Block Inc (SQ) 2020 Q1 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到 Square 2020 年第一季度收益電話會議。

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

我想把電話轉給你的主持人，投資者關係主管 Jason Lee。請繼續。

Hi, everyone. Thanks for joining our first quarter 2020 earnings call. We have Jack and Amrita with us today.

大家好。感謝您加入我們 2020 年第一季度的財報電話會議。今天有 Jack 和 Amrita 和我們一起。

First, we want to remind everyone of the format of our earnings call. We have published a shareholder letter on our Investor Relations website, which was available shortly after the market closed. We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from our sellers in addition to questions from conference call participants.

首先，我們想提醒大家注意我們財報電話會議的形式。我們在我們的投資者關係網站上發布了一封股東信，該網站在收市後不久就可以看到。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。在問答環節，除了電話會議參與者的問題外，我們還將回答賣家的問題。

We would also like to remind everyone that we'll be making forward-looking statements on this call. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also, note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statement, except as required by law.

我們還想提醒大家，我們將在此次電話會議上發表前瞻性聲明。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。請查看我們提交給美國證券交易委員會的文件，討論可能導致我們的結果不同的因素。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。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 be describing preliminary gross profit growth results for the month of April. These represent our current estimate for April performance as we have not yet closed our accounting financials for the month of April. And our monthly results are not subject to interim review by our auditors. As a result, actual April results may differ from these estimates.

在此電話會議中，我們將描述 4 月份的初步毛利增長結果。這些代表了我們目前對 4 月份業績的估計，因為我們尚未關閉 4 月份的會計財務報表。我們的月度結果不受審計員的臨時審查。因此，4 月份的實際結果可能與這些估計有所不同。

Also, during the call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

此外，在電話會議期間，我們將討論某些非 GAAP 財務措施。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。這些非 GAAP 措施無意替代我們的 GAAP 結果。

Additionally, as a reminder, we discontinued the use of adjusted revenue in the third quarter of 2019, following receipt of a comment letter from and discussions with the SEC. 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. There are no changes to any other GAAP or non-GAAP metrics. We have posted a spreadsheet on our Investor Relations website with our historical financials and additional details related to our income statement.

此外，作為提醒，我們在收到 SEC 的評論信並與 SEC 進行討論後，於 2019 年第三季度停止使用調整後的收入。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，它們是調整後收入的關鍵組成部分。任何其他 GAAP 或非 GAAP 指標都沒有變化。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. An audio replay of this call will be available on our website shortly.

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。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 over to Jack.

有了這個，我想交給傑克。

Hello, everyone, and thank you for joining us today. We're going to start with a few remarks from me and Amrita and then we'll get to your questions.

大家好，感謝您今天加入我們。我們將從我和 Amrita 的一些評論開始，然後我們將回答您的問題。

Before we begin, I want to share our gratitude for all those on the front lines fighting the COVID-19 pandemic. We would not be able to do our work without the sacrifices you make every moment to do yours. Thank you to our health care workers and everyone providing essential services around the world to keep us all healthy and safe. We acknowledge and we appreciate you.

在我們開始之前，我想向所有在前線抗擊 COVID-19 大流行的人們表示感謝。如果您每時每刻都為自己的工作做出犧牲，我們將無法完成我們的工作。感謝我們的醫護人員和在世界各地提供基本服務以確保我們所有人健康和安全的每個人。我們承認並感謝您。

We've seen our customers rise to the occasion, too. While shelter-in-place orders have slowed foot traffic to our sellers, they found new ways to keep their doors open, retain staff and serve customers. Retailers, wine shops and QSRs launched online ordering by building websites in less than a day for delivery and curbside pickup. Larger full-service restaurants opened community markets to sell raw ingredients, produce and food staples through online stores, even Michelin-starred restaurants like Chez Panisse in Berkeley. Distilleries and tailors shifted to selling personal protective equipment like hand sanitizer and masks. Hairdressers and beauticians moved to video appointments to advise on self-styling.

我們也看到我們的客戶挺身而出。雖然就地避難訂單減緩了我們賣家的客流量，但他們找到了新的方法來保持營業、留住員工和服務客戶。零售商、葡萄酒商店和快餐店在不到一天的時間內通過建立網站啟動了在線訂購，以進行送貨和路邊取貨。更大的全方位服務餐廳開設了社區市場，通過在線商店銷售原材料、農產品和主食，甚至包括伯克利的 Chez Panisse 等米其林星級餐廳。釀酒廠和裁縫店轉而銷售個人防護設備，如洗手液和口罩。美髮師和美容師轉向視頻預約，為自我造型提供建議。

Over the past 6 weeks, we've also seen Cash App customers come together like never before. Folks are donating to strangers in need through social media, fundraising for charities, small businesses and churches and tipping artists during online performances. Artists like Luna f(x) and Jeffree Star ask people to post their cash tags so they can send their fans money. Diddy hosted a 12-hour dance-a-thon to help raise money for health care workers by pinning the cash tag $DiddyDanceAThon to his Instagram Live, all funds going to Direct Relief.

