Harshita Rawat with Bernstein.

我們將回答 Harshita Rawat 和 Bernstein 提出的下一個問題。

Can you expand upon your comments around headcount growth in the business has been very strong over these past few years? How are you seeing potential for efficiencies, for example, in your engineering teams, with AI? And Amrita, I know you talked about the headcount growth for this year, but how should we think about headcount growth trajectory over the medium term?

您能否詳細闡述一下您對過去幾年來該業務的員工人數增長非常強勁的評論？您如何看待人工智能在工程團隊中提高效率的潛力？阿姆麗塔（Amrita），我知道您談到了今年的員工數量增長，但我們應該如何考慮中期員工數量增長軌跡？

Yes. I think the biggest change has been our investment framework and making all teams and leaders and managers aware of the true cost of their business and taking into account stock-based compensation. So we have slowed hiring. And we have targeted more -- we've been more targeted in our hiring to get much stronger talent and looking deeply at performance management as well.

是的。我認為最大的變化是我們的投資框架，讓所有團隊、領導者和經理意識到他們業務的真實成本，並考慮到基於股票的薪酬。所以我們放慢了招聘速度。我們的目標更加明確——我們在招聘方面更有針對性，以獲得更強大的人才，並深入研究績效管理。

Of course, there's always efficiencies to bring to the table. But we just want to make sure that we're looking at each ecosystem and really putting the decisions in the hands of the folks running these teams and really running the company with everyone having the investment model in their head to make sure that we're achieving the growth that we want to see at the cost that we want to minimize. So it is early as we just rolled out this investment framework, but it does seem to be working and is something that's in the consciousness of the organization.

當然，總是需要提高效率。但我們只是想確保我們正在研究每個生態系統，並真正將決策權交給運行這些團隊的人員手中，並真正運行公司，讓每個人腦子裡都有投資模型，以確保我們以我們希望最小化的成本實現我們希望看到的增長。因此，我們剛剛推出這個投資框架還為時尚早，但它似乎確實有效，並且是組織意識中的事情。

We'll take our next question from Rayna Kumar with UBS.

我們將回答瑞銀 (UBS) 的 Rayna Kumar 提出的下一個問題。

Could you talk a little bit about the next steps in the Afterpay integration? And could you discuss more broadly what are the next things to look out as you integrate Afterpay?

您能談談 Afterpay 集成的後續步驟嗎？您能否更廣泛地討論一下在集成 Afterpay 時接下來需要注意的事項是什麼？

Yes. As I said, this is where a lot of my focus is right now. I'm meeting the team almost on a daily basis to make sure that we come up with a compelling and differentiated experience. A lot of the work is going to be found within Cash App and the Cash App Discover tab. It's the little magnifying glass in your interface. We want to build a compelling experience that people want to go back to daily to find offers, to find deals, to find items, to find merchants around them. And that would be a place that also continues to push on our ecosystem, this ecosystem model so that we're benefiting the Square ecosystem, and the Square ecosystem benefits Cash App.

是的。正如我所說，這是我現在關注的重點。我幾乎每天都會與團隊會面，以確保我們提供引人注目且與眾不同的體驗。許多工作都可以在 Cash App 和 Cash App Discover 選項卡中找到。它是界面中的小放大鏡。我們希望打造一種引人入勝的體驗，讓人們願意每天回去尋找優惠、尋找優惠、尋找商品、尋找周圍的商家。這將是一個繼續推動我們的生態系統、這種生態系統模型的地方，以便我們使 Square 生態系統受益，而 Square 生態系統也使 Cash App 受益。

So that will probably be where you'll see the highest velocity changes. A lot of it has to do with our ability to rank these items and merchants and deals and offers on a relevant basis, and obviously, we'll be applying machine learning and deep learning to do that based on all the signals we get. But that's where the ecosystem should really come together in our highest impact way, we believe, and it leads to many other opportunities down the line. So that's where I would look.

