Block Inc (SQ) 2021 Q2 法說會逐字稿

Good day, ladies and gentlemen . Thank you again for your cooperation.

女士們，先生們，美好的一天。再次感謝您的合作。

Welcome to the Square Second Quarter 2021 Earnings Conference Call.

歡迎來到 Square 2021 年第二季度收益電話會議。

I would now like to turn the call over to your host today, Jason Lee, Head of Investor Relations.

我現在想把電話轉給今天的主持人，投資者關係主管 Jason Lee。

Jason?

傑森？

Hi, everyone.

大家好。

Apologies for the delay.

對延誤表示歉意。

We were just experiencing technical difficulties with the conference line.

我們只是遇到了會議線路的技術難題。

Thanks for joining our second quarter 2021 earnings call during which we will discuss Square's planned acquisition of Afterpay.

感謝您參加我們的 2021 年第二季度財報電話會議，在此期間我們將討論 Square 計劃收購 Afterpay。

We have Jack and Amrita with us today.

今天我們有 Jack 和 Amrita。

Also joining us on the call is Nick Molnar, Co-CEO and Co-founder of Afterpay.

Afterpay 的聯合首席執行官兼聯合創始人 Nick Molnar 也加入了我們的電話會議。

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

在直接向您提出問題之前，我們將以一些評論開始本次電話會議。

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

我們想提醒大家，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 in the investor deck and press release about our planned acquisition on our IR website for a discussion of the factors that could cause our results to differ.

請查看我們在投資者資料庫中向美國證券交易委員會提交的文件，以及在我們的 IR 網站上關於我們計劃收購的新聞稿，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 any forward-looking statements, except as required by law.

除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

在本次電話會議中，我們將提供 7 月份的初步毛利潤增長結果。

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

這些代表了我們目前對 7 月份業績的估計，因為我們尚未結束 7 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 July results may differ from these estimates.

因此，7 月份的實際結果可能與這些估計值不同。

We may also discuss financial metrics for Afterpay, which are available in Afterpay's public filings.

我們還可能會討論 Afterpay 的財務指標，這些指標可在 Afterpay 的公開文件中找到。

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, we are providing a slide presentation to accompany our commentary on the transaction.

最後，我們將提供幻燈片演示，以配合我們對交易的評論。

This conference call is also being webcast, and both the presentation and the call are available through the Investor Relations section on our website.

本次電話會議也正在進行網絡直播，演示文稿和電話會議均可通過我們網站上的投資者關係部分獲得。

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

通話結束後不久，我們的網站上將提供此通話的音頻重播。

With that, I'd like to turn it over to Jack.

有了這個，我想把它交給傑克。

Thanks, Jason, and thank you, everyone, for joining us today.

謝謝 Jason，謝謝大家今天加入我們。

Before we discuss our plans to acquire Afterpay, which we announced yesterday, I'd like to first share 2 highlights from the quarter.

在我們討論我們昨天宣布的收購 Afterpay 的計劃之前，我想先分享本季度的兩個亮點。

Continuing our commitment to expand access to financial tools and services, in July, we launched Square Banking for our U.S. sellers.

7 月，我們繼續致力於擴大金融工具和服務的使用範圍，為我們的美國賣家推出了 Square Banking。

This new suite of products will help business owners better manage their cash flow and get more out of their money.

這套新產品將幫助企業主更好地管理他們的現金流並從他們的資金中獲得更多收益。

Square Banking now includes 3 core products, 2 deposit accounts, Square savings and Square checking, joining Square's existing lending products now called Square Loans.

Square Banking 現在包括 3 個核心產品、2 個存款賬戶、Square 儲蓄和 Square 支票，加入了 Square 現有的貸款產品，現在稱為 Square Loans。

By offering central banking tools that integrate seamlessly with seller solutions like payments and Square Payroll, sellers now have a unified view of their payments, balances, expenses and financing options.

通過提供與支付和 Square Payroll 等賣家解決方案無縫集成的中央銀行工具，賣家現在可以統一查看他們的支付、餘額、費用和融資選項。

We also announced the launch of a new business at Square.

我們還宣佈在 Square 推出一項新業務。

Its name is CBD, which will focus on building an open developer platform with the goal of making it easy to create noncustodial, permissionless and decentralized financial services.

它的名字是 CBD，它將專注於構建一個開放的開發者平台，目標是讓創建非託管、無許可和去中心化的金融服務變得容易。

Our primary focus is on Bitcoin, driven by our belief that Bitcoin has massive potential to level the playing field for all.

我們的主要關注點是比特幣，我們相信比特幣具有為所有人提供公平競爭環境的巨大潛力。

We're going to make our development process completely transparent to the public.

我們將使我們的開發過程對公眾完全透明。

We plan to share updates publicly in real time as we have them.

我們計劃在有更新時實時公開分享更新。

Now on to yesterday's acquisition announcement.

現在繼續昨天的收購公告。

Today is an important day for Square, for Afterpay and for what we can do together to better serve our customers.

對於 Square、Afterpay 以及我們可以共同努力更好地為客戶服務而言，今天是重要的一天。

Through this transaction, we will be uniting 2 companies with a shared focus on economic empowerment and financial inclusion and taking the important opportunity to connect our 2 largest business units, Seller and Cash App.

通過此次交易，我們將聯合兩家公司，共同關注經濟賦權和金融包容性，並利用重要機會連接我們最大的兩個業務部門，即賣方和現金應用程序。

By integrating Afterpay into Seller and Cash App, we plan to combine complementary businesses while also accelerating even stronger connections and driving more commerce across both ecosystems.

通過將 Afterpay 集成到賣家和 Cash App 中，我們計劃將互補的業務結合起來，同時加速更強大的聯繫，並在兩個生態系統中推動更多的商業活動。

Increasingly, we're seeing strong demand for Buy Now Pay Later for both merchants and consumers, and rapid adoption amongst both, especially among younger consumers.

我們越來越多地看到商家和消費者對“先買後付”的強烈需求，並在兩者中迅速採用，尤其是在年輕消費者中。

This new financial service gives more control to individuals and merchants and is one of -- and is one we want to make part of our combined ecosystem.

這種新的金融服務為個人和商家提供了更多的控制權，是我們希望成為我們聯合生態系統一部分的服務之一。

It's a simple idea to enable our sellers customers to pay for purchases later interest free without having to use traditional credit sources while helping drive more omnichannel sales to the seller.

這是一個簡單的想法，讓我們的賣家客戶無需使用傳統的信用來源，即可在以後免息支付購買費用，同時幫助推動更多的全渠道銷售給賣家。

Afterpay has built this out as a seller tool and combined that with a flexible, responsible payment method for consumers that also includes merchant discovery.

Afterpay 將其構建為賣家工具，並將其與面向消費者的靈活、負責任的支付方式相結合，其中還包括商家發現。

As of June 30, Afterpay served more than 16 million consumers and nearly 100,000 merchants globally with huge opportunity for growth in both sides and growth in one helps the other, just like the rest of our ecosystem today.

截至 6 月 30 日，Afterpay 已為全球超過 1600 萬消費者和近 100,000 家商家提供服務，雙方都有巨大的增長機會，而且增長互惠互利，就像我們今天生態系統的其他部分一樣。

Beyond the compatibility of our businesses, we've been drawn from the start to Afterpay's founder-led entrepreneurial team.

除了我們業務的兼容性之外，我們從一開始就被 Afterpay 的創始人領導的創業團隊所吸引。

Afterpay's Co-Founder and Co-CEOs, Nick and Ant, have built an authentic, thoughtful and visionary team focused on economic empowerment.

Afterpay 的聯合創始人兼聯合首席執行官 Nick 和 Ant 建立了一個專注於經濟賦權的真實、深思熟慮和有遠見的團隊。

It's been incredible to witness how effortlessly our conversations flowed around shared ideas and vision.

目睹我們的對話圍繞著共同的想法和願景毫不費力地流動，真是令人難以置信。

Every conversation has raised the bar on what we can all do together, and our strong collaboration will well serve our integration process.

每一次談話都提高了我們可以一起做的事情的標準，我們強有力的合作將很好地服務於我們的整合過程。

I'm thrilled that upon closing, Nick and Ant will join Square and help lead Afterpay's respective merchant and consumer efforts as part of Square's Seller and Cash App teams, and I'm excited to see what we can build together.

