Block Inc (SQ) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block Fourth Quarter 2023 Earnings Conference Call.

女士們、先生們，美好的一天，歡迎參加 Block 2023 年第四季財報電話會議。

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

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 fourth quarter 2023 earnings call. We have Jack and Amrita with us today.

大家好。感謝您參加我們的 2023 年第四季財報電話會議。今天我們有傑克和阿姆麗塔。

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.

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。

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. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance.

我們也想提醒大家，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。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。

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. Further, a discussion during this call of Cash App's banking services refer to those offered through our bank partners.

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。此外，本次電話會議中討論的 Cash App 銀行服務是指透過我們的銀行合作夥伴提供的服務。

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, 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 個規則。根據 40 個規則，我們正在評估我們的毛利、利潤成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 and our historical financial information spreadsheet on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

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。股東信函和投資者關係網站上的歷史財務資訊電子表格中提供了與最直接可比較的 GAAP 財務指標的調整表。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訊網路廣播。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我們的網站上提供。

With that, I would like to turn it over to Jack.

有了這個，我想把它交給傑克。

Thank you all for joining us. Last quarter, I focused our shareholder letter on how we're going to grow Square through 4 priorities. This quarter, our letter is about Cash App's strategy and our goal to become one of the top providers of banking services to households in the U.S. If you haven't yet, please read that letter for details. As we did last quarter, to maximize time for your questions, we're going to focus our opening remarks on Amrita providing more details on the financials.

感謝大家加入我們。上個季度，我在致股東的信中重點討論了我們將如何透過 4 個優先事項來發展 Square。本季度，我們的信函內容涉及 Cash App 的策略以及我們成為美國家庭銀行服務頂級提供者之一的目標。如果您還沒有，請閱讀該信函以了解詳細資訊。正如我們上季度所做的那樣，為了最大限度地利用時間回答大家的問題，我們將把開場白集中在 Amrita 上，提供有關財務狀況的更多詳細信息。

Over to Amrita.

轉到阿姆麗塔。

Thanks, Jack. There are 2 broad topics I'd like to cover. First, where we've been, in particular, our performance for the full year and fourth quarter of 2023 where we saw strong growth and meaningful improvements in profitability, driving progress against our investment framework.

謝謝，傑克。我想討論兩個廣泛的主題。首先，特別是 2023 年全年和第四季度的業績，我們看到了強勁的成長和獲利能力的顯著改善，推動了我們的投資框架的進展。

Second, where we're headed, our expectations for 2024, our guidance for the first quarter, recent trends we've seen and ways we'll look to drive improvements on Rule of 40.

其次，我們的發展方向、我們對 2024 年的預期、我們對第一季的指導、我們看到的最新趨勢以及我們尋求推動 40 規則改進的方式。

Let's start with our strong growth and efficiency in 2023 as we continue to drive toward our Rule of 40 target in 2026.

讓我們從 2023 年的強勁成長和效率開始，繼續努力實現 2026 年的 40 條規則目標。

We ended 2023 with $7.5 billion in gross profit for the year, up 25% year-over-year or 24% on a combined company basis. Our heightened focus on efficiency helped us improve profitability during the year.

截至 2023 年，我們的年度毛利為 75 億美元，年增 25%，公司合併後成長 24%。我們對效率的高度關注幫助我們提高了這一年的獲利能力。

Adjusted EBITDA was $1.79 billion, up 81% year-over-year, and 24% margin on gross profit, our highest ever. Adjusted operating income, which as a reminder includes expenses related to stock-based compensation and depreciation, was $351 million, our highest yet, representing a 5% margin on gross profit and compared to a loss of $145 million a year ago. Cash flow generation also improved this year as adjusted free cash flow for 2023 was $515 million, up from negative $346 million a year ago.

調整後 EBITDA 為 17.9 億美元，年增 81%，毛利潤率為 24%，創歷史最高水準。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 3.51 億美元，是我們迄今為止的最高水平，毛利潤率為 5%，而一年前為虧損 1.45 億美元。今年現金流產生也有所改善，2023 年調整後自由現金流為 5.15 億美元，高於一年前的負 3.46 億美元。

Taking the components together, we achieved Rule of 29 in 2023, on a combined company basis, which was a few points higher than our guidance as of the third quarter.

將各個組成部分放在一起，我們在合併後的公司基礎上於 2023 年實現了 29 條規則，這比我們截至第三季度的指導高了幾個百分點。

The other component of our investment framework is gross profit retention, which shows our ability to retain a customer over time and is an indication of whether our products, pricing and support are valued by our customers.

我們投資框架的另一個組成部分是毛利保留，它顯示了我們隨著時間的推移保留客戶的能力，並表明我們的產品、定價和支援是否受到客戶的重視。

During 2023, Square and Cash App each achieved positive gross profit retention in aggregate across our annual cohorts. Square cohorts saw strength in software and banking, offset softness in processing volumes during the year. Cash App benefited from on inflows per active, driven by financial services products and monetization from pricing changes.

2023 年，Square 和 Cash App 在我們的年度群組中合計實現了正毛利潤保留。 Square 團隊看到了軟體和銀行業務的強勁勢頭，抵消了這一年處理量的疲軟。 Cash App 受益於金融服務產品和定價變化帶來的貨幣化推動下的每次活躍資金流入。

In the fourth quarter, gross profit was $2.03 billion, up 22% year-over-year. Adjusted EBITDA was $562 million and adjusted operating income was $185 million, both higher than our guidance, driven by continued discipline in discretionary spend.

第四季毛利為20.3億美元，較去年同期成長22%。調整後的 EBITDA 為 5.62 億美元，調整後的營業收入為 1.85 億美元，都高於我們的指導，這得益於持續嚴格的可自由支配支出。

On a GAAP basis, operating loss of $131 million was impacted by a goodwill impairment of $132 million, severance expenses of $70 million, primarily related to our recent organizational restructuring, and lease impairment restructuring expenses of $34 million. Also as a reminder, starting in the fourth quarter, we restructured our commerce efforts by moving our BNPL platform fully into Cash App. We are reflecting this change in our fourth quarter and 2023 gross profit results as well as prior periods. Let's get into the drivers for each of Square and Cash App in the fourth quarter.

根據 GAAP 計算，1.31 億美元的營運虧損受到 1.32 億美元商譽減損、7,000 萬美元遣散費（主要與我們最近的組織重組有關）以及 3,400 萬美元租賃減損重組費用的影響。另外提醒一下，從第四季開始，我們重組了我們的商務工作，將 BNPL 平台完全轉移到 Cash App 中。我們在第四季度和 2023 年毛利潤結果以及前期結果中反映了這一變化。讓我們來看看第四季 Square 和 Cash App 的驅動因素。

Square generated $828 million in gross profit, up 18% year-over-year. Square GPV was up 10% year-over-year in the fourth quarter. While we experienced positive acquisition and stable churn of existing sellers compared to prior periods, GPV per seller continued to be affected by slower discretionary spend in the U.S., and consistent with what we shared last quarter, we've also seen a lower gross profit contribution from ramping cohorts of sellers.

Square 的毛利為 8.28 億美元，年增 18%。 Square第四季GPV年增10%。雖然與之前相比，我們經歷了積極的收購和現有賣家的穩定流失，但每個賣家的GPV 繼續受到美國可自由支配支出放緩的影響，並且與我們上季度分享的情況一致，我們還看到毛利貢獻較低來自不斷增加的賣家群。

Within our card-not-present volumes, we saw solid growth in online volumes, up 11% year-over-year. This was partially offset by a decline in manual-keyed entry, or MKE, volumes, where a seller manually enters card information into a payment device either in person or over the phone. This has been an ongoing trend, with MKE volume now representing just 13% of Square GPV in the fourth quarter of 2023 compared to more than 16% 2 years prior. We expect the headwind from MKE transactions to remain for some time, although its impact should moderate as we expect software-enabled payments to become an increasing driver of our business.

在無卡交易量中，我們看到線上交易量穩定成長，年增 11%。這部分被手動輸入（MKE）數量的下降所抵消，其中賣家親自或透過電話將卡片資訊手動輸入支付設備。這是一個持續的趨勢，2023 年第四季度，MKE 交易量僅佔 Square GPV 的 13%，而兩年前則超過 16%。我們預計 MKE 交易的阻力將持續一段時間，但其影響應該會有所緩和，因為我們預計軟體支付將成為我們業務的日益增長的推動力。

While Square GPV growth has moderated, driven by GPV per seller and MKE declines, our banking products and vertical point-of-sale solutions delivered strong growth, with gross profit from these products up 28% and 27% year-over-year, respectively.

儘管每位賣家 GPV 和 MKE 下降的推動，Square GPV 成長有所放緩，但我們的銀行產品和垂直銷售點解決方案實現了強勁增長，這些產品的毛利同比分別增長 28% 和 27% 。

Cash App generated $1.18 billion in gross profit in the fourth quarter, an increase of 25% year-over-year. Looking at the components of the inflows framework, which as a reminder, does not include our BNPL platform. As of December, Cash App had 56 million monthly transacting actives, up 9% year-over-year. Inflows per transacting active averaged $1,137 in the fourth quarter, up 8% year-over-year, driven by increasing adoption of our financial services products over the past year. Cash App Card continued to increase its scale and introduced customers to financial services within Cash App. Cash App Card reached 23 million monthly actives, representing more than 40% of our total active base in December and growing 20% compared to the prior year, more than twice as fast as overall monthly transacting actives.

