Block Inc (SQ) 2020 Q3 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到 Square 2020 年第三季度收益電話會議。

I'd 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 third quarter 2020 earnings call.

感謝您參加我們 2020 年第三季度的財報電話會議。

We have Jack and Amrita with us today.

今天有 Jack 和 Amrita 和我們一起。

If you're experiencing any technical difficulties accessing our third quarter 2020 shareholder letter, it is also available on the SEC's website.

如果您在訪問我們的 2020 年第三季度股東信函時遇到任何技術困難，也可以在美國證券交易委員會的網站上找到。

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

在開始直接回答您的問題之前，我們將以一些簡短的評論開始本次電話會議。

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 the 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'll provide preliminary gross profit growth results for the month of October.

在此電話會議期間，我們將提供 10 月份的初步毛利增長結果。

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

這些代表我們目前對 10 月份業績的估計，因為我們尚未關閉 10 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 October results may differ from these estimates.

因此，10 月份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 GAAP results.

這些非 GAAP 措施無意替代 GAAP 結果。

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

最後，我們的投資者關係網站上正在對此次電話會議進行完整的音頻網絡廣播。

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 would like to turn it over to Jack.

有了這個，我想把它交給傑克。

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

謝謝杰森，感謝大家今天加入我們。

We know this is a busy time for everyone, especially with the U.S. election this week, so we'll keep our opening comments focused so we can get to your questions.

我們知道這對每個人來說都很忙，尤其是本周美國大選，因此我們將重點關注開場評論，以便回答您的問題。

As a company, we're continuing to take action to further our purpose of economic empowerment and commitment to financial inclusion.

作為一家公司，我們將繼續採取行動，以進一步實現我們賦予經濟權力的目標和對普惠金融的承諾。

Since last quarter, we announced 2 strategic investments that aligned with that purpose.

自上個季度以來，我們宣布了兩項符合該目的的戰略投資。

The first was a $100 million investment in support of minority and underserved communities and towards our commitment to ending racial justice.

第一項是 1 億美元的投資，用於支持少數族裔和服務不足的社區，並實現我們對結束種族正義的承諾。

The second was a $50 million investment into Bitcoin, which we believe will be the native currency of the Internet and help people around the world better participate and thrive in the economy.

第二個是對比特幣的 5000 萬美元投資，我們相信比特幣將成為互聯網的原生貨幣，幫助世界各地的人們更好地參與經濟並在經濟中繁榮發展。

A few updates on our 2 ecosystems, Seller and Cash App before I turn it over to Amrita and your questions.

在我將其交給 Amrita 和您的問題之前，先對我們的 2 個生態系統 Seller 和 Cash App 進行一些更新。

Let's start with Seller.

讓我們從賣家開始。

We're focused on providing sellers with fast and flexible access to their funds, which has proven to be especially important this year.

我們專注於為賣家提供快速靈活的資金獲取渠道，這在今年已被證明尤為重要。

Square Card, our business debit card, which we launched last year, provide sellers with a way to immediately access and spend earned funds without setting up a bank account.

Square Card 是我們去年推出的商業借記卡，為賣家提供了一種無需開設銀行賬戶即可立即獲取和使用賺取資金的方式。

Adoption of Square Card has increased each quarter since launch.

自推出以來，Square Card 的採用率每個季度都在增加。

And in the third quarter, sellers spent more than $250 million on their cards.

而在第三季度，賣家在他們的卡片上花費了超過 2.5 億美元。

We also work to provide employees easier access to funds.

我們還努力讓員工更容易獲得資金。

In the third quarter, we launched 2 new features for Square Payroll: Instant Payments and On-Demand Pay.

在第三季度，我們為 Square Payroll 推出了 2 項新功能：即時支付和按需支付。

Instant Payments allows Square Payroll merchants to pay employees using earned funds next business day with Direct Deposit or instantly when employees use Cash App.

即時付款允許 Square Payroll 商家在下一個工作日通過直接存款或在員工使用 Cash App 時立即使用賺取的資金向員工付款。

On-Demand Pay gives employees a way to get their compensation faster by transferring up to $200 of earned wages per pay period into their Cash App accounts.

On-Demand Pay 通過將每個支付期高達 200 美元的工資轉移到他們的 Cash App 賬戶，為員工提供了一種更快獲得補償的方式。

This strengthens the integration between our Seller and Cash App ecosystems and is a great example of what we can do when we connect the 2 ecosystems together.

這加強了我們的 Seller 和 Cash App 生態系統之間的集成，並且是我們將 2 個生態系統連接在一起時可以做什麼的一個很好的例子。

We continue to believe our ecosystem is a key differentiator for sellers and see an opportunity to educate businesses who are looking to adapt.

我們仍然相信我們的生態系統是賣家的一個關鍵差異化因素，並看到了教育希望適應的企業的機會。

During the quarter, we also ran our largest brand awareness campaign to date, with a focus on how our offerings can help sellers globally through the COVID-19 pandemic.

在本季度，我們還開展了迄今為止規模最大的品牌宣傳活動，重點關注我們的產品如何幫助全球賣家度過 COVID-19 大流行。

We expect to reach more than 50 million people in the U.S. through our campaigns in the second half of 2020.

我們預計到 2020 年下半年，我們的活動將覆蓋美國超過 5000 萬人。

Now moving on to Cash App.

現在轉到 Cash App。

With Cash App, we've continued to find ways to make financial services more relatable and accessible for individuals.

借助 Cash App，我們一直在尋找方法，讓金融服務對個人而言更具相關性和可訪問性。

We have seen strong adoption across the Cash App ecosystem, including our stock brokerage products, which have seen the fastest adoption of any product to date.

我們已經看到整個 Cash App 生態系統的廣泛採用，包括我們的股票經紀產品，這些產品是迄今為止採用最快的產品。

Since launching it less than a year ago, more than 2.5 million customers have bought stocks using Cash App, and billions of dollars have been traded by the end of the third quarter.

自推出不到一年以來，已有超過 250 萬客戶使用 Cash App 購買股票，截至第三季度末交易額已達數十億美元。

With the stock products, we're focused on expanding access to investing for more customers, many of whom likely have never purchased stocks before.

通過股票產品，我們專注於為更多客戶擴大投資渠道，其中許多人可能以前從未購買過股票。

This quarter, we launched Auto Invest, which allows for dollar cost averaging from recurring daily or weekly purchase of Bitcoin or stocks.

本季度，我們推出了 Auto Invest，它允許通過每天或每週重複購買比特幣或股票來平均美元成本。

We also added the ability for customers to find stocks based on industry and performance and to get relevant news about their stocks right in the app.

我們還為客戶添加了根據行業和業績查找股票以及直接在應用程序中獲取有關其股票的相關新聞的功能。

In closing, we have scaled not 1 but 2 ecosystems focused on expanding access to financial services for sellers and individuals.

最後，我們擴展的不是 1 個，而是 2 個生態系統，重點是擴大賣家和個人獲得金融服務的機會。

We intend to continue looking for opportunities within each ecosystem and to expand into new adjacencies beyond Seller, and so we're investing for the long term and we're energized by what's possible.

我們打算繼續在每個生態系統中尋找機會，並擴展到 Seller 以外的新鄰接領域，因此我們正在進行長期投資，我們對可能發生的事情充滿活力。

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: first, a look at our performance in the third quarter, where Cash App delivered strong growth and Seller achieved positive gross profit growth and showed stability on GPV; second, an update on our business in October and what this could mean for growth going forward; third, a look at where we intend to invest in the fourth quarter of 2020 and in 2021 across both ecosystems, given the compelling opportunities ahead of us.

今天我想講三個話題：首先，看一下我們第三季度的表現，Cash App實現了強勁的增長，Seller實現了毛利正增長，GPV表現穩定；第二，我們 10 月份的業務更新以及這對未來增長意味著什麼；第三，考慮到擺在我們面前的誘人機會，看看我們打算在 2020 年第四季度和 2021 年在兩個生態系統中投資的地方。

In the third quarter, gross profit was $794 million, up 59% year-over-year or 63% growth excluding Caviar.

第三季度，毛利潤為 7.94 億美元，同比增長 59%，不包括魚子醬增長 63%。

Net income was $37 million and adjusted EBITDA was $181 million.

淨收入為 3700 萬美元，調整後的 EBITDA 為 1.81 億美元。

Cash App delivered incredible gross profit growth of 212% year-over-year.

Cash App 的毛利潤同比增長 212%，令人難以置信。

The $385 million in gross profit Cash App generated was more than triple what it did in the third quarter of 2019.

Cash App 產生的 3.85 億美元毛利潤是 2019 年第三季度的三倍多。

Cash App's results highlight our ecosystem's ability to help customers manage their finances.

Cash App 的結果凸顯了我們的生態系統幫助客戶管理財務的能力。

Looking at the 3 main drivers: first, we continue to see strong acquisition of new customers to our platform each month, with our highest number of new customers added in a quarter.

查看 3 個主要驅動因素：首先，我們繼續看到每個月都有大量新客戶加入我們的平台，這是我們在一個季度增加的新客戶數量最多的。

Second, we continue to efficiently cross-sell our broader ecosystem, increasing adoption of higher-value products such as Cash Card, Bitcoin and Direct Deposit.

