Block Inc (SQ) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block First Quarter 2024 Earnings Conference Call. Today's call will be 45 minutes.

女士們、先生們，美好的一天，歡迎參加 Block 2024 年第一季財報電話會議。今天的通話時間為 45 分鐘。

And 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 first quarter 2024 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.

大家好。感謝您參加我們的 2024 年第一季財報電話會議。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。

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, strategy and guidance as well as our long-term targets and goals. 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 an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law.

我們也想提醒大家，我們將在這次電話會議上做出前瞻性聲明。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、策略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偏離這些目標。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。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。

Further discussion during this call of Cash App's banking services referred to those offered by our bank partners. Within these remarks, we will also discuss metrics related to our investment framework, including Rule of 40. With Rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margin.

在本次電話會議中，對 Cash App 銀行服務的進一步討論提到了我們的銀行合作夥伴提供的服務。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。

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. In the last 2 quarters, I focused my shareholder letter on our priorities for Square and Cash App strategy to become 1 of the top providers of banking services. This quarter, my letter was focused on the Bitcoin strategy. If you haven't yet, please read that letter for details.

感謝大家加入我們。在過去的兩個季度中，我在股東信中重點討論了 Square 和 Cash App 策略的優先事項，即成為頂級銀行服務提供者之一。本季度，我的信重點討論了比特幣策略。如果您還沒有，請閱讀該信以了解詳細資訊。

Before Amrita talks about our performance, there was a news report yesterday I wanted to address directly. In general, these sorts of stories can lack full context.

在阿姆麗塔談論我們的表現之前，昨天有一篇新聞報導我想直接說。一般來說，這類故事可能缺乏完整的背景。

First, we do not believe that there are any new investigation in the Block, but rather that these reports relate to the existing inquiry by the DOJ that we've previously disclosed.

首先，我們不認為區塊有任何新的調查，而是認為這些報告與我們先前揭露的 DOJ 的現有調查有關。

Second, there was critical information omitted from the article when it was first published. In 2022, our compliance engineering risk team, who proactively investigates threats, identified signals that lead us to conduct a thorough review of transactions potentially associated with sanctioned countries. We voluntarily reported these to the Office of Foreign Assets Control, OFAC, where we were transparent with them, and we stand by the scope of the transactions that were included in the report. OFAC then issued us a No Action Letter in which they determine no further investigation or action was needed at the time. This is how the process is supposed to work and this outcome not originally included in the article.

其次，文章首次發表時遺漏了關鍵資訊。 2022 年，我們的合規工程風險團隊主動調查威脅，發現了一些訊號，促使我們對可能與受制裁國家相關的交易進行徹底審查。我們自願向外國資產管制辦公室 (OFAC) 報告這些情況，我們對他們保持透明，並且我們堅持報告中包含的交易範圍。 OFAC 隨後向我們發出了一封不採取行動信函，其中他們確定當時不需要進一步調查或採取行動。這就是該過程應該如何進行的，並且該結果最初並未包含在本文中。

Third, as it relates to preventing terrorist financing via Bitcoin, we have a robust control environment in place to mitigate exposure from adversaries. For instance, we use industry-leading blockchain analytics firms to screen transactions in real time. We also maintain some of the most restrictive limits in the industry for on-chain Bitcoin withdrawals, which are deliberately calibrated to prevent bad activity. And of course, we require identity verification for customers engaging with our Bitcoin products and file suspicious activity reports when warranted, which is an important contributor to keeping the broader financial ecosystem safe and secure.

第三，由於涉及防止透過比特幣進行恐怖主義融資，我們擁有強大的控制環境來減輕對手的風險。例如，我們使用業界領先的區塊鏈分析公司來即時篩選交易。我們也對鏈上比特幣提款保持了一些業內最嚴格的限制，這些限制是經過刻意調整的，以防止不良活動。當然，我們要求對使用我們的比特幣產品的客戶進行身份驗證，並在必要時提交可疑活動報告，這是確保更廣泛的金融生態系統安全的重要貢獻者。

We take compliance seriously at Block. Our culture of compliance is foundational to our work. We have a radically transparent culture that supports us. Employees are empowered to raise issues through multiple channels, including directly to me or anonymously through our whistleblower hotline. We continuously improve our compliance program based on the number of different inputs, including self-identified issues, audits and guidance from our regulators.

Block 非常重視合規性。我們的合規文化是我們工作的基礎。我們有一個完全透明的文化來支持我們。員工有權透過多種管道提出問題，包括直接向我提出問題或透過我們的舉報熱線匿名提出問題。我們根據大量不同的意見不斷改進我們的合規計劃，包括自我發現的問題、監管機構的審計和指導。

Adversaries have always and will continue to try to exploit the global financial system. No company is perfect at preventing this. Our work is to constantly be steps ahead of their attacks through better use of technology. This includes leveraging industry-leading machine learning models and product controls aimed at detecting and preventing bad activity in real time. It's an always-on part of our business, and it always will be.

對手一直並將繼續試圖利用全球金融體系。沒有一家公司能夠完美地防止這種情況發生。我們的工作是透過更好地利用技術，不斷領先他們的攻擊。這包括利用業界領先的機器學習模型和產品控制，旨在即時檢測和防止不良活動。這是我們業務中永遠在線的一部分，而且永遠如此。

And with that, I'll turn it over to Amrita to talk about the quarter.

接下來，我將把它交給 Amrita 來討論本季的情況。

Thanks, Jack. I'll keep my remarks brief as we've included information on our performance and guidance in the financial discussion of our shareholder letter.

謝謝，傑克。我的發言將保持簡短，因為我們在股東信函的財務討論中包含了有關我們業績和指導的資訊。

We delivered strong results across the company during the first quarter. Gross profit was $2.09 billion, up 22% year-over-year, consistent with the fourth quarter. Adjusted EBITDA was $705 million, nearly doubling year-over-year. And adjusted operating income was $364 million, up 7x year-over-year.

第一季我們在整個公司取得了強勁的業績。毛利為 20.9 億美元，年增 22%，與第四季持平。調整後 EBITDA 為 7.05 億美元，比去年同期幾乎翻倍。調整後營業收入為 3.64 億美元，年增 7 倍。

By business, Cash App's gross profit was $1.26 billion, up 25% year-over-year. And Square's gross profit was $820 million, up 19% year-over-year. Gross profit outperformance compared to our guidance was mostly driven by Cash App.

以業務來看，Cash App毛利為12.6億美元，年增25%。 Square 的毛利為 8.2 億美元，較去年同期成長 19%。與我們的指導相比，毛利的優異表現主要是由 Cash App 推動的。

We saw strength across Buy Now, Pay Later, Bitcoin, Cash App Borrow and Cash App Card, where we had 24 million monthly actives. Inflows per active were up 11% year-over-year in the quarter for our highest growth since the fourth quarter of 2021.

我們看到了「立即購買」、「稍後付款」、比特幣、Cash App Borrow 和 Cash App Card 等業務的優勢，每月活躍人數為 2,400 萬。本季每位活躍用戶的流入量年增 11%，是自 2021 年第四季以來的最高增幅。

Square's GPV growth in the quarter was in line with our expectations as we saw continued moderation in same-store sales growth. This was more than offset by strong attach rates on our broader ecosystem of software and banking products.

Square 本季的 GPV 成長符合我們的預期，因為我們看到同店銷售成長持續放緩。我們更廣泛的軟體和銀行產品生態系統的強勁附加費率足以抵消這一影響。

Our profitability improved as we showed discipline across a range of expenses, ending the quarter below our 12,000-person cap and achieving leverage on corporate overhead expenses.

