Block Inc (SQ) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block fourth-quarter 2024 earnings conference call.

女士們、先生們，大家好，歡迎參加 Block 2024 年第四季財報電話會議。

Today's call will be 45 minutes.

今天的通話時間為 45 分鐘。

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、投資者關係主管尼基爾迪克西特 (Nikhil Dixit)。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for joining our fourth-quarter 2024 earnings call.

感謝您參加我們的 2024 年第四季財報電話會議。

We have Jack and Amrita with us today.

今天我們有傑克和阿姆里塔和我們在一起。

We will begin this call with some short remarks before opening the call directly to your questions.

在直接回答您的問題之前，我們將以一些簡短的評論開始本次通話。

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

在問答環節，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，我們將在本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.

除歷史事實陳述之外的所有陳述均可被視為前瞻性陳述。

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

這些前瞻性陳述包括對我們的展望、策略和指導以及我們的長期目標和目的的討論。

These statements are subject to risks and uncertainties.

這些聲明受風險和不確定性的影響。

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

實際結果可能與我們的前瞻性陳述所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表現的指標。

Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ.

請查看我們向美國證券交易委員會提交的文件，以了解可能導致結果不同的因素的討論。

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，本次電話會議中的前瞻性陳述是基於我們截至今天所掌握的資訊。

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

我們不承擔更新任何前瞻性聲明的義務，除非法律要求。

Further, any discussion during this call of our lending and banking products refer to products that are offered through Square Financial Services or our bank partners.

此外，本次電話會議中有關我們的貸款和銀行產品的任何討論均指透過 Square Financial Services 或我們的銀行合作夥伴提供的產品。

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 個規則。

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

根據 40 法則，我們正在評估毛利成長與調整後營業收入利潤率的總和。

Also, we will discuss certain non-GAAP financial measures during this call.

此外，我們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.

股東信函和我們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 財務指標的對帳表。

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

這些非公認會計準則指標並非旨在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.

最後，本次電話會議的完整內容將在我們的投資者關係網站上進行音訊網路直播。

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

本次通話的音訊回放以及傑克和阿姆里塔的開場白的記錄將很快在我們的網站上提供。

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

說完這些，我想把麥克風交給傑克。

Thanks for joining.

感謝您的加入。

Our letter this quarter walks through the progress we made in 2024.

我們本季的信函概述了我們在 2024 年取得的進展。

We expanded Square from a payments tool into a full commerce platform, enhanced Cash App's financial services offerings, and restructured our organization to move faster against our road map.

我們將 Square 從支付工具擴展為完整的商業平台，增強了 Cash App 的金融服務產品，並重組了我們的組織以更快地實現我們的路線圖。

Looking ahead, we're focused on connecting local communities, block by block through our neighborhood network strategy, investing in AI automation, open source innovation, and Bitcoin infrastructure, all with the goal of expanding financial access globally.

展望未來，我們專注於透過鄰裡網路策略逐個街區連接當地社區，投資人工智慧自動化、開源創新和比特幣基礎設施，所有這些都是為了擴大全球金融管道。

If you haven't yet, please read our letter for more details.

如果您還沒有，請閱讀我們的信函以了解更多詳細資訊。

And with that, I'll turn it over to Amrita for some highlights from the quarter.

接下來，我將向 Amrita 介紹本季的一些亮點。

Thanks, Jack.

謝謝，傑克。

In 2024, we drove gross profit growth at scale, while dramatically improving efficiency across our business.

2024年，我們大規模推動毛利成長，同時大幅提高整個業務的效率。

We ended 2024 with $8.89 billion in gross profit, representing 18% year-over-year growth with Square, up 15%; and Cash App, up 21%.

截至 2024 年，我們的毛利為 88.9 億美元，年成長 18%，Square 成長 15%； Cash App 上漲 21%。

Similar to prior years, we saw gross profit retention of more than 100% in 2024 for both Square and Cash App as we deepen engagement with our customers.

與前幾年類似，隨著我們與客戶的深化互動，我們看到 Square 和 Cash App 的毛利保留率在 2024 年均超過 100%。

We saw an acceleration in two key metrics as we exited the year.

在年底之際，我們看到兩個關鍵指標加速成長。

Square GPV grew 10% year over year in the fourth quarter, with improvements in same-store sales and customer retention as year-over-year growth in the US increased 200 basis points sequentially to 6.9%.

Square 在第四季 GPV 較去年同期成長 10%，同店銷售額和顧客保留率均有所改善，美國市場的年成長率較上季上升 200 個基點至 6.9%。

For Cash App, paycheck deposit actives reached 2.5 million in December, growing 25% year over year and we saw an increase in momentum in the second half of the year.

對於 Cash App，12 月薪資存款活躍量達到 250 萬，年增 25%，我們看到了下半年的成長動能。

Our focus on disciplined execution led to a significant increase in profitability and operating leverage in 2024.

我們注重嚴格的執行，導致 2024 年獲利能力和經營槓桿大幅提升。

Adjusted EBITDA was $3.03 billion, up 69% year over year, and adjusted operating income was $1.61 billion, a more than 4.5x increase on a year-over-year basis, delivering 13 points of margin expansion.

調整後 EBITDA 為 30.3 億美元，較去年同期成長 69%，調整後營業收入為 16.1 億美元，年成長逾 4.5 倍，利潤率擴大 13 個百分點。

And for the 12 months ending in December, adjusted free cash flow was $2.07 billion compared to $515 million a year ago.

截至 12 月的 12 個月，調整後的自由現金流為 20.7 億美元，去年同期為 5.15 億美元。

We achieved 36.5% on a Rule of 40 basis in 2024, up 7 points from the year prior.

2024 年，我們依照 40 法則實現了 36.5% 的成長率，比前一年成長了 7 個百分點。

Let's look ahead to our guidance for 2025, and share why we're excited about the trajectory of our business across both growth and profitability.

讓我們展望2025年的指引，並分享我們對業務成長和獲利發展軌跡感到興奮的原因。

Consistent with what we called out last quarter and assuming a stable macro environment, we expect strong gross profit growth of at least 15% year over year or at least $10.22 billion in gross profit.

與我們上個季度的預測一致，假設宏觀環境穩定，我們預計毛利將年增至少 15%，或毛利至少達到 102.2 億美元。

We're maintaining our gross profit guidance for 2025 despite absorbing an incremental 50 basis points of headwinds from FX rates compared to our preliminary guide in early November.

儘管與 11 月初的初步指引相比，外匯匯率帶來的阻力增加了 50 個基點，但我們仍維持 2025 年的毛利指引。

Given the unique growth dynamics during the year, including lapping leap year last February and tougher FX comparisons in the early part of 2025, we expect our first quarter guide to be the low point for both gross profit growth and adjusted operating income throughout the year.

鑑於今年獨特的成長動力，包括去年 2 月的閏年和 2025 年初更嚴格的外匯比較，我們預計第一季的指引將是全年毛利成長和調整後營業收入的最低點。

Our full year guidance implies a meaningful inflection in growth during the year, and we have clear visibility into the key drivers of that acceleration, as we scale recent product launches and execute on go-to-market.

我們的全年指引意味著年內成長將出現有意義的轉變，並且隨著我們擴大近期產品的發布規模並執行上市計劃，我們對這一加速的關鍵驅動因素有了清晰的認識。

We expect a more pronounced acceleration in Cash App as we broaden access to Cash App Borrow, launch and scale Afterpay on Cash App Card and invest in marketing.

隨著我們擴大 Cash App Borrow 的訪問權限、在 Cash App Card 上推出和擴展 Afterpay 以及投資行銷，我們預計 Cash App 的成長將更加明顯。

Cash Card has sustained strong gross profit growth for years by driving product velocity and successfully stacking new S curves onto its existing product set to deliver more value to customers.

多年來，Cash Card 透過提高產品速度並成功地將新的 S 曲線疊加到現有產品組合上以向客戶提供更多價值，保持了強勁的毛利成長。

We believe we're at the start of another exciting growth phase, as we bank our base and with the ability to stack future building blocks of growth from both Borrow and Afterpay on Cash App Card.

我們相信，我們正處於另一個令人興奮的成長階段的開始，因為我們積累了豐富的經驗，並且能夠透過 Cash App Card 上的 Borrow 和 Afterpay 建立未來的成長基石。

We ended 2024, with 5 million Cash App Borrow monthly actives.

