Block Inc (SQ) 2021 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Square Fourth Quarter (sic) [First Quarter] 2021 Earnings Conference Call.

女士們，先生們，美好的一天，歡迎來到第四季度（原文如此）[第一季度] 2021 年收益電話會議。

I would now like to turn the call over to your host, Jason Lee, 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 Jason Lee。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for joining our first quarter 2021 earnings call.

感謝您參加我們的 2021 年第一季度財報電話會議。

We have Jack and Amrita with us today.

今天我們有 Jack 和 Amrita。

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

在直接向您提出問題之前，我們將以一些簡短的評論開始本次電話會議。

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 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 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.

此外，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 April.

在本次電話會議中，我們將提供 4 月份的初步毛利潤增長結果。

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

這些代表了我們目前對 4 月份業績的估計，因為我們尚未結束 4 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 April results may differ from these estimates.

因此，4 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'd like to turn it over to Jack.

有了這個，我想把它交給傑克。

Thanks, Jason.

謝謝，傑森。

Thank you all for joining us.

感謝大家加入我們。

We continue to focus on helping our customers through COVID-19 as many states in the U.S. and countries we serve reopen.

隨著美國許多州和我們服務的國家/地區重新開放，我們將繼續專注於通過 COVID-19 幫助我們的客戶。

With that focus in mind, this quarter, we again participated in the Paycheck Protection Program, enabling us to facilitate more than $1.4 billion in loans to date, $531 million in the first quarter to small businesses across the U.S., the vast majority of which were sellers with less than 5 employees.

考慮到這一重點，本季度，我們再次參與了薪資保護計劃，使我們能夠為迄今為止超過 14 億美元的貸款提供便利，第一季度向美國各地的小企業提供了 5.31 億美元，其中絕大多數是員工少於 5 人的賣家。

Square Financial Services, our newly opened bank, will eventually allow us to expand access to banking services to many more small businesses.

Square Financial Services 是我們新開的銀行，最終將使我們能夠將銀行服務的使用範圍擴大到更多的小企業。

We also made government disbursements available to individuals through Cash App, enabling access to these funds up to 2 days early.

我們還通過 Cash App 向個人提供政府付款，從而可以提前 2 天獲得這些資金。

We saw customer spending across the platform on critical needs such as rent, car payments, food and utility bills.

我們看到客戶在整個平台上花費在租金、汽車支付、食品和水電費等關鍵需求上。

Now a few updates on our business before I turn to Amrita and your questions.

在我轉向 Amrita 和您的問題之前，先介紹一下我們業務的一些最新情況。

We launched Square Messages this quarter, a new feature in our Seller ecosystem that will efficiently connect sellers with their buyers through text or email.

我們在本季度推出了 Square Messages，這是我們賣家生態系統中的一項新功能，它將通過短信或電子郵件有效地將賣家與其買家聯繫起來。

Square Messages is accessible from seller's online Square dashboard and consolidates communications with buyers from Square Feedback, Square Receipts and Square Appointments in 1 place.

Square Messages 可從賣家的在線 Square 儀表板訪問，並將 Square 反饋、Square Receipts 和 Square Appointments 與買家的溝通整合到一個地方。

Now buyers can simply text or email to sellers regarding their latest purchases or upcoming appointments, and sellers can respond while keeping their attention on the business.

現在，買家可以簡單地向賣家發送短信或電子郵件，了解他們最近的購買或即將到來的約會，賣家可以在回复的同時保持對業務的關注。

Consumers and sellers have both expressed interest in being able to message each other directly, and we believe this will help deepen the relationship and ultimately grow sales.

消費者和賣家都表示有興趣直接相互發送信息，我們相信這將有助於加深關係並最終增加銷售額。

Our omnichannel efforts have enabled us to attract and retain larger sellers, too.

我們的全渠道努力也使我們能夠吸引和留住更大的賣家。

Larger sellers come to Square for the breadth of our ecosystem, including our vertical point-of-sale products.

較大的賣家來到 Square 是為了了解我們生態系統的廣度，包括我們的垂直銷售點產品。

Sellers who use Square for Restaurants or Square for Retail have adopted more than 3 of our products, on average, and generated greater than 5x to gross profit compared to the average seller in the first quarter.

使用 Square for Restaurants 或 Square for Retail 的賣家平均採用了超過 3 種我們的產品，與第一季度的平均賣家相比，產生了超過 5 倍的毛利潤。

Within Cash App this quarter, we launched bitcoin peer-to-peer functionality.

在本季度的 Cash App 中，我們推出了比特幣點對點功能。

Customers can now send bitcoin to friends and family for free within the app, which has attracted new customers to bitcoin.

客戶現在可以在應用程序內免費向朋友和家人發送比特幣，這吸引了新客戶使用比特幣。

This gives even more opportunities to build new network effects across the entire Cash ecosystem.

這為在整個 Cash 生態系統中建立新的網絡效應提供了更多機會。

We've also found purposeful opportunities to connect Seller and Cash.

我們還找到了連接賣家和現金的有目的的機會。

This quarter, we incorporated Square Loyalty in the Cash App to drive customer discovery, engagement and retention while also deepening the connection between buyers and sellers.

本季度，我們在 Cash App 中加入了 Square Loyalty，以推動客戶發現、參與和保留，同時加深買賣雙方之間的聯繫。

The integration allows for a richer customer experience with Square buyers to view and manage rewards using Cash App that enables Cash App to reach and engage tens of millions of buyers using Square Loyalty.

該集成為 Square 買家提供了更豐富的客戶體驗，以使用 Cash App 查看和管理獎勵，這使 Cash App 能夠使用 Square Loyalty 接觸並吸引數以千萬計的買家。

These sorts of integrations are only possible because we have scaled ecosystems for both sellers and individuals, and we're excited about the opportunity for future connections.

此類集成之所以成為可能，是因為我們已經為賣家和個人擴展了生態系統，並且我們對未來連接的機會感到興奮。

Lastly, we closed the transaction to acquire a majority ownership stake in TIDAL and Jay-Z has joined Square's Board of Directors.

最後，我們完成了收購 TIDAL 多數股權的交易，Jay-Z 已加入 Square 的董事會。

We believe there's a compelling intersection between music and the economy.

我們相信音樂和經濟之間存在著引人注目的交集。

Making the economy work for artists is similar to what Square has done for sellers.

讓經濟為藝術家服務類似於 Square 為賣家所做的事情。

We're going to start small and focus on the most critical needs of artists in growing their fan-bases.

我們將從小處著手，專注於藝術家在擴大粉絲群方面最關鍵的需求。

We're really enthusiastic to finally be able to start this work.

我們真的很熱心終於能夠開始這項工作。

And with that, over to Amrita.

有了這個，到Amrita。

Thanks, Jack.

謝謝，傑克。

There are 3 topics I'd like to cover today.

我今天想討論 3 個主題。

First, a look at our performance in this first quarter of 2021; second, an update on our business through April and how we're thinking about growth comparisons going forward; third, I'll look at our investment approach for the rest of 2021, given our strong start to the year.

首先，看看我們在 2021 年第一季度的表現；第二，截至 4 月份我們的業務更新以及我們如何考慮未來的增長比較；第三，鑑於我們今年的強勁開局，我將看看我們在 2021 年剩餘時間內的投資方式。

In the first quarter, our ecosystems delivered impressive growth as gross profit was $964 million, an increase of 79% year-over-year.

第一季度，我們的生態系統實現了令人矚目的增長，毛利潤為 9.64 億美元，同比增長 79%。

Net income was $39 million and adjusted EBITDA was $236 million.

淨收入為 3900 萬美元，調整後的 EBITDA 為 2.36 億美元。

Each of our Seller and Cash App ecosystems exhibited strengths in the quarter.

我們的每個賣家和現金應用生態系統在本季度都表現出優勢。

Seller generated gross profit of $468 million, an increase of 32% year-over-year.

賣方產生的毛利潤為 4.68 億美元，同比增長 32%。

We saw relatively stable gross profit growth in January and February before trends improved in March behind regional reopenings, government disbursements and lapping of the early pandemic last year.

我們在 1 月和 2 月看到了相對穩定的毛利潤增長，然後在 3 月隨著地區重新開放、政府撥款和去年早期大流行的影響而出現改善。

A few factors driving Sellers' strong performance.

推動賣方強勁表現的幾個因素。

First, we continue to make meaningful progress with mid-market sellers, which now account for 30% of our Seller GPV mix, up 4 points from a year ago.

首先，我們繼續在中端市場賣家方面取得有意義的進展，現在這些賣家占我們賣家 GPV 組合的 30%，比一年前增加了 4 個百分點。

In the first quarter, mid-market Seller GPV grew 43% year-over-year, more than twice the growth of total Seller GPV.

第一季度，中端市場賣家 GPV 同比增長 43%，是總賣家 GPV 增長的兩倍多。

We experienced a notable recovery in GPV from existing seller cohorts and GPV growth also benefited from strong acquisition of larger sellers during the pandemic.

我們從現有的賣家群體中經歷了 GPV 的顯著復甦，而 GPV 的增長也得益於大流行期間對較大賣家的強勁收購。

Second, our markets outside the U.S. delivered strong growth, with gross profit up nearly 80% year-over-year in the first quarter, and with our largest market, Australia, doubling year-over-year.