我很高興在交易結束後，Nick 和 Ant 將加入 Square，並作為 Square 的賣家和現金應用團隊的一部分，幫助領導 Afterpay 各自的商家和消費者工作，我很高興看到我們可以共同打造什麼。

With that, I'd like to turn the call over to Nick to tell you more about Afterpay.

有了這個，我想把電話轉給尼克，告訴你更多關於 Afterpay 的信息。

Thank you very much, Jack.

非常感謝你，傑克。

Hi, everyone.

大家好。

It's an absolute pleasure to be here today back in the U.S. and just in time to come announce the next phase of our incredible journey.

非常高興今天回到美國，並及時宣布我們令人難以置信的旅程的下一階段。

I'm here today because of my Co-Founder and Co-CEO, Anthony Eisen, who only a few years ago, sat down with me over some veggie mutton on toast around his kitchen table to discuss how we could improve the financial well-being of the next generation, to empower them to spend responsibly without having to revolve in debt, interest payments or service fees.

我今天來到這裡是因為我的聯合創始人兼聯合首席執行官安東尼·艾森（Anthony Eisen），就在幾年前，他和我坐下來，在他廚房餐桌旁的烤麵包上吃一些素食羊肉，討論我們如何改善財務狀況——作為下一代，使他們能夠負責任地消費，而不必擔心債務、利息支付或服務費。

I'm thankful every day that Ant and my past crossed in that way and our families have had the privilege to go on this journey together.

我每天都感謝螞蟻和我的過去以這種方式相交，我們的家人有幸一起踏上這段旅程。

It's been an incredible six-odd or so years since, ending our fiscal year 2021 nearly doubling our business year-on-year, building a loyal base of Afterpayers who love the product and a network of more than 100,000 merchants who see increased retail opportunity through our partnership and notwithstanding the recent challenges in the global economy.

自 2021 財年結束以來，我們的業務幾乎翻了一番，這已經是令人難以置信的六年多時間，建立了熱愛該產品的 Afterpayers 的忠實基礎，以及看到零售機會增加的 100,000 多家商家的網絡儘管最近全球經濟面臨挑戰，但通過我們的伙伴關係。

I couldn't be more proud of what we've achieved so far, and know that yesterday's announcement, there is so much more to come.

我為我們迄今為止所取得的成就感到無比自豪，並且知道昨天的公告還有很多事情要做。

We've been long admirers of the Square team and in many ways have lived parallel journeys as entrepreneurs focused on creating financial empowerment for consumers and businesses alike.

我們一直是 Square 團隊的長期崇拜者，並且在許多方面都經歷了平行的旅程，因為企業家專注於為消費者和企業等創造財務授權。

As we've gotten to know each other better, the scale and shape of our businesses, the synergies in our products and our shared purpose, it's abundantly clear that we're at the start of an amazing partnership.

隨著我們更好地了解彼此、我們業務的規模和形態、我們產品的協同效應和我們共同的目標，很明顯我們正處於一個令人驚嘆的合作夥伴關係的開端。

And I know our team across the globe will share my excitement and enthusiasm of the opportunity to come.

我知道我們在全球的團隊將分享我對即將到來的機會的興奮和熱情。

We started Afterpay having met by chance as neighbors in Sydney.

我們在悉尼作為鄰居偶然認識後開始了 Afterpay。

Both Ant and I were passionate about developing an alternative to traditional finance and credit products.

Ant 和我都熱衷於開發傳統金融和信貸產品的替代品。

Having seen firsthand the impact of the global financial crisis and knowing that many millennial and Gen Z consumers were looking out for an alternative to traditional credit, we saw a way to empower consumers to responsibly buy what they wanted with their own money and to drive incremental value to merchants.

在親眼目睹了全球金融危機的影響並知道許多千禧一代和 Z 世代消費者正在尋找傳統信貸的替代品後，我們看到了一種讓消費者能夠負責任地用自己的錢購買他們想要的東西並推動增量的方法對商家的價值。

Since then, Afterpay has become a leader in the global Buy Now Pay Later space.

從那時起，Afterpay 已成為全球“先買後付”領域的領導者。

We have flipped the traditional credit model on its head to drive significant value to both merchants and consumers.

我們顛覆了傳統的信用模式，為商家和消費者帶來了巨大的價值。

Our product and approach is simple to sign up within minutes, make your first purchase via in-store, online or app and repay in 4 equal installments.

我們的產品和方法很容易在幾分鐘內註冊，通過店內、在線或應用程序進行首次購買，並分 4 期等額償還。

When you sign up to Afterpay, we don't conduct a credit check or ask you to jump through any hoops.

當您註冊 Afterpay 時，我們不會進行信用檢查或要求您跳過任何環節。

Our model is based on trust.

我們的模型基於信任。

You start with a lower spending limit that increases over time and reflects good repayment behavior.

您從較低的支出限額開始，隨著時間的推移而增加並反映良好的還款行為。

Afterpay consumers share a deep loyalty and affinity with our product and brand.

Afterpay 消費者對我們的產品和品牌有著深厚的忠誠度和親和力。

They are -- they have to pay their purchases frequently across many retailers and verticals.

他們是——他們必須經常在許多零售商和垂直領域支付購買費用。

It's this frequency with which our consumers use Afterpay that truly differentiates us and shows the power of our products and platform.

正是我們的消費者使用 Afterpay 的頻率真正使我們與眾不同，並展示了我們的產品和平台的力量。

On average, our top 10% of consumers globally used Afterpay more than 30 times in the U.S. and 50 times in Australia in financial year 2021.

平均而言，2021 財年，我們全球前 10% 的消費者在美國使用 Afterpay 超過 30 次，在澳大利亞使用 50 次以上。

And for merchants, whether they're large enterprise or small to medium-sized businesses, we truly partner to help grow their business.

對於商家來說，無論他們是大型企業還是中小型企業，我們都是真正的合作夥伴，以幫助他們發展業務。

We have driven higher average order values, greater basket sizes and the additional new and repeat customers often who within 24 or 48 hours of going live.

我們推動了更高的平均訂單價值、更大的購物籃尺寸以及通常在上線 24 或 48 小時內的額外新客戶和回頭客。

Above the value of our core payment proposition, in FY '21, Afterpay drove over 1 million leads on average per day and after the key marketing customer acquisition channel for our global retailers in attracting this highly valuable next-generation consumer.

在我們的核心支付主張的價值之上，在 21 財年，Afterpay 平均每天推動超過 100 萬個潛在客戶，並且在我們的全球零售商的關鍵營銷客戶獲取渠道之後，吸引了這個極具價值的下一代消費者。

As Ant and I have gotten to know the Square team better, what's become clear is how aligned we are not just in our business, but the way we think, live and breathe our mission.

隨著 Ant 和我對 Square 團隊的了解越來越深入，我們清楚地知道我們不僅在業務上，而且在我們思考、生活和呼吸我們使命的方式上是多麼一致。

In almost every conversation, we've been focused on creating a better way for people to spend, save and do business with the intent of building greater financial well-being.

在幾乎每一次談話中，我們都專注於為人們創造一種更好的消費、儲蓄和經商方式，以期建立更大的財務福祉。

And the brilliant thing is that both of our companies share this commitment.

最棒的是，我們兩家公司都分享了這一承諾。

By bringing together our platform with Square, we know we can leverage our combined strength to continue to connect both sides of the economic equation so that everyone shares in great outcomes.

通過將我們的平台與 Square 結合起來，我們知道我們可以利用我們的綜合實力繼續連接經濟等式的雙方，讓每個人都能分享偉大的成果。

As we look forward, there are a number of ways in which our businesses can achieve shared and even greater success.

正如我們所期待的那樣，我們的企業可以通過多種方式實現共享甚至更大的成功。

Our businesses are highly complementary across segments, products, channels and geographies.

我們的業務在細分市場、產品、渠道和地域之間具有高度互補性。

This combination will further expand our combined opportunity across small, medium and enterprise businesses, consumer banking and financial services, wider retail categories and both online and in-person commerce.

這種合併將進一步擴大我們在中小型企業、消費者銀行和金融服務、更廣泛的零售類別以及在線和麵對面商務方面的合併機會。

Both Square and Afterpay resonates strongly with the millennials and Gen Z consumers, and we're excited at the opportunity for the Afterpay product to be offered to a growing base of more than 70 million annual active Cash App customers whose lifestyles, preferences and views are shared and very familiar with us.