截至 2024 年，Cash App Borrow 的每月活躍用戶數為 500 萬。

This year, we plan to expand to additional customers and offer higher limits by improving underwriting, refining unit economics, expanding to more states, and integrating Borrow with Direct Deposit.

今年，我們計劃透過改善承保、優化單位經濟、擴展到更多州以及整合借貸與直接存款來擴展到更多客戶並提供更高的限額。

Afterpay on Cash App Card launched this week, and we are rolling it out to new customers now after a year of strong testing.

Cash App Card 上的 Afterpay 已於本週推出，經過一年的嚴格測試後，我們現在正在向新客戶推出該功能。

We see this product as another way for customers to manage their money and to drive increased spending through Cash App Card.

我們認為該產品是客戶管理資金和透過 Cash App Card 增加支出的另一種方式。

Beyond these specific products we're focused on driving more customers to Cash App Card, a gateway to our broader banking offerings and further growth in paycheck deposit actives.

除了這些特定的產品之外，我們還致力於吸引更多客戶使用 Cash App Card，這是我們更廣泛銀行服務的門戶，並進一步增加薪水存款活躍度。

For Square, we expect both GPV and gross profit to improve throughout the year, driven by a combination of both retention and acquisition.

對 Square 而言，我們預計，在留存和獲取的共同推動下，GPV 和毛利將在全年有所改善。

We meaningfully ramped marketing investments in the second half of 2024, and the strong returns we have sustained here give us conviction that these will compound as the year progresses.

我們在 2024 年下半年大幅增加了行銷投資，而我們在此獲得的強勁回報使我們堅信，隨著時間的推移，這些投資將會不斷增加。

We also continue to invest behind our partnership and field sales strategies, and we expect growth contributions from these initiatives to increase compared to 2024.

我們也將繼續投資於我們的合作夥伴關係和現場銷售策略，我們預計這些措施帶來的成長貢獻將比 2024 年增加。

The platform investments we made last year across onboarding, orders and single app are still expected -- are all expected to drive strength in Square this year.

我們去年在入職、訂單和單一應用程序等方面進行的平台投資仍然有望推動 Square 今年的發展。

Many of the launches we highlighted this quarter were enabled by our recent platform enhancements.

我們本季重點介紹的許多新產品都得益於我們最近的平台增強。

We have an extensive portfolio of growth initiatives across Square and Cash App, and we're excited for those to help drive accelerating growth in 2025.

我們在 Square 和 Cash App 上擁有廣泛的成長計劃，我們很高興這些計劃將有助於推動 2025 年的加速成長。

From a profitability perspective, we expect adjusted operating income of $2.1 billion or approximately 21% margin, expanding 240 basis points year over year even as we grow acquisition spend by more than 20% year over year across Square and Cash App.

從獲利能力的角度來看，我們預計調整後的營業收入為 21 億美元，利潤率約為 21%，與去年同期相比成長 240 個基點，儘管我們在 Square 和 Cash App 上的收購支出較去年同期成長超過 20%。

We remain committed to disciplined growth and driving cost efficiencies.

我們將繼續致力於有序成長和提高成本效率。

We were below our 12,000-person cap at the end of the year, and we intend to remain below for the foreseeable future.

截至年底，我們的人數已低於 12,000 人的上限，並且我們打算在可預見的未來繼續保持低於此上限的人數。

In 2024, we built the foundation for our next era of growth, and we're excited about our momentum heading into 2025.

2024 年，我們為下一個成長時代奠定了基礎，我們對 2025 年的發展勢頭感到興奮。

Our goal across both Square and Cash App in the year ahead is to make sure we're balancing continued growth investments on product and go-to-market with increased efficiency across our organization.

我們未來一年在 Square 和 Cash App 上的目標是確保我們在產品和市場進入方面的持續成長投資與整個組織效率的提高之間取得平衡。

With this, we expect to exit 2025 at a Rule of 40 run rate and remain on track to achieve our targeted Rule of 40 in 2026.

由此，我們預計到 2025 年，公司將以 40 規則的運行率退出，並預計在 2026 年實現 40 規則的目標。

As Jack said in his letter, we're excited to host you for an Investor Day in the second half of this year to show you more of our progress in these areas.

正如傑克在信中所說，我們很高興在今年下半年舉辦投資者日，向您展示我們在這些領域的進展。

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

說完這些，我將把電話轉回給接線生，開始通話的問答部分。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

(操作員指示) 摩根大通 (JPMorgan) Tien-Tsin Huang。

It feels like I've been thinking about Block a lot.

感覺我一直在思考 Block 的事情。

And it feels like a big execution year for you guys in '25.

對你們來說，25 年似乎是執行力極強的一年。

You talked about -- Amrita talked about building a foundation in '24.

您談到——Amrita 談到了在 24 年建立一個基金會。

So I'm curious, from your standpoint, beyond the numbers and the guide and all that good stuff, what proof points are you focused on to gauge progress on execution in '25?

所以我很好奇，從您的角度來看，除了數字、指南和所有這些好東西之外，您還關注哪些證據點來衡量 25 年的執行進度？

And how might this year be different than the last couple of years from an execution standpoint?

從執行的角度來看，今年與過去幾年有何不同？

Yeah.

是的。

So I mean, we intend to double our growth rate across our business.

所以我的意思是，我們打算將整個業務的成長率提高一倍。

And a lot of that has to do with how we configure ourselves.

這很大程度上與我們如何配置自己有關。

So as you said, we spent the majority of last year, not only doing but talking about how we've reconfigured and reorganized the company, and to set us up for rapid acceleration this year.

正如您所說，我們去年的大部分時間都在談論如何重組和改組公司，為今年的快速發展做好準備。

And I guess the biggest proof point I would look toward is development velocity, how quickly we can now move and how quickly we can ship things, and how quickly we can see the impact or that they're not having impact so we can make changes or end those things.

我想我要尋找的最大證明點就是開發速度，我們現在可以多快行動，多快發貨，我們能多快看到影響或它們沒有產生影響，以便我們能夠做出改變或結束這些事情。

I would point you to one early proof point, which is this project we released called codename goose, which is an AI assistant for engineers to start but it can expand to any discipline.

我想指出一個早期的證明點，那就是我們發布的代號為 goose 的項目，這是一個供工程師入門的人工智慧助手，但它可以擴展到任何學科。

We built this for ourselves internally.

我們自己內部建造了這個。

This team was less than 10 people.

這個團隊只有不到10個人。

They did it in months and not years and we put it out.

他們只用了幾個月而不是幾年的時間就完成了任務，我們也完成了它。

And we now have a pretty sizable ecosystem of developers building extensions for it and expanding it that we also get better for and we can use.

現在我們擁有一個相當龐大的開發者生態系統，他們為它建立擴展並對其進行擴展，從而使我們能夠更好地使用它。

And it points to a pretty foundational move for us where we are now in the conversation with a lot of these AI companies.

這對我們來說是一個非常基礎的舉措，我們現在正在與許多人工智慧公司進行對話。

And I think there's a few areas within that where we can take a leadership position as well.

我認為我們也可以在某些領域發揮領導作用。

So we're excited to take that on.

因此我們很高興接受這個任務。

But that's all a function of us reorganizing our company.

但這都是我們重組公司的功能。

This would not be possible at the beginning of last year but it is now.

這在去年年初是不可能的，但是現在已經實現了。

So you should expect us to see those throughout the company and across all of our surface areas.

所以你應該期望我們在整個公司和我們所有的表面區域看到這些。

We have much better go-to-market clarity and excellence in Nick and team, especially on Square, but certainly for Cash App as well.

在 Nick 和團隊的帶領下，我們擁有更清晰的行銷想法和卓越的表現，尤其是在 Square 上，對 Cash App 來說當然也是如此。

So we intend to flex that muscle significantly this year and pair it with our products.

因此，我們打算今年大力展示這項實力，並將其與我們的產品結合。

We have reconsidered how we release products at Square.

我們重新考慮了在 Square 發布產品的方式。

We want to be a lot more open with our road map so that we can give sellers time to decide and more information to decide us versus other competitors.

我們希望我們的路線圖更加公開，這樣賣家就可以有時間去決定，並且能夠獲得更多資訊來決定我們與其他競爭對手的選擇。

And they can get a lot more predictability around installing us or upgrading certain aspects of our system.

並且他們可以對我們系統的安裝或升級某些方面獲得更大的可預測性。

And then for the first time as a company, since we founded the company, we have a prioritized road map across our entire company and all of our product services and surface areas.

