Block Inc (SQ) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Square Fourth Quarter 2020 Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到 Square 2020 年第四季度收益電話會議。

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

我現在想把電話轉給你的主持人，投資者關係主管 Jason Lee。

Please go ahead.

請繼續。

Hi, everyone.

大家好。

Thanks for joining our fourth quarter 2020 earnings call.

感謝您加入我們的 2020 年第四季度財報電話會議。

We have Jack and Amrita with us today.

今天有 Jack 和 Amrita 和我們一起。

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

在直接針對您的問題開始通話之前，我們將以一些簡短的評論開始本次通話。

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

在問答環節，除了電話會議參與者的問題外，我們還將回答客戶的問題。

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

我們還想提醒大家，我們將在本次電話會議上發表前瞻性聲明。

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中預期的結果存在重大差異。

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.

請查看我們提交給美國證券交易委員會的文件，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截至今天我們可獲得的信息。

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

除非法律要求，否則我們不承擔任何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 January and February.

在此電話會議期間，我們將提供 1 月和 2 月的初步毛利增長結果。

These represent our gross profit growth results for January and current estimates for February performance.

這些代表了我們 1 月份的毛利增長結果和 2 月份業績的當前估計。

These numbers are not final as we have not yet closed our accounting financials for the month of February, and our monthly results are not subject to interim review by auditors.

這些數字並非最終數字，因為我們尚未完成 2 月份的會計財務報表，而且我們的月度業績不受審計師的中期審查。

As a result, actual January and February results may differ from these estimates.

因此，1 月和 2 月的實際結果可能與這些估計不同。

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 GAAP 財務措施。

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

我們的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 its entirety is being audio webcast on our Investor Relations website.

最後，本次電話會議的全部內容正在我們的投資者關係網站上進行音頻網絡廣播。

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

不久將在我們的網站上提供此次通話的音頻重播。

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.

謝謝杰森，也謝謝大家今天加入我們。

2020 was a tough year for many.

2020 年對許多人來說是艱難的一年。

Our focus was to help our customers through it all, which required us to adapt and evolve quickly.

我們的重點是幫助我們的客戶度過難關，這需要我們快速適應和發展。

I believe this is an important attribute for any organization, and I'm proud we continue to demonstrate it.

我相信這是任何組織的一個重要屬性，我很自豪我們會繼續展示它。

We also take the opportunity to act more broadly by announcing our plans for our operations to be carbon net zero by 2030 and launched our Bitcoin Clean Energy Investment Initiative, a $10 million commitment to support companies that will help drive adoption and efficiency of renewables within the Bitcoin ecosystem.

我們還藉此機會採取更廣泛的行動，宣布我們的運營計劃到 2030 年實現碳淨零排放，並啟動了我們的比特幣清潔能源投資計劃，這是一項 1000 萬美元的承諾，用於支持將有助於推動可再生能源的採用和效率的公司。比特幣生態系統。

We plan to reinvest any gains back into the fund and are exploring opening up for participation by like-minded companies.

我們計劃將任何收益再投資回基金，並正在探索開放讓志同道合的公司參與。

We'll share more details on our environmental and social initiatives next month in our 2020 corporate social responsibility report.

我們將在下個月的 2020 年企業社會責任報告中分享有關環境和社會舉措的更多詳細信息。

In addition, today, we announced $170 million purchase of Bitcoin on top of the $50 million we bought in the fourth quarter.

此外，今天，我們宣佈在第四季度購買的 5000 萬美元的基礎上再購買 1.7 億美元的比特幣。

Why are we doing this?

我們為什麼要這樣做呢？

We believe the Internet needs a native currency, and we believe Bitcoin is it.

我們相信互聯網需要一種本土貨幣，我們相信比特幣就是它。

We believe it has the highest probability of empowering more people in the economy in a fair way.

我們相信它最有可能以公平的方式在經濟中賦予更多人權力。

We're doing a lot to ensure this from a product, open source development and open patent perspective.

我們正在做很多工作，從產品、開源開發和開放專利的角度來確保這一點。

And by us owning Bitcoin, our incentives are aligned with skin in the game.

通過我們擁有比特幣，我們的激勵與遊戲中的皮膚保持一致。

And now for some updates on our business.

現在來了解我們業務的一些最新情況。

Cash App continue to see strong adoption, both for new and existing customers.

Cash App 繼續被新老客戶廣泛採用。

In December, Cash App had more than 36 million monthly active customers, up 50% compared to last year.

去年 12 月，Cash App 的月活躍客戶超過 3600 萬，比去年增長 50%。

We saw customers increase their usage of products beyond peer-to-peer transactions, including use of our Visa Cash Card, Cash Boost and Bitcoin.

我們看到客戶在點對點交易之外增加了對產品的使用，包括使用我們的 Visa 現金卡、Cash Boost 和比特幣。

Boost is our Instant Rewards program within our Cash Card that enables customers to receive unique discounts based on their location and other attributes.

Boost 是我們現金卡中的即時獎勵計劃，使客戶能夠根據他們的位置和其他屬性獲得獨特的折扣。

In the fourth quarter, active Boost customers spent double that of other Visa Cash Card customers.

在第四季度，活躍的 Boost 客戶的消費是其他 Visa Cash Card 客戶的兩倍。

We also recently launched a special Boost, which a customer unlocks after receiving their first paycheck in the Cash App and a Bitcoin Boost, giving people a way to earn Bitcoin on all Cash Card purchases.

我們最近還推出了一個特殊的 Boost，客戶在 Cash App 和 Bitcoin Boost 中收到第一筆薪水後解鎖，讓人們可以通過所有現金卡購買賺取比特幣。

As more of the world has discovered the value of Bitcoin, Cash App continued its focus to make Bitcoin more accessible and more useful.

隨著世界上越來越多的人發現了比特幣的價值，Cash App 繼續專注於讓比特幣更容易獲得和更有用。

One example of this is enabling people to change the default denomination unit from BTC to Satoshis, which is 100 millionth of a Bitcoin, also known as sats to help people realize you don't have to own a full Bitcoin and can stack sats instead.

這方面的一個例子是讓人們能夠將默認面額單位從 BTC 更改為 Satoshis，這是比特幣的百萬分之一，也稱為 sats，以幫助人們意識到您不必擁有完整的比特幣，而是可以堆疊 sats。

In the fourth quarter, Bitcoin volumes per customer increased more than 2.5x compared to the same period last year, mostly driven by buying activity of both existing and new customers.

第四季度，每位客戶的比特幣交易量與去年同期相比增長了 2.5 倍以上，這主要是由現有客戶和新客戶的購買活動推動的。

In 2020, more than 3 million customers bought or sold Bitcoin in Cash App.

2020 年，超過 300 萬客戶在 Cash App 中買賣比特幣。

And in January 2021 alone, more than 1 million customers bought Bitcoin for the first time.

僅在 2021 年 1 月，就有超過 100 萬客戶首次購買了比特幣。

Our Seller ecosystem continue to grow upmarket and attract larger sellers as we saw mid-market sellers use 2.5 of our products on average in 2020.

我們的賣家生態系統繼續向高端市場發展並吸引更大的賣家，因為我們看到中端市場賣家在 2020 年平均使用我們 2.5 的產品。

Nearly all mid-market sellers use our team management product to schedule staff and view real-time performance and sales analytics for their workforces.

幾乎所有中端市場賣家都使用我們的團隊管理產品來安排員工並查看其員工的實時績效和銷售分析。

And in 2020, approximately half of our mid-market GPV came from sellers with integrations into our developer platform, which enables a data-driven way to process payments using custom software, build unique commerce experiences and connect with existing business systems.

到 2020 年，我們大約一半的中端市場 GPV 來自與我們的開發者平台集成的賣家，這使得數據驅動的方式能夠使用定制軟件處理支付、構建獨特的商業體驗並與現有業務系統連接。

Our sales team has played an important role in our growth upmarket.

我們的銷售團隊在我們的高端市場增長中發揮了重要作用。

In the fourth quarter, 40% of mid-market seller GPV came from sellers who had been engaged by our sales team.

第四季度，40% 的中端市場賣家 GPV 來自我們銷售團隊聘用的賣家。

The team also focuses on educating existing sellers about our broader ecosystem.

該團隊還專注於讓現有賣家了解我們更廣泛的生態系統。

We use machine learning to identify sellers most likely to adopt more products and which of our solutions are likely to be most relevant.

我們使用機器學習來識別最有可能採用更多產品的賣家，以及我們的哪些解決方案可能最相關。

This helped drive a 15% increase in product adoption among existing mid-market sellers in 2020.

這有助於在 2020 年推動現有中端市場賣家的產品採用率提高 15%。

We plan to continue this work and intend to double our sales team in 2021.

我們計劃繼續這項工作，並打算在 2021 年將我們的銷售團隊擴大一倍。

So what's our focus for the year ahead?

那麼我們來年的重點是什麼？

For Cash App, we're going to focus on increasing the transaction limits across the ecosystem, expand our deposit capabilities and increase the quality of our customer service, all in order to strengthen our foundation and reach new customers.

對於 Cash App，我們將專注於提高整個生態系統的交易限額，擴大我們的存款能力並提高我們的客戶服務質量，所有這些都是為了鞏固我們的基礎並吸引新客戶。

We're also going to double down on our commitment to Bitcoin and continue to look for new ways to connect our product lines within the Cash App.

我們還將加倍兌現對比特幣的承諾，並繼續尋找新的方式在 Cash App 中連接我們的產品線。

For the Seller business, we will continue to focus on growing our omnichannel capabilities, expand globally and increase our financial service offerings to sellers of all sizes.

對於賣家業務，我們將繼續專注於提高我們的全渠道能力，在全球範圍內擴張，並增加我們為各種規模的賣家提供的金融服務。

And with that, over to Amrita.

