Block Inc (SQ) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Block Third Quarter 2023 Earnings Call. Today's call is being recorded.

大家好，歡迎參加 Block 2023 年第三季財報電話會議。今天的通話正在錄音。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Nikhil Dixit, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管 Nikhil Dixit。請繼續。

Hi, everyone. Thanks for joining our third 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 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 or move away from these targets and goals at any time. These statements are subject to risks and uncertainties.

大家好。感謝您參加我們的 2023 年第三季財報電話會議。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，我們將回答電話會議參與者的問題。我們也想提醒大家，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。這些陳述存在風險和不確定性。

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 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 estimate of performance for the month of October. This represents our current estimate for October performance as we have not yet finalized our financial statements for the month of October, and our monthly results are not subject to interim review by our auditors. As a result, actual October results may differ from this estimate and may not be reflective of performance for the full fourth quarter.

實際結果可能與我們前瞻性陳述中預期的結果有重大差異。報告的結果不應被視為未來績效的指標。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是基於截至今天為止我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。在這次電話會議中，我們將提供 10 月份業績的初步估計。這代表了我們目前對 10 月份業績的估計，因為我們尚未最終確定 10 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，十月份的實際結果可能與此估計有所不同，並且可能無法反映整個第四季度的業績。

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 October or the fourth quarter. Within these remarks, we will also discuss metrics related to our investment framework, including Rule of 40. With Rule 40, we are evaluating some of our gross profit growth and adjusted operating income margins. 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 investigator materials on our Investor Relations website.

此外，此財務資訊僅根據管理層現有資訊編制，並由管理層負責。此初步財務資訊未經我們的獨立公共會計師事務所審查或審計。此初步財務資訊並非我們 10 月份或第四季財務業績的綜合報表。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 條規則。根據 40 條規則，我們正在評估我們的一些毛利成長和調整後的營業利潤率。此外，我們也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資訊電子表格和調查員資料中提供了與最直接可比較的 GAAP 財務指標的對帳。

These non-GAAP measures are not intended to be a substitute for our GAAP results. Finally, this call in its entirety is being 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 the website shortly. With that, I would like to turn it over to Jack.

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。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網路直播。本次電話會議的音訊重播以及傑克和阿姆麗塔的開場白文字記錄很快就會在網站上發布。有了這個，我想把它交給傑克。

I'm sorry, that was on me. So we're going to do something a little bit different this year. Thank you all for joining us. We wrote -- I wrote a shareholder letter to you all, which you'll find on our website. And we're going to focus our call to maximize questions. So we're going to start with Amrita, providing more detail into what I wrote, most notably reaching our Rule of 40 goal in 2026 and authorizing a repurchase of $1 billion in shares to offset a portion of dilution from share-based compensation. If you haven't yet, please read that letter for all the details and what I'm focused on going forward. And with that, I'm going to turn it over to Amrita.

對不起，那是我的事。因此，今年我們將做一些不同的事情。感謝大家加入我們。我們寫了——我給你們寫了一封股東信，你們可以在我們的網站上找到這封信。我們將集中精力，最大限度地提出問題。因此，我們將從Amrita 開始，為我所寫的內容提供更多細節，最值得注意的是在2026 年達到我們的40 條規則目標，並授權回購10 億美元的股票，以抵消股權激勵帶來的部分稀釋。如果您還沒有閱讀該信，請閱讀該信的所有詳細資訊以及我接下來的重點內容。說到這裡，我要把它交給阿姆麗塔。

Thanks, Jack. There are four topics I'd like to cover. First, our strong performance in the third quarter and increased profitability expectations for the remainder of the year. Second, a preliminary view of 2024 and where we're demonstrating discipline on our investments to drive margin improvement. Third, our path to achieving Rule of 40 in 2026 and lastly, our capital allocation strategy to deliver value for shareholders.

謝謝，傑克。我想討論四個主題。首先，我們在第三季表現強勁，並提高了今年剩餘時間的獲利預期。其次，是對 2024 年的初步展望，我們將在其中展示我們的投資紀律，以推動利潤率的提高。第三，我們在 2026 年實現 40 條規則的路徑；最後，我們為股東創造價值的資本配置策略。

In the third quarter, gross profit was $1.90 billion, up 21% year-over-year. We delivered our highest ever quarterly adjusted EBITDA of $477 million or 25% margin on gross profit. Adjusted operating income which, as a reminder, includes expenses related to stock-based compensation and depreciation, was $90 million and 5% margin on gross profit compared to $32 million a year ago. Our strong profitability during the quarter demonstrates our focus on efficiency in pursuit of our investment framework. Cash flow generation has also been strong and improving. Adjusted free cash flow was $427 million in the quarter compared to $88 million in the prior period.

第三季毛利為19億美元，年增21%。我們實現了有史以來最高的季度調整後 EBITDA 4.77 億美元，即毛利潤率為 25%。提醒一下，調整後的營業收入為 9,000 萬美元，其中包括與股票薪酬和折舊相關的費用，毛利潤率為 5%，而一年前為 3,200 萬美元。本季我們強勁的獲利能力顯示我們在追求投資框架時注重效率。現金流的產生也很強勁並且正在改善。本季調整後自由現金流為 4.27 億美元，上一季為 8,800 萬美元。

For the last 12 months, adjusted free cash flow was $945 million up from negative $99 million in the prior period. Let's get into Square and Cash App. Square generated $899 million in gross profit, up 15% year-over-year. Square GPV grew 11% year-over-year or 12% on a constant currency basis. We're committed to serving sellers locally and through our banking products. In the third quarter, we experienced strong growth from our vertical point-of-sale products with gross profit up 29% year-over-year, and our banking products up 20% year-over-year. Cash App generated $984 million in gross profit, an increase of 27% year-over-year.

過去 12 個月，調整後自由現金流為 9.45 億美元，高於上一期的負 9,900 萬美元。讓我們進入 Square 和 Cash App。 Square 的毛利為 8.99 億美元，年增 15%。 Square GPV 年成長 11%，以固定匯率計算成長 12%。我們致力於透過我們的銀行產品為本地賣家提供服務。第三季度，我們的垂直銷售終端產品實現強勁成長，毛利年增29%，銀行產品較去年同期成長20%。 Cash App 產生毛利 9.84 億美元，年增 27%。

Looking at the components of the inflow framework. As of September, there were 55 million monthly transacting actives up 11% year-over-year, with growth driven by our peer-to-peer network. Inflows for transacting active averaged $1,132 in the third quarter, up 8% year-over-year and relatively stable compared to the first half of the year. Monetization rate, which excludes gross profit contributions from our buy now, pay later platform was 1.43%, up 8 basis points year-over-year driven primarily by pricing changes over the past year and relatively flat quarter-over-quarter. Turning to our BNPL platform, which contributed $94 million of gross profit to each of Square and Cash App in the third quarter. GMV from our NPL platform was $6.7 billion in the third quarter, an increase of 24% year-over-year. Losses on consumer receivables were 0.84% of GMV, an improvement quarter-over-quarter and year-over-year.

查看流入框架的組件。截至 9 月，每月活躍交易量為 5,500 萬筆，年增 11%，成長由我們的點對點網路推動。第三季活躍交易資金流入平均為 1,132 美元，年增 8%，與上半年相比相對穩定。貨幣化率（不包括「先買後付」平台的毛利貢獻）為 1.43%，較去年同期成長 8 個基點，主要是由於過去一年的定價變動和較上季相對持平。轉向我們的 BNPL 平台，第三季該平台為 Square 和 Cash App 各貢獻了 9,400 萬美元的毛利。第三季不良貸款平台的 GMV 為 67 億美元，較去年同期成長 24%。消費者應收帳款損失佔 GMV 的 0.84%，較上季和年比都有所改善。

As Jack noted in his letter, in the fourth quarter, we restructured our commerce efforts moving our BNPL platform into Cash App, as we believe combining the two ecosystems enables us to provide consumer experiences others can't, especially for commerce. From a financial reporting perspective, moving forward, we will no longer split 50% of our BNPL platform into each of Cash App and Square. Instead, to reflect the recent organizational change, will include 100% of our BNPL platform and Cash app's results, beginning in the fourth quarter. During the quarter, we experienced an outage to our services across block, which impacted both Square and Cash App systems. We know the reliability of our systems is crucial for our customers and are working hard to rebuild trust. The outage lasted about 15 hours on certain products, and we estimate it impacted gross profit by less than 1% during the quarter.

正如Jack 在信中指出的那樣，在第四季度，我們重組了我們的商務工作，將BNPL 平台轉移到Cash App，因為我們相信，結合這兩個生態系統使我們能夠提供其他人無法提供的消費者體驗，尤其是商務體驗。從財務報告的角度來看，今後我們將不再將 BNPL 平台的 50% 分別分配給 Cash App 和 Square。相反，為了反映最近的組織變化，將從第四季度開始包含 100% 的 BNPL 平台和現金應用程式的結果。本季度，我們的整個區塊的服務出現中斷，這對 Square 和 Cash App 系統都產生了影響。我們知道系統的可靠性對客戶至關重要，並且正在努力重建信任。某些產品的停電持續了約 15 個小時，我們估計本季毛利的影響不到 1%。

Our off-line capabilities for Square and Cash App enable our customers to continue to process some transactions during this time. Looking ahead, we are accelerating our efforts to expand off-line capabilities to all of our Square products so sellers won't be worried about missing a sale and are prioritizing, building our technical infrastructure with greater redundancy and resilience. Turning now to the fourth quarter of 2023. We are shifting away from monthly trend disclosures in favor of reinstating quarterly and annual gross profit and profit guidance. We expect to continue with this updated approach until we achieve and sustain Rule of 40. We expect to deliver between $1.96 billion and $1.98 billion in gross profit or 19% growth at the midpoint. For Square, we expect gross profit growth to improve from the third quarter's 15% growth rate as we lap more favorable comparisons from the prior year and we get the first full quarter benefit from pricing changes on Square invoices we implemented in the third quarter.