自我們成立公司以來，我們第一次為整個公司以及所有產品服務和表面領域制定了優先路線圖。

This is stack ranked.

這是堆疊排序。

We have a directly responsible individual on task for each one.

我們為每個任務配備一個直接負責人。

That gives us a lot more accountability.

這賦予了我們更多的責任。

It gives us a lot more information around how we're investing internally.

它為我們提供了更多有關如何進行內部投資的資訊。

Gives us a lot more clarity around what we're experimenting with and what we're trying to accelerate and what we're trying to refine and make better.

讓我們更清楚地了解我們正在嘗試什麼、我們試圖加速什麼以及我們試圖改進和改善什麼。

But most importantly, it also gives us clarity and the word clarity on what we need to stop and redeploy our resources, our people, our finances for things that we need to reconsider.

但最重要的是，它也讓我們清楚知道我們需要停止什麼，並重新部署我們的資源、人力和財政，用於我們需要重新考慮的事情。

So I'm just to the whole company and we're starting to run with it, but that will also help a lot with our execution, which will ultimately result in just much better product development velocity, much better learning so we can quickly adapt to the market and what our customers want and ideally be ahead of them with all these new tools that we're building, such as the AI agent systems we're focused on.

所以我只是對整個公司來說，我們開始使用它，但這也將對我們的執行有很大幫助，最終將帶來更好的產品開發速度，更好的學習，以便我們能夠快速適應市場和客戶的需求，理想情況下，憑藉我們正在構建的所有這些新工具，比如我們關注的人工智能代理系統，領先於他們。

And Tien-Tsin, I'd just add a couple of thoughts on KPIs, metrics that we're going to be looking at and do look at on a daily and weekly basis.

Tien-Tsin，我想補充一些關於 KPI 的想法，這些是我們將要審查並且確實會每天和每週審查的指標。

For our two most established businesses, I think it's very clearly acceleration in Square GPV, and for Cash App, it's the ramp of our paycheck deposit actives and then more broadly, engagement across each of those platforms with a broader set of products.

對於我們最成熟的兩家公司來說，我認為顯然是 Square GPV 的加速，而對於 Cash App 來說，則是我們的薪水存款活躍度的提升，更廣泛地說，是每個平台上產品的廣泛參與。

From an investment framework perspective, so when we think about the enterprise across Block, we want to see two things.

從投資框架的角度來看，當我們考慮跨區塊的企業時，我們希望看到兩件事。

We're laser-focused on being a Rule of 40 company in 2026 and now believe that we can get to that run rate by the end of this year, and positive customer retention across each of our ecosystems.

我們致力於在 2026 年成為一家「40 法則」公司，並相信我們能在今年年底前達到這一運行率，並在我們每個生態系統中實現積極的客戶保留率。

That means our existing customers continue to grow, and we continue to add more and more value to them.

這意味著我們現有的客戶將繼續成長，我們也將繼續為他們創造越來越多的價值。

And then finally, I'd say I think we want to see some build on the signals for our next big building blocks, the next S curves that we're stacking.

最後，我想說，我們希望看到一些建構在訊號之上的事物，這些訊號是我們正在堆疊的下一個巨大建構模組、下一個 S 曲線。

And I think what you hear from us today is that there's some near-term S curve opportunities with Cash App Borrow and Afterpay on Cash App Card. And then the links between Square and Cash App, the neighborhood network will be laying important proof points behind in 2025, which should benefit us in the years to come.

我認為您今天從我們這裡聽到的是，Cash App Borrow 和 Cash App Card 上的 Afterpay 存在一些近期的 S 曲線機會。然後，Square 和 Cash App 之間的聯繫，鄰裡網路將在 2025 年奠定重要的證明點，這將使我們在未來幾年受益。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

I want to talk about 2025 Square GPV growth.

我想談談 2025 年 Square GPV 成長。

When we think about the major building blocks or components, they are same-store sales growth, churn or retention, the size of the new cohort coming on, and then lastly, the annualization of last year's cohort that was brought on.

當我們考慮主要的建置模組或組成部分時，它們是同店銷售額的成長、客戶流失或保留、新客戶群的規模，以及最後是去年新客戶群的年化率。

So you made some comments already around exiting the year with some good signs on improved same-store sales and some of the retention metrics getting a little bit better.

所以您在年底時已經發表了一些評論，指出同店銷售額有所改善，一些留存指標也略有好轉。

And MKE may be a part of that, if maybe that's getting better or maybe less bad.

MKE 可能是其中的一部分，如果情況可能變得更好或不那麼糟糕的話。

And then in terms of the size of the new cohort, clearly, there's the sales and marketing spend, there's the new partnerships, and some of the good signs you're seeing there.

然後就新群體的規模而言，顯然有銷售和行銷支出，有新的合作夥伴關係，以及您在那裡看到的一些好跡象。

Cognizant though that, that last part on the marketing, there's a little bit of a cumulative effect there, meaning it's a little bit more beneficial as it layers in into the second half of the year.

儘管如此，我們還是意識到，行銷的最後一部分有一點累積效應，這意味著，隨著它滲透到今年下半年，會帶來更多的益處。

So putting that all together, I was hoping you could touch on some of those components and really what it means for the exit rate for GPV within the seller ecosystem as we look into the latter part of 2025.

所以綜合起來，我希望你能談談其中的一些組成部分，以及當我們展望 2025 年下半年時，它對賣家生態系統中 GPV 的退出率的真正意義。

Sure.

當然。

Thanks for the question, Tim.

謝謝你的提問，提姆。

So let's start with where we exited the year, with Square GPV in the fourth quarter up 10% year over year and US growth of 6.9%, both an improvement from the third quarter sequentially; with US growth up 200 basis points relative to where we were in the third quarter, and international growth up 5 points to 25% relative to where we were in the third quarter.

那麼讓我們從今年年底的情況開始說起，Square 第四季的 GPV 年成長 10%，美國成長 6.9%，均比第三季有所提高；美國經濟成長速度較第三季上升了 200 個基點，國際經濟成長率較第三季上升了 5 個百分點，達到 25%。

That acceleration in the fourth quarter was driven primarily by two key metrics, same-store growth across our verticals as well as improved seller retention.

第四季的加速成長主要得益於兩個關鍵指標，即各垂直產業的同店成長以及賣家留任率的提高。

The two verticals that I would call out in particular driving the acceleration are the two that we're most focused on, which is food and beverage and retail.

我想特別指出的兩個推動加速發展的垂直產業也是我們最關注的產業，即食品飲料和零售。

When we look to 2025, assuming a stable macro environment, we expect GPV to accelerate from these current levels, driven by the product and go-to-market initiatives that we've been talking about for the past few quarters now.

展望 2025 年，假設宏觀環境穩定，我們預期 GPV 將從目前水準加速成長，這得益於我們過去幾季一直在談論的產品和上市措施。

We expect to see a meaningful uplift in customer acquisition, as we move throughout the year and as these investments compound.

隨著我們全年的發展和這些投資的增加，我們預計客戶獲取量將顯著提升。

Now when we look at it from Q1 to Q4, there's a bit of noise in Q1, we expect Q1 Square GPV growth, when you isolate for that constant currency and leap year, to be in the high single digits, building to low double digits as we exit the year.

現在，當我們從第一季到第四季進行觀察時，我們會發現第一季存在一些噪音，我們預計，如果單獨考慮固定匯率和閏年，第一季 Square GPV 成長率將達到高個位數，而到年底時將達到低兩位數。

As I said, there's some noise with that Q1 comparison because of FX and leap year, but we expect the core underlying growth of Square to be roughly in line with Q4 and to improve from here for the rest of the year on the back of a stable macro environment, driving better same-store growth, slightly better retention and stronger acquisition.

正如我所說，由於外匯和閏年的原因，與第一季的比較存在一些誤差，但我們預計 Square 的核心基本增長將與第四季度大致持平，並在穩定的宏觀環境的推動下，在今年剩餘時間內有所改善，推動同店增長更好、留存率略有提高、收購率更強。

Maybe just to quickly unpack what some of those customer acquisition and retention drivers are to accelerate growth, we've grown marketing spend significantly over the past two quarters with strong early ROIs, and we intend to invest behind that in 2025 as well.

也許只是為了快速解開一些客戶獲取和保留驅動因素以加速成長的原因，我們在過去兩個季度中大幅增加了行銷支出，並獲得了強勁的早期投資回報率，我們打算在 2025 年繼續進行投資。

We expect continued investment across the combination of sales, marketing, and partnerships to drive new seller acquisition.