Square 和 Afterpay 都在千禧一代和 Z 世代消費者中產生了強烈的共鳴，我們很高興有機會將 Afterpay 產品提供給每年超過 7000 萬活躍的 Cash App 客戶，他們的生活方式、偏好和觀點都在不斷增長。與我們共享並且非常熟悉。

These consumers will increase the reach for our retail partners and the marketing value we can drive to their businesses.

這些消費者將增加我們零售合作夥伴的影響力以及我們可以為他們的業務帶來的營銷價值。

Likewise, our merchant bases are very complementary to the millions of sellers that use Square to run and grow their businesses today.

同樣，我們的商家基礎與今天使用 Square 經營和發展業務的數百万賣家非常互補。

We believe we can introduce a number of upmarket and global sellers to the Square business.

我們相信我們可以為 Square 業務引入一些高端和全球賣家。

And as merchants and consumers increasingly look for seamless in-store and online experiences, I am confident that together we can really maximize the strength of our omnichannel offerings, complementary technology and expertise.

隨著商家和消費者越來越多地尋求無縫的店內和在線體驗，我相信我們可以一起真正最大限度地發揮我們全渠道產品、互補技術和專業知識的優勢。

Yesterday's announcement marks the start of an incredible opportunity to unlock the next phase of growth in our business.

昨天的公告標誌著開啟我們業務下一階段增長的絕佳機會的開始。

The compelling transaction provides our shareholders with the opportunity to participate in the future growth of an innovative company aligned with our vision.

這項引人注目的交易為我們的股東提供了參與符合我們願景的創新公司未來發展的機會。

Importantly, our Australian Afterpay shareholders will still be able to maintain exposure to the growth and value creation of the combined company through owning Square shares or CDIs.

重要的是，我們的澳大利亞 Afterpay 股東仍將能夠通過擁有 Square 股票或 CDI 來保持對合併後公司的增長和價值創造的影響。

I know both Ant and I are incredibly excited to join the Square team upon completion of the transaction and help lead Afterpay's respective merchant and consumer efforts as part of the Square Seller and Cash App efforts.

我知道 Ant 和我都非常高興能在交易完成後加入 Square 團隊，並幫助領導 Afterpay 各自的商家和消費者工作，作為 Square Seller 和 Cash App 工作的一部分。

Thank you to the Square team for picking up a conversation with 2 Aussie entrepreneurs and seeing the strength of our combined opportunity.

感謝 Square 團隊與 2 位澳大利亞企業家進行了對話，並看到了我們聯合機會的力量。

I can't wait to see where we take this.

我迫不及待地想看看我們把這個帶到哪裡。

And now over to Amrita.

現在轉到Amrita。

Thanks, Nick.

謝謝，尼克。

We believe this is a transformative opportunity for our combined companies.

我們相信這對我們合併後的公司來說是一個變革性的機會。

And there are 3 topics I'd like to cover regarding the proposed Afterpay acquisition: First, the strength of the Afterpay business; second, the complementary aspects of our merchants and consumer ecosystems; and third, the propound growth opportunity we see together.

關於擬議中的 Afterpay 收購，我想討論 3 個主題：第一，Afterpay 業務的實力；第二，我們的商家和消費者生態系統的互補方面；第三，我們共同看到的提出的增長機會。

Afterpay has distinguished itself as a category leader in Buy Now Pay Later with a product that is well positioned for secular shifts among merchants and consumers.

Afterpay 憑藉其產品在商家和消費者之間的長期轉變中脫穎而出，成為“先買後付”的類別領導者。

First, greater consumer and merchant adoption has enabled Afterpay to deliver remarkable growth with revenue up approximately 4x over the last 2 years.

首先，消費者和商家的更多采用使 Afterpay 實現了顯著增長，收入在過去 2 年中增長了約 4 倍。

We see a number of levers to help drive continued growth for Afterpay, first, in terms of ongoing secular growth of Buy Now Pay Later in e-commerce; and second, in terms of Afterpay's future growth adjacencies.

我們看到了許多有助於推動 Afterpay 持續增長的槓桿，首先是電子商務中 Buy Now Pay Later 的持續長期增長；其次，就 Afterpay 的未來增長鄰域而言。

Second, Afterpay's business has strong cohort economics, providing a durable foundation for growth across its merchants and consumer base.

其次，Afterpay 的業務具有強大的群體經濟性，為其商家和消費者群的增長提供了持久的基礎。

Afterpay has delivered positive GMV retention and increased purchase frequency over time with strong paybacks and returns on acquisition spend.

Afterpay 帶來了積極的 GMV 保留率，並隨著時間的推移增加了購買頻率，並帶來了強勁的回報和收購支出回報。

These fundamentals mirror the dynamics in our Cash App and Seller ecosystem around growing engagement and strong returns.

這些基本面反映了我們的 Cash App 和賣方生態系統圍繞不斷增長的參與度和強勁回報的動態。

Next, we're excited by our compelling cross-sell opportunities.

接下來，我們對我們引人注目的交叉銷售機會感到興奮。

By integrating Afterpay directly into our Cash App and Seller ecosystem, we can expand each brand's customer base, strengthen each other's products and build connections.

通過將 Afterpay 直接集成到我們的 Cash App 和賣家生態系統中，我們可以擴大每個品牌的客戶群，加強彼此的產品並建立聯繫。

On the consumer side, the addition of Afterpay embeds commerce more directly into Cash App.

在消費者方面，Afterpay 的加入將商務更直接地嵌入到 Cash App 中。

Afterpay's merchant base will have access to 4x more consumers, and Cash App will have access to 16 million Afterpay consumers who represent a complementary demographic base.

Afterpay 的商家群將接觸到 4 倍以上的消費者，Cash App 將接觸到代表互補人口基礎的 1600 萬 Afterpay 消費者。

On the merchant side, we'll introduce Square Sellers to Afterpay's Buy Now Pay Later offering, which expands Afterpay more deeply in the new verticals and in-person commerce.

在商家方面，我們將向 Square Sellers 介紹 Afterpay 的 Buy Now Pay Later 產品，該產品在新的垂直領域和麵對面商務中更深入地擴展 Afterpay。

Turning to the financial impact from the deal.

轉向交易對財務的影響。

We're excited about the meaningful growth opportunity Afterpay will add.

我們對 Afterpay 將增加的有意義的增長機會感到興奮。

With year-over-year gross profit growth of 96% in the last 12 months ended June 30, we expect Afterpay to be accretive to gross profit growth in the first year after closing.

在截至 6 月 30 日的過去 12 個月中，毛利潤同比增長 96%，我們預計 Afterpay 將在收盤後的第一年增加毛利潤增長。

Afterpay is a younger business and earlier in ramping its profitability, so we expect a modest decrease to adjusted EBITDA margins in the first year after closing.

Afterpay 是一項較年輕的業務，並且較早地提高了盈利能力，因此我們預計在關閉後的第一年調整後的 EBITDA 利潤率將適度下降。

Historically, our investments behind strong cohort economics have driven compounding profitable growth.

從歷史上看，我們在強勁的群體經濟學背後的投資推動了複合利潤增長。

We similarly intend to invest behind Afterpay's strong return to unlock the significant synergies we see ahead.

我們同樣打算投資 Afterpay 的強勁回報，以釋放我們看到的重大協同效應。

Under the terms of the agreement, Square will acquire Afterpay for approximately USD 29 billion where Afterpay shareholders will receive a fixed exchange ratio of 0.375 shares of Square Class A common stock for each ordinary share of Afterpay they own.

根據協議條款，Square 將以約 290 億美元的價格收購 Afterpay，Afterpay 股東將以他們擁有的每股 Afterpay 普通股獲得 0.375 股 Square A 類普通股的固定交換比率。

The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including regulatory approval and approval by shareholders of both companies.

該交易預計將於 2022 年第一季度完成，但須符合慣例成交條件，包括監管部門的批准和兩家公司股東的批准。

And of course, the stock-based consideration of this transaction not only strongly aligns management's incentives but also enables shareholders of both Square and Afterpay to participate in future upside opportunity.

當然，此次交易的股票對價不僅與管理層的激勵措施高度一致，而且還使 Square 和 Afterpay 的股東能夠參與未來的上漲機會。

We believe the combination of Square and Afterpay will benefit our customers in the long-term profitable growth of our company.

我們相信 Square 和 Afterpay 的結合將使我們的客戶受益於我們公司的長期盈利增長。

I'll now provide a brief overview of Square's financial results in the second quarter before we take your questions.

