Block Inc (SQ) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block second-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 年第二季財報電話會議。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.

現在我想將電話轉給主持人投資者關係主管 Nikhil Dixit。

Please go ahead

請繼續

Hi, everyone.

大家好。

Thanks for joining our second quarter 2024 earnings call.

感謝您參加我們的 2024 年第二季財報電話會議。

We have Jack and Amrita with us today.

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.

我們將用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。

During Q&A, we will take questions from conference call participants.

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.

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。

All statements other than statements of historical fact could be deemed to be forward-looking.

除歷史事實陳述外的所有陳述均可被視為前瞻性陳述。

These forward-looking statements include discussions that are outlook, strategy and guidance as well as our long-term targets and goals.

這些前瞻性陳述包括展望、策略和指導以及我們的長期目標和目標的討論。

These statements are subject to risks and uncertainties.

這些陳述存在風險和不確定性。

Actual results could differ materially from those contemplated by our forward-looking statements.

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。

Reported results should not be considered an indication of future performance.

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.

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。

Also, note that the forward-looking statements on this call are based on information available to us as of today's date.

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。

We disclaim any obligation to update any forward-looking statements, except as required by law.

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 refer to those offered through our bank partners.

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.

在這些評論中，我們還將討論與我們的投資框架相關的指標，包括 40 條規則。

With Rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margin.

根據 40 規則，我們正在評估毛利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.

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。

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.

股東信函以及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。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非公認會計原則衡量標準無意取代我們的公認會計原則結果。

Finally, this call in its entirety is being audio webcast on our Investor Relations website.

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。

An audio replay of this call and the transcript for Jack and Amrita’s opening remarks will be available on our website shortly.

本次電話會議的音訊重播以及傑克和阿姆麗塔開場白的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.

感謝大家加入我們。

I focused my shareholder letter this quarter on our go-to-market strategy for Square and our efforts to improve acquisition across sales, partnerships, marketing, and product.

我在本季的股東信中重點介紹了 Square 的上市策略，以及我們在銷售、合作夥伴關係、行銷和產品方面改善收購的努力。

If you haven’t yet, please read that letter for details.

如果您還沒有閱讀該信函以了解詳細信息，請閱讀該信函。

As part of this, I’m thrilled to share that Nick Molnar, the CEO and Co-Founder of Afterpay, will be leading a centralized sales function across Block, working across Square, Cash App, and Afterpay.

作為其中的一部分，我很高興地告訴大家，Afterpay 的執行長兼聯合創始人 Nick Molnar 將領導 Block 的集中銷售職能，在 Square、Cash App 和 Afterpay 上開展工作。

Nick shaped Afterpay’s high-performing sales culture, and we’re excited for him to raise the bar for Square and across Block.

Nick 塑造了 Afterpay 的高績效銷售文化，我們很高興他能夠提高 Square 和 Block 的標準。

This aligns with our recent decision to reorganize our company’s reporting structure by function, enabling more collaboration across our different ecosystems.

這與我們最近決定按職能重組公司報告結構一致，從而實現不同生態系統之間的更多協作。

This will also help our people get to true mastery of their craft and open up opportunities for mobility within disciplines.

這也將幫助我們的員工真正掌握自己的技能，並為學科內的流動提供機會。

We plan to execute this change this month with minimal disruption.

我們計劃本月以最小的干擾執行此更改。

The new reporting structure does not impact our strategy, roadmaps, or financial goals.

新的報告架構不會影響我們的策略、路線圖或財務目標。

Instead we believe it will allow us to move with greater speed, agility, and efficiency on the growth initiatives we have discussed.

相反，我們相信這將使我們能夠以更快的速度、敏捷性和效率來實施我們所討論的成長計劃。

Similar to prior quarters, we’re going to keep our remarks brief to focus on your questions.

與前幾季類似，我們的發言將保持簡短，以重點關注您的問題。

With that, I'll now turn it over to Amrita.

有了這個，我現在就把它交給阿姆麗塔。

Thanks, Jack.

謝謝，傑克。

We delivered strong results across the company during the second quarter.

第二季我們在整個公司取得了強勁的業績。

Gross profit was $2.23 billion, up 20% year-over-year.

毛利為22.3億美元，年增20%。

By business, Square gross profit was $923 million, up 15% year-over-year and Cash App gross profit was $1.3 billion, up 23% year-over-year.

按業務分，Square毛利為9.23億美元，年增15%，Cash App毛利為13億美元，較去年同期成長23%。

Both businesses showed strength in areas aligned to our strategies.

兩家公司在與我們的策略相符的領域都展現了實力。

Gross profit outperformance compared to our guidance was mostly driven by Cash App.

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 Cash App Card, Cash App Borrow, and Buy Now Pay Later.

我們看到了 Cash App Card、Cash App Borrow 和 Buy Now Pay Later 的優勢。

Inflows per active saw healthy growth, up 10% year-over-year in the quarter, and was consistent quarter over quarter despite coming off the first quarter seasonal benefit of tax refunds.

每位活躍人員的流入量呈現健康成長，本季同比成長 10%，儘管擺脫了第一季度退稅的季節性收益，但與上一季相比仍保持穩定。

Square’s gross profit was in-line with our expectations, with strength in software and integrated payments, and banking.

Square 的毛利符合我們的預期，在軟體和整合支付以及銀行業務方面實力雄厚。

GPV growth in the quarter was up 8% year-over-year as strength from our markets outside the US was offset by a continued moderation in US same-store sales growth, consistent with broader macro data points.

本季 GPV 成長年增 8%，原因是美國以外市場的強勁勢頭被美國同店銷售成長持續放緩所抵消，這與更廣泛的宏觀數據點一致。

From a profitability perspective we saw a significant increase on a year-over-year basis with meaningful margin improvement, due to our improved efficiency and discipline on expenses.

從獲利能力的角度來看，由於我們提高了效率和支出紀律，我們看到年比顯著成長，利潤率顯著提高。

Adjusted EBITDA was $759 million nearly doubling year-over-year, and adjusted operating income was $399 million, up 16 times year-over-year.

調整後 EBITDA 為 7.59 億美元，較去年同期成長近一倍，調整後營業收入為 3.99 億美元，較去年同期成長 16 倍。

For the 12 months ending in June, adjusted free-cash flow was $1.43 billion, which was up more than 2 times versus the prior 12 months and represented 57% of adjusted EBITDA, an improvement compared to the 44% conversion rate in the prior period.

截至 6 月的 12 個月，調整後自由現金流為 14.3 億美元，比前 12 個月增長了 2 倍多，佔調整後 EBITDA 的 57%，比上一期間 44% 的轉換率有所改善。

Our strong profitable growth shows that our ecosystems continue to serve our customers with differentiated value, and our teams are operating with purpose and efficiency.

我們強勁的獲利成長表明，我們的生態系統繼續為客戶提供差異化的價值，而且我們的團隊正在有目標、有效率地運作。

As Jack noted, our shift to a functional organizational structure is about deepening collaboration across our ecosystems.

正如傑克所指出的那樣，我們向職能型組織結構的轉變是為了深化整個生態系統的協作。

What doesn't change is our commitment to our long-term target of achieving Rule of 40 in 2026 and our reporting of gross profit by business segment.

不變的是我們對 2026 年實現 40 條規則的長期目標的承諾以及我們按業務部門報告的毛利。

We'll also continue to hold our leaders accountable to our existing product roadmap and go-to-market timelines.

我們也將繼續讓我們的領導者對我們現有的產品路線圖和上市時間表負責。

Turning to our expectations for the remainder of the year.

談到我們對今年剩餘時間的預期。

We are raising our full year 2024 guidance for both gross profit and profitability, reflecting not only outperformance in the second quarter, but also increased expectations for the remainder of the year.