我們的獲利能力有所提高，因為我們在一系列開支方面表現出了紀律，本季結束時員工人數低於 12,000 人上限，並實現了企業管理費用的槓桿化。

For the 12 months ending in March, adjusted free cash flow was $1.1 billion, up more than 2.5x compared to the prior 12 months, and represented 50% of adjusted EBITDA, an improvement compared to the 36% conversion rate in the prior period.

截至 3 月的 12 個月，調整後自由現金流為 11 億美元，比前 12 個月增長超過 2.5 倍，佔調整後 EBITDA 的 50%，比上一時期 36% 的轉換率有所改善。

Turning to our expectations for the remainder of the year. We are raising our full year 2024 guidance for both gross profit and profitability, not only reflecting the Q1 outperformance but also reflecting our raised expectations for the remainder of the year.

談到我們對今年剩餘時間的預期。我們上調了 2024 年全年毛利和獲利能力指引，不僅反映了第一季的優異表現，也反映了我們對今年剩餘時間的預期。

For full year 2024, we are now expecting gross profit of at least $8.78 billion or 17% growth year-over-year. We expect Cash App's gross profit growth to moderate slightly from the first quarter's 25% as we lap some meaningful pricing and structural cost benefits, with relatively stable growth from the second quarter through fourth quarter.

我們預計 2024 年全年毛利至少為 87.8 億美元，年增 17%。我們預計，由於我們獲得了一些有意義的定價和結構性成本效益，Cash App 的毛利成長將較第一季的 25% 略有放緩，第二季至第四季的成長相對穩定。

For Square, we expect gross profit growth to moderate from the first quarter's 19% growth rate as we lap strong banking performance and pricing changes from the prior year. In the back half of the year, we expect GPV growth to be stable to improving behind more favorable same-store growth comparisons, with a narrowing delta between gross profit and GPV growth rates.

對於 Square，我們預計毛利成長將較第一季 19% 的成長率有所放緩，因為我們經歷了與前一年相比強勁的銀行業績和定價變化。下半年，我們預期 GPV 成長將穩定改善，同店成長比較更為有利，毛利與 GPV 成長率之間的差異將縮小。

We continue to focus on initiatives that improve our product velocity. These include several upcoming launches that further our strategies for Cash App and Square, most notably testing and rolling out Afterpay on Cash App Card and for Square, completing the orders migration this summer and conversion to a single app by year-end. These initiatives remain on track, and we expect them to benefit our growth into 2025 and beyond.

我們持續專注於提高產品速度的措施。其中包括即將推出的幾項產品，這些產品將進一步推進我們針對Cash App 和Square 的策略，最引人注目的是在Cash App Card 和Square 上測試和推出Afterpay，在今年夏天完成訂單遷移，並在年底前轉換為單一應用程式。這些舉措仍在按計劃進行，我們預計它們將有利於我們 2025 年及以後的成長。

For profitability in 2024, we are now expecting at least $1.3 billion in adjusted operating income or 15% margins on gross profit. With efficiency initiatives underway to improve our structural costs and corporate overhead, we also see opportunities to invest in the back half of the year in high-return areas like sales and marketing that can drive future growth.

對於 2024 年的獲利能力，我們目前預計調整後營業收入至少為 13 億美元，或毛利率為 15%。隨著旨在改善結構成本和企業管理費用的效率舉措的實施，我們也看到了在今年下半年投資於銷售和行銷等高回報領域的機會，這些領域可以推動未來的成長。

Our updated guidance now implies a Rule of 32 for full year 2024. This is an improvement compared to 2023 and compared to our prior guidance of at least a Rule of 29 and progresses us towards our goal of achieving Rule of 40 in 2026.

我們更新後的指導意見現在意味著2024 年全年將採用32 條規則。條規則的目標邁進。

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) And your first question comes from Tien-tsin Huang at JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的黃天欽。

I wanted to, Jack, follow up on a question I asked you last quarter. I think you mentioned that you expect much higher or faster product velocity from Block across the board, so just wondering if you can give us a progress report on that. Are you close to where you want to be in launching and enhancing products? And I'm curious if some of the unannounced products that you're focused on are more about entering new categories is what I call it or are they more incremental to what you already have in place? I know a lot of investors have asked me about that, so I'll ask you.

傑克，我想跟進我上季度問你的一個問題。我想您提到您期望 Block 全面提高或更快的產品速度，所以想知道您是否可以向我們提供進展報告。您在推出和增強產品方面是否接近您想要的目標？我很好奇，你們所關注的一些未宣布的產品是否更多的是進入我所說的新類別，或者它們是否比你們已經擁有的產品更具增量性？我知道很多投資人都問過我這個問題，所以我會問你。

Yes. So we're focused on our development velocity in two main ways. One is making sure that we're much stronger in our engineering and design disciplines. We're putting much more focus on that work. This did a big change here with Square just recently, to reorganize the team, to be more focused on engineering and design. And we'll start seeing that play through more and more in our work.

是的。因此，我們主要從兩個方面來關注我們的開發速度。一是確保我們的工程和設計學科更加強大。我們更加關注這項工作。最近，Square 發生了重大變化，重組了團隊，並更加專注於工程和設計。我們將開始在我們的工作中看到越來越多的表現。

And the second way we're doing is scoping, making sure that we're focused on the most important things. On the Square side, the most important thing that I want us to focus on right now is reliability, making sure that we stay up for sellers and that we have ways for them to work even if their networks fail, such as the off-line mode. The second most is what we've talked about in the past, the focus on local and food and beverage. And there's a number of things that we're doing immediately to help not only with retention but with acquisition. Amrita mentioned our single app, which is on track to launch this year, so that we have a very simple call to action. Download Square and you have everything you need, including all of our banking products within one app.

我們正在做的第二種方法是確定範圍，確保我們專注於最重要的事情。在 Square 方面，我希望我們現在關注的最重要的事情是可靠性，確保我們為賣家提供支持，並且即使他們的網路出現故障，我們也有辦法讓他們工作，例如離線模式。第二個是我們過去討論過的，對本地和食品和飲料的關注。我們正在立即採取許多措施，不僅有助於留住人才，而且有助於吸引人才。 Amrita 提到了我們的單一應用程序，該應用程式將於今年推出，因此我們有一個非常簡單的號召性用語。下載 Square，您就可以在一個應用程式中獲得所需的一切，包括我們所有的銀行產品。

And then onboarding is another big one. We have successfully taken our onboarding flow for Square sellers from about 15 steps and something that took people close to 20 minutes to complete down to 2 steps and takes under 5 minutes. We rolled it out to a small audience and watched what they're doing. And we saw all positive results, some much more positive than we're expecting, so we're going to be rolling out that in the coming months. And that should have a pretty great effect on how we sign up new merchants. And most importantly, that they see more of our ecosystem and they want to stick around. And as we've talked about in the past, I think the best differentiator for us is the banking aspect of our ecosystem on the Square side.