在我們回答您的問題之前，我現在將簡要概述 Square 在第二季度的財務業績。

In the second quarter, our ecosystems delivered gross profit of $1.14 billion, an increase of 91% year-over-year, which was our strongest quarterly gross profit growth as a public company.

第二季度，我們的生態系統實現了 11.4 億美元的毛利潤，同比增長 91%，這是我們作為上市公司最強勁的季度毛利潤增長。

On a 2-year compound annual growth rate, or CAGR basis, which helps normalize for the impact of the pandemic on 2020 results, this was an increase of 57%, a slight improvement from the first quarter.

按 2 年復合年增長率或 CAGR 計算，這有助於使大流行對 2020 年業績的影響正常化，增長了 57%，比第一季度略有改善。

Net income was $204 million and adjusted EBITDA was $360 million.

淨收入為 2.04 億美元，調整後 EBITDA 為 3.6 億美元。

Taking a look at performance for each ecosystem.

查看每個生態系統的性能。

Cash App generated gross profit of $546 million, an increase of 94% year-over-year or 128% on a 2-year CAGR basis.

Cash App 產生了 5.46 億美元的毛利潤，同比增長 94% 或 2 年復合年增長率為 128%。

Growth in the quarter benefited from Cash App growing and engaged base of customers.

本季度的增長得益於 Cash App 不斷增長的客戶群和參與度。

We ended the quarter with $40 million monthly transacting actives in June with nearly 2/3 of our monthly actives being weekly actives, an engagement figure we've seen increase over time.

我們在 6 月份以 4000 萬美元的月度交易活躍度結束了本季度，其中近 2/3 的月度活躍度是每週活躍度，隨著時間的推移，我們看到的參與度數字有所增加。

We also saw a significant increase in annualized gross profit per monthly actives, which was $55 in the second quarter, up 2.5x from 2 years ago and up 1/3 from 2 quarters ago, primarily driven by growth in inflows.

我們還看到每個月活躍的年化毛利潤顯著增長，第二季度為 55 美元，比兩年前增長 2.5 倍，比兩個季度前增長 1/3，這主要受流入增長的推動。

Now to our Seller business, which generated gross profit of $585 million, an increase of 85% year-over-year or 30% on a 2-year CAGR basis.

現在到我們的賣方業務，該業務產生了 5.85 億美元的毛利潤，同比增長 85% 或 2 年復合年增長率為 30%。

Even as we saw regional reopenings and a strong recovery in card-present volumes during the quarter, GPV from online channels has continued to remain strong, growing nearly 50% in the second quarter.

儘管我們在本季度看到區域重新開放和持卡量強勁復甦，但來自在線渠道的 GPV 繼續保持強勁，在第二季度增長了近 50%。

We also continue to make progress driving growth with larger sellers.

我們還繼續與更大的賣家一起推動增長。

In the second quarter, mid-market GPV doubled from the same period in 2019, representing more than 1/3 of total seller GPV.

第二季度，中端市場 GPV 較 2019 年同期翻了一番，佔賣家 GPV 總額的 1/3 以上。

Next, we wanted to share trends for both ecosystems in July.

接下來，我們想在 7 月份分享這兩個生態系統的趨勢。

For Cash App, we expect gross profit growth of greater than 110% on a 2-year CAGR basis or approximately 20% year-over-year.

對於 Cash App，我們預計 2 年 CAGR 基礎上的毛利潤增長將超過 110%，或同比增長約 20%。

Remember, July is our toughest year-over-year comp for Cash App this year.

請記住，7 月是我們今年 Cash App 最艱難的年度對比。

On a 2-year CAGR basis, we saw some moderation in Cash App growth from 128% in the first quarter, and this may continue to normalize in future quarters depending on how consumer spending power trends.

在 2 年復合年增長率的基礎上，我們看到 Cash App 的增長率從第一季度的 128% 有所放緩，這可能會在未來幾個季度繼續正常化，具體取決於消費者消費能力的趨勢。

And for Seller, we expect gross profit growth of more than 45% year-over-year and a 2-year CAGR of 29%, roughly in line with the 30% of the second quarter.

而對於賣方，我們預計毛利潤同比增長超過 45%，2 年復合年增長率為 29%，與第二季度的 30% 大致持平。

Seller GPV trends have continued to vary by region.

賣家 GPV 趨勢繼續因地區而異。

Although the world has experienced rising COVID cases in certain regions, particularly outside of the U.S., we haven't seen this impact overall GPV trends materially through July.

儘管世界上某些地區的 COVID 病例不斷增加，尤其是在美國以外的地區，但截至 7 月，我們還沒有看到這種影響對整體 GPV 趨勢產生重大影響。

We'll continue to track it real-time, and we recognize further regional restrictions could affect our business performance.

我們將繼續實時跟踪它，我們認識到進一步的區域限制可能會影響我們的業務表現。

Finally, on to where we're focusing our investments in 2021 on the back of strong momentum in gross profit growth, profitability and encouraging trends on investment in -- returns on investment in the first half of 2021, we intend to increase our investments in the second half of the year.

最後，在毛利潤增長強勁勢頭、盈利能力和令人鼓舞的投資趨勢的支持下，我們在 2021 年的投資重點是——2021 年上半年的投資回報，我們打算增加對以下領域的投資下半年。

Across 2021, we now expect to invest an incremental $1.1 billion to $1.2 billion in non-GAAP operating expenses, excluding risk loss, which is growth of 55% year-over-year at the midpoint.

到 2021 年，我們現在預計將在非 GAAP 運營費用上增加 11 億至 12 億美元的投資，其中不包括風險損失，即中點同比增長 55%。

In summary, with the momentum we've seen in the first half of 2021, we are very excited about the opportunities that lie ahead, not only for Cash App and Seller ecosystems, but also the opportunities we have by integrating Afterpay across them.

總而言之，憑藉我們在 2021 年上半年看到的勢頭，我們對未來的機會感到非常興奮，不僅是 Cash App 和賣方生態系統，還有我們通過在它們之間整合 Afterpay 所擁有的機會。

We believe together we can make more meaningful connections between our consumer and merchant ecosystems that ultimately serve our communities.

我們相信，我們可以在最終服務於我們社區的消費者和商家生態系統之間建立更有意義的聯繫。

With that, I'll turn it over to questions.

有了這個，我會把它交給問題。

(Operator Instructions) Lisa, please open your line.

（操作員說明）麗莎，請打開您的線路。

Terrific.

了不起。

Can you hear me?

你能聽到我嗎？

Congratulations.

恭喜。

There's a number of successful BNPL players globally, and Square also has historically built a lot of capabilities in-house.

全球有許多成功的 BNPL 參與者，Square 在歷史上也建立了很多內部能力。

Can you just talk about what factors led you to decide that Afterpay specifically is the best fit for Square versus alternative BNPL players or doing organic investment?

您能否談談是什麼因素導致您決定 Afterpay 特別適合 Square 與其他 BNPL 玩家或進行有機投資？

Yes, absolutely.

是的，一點沒錯。

Thanks, Lisa.

謝謝，麗莎。

So as you mentioned, I mean, this space is getting more and more crowded.

所以正如你提到的，我的意思是，這個空間越來越擁擠。

And obviously, there's a lot of different services and solutions out there.

顯然，那裡有很多不同的服務和解決方案。

We started with what Nick and Ant have built and how ambitious and entrepreneurial and innovative they've been that they were extremely early in this space, help define a lot of it and really raise the bar on what everyone else is doing.

我們從 Nick 和 Ant 建立的東西開始，以及他們在這個領域非常早期的雄心壯志、創業精神和創新精神，幫助定義了很多東西，並真正提高了其他人正在做的事情的標準。

So we are impressed by the vision, by their ambition, probably the entrepreneurship.

所以我們對他們的遠見、他們的雄心、可能是企業家精神印象深刻。

I think the other big thing for us is making sure that -- we've talked on this call a lot about how to connect it to our 2 biggest ecosystems, Seller and Cash App.

我認為對我們來說另一件重要的事情是確保——我們在這次電話會議上談了很多關於如何將它連接到我們的兩個最大的生態系統，賣家和現金應用程序。

And this was a clear fit in a way that they built their model out, a simple marketing tool and some incredible discovery for consumers.