我們的 Square 和 Cash App 離線功能使我們的客戶能夠在此期間繼續處理一些交易。展望未來，我們正在加緊努力，將離線功能擴展到所有 Square 產品，讓賣家不會擔心錯過銷售，並優先考慮建立具有更大冗餘和彈性的技術基礎設施。現在轉向 2023 年第四季。我們正在從每月趨勢揭露轉向恢復季度和年度毛利和利潤指引。我們預計將繼續採用這種更新的方法，直到實現並維持 40 法則。我們預計將實現 19.6 億美元至 19.8 億美元的毛利，即中點成長 19%。對於Square 來說，我們預計毛利成長將比第三季15% 的成長率有所改善，因為我們與前一年相比更加有利，並且我們從第三季實施的Square 發票定價變化中獲得了第一個完整季度的收益。

For the month of October, we estimate Square GPV was up 9% year-over-year. Our growth has moderated due to both GPV per seller and lower contributions from new cohorts of sellers. We believe GPV per seller has been impacted by macro trends in discretionary verticals, which continued through October. Although we've achieved positive customer acquisition through the first three quarters of the year, gross profit from seller cohorts onboarded over the past 2 years are not contributing as much to growth as anticipated and we're focused on evolving our go-to-market strategy to improve this.

對於 10 月份，我們估計 Square GPV 年成長 9%。由於每個賣家的 GPV 和新賣家群體的貢獻較低，我們的成長有所放緩。我們認為，每個賣家的 GPV 受到了可自由支配行業宏觀趨勢的影響，這種趨勢一直持續到 10 月。儘管我們在今年前三個季度實現了積極的客戶獲取，但過去兩年新加入的賣家群體的毛利對成長的貢獻並不如預期那麼大，我們專注於發展我們的市場推廣策略來改善這一點。

For Cash App, we expect gross profit growth to moderate on a year-over-year basis from the third quarter's 27% as we lap stronger growth from the prior year. We continue to expect all three components of the inflows framework to grow on a year-over-year basis in 2023.

對於 Cash App，我們預計毛利年增將從第三季的 27% 開始放緩，因為我們的成長較上年更為強勁。我們繼續預計 2023 年流入框架的所有三個組成部分都將同比增長。

From a product perspective, we've seen particular strength in Cash App Card and borrow as we drive continued growth in our financial services products, while we've experienced softness in growth from cash for business accounts and expect Cash App business GPV to decline in the fourth quarter. Compared to our prior expectations, growth in the fourth quarter was primarily impacted by expectations for our BNPL platform and to a lesser extent, Cash App business GPV and spare GPV. Looking at profitability. We expect to deliver $430 million to $450 million in adjusted EBITDA and $40 million to $60 million in adjusted operating income in the fourth quarter. And we are raising our full year 2023 profit guide. We expect adjusted EBITDA of $1.66 billion to $1.68 billion and adjusted operating income of $205 million to $225 million. These are increases of $170 million and $190 million, respectively, at the midpoint compared to our prior guide.

從產品角度來看，隨著我們推動金融服務產品的持續成長，我們看到現金應用卡和借貸的特別優勢，同時我們經歷了企業帳戶現金成長的疲軟，並預期現金應用業務的 GPV 將下降第第四季。與我們先前的預期相比，第四季度的成長主要受到對 BNPL 平台預期的影響，其次是現金應用業務 GPV 和備用 GPV 的影響。看看獲利能力。我們預計第四季度調整後 EBITDA 為 4.3 億至 4.5 億美元，調整後營業收入為 4,000 萬至 6,000 萬美元。我們正在上調 2023 年全年利潤指引。我們預計調整後 EBITDA 為 16.6 億美元至 16.8 億美元，調整後營業收入為 2.05 億美元至 2.25 億美元。與我們先前的指南相比，中位數分別增加了 1.7 億美元和 1.9 億美元。

For the full year 2023, the midpoint of our guidance implies gross profit growth of 24% and adjusted operating income margins of 3%, leading to rule of 27 this year. This reflects meaningful margin expansion in 2023 with the midpoint of our guide reflecting 5 points of adjusted operating income margin improvement and 6 points of adjusted EBITDA margin improvement compared to 2022. Turning now to our path to achieving rule of 40 in 2026. As a company, we remain focused on balancing growth and profitability. As we look longer term, we're bringing a renewed focus to efficiency, exercising discipline with our expenses and thinking critically about how we operate to drive leverage. We're going to do all this while also focusing on how we can continue strong top line growth to capture more of our addressable market. We introduced our investment framework at the beginning of the year. And today, we want to provide more context on when and how we expect to reach our goal. As Jack shared in his shareholder letter, we plan to reach rule of 40 in 2026 within at least mid-teens gross profit growth and approximately mid-20% adjusted operating income margin. This guidance is based on current trends in our business and does not factor in changes to the macro environment.

對於 2023 年全年，我們的指導中位數意味著毛利成長 24%，調整後營業利潤率為 3%，導致今年的規則為 27。這反映了2023 年利潤率的顯著擴張，我們指南的中點反映了與2022 年相比，調整後營業收入利潤率提高了5 個點，調整後EBITDA 利潤率提高了6 個點。現在轉向我們在2026 年實現40 規則的道路。作為一家公司，我們仍然專注於平衡成長和獲利能力。從長遠來看，我們將重新關注效率，嚴格控制開支，並批判性地思考如何透過營運來提高槓桿率。我們將在完成這一切的同時，並專注於如何繼續強勁的營收成長，以佔領更多的目標市場。我們在年初推出了投資框架。今天，我們希望提供更多關於我們預計何時以及如何實現目標的背景資訊。正如傑克在他的股東信中所說，我們計劃在 2026 年達到 40 的規則，毛利成長至少在 10% 左右，調整後營業利潤率在 20% 左右。該指引基於我們目前的業務趨勢，並未考慮宏觀環境的變化。

As we learn more, and trends change, our expected mix of growth and profitability may change over time as well. We will continue to monitor trends as we periodically update this view. We see a long runway for continued growth ahead. And in our long-term planning, we've refined our priorities for each of our Square and Cash App ecosystems, which are captured in Jack's shareholder letter. We believe we are still less than 5% penetrated against our $200 billion total addressable market, one which we will work to expand over time in a disciplined way with new products and audiences. In balance with our growth priorities, what you're hearing from us today is a significant commitment to profitability and efficiency across three key initiatives. The first area is through the efficiency of our teams. As Jack outlined in his letter, we are implementing an absolute cap on the number of people we have at our company. We expect to be a smaller team by the end of 2024 compared to where we are today.

隨著我們了解更多，趨勢發生變化，我們預期的成長和獲利能力也可能隨著時間的推移而改變。我們將繼續監控趨勢並定期更新此視圖。我們看到未來持續成長還有很長的路要走。在我們的長期規劃中，我們已經完善了 Square 和 Cash App 生態系統的優先事項，這些都在 Jack 的股東信中得到了體現。我們相信，在總價值 2000 億美元的潛在市場中，我們的滲透率仍不足 5%，隨著時間的推移，我們將努力透過新產品和受眾以嚴格的方式擴大這一市場。為了與我們的成長重點相平衡，您今天從我們這裡聽到的是我們對三項關鍵舉措的盈利能力和效率的重大承諾。第一個領域是我們團隊的效率。正如傑克在信中概述的那樣，我們正在對公司的員工人數實施絕對上限。與現在相比，我們預計到 2024 年底，團隊規模將更小。

Our cap of 12,000 people compares to our current size of just over 13,000 people as of the end of the third quarter. We believe constraining team size will enable us to be more effective in how we drive performance and service of our customers and accountability on our business strategies. We expect to reach this cap by the end of 2024 with steps towards this goal throughout the year, through a combination of performance management, centralizing teams and functions to reduce duplication and strict prioritization of our scope aligned with the priorities outlined in Jack's letter. We expect to hold firm at 12,000 people until we feel the growth of the business has meaningfully outpaced the growth of the company. With greater constraints on team size, we expect to drive meaningful leverage in stock-based compensation as a percentage of gross profit in the years to come, starting in 2024. Second, we are also in the midst of a broad-based effort to reduce our spend across corporate overhead areas. We've identified a number of areas where we expect to find savings such as real estate, process improvements using automation, discretionary spend areas like T&E, and certain vendor relationships across software, data, cloud, consultants and contractors.