在過去的 6 周里，我們還看到 Cash App 客戶以前所未有的方式聚集在一起。人們通過社交媒體向有需要的陌生人捐款，為慈善機構、小型企業和教堂籌款，並在在線表演期間給藝術家小費。像 Luna f(x) 和 Jeffree Star 這樣的藝術家要求人們張貼他們的現金標籤，這樣他們就可以給他們的粉絲寄錢。 Diddy 舉辦了一場 12 小時的馬拉松舞蹈比賽，通過將現金標籤 $DiddyDanceAThon 固定在他的 Instagram Live 上來幫助為醫護人員籌集資金，所有資金都將捐給 Direct Relief。

In March, we looked critically at our road maps and decided to quickly reprioritize our work to advance some initiatives originally slated later in the year. Within 2 weeks of the first shelter-in-place orders, we launched curbside pickup and delivery options in the Square Online Store and made them free for all sellers. We eliminated fees for our software products in March and April and launched a way for sellers to pause these subscriptions to help them cut costs temporarily and quickly unpause them when they rebound. We launched a gift card portal to help buyers search for Square sellers in their neighborhoods to continue to support them. We launched a simple resource hub with information and advice and gave our account management, customer support and sales teams information to enable them to better help our sellers.

3 月，我們審慎地審視了我們的路線圖，並決定迅速重新確定我們工作的優先順序，以推進原定於今年晚些時候實施的一些計劃。在首批就地避難訂單發出後的 2 週內，我們在 Square 在線商店推出了路邊取貨和送貨選項，並向所有賣家免費提供。我們在 3 月和 4 月取消了我們軟件產品的費用，並推出了一種讓賣家暫停這些訂閱的方式，以幫助他們暫時削減成本，並在價格反彈時迅速取消暫停。我們推出了一個禮品卡門戶網站，幫助買家在他們的社區中搜索 Square 賣家，以繼續支持他們。我們啟動了一個包含信息和建議的簡單資源中心，並為我們的客戶管理、客戶支持和銷售團隊提供信息，使他們能夠更好地幫助我們的賣家。

As the CARES Act stimulus was being drafted and finalized, teams across both our Seller and Cash App ecosystems moved fast to help sellers and individuals get access to government support as quickly as possible. First, Square Capital secured SBA approval to offer PPP loans. We built a new product that removed complexity from the PPP process by enabling sellers to quickly move through a simple application form. So far, we've submitted $855 million in verified applications on behalf of 54,000 sellers and approximately $520 million has been approved by the SBA to 45,000 sellers. The average loan size to businesses in all 50 states is $12,000. 60% of the applicants were sole proprietors, 40% were employers. Cash App published straightforward FAQs to help folks understand the stimulus program and instructions on how to get their money fast, doubling our web traffic overnight. From there, we worked with our partner banks to expand direct deposit access for Cash App customers, making it easy for people to get their money deposited directly so they could send it to family or friends or use it to purchase whatever they need with their Cash Card. In 4 weeks, the number of Cash App customers with direct deposit access grew from 3 million to 14 million.

隨著 CARES 法案刺激措施的起草和定稿，我們的賣家和現金應用生態系統中的團隊迅速採取行動，幫助賣家和個人盡快獲得政府支持。首先，Square Capital 獲得 SBA 批准提供 PPP 貸款。我們構建了一個新產品，通過使賣家能夠快速完成簡單的申請表，從而消除了 PPP 流程的複雜性。到目前為止，我們已經代表 54,000 名賣家提交了 8.55 億美元的經過驗證的申請，SBA 已向 45,000 名賣家批准了大約 5.2 億美元。所有 50 個州的企業平均貸款規模為 12,000 美元。 60%的申請人是獨資經營者，40%是雇主。 Cash App 發布了簡單明了的常見問題解答，以幫助人們了解刺激計劃和有關如何快速賺錢的說明，一夜之間使我們的網絡流量翻了一番。從那時起，我們與我們的合作夥伴銀行合作，擴大 Cash App 客戶的直接存款訪問權限，使人們可以輕鬆地將錢直接存入，這樣他們就可以將錢寄給家人或朋友，或者用現金購買他們需要的任何東西卡片。在 4 週內，可以直接存款訪問的 Cash App 客戶數量從 300 萬增加到 1400 萬。

Now more than ever we see the strength and value of our ecosystem strategy. It comes down to speed and trust. Our tools have proven to be simple enough that anyone, current or new customers, can quickly pick them up and adapt to many different challenges they may meet. And we have shown that we aren't just here to provide tools but help and support navigating complexity safely. This is a transformative moment. And as a business, we've made the strategic decision to invest through this challenge to come out on the other side in the position of strength. We see significant opportunity to bring new sellers and individuals into our ecosystems and build and launch new products to serve them both today and long term.