然後入職是另一件大事。我們成功地將 Square 賣家的入職流程從大約 15 個步驟（需要近 20 分鐘才能完成）減少到 2 個步驟，耗時不到 5 分鐘。我們將其推廣給一小部分受眾，並觀察他們在做什麼。我們看到了所有積極的結果，其中一些比我們預期的要積極得多，因此我們將在未來幾個月內推出這項成果。這應該會對我們如何簽約新商家產生相當大的影響。最重要的是，他們更多地了解我們的生態系統，並且希望留下來。正如我們過去所討論的，我認為對我們來說最好的差異化因素是 Square 生態系統的銀行業務方面。

To the second point of your question, I think both on Cash App and Square, there are new products, of course, but there's a lot of work to get to parity with some of our competitors. There's a lot of work to put some of the features that we've had into the hands of millions such as Afterpay on the Cash Card, which is going to continue to expand out this year and something we're super excited about. So a lot of work that is more iteration. And of course, we have some new products that we're thinking about as well. But the iteration stuff is really going to unlock a lot of new customers for us, we believe.

對於你問題的第二點，我認為 Cash App 和 Square 上當然都有新產品，但要與我們的一些競爭對手保持同等水平還有很多工作要做。我們還有很多工作要做，才能將我們已經擁有的一些功能交付到數百萬人的手中，例如現金卡上的 Afterpay，今年將繼續擴展，我們對此感到非常興奮。所以很多工作都是更多的迭代。當然，我們也正在考慮一些新產品。但我們相信，迭代確實會為我們帶來很多新客戶。

And we will take our next question from Timothy Chiodo with UBS.

我們將回答瑞銀提摩西‧奇奧多 (Timothy Chiodo) 提出的下一個問題。

I want to dig in a little bit on Cash App direct deposit net adds and the run rate that you might be seeing for new users. So last quarter, you mentioned that the addition of overdraft protection was helping to drive record gross adds for DD users. So I was wondering if the combination of that, plus high-yield savings and live phone support and maybe some other features, have really helped to maybe step up that run rate. So part of it is where is the run rate gone to today? And then the second part is, if it could potentially step up further with the addition of maybe some newer products around Billpay or, as you mentioned, Afterpay being worked into the cash card or cash card BNPL as we call it.

我想深入了解 Cash App 直接存款淨增加以及您可能會看到新用戶的運作率。上個季度，您提到增加透支保護有助於推動 DD 用戶的總成長創紀錄。所以我想知道，再加上高收益節省和即時電話支援以及其他一些功能的組合是否真的有助於提高運行率。那麼問題的一部分是今天的運行率到哪裡去了？第二部分是，它是否有可能進一步發展，增加一些圍繞 Billpay 的新產品，或者正如您所提到的，Afterpay 被納入現金卡或現金卡 BNPL（我們稱之為 BNPL）。

Tim, thanks for the question. Our top strategic priority, as you know, for Cash App is banking our base, which is about bringing more financial services to our 57 million monthly actives. Banking is not a new concept for us, but it is one that we started prioritizing in a more meaningful way recently. The last few years, we've been seeing organic adoption of direct deposit. Now we're focusing our efforts on driving this higher and winning that longer-term relationship with our customers.

提姆，謝謝你的提問。如您所知，Cash App 的首要策略重點是為我們的基礎提供銀行服務，即為我們 5,700 萬月度活躍用戶提供更多金融服務。銀行業對我們來說並不是一個新概念，但我們最近開始以更有意義的方式優先考慮它。在過去的幾年裡，我們已經看到直接存款的有機採用。現在，我們正集中精力推動這項進步並贏得與客戶的長期關係。

What we saw in March was that paycheck deposit actives grew on a quarter-over-quarter basis, with paycheck volumes growing faster than overall inflows. And as we think about continued growth here, there's two key areas of focus: one, around the product; and second, around how we go to market with those products.

我們在 3 月看到的是，薪水存款活躍度較上季成長，薪水量的成長速度快於整體流入量的成長速度。當我們考慮這裡的持續成長時，有兩個關鍵的關注領域：一是圍繞產品；二是圍繞產品。其次，圍繞我們如何將這些產品推向市場。

From a product perspective, we're not only prioritizing table stakes features but also how we can make those offerings more compelling than what you can get at a bank. We're hearing our customers say they want products that allow them to bank without any worries. That's paying with checks. That's Billpay. That's a web offering. And we're hearing from our customers that they want to achieve their financial goals. That's initiatives around card spending insights, around our savings initiative, around Afterpay on Cash App Card.

從產品的角度來看，我們不僅優先考慮賭注功能，而且還優先考慮如何使這些產品比銀行提供的產品更具吸引力。我們聽到我們的客戶說他們想要能夠讓他們無憂無慮地進行銀行業務的產品。那就是用支票付款。那是比爾佩伊。這是一個網路產品。我們從客戶那裡得知他們希望實現自己的財務目標。這些舉措圍繞著卡支出洞察、我們的儲蓄計劃以及 Cash App Card 上的 Afterpay 進行。

From a go-to-market perspective, with all of these products, and as we bring them together, we'll be looking to package these products in a way that makes it easier for customers to discover and understand our offerings through the app. Again, that's bundling that's packaging. And then it's testing incentives and other ways to drive conversion. We haven't done much of that yet in terms of our go-to-market efforts with direct deposit. But you'll see us do much more of this as the features come together in the back half of this year and into next year.

從進入市場的角度來看，對於所有這些產品，當我們將它們組合在一起時，我們將尋求以一種讓客戶更容易透過應用程式發現和理解我們的產品的方式來包裝這些產品。再說一遍，這就是捆綁，即包裝。然後它正在測試激勵措施和其他方法來推動轉換。在我們透過直接存款進入市場的努力方面，我們還沒有做太多的事情。但隨著今年下半年和明年的功能整合，您會看到我們在這方面做了更多的工作。

Similar to what we've seen with Cash App Card or with Cash App Borrow, it takes time. It takes some time, several years, to get these to scale to where they are today. And we think similarly with bank or base and direct deposit, it's a multiyear effort, but it's one that we have deep conviction on and are very excited about.

與我們在 Cash App Card 或 Cash App Borrow 中看到的類似，這需要時間。要讓這些規模達到​​今天的水平需要一些時間，甚至幾年的時間。我們認為，與銀行或基礎和直接存款類似，這是一項多年的努力，但我們對此深信不疑並且感到非常興奮。

We will take our next question from Darrin Peller with Wolfe Research.

我們將回答 Wolfe Research 的 Darrin Peller 提出的下一個問題。

It's great to see the ongoing improvement in EBITDA and the guide you guys gave now, a more notable increase than we expected so far, while at the same time, balancing it, with growth being strong. So I guess in that context, if you can just give us a little more color on what you're identifying in terms of efficiencies now that it was able to drive that uptick? And maybe what's on the horizon? What else do you see in the model that can drive further progress on efficiencies for EBITDA going forward?

很高興看到 EBITDA 的持續改善以及你們現在提供的指南，比我們迄今為止預期的成長更顯著，同時平衡它，成長強勁。因此，我想在這種情況下，既然它能夠推動效率的提高，您是否可以給我們更多關於您在效率方面所確定的內容的資訊？也許即將發生什麼事？您認為該模型中還有哪些內容可以推動未來 EBITDA 效率的進一步進步？

Darrin, thanks for the question. I'll start with the first quarter and then talk about what we're looking out for the full year. Obviously, what you saw, the first quarter was our highest-profitability metrics ever and a beat at the high end of our guidance of about $119 million from an adjusted OI perspective, with again, nearly doubling in terms of EBITDA on a year-over-year basis.