其次，我們在美國以外的市場實現了強勁增長，第一季度毛利潤同比增長近 80%，我們最大的市場澳大利亞同比增長一倍。

We see an opportunity to drive greater scale as we launch more of our software and financial services offerings globally and expand to new markets.

隨著我們在全球推出更多軟件和金融服務產品並擴展到新市場，我們看到了擴大規模的機會。

Third, volumes from our online channels remained strong with up more than 50% year-over-year even as card-present volume returned to positive growth.

第三，即使刷卡量恢復正增長，我們在線渠道的銷量依然強勁，同比增長超過 50%。

Cash App generated gross profit of $495 million, up 171% year-over-year.

Cash App 的毛利潤為 4.95 億美元，同比增長 171%。

Looking at some of the drivers.

看著一些司機。

First, we saw increased engagement across our ecosystem, with customers transacting more on each Cash App product year-over-year.

首先，我們看到整個生態系統的參與度增加，客戶在每個 Cash App 產品上的交易量逐年增加。

Monthly actives in the first quarter transacted an average of 18x per month across the ecosystem, with March reaching an all-time high for transactions per customer.

第一季度的月活躍度在整個生態系統中平均每月交易 18 倍，3 月份每位客戶的交易量達到歷史最高水平。

Cash Card is a strong example of a product that has driven engagement, both for spend on the card itself as well as in the broader ecosystem.

現金卡是推動參與度的產品的一個很好的例子，無論是在卡本身還是在更廣泛的生態系統中。

We reached more than 10 million monthly actives in March, of which 7 million transacted in a given week on average.

我們在 3 月份達到了超過 1000 萬的月活躍量，其中平均在給定的一周內進行了 700 萬次交易。

Cash Card has also been an entry point into other products on our platform as Card actives has adopted nearly twice the number of products as noncard active in the first quarter.

Cash Card 也是我們平台上其他產品的切入點，因為 Card actives 在第一季度採用的產品數量幾乎是 noncard active 產品的兩倍。

Second, we wanted to touch on the importance of inflows or the amount of money pulled into Cash App.

其次，我們想談談流入的重要性或流入 Cash App 的資金量。

We facilitate inflows in a variety of ways and they have been a primary driver of Cash App gross profit.

我們以多種方式促進資金流入，它們一直是 Cash App 毛利潤的主要驅動力。

Ultimately, inflows are correlated to consumer spending power.

最終，流入與消費者的購買力相關。

When the spending power of our customers increases, they have pulled more funds into Cash App to use across our ecosystem.

當我們客戶的消費能力增加時，他們會向 Cash App 提取更多資金，以便在我們的生態系統中使用。

We saw this in March when inflows in the Cash App increased 55% month-over-month.

我們在 3 月份看到了這一點，當時 Cash App 的流入量環比增長了 55%。

Cash App's top priority this year is strengthening its foundation, making it easier for customers to bring funds into the ecosystem.

Cash App今年的首要任務是加強其基礎，讓客戶更容易將資金帶入生態系統。

Moving to first quarter profitability.

轉向第一季度的盈利能力。

Adjusted EBITDA of $236 million was primarily driven by strong top line growth late in the quarter for both Seller and Cash App as well as the $29 million relief of existing transaction loss provisions related to our solar business in the fourth quarter of 2020 as we've seen loss rates come in more favorably than expected.

調整後的 EBITDA 為 2.36 億美元，主要是由於本季度末賣方和 Cash App 的收入強勁增長，以及 2020 年第四季度與我們的太陽能業務相關的現有交易損失準備金減免 2900 萬美元，因為我們已經看到的損失率比預期的要好。

Next, we wanted to share with you trends for both ecosystems in April.

接下來，我們想與您分享 4 月份這兩個生態系統的趨勢。

We expect gross profit for our Seller ecosystem to grow by more than 135% year-over-year and Cash App by approximately 130% year-over-year in April.

我們預計 4 月份賣家生態系統的毛利潤將同比增長 135% 以上，Cash App 同比增長約 130%。

We expect year-over-year gross profit growth rate to moderate from April through the remainder of the second quarter as growth comparisons get tougher in May and June.

由於 5 月和 6 月的增長比較變得更加艱難，我們預計從 4 月到第二季度剩餘時間的毛利潤同比增長率將放緩。

Given the variability in monthly trends on a year-over-year basis, we suggest using 2-year compound annual growth rates or CAGRs from 2019 to 2021 to better reflect underlying growth trends.

鑑於月度趨勢同比變化，我們建議使用 2019 年至 2021 年的 2 年復合年增長率或複合年增長率來更好地反映潛在的增長趨勢。

For Seller, we've seen a more consistent growth rate on a 2-year basis as Seller's gross profit CAGR was more than 25% in April, which was a slight improvement compared to the first quarter.

對於賣方，我們看到 2 年的增長率更加穩定，因為 4 月份賣方的毛利 CAGR 超過 25%，與第一季度相比略有改善。

For Cash App, the 2-year gross profit CAGR was down slightly from 142% in the first quarter to approximately 130% in April.

Cash App 的 2 年毛利 CAGR 從第一季度的 142% 小幅下降至 4 月份的約 130%。

We believe our customers had greater spending power from government funds which drove an uplift in inflows in March, and we have since seen a normalization with inflows down 16% in April compared to March.

我們認為，我們的客戶從政府資金中獲得了更大的購買力，這推動了 3 月份的資金流入增加，此後我們看到 4 月份的資金流入正常化，與 3 月份相比下降了 16%。

During these periods of elevated inflows, customers have found greater utility in our ecosystem and adopted more products, which we believe will ultimately drive more inflows into Cash App longer term.

在這些流入增加的時期，客戶在我們的生態系統中發現了更大的效用並採用了更多產品，我們相信這最終將推動更多資金流入 Cash App。

Turning lastly to where we're focusing our investments in 2021.

最後談談我們在 2021 年的投資重點。

And On the back of our strong momentum, profitability and encouraging early returns on investment, we intend on increasing our investments to grow our business during the remainder of 2021.

在我們強勁的勢頭、盈利能力和令人鼓舞的早期投資回報的支持下，我們打算在 2021 年剩餘時間內增加投資以發展我們的業務。

We now expect to invest $1 billion to $1.1 billion in non-GAAP operating expenses, excluding risk loss in 2021, which is an increase of $200 million compared with the prior range and represents growth of 50% year-over-year at the midpoint.

我們現在預計將在非 GAAP 運營費用上投資 10 億至 11 億美元，其中不包括 2021 年的風險損失，與之前的範圍相比增加了 2 億美元，中點同比增長 50%。

We intend on distributing this investment across our Seller and Cash App ecosystems as well as TIDAL, which is not included in our prior guidance.

我們打算在我們的賣家和 Cash App 生態系統以及 TIDAL 中分配這項投資，這未包含在我們之前的指導中。

In summary, with a strong start to 2021, we remain focused on disciplined investing to drive long-term growth.

總而言之，在 2021 年開局強勁的情況下，我們將繼續專注於有紀律的投資以推動長期增長。

We see meaningful opportunities to continue expanding reach of our ecosystems and reaching new customers around the world.

我們看到了有意義的機會，可以繼續擴大我們的生態系統的覆蓋範圍並接觸世界各地的新客戶。

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) And your first question is from Tien-Tsin Huang with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Tien-Tsin Huang。

Really impressive acceleration here.

這裡的加速確實令人印象深刻。

I wanted to ask if there's a way to maybe unpack that acceleration.

我想問是否有辦法解開這種加速。

I know reopenings probably played a role, stimulus probably played a role and maybe you're seeing some early returns on your stepped-up investments, Amrita, like you just mentioned there.

我知道重新開放可能發揮了作用，刺激措施可能發揮了作用，也許你會看到你的加速投資獲得了一些早期回報，Amrita，就像你剛才提到的那樣。

So is it possible to maybe unpack it that way?

那麼有可能以這種方式解壓嗎？

And I think it might help us think about the go-forward as well.

我認為這也可能有助於我們思考前進的方向。

Sure.

當然。

Thanks for the question, Tien-Tsin.

謝謝天津的提問。

Taking a step back, both ecosystems are benefiting from strong tailwinds, coming out of the pandemic between reopenings, stimulus, secular shifts and from our own stepped-up investments.

退後一步，這兩個生態系統都受益於強勁的順風，擺脫了重新開放、刺激、長期轉變之間的大流行以及我們自己加大的投資。

If you unpack it between sort of the 3 levers that you called out, the openings, government fund stimulus and our investments, you see all 3 playing out in the growth rates in Q1 and in April.

如果你在你提到的 3 個槓桿、職位空缺、政府基金刺激和我們的投資之間展開分析，你會看到所有 3 個因素都在第一季度和 4 月的增長率中發揮作用。

With reopenings, I think you can see that most clearly in the stellar retention figures that we called out, we've been really encouraged here with the improvements that we've seen in recent months.

隨著重新開放，我認為您可以在我們公佈的出色保留數據中最清楚地看到，我們在最近幾個月看到的改進在這裡受到了真正的鼓舞。

When you look at GPV retention, existing cohorts of sellers have rebounded to around pre-pandemic levels.