我們期望透過銷售、行銷和合作夥伴關係等方面的持續投資來推動新賣家的收購。

We're seeing better coordinated strategy across these three levers than we've seen before.

我們看到這三個槓桿之間的協調策略比以前更好。

Our retention is strong today, but we expect account management and investments into our product to increase that further.

目前我們的保留率很高，但我們預期帳戶管理和對我們產品的投資將進一步提高。

And then we believe we have the opportunity to gain wallet share and drive same-store growth higher.

然後我們相信我們有機會獲得錢包份額並推動同店成長。

An example of that being Kiosk, which is a product that we expect to increase wallet share.

其中一個例子就是 Kiosk，這是我們期望能夠增加錢包份額的產品。

And we'll have more that we expect to launch throughout 2025 to continue to drive that important retention metric for us.

我們預計在 2025 年將推出更多產品，以繼續推動這項重要的保留指標。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Maybe I could just jump in quickly on Q4 first, the spread between GPV growth and the gross profit growth now?

也許我可以先快速了解第四季度，現在 GPV 成長和毛利成長之間的差距是多少？

Just if you could help us understand a little bit of the dynamics there.

如果您能幫助我們了解那裡的一些動態就好了。

But then more importantly, just the building blocks of the gross profit growth ramp expected through the year.

但更重要的是，這只是全年預計毛利成長的基石。

I understand a lot of the initiatives will kick in.

我知道很多措施將會付諸實行。

But if you're starting off, I think you said 11% for Q1, 15% for the year, maybe just help us a little bit more -- a little more granularity of the building blocks to get from that starting point to the 15% for the full year.

但如果你剛開始的話，我想你說的是第一季的 11%，全年的 15%，也許這對我們更有幫助——更細緻地了解構建模組，以便從起點達到全年的 15%。

Sure, Darrin.

當然，達林。

Maybe just to quickly hit off on the first part of your question for Q4.

也許只是為了快速回答你關於第四季問題的第一部分。

Keep in mind, when you're thinking about GPV versus gross profit, the banking ecosystem had a tougher compare in the fourth quarter.

請記住，當您考慮 GPV 與毛利時，銀行生態系統在第四季度的比較更為艱難。

So we saw -- right.

所以我們看到了——對的。

So we had 12% growth overall from a gross profit perspective in the fourth quarter.

因此，從毛利角度來看，我們第四季整體成長了 12%。

From a banking perspective, we had 13% growth in the fourth quarter.

從銀行角度來看，我們在第四季度實現了 13% 的成長。

And as a reminder, our banking products grew by 28% in the fourth quarter of 2023, driven by some elevated loan volume growth.

需要提醒的是，受貸款量成長推動，我們的銀行產品在 2023 年第四季成長了 28%。

So it's a tougher compare from a banking perspective.

因此，從銀行的角度來看，這是一個更困難的比較。

As we look to this year, 2025, let me start with sort of the dynamics that we see in the first quarter.

展望 2025 年，我首先要介紹第一季的動態。

And then the line of sight, the clear visibility that we have to the drivers of gross profit accelerating throughout the year.

然後從視線來看，我們清楚地看到了全年毛利加速成長的驅動因素。

So first, we recognize the growth rate dynamics as we start the year unique for a couple of different reasons.

首先，我們認識到，由於幾個不同的原因，今年的成長率動態是獨一無二的。

Some idiosyncratic headwinds like FX and leap year and then some tougher compares like the banking one I mentioned.

一些特殊的不利因素，例如外匯和閏年，然後是一些更嚴峻的挑戰，例如我提到的銀行業。

So in the first quarter, leap year is expected to create a roughly 1-point headwind to gross profit growth for both Square and Cash App with an additional approximate 1-point headwind to Square's gross profit growth from FX.

因此，在第一季度，閏年預計將對 Square 和 Cash App 的毛利成長造成約 1 個百分點的阻力，而外匯因素也將對 Square 的毛利成長造成另外約 1 個百分點的阻力。

And then in addition to that, we have Square Banking with an incredibly strong Q1 in '24, where it grew by 36% as we grew originations at an accelerated rate as a tougher comp for us this Q1.

除此之外，Square Banking 在 2024 年第一季表現非常強勁，成長了 36%，因為我們的貸款發放速度加快了，這對我們第一季來說是一個更嚴峻的挑戰。

And then from a Cash App perspective, again, a tougher compare related to some pricing changes for Bitcoin, where we had the full quarter benefit of that last Q1, as well as some benefits from the price appreciation of Bitcoin.

然後從 Cash App 的角度來看，再次進行與比特幣的一些價格變化相關的更嚴格的比較，我們獲得了上個第一季度的整個季度收益，以及比特幣價格升值的一些收益。

Now, with those Q1 dynamics in mind, let's turn to where we have confidence that we can build upon these compounding benefits that we see of our product and go-to-market initiatives into the remainder of the year.

現在，考慮到第一季的動態，讓我們來談談我們有信心在剩餘的一年中繼續利用我們的產品和上市計劃所創造的複合效益。

So for Square, we expect gross profit growth trends to align closely with GPV trends in 2025.

因此，對於 Square，我們預計 2025 年的毛利成長趨勢將與 GPV 趨勢緊密結合。

We'd see GPV growth acceleration drivers that we've talked about, go-to-market investments, new products to gain traction and compound during the year.

我們會看到，我們已經討論過的 GPV 成長加速驅動因素、進入市場的投資、新產品的獲得關注和複合成長。

And as a result, expect to see gross profit accelerating off the Q1 levels.

因此，預計毛利將在第一季的基礎上加速成長。

We're also growing our marketing spend here, again, behind strong ROIs and are continuing to add sales and partnership resources, all of which we expect to result in accelerating new customer acquisition.

我們也再次增加了行銷支出，以取得強勁的投資回報率，並繼續增加銷售和合作資源，我們預計所有這些都將加速新客戶的獲取。

We have much higher expectations for our sales and partnership investments this year than we did last year.

我們對今年的銷售和合作夥伴投資的期望比去年高得多。

And we met and exceeded our targets last year, and we intend to do the same this year.

去年，我們達到並超額完成了目標，今年我們仍打算這樣做。

From a Cash App perspective, we expect the acceleration throughout the year to be more pronounced, exiting 2025 well above the Q1 gross profit growth rate.

從 Cash App 的角度來看，我們預計全年的加速成長將更加明顯，到 2025 年將遠高於第一季的毛利成長率。

We think we have a unique opportunity here on this next phase of growth for Cash App between Borrow and Afterpay on Cash App Card. Afterpay on Cash App Card, we are -- after a year of sort of methodically testing this, now launching this week, allowing customers more ways to manage their money and giving them more optionality at checkout.

我們認為，在 Cash App 的下一階段成長中，我們在 Cash App Card 上的 Borrow 和 Afterpay 之間擁有獨特的機會。經過一年的系統測試，我們本週正式推出 Cash App Card 上的 Afterpay，讓客戶能夠透過更多方式管理資金，並在結帳時為他們提供更多選擇。

Cash App Card at 25 million monthly actives in December is an amazing distribution surface for us to launch these sorts of product features into.

Cash App Card 12 月的每月活躍用戶數達到 2,500 萬，這為我們推出此類產品功能提供了一個絕佳的發行平台。

And it's one that we saw really resonate with customers as we were in testing over this past year with nearly $150 million in originations just in the beta alone.

在過去一年的測試中，我們發現它確實引起了客戶的共鳴，僅測試階段的發放金額就接近 1.5 億美元。

And then for Borrow, this product that has scaled meaningfully in 2024.

然後對於 Borrow 來說，這款產品在 2024 年實現了顯著的擴展。

We believe that there is a tremendous amount of opportunity left for growth in a variety of different areas.

我們相信，各個不同領域都存在著巨大的成長機會。

This year, as I mentioned earlier, making Borrow available to more customers with higher limits by improved underwriting, better unit economics, and expanding into additional states.

正如我之前提到的，今年，我們將透過改進承保、提高單位經濟效益以及擴展到更多州，讓更多客戶能夠以更高的限額使用 Borrow。

Also, enabling Borrow to be a driver for paycheck deposits by creating greater integrations there.

