Block Inc (SQ) 2020 Q2 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到 Square 2020 年第二季度收益電話會議。

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, sir.

請繼續，先生。

Hi, everyone.

大家好。

Thanks for joining our second quarter 2020 earnings call.

感謝您參加我們 2020 年第二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。

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, and reported results should not be considered as an indication of future performance.

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，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 will provide preliminary gross profit growth results is for the month of July.

在此電話會議期間，我們將提供 7 月份的初步毛利增長結果。

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

這些代表我們目前對 7 月份業績的估計，因為我們尚未關閉 7 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 July results may differ from these estimates.

因此，7 月份的實際結果可能與這些估計有所不同。

Also, we will be discussing 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 財務指標。

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。

Additionally, in the second quarter of 2020, we changed our operating segments to reflect how we review and assess our operations and began reporting on Seller and Cash App as separate segments.

此外，在 2020 年第二季度，我們更改了運營部門以反映我們審查和評估運營的方式，並開始將 Seller 和 Cash App 作為單獨的部門進行報告。

As such, we introduced additional disclosures in the shareholder letter on our Investor Relations website as well as our quarterly report on Form 10-Q for the quarter ended June 30, 2020, for revenue and gross profit for our Seller and Cash App operating reporting segments.

因此，我們在投資者關係網站上的股東信函以及截至 2020 年 6 月 30 日止季度的 10-Q 表季度報告中對我們的賣家和現金應用運營報告部門的收入和毛利進行了額外披露.

As a reminder, we discontinued the use of adjusted revenue in the third quarter of 2019 following the receipt of and comment letter from and discussions with the SEC.

提醒一下，在收到美國證券交易委員會的評論信和與美國證券交易委員會討論後，我們在 2019 年第三季度停止使用調整後的收入。

Our statement of operations continues to disclose total net revenue, transaction-based costs and bitcoin costs determined in accordance with GAAP, which are the key components of adjusted revenue.

我們的運營報表繼續披露根據 GAAP 確定的總淨收入、基於交易的成本和比特幣成本，這些是調整後收入的關鍵組成部分。

There are no changes to any other GAAP or non-GAAP metrics.

任何其他 GAAP 或非 GAAP 指標都沒有變化。

We have posted a spreadsheet on our Investor Relations website with our historical financials and additional details related to our income statement.

我們已經在我們的投資者關係網站上發布了一份電子表格，其中包含我們的歷史財務數據以及與損益表相關的其他詳細信息。

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'd like to turn it over to Jack.

有了這個，我想把它交給傑克。

Good morning, everyone, and thank you for joining us so early today.

大家早上好，感謝您今天這麼早加入我們。

Due to the media's early release of our quarterly financials, we moved up our investor call to this morning.

由於媒體提前發布了我們的季度財務報告，我們將投資者電話會議提前到了今天早上。

We're conducting an investigation into this early release in consultation with both internal and external counsel.

我們正在與內部和外部法律顧問協商，對這一提前發布進行調查。

COVID-19 continues to be at the top of our minds as economies close, reopen and close yet again.

隨著經濟關閉、重新開放和再次關閉，COVID-19 繼續成為我們的首要考慮。

This has been extremely hard on the people we serve, our sellers, their employees and all the individuals who use Cash App.

這對我們服務的人、我們的賣家、他們的員工以及所有使用 Cash App 的人來說都非常困難。

Folks right now are struggling to keep their businesses open, pay their employees, pay rent and even buy food for their families.

現在，人們正在努力維持企業的營業、支付員工工資、支付房租，甚至為家人購買食物。

We're doing our best to learn and build to support our customers, but this is obviously much bigger than us at Square.

我們正在盡最大努力學習和構建以支持我們的客戶，但這顯然比我們在 Square 的規模要大得多。

Parts of the world lack a coordinated strategy to get out of this crisis, and that hurts more people every single day.

世界部分地區缺乏擺脫這場危機的協調戰略，每天都有更多人受到傷害。

It's up to all of us to take whatever action we can to end this from wearing a mask to protect ourselves and our families, to using whatever platform we have to demand that our elected officials coordinate better.

我們所有人都有責任採取一切可能的行動來結束這種情況，從戴口罩保護我們自己和我們的家人，到使用我們必須的任何平台來要求我們當選的官員更好地協調。

Just can't wait for an election day.

只是等不及選舉日了。

On top of that, the fear, pain and suffering our Black customers, employees and neighbors have felt everyday for the past hundreds of years due to racist systems and policies must be acknowledged and fixed.

最重要的是，由於種族主義制度和政策，我們的黑人客戶、員工和鄰居在過去數百年中每天都感受到恐懼、痛苦和苦難，這一點必須得到承認和解決。

We're seeing a bit more acknowledgment, but not nearly enough change.

我們看到了更多的認可，但變化還遠遠不夠。

This also can't wait for an election day.

這也等不及選舉日了。

We're taking action as an employer.

作為雇主，我們正在採取行動。

We're investing in Black and racial and ethnic minority communities, and we're looking for ways to drive racial justice through our business and products.

我們正在投資於黑人、種族和少數民族社區，我們正在尋找通過我們的業務和產品推動種族正義的方法。

I will also be personally putting more funds into organizations driving policy change through the Start Small initiative I announced months ago.

我個人還將通過我幾個月前宣布的 Start Small 計劃，向推動政策變革的組織投入更多資金。

We are always open to feedback and ideas on ways we can do our part on these issues.

我們始終樂於接受有關如何在這些問題上儘自己的一份力量的反饋和想法。

Please let us know if you have any.

如果您有，請告訴我們。

And now some updates on our business before I turn to Amrita and your questions, starting with the Cash App.

現在，在我轉向 Amrita 和您的問題之前，先從 Cash App 開始，對我們的業務進行一些更新。

In June, Cash App had more than 30 million active customers transacting on our service.

6 月，Cash App 有超過 3000 萬活躍客戶使用我們的服務進行交易。

And in July, we expect to achieve gross profit growth of more than 200% year-over-year.

而在7月份，我們預計毛利同比增長將超過200%。

We saw our customers increasingly use their Cash Card as their primary spending device.

我們看到我們的客戶越來越多地使用他們的現金卡作為他們的主要消費設備。

Seven million people paid with their Cash Card in June, double compared to last year.

6 月份有 700 萬人使用現金卡支付，是去年的兩倍。

We also saw an increase in people using direct deposit for recurring paychecks, strengthened by stimulus and unemployment checks and tax refunds.

我們還看到越來越多的人使用直接存款來支付經常性的薪水，刺激和失業支票以及退稅加強了這一點。

Cash App is culture and continued to show this with creative approaches to marketing.

Cash App 是一種文化，並繼續通過創造性的營銷方式展示這一點。

We announced we ride with Bubba Wallace, and you'll see his Cash App designed car and uniform throughout the NASCAR season.

我們宣布我們與 Bubba Wallace 一起騎行，您將在整個 NASCAR 賽季看到他的 Cash App 設計的汽車和製服。

And we partnered with Hood by Air, a phenomenal streetwear brand, to create a limited edition HBA Cash Card you can purchase with proceeds going to Black and LGBTQ communities.

我們還與非凡的街頭服飾品牌 Hood by Air 合作，打造限量版 HBA 現金卡，您可以購買該卡，並將收益用於黑人和 LGBTQ 社區。

As I mentioned earlier, our sellers have had to navigate an immense amount of uncertainty and challenges.

正如我之前提到的，我們的賣家不得不應對大量的不確定性和挑戰。

They've used our ecosystem to reach their customers in new ways.

他們利用我們的生態系統以新的方式接觸他們的客戶。

And in the second quarter, GPV from online channels was up more than 50% year-over-year.

而在第二季度，線上渠道的 GPV 同比增長超過 50%。

1 in 3 new online sellers onboarded in the second quarter were entirely new to Square, and many of these sellers adopted other parts of our ecosystem, including in-person commerce.

第二季度新加入的在線賣家中，有三分之一是 Square 的新賣家，其中許多賣家採用了我們生態系統的其他部分，包括面對面的商務。

For example, the Coffee Tree Roasters in Pittsburgh joined Square by launching an online store, previously never having a website.

例如，匹茲堡的 Coffee Tree Roasters 通過推出在線商店加入了 Square，之前從未有過網站。

This quarter, they converted their 5 locations to Square hardware for their in-person point-of-sale system.

本季度，他們將他們的 5 個地點轉換為 Square 硬件，用於他們的面對面銷售點系統。

We're also seeing an increase in contactless payment as customers don't want to use paper cash during -- due to COVID risk.

由於 COVID 風險，客戶不想在此期間使用紙幣，因此我們還看到非接觸式支付有所增加。

In March, 1 in 12 of our sellers were cashless.

3 月，我們的賣家中有二分之一是無現金的。

And by the end of June, that shifted to 1 in 4 of our sellers operating cashless.

到 6 月底，我們四分之一的賣家採用無現金方式運營。

We launched On-Demand Delivery functionality, which enables sellers to take control of their fulfillment process by offering delivery to their customers directly from their websites.

我們推出了按需配送功能，使賣家能夠通過直接從其網站向客戶提供配送服務來控制其履行流程。

And our sellers gained the benefit of Square's scale by retaining more of the economics compared to using a third-party delivery service.

與使用第三方送貨服務相比，我們的賣家通過保留更多的經濟效益，從 Square 的規模中獲益。

During the quarter, we facilitated Paycheck Protection Program loans, providing a financial lifeline to more than 80,000 small businesses around the country for a total of $873 million in PPP loans.