其次，我們繼續有效地交叉銷售我們更廣泛的生態系統，增加現金卡、比特幣和直接存款等更高價值產品的採用。

We saw that customers who adopted 2 or more products tend to have 3 to 4x more gross profit compared to those who only use peer-to-peer payment, and this adoption allowed customers to find growing daily utility within Cash App.

我們發現，與僅使用點對點支付的客戶相比，採用 2 種或更多產品的客戶的毛利潤往往高出 3 到 4 倍，這種採用使客戶能夠在 Cash App 中找到不斷增長的日常效用。

In the third quarter, daily transacting actives nearly doubled year-over-year and represented nearly 1/4 of Cash App's monthly transacting actives.

第三季度，每日交易活動同比增長近一倍，佔 Cash App 每月交易活動的近 1/4。

Third, we saw volume per active peak in July as we benefited from increased inflows into Cash App.

第三，由於我們受益於流入 Cash App 的資金增加，我們看到了 7 月份每個活躍峰值的交易量。

This is a dynamic we've observed in the past related to seasonal tax refunds as well as direct deposits of recurring paychecks and saw, to an even greater extent, through July with the introduction of government stimulus funds.

這是我們過去觀察到的與季節性退稅以及經常性薪水的直接存款相關的動態，並且在更大程度上看到了整個 7 月政府刺激資金的引入。

As expected, inflows stepped down from July although remained relatively steady in August and September as we continued to benefit from greater inflows into customers' accounts compared to pre-COVID levels.

正如預期的那樣，流入量從 7 月開始減少，但在 8 月和 9 月保持相對穩定，因為與 COVID 之前的水平相比，我們繼續受益於流入客戶賬戶的更多資金。

For our Seller ecosystem, gross profit was $409 million, up 12% year-over-year.

對於我們的賣家生態系統，毛利潤為 4.09 億美元，同比增長 12%。

Excluding 4th of July and Labor Day, Seller GPV growth was relatively consistent on a year-over-year basis from July to August, followed by a modest improvement in September.

不包括 7 月 4 日和勞動節，7 月至 8 月賣家 GPV 的同比增長相對穩定，隨後在 9 月略有改善。

Three factors to call out here in the third quarter across key strategic areas for our Seller business: first, omnichannel remains a priority and our online capabilities complement our broader ecosystem.

第三季度我們賣家業務關鍵戰略領域的三個因素：首先，全渠道仍然是優先事項，我們的在線功能補充了我們更廣泛的生態系統。

We saw continued strong GPV growth from our online channels up more than 50% year-over-year again this quarter.

本季度，我們在線渠道的 GPV 持續強勁增長，同比增長超過 50%。

Second, we saw stronger growth from our international markets in the third quarter.

其次，我們在第三季度看到國際市場的強勁增長。

Seller GPV in our markets outside the U.S. grew 46% year-over-year in the third quarter and represented 11% of total Seller GPV, up from 6% 2 years ago.

我們在美國以外市場的賣家 GPV 第三季度同比增長 46%，佔賣家 GPV 總額的 11%，高於 2 年前的 6%。

Growth in the quarter was primarily driven by easing of restrictions in various regions as well as our strong acquisition of new sellers.

本季度的增長主要受到各地區放寬限制以及我們大力收購新賣家的推動。

Third, we remain focused on broadening our sales and marketing strategy for our Seller ecosystem.

第三，我們仍然專注於擴大我們的賣家生態系統的銷售和營銷戰略。

Overall, across our increased go-to-market investments, we drove strong acquisitions similar to last quarter.

總體而言，在我們增加的上市投資中，我們推動了與上一季度類似的強勁收購。

We track acquisitions looking at the first 5 weeks of gross profit from a new cohort, and our Seller cohorts in the third quarter generated greater gross profit compared to those who joined our platform a year ago.

我們跟踪收購，著眼於新隊列前 5 週的毛利潤，與一年前加入我們平台的賣家隊列相比，我們的賣家隊列在第三季度產生了更高的毛利潤。

Adjusted EBITDA of $181 million in the third quarter was primarily driven by top line growth and also benefited from a $40 million release of transaction loss provisions related to our Seller business as actual loss rates trended more favorably than we had previously estimated.

第三季度調整後的 EBITDA 為 1.81 億美元，這主要是受收入增長的推動，並且還受益於與我們的賣方業務相關的 4000 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 with you what trends we are seeing in real time and implications on growth going forward for each ecosystem.

接下來，我們想與您分享我們實時看到的趨勢以及對每個生態系統未來增長的影響。

In October, we expect Cash App gross profit growth of more than 160% year-over-year.

10 月份，我們預計 Cash App 毛利同比增長超過 160%。

We continue to grow the network through strong new customer acquisition, drive adoption of our products and see healthy engagement and daily utility.

我們繼續通過強大的新客戶獲取來發展網絡，推動我們產品的採用，並看到健康的參與和日常效用。

As expected, we saw a reduction in transaction volume per active customer in October, driven by moderating inflows and stored funds, albeit still well above pre-COVID levels.

正如預期的那樣，我們看到 10 月份每個活躍客戶的交易量有所減少，這是由於資金流入和儲存資金減少所致，儘管仍遠高於 COVID 之前的水平。

Looking ahead, while the team has continued to execute, there remains a wide range of outcomes related to government inflows and how consumer behavior normalizes in 2021, which could lead to Cash App gross profit decelerating during the remainder of this year and into 2021.

展望未來，雖然團隊繼續執行，但仍存在與政府資金流入以及消費者行為如何在 2021 年正常化相關的廣泛結果，這可能導致 Cash App 毛利潤在今年剩餘時間和 2021 年減速。

Given Cash App's incredible growth year-to-date in 2020, we will lap particularly challenging comparisons in the second and third quarter of next year.

鑑於 Cash App 在 2020 年年初至今的驚人增長，我們將在明年第二和第三季度進行特別具有挑戰性的比較。

Turning to Seller.

轉向賣家。

In October, we expect our Seller ecosystem to achieve year-over-year gross profit growth, slightly ahead of the 12% growth that we reported in the third quarter.

10 月份，我們預計我們的賣家生態系統將實現毛利潤同比增長，略高於我們在第三季度報告的 12% 的增長。

Seller GPV was up 8% year-over-year in October, which modestly improved compared to the third quarter, which was up 4%.

10 月份賣家 GPV 同比增長 8%，與第三季度增長 4% 相比略有改善。

In our international markets, we saw GPV growth of 50% year-over-year in October.

在我們的國際市場，我們看到 10 月份 GPV 同比增長 50%。

However, 2 of our largest markets, the U.K. and Canada, recently implemented more targeted shelter-in-place measures, which could affect growth in the fourth quarter.

然而，我們最大的兩個市場英國和加拿大最近實施了更有針對性的就地避難措施，這可能會影響第四季度的增長。

Card-not-present transactions were up 23% year-over-year in October, relatively consistent with what we saw during the third quarter, while card-present transactions were up 1% year-over-year, an improvement from the third quarter.

10 月份無卡交易同比增長 23%，與我們在第三季度看到的情況相對一致，而有卡交易同比增長 1%，比第三季度有所改善.

Regional trends on card-present transactions have varied depending on the extent of shelter-in-place restrictions.

持卡交易的區域趨勢因就地避難限制的程度而異。

We expect to continue to observe variability related to the macro environment, pace of recovery and stricter shelter-in-place restrictions through the winter months, which could impact our performance.

我們預計將在整個冬季繼續觀察與宏觀環境、復甦步伐和更嚴格的就地避難所限制相關的變化，這可能會影響我們的表現。

Our Seller gross profit has grown faster than GPV this year, in part due to higher transaction margins, which benefited from a greater mix of debit, card-not-present transactions and higher average transaction sizes.

今年，我們的賣家毛利增長速度快於 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以及更高的平均交易規模。

We recognize these dynamics driving transaction margins in 2020 could normalize in 2021.

我們認識到這些推動 2020 年交易利潤率的動力可能會在 2021 年正常化。

Finally, we intend on investing for the long term across both ecosystems in the fourth quarter and in 2021, and we'll share a preliminary view of where we see the greatest opportunities.

最後，我們打算在第四季度和 2021 年對這兩個生態系統進行長期投資，我們將就我們看到最大機會的地方分享初步看法。

In the fourth quarter, we expect to increase non-GAAP operating expenses, excluding risk loss by at least $30 million compared to the third quarter as we continue to invest in go-to-market and hiring, particularly for engineers driving product development.

在第四季度，我們預計將增加非 GAAP 運營費用，不包括風險損失，與第三季度相比至少增加 3000 萬美元，因為我們將繼續投資於上市和招聘，特別是推動產品開發的工程師。

As we plan for 2021, we again are making the deliberate decision to invest in both ecosystems as we believe we are in the midst of a transformative opportunity to reach new customers and expand each of our ecosystems.

在我們計劃 2021 年時，我們再次慎重決定投資這兩個生態系統，因為我們相信我們正處於接觸新客戶和擴展我們每個生態系統的變革機會之中。

Next year, we expect to invest an incremental $800 million to $850 million in non-GAAP operating expenses, excluding risk loss, which represents growth of approximately 40% year-over-year.