這顯然是他們構建模型的方式，一個簡單的營銷工具和一些令人難以置信的消費者發現。

So for consumers, Afterpay offers truly interest-free products that don't require any credit history, something vastly different from what we've seen with other Buy Now Pay Later products.

因此，對於消費者而言，Afterpay 提供了真正的免息產品，不需要任何信用記錄，這與我們看到的其他“先買後付”產品大不相同。

And this allows broader access to consumers while helping them spend a lot more responsibly.

這允許更廣泛地接觸消費者，同時幫助他們更負責任地消費。

So that goes towards our purpose of economic impairment.

所以這符合我們經濟減值的目的。

And for merchants, Square has always asked the question, how can we help our merchants make more sales.

對於商家來說，Square 一直在問這個問題，我們如何才能幫助我們的商家獲得更多的銷售額。

And that was exactly the question that Afterpay has been asking, providing them a way to generate leads through the Afterpay app, which has helped them improve conversion rates, increase their transaction sizes and led to repeat purchases and repeat customers.

這正是 Afterpay 一直在問的問題，為他們提供了一種通過 Afterpay 應用程序產生潛在客戶的方法，這幫助他們提高了轉化率，增加了交易規模，並導致了重複購買和回頭客。

So this allowed Afterpay to reach more than 16 million consumers and 100,000 merchants globally.

因此，這使 Afterpay 能夠覆蓋全球超過 1600 萬消費者和 100,000 家商家。

So we're -- looking at the deal, this was an obvious connection between the Seller and Cash App Ant and Nick have built on top of an ecosystem model.

所以我們 - 看看這筆交易，這是賣方和現金應用程序之間的明顯聯繫 Ant 和 Nick 建立在生態系統模型之上。

There's a clear fit into our model that makes it even stronger for us.

我們的模型非常適合我們，這使得它對我們來說更加強大。

And the team they built is incredible, creative innovative and ambitious.

他們建立的團隊令人難以置信，富有創造力和雄心壯志。

And we just saw this as a perfect move for both companies.

我們只是認為這對兩家公司來說都是一個完美的舉措。

And Lisa, I'd add to that as well.

還有麗莎，我也想補充一下。

We've been really impressed with the strong business fundamentals that Afterpay has demonstrated.

Afterpay 所展示的強大業務基礎給我們留下了深刻的印象。

Of course, we look at the combination of both growth and cohort economics.

當然，我們會考慮增長經濟學和隊列經濟學的結合。

And what we see here in the cohort economics is growing engagement amongst consumers.

我們在隊列經濟學中看到的是消費者的參與度不斷提高。

After onboarding, customers transact more frequently each year that they're on the platform with some of the older cohorts from Australia and New Zealand transacting 30 times per year.

入職後，客戶每年在平台上的交易頻率更高，來自澳大利亞和新西蘭的一些年長群體每年交易 30 次。

We also look at the international expansion that this team has executed and demonstrated.

我們還研究了該團隊執行和展示的國際擴張。

Afterpay has shown an ability to grow quickly in new regions, including the U.S., which has been its fastest-growing market to date.

Afterpay已顯示出在新地區快速增長的能力，包括美國，這是迄今為止增長最快的市場。

And then the alignment to the strategic priorities of Cash App and Seller where Afterpay's Buy Now Pay Later product can help strengthen our existing ecosystems and help -- we can help Afterpay expand with small- and medium-sized businesses in in-person and additional verticals.

然後與 Cash App 和 Seller 的戰略重點保持一致，Afterpay 的 Buy Now Pay Later 產品可以幫助加強我們現有的生態系統並提供幫助——我們可以幫助 Afterpay 在面對面和其他垂直領域與中小型企業一起擴展.

So these volume metrics that we've done -- that Afterpay has demonstrated with merchants, whether it's 25% uplift in transaction size or 20% uplift in conversion rates and in purchase frequency and the lead generation they've demonstrated for merchants with 1 million leads per day, as Nick said, these are stats of a healthy foundation on which we can build together to accelerate growth across both the Afterpay ecosystem as well as cash and seller.

所以我們已經完成的這些數量指標——Afterpay 已經向商家展示了，無論是交易規模提升 25%，還是轉化率和購買頻率提升 20%，以及他們為擁有 100 萬的商家展示的潛在客戶生成正如尼克所說，每天都有潛在客戶，這些是健康基礎的統計數據，我們可以在此基礎上共同加快 Afterpay 生態系統以及現金和賣家的增長。

Our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

And definitely congrats on the deal here.

並且絕對祝賀這裡的交易。

A lot of synergies to think about.

很多協同作用需要考慮。

So I was hoping to get -- Nick, good to have you on the call.

所以我希望得到-- 尼克，很高興你接電話。

Nick, your perspective on what synergies you're most excited about.

尼克，你對你最興奮的協同作用的看法。

And then maybe same thing from you, Jack, what are you excited about from a synergy standpoint, if you could rank the top things.

然後也許你也有同樣的事情，傑克，如果你能對最重要的事情進行排名，從協同效應的角度來看，你對什麼感到興奮。

I'm just curious how long will the Afterpay founders stay on the deals, we're thinking about integration here.

我只是好奇 Afterpay 創始人會在交易中停留多久，我們正在考慮在這裡進行整合。

Yes, absolutely.

是的，一點沒錯。

Thanks, Tien-Tsin.

謝謝，天真。

Nice to hear from you.

很高興聽到你的消息。

So from an Afterpay perspective, Square absolutely helps us accelerate our priorities of long-term growth and particularly in the U.S. If you think of both sides of the equation, Square Seller business can help us drive a more diverse set of retail verticals beyond just retail where we're primarily orientated.

因此，從 Afterpay 的角度來看，Square 絕對可以幫助我們加快長期增長的優先事項，尤其是在美國如果您考慮等式的兩邊，Square Seller 業務可以幫助我們推動更多樣化的零售垂直領域，而不僅僅是零售我們主要定位的地方。

So to have millions of sellers on one side of the equation to help us expand further into in-person commerce and serving SMB merchant is a critical focus for us on the merchant side.

因此，讓數以百萬計的賣家站在等式的一邊，以幫助我們進一步擴展到面對面的商務並為 SMB 商家提供服務，這是我們在商家方面的一個關鍵關注點。

And then when you think about the Cash App consumer side of the equation, cash that brings up the highly engaged customer base annual transacting of 70 million.

然後，當您考慮等式的 Cash App 消費者方面，現金帶來了 7000 萬的高度參與的客戶群年交易量。

And that broad ecosystem of product allows us to really lean into how we drive value for both our consumers and our retailers.

廣泛的產品生態系統使我們能夠真正了解我們如何為消費者和零售商創造價值。

So as Amrita mentioned before, Afterpay on average delivered 1 million leads per day as a result of 16 million annual active consumers over the last 12 months.

因此，正如 Amrita 之前提到的，由於過去 12 個月內每年有 1600 萬活躍消費者，Afterpay 平均每天提供 100 萬條潛在客戶。

So to be able to have a partner like Cash App that has a significantly larger consumer base, we firmly believe we can drive significantly increased value to our retailers beyond what we do today.

因此，為了能夠擁有像 Cash App 這樣擁有更大消費者基礎的合作夥伴，我們堅信我們可以為我們的零售商帶來顯著增加的價值，超越我們今天所做的。

And just the second question just on Ant and myself, and I hope Ant let me speaking on his behalf.

第二個問題是關於 Ant 和我自己的，我希望 Ant 讓我代表他發言。

But we've been just increasingly excited as conversations progress.

但隨著對話的進展，我們變得越來越興奮。

We're as excited today as the day we started the organization.

我們今天和我們成立組織的那天一樣興奮。

I really think that's a testament to Jack, Amrita, Brian, Alyssa and the whole Square team, the alignment of mission, vision, culture and values was just imminently apparent the more we got to know each other.

我真的認為這是對 Jack、Amrita、Brian、Alyssa 和整個 Square 團隊的證明，我們彼此了解得越多，使命、願景、文化和價值觀的一致性就變得越來越明顯。

And can't wait to take this partnership long into the future.

並且迫不及待地將這種夥伴關係帶入未來。

And from our side, I think as I said in my last answer, we get the question all the time on this call, like what are some ways that you are all thinking about connecting the Seller and the Cash App ecosystem.

在我們這邊，我認為正如我在上一個回答中所說的那樣，我們在這次電話會議上一直都在問這個問題，比如你們都在考慮用哪些方式來連接賣家和 Cash App 生態系統。

And this one is massive and also obvious.