在本季度，我們促進了薪資保護計劃貸款，為全國 80,000 多家小型企業提供了財務生命線，總計 8.73 億美元的 PPP 貸款。

Through the program, we reached traditionally underserved sellers.

通過該計劃，我們接觸到了傳統上服務不足的賣家。

The average PPP loan through Square Capital was less than $11,000 or 1/10 the average small business administration loan.

通過 Square Capital 獲得的平均 PPP 貸款不到 11,000 美元或平均小企業管理貸款的 1/10。

And finally, we're saying goodbye to Aaron Zamost, our Head of Communications and People, who's been helping us not only with this call since our IPO, but has been helping us build Square for close to 9 years.

最後，我們要與我們的傳播和人事主管 Aaron Zamost 說再見，他不僅從我們首次公開募股以來一直在幫助我們完成這次電話會議，而且在將近 9 年的時間裡一直在幫助我們打造 Square。

Aaron made us better every day.

亞倫每天都讓我們變得更好。

We love Aaron, and we thank you.

我們愛亞倫，我們感謝你。

Amrita?

甘露？

Thanks, Jack.

謝謝，傑克。

There are 3 topics I'd like to cover today: first, a look at our performance in the second quarter, where trends for both Cash App and Seller improved each month during the quarter; second, an update on our business in July, where Seller showed signs of stability and cash growth further improved; third, the compelling opportunity we see to invest in each of our ecosystems.

今天我想談 3 個主題：首先，看看我們在第二季度的表現，Cash App 和 Seller 的趨勢在本季度每個月都有所改善；第二，我們 7 月份的業務更新，賣方顯示出穩定跡象，現金增長進一步改善；第三，我們看到了投資我們每個生態系統的絕佳機會。

Overall, in the second quarter, gross profit was $597 million, up 28% year-over-year or 32% growth, excluding Caviar.

總體而言，第二季度毛利潤為 5.97 億美元，同比增長 28%，不包括魚子醬在內增長 32%。

Net loss was $11 million and adjusted EBITDA was $98 million.

淨虧損為 1100 萬美元，調整後的 EBITDA 為 9800 萬美元。

Let's take a look at performance of each ecosystem in the quarter.

讓我們來看看本季度每個生態系統的表現。

For Cash App, we saw strong growth with gross profit of $281 million, increasing 167% year-over-year as our teams continue to focus on network growth and driving engagement.

對於 Cash App，我們看到強勁增長，毛利潤達到 2.81 億美元，同比增長 167%，因為我們的團隊繼續專注於網絡增長和推動參與。

As Jack mentioned, we saw an uplift in customer acquisition with more than 30 million monthly transacting active customers in June.

正如傑克所提到的，我們看到 6 月份的客戶獲取量有所增加，每月有超過 3000 萬活躍客戶進行交易。

In the second quarter, these customers were transacting more than 15x per month on average or every other day, which is up nearly 50% from a year ago.

在第二季度，這些客戶平均每月或每隔一天的交易量超過 15 倍，比一年前增長近 50%。

We saw customers join Cash App for our ecosystem of products and features.

我們看到客戶加入 Cash App 是為了我們的產品和功能生態系統。

In the second quarter, new cohorts of Cash App customers had higher attach rates to products beyond peer-to-peer payments, such as Cash Card, Boost, direct deposit and bitcoin investing.

在第二季度，新的 Cash App 客戶群體對點對點支付以外的產品的附加率更高，例如現金卡、Boost、直接存款和比特幣投資。

This adoption has driven higher lifetime value.

這種採用推動了更高的生命週期價值。

Customers who use 2 or more products generated 2 to 3x the revenue of customers who only use peer-to-peer For our Seller ecosystem, gross profit was $317 million (sic) [$316 million], down 9% year-over-year.

使用 2 種或更多產品的客戶產生的收入是僅使用點對點的客戶的 2 到 3 倍對於我們的賣家生態系統，毛利潤為 3.17 億美元（原文如此）[3.16 億美元]，同比下降 9%。

Seller GPV trends improved sequentially each month from April through June.

從 4 月到 6 月，賣家 GPV 趨勢每個月都在連續改善。

Three factors to call out here: First, we've invested in building out our omnichannel capabilities over the past 2 years and have seen sellers utilize our broader ecosystem, particularly in these dynamic times.

這裡需要指出三個因素：首先，我們在過去 2 年中投資建立了我們的全渠道能力，並且看到賣家利用我們更廣泛的生態系統，尤其是在這個充滿活力的時代。

Our online strategy includes a variety of channels that serve sellers of all types and sizes, connecting them with buyers through web and mobile.

我們的在線戰略包括多種渠道，為各種類型和規模的賣家提供服務，通過網絡和移動設備將他們與買家聯繫起來。

In the second quarter, GPV from online channels was up more than 50% year-over-year and made up more than 25% of our Seller GPV, up from 14% of Seller GPV a year ago.

第二季度，來自在線渠道的 GPV 同比增長超過 50%，占我們賣家 GPV 的 25% 以上，高於一年前佔賣家 GPV 的 14%。

Second, while card-present volumes were down 38% year-over-year in the quarter, we saw significant improvement in card-present volumes sequentially each month as certain states relaxed shelter-in-place restrictions.

其次，雖然本季度出卡量同比下降 38%，但隨著某些州放寬就地避難限制，我們看到出卡量每個月都有顯著改善。

Third, our contactless hardware has empowered our sellers to adapt to social distancing measures and has been an important differentiator for our ecosystem.

第三，我們的非接觸式硬件使我們的賣家能夠適應社交距離措施，並成為我們生態系統的重要差異化因素。

Beginning in mid-May, we offered promotional pricing on our hardware and saw a significant uplift in unit sales per Square Register and Square Terminal through the end of the quarter.

從 5 月中旬開始，我們為我們的硬件提供促銷價，到本季度末，每個 Square Register 和 Square Terminal 的單位銷售額顯著提高。

These products continue to serve as an important acquisition tool, bringing in new sellers to Square.

這些產品繼續充當重要的收購工具，為 Square 帶來新的賣家。

Adjusted EBITDA of $98 million was primarily driven by a stronger recovery than anticipated in our Seller business and outperformance in our Cash App business.

調整後的 EBITDA 為 9,800 萬美元，這主要是由於我們的賣家業務復甦強於預期以及現金應用程序業務的出色表現。

Adjusted EBITDA in the quarter also benefited from the release of transaction loss provisions or reserves for risk loss, primarily related to transactions in our Seller business during the first quarter, which trended more favorably than our provisions had assumed.

本季度調整後的 EBITDA 還受益於交易損失準備金或風險損失準備金的釋放，主要與第一季度我們賣方業務的交易有關，其趨勢比我們的準備金假設的要好。

As a reminder, our overall company profitability margin profile is driven in part by the mix of our business.

提醒一下，我們公司的整體利潤率狀況部分是由我們的業務組合驅動的。

The Seller business has high-margin revenue streams, and changes in growth can have an outsized impact on profitability, whereas Cash App is still early in its profitability ramp as we began monetizing Cash App only 4 years ago.

賣方業務具有高利潤收入流，增長的變化會對盈利能力產生巨大影響，而 Cash App 仍處於盈利能力提升的早期階段，因為我們僅在 4 年前才開始將 Cash App 貨幣化。

We recognize there can be a wide range of outcomes for our financial results during the remainder of the year, depending on regional restrictions of business reopenings and government stimulus efforts.

我們認識到，在今年餘下的時間裡，我們的財務業績可能會有廣泛的結果，這取決於企業重新開業的地區限制和政府的刺激措施。

Therefore, we are not providing third quarter or full year financial guidance at this time.

因此，我們目前不提供第三季度或全年財務指導。

Instead, similar to last quarter, we wanted to share with you what we are seeing in real time.

相反，與上一季度類似，我們希望與您實時分享我們所看到的情況。

In July, we saw impressive growth in Cash App and signs of stability in our Seller ecosystem.

7 月，我們看到 Cash App 取得了令人矚目的增長，並且我們的賣家生態系統出現了穩定的跡象。

Cash App, we saw gross profit growth, as Jack said, of more than 200% year-over-year in July, showing continued momentum from the second quarter.

Cash App，正如傑克所說，我們看到 7 月份的毛利潤同比增長超過 200%，顯示出第二季度以來的持續增長勢頭。

The strength in our Cash App business in July was broad-based, including growth in our network with our highest monthly increase in net new transacting actives and an increase in new product adoption.

7 月份我們的 Cash App 業務的實力基礎廣泛，包括我們網絡的增長，淨新交易活動的月度增幅最高，以及新產品採用率的增加。

We also saw an uplift in monetization with our highest monthly volume per active customer across peer-to-peer payments, Cash Card and bitcoin investing.

我們還看到了貨幣化的提升，我們在點對點支付、現金卡和比特幣投資方面每個活躍客戶的月交易量最高。

While we're encouraged by these results, we recognize government stimulus programs contributed to the uplift in growth and spend per customer.

雖然我們對這些結果感到鼓舞，但我們認識到政府的刺激計劃有助於提高增長和每位客戶的支出。

If stimulus programs are either reduced or not renewed, or if we see an impact to customer -- consumer spending, we would not expect Cash App's growth to sustain at these levels.

如果刺激計劃減少或不再更新，或者如果我們看到對客戶——消費者支出的影響，我們預計 Cash App 的增長不會維持在這些水平。

There is a lot that is unknown here, and growth could normalize.

這裡有很多未知數，增長可能會正常化。

As a reminder, pre-COVID, we saw Cash App gross profit growth of more than 100% year-over-year in the first quarter.