明年，我們預計將增加 8 億至 8.5 億美元的非 GAAP 運營費用投資，不包括風險損失，這意味著同比增長約 40%。

We expect the overall impact to our profitability next year to depend on top line growth trends in 2021, which will be determined in part by a variety of macro factors where we see a wide range of potential outcomes.

我們預計明年對我們盈利能力的總體影響將取決於 2021 年的收入增長趨勢，這在一定程度上取決於我們看到各種潛在結果的各種宏觀因素。

For what is in our control, let's look at where we are investing in each ecosystem.

對於我們可以控制的內容，讓我們看看我們在每個生態系統中的投資位置。

For Cash App, we plan to focus on investing in sales and marketing to drive acquisition of customers and new demographics and to engage former customers.

對於 Cash App，我們計劃專注於銷售和營銷投資，以推動客戶獲取和新人口統計，並吸引老客戶。

We also plan to invest in product development to continue adding value to our customers and support in operations as the business scales.

我們還計劃投資於產品開發，以隨著業務規模的擴大繼續為我們的客戶增加價值並支持運營。

For Seller, we plan to invest in sales and marketing to drive new Seller acquisition and hiring among engineers to further our product road map as we grow upmarket to serve larger sellers and as we look towards global expansion.

對於賣家，我們計劃投資於銷售和營銷，以推動新賣家的收購和工程師的招聘，以在我們發展高端市場以服務更大的賣家以及我們尋求全球擴張的同時進一步推進我們的產品路線圖。

We expect our blended company margin to be affected by the mix shift to Cash App.

我們預計我們的混合公司利潤率將受到向 Cash App 的混合轉移的影響。

As a reminder, Cash App represented nearly 50% of our business in the third quarter, up from 25% a year ago.

提醒一下，Cash App 在第三季度占我們業務的近 50%，高於一年前的 25%。

For the full year 2020, we expect Cash App to deliver more than 10 points of margin expansion and reach profitability on an adjusted EBITDA basis.

對於 2020 年全年，我們預計 Cash App 將在調整後的 EBITDA 基礎上實現 10 個以上的利潤率增長和盈利。

So far this year, Cash App has demonstrated strong unit economics and the ability to scale efficiently.

今年到目前為止，Cash App 展示了強大的單位經濟效益和高效擴展的能力。

However, as we look at the needs of our customers, the size of the addressable market and our team's ability to move quickly, we see compelling opportunities to invest further.

然而，當我們審視客戶的需求、潛在市場的規模以及我們團隊快速行動的能力時，我們看到了進一步投資的誘人機會。

While Cash App has significantly improved its profitability, it is still a much younger business and earlier in scaling its margin profile than Seller.

儘管 Cash App 的盈利能力顯著提高，但它仍然是一家年輕得多的企業，並且比 Seller 更早擴大其利潤率。

In summary, we are excited about the opportunity ahead of us to serve a wider set of needs for both new and existing customers across our ecosystems and intend to invest, given a significant opportunity ahead of us to deliver long-term profitable growth.

總而言之，我們很高興有機會在我們的生態系統中為新老客戶提供更廣泛的需求，並打算投資，因為我們面前有一個實現長期盈利增長的重要機會。

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) Our first question is from the line of Tien-Tsin Huang with JPMorgan.

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

Really strong gross profit growth here.

這裡的毛利潤增長非常強勁。

Just thinking about the drivers, I was wondering if maybe you can comment on customer acquisition versus higher customer engagement, not only in the quarter but just looking ahead for both ecosystems.

只是考慮驅動因素，我想知道您是否可以評論客戶獲取與更高的客戶參與度，不僅在本季度而且只是展望這兩個生態系統。

I mean I just heard you talk about sales and marketing stepping up.

我的意思是，我剛剛聽到您談到銷售和營銷正在加強。

That makes sense.

這就說得通了。

But I'm just curious how you're balancing this customer acquisition versus the engagement equation.

但我只是好奇你是如何平衡這種客戶獲取和參與等式的。

Sure.

當然。

Thanks for the question, Tien-Tsin.

謝謝你的問題，Tien-Tsin。

Let me start by telling you where we are in the third quarter and in October on both business units in terms of these drivers, and then we can talk about where we're continuing to invest into 2021.

首先讓我告訴你我們在第三季度和 10 月份在這些驅動因素方面兩個業務部門的情況，然後我們可以談談我們將在 2021 年繼續投資的地方。

So first, on the Seller business.

首先，關於賣方業務。

In the third quarter, GPV was up 4%.

第三季度，GPV 增長了 4%。

Monthly growth was relatively stable throughout, improved in September and October and then with a modest improvement to that 8% in October.

整個月度增長相對穩定，在 9 月和 10 月有所改善，然後在 10 月小幅改善至 8%。

Some of the key drivers there, so first, obviously, COVID restrictions helping many of our businesses as they eased throughout the quarter.

那裡的一些關鍵驅動因素，首先，很明顯，COVID 限制在整個季度有所放鬆，從而幫助了我們的許多企業。

And we saw that impact to our GPV but we do want to be mindful of continued variability related to restrictions.

我們看到了對 GPV 的影響，但我們確實希望注意與限制相關的持續變化。

Second, retention.

第二，保留。

So you mentioned engagement.

所以你提到了參與。

We kind of look, on the Seller business, at GPV retention for existing sellers where we compare how sellers did in the prior year -- from the prior year are doing this year.

在賣家業務中，我們有點關注現有賣家的 GPV 保留率，我們比較了賣家在前一年的表現——從前一年到今年的表現。

And what we saw that -- was that GPV retention for existing sellers was down approximately 10% to 15% year-over-year in the third quarter and October and has held relatively stable since July.

我們看到的是，現有賣家的 GPV 保留率在第三季度和 10 月同比下降了約 10% 至 15%，並且自 7 月以來一直保持相對穩定。

We're seeing improving retention in verticals where restrictions were eased during the third quarter in October, such as beauty, professional services and health and fitness.

我們看到在 10 月份第三季度放寬限制的垂直行業的保留率有所提高，例如美容、專業服務以及健康和健身。

And clearly, we believe the primary driver of retention trends has been state-by-state restrictions and the impact on sellers' ability to fully reopen.

顯然，我們認為保留趨勢的主要驅動力是各州的限制以及對賣家完全重新開放能力的影響。

When we saw certain states expanding reopenings in September and October to additional verticals, we saw corresponding improvement in GPV retention in those states.

當我們看到某些州在 9 月和 10 月將重新開放擴展到其他垂直行業時，我們看到這些州的 GPV 保留率相應提高。

And the third key driver was new customer acquisition, as you noted.

正如您所指出的，第三個關鍵驅動因素是新客戶的獲取。

We've seen encouraging trends in the Seller business in the second and third quarter as we've seen growth in terms of new cohort sizes in aggregate gross profit.

我們看到了第二和第三季度賣家業務的令人鼓舞的趨勢，因為我們看到了新隊列規模在總毛利方面的增長。

And we've been able to attract larger sellers over the past 2 quarters.

在過去的兩個季度中，我們已經能夠吸引更大的賣家。

You saw larger sellers increase to 61% of the share of total Seller GPV in this last quarter, up 5 points year-over-year.

在上個季度，您看到大型賣家佔總賣家 GPV 的份額增加到 61%，同比增長 5 個百分點。

And we want to lean in here behind the strong ROIs historically over 3x on sales and marketing investments over 3 years as well as new business formation, which is up strongly quarter-over-quarter.

我們希望在過去 3 年的銷售和營銷投資以及新業務形成方面獲得超過 3 倍的強勁投資回報率，這比上一季度增長強勁。

Let me move next then to Cash App to telling you sort of the key drivers, some of which we talked about in the prepared remarks.

接下來讓我轉到 Cash App，告訴您一些關鍵驅動因素，我們在準備好的評論中談到了其中一些。

And clearly, acquisition is a part of that.

顯然，收購是其中的一部分。

So Cash App saw very strong growth in the quarter, up 212%.

因此，Cash App 在本季度實現了非常強勁的增長，增長了 212%。

The 3 key main drivers there of that growth, first, new customer acquisition as well as win back.

增長的 3 個主要驅動力，首先是新客戶的獲取以及贏回。

We've already attracted a lot of customers, and bringing them back to the platform can oftentimes be more efficient.

我們已經吸引了很多客戶，將他們帶回平台通常會更有效率。

And with the network effects that we have, we have the ability to lean in and scale more quickly, particularly as we've seen lifetime values go up, we can invest differentially into this network.

憑藉我們所擁有的網絡效應，我們有能力更快速地投入和擴大規模，特別是當我們看到生命週期價值上升時，我們可以對這個網絡進行差異化投資。

Second, product adoption and engagement.

第二，產品採用和參與。

We've seen continued strong attach on Cash Card, which is still at about 1 in 4 related to our monthly actives.

我們看到 Cash Card 的依存度持續強勁，與我們的月度活動相關的現金卡仍佔大約四分之一。

And so we think there's further room for growth there as well as on new products like stock brokerage, which has 2.5 million customers now and is our fastest product to ramp.