達林，謝謝你的提問。我將從第一季開始，然後討論我們對全年的展望。顯然，正如您所看到的，第一季是我們有史以來最高的獲利指標，從調整後的 OI 角度來看，超出了我們指導的約 1.19 億美元的上限，而 EBITDA 再次幾乎翻倍。為基礎。

I think there's kind of three key things to point out. Obviously, there's continued strong growth and momentum across each of the two ecosystems, Square and Cash App, with 19% growth and 25% growth, respectively. But from an expense discipline perspective, three key things I'd call out.

我認為有三件關鍵的事情需要指出。顯然，Square 和 Cash App 兩個生態系統都持續強勁成長和勢頭，分別成長 19% 和 25%。但從費用紀律的角度來看，我要指出三個關鍵事項。

First is our personnel cap, which is driving the right level of sharpening our strategy and prioritization and scoping our work, as Jack mentioned, and we remained under our 12,000-person cap at the end of the first quarter. Second, it's driving leverage across each of our areas of corporate overhead, whether it's T&E or professional fees, real estate, software and data fees. And third, it's around our structural costs and continuing to focus on ways that we can improve there. And do want to note, as we've called out in our shareholder letter, in the first quarter, we also benefited from $52 million in out-of-period items in Q1, mostly related to the releases of risk-loss provisions established in prior periods. So that's an important thing to note for the first quarter.

首先是我們的人員上限，正如傑克所提到的那樣，這正在推動我們的策略和優先事項以及工作範圍的適當水平的提高，並且我們在第一季末仍保持在 12,000 人的上限之下。其次，它推動了我們公司管理費用各個領域的槓桿作用，無論是差旅費還是專業費用、房地產、軟體和數據費用。第三，它圍繞著我們的結構性成本，並繼續關注我們可以改進的方法。並且確實想指出，正如我們在股東信中所指出的那樣，在第一季度，我們也從第一季度的期外項目中受益，其中大部分與 2017 年制定的風險損失條款的發布有關。 。因此，這是第一季值得注意的重要事項。

More broadly, when we look at the full year, from a profitability perspective, we've raised our profitability expectations both in EBITDA and adjusted OI basis not only for the full amount of outperformance relative to the high end of our guidance for Q1 but also an improved expectation for the remainder of the year where we expect to keep screws tight in terms of discipline and efficiency in how we run our business, but where we also see the flow-through of strong incremental margins in each of our businesses as we continue to grow Square and Cash App strongly for the remainder of the year, but also leaving room for us to invest in growth initiatives in the back half of the year. That should benefit our future growth, particularly around sales and marketing. So those are the different levers that we're looking at and why we think we can drive continued profitability through the remainder of the year.

更廣泛地說，當我們從盈利能力的角度來看全年時，我們提高了EBITDA 和調整後的OI 基礎上的盈利預期，不僅是因為相對於我們第一季度指引的高端的全部表現出色，而且對今年剩餘時間的預期有所改善，我們希望在業務運營方面嚴格遵守紀律和效率，但隨著我們的繼續，我們也看到我們每項業務的利潤率都將強勁增長Square 和Cash App 在今年剩餘時間內強勁成長，同時也為我們在下半年投資成長舉措留下了空間。這應該有利於我們未來的成長，特別是在銷售和行銷方面。這些就是我們正在考慮的不同槓桿，以及為什麼我們認為我們可以在今年剩餘時間內推動持續獲利。

And we will take our next question from Harshita Rawat with Bernstein.

我們將與伯恩斯坦一起回答哈希塔·拉瓦特的下一個問題。

Amrita, can you elaborate on the drivers and quarterly cadence of the gross profit growth of 17%? You gave some first half, second half color earlier, but just maybe talk a little bit more there and also about the assumptions for Cash App and Square. And then also, just as a follow-up, Borrow and Square Loans scaled nicely over the past year and year or so. What determines your ability and willingness to continue to grow this revenue stream as credit is less benign?

Amrita，您能詳細說明一下毛利成長17%的驅動因素和季度節奏嗎？您早些時候給出了一些前半部分、後半部分的顏色，但可能只是在那裡多談了一點，以及關於 Cash App 和 Square 的假設。此外，作為後續行動，借貸和廣場貸款在過去一年左右的時間裡也取得了很好的規模。在信貸狀況不佳的情況下，是什麼決定了您繼續增加收入來源的能力和意願？

Sure. So let me start on our gross profit growth assumptions for the remainder of the year. So obviously, we've raised our full year guidance on both gross profit and profitability. We now expect gross profit of $8.78 billion, at least $8.78 billion for the full year, that equates to about 17% growth year-over-year. That reflects both the outperformance during the first quarter mostly from Cash App with a modest beat from Square as well as improved expectations for the remainder of the year.

當然。因此，讓我開始討論今年剩餘時間的毛利成長假設。顯然，我們提高了對毛利潤和盈利能力的全年指導。我們現在預計毛利為 87.8 億美元，全年至少為 87.8 億美元，相當於年增約 17%。這反映了第一季的優異表現主要來自 Cash App，Square 的表現略有好轉，以及對今年剩餘時間的預期有所改善。

If you look at sort of breaking that down into its component parts, we expect Cash App will grow slightly faster than Square this year. We are going to be lapping some of the structural cost improvements in the back half of the year. And our implied guidance for the second half demonstrates, at a Block level, mid-teens gross profit growth expectation with these changes around structural cost and pricing mostly behind us.

如果您將其分解為各個組成部分，我們預計 Cash App 今年的成長速度將略快於 Square。我們將在今年下半年進行一些結構性成本改進。我們對下半年的隱含指引表明，在整體水準上，毛利成長預期將達到中位數，而結構成本和定價方面的這些變化已基本過去。

Many of the key growth initiatives and strategies that we're hard at work at now and plan to be ramping through the back half of this year, whether it's Afterpay on Cash App Card, orders migration or the single app model, we expect to benefit our growth into 2025 and are less of a 2024 impact. That's sort of the cadence and the puts and takes around the remainder of the year.

我們目前正在努力實施並計劃在今年下半年實施的許多關鍵成長措施和策略，無論是現金應用卡上的 Afterpay、訂單遷移還是單一應用程式模型，我們預計都會受益我們的成長將持續到2025 年， 2024 年的影響較小。這就是今年剩餘時間的節奏和看跌期權。

I think the second question that you asked was around Borrow. We have seen strong growth on Borrow in the first quarter, with originations up more than 2x year-over-year. This is while we've been able to scale this product responsibly, with loss rates in line with what we've shared historically. This is growth that's primarily driven by increasing the number of loan actives while maintaining strict eligibility requirements.

我認為你問的第二個問題是關於借用的。我們看到 Borrow 第一季的強勁成長，發起量年增超過 2 倍。在此期間，我們能夠負責任地擴展該產品，損失率與我們歷史上分享的情況一致。這一增長主要是由貸款活躍數量的增加同時保持嚴格的資格要求所推動的。

And not only does Borrow have strong positive unit economics on its own, net of risk loss as a stand-alone product, but it drives a really compelling ecosystem benefit through greater inflows into Cash App that are then spent or invested across a number of different monetized products. In fact, we see nearly 40% of Borrow monthly actives making a transaction on Cash App Card after receiving a Borrow loan. And we've seen strong conversion rates from those offered loans and repeat usage.