提醒一下，在 COVID 之前，我們看到 Cash App 第一季度的毛利潤同比增長超過 100%。

In July, we expect our Seller ecosystem to achieve gross profit growth of more than 5% on a year-over-year basis.

7月份，我們預計我們的Seller生態系統將實現毛利同比增長5%以上。

Looking at the main drivers, Seller GPV was up 5% year-over-year in July, which was a modest improvement compared to results in June.

從主要驅動因素來看，7 月份賣家 GPV 同比增長 5%，與 6 月份相比略有改善。

In the U.S., we saw a step-up around the 4th of July.

在美國，我們在 7 月 4 日左右看到了一個升級。

But excluding this holiday, GPV was relatively flat on a year-over-year basis and trends were relatively stable from June to July.

但除去這個假期，GPV 同比持平，6 月至 7 月的趨勢相對穩定。

In our international markets, we saw strong GPV growth of 40% year-over-year, which improved moderately compared to June.

在我們的國際市場，我們看到 GPV 同比增長 40%，與 6 月份相比有所改善。

Regional trends have continued to vary depending on the extent for shelter-in-place restrictions, and we expect variability, given the ongoing uncertainty.

區域趨勢繼續根據就地避難所限制的程度而變化，鑑於持續的不確定性，我們預計會出現變化。

Seller subscription and services gross profit was down year-over-year in July, primarily driven by Square Capital's pause of core flex loans.

7 月份賣家訂閱和服務毛利潤同比下降，這主要是受 Square Capital 暫停核心靈活貸款的推動。

While Square Capital revenue was immaterial in July, in the past few days, we reopened core flex loans under stricter eligibility criteria.

雖然 Square Capital 的收入在 7 月份並不重要，但在過去幾天裡，我們在更嚴格的資格標準下重新開放了核心彈性貸款。

Given we have insight into real-time data, we are closely watching trend, and we believe we are taking a conservative approach to relaunching this product.

鑑於我們對實時數據有深入的了解，我們正在密切關注趨勢，並且我們認為我們正在採取保守的方法來重新推出該產品。

Seller subscription and services-based revenue from our other products achieved positive growth year-over-year in July.

我們其他產品的賣家訂閱和基於服務的收入在 7 月份實現了同比正增長。

We allowed sellers to pause their subscriptions starting in May.

我們允許賣家從 5 月開始暫停訂閱。

And at the end of July, less than 10% of our sellers with subscriptions had elected to pause.

到 7 月底，只有不到 10% 的訂閱賣家選擇暫停。

Finally, we believe now is a compelling opportunity to invest in both of our ecosystems.

最後，我們相信現在是投資我們兩個生態系統的絕佳機會。

Compared to the second quarter, we're investing an incremental $100 million in the third quarter across non-GAAP operating expenses for product development, sales and marketing, and general and administrative expenses.

與第二季度相比，我們在第三季度增加了 1 億美元的投資，用於產品開發、銷售和營銷以及一般和管理費用的非 GAAP 運營費用。

The significant majority of this investment will be on sales and marketing.

這筆投資的絕大部分將用於銷售和營銷。

As we have continued to be encouraged by recent acquisition trends and see a compelling opportunity to acquire new customers, we intend to closely track performance to be dynamic with our spend, including increasing spend if we see strong results.

由於我們繼續受到近期收購趨勢的鼓舞，並看到了獲得新客戶的絕佳機會，因此我們打算密切跟踪績效，以便我們的支出保持動態，包括在看到強勁結果時增加支出。

Across both ecosystems, we have historically seen strong returns on our acquisition spend of at least 3x within 3 years of acquiring a cohort.

在這兩個生態系統中，從歷史上看，我們的收購支出在收購一個群體後的 3 年內至少獲得了 3 倍的強勁回報。

For Cash App, we'll look at new and creative marketing strategies to reach more customers and further engaging existing customers as we continue to rapidly scale the network.

對於 Cash App，我們將研究新的和創造性的營銷策略，以在我們繼續快速擴展網絡的同時吸引更多客戶並進一步吸引現有客戶。

For Seller, incremental investment will primarily focus on brand and ecosystem awareness marketing campaigns and adding to our sales and account management teams.

對於賣方，增量投資將主要集中在品牌和生態系統意識營銷活動上，並增加我們的銷售和客戶管理團隊。

In the second quarter, we saw strong trends in our acquisition as new Seller cohorts generated higher gross profit in their first 5 weeks post onboarding compared to new Seller cohorts in the prior year period.

在第二季度，我們看到了強勁的收購趨勢，因為與去年同期的新賣家群體相比，新賣家群體在入職後的前 5 週內產生了更高的毛利潤。

We're making a deliberate decision to invest given the recent momentum we've seen.

鑑於我們最近看到的勢頭，我們正在慎重決定進行投資。

This is a unique moment to reach new customers with our differentiated products, and we believe this approach will drive long-term, sustainable growth for Square.

這是用我們的差異化產品接觸新客戶的獨特時刻，我們相信這種方法將推動 Square 的長期、可持續增長。

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

我現在將其轉回給接線員以開始通話的問答部分。

(Operator Instructions) And your first question comes from Tien-Tsin Huang with JPMorgan.

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

I wanted to ask on the sustainability of Cash App.

我想問一下 Cash App 的可持續性。

I heard the 200% growth in July and the 100% obviously was running at before.

我聽說 7 月份增長了 200%，而 100% 顯然是在之前運行的。

So I know the sustainability question is really hard to answer, given stimulus and the uncertainty there.

所以我知道可持續性問題真的很難回答，考慮到刺激和那裡的不確定性。

But anything else to help maybe unpack the thinking if stimulus isn't extended?

但是，如果不延長刺激措施，還有什麼其他方法可以幫助解開思路？

What might happen?

可能會發生什麼？

Then the 30 million users, how sticky do you think that number is?

那麼3000萬用戶，你覺得這個數字的粘性有多大？

You acquired them.

你獲得了它們。

How do you expect to retain them and monetize that given the various scenarios that are out there?

鑑於存在的各種情況，您希望如何留住他們並從中獲利？

Tien-Tsin, thank you so much for the question.

Tien-Tsin，非常感謝你提出這個問題。

Let me start off here by saying, as you noted, we drove impressive growth in the second quarter, gross profit up 167% year-over-year on Cash App.

讓我首先說，正如你所指出的，我們在第二季度推動了令人印象深刻的增長，Cash App 的毛利潤同比增長 167%。

Each month since March, we saw improvement in gross profit growth and expect over 200% year-over-year gross profit growth in July.

自 3 月以來的每個月，我們都看到毛利增長有所改善，預計 7 月的毛利同比增長將超過 200%。

There's 3 key drivers I'd call out on Cash App's growth.

我認為 Cash App 的增長有 3 個關鍵驅動因素。

Stimulus likely benefited all 3 of these drivers.

刺激計劃可能使所有這 3 個驅動因素都受益。

Let's unpack that a little bit.

讓我們把它拆開一點。

First, as you noted, customer acquisition, which remains a top priority for Cash App, and we continued to rapidly expand our network here.

首先，正如您所指出的，客戶獲取仍然是 Cash App 的首要任務，我們繼續在這裡快速擴展我們的網絡。

In June, we had over 30 million monthly active, which is up approximately 25% just in the past 6 months, and this was followed in July by our highest month of net new actives added.

6 月，我們的月活躍用戶超過 3000 萬，僅在過去 6 個月中就增長了約 25%，緊隨其後的是 7 月，我們新增的淨新增活躍用戶數量最多。

And we're continuing to keep those customers engaged by my second point, which is product adoption.

我們將繼續讓這些客戶參與我的第二點，即產品採用。

We've increased adoption across our 7 Cash App products in the second quarter, cross-selling at low incremental costs.

我們在第二季度提高了 7 款 Cash App 產品的採用率，以較低的增量成本進行交叉銷售。

And we're driving -- we're focused here on driving daily utility for our customers.

我們正在開車——我們專注於為我們的客戶提供日常服務。

In the second quarter, as we noted, Cash App monthly active had an average of over 15 transactions per month essentially every other day here, which was up 50%, nearly 50% from a year ago.

正如我們所指出的那樣，在第二季度，Cash App 每月活躍的交易平均每月超過 15 筆，基本上每隔一天，增長 50%，比一年前增長近 50%。

Third, the driver was increased volumes per active customers across key products in the second quarter, and you saw the strong monetization flow through.

第三，驅動因素是第二季度主要產品的每位活躍客戶數量增加，您看到了強勁的貨幣化流程。

Revenue on a per customer basis neared $45 on an annualized basis in the second quarter of 2020, excluding bitcoin, which is up 3x since 2017.

2020 年第二季度，每位客戶的年收入接近 45 美元，不包括比特幣，自 2017 年以來增長了 3 倍。

So as you noted, stimulus is a factor that likely benefited all 3 of the drivers.

因此，正如您所指出的，刺激是一個可能使所有 3 個驅動因素受益的因素。

Cash App was well positioned to help our customers access -- to make use of these government stimulus funds and unemployment benefits in the second quarter.

Cash App 處於有利地位，可以幫助我們的客戶在第二季度使用這些政府刺激資金和失業救濟金。

Obviously, these are wide-ranging programs with extensive reach.

顯然，這些是具有廣泛影響的範圍廣泛的計劃。

165 million individuals qualified for CARES Act stimulus payments and nearly 18 million were unemployed as of June.

截至 6 月，有 1.65 億人有資格獲得 CARES 法案刺激付款，近 1800 萬人失業。

From the stimulus, we've seen increased inflows into our ecosystem: a portion from direct deposit, which is still early, but a more meaningful uplift from customers simply having additional funds in their wallet.