現在，我們比以往任何時候都更能看到我們生態系統戰略的優勢和價值。它歸結為速度和信任。我們的工具已被證明非常簡單，任何人，無論是現有客戶還是新客戶，都可以快速掌握它們並適應他們可能遇到的許多不同挑戰。我們已經表明，我們不僅在這裡提供工具，而且幫助和支持安全地應對複雜性。這是一個變革性的時刻。作為一家企業，我們已經做出了通過這一挑戰進行投資的戰略決策，以便在優勢地位的另一端脫穎而出。我們看到了重要的機會，可以將新的賣家和個人帶入我們的生態系統，並構建和推出新產品來為他們提供當前和長期的服務。

And while we slowed nonessential hiring, we believe this is a unique opportunity to find great people so we prioritized critical roles to help us. We're working on something foundational to society, and we're really proud of our agility and heart through these times. Thanks to all of our customers, our employees and you for the trust as we continue to build and serve.

雖然我們放慢了不必要的招聘，但我們相信這是尋找優秀人才的獨特機會，因此我們優先考慮關鍵角色來幫助我們。我們正在為社會做一些基礎性的工作，我們真的為我們在這段時間裡的敏捷和內心感到自豪。感謝我們所有的客戶、我們的員工和您在我們繼續建設和服務的過程中給予的信任。

And with that, over to Amrita.

然後，轉到 Amrita。

Thanks, Jack. I hope you all are safe and healthy with your families during this time, and I echo Jack's comments with gratitude for those on the front lines of this pandemic.

謝謝，傑克。在此期間，我希望你們和家人都安全健康，我對傑克的評論表示感謝，感謝那些在這場大流行病前線工作的人。

There are 3 key items which I'd like to share with you today. First, on our first quarter results, we achieved strong growth in January and February prior to the significant slowdown in our Seller business in the last 2 weeks of March. Second, on trends in April, we saw early signs of potential stabilization and improvement in our Seller ecosystem with continued strong momentum in Cash App. Third, we believe it's now more important than ever to invest behind our mission of economic empowerment in service of our customers.

今天我想與大家分享 3 個關鍵項目。首先，在我們的第一季度業績中，我們在 1 月和 2 月實現了強勁增長，然後在 3 月的最後兩週我們的賣家業務顯著放緩。其次，關於 4 月份的趨勢，我們看到了 Cash App 持續強勁勢頭的賣家生態系統潛在穩定和改善的早期跡象。第三，我們認為，現在比以往任何時候都更重要的是投資於我們為客戶服務的經濟賦權使命。

First, a look at our overall first quarter results. We achieved strong growth in January and February prior to the slowdown in Seller in the last 2 weeks of March. Overall, in the first quarter, gross profit was $539 million, up 36% year-over-year or 40% growth year-over-year excluding Caviar. These growth rates are about 10 points lower than what we observed through January and February prior to the impact of COVID-19. Our Seller ecosystem gross profit grew 18% year-over-year in the first quarter. This includes the last 2 weeks of March, where Seller GPV decelerated sharply to a decline of 39% year-over-year.

首先，看看我們第一季度的整體業績。在 3 月最後兩週賣家放緩之前，我們在 1 月和 2 月實現了強勁增長。總體而言，第一季度毛利潤為 5.39 億美元，同比增長 36%，不包括魚子醬，同比增長 40%。這些增長率比我們在 COVID-19 影響之前的 1 月和 2 月觀察到的增長率低約 10 個百分點。第一季度，我們的賣家生態系統毛利潤同比增長 18%。這包括 3 月的最後兩週，賣家 GPV 急劇下降，同比下降 39%。

Card-present volumes were down approximately 60% year-over-year in the last 2 weeks of March while card-not-present volumes were less affected. Additionally, we refunded all March software subscription fees for our sellers to support them during the COVID-19 pandemic. And beginning in mid-March, we paused new core flex loan offers for Square Capital given lower visibility in this disruptive time.