我們上調了 2024 年全年毛利和盈利能力指引，這不僅反映了第二季度的優異表現，而且還提高了對今年剩餘時間的預期。

For full year 2024, we are now expecting gross profit of at least $8.89 billion or 18% growth year-over-year.

我們預計 2024 年全年毛利至少為 88.9 億美元，年增 18%。

This reflects our strong top line momentum as we head into the back half of the year.

這反映出我們進入今年下半年時強勁的營收動能。

We expect Cash App to deliver strong gross profit growth in the back half of the year with growth expected to moderate only slightly from the second quarter's 23%, even as we fully lap the benefit from improvements to our structural costs in the second half.

我們預計 Cash App 將在今年下半年實現強勁的毛利成長，預計成長僅比第二季的 23% 略有放緩，儘管我們完全享受了下半年結構性成本改善的好處。

For Square, we expect year-over-year gross profit growth for the back half of the year to be relatively in line with the second quarter's growth rate.

對於 Square 來說，我們預計下半年毛利年增率將與第二季的成長率相對一致。

We remain focused on cross-selling banking and software further into our seller base, and optimizing our processing value chain.

我們仍然專注於進一步向我們的賣家群體交叉銷售銀行和軟體，並優化我們的處理價值鏈。

In the back half of the year, we expect GPV growth to be relatively stable, although we are mindful that the backdrop for consumer discretionary spending continues to be dynamic.

今年下半年，我們預計 GPV 成長將相對穩定，儘管我們注意到消費者可自由支配支出的背景仍然充滿活力。

Our focus is on the things we can control, including executing against our product strategy and the go-to-market approach Jack outlined in his letter.

我們的重點是我們可以控制的事情，包括執行我們的產品策略和傑克在信中概述的進入市場的方法。

Over the past year, our discipline on operating expenses has driven significant operating leverage in our business.

在過去的一年裡，我們對營運費用的嚴格控制推動了我們業務的顯著營運槓桿。

While we do not share segment-adjusted operating income, we wanted to share a view of the business level profit margins we expect this year.

雖然我們不分享部門調整後的營業收入，但我們希望分享我們對今年預期的業務水準利潤率的看法。

For 2024, we expect each of Cash App and Square's adjusted operating income margins to be in the high-teens range, delivering meaningful improvement in the underlying profitability of these businesses each of the last two years.

到 2024 年，我們預計 Cash App 和 Square 調整後的營業利潤率均將達到兩位數左右，從而使這些業務在過去兩年的基本盈利能力得到顯著改善。

Across both ecosystems, our efforts are centered on initiatives that improve our product and go-to-market velocity, and which we expect to benefit us into 2025.

在這兩個生態系統中，我們的努力集中在提高產品和上市速度的措施上，我們預計這些措施將在 2025 年讓我們受益。

For Cash App, we continue to round out the features that support our bank the base strategy, and are starting to increase marketing investment behind them.

對於現金應用程序，我們繼續完善支持我們銀行基本戰略的功能，並開始增加其背後的行銷投資。

For Square, we're excited about our partnership strategy and planned product launches post completion of the orders migration work this summer.

對於 Square 來說，我們對今年夏天訂單遷移工作完成後的合作夥伴策略和規劃產品發布感到興奮。

Sellers will start to see our single point of sale app before year end, which will be a significant unlock for simplifying our value proposition.

賣家將在年底前開始看到我們的單一銷售點應用程序，這對於簡化我們的價值主張來說將是一個重要的解鎖。

From a profitability perspective, we are now expecting at least $1.44 billion in adjusted operating income in 2024, or 16% margins on gross profit, with efficiency initiatives underway to improve our structural costs and corporate overhead.

從獲利能力的角度來看，我們目前預計 2024 年調整後營業收入至少為 14.4 億美元，即毛利潤率為 16%，同時正在進行效率舉措，以改善我們的結構成本和企業管理費用。

This also reflects plans for a step-up in sales and marketing in the back half for both Square and Cash App, as we invest behind the strong unit economics and margins in each business to drive growth into 2025.

這也反映出 Square 和 Cash App 下半年加強銷售和行銷的計劃，因為我們投資於每項業務強勁的單位經濟效益和利潤率，以推動 2025 年的成長。

Our updated guidance now implies Rule of 35 for full year 2024, a significant improvement compared to 2023, and progressing 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 35 規則，這與 2023 年相比有了顯著改進，並推動我們朝著 2026 年實現 40 規則的目標邁進。

Finally, as our margins and free cash flow generation have improved, we also plan to return more capital to shareholders.

最後，隨著我們的利潤率和自由現金流產生的改善，我們也計劃向股東返還更多資本。

We very recently completed our inaugural $1 billion share repurchase authorization.

我們最近完成了首次 10 億美元的股票回購授權。

And today, we're excited to announce an incremental $3 billion share repurchase program.

今天，我們很高興地宣布一項價值 30 億美元的增量股票回購計畫。

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)

（操作員說明）

Tim James Wang, J.P. Morgan.

提姆詹姆斯王，摩根大通。

Thanks a lot.

多謝。

Great results here.

這裡的結果很好。

I did like the go-to-market discussion in the letter here, Jack and definitely excited for Nick to lead sales.

我確實喜歡這封信中關於進入市場的討論，傑克，並且對尼克領導銷售感到非常興奮。

But I want to ask you, Jack, just curious what inspired this shift to a functional org structure?

但我想問你，傑克，只是好奇是什麼激發了對職能型組織結構的轉變？

Why now?

為什麼現在？

What outcomes do you, or should we expect from the change in the short to mid-term?

您或我們應該期望中短期的變化會產生什麼結果？

Is it more collaborative products, or is it just more products?

是更具協作性的產品，還是只是更多的產品？

And what are the risks?

有哪些風險？

Because whenever we think about these kind of changes, I always worry about the risks and I'm sure you have some guardrails in place.

因為每當我們考慮這些變化時，我總是擔心風險，我確信你已經採取了一些防護措施。

So anything you could share would be terrific.

所以你能分享的任何東西都會很棒。

Thanks.

謝謝。

The short answer to the question is, it will result in much better technology, much better design, and ultimately a much better product.

這個問題的簡短回答是，它將帶來更好的技術、更好的設計，並最終帶來更好的產品。

We, -- I want us to be able to move much, much faster with newer technologies such as all of the AI models, all the open-source AI models that you're seeing come to market, really level the playing field for us.

我們，--我希望我們能夠利用更新的技術，例如所有的人工智慧模型，所有你看到進入市場的開源人工智慧模型，更快地發展，真正為我們創造公平的競爭環境。

And by seeing that technology through the lens of an engineering and design and product organized company versus trying to manage this across different business units, it means we can move much better and much faster.

透過從工程、設計和產品組織公司的角度看待技術，而不是嘗試跨不同業務部門管理技術，這意味著我們可以做得更好、更快。

We do have multiple business units, right now.

我們現在確實有多個業務部門。

They represent multiple brands, multiple customers.

他們代表多個品牌、多個客戶。

Obviously, as we've been talking about for some time, we believe our superpower is combining these.

顯然，正如我們已經討論了一段時間的那樣，我們相信我們的超級大國正在將這些結合起來。

And I believe strongly that this model will allow us a lot more flexibility, and also the collaboration that you mentioned.

我堅信，這種模式將為我們帶來更大的靈活性，以及​​您提到的協作。

But the real benefit, I believe, is more of a focus on better technology, and better design, and better products through engineering, design, and product being at the top of the company.

但我相信，真正的好處更多的是透過工程、設計和產品處於公司高層，專注於更好的技術、更好的設計和更好的產品。

And obviously, centralizing sales and really providing a tangible change and shift to how we think about Square's go-to-market completes a lot of the work we've been doing on the product side.