截至第三季末，我們的員工人數上限為 12,000 人，而目前的人數剛好超過 13,000 人。我們相信，限制團隊規模將使我們能夠更有效地提高客戶績效和服務以及業務策略的責任。我們預計到 2024 年底達到這一上限，全年採取措施實現這一目標，透過結合績效管理、集中團隊和職能以減少重複，並根據傑克信中概述的優先事項嚴格確定我們範圍的優先順序。我們預計將保持 12,000 名員工不變，直到我們認為業務成長明顯超過了公司本身的成長。由於對團隊規模的限制越來越大，我們預計從 2024 年開始，在未來幾年內，將提高股票薪酬佔毛利潤的比例。其次，我們也正在進行廣泛的努力，以減少我們在公司管理費用領域的支出。我們已經確定了許多我們希望節省的領域，例如房地產、使用自動化進行流程改進、T&E 等可自由支配支出領域，以及跨軟體、數據、雲端、顧問和承包商的某些供應商關係。

Third, within our ecosystem, as we shared in the past, we've been identifying opportunities to continue improving our cost structure as we optimize unit economics and partnerships by leveraging our scale. Moving to our initial outlook for profitability in 2024, which we expect to be our strongest year of profitability yet. While we are still in the planning process for next year, we expect significant margin expansion as we implement these constraints. We expect to achieve profitability on a GAAP operating income basis in 2024, and to deliver $875 million in adjusted operating income, up approximately 4x compared to our 2023 guide. We expect to deliver $2.4 billion in adjusted EBITDA, an increase of more than 40% relative to our 2023 guide and to deliver strong adjusted free cash flow growth next year as well. We plan to share more about our gross profit growth expectations for 2024 during our fourth quarter earnings call in February.

第三，在我們的生態系統中，正如我們過去所分享的那樣，我們一直在尋找繼續改善成本結構的機會，同時利用我們的規模來優化單位經濟效益和合作夥伴關係。轉向我們對 2024 年盈利能力的初步展望，我們預計這將是我們迄今為止盈利能力最強的一年。雖然我們仍處於明年的規劃過程中，但我們預計，隨著這些限制的實施，利潤率將大幅成長。我們預計在 2024 年按照 GAAP 營業收入計算將實現盈利，並實現 8.75 億美元的調整後營業收入，比我們的 2023 年指南增長約 4 倍。我們預計將實現 24 億美元的調整後 EBITDA，相對於我們的 2023 年指南增長 40% 以上，並在明年實現強勁的調整後自由現金流增長。我們計劃在 2 月的第四季財報電話會議上分享更多有關 2024 年毛利成長預期的資訊。

Lastly, I wanted to touch on capital allocation and our focus on prioritizing shareholder return. As we progress towards Rule of 40 in the coming years, we expect our margin profile and free cash flow generation to improve, which means we can return more to shareholders over time. Today, we are announcing an initial share repurchase program of $1 billion, which will offset a portion of dilution from share-based compensation and allow us to act opportunistically when we believe our shares are undervalued. We consider share-based compensation and our financial targets as we measure our progress towards rule 40, and we want to be responsible in managing the impact of dilution as our company grows. What you hear from us today is an increased commitment to delivering value to our customers and to our shareholders as we execute on the opportunity ahead of us. And with that, I'll turn it back to the operator to start the Q&A portion of the call.

最後，我想談談資本配置以及我們對優先考慮股東回報的關注。隨著我們在未來幾年向 40 規則邁進，我們預計我們的利潤狀況和自由現金流生成將會改善，這意味著隨著時間的推移，我們可以向股東回報更多。今天，我們宣布一項 10 億美元的初始股票回購計劃，這將抵消部分股權激勵帶來的稀釋，並允許我們在認為我們的股票被低估時採取機會主義行動。當我們衡量第 40 條規則的進展時，我們會考慮股權激勵和我們的財務目標，並且我們希望隨著公司的發展負責管理稀釋的影響。今天您從我們這裡聽到的是，我們在抓住機會的同時，更加致力於為客戶和股東創造價值。然後，我會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 with JPMorgan.

（操作員說明）我們將回答摩根大通的黃天欽提出的第一個問題。

Really appreciate the cost discipline comments here. Jack, a question for you. Just with all this cost framework now laid out, do you think there's still room here for innovation and outsized growth that we've come to know from Block for quite some time, especially with all the changes and the focus. Can we see gross profit growth accelerate between now and 2026? Would love to hear your thoughts.

非常感謝這裡的成本紀律評論。傑克，問你一個問題。現在已經制定了所有這些成本框架，您認為這裡仍然有創新和超額增長的空間嗎？我們已經從 Block 了解到這一點相當長一段時間了，尤其是考慮到所有的變化和焦點。從現在到 2026 年，我們能否看到毛利成長加速？很想聽聽您的想法。

Yes, I think there's even more room for innovation and invention and growth. To be very frank, I believe we were getting in our own way throughout the company. As I dug in through both the lens of Square and also our investment framework, I just found a lot of silos, a lot of redundancy, a lot of kind of a lack of desire for teams to work together.

是的，我認為創新、發明和成長的空間更大。坦白說，我相信我們在整個公司都在妨礙自己。當我深入研究 Square 和我們的投資框架時，我發現了許多孤島、很多冗餘、很多缺乏團隊合作的願望。

So I think a lot of what's been holding us back is cultural and that we need to reinvest in why we're building an ecosystem of ecosystem model and how powerful that is. And then #2 is around just our structure. We had unclear decision-making throughout the company, which led to a lot of slowness, especially on the Square side. So we've been spending the past few weeks just looking at all of that and looking at all of our intersections with our foundational teams, our HR and counsel and financial teams and making sure that we approach that work very lightly so that we can focus a lot more on getting products and features to our sellers and to our cash up customers much, much faster.

因此，我認為阻礙我們發展的許多因素是文化因素，我們需要重新投資於為什麼我們要建立生態系統模型的生態系統以及它的強度。然後#2 就是圍繞我們的結構。我們整個公司的決策不明確，這導致了許多進展緩慢，尤其是在 Square 方面。因此，過去幾週我們一直在研究所有這些，並研究我們與基礎團隊、人力資源、法律顧​​問和財務團隊的所有交叉點，並確保我們非常輕鬆地處理這項工作，以便我們能夠集中精力更多關於更快地向我們的賣家和現金客戶提供產品和功能。

So I believe we're about to enter a phase of reacceleration as we look to really hit our goals in 40. And I want to maintain that we're looking really focus on our customer and retaining our customers as well. So that will always be a checkpoint on all the moves that we make and ultimately how we think about shipping and iterating and experimenting much more.

因此，我相信我們即將進入重新加速階段，因為我們希望在 40 年內真正實現我們的目標。我想堅持認為，我們正在真正關注我們的客戶並留住我們的客戶。因此，這永遠是我們採取的所有行動以及最終我們如何考慮發布、迭代和試驗的一個檢查點。

Tien-tsin, I'd just add that in many ways, we think constraints can make us stronger as I think that's what you're hearing from Jack. And if people cap, the absolute number cap on the number of people we have is meant to address and enable these key decisions around our priorities, around our structures, centralizing teams to reduce redundancies in places enables faster decision-making with clearer accountability and help us create higher-performing teams across our ecosystems.

Tien-tsin，我想補充一點，在很多方面，我們認為約束可以使我們變得更強大，因為我認為這就是你從傑克那裡聽到的。如果人員上限，我們擁有的人數的絕對人數上限意味著圍繞我們的優先事項、我們的結構來解決並實現這些關鍵決策，集中團隊以減少地方的冗餘，從而能夠通過更清晰的責任和幫助更快地做出決策我們在整個生態系統中創造績效更高的團隊。

We'll release the team size cap constraint when we feel it constrains growth of our customers or our business or when the growth -- when our top line growth outstrips the growth of these teams. We're not there today. Our focus also is on cost areas outside of the personnel costs that don't touch customers, such as with corporate overhead. And we think there's lots of opportunity here to address to streamline our operations without impacting the customer experience. And then finally, just a word for me on our planning process. We have more to do. So far during our planning process, I think we've been appropriately focused on cost efficiency opportunities. But we have so many opportunities from a growth perspective across our ecosystems as well. Some of which from a strategic prioritization perspective, Jack outlined in the letter.

當我們認為團隊規模上限限制了我們的客戶或我們的業務成長時，或者當我們的營收成長超過了這些團隊的成長時，我們將釋放團隊規模上限限制。今天我們不在那裡。我們的重點也放在人員成本之外、不影響客戶的成本領域，例如公司管理費用。我們認為這裡有很多機會可以在不影響客戶體驗的情況下簡化我們的營運。最後，請我簡單介紹一下我們的規劃流程。我們還有更多工作要做。到目前為止，在我們的規劃過程中，我認為我們一直適當地關注成本效率機會。但從成長的角度來看，我們整個生態系統也有很多機會。傑克在信中從戰略優先順序的角度概述了其中一些內容。

So what you see here with 2026 growth, what we've shared so far really is based on our current run rate trends. And of course, we'll periodically update this as we learn more, whether it's from a macro perspective or based on our own execution and ability to accelerate. And relative to that current view of at least mid-teens growth, we'd expect cash apps growth to be slightly above that and Square's growth slightly below. But our focus is on exploring new growth initiatives and then we'll incorporate those as appropriate into our outlook over time. We have a history here of unlocking new innovation on products and across new audiences to continue driving outsized growth, and we'll continue that work.

因此，您在這裡看到的 2026 年成長情況，我們迄今為止分享的內容實際上是基於我們當前的運行率趨勢。當然，隨著我們了解更多，無論是從宏觀角度還是基於我們自己的執行力和加速能力，我們都會定期更新這一點。相對於目前至少十幾歲左右的成長觀點，我們預計現金應用程式的成長將略高於此，而 Square 的成長將略低於此。但我們的重點是探索新的成長舉措，然後我們將隨著時間的推移將這些舉措酌情納入我們的展望中。我們擁有在產品和新受眾中釋放新創新以繼續推動超額成長的歷史，我們將繼續這項工作。

We'll take our next question from Timothy (inaudible) with UBS.