從刺激計劃中，我們看到流入我們生態系統的資金有所增加：一部分來自直接存款，這還為時過早，但更有意義的是來自客戶僅僅在他們的錢包中有額外資金。

As customers are pulling more funds into Cash App, that drives further engagement and network effects, and they're able to send money to others through peer-to-peer, spend their funds through Cash Card, invest in stocks and more, which we saw with new customer cohorts doing that at a higher rate in the second quarter.

隨著客戶將更多資金投入 Cash App，這推動了進一步的參與和網絡效應，他們能夠通過點對點向他人匯款，通過 Cash Card 花費資金，投資股票等等，我們看到新客戶群體在第二季度以更高的速度這樣做。

This resembles -- what we saw here resemble the uplift from inflows we've seen in the February, March time frame historically around tax refund.

這類似於 - 我們在這裡看到的類似於我們在歷史上圍繞退稅的 2 月、3 月時間框架內看到的資金流入的增加。

There is a lot, as you noted, that's unknown around stimulus going forward and the impact to our business.

正如您所指出的，關於未來的刺激措施及其對我們業務的影響，有很多未知數。

Cash App growth could normalize in the back half of the year.

Cash App 的增長可能會在今年下半年恢復正常。

The variability we may see here is one of the reasons we're not providing guidance on the second half of the year.

我們在這裡可能看到的可變性是我們不提供下半年指導的原因之一。

And instead, we're focusing on understanding and tracking our trends in real time.

相反，我們專注於實時了解和跟踪我們的趨勢。

And your next question comes from Dan Perlin with RBC.

你的下一個問題來自 RBC 的 Dan Perlin。

And I agree, very impressive results here.

我同意，這裡的結果非常令人印象深刻。

I had a question about really the Cash App and Cash Card attachment rates.

我對 Cash App 和 Cash Card 附加費率有疑問。

Given that this is clearly one of the major drivers of the monetization strategy, at least today, so it looks like it's running still in the low 20s.

鑑於這顯然是貨幣化戰略的主要驅動力之一，至少在今天如此，所以它看起來仍處於 20 多歲的低點。

I'm wondering how we should be thinking about that expectation and opportunity longer term?

我想知道我們應該如何長期考慮這種期望和機會？

And maybe specifically, what are some of the key factors and attributes that you're doing in order to drive that rate higher?

也許具體來說，您正在採取哪些關鍵因素和屬性來提高該比率？

Maybe I'll start off on the attachment rates, and then Jack can cover on the product strategy.

也許我將從依戀率開始，然後傑克可以介紹產品策略。

From an attachment perspective, as you've seen where our customers are increasingly using Cash Card as an everyday spending tool.

從附件的角度來看，正如您所看到的，我們的客戶越來越多地將現金卡用作日常消費工具。

At the end of June, we had over 7 million monthly active Cash Card customers, which doubled year-over-year from 3.5 million, which we had shared with you last June.

截至 6 月底，我們每月有超過 700 萬活躍的現金卡客戶，比去年 6 月我們與您分享的 350 萬同比翻了一番。

And we're continuing to increase that attach rate over time.

隨著時間的推移，我們將繼續提高附加率。

Today, we sit at about 1 in 4 customers, Cash App customers, who have a Cash Card with Cash Card actives growing faster than our overall network.

今天，我們大約有四分之一的客戶，即 Cash App 客戶，他們擁有現金卡，而現金卡的活躍度增長速度快於我們的整體網絡。

The majority of these 7 million monthly active Cash Card customers are spending on their Cash Card an average of 5x per week.

這 700 萬每月活躍的現金卡客戶中的大多數平均每週在他們的現金卡上消費 5 倍。

So again, that focus on daily utility here, and our customers are increasingly using Cash Card as a primary spending tool as the average spend per customer has also increased over time.

因此，再次強調這裡的日常效用，我們的客戶越來越多地使用現金卡作為主要消費工具，因為每個客戶的平均消費也隨著時間的推移而增加。

As you also saw, we've been able -- Cash Card has been resilient in the second quarter.

正如您所看到的，我們已經能夠 - Cash Card 在第二季度一直具有彈性。

We've been able to drive strong growth here with spend up nearly 50% quarter-over-quarter compared to -- for the industry, U.S. cards have been down about 8% across several card issuers quarter-over-quarter.

與此相比，我們已經能夠推動強勁增長，支出環比增長近 50%，而對於該行業而言，幾家發卡機構的美國信用卡環比下降了約 8%。

We believe it's still early and want to continue driving adoption here with both new and existing customers.

我們認為現在還為時過早，並希望繼續推動新老客戶的採用。

Dan, this is Jack.

丹，這是傑克。

So first and foremost, like the basis of everything we do around Cash App starts with the utility of peer-to-peer.

因此，首先，就像我們圍繞 Cash App 所做的一切的基礎一樣，都是從點對點的效用開始的。

And then we're looking for the most critical financial services that people haven't had access to in the past as a way to build out our ecosystem.

然後我們正在尋找人們過去無法獲得的最關鍵的金融服務，以此作為構建我們生態系統的一種方式。

So a big part of our strategy is making sure that we have very credible, easy inflows into the service, such as direct deposit, which people are hooking their payroll to, they're hooking their tax refunds, stimulus check, unemployment checks to.

因此，我們戰略的很大一部分是確保我們有非常可靠、容易的資金流入服務，例如直接存款，人們將他們的工資單掛鉤，他們將退稅、刺激支票、失業支票掛鉤。

And then using the peer-to-peer, where they send money to friends or family or request money, which gets us an entirely new customer as well.

然後使用點對點，他們向朋友或家人匯款或請求付款，這也為我們帶來了一個全新的客戶。

So there's an incredibly efficient network effect built in the Cash App.

因此，Cash App 中內置了一種非常高效的網絡效應。

And then what makes it stick, to also answer some of the previous question, is all the other services within the app itself.

然後是什麼讓它堅持下去，也回答了前面的一些問題，是應用程序本身內的所有其他服務。

So the fact that I have a Cash Card and I can now purchase cards as well, one by Hood by Air for $20.

所以事實上我有一張現金卡，我現在也可以購買卡片，一張由 Hood by Air 以 20 美元的價格購買。

And yesterday, we launched a glow card, which glows in the dark for $5, which allows people to customize.

昨天，我們推出了一種發光卡，它可以在黑暗中發光，價格為 5 美元，它允許人們進行自定義。

I can buy equities through our investing products.

我可以通過我們的投資產品購買股票。

I can buy bitcoin, and I can utilize all this in my day-to-day.

我可以購買比特幣，我可以在日常生活中使用所有這些。

So we continue to look, as we look forward to the road map, for those critical financial elements that people haven't had easy access to in the past, and we believe we can bring to them with the Cash App.

因此，在我們期待路線圖的同時，我們將繼續尋找人們過去無法輕易獲得的那些關鍵金融要素，我們相信我們可以通過 Cash App 為他們帶來。

But it all begins with the peer-to-peer aspect and the viral nature of the service itself.

但這一切都始於對等方面和服務本身的病毒式傳播。

Your next question comes from Josh Fulgham with Evans Meats.

你的下一個問題來自 Josh Fulgham 和 Evans Meats。

You were able to start using the online Square store in a matter of hours at the start of the pandemic.

在大流行開始時，您可以在幾個小時內開始使用在線 Square 商店。

And after that, we were able to seamlessly using Square hardware for on-premise sales.

在那之後，我們能夠無縫地使用 Square 硬件進行內部銷售。

We found it to be easy, straightforward and just a super transition.

我們發現它簡單、直接，而且只是一個超級過渡。

Now I'm wondering if you plan to take that same approach and emphasize ease of use with any of your planned new features and updates, areas like reporting.

現在我想知道您是否計劃採用相同的方法並強調任何計劃的新功能和更新（如報告）的易用性。

Josh, first of all, thank you for being our customer.

喬希，首先，感謝您成為我們的客戶。

I appreciate you and appreciate all the challenges that you and others are going through this time.

我感謝你，感謝你和其他人這次所經歷的所有挑戰。

There's a lot of uncertainty.

有很多不確定性。

We want to make sure that every aspect of our service from the payment itself to inventory to reporting is remarkable, and remarkable for us is something that ultimately gives time back to you and making sure that as we think about any new feature, we look for making it intuitive, we make it fast and easy.

我們希望確保我們服務的每個方面，從支付本身到庫存再到報告，都是非凡的，對我們來說非凡的是最終將時間還給您的東西，並確保在我們考慮任何新功能時，我們尋找使它直觀，我們讓它變得快速和容易。

Because ultimately, like if we're doing that, we're giving time back to you, the owner or your employees and you can use that time to focus on your customer, which will grow your business and also grow ours.

因為最終，就像我們這樣做一樣，我們將時間還給您、所有者或您的員工，您可以利用這段時間專注於您的客戶，這將發展您的業務，也將發展我們的業務。

So we think we have really good alignment there.

所以我們認為我們在那裡有很好的一致性。

And if there's anything in particular that you feel is weak or a gap, please let our account managers know, our sales team, customer support, and we'll get on it.

如果您覺得有什麼特別薄弱或存在差距，請告知我們的客戶經理、我們的銷售團隊、客戶支持，我們會處理的。

But thank you so much.

但非常感謝你。

Your next question is from Timothy Chiodo with Crédit Suisse.

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

My question -- so around the Cash App, but also on an SMB angle.

我的問題——圍繞 Cash App，但也從 SMB 的角度。

So Cash App is clearly the leading consumer digital bank or neobank in the U.S., but there seems to be an opportunity that isn't really discussed as much around neobanks or digital banks for small businesses.