因此，這可能是您會看到最高速度變化的地方。這很大程度上與我們在相關基礎上對這些商品、商家、交易和優惠進行排名的能力有關，顯然，我們將應用機器學習和深度學習來根據我們獲得的所有信號來做到這一點。但我們相信，這才是生態系統真正應該以我們最具影響力的方式聚集在一起的地方，並且它會帶來許多其他機會。這就是我要尋找的地方。

We'll take our next question from Ramsey El-Assal with Barclays.

我們將接受巴克萊拉姆齊·阿薩爾 (Ramsey El-Assal) 提出的下一個問題。

I wanted to ask you to dive in a little bit deeper on the move-up market and seller. And just kind of comment on how the larger retailers and merchants are utilizing Block services maybe differently than the smaller merchants? How does the value proposition sort of change? What's resonating? And then just what strategy you might use to sort of lean into this move upmarket?

我想請您更深入地了解升級市場和賣家。順便評論一下大型零售商和商家如何利用 Block 服務可能與小型商家不同？價值主張如何改變？什麼引起共鳴？那麼您可能會使用什麼策略來進軍高端市場呢？

Yes. So in terms of the verticalization and attracting -- getting people more upmarket, I think the biggest one is we just have a much more focused effort around these verticals and that we maintain flexibility. A lot of our competitors are working on one vertical. We're working on all 3, all 3 of the dominant ones that you find within commerce.

是的。因此，就垂直化和吸引人們變得更高端而言，我認為最重要的是我們圍繞這些垂直領域做出了更加集中的努力，並且我們保持了靈活性。我們的許多競爭對手都在致力於一個垂直領域。我們正在研究所有這三個方面，您在商業中發現的所有三個主要方面。

So a big aspect that people choose Square for is because I might be a restaurant chain, but I also have some retail elements or I might be a chain of nail salons and provide services and retail. So we're seeing a lot of crossover between all these verticals, and because Square is one ecosystem, and they all -- it all connects together with all the operational utilities as well. It's very easy to choose, and it's very easy to add these new dimensions to your offering to your customers, which ultimately differentiates you from your competitors and increase your sales.

所以人們選擇Square的一個很大的方面是因為我可能是一家連鎖餐廳，但我也有一些零售元素，或者我可能是一家美甲沙龍連鎖店並提供服務和零售。因此，我們看到所有這些垂直領域之間有很多交叉，因為 Square 是一個生態系統，而且它們都與所有運營實用程序連接在一起。選擇起來非常容易，而且將這些新維度添加到向客戶提供的產品中也非常容易，這最終使您從競爭對手中脫穎而出並增加您的銷售額。

So if I were to point to one thing, it would be the flexibility that we enable. And that flexibility extends to as you do get bigger or you're coming to us as a bigger entity, you might have legacy systems or you might need to do custom work, and that's where our Square platform comes in, enables people to hire developers themselves, take tools off our marketplace to actually customize their work and customize their own system so that they can build the experience that they want for the customers.

因此，如果我要指出一件事，那就是我們實現的靈活性。這種靈活性延伸到當你變得更大或者你作為一個更大的實體來到我們這裡時，你可能擁有遺留系統或者你可能需要進行定制工作，這就是我們的Square 平台的用武之地，它使人們能夠僱用開發人員他們自己，從我們的市場上獲取工具來實際定制他們的工作並定制他們自己的系統，以便他們可以為客戶構建他們想要的體驗。

So that flexibility is really significant and one that continues to set us apart. It also allows us to move much faster because we're using the same developer platform internally as we're exposing externally. So a lot of our interfaces are built on that, and it allows us to focus on the interface and experience and make sure that all of our developers have access to the same tools that we do so they can build really compelling additions, and our larger merchants can build compelling additions themselves on those same tools and that same foundation.