當您查看 GPV 保留率時，現有的賣家群體已反彈至大流行前的水平。

We're looking at that sort of 2-year retention trend to normalize for the impact of COVID, we're looking from '19 to '21.

我們正在研究這種 2 年的保留趨勢，以使 COVID 的影響正常化，我們從 19 年到 21 年。

And in March and April of this year, GPV from our existing cohorts was nearly back to their 2019 levels.

在今年 3 月和 4 月，我們現有隊列的 GPV 幾乎回到了 2019 年的水平。

Remember, this is a notable improvement from last year when the world was sort of discombobulated and our GPV retention was down about 40%.

請記住，與去年相比，這是一個顯著的進步，當時世界有點混亂，我們的 GPV 留存率下降了約 40%。

It improved to down 10% in the back half of last year, and we're now seeing back to very close to where they were in 2019, and on a gross profit basis, actually seeing positive retention for the first time since the fourth quarter of 2019.

去年下半年下降了 10%，我們現在看到非常接近 2019 年的水平，並且在毛利潤的基礎上，實際上自第四季度以來首次看到正保留2019 年。

So what we're seeing there, again, is very much due to both strength in reopenings as well as strength in the new cohorts that we're bringing on.

因此，我們在那裡看到的再次，很大程度上歸功於重新開放的實力以及我們帶來的新團隊的實力。

Our most recent cohorts from 2019 and '18 are showing better retention compared to older cohorts, we think, partly attributable to the greater mix of larger and more omnichannel sellers.

我們認為，與老一代相比，我們最近的 2019 年和 18 年的隊列顯示出更好的留存率，部分原因是更大和更多全渠道賣家的組合更大。

And in fact, to your point about investments in Q1, our newly acquired 2020 cohorts continue to show strong gross profit contributions, pacing ahead of prior cohorts on a dollar basis, contributing the most gross profit of -- among any annual cohort in Q1.

事實上，就您在第一季度的投資而言，我們新收購的 2020 年同類產品繼續顯示出強勁的毛利潤貢獻，以美元計算領先於之前的同類產品，在第一季度的任何年度同類產品中貢獻了最多的毛利潤。

We think that's a strong early indicator for healthy retention in this cohort.

我們認為這是一個強有力的早期指標，表明該隊列中的健康保留。

From a stimulus perspective, you can certainly see that play out with respect to the inflows dynamic that we talked about in Cash App, where we saw 55% inflows step up month-over-month from February to March.

從刺激的角度來看，你當然可以看到我們在 Cash App 中談到的流入動態，從 2 月到 3 月，我們看到 55% 的流入量逐月增加。

With a smaller step-down in April, 16% step-down, still at an elevated level but beginning to normalize as we see those stimulus funds run through our customers' accounts.

4 月份降幅較小，降幅為 16%，仍處於較高水平，但隨著我們看到這些刺激資金流經客戶賬戶，開始正常化。

And then from an investment perspective, again, some of the investments that we've made into our business, we see playing out now in Q1, where in our Seller business, our new cohort of customers in Q1 saw strong growth on a year-over-year basis, trending to the similar payback we've seen historically in last year around 5 quarters.

然後從投資的角度來看，我們對我們的業務進行的一些投資，我們現在看到在第一季度發揮作用，在我們的賣家業務中，我們在第一季度的新客戶群在一年內實現了強勁增長-與去年同期相比，趨向於我們在去年 5 個季度左右的歷史上看到的類似回報。

And with Cash App, the investments that we're making here are a combination of bringing customers in as well as engaging our current customers.

借助 Cash App，我們在這裡所做的投資既是吸引客戶，也是吸引我們現有客戶。

And those engagement trends, as we called out earlier, are very strong within the Cash App ecosystem, our strongest level of transactions per month at 18x per customer in the quarter, up 40% on a per customer basis, is really an indication of the investments that we make to make our customers aware of the broader product ecosystem.

正如我們之前所說，這些參與趨勢在 Cash App 生態系統中非常強勁，我們在本季度每個客戶每月的最高交易量為 18 倍，每位客戶增長 40%，這確實表明我們為使客戶了解更廣泛的產品生態系統而進行的投資。

And it's because of these early returns that we want to continue to lean in on the investments throughout the remainder of the year.

正是由於這些早期回報，我們希望在今年剩餘時間內繼續依靠投資。

Our next question is from Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson。

So this quarter, you highlighted the integration of Square Loyalty into Cash App, which is one of the first explicit connections between the 2 ecosystems, I think, you've made.

因此，本季度，您強調了 Square Loyalty 與 Cash App 的集成，我認為這是您已經建立的兩個生態系統之間的第一個明確聯繫之一。

Can you just talk a bit about what other types of integration you're looking at making between the 2 ecosystems and sort of how you're thinking about the goals there, meaning focused on user growth, engagement growth, more monetization, improving underlying funding mix?

您能否談談您正在考慮在兩個生態系統之間進行哪些其他類型的集成，以及您如何考慮那裡的目標，這意味著專注於用戶增長、參與度增長、更多貨幣化、改善基礎資金混合？

Any additional color there would be helpful.

那裡的任何其他顏色都會有所幫助。

Yes.

是的。

Thanks for the question.

謝謝你的問題。

So we think one of our superpowers is the fact that not only do we have an ecosystem on the Seller side that serves multiple verticals at once but we also have the buyer side in Cash App.

因此，我們認為我們的超級大國之一是，我們不僅在賣方方面擁有一個同時服務於多個垂直領域的生態系統，而且我們在 Cash App 中也擁有買方方面。

And our goal over time is to realize more of these connections.

隨著時間的推移，我們的目標是實現更多這些聯繫。

There's a lot of connections that you probably don't hear of, which are all internal.

有很多你可能沒有聽說過的聯繫，它們都是內部的。

So everything that we build on the seller side, we can utilize internally on the Cash App side and vice versa.

因此，我們在賣方方面構建的所有東西，我們都可以在 Cash App 方面內部使用，反之亦然。

And that's allowed us to move much faster with both ecosystems because fundamentally, we have shared infrastructure.

這使我們能夠在兩個生態系統中更快地移動，因為從根本上說，我們擁有共享的基礎設施。

So we have the external side, and we also have the external customer-facing connections, loyalty -- Square Loyalty and Cash App is a great example of that.

所以我們有外部方面，我們也有外部面向客戶的聯繫、忠誠度——Square Loyalty 和 Cash App 就是一個很好的例子。

We -- as you look at our ecosystem, as you look at how Cash Card is used, as you look at Boost, you can imagine many other connections around that.

我們 - 當您查看我們的生態系統時，當您查看現金卡的使用方式時，當您查看 Boost 時，您可以想像圍繞它的許多其他聯繫。

We think Square Loyalty and Cash App is a really big one because we have so many customers visiting Square Sellers, utilizing the loyalty programs and then integrating them into the Cash App and making sure that people understand that we have Cash App to offer.

我們認為 Square Loyalty and Cash App 是一個非常大的應用程序，因為我們有很多客戶訪問 Square Sellers，利用忠誠度計劃，然後將它們集成到 Cash App 中，並確保人們了解我們可以提供 Cash App。

This allows us to build on those network effects that we develop in Cash App itself.

這使我們能夠建立在我們在 Cash App 本身中開發的那些網絡效應的基礎上。

So ultimately, we're looking for the right connections that make sense from a customer perspective.

所以最終，我們正在尋找從客戶角度來看有意義的正確連接。

And as we see more and more Cash Card uses at Square Sellers and we want to drive more, we have a lot of that control.

隨著我們看到 Square Sellers 越來越多地使用現金卡並且我們想要推動更多，我們有很多控制權。

And just have to make decisions around it as we learn what's best and what's most critical.

當我們了解什麼是最好的，什麼是最關鍵的時，我們只需要圍繞它做出決定。

So we're going to continue to look for opportunities here.

因此，我們將繼續在這裡尋找機會。

There's a ton.

有一噸。

And as we add a new ecosystem in TIDAL, you can imagine even more connections between all 3 ecosystems because what makes that acquisition so compelling for us.

隨著我們在 TIDAL 中添加新的生態系統，您可以想像所有 3 個生態系統之間的更多聯繫，因為是什麼讓這次收購對我們如此有吸引力。

So this is a big part of our thesis around building these ecosystems in the first place.

因此，這是我們首先圍繞構建這些生態系統的論文的重要組成部分。

We'd be good with just 1 but having multiple that can actually interconnect all under the same purpose is quite powerful and I think very, very unique.

我們最好只使用 1 個，但是擁有多個實際上可以在同一目的下互連所有的功能非常強大，我認為非常非常獨特。

Our next question is from Kamala Allison, owner of Fybr Bamboo.

我們的下一個問題來自 Fybr Bamboo 的所有者 Kamala Allison。

I'm Kamala Allison, owner of Fybr in Santa Cruz, California.

我是加利福尼亞州聖克魯斯 Fybr 的所有者卡馬拉·艾莉森。

We use a number of Square products to help run our brick-and-mortar and online shops.