因此，我們認為那里以及股票經紀等新產品還有進一步的增長空間，該產品目前擁有 250 萬客戶，是我們發展最快的產品。

And then third key driver of Cash App growth is strong volume per active, which as I mentioned, we saw peak in July before slowing down, as we expected, related to the falloff of government inflows.

然後，Cash App 增長的第三個關鍵驅動因素是每個活躍用戶的強勁交易量，正如我所提到的，我們在 7 月份看到了高峰，然後正如我們預期的那樣，與政府資金流入的減少有關。

Now as we look at 2021 based on all of that, where do we want to invest?

現在，當我們基於所有這些展望 2021 年時，我們想投資哪裡？

You definitely heard from us that we want to lean in further to grow the networks of both of these businesses while continuing to work with existing customers, bringing them more value through additional products.

您肯定從我們那裡聽說，我們希望進一步擴大這兩個業務的網絡，同時繼續與現有客戶合作，通過其他產品為他們帶來更多價值。

We will, as I mentioned, be investing.

正如我提到的，我們將進行投資。

We expect to invest an incremental $800 million to $850 million in non-GAAP operating expenses, excluding risk loss, which is growth of about 40%.

我們預計將增加 8 億至 8.5 億美元的非 GAAP 運營費用，不包括風險損失，增長約 40%。

The way we expect that to break down, that incremental spend, is about half of it to go towards go-to-market investment, sales and marketing to both bring back lapsed customers as well as to focus on new customer growth across both ecosystems.

我們預計這種增量支出的分解方式大約有一半用於上市投資、銷售和營銷，以帶回流失的客戶，並專注於兩個生態系統中的新客戶增長。

That includes growing the sales team for Seller and leaning in further to our network effects on Cash App.

這包括為賣家壯大銷售團隊，並進一步依賴我們對 Cash App 的網絡效應。

About 1/4 of that stepped-up investment will go towards product development, continuing to refine our existing products as well as building new products into both ecosystems with a global focus.

增加的投資中約有 1/4 將用於產品開發，繼續完善我們現有的產品，並在全球關注的兩個生態系統中構建新產品。

And then the final quarter, it goes towards G&A, including support and operations infrastructure to scale our businesses and particularly building in automation, AI and ML capabilities so that we can scale these sustainably going forward.

然後是最後一個季度，它轉向 G&A，包括支持和運營基礎設施以擴展我們的業務，特別是構建自動化、AI 和 ML 功能，以便我們能夠可持續地擴展這些功能。

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

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

I wanted to ask about Cash for Business.

我想問一下商業現金。

Very exciting.

非常令人興奮。

You broke out some new numbers this quarter, 10% of GPV.

你本季度公佈了一些新數字，佔 GPV 的 10%。

We love that because it's a little 2-sided network.

我們喜歡它，因為它是一個小的雙向網絡。

Can you elaborate a little bit on where you're gaining this traction with Cash for Business, and is it net new business or replacing some of your micro sellers?

您能否詳細說明一下您在何處通過 Cash for Business 獲得這種吸引力，它是淨新業務還是取代您的一些微型賣家？

And then also just a little bit more color on the economics.

然後還有一點關於經濟學的色彩。

I know the take rates there are around that 2.75%.

我知道那裡的抽成率大約是 2.75%。

But is the funding mix here actually more attractive because it's funding out of stored balances as well, any additional color there?

但是這裡的資金組合實際上是否更具吸引力，因為它也是從存儲餘額中提供資金的，還有其他顏色嗎？

Lisa, thanks for the question.

麗莎，謝謝你的提問。

So the way to think about Cash for Business in terms of like what we're seeing in Seller adoption is it's very similar to the patterns we saw early on in the company's history with the free reader.

因此，從我們在賣方採用中看到的方式來思考商業現金的方式與我們在公司歷史早期看到的免費閱讀器的模式非常相似。

So we saw sellers, saw providers, smaller sellers pick it up and use it in a variety of ways.

所以我們看到賣家、供應商、較小的賣家選擇它並以各種方式使用它。

What's different about Cash for Business, of course, is it's all digital and allows those sellers to manage their business through peer-to-peer transactions to their $Cashtag.

當然，Cash for Business 的不同之處在於它是全數字化的，允許這些賣家通過點對點交易管理他們的業務到他們的 $Cashtag。

And it also provides them higher weekly limits and relevant tax reporting forms.

它還為他們提供了更高的每週限額和相關的納稅申報表。

We did see a new pattern emerge during COVID-19 because it allows for contactless transactions with their buyers and with their customers.

我們確實看到在 COVID-19 期間出現了一種新模式，因為它允許與他們的買家和客戶進行非接觸式交易。

But we see proprietors like beauty, online retail, we've seen local businesses use it to collect donations.

但我們看到像美容、在線零售這樣的業主，我們看到當地企業用它來收集捐款。

We think there's a lot of opportunity here.

我們認為這裡有很多機會。

And we do believe that it's quite powerful.

我們確實相信它非常強大。

The customers using Cash for Business transacting much more frequently across our ecosystem compared to other customers in Q3.

與第三季度的其他客戶相比，使用 Cash for Business 的客戶在我們的生態系統中進行交易的頻率更高。

So it again just strengthens the Cash App ecosystem.

所以它再次加強了 Cash App 生態系統。

And more broadly, as some of those sellers graduate, they can also use the tools offered by the Seller business as well.

更廣泛地說，隨著其中一些賣家畢業，他們也可以使用賣家業務提供的工具。

And Lisa, just to weigh in on your question with respect to economics.

麗莎，只是想談談你關於經濟學的問題。

So Cash App business GPV, which is composed primarily of Cash for Business volumes as well as a small piece from peer-to-peer funded by credit card, Cash App business GPV was $2.9 billion, as you noted, about 9% of Square's total reported GPV.

因此，Cash App 業務 GPV，主要由 Cash for Business 量以及一小部分由信用卡資助的點對點組成，如您所述，Cash App 業務 GPV 為 29 億美元，約佔 Square 總額的 9%報告了 GPV。

And we see transaction revenue here of about $81 million.

我們看到這裡的交易收入約為 8100 萬美元。

Both of those metrics were up more than 300% year-over-year in the quarter.

這兩項指標在本季度同比增長超過 300%。

We monetize Cash for Business at 2.75% of volumes, and these Cash App volumes did provide a benefit to our transaction margins as well, given the funding mix, as you noted.

我們以 2.75% 的交易量將 Cash for Business 貨幣化，這些 Cash App 交易量確實也為我們的交易利潤率帶來了好處，正如您所指出的那樣，考慮到資金組合。

We're doing more work to understand our customer needs here, as Jack mentioned, and we recognized some of this uplift in growth may be related to COVID-specific trends that we will -- that could potentially normalize and we'll continue to monitor.

正如傑克提到的，我們正在做更多的工作來了解我們的客戶需求，我們認識到這種增長的部分增長可能與我們將要實現的特定於 COVID 的趨勢有關——這可能會正常化，我們將繼續監測.

And your next question is from a Square Seller, Jared Sorensen.

你的下一個問題來自 Square 賣家 Jared Sorensen。

Yes.

是的。

My business is about selling large gourmet cookies and my business name is Texas Cookie Shop.

我的業務是銷售大型美味餅乾，我的公司名稱是 Texas Cookie Shop。

Currently, when a customer comes into the store, they can buy cookies, either like one at a time or in boxes of 6 or a dozen.

目前，當顧客進入商店時，他們可以一次購買一個餅乾，也可以一盒 6 盒或一打。

When I do sell a half dozen or a dozen, the POS will automatically add the volume discount.

當我賣出半打或一打時，POS 會自動添加批量折扣。

However, the website that I have does not.

但是，我的網站沒有。

So I wanted to know, is it on the road map to provide the shopping cart with similar automatic volume pricing options?

所以我想知道，是否在路線圖上為購物車提供類似的自動批量定價選項？

Yes.

是的。

Thank you, Jared.

謝謝你，賈里德。

Thank you for being a customer as well.

也感謝您成為我們的客戶。

We do plan to enhance this on Square Online Store to provide similar automatic pricing options, as you mentioned, in sort of point of sale.

我們確實計劃在 Square Online Store 上加強這一點，以提供類似的自動定價選項，正如您提到的，在某種銷售點。

The prerequisite functionality to support the feature's in development.

支持開發中的功能的先決條件功能。

So we're going to work as fast as we can to get it out to you and definitely appreciate any feedback on remaining gaps that might help you serve your customers better.

因此，我們將盡可能快地工作以將其傳達給您，並且絕對感謝您對可能有助於您更好地為客戶服務的剩餘差距的任何反饋。

And 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。

My question is a follow-up on the update you gave on the Square Card earlier this afternoon.

我的問題是跟進您今天下午早些時候在 Square Card 上提供的更新。

It's a topic that's also somewhat related to my question last quarter around the SMB digital banking opportunity for Square.

這個話題也與我上個季度圍繞 Square 的 SMB 數字銀行機會的問題有些相關。

So you noted the volume has ramped up to $250 million this quarter.

所以你注意到本季度的交易量已增至 2.5 億美元。

And that math suggests it's in the ballpark, give or take, about 1% of Seller volume.

這個數學表明它在球場上，給予或接受，大約是賣家數量的 1%。

So it seems like a long runway ahead.