此外，透過在 Borrow 中建立更大的整合，使其成為薪資存款的驅動力。

And then finally, I'd say, as I point to looking at our exit out of 2025 is that we'd expect to see Proto, our Bitcoin mining initiative, to start benefiting growth in the second half of the year as well.

最後，我想說，當我展望 2025 年的退出時，我們預計我們的比特幣挖礦計畫 Proto 也將在今年下半年開始成長。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great quarter.

非常棒的一個季度。

I have a long-term strategic question maybe for Jack on your -- on Proto, the open Bitcoin mining system, it looks really interesting.

我有一個長期戰略問題想問傑克，關於 Proto，開放的比特幣挖礦系統，它看起來真的很有趣。

Maybe could it be the next Cash App?

也許它會成為下一個 Cash App？

Like, how big is the upside from that and what's the long-term vision and strategy for that product?

例如，這樣做的好處有多大，以及該產品的長期願景和策略是什麼？

Appreciate it.

非常感謝。

Yeah.

是的。

This is one we're really excited about.

這是我們非常興奮的事情。

We do think the market is large.

我們確實認為這個市場很大。

And we do think we're poised to take a significant percentage of it, because there is one player really in this space, and our customers want other options.

我們確實認為我們準備好佔據其中很大一部分份額，因為這個領域確實有一個參與者，而我們的客戶想要其他選擇。

We did a bunch of research.

我們做了大量研究。

We talked with a bunch of these customers, and we found that they didn't have the reliability they needed.

我們與許多這樣的客戶進行了交談，發現他們缺乏所需的可靠性。

They didn't have the customization they needed.

他們沒有得到他們需要的定制。

Didn't have the ability to upgrade and build their own custom systems around their rigs.

沒有能力升級和建造自己的鑽機定制系統。

And some of them wanted just like a full system that just worked off the shelf, that was built in the US.

他們中的一些人想要一個在美國製造的現成的完整系統。

And the fact that it's open source and were on a 3-nanometer process allows us to have much better performance and a much stronger road map looking forward.

事實上，它是開源的並且採用 3 奈米工藝，這使我們能夠擁有更好的性能和更強大的未來路線圖。

So we do think we're poised well.

所以我們確實認為我們已經準備好了。

We're manufacturing our chips now.

我們現在正在生產我們的晶片。

They're going to be rolling out this year along with our full systems.

它們將在今年與我們的整個系統一起推出。

And this year is going to be one of, I think, like unexpected upside in this business, and one that we significantly changed the market dynamics because of just how well our system works and how configurable it is.

我認為，今年將是這個行業意想不到的成長年份，由於我們的系統運作良好且可配置性高，我們將顯著改變市場動態。

So within this space, yes, I do think it's a massive opportunity and one that's well, well, well overdue.

因此，在這個領域，是的，我確實認為這是一個巨大的機遇，而且是一個早就應該出現的機會。

It definitely seems like that.

看起來確實如此。

Thank you.

謝謝。

Robbie Bamberger, Baird.

羅比·班伯格，貝爾德。

Cash App MAUs have been flattish at around 57 million the last several quarters.

過去幾個季度，Cash App 的每月活躍用戶數量一直穩定在 5,700 萬左右。

I guess, what would it take for these to start growing again?

我想想，要怎麼做才能讓它們重新開始成長呢？

Is it incremental marketing spend, new products or something else?

是增加行銷支出、推出新產品還是其他？

I'm happy to start us off here.

我很高興從這裡開始。

Thanks for the question, Robbie.

謝謝你的提問，羅比。

So let's start -- I think the short answer is we think that there is significant opportunity for growth longer term.

那麼讓我們開始吧——我認為簡短的回答是我們認為長期來看存在巨大的成長機會。

But there's some deliberate decisions that we've made as part of our banker-based strategy in the near term that have resulted in a consistent sort of 57 million monthly actives, which grew 2% year over year in December.

但是，作為我們近期以銀行家為基礎的策略的一部分，我們做出了一些深思熟慮的決定，這使得每月活躍用戶數量一直保持在 5700 萬左右，12 月份同比增長 2%。

This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base.

這是我們不斷改進的一部分，旨在為我們的銀行客戶提供更健康的參與。

We've made investments in critical areas like compliance support and risk.

我們在合規支援和風險等關鍵領域進行了投資。

And as we've done that, we've progressed more of our actives through our identity verification process, which in turn, unlocks greater access to those actives to our full suite of financial tools.

當我們這樣做的時候，我們透過身分驗證流程推進了更多的活動，這反過來又使這些活動能夠更多地使用我們的全套金融工具。

So as we've made those investments, we have seen benefits come through in a couple of different places.

因此，當我們進行這些投資時，我們已經在幾個不同的地方看到了收益。

First, from a product growth perspective, we've seen that accrete to engagement and attach on products like Cash App Card, Direct Deposit and Borrow, all of which you heard about today, obviously, but also accrete to benefits to our unit economics.

首先，從產品成長的角度來看，我們已經看到了參與度的增加以及對 Cash App Card、Direct Deposit 和 Borrow 等產品的附加，所有這些您今天都聽到了，當然，也增加了我們單位經濟的收益。

Risk loss for us has been an area of operating expense leverage on both peer-to-peer and Cash App Card risk loss over the past year.

在過去的一年裡，風險損失一直是我們點對點和 Cash App Card 風險損失的營運費用槓桿的一個領域。

And I think that's critically tied to the enhancements we've made to the platform here.

我認為這與我們對此平台所做的改進密切相關。

In the near term, this year, we expect the biggest drivers of Cash App gross profit growth should be metrics like inflows per active and monetization rate, or ARPU, whereas we'd expect actives growth to be relatively flat on a year-over-year basis this year.

短期內，我們預計今年 Cash App 毛利成長的最大驅動力應該是每活躍用戶流入量和貨幣化率（ARPU）等指標，而我們預計今年的活躍用戶成長將與去年同期相比相對持平。

Now longer term, to your question, we see a significant opportunity to grow actives, particularly among that digital native audience like millennial and Gen Zs.

現在從長遠來看，對於您的問題，我們看到了增加活躍度的巨大機會，特別是在千禧世代和 Z 世代等數位原生受眾中。

We also see powerful network effect connections across our audiences, amongst teams and families and across our other brands.

我們也看到了我們的受眾、團隊、家庭和其他品牌之間強大的網路效應連結。

Afterpay customers, many of whom will be introduced to Cash App through the integrations like the one that we're launching this week with bringing Afterpay functionality into Cash App Card, as well as Square buyers.

Afterpay 客戶，其中許多人將透過集成功能接觸 Cash App，例如我們本週推出的將 Afterpay 功能引入 Cash App Card 的集成，以及 Square 買家。

The more we can execute on our neighborhood network strategy to connect these two ecosystems.

我們越能執行我們的鄰裡網路策略來連接這兩個生態系統。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

I wanted to hit on the Cash App flywheel and how you've called out the rolling monetization opportunities by stacking these multiple S curves?

我想談談 Cash App 飛輪，以及您如何透過堆疊這些多條 S 曲線來調出滾動貨幣化機會？

And now that we have Afterpay functionality live in the Cash Card, I guess, how would you characterize the potential of this S curve compared to innovation and products you've introduced in the past?

現在我們在 Cash Card 中已經擁有 Afterpay 功能，我想，與您過去推出的創新和產品相比，您如何描述這條 S 曲線的潛力？

And then if there are any high-level thoughts you could provide around goals for attach, monetization contributions, all would be super helpful.

然後，如果您能就附加目標、貨幣化貢獻提供任何高層次的想法，那麼一切都將非常有幫助。

Thank you.

謝謝。

Yeah, I can start this.

是的，我可以開始這個。

I mean, I think it's a huge because the entire company is focused on just this one thing.

我的意思是，我認為這是一件大事，因為整個公司都專注於此。

And what matters most for Cash App and the Cash App Card is that these all stack together, but they actually positively reinforce one another as well.

對於 Cash App 和 Cash App Card 來說，最重要的是它們不僅相互疊加，而且實際上還相互促進。

So we have, as Amrita said earlier, we have a huge base of Cash Card customers that we can deploy this to.

正如 Amrita 之前所說，我們擁有龐大的現金卡客戶群，我們可以向其部署這項服務。

We can do that extremely quickly.

我們可以非常快速地完成這項任務。

It's easy to roll out for us and other people proactively of an entirely new utility that they can use that day in selling.