然後，轉到 Amrita。

Thanks, Jack.

謝謝，傑克。

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

今天我想討論 3 個主題。

First, a look at our performance in 2020 and in the fourth quarter, where we delivered strong gross profit growth.

首先，看看我們在 2020 年和第四季度的表現，我們實現了強勁的毛利潤增長。

Second, an update on our business through mid-February and what this could mean for growth going forward.

其次，更新我們截至 2 月中旬的業務情況，以及這對未來增長的意義。

Third, a look at our cohort economics for Cash App and Seller, which give us confidence to invest for the long term.

第三，看看我們對 Cash App 和 Seller 的隊列經濟學，這讓我們有信心進行長期投資。

Despite 2020 being a year of extreme uncertainty, our results in the fourth quarter and full year speak to our ability to both help new customers adapt during a dynamic environment and reach new customers.

儘管 2020 年是充滿不確定性的一年，但我們第四季度和全年的業績表明我們有能力幫助新客戶適應動態環境並吸引新客戶。

In 2020, gross profit was $2.73 billion, up 45% year-over-year or 48%, excluding Caviar.

2020 年，毛利潤為 27.3 億美元，同比增長 45% 或 48%，不包括魚子醬。

It was a year of strong growth where we improved our gross profit growth rate over 2019 and also diversified our ecosystem.

這是強勁增長的一年，我們在 2019 年提高了毛利潤增長率，並使我們的生態系統多樣化。

Seller generated $1.51 billion of gross profit in 2020, an increase of 8% compared to 2019.

賣方在 2020 年產生了 15.1 億美元的毛利潤，與 2019 年相比增長了 8%。

Our online channels delivered more than 50% GPV growth year-over-year and became a growing portion of our mix.

我們的在線渠道實現了超過 50% 的 GPV 同比增長，並成為我們組合中不斷增長的一部分。

Cash App delivered incredible growth in 2020 at more than 2.5x year-over-year to $1.23 billion in gross profit and now represents nearly half of the company's gross profit.

Cash App 在 2020 年實現了令人難以置信的增長，毛利潤同比增長 2.5 倍以上，達到 12.3 億美元，目前占公司毛利潤的近一半。

We have continued to diversify Cash App business model with scale.

我們繼續擴大 Cash App 商業模式的規模。

In 2019, Cash App had only one revenue stream with $100 million in gross profit.

2019 年，Cash App 只有一個收入來源，毛利潤為 1 億美元。

And in 2020, we had 4 with approximately $100 million or more, each of which grew at over 100% year-over-year.

到 2020 年，我們有 4 家公司的收入約為 1 億美元或更多，每家公司的年增長率都超過 100%。

2020 was also a year that we invested in our business and in our customers with compelling returns.

2020 年也是我們對業務和客戶進行投資並獲得豐厚回報的一年。

We invested in our customers in a variety of ways, including by accelerating critical product launches, allowing sellers to pause software subscriptions, helping sellers and individuals access government funds and providing useful rewards for Cash App customers through Boost at a time they needed it most.

我們以多種方式投資於我們的客戶，包括通過加速關鍵產品的發布、允許賣家暫停軟件訂閱、幫助賣家和個人獲得政府資金，以及在他們最需要的時候通過 Boost 為 Cash App 客戶提供有用的獎勵。

We also invested in our business by continuing to build out our teams to drive product innovation and by deploying go-to-market initiatives to expand our reach.

我們還投資於我們的業務，繼續建立我們的團隊來推動產品創新，並通過部署上市計劃來擴大我們的影響力。

Let's now turn to the fourth quarter where gross profit was $804 million, up 52% year-over-year or 54% growth, excluding Caviar.

現在讓我們來看看第四季度，毛利潤為 8.04 億美元，同比增長 52% 或增長 54%，不包括魚子醬。

Looking at some of the drivers for the first -- for the quarter.

首先查看本季度的一些驅動因素。

First, we're seeing growing engagement and monetization with Cash App.

首先，我們看到 Cash App 的參與度和貨幣化程度不斷提高。

In the fourth quarter, Cash App generated $377 million in gross profit, an increase of 162% year-over-year.

第四季度，Cash App 產生了 3.77 億美元的毛利潤，同比增長 162%。

Cash App benefits from the compounding effect of growing our customer base while also increasing engagement and monetization per customer.

Cash App 受益於不斷擴大客戶群的複合效應，同時也增加了每位客戶的參與度和貨幣化。

We saw these dynamics drive growth in the fourth quarter as we scaled our network to more than 36 million monthly transacting customers, an increase of 50% year-over-year.

我們看到這些動態推動了第四季度的增長，因為我們將網絡擴展到每月超過 3600 萬的交易客戶，同比增長 50%。

At the same time, we increased gross profit per monthly transacting active customer by 70% year-over-year to $41 in the fourth quarter.

與此同時，我們在第四季度將每月交易活躍客戶的毛利潤同比增長 70% 至 41 美元。

By expanding the breadth of our product ecosystem, refining features and continuing to build on our foundation, we've driven greater engagement across our ecosystem.

通過擴展我們產品生態系統的廣度、改進功能並繼續構建我們的基礎，我們推動了整個生態系統的更大參與度。

In 2020 and the fourth quarter, we increased adoption across all of our products beyond peer-to-peer for Cash App.

在 2020 年和第四季度，除了 Cash App 的點對點應用之外，我們所有產品的採用率都得到了提高。

Newer customers are coming to Cash App for our ecosystem as they have increasingly adopted multiple products such as Cash Card and Bitcoin within their first month after onboarding.

新客戶開始使用我們生態系統的 Cash App，因為他們在入職後的第一個月內越來越多地採用多種產品，例如現金卡和比特幣。

Moving to Seller where our omnichannel offerings are driving growth.

轉向賣家，我們的全渠道產品正在推動增長。

Gross profit in the fourth quarter was $427 million, up 13% year-over-year, with seller GPV up 6% year-over-year.

第四季度毛利為4.27億美元，同比增長13%，賣家GPV同比增長6%。

To help sellers adapt during the pandemic, we have continued to build out our omnichannel capabilities, and these offerings have gained meaningful traction.

為了幫助賣家在大流行期間適應，我們繼續建立我們的全渠道能力，這些產品獲得了有意義的吸引力。

Omnichannel and online sellers represented more than half of seller GPV in the fourth quarter, which is up from 1/3 2 years ago.

全渠道和在線賣家佔第四季度賣家 GPV 的一半以上，高於 2 年前的 1/3。

Our mid-market category, which consists of sellers was more than $0.5 million in annual GPV is where we see our largest market opportunity for the Seller business and a focus area for our acquisition efforts.

我們的中端市場類別由賣家組成，年 GPV 超過 50 萬美元，這是我們看到賣家業務最大的市場機會，也是我們收購工作的重點領域。

We saw strength here in the fourth quarter despite the impact of the pandemic.

儘管受到大流行的影響，我們在第四季度還是看到了實力。

Gross profit from our mid-market sellers grew 27% year-over-year, which is approximately 2x the gross profit growth of our overall Seller business.

我們中端市場賣家的毛利同比增長 27%，大約是我們整體賣家業務毛利增長的 2 倍。

Looking at profitability.

看盈利能力。

Adjusted EBITDA was $185 million in the fourth quarter.

第四季度調整後的 EBITDA 為 1.85 億美元。

The year-over-year increase was driven by gross profit growth and also benefited from the release of $43 million in transaction loss provisions related to our Seller business as actual loss rates trended more favorably than we had previously estimated.

同比增長是由毛利潤增長推動的，同時也得益於與我們的賣方業務相關的 4300 萬美元交易損失準備金的釋放，因為實際損失率趨勢比我們之前估計的要好。

Next, we wanted to share early trends in our Cash App and Seller businesses during the first quarter and what this could mean for growth going forward.

接下來，我們想分享第一季度 Cash App 和 Seller 業務的早期趨勢，以及這對未來增長的意義。

In January, Cash App delivered gross profit growth of 164% year-over-year, a 2-point improvement from the fourth quarter.

1 月份，Cash App 的毛利潤同比增長 164%，比第四季度提高了 2 個百分點。

We achieved strong acquisition of customers and drove increased product adoption with our highest monthly total of new transacting active customers for Bitcoin, stock brokerage and Cash Card.

我們通過比特幣、股票經紀和現金卡的最高月度新交易活躍客戶總數，實現了客戶的強勁收購併推動了產品採用率的提高。

January growth benefited from government fund disbursements, which began during the last few days of December and led to an increase in funds pulled into Cash App.

1 月份的增長得益於政府基金支出，該支出從 12 月的最後幾天開始，導致流入 Cash App 的資金增加。

Based on trends during the first 3 weeks of February, we estimate Cash App gross profit growth to be approximately 130% year-over-year.

根據 2 月份前 3 週的趨勢，我們估計 Cash App 的毛利潤同比增長約 130%。

Growth in February decelerated compared to January as the impact from government fund disbursements normalized, partly offset by continued strength in acquisition and peer-to-peer network volumes.

與 1 月份相比，2 月份的增長有所放緩，因為政府基金支出的影響正常化，部分被收購和對等網絡數量的持續強勁所抵消。

We are watchful of broader macro trends and any new policies, which could influence the pace of growth.

我們關注更廣泛的宏觀趨勢和任何可能影響增長速度的新政策。

As a reminder, we will start lapping particularly challenging growth comparisons in the second and third quarter of this year.

提醒一下，我們將在今年第二和第三季度開始進行特別具有挑戰性的增長比較。

In January, our Seller ecosystem achieved 15% gross profit growth, a 2-point improvement from the fourth quarter, and GPV grew 5% year-over-year.