我們使用許多 Square 產品來幫助運營我們的實體店和在線商店。

And my question is, as a small mom-and-pop retailer, my business has benefited greatly from a variety of Square solutions, including Square Register and Square Online.

我的問題是，作為一家小型夫妻零售商，我的業務從各種 Square 解決方案中受益匪淺，包括 Square Register 和 Square Online。

And as Square continues to position itself as a champion for small businesses, I'm wondering what the company's vision is for helping businesses like mine move up market and compete against larger retailers.

隨著 Square 繼續將自己定位為小型企業的擁護者，我想知道該公司的願景是如何幫助像我這樣的企業提升市場並與大型零售商競爭。

Yes.

是的。

Great question, and thank you for trusting us and using us.

很好的問題，感謝您信任我們並使用我們。

I guess this is exactly the reason we started.

我想這正是我們開始的原因。

We found so many small sellers, micro-sellers, people who are considering opening a business in the first place.

我們發現了很多小賣家、微型賣家，以及一開始就考慮開店的人。

What they lacked were simple tools.

他們缺乏的是簡單的工具。

We started with the simplest tool, is just enabling people to accept credit cards in the first place, which 12 years ago was not easy as a small business.

我們從最簡單的工具開始，首先讓人們接受信用卡，這在 12 年前作為一家小企業並不容易。

And as payments with more and more deposits, it became really critical not just to accept credit cards but actually to not miss a sale.

隨著存款越來越多，不僅接受信用卡而且實際上不錯過銷售變得非常重要。

So our goal here is to build a system that scales with the business.

因此，我們的目標是建立一個可以隨業務擴展的系統。

We don't want to be upper bounds on your business.

我們不想成為您業務的上限。

And I think one of the proof points in this is we do have larger sellers.

我認為其中一個證據是我們確實有更大的賣家。

We do have larger retailers using Square.

我們確實有較大的零售商使用 Square。

And a lot of those have actually grown with us.

其中很多實際上是和我們一起成長的。

They didn't start large.

他們一開始並不大。

They've grown as they've used us and as we've learned from them on how to make the tools better.

隨著他們使用我們以及我們從他們那裡學到如何使工具變得更好，他們也在成長。

So there's everything that we do in our tools is meant to scale to whatever your ambition is.

因此，我們在工具中所做的一切都是為了適應您的雄心壯志。

And some, it's smaller, some might be much larger multi-location, multi-country, we can handle all of that.

有些更小，有些可能更大，多地點、多國家，我們可以處理所有這些。

Square Capital is a big part of this.

Square Capital 是其中的重要組成部分。

We look deeply at what a small business needs, and we didn't give them too much and certainly didn't give them less than what they needed and doing a transparent and fair way was really important and making it easier, especially during last year when PPP came out.

我們深入研究小企業的需求，我們沒有給他們太多，當然也沒有給他們比他們需要的少，做一個透明和公平的方式真的很重要，讓事情變得更容易，尤其是在去年PPP出來的時候。

We have more than 80,000 sellers access $1.4 billion in PPP funding.

我們有超過 80,000 名賣家獲得 14 億美元的 PPP 資金。

So every tool we make is designed in order to help a Seller make more sales and compete on a level playing field.

因此，我們製作的每一個工具都是為了幫助賣家實現更多銷售並在公平競爭環境中競爭而設計的。

And wherever you feel we're missing or we have a gap, please let us know and we'll move to fix it very fast.

無論您覺得我們缺少什麼或存在差距，請告訴我們，我們會盡快修復。

But we're definitely here for businesses like yours and helping you grow if that's your ambition.

但我們絕對是為像您這樣的企業服務的，如果這是您的雄心壯志，我們會幫助您成長。

Awesome.

驚人的。

Well, I appreciate everything you're doing.

好吧，我很欣賞你所做的一切。

And your next question is from Darrin Peller with Wolfe Research.

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

Great job through all this.

通過這一切做得很好。

But if we just look into the Seller growth, especially as we pretty much have this growth from Cash App being a big driver of last year, it looks like Seller just on easier comps.

但是，如果我們只研究賣方的增長，特別是因為我們幾乎從 Cash App 成為去年的主要推動力而獲得了這種增長，看起來賣方只是在更輕鬆的競爭中。

But more importantly, the underlying growth trends we're seeing in some of your newer or more growthier areas picking up steam like international.

但更重要的是，我們在一些較新或更具增長性的領域中看到的潛在增長趨勢正在像國際那樣加速發展。

And then when we look even beyond international at e-comm and omni and what that could be for you guys going forward beyond pandemic, can you just touch on the trends you're seeing in both those areas, and then how those play into the growth profile of this business, maybe even later this year and into next year and beyond?

然後，當我們甚至超越國際電子商務和全能，以及在大流行之後對你們來說可能是什麼時，您能否談談您在這兩個領域看到的趨勢，然後這些趨勢如何發揮作用？該業務的增長情況，甚至可能在今年晚些時候和明年及以後？

Darrin, thanks for the question.

達林，謝謝你的問題。

So I'll lead off here with a couple of key points that can help orient you on how we're doing and what we're seeing so far and some of the key drivers of growth that you called out between international, omnichannel and e-commerce and growth with some of the mid-market sellers where we're seeing real traction.

因此，我將在這里首先介紹幾個關鍵點，這些要點可以幫助您了解我們的工作方式以及到目前為止我們所看到的，以及您在國際、全渠道和電子商務之間提出的一些關鍵增長驅動力- 與一些中端市場賣家的商業和增長，我們看到了真正的吸引力。

With international, some of what we're seeing, particularly in the past few months and through the first quarter, is really encouraging.

對於國際，我們所看到的一些情況，特別是在過去幾個月和第一季度，確實令人鼓舞。

And that's coming on the back of closing the product parity gap that we've had between those international markets and the U.S. And what that's leading to now is outsized growth with gross profit in the first quarter up nearly 80% year-over-year, now about 8% in Seller gross profit in total.

這是在縮小我們在這些國際市場和美國之間的產品平價差距的背景下實現的，這導致現在第一季度毛利潤同比增長近 80% 的超大增長，現在賣方毛利潤總額約為 8%。

Even with the pace of periodic lockdowns in certain markets in Q1, that growth was driven by continued mix of the acquisition of mid-market sellers as well as broader recovery in in-person activity towards the end of the quarter with reopenings, and we've seen that continue into April.

即使在第一季度某些市場出現定期封鎖的步伐，這種增長是由收購中型市場賣家的持續組合以及在本季度末隨著重新開放而廣泛復甦的面對面活動推動的，我們已經看到這種情況持續到四月。

And again, some of the key markets that we see there between Australia and U.K., in particular, where we've seen really strong growth as well as stepped-up investments.

再說一次，我們在澳大利亞和英國之間看到的一些關鍵市場，特別是我們看到了真正強勁的增長以及加大的投資。

And we're now seeing the investments that we make in go-to-market in these international markets trending relatively in line with the payback, the very efficient payback that we see in the U.S. now.

我們現在看到，我們在這些國際市場的上市投資趨勢與回報相對一致，這是我們現在在美國看到的非常有效的回報。

I think a lot of that again comes back to having a greater product set and greater product parity in the international markets now more than ever, and we'll continue to scale those across software, the financial services offerings and our sales and marketing spend.

我認為其中很多又回到了現在比以往任何時候都更能在國際市場上擁有更豐富的產品組合和更高的產品平價，我們將繼續在軟件、金融服務產品以及我們的銷售和營銷支出方面擴大這些規模。

That's why we want to lean in.

這就是為什麼我們要傾斜。

From an omnichannel perspective as well, we've continued to see growth even with the return to positive growth on card-present volumes in the first quarter.

同樣從全渠道的角度來看，即使第一季度的持卡量恢復正增長，我們也繼續看到增長。

We continue to see these omnichannel volumes, the online volumes and card-not-present with online volume growth at over 50% again in the first quarter, consistent with the average growth over the past couple of years.

我們繼續看到這些全渠道交易量、在線交易量和無卡交易量，第一季度在線交易量增長再次超過 50%，與過去幾年的平均增長率一致。

We see the increased importance here of our ability to address -- enable our sellers to address their buyers through multiple channels.

我們在這裡看到了我們解決問題的能力越來越重要——使我們的賣家能夠通過多種渠道與他們的買家聯繫。

And then from a mid-market perspective, we're also continuing to see this traction that we think will continue to be a source of growth for us.

然後從中端市場的角度來看，我們也繼續看到這種牽引力，我們認為這種牽引力將繼續成為我們增長的源泉。

In this quarter, the growth from that 30% of our Seller GPV that comes from mid-market, those sellers were growing at more than 2x the rate of the overall Seller business.

在本季度，我們的賣家 GPV 的 30% 來自中端市場，這些賣家的增長速度是整個賣家業務的 2 倍以上。

They grew 43% in the first quarter.

他們在第一季度增長了 43%。

And that's why we want to continue to lean in across the investments we're making in product, where that's where you see the vertical software and the developer platform really address the more complex needs that larger sellers have as well as the investments we're making in marketing and sales.