因此，這似乎是一條漫長的跑道。

And I was hoping you could give maybe some added thoughts on some of the things that either you have been doing or can do to address this opportunity.

我希望你能就你已經在做或可以做的一些事情提出一些額外的想法來抓住這個機會。

It does seem like a long runway for a product that really seems to be a win-win for the sellers and for Square.

對於一款真正對賣家和 Square 來說似乎是雙贏的產品來說，這似乎是一條漫長的跑道。

We agree completely.

我們完全同意。

And the way to think about the Square Card is kind of in the vein of a use case of getting people, whether they'd be individuals or sellers, faster access to their funds.

考慮 Square Card 的方式有點像讓人們（無論他們是個人還是賣家）更快地使用他們的資金的用例。

It just matters so much, and that's what Square Card represents, is sellers get to utilize their money much faster.

這非常重要，這就是 Square Card 所代表的，賣家可以更快地利用他們的錢。

And since launch, we've seen adoption growing with more sellers using it each quarter.

自推出以來，我們看到採用率不斷提高，每個季度都有更多賣家使用它。

We saw sellers using the card upon joining Square.

我們看到賣家在加入 Square 後使用該卡。

And in the third quarter, 50% of the Square Card sellers ordered their card within the first month of onboarding, which is pretty incredible.

在第三季度，50% 的 Square Card 賣家在入職後的第一個月內訂購了他們的卡，這非常令人難以置信。

And we're seeing sellers use the card for everyday expenses like gas stations and discount retailers, their own inventory.

我們看到賣家使用該卡支付日常開支，例如加油站和折扣零售商，以及他們自己的庫存。

So we're watching very closely the patterns in terms of how people are using it, where we can improve it, what we can build on top of the card or adjacent to the card.

因此，我們正在密切關注人們如何使用它、我們可以改進它的地方、我們可以在卡片頂部或卡片附近構建什麼的模式。

But there's a vein in this use case of cash flow management, of enabling faster access to funds is very rich for us.

但是在這個現金流管理的用例中有一個脈絡，能夠更快地獲得資金對我們來說非常豐富。

And they'll come in many manifestations, and Square Card is just one of the latest, and definitely excited about their performance recently.

他們會以多種形式出現，Square Card 只是最新的一種，並且對他們最近的表現肯定很興奮。

And from a revenue perspective, Square Card is relatively small today.

而且從收入的角度來看，Square Card 今天的規模還比較小。

We expect it to ramp over multiple years, both for new merchants and increased monetization from the existing base as we add those new features to help sellers manage their balance.

我們預計它會在多年內增加，因為我們添加了這些新功能來幫助賣家管理他們的餘額，這既適用於新商家，也適用於現有基礎的增加貨幣化。

Similar to the dynamic we've seen on the Cash App ecosystem, the card enables people to keep their funds and sellers to keep their funds within our ecosystem, which leads to higher customer lifetime value.

類似於我們在 Cash App 生態系統中看到的動態，該卡使人們能夠保留他們的資金，賣家能夠將他們的資金保留在我們的生態系統中，從而帶來更高的客戶生命週期價值。

So it's something we're encouraged to keep building out.

所以這是我們被鼓勵繼續建設的東西。

Yes.

是的。

That all makes a ton of sense.

這一切都很有道理。

A brief, brief follow-up.

簡短的跟進。

We don't have to spend too much time on this, but you did mention the retention ratio is kind of similar to July and for the Seller business at down 10% to 15%.

我們不必在這上面花太多時間，但您確實提到保留率與 7 月份有點相似，而賣方業務的保留率下降了 10% 至 15%。

And when I just look at the positive volume growth, it just implies that that gap there, it really implies a pretty big new cohort that's come on.

當我只看數量的正增長時，它只是意味著那裡的差距，它真的意味著一個相當大的新隊列正在出現。

And you characterized it a little bit talking about how they're generally larger sellers, higher gross profit.

你在談論他們通常如何成為更大的賣家、更高的毛利時，稍微描述了它的特點。

And I know it's hard to say because most of these sellers are self-onboarding.

而且我知道這很難說，因為這些賣家中的大多數都是自我入職的。

But if you could give any context that you might have around what these sellers might have been doing before.

但是，如果你能提供任何關於這些賣家以前可能做過的事情的背景信息。

Given their size, I'm assuming that they were probably already accepting payments in some way.

鑑於他們的規模，我假設他們可能已經以某種方式接受付款。

Well, look, when you look at the opportunity ahead of us, we've sized our TAM in materials earlier this year.

好吧，看，當你看到我們面前的機會時，我們已經在今年早些時候調整了材料中的 TAM。

We think the vast majority of the market, especially a larger seller market, being addressed today on legacy platforms, legacy infrastructure and platforms that we believe aren't as flexible as ours can be with integrated payments, financial services, hardware, software.

我們認為絕大多數市場，尤其是更大的賣方市場，今天都在遺留平台、遺留基礎設施和平台上得到解決，我們認為這些平台不像我們的平台那樣靈活，可以集成支付、金融服務、硬件、軟件。

And we did see growth in our larger seller cohorts.

我們確實看到了更大的賣家群體的增長。

And if you look at larger seller GPV, it's about 13% growth year-over-year relative to the entire base at 4% growth year-over-year.

如果你看看更大的賣家 GPV，相對於整個基數 4% 的同比增長，它同比增長約 13%。

And we do believe that's related to stronger acquisition of larger seller cohorts, as we mentioned, onboarding in both the third quarter and second quarter.

正如我們所提到的，我們確實認為這與在第三季度和第二季度入職時更強大地收購更大的賣家群體有關。

So we believe that our unique platform has a real opportunity to address these larger, more complex seller needs through multiple different products that we can offer.

因此，我們相信我們獨特的平台有真正的機會通過我們可以提供的多種不同產品來滿足這些更大、更複雜的賣家需求。

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

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

Nice job on the quarter.

本季度幹得好。

I wanted to just to hone in on beyond just obviously cash for business being a big driver of volume right now.

我只想磨練一下，除了明顯的業務現金之外，現在業務量是一個很大的推動力。

We saw some pretty material growth in the online side or really just card-not-present again up, I think, it was 24% versus 16% last quarter.

我們在在線方面看到了一些相當實質性的增長，或者實際上只是沒有卡片再次出現，我認為，這是 24%，而上個季度為 16%。

If you could just talk a little more on the strategy there and maybe just the other big driver being international, which again, you guys talked about up, I think it was 46%.

如果你能多談談那裡的戰略，也許只是另一個重要的驅動因素是國際化的，你們又一次談到了這一點，我認為是 46%。

Maybe just if you don't mind honing in a little more on the strategic initiatives on both those sides, how big can that get as a percentage of the mix in the next couple of years?

也許只是如果你不介意在雙方的戰略舉措上多磨練一點，那麼在接下來的幾年裡，它在組合中所佔的百分比會有多大？

Maybe I can kick us off.

也許我可以把我們踢開。

It sounds like you're looking for some more color around online and international.

聽起來您正在尋找更多有關在線和國際的顏色。

And we've seen strong traction in both areas, as you noted.

正如您所指出的，我們在這兩個領域都看到了強大的牽引力。

And in the third quarter, we saw continued strength in GPV from our online channel, which grew over 50% year-over-year, consistent with the growth we've seen on average over the past 1.5 years.

在第三季度，我們看到在線渠道的 GPV 持續強勁，同比增長超過 50%，與我們在過去 1.5 年中看到的平均增長一致。

And then when you combine the 2, when you look at online channel growth outside of the U.S. and our international markets, that was even stronger at over 60% in the third quarter, driven by strong adoption of e-commerce API, invoices, Square Online, all the variety of online products that we provide that complement that broader ecosystem.

然後，當您將這兩者結合起來時，當您查看美國和我們國際市場以外的在線渠道增長時，在電子商務 API、發票、Square 的大力採用的推動下，第三季度的增長甚至超過了 60%在線，我們提供的各種在線產品補充了更廣泛的生態系統。

And as you look at Square Online at the front door now for us, we're also seeing encouraging trends there where 1 in 2 new sign-ups to Square Online are new to Square more broadly in October.

現在，當您在前門查看我們的 Square Online 時，我們也看到了令人鼓舞的趨勢，即 10 月份，Square Online 的新註冊中有二分之一是 Square 的新註冊者。

I think last quarter we had told you 1 in 3. And so we've seen some improvement in that as well where we can help our customers from an omnichannel perspective, including for these online products and features.

我想上個季度我們已經告訴過你三分之一。所以我們已經看到了一些改進，以及我們可以從全渠道的角度幫助我們的客戶，包括這些在線產品和功能。

And just on the international side, global growth remains a top priority for both ecosystems.

就國際而言，全球增長仍然是這兩個生態系統的首要任務。

But just looking at Seller for a minute, since the beginning of our expansion and through the end of 2020, we will have had 85 product launches in the 4 markets we serve across hardware, software and our financial service offerings.

但只要看看賣家，自我們擴張開始到 2020 年底，我們將在我們服務的 4 個市場推出 85 款產品，涵蓋硬件、軟件和金融服務產品。

And just for example, we recently launched Square for Retail in the U.K., in Australia and Square Online in Japan.