Cash App第四季毛利為11.8億美元，較去年同期成長25%。查看流入框架的組成部分，提醒一下，其中不包括我們的 BNPL 平台。截至 12 月，Cash App 月活躍交易量為 5,600 萬，年增 9%。由於去年我們的金融服務產品的採用率不斷提高，第四季度每位活躍交易者的平均流入量為 1,137 美元，較去年同期成長 8%。 Cash App Card 持續擴大規模，並向客戶介紹了 Cash App 內的金融服務。 Cash App Card 的月活躍量達到 2,300 萬，佔 12 月總活躍量的 40% 以上，比上年增長 20%，是每月總交易活躍量的兩倍多。

Monetization rate was 1.48%, up 9 basis points year-over-year and 5 basis points quarter-over-quarter. Improvement from the third quarter was driven by a number of factors, including an increase in Bitcoin gross profit from pricing changes implemented during the quarter.

貨幣化率為1.48%，較去年同期上升9個基點，較上季上升5個基點。第三季的改善是由多種因素推動的，其中包括本季實施的定價變化帶來的比特幣毛利的增加。

Turning to our BNPL platform, which contributed $242 million of gross profit to Cash App in the fourth quarter. GMV from our BNPL platform was $8.6 billion in the fourth quarter, up 25% year-over-year, driven by strength across our Pay-in-Four offering as well as single-use payments, which allows customers in the U.S., U.K. and Australia to shop via the Afterpay merchants we don't have a direct relationship with and pay using BNPL.

轉向我們的 BNPL 平台，該平台在第四季度為 Cash App 貢獻了 2.42 億美元的毛利。我們的 BNPL 平台第四季度的 GMV 為 86 億美元，同比增長 25%，這得益於我們的四分付產品和一次性支付的實力，該產品允許美國、英國和美國的客戶使用澳大利亞通過與我們沒有直接關係的Afterpay 商家購物並使用BNPL 付款。

Losses on consumer receivables were 1% of GMV, consistent with historical ranges. As Jack included in his letter, integrating commerce payments tools is a key focus for us next year, and we see powering BNPL through Cash App Card as a significant opportunity.

消費者應收帳款損失佔 GMV 的 1%，與歷史範圍一致。正如 Jack 在信中所言，整合商業支付工具是我們明年的重點，我們認為透過 Cash App Card 為 BNPL 提供支援是一個重大機會。

Turning to our guidance. We have committed to achieving our Rule of 40 target in 2026. Our primary objective in 2024 is to deliver an improvement from the Rule of 29 we achieved in 2023, on a combined company basis.

轉向我們的指導。我們致力於在 2026 年實現 40 條規則的目標。我們 2024 年的主要目標是在合併後的公司基礎上，比 2023 年實現的 29 條規則有所改進。

To achieve this, we have put forward an initial guidance that we intend to exceed by at least 1 point of outperformance during the year, either on gross profit growth or adjusted operating income margin or both. As we did last year, we are working to identify growth opportunities and additional efficiencies that further progress us towards Rule of 40.

為了實現這一目標，我們提出了初步指導，我們打算在今年的業績表現上至少超出 1 個百分點，無論是毛利成長還是調整後營業利潤率或兩者兼而有之。正如我們去年所做的那樣，我們正在努力尋找成長機會和額外效率，以進一步推動我們實現 40 條規則。

For the full year 2024, we are expecting at least $8.65 billion in gross profit or at least 15% growth year-over-year. By ecosystem, we expect Cash App to grow faster than Square, but for growth to moderate from 2023 as we lap pricing changes and other initiatives that improved our cost structure. As we look to 2024 and beyond, we are focusing our efforts on driving engagement through product adoption and product velocity.

2024 年全年，我們預計毛利至少為 86.5 億美元，年增至少 15%。從生態系統來看，我們預計 Cash App 的成長速度將快於 Square，但隨著我們實施定價變化和其他改善成本結構的舉措，從 2023 年開始成長將放緩。展望 2024 年及以後，我們將專注於透過產品採用和產品速度來推動參與度。

Within Square, we expect software and integrated payments and banking to be continued drivers of growth. We believe the work we put towards our new strategic priorities and the investment behind several go-to-market initiatives can improve seller acquisition over the next few years.

在 Square 內部，我們預期軟體以及整合支付和銀行業務將成為持續的成長動力。我們相信，我們為新的策略重點所做的工作以及多項上市計劃背後的投資可以在未來幾年內改善賣家的獲取。

On profitability, we are raising our full year guidance and now expect adjusted operating income of at least $1.15 billion compared to our preliminary guide of $875 million and adjusted EBITDA of at least $2.63 billion versus $2.4 billion. This represents year-over-year margin expansion of approximately 9 points on adjusted operating income and 7 points on adjusted EBITDA.

在獲利能力方面，我們正在提高全年指導，目前預計調整後營業收入至少為11.5 億美元，而我們的初步指引為8.75 億美元，調整後EBITDA 為至少26.3 億美元，而我們的初步指引為24億美元。這意味著調整後營業收入年增約 9 個百分點，調整後 EBITDA 利潤率年增約 7 個百分點。

As we continue to focus on managing costs, we expect to achieve leverage on share-based compensation expenses as a percentage of gross profit compared to 2023. This guidance on growth and profitability is based on the visibility we have into our business today with no significant changes to the macro environment.

隨著我們繼續專注於管理成本，與 2023 年相比，我們預計將實現基於股份的薪酬費用佔毛利潤的百分比。本關於增長和盈利能力的指導基於我們目前對業務的了解，沒有重大影響宏觀環境的變化。

Lastly, our guidance for the first quarter of 2024. We expect to deliver between $2 billion to $2.02 billion in gross profit or 17% growth at the midpoint. For Square, we expect gross profit and GPV to moderate slightly compared to the fourth quarter's 18% and 10%, respectively. So far this year, weather has periodically impacted Square GPV in the U.S., and particularly in January, where we saw it drive a 3- to 4-point moderation in growth, as certain regions experienced impacts to in-person volumes, particularly within food and drink and retail.

最後是我們對 2024 年第一季的指引。我們預計毛利將在 20 億美元至 20.2 億美元之間，中間值成長 17%。對於 Square，我們預計毛利和 GPV 將分別較第四季的 18% 和 10% 略有放緩。今年到目前為止，天氣週期性地影響了美國的Square GPV，特別是在1 月份，我們看到它推動了3 到4 個百分點的增長放緩，因為某些地區的人流量受到了影響，特別是在食品領域以及飲料和零售。

For Cash App, we expect growth to be driven by actives and inflows per active in the first quarter. We expect the gross profit growth rate to moderate compared to the fourth quarter's 25% as we'll be lapping tougher comparisons.

對於 Cash App，我們預計第一季的成長將由活躍活動和每個活躍活動的流入所推動。我們預計毛利成長率將較第四季的 25% 放緩，因為我們將進行更嚴格的比較。

Looking at profitability, we plan to deliver both quarter-over-quarter and year-over-year growth with adjusted operating income of $225 million to $245 million and adjusted EBITDA of $570 million to $590 million. The respective midpoints represent margins of 12% and 29% and year-over-year growth of 361% and 57%, demonstrating our continued focus on driving profitable growth.

在獲利能力方面，我們計劃實現季度環比和同比增長，調整後營業收入為 2.25 億美元至 2.45 億美元，調整後 EBITDA 為 5.7 億美元至 5.9 億美元。中點分別代表利潤率 12% 和 29%，年增 361% 和 57%，顯示我們繼續致力於推動利潤成長。

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) Your first question comes from the line of Tien-Tsin Huang from JPMorgan.

（操作員指示） 您的第一個問題來自摩根大通黃天欽的電話。

So you acted really quickly here on costs. I want to ask how quickly you can attack growth in '24. Really, product velocity is the question here. In your letter, Jack, you talk about closing product gaps in Cash App and reclaiming leadership in engineering and design of Square. How quickly can you get there? And when might we see some measurable benefits to growth in '24?

所以你們在成本方面的行動非常迅速。我想問一下，24 年你能以多快的速度成長。事實上，產品速度就是這裡的問題。 Jack，在你的信中，你談到了縮小 Cash App 的產品差距以及重新奪回 Square 工程和設計方面的領導地位。你能多快到達那裡？我們什麼時候才能看到 24 年成長的一些可衡量的好處？

Yes. Across the board in every one of our business units, we've been going through an exercise in order to simplify how we work so we can move much faster. And that's inclusive of Square and Cash App and TIDAL and TBD. So you should expect a much higher product velocity across the board.

是的。在我們的每個業務部門中，我們一直在進行一項練習，以簡化我們的工作方式，以便我們可以更快地採取行動。其中包括 Square 和 Cash App 以及 TIDAL 和 TBD。因此，您應該期望全面提高產品速度。

With Square, in particular, we've been doing a lot of platform work. This is our #1 priority to ensure that we can move much faster with some features and future gaps that have held us back from certain customers, namely with food and bev. We have, for example, pre-auth coming this year. And when those platform elements unlock, it's just kind of unlock a whole bunch of speed across restaurants, retail, services. And I believe we'll be able to push really hard and see really good outcomes.