顯然，集中銷售並真正為我們對 Square 進入市場的看法提供實際的改變和轉變，完成了我們在產品方面所做的許多工作。

So, I'm really excited about that.

所以，我對此感到非常興奮。

In terms of risk, we've tried to mitigate a bunch of the risk by changing, starting with only the reporting structure.

在風險方面，我們嘗試透過改變來減輕一系列風險，從報告結構開始。

So, Block before this move, every single business unit was functionally organized.

因此，布洛克在此舉之前，每個業務部門都是按職能組織的。

So, what this is effectively doing is just removing that business unit lead structure, appointing a new functional lead and going.

因此，這實際上所做的只是取消該業務部門的領導結構，任命一個新的職能領導並繼續下去。

So, most of the company will not notice a change at all, but it means that we can start really focusing on our disciplines, and up-leveling and raising the bar on our talent and execution, again, from that technology and design lens.

因此，公司的大多數人根本不會注意到變化，但這意味著我們可以開始真正專注於我們的學科，並從技術和設計的角度再次提升和提高我們的人才和執行力的標準。

So, I think we've mitigated the risk.

所以，我認為我們已經降低了風險。

We're not changing any of our goals.

我們不會改變任何目標。

We're not changing our assignments to products and projects that people have.

我們不會改變人們對產品和項目的分配。

Over time, as we build confidence around those things, we will evolve our operating model and just how we work together.

隨著時間的推移，當我們對這些事情建立信心時，我們將改進我們的營運模式以及我們的合作方式。

But right now, this is just a reporting shift, so we can really focus on our disciplines and improve them greatly which will have all the desired outcomes that we want.

但現在，這只是一個報告轉變，因此我們可以真正專注於我們的學科並極大地改進它們，這將獲得我們想要的所有預期結果。

So, I think with this move in particular there's very little risk because we're holding ourselves accountable to the goals that we put out before us.

因此，我認為這項措施的風險很小，因為我們對自己提出的目標負責。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

I really want to dig in on the USGPV trends within the seller.

我真的很想深入了解賣家內部的 USGPV 趨勢。

So, two factors that have impacted growth in the recent past have been discretionary spend, which you called out earlier, particularly you called out earlier, the 2021 and 2022 cohorts.

因此，最近影響成長的兩個因素是可自由支配支出，您之前提到過，特別是您之前提到的 2021 年和 2022 年群體。

And also, there's been the weakness in the MKE, which was in the shareholder letter.

此外，MKE 也存在弱點，這點在股東信中有所體現。

But looking ahead, you have a combination of easing comps, you have the pre-auth and product work done, you have sales force hiring ahead.

但展望未來，您將有一系列寬鬆的補償，您已經完成了預授權和產品工作，您還需要提前招募銷售人員。

You mentioned reinvestment in marketing, distribution partnerships.

您提到了對行銷、分銷合作夥伴關係的再投資。

Granted, many of these factors are more 2025 or 2026 drivers, but with that in mind, maybe you could touch a little bit around, or expand upon the second half GPV expectations, and then somehow these initiatives would be more supportive for next year?

誠然，其中許多因素更多是2025 年或2026 年的驅動因素，但考慮到這一點，也許你可以稍微接觸一下，或者擴展下半年的GPV 預期，然後這些舉措會以某種方式對明年更有支持作用嗎？

Thanks a lot.

多謝。

I can start with this, and then Amrita can follow up.

我可以從這個開始，然後 Amrita 可以跟進。

I think we now have a perfect storm brewing for Square.

我認為 Square 正在醞釀一場完美的風暴。

We've spent the past few months really focused on organizing the product priorities, simplifying our product approach, making sure that we have a much more cohesive and understandable and intuitive system.

在過去的幾個月裡，我們一直專注於組織產品優先級，簡化我們的產品方法，確保我們擁有一個更具凝聚力、更易於理解和直覺的系統。

We're looking at every single aspect of our offering from onboarding and acquisition to our dashboard where sellers are introduced to new products, to the products themselves, our hardware, how we think about marketing.

我們正在關注我們產品的每一個方面，從入職和收購到我們的儀表板，向賣家介紹新產品、產品本身、我們的硬體以及我們對行銷的看法。

Everything has been investigated and evolved, including, as we've been talking, about our orders migration, the platform, unlocking features that bring us to parity and beyond our competitors.

一切都經過了調查和發展，包括我們一直在談論的訂單遷移、平台、解鎖功能，這些功能使我們能夠與競爭對手平起平坐並超越競爭對手。

And now that we are centralizing sales under Nick, I feel like we have a tangible solution to that.

現在我們將銷售集中在尼克的領導下，我覺得我們有一個實際的解決方案。

So all the pieces are now set.

現在所有的事情都已經準備好了。

I do think the majority of them come together at the closer to the end of this year.

我確實認為他們中的大多數人會在今年年底前聚集在一起。

So, the end of summer to the end of the year, and really manifest next year.

所以，夏末到年底，明年才真正體現出來。

And I think all these changes compound into something that I'm really excited about, much better foundation for us, and gives us an opportunity to truly compete with our peers in a way that we haven't for years.

我認為所有這些變化綜合在一起，讓我感到非常興奮，為我們奠定了更好的基礎，並讓我們有機會以多年來從未有過的方式與同行真正競爭。

So, I'm pretty confident about all the moves.

所以，我對所有的舉動都非常有信心。

I think we've executed them in the right priority, like, really focusing on onboarding and products.

我認為我們已經以正確的優先順序執行了它們，例如，真正專注於入職和產品。

First and foremost, so we did that acquisition and retaining our sellers, making sure that we have a rock solid and reliable platform that offers all the features that we see with our peers.

首先也是最重要的是，我們收購並留住了我們的賣家，確保我們擁有一個堅如磐石、可靠的平台，提供我們在同行中看到的所有功能。

And then improving our go-to-market including newer initiatives like field sales that our peers have used quite effectively, but with a weaker product in my mind.

然後改進我們的市場推廣，包括現場銷售等新舉措，我們的同行已經非常有效地使用了這些舉措，但我認為產品較弱。

So then, we have the strength on all of those, I think we're shaped up for really good outcomes going forward.

那麼，我們在所有這些方面都有實力，我認為我們已經為未來取得真正好的結果做好了準備。

Tim, I'll just add some color as well with respect to GPV trend lines that we're seeing.

提姆，我也會為我們看到的 GPV 趨勢線添加一些顏色。

For the second quarter, GPV was up 8% year-over-year, which is a slight moderation from the 9% year-over-year growth rate that we saw in the first quarter.

第二季度，GPV 年成長 8%，較第一季 9% 的年成長率略有放緩。

And as we look towards the back half of the year, we expect to see stability in that GPV growth rate compared to what we saw in the second quarter as I noted earlier.

正如我之前指出的，當我們展望今年下半年時，我們預計 GPV 成長率將比第二季穩定。

When you unpack some of what's going on there, it is very consistent trend lines with both what we've called out over the past couple of quarters as well as what we're seeing externally.

當你了解那裡正在發生的一些事情時，你會發現趨勢線與我們過去幾季所呼籲的以及我們在外部看到的情況非常一致。

We're seeing relatively consistent trends from a churn and customer acquisition standpoint, with more of the moderation coming from same-store growth or GPV per seller, which continue to moderate a bit on a year-over-year basis.

從客戶流失和客戶獲取的角度來看，我們看到了相對一致的趨勢，其中更多的放緩來自同店增長或每個賣家的 GPV，與去年同期相比繼續略有放緩。

And we've seen many other companies note similar softness from a discretionary consumer spend perspective as we look at external data points, showing a dynamic macro backdrop, whether it's slower new business formations or industry-specific data across the verticals that we serve.