因此，這種靈活性確實非常重要，並且繼續使我們與眾不同。它還使我們能夠更快地行動，因為我們在內部使用與外部公開相同的開發人員平台。因此，我們的很多界面都是在此基礎上構建的，它使我們能夠專注於界面和體驗，並確保我們所有的開發人員都可以訪問與我們相同的工具，以便他們可以構建真正引人注目的附加功能，以及我們更大的功能商家可以在相同的工具和相同的基礎上自行構建引人注目的附加功能。

And I'd just add, Ramsey, that if you think about, to your question, how do larger sellers use our platform differently from smaller sellers. I think one simple way to answer it is they use more of our platform than smaller sellers. And I think the last stat we shared in 2022, the mid-market sellers who adopted 4 or more of our products had 15x greater retention than those who only adopted 1, and we know they generally adopt more products than smaller sellers. So that ability to do -- take on more jobs on behalf of that larger seller ultimately builds more retentive relationship with them.

拉姆齊，我想補充一點，如果您考慮一下您的問題，大型賣家如何與小型賣家不同地使用我們的平台。我認為回答這個問題的一個簡單方法是，他們比小賣家更多地使用我們的平台。我認為我們在2022 年分享的最新統計數據顯示，採用4 種或以上我們產品的中端市場賣家的保留率比僅採用1 種產品的賣家高出15 倍，而且我們知道他們通常比小型賣家採用更多的產品。因此，代表更大的賣家承擔更多工作的能力最終會與他們建立更牢固的關係。

And as Jack mentioned, that comes through not only in our vertical software offerings, each of which is now running at an annualized gross profit growth rate of $100 million or more during the second quarter but also a developer platform, which provides us third-party integrations so these sellers can build more customized solutions and applications across a number of different aspects, not just payments, but orders, inventory, customers, et cetera.

正如Jack 提到的，這不僅體現在我們的垂直軟件產品中，每個產品在第二季度的年化毛利潤增長率都達到1 億美元或更多，而且還體現在開發者平台上，該平台為我們提供了第三方集成，以便這些賣家可以在多個不同方面構建更多定制的解決方案和應用程序，不僅僅是支付，還包括訂單、庫存、客戶等。

And so the growth that we're tracking on our vertical points of sale at 37% year-over-year in the second quarter and gross profit growth from our developer tools, which also outpaced overall Square gross profit growth are real key areas for us to continue to be tracking here, along with our go-to-market orientation around a greater verticalized orientation from a marketing and sales perspective. We see these as being key elements of our platform and our go-to-market approach that ultimately help us attract larger sellers.

因此，我們追踪的第二季度垂直銷售點同比增長 37%，以及開發人員工具的毛利潤增長（也超過了 Square 整體毛利潤增長）對我們來說是真正的關鍵領域繼續跟踪這裡，以及我們從營銷和銷售角度圍繞更大的垂直化方向進入市場的方向。我們認為這些是我們平台和進入市場方法的關鍵要素，最終幫助我們吸引更大的賣家。

We'll take our next question from Trevor Williams with Jefferies.

我們將回答特雷弗·威廉姆斯和杰弗里斯提出的下一個問題。

I wanted to ask on the S&S line within seller. The disclosure on Square Banking was helpful to see this quarter. But if you could just give us kind of a snapshot of current stack rank of the biggest revenue contributors to that line today?

我想通過賣家內的S&S熱線詢問。 Square Banking 的披露有助於看到本季度的情況。但是，您能否給我們提供一下當前該行最大收入貢獻者的當前堆棧排名的快照？

And then second part to that would be on payroll. Jack, you mentioned in your remarks some of the integration there with Cash App Taxes, but any broader update on payroll and how you're thinking about the longer-term opportunity to cross-sell into the existing seller base there?

第二部分是工資單。傑克，您在講話中提到了與現金應用稅的一些整合，但薪資方面有更廣泛的更新嗎？您如何考慮向現有賣家群體進行交叉銷售的長期機會？

Sorry. And you first question was on -- go ahead. Go ahead, Amrita.

