Block Inc (SQ) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Square Third Quarter 2021 Earnings Conference Call.

女士們，先生們，美好的一天，歡迎來到 Square 2021 年第三季度收益電話會議。

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

我現在想將電話轉給您的主持人，投資者關係主管 Nikhil Dixit。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for joining our third quarter 2021 earnings call.

感謝您參加我們的 2021 年第三季度財報電話會議。

We have Jack and Amrita with us today.

今天我們有 Jack 和 Amrita。

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

在直接打開電話回答您的問題之前，我們將以一些簡短的評論開始通話。

During Q&A, we will take questions from our customers in addition to questions from conference call participants.

在問答期間，除了電話會議參與者的問題外，我們還將回答客戶的問題。

We would also like to remind everyone that we will be making forward-looking statements on this call.

我們還想提醒大家，我們將在這次電話會議上做出前瞻性陳述。

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設想的結果大不相同。

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

報告的結果不應被視為未來業績的指標。

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，以討論可能導致我們的結果不同的因素。

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我們截至今天可獲得的信息。

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

除法律要求外，我們不承擔任何更新前瞻性陳述的義務。

During this call, we will provide preliminary gross profit growth results for the month of October.

在本次電話會議中，我們將提供 10 月份的初步毛利潤增長結果。

These represent our current estimate for October performance as we have not yet closed our accounting financials for the month of October, and our monthly results are not subject to interim review by our auditors.

這些代表了我們目前對 10 月份業績的估計，因為我們尚未結束 10 月份的會計財務報表，而且我們的每月業績不受審計師的中期審查。

As a result, actual October results may differ from these estimates.

因此，10 月份的實際結果可能與這些估計值不同。

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

此外，我們將在本次電話會議期間討論某些非公認會計原則的財務措施。

Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website.

我們投資者關係網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。

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

這些非 GAAP 措施無意替代我們的 GAAP 結果。

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

最後，整個電話會議正在我們的投資者關係網站上進行音頻網絡直播。

An audio replay of this call will be available on our website shortly.

本次通話的音頻重播將很快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 your time today.

謝謝大家今天的時間。

In our Seller ecosystem, we continue to build upon our omnichannel capabilities, and those efforts have enabled us to attract and retain larger sellers while also helping our existing sellers grow upmarket.

在我們的賣家生態系統中，我們繼續建立全渠道能力，這些努力使我們能夠吸引和留住更大的賣家，同時也幫助我們現有的賣家成長為高端市場。

This quarter, we enhanced our Square Invoices product to help sellers more efficiently run their business.

本季度，我們增強了 Square Invoices 產品，以幫助賣家更有效地開展業務。

Square Invoices enabled sellers to easily bill clients and get paid quickly in person, online or over the phone.

Square Invoices 使賣家能夠輕鬆地向客戶開具賬單，並通過現場、在線或電話快速獲得付款。

In the third quarter, we introduced Square Invoices Plus, a new subscription product with more advanced features designed for larger and more complex businesses.

在第三季度，我們推出了 Square Invoices Plus，這是一種新的訂閱產品，具有更高級的功能，專為更大、更複雜的企業設計。

We also continue to expand our geographic reach, launching a full stack of integrated Seller tools in France in September, our most robust market launch yet.

我們還繼續擴大我們的地理範圍，於 9 月在法國推出了一整套集成的賣家工具，這是我們迄今為止最強大的市場推出。

French businesses can now sell online and in person with Square's integrated suite of products, including Square Point of Sale, Square for Restaurants, Square Online, Square Terminal, Square Stand, Square Reader and more.

法國企業現在可以使用 Square 的集成產品套件在線和親自銷售，包括 Square Point of Sale、Square for Restaurants、Square Online、Square Terminal、Square Stand、Square Reader 等。

We're excited about France given its strong small business environment, increased usage in contactless payments and its fast-growing e-commerce sector.

鑑於法國強大的小型商業環境、非接觸式支付使用量的增加以及快速增長的電子商務部門，我們對法國感到興奮。

Switching to Cash App.

切換到現金應用程序。

We reached a major milestone this quarter in expanding our offerings to families by serving teens, an entirely new demographic for Cash App.

我們在本季度達到了一個重要的里程碑，通過為青少年提供服務來擴大我們對家庭的服務，這是 Cash App 的全新人群。

With this launch, customers in the U.S. between the ages of 13 and 17 get access to Cash App's massive P2P network, the Cash Card, Direct Deposit and Boost, all with parental or guardian approval.

通過此次發布，美國 13 至 17 歲的客戶可以訪問 Cash App 的龐大 P2P 網絡、現金卡、直接存款和 Boost，所有這些都需要父母或監護人的批准。

By lowering the age barrier, we hope to expand access to the financial system to 20 million teens in the U.S. and equip them with the tools they need to participate in the cashless economy, which is especially important now as transacting with physical cash becomes less relevant in the increasingly digital world.

通過降低年齡門檻，我們希望將金融系統的准入範圍擴大到美國的 2000 萬青少年，並為他們配備參與無現金經濟所需的工具，這在使用實物現金交易變得不那麼重要的情況下尤為重要在日益數字化的世界中。

With Cash App, families can help their teens learn about how to manage the money they earn from their allowance, jobs and chores with the appropriate protections in place.

借助 Cash App，家庭可以幫助他們的青少年了解如何通過適當的保護來管理他們從零用錢、工作和家務中賺取的錢。

As we've talked about, our strength lies in our ecosystem model, especially as our ecosystems connect together.

正如我們所討論的，我們的優勢在於我們的生態系統模型，尤其是當我們的生態系統連接在一起時。

In the third quarter, we launched Cash App Pay in the U.S., a new contactless payment method for online and in-person transactions.

第三季度，我們在美國推出了 Cash App Pay，這是一種用於在線和麵對面交易的新型非接觸式支付方式。

With Cash App Pay, individuals can seamlessly pay with their Cash App account at Square Sellers using the QR code or tapping a button on their mobile device at checkout.

借助 Cash App Pay，個人可以在 Square Sellers 使用 QR 碼或在結賬時點擊移動設備上的按鈕，使用他們的 Cash App 賬戶無縫支付。

As contactless options and QR codes have become more mainstream, Cash App Pay has become a top requested feature at both Cash App customers and Square Sellers.

隨著非接觸式選項和二維碼變得越來越主流，Cash App Pay 已成為 Cash App 客戶和 Square 賣家最需要的功能。

This integration further expands Cash App's commerce capabilities and helps us meet customers where they are, providing more flexibility in their payment options.

這種集成進一步擴展了 Cash App 的商務功能，幫助我們滿足客戶的需求，為他們的支付選項提供更大的靈活性。

Cash App Pay also enables us to offer sellers a new and innovative way to bring commerce to life for their customers.

Cash App Pay 還使我們能夠為賣家提供一種全新的創新方式，為他們的客戶帶來商業生活。

Lastly, we continue to serve our purpose of economic empowerment in all that we do.

最後，我們將繼續在我們所做的一切中實現我們的經濟賦權目標。

And we want to build on that strength to explore opportunities beyond our existing ecosystems to serve new markets.

我們希望利用這種優勢探索現有生態系統之外的機會，為新市場提供服務。

We have a few emerging initiatives we're investing behind into 2022.

到 2022 年，我們正在投資一些新興舉措。

For example, with the acquisition of TIDAL, we're building tools for artists, starting with musicians.

例如，通過收購 TIDAL，我們正在為藝術家構建工具，從音樂家開始。

We also recently created a business called TBD in order to build an open developer platform with the sole goal of making it easy to create noncustodial, permissionless and decentralized financial services with a focus on bitcoin.

我們最近還創建了一家名為 TBD 的公司，以構建一個開放的開發者平台，其唯一目標是輕鬆創建以比特幣為重點的非託管、無需許可和去中心化的金融服務。

We plan to share detailed plans with a white paper later this month.

我們計劃在本月晚些時候與白皮書分享詳細計劃。

We announced 2 more bitcoin initiatives as well, the consumer bitcoin hardware wallet and the bitcoin mining system.

我們還宣布了另外兩項比特幣計劃，即消費者比特幣硬件錢包和比特幣挖掘系統。

Both are focused on helping bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.

兩者都專注於幫助比特幣接觸主流受眾，同時加強網絡和生態系統。

We will build both in the open, in collaboration with the community, sharing all of our decisions, progress and questions along the way.

我們將在開放的環境中與社區合作，在此過程中分享我們所有的決定、進展和問題。

We see each of these long-term opportunities that we will be learning from over multiple years.

我們看到了這些長期機會中的每一個，我們將在多年內從中學習。

And with that, I'll turn it over to Amrita.