Borrow 不僅本身就具有強勁的正單位經濟效益（扣除作為獨立產品的風險損失），而且透過更多資金流入Cash App，然後在多個不同的領域進行支出或投資，它帶來了真正引人注目的生態系效益。事實上，我們發現近 40% 的 Borrow 每月活躍用戶在收到 Borrow 貸款後透過 Cash App Card 進行交易。我們已經看到所提供的貸款和重複使用的轉換率很高。

Similar to what we see on a Square Loans product or a Buy Now, Pay Later product, we see that these products are very short in duration and act as sort of cash flow management or working capital products. So similarly with Borrow, we see repeat usage across Borrow monthly actives. And it's an area that we feel very strong about our machine learning and risk-loss capabilities behind the growth of this product, and so we're excited to continue to keep ramping it for our customers.

與我們在 Square Loans 產品或立即購買，稍後付款產品上看到的類似，我們看到這些產品的期限非常短，並且充當現金流管理或營運資金產品。與 Borrow 類似，我們看到 Borrow 每月活動的重複使用。我們對這個產品成長背後的機器學習和風險損失能力感到非常強大，因此我們很高興能夠繼續為我們的客戶不斷提升它。

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

我們將接受巴克萊銀行拉姆齊·阿薩爾的下一個問題。

I wanted to ask about the integration of Afterpay and Buy No, Pay Later with the Cash App Card. How should we think about sizing the opportunity? In other words, which cash card customers or how many card customers would be eligible to use the Buy Now, Pay Later capability? And also, do you have any preliminary view of what the product might look like? Will users be able to toggle between credit and debit in the app, for example? Are there any other integrations like that, that you could share with us?

我想詢問有關 Afterpay 和使用 Cash App 卡購買不，稍後付款的整合的問題。我們該如何考慮機會的大小？換句話說，哪些現金卡客戶或多少卡客戶有資格使用「先買後付」功能？另外，您對產品的外觀有什麼初步了解嗎？例如，用戶是否能夠在應用程式中在信用卡和金融卡之間切換？還有其他類似的整合可以與我們分享嗎？

Yes. I mean so we're really excited about this integration. Just some context for you, we acquired Afterpay some time ago, and I would say that we forced an integration way too quickly. And now having a fixed a bunch of those issues, the team is really executing on two main things. One is discovery. And that is within the Cash App, bringing our Cash App network and bring the Square merchant network together. So a lot of visibility around local and a lot of what we hope to achieve with the power of our combined ecosystems, both on the merchant and the seller side.

是的。我的意思是，我們對這種整合感到非常興奮。為您提供一些背景信息，我們不久前收購了 Afterpay，我想說的是，我們強制整合的速度太快了。現在解決了一系列問題後，團隊實際上正在執行兩件主要事情。一是發現。這就是在 Cash App 內，將我們的 Cash App 網路和 Square 商家網路結合在一起。因此，我們希望透過我們的聯合生態系統的力量在商家和賣方方面實現本地的大量可見性以及我們希望實現的許多目標。

On the other side of that is the Cash App Card and how large that is and Cash App Pay, how large that network is growing to, and putting Afterpay on top of that as well. Afterpay on the Cash App Card, as I said earlier, is super exciting. We have started rolling it out. As with any product, we're looking at how people are using it, and we'll be making decisions on what it ultimately looks like when we roll it out 100% over time based on how people perceive it, how they use it, how they find it valuable or not valuable. But we think it's really exciting. And it's taking us some tend to get here, but we're finally here, so excited to see it roll out and for you all to be able to use it.

另一方面是 Cash App Card 以及它的規模，以及 Cash App Pay，該網路正在發展到多大，並將 Afterpay 置於其之上。正如我之前所說，Cash App 卡上的後付款非常令人興奮。我們已經開始推出它。與任何產品一樣，我們正在關注人們如何使用它，當我們隨著時間的推移 100% 推出它時，我們將根據人們如何看待它、如何使用它來決定它的最終外觀，他們如何認為它有價值或沒有價值。但我們認為這確實令人興奮。我們花了一些時間才到達這裡，但我們終於來了，很高興看到它的推出並讓大家都能使用它。

And I'll just add a couple of points of data around that, Ramsey. First, with the opportunity that we've got, with bringing Afterpay to Cash App card, this is having an already built-in audience of 24 million monthly actives who have spent more than $100 billion in total over the past year. Of course, we're going to start small and, as with any lending sort of product, start small and ramp based on the signals that we see, Where eligible actives will be able to easily convert certain purchases into an Afterpay transaction. As Jack said, we've begun testing here already. We've seen strong attach rates and we're excited to scale this in the coming months. This brings visibility and the utility of Afterpay into Cash App much more directly than we've done so far and drive engagement around Buy Now, Pay Later which, on its own, is growing nicely for us: 25% GMV growth, 32% gross profit growth in the first quarter on a year-over-year basis. And it helps merchant partners who have access now to a much bigger network of customers across the Cash App ecosystem.

拉姆齊，我將圍繞這一點添加一些數據。首先，借助我們所獲得的機會，透過將 Afterpay 引入 Cash App 卡，我們已經擁有了 2400 萬每月活躍用戶，他們在過去一年的總支出超過 1000 億美元。當然，我們將從小規模開始，就像任何貸款類型的產品一樣，從小規模開始，然後根據我們看到的信號逐步增加，符合條件的活躍人士將能夠輕鬆地將某些購買轉換為後付款交易。正如傑克所說，我們已經開始在這裡進行測試。我們看到了很高的附加率，我們很高興在未來幾個月內擴大這一規模。這比我們迄今為止所做的更直接地為Cash App 帶來了Afterpay 的可見性和實用性，並推動了「立即購買、稍後付款」的參與度，這本身就為我們帶來了良好的成長：GMV 成長25%，毛額成長32%第一季獲利年增。它還可以幫助商家合作夥伴現在可以在 Cash App 生態系統中存取更大的客戶網路。

Just the second piece, as Jack mentioned, Cash App Pay. The strength in the growth of Cash App Pay wouldn't have happened if it wasn't for the enterprise sales team that Afterpay has built through the years, driving it across its network of merchants. And now Cash App Pay is an example of a payment tool that customers can use regularly, and so we're giving customers the Cash App more and more ways that they can spend their funds and more reasons to inflow funds into Cash App.

正如傑克所提到的，只是第二塊，Cash App Pay。如果沒有 Afterpay 多年來建立的企業銷售團隊，推動其在整個商家網路中的發展，Cash App Pay 的成長動能就不會出現。現在，Cash App Pay 是客戶可以定期使用的支付工具的範例，因此我們為客戶提供了越來越多 Cash App 資金的使用方式以及更多理由將資金流入 Cash App。

We ended the quarter, March had 4 million monthly actives across Cash App Pay, adding $1 million monthly active each of the last 3 quarters, while GMV was up 40%, more than 40%, quarter-over-quarter. So a very strong growth here, and I think more milestones towards proving out the integration between Cash App and Afterpay.

截至本季末，3 月份 Cash App Pay 的每月活躍用戶數為 400 萬，過去 3 個季度每季的每月活躍用戶數增加了 100 萬美元，而 GMV 增長了 40%，環比增長超過 40%。因此，這裡的成長非常強勁，我認為在證明 Cash App 和 Afterpay 之間的整合方面還有更多里程碑。

We will 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 dig into seller GPV. The card-not-present in retail growth rates, those have lagged overall GPV growth pretty consistently over the last few quarters, if you could just unpack what some of the dynamics have been within both of those. And then Amrita, on your comment that GPV growth could potentially accelerate in the second half, how much of that is comp-driven versus potentially starting to see some benefit from some of the go-to-market changes you guys have made?