這個是巨大的，也是顯而易見的。

We think from a seller perspective, the most obvious point is this is yet another tool to help drive more sales to a seller and also help us reach sellers that we have not been able to serve in the past.

我們認為，從賣家的角度來看，最明顯的一點是，這是另一個幫助推動更多銷售給賣家的工具，也幫助我們接觸到我們過去無法服務的賣家。

And that includes larger, more enterprise global retail sellers.

這包括更大、更多企業的全球零售賣家。

And for us to be able to scale from the smallest of shops in your neighborhood up to the largest retailers in the world with one solution that brings people to the rest of our ecosystem is exactly in our ecosystem strategy, and this gives us a lot of fuel to continue to expand that.

對於我們來說，能夠通過一種將人們帶到我們生態系統其他部分的解決方案，從您附近最小的商店擴展到世界上最大的零售商，這正是我們的生態系統戰略，這給了我們很多燃料繼續擴大。

On the Cash App side, this is a new payment capability.

在 Cash App 方面，這是一種新的支付能力。

So adding more capabilities to Cash App customers that they can have a choice on how they're interacting with the economy is pretty incredible.

因此，為 Cash App 客戶添加更多功能，讓他們可以選擇如何與經濟互動，這是非常不可思議的。

But also given that a lot of the consumer side is going to be focused on discovery, first and foremost, will give Cash App a way to provide more daily value, something that people want to open up every single day to check out what's new and to see our entire ecosystem with services within the Cash App as well.

但同時考慮到許多消費者方面將首先關注發現，這將為 Cash App 提供一種提供更多日常價值的方式，人們希望每天打開它以查看新功能和也可以通過 Cash App 中的服務查看我們的整個生態系統。

So you combine these 2 together, you get a strong connection between ecosystems.

因此，您將這兩者結合在一起，您就可以在生態系統之間建立牢固的聯繫。

But even if they weren't connected, we have a lot of strength for each ecosystem.

但即使它們沒有連接，我們對每個生態系統都有很大的力量。

But again, I think the power and the true value of our company over the long term is how we connect all these systems -- all of these ecosystems together, starting with Seller and Cash App, but obviously it goes bigger than that years ahead.

但是，我再次認為，從長遠來看，我們公司的力量和真正價值在於我們如何將所有這些系統 - 所有這些生態系統連接在一起，從賣家和 Cash App 開始，但顯然它比未來幾年更大。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

All right.

好的。

Congrats on this.

對此表示祝賀。

You clearly outperformed getting Cash App gross profit, and it was pretty clear at every engagement levels when you look at the comments you made of 2/3 of users transacting every week.

顯然，您在獲取 Cash App 毛利潤方面表現出色，而且當您查看您對每週交易的 2/3 用戶的評論時，在每個參與度級別上都非常清楚。

When we consider that and now the combination with Afterpay, if you could just, a, touch on what's really driving that incremental engagement on the Cash App side; how much more room it has; and then probably more importantly, as you think of integration with Afterpay and what that can mean.

當我們考慮到這一點以及現在與 Afterpay 的結合時，如果您可以，a，請談談是什麼真正推動了 Cash App 方面的增量參與；它還有多少空間；然後可能更重要的是，當您想到與 Afterpay 的集成以及這可能意味著什麼時。

Afterpay's revenue per user is even higher, I think.

我認為 Afterpay 的每用戶收入甚至更高。

Can you just touch on, a, the work ahead to get done to actually integrate the 2 together, what we can envision and timing around it?

你能否談談，a，為了將兩者真正整合在一起，我們可以設想和安排什麼？

And then what that means for engagement opportunities between the 2.

然後這對兩人之間的參與機會意味著什麼。

Thanks, Darrin.

謝謝，達林。

I can kick us off on this one.

我可以踢我們這個。

I'll start with sharing a bit more about that growing engagement we've seen on Cash App and then share more about what that means in integration with Afterpay.

我將首先分享更多關於我們在 Cash App 上看到的日益增長的參與度，然後分享更多關於與 Afterpay 集成意味著什麼。

From a Cash App perspective, we've seen that as we've added that weekly and daily utility with additional products and features and functionality in the Cash App that our customers have exhibited growing engagement with us.

從 Cash App 的角度來看，我們已經看到，由於我們在 Cash App 中添加了每周和每日實用程序以及其他產品、特性和功能，因此我們的客戶對我們的參與度越來越高。

Weekly actives have steadily increased as a percent of monthly actives over time with nearly now 2/3 of our monthly -- 40 million monthly actives using Cash App each week on average in June.

隨著時間的推移，每週活躍用戶佔每月活躍用戶的百分比穩步上升，現在幾乎占我們每月活躍用戶的 2/3——6 月份平均每周有 4000 萬每月活躍用戶使用 Cash App。

This engagement has, in turn, driven monetization as inflows and product adoption has increased.

隨著流入量和產品採用率的增加，這種參與反過來推動了貨幣化。

Gross profit per transacting active was up 2.5x from 2 years ago in the quarter and up 1/3 from just 2 quarters ago.

本季度每筆活躍交易的毛利潤比兩年前增長了 2.5 倍，比僅僅兩個季度前增長了 1/3。

Historically, what we've seen is that the average customer who adopts 2 or more products in Cash App generates 3x to 4x the gross profit compared to the average peer-to-peer customer.

從歷史上看，我們看到的是，在 Cash App 中採用 2 種或更多產品的平均客戶產生的毛利潤是普通 P2P 客戶的 3 倍至 4 倍。

And we believe that integrating the Afterpay App into Cash App has the opportunity to drive that commerce discovery that Jack was speaking to, to drive further consumer engagement that also benefits merchants in the form of lead generation.

我們相信，將 Afterpay 應用程序集成到 Cash 應用程序有機會推動 Jack 所說的商業發現，推動進一步的消費者參與，這也以潛在客戶的形式使商家受益。

This means that consumers will be able to browse merchants, purchase goods or services within Cash App and use Buy Now Pay Later at the checkout, allowing the consumer to pay for interest -- pre-installments directly from Cash App, again, driving that recurring engagement.

這意味著消費者將能夠在 Cash App 中瀏覽商家、購買商品或服務，並在結賬時使用 Buy Now Pay Later，從而允許消費者支付利息——再次直接從 Cash App 進行預分期付款，從而推動這種循環訂婚。

And we see this has a natural extension -- this is really represents natural extension of Cash App's current ecosystem around spending and rewards.

我們看到這有一個自然的延伸——這確實代表了 Cash App 當前圍繞支出和獎勵的生態系統的自然延伸。

Obviously, from a spending perspective, we've seen strong adoption with Cash Card at 10 million monthly actives as of March and 7 million weekly actives with spend per customer increasing over time.

顯然，從支出的角度來看，截至 3 月，現金卡的月活躍用戶數為 1000 萬，每週活躍用戶數為 700 萬，並且隨著時間的推移，每位客戶的支出都在增加。

And from a rewards perspective, Boost is currently an engagement and merchant marketing tool, and it could be used at scale as a compelling acquisition tool for Afterpay's enterprise merchants while also providing that increased utility for Cash App customers.

從獎勵的角度來看，Boost 目前是一種參與和商家營銷工具，它可以被大規模用作 Afterpay 企業商家的引人注目的獲取工具，同時也為 Cash App 客戶提供更高的效用。

So we see the potential in the integration of Afterpay into Cash App to drive greater utility for our customers and ultimately greater lifetime value and ARPU for us over time.

因此，我們看到了將 Afterpay 集成到 Cash App 中的潛力，從而為我們的客戶帶來更大的效用，並最終為我們帶來更高的生命週期價值和 ARPU。

Our next question comes from Timothy Chiodo from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

Great.

偉大的。

I want to dig in a little bit an area of synergy that you highlighted a few times in the prepared remarks and also in the letter last night, but the -- or the slides around the larger seller opportunities, so the opportunity to introduce the Square ecosystem to those larger merchants that work with Afterpay.

我想挖掘一點協同作用的領域，你在準備好的評論和昨晚的信中強調了幾次，但是 - 或圍繞更大賣家機會的幻燈片，所以有機會介紹 Square與 Afterpay 合作的大型商家的生態系統。

Maybe we could just bring that to life a little bit more, what type -- what aspects of the ecosystem might be most appealing and what that road map might look like?

也許我們可以把它更生動一點，什麼類型——生態系統的哪些方面可能最吸引人，路線圖可能是什麼樣子？

Yes.