有了這個，我會把它交給 Amrita。

Thanks, Jack.

謝謝，傑克。

There are 3 topics I'd like to cover today: first, a look at our performance in the third quarter of 2021; second, an update on our Seller and Cash App ecosystems in October; and third, a look at where we intend to invest in the fourth quarter of 2021 and in 2022 given the compelling growth opportunities ahead.

今天我想講三個話題：第一，看一下我們在 2021 年第三季度的表現；第二，10 月份我們的賣家和現金應用生態系統的更新；第三，考慮到未來令人信服的增長機會，看看我們打算在 2021 年第四季度和 2022 年投資的地方。

In the third quarter, gross profit was $1.13 billion, an increase of 43% year-over-year or 51% on a 2-year CAGR basis.

第三季度毛利潤為 11.3 億美元，同比增長 43%，按 2 年復合年增長率計算，增長 51%。

Adjusted EBITDA was $233 million.

調整後的 EBITDA 為 2.33 億美元。

Both Seller and Cash App showed strong fundamentals during the quarter.

賣方和 Cash App 在本季度均表現出強勁的基本面。

Seller generated gross profit of $606 million, up 48% year-over-year or 29% on a 2-year CAGR basis.

賣方產生的毛利潤為 6.06 億美元，同比增長 48%，或 2 年復合年增長率為 29%。

A few growth drivers to call out here.

這裡有一些增長驅動力。

First, we've made strides growing upmarket as our ecosystem has resonated with larger sellers.

首先，隨著我們的生態系統與更大的賣家產生共鳴，我們在高端市場上取得了長足的進步。

In the third quarter, mid-market sellers, or those with more than $0.5 million in annualized GPV, grew gross profit nearly twice as fast as our overall Seller business on a 2-year CAGR basis and have surpassed micro sellers to make up our largest segment of GPV.

在第三季度，中端市場賣家，或年化 GPV 超過 50 萬美元的賣家，在 2 年復合年增長率的基礎上，毛利潤的增長速度幾乎是我們整體賣家業務的兩倍，並且已經超過微型賣家，成為我們最大的賣家GPV 的一部分。

Our momentum with mid-market sellers in recent quarters has been driven by acquisition of larger sellers as well as our ability to help small sellers grow on our platform.

最近幾個季度，我們與中型市場賣家的合作勢頭受到了對大型賣家的收購以及我們幫助小賣家在我們的平台上發展的能力的推動。

Second, software and integrated payments remained the fastest-growing product in the Seller ecosystem on a gross profit basis as sellers value the breadth of our ecosystem.

其次，軟件和集成支付仍然是賣家生態系統中增長最快的產品，因為賣家重視我們生態系統的廣度。

Square Invoices in particular experienced strong growth, processing $12 billion in GPV over the last 12 months, up nearly 2x from 2 years ago.

尤其是 Square Invoices 經歷了強勁的增長，在過去 12 個月中處理了 120 億美元的 GPV，比 2 年前增長了近 2 倍。

Cash App generated gross profit of $512 million, up 33% year-over-year or 104% on a 2-year CAGR basis, with strong engagement and inflows.

Cash App 產生了 5.12 億美元的毛利潤，同比增長 33% 或 2 年復合年增長率為 104%，具有強大的參與度和流入量。

Inflows, or money pulled into our ecosystem, achieved strong growth on a 2-year CAGR basis even as most government disbursement programs ended.

即使大多數政府支出計劃結束，流入或流入我們生態系統的資金仍以 2 年的複合年增長率實現強勁增長。

Product adoption has been a key driver of overall inflows, and we continue to see an increase in attach rates for products using Cash Card.

產品採用一直是整體流入的關鍵驅動因素，我們繼續看到使用現金卡的產品的附加率有所增加。

In the third quarter, Cash Card actives brought in approximately 70% more inflows each month than non-Cash Card actives.

在第三季度，現金卡活躍用戶每月帶來的流入量比非現金卡活躍用戶高出約 70%。

We also saw an increase in paycheck deposits as we've made Direct Deposit and bank transfers easier and more visible to customers.

由於我們使直接存款和銀行轉賬更容易且對客戶更可見，因此我們還看到了薪水存款的增加。

Next, we wanted to share an update on our business through October and what we're seeing real time.

接下來，我們想分享截至 10 月份的業務更新以及我們實時看到的情況。

As a reminder, we believe 2-year CAGRs will better reflect underlying trends in our business.

提醒一下，我們相信 2 年的複合年增長率將更好地反映我們業務的潛在趨勢。

For sellers, we expect gross profit in October to grow by 45% year-over-year or approximately 30% on a 2-year CAGR basis, relatively in line with growth in the third quarter.

對於賣家，我們預計 10 月份的毛利潤將同比增長 45%，或按 2 年復合年增長率計算約 30%，與第三季度的增長相對一致。

Seller GPV was up 24% on a 2-year CAGR basis.

賣方 GPV 在 2 年復合年增長率的基礎上增長了 24%。

We've been encouraged by relatively stable growth rates in the past few quarters, though we recognize there are still impacts from COVID in certain parts of the U.S. and our international markets, which could impact GPV trends.

過去幾個季度相對穩定的增長率令我們感到鼓舞，儘管我們認識到 COVID 在美國某些地區和我們的國際市場仍然存在影響，這可能會影響 GPV 趨勢。

For Cash App in October, we expect gross profit growth of greater than 35% year-over-year or greater than 90% on a 2-year CAGR basis.

對於 10 月份的 Cash App，我們預計毛利潤同比增長超過 35%，或者在 2 年 CAGR 基礎上超過 90%。

As we had expected, we saw normalization in the 2-year gross profit CAGR from July to October as government disbursements ended.

正如我們預期的那樣，隨著政府支出的結束，我們看到 7 月至 10 月的 2 年毛利潤複合年增長率正常化。

On a year-over-year basis, gross profit growth has been relatively stable, around the 35% range from August through October.

與去年同期相比，毛利潤增長相對穩定，從 8 月到 10 月在 35% 左右。

We've seen strong engagement here across our broader ecosystem of products and are enthusiastic about our recent launches and product road map, which brings me to our intended investment for the fourth quarter of 2021 and a preliminary view of our focus areas for 2022.

我們在更廣泛的產品生態系統中看到了強烈的參與，並對我們最近的發布和產品路線圖充滿熱情，這讓我想到了我們對 2021 年第四季度的預期投資以及對 2022 年重點領域的初步看法。

In the fourth quarter, we expect to increase non-GAAP operating expenses, excluding risk loss, by approximately $115 million compared to the third quarter.

與第三季度相比，我們預計第四季度非 GAAP 運營費用（不包括風險損失）將增加約 1.15 億美元。

Looking to 2022, we see significant investment opportunities across our business and remain focused on driving long-term profitable growth.

展望 2022 年，我們看到了整個業務的重大投資機會，並將繼續專注於推動長期盈利增長。

Next year, we expect to grow non-GAAP operating expenses by approximately 40% year-over-year compared to 2021 or approximately $1.3 billion of incremental spend across product development to build out our teams, sales and marketing to drive acquisition and G&A to expand support in each of our ecosystems.

明年，與 2021 年相比，我們預計非 GAAP 運營費用將同比增長約 40%，或在產品開發方面增加約 13 億美元的支出，以建立我們的團隊、銷售和營銷，以推動收購和 G&A 的擴張在我們的每個生態系統中提供支持。

This figure excludes impacts from Afterpay, which we expect to close in the first quarter of 2022.

該數字不包括 Afterpay 的影響，我們預計將在 2022 年第一季度結束。

Let's take a look at where we're focused -- where we're focusing our investments.

讓我們看看我們關注的重點——我們的投資重點。

For Seller, we'll be investing behind our strategic priorities of enabling omnichannel, growing globally and growing upmarket with larger sellers.

對於賣方，我們將投資支持我們的戰略重點，即實現全渠道、全球增長和與更大的賣方一起發展高端市場。

Given the strong growth in lifetime value and gross profit per customer that we've seen over time in our Seller business, we're comfortable lengthening our payback period up to the 6-quarter range as we scale sales and marketing and increase our mix of go-to-market investments across international, brand awareness and our sales teams.

鑑於我們在賣方業務中看到的終身價值和每位客戶毛利潤的強勁增長，隨著我們擴大銷售和營銷規模並增加我們的組合，我們很樂意將投資回收期延長至 6 個季度範圍跨國際、品牌知名度和我們的銷售團隊的市場投資。

For Cash App, our strategic priorities remain strengthening our network, driving engagement and attracting more inflows into our ecosystem.