我們將回答瑞銀提摩西（聽不清楚）提出的下一個問題。

Great I want to touch on some of the local sales efforts in the move up market for the Square ecosystem. In the context of the 12,000 headcount cap, do you feel that there is ample room to show meaningful leverage on both product development and G&A, but at the same time, again, leaving that room to really lean into sales and marketing and specifically in building out some of those local in-market sales teams to help drive seller upmarket.

太棒了，我想談談 Square 生態系統升級市場中的一些本地銷售工作。在員工人數上限為12,000 人的背景下，您是否認為有足夠的空間在產品開發和一般管理費用方面發揮有意義的影響力，但與此同時，再次為真正傾斜於銷售和營銷，特別是在建設方面留出空間？抽出一些當地的市場銷售團隊來幫助推動賣家進入高端市場。

Yes, I do think there's I do think there's a lot of areas that we can make more efficient within Square. And I think where we've been lacking on the go-to-market is much more experimentation and experimentation driven by AI tools as well. We put a focus, as you saw in the letter, it's our #3 priority is to utilize and grow with AI.

是的，我確實認為 Square 有很多領域可以提高效率。我認為，我們在進入市場方面一直缺乏的是更多由人工智慧工具驅動的實驗和實驗。正如您在信中看到的，我們的重點是利用人工智慧並與人工智慧一起成長，這是我們的第三個優先事項。

For us, that means increasing the probability of positive outcomes for sales, customer service, which is focused a lot on retention and sales within the ecosystem and also marketing to make all of those efforts much more efficient in terms of reaching sellers where they are. And it allows us with those efficiencies to experiment a lot more. So we made a really good move with verticalization of our sales force. We're going to prioritize two verticals, in particular, food and beverage. And also services such as beauty. They're inherently local. Our strength is in local. And when we have that in-person -- when we have that in-person strength, whether that be an upmarket seller or a small seller, we can expand our ecosystem through that relationship.

對我們來說，這意味著增加銷售、客戶服務取得積極成果的可能性，客戶服務主要關註生態系統內的保留和銷售，以及行銷，以使所有這些努力在接觸賣家方面更加有效。它使我們能夠以更高的效率進行更多的實驗。因此，我們在銷售團隊垂直化方面邁出了非常好的一步。我們將優先考慮兩個垂直領域，特別是食品和飲料。還有美容等​​服務。他們本質上是本地人。我們的優勢在於本地。當我們擁有這種面對面的力量時，無論是高端賣家還是小賣家，我們都可以透過這種關係來擴展我們的生態系統。

So we're going to continue to focus on that strength. And then through all those efficiencies that we create with these new AI tools that we'll continue to roll out to our sales staff to our staff into marketing. I do believe we can experiment and experiment with new things that we haven't tried yet, such as field sales and learn from them quickly so we can iterate some really good answers.

因此，我們將繼續關注這一優勢。然後，透過我們使用這些新的人工智慧工具所創造的所有效率，我們將繼續向我們的銷售人員和行銷人員推廣這些工具。我確實相信我們可以嘗試和嘗試我們尚未嘗試過的新事物，例如現場銷售，並快速從中學習，以便我們可以迭代一些非常好的答案。

Take our next question from Darrin Peller with Wolfe Research.

請回答 Wolfe Research 的 Darrin Peller 提出的下一個問題。

It's great to see the outlook going all the way into the Rule of 40 and 26. But really for now, we get a lot of questions on the sustainability of your square, the seller business. Really just understanding the drivers to the double-digit growth we hope to see international verticalization, software services cross-sell.

很高興看到前景一直符合 40 和 26 規則。但實際上現在，我們收到了很多關於賣家業務的可持續性的問題。實際上，只要了解兩位數成長的驅動因素，我們就希望看到國際垂直化、軟體服務交叉銷售。

Just give us a sense of what the building blocks are to keep that up to those rates? And then also just to add on to that, would be to touch on where you see the success. I know, Jack, you alluded to the company's culture working on the ecosystem. But I guess we'd love to hear more about where you see the success on ecosystem potentially kicking in, where you can see the benefit of that.

讓我們了解一下保持這速度的基礎是什麼？然後再補充一點，就是談談你在哪裡看到了成功。我知道，傑克，你提到了公司致力於生態系統的文化。但我想我們很樂意聽到更多關於您在生態系統中看到的成功可能在哪裡發揮作用，您可以在哪裡看到它的好處。

Yes. So I think, first and foremost, this goes back to the prioritization that we laid out. So my first 2 weeks with Square again, running Square was focused on like what are we working on and why and doing a significant stack ring so that we -- as an organization, we know what's most important, why it's most important and how it's going to impact. The platform that we're building is critical, not only for enabling new features that have left us out of the conversation for some sellers and upmarket sellers, but also to make sure that we're realizing our ecosystem of ecosystem strategy and especially around our third-party developers so that they can continue to build where we've left off, and we have more information on what we can partner with and build next as well.

是的。所以我認為，首先也是最重要的是，這可以追溯到我們制定的優先順序。因此，我再次與Square 合作的前兩週，運營Square 的重點是我們正在做什麼以及為什麼要做，並進行重要的堆疊環，以便我們——作為一個組織，知道什麼是最重要的、為什麼它是最重要的以及它是如何運作的將會產生影響。我們正在建立的平台至關重要，不僅可以實現使我們脫離某些賣家和高端賣家對話的新功能，而且可以確保我們實現生態系統戰略的生態系統，特別是圍繞我們的生態系統戰略。第三方開發人員，以便他們可以繼續在我們停下來的地方進行構建，並且我們還提供了有關我們可以合作和下一步構建的更多資訊。

So the platform is going to be, I believe, a huge unlock for us, and we're going to be seeing those unlocks next year -- into next year. And then I do believe that the focus on these local efforts, whether that be local merchants, local sales is going to bear a lot of fruit for us. We have a very compelling product, but we've been hampered a bit in the past around experimenting with more novel approaches to sales that we see in our competitors. We're removing those constraints so that we can learn much faster and invest more deeply into the things that do actually work. I think a lot of what's holding us back from a product side is actually onboarding. We still get a pretty significant chunk of sellers from self-serve, and those are of all sizes.

因此，我相信，這個平台對我們來說將是一個巨大的解鎖，我們將在明年看到這些解鎖——直到明年。然後我確實相信，專注於這些本地努力，無論是本地商人還是本地銷售，都會為我們帶來許多成果。我們擁有非常引人注目的產品，但過去我們在嘗試在競爭對手中看到的更新穎的銷售方法方面受到了一些阻礙。我們正在消除這些限制，以便我們可以更快地學習並更深入地投資於真正有效的事情。我認為在產品方面阻礙我們的許多因素實際上是入職。我們仍然從自助服務中獲得相當多的賣家，而且這些賣家的規模不一。

Whether that be going to our website or buying hardware from an Amazon channel, for instance, and our flow or onboarding flow is, it just takes we too much time. And we're taking time away from our sellers completely. So those will be significant focus areas for us and something that I think will provide pretty quick results over the next year. AI, I talked about in the last question. The final thing I want to point out that really sets us apart is banking. We have a number of products for sellers within banking out there. And we've seen banking -- we see banking today as more retaining our customers. And when someone comes into the Square ecosystem, signing up for a loan or a card, a debit card or a credit card or a savings account helps keep them. In the future, we do believe that this will become more and more an acquisition channel for us as well. And I think it's one of our strongest differentiators.

例如，無論是訪問我們的網站還是從亞馬遜管道購買硬件，以及我們的流程或入職流程，這都會花費我們太多的時間。我們完全剝奪了賣家的時間。因此，這些將是我們的重要重點領域，我認為這將在明年提供相當快的結果。 AI，我在上一個問題中談到了。我想指出的最後一件事真正使我們與眾不同的是銀行業。我們為銀行業賣家提供多種產品。我們已經看到銀行業——我們認為今天的銀行業更能留住我們的客戶。當有人進入 Square 生態系統時，註冊貸款或銀行卡、金融卡、信用卡或儲蓄帳戶有助於留住他們。未來，我們相信這也將越來越成為我們的收購管道。我認為這是我們最強大的差異化因素之一。

And one, I think we'll look back at as being the most proud of. And we have some pretty unique advantages in how we approach people banking with Square and how we enable sellers and how that ultimately positively reinforces our ecosystem and also the cash up ecosystem. So in terms of bringing these ecosystems together, I think the place to look at is going to be commerce. And the most notable within commerce is how we really bring in local commerce, especially within a cash app view. That is our superpower. And I think the world is going to want more local experiences. A lot of retail is becoming more and more monitor on the Internet, and people are looking for more unique experiences. And that's where we fit in. That's where our strength is. And those connections will be coming to bear more and more, especially early next year. So you will be able to see something early next year. And there's an obvious intersection between cash [for] business and also Square and you can see that potentially as a graduation path, for instance. But people may want to start simpler and smaller on -- and utilize cash. And then as they grow, squares there to grow with them.

其中之一，我想我們會認為這是最值得驕傲的。我們在如何透過 Square 處理人員銀行業務、如何為賣家提供支援以及如何最終積極強化我們的生態系統和現金生態系統方面擁有一些非常獨特的優勢。因此，就將這些生態系統整合在一起而言，我認為值得關注的地方將是商業。商業領域最值得注意的是我們如何真正引入本地商業，尤其是在現金應用程式視圖中。這就是我們的超級大國。我認為世界會想要更多的在地體驗。許多零售業越來越多地在網路上進行監控，人們正在尋找更獨特的體驗。這就是我們的優勢所在。這就是我們的優勢所在。這些聯繫將變得越來越重要，尤其是明年初。所以明年初你就能看到一些東西。商業現金和 Square 之間有明顯的交叉點，例如，你可以將其視為潛在的畢業路徑。但人們可能希望一開始更簡單、更小——並利用現金。然後隨著它們的生長，方塊也會跟著生長。

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。

This question dovetails a little bit with a couple of the prior ones. But I wanted to ask about square go and the progress you're sort of making connecting consumers to merchants on the platform. If you can kind of talk about the progress you're making on this theme more broadly and what other ways you're exploring to create that sort of consumer demand within the app and ecosystem?