是的。

Thanks for the question, Tim.

謝謝你的問題，蒂姆。

This is obviously an area that gets us really excited because the more we can expand the boundaries of what types of merchants and what sizes of merchants we can offer our products to, the better off our ecosystem is.

這顯然是一個讓我們非常興奮的領域，因為我們越能擴展我們可以提供產品的商家類型和商家規模的界限，我們的生態系統就越好。

So there's millions of [Seller seeds] spread around the business.

因此，有數以百萬計的 [賣家種子] 散佈在整個企業中。

Today across large to small e-commerce sites, restaurants, things pickup and delivery, we have a larger in-person presence than Afterpay has today and $60 billion of interest in volumes with $80 billion in omnichannel volumes growing quickly.

今天，在大型到小型的電子商務網站、餐館、取貨和送貨上，我們的面對面業務比現在的 Afterpay 更大，並且對 600 億美元的交易量感興趣，其中 800 億美元的全渠道交易量快速增長。

But Afterpay can provide access to a number of, as I said in my previous answer, enterprise and retail merchants with a global presence, where sellers can help move to omnichannel and expand to more in-person commerce.

但是，正如我在之前的回答中所說，Afterpay 可以提供對許多具有全球影響力的企業和零售商的訪問權限，賣家可以幫助他們轉向全渠道並擴展到更多的面對面商務。

So a big part of our thesis and strategy around our ecosystem is making sure that we have a service and feature of our products that the seller can hire.

因此，我們圍繞生態系統的論點和戰略的很大一部分是確保我們擁有賣方可以租用的產品服務和功能。

And it may be specific to them, but that allows the door to open to the rest of our ecosystem.

它可能是針對他們的，但這允許大門向我們生態系統的其他部分敞開。

And we want to make sure that all of our products and services, all of our features scale from the smallest to the very largest.

我們希望確保我們所有的產品和服務，我們所有的功能都從最小到最大。

So it doesn't matter how they come in.

所以他們如何進來並不重要。

We want to make sure that once they do come in, they see everything that -- else we have to offer and they're hiring us for multiple jobs, not just the one that they came into the system for.

我們希望確保一旦他們確實進來，他們就會看到一切——否則我們必須提供，他們正在僱用我們從事多項工作，而不僅僅是他們進入系統的工作。

So we have a similar play on the consumer side with Cash App, but this -- on the seller side, gives us a greater tool to sell to enterprise, larger global retail merchants in a way that we just haven't had in the past.

因此，我們在消費者方面使用 Cash App 進行了類似的遊戲，但在賣方方面，這為我們提供了一個更強大的工具，可以以我們過去從未有過的方式向企業、更大的全球零售商銷售.

And again, why that matters is because we can introduce them to the larger ecosystem as well.

再說一次，為什麼這很重要，因為我們也可以將它們引入更大的生態系統。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Congrats on the deal from me as well.

我也祝賀這筆交易。

Thinking about this space, there's lots of large players entering this attractive BNPL sector, PayPal, Amex and even Apple.

考慮到這個領域，有很多大公司進入了這個有吸引力的 BNPL 領域，PayPal、美國運通甚至蘋果。

So how does Afterpay/Square differentiate solution versus the competition and make sure that overall in the industry, we just don't see further competition, pushing take rate down?

那麼 Afterpay/Square 如何將解決方案與競爭對手區分開來，並確保在整個行業中，我們只是看不到進一步的競爭，從而降低了獲取率？

I can start with this.

我可以從這個開始。

I think, first and foremost, where we believe we're most differentiated is our combined ecosystem, ecosystem [charging].

我認為，首先，我們認為我們最與眾不同的是我們的綜合生態系統，生態系統 [充電]。

So we see a lot of competitors with a seller ecosystem or a consumer ecosystem, but there are very, very few with both together.

所以我們看到很多競爭對手都有賣家生態系統或消費者生態系統，但兩者兼有的卻非常非常少。

And as you look at the market, having the ability for a seller to come in for Buy Now and Pay Later but also have the entire suite of tools they need to run the rest of the business is pretty magical.

當您查看市場時，賣家能夠進入“立即購買並稍後付款”，同時還擁有運營其餘業務所需的一整套工具，這是非常神奇的。

And it's magical because it saves them a lot of time.

這很神奇，因為它為他們節省了很多時間。

They don't have to spend a lot of time connecting different vendors together.

他們不必花費大量時間將不同的供應商聯繫在一起。

They can focus entirely on just building the business.

他們可以完全專注於建立業務。

And while it seems that's important for the smaller companies, it's even more critical for the larger companies, even the enterprise global retailers as well.

雖然這對小公司來說似乎很重要，但對於大公司甚至企業全球零售商來說，它甚至更為重要。

So our model and our strategy is really focused on this fundamental principle of we have 2 ecosystems at scale serving both sides [together].

因此，我們的模型和我們的戰略真正專注於這一基本原則，即我們有兩個規模化的生態系統 [一起] 為雙方服務。

And the more we can connect them together to be seamless, the more value we can create both for the merchants, for the individuals, for the customers and also for our company as well.

我們越能將它們無縫連接在一起，我們就能為商家、個人、客戶以及我們的公司創造更多的價值。

Maybe Nick can speak to this.

也許尼克可以談談這個。

Yes, absolutely.

是的，一點沒錯。

Thanks, Jack.

謝謝，傑克。

Look, from my perspective, we've differentiated ourselves over the years by providing -- or looking at it through the lens of what value can we drive to the retailer.

看，從我的角度來看，多年來，我們通過提供或通過我們可以為零售商帶來什麼價值的角度來看待它，從而使自己與眾不同。

So naturally, our retailers see value in our core payment platform, and it delivers higher average order value, increased return rates, low -- lower return rates, increased conversion rates.

所以很自然，我們的零售商看到了我們核心支付平台的價值，它提供了更高的平均訂單價值、更高的退貨率、更低的退貨率、更高的轉化率。

But the undercurrent here of how retailers really assess us in the business performance is, can we actually drive new business to their platform?

但是，零售商如何真正評估我們的業務表現的暗流是，我們真的可以將新業務推向他們的平台嗎？

Can we act as a customer acquisition channel for the retailer and drive business to them?

我們能否充當零售商的客戶獲取渠道並為他們推動業務？

And as I mentioned before, on average, sending 1 million leads per day over the course of the last 12 months to our retailers shows that we can perform not just not just through the core payment platform, but actually add value directly.

正如我之前提到的，在過去 12 個月中，平均每天向我們的零售商發送 100 萬條潛在客戶，這表明我們不僅可以通過核心支付平台執行，還可以直接增加價值。

And there aren't a lot of payment providers that have successfully built a platform that has the ability to drive new business to retailers.

並且沒有很多支付提供商成功地建立了一個能夠為零售商帶來新業務的平台。

So when I think about what we've been able to achieve as a result of reaching 16 million annual active consumers, the ability to couple that with 70 million annual active Cash App consumers and the ecosystem that unfolds as a result of that, the value we can drive to our retailers, I believe, is demonstrably greater than the existing strong results that we've been able to perform.

因此，當我想到我們通過達到 1600 萬年活躍消費者而能夠實現的目標、將其與 7000 萬年活躍 Cash App 消費者以及由此展開的生態系統相結合的能力時，價值我相信，我們可以驅動我們的零售商顯然比我們已經能夠執行的現有強勁結果要好。

So really excited about it from that perspective on our side.

從我們這邊的角度來看，真的很興奮。

Our next question comes from Ramsey El-Assal from Barclays.

我們的下一個問題來自巴克萊的 Ramsey El-Assal。

I wanted to ask about how Afterpay kind of advances the Square international market strategy.

我想問一下 Afterpay 如何推進 Square 國際市場戰略。

Can we expect you to build out a broader presence for Square, for example, Square products and global markets where Afterpay may already be operating where maybe -- maybe where Square isn't?

我們能否期望您為 Square 建立更廣泛的影響力，例如，Square 產品和全球市場，Afterpay 可能已經在可能的地方運營——也許 Square 還沒有？

Any color around international strategy would be appreciated.

任何圍繞國際戰略的色彩將不勝感激。

Sure.

當然。

Thanks for the question, Ramsey.

謝謝你的問題，拉姆齊。

Maybe I can kick off and Nick you can add in.