對於 Cash App，我們的戰略重點仍然是加強我們的網絡、推動參與並吸引更多資金流入我們的生態系統。

Heading into 2022, we're focused on advancing these priorities by investing behind new and emerging product areas: first, enabling more commerce for our customers, including the recent launch of Cash App Pay and potential future opportunities with Afterpay following the closing of the transaction; second, providing more financial services by expanding our product set and unlocking new inflow channels in the Cash App; and third, improving the health of our platform and promoting positive behavior by growing support and expanding access.

進入 2022 年，我們將專注於通過投資新興產品領域來推進這些優先事項：首先，為我們的客戶提供更多的商務服務，包括最近推出的 Cash App Pay 以及在交易完成後使用 Afterpay 的潛在未來機會;第二，通過擴展我們的產品組合和在Cash App中解鎖新的流入渠道來提供更多的金融服務；第三，通過增加支持和擴大訪問來改善我們平台的健康狀況並促進積極行為。

Finally, as Jack mentioned, we now also have emerging areas of growth that we're investing behind, and we'll be tracking our progress against milestones over multiple years.

最後，正如傑克所提到的，我們現在也有我們正在投資的新興增長領域，我們將跟踪我們多年來的里程碑進展。

These include TIDAL, TBD, the hardware wallet and bitcoin mining, which we expect will in aggregate represent roughly 5% of our incremental step-up next year or approximately $140 million in overall non-GAAP OpEx.

其中包括 TIDAL、TBD、硬件錢包和比特幣挖礦，我們預計它們將占我們明年增量增量的大約 5% 或大約 1.4 億美元的非 GAAP 總體運營支出。

As we look ahead, we're excited for what the future holds for our company.

展望未來，我們對公司的未來充滿期待。

We are going after a large and growing addressable market, and we see strong signals on how our products resonate for our customers with compelling unit economics.

我們正在追求一個龐大且不斷增長的潛在市場，我們看到了關於我們的產品如何以引人注目的單位經濟性與我們的客戶產生共鳴的強烈信號。

As a result, we are deliberately investing to reach new audiences, increase the utility for existing customers and expand our product set as we have done over time.

因此，我們有意投資以吸引新的受眾，增加現有客戶的效用，並隨著時間的推移擴展我們的產品組合。

I'll now turn it back to the operator to start the Q&A portion of the call.

我現在將其轉回給接線員以開始通話的問答部分。

(Operator Instructions) We have the first question, comes from the line of Tien-Tsin Huang with JPMorgan.

（操作員說明）我們有第一個問題，來自摩根大通的 Tien-Tsin Huang。

I wanted to ask about Cash App Pay, if that's okay.

我想問一下 Cash App Pay，如果可以的話。

And I know, Jack, you've been talking about connecting the 2 ecosystems.

我知道，傑克，你一直在談論連接兩個生態系統。

So how important is this in that effort?

那麼這在這項工作中有多重要呢？

And what's the strategy to grow this payment method overall?

總體上發展這種支付方式的策略是什麼？

I've been thinking that you'll need to drive more inflows like Direct Deposit to really get it going.

我一直在想，你需要推動像直接存款這樣的更多資金流入才能真正實現。

So maybe if you don't mind updating us on the inflow strategy, that would be great.

因此，如果您不介意向我們更新流入策略，那就太好了。

Yes.

是的。

So I would first say this is a focus on the importance of Cash App moving more and more into commerce relationship.

所以我首先要說這是對 Cash App 越來越多地融入商業關係的重要性的關注。

So we have these incredible viral loop and network effects in peer-to-peer, and now we get to look forward towards being more of a commerce front end.

所以我們在點對點中擁有這些令人難以置信的病毒循環和網絡效應，現在我們可以期待更多地成為一個商業前端。

Fortunately, we have another ecosystem at scale that focuses on sellers in the omnichannel commerce, so it's easy for us to test a lot of these theories out and actually scale them up over time.

幸運的是，我們有另一個大規模的生態系統，專注於全渠道商務中的賣家，所以我們很容易測試很多這些理論，並隨著時間的推移實際擴大它們。

Obviously, we do believe that having these multiple ecosystems is our ultimate superpower and differentiator.

顯然，我們確實相信擁有這些多重生態系統是我們最終的超級大國和差異化因素。

So you have both ends of the counter, 2 different audiences and sellers, and individuals is really important.

所以你有櫃檯的兩端，2個不同的受眾和賣家，個人真的很重要。

There's a thesis behind Afterpay as well, and that probably represents the largest potential for connecting the ecosystems, but any connection we make between these ecosystems strengthens the overall value of our broader ecosystem and we think our value to customers and the company generally as well.

Afterpay 背後也有一個論點，這可能代表了連接生態系統的最大潛力，但我們在這些生態系統之間建立的任何連接都增強了我們更廣泛生態系統的整體價值，我們認為我們對客戶和公司的價值也是如此。

In terms of Direct Deposit, Direct Deposit is one form of inflow.

在直接存款方面，直接存款是流入的一種形式。

We've done a lot to make sure that we are making it more accessible.

我們已經做了很多工作來確保我們讓它更易於訪問。

We're putting it more upfront in the interface.

我們把它放在界面的前面。

So you'll notice a bunch of navigational changes that we made were more of a focus on Direct Deposit.

因此，您會注意到我們所做的一系列導航更改更側重於直接存款。

But generally, there's a number of ways people get money into Cash App, not just paycheck, but tax refunds, stimulus checks.

但總的來說，人們通過多種方式將錢存入 Cash App，不僅僅是薪水，還有退稅、刺激性支票。

And we want to make sure that it's intuitive and easy for all those and be ready for when people want to scale.

我們希望確保它對所有人來說都是直觀和容易的，並為人們想要擴展的時候做好準備。

I think the other announcement to look towards in this light is what we just did for families.

我認為從這個角度來看的另一個公告是我們剛剛為家庭所做的。

So allowing any parent or guardian to turn on Cash App for their kids, who can also use peer-to-peer Direct Deposit and the Cash Card, unlocks an entirely new population for us.

因此，允許任何父母或監護人為他們的孩子打開 Cash App，他們也可以使用點對點直接存款和現金卡，為我們解鎖了一個全新的人群。

And we'll still benefit from those base-level network effects that have grown Cash App in the first place.

我們仍將受益於那些最初促進 Cash App 發展的基礎網絡效應。

So we have -- we're going after this problem in multiple ways, interface, new products and features like Cash App for families and then taking every opportunity we have to connect our ecosystems.

所以我們有 - 我們正在以多種方式解決這個問題，界面、新產品和功能，如面向家庭的 Cash App，然後抓住一切機會連接我們的生態系統。

But the thing that I think is most interesting here in Cash App Pay is that it really allows us to open the door around Cash App being a commerce front end.

但我認為 Cash App Pay 最有趣的地方在於，它確實讓我們能夠打開 Cash App 作為商務前端的大門。

And next question, we have the line of Darrin Peller of Wolfe Research.

下一個問題，我們有 Wolfe Research 的 Darrin Peller 的產品線。

Nice trends.

不錯的趨勢。

I just want to start off and kind of follow-up on Tien-Tsin's question around Cash App a bit.

我只是想開始對 Tien-Tsin 關於 Cash App 的問題進行一些跟進。

Just given the impact of stimulus, it's likely running off a bit now, and it's -- I think it's still impressive to see 2-year CAGRs at 104%.

考慮到刺激措施的影響，它現在可能會流失一點，而且我認為 2 年復合年增長率達到 104% 仍然令人印象深刻。

I'd just really love to hear what your view is on the drivers of incremental engagement per user, like sort of touching on the new capabilities and strategies from here on out for Cash App really pre-Afterpay along with the potential levels we'd be able to reach.

我真的很想听聽您對每個用戶增加參與度的驅動因素的看法，例如從現在開始為 Cash App 真正預Afterpay 的新功能和策略以及我們可能會達到的水平能夠到達。

Just thinking about what the potential engagement transaction levels, revenue per user, where that can go over the next couple of years.

只需考慮潛在的參與交易水平，每位用戶的收入，以及未來幾年的發展方向。

Darrin, happy to take that one.

達林，很高興接受那個。

I think it's instructive to look at where Cash App is focusing from a priority perspective both in aggregate across the ecosystem as well as from a product development perspective to inform where we could see potential future growth.

我認為從整個生態系統的總體優先級角度以及從產品開發的角度來看 Cash App 的關注點是有啟發性的，以了解我們可以看到未來潛在增長的地方。

So as we head into the fourth quarter and into 2022, our strategic priorities remain strengthening our overall network, driving engagement and attracting more inflows.