我們和其他一些人可以輕鬆地主動推出一種全新的實用程序，供他們當天在銷售中使用。

And ultimately, that provides us flywheel into forced spend and more usage of other adjacent aspects of Cash App, which we continue to look to deepen and broaden that ecosystem, and ultimately, connect it with the Square ecosystem, which speaks to what I believe is our two superpowers that we have both these ecosystems at scale.

最終，這為我們提供了強制支出和更多使用 Cash App 其他相關方面的飛輪，我們將繼續尋求深化和拓寬該生態系統，並最終將其與 Square 生態系統連接起來，這說明了我相信我們的兩個超級大國，我們擁有這兩個生態系統的規模。

We have both sides of the counter.

我們有櫃檯的兩面。

And now we can bring more financial tools and more financial utility that people can't find elsewhere as connected to every single person that's already using Cash App and the Cash App Card, but also there will be a significant reason to use Cash App and not have to go to the App Store for 10 different apps.

現在，我們可以提供更多人們在其他地方找不到的金融工具和金融效用，因為我們與已經在使用 Cash App 和 Cash App Card 的每個用戶都有聯繫，而且還有一個重要的原因讓人們使用 Cash App，而不必去 App Store 搜尋 10 個不同的應用程式。

Everything is in one app and it will be the Cash App.

所有內容都在一個應用程式中，它就是 Cash App。

And I'll just add a couple of points to help contextualize as well, Andrew, both on Afterpay and Cash App Card and then I want to speak a bit to Borrow.

安德魯，我還想補充幾點以幫助理解背景，包括 Afterpay 和 Cash App Card，然後我想談談 Borrow。

But similar to how we've ramped Cash App Borrow, with Afterpay and Cash App Card, as Jack said, we see a tremendous opportunity.

但與我們擴大 Cash App Borrow 以及 Afterpay 和 Cash App Card 的方式類似，正如傑克所說，我們看到了巨大的機會。

As we always do, we'll start small, expecting millions of monthly actives to be eligible this year and then ramp those offerings where we determine eligibility, obviously, based on adoption and improvements to our underwriting models as we gather more data.

像往常一樣，我們將從小處著手，預計今年有數百萬的月活躍用戶符合資格，然後在我們確定資格的情況下擴大這些產品的覆蓋範圍，這顯然是基於我們收集到的更多數據的採用和承保模型的改進。

So we'd expect Afterpay and Cash App Card to benefit gross profit and compound in that benefit throughout the year, benefiting our growth more in the second half of the year as we've called out related to the acceleration in Cash App gross profit throughout the year.

因此，我們預計 Afterpay 和 Cash App Card 將帶來毛利，並在全年實現複合成長，從而有利於我們下半年的成長，正如我們所指出的，Cash App 毛利將在全年加速成長。

I think it's also, if we're speaking about S-curves for Cash App, important for us to talk about Cash App Borrow as well.

我認為，如果我們談論 Cash App 的 S 曲線，那麼談論 Cash App Borrow 也很重要。

And when you look at the growth and attraction that this product has achieved, what we're seeing is that our customers really value the optionality to manage their cash flows that Cash App Borrow provides.

當您看到該產品所取得的成長和吸引力時，我們看到的是我們的客戶真正重視 Cash App Borrow 提供的管理現金流的可選性。

And I think that's similar to what Afterpay will provide as well in Cash App Card. But we shared last quarter in a recent survey, 43% of our Borrow actives, which we now ended the year with 5 million Cash App Borrow monthly actives, 43% reported that the loans helped them pay their bills, 38% said that these loans helped them smooth cash flows between paychecks.

我認為這與 Afterpay 在 Cash App Card 中提供的功能類似。但我們在最近的一項調查中顯示，在上個季度中，我們的借貸活躍用戶中有 43%（截至今年年底，我們的 Cash App Borrow 每月活躍用戶為 500 萬）表示，43% 的用戶表示這些貸款幫助他們支付了賬單，38% 的用戶表示這些貸款幫助他們理順了發薪日之間的現金流。

It's a part of how they're managing their money.

這是他們管理資金的方式的一部分。

And products like Borrow help deepen that customer relationship.

而像 Borrow 這樣的產品有助於加深客戶關係。

We've seen Borrow actives bring in 13% more inflows and conduct 6% more transactions than non-Borrow actives and drive 10% higher variable profit to us on a proactive basis, even excluding the profit generated from Borrow.

我們發現，主動借貸比非主動借貸帶來了 13% 的資金流入，進行了 6% 的交易，並且主動為我們帶來了 10% 的更高可變利潤，甚至不包括從借貸中產生的利潤。

So we saw strong growth in Borrow this past year, but we think we have an opportunity to expand it further, as I've mentioned already, into 2025 and continue to compound the benefits beyond the 5 million Borrow monthly actives that we had at the end of the year.

因此，我們在過去的一年中看到了借貸的強勁增長，但我們認為我們有機會進一步擴大它，正如我已經提到的，到 2025 年，並​​繼續將收益擴大到年底每月 500 萬借貸活躍用戶以外的水平。

Maybe the final point I'll make here is in 2024, about 25% of actives chose to take out a Borrow loan after getting an offer.

我在這裡要說的最後一點是，到 2024 年，約有 25% 的活躍用戶在收到報價後選擇借貸。

And that number is significantly higher for paycheck deposit actives, which gives us confidence that access to credit ultimately is an important part of our much broader banker-based strategy going forward.

對於薪資存款活躍度而言，這一數字明顯更高，這讓我們相信，獲得信貸最終是我們未來更廣泛的以銀行家為基礎的策略的重要組成部分。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

I was hoping you could just put a finer point on the gross profit guide by segment for Q1 and for the full year.

我希望您能更詳細地介紹第一季和全年各部門的毛利指南。

And then if you can just talk about maybe the top two or three Square initiatives that you really think will move the needle on GPV in 2025?

然後，您能否談談您認為在 2025 年真正能夠推動 GPV 發展的主要兩三個 Square 舉措？

Thank you.

謝謝。

Sure.

當然。

Happy to start off on the gross profit question.

很高興開始討論毛利問題。

As we said, we expect to see ramping gross profit growth through the year, with Cash App's acceleration throughout the year being more pronounced relative to Square's, albeit, we expect to see growth trends improve throughout the year.

正如我們所說，我們預計全年毛利將大幅成長，其中 Cash App 全年的成長加速相對於 Square 更為明顯，儘管如此，我們預計全年的成長趨勢將會改善。

And we expect Q1 to be the lower point throughout the year in terms of gross profit growth and profitability.

我們預計第一季的毛利成長和獲利能力將是全年的最低點。

Again, some of the key initiatives that we've talked about in terms of sales and marketing, product launches, and the ramp of products like Borrow or Afterpay on Cash App Card are the key elements that compound that drive the more meaningful growth rate as we exit the year relative to where we start in Q1.

再次，我們在銷售和行銷、產品發布以及 Cash App Card 上的 Borrow 或 Afterpay 等產品的推廣方面談到的一些關鍵舉措是推動我們在年底實現相對於第一季初更有意義的成長率的關鍵因素。

Go for it, Jack.

加油，傑克。

On the Square side in terms of drivers, as we talked about for quite some time, we want to really simplify our go-to-market and also add a lot of strength there.

就 Square 的驅動因素而言，正如我們談論了相當長一段時間的那樣，我們希望真正簡化我們的市場進入流程，並在那裡增強實力。

We've got a lot of strength by changing the team, making a lot more efficient, being more open to partnerships and new ways to market.

透過改變團隊、提高效率、更開放地開展合作以及開拓新的市場方式，我們獲得了巨大的優勢。

And then we have a bunch of products in that initiatives that we think will help us.

我們在這些計劃中推出了一系列我們認為能夠對我們有幫助的產品。

But if I had a message including bringing the Square app into -- the five Square apps into one Square app, so it's just much easier to onboard people and that it is customizable as you tell us more information, as you use it more, it flexes to your needs.

但是，如果我有一條訊息，包括將 Square 應用程式整合到——將五個 Square 應用程式整合到一個 Square 應用程式中，那麼讓人們加入起來就容易得多，而且隨著您告訴我們更多信息，它是可定制的，隨著您更多地使用它，它就會根據您的需求而靈活調整。

Second, like we are -- we've completed our transition from a technology sector perspective.

第二，從技術領域的角度來看，我們已經完成了轉型。

That means far greater reliability, that means far greater development velocity.

這意味著更高的可靠性，意味著更快的開發速度。

That means we're not just a payments platform.