這就是為什麼我們希望繼續在我們對產品進行的投資中傾斜，在那裡你可以看到垂直軟件和開發者平台真正解決了更大的賣家的更複雜的需求以及我們的投資從事營銷和銷售。

Intention is to double the sales team this year to increase our outbound outreach to reach even more larger sellers and to continue our investments in marketing across awareness marketing and product-specific campaigns that we know are targeted to larger sellers.

今年的目標是使銷售團隊增加一倍，以增加我們的外展服務，以接觸更多更大的賣家，並繼續我們在營銷方面的投資，包括我們知道的針對大型賣家的意識營銷和產品特定活動。

That's really helpful.

這真的很有幫助。

Just good to see the runway you guys have.

很高興看到你們的跑道。

Thanks, Darrin.

謝謝，達林。

Our next question is from Timothy Chiodo with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

I'd like to dig into the Cash App inflows topic.

我想深入研究 Cash App 流入主題。

You were talking about that a little bit during the prepared remarks.

在準備好的發言中，你談到了一點。

Specifically payroll direct deposit, clearly one of the more important drivers there.

特別是工資單直接存款，顯然是那裡更重要的驅動因素之一。

Maybe you could talk about some of the tactics you've been taking to increase that penetration.

也許你可以談談你為提高滲透率而採取的一些策略。

But of course, it goes beyond that.

但當然，它不止於此。

There are many other ways to drive inflows, whether it be debit cards, bank transfer, peer-to-peer trading, Maybe you could talk a little bit about those as well and how they're helping to drive those inflows.

還有很多其他方式可以推動資金流入，無論是藉記卡、銀行轉賬、點對點交易，也許你也可以談談這些以及它們如何幫助推動這些資金流入。

Yes.

是的。

I'll kick us off.

我會踢我們的。

So direct deposit remains a top priority for the Cash App team this year, and we've seen pretty meaningful traction in deposits during tax refund season.

因此，直接存款仍然是今年 Cash App 團隊的重中之重，我們已經看到在退稅季節存款的吸引力相當大。

So a lot of our work recently has been making direct deposit much more visible and the experience more frictionless as we work on it so we can help with those inflows.

因此，我們最近的許多工作都在使直接存款更加明顯，並且在我們工作時體驗更加順暢，因此我們可以幫助這些資金流入。

One of our top priorities in 2021 is making sure our foundation can serve all the use cases in the ecosystem.

我們在 2021 年的首要任務之一是確保我們的基金會能夠服務於生態系統中的所有用例。

So we're investing a lot in the infrastructure, automation support, compliance to allow greater funds into our ecosystem.

因此，我們在基礎設施、自動化支持、合規性方面進行了大量投資，以允許更多資金進入我們的生態系統。

This is a really big 1 and allowing customers put their money into Cash App in new ways.

這是一個非常大的 1，允許客戶以新的方式將錢存入 Cash App。

Several funding methods which Cash App doesn't offer to customers today, and we're going to continue to evaluate.

Cash App 今天不向客戶提供的幾種融資方式，我們將繼續評估。

Credit Karma was also a big mix in this as we get to focus on those inflows from a tax perspective as well.

Credit Karma 也是其中的一個重要組合，因為我們也從稅收的角度關注這些流入。

And let me just add a couple of...

讓我添加幾個...

That makes a lot of sense on the Credit Karma point.

這在 Credit Karma 點上很有意義。

A quick follow-up which is very related to this.

與此非常相關的快速跟進。

Given the strengthening...

鑑於加強...

Our next question is from Pete Christiansen from Citi.

我們的下一個問題來自花旗銀行的 Pete Christiansen。

Nice acceleration.

不錯的加速。

Jack, I'm hoping we could dig a little bit more into Square's investment rationale for acquiring TIDAL.

傑克，我希望我們能更深入地了解 Square 收購 TIDAL 的投資理由。

How should investors think about, I guess, synergy realization with the brand?

我猜投資者應該如何思考與品牌的協同效應？

And how do you envision what the early integration efforts might look like with Square's existing ecosystems?

您如何看待 Square 現有生態系統的早期整合工作？

Yes.

是的。

Great question.

好問題。

And I know a bunch of you out there had questions around this.

我知道你們中有很多人對此有疑問。

We're super excited about this work because we get to broaden how we build our tools for an entirely new set of audience, and that set is artists and musicians.

我們對這項工作感到非常興奮，因為我們可以拓寬為全新的觀眾群構建工具的方式，而這群人就是藝術家和音樂家。

If you look at the space, obviously, there's a ton of competition in streaming but there's not a really great effort around artist tools.

如果你看看這個空間，很明顯，在流媒體上有大量的競爭，但在藝術家工具方面並沒有付出很大的努力。

Hence what -- the thesis we had going into this deal was that we want to make sure that like everything that we learn from helping a Seller with very simple tools in order to participate in the economy, we can bring to an artist because we saw a ton of parallels between what a new emerging artist has to go through, the long tail of artists and what a small business has to go through.

因此，我們在這筆交易中的論點是，我們希望確保就像我們從使用非常簡單的工具幫助賣家以參與經濟中學到的一切一樣，我們可以帶給藝術家，因為我們看到了新興藝術家必須經歷的事情、藝術家的長尾以及小企業必須經歷的事情之間存在大量相似之處。

They're very similar.

它們非常相似。

And we're going to start with the most critical needs, and we have a good 100-day road map and you all should be seeing some updates within those 100 days.

我們將從最關鍵的需求開始，我們有一個很好的 100 天路線圖，你們都應該在這 100 天內看到一些更新。

We're going to focus on those simple critical artist tools in a way that we know how and really provide a platform for artists to turn to first when they want to release their work.

我們將專注於那些簡單的批評藝術家工具，我們知道如何並真正為藝術家提供一個平台，讓他們在想要發布他們的作品時首先轉向。

And we are focused on the more emergent.

我們專注於更新興的事物。

We are focused on the more long tail because that is the pattern and the flow that has worked for us with the Seller base.

我們專注於更長的尾巴，因為這是對我們與賣方基礎一起工作的模式和流程。

But as you see in our business, we have handled some of the largest sellers in the world, and we expect to be able to provide the same sort of tools and experiences for the largest artists in the world as well.

但正如您在我們的業務中看到的那樣，我們已經處理了一些世界上最大的賣家，我們也希望能夠為世界上最大的藝術家提供同樣的工具和體驗。

And fortunately, we have some of the largest artists in the world within this deal and also on our Board, who have been through the entire industry, understands what an artist needs, understand what the new emergent artists needs and how to really build a service that they love and really is giving back to them and to their career.

幸運的是，我們在這筆交易中擁有一些世界上最大的藝術家以及我們的董事會成員，他們已經遍及整個行業，了解藝術家的需求，了解新興藝術家的需求以及如何真正建立服務他們熱愛並真正回饋他們和他們的事業。

So that was the thesis behind the deal.

這就是這筆交易背後的論點。

We're going to move super fast and we're really excited about doing the work.

我們將以超快的速度前進，我們對這項工作感到非常興奮。

And I imagine with some of the releases that we will be putting out over the next year, that you will see the same parallels that we see.

我想隨著我們將在明年發布的一些版本，你會看到與我們看到的相同的相似之處。

And we have a question from Timothy Chiodo with Crédit Suisse.

我們有一個來自瑞士信貸的 Timothy Chiodo 的問題。

Yes, I was just -- it was the quick follow-up there.

是的，我只是 - 這是那裡的快速跟進。

So Jack, you were mentioning about the progress in payroll direct deposit and all the many other ways to have inflows come into the Cash App ecosystem.

所以傑克，你提到了工資單直接存款的進展以及所有其他流入現金應用生態系統的方式。

The brief follow-up was just that, is it fair to assume that, given all of the strength in those inflows that the Cash App marketing spend for this year could be a little bit more heavily skewed towards discretionary or what we call offensive customer acquisition spend relative to the nondiscretionary peer-to-peer funding and some of the other portions of the cost?

簡短的後續行動就是這樣，是否可以公平地假設，鑑於今年 Cash App 營銷支出的所有資金流入可能會更加偏向於可自由支配或我們所說的進攻性客戶獲取相對於非自由裁量點對點資金和其他一些成本部分的支出？

Tim, just to pick up on your question since I know it kind of got cut off before, I wanted to also lean in on your prior question, which was around direct deposit and putting that in context of inflows.

蒂姆，只是為了回答你的問題，因為我知道它以前被切斷了，我也想談談你之前的問題，這是關於直接存款並將其放在流入的背景下。

With direct deposit, we've seen encouraging recent progress, as Jack was speaking through, with March being our highest number of overall direct deposit actives and our first-time actives with growth driven by government fund inflows, paycheck deposits and tax refunds.

正如傑克所說，在直接存款方面，我們看到了令人鼓舞的近期進展，3 月份是我們整體直接存款活躍數量最多的，也是我們首次活躍的活動，增長受到政府資金流入、薪水存款和退稅的推動。

Although we do believe that they're still very early in this ramp, and we've clearly benefited from government disbursements in the month of March.

儘管我們確實相信他們仍處於這一階段的早期階段，而且我們顯然已從 3 月份的政府撥款中受益。

We -- as you noted, it does give us an opportunity as we see these higher inflows, whether they're from direct deposit customers or from other inflow sources, which by the way, were much higher, 6x higher than direct deposit sources in the month of March.