因此，隨著我們進入第四季度和 2022 年，我們的戰略重點仍然是加強我們的整體網絡，推動參與並吸引更多資金流入。

And to advance these priorities, we'll continue investing behind product development, sales and marketing for customer acquisition and support and operations, which underpins the entire platform.

為了推進這些優先事項，我們將繼續投資於產品開發、銷售和營銷，以獲取客戶、支持和運營，這是整個平台的基礎。

From a product development perspective, we're prioritizing a few longer-term focus areas, which I think really get to your question around how we drive long-term growth ARPU and lifetime value for our customers by ultimately driving greater utility for our customers.

從產品開發的角度來看，我們優先考慮一些長期關注領域，我認為這些領域真正解決了您的問題，即我們如何通過最終為客戶帶來更大的效用來推動客戶的長期增長 ARPU 和終身價值。

So first, from a commerce perspective, as you've heard from Jack, we're at the beginning of building out a commerce platform for Cash App.

首先，從商業的角度來看，正如您從 Jack 那裡聽到的那樣，我們正在開始為 Cash App 構建一個商業平台。

You see that with Cash App Pay.

您可以通過 Cash App Pay 看到這一點。

You see that with teens.

你會在青少年身上看到這一點。

You see that with what we're going to be doing in the future with Afterpay and other new experiences to drive greater utility and engagement.

您會看到，我們未來將通過 Afterpay 和其他新體驗來推動更大的效用和參與度。

From a financial services perspective, we're expanding our banking capabilities, including new inflow channels in the Cash App and exploring new products like borrow to help drive engagement and attract more inflows into the network.

從金融服務的角度來看，我們正在擴展我們的銀行業務能力，包括 Cash App 中的新流入渠道，並探索借貸等新產品，以幫助推動參與並吸引更多資金流入網絡。

From a health perspective, we're scaling support, we're expanding access, and we're doing this responsibly to encourage good behavior on our platform, which again further strengthens the network effects and the ability for people to bring funds in and use them across multiple products.

從健康的角度來看，我們正在擴大支持，我們正在擴大訪問範圍，我們正在負責任地這樣做，以鼓勵我們平台上的良好行為，這再次進一步加強了網絡效應以及人們將資金投入和使用的能力他們跨越多個產品。

And we're building out full stack teams dedicated to each of these areas in 2022, and you'll see that in our hiring plan and product development to drive continued product road map velocity.

我們將在 2022 年建立專門針對這些領域的全棧團隊，您會在我們的招聘計劃和產品開發中看到這一點，以推動持續的產品路線圖速度。

From a marketing perspective, we're investing to drive acquisitions for new customers with a focus on reaching higher lifetime value customers and newer demographics.

從營銷的角度來看，我們正在投資以推動新客戶的收購，重點是吸引更高的終身價值客戶和更新的人口統計數據。

And as we've seen gross profit and lifetime value per customer grow historically, we've begun to increase our customer acquisition cost above the historical $5 range, which we believe is too efficient given the opportunities that we see ahead.

由於我們已經看到每位客戶的毛利潤和終身價值在歷史上增長，我們已經開始將我們的客戶獲取成本提高到歷史 5 美元以上的範圍內，鑑於我們看到的未來機會，我們認為這太有效了。

So some of the levers that go into that to drive investment in 2022 and future growth: paid marketing, this is where we can ramp our paid channels and is a growing portion of our spend; referrals, which makes enhancements -- we're going to make enhancements to the overall referral program and use it as a way to cross-sell our ecosystem as well; and awareness, which grows the ability for people to come in and adopt products beyond peer-to-peer, and it includes reaching new types of customers beyond our existing demographics, and it advances Cash App's lifestyle brand as a true differentiator; and finally, support in the foundation on which our platform is built.

因此，一些用於推動 2022 年投資和未來增長的槓桿：付費營銷，這是我們可以擴大付費渠道的地方，並且是我們支出的增長部分；推薦，增強功能——我們將對整體推薦計劃進行增強，並將其用作交叉銷售我們的生態系統的一種方式；和意識，這提高了人們進入並採用 P2P 之外的產品的能力，它包括在我們現有的人口統計數據之外接觸新類型的客戶，並將 Cash App 的生活方式品牌提升為真正的差異化因素；最後，支持我們平台的構建基礎。

The growth of Cash App has outpaced our investment, frankly, with customers adopting more and more products.

坦率地說，隨著客戶採用越來越多的產品，Cash App 的增長已經超過了我們的投資。

And in 2022, we're going to grow our health team.

到 2022 年，我們將擴大我們的醫療團隊。

We'll continue to build out our support and our infrastructure to align with Cash App's astounding growth.

我們將繼續建立我們的支持和基礎設施，以配合 Cash App 的驚人增長。

Part of that is deposits and limits, initiatives to reduce friction around inflow sources and add new inflow channels.

其中一部分是存款和限制，旨在減少流入源周圍的摩擦並增加新的流入渠道的舉措。

And part of it is some of the more recent things you've seen, like we recently launched in-app support messaging to all customers, and that's quickly become the majority of inquiries.

其中一部分是您最近看到的一些事情，例如我們最近向所有客戶推出了應用內支持消息，這很快成為大多數查詢。

We'll be dynamic with the spend.

我們將與支出動態。

We'll track returns, but we're excited about these initiatives -- strategic initiatives and investment areas to drive future growth for us, ultimately driving utility and engagement with the Cash App ecosystem.

我們將跟踪回報，但我們對這些舉措感到興奮——戰略舉措和投資領域將推動我們未來的增長，最終推動實用程序和與 Cash App 生態系統的互動。

Next question, we have a question from a Square Seller, Andrea Aguirre from The Art of Donut.

下一個問題，我們有一個來自 The Art of Donut 的 Square 賣家 Andrea Aguirre 的問題。

My name is Andrea.

我的名字是安德里亞。

I'm a business owner here in San Antonio, Texas.

我是德克薩斯州聖安東尼奧市的一名企業主。

I own a crafted donut shop, and we use the -- all Square features available at the moment.

我擁有一家精心製作的甜甜圈店，我們使用目前可用的所有 Square 功能。

My question was like coming from a food truck to a brick-and-mortar location, as we continue to expand, one of the most important things is to ensure that we have all the integrated products we need to roll upmarket.

我的問題就像從食品卡車到實體店一樣，隨著我們繼續擴張，最重要的事情之一是確保我們擁有進入高端市場所需的所有集成產品。

And do you -- can we expect to see Square introduce features as we look to expand?

您是否 - 我們可以期待看到 Square 在我們尋求擴展時引入功能嗎？

Yes, 100%.

是的，100%。

And thank you for using Square.

感謝您使用 Square。

So we built our ecosystem with exactly this in mind.

因此，我們正是考慮到這一點而構建了我們的生態系統。

We started close to 13 years ago with a very simple solution of accepting credit cards, and that was meant for sole proprietors and the smallest of businesses.

大約 13 年前，我們開始使用一個非常簡單的接受信用卡的解決方案，這適用於獨資經營者和最小的企業。

But we want to make sure that we were able to scale ahead of our sellers' ambitions.

但我們希望確保我們能夠超越賣家的雄心壯志。

So if they decided to get a physical location, they decided to have multiple locations, hire more employees, all those things, we don't want to get in the way of that.

因此，如果他們決定獲得一個物理位置，他們決定擁有多個位置，僱用更多員工，所有這些事情，我們不想妨礙這一點。

So all of our tools are meant to scale from the very small to the very large and progressively disclose more and more sophistication as the complexity of your business increases.

因此，我們所有的工具都旨在從非常小的規模擴展到非常大的規模，並隨著您業務複雜性的增加逐漸揭示越來越複雜的複雜性。

One of the recent areas that we wanted to help solve is around employee management, and we acquired this company called Crew that allows us to -- it allows our sellers to have a messaging platform so that they can help manage all their employees and all their needs so they can continue to focus on what's most important, which is the customers.

我們最近想要幫助解決的一個領域是員工管理，我們收購了這家名為 Crew 的公司，它允許我們的賣家擁有一個消息傳遞平台，這樣他們就可以幫助管理他們所有的員工和他們的所有員工。這樣他們就可以繼續專注於最重要的事情，即客戶。

So it's really important to us that we're not getting in the way of any of our sellers' growth.

因此，對我們來說非常重要的是，我們不會妨礙任何賣家的增長。

And I think we show that by being supportive of the very small but also of the largest like stadiums who have thousands of vendors of all sizes working [into the group].

而且我認為我們通過支持非常小但也最大的體育場來表明這一點，這些體育場有成千上萬的各種規模的供應商[加入小組]。

We have the next question, comes from the line of Lisa Ellis of MoffettNathanson.