這意味著我們不僅僅是一個支付平台。

We're actually an orders and commerce platform, which gives us more flexibility in terms of what we can build.

我們實際上是一個訂單和商業平台，這為我們建立的內容提供了更大的靈活性。

And just some examples of this, we have Bar Tabs, which we don't have forever.

舉幾個例子，我們有 Bar Tabs，但不會永久擁有。

It went to GA.

它去了 GA。

We rolled out Scan The Pay functionality, introduced house accounts, launched other features to bolster our food and beverage offerings, which is a big focus for us.

我們推出了「掃描支付」功能、引入了家庭帳戶並推出了其他功能來增強我們的食品和飲料產品，這是我們關注的重點。

And we rolled out Instant Payouts for marketplace delivery orders, which is helping customers with the task of managing their cash flow.

我們也針對市場配送訂單推出了即時支付功能，幫助客戶管理現金流。

But the net of it is we have a much stronger go-to-market.

但最終結果是我們擁有更強大的市場進入能力。

We have a lot more focus and simpler call to action on that.

我們對此更加關注，號召行動更加簡單。

We've completely changed our platform to allow us a lot more flexibility to build the features that we have been gaps.

我們已經徹底改變了我們的平台，以便我們能夠更靈活地建立我們一直以來所缺乏的功能。

And it will also allow us to create entirely new features that we're super excited about.

它還使我們能夠創建令我們非常興奮的全新功能。

Another big driver that we talk a little bit about in the letter is going to be the neighborhood network.

我們在信中談到的另一個重要驅動因素是鄰裡網路。

This is utilizing Cash App to drive more people than Cash App customers in particular to Square merchants, give them new tools to offer cash back to their customers, build loyalty to do remote ordering, and that continues to be in beta and we will continue to expand it this year.

這是利用 Cash App 吸引更多的人，尤其是 Cash App 客戶到 Square 商家，為他們提供新工具來向客戶提供現金返還，建立忠誠度以進行遠端訂購，這項功能仍處於測試階段，我們將在今年繼續擴大它。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

I wanted to actually follow up, Jack, on the last thing that you mentioned, which is the neighborhood network strategy.

傑克，我實際上想跟進你提到的最後一件事，即鄰裡網路策略。

I'm trying to think through, maybe you could help us think through sizing the opportunity, how much investment or build is required here?

我正在努力思考，也許您可以幫助我們思考這個機會的規模，這裡需要多少投資或建立？

And also any thoughts on timing?

對於時間安排還有什麼想法嗎？

So size, investment, and timing of the neighborhood network.

因此，社區網絡的規模、投資和時機都是重要的。

Yes.

是的。

Well, first and foremost, we're the only company still that have both sides of the counter like this, so we have the seller side and we have the individual side.

首先，我們是唯一一家仍然擁有這種櫃檯兩邊的公司，所以我們有賣方方，也有個人方。

And we've tried to do this in the past and really capitalize on the opportunity, but we just didn't have the scale on the consumer side to the degree that we need it.

我們過去也曾嘗試這樣做，並且確實利用了這個機會，但我們在消費者方面的規模還沒有達到我們所需的程度。

A lot of you who have been following us for quite some time might remember Square Wallet or what we called Card Case way back in the day.

很多關注我們很長時間的人可能還記得 Square Wallet 或我們以前稱之為 Card Case 的東西。

Now we do have the scale on Cash App and now we can actually act on it.

現在我們確實有了 Cash App 的規模，而且我們可以實際採取行動了。

And we see a number of problems that sellers are facing with the current offerings for pickup, for reservations, for ordering that we can help with.

我們發現賣家在目前的提貨、預訂和訂購服務中面臨許多問題，我們可以提供協助。

We can also give them entirely new tools to give things like boosts or instant cashbacks immediately to their customers, which goes loyalty and give them more discovery through the lens of the Cash App itself.

我們還可以為他們提供全新的工具，讓他們立即為客戶提供提升或即時現金回饋等服務，以提高客戶忠誠度，並讓他們透過 Cash App 本身的視角獲得更多發現。

This represents a very easy selling point for our sales team because it means that we're turning on this massive faucet of Cash App customers to potentially discover the business but also give them these great tools to retain their customers.

對於我們的銷售團隊來說，這是一個非常簡單的賣點，因為這意味著我們正在打開大量 Cash App 客戶，讓他們有可能發現業務，同時也為他們提供這些出色的工具來留住他們的客戶。

And to your question of in terms of building entirely new things, most of this is more of a connection and just prioritizing the right connections to get the experience correct.

對於您關於建立全新事物的問題，其中大部分更多的是一種連接，只是優先考慮正確的連接以獲得正確的體驗。

A lot of the work is going to be more around converting our existing Square customers to online and that benefits us and it benefits them and benefits their customers, and it certainly makes this neighborhood network a lot more possible.

我們許多工作將更多地圍繞將現有的 Square 客戶轉化為線上客戶，這對我們有利，也對他們有利，對他們的客戶也有利，而且這無疑使這個鄰裡網絡變得更加可能。

So we're going to be thinking deeply about how to migrate folks easily and allow them to have a storefront that they're proud of, that can work with the system, and which allows more commerce and more sales on their side.

因此，我們將深入思考如何輕鬆地遷移人們並讓他們擁有一個他們引以為傲的店面，可以與系統合作，並允許他們進行更多的商業和銷售。

In terms of time line, we are in beta right now in a few cities.

就時間軸而言，我們目前正在幾個城市進行測試。

We're making sure that we get the experience right before expanding it.

我們確保在擴展之前獲得正確的體驗。

And of course, we want it to be a lot more self-serve so that goes to that migration point that I was talking about.

當然，我們希望它更自助，這樣就達到了我所說的遷移點。

And if you one-button push, so that sellers can just turn this on, and they're in business and they get new traffic.

如果您只需按下一個按鈕，賣家就可以打開它，他們就可以開始做生意，並獲得新的流量。

That's the goal.

這就是目標。

So look for more of these proof points early this year and all the way to the end of the year.

因此，今年年初直至年底，請找更多這樣的證明點。

And Ramsey, I would just add on your question about investment, we've already got significant investment deployed across each of these ecosystems.

拉姆齊，我想補充你關於投資的問題，我們已經在每個生態系統中部署了大量投資。

It's really about bringing the strategy together in support of the two ecosystems working together.

這實際上是為了將策略結合起來，支持兩個生態系統的共同努力。

So an example of that is in Square, we're already building a field sales team.

舉個例子，Square，我們已經在建立現場銷售團隊。

We're hiring that out.

我們正在將其外包。

We've seeded our first territories.

我們已經播種了我們的第一個領地。

We're doing that in areas where we have strong partnership strategy, but we're also prioritizing cities with high Cash App density to drive the ecosystem connections.

我們在擁有強大合作夥伴策略的地區實施這項舉措，但我們也優先考慮現金應用密度高的城市來推動生態系統連結。

An example city would be Atlanta, where we see strong Square Seller presence as well as Cash App presence.

一個例子是亞特蘭大，我們在那裡看到了 Square Seller 和 Cash App 的強大影響力。

And the two can feed off of each other.

並且兩者可以互相促進。

So it's not even necessarily about incremental investments.

因此，這甚至不一定涉及增量投資。

It's about a coordinated approach and strategy as we deploy those investments.

我們在部署這些投資時需要採取協調的方法和策略。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Could you elaborate on any feedback that you're getting from vendors on your initial testing on your enhanced Square for Restaurant point-of-sale experience?

您能否詳細說明一下在對 Square for Restaurant 增強型銷售點體驗進行初步測試時從供應商那裡得到的回饋？

Yes.

是的。

I mean, we're getting pretty good feedback from the focus.

我的意思是，我們從焦點中得到了非常好的回饋。

I mean, things like the Bar Tabs and everything that we've built to ship from just being a payments platform to a commerce platform are working because we're building the features that sellers before, especially food and beverage sellers could only find in our competitors.

我的意思是，像Bar Tabs這樣的東西以及我們所建立的所有從支付平台到商業平台的功能都是有效的，因為我們正在建立以前的賣家，特別是食品和飲料賣家只能在我們的競爭對手那裡找到的功能。

And the most important part of us being able to close those gaps is that we can introduce people to the broader Square ecosystem, including all of our banking.