我想深入了解賣家的 GPV。零售成長率雖然不存在，但在過去幾季中，這些成長率一直落後於整體 GPV 成長，如果你能解開這兩個成長率中的一些動態的話。然後，Amrita，關於您關於下半年 GPV 成長可能會加速的評論，其中有多少是由競爭驅動的，而不是可能開始從您所做的一些進入市場的改變中看到一些好處？

Yes. I mean just to very directly answer the end of your question, I think most of it's likely more comp-driven in terms of more favorable comp, but we've got a tremendous amount of work underway that we hope will shift the tide on Square GPV into 2025. Now just to back up, Square GPV in the first quarter was up 9% year-over-year, which was in line with our expectations that we shared on the Q4 call. Again, gross profit growth, ahead of that based on the strength of our banking products and our SaaS attached products. U.S. growth was 6% in the quarter, while non-U.S. growth was 23% or 26% at constant currency. And as you noted, we expect, as we look ahead, to see stable to slightly improving GPV growth in the back half of the year.

是的。我的意思是非常直接地回答你問題的結尾，我認為大部分可能是在更有利的競爭方面更受競爭驅動，但我們正在進行大量工作，我們希望這些工作能夠改變 Square 的潮流到2025 年的GPV。再次強調，毛利的成長是基於我們銀行產品和 SaaS 附加產品的實力。本季美國經濟成長率為 6%，而以固定匯率計算，非美國經濟成長率為 23% 或 26%。正如您所指出的，展望未來，我們預計今年下半年的 GPV 成長將穩定甚至略有改善。

But we're not satisfied with these growth rates, and we want to turn the tide. We think that increasing product velocity, as Jack shared earlier, and some of our go-to-market changes can improve growth in 2025. Specifically, I would point to orders migration, which helps us with critical features for food and beverage sellers and beauty in salons, like pre-authorization at bars or deposits for service and sellers. That work, as I mentioned earlier, is on track to be completed this summer; or onboarding flows where we're reducing the friction for new sellers to join the Square ecosystem from 10-plus minutes to a much more faster and intuitive onboarding experience. We began testing that new onboarding flow with quick-service restaurant sellers. And as Jack noted, those results are encouraging, so we'll be rolling it out to our other verticals in July.

但我們對這些成長率並不滿意，我們希望扭轉局面。我們認為，正如Jack 之前分享的那樣，提高產品速度以及我們的一些上市變化可以提高2025 年的成長。提供關鍵功能在沙龍中，例如酒吧的預授權或服務和賣家的押金。正如我之前提到的，這項工作預計將在今年夏天完成；或入職流程，我們正在減少新賣家加入 Square 生態系統的阻力，從 10 多分鐘縮短為更快、更直覺的入職體驗。我們開始與速食店賣家測試新的入職流程。正如傑克指出的那樣，這些結果令人鼓舞，因此我們將在 7 月將其推廣到其他垂直領域。

And then contracts. As we think about our go-to-market motion, our sales team and the tools that we give them are critical to be able to reach the sellers with more complex needs. And we rolled out contracts in the second half of '23. And what we saw from December to March was that the number of U.S. sales wins that had contracts attached more than doubled. It's early, but we're also seeing cohort retention improvement when contracts are deployed. So we believe that there's more that we can do here as these products and features come together to lean in to go to market, especially in the back half of the year and into the future to improve the trend lines that we see across GPV.

然後簽訂合約。當我們考慮進入市場的行動時，我們的銷售團隊和我們為他們提供的工具對於能夠接觸到具有更複雜需求的賣家至關重要。我們在 23 年下半年推出了合約。從 12 月到 3 月，我們看到美國銷售合約中獲勝的數量增加了一倍以上。現在還為時過早，但我們也看到部署合約後隊列保留率有所提高。因此，我們相信，隨著這些產品和功能的匯集，我們可以做更多的事情來進入市場，特別是在今年下半年和未來，以改善我們在 GPV 中看到的趨勢線。

We will take our next question from Andrew Bauch with Wells Fargo.

我們將接受富國銀行安德魯·鮑赫 (Andrew Bauch) 提出的下一個問題。

I just wanted to expand on what you just said there around the go-to-market strategies and the improved product velocity. And maybe if you could help us understand what the value proposition of contracts really unlocks for you guys. And maybe if we can just layer that into some of the expanded franchise capabilities that you discussed. I mean, the Bitkey is better, like that's a win for Square that we haven't seen that magnitude in the past.

我只是想擴展一下您剛才所說的有關進入市場策略和提高產品速度的內容。也許您可以幫助我們了解合約的價值主張真正為您帶來了什麼。也許我們可以將其納入您討論的一些擴展的特許經營功能中。我的意思是，Bitkey 更好，這對 Square 來說是一場我們過去從未見過的勝利。

Yes. Well, just to start on contracts, since you pointed it out, this is something we were against for many years in our funding because we saw what a lot of people were doing to small merchants. They're locking them into these pretty predatory contracts. And we still see some of our peers do this today. We took a slightly different tact on it and also have a different goal. We recognize that there are merchants who appreciate contracts because it helps them with predictability of their cost and it allows us to get them free hardware. So if you were to look at just one point, it would be that. And from December to March, we saw the number of U.S. sales wins with contracts attached more than double.

是的。好吧，首先從合約開始，正如您指出的那樣，這是我們多年來在資金方面反對的事情，因為我們看到很多人對小商人所做的事情。他們將他們鎖定在這些相當掠奪性的合約中。今天我們仍然看到一些同行這樣做。我們採取了略有不同的策略，也有不同的目標。我們認識到有些商家喜歡合約，因為合約可以幫助他們預測成本，並且可以讓我們為他們提供免費的硬體。所以如果你只看一點的話，那就是這一點。從 12 月到 3 月，我們看到美國銷售合約數量增加了一倍以上。

So this is really still early for us, but we're looking, we're observing what our peers are doing. We're observing customer needs, and we want to do something that is far more attractive and much better for the seller and therefore, for us. And it's working. A big portion of what we're doing on the go-to-market side is we're just experimenting a lot more. I think in the past, we relied a little bit too much on one thing working. And when that thing didn't work, we switched the thing.

所以這對我們來說確實還為時過早，但我們正在尋找，我們正在觀察我們的同行在做什麼。我們正在觀察客戶的需求，我們希望做一些對賣家和我們來說更具吸引力和更好的事情。它正在發揮作用。我們在進入市場方面所做的很大一部分工作就是進行更多試驗。我認為在過去，我們有點過度依賴一件事的運作。當那個東西不起作用時，我們就換了那個東西。

Now we are focused on a big thing in our go-to-market, which is like really looking deeply at the product and the onboarding experience, of course, and just really focusing a lot on that, but also looking at doing experiments like field sales, like contracts, everything we've done around verticalization of our sales force. All these things compound. And some of them will work, some of them won't work, and we'll invest heavily in the ones that do. But I think that experimentation mindset and being much faster to recognize when something is working or not working will help us really improve it, mirrored with everything that we're doing on the product side as well.

現在，我們在進入市場時專注於一件大事，當然，這就像真正深入研究產品和入職體驗，並且真正關注這一點，但也著眼於進行諸如現場實驗之類的實驗銷售，就像合約一樣，是我們圍繞銷售隊伍垂直化所做的一切。所有這些事情複合在一起。其中一些會起作用，一些不會起作用，而我們將在那些起作用的方面投入大量資金。但我認為實驗心態以及更快地識別某些東西何時有效或無效將幫助我們真正改進它，這也反映了我們在產品方面所做的一切。

On the franchise capabilities, yes, this is an opportunity for us. We are focused a lot on food and beverage. We know there's a number of gaps that our competitors take advantage of. We're driving those home and fixing all of them. And our first goal is to get to parity on all the features that make us lose in food and beverage. And then as we get to that this year, then it's a question of really showing people the depth and the breadth of our ecosystem. And this is where banking continues to be a stronghold for us and something that will really set us apart, in addition to our renewed focus on a better design product and a better engineered product that doesn't fail.