1月份，我們的Seller生態系統實現了15%的毛利增長，比四季度提高了2個百分點，GPV同比增長5%。

Through the first 3 weeks of February, seller GPV was up 2% year-over-year, a 3-point deceleration from January.

在 2 月的前 3 週，賣家 GPV 同比增長 2%，比 1 月下降了 3 個百分點。

But excluding the temporary impact of recent weather across regions in the U.S., we estimate seller GPV growth would have been comparable to January, and we would have seen an improvement in certain regions where restrictions have eased.

但排除近期美國各地區天氣的暫時影響，我們估計賣家 GPV 增長將與 1 月份相當，並且我們會看到某些限制放寬的地區有所改善。

Looking ahead, we expect to continue to observe variability related to the macro environment and regional shelter-in-place restrictions, which could impact our performance.

展望未來，我們預計將繼續觀察與宏觀環境和區域就地避難所限制相關的變化，這可能會影響我們的表現。

We will also begin to lap the initial impact of the pandemic in the Seller business in late March.

我們還將在 3 月下旬開始評估大流行病對賣方業務的初步影響。

Seller gross profit grew faster than GPV in 2020 in part due to higher transaction margins, which benefited from a greater mix of debit, card-not-present transactions, higher average transaction sizes and from our card present price change implemented in November 2019.

賣家毛利在 2020 年的增長速度快於 GPV，部分原因是更高的交易利潤率，這得益於借記卡、無卡交易的更大組合、更高的平均交易規模以及我們在 2019 年 11 月實施的有卡現價調整。

We expect to lap these mix changes for transaction margins and for transaction margins to normalize towards the end of the first quarter.

我們預計將對交易利潤率和交易利潤率的這些組合變化進行調整，以在第一季度末正常化。

So GPV may grow faster than transaction profit as in-person transactions resume in future quarters.

因此，隨著未來幾個季度恢復面對面交易，GPV 的增長速度可能快於交易利潤。

Finally, in 2021, we are investing for long-term profitable growth.

最後，在 2021 年，我們將投資於長期盈利增長。

Given the opportunity ahead of us, we expect to increase non-GAAP operating expenses, excluding risk loss by 41% year-over-year or an incremental $800 million to $900 million compared to 2020 level.

鑑於我們面前的機會，我們預計將增加非 GAAP 運營費用，不包括風險損失，同比增長 41%，或與 2020 年的水平相比增加 8 億至 9 億美元。

We intend on continuing to invest where we see attractive returns even in the face of variability in macro trends.

即使面對宏觀趨勢的變化，我們打算繼續投資我們看到有吸引力回報的領域。

And as a result, adjusted EBITDA margins may vary depending on top line growth.

因此，調整後的 EBITDA 利潤率可能會因營收增長而有所不同。

Both our Cash App and Seller ecosystems have delivered strong cohort economics including acquisition, retention, paybacks and returns on investment.

我們的 Cash App 和 Seller 生態系統都提供了強大的隊列經濟學，包括收購、保留、回報和投資回報。

Cash App has proved out and scaled a strong business model.

Cash App 已經證明並擴展了強大的商業模式。

We have acquired new transacting active customers for less than $5 on average in paid marketing through 2020.

到 2020 年，我們在付費營銷中以平均不到 5 美元的價格獲得了新的活躍交易客戶。

For existing customers, we have increased their engagement over time with gross profit retention of more than 130% for each of the last 3 years.

對於現有客戶，我們隨著時間的推移增加了他們的參與度，過去 3 年每年的毛利潤保留率都超過 130%。

As a result, we've achieved strong returns on investment of 6x or greater over a 3-year period with 2020 cohorts pacing ahead of even this.

因此，我們在 3 年期間實現了 6 倍或更高的強勁投資回報，而 2020 年的投資回報率甚至領先於此。

And we intend to ramp our investments into new marketing channels and strategies in 2021.

我們打算在 2021 年加大對新營銷渠道和戰略的投資。

We have also been encouraged by Sellers cohort economics.

我們也受到了賣家群體經濟學的鼓舞。

We saw strong customer acquisition in 2020, onboarding our largest cohort of new sellers on a gross profit basis, which is pacing at an estimated 5-quarter payback.

我們在 2020 年看到了強勁的客戶獲取，以毛利為基礎吸引了我們最大的新賣家群體，預計 5 個季度就能收回投資。

In the midst of the pandemic in 2020, gross profit retention stabilized at down approximately 10% year-over-year in the second half of the year.

2020年受疫情影響，下半年毛利留存率穩定在同比下降約10%。

Our more recently acquired Seller cohorts have seen a stronger rebound in gross profits than older cohorts, which is partly driven by stronger acquisitions of larger sellers in recent years.

我們最近收購的賣家群體的毛利反彈比老群體更強勁，這在一定程度上是由於近年來對更大賣家的收購力度更大。

Prior to the pandemic, Seller had achieved positive gross profit retention and returns on investment of 3x over 3 years as sellers stayed with Square and grew their businesses with us.

在大流行之前，由於賣家留在 Square 並與我們一起發展業務，賣家在 3 年內實現了正毛利潤保留和 3 倍的投資回報。

Looking ahead to a recovery, we plan to continue investing behind these strong returns to reach new sellers and drive growth.

展望復蘇，我們計劃繼續投資這些強勁的回報，以吸引新賣家並推動增長。

In summary, we remain committed to our purpose of economic empowerment by continuing to serve our existing customers and reaching those in new markets.

總而言之，我們通過繼續為現有客戶提供服務並接觸新市場中的客戶，繼續致力於實現經濟賦權的目標。

We're focused on driving long-term profitable growth and are eager to invest behind the compelling returns for both our Cash App and Seller ecosystem.

我們專注於推動長期盈利增長，並渴望為我們的 Cash App 和賣家生態系統的可觀回報進行投資。

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) Your first question is from the line of 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。

Just lot of good information here.

這裡有很多有用的信息。

I had a big picture or maybe a simple question on priorities.

我有一個大局或者一個關於優先級的簡單問題。

If you're investing a lot, it seems to make sense here.

如果你投資很多，這似乎很有意義。

Are you prioritizing user acquisition first, followed by improving engagement or product development across both ecosystems, given what you're talking about here with low CAC and big ROI.

考慮到您在這裡談論的低 CAC 和高投資回報率，您是否首先優先考慮用戶獲取，然後在兩個生態系統中提高參與度或產品開發？

I can definitely make the argument for you guys to spend more.

我絕對可以說服你們花更多的錢。

So just your thoughts on acquisition versus engagement here in 2021.

因此，請談談您對 2021 年收購與參與的看法。

Thanks for the question, Tien-Tsin.

謝謝你的問題，Tien-Tsin。

We've historically shown an ability to do both.

從歷史上看，我們已經展示了兩者兼顧的能力。

When you think about our TAM expansion over the years from our last Investor Day in 2017 to our more recently disclosed TAM opportunity of $160 billion, we've grown TAM by $100 billion, $40 billion in the Seller business, these new product launches, new geographic expansions and $60 billion on the Cash App ecosystem.

從 2017 年的最後一個投資者日到我們最近披露的 1600 億美元的 TAM 機會，當您考慮這些年來我們的 TAM 擴張時，我們已經將 TAM 增長了 1000 億美元，在賣方業務中增長了 400 億美元，這些新產品發布，新Cash App 生態系統的地理擴張和 600 億美元。

And we see an opportunity for further TAM expansion, investments in new products and in new markets.

我們看到了進一步擴大 TAM、投資新產品和新市場的機會。

And all of that is while also growing the base of our customers.

所有這一切都在擴大我們的客戶群。

Cash App grew by 50% in terms of monthly transacting customers at the end of this year to 36 million.

截至今年年底，Cash App 的每月交易客戶增長了 50%，達到 3600 萬。

And we onboarded our largest cohort of Square sellers during 2020, with each quarter growth on a year-over-year basis for our cohorts that we've added.

我們在 2020 年招募了最大的 Square 賣家群體，我們增加的群體每個季度都同比增長。

So we see an opportunity in both areas, and we've shown again a track record of focus on both expansion of opportunity as well as going deeper in our existing markets.

因此，我們在這兩個領域都看到了機會，並且我們再次展示了專注於擴大機會以及深入現有市場的記錄。

Maybe I'll explain a little bit about what we're seeing in terms of cohort economics that lead us to continue to want to invest in both areas.

也許我會解釋一下我們在隊列經濟學方面看到的導致我們繼續希望在這兩個領域進行投資的情況。

So as you mentioned, we're planning to invest $800 million to $900 million in terms of incremental investment in 2021.

因此，正如您提到的，我們計劃在 2021 年增加投資 8 億至 9 億美元。

That’s roughly 50% of that step-up will go towards sales and marketing and about 1/4 of it will go towards R&D across both ecosystems.

大約 50% 的升級將用於銷售和營銷，大約 1/4 將用於兩個生態系統的研發。

The final piece will go towards G&A, which continues to build on the foundation for the company.

最後一部分將用於 G&A，它將繼續為公司奠定基礎。

But as we think about that sales and marketing growth, what's giving us the desire and confidence to lean in here are the cohort economics, which are really compelling as you think about the combination of both efficient acquisition and engagement on the existing products that we have, let alone, engaging on the products that we could be building in the future, we are building for the future.

但是，當我們考慮銷售和營銷增長時，讓我們渴望和有信心依靠這裡的是隊列經濟學，當您考慮有效收購和參與我們現有產品的結合時，這真的很有吸引力更不用說，參與我們可以在未來構建的產品，我們正在為未來構建。

With Cash App, we've seen a 6x ROI over 3 years on the back of efficient acquisition at less than $5 per customer, again, calling upon our network effects -- very strong network effects that -- where we've seen strong volumes in peer-to-peer, and that continues to be a strong front door for us, but then also very strong gross profit retention at over 130% for each of the last 3 years as our -- we've maintained the vast majority of our customers, and they've grown on our platform.