當我們查看外部數據點時，我們看到許多其他公司從可自由支配的消費者支出角度注意到了類似的疲軟，這些數據點顯示出動態的宏觀背景，無論是新業務形成速度較慢還是我們服務的垂直行業的特定行業數據。

Now, with that backdrop, we have still been able to grow the Square business strongly from a gross profit perspective, a 15% growth in the second quarter, and with outsized growth in the areas that we are really strategically inflecting, whether it's our vertical points of sale, which grew 21% on a gross profit basis in the second quarter, or our banking products, which grew 27%, or our international markets, which grew 34%.

現在，在這樣的背景下，從毛利的角度來看，我們仍然能夠強勁地成長Square 業務，第二季度成長了15%，並且在我們真正策略性影響的領域（無論是我們的垂直領域）實現了大幅成長。

Each of those areas showing strong product market fit with those customers that we're serving.

這些領域中的每一個領域都顯示出強大的產品市場，都適合我們所服務的客戶。

And so what we're focused on more than anything at this point, as Jack noted, is what we can control, which is improving GPV growth and ultimately gross profit growth by investing across partnerships, ramping our marketing spend, simplifying our onboarding tools, and launching new products.

因此，正如傑克指出的那樣，我們目前最關注的是我們可以控制的，即透過跨合作夥伴投資、增加行銷支出、簡化入職工具來提高 GPV 成長並最終提高毛利成長，並推出新產品。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

I want to touch on the incremental distribution partners you called out, like US Foods, and obviously those are clear adds and material -- could be material.

我想談談你提到的增量分銷合作夥伴，例如美國食品公司，顯然這些都是明確的補充和材料——可能是材料。

I think you talked about 40% coverage of the restaurant space.

我想你談到了餐廳空間 40% 的覆蓋率。

If you could just expand on this a little bit more on what the potential is for it, how it could contribute to actual GPV potentially over time?

如果您可以進一步擴展它的潛力，隨著時間的推移，它如何可能對實際的 GPV 做出貢獻？

How does this fit into the roadmap and timeline in your strategy?

這如何適應您策略中的路線圖和時間表？

And then maybe just any other types of partnerships we could expect on the horizon, whether it's domestic or internationally?

然後，也許我們可以期待即將出現的任何其他類型的合作夥伴關係，無論是國內的還是國際的？

It seems like a nice addition.

這似乎是一個不錯的補充。

As I said, we've been reconsidering everything including how we think about partnerships.

正如我所說，我們一直在重新考慮一切，包括我們如何看待合作關係。

We've got a lot of questions about this in the past.

過去我們對此有很多疑問。

We're investing in three types of partners, vertical in specific industries like food and beverage, horizontal that have more broad reach across geographies and business types, and then looking at third-party sales organizations.

我們正在投資三種類型的合作夥伴，即食品和飲料等特定行業的垂直合作夥伴，跨地域和業務類型具有更廣泛影響力的水平合作夥伴，然後尋找第三方銷售組織。

In terms of food, as we mentioned in our -- letter, we've made a lot of progress, especially around food and beverages and we signed US Foods, and that means we're serving to our partners up to 40% of the restaurants in the United States, which is a pretty sizable chunk.

在食品方面，正如我們在信中提到的，我們已經取得了很大進展，特別是在食品和飲料方面，我們簽署了 US Foods，這意味著我們將為合作夥伴提供高達 40% 的服務美國的餐館，這是相當大的一部分。

And we have a strong pipeline of both vertical and horizontal partners in the US.

我們在美國擁有強大的縱向和橫向合作夥伴管道。

Which is a pretty sizable chunk.

這是一個相當大的塊。

And we have a strong pipeline of both vertical and horizontal partners.

我們擁有強大的縱向和橫向合作夥伴管道。

International work.

國際工作。

We're doing a lot more from, especially around a bank partnerships.

我們正在做更多的事情，特別是圍繞銀行合作夥伴關係。

So outside of US bank partnership and goes, it is working quite well and we're working to find more.

因此，除了美國銀行的合作夥伴關係之外，它運作得很好，我們正在努力尋找更多。

And also internationally, we're exploring third party sales through from the just from a much easier approach than what we're currently seeing in the US where we think we're going to get the most impact in the United States.

在國際上，我們正​​在探索第三方銷售，這種方式比我們目前在美國看到的要簡單得多，我們認為我們將在美國產生最大的影響。

Ken Suchoski, Autonomous Research

Ken Suchoski，自主研究

Direct deposit has been a focus for the company for some time.

一段時間以來，直接存款一直是該公司的焦點。

I don't think I saw it in the letter, but I think we're still at a few million recurring paycheck direct depositors.

我想我沒有在信中看到這一點，但我認為我們仍然有幾百萬經常性薪水直接存款人。

One of your main competitors has, call it, 4 million to 5 million direct depositors.

您的主要競爭對手之一擁有 400 萬至 500 萬直接存款人。

What's it going to take to push this number meaningfully higher?

怎麼樣才能讓這個數字顯著提高呢？

What's working?

什麼在起作用？

What's not working?

什麼不起作用？

And is there any way to think about the adoption curve around direct depositors and the visibility you have into that?

有沒有什麼方法可以考慮直接存款人的採用曲線以及您對此的可見度？

Thanks so much

非常感謝

I can start and Amrita can follow up.

我可以開始，阿姆麗塔可以跟進。

But there's three main ways that we believe we will drive direct deposit and this is all captured in our bank the base strategy, which we referenced in earlier earnings letter.

但我們相信，我們將透過三種主要方式推動直接存款，這一切都體現在我們銀行的基本策略中，我們在先前的財報中提到了這一點。

The first is packaging, the second is around marketing, and the third is products.

第一個是包裝，第二個是行銷，第三個是產品。

I'll start with packaging.

我將從包裝開始。

We want to make sure that the benefits of depositing your paycheck is super clear in the app.

我們希望確保在應用程式中非常清楚存入工資的好處。

So, one of the things we're doing is those who deposit $300 each month get access to free overdraft coverage up to a certain amount, 4.5% savings yield, priority phone support, which is really important and free in-network ATM withdrawals, in addition to early access to the paycheck.

因此，我們正在做的事情之一是那些每月存入300 美元的人可以獲得高達一定金額的免費透支保險、4.5% 的儲蓄收益率、優先電話支援（這一點非常重要）以及免費的網內ATM 提款，除了提前領取薪水之外。

So, making sure that those incentives are clear.

因此，請確保這些激勵措施是明確的。

Marketing is another one.

行銷是另一回事。

We're investing in the back half of the year as we've been further refining our strategy based on the impact that we're seeing.

我們將在今年下半年進行投資，因為我們根據所看到的影響進一步完善了我們的策略。

Again, like, the incentives matter here.

再說一次，激勵措施在這裡很重要。

So, we have deep expertise in peer-to-peer referrals and Cash App Card with Boost.

因此，我們在點對點推薦和帶有 Boost 的 Cash App Card 方面擁有深厚的專業知識。

We're starting a test this past quarter and seeing some strong results around our marketing and just like marketing those incentives.

我們在上個季度開始進行測試，並在行銷方面看到了一些強勁的成果，就像行銷這些激勵措施一樣。

And we're cross selling direct deposit through in-app messages as well.

我們也透過應用程式內訊息交叉銷售直接存款。

And then finally, in products, we want to add spending insights to the Cash App Card so customers can make more informed financial decisions, improving our web experience to look at balances and review statements.

最後，在產品中，我們希望為 Cash App Card 添加支出洞察，以便客戶可以做出更明智的財務決策，改善我們查看餘額和審查報表的網路體驗。

That's what a lot of our customers expect from their bank and they should expect it from Cash App as well.