特別是在 Square 方面，我們做了很多平台工作。這是我們的第一要務，確保我們能夠在某些功能和未來的差距上更快地前進，這些功能和未來的差距阻礙了我們與某些客戶（即食品和飲料）的聯繫。例如，我們今年將進行預授權。當這些平台元素解鎖時，就等於解鎖了餐廳、零售和服務的整體速度。我相信我們將能夠非常努力地推動並看到真正好的結果。

On the Cash App, where we're going to benefit a lot from this, the focus is on the banking relationships. We've been focused a lot of our -- we've been pulling the thread, I should say, on banking relationships for quite some time. And we have proven out the model with the success of the Cash App Card. And it's really focused a lot of our efforts in order to, as I said in the shareholder letter, bank our base. So our strategy is to make sure that we are the best choice and the first choice for anyone looking who's making under $150,000 to see Cash App as their primary bank. And that has to do -- one of the biggest signals is that the majority of their direct deposit is going into Cash App.

在現金應用程式上，我們將從中受益匪淺，重點是銀行關係。我應該說，相當長一段時間以來，我們一直把重點放在銀行關係上。我們已經透過 Cash App 卡的成功證明了這個模型。正如我在股東信中所說，我們確實投入了大量精力，為我們的基地提供資金。因此，我們的策略是確保對於那些希望將 Cash App 視為其主要銀行的收入低於 150,000 美元的人來說，我們是最佳選擇和首選。這是必然的——最大的信號之一是他們的大部分直接存款都進入了 Cash App。

So we're going to move very fast because we have a much more focused road map and a road map against banking in particular. And as we said in the letter in a lot of detail, I think we'll see very positive outcomes from that focus, and it allows us to go to parts 2 and 3 of that strategy, which is on families and also becoming a social bank. Cash App is inherently social.

因此，我們將採取非常快速的行動，因為我們有一個更集中的路線圖，特別是針對銀行業的路線圖。正如我們在信中詳細說明的那樣，我認為我們將從這一重點中看到非常積極的成果，它使我們能夠進入該策略的第二部分和第三部分，即關於家庭並成為社會銀行。 Cash App 本質上是社交性的。

We have this incredible network effect through starting with peer-to-peer. And we have this opportunity to make it even more social and really look deeply at the local payments and local commerce, in particular. And that's where the intersection with Square comes into play. We're going to start putting our Square customers first and foremost in the Cash App, and you really see the power of our combined ecosystems and a combined network.

從點對點開始，我們擁有了令人難以置信的網路效應。我們有機會讓它變得更加社交化，並真正深入研究本地支付和本地商業，特別是。這就是與 Square 的交叉點發揮作用的地方。我們將開始將 Square 客戶放在 Cash App 中的首位，您將真正看到我們組合生態系統和組合網路的力量。

And I'd just add, Tien-Tsin, just to tie this together with our 2024 outlook. Our guidance philosophy is to guide based on our current run rate trends in our business, what we're seeing in the business quarter-to-date as of earnings and the known expense and growth levers that we've incorporated into our plan entering the year. So a lot of the refocused strategy and key growth initiatives that we're discussing are not included in our 2024 expectations, given how recent they are. And they provide us with the opportunities to outperform relative to this initial guidance.

我想補充一點，Tien-Tsin，只是為了將這一點與我們 2024 年的展望聯繫起來。我們的指導理念是根據我們當前的業務運行率趨勢、我們在業務季度至今所看到的盈利情況以及我們已納入進入計劃的已知費用和增長槓桿來進行指導。年。因此，我們正在討論的許多重新定位的策略和關鍵成長舉措並未包含在我們的 2024 年預期中，因為它們是最近才出現的。它們為我們提供了超越最初指導的機會。

Whether it's a product platform or go-to-market experimentation within the Square business or the Cash App's bank the base strategy, we're hard at work at each of those elements, and we expect those to deliver for us as we get into later into the year in 2025 and beyond but still early days.

無論是 Square 業務中的產品平台還是上市實驗，還是 Cash App 的銀行基本策略，我們都在努力研究每一個要素，我們希望這些要素能夠在我們稍後進入時為我們帶來成果到2025 年及以後，但仍處於早期階段。

Your next question comes from the line of Timothy Chiodo from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的 Timothy Chiodo。

I want to dig in a little bit to the Square distribution approach. You've talked about building out the vertical outbound sales teams and also potentially experimenting with local in-market sales teams, and also saw in the shareholder letter, you mentioned the revamped referral program. But maybe you could expand upon how Square views the potential to partner with banks and ISOs, so adding bank partners for distribution, adding ISOs to get broader coverage across the nation and the various considerations and how you sort of view the potential for that in the future.

我想深入研究 Square 分發方法。您談到了建立垂直的對外銷售團隊，並可能嘗試嘗試當地的市場內銷售團隊，並且在股東信中也看到，您提到了改進的推薦計劃。但也許您可以詳細闡述 Square 如何看待與銀行和 ISO 合作的潛力，因此添加銀行合作夥伴進行分銷，添加 ISO 以獲得更廣泛的全國覆蓋範圍以及各種考慮因素以及您如何看待這種潛力未來。

Yes. We're definitely open on this. We tried this in the past in our first few years as a company. As many of you know, JPMorgan Chase was one of our earliest investors, our Series B. And we had Square readers in every single branch in the United States. It wasn't that effective. I think that particular strategy just did not work because the expectation of the customer coming in, especially for business banking, for whatever reason, was off.

是的。我們對此絕對持開放態度。我們在成立公司的最初幾年就嘗試過這種做法。正如你們許多人所知，摩根大通是我們 B 輪最早的投資者之一。我們在美國的每個分行都有 Square 讀者。這不是那麼有效。我認為這種特定的策略並沒有發揮作用，因為無論出於何種原因，客戶的期望，尤其是商業銀行業務的期望，都落空了。

That's not to say that all these channels don't work. Obviously, it does work for a few of our competitors. And we're certainly open to them and open to exploring them. I think the biggest thing that is really important for Square is certainly the -- our go-to-market approach, but our product itself is where I want to put a lot of our focus. One of the things that we're doing soon is we're -- right now, we have about 4 or 5 apps in the App Store. It's pretty confusing to direct people to the App Store. And when they get there really, it's a function of Apple's search results as to whether they find us or not, the app they need, especially if they're a restaurant or retail or a services organization.

這並不是說所有這些管道都不起作用。顯然，它確實適用於我們的一些競爭對手。我們當然對它們持開放態度並願意探索它們。我認為對 Square 來說真正重要的最重要的事情當然是我們的市場推廣方法，但我們的產品本身就是我想要重點關注的地方。我們即將做的事情之一是，現在，我們在 App Store 中有大約 4 或 5 個應用程式。將人們引導至 App Store 非常令人困惑。當他們真正到達那裡時，蘋果的搜尋結果會決定他們是否找到我們以及他們需要的應用程序，特別是如果他們是一家餐廳、零售或服務組織。

So what we're going to do is we're going to go back to having one app. It's just going to be called Square. And we can easily say to anyone that you can go to Square or you can download Square. You have everything you need. The interface and navigation and features will dynamically shift based on the type of merchant you say you are and shift over time as you get more and more sophisticated with the software. And we can also obviously help folks with our sales team to guide them through. But I think generally, it would be a whole lot simpler. We have massive success with self-serve. And as we do add referral engines and be more targeted with them, specifically within food and beverage and restaurants, having a much simpler way to get the app, to use it, and to get up and started, whether you're a micro merchant, just one person, sole proprietorship, or all the way up to multi-location, multi-country. So that's the goal, and we'll realize all that this year.

所以我們要做的就是回到單一應用程式。它將被稱為 Square。我們可以輕鬆地告訴任何人，您可以造訪 Square 或您可以下載 Square。你擁有你所需要的一切。介面、導航和功能將根據您所說的商家類型動態變化，並且隨著您對軟體的使用越來越複雜而隨著時間的推移而變化。顯然，我們也可以幫助我們的銷售團隊指導他們完成任務。但我認為一般來說，這會簡單得多。我們在自助服務方面取得了巨大成功。當我們添加推薦引擎並更有針對性地利用它們時，特別是在食品和飲料以及餐館內，無論您是微型商家，都可以通過更簡單的方式來獲取、使用它以及啟動和啟動應用程序，只有一個人、獨資，或一直到多地點、多國家。這就是目標，我們今年將實現這一切。

And I think that's really going to unlock a ton of growth and make anything that we do from a distribution standpoint, whether it be through ISOs or bank partnerships, or what I think is more important, through our targeted channels for restaurants and services and retail, it's going to make it that much better. And most importantly, we'll focus on retaining, which is a big aspect.

我認為這確實會帶來大量的成長，並從分銷的角度來看我們所做的任何事情，無論是透過ISO 還是銀行合作夥伴關係，或者我認為更重要的是，透過我們針對餐廳、服務和零售的目標管道，這會讓事情變得更好。最重要的是，我們將重點放在保留，這是一個重要方面。

The other thing that I think will help us retain, which is a core part of our strategy #4 is banking. We have 9 products within the market. They're only going to get stronger. It's the thing that truly differentiates us from our peers. And we not only have an ecosystem that serves our entire business, but we have the equivalent of a business banking account. Just like there's JPMorgan Chase branches that they're going to in the past, they can get a card, they can get a credit card, they can get a line of credit, they can get a loan as we've been doing for quite some time. And that it's integrated all into one stack with one app download is hugely unique and also hugely important to our sellers. So I think it's going to be amazing.