這個問題與之前的幾個問題有點吻合。但我想問一下 square go 的情況，以及你們在平台上將消費者與商家聯繫起來所取得的進展。您能否更廣泛地談談您在這個主題上的進展，以及您正在探索哪些其他方法來在應用程式和生態系統中創造這種消費者需求？

Yes. I mean it's great you brought up this question because this is exactly how we're thinking about crossing the two ecosystems between Cash up and Square. So for those of you who are not aware of square ago, is right now focused on services, it's focused a lot on beauty. It allows you to open up to download an app (inaudible) open it up in your local city, and is this mainly in the U.S. right now and see all the services around you and book an appointment. And then all the information that would be critical for your appointment in real time.

是的。我的意思是，很高興您提出這個問題，因為這正是我們考慮跨越 Cash up 和 Square 之間兩個生態系統的方式。因此，對於那些不知道 Square 以前的人來說，它現在專注於服務，它非常關注美容。它允許您打開下載一個應用程式（聽不清楚），在您當地的城市打開它，這主要是在美國，然後查看您周圍的所有服務並預約。然後是對您的即時預約至關重要的所有資訊。

So we're seeing it as a way to provide discovery because we've had to start it organically, and market as such and get people to download it. We have actually seen a very strong start, surprisingly, which points to the intent and the desire. Now if you imagine what that might look like in a much larger canvas with a much larger audience, such as Cash App, those are the questions that we want to explore more and that's where we think our strength really wise is when we look across these ecosystems for the use case, specifically that GO is going after, which is Discovery and discovery of merchants around you, and building up a resilient and retentive relationship for a seller and their customer. We think we can amplify that, especially with everything that we've learned with Square go being in the market thus far.

因此，我們將其視為提供發現的一種方式，因為我們必須有機地啟動它，並進行行銷並讓人們下載它。令人驚訝的是，我們實際上看到了一個非常強勁的開始，這表明了意圖和願望。現在，如果你想像一下在擁有更多受眾的更大畫布（例如Cash App）中會是什麼樣子，這些就是我們想要進一步探索的問題，這就是當我們審視這些問題時我們認為我們真正明智的優勢所在。使用案例的生態系統，特別是 GO 所追求的，即發現和發現您周圍的商家，並為賣家及其客戶建立有彈性和保留的關係。我們認為我們可以擴大這一點，尤其是我們從 Square 中學到的所有知識都已投入市場。

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。

Jack, I want to ask about Square leadership. You recently took over the leadership of that business after a [Alyssa's] departure. How are you thinking about that going forward? Are you looking for a replacement for Alyssa? Or should we expect you to continue to lead that?

傑克，我想問一下 Square 領導階層的狀況。在[Alyssa] 離職後，您最近接手了該業務的領導權。您對未來有何看法？您正在尋找艾莉莎的替代者嗎？或者我們應該期望你繼續領導這件事？

Thank you for the question. I'm going to lead Square until we hit some milestones. I want to see significant return to growth. Number one, I want to see us be a lot more innovative and inventive and I want to see us connect our ecosystems better, not just with cash but also TIDAL and TBD. TBD is going to enable us to go more global faster, both Square and Cash app. And with TIDAL, we do believe that there's parallels between what a musician faces and what a small seller just starting out faces and a lot of the same tools are going to be useful.

感謝你的提問。我將領導 Square，直到我們實現一些里程碑。我希望看到顯著的成長恢復。第一，我希望看到我們更具創新性和創造性，我希望看到我們更好地連接我們的生態系統，不僅僅是現金，還有 TIDAL 和 TBD。 TBD 將使我們能夠更快地走向全球，無論是 Square 還是 Cash 應用程式。透過 TIDAL，我們確實相信音樂家面臨的問題和剛起步的小賣家面臨的問題之間存在相似之處，並且許多相同的工具將會很有用。

So thinking -- I'm thinking about this more from a milestone perspective. And I'll know when it's time and when Square is set up in a way that we look to find a dedicated lead. But this move has enabled me to see a lot of the problems, not just within Square but across the company and work to fix them very, very quickly. So our pace of addressing some of the issues that we've had for quite some time, but may be ignored the lack of collaboration between ecosystems, the silos that we built in the past. All those are a thing of the past, and we're immediately moving to something that is much stronger. And is going to deliver a whole lot more value for our customers and everything else will follow from that.

所以想——我更從里程碑的角度來思考這個問題。我會知道什麼時候到了 Square 成立的時間，我們希望找到一位專門的領導者。但這項措施讓我看到了許多問題，不僅是 Square 內部的問題，而且是整個公司的問題，並努力非常非常快地解決這些問題。因此，我們解決一些問題的速度已經有一段時間了，但可能會忽略生態系統之間缺乏協作，以及我們過去建立的孤島。所有這些都已成為過去，我們將立即轉向更強大的東西。將為我們的客戶提供更多的價值，其他一切都將隨之而來。

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

我們將回答特雷弗威廉斯和傑弗里斯提出的下一個問題。

I wanted to ask on the path forward for Cash App gross profit and the monetization rate specifically, I think within the guidance for Q4, if we back out Afterpay, it looks like it's embedding a pretty big step up just in the pace of quarter-over-quarter gross profit dollar growth for Cash App. Amrita, if you could unpack where that improvements coming from? And then on the monetization rate, how we should think about its progression over the next year or so? And if there's anything you're able to share on product pipeline specifically there would be great.

我想問 Cash App 毛利和貨幣化率的具體發展方向，我認為在第四季度的指導範圍內，如果我們退出 Afterpay，它看起來就像是在季度步伐中嵌入了相當大的一步 - Cash App 的環比毛利成長。 Amrita，您能否解開這些改進的來源？那麼在貨幣化率方面，我們該如何考慮它在未來一年左右的進展？如果您能具體分享有關產品管道的任何內容，那就太好了。

Sure. Thanks for the question. On monetization rate, what we've said in the past, which we've reiterated today as well is that we are now lapping some of the pricing adjustments that we made last year. So we expect to see greater stability in the monetization rate in Q4 relative to Q3. And as we said from a Q4 guide perspective, we also expect to see a moderation in cash app's growth rate in the fourth quarter relative to the third quarter as we're lapping again, some of those more difficult comparisons from last year.

當然。謝謝你的提問。關於貨幣化率，我們過去說過，今天也重申了，我們現在正在採用去年所做的一些定價調整。因此，我們預計第四季的貨幣化率將比第三季更加穩定。正如我們從第四季度指南的角度所說的那樣，我們也預計第四季度現金應用程式的成長率相對於第三季會有所放緩，因為我們再次進行了迭代，其中一些與去年相比更加困難。

This is on the back though of strong results in the third quarter, with -- if you look across our inflows framework, strong growth across each of the three aspects of Cash App's inflows, whether it's active, which grew 11% year-over-year to $55 million on the back of continued (inaudible) growth in our peer-to-peer network mechanisms or it's inflows per active, which were $1,132 in the quarter and were up 8% year-over-year, relatively stable with the first half of the year. Again, this one is really a factor of both our customers' spending power as well as their adoption of our products and engagement with our platform. And you see with products like Cash App Card and Cash App borrow, that we've been able to build awareness and deepen engagement with our -- with those products over time with now 22 million customers on Cash App Card and strong spend on a year-over-year basis with cash app card as well.

這是在第三季度取得強勁業績的基礎上，如果你縱觀我們的流入框架，Cash App 流入的三個方面均強勁增長，無論是否活躍，同比增長 11%。由於我們的點對點網絡機制持續（聽不清楚）成長，或每個活躍用戶的流入量（本季為1,132 美元），年成長8%，與第一季相比相對穩定，今年成長至5,500 萬美元。半年。同樣，這實際上是我們客戶的消費能力以及他們對我們產品的採用和與我們平台的互動的一個因素。您會看到，透過Cash App 卡和Cash App 借貸等產品，我們已經能夠透過這些產品建立知名度並加深參與度——隨著時間的推移，現在有2,200 萬客戶使用Cash App 卡，並且一年來的支出強勁- 與現金應用卡一起按年計算。

And then thirdly, monetization rate, as you know, which was 1.43% in the third quarter, and that was up 8 basis points year-over-year, relatively stable from a quarter-over-quarter standpoint, which, as you noted, that monetization rate excludes the gross profit from our BNPL platform. We do expect, as I noted earlier, that monetization rate to stabilize as we lap the pricing changes over the past year.

第三，貨幣化率，如您所知，第三季度為 1.43%，同比上升 8 個基點，從環比角度來看相對穩定，正如您所指出的，該貨幣化率不包括我們BNPL 平台的毛利潤。正如我之前指出的，我們確實預期隨著過去一年的定價變化，貨幣化率將會穩定。

We'll take our next question from Alex Markgraff with KBCM.

我們將接受 KBCM 的 Alex Markgraff 提出的下一個問題。

And all the kind of financial targets provided in the shareholder letter outside of the more explicit Rule of 40 targets. Just curious how we should evaluate some of the progress you're making on the product side of things and kind of tighten the ecosystem together as you've laid out priorities in the letter. Is there a north star to kind of orient folks around to kind of follow along with that progress?