我們有下一個問題，來自 MoffettNathanson 的 Lisa Ellis。

I'm going to switch over to the Seller ecosystem.

我將切換到賣方生態系統。

You called out Seller's international expansion in the prepared remarks, particularly the recent expansion into France.

您在準備好的評論中提到了賣方的國際擴張，特別是最近向法國的擴張。

Can you just remind us how much of Seller's GP is derived from ex-U.

您能否提醒我們賣方的 GP 有多少來自前美國。

S. markets and how fast that piece is growing?

S. 市場以及這部分的增長速度有多快？

And looking forward, maybe for Amrita, where your priority investment areas are looking internationally as you look into '22?

展望未來，也許是 Amrita，當您展望 22 世紀時，您的優先投資領域正在國際化？

And maybe I'll start this off, and Amrita can follow up.

也許我會開始這件事，Amrita 可以跟進。

So we -- as we look at a new market for sellers, we want to make sure that we're, number one, looking at the market and understanding like the level of small businesses and entrepreneurship within each one.

因此，當我們為賣家尋找一個新市場時，我們希望確保我們是第一，著眼於市場並了解每個小企業的水平和創業精神。

And then we want to invest in brand and product awareness.

然後我們想投資於品牌和產品知名度。

And then after that, it's not just launching one product but getting to parity across all of our products across all of our global geos.

然後在那之後，它不僅僅是推出一種產品，而是在我們所有的全球地區實現我們所有產品的平等。

And then finally, like look at expanding into new markets where we think there's a high potential for success.

最後，看看我們認為有很大成功潛力的新市場的擴張。

Because we do require a partnership with a local bank and there's differences in local regulatory, this has to be a very deliberate decision.

因為我們確實需要與當地銀行建立合作夥伴關係，並且當地監管存在差異，所以這必須是一個非常深思熟慮的決定。

So we've made very conscious choices around what markets we're in and why.

因此，我們圍繞我們所處的市場以及原因做出了非常有意識的選擇。

And there's still a lot of opportunity for us to open more of our products in more of the markets that we're already in such as Square Loans in more of the places that we already exist.

我們仍然有很多機會在我們已經存在的更多市場中開放更多產品，例如在我們已經存在的更多地方的 Square Loans。

So that is our focus.

所以這是我們的重點。

So it's a balance between getting to parity in the markets that we're in with all of our products but also looking at entirely new markets as well, France being the [most].

因此，這是在我們所有產品的市場中實現平價與尋找全新市場之間的平衡，法國是[最多]。

And Lisa, I'll add that our markets outside the U.S. have seen strong growth in the third quarter despite periodic lockdowns.

還有麗莎，我要補充一點，儘管定期封鎖，我們在美國以外的市場在第三季度實現了強勁增長。

We saw those markets growing faster than the U.S. So they are growing because those international markets are growing as a mix of our Seller business.

我們看到這些市場的增長速度超過了美國，因此它們正在增長，因為這些國際市場正在作為我們賣家業務的組合而增長。

And they continue, to your point about next year and our future strategic priorities, continue to be focus area for us, an investment opportunity for the future.

他們繼續，關於明年和我們未來的戰略重點，繼續成為我們的重點領域，未來的投資機會。

As I said, Seller's strategic priorities as we look ahead are enabling omnichannel, going global and growing upmarket.

正如我所說，在我們展望未來時，賣方的戰略重點是實現全渠道、走向全球和發展高端市場。

On the going global piece to your question, it's a key part of our sales and marketing initiatives for next year and a key piece of why we're comfortable expanding our payback up to the 6-quarter range as we see a greater mix of spend in sales and marketing towards brand spend and international areas.

關於您的問題的全球化部分，這是我們明年銷售和營銷計劃的關鍵部分，也是我們為什麼願意將投資回報率擴大到 6 個季度範圍的關鍵部分，因為我們看到了更大的支出組合在品牌支出和國際領域的銷售和營銷方面。

What those key sales and marketing investments are, brand and awareness to drive reach and top of funnel demand, particularly with larger sellers and across the breadth of the ecosystem; performance, which continues to be our largest percentage of mix; and then global, scaling sales and marketing in these markets outside the U.S., which is growing faster than the U.S. and where we've seen paybacks improve over time.

這些關鍵的銷售和營銷投資是什麼，品牌和知名度，以推動覆蓋範圍和漏斗需求的頂部，特別是對於較大的賣家和整個生態系統的廣度；性能，這仍然是我們最大的組合比例；然後是全球，在美國以外的這些市場擴大銷售和營銷規模，美國的增長速度比美國快，而且我們看到回報隨著時間的推移而提高。

We'll be ramping our spend in these markets outside the U.S. in 2022 given the new geographies that we're in, including France, Ireland and with the beta in Spain as well as potential new launches for the future.

鑑於我們所處的新地區（包括法國、愛爾蘭和西班牙的測試版）以及未來可能推出的新產品，我們將在 2022 年增加在美國以外的這些市場的支出。

We expect these areas to have lower ROI in early years and improve over time, and we see them as a critical strategic area for us for the future that we want to invest into given the strong product market fit and how our products are resonating in these markets.

我們預計這些領域在早期的投資回報率會較低，並隨著時間的推移而提高，我們認為它們是我們未來想要投資的關鍵戰略領域，因為產品市場契合度高，以及我們的產品如何在這些領域產生共鳴市場。

It's also a key piece of the investments we make, of course, in product development to localize and expand these services and features for each of these markets, closing the product gap that Jack was talking about these international markets and from a support perspective to make sure that these sellers can reach us with any of their needs across international as well as the U.S. So a key focus area for us and very strategic for the future.

當然，這也是我們在產品開發方面進行的一項關鍵投資，旨在為每個市場本地化和擴展這些服務和功能，縮小 Jack 談到這些國際市場的產品差距，並從支持的角度做出確保這些賣家可以滿足他們在國際和美國的任何需求因此是我們的重點關注領域，對未來非常具有戰略意義。

Next question comes from the line of Timothy Chiodo of Credit Suisse.

下一個問題來自瑞士信貸的 Timothy Chiodo。

I want to dig into the large seller approach in 2022 and beyond.

我想深入研究 2022 年及以後的大賣家方法。

And I'm really bringing this up in light of the potential for a more bundled approach to work with those large sellers, and that's including some of the big online enterprise customers that have relationships with Afterpay.

我真的提出了這一點，因為有可能採用更捆綁的方式與這些大賣家合作，其中包括一些與 Afterpay 有關係的大型在線企業客戶。

So I was hoping we could talk just a little bit about that full suite or bundle of offerings that could be sold into those large sellers, whether it's buy now, pay later, the Cash App Pay button or your more traditional payments processing or unbranded, if you will and then, of course, other services that Square offers.

所以我希望我們能談談可以出售給那些大賣家的全套或捆綁產品，無論是現在購買，以後付款，現金應用支付按鈕還是您更傳統的支付處理或無品牌，如果您願意，當然還有 Square 提供的其他服務。

And really, the thought being there is it might allow Square to have a more competitive or sort of a unique angle when talking with those large enterprises.

確實，這樣的想法可能會讓 Square 在與那些大型企業交談時擁有更具競爭力或某種獨特的角度。

Yes.

是的。

This is exactly it.

這正是它。

As I said earlier, this is one of our biggest strengths, is that we do have ecosystems that are cohesive.

正如我之前所說，這是我們最大的優勢之一，我們確實擁有具有凝聚力的生態系統。

They're very broad in their tool sets.

他們的工具集非常廣泛。

So it allows us to reach sellers in a much more cohesive way, especially given the maturity of our developer platforms or even the fine -- largest seller that have legacy tools or tools that are very custom and specifically can still integrate with Square in a way that's needed.

因此，它使我們能夠以更具凝聚力的方式接觸賣家，特別是考慮到我們的開發平台的成熟度，甚至是優秀的 - 擁有遺留工具或工具的最大賣家，這些工具非常定制，特別是仍然可以以某種方式與 Square 集成這是需要的。

I would definitely point to the number of stadiums that we've turned on as proof of that.

我肯定會指出我們已經啟用的體育場數量來證明這一點。

And that also shows like the potential for bundling as you say.

正如你所說，這也表明了捆綁的潛力。

We believe that after closing the transaction, Afterpay can add ability to drive commerce across both sellers and individuals.

我們相信，在完成交易後，Afterpay 可以增加在賣家和個人之間推動商業的能力。

We think it's a really smart connection between the 2 ecosystems.

我們認為這是兩個生態系統之間非常智能的連接。

Obviously, Afterpay has done very well with retailers.

顯然，Afterpay 在零售商方面做得很好。

And that's both on the seller side and also on the individual side.