我認為另一件事將幫助我們保留，這是我們策略＃4的核心部分，那就是銀行業。我們在市場上有 9 種產品。他們只會變得更強。這就是我們真正區別於同行的地方。我們不僅擁有一個為我們整個業務服務的生態系統，而且還擁有相當於企業銀行帳戶的功能。就像他們過去要去的摩根大通分行一樣，他們可以獲得卡，他們可以獲得信用卡，他們可以獲得信用額度，他們可以獲得貸款，就像我們長期以來所做的那樣某個時間。而且只需下載一個應用程式即可將所有內容整合到一個堆疊中，這一點非常獨特，對我們的賣家也非常重要。所以我認為這將會是令人驚奇的。

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

您的下一個問題來自沃爾夫研究中心的達林佩勒 (Darrin Peller)。

Just to hone in a little bit more on Direct Deposit. It obviously is moving to the forefront around Cash App for your strategy on it. And look, I mean, we obviously see a notable set of banking assets you've been able to package for your MAUs. But if you could just expand on what you see actually driving adoption or accelerated adoption of Direct Deposit now, getting that 2 million to, say, 5 million or 10 million users versus, I know there's been some prior attempts to make that happen. And then, Jack, maybe just what time frame would you consider a success on this front in terms of an incremental maybe 5% or 10% of Cash App users taking on Direct Deposit?

只是為了進一步磨練直接存款。顯然，對於您的策略而言，它正在圍繞現金應用程式走向最前沿。我的意思是，我們顯然看到了一組值得注意的銀行資產，您可以為您的每月活躍用戶打包。但如果你能擴展一下你所看到的實際推動直接存款採用或加速採用的因素，將 200 萬用戶增加到 500 萬或 1000 萬用戶，我知道之前已經有一些嘗試來實現這一目標。然後，Jack，也許您認為在這方面取得成功的時間範圍是 5% 或 10% 的 Cash App 用戶接受直接存款？

I think the biggest driver is going to be easy, connected banking features that just work and that people can trust. We want to make sure that people see Cash App as reliable, as dependable, as something that they trust on their full direct deposit of their paycheck with. And trust is the one input, but a big factor of that is the output. So what can I actually do with it? And the Cash App Card has been one of our most successful products within Cash App. It's extremely easy to get a card. It's extremely easy to personalize it, to use it, to change it, to give it to family members.

我認為最大的推動力將是簡單、互聯的銀行功能，這些功能可以正常運作並且人們可以信任。我們希望確保人們認為 Cash App 是可靠的、可靠的，是他們信任的可以直接全額存入工資的東西。信任是一個輸入，但其中一個重要因素是輸出。那麼我實際上可以用它做什麼呢？ Cash App 卡是我們 Cash App 中最成功的產品之一。獲得卡片非常容易。個人化它、使用它、改變它、將它送給家庭成員都非常容易。

So there's a lot that's attractive there. There are some gaps that we're missing that traditional banks offer that we do not. But really, the road map is filling those gaps and doing so in an intuitive, well-designed way that feels fresh and benefits from technology to give time back to the customer. And then as people see that and as people use it and they talk with their friends and their family about it, that's the growth. That's how Direct Deposit grows.

所以那裡有很多吸引人的地方。我們遺漏了一些傳統銀行無法提供的差距。但實際上，路線圖正在填補這些空白，並以一種直觀、精心設計的方式做到這一點，這種方式讓人感覺新鮮，並受益於技術，將時間還給客戶。然後當人們看到它並使用它並與他們的朋友和家人談論它時，這就是成長。這就是直接存款的成長方式。

And people, again, trust us more and more to put more of their paycheck in the Cash App because they know they can use it in very traditional ways that are reliable but also entirely new ways, and it all fits together perfectly and seamlessly. So expectations, we want to move as fast as possible. The fact that we're no longer focusing on expanding globally for right now, that we're focusing on banking our base in the United States, it's going to allow us to move much faster. And I think we'll see outcomes much faster than we have traditionally.

人們再次越來越信任我們，將更多的薪水投入現金應用程序，因為他們知道他們可以以非常傳統的方式使用它，這些方式既可靠，又是全新的方式，而且這一切都完美無縫地結合在一起。因此，我們希望盡快採取行動。事實上，我們現在不再專注於全球擴張，而是專注於美國基地的銀行業務，這將使我們的行動更快。我認為我們會比傳統方式更快看到結果。

And this is the base foundation for our other 2 priorities, which is moving more upmarket with families, which we've seen some early positive signs from, and then really going after -- being a social bank starting with peer-to-peer, but expanding beyond that and really getting in the neighborhoods and local communities and focusing a lot more on commerce. So all these tools add up to a desire, we believe, to put more and more money with Cash App and use it there, and hopefully, more and more becomes 100%.

這是我們其他兩個優先事項的基礎，即向家庭市場邁進，我們已經看到了一些早期的積極跡象，然後真正追求——成為一家從點對點開始的社會銀行，但除此之外，還需要真正深入社區和當地社區，更專注於商業。因此，我們相信，所有這些工具加在一起就產生了一種願望，即在 Cash App 上投入越來越多的錢並在那裡使用，希望越來越多的資金能夠 100% 實現。

And Darrin, just to go a little bit deeper on some of the actual features that we think will be compelling for customers, we've got a bunch of features. We're rolling out more features to give customers an experience beyond what's available to the market today. So today, we think our Direct Deposit offering is differentiated with no fees or minimums, early direct deposit availability and the benefit of our active money being in the broader Cash App ecosystem where they can send, spend on Cash App Card or Cash App Pay, invest it, et cetera.

Darrin，為了更深入地了解一些我們認為對客戶有吸引力的實際功能，我們有很多功能。我們正在推出更多功能，為客戶提供超越當今市場的體驗。因此，今天，我們認為我們的直接存款產品與眾不同，不收取任何費用或最低限額，早期直接存款可用性以及我們的活躍資金處於更廣泛的Cash App 生態系統中的好處，他們可以在Cash App 卡或Cash App Pay 上發送、消費，投資它等等。

We're also focused on the new products and features that drive engagement. So for example, we recently launched free overdraft coverage up to a certain amount. We introduced yield on savings balances and allowed for automatic paycheck distributions. So we're prioritizing launching products that customers expect from us before they start bringing in more of their money. Today, it's about 2 million paycheck deposit actives as of December, about 3% of our monthly actives, but this will be one of the key KPIs along with broader inflows per active that we're focused on driving forward as part of our bank the base strategy.

我們也專注於提高參與度的新產品和功能。例如，我們最近推出了達到一定金額的免費透支保險。我們引入了儲蓄餘額收益率，並允許自動工資分配。因此，在客戶開始賺更多錢之前，我們會優先推出客戶期望從我們這裡獲得的產品。如今，截至12 月，薪資支票存款活動量約為200 萬，約占我們每月活動量的3%，但這將成為關鍵KPI 之一，同時每個活動的流入量也會更廣泛，我們將作為銀行的一部分重點推動這一目標基礎策略。

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

您的下一個問題來自高盛的 Mike Ng。

I think your 2024 outlook implies OpEx growth of about 4%. Would you just discuss your confidence in being able to achieve that at least 15% gross profit growth against the backdrop of this tight cost management? And then what signals are you looking for when deciding whether to invest in OpEx more aggressively again?

我認為您對 2024 年的展望意味著營運支出成長約為 4%。您能否談談在嚴格的成本管理背景下，您對能夠實現至少 15% 的毛利成長的信心嗎？那麼，在決定是否再次更積極地投資營運支出時，您會尋找哪些訊號？

I can start maybe with a reminder of kind of the key areas of operating expense leverage that we've been pursuing and which we believe still continue to have opportunity against. And that those constraints are clarifying for us actually in supporting further scoping prioritization and operational excellence in how our teams operate. But the key categories being, one, personnel. Obviously, you heard from us last quarter our constraint around people, which at the 12,000-person cap, which we're currently operating under and expect to for some time. That unlocks a tremendous amount of leverage for us both from a non-GAAP operating expense perspective as well as leverage from an SBC perspective, and you see that reflected in our expectations for 2024.

我可以先提醒我們一直在追求的營運費用槓桿的關鍵領域，我們相信仍然有機會反對這些領域。這些限制實際上正在為我們澄清，以支持我們團隊如何運作的進一步範圍優先事項和卓越營運。但關鍵類別是，第一，人員。顯然，您上個季度從我們那裡聽到了我們對人員的限制，即 12,000 人的上限，我們目前正在按照這一上限運營，並預計將持續一段時間。從非 GAAP 營運費用角度以及從 SBC 角度來看，這都為我們釋放了巨大的槓桿作用，你會看到這反映在我們對 2024 年的預期中。

And that constraint, again, is what leads to stronger prioritization and focus in the areas that will impact our customers the most and ultimately lead to profitable growth. The other key focus area for us is around corporate overhead expenses, where we've already seen opportunity to get more efficient, whether it's things like third-party spend food vendors, real estate, T&E, data and cloud fees, professional fees, et cetera. we have an opportunity to continue to refine how we operate to make sure that we are operating with the greatest amount of discipline, constraint and efficiency.