因此，Cash App 顯然是美國領先的消費者數字銀行或新銀行，但似乎圍繞新銀行或小型企業數字銀行的機會並沒有真正被討論。

It seems like it could potentially have better LTV and monetization dynamics relative to consumer neobanks.

與消費者新銀行相比，它似乎可能具有更好的 LTV 和貨幣化動態。

And when I think about all the components that could be there for an SMB digital bank, Square already has accounts, Square Card for business, credit offerings through Square Capital.

當我考慮 SMB 數字銀行可能存在的所有組件時，Square 已經擁有賬戶、用於商業的 Square Card，以及通過 Square Capital 提供的信貸服務。

But if it was sort of tied all together with a digital wallet, it would start to look like an SMB neobank.

但如果它有點與數字錢包捆綁在一起，它就會開始看起來像一個 SMB 新銀行。

You could potentially layer in payroll and other things like AP automation, and I wanted to just explore this a little bit to see if it's something that could be a longer-term potential opportunity for Square.

你可能會加入工資單和其他東西，比如 AP 自動化，我想稍微探討一下，看看它是否是 Square 的長期潛在機會。

Thanks, Tim.

謝謝，蒂姆。

Are you looking for a role as a product manager as well?

您是否也在尋找產品經理的職位？

Yes, please.

是的，請。

It's a great idea.

這是個好主意。

It's a great idea.

這是個好主意。

And I completely agree that we have a huge opportunity here.

我完全同意我們在這裡有巨大的機會。

We've taken -- if you look at our Seller ecosystem, you'll see a number of parts that are connected together.

我們採取了 - 如果您查看我們的賣家生態系統，您會看到許多連接在一起的部分。

And I think we have a lot of the parameters in place to do exactly what you said.

而且我認為我們有很多參數可以完全按照您所說的去做。

Square Card is a great opportunity for us and gives our sellers the ability to actually store money with us and spend that money without having to go to a bank branch to open their business, which is phenomenal for them.

Square Card 對我們來說是一個很好的機會，它讓我們的賣家能夠在我們這裡實際存錢並花掉這些錢，而不必去銀行分行開店，這對他們來說是非常了不起的。

Square Capital allows us to offer loans and instant deposit.

Square Capital 允許我們提供貸款和即時存款。

All these tools connected in the right way will mirror, I believe, what we have been able to do with the Cash App, but also for sellers.

我相信，所有這些以正確方式連接的工具都將反映出我們使用 Cash App 所做的事情，同時也反映給賣家。

And that is, ultimately, our intention is to save more and more of our customers' trips to a traditional bank branch so they can just get running in business and building that up.

也就是說，最終，我們的目的是節省越來越多的客戶前往傳統銀行分行的行程，這樣他們就可以開展業務並建立業務。

And Tim, to your point on, yes, Cash App sort of economics relative to neobanks and other sort of digital banks out there.

蒂姆，就你的觀點而言，是的，Cash App 是一種相對於新銀行和其他類型的數字銀行的經濟學。

What we've seen with Cash App so far is strong unit economics, a strong business model.

到目前為止，我們在 Cash App 上看到的是強大的單位經濟效益，一種強大的商業模式。

What -- some of the things that we feel differentiate the business model we've got around Cash App is strong network effects, which leads to efficient acquisition.

什麼——我們認為我們圍繞 Cash App 獲得的商業模式的一些不同之處在於強大的網絡效應，這會導致高效的收購。

These network effects obviously come from the peer-to-peer aspect of the service, where Cash App can acquire new customers for a fraction of the cost of other banks or a financial services company, and that's really enabled us to scale this network of active customers rapidly and efficiently now at 30 million monthly active and growing.

這些網絡效應顯然來自服務的點對點方面，Cash App 可以以其他銀行或金融服務公司的一小部分成本獲得新客戶，這確實使我們能夠擴展這個活躍的網絡客戶現在每月活躍 3000 萬，並且還在不斷增長。

And then also from a unit economic standpoint, Cash App has historically had a payback of less than 12 months on these new monthly cohorts, similar to Seller.

然後從單位經濟的角度來看，Cash App 在這些新的每月隊列中的投資回報歷來少於 12 個月，類似於賣家。

And in less than 3 years, returns from these cohorts have been over 3x on our acquisition spend.

在不到 3 年的時間裡，這些群體的回報已經超過我們收購支出的 3 倍。

And it's because of that suite of products that we have around financial services and centered around peer-to-peer that we can efficiently cross-sell, as noted, driving ARPU up on a per customer basis 3x since 2017 to nearly $45 on an annualized basis in 2Q.

正因為我們圍繞金融服務和以點對點為中心的產品套件，我們可以有效地交叉銷售，如前所述，自 2017 年以來，每個客戶的 ARPU 增長了 3 倍，年化接近 45 美元2Q基礎。

And so those monthly actives become more valuable actually over time as they adopt more products within the Cash App ecosystem.

因此，隨著時間的推移，隨著他們在 Cash App 生態系統中採用更多產品，這些每月活躍用戶實際上變得更有價值。

So we're excited of the potential here as Cash App continues to grow and expand, and we see the opportunity to drive higher lifetime value, higher engagement by growing the base by cross-selling our existing products and eventually launching new products over time as well.

因此，隨著 Cash App 的不斷發展壯大，我們對這裡的潛力感到興奮，我們看到了通過交叉銷售我們現有產品並最終隨著時間的推移推出新產品來擴大基礎來推動更高生命週期價值和更高參與度的機會出色地。

Your next question is from Darrin Peller with Wolfe Research.

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

All right.

好的。

Nice job.

不錯的工作。

Spend from the online channels being up over 50%, making up 25% of the GPV, obviously helped quite a bit especially during the pandemic.

來自在線渠道的支出增長超過 50%，佔 GPV 的 25%，這顯然起到了很大幫助，尤其是在大流行期間。

But if we break that down a bit, just wondering what you see as a differentiation around the Online Store and I think perhaps just other online offerings enabling uses for on-demand delivery or like buy online, pick up in store.

但是，如果我們稍微分解一下，只是想知道您認為在線商店的差異化是什麼，我認為也許只是其他在線產品可以用於按需交付或在線購買，在商店提貨。

Can you just give us a little more color where you plan to invest further online?

你能給我們更多的顏色，你打算在網上進一步投資嗎？

And just really where this can go long term?

從長遠來看，這真的可以走向何方？

What's the product set differentiation around CNP?

圍繞 CNP 的產品集差異是什麼？

And where you see it headed, guys?

伙計們，你看到它走向何方？

Yes.

是的。

Thank you, Darrin.

謝謝你，達林。

If you look at any one part of online commerce and you compare it or a version of it to others, I don't think you see a lot of differences.

如果您查看在線商務的任何一個部分，並將它或它的一個版本與其他部分進行比較，我認為您不會看到很多差異。

But if you take them in concert with each other, that's where our strength is.

但如果你把它們放在一起，那就是我們的優勢所在。

So we -- our strategy of building an ecosystem of tools that work out of the box immediately and continue to unfold as a seller gets more and more sophisticated with their business and with their approach to customers is what sets us apart from everything else.

因此，我們 - 我們的戰略是建立一個開箱即用的工俱生態系統，並隨著賣家對他們的業務和他們對客戶的態度變得越來越成熟而繼續展開，這讓我們與眾不同。

So there's various aspects that have been important, especially during this time with COVID for sellers.

因此，有很多方面都很重要，尤其是在這段時間裡，對於賣家來說，COVID 很重要。

Square Online Checkout has been notable, so the businesses can transition online without building a complete website.

Square Online Checkout 一直備受矚目，因此企業無需構建完整的網站即可過渡到線上。

Our Online Store has served very well as an acquisition tool for us.

我們的在線商店作為我們的收購工具發揮了很好的作用。

As I said in my opening remarks, 1 in 3 of our new Online Store sellers onboarded in the second quarter were new entirely to the Square ecosystem, and that's increased in July.

正如我在開場白中所說，第二季度新加入的在線商店賣家中有三分之一完全是 Square 生態系統的新賣家，並且在 7 月份有所增加。

And then tools like On-Demand Delivery, giving our sellers access to third-party delivery apps, but also making sure that they can keep more of their sales has been important.

然後是按需交付等工具，讓我們的賣家可以訪問第三方交付應用程序，同時確保他們能夠保持更多的銷售額，這一點很重要。

We had a good example here, a little kebab shop and chain in Texas and California, started using On-Demand Delivery.

我們這裡有一個很好的例子，德克薩斯州和加利福尼亞州的一家小型烤肉店和連鎖店開始使用按需交付。

And they -- what drew them was being able to provide customers with flexibilities on fees and delivery minimums, which helped them remain competitive at a cost they could afford.

他們 - 吸引他們的是能夠為客戶提供費用和最低交付的靈活性，這有助於他們以他們可以承受的成本保持競爭力。

So it's not any one part that really sets our strategy apart.

因此，真正使我們的戰略與眾不同的並不是任何一個部分。

It's the cohesiveness.

這就是凝聚力。

It's the flexibility that sellers have to shift even the economics around so that they can really serve their customers and build the business that they want, especially in a time of uncertainty.

這是賣家必須改變經濟狀況的靈活性，這樣他們才能真正為客戶服務並建立他們想要的業務，尤其是在不確定的時期。

And Darrin, I would just add that these trends that we're noting on online channels, up 50% year-over-year to 25% of Seller GPV, this is really a continuation of hard work that the team has been doing for some time now.

Darrin，我只想補充一點，我們在在線渠道上註意到的這些趨勢，同比增長 50% 達到賣家 GPV 的 25%，這確實是團隊為一些人所做的努力的延續是時候了。

These trends are actually fairly consistent with pre-COVID.