借助 Cash App，我們在 3 年內以每位客戶不到 5 美元的價格獲得了 6 倍的投資回報率，再次呼籲我們的網絡效應——非常強大的網絡效應——我們已經看到了強勁的銷量在點對點中，這對我們來說仍然是一個強大的前門，但在過去 3 年中，每年的毛利潤保留率也非常強勁，超過 130%，因為我們——我們保持了絕大多數我們的客戶，他們在我們的平台上成長。

For the Seller business, similarly, we've seen cohort economics pacing a 5-quarter payback, 3x return on ROI over 3 years.

同樣，對於賣家業務，我們已經看到隊列經濟學在 5 個季度收回投資，3 年的投資回報率是 3 倍。

And historically, prior to the pandemic, positive gross profit retention.

從歷史上看，在大流行之前，毛利保留為正。

So we see an opportunity in terms of the cohort economics that we're driving to continue to lean in.

因此，我們看到了我們正在推動的群體經濟學方面的機會，我們將繼續努力。

And finally, we do see an opportunity to drive further engagement with our existing products.

最後，我們確實看到了推動與我們現有產品進一步互動的機會。

When we think about, as we mentioned in our Seller -- within the Seller ecosystem, continued increasing mix toward mid-market sellers, larger sellers who tend to adopt more products, 2.5 products today, so we see an opportunity for uplift.

當我們考慮時，正如我們在我們的賣家中提到的——在賣家生態系統中，繼續增加對中端市場賣家的組合，更大的賣家傾向於採用更多產品，今天有 2.5 種產品，所以我們看到了提升的機會。

When our sales team uses AI and ML technology, they see a 15% uplift in product adoption.

當我們的銷售團隊使用 AI 和 ML 技術時，他們發現產品採用率提高了 15%。

And similarly, for Cash App, we've seen in the first month that our Cash App customers onboard into our ecosystem and increasing proclivity to adopt new products like stocks, like Bitcoin, like Cash Cards.

同樣，對於 Cash App，我們在第一個月就看到我們的 Cash App 客戶加入了我們的生態系統，並且越來越傾向於採用股票、比特幣、現金卡等新產品。

But there's so much more opportunity here as we think about increasing product adoption for our current customer set to go even deeper to provide daily utility to those customers.

但是這裡有更多的機會，因為我們考慮增加我們當前客戶的產品採用率，以更深入地為這些客戶提供日常實用程序。

So we're really focused on both and have shown a track record here driving both acquisition engagement along with broader TAM expansion.

因此，我們真正專注於兩者，並在這方面展示了推動收購參與和更廣泛的 TAM 擴張的記錄。

Your next question is from the line of Darrin Peller with Wolfe Research.

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

Congrats on a good year.

祝賀你度過了一個美好的一年。

A tough, obviously, tough environment for everybody.

一個艱難的，顯然，對每個人來說都是艱難的環境。

But when we look at omnichannel and online being greater than 50% of total seller GPV, clearly, online and card-not-present experiences are resonating.

但是當我們看到全渠道和在線超過總賣家 GPV 的 50% 時，很明顯，在線和無卡體驗引起了共鳴。

And we saw 12% GPV growth overall, including Cash App business and obviously helped by that mid-market or larger business client.

我們看到整體 GPV 增長了 12%，包括 Cash App 業務，這顯然得到了中端市場或大型企業客戶的幫助。

I think it was up 27% there.

我認為那裡上漲了 27%。

Can you just touch on what's resonating with both consumers on the merchant side and Square's offerings enabling this?

您能否談談在商家方面和 Square 的產品中引起消費者共鳴的是什麼？

Because the move from what you previously being much more card present centric to where you are now, 50% omni, has been pretty dramatic.

因為從以前以卡片呈現為中心到現在 50% omni 的轉變非常引人注目。

And when we think about all of that, where do you see that going in terms of sustainability and investments you can make in that to keep that level of really sustainable, 50%-plus potentially?

當我們考慮所有這些時，您如何看待可持續性和投資方面的進展，以保持真正可持續的水平，50% 以上的潛力？

Darrin, thanks for the question.

達林，謝謝你的提問。

So omnichannel is a really big part of our strategy because it's not just focused on serving e-commerce or off-line.

所以全渠道是我們戰略的重要組成部分，因為它不僅僅專注於服務電子商務或離線。

It's looking for opportunities in every single way that a business might attract customers.

它正在以企業可能吸引客戶的每一種方式尋找機會。

That's through marketplaces.

那是通過市場。

It's through the API.

它是通過 API。

I think the most attractive thing is really its flexibility.

我認為最吸引人的是它的靈活性。

We are now seeing a lot more of our mid-market sellers and larger sellers utilize our APIs and platforms so that they can build a custom solution and really make sure that they're crafting the experience that they want.

我們現在看到更多的中端市場賣家和大型賣家使用我們的 API 和平台，以便他們可以構建定制解決方案並真正確保他們正在打造他們想要的體驗。

We think there's a continued great opportunity here that is going to be a big part of our focus on our road map for some time as we add new capabilities to the platform, as we add new methods and new channels for people to sell in.

我們認為，隨著我們向平台添加新功能，為人們銷售的新方法和新渠道，我們認為這裡有一個持續的巨大機會，這將成為我們在一段時間內關注路線圖的重要組成部分。

The second part that I think differentiates us is we're not just focused on one vertical.

我認為讓我們與眾不同的第二部分是我們不僅僅專注於一個垂直領域。

We are flexible enough to handle any vertical.

我們足夠靈活，可以處理任何垂直領域。

And as I've talked about on previous calls, a lot of what we're seeing today is creativity with sellers.

正如我在之前的電話中談到的那樣，我們今天看到的很多都是賣家的創造力。

They're mixing and mashing up different verticals to have typically restaurant-type businesses who are doing more retail things and vice versa and services who are doing more retail.

他們正在混合和融合不同的垂直行業，以擁有通常從事更多零售業務的餐廳型企業，反之亦然，以及從事更多零售業務的服務業。

And we don't really take a point of view on what category you should be.

而且我們並沒有真正對您應該屬於哪個類別採取觀點。

We want to make sure that we're just there to help you make the sale no matter what you're trying to sell and whatever channel you're trying to sell it with.

我們希望確保無論您要銷售什麼以及通過何種渠道銷售，我們都可以幫助您完成銷售。

So obviously, we saw a lot of this momentum with COVID as people open their eyes towards the rest of our platform, and we quickly reprioritized a lot of our efforts to make sure that we could support that growth and that we could enable more of it.

很明顯，隨著人們對我們平台的其他部分睜開眼睛，我們看到了 COVID 的這種勢頭，我們迅速重新確定了我們的許多努力的優先順序，以確保我們能夠支持這種增長，並且我們能夠實現更多增長.

But I don't think that behavior is necessarily going away.

但我認為這種行為不一定會消失。

I think -- and before COVID, there were a lot of merchants who were hesitant to try new things or the thing that was working, they wanted to stick with.

我認為——在 COVID 之前，有很多商家對嘗試新事物或行之有效的事物猶豫不決，他們想堅持下去。

But it was a forcing function that people allowed themselves to open their eyes to more.

但這是一種強迫功能，人們允許自己睜開眼睛看到更多。

And they found a lot more efficiency, and they found a lot more sales because of it.

他們發現效率提高了很多，因此他們發現了更多的銷售額。

So we're going to continue watching and learning, but we think this is a pretty stable path for us.

所以我們將繼續觀察和學習，但我們認為這對我們來說是一條非常穩定的道路。

And Darrin, just to add -- yes, just to add to your point about investments and sustainability, we've seen over 50% growth from our -- GPV from our online channels for about 2 years now.

Darrin，只是為了補充 - 是的，只是為了補充你關於投資和可持續性的觀點，我們已經看到我們的 - GPV 從我們的在線渠道增長了超過 50% 大約 2 年了。

Now in 2020, we saw an acceleration in that Square online growth compared to 2019, and we're going to continue to push there in terms of our product development and feature richness.

現在到了 2020 年，與 2019 年相比，我們看到了 Square 在線增長的加速，我們將繼續在產品開發和功能豐富方面推動這一目標。

When you think about mid-market as well, to your point, that's -- our larger sellers now are 60% of seller GPV in the fourth quarter, up from 52% 2 years ago.

當你也考慮中端市場時，就你的觀點而言，那就是——我們的大賣家現在佔第四季度賣家 GPV 的 60%，高於 2 年前的 52%。

And with gross profit from mid-market outpacing the blended seller average by 2x and with our cohorts now coming in indexing to larger, we see an opportunity to continue to invest against the larger ecosystem.

由於中端市場的毛利潤超過混合賣家平均水平的 2 倍，而且我們的群體現在指數化到更大，我們看到了繼續投資更大生態系統的機會。

When we think about addressable market for larger sellers, we're at less than 1% penetrated in that opportunity.

當我們考慮大型賣家的潛在市場時，我們在這個機會中的滲透率不到 1%。

And there's 3 areas of investment to help us unlock that.

有 3 個投資領域可以幫助我們實現這一目標。

First is marketing, which we've talked about, awareness marketing around the broader ecosystem coupled with product-specific campaigns targeting the products that resonate with larger sellers, whether it's vertical points of sale, online, restaurants, et cetera.

首先是我們已經討論過的營銷，圍繞更廣泛的生態系統的意識營銷，加上針對與較大賣家產生共鳴的產品的特定產品活動，無論是垂直銷售點、在線、餐廳等。

Second is the sales team.