這是我們的許多客戶對銀行的期望，他們也應該對 Cash App 抱持這樣的期望。

And then, integrating commerce by expanding buy now, pay later on the Cash App Card later this year.

然後，今年晚些時候，透過擴大「立即購買，稍後支付」的現金應用卡來整合商業。

These are all ways that people can make their money work more for them, and reasons why they just want to direct deposit their entire paycheck to cash up that they have much better utility.

這些都是人們可以讓金錢為他們發揮更多作用的方法，也是他們只想直接存入全部薪水來兌現的原因，因為他們有更好的效用。

So, that's how we think about driving it.

所以，這就是我們對駕駛它的看法。

And again, it all goes back to the bank the base strategy.

再說一遍，這一切都回到了銀行的基本策略。

And I'll let Amrita follow up.

我會讓阿姆麗塔跟進。

I'd just add that we're really holding ourselves accountable to two metrics as we assess our performance against our bank to base strategy, which of course, is just about making Cash App our customers' primary financial tool.

我只想補充一點，當我們根據銀行基本策略來評估我們的績效時，我們確實對兩個指標負責，當然，這只是為了讓 Cash App 成為我們客戶的主要金融工具。

The near-term metric is inflows per active.

近期指標為每項活動的流入量。

The medium to longer-term metric is around paycheck deposit actives.

中長期指標圍繞著薪資存款活躍度。

So, looking at each of those with inflows per active, we've had strong momentum on engagement through the first half of this year.

因此，從每項活躍資金流入情況來看，今年上半年我們的參與動能強勁。

In both the first quarter and second quarter, we saw double-digit growth in inflows per active behind strength in our banking products, specifically with Cash App Card and Cash App Borrow.

在第一季和第二季度，我們的銀行產品（特別是 Cash App Card 和 Cash App Borrow）的強勁表現推動了每位活躍用戶的流入量實現兩位數成長。

With card, we've seen this product is oftentimes our customers' first entry point into banking with Cash App.

對於卡，我們發現該產品通常是我們的客戶使用 Cash App 進入銀行業務的第一個切入點。

And as utility grows, ultimately, we see a greater portion of inflows from those customers.

隨著公用事業的成長，最終我們會看到更多的資金流入來自這些客戶。

With Cash App Borrow, this provides customers with access to small dollar credit, kind of like working capital, which is really key we've seen to winning that primary banking relationship.

透過 Cash App Borrow，客戶可以獲得小額信貸，類似於營運資金，我們認為這對於贏得主要銀行關係至關重要。

So, continuing to drive engagement and adoption of these key financial services products is ultimately leading to stronger engagement and stronger inflows per active.

因此，繼續推動這些關鍵金融服務產品的參與和採用，最終將帶來更強的參與度和更多的活躍資金流入。

On the second metric, paycheck direct deposit active, this is a longer-term strategy, one that we've really clarified throughout the first part of this year, and as Jack noted, have already made a bunch of progress across packaging, marketing, and product features.

關於第二個指標，即工資直接存款活躍度，這是一項長期戰略，我們在今年上半年確實澄清了這一戰略，正如傑克指出的那樣，已經在包裝、營銷、和產品特點。

But that $2 million or so paycheck deposit actives was largely driven organically, and that number has continued to increase quarter-over-quarter and year-over-year as we've increased the penetration of into our Cash App Card active base even through the second quarter.

但 200 萬美元左右的薪水存款活躍度很大程度上是有機驅動的，而且隨著我們提高了對 Cash App Card 活躍基礎的滲透率，這個數字逐季度和逐年持續增長，甚至通過第二季度。

And as you heard from Jack, there's more to come both from a product and go-to-market perspective that we think drives focus not only to our overall banking products, but also ultimately to the long-term goal of earning their paycheck.

正如您從傑克那裡聽到的那樣，從產品和進入市場的角度來看，我們認為不僅要關注我們的整體銀行產品，而且最終還要關注賺取薪水的長期目標。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

So, lots of balls in the air at Square had gone through a lot of it.

所以，廣場上空中的很多球都經歷了很多。

I'm curious, as you look ahead to 2025, which of these newer product and go-to-market initiatives are really best positioned ultimately to move the needle on GPV growth, if you had to highlight maybe the top couple or so?

我很好奇，當您展望 2025 年時，如果您必須強調其中最重要的幾個，那麼這些新產品和上市計劃中哪些真正最能最終推動 GPV 成長？

I think the most important thing is our platform, and making sure that we have something that's reliable.

我認為最重要的是我們的平台，並確保我們擁有可靠的東西。

We did take a bunch of hits in the past when our service went down.

過去，當我們的服務出現問題時，我們確實遭受了許多打擊。

So this is a number one priority when we make sure that we are up for our sellers constantly and we're not taking any time away from their business, and that's not just about our keeping our servers up.

因此，當我們確保不斷為賣家服務並且不會佔用他們的業務時間時，這是第一要務，而這不僅僅是我們保持伺服器正常運行的問題。

It's also providing features that allows them to work offline, even when their Wi-Fi is down, so they can still make the sale.

它還提供了允許他們離線工作的功能，即使他們的 Wi-Fi 斷開了，這樣他們仍然可以進行銷售。

Orders migration is something we've been talking about.

訂單遷移是我們一直在談論的事情。

This is migrating our system to a newer framework so that we can add features like pre-auth and deposits and other things.

這是將我們的系統遷移到更新的框架，以便我們可以添加預先身份驗證和存款等功能。

The kiosk that we just launched, the Square Kiosk is built on this new platform.

我們剛推出的資訊亭 Square Kiosk 就是建立在這個新平台上的。

So, we do have this up and we will scale it to the rest of our features by the end of this summer.

所以，我們確實已經完成了這個工作，並將在今年夏天結束之前將其擴展到我們的其餘功能。

So, all that's on track.

所以，一切都步入正軌。

The pre-auth capabilities that are being tested today through bar tabs with select sellers and all this means we can serve a wider range of sellers, more bars, full-service restaurants, service sellers, and omni-channel retailers.

今天正在透過精選賣家的酒吧標籤測試預先授權功能，這意味著我們可以為更廣泛的賣家、更多的酒吧、全方位服務的餐廳、服務賣家和全通路零售商提供服務。

Onboarding has been a big focus for us as we mentioned in the shareholder letter.

正如我們在股東信中所提到的，入職培訓一直是我們關注的重點。

It took over 10 minutes, in most cases like 20 minutes and 30 steps just to sign up for Square and we got that down to four.

註冊 Square 就花了 10 多分鐘，在大多數情況下需要 20 分鐘和 30 個步驟，我們將其減少到了 4 個步驟。

And that means that people can see the dashboard right away and they can see the full breadth of everything that we offer, all of our products, and they can start attaching to those products and turning them on.

這意味著人們可以立即看到儀表板，他們可以看到我們提供的所有內容、所有產品的全部內容，並且他們可以開始連接到這些產品並打開它們。

But most importantly, they get a feel of what Square is and much easier to commit to it after you feel it.

但最重要的是，他們能夠感受到 Square 是什麼，並且在感受到後更容易做出承諾。

And the single app is one thing I'm really excited about.

單一應用程式是我真正興奮的一件事。

We have four or five apps in the App Store.

我們在 App Store 中有四、五個應用程式。

We're going to bring that down to one.

我們要把這個數字減少到一。

That really eases our go-to-market because all we have to say is download Square in the App Store or Google Play, and the Apple customize itself based on your preferences, and based on how you use it, and based on your role at the particular business that you're in.