這些趨勢實際上與 COVID 之前相當一致。

For the past 6 quarters, our online channel GPV has sustained similar levels of growth of over 50%.

在過去的 6 個季度中，我們的在線渠道 GPV 保持了超過 50% 的類似增長水平。

But obviously, during this time, we're seeing unique use cases and that increasing importance of adapting quickly and serving -- our sellers serving their buyers where they are.

但顯然，在這段時間裡，我們看到了獨特的用例，以及快速適應和服務的重要性日益增加——我們的賣家在他們所在的地方為他們的買家提供服務。

And then the last one I'd share is that, just to Jack's point about Square Online Store being increasingly an acquisition tool.

然後我要分享的最後一個是傑克關於 Square Online Store 越來越成為一種獲取工具的觀點。

We've also seen these online channels be a front door to Square, where new sellers who joined our platform through Square Online Store in the second quarter were using more of our ecosystem.

我們還看到這些在線渠道是 Square 的大門，第二季度通過 Square 在線商店加入我們平台的新賣家正在使用我們的生態系統。

And as much as half of their GPV actually came from in-person transactions as well, showing that obviously, these sellers are working hard to sell through multiple channels, both online and in person, which underscores the points around omnichannel.

他們的 GPV 有一半實際上也來自面對面交易，這表明這些賣家顯然正在努力通過在線和麵對面等多種渠道進行銷售，這凸顯了全渠道的重要性。

Our next question is from Lisa Ellis with MoffettNathanson.

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

Following up on Darrin's question.

跟進達林的問題。

I wanted to drill in a bit on the recovery in Seller GPV, which was pretty amazing from, I think it was running down 40% or so in April when businesses were closed and then now up growing 5% in July.

我想深入了解賣家 GPV 的恢復情況，這非常驚人，我認為它在 4 月份企業關閉時下降了 40% 左右，然後在 7 月份增長了 5%。

That recovery far exceeds the economic recovery, which I believe means you must have a lot of new sellers joining Square during this trying time.

這種複蘇遠遠超過經濟復甦，我認為這意味著在這段艱難時期你必須有很多新賣家加入 Square。

Can you drill into that a little bit and just dimension, quantify the uptick you're seeing in new sellers, how sustainable you think that growth rate is and maybe provide a little bit more color on what's different or new about these types of sellers and maybe other sources of new GPV you're seeing come in, if it's not just from new sellers joining the ecosystem.

你能不能稍微深入一點，只是維度，量化你在新賣家中看到的增長，你認為增長率的可持續性如何，並可能為這些類型的賣家的不同之處或新事物提供更多顏色，以及也許你看到的新 GPV 的其他來源也進來了，如果它不僅僅是來自加入生態系統的新賣家。

Lisa, thanks for the question.

麗莎，謝謝你的提問。

So in the second quarter, GPV was down 15% year-over-year.

所以在第二季度，GPV 同比下降了 15%。

Those year-over-year trends improved each month from April to July, whereas we noted, Seller GPV was up 5% year-over-year.

從 4 月到 7 月，這些同比趨勢每個月都有所改善，而我們注意到，賣家 GPV 同比增長 5%。

There's kind of a couple of key drivers I'd point out, and I'll come to customer acquisition by the end of it.

我要指出幾個關鍵驅動因素，最後我會談到客戶獲取。

So first key driver, obviously, COVID restrictions starting to ease in the second quarter.

因此，第一個關鍵驅動因素顯然是 COVID 限制在第二季度開始放寬。

And as that happened, we saw related improvement in GPV.

當發生這種情況時，我們看到了 GPV 的相關改進。

We obviously had variability in regions related to reopenings and retrenchments.

顯然，我們在與重新開放和裁員相關的地區存在差異。

Specifically in July, that modest improvement we saw from June was largely due, for us, to international growth as U.S. volumes trended at similar rates since June, especially when you exclude the bump that we saw around the 4th of July holiday.

特別是在 7 月，我們看到的自 6 月以來的小幅改善在很大程度上是由於國際增長，因為美國銷量自 6 月以來以相似的速度趨勢，尤其是當你排除我們在 7 月 4 日假期前後看到的顛簸時。

So in the U.S., states that have had prolonged restrictions have been more affected in terms of GPV, in particular, states like California and New York are still well below those pre-COVID levels.

因此，在美國，長期限制的州在 GPV 方面受到的影響更大，特別是加利福尼亞州和紐約州等州仍遠低於 COVID 前的水平。

On an international basis, Seller GPV grew by 40% year-over-year in July, which is an improvement from June, with particular strength in a couple of markets, Australia and the sharp recovery that we saw in the U.K.

在國際範圍內，7 月份賣家 GPV 同比增長 40%，較 6 月份有所改善，其中幾個市場尤其強勁，澳大利亞和我們在英國看到的急劇復甦。

Second point I'd make here is around retention.

我要在這裡提出的第二點是關於保留。

As Seller GPV trends improved, we also saw improving trends around retention of our existing sellers.

隨著賣家 GPV 趨勢的改善，我們也看到了現有賣家保留率的改善趨勢。

So the overall Seller GPV dollar-based retention in July was down approximately 10% to 15% year-over-year.

因此，7 月份基於賣家 GPV 美元的整體保留率同比下降約 10% 至 15%。

This is a significant improvement, while still down year-over-year, a significant improvement from being down 50% in late April.

這是一個顯著的改善，但仍同比下降，與 4 月下旬下降 50% 相比有了顯著改善。

So this GPV retention looks at the cohorts of our existing sellers from July of last year and the year-over-year change in the GPV generated by those sellers in July of this year, including churn, but excluding acquisition, which I'll come to in a moment.

因此，這個 GPV 留存率著眼於去年 7 月以來我們現有賣家的隊列以及這些賣家在今年 7 月產生的 GPV 的同比變化，包括流失，但不包括收購，我會來到一會兒。

Across verticals, we saw better retention in services, in food and drink and in retail, while beauty and health and fitness were more impacted.

在垂直領域，我們發現服務、食品和飲料以及零售業的留存率更高，而美容、健康和健身受到的影響更大。

And then when you look at GPV retention by seller size, in the second quarter, micro sellers were generally less impacted than larger sellers.

然後，當您按賣家規模查看 GPV 保留時，在第二季度，微型賣家受到的影響通常小於大型賣家。

So finally, new customer acquisition.

最後，新客戶的獲取。

As you heard, this is an area where we saw growth in terms of new cohort size in aggregate and on a per seller basis in the second quarter.

正如您所聽到的，這是一個我們在第二季度看到新群體規模總體和每個賣家增長的領域。

And we want to lean in here, as you heard, behind the strong ROIs of over 3x over 3 years.

正如您所聽到的，我們希望依靠 3 年超過 3 倍的強勁投資回報率。

We're encouraged by some of these trend lines, obviously, but recognize that we could continue to see variability in the trends depending on easing or retrenchment of restrictions and depending on stimulus, whether the PPP or consumer-driven stimulus.

顯然，我們對其中一些趨勢線感到鼓舞，但我們認識到，我們可能會繼續看到趨勢的變化，這取決於限制的放鬆或縮減，以及取決於刺激措施，無論是 PPP 還是消費者驅動的刺激措施。

So we'll remain watchful of our up-to-date trend.

因此，我們將繼續關注我們的最新趨勢。

Our next question comes from Harshita Rawat with Bernstein.

我們的下一個問題來自伯恩斯坦的 Harshita Rawat。

Thanks for the update on monthly active users on Cash App.

感謝您更新 Cash App 的月活躍用戶數。

So you added 6 million users between December and now.

所以從去年 12 月到現在，您增加了 600 萬用戶。

Can you give some more color on the evolving demographics of these Cash App users?

您能否進一步說明這些 Cash App 用戶不斷變化的人口統計數據？

Are they skewed towards unbanked and underbanked or digital native?

他們是否傾向於沒有銀行賬戶和銀行賬戶不足或數字原生代？

And I -- also, I know you gave an update for the user TAM per Square Cash App at your Investor Day update in March, but the world has changed in the last 3 months.

而且我 - 另外，我知道你在 3 月份的投資者日更新中為每個 Square Cash App 的用戶 TAM 提供了更新，但世界在過去 3 個月裡發生了變化。

So in light of the traction you've seen, what in your view could evolve to be Cash App's total addressable user base?

因此，鑑於您所看到的牽引力，您認為什麼可以演變為 Cash App 的總可尋址用戶群？

Yes.

是的。

Thank you for the question.

感謝你的提問。

So we do believe Cash App has reached a mainstream scale, and that's with over 30 million monthly active customers in June.

所以我們確實相信 Cash App 已經達到了主流規模，即 6 月份每月活躍客戶超過 3000 萬。

And these are monthly active customers, not overall accounts.

這些是每月活躍客戶，而不是總體賬戶。

In terms of demographics, we continue to see strong growth from folks under 35, and we're also seeing a rising share of new customers over the age of 35 as well.

在人口統計方面，我們繼續看到 35 歲以下人群的強勁增長，我們也看到 35 歲以上的新客戶比例也在上升。

In terms of geography, Cash App continues to have a strong presence in the South, but has also seen growing traction in the Midwest and both on the East and West Coast.

在地理方面，Cash App 繼續在南部擁有強大的影響力，但在中西部以及東海岸和西海岸的吸引力也越來越大。

As we look forward, we want to continue to reach more folks through innovative and inventive marketing, which we continue to excel around.

展望未來，我們希望繼續通過創新和創造性的營銷來吸引更多人，我們將繼續在這方面表現出色。

And one of our top priorities as a Cash App team is to expand outside the United States and the U.K. and to be a global service.