我們 - 正如你所指出的，它確實給了我們一個機會，因為我們看到這些更高的流入，無論是來自直接存款客戶還是來自其他流入來源，順便說一下，這些流入要高得多，比直接存款來源高 6 倍三月。

As we see those elevated levels of inflows and as we see more engaged customers, we generally see higher product adoption, engagement and lifetime value.

當我們看到更高的流入水平以及更多參與的客戶時，我們通常會看到更高的產品採用率、參與度和生命週期價值。

And that then unlocks the opportunity for us to invest in the business in more deliberate ways, to the second part of your question.

對於您問題的第二部分，這為我們以更深思熟慮的方式投資於業務提供了機會。

And so we do see an opportunity here to continue to lean in to the growth and step up that we see in the Cash App business overall.

因此，我們確實看到了一個機會，可以繼續依靠我們在 Cash App 業務中看到的整體增長和提升。

But I do want to just make sure that we clarify on inflows that there multiple ways to inflow money into Cash App, right?

但我確實想確保我們澄清流入有多種方法可以將資金流入 Cash App，對嗎？

You have peer-to-peer transfer, you have cash from your bank account added automatically or onetime at a time or through direct deposit.

您有點對點轉賬，您的銀行帳戶中的現金會自動添加或一次添加或通過直接存款添加。

And it's through the broader growth of inflows that we see an opportunity to continue to invest and see higher ARPUs over time.

正是通過更廣泛的流入增長，我們看到了繼續投資的機會，並隨著時間的推移看到更高的 ARPU。

And our next question is from Harshita Rawat with Bernstein.

我們的下一個問題來自 Harshita Rawat 和 Bernstein。

I want to ask about crypto.

我想問一下加密貨幣。

You've been involved in bitcoin from very early on.

你很早就參與了比特幣。

We are now seeing -- they are suggesting a majority of millennials and now interested in crypto significantly more versus a year ago.

我們現在看到 - 他們暗示大多數千禧一代現在對加密貨幣的興趣比一年前要大得多。

Are you looking to expand into crypto beyond bitcoin buy and sell?

您是否希望擴展到比特幣買賣之外的加密貨幣？

And on a somewhat related note, what do you also think about CBDC's and Square's potential goal to play there?

另外，您對 CBDC 和 Square 的潛在目標有何看法？

Yes.

是的。

So just a reminder on some context on why bitcoin and why we believe this is the right path for us.

所以只是在一些背景下提醒一下為什麼比特幣以及為什麼我們認為這對我們來說是正確的道路。

We see bitcoin as the Internet's potential to have a native currency.

我們將比特幣視為互聯網擁有本國貨幣的潛力。

And we want to further that as much as we can.

我們希望盡可能地推動這一點。

And a lot of our work really lines up to that.

我們的很多工作都符合這一點。

We started with buying and selling of bitcoin in Cash App, but what we've done since, including open source development via Square Crypto, COPA, which is open source foundation for crypto patents to protect the community.

我們從在 Cash App 中買賣比特幣開始，但此後我們所做的工作包括通過 Square Crypto、COPA 進行開源開發，COPA 是加密專利的開源基金會，以保護社區。

And a lot of our related work around government lobbying as well CTI is all around making sure that the Internet can realize a native currency because it is so fundamental to businesses on the Internet and so fundamental to our business generally.

我們圍繞政府遊說以及 CTI 開展的許多相關工作都是圍繞確保互聯網能夠實現本地貨幣，因為它對互聯網上的企業非常重要，對我們的業務也非常重要。

So our focus, first and foremost, is on enabling, and this is going to be a long-term focus, on enabling bitcoin to be net currency.

因此，我們首先關注的是使比特幣成為淨貨幣，這將是一個長期的關注點。

It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world.

它為我們的業務消除了一堆摩擦，我們完全相信它會為世界各地的經濟賦權創造更多機會。

And you should see more of activity from us over the year towards this goal.

您應該會看到我們在這一年中為實現這一目標而開展的更多活動。

So we do think that Bitcoin is the important one to focus on, and it's what we are focused on.

因此，我們確實認為比特幣是值得關注的重要內容，也是我們關注的重點。

And I would add, Harshita, when you look at some of the product innovations that we have for our Cash App customers with respect to bitcoin, there are things that we can uniquely do that we think really differentiates for us.

我要補充一點，Harshita，當您查看我們為 Cash App 客戶提供的與比特幣相關的一些產品創新時，我們可以獨特地做一些我們認為真正與眾不同的事情。

It's the intersection of multiple products with each other.

它是多個產品的交集。

Whether it was the bitcoin boost that you saw last quarter or it's now peer-to-peer bitcoin, where you have the ability to -- friends can send each other bitcoin all through Cash App very seamlessly.

無論是你上個季度看到的比特幣提振，還是現在的點對點比特幣，你有能力——朋友們可以通過 Cash App 非常無縫地互相發送比特幣。

These are things that Cash App can uniquely do to serve our customers.

這些是 Cash App 可以獨特地為我們的客戶服務的事情。

And we think that's part of the reason that we've been able to drive awareness more broadly with bitcoin with our strongest acquisition of new bitcoin actives in the first quarter and growth in volumes per customer, which we also saw in the first quarter.

我們認為這是我們能夠通過第一季度最強勁的新比特幣活躍收購和每位客戶的交易量增長來更廣泛地提高比特幣知名度的部分原因，我們在第一季度也看到了這一點。

Those are the compounding benefits that get us to the growth that we've seen here now with $75 million in gross profit in the first quarter, up 11x year-over-year.

這些複合收益使我們實現了我們現在在這裡看到的增長，第一季度毛利潤為 7500 萬美元，同比增長 11 倍。

Your next question is from Ramsey El-Assal with Barclays.

您的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to follow up on TIDAL.

我想跟進 TIDAL。

So understanding and appreciating that the tools for artists that you're working on, can you comment on plans or thinking around using TIDAL to drive engagement for consumer users of the Cash App things like exclusive content or integration into Cash App.

因此，了解並欣賞您正在開發的藝術家工具，您能否評論計劃或考慮使用 TIDAL 來推動 Cash App 的消費者用戶的參與度，例如獨家內容或集成到 Cash App 中。

And I guess just kind of a bolt-on is what's your view on acquiring or developing other nonfinancial services assets to kind of deepen the consumer relationship?

而且我想只是一種補充，您對收購或開發其他非金融服務資產以加深消費者關係有何看法？

Is this just the first step in a new direction or is this kind of a one-off?

這只是朝著新方向邁出的第一步，還是一次性的？

Yes.

是的。

So I forgot to mention in my answer just the -- another big reason we looked at TIDAL in the first place is because we see such an intersection between our customer base in Cash App and general culture and music and what we find in TIDAL, obviously.

所以我忘了在我的回答中提到——我們首先關注 TIDAL 的另一個重要原因是因為我們看到 Cash App 的客戶群與一般文化和音樂以及我們在 TIDAL 中發現的東西之間存在這樣的交叉點，顯然.

So we think there's a ton of connection points between Cash App and TIDAL.

所以我們認為 Cash App 和 TIDAL 之間有很多連接點。

We're super excited to explore those.

我們非常興奮地探索這些。

Hopefully, you'll see some of those manifest this year.

希望今年你會看到其中的一些體現。

We think -- we do believe that we have an opportunity here to drive engagement around a lot of tools that you might find in our Seller base and a lot of experience you would find in Cash App.

我們認為 - 我們確實相信，我們有機會圍繞您可能在我們的賣家群中找到的許多工具以及您在 Cash App 中找到的大量經驗來推動參與。

And you can imagine some of the more obvious ones that you see artists currently struggling with, but we can make it very, very easy.

你可以想像一些你看到藝術家目前正在努力解決的更明顯的問題，但我們可以讓它變得非常非常容易。

It's not just about streaming revenue.

這不僅僅是關於流媒體收入。

There's a lot to the broader ecosystem where artists get paid, inclusive of merchandise and ticketing and all these other things.

藝術家獲得報酬的更廣泛的生態系統有很多，包括商品和票務以及所有其他東西。

So there's a lot of potential.

所以潛力很大。

We just want to make sure that we're doing the most critical things first, and we want to make sure that we're known as the place for artists to create, first and foremost, and then really pair that with new incredible listening experience and fan experience to bring the fans closer, and Cash App is in an incredible way for us to do that because of the surface area.

我們只是想確保我們首先做最關鍵的事情，我們想確保我們首先被稱為藝術家創作的地方，然後真正將其與新的令人難以置信的聆聽體驗相結合和粉絲體驗拉近了粉絲的距離，而 Cash App 以一種令人難以置信的方式讓我們做到這一點，因為它的表面積。

And just the people that we're serving with the Cash App.

只有我們使用 Cash App 服務的人。

So it made sense on so many dimensions to us internally.

所以它在很多方面對我們內部來說都是有意義的。

And we're excited to show off these connections as we go forward this year.

我們很高興在今年前進的過程中展示這些聯繫。

And our next question is from Josh Beck with KBCM.

我們的下一個問題來自 KBCM 的 Josh Beck。

I wanted to ask about the Seller business.