這種限制再次導致我們更加優先考慮對客戶影響最大的領域，並最終實現利潤成長。我們的另一個重點關注領域是企業管理費用，我們已經看到了提高效率的機會，無論是第三方支出食品供應商、房地產、T&E、數據和雲端費用、專業費用等等等。我們有機會繼續改進我們的運作方式，以確保我們以最大程度的紀律、約束和效率運作。

And then as we look longer term, of course, there are new technologies like AI that we can be leveraging in-house not only in terms of the product that we're serving our customers but that deliver efficiency to our teams internally, whether it's customer service or sales or engineering and design. And then, of course, structural costs, which we've already made some headway on with some partner renegotiations last year, but we'll continue to pursue in terms of unit economic improvement across our base of products. So there are a number of different areas for us that we've already been digging deep into and for us to continue to do that, that actually support our opportunity to continue to grow our platforms and grow our overall gross profit.

當然，從長遠來看，我們可以在內部利用人工智慧等新技術，不僅在我們為客戶服務的產品方面，而且在內部為我們的團隊提供效率，無論是客戶服務或銷售或工程和設計。當然，還有結構性成本，去年我們已經透過一些合作夥伴的重新談判取得了一些進展，但我們將繼續追求整個產品基礎的單位經濟改善。因此，我們已經在許多不同的領域進行了深入研究，我們將繼續這樣做，這實際上支持了我們繼續發展我們的平台並增加我們整體毛利的機會。

Sorry, the 2 things I would add to that is it's just to emphasize what Amrita said about AI. I mean, you all have been hearing AI constantly in all these calls in terms of efficiency, but it's going to be extremely impactful for us as we look at everything that we're doing and all the tools that we're building and how much more productive it makes all of our engineers, and I think in the very near future, our designers as well. That allows us to learn much faster. It allows us to ship faster, allows us to correct mistakes much faster and really be ahead of the market where we think our strength is, which is creativity and bringing all these very complex systems together.

抱歉，我要補充的兩件事是，這只是為了強調 Amrita 關於人工智慧的說法。我的意思是，你們都在所有這些電話中不斷聽到人工智慧在效率方面的說法，但當我們審視我們正在做的一切、我們正在建立的所有工具以及有多少時，它將對我們產生極大的影響。它使我們所有的工程師更加高效，我認為在不久的將來，我們的設計師也會如此。這使我們能夠學得更快。它使我們能夠更快地發貨，使我們能夠更快地糾正錯誤，並真正領先於我們認為我們的優勢所在的市場，即創造力並將所有這些非常複雜的系統結合在一起。

And the second thing is about 3 years ago, we were more in a mode of letting as many flowers bloom as possible. And it created a bunch of inefficiencies between all of our ecosystems. We had a lot of duplication between Square and Cash App, and these tools and these costs just weren't really great at all. And we've taken -- we've done a ton of work to clean that up and I believe there's even more to go. So I believe we can actually move much faster, shift much faster because of those 2 things and because we don't have such a dependence on this multitude of tools that are all different but effectively doing the same thing or solving the same use case.

第二件事是大約三年前，我們更多的是讓盡可能多的花朵綻放。它在我們所有的生態系統之間造成了一系列低效率。 Square 和 Cash App 之間有很多重複，這些工具和成本根本就不是很好。我們已經做了大量的工作來清理這個問題，我相信還有更多的工作要做。因此，我相信，由於這兩件事，我們實際上可以更快地行動，更快地轉變，並且因為我們不再依賴眾多不同但有效地做相同事情或解決相同用例的工具。

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

你的下一個問題來自伯恩斯坦的 Harshita Rawat。

I want to ask about Cash App and commerce. Cash App Pay is growing rapidly although from a small base. Can you give us some color on the composition of these volumes, for example, within Square merchants or online? You've had some very interesting merchant-acquired partnerships to enable Cash App Pay recently as a payment option online. What are some of the most salient things you can do to kind of grow Cash App Pay penetration in e-comm? And also just related to Cash App overall, can you also talk about your compliance investments in Cash App as we grow banking?

我想詢問有關 Cash App 和商業的問題。儘管基數很小，但現金應用支付正在迅速成長。您能否給我們一些關於這些卷的構成的信息，例如在 Square 商家內或在線？您最近與一些非常有趣的商家收購的合作夥伴關係啟用了 Cash App Pay 作為線上付款選項。為了提高 Cash App Pay 在電子商務中的滲透率，您可以做哪些最重要的事情？而且與 Cash App 整體相關，您能否談談隨著我們發展銀行業務，您對 Cash App 的合規投資？

Yes, I'll start off, Harshita, on Cash App Pay. We're really excited about the progress that we've seen over the past year and how quickly we've been able to drive growth as we've expanded to more and more merchants. This is a key part of how we integrate commerce tools more broadly in the Cash App over the next several years. We see Cash App Pay as a seamless way for customers to spend, especially online and provides more ways for our customers to spend beyond using Cash App Card. We ended December with 3 million monthly actives and $2.5 billion in annualized GPV, which has more than tripled since what we reported to you last June.

是的，Harshita，我將從 Cash App Pay 開始。我們對過去一年所取得的進展以及隨著我們擴展到越來越多的商家而能夠以多快的速度推動成長感到非常興奮。這是我們在未來幾年如何將商務工具更廣泛地整合到現金應用程式中的關鍵部分。我們將 Cash App Pay 視為客戶消費的無縫方式，尤其是線上消費，並為我們的客戶提供了使用 Cash App 卡之外的更多消費方式。截至 12 月，我們的月度活躍用戶數為 300 萬，年化 GPV 為 25 億美元，自去年 6 月向您報告以來增加了兩倍多。

Growth here has been driven through recent partnerships such as DoorDash, Adyen, Stripe. We have a strong pipeline as well of large merchants we're exploring to continue to expand our reach. Of course, Afterpay's enterprise sales team has been critical here and allowed us to scale quickly by leveraging existing relationships and the quality of their sales organization. I think the second part of your question was about Cash App commerce, or can you repeat the other -- did we answer your question, Harshita?

最近的合作夥伴關係（例如 DoorDash、Adyen、Stripe）推動了這裡的成長。我們擁有強大的管道以及正在探索的大型商家，以繼續擴大我們的影響力。當然，Afterpay 的企業銷售團隊在這裡至關重要，使我們能夠透過利用現有關係及其銷售組織的品質來快速擴展規模。我認為您問題的第二部分是關於現金應用程式商務的，或者您可以重複另一個問題 - 我們回答了您的問題嗎，Harshita？

Yes. So just the compliance investment just more broadly within Cash App, not just related to Cash App Pay, especially as you focus now more into banking?

是的。那麼，只是在 Cash App 內進行更廣泛的合規投資，而不僅僅是與 Cash App Pay 相關，特別是當您現在更多地關注銀行業務時？

Sorry, compliance investment more broadly across the company?

抱歉，整個公司範圍內的合規投資？

No, within Cash App. I was just kind of thinking about some recent media reports suggesting regulatory probe into Cash App.

不，在現金應用程式內。我只是在想最近一些媒體報道建議對 Cash App 進行監管調查。

Yes, absolutely. So compliance, security fraud risk. These are all areas that are constant iterations. We're never going to build a perfect system where we can only focus on velocity and speed. And any areas that we've had in the past, our goal right now is to make sure that we crack them quickly and that we continue to build those learnings into the future. And then we stay 10 steps ahead of any adversaries.

是的，一點沒錯。如此合規，保障詐欺風險。這些都是不斷迭代的領域。我們永遠不會建立一個只能專注於速度和速度的完美系統。對於我們過去遇到的任何領域，我們現在的目標是確保我們快速解決這些問題，並繼續將這些經驗累積到未來。然後我們就領先任何對手 10 步。

And that's been a big focus for us for years. Well, we put even more emphasis on this right now because we do want to earn more trust with the use case of banking and being the primary bank for people. And obviously, this is a big, big part of having that trust. We want people to trust that if they put 100% of their paycheck into Cash App's Direct Deposit and utilize it, that it's sound and they can do everything that they want without restriction and that it just works. So this is a significant investment for us, and we'll continue to grow. But we have entirely new technologies available to us now that makes us work even more efficient, much better, and we can be far more exhaustive and far more precise in our approach than we have ever in the past.

多年來，這一直是我們關注的重點。好吧，我們現在更加重視這一點，因為我們確實希望透過銀行業務用例贏得更多信任，並成為人們的主要銀行。顯然，這是建立信任的一個非常重要的部分。我們希望人們相信，如果他們將 100% 的薪水存入 Cash App 的直接存款並使用它，那麼這是合理的，他們可以不受限制地做任何他們想做的事情，而且它確實有效。因此，這對我們來說是一項重大投資，我們將繼續發展。但我們現在擁有全新的技術，使我們的工作更有效率、更好，而且我們的方法比過去更詳盡、更精確。

Your next question comes from the line of Trevor Williams from Jefferies.

您的下一個問題來自 Jefferies 的 Trevor Williams。

I want to follow up on the product pipeline in Cash App, especially around commerce and the new products you expect to layer in this year. In the letter, Cash App Card was mentioned as a way to distribute BNPL, which I think that's something we haven't heard from you guys before, if you could dig into that. And then just how much contribution at least within what you're expecting for Cash App that you're baking in from some of these newer initiatives around commerce within the full year outlook.