就特許經營能力而言，是的，這對我們來說是一個機會。我們非常關注食品和飲料。我們知道我們的競爭對手利用了許多差距。我們正在把它們開回家並全部修復。我們的首要目標是在所有讓我們在食品和飲料方面失敗的功能上達到同等水平。當我們今年談到這個問題時，問題就在於如何真正向人們展示我們生態系統的深度和廣度。這就是銀行業繼續成為我們的據點的地方，也是我們真正與眾不同的地方，此外我們也重新專注於更好的設計產品和更好的不會失敗的工程產品。

And we will take our next question from Jason Kupferberg with Bank of America.

我們將回答美國銀行 Jason Kupferberg 提出的下一個問題。

I wanted to stay here on the Square side for a minute. You had expected the gross profit growth to decelerate in Q1. It's obviously accelerated modestly. And I think you said, at a high level, software and banking, obviously, were drivers there. But hoping you could go a little bit deeper into which specific parts of the software and the banking businesses and maybe touch on international a little bit also, just trying to unpack where the sources of upside surprise were because certainly good numbers to see there.

我想在廣場一側停留一分鐘。您曾預計第一季毛利成長將放緩。顯然它正在適度加速。我想你說過，從高層次來看，軟體和銀行業顯然是那裡的驅動因素。但希望你能更深入地了解軟體和銀行業務的哪些特定部分，也許還可以接觸一下國際，只是試圖解開上行驚喜的來源，因為那裡肯定有很好的數字。

Sure. Maybe just to unpack the drivers on the banking side first. What we saw was first quarter banking gross profit for Square grew 36% year-over-year and was the key driver of delta between gross profit and GPV growth. Unpacking that a bit more, what we saw was healthy repayment trends and strong organic volume growth drive results this quarter for banking. Square Loans facilitated $1.32 billion in originations, up 17% year-over-year in the first quarter. Instant transfer also contributed as we lap now, in the second quarter, some of the pricing impacts, pricing increases, that we made in Q2 of last year. And then gross profit from banking products in our international markets also continue to grow as we add more and more capabilities to more geographies.

當然。也許只是先解壓銀行方面的驅動程式。我們看到 Square 第一季銀行業毛利年增 36%，是毛利和 GPV 成長之間增量的主要驅動力。進一步分析一下，我們看到的是健康的還款趨勢和強勁的有機數量成長推動了本季銀行業的業績。 Square Loans 第一季促成了 13.2 億美元的發放，年增 17%。當我們現在在第二季完成時，即時轉移也做出了貢獻，我們在去年第二季做出了一些定價影響，定價上漲。隨著我們在更多地區添加越來越多的功能，國際市場上銀行產品的毛利也持續成長。

The recent launches of loans in Japan in January, for instance, has well exceeded our initial expectations. Clearly, quick access to funds and a seamless product experience are true differentiators relative to existing financing options for SMBs in Japan. From an international perspective, in the first quarter, gross profit markets outside the U.S. grew 38% year-over-year and represented 13% of Square's gross profit. International GPV was up 23%.

例如，日本最近在一月份推出的貸款遠遠超出了我們的最初預期。顯然，相對於日本中小企業現有的融資選擇，快速獲得資金和無縫的產品體驗是真正的差異化因素。從國際角度來看，第一季美國以外市場的毛利年增38%，佔Square毛利的13%。國際 GPV 成長 23%。

We believe there is a significant long runway ahead for growth here as we're less than 1% penetrated in markets outside the U.S. And we've continued to see growth in our deeper vertical points of sale as well across the Square ecosystem. So each of the key strategic and focus areas for us continues to show outsized growth and will be areas that we lean into. Specifically on vertical points of sale, gross profit from products across retail restaurants and appointments grew 24% year-over-year in the first quarter.

我們相信，這裡的成長還有很長的路要走，因為我們在美國以外的市場的滲透率還不到 1%，而且我們繼續看到更深的垂直銷售點以及整個 Square 生態系統的成長。因此，我們的每個關鍵策略和重點領域都繼續顯示超額成長，並將成為我們重點關注的領域。具體到垂直銷售點，第一季零售餐廳和預約產品的毛利年增 24%。

We will 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。

Just a couple on tax in direct deposit. Of the 40% tax actives, the positive refunds into cash, just curious what sort of overlap there might be with existing payroll direct deposit actives? And then what exactly is entailed in sort of converting those folks that are not maybe overlapping today? And then just as a quick follow-up, any sort of indication of inflows growth excluding the impact of any sort of tax refund growth.

只是直接存款的稅。在 40% 的稅收活動中，積極退款為現金，只是好奇與現有的工資直接存款活動可能有什麼樣的重疊？那麼，要改變那些今天可能不重疊的人，到底需要做些什麼呢？然後，作為快速跟進，任何形式的流入增長跡像都不包括任何形式的退稅增長的影響。

So as I noted, the paycheck direct deposit inflows grew faster than overall inflows, so that is neutralized for the tax impact in Q1, the sort of seasonal impact in Q1. More broadly, what I'd say about our tax initiative is that it represents a discovery initiative for us in bringing our direct deposit capabilities, the ability to get your funds faster through Cash App, and put it front and center for our customers as they're engaging in a deep financial services offering that we have a free one with taxes. And so as you look at the broader base of direct deposits in Q1, that's clearly larger than the paycheck direct deposits alone. And we saw growth in that as well.

正如我所指出的，工資直接存款流入的成長速度快於整體流入的成長速度，因此第一季的稅收影響（即第一季的季節性影響）被抵銷了。更廣泛地說，我對我們的稅務計劃的看法是，它代表了我們的一項發現計劃，它帶來了我們的直接存款功能，透過Cash App 更快地獲得資金的能力，並將其置於客戶的首要位置和中心位置，因為他們我們正在提供一項深入的金融服務，我們提供免費的含稅服務。因此，當你觀察第一季更廣泛的直接存款基礎時，你會發現這顯然比僅有薪資直接存款還要大。我們也看到了這方面的成長。

But really, the tax piece is about driving discovery and awareness around our broader financial services offering, including paycheck direct deposits. And it is a potential for us to convert more of those tax direct deposit customers in the paycheck direct deposit customers. A much broader opportunity for us, of course, is, as I mentioned earlier, around the key initiatives that we got from a product perspective around financial services and around bringing all of those initiatives together in bundling and in pricing that's compelling to our customers.

但實際上，稅收部分是為了推動我們更廣泛的金融服務產品的發現和認識，包括工資直接存款。我們有可能將更多的稅務直接存款客戶轉變為薪資直接存款客戶。當然，正如我之前提到的，對我們來說，一個更廣泛的機會是圍繞我們從產品角度圍繞金融服務以及將所有這些舉措整合到對我們的客戶有吸引力的捆綁和定價中的關鍵舉措。

And we will take our next question from John Davis with Raymond James.

我們將回答約翰·戴維斯和雷蒙德·詹姆斯提出的下一個問題。

Jack, I just wanted to touch on the recent merchant settlement with the networks, both on the surcharging side as well as the interchange cuts, and just thoughts on how that impacts the merchants and Square more specifically.