我想問一下賣家業務。

It seems like Square for Restaurants and Square for Retail maybe is inflecting.

似乎餐廳廣場和零售廣場可能正在發生變化。

I know that about half of the new Sellers are adopting those products or half of them are new to Square.

我知道大約一半的新賣家正在採用這些產品，或者其中一半是 Square 的新手。

So are you seeing maybe like an accelerated displacement of legacy systems?

那麼您是否看到了遺留系統的加速替代？

Do you feel like you're perhaps getting better awareness for new business formation?

您是否覺得您可能對新業務的形成有了更好的認識？

Maybe just help us unpack a little bit the momentum that you seem to be having there.

也許只是幫助我們解開你似乎在那裡擁有的動力。

I think it's a bit of all those things that you mentioned.

我認為這是你提到的所有這些事情的一部分。

We're certainly displacing legacy systems because people want to upgrade.

我們肯定會取代舊系統，因為人們想要升級。

And we saw a lot of that in 2020 due to COVID where the legacy systems would not allow for online sales.

由於新冠疫情，我們在 2020 年看到了很多這樣的情況，舊系統不允許在線銷售。

And while you have a business who does the majority of their transactions off-line, last year, they were forced to go online.

雖然您的企業大部分交易都是離線進行的，但去年，他們被迫上網。

And we just made it super easy for them to do that.

我們只是讓他們非常容易做到這一點。

And as things reopen, go back and have a good mix now, now that they open their eyes towards what's possible with online.

隨著事情的重新開始，現在回去好好混合一下，現在他們睜大了眼睛，看到了在線的可能性。

We found in the past that a lot of sellers tend to be a little bit slow to adopt newer technologies because what they have is working.

我們過去發現，很多賣家在採用新技術時往往有點慢，因為他們所擁有的東西正在發揮作用。

And we just want to take that fear away and make sure that they -- with a few button presses can get right into it and go, and we certainly benefited from that.

我們只是想消除這種恐懼，並確保他們 - 只需按幾下按鈕就可以直接進入並離開，我們當然從中受益。

We've definitely seen businesses across vertical as well.

我們肯定也看到了垂直領域的業務。

We've mentioned on this call before, but we see restaurants become retailers and retailers serve food, and we'll see more of that as more reopen services, service businesses become retailers as well and vice versa.

我們之前在這次電話會議中提到過，但我們看到餐館變成了零售商，零售商提供食物，隨著更多的服務重新開放，服務企業也變成零售商，反之亦然。

So we -- because we cover all verticals, we can allow for that blending where the seller does not have to think about it at all.

所以我們 - 因為我們涵蓋所有垂直領域，我們可以允許賣家根本不需要考慮的混合。

They can just focus on what they're trying to build and the customer base.

他們可以只專注於他們正在嘗試建立的內容和客戶群。

And then I would say like the fact that we do have a much broader ecosystem than most, we're not just a point-of-sale.

然後我想說的是，我們確實擁有比大多數人更廣泛的生態系統，我們不僅僅是一個銷售點。

We lend people money as well.

我們也藉錢給人們。

We have CRM and loyalty built in.

我們內置了 CRM 和忠誠度。

We have integrations to Cash App.

我們與 Cash App 集成。

And the more of those that we make easy, the less the seller has to do it themselves.

我們做的越多，賣家自己做的就越少。

If you visit a large seller or a small seller, the amount of systems they have to hook together in order to just do their business is insane.

如果您訪問大賣家或小賣家，他們必須連接在一起才能開展業務的系統數量是瘋狂的。

So we take all that work.

所以我們承擔了所有的工作。

We put it into 1 website, 1 app, and people can just immediately focus on their customers and turn all attention to growing the business.

我們將其放入 1 個網站、1 個應用程序中，人們可以立即將注意力集中在他們的客戶身上，並將所有註意力都轉移到發展業務上。

And that's real.

這是真的。

So taking all that friction away from folks so that they can focus on what's meaningful continues to be a competitive advantage for us.

因此，讓人們遠離所有摩擦，讓他們專注於有意義的事情，這仍然是我們的競爭優勢。

And Josh, what we are seeing here is rapid growth with the restaurant, retail product.

喬什，我們在這裡看到的是餐廳和零售產品的快速增長。

In Q1, annualized gross profit from the sellers who used those products was $140 million, which doubled on a year-over-year basis.

第一季度，使用這些產品的賣家的年化毛利潤為 1.4 億美元，同比翻了一番。

Remember, in Q1, where we still had a portion of the quarter were many sellers were only partially able to be in business.

請記住，在第一季度，我們仍然有一部分季度是許多賣家只能部分開展業務。

But half of that came from these restaurant retail products and half, to Jack's point, came from other products across the ecosystem.

但其中一半來自這些餐廳零售產品，而在傑克看來，一半來自整個生態系統中的其他產品。

We know that these products attract sellers with more complex needs and we can serve them in other ways over time.

我們知道這些產品會吸引具有更複雜需求的賣家，並且隨著時間的推移，我們可以通過其他方式為他們提供服務。

But we still think it's early here, and that's why we want to scale these products further, and that's part of the reason we want to continue to invest in marketing and sales to increase the awareness about our capabilities here.

但我們仍然認為現在還為時過早，這就是我們想要進一步擴展這些產品的原因，這也是我們希望繼續投資於營銷和銷售以提高對我們在這裡能力的認識的部分原因。

Our next question is from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Wanted to ask about the impressive growth of Cash App in April.

想問一下4月份Cash App的驚人增長。

Cash App gross profit, I think, was up 130% despite, if I remember correctly, it was a tough comp from last year that it picked up on.

我認為，Cash App 的毛利潤增長了 130%，儘管如果我沒記錯的話，這是一個艱難的競爭，它比去年有所回升。

So just trying to think about the growth rate of that business as we go forward and potentially Cash App gross profit per user as we go through 2021.

因此，只要想一想我們前進時該業務的增長率，以及我們到 2021 年潛在的每用戶 Cash App 毛利潤。

Sure.

當然。

Happy to help out.

樂於助人。

So you're right, with April, we saw strong growth both on a year-over-year basis and on a 2-year CAGR basis, Cash App grew approximately 130% due to strong underlying trends, frankly, that we're seeing in our business, many of which we've talked about between engagement up approximately 40% year-over-year, with March reaching all-time highs in terms of transactions per customer as well as in terms of spending power.

所以你是對的，在 4 月份，我們看到了同比和 2 年復合年增長率的強勁增長，坦率地說，由於我們看到的強勁的潛在趨勢，Cash App 增長了大約 130%在我們的業務中，我們談到了其中的許多業務，其中參與度同比增長約 40%，3 月份在每位客戶的交易量和消費能力方面都達到了歷史新高。

This comes back to inflows.

這又回到了流入。

This comes back to our customers' ability to bring money into Cash App and use it in the ways to benefit them, with growing utility on our platform.

這又回到了我們的客戶能夠將資金帶入 Cash App 並以使他們受益的方式使用它，並在我們的平台上不斷增長的效用。

We did see, obviously, an impact from government disbursements in March here, where we saw a significant increase in both our customer spending power and the inflows in the Cash App, where inflows were up 55% month-over-month in March and then moderated a bit in April with inflows down on a month-over-month basis, about 16% but still at that elevated level in April as well as March.

顯然，我們確實看到了 3 月份政府支出的影響，我們看到客戶的購買能力和現金應用程序的流入量都顯著增加，流入量在 3 月份環比增長 55%，然後4 月略有放緩，流入量環比下降約 16%，但 4 月和 3 月仍處於較高水平。

When we look forward, we do know that our customers' spending power is going to continue to be influenced by things like the macro landscape as well as obviously, government fund programs.

當我們展望未來時，我們確實知道我們客戶的消費能力將繼續受到宏觀環境等因素的影響，顯然還有政府基金計劃。

The current stimulus bill and most recent programs have different elements than the prior ones last year, so it may look different on a month-over-month basis than what we saw last year as an example.

當前的刺激法案和最近的計劃與去年之前的計劃有不同的元素，因此與我們去年所看到的例子相比，它可能與每個月相比有所不同。

The more recent program has roughly half the amount of unemployment insurance benefits as last year.

最近的計劃提供的失業保險金大約是去年的一半。

But we do have new elements to this program around the child tax credit and unemployment tax credit.

但我們確實在這個計劃中加入了關於兒童稅收抵免和失業稅收抵免的新元素。

So we don't fully know what the impact of those elements will be to our customers' spending power and therefore to our inflows, but we would expect to see some moderation, given the tougher comps, as you pointed out on a year-over-year basis.

因此，我們不完全知道這些因素將對我們客戶的消費能力以及我們的流入產生什麼影響，但我們預計會看到一些放緩，考慮到更嚴格的組合，正如您在一年前指出的那樣- 年的基礎。

Again, the pace and the magnitude of that normalization is going to depend on how our customers use their funds ultimately.

同樣，這種正常化的速度和幅度將取決於我們的客戶最終如何使用他們的資金。

And again, it's part of the reason that we're suggesting that you look at the 2-year CAGRs going forward to normalize for some of that year-over-year changes as we go throughout the year.