例如，我們最近在英國、澳大利亞和日本推出了 Square for Retail。

So we want to continue to make sure that our product offerings that we have in the U.S. are rolled out to the rest of our markets as well, and of course, always evaluating additional markets for potential expansion as well.

因此，我們希望繼續確保我們在美國擁有的產品也能推廣到我們的其他市場，當然，我們也一直在評估其他市場的潛在擴張。

And Cash App in terms of global growth, it is also a priority for us and a top priority for us.

而Cash App在全球增長方面，也是我們的首要任務，也是我們的重中之重。

We launched in the U.K. and we also launched cross-border payments between the U.S. and the U.K. And we think there's a lot of potential here.

我們在英國推出，我們還推出了美國和英國之間的跨境支付。我們認為這裡有很大的潛力。

We acquired a company called Verse in Spain, which allows -- gives us an opportunity to learn from the peer-to-peer growth in European markets.

我們在西班牙收購了一家名為 Verse 的公司，這讓我們有機會從歐洲市場的同行增長中學習。

So right now, we continue to add all these aspects that help us learn and to really make sure that we're expanding around the world in a smart way.

所以現在，我們繼續添加所有這些有助於我們學習的方面，並真正確保我們以明智的方式在世界範圍內擴張。

I mean it does look like there's been an inflection in international.

我的意思是看起來國際化確實發生了變化。

That's great to see, guys.

很高興看到，伙計們。

Thank you so much.

太感謝了。

Your next question is from the line of Rayna Kumar with Evercore ISI.

你的下一個問題來自 Evercore ISI 的 Rayna Kumar。

Can you discuss your recent thoughts on capital allocation and specifically your appetite for acquisitions?

你能談談你最近對資本配置的看法，特別是你對收購的興趣嗎？

Maybe what types of acquisitions interest you the most today and which businesses to be most additive to Square?

也許你今天對什麼類型的收購最感興趣，哪些業務對 Square 的貢獻最大？

Well, I'll take the first part.

好吧，我先講第一部分。

I mean we definitely have an appetite for acquisitions, both in terms of products and also great teams.

我的意思是我們肯定有收購的興趣，無論是在產品方面還是在優秀的團隊方面。

We've shown some examples of like the categories that we're looking at.

我們已經展示了一些我們正在查看的類別的示例。

We certainly want to continue to add more force behind some of the trends that we're seeing within our space such as artificial intelligence and also cryptocurrency and, specifically, Bitcoin.

我們當然希望繼續為我們在我們的領域內看到的一些趨勢增加更多的力量，例如人工智能和加密貨幣，特別是比特幣。

We've certainly looked at multiple products that we can learn from.

我們當然已經研究了多種我們可以從中學習的產品。

And as we add to the company, we learn much more from we're completing offering.

隨著我們加入公司，我們從完成產品中學到更多。

So we're constantly looking for great teams or great products that complement or are adjacent to our key ecosystems of Seller and Cash App.

因此，我們一直在尋找優秀的團隊或優秀的產品，以補充或毗鄰我們的 Seller 和 Cash App 的關鍵生態系統。

And we want to make sure that we're pretty open not just with acquisitions in the U.S. but also abroad because great companies are being more and more found all around the world.

我們希望確保我們不僅對美國的收購持開放態度，而且對海外收購也持開放態度，因為在世界各地發現越來越多的優秀公司。

And Rayna, just to jump in on the capital allocation piece of it, obviously, a key piece of that is where we're investing internally and ensuring that we maintain discipline and that we're going after the biggest opportunity.

而 Rayna，只是為了參與其中的資本配置，顯然，其中的一個關鍵部分是我們在內部投資的地方，並確保我們保持紀律，並確保我們正在尋找最大的機會。

So I had mentioned earlier that step-up of investment next year, $800 million to $850 million.

所以我早些時候提到明年的投資將增加 8 億至 8.5 億美元。

We expect the majority of that to go towards our ecosystem, about 60% directed to Cash App and about 40% directed to Seller while also leaving some room to test and learn around other new strategic investment areas.

我們預計其中大部分將流向我們的生態系統，約 60% 流向 Cash App，約 40% 流向賣家，同時還留出一些空間來測試和了解其他新的戰略投資領域。

Within Seller, we expect to grow our sales and marketing investments by 40% to 45% year-over-year in 2021 across brand and awareness marketing to drive top of funnel demand, doubling the size of our sales headcount next year and our account management team to address larger Seller needs and where we've seen efficient returns even during COVID this year.

在賣家內部，我們預計到 2021 年，我們在品牌和知名度營銷方面的銷售和營銷投資將同比增長 40% 至 45%，以推動漏斗頂部需求，明年我們的銷售人數和客戶管理規模將翻一番團隊來解決更大的賣家需求，即使在今年 COVID 期間我們也看到了高效的回報。

And that -- an increasingly global focus that we've mentioned, deploying these campaigns across international markets.

而且——我們已經提到，越來越關注全球，在國際市場上部署這些活動。

From a product development standpoint within Seller, we want to build out those engineering data science design teams who can expand the ecosystem and, amongst other things, focus on some of the products that reach larger sellers like the vertical-specific features and developer APIs as well as bringing those products more globally.

從賣家內部的產品開發角度來看，我們希望建立那些能夠擴展生態系統的工程數據科學設計團隊，除其他外，我們希望專注於一些能夠吸引更大賣家的產品，例如垂直特定功能和開發人員 API以及將這些產品推向全球。

And then finally on Cash App, the step-up of investment there.

最後在 Cash App 上，那裡的投資增加了。

We talked about acquisition and win-back.

我們談到了收購和贏回。

We've already started deploying this year an increased investment around paid marketing, and we've seen strong returns on that with payback at less than a year.

今年我們已經開始增加對付費營銷的投資，而且我們已經看到了強勁的回報，不到一年就收回了投資。

And again, with low customer acquisition costs and growing our lifetime value, we see strong returns on these investments.

同樣，由於客戶獲取成本低，我們的生命週期價值不斷增加，我們看到了這些投資的豐厚回報。

From a support perspective, Cash App has rapidly scaled this year, and customers are increasingly using Cash App for broader services beyond peer-to-peer.

從支持的角度來看，Cash App 今年迅速擴展，越來越多的客戶使用 Cash App 來獲得點對點以外的更廣泛的服務。

So we intend on scaling our support in other operations infrastructure for the business in 2021.

因此，我們打算在 2021 年擴大對業務其他運營基礎設施的支持。

We expect the magnitude of the step-up to be onetime in nature.

我們預計提升的幅度本質上是一次性的。

And we envision operating leverage in this area in the future, because of the investments in things like AI and machine learning, to drive automation and efficiency.

我們設想未來在這一領域的運營槓桿，因為對人工智能和機器學習等事物的投資，以推動自動化和效率。

And finally, product development on Cash App, the team has delivered strong product velocity over the years with a mix of major new launches as well as adding feature development, and we expect to continue to do that into the future.

最後，在 Cash App 上的產品開發，多年來，該團隊通過推出主要的新產品以及增加功能開發，實現了強勁的產品速度，我們希望在未來繼續這樣做。

The next question is from the line of Pete Christiansen with Citi.

下一個問題來自花旗銀行的皮特·克里斯蒂安森 (Pete Christiansen)。

Amrita, thanks for the color on the potential for the tougher comps in certain quarters, and I know it's challenging in stripping out the impact of stimulus that you've seen.

Amrita，感謝您對某些季度更嚴格的競爭潛力的顏色，我知道要消除您所看到的刺激措施的影響具有挑戰性。

But I guess looking at growth in customer funds, at least sequentially, I think it was up 70% in the quarter.

但我想看看客戶資金的增長，至少環比來看，我認為本季度增長了 70%。

Should we think of that as, at least on the Cash App side, as an underlying growth rate for the existing base?

至少在 Cash App 方面，我們是否應該將其視為現有基礎的潛在增長率？

I'm trying to exclude the big rapid spending and the new customer acquisition that you've set forth.

我試圖排除您提出的大筆快速支出和新客戶獲取。

But do you see that as a good level that investors should think about going forward, at least for the next quarter or 2?

但您是否認為這是投資者應該考慮的一個良好水平，至少在下一季度或第二季度？

Pete, thanks for the question.

皮特，謝謝你的提問。

Maybe we can talk about the number.

也許我們可以談談這個數字。

I think you were talking about stored funds, which were up -- for Cash App, which were up 7% quarter-over-quarter.

我想你是在談論存儲的資金，這些資金在 Cash App 中有所增加，環比增長了 7%。

Correct me if -- you're wrong if that's the number...

糾正我，如果——你錯了，如果那是數字……

Yes, that's good.

是的，那很棒。

Yes.

是的。

Okay, yes.

好的，是的。

Look, stored funds for us is 1 indicator of the use of the Cash App platform and, obviously, as a factor of inflows into the platform and outflows from the platform.

看，為我們存儲的資金是使用 Cash App 平台的 1 個指標，顯然，這是流入平台和流出平台的一個因素。

The more we can keep our customers, we can deliver value to our customer base through a variety of products, including Cash Card, investing, et cetera, the more we have the ability to give people a reason to store their funds within Cash App.