也許我可以開始，尼克你可以加入。

Global expansion has been a top priority, as you know, for Cash App and Seller, and we see our geographic presence as complementary with Afterpay.

如您所知，全球擴張一直是 Cash App 和賣方的重中之重，我們認為我們的地理分佈與 Afterpay 相輔相成。

Afterpay has driven strong growth across Australia, New Zealand and, more recently, U.S. and Canada and the U.K. with recent launches as well across Europe, in Spain, France and Italy.

Afterpay 推動了澳大利亞、新西蘭以及最近在美國、加拿大和英國的強勁增長，最近還在歐洲、西班牙、法國和意大利推出。

And Afterpay has grown both its consumer and merchant presence in these markets.

Afterpay 在這些市場的消費者和商家的影響力都有所提高。

We see that, that growing global presence allows for easier entry into new markets and help us potentially expand in markets where we already exist but have a smaller presence as well as potentially those new markets.

我們看到，不斷增長的全球影響力使我們更容易進入新市場，並幫助我們潛在地在我們已經存在但影響力較小的市場以及潛在的那些新市場中擴張。

The vast majority of Cash App and seller GPV are from the U.S. today, but we're already on that pathway of growing in existing markets.

今天，絕大多數 Cash App 和賣家 GPV 都來自美國，但我們已經走上了在現有市場增長的道路上。

Sellers for markets outside the U.S. are achieving close to U.S. payback levels on investment.

美國以外市場的賣家正在實現接近美國的投資回報水平。

We're closing the product parity gap.

我們正在縮小產品平價差距。

We're seeing growth rates in those markets at 2x the U.S. And we're now launching in new markets, most recently in Ireland and with the France beta as well.

我們看到這些市場的增長率是美國的 2 倍。我們現在正在新市場推出，最近在愛爾蘭和法國測試版也是如此。

So Afterpay's footprint and expertise can further enable our expansion whether in geographies where we're both present as well as new geographies together.

因此，Afterpay 的足跡和專業知識可以進一步促進我們的擴張，無論是在我們都存在的地區還是新的地區。

And that opportunity to strengthen our combined product offering and acquire new customers together is profound when you think globally.

當您放眼全球時，加強我們的綜合產品供應並共同獲得新客戶的機會是深遠的。

And then, Amrita, if I can add, from an Afterpay perspective, we've been focused on global expansion as well.

然後，Amrita，如果我可以補充的話，從 Afterpay 的角度來看，我們也一直專注於全球擴張。

As Jack mentioned earlier, that strength from an enterprise retail perspective and the ability to go global with your global retailers has been a core focus for us.

正如傑克之前提到的，從企業零售的角度來看，這種優勢以及與您的全球零售商一起走向全球的能力一直是我們的核心關注點。

Since launching in North America just 3 years ago, we're seeing very strong growth in the region and particularly in the U.S. The U.S. now for us represents our largest consumer base from any country in FY '21.

自 3 年前在北美推出以來，我們看到該地區特別是美國的增長非常強勁。現在對我們來說，美國代表了我們在 21 財年來自任何國家/地區的最大消費者群。

And it's been our fastest-growing geo on a volume basis.

從數量上看，這是我們增長最快的地理區域。

So we want to focus more investment in the U.S., which is why we see such a strategic opportunity to join Square and the combination with Cash App and seller as I've spoken about a few times, I think, provides the 2 sides of the equation.

所以我們希望將更多的投資集中在美國，這就是為什麼我們看到加入 Square 的戰略機會以及與我已經說過幾次的 Cash App 和賣家的結合，我認為，提供了兩個方面方程。

And similarly, we recently announced the launch of Money by Afterpay, been experiencing -- sorry, we have this existing product in geos where Cash App doesn't exist today, which we can help leverage to help Cash App reach more geographies.

同樣，我們最近宣布通過 Afterpay 推出 Money，一直在體驗 - 抱歉，我們在目前不存在 Cash App 的地區擁有這個現有產品，我們可以幫助利用它來幫助 Cash App 進入更多地區。

So together, I believe there's a long-term opportunity here to explore and learn about new geographies.

因此，我相信這裡有一個長期的機會來探索和了解新的地理環境。

Our next question comes from Jason Kupferberg from Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

I wanted to follow up on the earlier question just about buy versus build, and maybe if you can talk more specifically about the pros and cons that you may have considered of entering the BNPL space by buying as opposed to building.

我想跟進前面關於購買與建造的問題，也許你可以更具體地談談你可能考慮過通過購買而不是建造進入 BNPL 領域的利弊。

I'm wondering if you actively considered the latter options, and Square obviously has a strong legacy of organic innovation.

我想知道您是否積極考慮後一種選擇，Square 顯然擁有強大的有機創新遺產。

Yes.

是的。

I mean we're always considering the options we have before us.

我的意思是我們一直在考慮擺在我們面前的選擇。

But in this particular case, it really came back to Nick and Ant and the team and how innovative they've been and how early they were in the space and how strong their ambition is and how much it complements our strategy.

但在這個特殊的案例中，它真的回到了 Nick 和 Ant 以及他們的團隊身上，他們有多麼創新，他們在這個領域有多早，他們的野心有多大，以及它在多大程度上補充了我們的戰略。

It allows us to move much faster, achieves a bunch of our goals in terms of expanding the types and sizes of merchants that we can reach.

它使我們能夠更快地行動，實現了我們在擴大我們可以接觸到的商家類型和規模方面的一系列目標。

And there was just an obvious connection into our current ecosystem that made us all even stronger.

與我們當前的生態系統有明顯的聯繫，這讓我們變得更加強大。

So I think we get a lot of wisdom, a lot of knowledge, a lot of customer understanding by going this route.

所以我認為我們通過這條路線獲得了很多智慧，很多知識，很多客戶的理解。

And that will set us up for a much stronger future where we can move much, much faster if we were to just start from scratch.

這將為我們建立一個更強大的未來，如果我們從頭開始，我們可以更快、更快地行動。

And We get 2 incredible leaders in a company to continue to build out not just Afterpay, but have opinion on the rest of our business as well and continue to raise the bar on what we're able to do.

我們在一家公司中有 2 位令人難以置信的領導者，他們不僅繼續擴大 Afterpay，而且對我們的其他業務也有意見，並繼續提高我們能夠做的事情的標準。

And Jack, maybe I can add from an Afterpay perspective.

傑克，也許我可以從 Afterpay 的角度補充一下。

We're certainly at the early days for Buy Now Pay Later being at 2% penetration of e-comm and even less of the overall credit card spend.

我們當然處於“先買後付”的早期階段，電子商務的滲透率為 2%，而信用卡總支出的比例甚至更低。

So from Ant and my perspective, the combination of our companies aligns with our long-term objectives of financial inclusion.

因此，從螞蟻和我的角度來看，我們公司的合併符合我們普惠金融的長期目標。

And as Jack just mentioned during our conversation, we've discovered an incredibly strong alignment between the leadership teams.

正如傑克剛剛在我們的談話中提到的那樣，我們發現領導團隊之間有著難以置信的強大一致性。

It's one thing to have on paper what your values, mission and vision look like.

把你的價值觀、使命和願景寫在紙上是一回事。

But the way that each of our teams live and breathe our mission of economic empowerment and financial inclusion was incredibly clear and apparent.

但是，我們每個團隊的生活方式和呼吸我們的經濟賦權和金融包容性使命的方式都非常清晰和明顯。

So yes, look, we see huge opportunity in our combined combination accelerating, our shared mission and long-term vision and growth.

所以，是的，看，我們在我們的聯合加速、我們的共同使命以及長期願景和增長中看到了巨大的機會。

And we're excited about this announcement today.

我們對今天的這一宣布感到興奮。

I think, this is really exciting for shareholders of both companies.

我認為，這對兩家公司的股東來說都非常令人興奮。

Thank you.

謝謝你。

That's the time for the questions we'll be taking today, so I'll hand back over to the management team for any closing remarks.

這就是我們今天要回答的問題的時間，所以我將把任何結束語交還給管理團隊。

Many thanks.

非常感謝。

Thank you, everyone, for joining our second quarter earnings call.

謝謝大家參加我們的第二季度財報電話會議。

And that concludes this call.

至此，本次電話會議結束。

Thank you.

謝謝你。

Thank you all for joining the call today.

感謝大家今天加入電話會議。

Have a lovely rest of your day.

度過美好的一天。

You may now disconnect your lines.

您現在可以斷開線路。