再說一次，這也是我們建議您查看 2 年復合年增長率的部分原因，以便在我們全年進行的一些同比變化中正常化。

And then, of course, longer term, what we're focused on with Cash App is being able to reach more customers and drive engagement, which ultimately, over time, we think drives inflows into the ecosystem.

然後，當然，從長遠來看，我們對 Cash App 的關注是能夠吸引更多客戶並推動參與度，最終，隨著時間的推移，我們認為這會推動流入生態系統。

The next question is from Rayna Kumar with Evercore ISI.

下一個問題來自 Evercore ISI 的 Rayna Kumar。

Over the last few months, you've added a number of new Boost rewards, particularly bitcoin Boost.

在過去的幾個月裡，您添加了許多新的 Boost 獎勵，尤其是比特幣 Boost。

I'm curious to better understand how some of these new Boost rewards have had an impact on your engagement and gross profit per user.

我很想更好地了解其中一些新的 Boost 獎勵如何影響您的參與度和每位用戶的毛利潤。

They're pretty incredible.

他們非常不可思議。

So Boost has helped us reach new Cash Card customers and increase the utility of it.

因此，Boost 幫助我們吸引了新的現金卡客戶並提高了它的實用性。

First, it's very rare for a card like that to have something not instantaneous, but more importantly, controllable.

首先，像這樣的牌很少有不是即時的，但更重要的是可控的。

Anyone can go to the app and just choose whatever fits whatever they're about to do.

任何人都可以訪問該應用程序，然後選擇適合他們要做的任何事情。

So if you're about to go to a restaurant, you might see a Bitcoin Boost or 20% off.

因此，如果你要去餐廳，你可能會看到比特幣提振或 20% 的折扣。

If you're about to (inaudible), you might see that Boost for the pet store to buy some dog food, you might see that.

如果您即將（聽不清），您可能會看到 Boost for the pet store 購買一些狗糧，您可能會看到。

So it's -- we want to make it super, super flexible, and that's where I think the magic lies in it.

所以它——我們想讓它變得超級、超級靈活，這就是我認為它的魔力所在。

And various boosts have different expirations and different aspects to them.

各種提升有不同的有效期和不同的方面。

So there's a discovery aspect to it as well to see what is new and what new Boost comes up.

所以它還有一個發現方面，看看有什麼新東西和什麼新的 Boost 出現。

And this all goes back to what we continue to build within the Cash App.

這一切都可以追溯到我們在 Cash App 中繼續構建的內容。

This is an increase to the Boost, Cash Card, investing, bitcoin.

這是對 Boost、現金卡、投資、比特幣的增加。

All these things provide more network effects for us.

所有這些都為我們提供了更多的網絡效應。

So people may come in because they received a payment from their family member or their friends, they download the app.

因此，人們可能會因為收到家人或朋友的付款而進來，他們會下載該應用程序。

They can see that we sell bitcoin.

他們可以看到我們出售比特幣。

They can buy bitcoin and send the bitcoin to their friends who doesn't have the app yet, get it and then they see we have investing and so on and so forth.

他們可以購買比特幣並將比特幣發送給還沒有應用程序的朋友，得到它然後他們看到我們有投資等等。

So we want to build a suite of services that are relevant to the audience we're trying to serve and are also critical to them and do it in one place where they don't have to really go anywhere else, just like our Seller ecosystem.

因此，我們希望構建一套與我們試圖服務的受眾相關的服務，並對他們也至關重要，並在他們不必真正去其他任何地方的地方進行，就像我們的賣家生態系統一樣.

They don't have to hook anything else up.

他們不必連接其他任何東西。

They don't have to download any other apps.

他們不必下載任何其他應用程序。

They can do all the things that people want to do in this day, in this present moment from 1 app, and we'll continue to add more and more Boost because is a -- we still consider it to be fairly early in terms of the capabilities that we're going to enable.

他們可以通過 1 個應用程序完成人們在這一天想做的所有事情，我們將繼續添加越來越多的 Boost，因為我們仍然認為它在我們將要啟用的功能。

And it has a pretty exciting runway ahead of it.

它前面有一條非常令人興奮的跑道。

And your next question is from Dan Dolev with Mizuho.

您的下一個問題來自丹·多列夫（Dan Dolev）和瑞穗。

Great quarter.

很棒的季度。

So can you guys talk a little bit about the new products that are coming out?

那麼你們能談談即將推出的新產品嗎？

I know that there's been a lending product that was in beta.

我知道有一個貸款產品處於測試階段。

Can we get a sense of sort of the timing for those and whether or not we should expect them?

我們能否了解這些時間以及我們是否應該期待它們？

I'm sorry.

對不起。

What was the first part of your...

你的第一部分是什麼...

The lending product.

借貸產品。

Sorry Jack...

對不起傑克...

The one you mentioned.

你提到的那個。

Cash App?

現金應用？

Yes.

是的。

Exactly.

確切地。

The payday lending low APR product.

發薪日貸款低年利率產品。

Yes, yes, yes.

對對對。

So we have a lot of experience, obviously, in lending, and this is one of the benefits like everything that we do within Seller, we learn a lot from and we -- if it makes sense, we can translate it to Cash App.

因此，顯然，我們在藉貸方面擁有豐富的經驗，這是我們在賣方內部所做的一切的好處之一，我們從中學到了很多東西，而且我們 - 如果有意義，我們可以將其轉化為 Cash App。

We do see a pretty incredible opportunity around lending to individuals.

我們確實看到了向個人提供貸款的非常不可思議的機會。

We are currently experimenting with that with a small group of customers in small amounts.

我們目前正在與一小部分客戶進行少量實驗。

Again, like one of the things that work for Square Capital is if someone went to a bank, they would we offered a minimum of $25,000 or $20,000 and it's just not -- that's way too much.

再一次，就像對 Square Capital 有用的一件事一樣，如果有人去銀行，他們會提供至少 25,000 美元或 20,000 美元，但事實並非如此——這太多了。

They needed $5,000 to buy a new salon chair.

他們需要 5,000 美元才能購買一把新的沙龍椅。

So we really focused on like the actual needs.

所以我們真正專注於喜歡的實際需求。

And through that, we saw massive growth within Square Capital.

通過這個，我們看到了 Square Capital 的巨大增長。

And we're doing that -- we have the same approach with lending in Cash App, like what are the actual needs and how is it best served within the Cash App.

我們正在這樣做——我們在 Cash App 中使用相同的貸款方法，例如實際需求是什麼以及如何在 Cash App 中提供最佳服務。

So through this beta, that's the question we're trying to answer.

所以通過這個測試版，這就是我們試圖回答的問題。

We started with a small nominal amount, and as we get feedback and as we understand payback rates and how it's working, we'll make further decisions and roll it out to more people.

我們從少量的名義金額開始，隨著我們獲得反饋並了解回報率及其運作方式，我們將做出進一步的決定並將其推廣給更多人。

But right now, we're still in learning mode, and as we get more of those, we'll make it more concrete and deliver to 100%.

但現在，我們仍處於學習模式，隨著我們獲得更多這些，我們將使其更加具體並交付到 100%。

And Dan, could maybe just answer the sort of higher-level question of road map for Cash App.

而丹，也許只是回答現金應用程序路線圖的那種更高層次的問題。

I would also encourage you to think about what's unique about Cash App and what we feel really differentiates both of our ecosystems is the intersections of multiple products at once from a consumer standpoint.

我還鼓勵您思考 Cash App 的獨特之處以及我們認為真正區分我們兩個生態系統的地方是從消費者的角度來看，多個產品同時交叉。

And it's those connections between various products that can sometimes drive differentiation, unique value and, in Cash App's case, network effects.

正是各種產品之間的聯繫有時可以推動差異化、獨特價值，以及在 Cash App 的案例中，網絡效應。

So the intersection of peer-to-peer with Bitcoin drives network effects for both.

因此，點對點與比特幣的交集推動了兩者的網絡效應。

The intersection of Boost with direct deposit drives awareness.

Boost 與直接存款的交集提高了人們的意識。

And I think that those sorts of intersections are key areas for exploration for Cash App going forward, even independently of new product launches.

而且我認為這些交叉點是 Cash App 未來探索的關鍵領域，即使與新產品發布無關。

And similarly, as Jack was speaking about earlier in the call, some of the foundational improvements that we're making the Cash App will enable us to reach broader demographics of customers going forward.

同樣，正如傑克早些時候在電話會議中所說，我們正在製作現金應用程序的一些基礎改進將使我們能夠接觸到更廣泛的客戶群體。

So there are multiple growth vectors that can play out here that involve product improvements that may not be necessarily related to specific product launches.

因此，這裡可以發揮多種增長載體，其中涉及可能不一定與特定產品發布相關的產品改進。

So those are, of course, in the works as well.

當然，這些也在進行中。

And that's all the time we have today for questions.

這就是我們今天所有的提問時間。

I'll now turn the call back over to the company for closing remarks.

我現在將電話轉回公司以進行結束髮言。

Thank you for joining our first quarter earnings call in 2021, and we will see you on the next earning call.

感謝您參加 2021 年第一季度財報電話會議，我們將在下一次財報電話會議上見到您。

Thank you again for joining us today.

再次感謝您今天加入我們。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。