我們越能留住客戶，就越能通過各種產品（包括現金卡、投資等）為我們的客戶群創造價值，我們就越有能力讓人們有理由將資金存儲在 Cash App 中。

We do recognize, as you noted, the impact of stimulus, which drove us to sort of peak levels in terms of stored funds.

正如您所指出的，我們確實認識到刺激措施的影響，這促使我們在存儲資金方面達到某種峰值水平。

We were at about $2 billion in stored funds in July before seeing a decrease in October at about $1.75 billion in stored funds, down about 10% from July to October.

7 月份我們的儲備資金約為 20 億美元，然後在 10 月份下降至約 17.5 億美元，從 7 月到 10 月下降了約 10%。

And we think that that's likely related to inflows related to these sorts of government funds.

我們認為這可能與與此類政府基金相關的資金流入有關。

And that's why we noted on the call that in the absence of further government funds, we can see normalization around -- and we're already seeing normalization around that 1 driver of volumes per active and could expect to see further deceleration there for the remainder of Q4 and into 2021.

這就是為什麼我們在電話會議上指出，在沒有進一步的政府資金的情況下，我們可以看到正常化——我們已經看到圍繞每個活動的 1 個驅動程序的正常化，並且可以預期在其餘部分會進一步減速第四季度到 2021 年。

And again, we think about the Cash App business on a 2-year basis here to help normalize for some of the acceleration we saw this year.

再一次，我們在這里以 2 年為基礎考慮 Cash App 業務，以幫助正常化我們今年看到的一些加速。

Cash App has delivered over 170% gross profit growth year-to-date on a year-over-year basis this year.

今年迄今為止，Cash App 的毛利潤同比增長超過 170%。

And so we may see those trends normalize over time and we'll look at things from a 2019 to '21 basis to normalize for some of that growth.

因此，我們可能會看到這些趨勢隨著時間的推移而正常化，我們將研究從 2019 年到 21 年的情況，以使部分增長正常化。

That's helpful.

這很有幫助。

And just as a quick follow-up, I know there was a big discretionary spend this last quarter, new acquisition growth.

作為快速跟進，我知道上個季度有大量可自由支配的支出，新的收購增長。

How are you seeing adoption of Cash Card?

您如何看待現金卡的採用？

I know that's typically a quick add for a new Cash App user initially.

我知道最初對於新的 Cash App 用戶來說，這通常是一個快速添加。

Are you seeing similar take-up levels when you're signing on a new Cash App user converting to Cash Card?

當您簽約新的 Cash App 用戶並轉換為 Cash Card 時，您是否看到類似的接受水平？

Yes.

是的。

I think we noted in our quarter -- in the earnings call last quarter that we had seen faster product adoption amongst new customers, those new cohorts of customers, as we noted in our 2Q call on Cash App, and that included for things like Cash Card.

我想我們在本季度注意到——在上個季度的財報電話會議上，我們看到新客戶、這些新客戶群體更快地採用了產品，正如我們在第二季度關於 Cash App 的電話會議中所指出的那樣，其中包括 Cash 之類的東西卡片。

As of the end of June, we had over 7 million monthly actives on Cash Card and the majority of them spending over 5x per week in June.

截至 6 月底，我們每月有超過 700 萬現金卡活躍用戶，其中大多數人在 6 月每週的支出超過 5 倍。

And we've seen strong engagement since.

從那以後，我們就看到了強烈的參與。

You obviously saw that play out in the quarter for us as well.

你顯然也看到了我們在本季度的表現。

And we think that there's more to do here.

我們認為這裡還有更多工作要做。

Cash Card has achieved strong adoption at nearly 1 in 4 of our monthly actives, using Cash Card on a monthly basis in June.

Cash Card 在 6 月份每月使用 Cash Card 的情況下，近四分之一的月度活躍用戶得到了廣泛採用。

And we think that there's even more that we can do in terms of surfacing Cash Card and the Boost product and the related features to our customers in an even greater way as we move forward.

而且我們認為，隨著我們向前邁進，在以更大的方式向我們的客戶展示現金卡和 Boost 產品以及相關功能方面，我們可以做更多的事情。

(Operator Instructions) Our next question is from the line of Ramsey El-Assal with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

I wanted to ask about whether you have any initiatives or plans in place to build out a broader kind of B2B product set, I guess, especially in Seller.

我想問一下您是否有任何計劃或計劃來構建更廣泛的 B2B 產品集，我想，尤其是在賣家方面。

It seems like that type of a thing like AP, AR automation, supplier payments would fit like a glove in terms of what you're already offering your customers.

就您已經為客戶提供的服務而言，AP、AR 自動化、供應商付款之類的東西似乎很合適。

Just curious what your view is on the B2B opportunity for Square.

只是好奇您對 Square 的 B2B 機會有何看法。

Yes.

是的。

Thank you for the question.

感謝你的提問。

I think there's a lot of opportunity.

我認為有很多機會。

And we certainly were kind of pulling at this thread when we launched the Square Card by incentivizing Square merchants to shop at other Square merchants.

當我們通過激勵 Square 商家在其他 Square 商家購物來推出 Square Card 時，我們確實在某種程度上拉動了這條線。

So there is something there that we're excited about.

所以有些事情讓我們很興奮。

And it is a pattern and a use case that we want to watch more closely, but we have nothing to talk about today.

它是我們想要更仔細地觀察的一種模式和用例，但我們今天沒有什麼可談的。

Right now, we continue to focus on the most critical aspects to run the business, to better serve customers and also a lot around customer relationship management.

現在，我們繼續專注於運營業務的最關鍵方面，以更好地為客戶提供服務，同時也圍繞客戶關係管理開展很多工作。

But as we continue to make that more robust, there are certainly adjacencies that are very interesting and something that we'll look deeply at.

但隨著我們繼續使其變得更加強大，肯定會有一些非常有趣的鄰接關係，我們將深入研究這些鄰接關係。

Your next question is from the line of James Friedman with Susquehanna.

你的下一個問題來自 James Friedman 和 Susquehanna 的台詞。

It's James with Susquehanna.

是詹姆斯和薩斯奎哈娜。

I noticed, Amrita, you released some reserves, if you could describe where you are in that journey.

我注意到，Amrita，如果你能描述一下你在那次旅程中的位置，你釋放了一些儲備。

It was a bigger conversation, obviously, earlier in the year.

顯然，這是今年早些時候的一次更大範圍的對話。

Any update there would be helpful.

那裡的任何更新都會有所幫助。

Sure.

當然。

Happy to help with that.

很樂意為此提供幫助。

Overall, in the third quarter, transaction and loan loss expenses were $15 million, down 54% year-over-year, with that decline primarily driven by the $40 million release of an existing provision for Seller -- the Seller business related to the first half of the year, which more than offset the increase in provisions related to the third quarter.

總體而言，在第三季度，交易和貸款損失費用為 1500 萬美元，同比下降 54%，下降的主要原因是為賣方釋放了 4000 萬美元的現有準備金——賣方業務與第一個半年，這足以抵消與第三季度相關的撥備增加。

And when you look on a year-to-date basis for Seller in 2020, transaction losses as a percent of GPV is trending at about 1.7x what we would have seen in terms of a quarterly average in 2019.

當您查看 2020 年賣家的年初至今時，交易損失佔 GPV 的百分比趨勢約為 2019 年季度平均值的 1.7 倍。

This is above the 3x that we had estimated back in the second quarter.

這高於我們在第二季度估計的 3 倍。

And that reflects our current provision levels for risk loss on these cohorts year-to-date.

這反映了我們今年迄今為止對這些人群的風險損失準備金水平。

To break that down across the various cohorts, first quarter and then second and third quarters: for the first quarter where transaction risk loss trends have now matured, transaction losses represented an increase of about 1.2x year-over-year on a dollar basis; and for the second and third quarters, we're now provisioned at about 2x greater on a year-over-year basis on a dollar basis, given the ongoing uncertainty for those more recent cohorts.

為了在第一季度、第二季度和第三季度對各個隊列進行細分：對於交易風險損失趨勢現已成熟的第一季度，交易損失按美元計算同比增長約 1.2 倍；對於第二季度和第三季度，我們現在按美元計算的同比增長約 2 倍，因為這些較新的隊列持續存在不確定性。

Let me know if that answered your question, Jamie.

讓我知道這是否回答了你的問題，傑米。

Obviously, future provisions here are going to depend on a bunch of puts and takes that we're going to continue to monitor related to broader macro environment.

顯然，這裡的未來規定將取決於我們將繼續監測與更廣泛的宏觀環境相關的一系列看跌期權和看跌期權。

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 found the commentary around really these new cohorts that you're bringing in on the Seller side are actually -- seems to be contributing more than the similar cohorts a year ago.

我發現圍繞您在賣方方面引入的這些新群體的評論實際上 - 似乎比一年前的類似群體做出了更多貢獻。

It certainly seems like the number of products that Cash App users are adopting is up.

Cash App 用戶採用的產品數量似乎確實在增加。

So just would like to hear a little bit about maybe how that influences the LTV to CAC equation and really how that is influencing your investment philosophy as we move forward.