作為 Cash App 團隊，我們的首要任務之一是向美國和英國以外的地區擴張，並成為一項全球服務。

So that's really important to us and something that we're going to learn a lot about this year and will help inform our next moves.

所以這對我們來說真的很重要，我們今年將學到很多東西，這將有助於為我們的下一步行動提供信息。

But happy to say that Cash App continues to see mainstream adoption, and we're definitely broadening the base of people that we can actually reach.

但很高興地說，Cash App 繼續被主流採用，我們肯定會擴大我們實際可以接觸到的人群。

And Harshita to draw back to some of the TAM numbers you were referencing back in March.

Harshita 回到你在 3 月份提到的一些 TAM 數字。

What we had said back then was we believe Cash App's ecosystem addresses over 100 million people in the U.S. with a target age between 15 and 39.

我們當時所說的是，我們相信 Cash App 的生態系統面向美國超過 1 億人，目標年齡在 15 至 39 歲之間。

And that, that represented a $60 billion opportunity in the products we serve today.

而且，這代表了我們今天所服務產品的 600 億美元機會。

Since then, obviously, you're hearing from us that we've had traction in age groups above 35.

從那時起，很明顯，你從我們這裡聽說我們在 35 歲以上的年齡組中有吸引力。

And obviously, we made a small acquisition internationally as well, Verse in Europe, still very early days there.

顯然，我們在國際上也進行了一次小型收購，歐洲的 Verse 還處於早期階段。

But we see opportunities to grow this addressable market through expanding our service to serve everyone and outside of the U.S. as well as in the U.S. and eventually over time, expanding the addressable market through product launches over time as well.

但我們看到了通過擴大我們的服務以服務於美國以外的每個人以及美國境內的每個人並最終隨著時間的推移通過產品發布擴大潛在市場的機會來發展這個潛在市場。

Your next question is from Josh Beck with KBCM.

您的下一個問題來自 KBCM 的 Josh Beck。

So I wanted to ask about Boost.

所以我想問一下Boost。

It just seems like with the scale that you're establishing with Cash App that you could be getting more perhaps of the attention of the advertisers that might want to look at that platform.

看起來，隨著您使用 Cash App 建立的規模，您可能會得到更多可能想要查看該平台的廣告商的關注。

So would love an update there.

所以會喜歡那裡的更新。

And then with direct deposit, it seems like it had a really nice uptick tied to the stimulus payments.

然後通過直接存款，它似乎與刺激支付相關聯，出現了非常好的增長。

Any sense of maybe the follow-through and seeing it in a more traditional employment direct deposit use case as well?

在更傳統的就業直接存款用例中是否也有跟進和看到它的感覺？

Yes.

是的。

Thank you, Josh, for the question.

喬希，謝謝你提出這個問題。

So in terms of Boost, we do believe there's a real platform there, and we're really excited about its potential.

所以就 Boost 而言，我們確實相信那裡有一個真正的平台，我們對它的潛力感到非常興奮。

And we're learning as quickly as we can as to how to construct the right Boost for the right customers.

我們正在盡快學習如何為合適的客戶構建合適的 Boost。

But we do think there's a ton of opportunity there.

但我們確實認為那裡有很多機會。

So you're right.

所以你是對的。

And we're taking all of our learnings and building it into the service itself.

我們正在吸取所有的經驗教訓並將其構建到服務本身中。

But this is definitely a bright star and something that as we add more capabilities like locations, it gets even more and more attractive to businesses looking to shine more attention on their services and products.

但這絕對是一顆璀璨的明星，隨著我們添加更多功能（如位置），它對希望更多關注其服務和產品的企業變得越來越有吸引力。

In terms of direct deposit, as I said in an earlier answer, direct deposit is a priority for the Cash App team.

在直接存款方面，正如我在之前的回答中所說，直接存款是 Cash App 團隊的優先事項。

We see that direct deposit customers are some of the most engaged on the Cash App and typically carrying much higher balances and using more products across the ecosystem.

我們看到直接存款客戶是 Cash App 上最活躍的客戶，通常持有更高的餘額並在整個生態系統中使用更多產品。

The Cash Card customers who use direct deposits spend 2 to 3x more than any other card actives.

使用直接存款的 Cash Card 客戶的消費是任何其他信用卡活躍客戶的 2 到 3 倍。

We've done a lot of work recently to improve the awareness, customer awareness of direct deposits.

我們最近做了很多工作來提高客戶對直接存款的認識。

So we brought it up in the interface, maybe a lot easier to plug into your payroll system or your tax refund system or for your stimulus check or unemployment check.

所以我們在界面中提出了它，也許更容易插入你的工資系統或退稅系統或者你的刺激檢查或失業檢查。

And this continues to be an incredible inflow for us and I think represents just the validation that Cash App is becoming more and more part of the fabric of individuals' lives and that they're paid -- they're using their card to spend everywhere, including online and of course, going back to peer-to-peer, bitcoin and investing.

這對我們來說仍然是一個令人難以置信的流入，我認為這只是證明 Cash App 越來越成為個人生活結構的一部分並且他們得到了報酬 - 他們正在使用他們的卡在任何地方消費，包括在線，當然還有回到點對點、比特幣和投資。

So it really is a great entry point for the ecosystem and something we continue to want to strengthen and build up.

所以它確實是生態系統的一個很好的切入點，也是我們想要繼續加強和建立的東西。

Josh, I would just add on direct deposit.

喬希，我只想添加直接存款。

At the end of the first quarter, we mentioned that we had over 14 million customers with direct deposit accounts, which has obviously grown since then, meaning that they had account routing numbers.

在第一季度末，我們提到我們有超過 1400 萬客戶擁有直接存款賬戶，此後明顯增長，這意味著他們擁有賬戶路由號碼。

Obviously, the number of actives receiving direct deposits each month is well below this.

顯然，每月接受直接存款的活躍人數遠低於此。

But what we've seen in second quarter was continued strength in direct deposit adoption and steady growth in those paycheck deposits, to your question, in April to May to June.

但我們在第二季度看到的是，在 4 月至 5 月至 6 月，直接存款採用率持續走強，薪水存款穩步增長。

And we're really focused on increasing that penetration of paycheck deposits as we look to the back half of the year.

展望今年下半年，我們真正專注於提高薪水存款的滲透率。

We know these customers pull more funds into Cash App, store higher balances, adopt more products, they spend more, all of which obviously drives monetization and lifetime value.

我們知道這些客戶將更多資金投入 Cash App，存儲更高餘額，採用更多產品，他們花費更多，所有這些顯然都推動了貨幣化和生命週期價值。

We see that strong correlation with funds pulled into Cash App and with revenue.

我們看到，與流入 Cash App 的資金和收入之間存在很強的相關性。

And we saw also in the second quarter that stored funds in Cash App were over $1.7 billion, up 86% quarter-over-quarter here.

我們在第二季度還看到 Cash App 中的存儲資金超過 17 億美元，環比增長 86%。

So obviously, continuing to make steady progress and focused on the back half of the year doing that as well.

很明顯，繼續取得穩步進展，並專注於今年下半年的工作。

Your next question is from Jason Kupferberg with Bank of America.

你的下一個問題來自美國銀行的 Jason Kupferberg。

I know that one of your peers mentioned that they estimated about 40% the year-over-year increase in their card volumes in the quarter was attributable to stimulus.

我知道您的一位同行提到，他們估計本季度他們的信用卡交易量同比增長約 40% 可歸因於刺激措施。

Does that number resonate at all with you guys?

這個數字是否引起你們的共鳴？

I know it's difficult to precisely measure the uplift, but just wanted to run that by you.

我知道很難精確衡量提升幅度，但只想由您來衡量一下。

And then I was also just curious on the Cash App gross profit growth in July.

然後我也很好奇 Cash App 7 月份的毛利潤增長情況。

Obviously, fantastic, north of 200%.

顯然，太棒了，超過 200%。

But how did that compare with the month of June?

但這與 6 月份相比如何？

On the last part of your question first, Jason, we saw growth through each month, month-over-month, and we saw improvements each month in that year-over-year growth rate for cash.

關於你的問題的最後一部分，Jason，我們每個月都看到了增長，每個月都在增長，而且我們每個月都看到現金的同比增長率有所提高。

So July was an improvement from what we saw in June in terms of that year-over-year growth rate for Cash App.

因此，就 Cash App 的同比增長率而言，7 月比我們在 6 月看到的有所改善。

But again, as you noted, stimulus is a key part of why we believe we saw increased inflows in our ecosystem from April through July, a portion from direct deposit, which we just talked about and a more meaningful uplift just in terms of customers simply having additional funds in their wallet.

但同樣，正如您所指出的，刺激是我們認為從 4 月到 7 月我們的生態系統中資金流入增加的一個關鍵部分，其中一部分來自我們剛剛談到的直接存款，以及僅就客戶而言更有意義的提升他們的錢包裡有額外的資金。

We recognize that stimulus probably had impact on both ecosystems here in terms of customers having additional funds in their wallet as buyers.

我們認識到，就客戶作為買家在錢包中擁有額外資金而言，刺激措施可能對這兩個生態系統都產生了影響。

We don't have a specific number to share in terms of how much of that uplift was driven.

就推動了多少提升而言，我們沒有具體的數字可以分享。

We do believe that there's, as I mentioned on the Seller ecosystem, we saw that GPV dollar-based retention down 10% to 15% in July compared to down 50% in April, and we saw that strong improvement through the second quarter.