我想跟進 Cash App 的產品管道，特別是圍繞商務和您預計今年推出的新產品。在信中，Cash App Card 被提及是一種分發 BNPL 的方式，我認為這是我們以前從未從你們那裡聽說過的，如果你們能深入研究一下的話。然後，至少在您對現金應用程式的預期範圍內，您從全年展望中圍繞商業的一些新舉措中獲得了多少貢獻。

Yes. I mean, so we've been doing a bunch of work since we first acquired Afterpay. As you all know, we had more or less split the org between Square and Cash App. We realized last year that, that was incorrect, and that we should put the majority of it within Cash App because that's where the greatest benefit is going to be. And that's, first and foremost, in discovery in Cash App and discovery of commerce, whether that be global Internet commerce, e-commerce or more local commerce such as Square merchants.

是的。我的意思是，自從我們首次收購 Afterpay 以來，我們一直在做大量工作。眾所周知，我們或多或少將組織劃分為 Square 和 Cash App。去年我們意識到這是不正確的，我們應該將大部分內容放在 Cash App 中，因為那才是最大的優點。首先也是最重要的是 Cash App 的發現和商業的發現，無論是全球網路商務、電子商務或 Square 商家等在地商務。

But we have an incredible asset in Afterpay and we have an incredible asset in the Cash App Card and that distribution. So we're looking for all the tools, all the financial tools that Afterpay has created. We'll be right within Cash App and right within the card. And as I talked about on past calls, you can imagine, just as you would on the Cash Card today, in the app, you can turn on Boost and get offers and see these things in real time and interchange them. We want that same sort of feeling for buy now, pay later on the card itself. And this opens the door for our customers to treat every single merchant that they go to as a buy now, pay later entity, which is pretty awesome and pretty cool and we're excited about it.

但我們在 Afterpay 方面擁有令人難以置信的資產，在 Cash App Card 及其發行方面也擁有令人難以置信的資產。因此，我們正在尋找 Afterpay 創建的所有工具、所有金融工具。我們將在 Cash App 和卡內進行操作。正如我在過去的電話中談到的那樣，您可以想像，就像今天在現金卡上一樣，在應用程式中，您可以打開 Boost 並獲取優惠，實時查看這些內容並進行交換。我們希望有同樣的「先買後付」的感覺。這為我們的客戶打開了大門，將他們去的每個商家都視為「先買後付」的實體，這非常棒，也很酷，我們對此感到興奮。

So there's a lot there with the financial tools within Cash App. And also within the Afterpay app itself within Australia, we have a lot of opportunity to continue to grow and to push. But this will be a year of much, much tighter integration and much more visibility of the Afterpay tools and the use cases within Cash App itself.

Cash App 內有很多金融工具。而且在澳洲的 Afterpay 應用程式本身中，我們有很多機會繼續發展和推動。但這將是 Afterpay 工具和 Cash App 本身的用例更加緊密整合和更加可見的一年。

And in terms of how we think about our outlook with respect to some of these newer products that we'll be launching later this year and into next year, as I said earlier, our guide is based on -- primarily on our current run rate trends in the business and known elements around expenses and growth levers. And typically, we're moving quickly to improve our product velocity, but typically, as we launch these products, they take time to ramp. So I'd expect to see greater benefit later in the year but primarily heading into 2025 and beyond as we move quickly against these commerce and banking and financial services products within Cash App.

至於我們如何看待我們將在今年稍後和明年推出的一些新產品的前景，正如我之前所說，我們的指南主要基於我們當前的運行率業務趨勢以及有關費用和增長槓桿的已知要素。通常，我們會迅速採取行動來提高產品速度，但通常，當我們推出這些產品時，它們需要時間來提升。因此，我預計在今年稍後會看到更大的好處，但主要是在 2025 年及以後，因為我們將迅速針對 Cash App 中的這些商業、銀行和金融服務產品採取行動。

Your next question comes from the line of Bryan Bergin from TD Cowen.

您的下一個問題來自 TD Cowen 的 Bryan Bergin。

Do your broader banking aspirations require you to do anything different on the banking license side? Or asked differently, should your efforts on the banking side be successful, can you still leverage partner banks or do you need to go with direct licenses?

您更廣泛的銀行業務願望是否要求您在銀行牌照方面做一些不同的事情？或者換個角度問，如果您在銀行方面的努力取得成功，您仍然可以利用合作夥伴銀行還是需要直接許可？

Great question. It doesn't necessarily require us to do anything differently. We do have, as far as financial services, our bank, and we're very excited about the expanded potential use cases that we can utilize for, in addition to the ones today which are around loans. So we want to make sure that the bank itself like can help us provide more efficiency and provide speed, much tighter integration so that we can have much more cohesive experiences.

很好的問題。它不一定要求我們做任何不同的事情。就金融服務而言，我們確實擁有我們的銀行，除了今天圍繞貸款的用例外，我們對可以利用的擴展潛在用例感到非常興奮。因此，我們希望確保銀行本身能夠幫助我們提供更高的效率和速度，以及更緊密的集成，以便我們能夠擁有更有凝聚力的體驗。

And it doesn't limit us from using partner banks. You can think of these as a portfolio. We can use multiple banks, including our own, to do various things in the future, and we have a lot more flexibility as that comes more online. And what's fully going to rule all this is the product experience that we can offer to people. And obviously, that we can do it with new technology that makes it easier and much more profitable than a traditional bank could. So that is our focus and we don't see any significant changes in how we build products coming up.

它並沒有限制我們使用合作銀行。您可以將它們視為一個投資組合。未來我們可以使用多家銀行（包括我們自己的銀行）來做各種事情，而且隨著網路化程度的提高，我們擁有更大的靈活性。完全主宰這一切的是我們可以為人們提供的產品體驗。顯然，我們可以利用新科技來做到這一點，這比傳統銀行更容易、更有利可圖。所以這是我們的重點，我們沒有看到我們未來建立產品的方式有任何重大變化。

Your next question comes from the line of Ken Suchoski from Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Ken Suchoski。

I think you mentioned in the quarterly letter that the 2022 and 2023 Square cohorts are tracking to a 6 to 7 quarterly payback period. How are you guys thinking about the payback period for 2024, 2025? And if you can comment on how you're thinking about marketing spend in Square for the year, that would be great.

我想您在季度信中提到，2022 年和 2023 年 Square 的投資回收期為 6 至 7 個季度。你們如何看待2024年、2025年的投資回收期？如果您能評論一下您對 Square 今年行銷支出的看法，那就太好了。

Sure. Happy to kick off on what we've seen recently and what we expect moving forward. We orient primarily to ROI the returns that we see over a 4-year period in how we go to market across the Square ecosystem. And as we're able to attach more products to our customers, as they're able to grow on our platform, that extends the lifetime value of these customers and ultimately what we're able to invest into go-to-market initiatives to bring customers into the Square ecosystem.

當然。很高興開始介紹我們最近看到的情況以及我們對未來的期望。我們主要關注投資報酬率，也就是我們在 4 年內如何進入 Square 生態系統市場的回報。由於我們能夠為客戶提供更多產品，當他們能夠在我們的平台上成長時，這會延長這些客戶的生命週期價值，並最終延長我們能夠投資於市場推廣計劃的資金將客戶帶入Square 生態系統。

So I would argue more to ROIs where we've seen healthy ROIs at sort of 3x over 4 years in the past, and we'll continue to focus on ROI moving forward. Across our initiatives, it takes a key focus for us is the pace of experimentation across both sales and marketing. We're going to orient more of our spend in marketing to proven channels, but we'll have a number of our efforts from a team perspective on trying new things in small ways so that we can iterate rapidly and learn, whether that's in sales where we've now deployed contracts or where we're taking a local approach with referrals, or we're bundling our products differently as we did with a restaurant's essentials bundle to create simple pricing, one simple price for a set of customers across the restaurant vertical.

因此，我將更多地討論投資回報率，在過去的 4 年裡，我們看到健康的投資回報率達到了 3 倍，並且我們將繼續關注未來的投資回報率。在我們的舉措中，我們重點關注的是銷售和行銷方面的實驗步伐。我們將把更多的行銷支出轉向經過驗證的管道，但我們將從團隊的角度做出許多努力，以小方式嘗試新事物，以便我們可以快速迭代和學習，無論是在銷售方面我們現在已經部署了合同，或者我們正在採取本地推薦方法，或者我們以不同的方式捆綁我們的產品，就像我們對餐廳的必需品捆綁一樣，以創建簡單的定價，為整個地區的一組客戶提供一個簡單的價格餐廳垂直。

We are doing a number of different things to drive cohesion and how a customer can onboard into the Square ecosystem. And as Jack mentioned earlier, some of the product initiatives around our single app strategy and our platform initiatives are key unlocks for us as we think about more efficient onboarding of customers into the broader ecosystem.