對不起。你的第一個問題是——繼續。繼續吧，阿姆麗塔。

I think the first question was on subscription and services within Square, and helping to stack rank some of the largest Square products within that line. And I would orient you, Trevor, to our Square Banking disclosures where Square Banking contributed $167 million in gross profit in the second quarter. The 4 biggest sort of areas there being Square Loans, Instant Transfer, our Square Debit Card and now, our Square Savings product as well, which we're now recognizing interest benefits from -- as part of our gross profit as well.

我認為第一個問題是關於 Square 內的訂閱和服務，以及幫助對該系列中一些最大的 Square 產品進行排名。 Trevor，我想向您介紹一下 Square Banking 的披露信息，其中 Square Banking 第二季度貢獻了 1.67 億美元的毛利潤。最大的 4 個領域是 Square 貸款、即時轉賬、我們的 Square 借記卡，現在還有我們的 Square Savings 產品，我們現在認識到從中獲得的利息收益 - 作為我們毛利潤的一部分。

So those are kind of the 4 biggest products from a banking perspective that I'd orient you to and that are driving meaningful growth in our Square Banking initiative and more broadly across S&S for Square.

因此，從銀行業的角度來看，這些是我向您介紹的 4 個最大的產品，它們正在推動我們的 Square Banking 計劃以及更廣泛的 S&S for Square 的有意義的增長。

I think the second question, Trevor, you had was on Payroll?

特雷弗，我想你的第二個問題是關於工資單的？

It was on Payroll. Yes. Exactly. Just the cross-sell opportunity into the existing merchant base.

這是在工資單上。是的。確切地。只是進入現有商家基礎的交叉銷售機會。

I think we continue to see as we -- especially as we grow our sales initiatives and deepen those relationships with upmarket sellers, we see a significant opportunity to drive software attach, whether it's payroll or any of our other 30-plus products across the Square ecosystem to drive attach into upmarket sellers. And so that's a key part of our initiative.

我認為，隨著我們不斷發展銷售計劃並加深與高端賣家的關係，我們會繼續看到推動軟件附加的重大機會，無論是工資單還是我們在 Square 上的任何其他 30 多種產品生態系統來推動高端賣家的發展。所以這是我們倡議的關鍵部分。

And as I mentioned, it's early days. We're only a few months into having verticalized our inbound U.S. sales team, but we are seeing higher software attach from that verticalization. And we're now in the process of ramping our outbound sales team as well and hope to continue to drive that through products like Payroll and other products as we build those touch points with upmarket sellers.

正如我所提到的，現在還為時尚早。我們對美國入境銷售團隊進行垂直化才幾個月，但我們看到垂直化帶來了更高的軟件附加值。我們現在也在擴大我們的對外銷售團隊，並希望在我們與高端賣家建立這些接觸點時，繼續通過工資單等產品和其他產品來推動這一目標。

We'll take our next question from Jason Kupferberg with Bank of America.

我們將回答美國銀行 Jason Kupferberg 的下一個問題。

Just can you quickly review what you said about Square gross profit and GPV growth for Q4? And then just on the Cash App side, I think the inflows per active were up 8% in Q2. Do you expect that to stay pretty stable in the second half?

您能快速回顧一下您所說的 Square 第四季度毛利潤和 GPV 增長情況嗎？然後就現金應用程序而言，我認為第二季度每個活躍用戶的流入量增長了 8%。您預計下半年會保持相當穩定嗎？

Jason, happy to take that one or start on that one. So let's start with Square, and we'll unpack some of the GPV trends that we're looking at. Generally, we look at Square growth across 3 high-level components: customer acquisition, churn and same-store growth. In the second quarter, we saw acquisitions grow year-over-year, as I mentioned already. Churn was relatively stable. And we saw a moderation or where we've seen moderation in growth is in the same-store growth element of those 3 elements or GPV per seller.