我們能夠縮小這些差距的最重要的部分是，我們可以向人們介紹更廣泛的 Square 生態系統，包括我們所有的銀行業務。

Square, I think, continues to excel in our product offering because of our quality, because it is more self-serve and owners of these businesses and their employees can do more of the things that they need to do without having to reach out to support or having a sales or executive account agent who's handholding them along the way.

我認為，Square 之所以能繼續在產品領域保持卓越表現，是因為我們的產品品質一流，因為它更加自助，這些企業的所有者及其員工可以做更多他們需要做的事情，而不必尋求支持，也不必讓銷售或高管客戶代理一路指導他們。

And that's where our technology-led approach leads and really matters.

這就是我們的技術主導方法的優勢所在，也是真正重要的地方。

And we're going to continue to push that and give people better and better tools to help automate some of the more mechanical aspects of the business so they can really focus on their customers and building the business.

我們將繼續推動這一點，並為人們提供越來越好的工具，幫助實現業務中一些機械方面的自動化，以便他們可以真正專注於客戶和業務建立。

But thus far, it's been good.

但到目前為止，一切還不錯。

We have much stronger feedback loops now that we've the company between customer support and sales and our product teams and our development teams so that we can act on feedback much faster.

現在，我們擁有客戶支援和銷售以及產品團隊和開發團隊之間的公司，因此我們擁有更強大的回饋循環，因此我們能夠更快地根據回饋採取行動。

And as I talked about in the first part of the call, what matters to us most is development and velocities that we can quickly make changes, we can learn from experiments much faster, and we can deploy technology in a way that addresses customer needs and hopefully predicts them ahead of their ask and also ahead of our competitors, which we intend to do.

正如我在電話會議的第一部分所說的那樣，對我們來說最重要的是發展和速度，這樣我們才能快速做出改變，才能更快地從實驗中學習，才能以滿足客戶需求的方式部署技術，並希望能夠提前預測客戶的需求，也能提前預測競爭對手的需求，這正是我們打算做的。

Yes, Rayna, I'll just add that I think what you see from us is a greater rate of product velocity as we shifted from a payments platform to an orders platform.

是的，雷娜，我只想補充一點，我認為你從我們這裡看到的是，當我們從支付平台轉向訂單平台時，產品速度更快了。

And you see that firsthand in the restaurant point-of-sale enhancements that we've rolled out and are continuing to roll out to all of our sellers this year.

您可以從我們推出的餐廳銷售點增強功能中親眼看到這一點，今年我們將繼續向所有賣家推出這項功能。

Between Kiosks, Bar Tabs, Scan-to-Pay, House Accounts, item splitting, instant payouts, these are all launches over the past six months.

自助服務終端、酒吧標籤、掃描支付、家庭帳戶、專案拆分、即時支付等都是過去六個月內推出的。

And we've got more to come for this really critical vertical.

對於這個真正關鍵的垂直領域，我們也將採取更多行動。

And I think what you see is that when we're able to get that into people's hands and demonstrate, as we are with our field sales efforts, what a larger seller and in the food and beverage space can do.

我想您會看到，當我們能夠將其交到人們手中，並展示我們的現場銷售工作時，大型賣家以及食品和飲料領域的賣家可以做些什麼。

And even a QSR like Bluestone Lane that we mentioned in our letter, it's a pretty powerful demonstration and one that, frankly, flies in the face of the perception of Square being the little reader company.

甚至像我們在信中提到的 Bluestone Lane 這樣的 QSR，也是一個非常有力的證明，坦白說，這與 Square 只是一家小型閱讀器公司的看法完全相反。

And so that's what we're doing with investing into our partnerships, field sales and marketing approach to be able to expand and bring awareness to the much more expansive set of offerings that we have for QSR and FSR.

這就是我們正在做的事情，投資於我們的合作夥伴關係、現場銷售和行銷方法，以便能夠擴大我們為 QSR 和 FSR 提供​​的更廣泛的產品，並提高人們對這些產品的認識。

And I think that's starting to bear fruit now with some of these larger seller wins, but there's a lot more for us to do behind that.

我認為，隨著一些大賣家的勝利，這項舉措現在開始取得成效，但這背後我們還有很多工作要做。

And I expect you'll also see greater product velocity, again, behind that platform shift that we completed last year.

而且我預計，在我們去年完成的平台轉變的推動下，您還會看到更快的產品速度。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

I wanted to ask about the strength in Afterpay in the quarter what you saw there.

我想問一下本季 Afterpay 的實力以及您看到的情況。

And as we think about the rollout of Afterpay on the Cash Card, I guess it's almost in lieu of a credit card.

當我們考慮在現金卡上推出 Afterpay 時，我猜它幾乎可以取代信用卡。

The growth there can be pretty material, I assume, going forward.

我認為，未來那裡的成長將會相當可觀。

How do we think about the profitability of that card as we seriously ramp it this year and into next?

當我們今年和明年大力推廣該卡時，我們如何看待該卡的獲利能力？

Sure.

當然。

Maybe I'll start on the last part of your question first, which is, first of all, we get to determine eligibility for Afterpay on the Cash App Card. So we get to put -- create as an input based on what we see from risk loss rates, adoption rates, et cetera, how to pace the growth of Afterpay on Cash App Card.

也許我應該先回答你問題的最後一部分，也就是說，首先，我們要確定 Cash App Card 是否有資格使用 Afterpay。因此，我們根據從風險損失率、採用率等方面看到的情況，建立輸入，以確定如何加快 Cash App Card 上 Afterpay 的成長速度。

Based on what we saw during the beta with the strong attach rates and risk loss rates, we're excited for what we could be compounding here throughout the year.

根據我們在測試期間看到的強勁附加率和風險損失率，我們對全年可能實現的複合成長感到興奮。

But again, that's one that we can read the metrics on a daily basis and sort of tune the knobs based on the performance.

但同樣，我們可以每天讀取指標，並根據性能對旋鈕進行調整。

And it is -- risk loss is an important investment area for us in some of these ramping lending products, be it Afterpay, Afterpay on Cash App Card or Cash App.

確實如此，在一些不斷成長的貸款產品中，風險損失是我們的一個重要投資領域，無論是 Afterpay、Cash App Card 上的 Afterpay 還是 Cash App。

(inaudible)

（聽不清楚）

in the quarter, in the Q4 quarter, which obviously is a seasonally important quarter for us, GMV was up 19% year-over-year.

在本季度，即第四季度，這對我們來說顯然是一個季節性重要的季度，GMV 年比增長了 19%。

Gross profit was up 23% year over year.

毛利較去年同期成長23%。

Growth was primarily driven by our core Pay and Borrow offering, which grew similarly to the prior quarters. growth accelerated in the second half and, in particular, in Q4 as we expanded eligibility for gift cards globally to the UK.

成長主要得益於我們的核心支付和借貸服務，其成長與前幾季類似。由於我們將全球禮品卡的使用資格擴展至英國，因此下半年尤其是第四季的成長速度加快。

And as you noted, we've got a lot of opportunity ahead of us as we think about Buy Now, Pay Later.

正如您所提到的，當我們考慮「先買後付」時，我們面前有很多機會。

Afterpay to Cash App Card, obviously, which we're launching this week.

顯然，我們將於本週推出 Afterpay 至 Cash App Card。

Core Buy Now, Pay Later, we saw global revenue retention improve year-over-year with strong trends, especially in our enterprise segment.

核心的先買後付，我們看到全球收入保留率逐年提高，趨勢強勁，尤其是在我們的企業部門。

And in 2025, we have a number of enterprise merchants in our deal pipeline that we're continuing to sign as we go to expand the value proposition.

到 2025 年，我們的交易管道中將有大量企業商家，我們將繼續簽約擴大價值主張。

And then gift cards, we've been expanding eligibility to more merchants in the UK late last year and in the US in early 2025, all of this while we're maintaining strong loss rates in line with historical ranges for these products.

然後是禮品卡，我們在去年年底將禮品卡的適用範圍擴大到英國的更多商家，並在 2025 年初將禮品卡的適用範圍擴大到美國的更多商家，與此同時，我們保持這些產品的損失率與歷史範圍一致。

Losses on consumer receivables were 0.97% of GMV in the fourth quarter, below our 1% target.

第四季消費者應收帳款損失佔 GMV 的 0.97%，低於我們 1% 的目標。

So continuing to ramp but do that responsibly.

因此要繼續加大力度，但要負責任地進行。

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

女士們、先生們，感謝大家參加今天的節目。

This does conclude the program.

該計劃確實結束了。

You may all disconnect.

你們都可以斷開連線。