其次是銷售團隊。

We'll be doubling the size of our sales team in 2021 so that we can continue to increase our outbound outreach to larger sellers.

我們將在 2021 年將銷售團隊的規模擴大一倍，以便我們可以繼續擴大與更大賣家的對外聯繫。

And then third, product.

第三，產品。

As Jack mentioned, our developer platform is really key for serving more complex seller needs or vertical software additionally.

正如 Jack 提到的，我們的開發者平台對於滿足更複雜的賣家需求或垂直軟件非常關鍵。

These are some of the areas that we'll be increasingly investing in to drive further opportunity here.

這些是我們將越來越多地投資以在這裡推動更多機會的一些領域。

Now a question from a Cash App customer.

現在是 Cash App 客戶的問題。

I'm sorry, if I mispronounce it, [Ignacio Diaz-Garza].

對不起，如果我發音錯誤，[Ignacio Diaz-Garza]。

My name is [Ignacio Diaz-Garza], and I'm a Cash App customer, and I'm a founder of a surfing platform called [Onda].

我的名字是 [Ignacio Diaz-Garza]，我是 Cash App 的客戶，我是一個名為 [Onda] 的衝浪平台的創始人。

I use Cash App to invest in stocks and Bitcoin, send money to friends as well as spending -- using the Cash Card.

我使用 Cash App 投資股票和比特幣，向朋友匯款以及消費——使用現金卡。

My question is, does Cash App plan to provide more education for customers in its investing product?

我的問題是，Cash App 是否計劃在其投資產品中為客戶提供更多教育？

For example, adding more in-depth financials, analyst ratings and research reports regarding the stock?

例如，添加有關股票的更深入的財務、分析師評級和研究報告？

Yes.

是的。

Thank you for being a customer.

感謝您成為我們的客戶。

We do plan on adding more educational resources.

我們確實計劃增加更多的教育資源。

We think a big part of what we did both with Bitcoin and also with our stocks product is making sure that people have the information available to them to make informed decisions.

我們認為，我們對比特幣和我們的股票產品所做的很大一部分工作是確保人們擁有可供他們做出明智決策的信息。

And we've done this recently by putting news articles right in the app, so you'll be able to see all the latest Bitcoin news or all the latest news on any particular stock that you visit.

我們最近通過在應用程序中放置新聞文章來做到這一點，因此您將能夠看到所有最新的比特幣新聞或您訪問的任何特定股票的所有最新消息。

And we created 2 instructional books for both Bitcoin and for stocks.

我們為比特幣和股票製作了兩本指導書。

And we think there's a lot of opportunity to do even more within the product.

我們認為在產品中有很多機會可以做更多。

And also, as we look at improving our customer service, as I mentioned in my opening remarks, there's going to be more opportunity to do things there as well.

而且，正如我在開場白中提到的那樣，當我們著眼於改善客戶服務時，也將有更多機會在那裡做事。

So we think education is a big part of what we need to do, and it's definitely on the road map.

所以我們認為教育是我們需要做的事情的重要組成部分，而且它肯定在路線圖上。

Your next question is from the line of Lisa Ellis with MoffettNathanson.

你的下一個問題來自 Lisa Ellis 與 MoffettNathanson 的合作。

Good steps here on Cash App.

Cash App 上的良好步驟。

I believe a year ago, the gross profit mix within Cash App was roughly 60% instant deposit, if I'm remembering right, 30% Cash Card and about 10% in Bitcoin and other miscellaneous fees.

我相信一年前，Cash App 的毛利組合大約是 60% 的即時存款，如果我沒記錯的話，30% 的現金卡和大約 10% 的比特幣和其他雜項費用。

But obviously, a lot has happened in the last year, and I know you called out the high adoption rates of some of the other products over the course of last year.

但很明顯，去年發生了很多事情，我知道你提到了去年其他一些產品的高采用率。

Can you give some updates on what the current GP mix looks like for Cash App and how you see that evolving?

您能否提供一些關於 Cash App 當前 GP 組合的最新信息以及您如何看待它的演變？

Sure.

當然。

Thanks for the question, Lisa.

謝謝你的問題，麗莎。

So let me sort of step back and talk about the strong unit economics and the growth of the business model over time.

因此，讓我退後一步，談談強大的單位經濟性和商業模式隨時間的增長。

I spoke a little bit earlier already to efficient acquisition driven through network effects for growing our customer base while also growing the per customer engagement and monetization through strong retention within Cash App, retention at over 130% and ARPU, gross profit per customer, growing 70% year-over-year to $41 in the fourth quarter.

我之前已經談過通過網絡效應驅動的有效收購，以擴大我們的客戶群，同時通過 Cash App 內的強大保留率、超過 130% 的保留率和 ARPU、每位客戶的毛利、增長 70 來提高每位客戶的參與度和貨幣化第四季度同比增長 41 美元。

When you think about how we've been able to do that, it’s the growth and the breadth of the platform for Cash App with now 4 revenue streams driving more than $100 million each -- approximately $100 million to more than $100 million each in gross profit in 2020 versus only one back in 2019.

當你想到我們是如何做到這一點時，它是 Cash App 平台的增長和廣度，現在有 4 個收入流，每個收入流都超過 1 億美元——每個收入流大約在 1 億到 1 億多美元之間2020 年的利潤與 2019 年的利潤相比只有一個。

And that includes, as you mentioned, some of them Instant Deposit, Cash Card, Cash for Business and Bitcoin now.

正如你提到的，這包括其中一些即時存款、現金卡、商業現金和比特幣。

But we still think we're in the early days.

但我們仍然認為我們還處於早期階段。

As customers have used multiple products on the platform, they've generated 3 to 4x greater gross profit historically.

由於客戶在該平台上使用了多種產品，他們產生的毛利潤比以往高出 3 到 4 倍。

And this has led to our growing gross profit per customer, and we're still early here.

這導致我們每個客戶的毛利潤不斷增長，而且我們還處於早期階段。

Cash Card has our strongest adoption to date and still remains at roughly 1 in 4 in terms of adoption from the monthly active base -- into -- the broader monthly activation is monthly Cash Card usage.

迄今為止，現金卡的採用率最高，並且從每月活躍基數的採用率來看，仍然保持在大約四分之一——更廣泛的每月激活是每月現金卡使用。

And Bitcoin is at about 1 in 10.

比特幣大約是十分之一。

So we see a real opportunity to drive adoption -- further adoption into our existing base of products and with our existing base of customers and then layer on top of that, the opportunity to grow the customer base and grow the products over time.

因此，我們看到了推動採用的真正機會——進一步採用我們現有的產品群和我們現有的客戶群，然後在此基礎上，隨著時間的推移擴大客戶群和發展產品的機會。

One of the really interesting ways that I think Cash App has to drive that sort of differential product adoption is the Boost aspect of Cash Card.

我認為 Cash App 必須推動這種差異化產品採用的真正有趣的方式之一是 Cash Card 的 Boost 方面。

Boost has been an interesting lever for us.

Boost 對我們來說是一個有趣的槓桿。

It's been a powerful tool to drive engagement and adoption, not only with Cash Card, but also to graduate our customers to a broader ecosystem of products so that we can diversify their experience, provide greater daily utility and ultimately build multiple revenue streams within our app.

它是推動參與和採用的強大工具，不僅通過現金卡，而且還使我們的客戶畢業於更廣泛的產品生態系統，以便我們可以使他們的體驗多樣化，提供更大的日常效用並最終在我們的應用程序中建立多個收入流.

Within -- as you think about Boost as a tool within Cash Card, it's differentiated in that it provides -- it expands access really to Instant Rewards.

在內部——正如您將 Boost 視為現金卡中的一個工具一樣，它的不同之處在於它提供的服務——它真正擴展了對即時獎勵的訪問。

No credit profile or fee required and those rewards can be personalized to the customer in real time.

無需信用資料或費用，這些獎勵可以實時針對客戶進行個性化設置。

And so it has been an acquisition tool for us.

因此，它一直是我們的收購工具。

And it's also been an engagement driver.

它也是一個參與驅動因素。

Boost active spent 2x more on their Cash Card than other cards active.

Boost active 在現金卡上的支出是其他活躍卡的 2 倍。

What we've started experimenting with in the fourth quarter is how Boost is a differentiated tool to graduate customers to the broader ecosystem of products.

我們在第四季度開始試驗的是 Boost 如何成為一種差異化工具，讓客戶升級到更廣泛的產品生態系統。

In the fourth quarter, as Bitcoin demand was growing, we launched a Bitcoin Boost, where Cash Card customers could get rewards in Bitcoin.

在第四季度，隨著比特幣需求的增長，我們推出了 Bitcoin Boost，現金卡客戶可以獲得比特幣獎勵。

And what we saw there was that half the customers boosted were new to Bitcoin, and nearly 1/3 of those who are new to Bitcoin went on to purchase their -- make their first Bitcoin purchase in the following month.

我們看到的是，增加的客戶中有一半是比特幣新手，而近 1/3 的比特幣新手繼續購買他們的——在下個月首次購買比特幣。

Similarly, we drove a Boost with paycheck deposits where we launched a unique Boost for new Direct Deposit customers, and we've experimented Boost -- Flash Boost for a given time or for merchants that will broadcast over social media.

同樣，我們推出了帶薪水存款的 Boost，我們為新的 Direct Deposit 客戶推出了獨特的 Boost，並且我們已經試驗了 Boost - Flash Boost 給定時間或將通過社交媒體廣播的商家。

And so those have given greater awareness within the Cash App ecosystem of the broader product set, which I think is a key lever that we have moving forward and how we can influence product adoption, and ultimately, growth of multiple revenue streams in Cash App.