除了更明確的 40 條規則目標之外，股東信中還提供了所有類型的財務目標。只是好奇我們應該如何評估您在產品方面取得的一些進展，並在信中列出優先事項時加強生態系統。是否有一顆北極星可以引導周圍的人們跟隨這一進步？

I think the biggest one to look at is going to be commerce, and it's going to be through the lens of cash up. We spent the past few months looking deeply at the Afterpay integration, restructuring, that team, moving things to cash app because a lot of the value is going to be created there, especially as we bring commerce opportunities, both Internet-based and e-commerce space to local right to the surface. So that's probably going to be the most notable in terms of connecting these ecosystems.

我認為最值得關注的是商業，這將是透過現金成長的視角來實現的。在過去的幾個月裡，我們深入研究了 Afterpay 整合、重組、團隊，將業務轉移到現金應用程序，因為那裡將創造大量價值，特別是當我們帶來基於互聯網和電子商務的商業機會時。商業空間要局部地表。因此，就連接這些生態系統而言，這可能是最引人注目的。

And as I mentioned before, the second one will be the intersection between cash app for business and the Square ecosystem. There's some obvious connection points there, especially as cash app for business customers grow and how they utilize our tools. And I think a big theme between both ecosystems is going to be around banking use cases both on the Square side and the cash upside. Actually throughout our entire ecosystem in all our business units. But those would be the three that I'd point out to watch.

正如我之前提到的，第二個將是商業現金應用程式與 Square 生態系統之間的交集。其中存在一些明顯的連接點，特別是隨著商業客戶的現金應用程式的成長以及他們如何使用我們的工具。我認為這兩個生態系統之間的一個大主題將圍繞在 Square 方面和現金方面的銀行用例。實際上貫穿我們所有業務部門的整個生態系統。但我會指出要觀看的三個。

We'll take our next question from Bryan Keane with Deutsche Bank.

我們將接受德意志銀行布萊恩·基恩 (Bryan Keane) 提出的下一個問題。

I guess, Jack, my question is just when you assess the seller volumes, how much do you feel like it's pure economic volume that discretionary spend that's slowing some of the volume versus maybe competitive pressures from the market that you guys can do a better job at. And then I guess, going forward, as the comps get easier, do you factor in a little bit more of an economic slowdown in the fourth quarter, if that's in the guidance?

我想，傑克，我的問題是，當你評估賣家數量時，你覺得有多少是純粹的經濟數量，可自由支配的支出正在減緩一些數量，而來自市場的競爭壓力可能會讓你們做得更好在。然後我想，展望未來，隨著比較變得更加容易，如果在指導中的話，您是否會更多地考慮第四季度的經濟放緩？

I'll take the first part of the question. I do believe that by focusing more on the product or features and also getting to parity on particular verticals, especially within food and beverage and services will unlock a lot more growth. There's been certain features that just locked us out of conversations from restaurants, for instance. And a lot of those will be unlocked soon with like our focus on the platform. And I do believe that we can be much smarter and more efficient with our go-to-market.

我將回答問題的第一部分。我確實相信，透過更專注於產品或功能，並在特定垂直領域（尤其是食品飲料和服務領域）實現平等，將帶來更多成長。例如，某些功能使我們無法在餐廳進行對話。隨著我們對平台的關注，其中許多將很快解鎖。我確實相信，我們的市場推廣可以更明智、更有效率。

Most importantly, as we've made this move to verticalization, looking for more opportunities to automate through AI, but also to experiment more. I want to make sure that we're experimenting with things that we had not tried before, smaller scale. So we can see what works and then make better informed decisions about investing more fully in them. I think there's a lot of room there. And that, of course, has to match what we're doing when a seller no matter the size gets to our website gets to our dashboard, and they find something simple, intuitive -- and most importantly, find all of the other products that we offer them, not just the one that came on board for. So the combination of that, I think, gets us back to a place of growth that we'll be very proud of.

最重要的是，隨著我們向垂直化邁進，尋找更多透過人工智慧實現自動化的機會，同時也進行更多實驗。我想確保我們正在嘗試一些我們以前沒有嘗試過的事情，規模較小。因此，我們可以看看哪些方法有效，然後做出更明智的決策，對它們進行更充分的投資。我認為那裡有很大的空間。當然，這必須與我們正在做的事情相匹配，無論規模大小，當賣家訪問我們的網站並訪問我們的儀表板時，他們會發現一些簡單、直觀的東西 - 最重要的是，找到所有其他產品我們提供這些，而不僅僅是那些上船的人。因此，我認為，這一切的結合使我們回到了一個令我們感到非常自豪的成長點。

And Bryan, I can help fill in just some of the numbers that we're seeing in real time and kind of what's embedded in our Q4 guide. So if we look at Square GPV in the third quarter, we grew 11% year-over-year. And again, based on our estimates, we believe, excluding the impact on the outage, growth would have been more in line with the second quarter's growth rate of 12%. And looking at October, we estimate GPV to grow 9% year-over-year. This is obviously a bit lower than our 11% from the third quarter is primarily driven from the U.S. as international markets have been more stable. But looking at some of the drivers, as we think about the three high-level components of Square's growth, customer acquisition, churn and same-store growth -- we've seen stability and churn through this period, but ultimately, our growth has moderated due to both same-store growth and lower contribution from new cohorts of customers.

布萊恩，我可以幫助填寫我們即時看到的一些數字以及第四季度指南中嵌入的內容。因此，如果我們看看第三季的 Square GPV，我們會發現比去年同期成長了 11%。再次，根據我們的估計，我們認為，排除停電的影響，成長將更符合第二季 12% 的成長率。展望 10 月份，我們預期 GPV 將年增 9%。這顯然比第三季的 11% 低一些，主要來自美國，因為國際市場更穩定。但看看一些驅動因素，當我們考慮 Square 成長的三個高級組成部分、客戶獲取、客戶流失和同店增長時，我們看到了這一時期的穩定性和客戶流失，但最終，我們的增長由於同店成長和新客戶群的貢獻下降，銷售額放緩。

Now we think same-store growth, the slowdown there is relatively in line with broader macro trends across discretionary verticals and -- and that, as Jack has noted, we have work to do to shift our customer acquisition trends, which the team is laser focused on. Just to provide maybe a little bit more granularity on the same-store growth. When you look at GPV per seller, this is where we believe the recent moderation we've seen has been macro-related. -- processing volumes at existing sellers were lower in the third quarter compared to the prior year. We believe it's macro-driven as the recent results of track directionally with other third-party spend indicators that we measure when we adjust for our mix of verticals given our greater mix of discretionary spend. For instance, we don't serve grocery or gas as an example.

現在，我們認為同店成長、那裡的放緩與全自由裁量垂直領域更廣泛的宏觀趨勢相對一致，而且，正如傑克所指出的，我們需要努力改變我們的客戶獲取趨勢，而團隊正在激光專注於。只是為了提供更多有關同店成長的粒度。當你觀察每個賣家的 GPV 時，我們認為最近的放緩與宏觀相關。 ——與去年同期相比，第三季現有賣家的處理量有所下降。我們認為這是宏觀驅動的，因為考慮到我們更大的可自由支配支出組合，我們在調整垂直行業組合時衡量的其他第三方支出指標與最近的結果有方向性追蹤。例如，我們不提供雜貨或天然氣服務。

And in October, we saw a broad-based softness in consumer trending -- consumer spending trends in those discretionary verticals, food and drink and retail. So we're watchful here and these trends are factored into our Q4 guide. Ultimately, a lot of the work that we're doing to close feature gaps and iterate and experiment move quickly on our go-to-market is where we expect to see opportunities for growth in the future.

十月份，我們看到消費者趨勢普遍疲軟——非必需品垂直產業、食品飲料和零售領域的消費者支出趨勢。因此，我們對此保持警惕，並將這些趨勢納入我們的第四季度指南中。最終，我們為縮小功能差距、迭代和實驗所做的大量工作在進入市場時迅速推進，我們預計未來將看到成長機會。

We'll take our next question from James Faucette with Morgan Stanley.

我們將回答摩根士丹利的 James Faucette 提出的下一個問題。

I wanted to follow up on kind of Cash App and the intention to grow there and provide more of banking type services for the letter, et cetera. How do you think about like the life cycle of a typical customer, a, that you're onboarding? And then clearly, you're able to deliver peer-to-peer and that seems like the easiest first thing, but then bank card or debit card, but -- and you've got some other products. But can you walk us through like how you think about the evolution of other products that those customers need and how to evolve with them and particularly as they increase their own spending capacity.

我想跟進現金應用程式的類型以及在那裡發展的意圖，並為信件等提供更多銀行類型的服務。您如何看待您正在入職的典型客戶的生命週期？顯然，你能夠提供點對點服務，這似乎是最簡單的第一件事，然後是銀行卡或借記卡，但是 - 而且你還有一些其他產品。但是，您能否向我們介紹您如何看待這些客戶所需的其他產品的演變，以及如何與他們一起發展，特別是當他們增加自己的消費能力時。

Yes. So as I said in the letter, cash up is interesting and it sits at the intersection of three very distinct use cases, which are financial services community-based transactions, which is effectively good appear, as you mentioned, in commerce. And our approach is ultimately to bring these three together in a very seamless way to find an entirely new product category, which reinvents banking for our customers. So a lot of -- what we started, obviously, was peer-to-peer and it has inherent network effects and that you're receiving money from Fenza spending money to families. So it is inherently social and inherently has this incredible word-of-mouth factor. But as you get into it, as you receive money and you see that you can also get a card that you can use that card at an ATM that you can invest in Bitcoin or stocks.