我們正在做許多不同的事情來提高凝聚力以及客戶如何加入 Square 生態系統。正如傑克之前提到的，當我們考慮更有效地讓客戶進入更廣泛的生態系統時，圍繞我們的單一應用程式策略和平台計劃的一些產品計劃對我們來說是關鍵的解鎖。

The only thing I'd add there is we're -- as I said in the letter, we're doing a reorg with Square back to a functional organization. And one of the results of that is going to bring -- is to bring product and marketing much, much closer together. This is how we started the company. And we believe that the gaps that we had in the recent past really hurt our aspirations and our execution. And the reason why is we want to make sure that there's a very, very smooth ramp from any marketing that we do, and that would be targeting -- targeted are more out-of-home and the actual sign-up flow, and the customer experience that they come -- they get when they come to the website or when they get in a number to call one of our sales folks. So the organizational structure, I think, will help illuminate a lot of the issues we had in the past, and we're focused on really making sure that they work together a whole lot better so we can move much faster.

我唯一要補充的是，正如我在信中所說，我們正在對 Square 進行重組，使其回歸到一個職能型組織。這樣做的結果之一就是使產品和行銷更加緊密地結合在一起。這就是我們創辦公司的方式。我們相信，最近的差距確實損害了我們的願望和執行力。原因是我們希望確保我們所做的任何行銷都有一個非常非常平穩的斜坡，並且目標是更多的戶外活動和實際的註冊流程，以及他們來到的客戶體驗——當他們訪問網站或撥打我們的銷售人員的電話號碼時所獲得的體驗。因此，我認為，組織結構將有助於闡明我們過去遇到的許多問題，我們的重點是真正確保他們更好地合作，以便我們可以更快地採取行動。

Your next question comes from the line of Bryan Keane from Deutsche Bank.

您的下一個問題來自德意志銀行的 Bryan Keane。

Wanted to ask about the Cash App monetization rate. I think it was up 5 basis points sequentially. If I recall correctly, I think you thought it would be more stable sequentially. So I guess what kind of surprised and drove the outperformance of the monetization rate? I think you called out Bitcoin and pricing, so just curious exactly on the pricing side where that's coming from and then any color on how monetization rate will trend as we go through 2024.

想問一下Cash App 的獲利率。我認為它連續上漲了 5 個基點。如果我沒記錯的話，我想你認為順序會更穩定。那麼我猜是什麼樣的驚喜並推動了變現率的跑贏呢？我想你提到了比特幣和定價，所以只是好奇定價方面的來源，以及 2024 年貨幣化率的趨勢。

Sure. So what we saw in the fourth quarter was a 9 basis point improvement year-over-year and 5 basis points quarter-over-quarter. To your question specifically on quarter-over-quarter, there are a couple of different factors at play but the primary ones were around Bitcoin. And within Bitcoin, it was both the pricing of the product as well as the price appreciation of Bitcoin itself, which benefited monetization rate on a sequential basis.

當然。因此，我們在第四季看到的是年比改善 9 個基點，較上季改善 5 個基點。對於你提出的季度環比問題，有幾個不同的因素在起作用，但主要因素是比特幣。而在比特幣內部，既是產品的定價，也是比特幣本身的價格升值，使得貨幣化率較上季受益。

As we look forward, we see opportunities in 2024 around actives and inflows per active as the primary drivers of growth for Cash App in 2024. As we look longer term, we see opportunities around monetization rate as we go deeper in the financial services ecosystem and we attach more of these products to our customer base. As our customers take on more and more products themselves, we see an opportunity to grow monetization rate. But as we'll be lapping some of these pricing changes coming up in 2024, we don't expect a meaningful change in monetization rate and certainly not at the meaningful level that we saw during 2023.

展望未來，我們認為2024 年圍繞活躍量和每次活躍流入的機會是Cash App 2024 年增長的主要驅動力。從長遠來看，隨著我們深入金融服務生態系統，我們看到圍繞貨幣化率的機會我們將更多此類產品附加到我們的客戶群。隨著我們的客戶自行購買越來越多的產品，我們看到了提高貨幣化率的機會。但由於我們將在 2024 年實施其中一些定價變化，因此我們預計貨幣化率不會發生有意義的變化，當然也不會達到我們在 2023 年看到的有意義的水平。

Your next question comes from the line of Pete Christiansen from Citi.

您的下一個問題來自花旗銀行的 Pete Christiansen。

I'm curious, could you walk us through the mechanics on the yield, the savings product or direct deposit users and Cash App? And Amrita, I'm curious your thesis on, I guess, the relative unit economics for that particular product and how you see that evolving.

我很好奇，您能否向我們介紹一下收益率、儲蓄產品或直接存款用戶和現金應用程式的機制？阿姆麗塔，我想，我很好奇你的論文是關於該特定產品的相對單位經濟效益，以及你如何看待它的演變。

Yes. The overall strategy is that as customers save more of their funds with us, they make us more of their primary banking partner, and then we can offer them more financial services, some of which we monetize. We have had a history of thinking about our ecosystem in terms of the entirety of the value we provide, with some products being free, like our tax product, our investing product, our peer-to-peer product when you use a debit card, and some products being monetized.

是的。整體策略是，隨著客戶在我們這裡存更多的資金，他們會讓我們成為他們的主要銀行合作夥伴，然後我們可以為他們提供更多的金融服務，其中一些我們可以貨幣化。我們一直以來都根據我們提供的全部價值來思考我們的生態系統，其中一些產品是免費的，例如我們的稅務產品、我們的投資產品、當您使用借記卡時我們的點對點產品，以及一些正在貨幣化的產品。

And with the savings launch where we're offering a yield for customers who direct deposit with us, a strong yield for customers who direct deposit with us at 4.5% and a more modest yield for customers who use Cash App Card, and about 1.5%, what we're providing is an incentive for customers to bring more inflows into Cash App. And we see a strong correlation with inflows into Cash App driving gross profit and customers being more engaged with the broader set of products across Cash App.

隨著儲蓄業務的推出，我們為直接存款的客戶提供了 4.5% 的高收益，而為使用 Cash App Card 的客戶提供了較為溫和的收益，約為 1.5% ，我們提供的是激勵客戶為Cash App帶來更多資金流入。我們發現，Cash App 的資金流入推動了毛利，並且客戶更參與 Cash App 中更廣泛的產品。

What we've seen so far, look, it's early days of these savings balances. We have balances from Cash App savings accounts total $200 million as of the end of the fourth quarter, representing 6% of overall customer funds. But as we've introduced more recently the yield, we'll be looking to more opportunities to attract savings and inflows and ultimately, engagement with a broader suite of financial services.

到目前為止，我們所看到的，是這些儲蓄餘額的早期階段。截至第四季末，我們的 Cash App 儲蓄帳戶餘額總計 2 億美元，佔客戶資金總額的 6%。但隨著我們最近推出了收益率，我們將尋求更多機會來吸引儲蓄和資金流入，並最終參與更廣泛的金融服務。

Your next question comes from the line of Jason Kupferberg from Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

I was just looking at Page 18 of the shareholder letter showing the Cash App gross profit mix. I think at least some of that is a new disclosure which we appreciate. It shows you become a lot less dependent on instant deposit, financial services becoming a much bigger part of the pie. I think it was 38% in 2023. So I'm just wondering as you execute on the bank the base strategy, is there any kind of target in mind in terms of the percent of Cash App gross profit that may come from financial services, say, by 2026 as you pursue the Rule of 40 that year? And just separately, Amrita, real quick, any comments on free cash flow for 2024?

我只是在看股東信的第 18 頁，其中顯示了 Cash App 的毛利組合。我認為至少其中一些是我們讚賞的新披露。它表明您對即時存款的依賴大大減少，金融服務成為蛋糕中更大的一部分。我認為 2023 年這一比例將達到 38%。所以我只是想知道，當您在銀行執行基本策略時，是否有考慮到來自金融服務的 Cash App 毛利百分比的任何目標，比如說，到2026 年，當您追求當年的40 法則時？另外，Amrita，請問您對 2024 年自由現金流有何評論？

Sure. Look, financial services at 38% in 2023 as a percent of catch-up gross profit versus 29% 2 years prior is obviously a key growth vector for us within Cash App, as you note in our new disclosure in the shareholder letter. And it's one that we're going to continue to focus on as we grow out the broader set of products, as you've been hearing today and as you saw in Jack's note in the shareholder letter. So that is one that I would continue to focus on. We still have seen growth in instant deposit and other parts of the ecosystem but just not as fast as some of the financial services products. So we'll continue to lean in there.

當然。看，金融服務佔追趕毛利的百分比在 2023 年將達到 38%，而兩年前為 29%，這顯然是我們 Cash App 內的關鍵增長向量，正如您在股東信中新披露的那樣。正如您今天所聽到的以及傑克在股東信中的說明中所看到的那樣，隨著我們開發出更廣泛的產品系列，我們將繼續關注這一點。所以這是我將繼續關注的問題。我們仍然看到即時存款和生態系統其他部分的成長，但速度不如某些金融服務產品。所以我們將繼續依靠那裡。

With respect to free cash flow, I'd orient you to the trend lines across EBITDA. Obviously, the free cash flow metric is a different calculation, but it's directionally where we expect to grow our profitability on an EBITDA basis. We also would expect to grow our free cash flow over time.

關於自由現金流，我將向您介紹 EBITDA 的趨勢線。顯然，自由現金流指標是一種不同的運算方法，但它是我們期望在 EBITDA 基礎上成長獲利能力的方向。我們也期望隨著時間的推移我們的自由現金流會增加。

Your next question comes from the line of James Faucette from Morgan Stanley.