這確實簡化了我們的市場推廣，因為我們只需在 App Store 或 Google Play 中下載 Square，Apple 就會根據您的偏好、您的使用方式以及您在公司中的角色進行自訂。業務。

So we're using much better technology to personalize our experiences on the apps and through our hardware and through the dashboard itself.

因此，我們正在使用更好的技術來個性化我們在應用程式上、透過我們的硬體以及透過儀表板本身的體驗。

So as I said before, I think we're -- we have a perfect storm.

正如我之前所說，我認為我們正在經歷一場完美風暴。

We've been focusing on product and acquisition and retaining folks.

我們一直專注於產品、收購和留住人才。

We have a much stronger answer as we centralize sales across the entire company, and we have one go-to-market strategy with a leader who has done some amazing things on the Afterpay side.

當我們將銷售集中在整個公司時，我們有一個更強有力的答案，並且我們與一位在 Afterpay 方面做出了一些令人驚嘆的事情的領導者制定了一項進入市場策略。

And all these things will compound into a lot of the outcomes that we've been wanting to see for some time, and I think put us in a lead against a lot of our peers.

所有這些事情將綜合成我們一段時間以來一直希望看到的許多結果，我認為這使我們領先於許多同行。

Ramsey El-Assal , Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Thanks a lot for taking my question this evening.

非常感謝您今晚回答我的問題。

I wanted to follow up on some of your responses around the orders migration and replatforming project.

我想跟進您對訂單遷移和平台重組項目的一些回應。

And could you help us think through the incremental sort of market opportunity that it opens for you guys, and maybe also comment on the sales strategy to sell in the new capabilities?

您能否幫助我們思考它為你們帶來的增量市場機會，也許還可以評論一下銷售新功能的銷售策略？

Will you be leveraging inside sales, or cross-sell, or how do you kind of proactively get that to market expeditiously?

您會利用內部銷售或交叉銷售嗎？

I can start on this.

我可以從這個開始。

I think the most important thing about the orders migration is that we have a much more flexible and reliable platform with which to build on top, and it does unlock a bunch of features that bring us to parity and beyond with our peers, especially in food and beverage.

我認為訂單遷移最重要的是，我們擁有一個更加靈活和可靠的平台，可以在此基礎上進行構建，並且它確實解鎖了一系列功能，使我們能夠與同行平起平坐甚至超越，特別是在食品領域和飲料。

So as I said before, stuff like pre-auth, and bar tabs, and there's a whole host of features that have been blocked on this work.

正如我之前所說，諸如預先身份驗證和欄選項卡之類的東西，以及這項工作中已被阻止的一大堆功能。

But ultimately, it's not just about those particular features, it's

但最終，這不僅僅是這些特定的功能，而是

It's about a much greater development velocity because we have a much more stable, much more cohesive and much more enabling platform that allows us to really move a lot faster, but also build better products and product has always been our strengths.

這是關於更快的開發速度，因為我們擁有一個更穩定、更有凝聚力和更有利的平台，使我們能夠真正更快地行動，同時也建立更好的產品，而產品一直是我們的優勢。

And I would say that our product is far above the majority product quality is far above the majority of our competitors.

而且我想說，我們的產品遠高於大多數，產品品質也遠高於我們的大多數競爭對手。

Where we have been weaker in the past is how we measure that with our go-to-market strategy and just updating or our approach there, especially given what our competitors have done, some acquisition person has been tough because we just way too many steps in front of and from sellers.

過去我們較弱的地方是我們如何透過我們的進入市場策略和更新或我們的方法來衡量這一點，特別是考慮到我們的競爭對手所做的事情，一些收購人員一直很強硬，因為我們採取了太多步驟在賣家面前和賣家那裡。

So all of these are either launched or about to be launched.

所以所有這些要么已經推出，要么即將推出。

And that gets us back to a Square that I think becomes a leader for sellers again in a way that we haven't seen in quite some time.

這讓我們回到了 Square，我認為它以一種我們很長一段時間沒有見過的方式再次成為賣家的領導者。

I can add just a bit of color maybe to help bring it to life a little bit what the -- how important the orders migration is for us.

我可以添加一點顏色，也許可以幫助讓它變得生動起來——訂單遷移對我們來說有多重要。

Ultimately, the orders migration moves us from a payment-oriented platform towards a sales-oriented platform.

最終，訂單遷移使我們從支付導向平台轉向銷售導向平台。

Almost all of our products assume a single payment was at the heart of a sale, but as we know, commerce has grown far more complex than that.

我們幾乎所有的產品都假設一次付款是銷售的核心，但正如我們所知，商業已經變得比這複雜得多。

Just to give you a couple of examples, if you order online and pick up in store, the order and the payment might be separate events.

舉幾個例子，如果您在線訂購並在商店提貨，則訂單和付款可能是單獨的事件。

If you go to a full-service restaurant and place an order, the order and payment again may be separate events.

如果您去一家全方位服務的餐廳下訂單，則下訂單和再次付款可能是單獨的事件。

If a customer buys five items from an e-commerce seller and wants to return to, you need to have separate logic for the card between the order and the payment for each item.

如果客戶從電子商務賣家購買了五件商品並想要退貨，則您需要為每件商品的訂單和付款之間的卡片設定單獨的邏輯。

Final example, if you're a services seller that needs a deposit before starting a project, that project or order is the core of your business, and enables -- once we shift to the orders migration, enables multiple payments for that project.

最後一個例子，如果您是服務銷售商，在開始專案之前需要存款，那麼該專案或訂單是您業務的核心，一旦我們轉向訂單遷移，就可以為該專案啟用多次付款。

So what it enables our sellers to do is be able to sell more anywhere, anyhow more flexibly, help them run more efficiently, give them time back and empower them with the data to better serve their customers.

因此，它使我們的賣家能夠在任何地方、更靈活地銷售更多產品，幫助他們更有效率地運營，給他們時間，並利用數據為他們提供更好的服務。

It unlocked just most recently our kiosk product launch, which is something that we know is really important again for the food and beverage space where sellers that want to sell via kiosk, drive through the other forms of checkout need to open and order, which exists throughout the sale and in many cases exist long after the buyer has consumed the goods or services.

它最近解鎖了我們的自助終端產品發布，我們知道這對於食品和飲料領域來說非常重要，因為想要透過自助終端銷售的賣家需要透過其他形式的結帳來打開和訂購，這是存在的整個銷售在過程中，並且在許多情況下，在買方消費完商品或服務後很長一段時間內都存在。

So, those are just some examples of the sorts of things across really all verticals, food and beverage services, retail, that our orders migration helps unlock.

因此，這些只是我們的訂單遷移有助於解鎖的所有垂直行業、食品和飲料服務、零售等事物的一些示例。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Hi, good afternoon.

嗨，下午好。

Can you give us some more color on the Core Scientific deal?

您能為我們提供更多 Core Scientific 交易的資訊嗎？

How do you think about the opportunity within Bitcoin

您如何看待比特幣內部的機會

-- ?

——？

Thank you.

謝謝。

I think, this is a massive opportunity for us.

我認為，這對我們來說是一個巨大的機會。

That -- this is a super concentrated industry with one main provider and that is Bitmain.

這是一個超級集中的行業，只有一個主要供應商，那就是比特大陸。

We spent a lot of time talking to Bitmain's customers.

我們花了很多時間與比特大陸的客戶交談。

All the feedback was extremely consistent.

所有的回饋都非常一致。

The number one concern is reliability.

第一個問題是可靠性。

The main produces mining chips and rigs that fail a lot.

主要生產挖礦晶片和礦機，但故障較多。

The second was around being able to customize into miner's particular solutions.

第二個是能夠客製化礦工的特定解決方案。

This is why we decided to make the chip, and also build this in the open source, in an open-source way, so that our customers can actually design their systems around any part of our system that they wish, or can buy a full mining rig from us.