傑森，很高興接受那個或開始那個。那麼，讓我們從 Square 開始，我們將解析我們正在關注的一些 GPV 趨勢。一般來說，我們通過 3 個高級組成部分來看待 Square 的增長：客戶獲取、客戶流失和同店增長。正如我已經提到的，在第二季度，我們看到收購量同比增長。客戶流失率相對穩定。我們看到增長放緩的地方是這三個要素中的同店增長要素或每個賣家的 GPV。

So let me kind of walk through and unpack each of those. From a customer acquisition standpoint, in both the first quarter and the second quarter, we saw year-over-year growth in acquisitions. And based on trends to date, acquisition growth in the second quarter improved compared to the first quarter.

讓我來逐一介紹並解開其中的每一個。從客戶獲取的角度來看，在第一季度和第二季度，我們都看到了客戶獲取量的同比增長。根據迄今為止的趨勢，第二季度的收購增長較第一季度有所改善。

From a churn perspective, since the third quarter of 2022, we've seen relative stability in churn of existing sellers on a year-over-year basis. No material changes there.

從流失率的角度來看，自 2022 年第三季度以來，我們發現現有賣家的流失率同比相對穩定。那裡沒有實質性變化。

From a same-store growth perspective or GPV per seller, there's kind of a couple of things that I'd unpack for you where we've seen the moderation. First, it looks to be consumer-related. Second, it looks to cross multiple verticals. Third, this sort of retention dynamic or GPV per seller dynamic seems to account for the majority of the GPV growth decel that we've seen since the third quarter of last year. And fourth, we see similarity in our data here on GPV per seller trends to broader third-party data as well.

從同店增長或每個賣家的 GPV 角度來看，我可以為您介紹一些我們看到的適度情況。首先，它看起來與消費者有關。其次，它看起來跨越多個垂直領域。第三，這種保留動態或每個賣家的 GPV 動態似乎是我們自去年第三季度以來看到的 GPV 增長減速的主要原因。第四，我們發現每個賣家的 GPV 趨勢數據與更廣泛的第三方數據也有相似之處。

So let me kind of walk through each of those elements. First, processing volumes at existing sellers are, again, sort of that same-store growth element were lower in the second quarter of '23 compared to the third quarter of '22 levels. We've noted seeing the similar dynamic since mid-November, which is kind of that Q4 time frame that you're referencing.

讓我逐一介紹一下這些元素。首先，現有賣家的處理量再次表明，23 年第二季度的同店增長要素低於 22 年第三季度的水平。我們注意到自 11 月中旬以來出現了類似的動態，這類似於您所引用的第四季度時間範圍。

We believe it's consumer-related as growth in spend per card and in the number of unique cards remain lower than October levels while churn, as I mentioned, remains relatively stable. Ultimately, obviously, we manage the business to gross profit, but unpacking some of the GPV trends might be helpful to illustrate here.

我們認為這與消費者相關，因為每張卡的支出和獨特卡數量的增長仍然低於 10 月份的水平，而正如我提到的，流失率仍然相對穩定。顯然，最終我們會管理業務以實現毛利潤，但解析一些 GPV 趨勢可能有助於說明這一點。

Since the third quarter of '22, we've seen an 8-point slowdown in Square's global GPV growth from 20-or-so to 12-or-so. We estimate that GPV per seller or same-store growth has been responsible for the vast majority of the slowdown since the third quarter of last year. It's really impacting nearly all the verticals we see in recent quarters and impacts broadly across the seller base by seller size as well, but perhaps more pronounced amongst larger sellers.

自 22 年第三季度以來，我們看到 Square 的全球 GPV 增長放緩了 8 個百分點，從 20 左右降至 12 左右。我們估計，自去年第三季度以來，銷量放緩的主要原因是每位賣家的 GPV 或同店增長。它確實影響了我們在最近幾個季度看到的幾乎所有垂直行業，並且也按賣家規模對整個賣家群體產生了廣泛影響，但在較大賣家中可能更為明顯。

And similar to the data that we've seen and that we're tracking on third-party data, since the third quarter, U.S. GPV growth has slowed by 7 points, and you've seen an 8-point slowdown in growth of U.S. retail sales and a 6-point slowdown in the growth of Visa and Mastercard volumes in the U.S.