是的。正如我在信中所說，現金很有趣，它位於三個非常不同的用例的交叉點，這三個用例是基於金融服務社區的交易，正如您所提到的，這在商業中實際上表現良好。我們的方法最終是以一種非常無縫的方式將這三者結合在一起，找到一個全新的產品類別，為我們的客戶重塑銀行業務。顯然，我們開始的很多都是點對點的，它具有固有的網路效應，你可以從 Fenza 那裡收到錢，然後把錢花給家庭。所以它本質上是社交的，並且本質上具有令人難以置信的口碑因素。但當你進入它時，當你收到錢時，你會發現你還可以獲得一張卡，你可以在 ATM 上使用該卡，你可以投資比特幣或股票。

You start seeing it more and more as a bigger part of your financial spend in your financial activity and financial life. And our goal now, as we mentioned, is to win more of a banking use case relationship with our existing customers. And what that means is ultimately getting to direct deposit and winning a majority of their direct deposit because that really indicates that they're seeing this as a financial home for them. And they're able to use it in entirely new ways that they wouldn't be able to in the past. So everything that we've built, again, goes back to this concept of an ecosystem where these tools positively reinforce one another. Either through new use cases or through retention or through entirely new features that they can't find elsewhere.

您開始越來越多地將其視為您的財務活動和財務生活中財務支出的重要組成部分。正如我們所提到的，我們現在的目標是贏得與現有客戶更多的銀行用例關係。這意味著最終獲得直接存款並贏得大部分直接存款，因為這確實表明他們將其視為他們的金融家園。他們能夠以過去無法做到的全新方式使用它。因此，我們所建構的一切都再次回到了生態系統的概念，在這個生態系統中，這些工具積極地相互加強。要么通過新的用例，要么通過保留，或者通過他們在其他地方找不到的全新功能。

And that helps not only drive new customers but also helps us keep them. And I think as I said before earlier on this call, I think the one that we're really excited about because it is fundamentally new to us is around commerce. And as we really deliver against these three financial services community-based peer-to-peer transactions and commerce. We have something that I believe is very, very powerful and very unique in the world and continues to build on our strength and lends itself to add strength to our other ecosystems, most notably Square.

這不僅有助於吸引新客戶，也有助於我們留住他們。我認為正如我之前在這次電話會議上所說的那樣，我認為我們真正感到興奮的是商業，因為它對我們來說根本上是新的。當我們真正針對這三種金融服務提供社區為基礎的點對點交易和商業時。我相信我們擁有一些在世界上非常、非常強大、非常獨特的東西，並將繼續增強我們的實力，並有助於增強我們其他生態系統的力量，尤其是 Square。

And I'd just add, James, that as we see customers taking on more products within our ecosystem within Cash App, we see a multiplier effect on the amount of inflows that they bring into Cash App, whether they start as peer-to-peer and then they take on a cash app card maybe they participate on our free stock investing program or Bitcoin investing, and then eventually getting them to direct deposit their paycheck which is a significant opportunity from a primary banking relationship standpoint.

詹姆斯，我想補充一點，當我們看到客戶在Cash App 的生態系統中使用更多產品時，我們看到他們為Cash App 帶來的資金流入量會產生乘數效應，無論他們是從點對點開始的。同行，然後他們持有現金應用卡，也許他們參與我們的免費股票投資計劃或比特幣投資，然後最終讓他們直接存入工資，從主要銀行關係的角度來看，這是一個重要的機會。

And that's been a big driver of the growth that we've seen in inflows for transacting active over time as we bring customers greater awareness around the broader set of financial services and commerce products across the ecosystem. What we saw in the third quarter was continue to drive growth in these newer inflow channels. Customers received more than $8 billion in direct deposits into their cash up accounts in the third quarter and more than $2 billion of paper money deposits in the third quarter, both grew approximately 40% year-over-year, which is nearly 2x as fast as the growth of overall inflows into Cash App.

隨著時間的推移，隨著我們提高客戶對整個生態系統中更廣泛的金融服務和商業產品的認識，這是我們看到活躍交易資金流入成長的一個重要推動力。我們在第三季看到的是這些新的流入管道繼續推動成長。第三季度，客戶的現金帳戶收到超過 80 億美元的直接存款，第三季紙幣存款超過 20 億美元，年增約 40%，增幅近 2 倍。 Cash App 整體流入量的成長。

So obviously, more opportunity for us to do here as we see the direct deposit attached still in that sort of 10% range to cash app card monthly actives through September. Although we've obviously continued to grow our cash app card attach through this period of time. We think we have an opportunity to improve both attach rates to cash app card as well as direct deposit and this broadening ecosystem of financial services products for Cash App.

顯然，我們有更多的機會在這裡做，因為我們看到截至 9 月份現金應用卡每月活動的直接存款仍保持在 10% 的範圍內。儘管我們在這段時間顯然繼續增加我們的現金應用程式卡附加。我們認為我們有機會提高 Cash App 卡的附加費率以及直接存款以及不斷擴大的 Cash App 金融服務產品生態系統。

We'll take our next question from Dan Dolev with Mizuho.

我們將回答丹·多列夫和瑞穗的下一個問題。

Maybe more for Jack. I think at the Analyst Day and obviously, you're very prominent talking about Bitcoin. Bitcoin is now having a renaissance. What is kind of the role of bitcoin right now in terms of your vision of connecting the ecosystem, the Holy Grail and specifically the cash app. I'm really interested in hearing your views on that.

也許對傑克來說更多。我認為在分析師日，顯然，您在談論比特幣方面非常突出。比特幣現在正在復興。就您連接生態系統、聖杯，特別是現金應用程式的願景而言，比特幣現在扮演著什麼樣的角色？我真的很想聽聽你對此的看法。

The reason we're -- we have a focus on Bitcoin is because we believe the Internet will have a native currency. We believe the Internet needs a native currency to enable micro payments globally. And we started very simply by providing an exchange for people to buy and sell Vicki. But ultimately, over time, we do believe there is a significant market and significant opportunity in remittance using Bitcoin. And that's exactly what TBD is focused on.

我們之所以關注比特幣，是因為我們相信網路將擁有一種本土貨幣。我們相信網路需要一種本地貨幣來實現全球小額支付。我們一開始非常簡單，為人們提供買賣 Vicki 的交易所。但最終，隨著時間的推移，我們確實相信使用比特幣進行匯款存在著巨大的市場和巨大的機會。這正是 TBD 所關注的重點。

Not only is it a really incredible business that's quite large. But it enables our other ecosystem Square and Cash App to move much faster globally as we build out that functionality and as we build out the primitives we're working on for developers. So I do -- I believe that Bitcoin will continue to increase in value, not just in monetary value, but in use case value to the world. And I do believe that it will be a big part of the future of commerce. And since we have such an early lead in understanding on it, will be set up for success. We always knew that this was going to be a long-term play, and it still will be. But there's no doubt that the internet will have a native currency. And there's no doubt right now that Bitcoin is the best candidate for them.

它不僅是一個非常令人難以置信的龐大業務。但隨著我們建立該功能以及為開發人員建立我們正在開發的原語，它使我們的其他生態系統 Square 和 Cash App 能夠在全球範圍內更快地發展。所以我相信比特幣的價值將繼續增加，不僅是貨幣價值，還有對世界的用例價值。我確實相信這將成為商業未來的重要組成部分。由於我們對它的理解如此之早，將為成功做好準備。我們一直都知道這將是一場長期的比賽，而且仍然如此。但毫無疑問，網路將擁有一種本土貨幣。毫無疑問，現在比特幣是他們的最佳選擇。

And I'll just add to that. I'll just add that, obviously, you've heard from us today an increasing focus on not only our aspirations and growth for the business, but also discipline in how we operate our business. And similarly, we'll be disciplined around our Bitcoin initiatives, holding our emerging initiatives to a specific investment envelope and will track progress relative to those key milestones on a recurring basis.

我將對此進行補充。我只想補充一點，顯然，您今天從我們那裡聽到，我們不僅越來越關注我們的願望和業務成長，而且越來越關注我們經營業務的紀律。同樣，我們將嚴格遵守我們的比特幣計劃，將我們的新興計劃限制在特定的投資範圍內，並將定期追蹤與這些關鍵里程碑相關的進度。

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。

I wanted to come back to the vertical point of sale in Square. You had the gross profit of 29% there. Is that growth rate sustainable over the next few quarters? And I'm curious what percent of Square's total gross profit is now coming from vertical point of sale? And then separately, if you could just make a quick comment on what you're expecting for stock-based comp expense both this year and next year?

我想回到 Square 的垂直銷售點。你那裡的毛利是29%。這一成長率在未來幾季能否持續？我很好奇 Square 總毛利潤現在來自垂直銷售點的百分比是多少？然後，您是否可以分別快速評論一下您對今年和明年基於股票的補償費用的預期？

Jason, I can start. So in the third quarter, yes, we had a strong growth in our vertical point-of-sale and developer solutions where gross profit from our vertical point-of-sale products across retail, restaurants and appointments was up 29% year-over-year in gross profit growth from our developer tools also outpaced overall Square gross profit growth. As we said last quarter, each of our vertical point-of-sale products delivered gross profit of over $100 million on an annualized basis during the third quarter as well.