因此，我想听聽一些關於這可能如何影響 LTV 到 CAC 方程式的信息，以及在我們前進的過程中這實際上如何影響您的投資理念。

Sure.

當然。

Maybe starting just on what we're seeing so far with the stepped-up investments in go-to-market for the Seller business.

也許只是從我們目前所看到的開始，即加大對賣方業務進入市場的投資。

We increased our investments meaningfully in the third quarter as we had told you last earnings call, excluding Cash App other sales and marketing expenses, which is primarily reflective of the pace of Seller investments, were up 63% year-over-year on a GAAP basis.

正如我們在上次財報電話會議上告訴您的那樣，我們在第三季度有意義地增加了投資，不包括 Cash App 的其他銷售和營銷費用，這主要反映了賣方投資的步伐，按 GAAP 同比增長 63%基礎。

What we were doing was we launched an awareness marketing campaign across a range of new channels, including TV, radio, podcasts, et cetera, and we expect to reach, through those channels, 50 million people in the second half of this year.

我們正在做的是，我們在一系列新渠道（包括電視、廣播、播客等）上發起了一場意識營銷活動，我們預計今年下半年將通過這些渠道覆蓋 5000 萬人。

These campaigns really tell a broader story on the ecosystem, and it specifically speaks to larger sellers in terms of the range of products that we have to meet their needs.

這些活動確實講述了關於生態系統的更廣泛的故事，它特別針對更大的賣家，我們必須滿足他們需求的產品範圍。

These campaigns do have longer payback periods than performance marketing, but we've also seen that they drive top-of-funnel interest, which allows us to scale performance marketing, and we see further opportunity to do that in '21 as well.

這些活動確實比績效營銷有更長的回報期，但我們也看到它們推動了漏斗頂部的興趣，這使我們能夠擴大績效營銷，我們也看到了在 21 世紀這樣做的更多機會。

And then similarly, sales and account management teams have generated efficient paybacks in 2020.

然後類似地，銷售和客戶管理團隊在 2020 年產生了有效的回報。

We're doubling the size, as I mentioned, in the sales team in '21.

正如我所提到的，我們在 21 年將銷售團隊的規模擴大了一倍。

And that's been able -- that's helped us reach more and more larger sellers, which now account for 61% of Seller GPV.

這已經能夠——這幫助我們接觸到越來越多的大賣家，這些賣家現在佔賣家 GPV 的 61%。

When we think about reaching these larger sellers who can take on more products with us, that certainly has an impact on lifetime value, which is why we want to measure these investments against ROI and look at that sort of longer-term duration of a partnership with a seller and how we can deliver value to them and see increased value from the sellers, which enables us to lean in even further to that.

當我們考慮接觸這些可以與我們一起購買更多產品的大賣家時，這肯定會對生命週期價值產生影響，這就是為什麼我們要根據投資回報率來衡量這些投資，並著眼於這種長期的合作夥伴關係與賣家以及我們如何為他們提供價值並從賣家那裡看到增加的價值，這使我們能夠進一步傾向於這一點。

From a Cash App perspective, where we've been investing, it's been about a year now since our first paid ads for Cash App.

從 Cash App 的角度來看，我們一直在投資的地方，距離我們為 Cash App 投放第一個付費廣告已經過去了大約一年。

We launched them for the first time in December 2019.

我們於 2019 年 12 月首次推出它們。

And with ARPU and lifetime values up 3x over the past 3 years, we've seen significant room to scale, marketing spend still at very strong ROI.

隨著 ARPU 和生命週期價值在過去 3 年中增長了 3 倍，我們看到了巨大的擴展空間，營銷支出的投資回報率仍然非常高。

We ramped paid marketing for Cash App in the third quarter and into October with low customer acquisition costs across a variety of new channels.

我們在第三季度和 10 月份加大了 Cash App 的付費營銷力度，各種新渠道的客戶獲取成本都很低。

And we have seen compelling payback so far on that acquisition spend at less than a year.

到目前為止，我們在不到一年的時間裡就看到了令人信服的收購支出回報。

Of course, the key piece of that is related to the ability to drive stronger value into the ecosystem and, therefore, stronger ARPU and lifetime value of these customers, which becomes a flywheel.

當然，其中的關鍵部分與為生態系統帶來更大價值的能力有關，因此，這些客戶的 ARPU 和生命週期價值也更高，這就成為了一個飛輪。

It enables us to invest more both into the product and in the go-to-market.

它使我們能夠在產品和上市方面進行更多投資。

Your next question is from the line of Andrew Jeffrey with Truist Securities.

你的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

I wonder if you could talk a little bit about what you see as the role of QR code in retail generally but maybe in restaurants, in particular, and whether that's a capability Square is going to move progressively to support at any point?

我想知道您是否可以談談您對 QR 碼在零售業中的作用的看法，尤其是在餐館中，以及 Square 是否會在任何時候逐步支持這一功能？

Yes.

是的。

So on the store side, we had a self-serve ordering capabilities by QR code, and that integrates with the restaurant's kitchen and payment systems.

所以在商店方面，我們有一個通過二維碼自助點餐的功能，並且與餐廳的廚房和支付系統集成在一起。

We also have QR codes built into the Cash App and are seeing really strong adoption and usage there.

我們還在 Cash App 中內置了 QR 碼，並且在那裡看到了非常強大的採用和使用。

Generally, I think it's just a function of the speed of the OS and how easy the OS makes this adoption.

一般來說，我認為這只是操作系統速度的函數，以及操作系統使這種採用變得多麼容易。

Obviously, other markets have adopted it very strongly.

顯然，其他市場已經非常強烈地採用了它。

But we have all the functionality in place.

但是我們擁有所有的功能。

And as people get more and more comfortable using it, especially in the U.S., I imagine we'll see more.

隨著人們越來越習慣地使用它，尤其是在美國，我想我們會看到更多。

But I do think it's a broader function of how fast it is versus other technologies.

但我確實認為它比其他技術的速度更廣泛。

It's certainly competing with NFC as well, which is pretty fast.

它當然也在與 NFC 競爭，NFC 非常快。

But we want to make sure that a seller and an individual using Cash App has every available tool to them so that they can meet their customers wherever they happen to be.

但我們希望確保使用 Cash App 的賣家和個人擁有所有可用的工具，以便他們可以隨時隨地與客戶會面。

And the final question is from the line of Bryan Keane with Deutsche Bank.

最後一個問題來自德意志銀行的 Bryan Keane。

Congrats on the results.

祝賀結果。

I just wanted to ask or just follow up and ask about further penetrating inside of Cash Card and Direct Deposit.

我只是想問或只是跟進並詢問有關進一步滲透現金卡和直接存款的內容。

What are some of the things you can do to help drive that penetration even higher?

您可以做哪些事情來幫助提高滲透率？

I know Cash Card's at 25% today, but it feels like there's some room to push that higher.

我知道 Cash Card 今天的利率為 25%，但感覺還有進一步提高的空間。

I think you mentioned maybe Boost and some other things, and maybe that's part of the spend next year to get that adoption up.

我想你可能提到了 Boost 和其他一些東西，也許這是明年提高采用率的支出的一部分。

Maybe I can start off on this one.

也許我可以從這個開始。

I think there's a couple of different ways that we can approach driving Cash Card, and you mentioned Direct Deposit, you mentioned Boost.

我認為我們可以通過幾種不同的方式來使用現金卡，你提到了直接存款，你提到了 Boost。

We view these products as working together as an ecosystem.

我們將這些產品視為一個生態系統。

And it's part of our work to surface these products in a straightforward and frictionless way to our customers.

我們的工作之一就是以一種直接且無摩擦的方式向我們的客戶展示這些產品。

With respect to Direct Deposit, we have seen steady month-over-month growth in the number of customers depositing their recurring paychecks, which continued into the third quarter.

關於直接存款，我們看到存入經常性薪水的客戶數量逐月穩定增長，這種情況一直持續到第三季度。

We know that Direct Deposit customers typically pool more funds.

我們知道，直接存款客戶通常匯集更多資金。

They have pooled more funds in the Cash App, they stored higher balances.

他們在 Cash App 中匯集了更多資金，存儲了更高的餘額。

They've adopted more products, including Cash Card, where they typically spend multiples more than other Cash Card actives do, all of which has driven monetization and lifetime value for that Direct Deposit customer.

他們採用了更多的產品，包括 Cash Card，他們在這些產品上的消費通常是其他 Cash Card 活躍用戶的數倍，所有這些都推動了直接存款客戶的貨幣化和終身價值。

So we do see strong correlation of these products driving usage into other products, and in this example, Direct Deposit into Cash Card.

因此，我們確實看到這些產品的強烈相關性推動了對其他產品的使用，在這個例子中，直接存款到現金卡中。

So we continue to focus on developing the features around both products and the broader ecosystem together.

因此，我們將繼續專注於圍繞這兩種產品和更廣泛的生態系統共同開發功能。

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

我現在想把電話轉回公司以作結束語。

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 fourth quarter 2020 earnings call on February 23, 2021.

我想提醒大家，我們將於 2021 年 2 月 23 日召開 2020 年第四季度財報電話會議。

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 concludes today's program.

今天的節目到此結束。

You may all disconnect. .

你們都可以斷開連接。 .