因此，這些人在 Cash App 生態系統中提高了對更廣泛產品集的認識，我認為這是我們前進的關鍵槓桿，以及我們如何影響產品採用，並最終影響 Cash App 中多個收入流的增長。

Your next question is from the line of Timothy Chiodo with Crédit Suisse.

你的下一個問題來自 Crédit Suisse 的 Timothy Chiodo。

I wanted to touch on Credit Karma.

我想談談 Credit Karma。

Maybe you could give some added context around the e-tax filing opportunity for Cash App, whether it be retention, reactivation, new users and also how this could be something that we really should look for in Q1 for years to come.

也許你可以提供一些關於 Cash App 的電子報稅機會的更多背景信息，無論是保留、重新激活、新用戶，還是我們在未來幾年的第一季度真正應該尋找的東西。

And then also a little bit more on the potential to turn some of these users into Direct Deposit, starting with the tax refund and then obviously, hopefully, payroll down the road.

然後還有更多關於將這些用戶中的一些變成直接存款的可能性，從退稅開始，然後很明顯，希望是工資單。

Yes.

是的。

We saw a pretty obvious opportunity in acquiring Credit Karma.

我們在收購 Credit Karma 時看到了一個非常明顯的機會。

As we've talked about on these calls, our road map consists of making sure that we're focused on the most critical needs for our customers and accessing the economy and providing them really simple tools to empower them.

正如我們在這些電話會議上談到的那樣，我們的路線圖包括確保我們專注於客戶最關鍵的需求和進入經濟並為他們提供真正簡單的工具來增強他們的能力。

Tax is obviously a big part of that, and anything we can do to make it easier for people to manage and file their taxes is something we're signing up for.

稅收顯然是其中的重要組成部分，我們可以做任何讓人們更容易管理和報稅的事情，這是我們正在簽署的。

More than 2 million individuals filed their taxes using Credit Karma tax last year, and a lot of these solutions are pretty complicated and time consuming.

去年有超過 200 萬人使用 Credit Karma 稅報稅，其中許多解決方案都非常複雜且耗時。

And as we've done with all of our products within Cash App and throughout the salary ecosystem, we want to take a very strong point of view that they should be simple and work really hard to simplify them as much as we can.

正如我們在 Cash App 和整個薪資生態系統中對我們的所有產品所做的那樣，我們希望有一個非常強烈的觀點，即它們應該簡單並且非常努力地盡可能地簡化它們。

And as to your other question, we think any of these critical solutions to problems people are having generally accessing the financial system will lead to using other products in our ecosystem.

至於你的另一個問題，我們認為這些解決人們普遍訪問金融系統問題的關鍵解決方案中的任何一個都會導致使用我們生態系統中的其他產品。

This is our whole strategy.

這是我們的整個戰略。

People might come in because they receive money from a friend using peer-to-peer aspect and then may discover the ability to buy stocks or buy Bitcoin, then discover that they can get a card and they can get their paycheck deposited to it, and now they can file their taxes with it.

人們可能會進來是因為他們使用點對點方式從朋友那裡收到錢，然後可能會發現可以購買股票或購買比特幣，然後發現他們可以獲得一張卡並且可以將薪水存入其中，並且現在他們可以用它報稅。

So each one of these things, we believe, positively reinforces the other.

因此，我們相信，這些事情中的每一個都會積極地加強另一個。

And we have people who are hiring us to serve multiple jobs instead of being dependent and overly dependent upon just one, which would be a single point of failure for us.

我們有人僱用我們從事多項工作，而不是依賴和過度依賴一項工作，這對我們來說將是單點失敗。

So we think there's a lot of opportunity here, and we're starting with Cash App.

所以我們認為這裡有很多機會，我們從 Cash App 開始。

There's probably more we can do on the Seller side as well, but it's a really strong start and one we're pretty excited about.

在賣方方面，我們可能還可以做更多的事情，但這是一個非常好的開始，我們對此感到非常興奮。

Great.

偉大的。

That was -- follow-up, it sounds like you kind of touched on it.

那是——跟進，聽起來你有點觸及它了。

I was wondering if there was anything you could mention in terms of maybe there's an opportunity to leverage the Credit Karma tax filing assets into the Seller ecosystem, but it sounds like maybe that's down the road.

我想知道您是否有什麼可以提及的，也許有機會將 Credit Karma 報稅資產利用到賣方生態系統中，但聽起來可能是在路上。

Yes.

是的。

That's the other benefit of our ecosystem strategy and the fact that we have 2 is that a lot of what we build for Cash App might be able to find its way easily into Seller and vice versa.

這是我們生態系統戰略的另一個好處，事實上我們有 2 個是我們為 Cash App 構建的很多東西可能能夠很容易地找到進入 Seller 的方式，反之亦然。

And we've demonstrated that in the past.

我們在過去已經證明了這一點。

So we expect a lot more of those internal efficiencies and eventual future sharing as time goes on.

因此，隨著時間的推移，我們期望更多的內部效率和最終的未來共享。

(Operator Instructions) Our next question is from the line of Harshita Rawat with Bernstein.

（操作員說明）我們的下一個問題來自 Harshita Rawat 與 Bernstein 的合作。

So you disclosed Cash App users at 36 million, up 50% year-over-year.

所以你披露 Cash App 用戶為 3600 萬，同比增長 50%。

Now as you look at your user base today and do competitive benchmarking, how much overlap do you see between Cash App users and users of other similar platform?

現在，當您查看您今天的用戶群並進行競爭性基準測試時，您發現 Cash App 用戶與其他類似平台的用戶之間有多少重疊？

And also, how does the customer acquisition and engagement on Cash App different versus the competitors?

而且，與競爭對手相比，Cash App 的客戶獲取和參與有何不同？

Yes.

是的。

So I -- back to the previous answer, look, I think our greatest strength, both in Cash App and Seller is the fact that we are creating ecosystem of tools and solutions for people.

所以我 - 回到之前的答案，看，我認為我們在 Cash App 和 Seller 中最大的優勢在於我們正在為人們創建工具和解決方案的生態系統。

We're not focused on just being peer-to-peer or just being stock investment or just being Bitcoin purchase, but finding the simplest and easiest and most accessible path for each, we believe, is going to be the strongest approach.

我們並不專注於點對點、股票投資或比特幣購買，但我們相信，為每一種方法找到最簡單、最容易和最容易獲得的途徑將是最有效的方法。

And of course, there's probably some overlap in many of those.

當然，其中許多可能存在一些重疊。

But our thesis and what we're driving towards is when you find everything in one place and it's super easy and you can do things because of the connections that you can't do on other platforms because they're all in one app, they're all in one service.

但我們的論點和我們的目標是當你在一個地方找到所有東西並且它非常容易並且你可以做一些事情因為你不能在其他平台上做的連接因為它們都在一個應用程序中，他們都在一項服務中。

That ultimately is the winning service and the winning pick.

這最終是獲勝的服務和獲勝的選擇。

So we imagine there's a lot we can do.

所以我們認為我們可以做很多事情。

And we've shown some of these things, like the Boost program, and that tied to Direct Deposit that other services just aren't able to do.

我們已經展示了其中一些東西，比如 Boost 程序，以及與直接存款相關的其他服務無法做到的事情。

So in terms of acquisition, we don't have to be focused on just one thing.

所以在收購方面，我們不必只專注於一件事。

We need to show that like someone coming in for peer-to-peer, it's the easiest way to send money ever.

我們需要證明，就像有人進入點對點一樣，這是有史以來最簡單的匯款方式。

And once they come in for that, that it's very simple for them to discover everything else that we offer.

一旦他們為此而來，他們就很容易發現我們提供的其他一切。

So we're really looking internally and inward at how we make all of these features more accessible and bring them to the surface for people so that they can -- so they can activate them right away and start using them and not have to go to multiple apps to do the things they want to do every single day.

所以我們真的在內部和內部尋找我們如何讓所有這些功能更容易訪問並將它們帶到表面上供人們使用 - 這樣他們就可以立即激活它們並開始使用它們而不必去多個應用程序來做他們每天想做的事情。

And the same is true -- I say all that for Cash App, but the same is true for the Seller business as well.

事實也是如此——我對 Cash App 說了這麼多，但對於賣家業務也是如此。

Your next question is from the line of Josh Beck with KBCM.

您的下一個問題來自 KBCM 的 Josh Beck。

I wanted to follow-up a little bit more on Boost.

我想進一步了解 Boost。

It certainly seems like it's expanded beyond rewards program and you're finding lots of other use cases to drive new product adoption.

看起來它似乎已經擴展到獎勵計劃之外，你會發現許多其他用例來推動新產品的採用。

The other thing that seems to be happening is you're requiring a lot of scale with respect to MAUs, with respect to spending patterns, spending category.

另一件似乎正在發生的事情是，你需要在 MAU、支出模式、支出類別方面有很大的規模。

So I'm curious, have you had or progressed much on the advertiser discussions in terms of maybe wanting to help fund some of those rewards?

所以我很好奇，在可能想要幫助資助其中一些獎勵方面，你是否已經或在廣告商討論中取得了很大進展？

Or should we really think about it as it's really in a heavy engagement in multiproduct adoption phase and monetization, perhaps the advertising contribution is something that's further down the road.

或者我們真的應該考慮它，因為它真的在大量參與多產品採用階段和貨幣化，也許廣告貢獻是更進一步的事情。

Yes, you're pointing to...

是的，你指的是...

Hey, Jack.

嘿，傑克。

Sorry.

對不起。

Sorry, Amrita.

對不起，阿姆麗塔。

You're pointing to the potential, but our focus right now is we think there's a lot of experiments that we can run that will indicate like the ultimate directions that we should go with the Boost program.

你指的是潛力，但我們現在的重點是我們認為我們可以進行很多實驗，這些實驗將表明我們應該採用 Boost 計劃的最終方向。

I'm really excited about the location aspect.