您的下一個問題來自摩根士丹利的 James Faucette。

Just wanted to ask a question on the seller business. It looks like the growth rate in the U.S. decelerated a little bit but international continues to look quite good. And just wondering how we should think about the trajectory of U.S. versus international, anticipate the mix. And any sense as to in what time frame particularly the U.S. could be bottoming and where you think you can get that growth rate back to, especially as you focus on product, et cetera, as Jack's talked about?

只是想問一下關於賣家業務的問題。美國的成長率似乎有所放緩，但國際成長率仍然相當不錯。只是想知道我們應該如何思考美國與國際的發展軌跡，預測這個組合。至於在什麼時間範圍內，特別是美國，可能會觸底，以及您認為增長率可以恢復到什麼程度，特別是當您專注於產品等時，正如傑克談到的那樣？

Yes. U.S. growth is a big focus for us. And a lot of our focus right now is going to be on restaurants, food and beverage. And as I said earlier, like I think there are significant product gaps that are -- we have line of sight into that will be unlocked this year, that we can move much, much faster on from a development and product standpoint, that we'll see results from and much greater outcomes.

是的。美國的成長是我們關注的重點。我們現在的重點將集中在餐廳、食物和飲料上。正如我之前所說，我認為存在重大的產品差距 - 我們預計今年將解鎖這一點，從開發和產品的角度來看，我們可以更快地前進，我們'我們會看到結果，甚至更大的成果。

And we'll continue to push around the world, of course. But I really want to make sure that we advance even faster than we have in the past on the U.S. And I think that's really a function of all the changes that we're making with the org, with how the product is packaged and how we think about onboarding, in particular, and making it super easy for people and then putting on a much stronger go-to-market on top of that.

當然，我們將繼續在世界各地推動。但我真的想確保我們在美國的進步比過去更快。我認為這實際上是我們與組織所做的所有改變的結果，包括產品的包裝方式以及我們的方式特別要考慮入職，讓人們變得超級容易，然後在此基礎上進行更強大的市場推廣。

Yes. And I'd just add that in addition to our focus areas in the U.S., we can benefit from those product initiatives in international markets as well. And we're enthusiastic about what we see in the markets outside the U.S. We think we're less than 1% penetrated in those markets that we're currently in outside the U.S. with a long runway for growth. And we saw GPV growth in the fourth quarter in the markets outside the U.S. grow 26% year-over-year, with gross profit growth about 28% year-over-year, now representing 13% of Square's gross profit. And obviously, that's grown over time. So we have opportunities to continue to refine and push our product velocity in the U.S. and ultimately, that will help with the significant TAM opportunity that we see outside the U.S. as well.

是的。我想補充一點，除了我們在美國的重點領域之外，我們也可以從國際市場上的這些產品計劃中受益。我們對美國以外市場的情況充滿熱情。我們認為，我們目前在美國以外市場的滲透率不到 1%，而且還有很長的成長空間。我們看到美國以外市場第四季的 GPV 年成長 26%，毛利年增約 28%，目前佔 Square 毛利的 13%。顯然，這種情況隨著時間的推移而增長。因此，我們有機會繼續完善並提高我們在美國的產品速度，最終，這將有助於我們在美國以外地區看到重要的 TAM 機會。

We will now take our last question from Andrew Bauch from Wells Fargo Securities.

現在我們將回答富國銀行證券公司安德魯鮑赫 (Andrew Bauch) 提出的最後一個問題。

Just wanted to revisit the Direct Deposit assumptions that you're kind of making. I mean it's nice to see that the 6x data point for those who are depositing $2,000-plus. But can you give us a sense on what the path to increasing that paycheck direct deposit mix ultimately looks like in 2024 and 2025? Are there certain unlocks you kind of need to achieve to see that ramp?

只是想重新審視您所做的直接存款假設。我的意思是，對於那些存款超過 2,000 美元的人來說，很高興看到 6 倍的數據點。但您能否讓我們了解 2024 年和 2025 年增加薪水直接存款組合的最終路徑是什麼樣的？您是否需要完成某些解鎖才能看到該坡道？

I think the biggest unlocks are going to be products. And we want to make sure that it's super easy to get into Cash App and to see what you can do with it from a banking relationship standpoint. Like I want to put my money into something that I trust, first and foremost, and has significant utility and that the utility is broad but also highly connected and works very fluidly. And that's what we want Cash App to be.

我認為最大的解鎖將是產品。我們希望確保進入 Cash App 非常容易，並從銀行關係的角度看看您可以用它做什麼。就像我想把錢投入到我信任的東西上，首先也是最重要的是，它具有顯著的效用，而且效用廣泛，但也高度關聯並且工作非常流暢。這就是我們希望現金應用程式成為的樣子。

We have a lot of the pieces there. We're going to spend this year, really focused on making sure they sing and they really work in a way that makes people feel great in the same way that like designing a Cash App Card feels, we want that across the board for every single one of our features. And it really starts, as I said before, with trust. We need to make sure that Cash App is seen as reliable, as dependable and with a great customer base on top of it. And this is a constant iteration to make sure that we earn that trust. But then it really comes back to like now that I have inputs, what are the outputs and what can I do with my money on Cash App? Certainly, I would be able to do in a traditional bank, but what's the plus-plus? What can I do more of within Cash App than I could do on another traditional bank?

我們那裡有很多作品。今年我們將真正專注於確保他們唱歌，並且他們真正以一種讓人們感覺很棒的方式工作，就像設計現金應用卡的感覺一樣，我們希望每個人都能做到這一點我們的特色之一。正如我之前所說，一切都是從信任開始的。我們需要確保 Cash App 被視為可靠、值得信賴，並且擁有龐大的客戶群。這是一個不斷的迭代，以確保我們贏得這種信任。但接下來，我真的回到了現在，我有了輸入，輸出是什麼，我可以用 Cash App 上的錢做什麼？當然，我可以在傳統銀行做，但是有什麼好處呢？與在其他傳統銀行相比，我在 Cash App 中可以做哪些更多的事情？

It really starts, I mean, as you know, with peer-to-peer and the fact that it's an app and it just works and it's fast and easy and meets my expectations and hopefully, in many cases, exceeds them. But there's a lot of work to get that right and a lot of connections we can make to that. And a lot of it comes back down to just new functionality on top of what we already have.

我的意思是，正如你所知，它真正開始於點對點，事實上它是一個應用程序，它可以正常工作，它快速、簡單，滿足我的期望，並希望在很多情況下超越它們。但要實現這一點還有很多工作要做，我們可以為此建立很多聯繫。其中許多都歸結為我們現有功能之上的新功能。

And Andrew, I'd point you to Cash App Card as well as a key proof point for us as we bring more awareness to our financial services capabilities and ultimately to Direct Deposit. In the same way that peer-to-peer is the awareness driver for overall Cash App, we see Cash App Card as the awareness driver for our financial services and banking products and Direct Deposit.

安德魯，我想向您介紹 Cash App Card，它也是我們的關鍵證明點，因為我們讓人們更多地認識到我們的金融服務能力並最終認識到直接存款。就像點對點是整個 Cash App 的認知驅動力一樣，我們將 Cash App Card 視為我們的金融服務、銀行產品和直接存款的認知驅動力。

What we've seen with Cash App Card, now at 23 million monthly actives, growing twice as fast as our overall monthly actives base at over 40% attached, is that we're at true scale in terms of the ability to drive awareness here. We surpassed $1 billion in gross profit in 2023 for Cash App Card. And that growth was 3x higher than instant deposit, where customers are sending their funds outside of Cash App, so giving people more reasons to keep their funds within Cash App.

我們透過Cash App Card 看到的情況是，我們在提高認知度的能力方面已經達到了真正的規模，目前每月活躍人數為2300 萬，增長速度是我們每月總活躍人數的兩倍（超過40%）。 。 2023 年，Cash App Card 的毛利將超過 10 億美元。這一增長比即時存款高出 3 倍，即時存款是客戶在 Cash App 之外發送資金，因此人們有更多理由將資金保留在 Cash App 內。

And what we've seen in terms of the behaviors and the engagement on Cash App Card has been healthy not only with the growth in actives but also growth in spend per active, which means that we saw meaningful growth in overall spend on Cash App Card in 2023. And finally, point you to that strong engagement where customers using our banking products are ultimately more engaged with Cash App Card monthly actives bringing in over 2x more inflows, 2.3x more inflows and those Direct Deposit monthly actives bringing in 7x more inflows than a peer-to-peer active. So there's a key thing, the kernel here that's working with Cash App Card that we can then bring people into the deeper suite of financial services and ultimately to Direct Deposit.

我們在Cash App Card 上的行為和參與度方面看到的情況是健康的，不僅隨著活躍用戶的增長，而且每個活躍用戶的支出也在增長，這意味著我們看到Cash App Card 的總體支出出現了有意義的成長2023 年。最後，請指出，使用我們銀行產品的客戶最終會更多地參與Cash App Card 每月活動，帶來超過2 倍的流入量、2.3 倍的流入量，以及直接存款每月活動帶來7 倍的流入量比點對點活躍。因此，有一個關鍵的事情，這裡的核心是與 Cash App Card 配合使用，然後我們可以讓人們進入更深層的金融服務套件，並最終進入直接存款。

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

女士們、先生們，感謝你們參加今天的節目。這確實結束了該程式。你們都可以斷開連線。