與我們看到的數據以及我們跟踪的第三方數據類似，自第三季度以來，美國的 GPV 增長放緩了 7 個百分點，您可以看到美國的增長放緩了 8 個百分點。美國零售額下降，Visa 和萬事達卡交易量增長放緩6 個百分點

So these are some of the key elements that I'd point you to that kind of unpack what we're seeing from a same-store growth or GPV trend line perspective.

因此，這些是我想向您指出的一些關鍵要素，這些要素可以從同店增長或 GPV 趨勢線的角度來解釋我們所看到的情況。

And sorry, and what's for Q4 '23? I just wanted to make sure I had the commentary right there.

抱歉，23 年第 4 季度有哪些內容？我只是想確保我有評論。

Sorry, say that again, on '23?

抱歉，23 號再說一遍？

For the fourth quarter of '23, the relative growth rate you're expecting on GP and GPV versus Q3 '23?

對於 23 年第四季度，您預計 GP 和 GPV 與 23 年第三季度相比的相對增長率是多少？

Sure. Yes. What we shared for Q4 was that we expect to see a slight improvement in gross profit and GPV growth compared to Q3. Q3, remember, we're sort of urging you to look at the July rates for Q3, the July rates being 15% gross profit growth for Square and 12% GPV growth for Square, but we expect to see improvement in the fourth quarter given some more favorable comparisons. Again, as I referenced, we started to see some of the moderation in growth across these verticals in the mid-Q4 time frame of last year.

當然。是的。我們對第四季度的看法是，與第三季度相比，我們預計毛利潤和 GPV 增長將略有改善。第三季度，請記住，我們有點敦促您查看第三季度的7 月份增長率，7 月份的Square 毛利潤增長率為15％，Square 的GPV 增長率為12％，但我們預計第四季度會有所改善，因為一些更有利的比較。正如我所提到的，我們在去年第四季度中期開始看到這些垂直領域的增長有所放緩。

The second part of your question, Jason, was on inflows per active. The 8% growth there -- and in the second quarter, and I think your question was just sort of the sustainability or how we see growth on inflows per active over time?

傑森，你問題的第二部分是關於每項活動的流入量。第二季度增長了 8%，我認為你的問題只是可持續性，或者我們如何看待每個活躍資金流入隨著時間的推移而增長？

For the second half of this -- yes, for the second half of this year.

對於今年下半年——是的，對於今年下半年。

Sure. Yes. As I noted in the remarks earlier, we expect from a 2023 perspective to see overall growth in inflows per active. We saw that 8% growth in the second quarter as well, and relative stability quarter-over-quarter even though we have a greater impact from tax refunds in the first quarter. Ultimately, we've been encouraged here by the healthy trends. As we look forward, I think there's kind of 2 dynamics that I'd point out beyond the broader question of consumer health and consumer spend levels.

當然。是的。正如我之前在講話中指出的那樣，我們預計從 2023 年的角度來看，每位活躍資金流入量將整體增長。儘管第一季度退稅的影響更大，但我們第二季度也看到了 8% 的增長，並且環比相對穩定。最終，我們受到了健康趨勢的鼓舞。展望未來，我認為除了消費者健康和消費者支出水平這一更廣泛的問題之外，我還想指出兩種動態。

One is product adoption. If we can drive more product adoption and cross-sell of our products, that gives customers more reasons to onboard more funds in the Cash App. Also, if we give customers more ways that they can onboard their funds into Cash App, that also, for example, paper money deposits in the past couple of quarters, that also gives us leads to incremental volumes on inflows and opportunities to engage customers through our products.