我對位置方面感到非常興奮。

Being able to understand where someone is and specifically like what local sellers are on them and offer them a reward that they're actually going to value and actually going to use and do so instantly is a really, really powerful idea.

能夠了解某人的位置，特別喜歡當地賣家在他們身上的內容，並為他們提供他們真正會重視並實際會使用並立即使用的獎勵，這是一個非常非常強大的想法。

And we can expand that even more by opening up down the line.

我們可以通過開放生產線進一步擴大這一範圍。

But there's another area where it shows the strength of having these 2 ecosystems, both on the seller side and also on the individual side.

但還有另一個領域顯示了擁有這兩個生態系統的優勢，無論是在賣方方面還是在個人方面。

But we're still in the phase of making sure that we're building a product that people value that is extremely easy.

但我們仍處於確保我們正在構建一種人們認為非常容易的產品的階段。

You don't even have to think about it in order to use it and continue looking for opportunities to broaden it.

您甚至不必為了使用它而考慮它並繼續尋找機會來擴展它。

But right now, focus on making sure all the capabilities and the attributes are there, and it's just getting stronger and stronger every day.

但是現在，專注於確保所有的能力和屬性都在那裡，而且它每天都在變得越來越強。

And I'd just add, Josh, that we have the ability to be dynamic in how we should spend with respect to Boost.

Josh，我只想補充一點，我們有能力動態決定我們應該如何花錢購買 Boost。

The way we built the program is a flexible dynamic and potentially personalized program.

我們構建程序的方式是一個靈活的動態和潛在的個性化程序。

And so we've been able to manage our costs here and returns more efficiently.

因此，我們能夠在這裡管理我們的成本並更有效地回報。

And, frankly, on a week-by-week basis, about less than 5% of Cash Card transactions were boosted in the fourth quarter.

而且，坦率地說，按週計算，第四季度只有不到 5% 的現金卡交易得到提升。

So we sort of see Boost as punching above its weight, frankly, in terms of its ability to impact the broader ecosystem given the relatively only 1 in 20 transactions are actually boosted.

因此，坦率地說，就其影響更廣泛生態系統的能力而言，我們認為 Boost 超越了它的重量，因為實際上只有 20 筆交易中有 1 筆交易得到提升。

It really shows Cash Card utility extend beyond Boost.

它確實表明 Cash Card 的實用性超越了 Boost。

And of course, we're working on expanding our merchant relationships.

當然，我們正在努力擴大我們的商家關係。

We've seen Boost's ability to drive a lift in acquisition at a compelling and low customer acquisition costs for various partners.

我們已經看到 Boost 能夠以極具吸引力且低廉的客戶獲取成本為各種合作夥伴推動獲取量的提升。

So we'll continue to be working with them.

所以我們將繼續與他們合作。

On Cash Card spend more broadly, we've seen average spend per customer increased in the fourth quarter on a year-over-year basis with continued mix of spend being very diverse across food, grocery, gas, utilities, retail, along with growth in card-not-present and mobile wallet use cases during COVID.

在更廣泛的現金卡支出方面，我們發現第四季度每位客戶的平均支出同比有所增加，食品、雜貨、天然氣、公用事業、零售以及增長方面的支出組合非常多樣化在 COVID 期間的無卡和移動錢包用例中。

So there are multiple ways that we can use the card program, coupled with the Boost program, to drive unique returns for our customers and increasingly potential for merchants as well.

因此，我們可以通過多種方式使用卡計劃，再加上 Boost 計劃，為我們的客戶帶來獨特的回報，並為商家帶來越來越大的潛力。

Your next question is from the line of Dan Dolev with Mizuho.

你的下一個問題來自瑞穗的 Dan Dolev。

So Jack, in the past, we talked about kind of the holy grail being connecting the 2 ecosystems, and you came up with the Cash by Cash App apparel line recently.

所以傑克，過去，我們談到了連接兩個生態系統的聖杯，你最近想出了 Cash by Cash App 服裝系列。

And we think this is maybe an attempt to think about how to connect the 2 ecosystems, and then down the road maybe even offer like an alternative checkout.

我們認為這可能是一種思考如何連接這兩個生態系統的嘗試，然後甚至可能會提供一種替代結賬方式。

Can you talk about kind of the long-term strategic vision of this move and what it means for the future?

您能談談此舉的長期戰略願景及其對未來的意義嗎？

Yes.

是的。

The team did an amazing job with Cash by Cash App.

該團隊在 Cash by Cash App 方面做得非常出色。

So we wanted to do -- cash has definitely rich culture, and we want to make sure that we're outsizing that as much as we can.

所以我們想做 - 現金絕對有豐富的文化，我們想確保我們盡可能地擴大它。

We have a really cool customer base.

我們有一個非常棒的客戶群。

And they love the Cash App, and we wanted to ensure that people could express that in various ways, and that's why we launched the apparel line.

他們喜歡 Cash App，我們希望確保人們能夠以各種方式表達這一點，這就是我們推出服裝系列的原因。

But it also gave us an opportunity to demonstrate both the power of having something like Square a mine store in our company and also what it means to be able to pay with the Cash App directly.

但它也讓我們有機會展示在我們公司擁有像 Square 這樣的礦山商店的力量，以及能夠直接使用 Cash App 付款意味著什麼。

And this is obviously early, but you can imagine where it might go as we make it even faster, we make it even easier.

這顯然還為時過早，但你可以想像它會走向何方，因為我們讓它變得更快，我們讓它變得更容易。

And I think it draws both on the Cash App ecosystem and has acquisition opportunities there and also for the Seller ecosystem and has an opportunity there.

而且我認為它既利用了 Cash App 生態系統並在那裡獲得了收購機會，也利用了 Seller 生態系統並在那裡獲得了機會。

And when you pair with things like what we can do with Boost as well, we have a pretty powerful way to drive a lot of traffic and connect all the dots.

當你與我們可以用 Boost 做的事情配對時，我們有一個非常強大的方法來驅動大量流量並連接所有點。

So as we've talked about on this call, I think there's a lot of opportunities between the 2 ecosystems, and we are going to explore the most important ones.

因此，正如我們在本次電話會議上談到的那樣，我認為這兩個生態系統之間存在很多機會，我們將探索最重要的機會。

We've done a lot of internal connections between the 2 ecosystems, and now we're focused on more of the customer-facing connections.

我們在兩個生態系統之間做了很多內部連接，現在我們專注於更多面向客戶的連接。

And I believe they're quite powerful.

而且我相信它們非常強大。

So I think both Cash App and the Seller business have an opportunity to strengthen each other.

所以我認為 Cash App 和賣家業務都有機會相互加強。

And we're showing that off a little bit with Cash by Cash App, but there's a lot more to come.

我們通過 Cash App 的 Cash 展示了一點點，但還有更多。

Your next question is from the line of George Mihalos.

你的下一個問題來自 George Mihalos。

Congrats on very strong results again.

再次祝賀非常好的結果。

Just wanted to ask the strength that you're seeing in -- with the mid-market sellers, how vertical-specific is that?

只是想問問你看到的力量——對於中端市場賣家，垂直特定程度如何？

Or is it sort of broad-based?

或者它是一種廣泛的基礎？

I know you have a number of very vertical-specific solutions out there that are designed to resonate with somewhat larger merchants.

我知道您有許多非常針對垂直領域的解決方案，旨在與更大的商家產生共鳴。

And also, the 40% of sales coming in from your sales force efforts, what was that number maybe a year ago?

而且，40% 的銷售額來自您的銷售團隊，一年前這個數字大概是多少？

Yes.

是的。

Maybe I can start it off here.

也許我可以從這裡開始。

Thanks for the question, George.

謝謝你的問題，喬治。

What we're seeing with mid-market sellers is fairly broad-based strength.

我們在中端市場賣家身上看到的是相當廣泛的實力。

Particularly during COVID, we -- if you think about the pairing of strength in our omnichannel efforts as well as strength moving upmarket, we've been able to progress in our ability to serve restaurants.

特別是在 COVID 期間，如果您考慮我們在全渠道努力中的優勢以及向高端市場轉移的優勢，我們已經能夠在為餐廳提供服務的能力方面取得進步。

You can think about just even more recently, the couple of products that we've launched where -- that help many restaurants adapt quickly in this changing environment without having to charge marketplace fees to them, you can think of that as the interactive kitchen display system, on-demand and seller power delivery and QR codes for self-service.

你可以想想最近，我們推出的幾款產品——幫助許多餐廳快速適應這種不斷變化的環境，而無需向他們收取市場費用，你可以將其視為交互式廚房展示系統、按需和賣家供電以及自助服務的二維碼。

That's helped us unlock help sellers adapt, restaurants adapt and help us unlock going upmarket with restaurants.

這幫助我們解鎖幫助賣家適應，餐廳適應並幫助我們打開餐廳進入高檔市場的大門。

When we think about verticals that have found success -- relatively speaking, success in this environment, we have seen the strongest year-over-year growth in verticals like health and fitness, home and repair and retail verticals in the fourth quarter as well as those verticals have helped -- have continued to find ways to adapt in this challenging environment.

當我們考慮取得成功的垂直領域時——相對而言，在這種環境下取得成功時，我們看到健康與健身、家居與維修以及零售垂直領域在第四季度以及這些垂直行業有所幫助 - 繼續尋找適應這一充滿挑戰的環境的方法。

And as we think about the sales team, again, looking -- given the strong returns that we've seen here, 5-quarter payback historically with the sales team, we want to double down on that this year.

當我們再次考慮銷售團隊時，考慮到我們在這裡看到的強勁回報，銷售團隊歷史上的 5 個季度回報，我們希望今年加倍努力。

We expect to double the size of our sales team this year.