這既是賣方方面的，也是個人方面的。

We think there's natural homes within our Seller business and also Cash App.

我們認為在我們的賣家業務和 Cash App 中有天然家園。

So back to the comment on Cash App Pay, like the more where Cash App is seen as the commerce front end from discovery to transactions, the stronger our relationship brings and not just on the Cash App side but also on the Square Seller side.

所以回到關於 Cash App Pay 的評論，就像 Cash App 被視為從發現到交易的商務前端越多，我們的關係就越牢固，不僅在 Cash App 方面，而且在 Square Seller 方面。

And as we look to integrate after the transaction closes, we have even more opportunity.

由於我們希望在交易完成後進行整合，我們有更多的機會。

Next question, we have the line of Trevor Williams of Jefferies.

下一個問題，我們有 Jefferies 的 Trevor Williams 的產品線。

Great.

偉大的。

And I'll throw another one in on the Cash App.

我會在 Cash App 上再添加一個。

So as we look at the size of your user base, like 40 million monthly actives, that puts you at a scale that very few banks are close to.

因此，當我們查看您的用戶群規模時，例如每月 4000 萬活躍用戶，這使您處於一個很少有銀行能夠接近的規模。

I mean how do you think of the benefits of scale or what competitive advantage a larger user base gives you beyond just having more users to monetize?

我的意思是您如何看待規模的好處或更大的用戶群給您帶來的競爭優勢，而不僅僅是擁有更多的用戶來貨幣化？

I mean you have network effects on the peer-to-peer side, but just trying to get at how a larger user base can unlock a higher level of monetization.

我的意思是您在點對點方面具有網絡效應，但只是試圖了解更大的用戶群如何解鎖更高水平的貨幣化。

I mean the benefit from when you plug in Afterpay, that seems pretty clear, but just thinking more on Cash App as a standalone today, really what the scale advantages are.

我的意思是當你插入 Afterpay 時的好處，這似乎很清楚，但今天只是更多地考慮將 Cash App 作為一個獨立的應用程序，真正的規模優勢是什麼。

Yes.

是的。

I think -- I mean I think, number one, like it gives us a lot more opportunity to strengthen our existing products but also create new products on top of Cash App as a foundation.

我認為 - 我的意思是，我認為，第一，它為我們提供了更多機會來加強我們現有的產品，同時也在 Cash App 的基礎上創建新產品作為基礎。

And those can be products for both individuals and customers but also for sellers as well as more and more commerce moves to online and purely digital and is not found offline.

這些可以是個人和客戶的產品，也可以是賣家的產品，以及越來越多的商業轉向在線和純數字化，而在線下找不到。

We do have businesses using Cash App because it's a fast, easy way for them to transact and it's familiar for their customers.

我們確實有企業使用 Cash App，因為它是他們進行交易的一種快速、簡單的方式，而且他們的客戶也很熟悉。

And even that builds upon the network effect.

甚至那是建立在網絡效應之上的。

But I guess I would directionally point you back to discovery.

但我想我會指導你回到發現。

With a larger base of customers, we get more opportunity to introduce discovery features to our network.

隨著客戶群的擴大，我們有更多機會將發現功能引入我們的網絡。

And we have the starts of those things, and Boost for instance, where we can highlight a particular activity or a particular Seller, whether it be in your neighborhood or nationwide.

我們有這些事情的開始，例如 Boost，我們可以在其中突出特定活動或特定賣家，無論是在您所在的社區還是在全國范圍內。

And I think there's a lot more to come there.

而且我認為還有很多事情要做。

And we have the benefit of, again, having a Seller network and ecosystem that we can further turn on to all of our Cash App customers.

我們再次受益於擁有一個賣家網絡和生態系統，我們可以進一步將其提供給我們所有的 Cash App 客戶。

And as we have more -- as we have a compelling product experience around discovery, local-run businesses around me become really important, and they open access even to an even greater group.

隨著我們擁有更多——因為我們在發現方面擁有引人注目的產品體驗，我周圍的本地經營的企業變得非常重要，它們甚至向更大的群體開放。

So I think there's a lot of potential in having the scale we have.

所以我認為擁有我們所擁有的規模有很大的潛力。

But I feel we can go much, much higher, and that's the intention, and especially as we think of our Cash App outside the U.S. and U.K., which really set me as well as being more global.

但我覺得我們可以走得更高、更高，這就是我們的意圖，尤其是當我們想到我們在美國和英國以外的 Cash App 時，這真的讓我變得更加全球化。

And I'd add, Trevor, that I think a key focus area for us is the engagement of this customer base.

我想補充一點，特雷弗，我認為我們的一個重點關注領域是這個客戶群的參與。

As we said back in June, nearly 2/3 of those 40 million monthly actives that you referenced transacted each week on average across our Cash App ecosystem.

正如我們在 6 月份所說，在您提到的 4000 萬月活躍用戶中，有近 2/3 平均每週在我們的 Cash App 生態系統中進行交易。

So the more we can do there to make this a daily utility to make our ability to provide customers value on a regular basis and throughout the day, the more opportunity we have to drive further network effects, drive further engagement and ultimately drive higher lifetime values, which then enables us to invest back into the ecosystem and provide differentiated value to these customers.

因此，我們可以做的越多，使其成為日常實用程序，使我們能夠定期和全天為客戶提供價值，我們就越有機會推動進一步的網絡效應，推動進一步的參與並最終推動更高的生命週期價值，這使我們能夠重新投資於生態系統並為這些客戶提供差異化的價值。

So I think both the reach of the network and the driving continued engagement are key priorities for us.

因此，我認為網絡的覆蓋範圍和推動持續參與都是我們的關鍵優先事項。

Next question comes from the line of Harshita Rawat of Bernstein.

下一個問題來自伯恩斯坦的 Harshita Rawat。

Jack, I want to follow up on your prepared remarks regarding bitcoin.

傑克，我想跟進你準備好的關於比特幣的評論。

Are you looking to expand into crypto beyond bitcoin buy and sell, for example, buy and sell of other cryptocurrencies and also enabling your users to kind of engage in defined NFT ecosystems?

您是否希望將業務擴展到比特幣買賣之外的加密領域，例如買賣其他加密貨幣，並使您的用戶能夠參與到定義的 NFT 生態系統中？

We're not.

不是。

Our focus is on helping bitcoin to become the native currency for the Internet.

我們的重點是幫助比特幣成為互聯網的原生貨幣。

And so we want to -- we have a number of initiatives towards that goal.

所以我們想要——我們有一些朝著這個目標邁進的舉措。

Cash App is just one.

現金應用程序只是其中之一。

We're going to be building a hardware wallet.

我們將構建一個硬件錢包。

We're exploring bitcoin mining, a consumer device to mine bitcoin at home or in a business or Seller businesses, in fact.

事實上，我們正在探索比特幣挖礦，這是一種在家裡、企業或賣家企業中挖掘比特幣的消費設備。

We believe this focus is important.

我們認為這個重點很重要。

We believe it's right.

我們相信這是對的。

And a lot of it has to do with the resilience, the fundamentals, the principles that bitcoin offers.

這在很大程度上與比特幣提供的彈性、基本面和原則有關。

And we also want to make sure that we're giving back to the community as much as possible.

我們還希望確保我們盡可能多地回饋社區。

And this is also reflected in our approaches for bitcoin wallet, bitcoin mining and our new business unit called TBD, which is focused on building a developer platform to enable more ideas around decentralized finance on the bitcoin stack and on the stability that it offers and all the resilience that's had over the decade plus.

這也反映在我們的比特幣錢包、比特幣挖礦和我們稱為 TBD 的新業務部門的方法中，該業務部門專注於構建一個開發者平台，以在比特幣堆棧上實現更多關於去中心化金融的想法，以及它提供的穩定性和所有十多年來的韌性。

So we're going to release more details on what TBD is doing with a white paper on November 19.

因此，我們將在 11 月 19 日發布有關 TBD 對白皮書所做工作的更多詳細信息。

And we're really excited about the direction and excited about our focus.

我們對方向感到非常興奮，對我們的重點感到興奮。

Our next question comes from the line of Josh Beck of KBCM.

我們的下一個問題來自 KBCM 的 Josh Beck。

I wanted to shift gears back to Cash App.

我想重新使用 Cash App。

Obviously, the demographic on the age is expanding and certainly getting into that 13-plus category.

顯然，這個年齡的人口正在擴大，並且肯定會進入 13 歲以上的類別。

So I'm curious what you view as, right, defining elements of Cash App for that segment.

所以我很好奇你認為什麼，對，為該細分市場定義 Cash App 的元素。

Obviously, there are a couple of private companies also focused on teens and tweens, if you will.