一是產品採用。如果我們能夠推動更多產品的採用和交叉銷售，那麼客戶就有更多理由在 Cash App 中投入更多資金。此外，如果我們為客戶提供更多方式將資金存入 Cash App，例如，過去幾個季度的紙幣存款，這也使我們能夠增加資金流入量，並有機會通過以下方式吸引客戶：我們的產品。

The one mitigating element to that is the mix shift dynamic as we attract younger demographics in the Cash App, and we've seen strong and encouraging trends with younger demographics like Gen Z demographics. That could put some pressure on inflows per active as these customers are more likely to have lower inflows per active earlier in their financial journey, but this is the demographic that we want to be growing with over the long term.

緩解這一問題的一個因素是混合轉變動態，因為我們在現金應用程序中吸引了更年輕的人​​群，而且我們已經看到了 Z 世代等年輕人群的強勁且令人鼓舞的趨勢。這可能會給每位活躍客戶的資金流入帶來一些壓力，因為這些客戶在其財務旅程的早期，每位活躍客戶的資金流入更有可能較低，但從長遠來看，我們希望這一人群能夠增長。

So those are kind of the 2 dynamics that I would share with you as you think about modeling inflows per active over time.

因此，當您考慮對每個活動隨時間的流入進行建模時，我將與您分享這兩種動態。

And we have time for 1 more question. We'll take our last question from Jamie Friedman with Susquehanna International Group.

我們還有時間回答 1 個問題。我們將回答 Susquehanna International Group 的傑米·弗里德曼 (Jamie Friedman) 提出的最後一個問題。

I was wondering, Amrita or Jack, how Afterpay is performing relative to your expectations from a credit perspective. I realize losses on consumer receivables were just 1.01%, essentially the same as last year. But is that more due to your treatment of the credit box? How overall are you thinking about that, the originations versus the profitability, from a credit perspective?

我想知道，Amrita 或 Jack，從信用角度來看，Afterpay 的表現與您的期望相比如何。我發現消費者應收賬款損失僅為1.01%，與去年基本持平。但這更多是由於您對信用箱的處理嗎？從信用角度來看，您對起源與盈利能力的總體看法如何？

I can start on that one. What I would say is that what we've seen for Afterpay in the first half of this year is stability to improvement in overall trend lines from a top line perspective, whether you look at GMV or gross profit, with consistent loss rates. And we've maintained a really disciplined approach here to risk loss and have continued to see stable trends in consumer health and retainment behavior with stability, as you noted, on losses on consumer receivables from a year-over-year perspective in the second quarter.

我可以從那一個開始。我想說的是，今年上半年我們看到的 Afterpay 從營收角度來看，無論是 GMV 還是毛利潤，總體趨勢線都在穩定改善，損失率也保持一致。我們對風險損失採取了非常嚴格的方法，並且繼續看到消費者健康和保留行為的穩定趨勢，正如您所指出的，從第二季度同比的角度來看，消費者應收賬款損失也保持穩定。

This is while GMV was up 22% year-over-year in the second quarter, improving from the 17% growth rate in the first quarter, and similarly, while gross profit was up, improving from -- at 13% year-over-year in the second quarter, improving from 10% in the first quarter. So we've seen stable to improving trends on the core BNPL products within Afterpay while we continue to focus on the much larger opportunities on integration with the commerce pillar connecting our Cash App and Square ecosystems and while we maintain healthy loss rates across the ecosystem.

第二季度 GMV 同比增長 22%，較第一季度 17% 的增長率有所改善，同樣，毛利潤也有所增長，較去年同期的 13% 有所改善。第二季度同比增長較第一季度的10%有所改善。因此，我們看到 Afterpay 核心 BNPL 產品的趨勢穩定改善，同時我們繼續關注與連接我們的 Cash App 和 Square 生態系統的商業支柱集成的更大機會，同時我們在整個生態系統中保持健康的損失率。

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

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