Jack，我只是想談談最近商家與網路的和解，包括附加費方面以及交換削減，並且只是想一下這對商家和 Square 有何更具體的影響。

Sorry, what are you talking about here?

抱歉，你在這裡說什麼？

Sorry, the merchant settlement with Visa and Mastercard on the ability to surcharge as well as the cut in interchange going into effect next year.

抱歉，與 Visa 和萬事達卡就附加費以及交換費用削減問題達成的商家協議將於明年生效。

I'm not sure how to answer the question. I haven't spent much time on this particular issue. I do know that it is an active conversation for a lot of sellers and their customers, and different countries have different policies on this. We don't have a surcharge ability on Square right now. We are rolling that out in Australia where it is something that most merchants do. But no other comment on this.

我不知道如何回答這個問題。我沒有在這個特定問題上花費太多時間。我確實知道，對於許多賣家及其客戶來說，這是一個積極的對話，不同的國家對此有不同的政策。目前 Square 上沒有附加費功能。我們正在澳洲推出這項服務，這是大多數商家都會做的事情。但對此沒有其他評論。

Okay. Then maybe just Amrita, just a quick question on the sustainability of the 1,000 basis point difference and kind of GPV growth in Square of 9% versus 19%. I know you noted Square banking growth was like mid-30s for the quarter. But how should we think about the relation between GPV growth and seller and GP growth throughout the balance of the year?

好的。然後也許只是 Amrita，我想問一個關於 1,000 個基點差異的可持續性以及 Square 9% 和 19% 的 GPV 增長的快速問題。我知道您注意到 Square 銀行業務的成長在本季約為 30 多歲。但我們該如何思考全年的 GPV 成長與賣家和 GP 成長之間的關係呢？

Yes. As I noted in the interim remarks, what we expect to see is a narrowing of the gap or the delta between gross profit growth and GPV growth. That's as we see GPV growth in the back half of the year, we expect to be stable to improving behind more favorable same-store comparisons. So that's sort of the expectation that we see for the remainder of the year. And we expect gross profit growth to moderate a bit from the first quarter, 19%, as we lap some of that stronger banking performance and pricing changes from the prior year.

是的。正如我在中期發言中指出的那樣，我們預計毛利成長和 GPV 成長之間的差距或增量會縮小。這就是我們看到下半年 GPV 的成長，我們預計在更有利的同店比較的推動下，將穩定改善。這就是我們對今年剩餘時間的預期。我們預計毛利成長將較第一季略有放緩，即 19%，因為我們經歷了一些較上年更強勁的銀行業績和定價變化。

Obviously, all of our key initiatives the Jack's been referencing related to Square. From a product and go-to-market perspective, we're hard at work on and believe that, as they hit throughout the remainder of the year, can turn the tide from the 2025 perspective.

顯然，Jack 提到的我們所有的關鍵措施都與 Square 相關。從產品和進入市場的角度來看，我們正在努力工作，並相信，隨著它們在今年剩餘時間的推出，從 2025 年的角度來看，可以扭轉局勢。

And we will now take our final question from Bryan Keane with Deutsche Bank.

現在我們將回答德意志銀行布萊恩·基恩的最後一個問題。

Congrats on the solid results here. I just want to ask about Afterpay. It really seemed to have turned a corner, with volume now having consistently growing 25% the last couple of quarters. Can you just maybe talk high level what's changed for Afterpay to get better growth? And then obviously, the gross profit growth jumped this quarter to be higher than the volume. Maybe what are those drivers and the outlook there?

恭喜您取得了紮實的成果。我只是想問一下Afterpay的事。它似乎確實已經出現了轉機，過去幾季的銷量持續成長 25%。您能否簡單談談 Afterpay 發生了什麼變化才能獲得更好的成長？顯然，本季毛利成長高於銷量成長。也許這些驅動因素和前景是什麼？

Sure. I can start on this, which is we saw strong growth in the quarter, as you noted, both from a GMV perspective, and even more so from a gross profit perspective, GMV being similar to our Q4 growth rate at 25% but with gross profit at 32%, which is higher than the fourth quarter growth rate. What we saw with Afterpay was strong customer acquisition across both consumers and merchants with growth driven by single-use payments and our gift cards offering. Single-use payments is our product that allows customers across the U.K., U.S. and Australia to shop via the Afterpay app and merchants that aren't in Afterpay's network, so a broad set of merchants. And that enables us to reach highly engaged customers through personalized merchant recommendations in the app while also offering a flexible payment offering.

當然。我可以從這個開始，正如您所指出的，我們在本季度看到了強勁的成長，無論是從GMV 角度來看，還是從毛利角度來看，GMV 與我們第四季度25% 的成長率相似，但毛利成長利潤達32%，高於第四季增速。我們在 Afterpay 中看到的是，在一次性付款和我們的禮品卡產品的推動下，消費者和商家都獲得了強勁的客戶成長。一次性支付是我們的產品，它允許英國、美國和澳洲的客戶透過 Afterpay 應用程式以及不在 Afterpay 網路中的商家（即廣泛的商家）進行購物。這使我們能夠透過應用程式中的個人化商家推薦來吸引高度參與的客戶，同時也提供靈活的支付服務。

And gift card is a product that allows eligible customers to purchase an online gift card from a variety of leading retailers and then spread it out across 4 payments with Afterpay. Afterpay's enterprise sales team also has been driving a strong pipeline of new merchant growth across all of these products, our core Buy Now, Pay Later products as well as some of these newer products. Some of these newer products also do have improved monetization rate relative to Buy Now, Pay Later. And that, I think, is some of what you're seeing come through in terms of the stronger gross profit growth.

禮品卡是一種產品，允許符合條件的客戶從各種領先零售商購買線上禮品卡，然後透過 Afterpay 分攤到 4 次付款中。 Afterpay 的企業銷售團隊也一直在推動所有這些產品、我們的核心「立即購買、稍後付款」產品以及其中一些較新產品的新商家成長。相對於“先買後付”，其中一些新產品的貨幣化率也確實有所提高。我認為，這就是您所看到的毛利成長強勁的一些結果。

Stepping back more broadly to the first part of your question, what's changed here is, as Jack noted, we've reset on our strategy and reorganized our team. Afterpay is now fully embedded in the Cash App ecosystem and operating at a high level of excellence between our sales team, our product-led teams and our customer-facing teams. And so we're excited to see what's ahead not only for some of the stand-alone Afterpay initiatives but also the deeper integrations that we're doing with Afterpay on Cash App Card and with Cash App Pay, which has now strong growth, of which I think is very much attributable to the Afterpay team as well.

更廣泛地回到你問題的第一部分，正如傑克指出的那樣，這裡發生的變化是，我們重新制定了策略並重組了我們的團隊。 Afterpay 現已完全嵌入 Cash App 生態系統中，並在我們的銷售團隊、產品主導團隊和麵向客戶的團隊之間以高水準的卓越運作。因此，我們很高興看到未來的發展，不僅是一些獨立的 Afterpay 計劃，還有我們與 Cash App Card 上的 Afterpay 以及目前增長強勁的 Cash App Pay 進行的更深入的整合。程度上要歸功於Afterpay 團隊。

And ladies and gentlemen, thank you for participating in today's program. This does conclude our program, and you may all now disconnect.

女士們、先生們，感謝你們參加今天的節目。我們的計畫到此結束，你們現在可以斷開連結了。