我們確實相信，正如我在賣方生態系統中提到的那樣，我們看到 7 月份基於 GPV 美元的保留率下降了 10% 至 15%，而 4 月份下降了 50%，而且我們在第二季度看到了強勁的改善。

And with Cash App as well, we've seen improvements throughout the quarter, which we're going to try to capitalize on longer term.

對於 Cash App，我們在整個季度都看到了改進，我們將嘗試長期利用這些改進。

But obviously, watchful here as there's a lot that's unknown as stimulus is potentially reduced or ended.

但顯然，由於刺激可能會減少或結束，所以這裡有很多未知數。

Your next question is from Bryan Keane with Deutsche Bank.

你的下一個問題來自德意志銀行的 Bryan Keane。

And congrats on the results.

並祝賀結果。

I just want to ask about the investments, how you guys are thinking about it?

我只想問一下投資，你們是怎麼考慮的？

And the return on those investments, it sounds like it's going to be an incremental $100 million.

這些投資的回報，聽起來會增加 1 億美元。

And just trying to think about the EBITDA, how that's going to look, the cadence in the third and the fourth quarter?

只是想想想 EBITDA，它會是什麼樣子，第三和第四季度的節奏？

Sure.

當然。

Thanks for the question, Bryan.

謝謝你的問題，布萊恩。

It's a unique time for us, as we said, to invest here.

正如我們所說，這是我們在這裡投資的獨特時刻。

We believe both the Seller and Cash App businesses are well positioned to help our customers, both during COVID and beyond.

我們相信，無論是在 COVID 期間還是之後，Seller 和 Cash App 業務都能夠很好地幫助我們的客戶。

And so we see an opportunity to invest in the back half.

因此，我們看到了投資後半部分的機會。

As we noted in Q3, we'll see a step-up we expect of at least $100 million compared to Q2.

正如我們在第三季度指出的那樣，與第二季度相比，我們預計至少會增加 1 億美元。

In Q4, we expect non-GAAP OpEx, excluding risk loss, to be relatively flat to slightly down versus the step-up in Q3.

在第四季度，我們預計非 GAAP 運營支出（不包括風險損失）與第三季度的上升相比相對持平或略有下降。

The significant majority of this $100 million step-up in Q3 will be sales and marketing investments across both ecosystems.

在第三季度增加的 1 億美元中，絕大部分將用於兩個生態系統的銷售和營銷投資。

For Cash App, we've got a focus on our paid marketing channels.

對於 Cash App，我們專注於我們的付費營銷渠道。

And given the strong growth that we've seen here, we intend on reinvesting the majority of the outperformance that we've seen in the back half of the year with that focus on paid marketing channels.

鑑於我們在這裡看到的強勁增長，我們打算將我們在今年下半年看到的大部分出色表現重新投資於付費營銷渠道。

Again, the viral acquisition on peer-to-peer network effects has helped us sustain a relatively low and stable acquisition cost at a fraction of what many others in the financial services space have to pay.

同樣，點對點網絡效應的病毒式收購幫助我們維持了相對較低且穩定的收購成本，而收購成本只是金融服務領域許多其他公司必須支付的成本的一小部分。

And so we see an opportunity now to further enhance those network effects with paid marketing.

因此，我們現在看到了通過付費營銷進一步增強這些網絡效應的機會。

And that strong engagement and monetization that you see with our Cash App customers can help grow customer lifetime value over time, which leads to strong ROI on that acquisition spend.

您在我們的 Cash App 客戶中看到的那種強大的參與度和貨幣化可以幫助隨著時間的推移增加客戶的生命週期價值，從而導致收購支出的高投資回報率。

From a Seller perspective, we believe our omnichannel ecosystem, as you've heard so much today, is well positioned to acquire new sellers.

從賣家的角度來看，我們相信我們的全渠道生態系統，正如您今天聽到的那樣，已經做好了收購新賣家的準備。

And as you heard in the second quarter, despite the turbulent landscape that we've got, we achieved positive growth in gross profit from these sellers.

正如您在第二季度所聽到的那樣，儘管我們遇到了動蕩的局面，但我們從這些賣家那裡獲得了毛利潤的正增長。

And these Seller go-to-market investments contemplated in the back half of the year really just bring us back to what we'd originally planned to do for 2020, entering the year with a focus on awareness marketing campaigns as well as building out our sales and account management teams.

而今年下半年考慮的這些賣家上市投資實際上只是讓我們回到了我們最初計劃在 2020 年做的事情，進入這一年的重點是提高知名度的營銷活動以及建立我們的銷售和客戶管理團隊。

With respect to EBITDA, obviously, with these investments, you could see some quarter-to-quarter variation in profitability.

關於 EBITDA，顯然，通過這些投資，您可以看到盈利能力的一些季度變化。

But we remain as ever focused on the long-term here, and we see a unique opportunity to invest.

但我們仍然一如既往地關注這裡的長期發展，我們看到了一個獨特的投資機會。

And your last question comes from the line of George Mihalos with Cowen.

你的最後一個問題來自 George Mihalos 和 Cowen 的對話。

I just wanted to circle back on the direct deposit side and the opportunity there.

我只是想回到直接存款方面和那裡的機會。

I can appreciate you're coming at it from sort of the consumer perspective and certainly, a user can take their bank account routing number, make it available to an employer for paycheck deposit.

我可以理解你是從消費者的角度來看它的，當然，用戶可以使用他們的銀行賬戶路由號碼，讓雇主可以使用它來支付薪水。

I'm curious.

我很好奇。

Is there an opportunity to pursue another angle and going from the employer perspective to sort of partnering with employers or for that matter, platforms that have users or contractors and making Cash App available that way?

是否有機會尋求另一個角度，從雇主的角度出發，與雇主或就此而言，與擁有用戶或承包商的平台建立合作關係，並以這種方式提供 Cash App？

And then Amrita, just quickly as it relates to the $873 million of PPP loans, how should we think of that financial impact for 2Q and kind of going forward? .

然後是 Amrita，它與 8.73 億美元的 PPP 貸款有關，我們應該如何看待第二季度和未來的財務影響？ .

Okay.

好的。

George, thanks for the question and the idea as well.

喬治，也感謝您提出的問題和想法。

I do think there's an opportunity.

我確實認為有機會。

We have definitely tested this on our seller side with our payroll product, where employees can actually opt in to get paid via the Cash App.

我們已經使用我們的薪資產品在賣方方面對此進行了測試，員工實際上可以選擇通過 Cash App 獲得報酬。

And the goal here is that we have more and more employees, especially a lot of part-time workers who might be working multiple jobs or multiple shifts going from seller to seller, driving the seller to use the payroll product so that we can actually -- they can actually get paid in Cash App, which allows them to get access to their money much faster than a traditional payroll provider.

這裡的目標是我們有越來越多的員工，尤其是很多兼職員工，他們可能從事多項工作或多次輪班從一個賣家到另一個賣家，促使賣家使用薪資產品，這樣我們實際上可以 - - 他們實際上可以在 Cash App 中獲得報酬，這使他們能夠比傳統的薪資提供商更快地獲得資金。

So we do think there's more opportunity there, certainly in our ecosystem and beyond and certainly going to look for it.

所以我們確實認為那裡有更多的機會，當然是在我們的生態系統和其他地方，而且肯定會去尋找它。

And George, on closing out on your PPP question, PPP for us is just -- it's a powerful example of how Square can play a meaningful role in disbursing stimulus funds as our sellers and their communities have been facing economic uncertainties.

喬治，在結束你的 PPP 問題時，PPP 對我們來說只是——這是一個強有力的例子，說明在我們的賣家及其社區一直面臨經濟不確定性的情況下，Square 如何在發放刺激資金方面發揮有意義的作用。

So as you noted, second quarter, $873 million of loans across 80,000 sellers.

正如您所指出的，第二季度，80,000 名賣家獲得了 8.73 億美元的貸款。

This is fairly significant scale for us, representing almost 40% or 4.5 months of our capital loan volume from 2019 that we got done in about 6 weeks.

這對我們來說是相當大的規模，占我們從 2019 年開始在大約 6 週內完成的資本貸款量的近 40% 或 4.5 個月。

Regarding the mechanics of the economics, we used a bank partner to originate these PPP loans.

關於經濟機制，我們使用銀行合作夥伴來發起這些 PPP 貸款。

The agencies we receive are capped at 1%, and the economics beyond that are based on whether we bring the loans on our balance sheet or sell the loans in the secondary market.

我們收到的代理機構上限為 1%，超出此上限的經濟效益取決於我們是將貸款記在資產負債表上，還是在二級市場上出售貸款。

In either of those categories, we earn lower revenue on these PPP loans than we would have on the typical core flex loan as the overall fees were capped by the SBA.

在這兩個類別中，我們從這些 PPP 貸款中獲得的收入低於我們從典型的核心彈性貸款中獲得的收入，因為總體費用受到 SBA 的限制。

For the loans we sold to investors, we shared in the economics and recognized most of the revenue upfront in the second quarter.

對於我們出售給投資者的貸款，我們分享了經濟效益，並在第二季度預先確認了大部分收入。

And for loans that we held on balance sheet, that $466 million, we retained a greater portion of the economics and recognize revenue over the life of a loan.

對於我們在資產負債表上持有的 4.66 億美元貸款，我們保留了更大一部分經濟效益，並在貸款期限內確認收入。

There'll be a modest sort of quarterly contribution from those loans as we look forward.

正如我們所期待的那樣，這些貸款將有適度的季度貢獻。

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 third quarter 2020 earnings call on November 5. Thanks again for participating today.

我想提醒大家，我們將於 11 月 5 日召開 2020 年第三季度財報電話會議。再次感謝今天的參與。

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。