顯然，如果您願意的話，還有幾家私營公司也專注於青少年和青少年。

So just curious on how you would frame that and where you see that opportunity headed in the next few years.

所以只是好奇你將如何構建它，以及你認為未來幾年這個機會將走向何方。

Yes.

是的。

I mean this is a -- it's a really big launch for us because we're -- it's been a huge request by Cash App customers that we're finally able to fulfill.

我的意思是這對我們來說是一次非常大的發布，因為我們是 Cash App 客戶提出的巨大要求，我們終於能夠滿足。

Obviously, this is to a much larger population that we don't have access to before, 20 million teens in the United States.

顯然，這是針對我們以前無法接觸到的更大的人口，即美國的 2000 萬青少年。

But then it's going to our fundamentals that are shown, the peer-to-peer fundamentals, just receiving -- being able to receive money from your friend, send money to your friends or from your parents, being able to get a Cash Card, design the Cash Card, even the Cash Card that glows in the dark and being able to use it and take a -- my parents can send me my allowance or I can go to workforce and actually use the Direct Deposit functionality.

但接下來就是我們所展示的基礎知識，點對點基礎知識，只是接收——能夠從你的朋友那裡收錢，向你的朋友或你的父母匯款，能夠獲得一張現金卡，設計現金卡，甚至是在黑暗中發光並能夠使用它並拿走現金卡——我的父母可以給我寄零用錢，或者我可以去上班並實際使用直接存款功能。

So most everything that you would expect from Cash App will exist with this feature set, but it'll have controls for the parents or the guardian.

因此，您對 Cash App 的大部分期望都將存在於此功能集中，但它會對父母或監護人進行控制。

So we think it's a great way to get into the space.

所以我們認為這是進入太空的好方法。

It's a start.

這是一個開始。

We definitely hope to expand it.

我們當然希望擴大它。

But all the strengths that we have in building the network effects of our business and all the products that we offer will benefit now from a much larger audience, and we'll continue to take on the responsibility and help that we have with things like decline in the savings account and Cash Card and stocks as we have with the main Cash App.

但是，我們在建立業務網絡效應和我們提供的所有產品方面所擁有的所有優勢現在將受益於更多的受眾，我們將繼續承擔我們在衰退等問題上所擁有的責任和幫助在儲蓄賬戶和現金卡和股票中，就像我們在主現金應用程序中一樣。

So we're always going to provide as much information as possible so people can be responsible and healthy with their finances.

因此，我們將始終提供盡可能多的信息，以便人們能夠對自己的財務負責並保持健康。

And that will definitely include how we think about Cash App for families and for teens.

這肯定包括我們如何看待面向家庭和青少年的 Cash App。

Josh, I would just add that I think some of the key differentiating factors for Cash App here is the scale of the network effects, which drives the utility ultimately for these teens and for their families; and the aspirational brand that Cash App has cultivated through the years, which is truly authentic certainly with Gen Z and certainly with this audience; and then third, as Jack said, the strength of the broader network, the fact that it's not just Cash Card, it's not just peer-to-peer, but there are so many other things that you'll be able to do over time, which enables that sort of financial inclusion for this audience.

喬希，我想補充一點，我認為 Cash App 的一些關鍵差異化因素是網絡效應的規模，它最終推動了這些青少年及其家人的實用程序；以及 Cash App 多年來培育的理想品牌，這對 Z 世代和這些受眾來說都是真正的真實；第三，正如傑克所說，更廣泛的網絡的力量，它不僅僅是現金卡，不僅僅是點對點，隨著時間的推移，還有很多其他的事情你可以做，這為這些受眾提供了這種金融包容性。

And those are the things that truly differentiate Cash App for this product and for this audience.

這些才是真正讓 Cash App 為該產品和該受眾群體區分開來的東西。

We have the next question, comes from the line of Ramsey El-Assal of Barclays.

我們有下一個問題，來自巴克萊的 Ramsey El-Assal。

I wanted to ask about an ACH acceptance tool that I think you guys announced earlier in the year in partnership with Plaid.

我想問一下 ACH 驗收工具，我認為你們在今年早些時候與 Plaid 合作發布了該工具。

And then sort of at a high level, what are your thoughts more broadly on pay by bank and other types of payments that don't rely on the traditional card rails?

然後在更高的層面上，您對銀行支付和其他不依賴傳統卡軌的支付方式有什麼更廣泛的看法？

And maybe if I can tack one on, are you planning to offer a pay-with-bitcoin feature through Cash App Pay at some point?

如果我可以加入，您是否打算在某個時候通過 Cash App Pay 提供比特幣支付功能？

Yes.

是的。

So I think what you're referencing is maybe the sellers accepting ACH bank transfer payments, which definitely have a lower processing fee.

所以我認為您所指的可能是接受 ACH 銀行轉賬付款的賣家，這肯定有較低的手續費。

So we're always looking for opportunities to add efficiency to the stack, both for sellers and for Cash App.

因此，我們一直在尋找機會為賣家和 Cash App 提高堆棧效率。

As soon as we have the foundational infrastructure and interface in place, we find ways to make it even more efficient, cheaper for our customers.

一旦我們有了基礎的基礎設施和接口，我們就會想辦法讓我們的客戶更高效、更便宜。

In terms of Cash App Pay and bitcoin and specifically lightning functionality probably in that realm, it's definitely something that the foundation will allow.

就 Cash App Pay 和比特幣，特別是可能在該領域的閃電功能而言，這絕對是基金會允許的。

And we're -- as I said before, like our focus is on helping bitcoin to be the native currency for the Internet.

正如我之前所說，我們的重點是幫助比特幣成為互聯網的原生貨幣。

So currency aspects of it and of the network are really important to us, and we're going to do more in that space.

所以它和網絡的貨幣方面對我們來說真的很重要，我們將在這個領域做更多的事情。

We have the next question, comes from the line of Bryan Keane from Deutsche Bank.

我們有下一個問題，來自德意志銀行的 Bryan Keane。

Just wanted to ask about -- on the Cash App, how much stimulus is still impacting the numbers.

只是想問一下——在現金應用程序上，有多少刺激措施仍在影響這些數字。

Just curious on the saving rate for Cash App users and their balances right now.

只是對 Cash App 用戶的儲蓄率和他們現在的餘額感到好奇。

And I know you guys are doing several things to get balances up on Cash App.

我知道你們正在做幾件事來增加 Cash App 的餘額。

So I'd just be interested in figuring out a little bit about that.

所以我只是有興趣弄清楚一點。

Okay.

好的。

Happy to take this one.

很高興拿到這個。

Maybe we'll hit balances quickly first.

也許我們會先很快達到平衡。

You saw customer balances slightly down quarter-over-quarter, up 143% on a year-over-year basis.

您看到客戶餘額環比略有下降，同比增長 143%。

We would really orient you though to look at inflows more broadly as balances are just a measure of growth at a snapshot in time at the end of the quarter.

我們真的會引導您更廣泛地看待流入，因為餘額只是衡量季度末快照增長的指標。

And so what we really orient to as we think about the health of the network is, of course, as we said, overall network size engagement but also inflows.

因此，當我們考慮網絡的健康狀況時，我們真正關注的當然是，正如我們所說，整體網絡規模的參與度以及流入量。

What we've seen is that as we had expected, as the government disbursements came to the end largely during the third quarter, we saw normalization in the 2-year CAGR rate on gross profit from July to October.

我們所看到的是，正如我們所預期的那樣，隨著政府支出大部分在第三季度結束，我們看到 7 月至 10 月毛利潤的 2 年復合年增長率正常化。

On a year-over-year basis though, we've seen relative stability from August to October in around that 35% range on a year-over-year basis.

不過，與去年同期相比，我們看到從 8 月到 10 月的相對穩定在 35% 左右的範圍內。

In October, we expect growth on gross profit of greater than 35% year-over-year and greater than 90% on a 2-year CAGR basis.

10 月份，我們預計毛利潤同比增長超過 35%，兩年復合年增長率超過 90%。

And then as we look ahead, of course, when we think about our customer spending power, which is ultimately what impacts inflows, what we're focused on for the long term is all those key priorities that we laid out for the year ahead around the commerce platform that we're building around financial services around the health of the network, which enables us to ultimately bring more deposits, more inflows into the ecosystem and enables our customers to then use them in more ways across the ecosystem.

然後，當我們展望未來時，當然，當我們考慮客戶的消費能力時，這最終會影響流入，我們長期關注的是我們為來年制定的所有關鍵優先事項我們圍繞網絡健康的金融服務構建的商業平台，這使我們最終能夠為生態系統帶來更多存款、更多資金流入，並使我們的客戶能夠在整個生態系統中以更多方式使用它們。

And I think ultimately, that's in the medium to long term, what drives inflows for Cash App.