在 3 月的最後兩週，有卡交易量同比下降約 60%，而無卡交易量受影響較小。此外，我們還為我們的賣家退還了 3 月份的所有軟件訂閱費，以在 COVID-19 大流行期間為他們提供支持。從 3 月中旬開始，我們暫停了 Square Capital 的新核心靈活貸款優惠，因為在這個顛覆性時期的知名度較低。

Cash App delivered impressive growth in the first quarter with gross profit up 115% year-over-year. While we saw a modest deceleration in peer-to-peer volumes and Cash Card spend from COVID-19 in March, overall growth remained strong, with Cash App gross profit up 112% year-over-year in March. A key driver remained efficient new customer acquisition. In March and then again in April, Cash App set new highs for its number of net new monthly transacting actives.

Cash App 在第一季度實現了令人矚目的增長，毛利潤同比增長 115%。雖然我們看到 3 月份 COVID-19 的點對點交易量和現金卡支出略有下降，但總體增長依然強勁，3 月份 Cash App 毛利潤同比增長 112%。一個關鍵的驅動因素仍然是高效的新客戶獲取。在 3 月和 4 月，Cash App 的月度新交易活動淨額創下新高。

For our Bitcoin and stock brokerage products, the market volatility helped increase adoption and drive strong volume growth during the quarter.

對於我們的比特幣和股票經紀產品，市場波動有助於提高采用率並推動本季度的強勁銷量增長。

Turning to profitability. Net loss was $106 million and adjusted EBITDA was $9 million during the first quarter with 2 key factors to call out. First, the primary impact in the quarter was a significant increase in reserves for transaction and loan losses, which reflected an estimate for the anticipated impact of COVID-19 on future losses related to Seller transaction processing and Square Capital. We recognize actual losses could vary based on severity and duration of the impact of COVID-19. The second lesser factor was the slowdown in high-margin revenue in our Seller ecosystem in the last 2 weeks of March.

轉向盈利能力。第一季度淨虧損為 1.06 億美元，調整後的 EBITDA 為 900 萬美元，有兩個關鍵因素需要指出。首先，本季度的主要影響是交易和貸款損失準備金的顯著增加，這反映了對 COVID-19 對與賣方交易處理和 Square Capital 相關的未來損失的預期影響的估計。我們認識到實際損失可能因 COVID-19 影響的嚴重程度和持續時間而異。第二個較小的因素是 3 月最後兩週我們賣家生態系統中高利潤收入的放緩。

The macroeconomic environment we are experiencing is unlike anything we have seen. Our focus is on our customers and communities who've been meaningfully impacted. We also recognize there could be a wide range of outcomes for our financial results in the second quarter and the remainder of the year, depending on the length and severity of COVID-19. Therefore, we are not providing second quarter or full year revenue or earnings financial guidance at this time.

我們正在經歷的宏觀經濟環境不同於我們所見過的任何事物。我們的重點是受到重大影響的客戶和社區。我們還認識到，根據 COVID-19 的持續時間和嚴重程度，我們在第二季度和今年剩餘時間的財務業績可能會有廣泛的結果。因此，我們目前不提供第二季度或全年收入或收益財務指導。

Instead, we wanted to share with you what we are seeing in real-time, with an update on business trends from April, including early signs of potential stabilization and improvement in Seller GPV with continued momentum in Cash App. In our Seller ecosystem, we expect gross profit to be down approximately 35% year-over-year in April. Seller GPV was down 39% year-over-year in April. While we saw a decline of approximately 45% year-over-year from the last week of March to the first half of April, as trend lines stabilize at these levels, we have seen improving growth rates since mid-April. We recognize it's still early and we continue to see daily volatility, but we've been encouraged by these recent trends.

相反，我們希望與您實時分享我們所看到的情況，以及 4 月份以來的最新業務趨勢，包括賣家 GPV 潛在穩定和改善的早期跡像以及 Cash App 的持續發展勢頭。在我們的賣家生態系統中，我們預計 4 月份的毛利將同比下降約 35%。 4 月份賣家 GPV 同比下降 39%。雖然我們看到從 3 月最後一周到 4 月上半月同比下降約 45%，但隨著趨勢線穩定在這些水平，我們看到自 4 月中旬以來增長率有所提高。我們認識到現在還為時過早，我們繼續看到每日波動，但我們對這些最近的趨勢感到鼓舞。

We believe this improvement coincides with a few potential factors: one, existing sellers adapting as they shift to omnichannel commerce; two, acquisition of new sellers; three, the timing of Easter; and four, a benefit from government stimulus efforts. While GPV from in-person activity was down significantly year-over-year in April, card-not-present GPV achieved positive year-over-year growth as we saw sellers adapt their businesses and leveraged many of our omnichannel offerings.