傑森，我可以開始了。因此，在第三季度，我們的垂直銷售點和開發人員解決方案實現了強勁增長，零售、餐廳和預約領域的垂直銷售點產品的毛利同比增長了 29%。我們開發者工具的毛利成長也超過了Square 的整體毛利成長。正如我們上季度所說，我們的每個垂直銷售點產品在第三季的年化毛利也超過了 1 億美元。

And there will be key pieces of how we optimize our go-to-market strategy, improving onboarding flows and experimenting with new channels. I won't give you a specific number for vertical point of sale going forward, but we did note that we expect Square gross profit growth from a Q4 perspective to improve relative to Q3, partly because of the more favorable comparisons as well as the full quarter of a pricing movement that we take -- we took on Square invoices during the third quarter. And your second question was related to stock-based compensation.

我們將如何優化我們的進入市場策略、改善入職流程和嘗試新管道等關鍵部分。我不會為您提供未來垂直銷售點的具體數字，但我們確實注意到，我們預計Square 的毛利成長從第四季度的角度來看將相對於第三季度有所改善，部分原因是更有利的比較以及全面的我們在第三季收到了 Square 發票。你的第二個問題與股票薪酬有關。

Right for 2023 and 2024, just in the context of the AOI targets?

就 AOI 目標而言，適合 2023 年和 2024 年嗎？

Sure. So stock-based compensation in the fourth quarter, we expect to be relatively flat relative on an absolute dollar basis relative to the third quarter. And as I said on the call earlier, we expect to drive meaningful leverage on SBC over time, starting in 2024. And here, we measure it as stock-based compensation as a percentage of gross profit as we implement the absolute number cap on the number of people that we have at the company and look to drive operational leverage and efficiencies across our business. This is a key focus area for us.

當然。因此，我們預計第四季的股票薪酬相對於第三季的絕對美元水準將相對持平。正如我之前在電話會議上所說，我們預計從2024 年開始，隨著時間的推移，對SBC 施加有意義的槓桿作用。在這裡，我們將其衡量為基於股票的薪酬佔毛利潤的百分比，因為我們對股票實施了絕對數量上限。我們在公司擁有的人數，並希望提高整個業務的營運槓桿和效率。這是我們的重點領域。

Obviously, SBC is an important tool for us and how employees are shareholders and align our incentives as owners of the business. But it's one that we're very mindful of and have deliberately included in our financial targets and adjusted operating income to be measuring and watchful of the amount of dilution. That's also part of the reason that we've got our $1 billion buyback that we've announced today is an intention to offset a portion of dilution moving forward.

顯然，SBC 對我們來說是一個重要的工具，可以幫助員工成為股東，並調整我們作為企業所有者的激勵措施。但我們非常重視這一點，並特意將其納入我們的財務目標和調整後的營業收入中，以衡量和警惕稀釋程度。這也是我們今天宣布的 10 億美元回購的部分原因，目的是抵消未來的部分稀釋。

We'll take our next question from Pete Christiansen with Citi.

我們將回答花旗銀行的 Pete Christiansen 提出的下一個問題。

Jack, I wanted to dig a little bit into the go-to-market on the Square side, connecting a few dots from earlier questions, conversations, it sounds like Square may be more interested in participating with the ISO channel to distribute Square products. Is that something on the road map? Is that something where you've experimented before? Do you believe that Square needs to embrace the ISO channel more to scale against competitors?

Jack，我想深入了解 Square 方面的上市情況，將先前的問題和對話中的一些點聯繫起來，聽起來 Square 可能更有興趣參與 ISO 管道來分發 Square 產品。這是路線圖上的東西嗎？這是你以前嘗試過的嗎？您是否認為 Square 需要更多地擁抱 ISO 管道才能擴大規模以對抗競爭對手？

We have experienced -- we've experimented with it before from a financial partnership perspective. Specifically, we had a partnership with JPMorgan Chase and gave out Square readers at all of their branches as a distribution point, not close off to it. I think the most important thing is like we need to experiment more and we need to experiment with different models. I think the answer is not going to be generalized. It's going to be specific to the vertical. This looks different in terms of distribution for a restaurant than it does for services and beauty and then that's completely different from retail.

我們已經經歷過——我們之前從金融合作夥伴的角度進行過嘗試。具體來說，我們與摩根大通建立了合作夥伴關係，並在其所有分行提供 Square 閱讀器作為分發點，而不是關閉它。我認為最重要的是我們需要進行更多實驗，我們需要嘗試不同的模型。我認為答案不會一概而論。它將特定於垂直領域。就餐廳的分銷而言，這看起來與服務和美容的分銷不同，而這又與零售完全不同。

So I think the most important point to take away is like we want to be open to a lot more experimentation that's on a smaller scale for a bit of time so that we can see what's working and then invest in a much heavier way. We are looking more deeply at just some immediate experiments such as contracts which you're seeing some early success from some local campaigns, more partnerships and specifically referrals, which we think there's a lot to it, and it kind of harkens back to our earliest day in terms of how square spread, which was entirely by word-of-mouth referrals helps push out even more. And then just making sure that we're focused on the experience the sellers have when they get into the service or when they go to our website. So those, I think, are the biggest drivers.

因此，我認為最重要的一點是，我們希望在一段時間內對更多小規模的實驗持開放態度，以便我們可以看到什麼是有效的，然後以更大規模的方式進行投資。我們正在更深入地研究一些直接的實驗，例如合同，您可以看到一些本地活動的早期成功，更多的合作夥伴關係和特別的推薦，我們認為這有很多內容，這有點讓人回想起我們最早的就平方傳播而言，完全透過口碑推薦協助推出更多產品。然後確保我們專注於賣家使用服務或造訪我們網站時的體驗。所以我認為這些是最大的驅動因素。

And we'll take one more question, and we'll take that question from Andrew Jeffrey with Truist Securities.

我們將再回答一個問題，我們將回答 Truist 證券公司的 Andrew Jeffrey 提出的問題。

I appreciate you sneaking me in here at the end. Amrita, the Cash App monetization framework has always been really helpful. Could you unpack a little bit sources of monetization within Cash App. I'm thinking specifically about Instant Deposit versus interchange and how that's changed over time and how you think about the Instant Deposit product, in particular, in a real-time payments world.

我很感激你最後偷偷帶我來這裡。 Amrita，Cash App 貨幣化框架一直非常有幫助。您能否在 Cash App 中解開一些貨幣化來源？我正在具體考慮即時存款與交換，​​以及它們如何隨著時間的推移而變化，以及您如何看待即時存款產品，特別是在即時支付世界中。

Sure. Thanks for the question, Andrew. We've had a growing set of products across Cash App and some of which are free and some of which are monetized and have grown the pace of monetization of some of the products outside of Instant Deposit even faster than instant deposits. So the mix of the business relying on instant deposit has declined over time despite the fact that, that continues to be a growing product for us and has unique use cases around customer utility.

當然。謝謝你的提問，安德魯。我們在 Cash App 上擁有越來越多的產品，其中一些是免費的，有些是貨幣化的，並且即時存款以外的一些產品的貨幣化速度甚至比即時存款更快。因此，依賴即時存款的業務組合隨著時間的推移而下降，儘管事實上，這對我們來說仍然是一個不斷增長的產品，並且在客戶效用方面有獨特的用例。

Of course, our focus is as much as possible, delivering value within our ecosystem across a number of products. And that's where you've seen the strong growth of things like Cash App Card, with $22 million, 40% attached to our 55 million monthly active base and where we've seen strong growth from per active spend perspective which continues into the third quarter with growth on a year-over-year basis there. So -- and along with greater utility around, obviously, peer-to-peer within the broader ecosystem of Cash App, the ability to deposit paper money deposits, the ability to receive your direct deposit, the ability to extract money through an ATM, has the ability to invest money, the ability now to save money within Cash app. And all of these provide a greater utility for a lot of these inflows that are staying within the cash up ecosystem are moving throughout the Cash App ecosystem.

當然，我們的重點是盡可能在我們的生態系統中跨多種產品提供價值。這就是Cash App Card 之類的強勁增長的地方，價值2200 萬美元，其中40% 屬於我們5500 萬的每月活躍用戶群，從每個活躍支出的角度來看，我們看到了強勁的增長，這種成長一直持續到第三季那裡的年成長。因此，顯然，隨著現金應用程式更廣泛的生態系統中點對點的更大實用性、存入紙幣存款的能力、接收直接存款的能力、透過 ATM 提取資金的能力，有能力投資金錢，現在有能力在現金應用程式中省錢。所有這些都為現金生態系統中的大量資金流入整個現金應用程式生態系統提供了更大的效用。

Now what we've seen historically when we look outside at other countries where instant rails are available. For instance, in the U.K., where Square also has an instant transfer product as the attach rate in those areas for that product continue to be strong and generally about as strong as what we see in the U.S., meaning that people are willing to pay for seamless, integrated product experiences that provide them with value. So obviously, this is one that we'll continue to watch. But we've been pleased with the continued growth of Instant Deposit, but even more pleased with the growth of the other products across Cash App.

現在，當我們看看其他有即時鐵路的國家時，我們歷史上看到了什麼。例如，在英國，Square 也有即時轉帳產品，因為該產品在這些地區的附加率仍然很高，通常與我們在美國看到的一樣高，這意味著人們願意為該產品付費無縫、整合的產品體驗為他們提供價值。顯然，這是我們將繼續關注的一個。但我們對即時存款的持續成長感到滿意，但更對 Cash App 中其他產品的成長感到滿意。

Thank you. And that does conclude Block's third quarter earnings call. Thank you for your participation.

謝謝。 Block 第三季財報電話會議到此結束。感謝您的參與。