這就是為什麼我們決定製造這款晶片，並以開源的方式建造它，這樣我們的客戶就可以根據他們的需要，圍繞我們系統的任何部分來設計他們的系統，或者可以購買完整的系統。採礦設備。

And then -- third is being just a lot more transparent around pricing.

然後，第三是定價更加透明。

And all three of those things are what mattered most to miners and our customers.

這三件事對於礦工和我們的客戶來說都是最重要的。

In addition, we're one of the few companies in the world that have access to a three-nanometer fab.

此外，我們是世界上少數擁有三奈米晶圓廠的公司之一。

Bitmain is producing chips that are six-nanometer.

比特大陸正在生產六奈米晶片。

So, we can build a far better product, that's far more reliable, far more open, and configurable.

因此，我們可以建立一個更好的產品，更加可靠、更加開放且可配置。

And this is super attractive to every single miner that we've talked to, and you're seeing the results of that within one of the deals we just announced, and we have a very strong pipeline behind it as well.

這對我們交談過的每一位礦工來說都非常有吸引力，你可以在我們剛剛宣布的一項交易中看到其結果，而且我們背後也有非常強大的管道。

So, I'm fully confident and have no doubt that this is going to be a significant business for us, and we're going to take a majority of the market share.

因此，我完全有信心並且毫不懷疑這對我們來說將是一項重要的業務，我們將佔據大部分市場份額。

Lafitani Sotiriou, MST.

拉菲塔尼·索蒂裡奧，MST。

Hi, everyone.

大家好。

Great to see the up to $3 billion reload of the share repurchase program.

很高興看到股票回購計畫重新註入高達 30 億美元的資金。

Can you talk to the capital intensity of Cash App and Square?

可以談談Cash App和Square的資本密集度嗎？

And is it changing as the product mix shifts?

隨著產品結構的變化它會改變嗎？

Thanks for the question.

謝謝你的提問。

So first, just with respect to capital allocation, to provide context level set, as we progress towards being a Rule of 40 company, we expect both our margin profile to improve, as well as our free cash flow generation.

因此，首先，就資本配置而言，為了提供背景水平，隨著我們朝著成為 40 規則公司的方向發展，我們預計我們的利潤狀況以及自由現金流的產生都會有所改善。

And what we expect to do with, as you see here with our $3 billion share repurchase authorization as a continuation of our initial $1 billion share repurchase authorization last year is to return capital to shareholders in excess of what we need to run our business.

正如您在此處看到的，我們的 30 億美元股票回購授權是我們去年最初的 10 億美元股票回購授權的延續，我們期望做的是向股東返還超過我們經營業務所需的資本。

What we need to run our business, which I think is sort of the core to your question is, obviously, to support our operating expenses, where you've seen a tremendous amount of leverage from us over the past year or two across personnel, across corporate overhead, expenses across our structural unit economics in each of our businesses.

我們經營業務所需要的，我認為這是你問題的核心，顯然是為了支持我們的營運開支，在過去的一兩年裡，你已經看到我們在人員方面發揮了巨大的影響力，整個公司管理費用，每個業務的結構單位經濟支出。

And we expect to continue that work as you see reflected in our raised profitability guide that not only reflects the strong second quarter, but also our improved expectations for the back half of the year.

我們預計將繼續這項工作，正如您在我們提高的盈利指南中所看到的那樣，這不僅反映了第二季度的強勁表現，而且還反映了我們對今年下半年的預期的改善。

So we continue to -- on that journey of driving efficiency and discipline in our operating expenses.

因此，我們將繼續提高營運支出的效率和紀律。

The second piece of, obviously, what our balance sheet covers from a business operations standpoint is some of the lending originations related to our core lending products, which include, obviously, Square Loans where we sell the vast majority of those loans off to investors, our Afterpay buy now, pay later product, and our Cash App Borrow product.

顯然，從業務運營的角度來看，我們的資產負債表涵蓋的第二部分是與我們的核心貸款產品相關的一些貸款來源，其中顯然包括方形貸款，我們將絕大多數貸款出售給投資者，我們的Afterpay 現在購買，稍後付款產品，以及我們的Cash App Borrow 產品。

Both of those two products are typically very small in size, $100 to $200 type loans on average, and turn 15 times a year with very simplified repayment mechanism.

這兩種產品的規模通常都很小，平均貸款金額為 100 至 200 美元，每年週轉 15 次，還款機制非常簡單。

So, given the short duration, given the small size, they really act like working capital for our customers, and we can efficiently turn a dollar on our balance sheet to support the growth of each of those, the strong growth that we're seeing in each of those businesses.

因此，考慮到期限短、規模小，它們確實就像我們客戶的營運資金，我們可以有效地在資產負債表上轉換一美元來支持每一項的增長，即我們所看到的強勁增長在每一項業務中。

We also, as we think longer term, have optionality around our funding structures.

長遠來看，我們對融資結構也有選擇權。

As we've done with Square Loans, we have the potential to expand upon our investor base that we could potentially bring buy now, pay later and Borrow to, over the medium to long term.

正如我們在 Square Loans 上所做的那樣，我們有潛力擴大我們的投資者基礎，從中長期來看，我們可能會立即購買、稍後付款和借款。

And really our focus is on the very strong unit economics and risk-return profiles that we've seen with both of these products to continue to make that case to investors over the long term.

實際上，我們的重點是我們在這兩種產品中看到的非常強大的單位經濟效益和風險回報狀況，以繼續向投資者長期證明這一點。

So, can I summarize the capital intensity is broadly the same and we should expect to see ongoing share repurchase programs over time as the profitability improves as you move to Rule of 40?

那麼，我能否總結一下，資本密集度大致相同，並且隨著時間的推移，隨著盈利能力的提高，隨著轉向 40 規則，我們應該會看到持續的股票回購計劃？

Our capital allocation program is, as I said, first and foremost, support the organic growth of the business, and to ensure that we can also support a diverse balance sheet, including some of these lending originations, some which we may sell off, and then to return excess capital to shareholders, and that's what you see today with $3 billion purchase authorization.

正如我所說，我們的資本配置計劃首先是支持業務的有機增長，並確保我們也能夠支持多樣化的資產負債表，包括其中一些貸款來源，一些我們可能會出售的貸款，以及然後將多餘的資本返還給股東，這就是你今天看到的30 億美元購買授權。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Thank you for taking my question this evening.

感謝您今晚回答我的問題。

Great results.

很好的結果。

I wanted to ask about Cash App Pay.

我想問一下關於Cash App Pay的問題。

It looks like it continues to grow.

看起來它還在繼續增長。

I think you mentioned volumes up seven times year-over-year, 18% quarter-over-quarter.

我想您提到銷量年增 7 倍，季增 18%。

This seems like a huge opportunity.

這似乎是一個巨大的機會。

Can you maybe talk a little bit about the drivers and what to expect in the coming six to 12 months from that?

您能否談談驅動因素以及未來 6 到 12 個月的預期？

Thank you.

謝謝。

The volume was up more than 7X compared to the prior year, and 18% quarter-over-quarter.

與去年同期相比，銷量成長了 7 倍多，環比成長了 18%。

What's driving the growth is our sales team, Afterpay's enterprise sales team.

推動成長的是我們的銷售團隊，Afterpay 的企業銷售團隊。

As of June, Cash App Pay actives were more than 80% of the scale of Afterpay US actives compared to less than 25% a year ago.

截至 6 月，Cash App Pay 活躍量佔 Afterpay US 活躍量規模的 80% 以上，而一年前還不到 25%。

We're signing many large merchants.