我認為最終，從中長期來看，這是推動 Cash App 流入的因素。

We have the next question, comes from the line of David Togut of Evercore ISI.

我們有下一個問題，來自 Evercore ISI 的 David Togut。

I'd like to better understand your closed-loop strategy with Afterpay.

我想更好地了解您使用 Afterpay 的閉環策略。

We've been following your BNPL pilot in Cash App, which appears to be defaulting payments to store balances.

我們一直在關注您在 Cash App 中的 BNPL 試點，這似乎是在拖欠商店餘額的付款。

Given your store balances were around $2 billion at the end of 2020 and constantly being refilled, it seems that BNPL with Afterpay at Square sellers could generate significant transaction margin benefits.

鑑於您的商店餘額在 2020 年底約為 20 億美元，並且不斷被充值，BNPL 在 Square 賣家的 Afterpay 似乎可以產生可觀的交易保證金收益。

Can you help us better understand your closed-loop strategy with Afterpay?

您能否幫助我們更好地了解您使用 Afterpay 的閉環策略？

Sure.

當然。

I can jump in on this one.

我可以加入這個。

I think what we're focused on ultimately is the product experience for our customers and the commerce platform that we're building, which this payment type enables us to drive things like in-app discovery within cash.

我認為我們最終關注的是客戶的產品體驗和我們正在構建的商業平台，這種支付類型使我們能夠以現金推動諸如應用內發現之類的事情。

And as we've seen with Afterpay, that with their own app, they've been driving historically 1 million leads a day to some of their enterprise merchants.

正如我們在 Afterpay 中看到的那樣，通過他們自己的應用程序，他們每天為他們的一些企業商家帶來了 100 萬條線索。

So when you think about beyond just the payment type that BNPL enables or even things like Cash App Pay enables, really the strategic imperative here for us is the commerce enablement that the integration of Afterpay enables for us with both Cash App and with our Seller ecosystem.

因此，當您考慮的不僅僅是 BNPL 支持的支付類型，甚至是 Cash App Pay 等支持的支付類型時，我們真正的戰略要務是 Afterpay 的集成為我們與 Cash App 和我們的賣家生態系統提供的商業支持.

Of course, there will be opportunities to think about cost savings over time, but the strategic focus is on commerce and in-app discovery for us.

當然，隨著時間的推移，會有機會考慮節省成本，但我們的戰略重點是商業和應用內發現。

We have the next question, comes from the line of George Mihalos of Cowen.

我們有下一個問題，來自 Cowen 的 George Mihalos。

Great.

偉大的。

Just wanted to ask as it relates to Cash App and the importance of the Cash Card, can you remind us how penetrated Cash Card is within the Cash App ecosystem?

只是想問一下，因為它與 Cash App 以及 Cash Card 的重要性有關，您能提醒我們 Cash Card 在 Cash App 生態系統中的滲透程度嗎？

And then maybe, Amrita, you can kind of update us on the breakdown of different revenue sources within Cash App, the instant P2P Cash Card and the like?

然後也許，Amrita，您可以向我們介紹 Cash App、即時 P2P 現金卡等不同收入來源的細分情況？

Sure.

當然。

So to hit Cash Card first, we continue to see strong adoption here for Cash Card with our customers.

因此，首先要使用現金卡，我們繼續看到我們的客戶對現金卡的廣泛採用。

It is our highest attach product outside of peer-to-peer.

這是我們在點對點之外的最高附加產品。

What we had shared back in March is that 7 million customers within Cash App are using Cash Card on a weekly basis.

我們在 3 月份分享的是 Cash App 內的 700 萬客戶每週都在使用 Cash Card。

We're seeing it drive regular utility for our customers.

我們看到它為我們的客戶帶來了常規效用。

That rate of weekly usage had nearly doubled year-over-year, growing faster than the monthly active Cash Card customers.

每週使用率同比幾乎翻了一番，增長速度快於每月活躍的現金卡客戶。

They're using -- Cash Card customers are using the card for everyday purchases, for food, for transportation, major retailers, really signaling that customers want to use Cash Card to manage their everyday expenses.

他們正在使用——現金卡客戶正在使用該卡進行日常購物、食品、交通、主要零售商，這確實表明客戶希望使用現金卡來管理他們的日常開支。

Obviously, Boost is a piece of that with the unique rewards and offerings that we have here to drive that utility and awareness around card.

顯然，Boost 就是其中的一部分，它提供了獨特的獎勵和產品，我們在這裡可以推動這種實用性和對卡片的認識。

And we've also been working on expanding functionality for Cash Card globally.

我們還一直致力於在全球範圍內擴展 Cash Card 的功能。

As of third quarter, customers can now use Cash Card in person and online in many countries outside the U.S.

截至第三季度，客戶現在可以在美國以外的許多國家親自和在線使用現金卡。

And when we think about the importance of driving attach to products like Cash Card, what we see is that these customers are highly engaged across our ecosystem on other products.

當我們考慮推動對現金卡等產品的重要性時，我們看到這些客戶在我們的生態系統中高度參與其他產品。

Historically, we've seen Cash Card actives adopt nearly twice the number of products as non-Cash Card customers, which has led to greater money brought into Cash App overall.

從歷史上看，我們看到現金卡活躍用戶採用的產品數量幾乎是非現金卡客戶的兩倍，這導致整體現金應用程序獲得更多資金。

Obviously, we shared that stat, that in this quarter, Cash Card actives brought 70% more inflows into the ecosystem on average than non-Cash Card actives.

顯然，我們分享了這一統計數據，在本季度，現金卡活躍用戶平均比非現金卡活躍用戶帶來了 70% 的流入生態系統。

And it was a key driver of overall inflow growth for us.

它是我們整體流入增長的關鍵驅動力。

So we see a real opportunity here to grow engagement and monetization both with Cash Card and beyond Cash Card as customers take on more and more products like investing in Direct Deposit.

因此，隨著客戶採用越來越多的產品，例如投資直接存款，我們在這裡看到了通過現金卡和現金卡以外的方式提高參與度和貨幣化的真正機會。

And I think the second part of your question is the breakdown of revenue sources.

我認為你問題的第二部分是收入來源的細分。

We continue to see a diversification in the utility of the different products we have within Cash App, and it's a key focus area for us to drive that product adoption across Cash App as well as to drive ultimately monetization and regular engagement.

我們繼續看到我們在 Cash App 中擁有的不同產品的效用多樣化，這是我們推動整個 Cash App 採用該產品以及推動最終貨幣化和定期參與的關鍵重點領域。

And that is something that, especially as we look ahead, when we look at the product road map ahead, we expect to see even greater diversification over time.

這就是，特別是當我們展望未來時，當我們展望未來的產品路線圖時，我們預計隨著時間的推移會看到更大的多樣化。

And we now have time for one last question, and that line comes from Ryan Coyne of Mizuho.

我們現在有時間回答最後一個問題，這句話來自瑞穗的 Ryan Coyne。

It's actually Dan Dolev here, sorry for the mess-up, from Mizuho.

這裡實際上是丹·多列夫（Dan Dolev），對瑞穗（Mizuho）的混亂表示抱歉。

So really quickly on -- can you maybe quantify the potential upside from Credit Karma on tax for next year for the Cash App, if any?

這麼快——你能否量化一下 Credit Karma 對 Cash App 明年稅收的潛在好處，如果有的話？

Yes.

是的。

Just to start, we -- the reason we did this is it helps expand our Direct Deposit strategy and brings more inflows into Cash App, gives more information to customers to understand how tax filing will work on Cash App this tax season.

剛開始，我們這樣做的原因是它有助於擴展我們的直接存款策略，並為 Cash App 帶來更多資金流入，為客戶提供更多信息，以了解本納稅季節如何在 Cash App 上進行報稅。

And we think there's a lot of opportunity to simplify a bunch of tasks that one has to do in the financial system.

我們認為有很多機會可以簡化金融系統中必須完成的一系列任務。

Tax is a big one.

稅收是一個大問題。

And we want to make sure that we have a successful product launch ahead of the tax refund season so customers have a really seamless experience.

我們希望確保在退稅季之前成功推出產品，以便客戶獲得真正無縫的體驗。

And we're highlighting Direct Deposit and another potentially powerful inflow for us.

我們正在強調直接存款和另一個潛在的強大流入。

Thank you.

謝謝你。

That will be the last question.

那將是最後一個問題。

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 concludes the program.

程序到此結束。

You may all disconnect.

你們都可以斷開連接。