我們預計今年我們的銷售團隊規模會擴大一倍。

And that 40% sort of engagement of our mid-market sales coming via the sales team has grown over time as we've enabled greater efficiency for our sales team through AI and ML technologies.

隨著我們通過 AI 和 ML 技術提高銷售團隊的效率，銷售團隊對我們中端市場銷售的 40% 參與度隨著時間的推移而增長。

And as mid-market sellers have taken on more products on our ecosystem, we see, as I mentioned earlier, mid-market sellers taking on 2.5 products on average in our ecosystem.

隨著中端市場賣家在我們的生態系統中採用更多產品，正如我之前提到的，我們看到中端市場賣家平均在我們的生態系統中採用 2.5 種產品。

And we think given the variety, the breadth of products that we provide across hardware, software, payments and financial services that there's an even greater opportunity to offer those additional products to larger sellers over time to be able to meet their more complex needs.

我們認為，鑑於我們在硬件、軟件、支付和金融服務方面提供的產品種類繁多，隨著時間的推移，我們有更大的機會向更大的賣家提供這些額外的產品，以滿足他們更複雜的需求。

Your next question is from the line of Dan Perlin with RBC.

你的下一個問題來自 RBC 的 Dan Perlin。

And there's a lot to digest here.

這裡有很多東西需要消化。

So I appreciate all the information.

所以我很感激所有的信息。

The question I have is maybe for Amrita, can you just talk a little bit about the cadence of this investment that you guys have outlined?

我的問題可能是關於 Amrita 的，你能談談你們概述的這項投資的節奏嗎？

Understanding you highlighted $110 million or so in the first quarter, kind of suggest that maybe it's a little more back-end loaded.

了解你在第一季度強調了 1.1 億美元左右，這表明它可能有更多的後端負載。

And I just feel like given all this opportunity that is facing the company, it might have been bigger.

我只是覺得，鑑於公司面臨的所有這些機會，它可能會更大。

And then I think, if I'm not mistaken, you also took up the high end of that range, maybe $50 million.

然後我想，如果我沒記錯的話，你也佔據了這個範圍的高端，也許是 5000 萬美元。

So I'm just wondering what was the incremental opportunity that you saw that you wanted to see upon.

所以我只是想知道你看到你想要看到的增量機會是什麼。

Sure, yes.

當然，是的。

So the overall investment step-up that we envisioned for 2021 is $800 million and $900 million.

因此，我們預計 2021 年的總體投資增加額為 8 億美元和 9 億美元。

Previously, we had said $800 million to $850 million.

此前，我們曾說過 8 億至 8.5 億美元。

This is really just about completing our annual plan process, our budgeting process and seeing opportunities to lean in, given the strong books we've driven from a cohort economic and payback and ROI perspective that we were talking about earlier.

這實際上只是為了完成我們的年度計劃流程、我們的預算流程，並看到我們從隊列經濟和投資回報率和投資回報率的角度推動的強大書籍，我們之前談到過。

So we see this as really just a refinement of the earlier numbers we shared with you and a reflection of the opportunity ahead.

因此，我們認為這實際上只是對我們與您分享的早期數字的改進，並反映了未來的機會。

In terms of how those investments spread across the business and then how they spread across the year, as you think about the ecosystem, we plan to invest directly about 60% of that step-up into Cash App and 40% into Seller.

就這些投資如何在整個業務中分佈以及它們如何在一年中分佈而言，正如你對生態系統的看法，我們計劃將大約 60% 的升級直接投資到 Cash App，將 40% 直接投資到 Seller。

And in terms of areas of spend, about half of the step-up going into sales and marketing and about 1/4 each in the product development and G&A as we build upon the foundation and expand our product breadth.

就支出領域而言，隨著我們建立基礎並擴大產品範圍，大約一半的升級用於銷售和營銷，產品開發和 G&A 各佔 1/4。

In terms of timing, as mentioned, Q1 is an important quarter for us to lean into investments from a sales and marketing perspective, especially as you think about the seller ecosystem where many sellers are thinking about who they're going to hire for their various needs coming out of the holiday period.

就時間而言，如前所述，第一季度是我們從銷售和營銷角度進行投資的重要季度，尤其是當你考慮賣家生態系統時，許多賣家都在考慮他們將僱用誰來完成他們的各種工作需要走出假期。

And so that is an area that we want to invest.

所以這是我們想要投資的領域。

But as you think about the broader $800 million to $900 million, of course, there's a component there that's related to hiring, and that hiring will stage throughout the year and compound in terms of its impact throughout the year.

但是當你考慮更廣泛的 8 億美元到 9 億美元時，當然，那裡有一個與招聘相關的組成部分，而且招聘將在全年分階段進行，並在全年的影響方面複合。

So that's a little bit of the progression that you see as well from quarter-to-quarter.

因此，這也是您從一個季度到另一個季度看到的一點進展。

And our last question is from Jason Kupferberg with Bank of America.

我們的最後一個問題來自美國銀行的 Jason Kupferberg。

Just a 2-parter on Bitcoin.

只是比特幣的 2 人。

First off, the revenue there, I think it was only up around 7% or 8% quarter-over-quarter even though, obviously, the price of Bitcoin skyrocketed, and there's obviously been a lot of retail trading.

首先，那裡的收入，我認為它只比上一季度增長了 7% 或 8% 左右，儘管很明顯，比特幣的價格飛漲，而且顯然有很多零售交易。

So I was curious if there were any noteworthy callouts there.

所以我很好奇那裡是否有任何值得注意的標註。

And then just wanted to get your guys' perspective on pros and cons of Bitcoin versus the types of Central Bank digital currencies that are being discussed more actively by various governments around the world.

然後只是想了解你們對比特幣與世界各國政府正在更積極討論的中央銀行數字貨幣類型的優缺點的看法。

I can maybe hit the first topic that you hit, Jason, in terms of Bitcoin quarter-over-quarter growth.

就比特幣季度環比增長而言，傑森，我可能會談到你提到的第一個話題。

We've continued to see strong adoption with 3 million customers across Bitcoin throughout the year for Cash App and in January, saw 1 million new to Bitcoin in the year -- in the month.

我們繼續看到 Cash App 全年在比特幣上有 300 萬客戶被廣泛採用，而在 1 月份，今年有 100 萬新客戶使用比特幣 - 在這個月。

So increasing awareness that's building through time.

因此，隨著時間的推移不斷提高意識。

And I think you'll see that reflected in the results as well with Bitcoin gross profit, which is how we sort of anchor to the economic impact to our business, Bitcoin gross profit growing meaningfully on a year-over-year basis and also on a quarter-over-quarter basis.

我想你會看到結果也反映在比特幣毛利潤上，這就是我們如何錨定對我們業務的經濟影響，比特幣毛利潤同比增長有意義，而且環比增長。

As we think about the opportunity as well from a volumes perspective, Bitcoin in the fourth quarter grew 2.5x on a year-over-year basis in Cash App and continues to be a strong front door for us as we see product adoption increasing for customers in their first month on Cash App.

當我們從交易量的角度考慮這個機會時，第四季度比特幣在 Cash App 中同比增長 2.5 倍，並且隨著我們看到客戶對產品的採用不斷增加，它繼續成為我們的強大前門在他們使用 Cash App 的第一個月。

So we're excited about the opportunity that we see here.

因此，我們對在這裡看到的機會感到興奮。

But you're right, it's still early days.

但你是對的，現在還為時尚早。

Only about 1 in 10 customers on Cash App are using the Bitcoin product, and we see an opportunity to grow that over time.

Cash App 上只有大約十分之一的客戶在使用比特幣產品，我們看到了隨著時間的推移增長的機會。

And our thesis around Bitcoin is really quite simple.

我們關於比特幣的論點真的很簡單。

We believe the Internet will have a native currency.

我們相信互聯網將擁有一種本土貨幣。

The Internet has broken through so many barriers all around the world for every industry, and we do think money and currency are a big part of that future.

互聯網為每個行業突破了世界各地的許多障礙，我們確實認為金錢和貨幣是未來的重要組成部分。

And it doesn't take a lot to imagine that certainly that will exist and that it will be Bitcoin.

不難想像，它肯定會存在，而且會是比特幣。

And the reason why is it is completely open.

原因是它是完全開放的。

It is driven by consensus.

它是由共識驅動的。

It is something that anyone can see and no particular third party can actually control.

這是任何人都可以看到的東西，沒有特定的第三方可以實際控制。

And that really speaks to the principles of the Internet.

這確實符合互聯網的原則。

And as more people participate, not only in investments, but also through products and through development, it gets even more trusted and more solid and more secure and something that more people can utilize.

隨著越來越多的人不僅參與投資，而且通過產品和開發參與，它變得更加可信、更加可靠、更加安全，並且可以被更多人使用。

And that's our goal is to help people understand what their plan is, what it can be used for and make it a whole lot more useful and accessible for anything that they want to do on the Internet.

我們的目標是幫助人們了解他們的計劃是什麼，它的用途是什麼，並使它對他們想在 Internet 上做的任何事情都更有用和更容易獲得。

And I'd like to turn the call back over to the company for closing remarks.

我想把電話轉回給公司以作結束語。

Thank you, everyone, for joining our call.

謝謝大家加入我們的電話會議。

I would like to remind everyone that we will be hosting our first quarter 2021 earnings call on May 6, 2021.

我想提醒大家，我們將於 2021 年 5 月 6 日召開 2021 年第一季度財報電話會議。

Thanks again for participating today.

再次感謝您今天的參與。

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

女士們，先生們，感謝你們參加今天的節目。

This does conclude the program.

這確實結束了程序。

You may all disconnect.

你們都可以斷開連接。