我們正在簽約許多大商家。

This past quarter, we added Google Play, which is a top merchant for Cash App Card, and we're finding that merchants value Cash App Pay because they can access all Cash App customers, our Cash App Pay actives are highly engaged and we offer competitive pricing.

上個季度，我們添加了 Google Play，這是 Cash App 卡的頂級商家，我們發現商家重視 Cash App Pay，因為他們可以訪問所有 Cash App 客戶，我們的 Cash App Pay 活動參與度很高，並且我們提供有競爭力的定價。

So the formula is working and the sales team is doing an amazing job and we'll continue to grow.

所以這個公式正在發揮作用，銷售團隊也做得非常出色，我們將繼續成長。

Bryan Keane, Deutsche Bank

布萊恩·基恩，德意志銀行

Can you help us understand the pricing opportunities inside of the Square seller, especially with some of the product acceleration refreshes, thinking just about pricing higher for value versus some of the pricing transparency, and potentially coming in at a lower cost of ownership that you mentioned in the shareholder letter for some of the incumbents and digital peers?

您能否幫助我們了解 Square 賣家內部的定價機會，特別是一些產品加速更新，考慮更高的價值定價與一些定價透明度，並可能以您提到的更低的擁有成本來實現在給一些現任者和數位同行的股東信中？

Thanks.

謝謝。

I think at a very high level, we have a lot of opportunity here.

我認為在很高的水平上，我們在這裡有很多機會。

We're seeing a lot of our peers and competitors raise their pricing, and that doesn't necessarily come with a raise in quality or more products or more features.

我們看到許多同行和競爭對手提高了價格，但這並不一定會帶來品質的提高或更多的產品或更多的功能。

So, we've been spending a lot of time on our quality and our products and features.

因此，我們在品質、產品和功能上花費了大量時間。

We've also been looking at simplifying how we approach pricing, and how it's presented to our customers, and we're right in the midst of doing a bunch of those reviews, and looking at the numbers and how those might work, I do think like we can have a better packaging and better bundling of our products, and we're doing that work right now.

我們也一直在考慮簡化我們的定價方式，以及如何將其呈現給我們的客戶，我們正在做大量這些評論，並查看數字以及它們如何運作，我確實這樣做認為我們可以有更好的包裝和更好的產品捆綁，我們現在正在做這項工作。

And I'm pretty excited about starting to test these things, and that will be something that we will do definitely this year.

我對開始測試這些東西感到非常興奮，這將是我們今年肯定會做的事情。

But I think we have an amazing opportunity just given what our peers are doing as well, and how we're seeing them raise our pricing and opportunity for us to take a larger portion of the network, and not have our pricing be an excuse.

但我認為，考慮到我們的同行也在做什麼，以及我們如何看到他們提高我們的定價，以及我們獲得更大份額網絡的機會，而不是讓我們的定價成為藉口，我們有一個驚人的機會。

We can take that off the table.

我們可以把這個問題排除在外。

But I think the majority of it's going to come from really looking at simplifying and getting people in as soon as possible so they can see the full extent of our ecosystem and the value that it brings with the with much simpler pricing going forward.

但我認為其中大部分將來自於真正考慮簡化並儘快讓人們參與進來，以便他們能夠看到我們生態系統的全部範圍以及它透過更簡單的定價所帶來的價值。

Will Nance, Goldman Sach.

威爾·南斯，高盛。

Hey, I appreciate you squeezing me in here.

嘿，我很感激你把我擠在這裡。

I wanted to ask a question on the Cash App monthly active this quarter.

我想問一個有關本季度每月活躍現金應用程式的問題。

I think there was a comment in the shareholder letter about some enhancements made to promote a healthier ecosystem as well as a strategic pullback in marketing spend.

我認為股東信中評論了為促進更健康的生態系統而進行的一些改進以及行銷支出的策略性縮減。

So, maybe you could kind of elaborate on what's driving those, and maybe specifically on some of the enhancements that you made?

那麼，也許您可以詳細說明是什麼推動了這些，也許特別是您所做的一些增強？

Appreciate it.

欣賞它。

And thanks for taking the question.

感謝您提出問題。

So, in June, we ended the quarter with 57 million monthly actives in Cash App which was a growth of 5% year-over-year, similar to the growth rate that we saw earlier in the year as well.

因此，在 6 月份，本季結束時，Cash App 的每月活躍用戶數為 5,700 萬，年成長 5%，與我們今年稍早看到的成長率類似。

We see a really compelling opportunity here to drive actives growth for consumers in the US with less than $150,000 in household income.

我們在這裡看到了一個非常引人注目的機會，可以推動家庭收入低於 15 萬美元的美國消費者的活性物質成長。

That represents 80% of the US today.

這代表了當今美國 80% 的人口。

And so, there's significant opportunity to continue to gain market share.

因此，存在繼續獲得市場份額的重大機會。

Some of the enhancements that we called out specifically in the shareholder letter are really to drive our continued focus on promoting a healthy ecosystem.

我們在股東信中特別指出的一些增強功能確實是為了推動我們繼續致力於促進健康的生態系統。

So, it includes changes to the onboarding flow, which can, among other things, give us a better understanding of our customers, enable access to more products, and higher limits for those customers, and also helps create opportunities for cross-selling.

因此，它包括對入職流程的更改，除其他外，這可以讓我們更好地了解客戶，使我們能夠獲得更多產品，並為這些客戶提供更高的限制，並且還有助於創造交叉銷售的機會。

We're continuing to see strong engagement as we make some of these changes.

當我們做出一些改變時，我們繼續看到強烈的參與。

We really have focused on driving deeper engagement across our financial services and commerce products for our customers, and you see that evidenced by the strong growth of inflows per active, which grew, as I noted earlier, 10% year-over-year.

我們確實致力於為客戶推動金融服務和商業產品的更深入參與，每個活躍用戶的流入量強勁增長就證明了這一點，正如我之前指出的，該流入量同比增長了 10%。

From a marketing perspective, we've been fairly disciplined in marketing as we refined our bank based strategy in the first half of the year, and we're now ready and planning to ramp spend in the back half of the year on various campaigns.

從行銷的角度來看，我們在上半年完善了基於銀行的策略，因此在行銷方面相當自律，現在我們已準備好併計劃在下半年增加各種活動的支出。

And you heard about some of those earlier as we talked about our bank the based strategy, or engaging our customers in our banking products, and ultimately earning their paycheck.

您早些時候聽說過其中一些，因為我們談論了我們銀行的基本策略，或者讓我們的客戶參與我們的銀行產品，並最終賺取他們的薪水。

As we think about the opportunity ahead, we see significant opportunity to continue to grow across our base of potential customers in the United States.

當我們思考未來的機會時，我們看到了繼續擴大美國潛在客戶群的重大機會。

We know Cash App resonates strongly with Gen Z and millennials.

我們知道 Cash App 與 Z 世代和千禧世代產生了強烈共鳴。

Those customers, those demographics, make up nearly three quarter of our active base, and we think there's plenty of room to grow because we estimate we're only 34% penetrated in the Gen Z segment and 25% penetrated in the millennial segment.

這些客戶、這些人口統計數據構成了我們活躍基礎的近四分之三，我們認為還有很大的成長空間，因為我們估計我們在Z 世代細分市場中的滲透率僅為34%，在千禧世代細分市場中的滲透率為25%。

So as we look at the long term, we see an opportunity to continue to grow our active potential base of customers for Cash App.

因此，從長遠來看，我們看到了繼續擴大 Cash App 活躍潛在客戶群的機會。

Ladies and gentlemen, thank you for participating in today's program.

女士們、先生們，感謝你們參加今天的節目。

This does conclude the program, and you may now all disconnect.

這確實結束了程序，現在你們可以斷開連接了。