我們認為這種改善與一些潛在因素相吻合：第一，現有賣家在轉向全渠道商務時正在適應；二、收購新賣家；三、復活節的時間；第四，受益於政府的刺激措施。雖然 4 月份來自面對面活動的 GPV 同比大幅下降，但無卡 GPV 實現了同比正增長，因為我們看到賣家調整了他們的業務並利用了我們的許多全渠道產品。

Square Online Store was an area of strong growth and acquisition, with weekly GPV up more than 5x since mid-March and with the strongest adoption by sellers in 2 of the hardest-hit verticals, food and drink and retail. Notably, we saw over 2/3 of Square Online Store GPV come from our recently launched pickup and delivery service. Additionally, we have taken measures to support our customers and protect our company from COVID-19, measures that will impact Seller top line results in the second quarter but we believe benefit us and our customers for the long term.

Square Online Store 是一個增長和收購強勁的領域，自 3 月中旬以來，每週 GPV 增長超過 5 倍，並且在食品和飲料以及零售這兩個受災最嚴重的垂直行業中，賣家採用率最高。值得注意的是，我們看到超過 2/3 的 Square 在線商店 GPV 來自我們最近推出的取貨和送貨服務。此外，我們已採取措施支持我們的客戶並保護我們的公司免受 COVID-19 的影響，這些措施將影響賣家第二季度的收入，但我們相信從長遠來看對我們和我們的客戶有利。

We waived subscription fees for our sellers in April and offered the option to pause subscription billing temporarily to allow our sellers to better manage costs. For Square Capital, while we paused offers for the core flex loan, we intend to reopen flex loan origination when we see stability in the coming weeks and months. As you heard from Jack, we started distributing loans in the second round of PPP. While there is a tremendous amount of work happening here to support our sellers, we don't expect Capital to contribute materially to revenue and gross profit in the second quarter.

我們在 4 月份免除了賣家的訂閱費，並提供了暫時暫停訂閱計費的選項，讓我們的賣家能夠更好地管理成本。對於 Square Capital，雖然我們暫停了對核心彈性貸款的報價，但我們打算在未來幾周和幾個月內看到穩定時重新開放彈性貸款發放。正如你從傑克那裡聽到的那樣，我們開始在第二輪 PPP 中分配貸款。雖然這裡正在進行大量工作來支持我們的賣家，但我們預計 Capital 不會對第二季度的收入和毛利潤做出重大貢獻。

Turning to Cash App performance in April, where we expect gross profit growth of over 100% year-over-year. Cash App's strong performance was broad-based as we achieved our highest monthly totals for net new transacting actives, peer-to-peer volumes, Cash Card spend, new direct deposit transacting actives, Bitcoin and stock brokerage volumes and stored funds. After modest initial deceleration in late March, Cash App peer-to-peer volumes and Cash Card spend improved during the first half of April as we saw customers seek new use cases for sending money and shift commerce to e-commerce channels.

談到 4 月份的 Cash App 業績，我們預計毛利潤同比增長超過 100%。 Cash App 的強勁表現是廣泛的，因為我們在淨新交易活動、點對點交易量、現金卡支出、新的直接存款交易活動、比特幣和股票經紀交易量以及存儲資金方面實現了最高的月度總數。在 3 月下旬開始出現適度減速後，Cash App 的點對點交易量和 Cash Card 支出在 4 月上半月有所改善，因為我們看到客戶尋求新的匯款用例並將商務轉移到電子商務渠道。

During the second half of April, the CARES Act stimulus program helped drive even stronger growth across various Cash App products. In particular, we saw strong adoption of direct deposits from Cash App customers compared to March. April direct deposit volumes grew by 3x and new direct deposit transacting actives grew by 4x. This helped drive customers to store more than $1.3 billion in aggregate cash balances during the month, which roughly doubled compared to the beginning of January and was up 1.4x month-over-month. While we are encouraged by Cash App's results in April, we will continue to monitor how customer behavior normalizes post stimulus in this dynamic macro environment.

4 月下半月，CARES 法案刺激計劃幫助推動了各種 Cash App 產品的更強勁增長。特別是，與 3 月份相比，我們看到 Cash App 客戶直接存款的採用率很高。 4 月份的直接存款交易量增長了 3 倍，新的直接存款交易活動增長了 4 倍。這幫助推動客戶在本月存儲了超過 13 億美元的總現金餘額，與 1 月初相比大約翻了一番，環比增長 1.4 倍。雖然我們對 Cash App 4 月份的業績感到鼓舞，但我們將繼續監測客戶行為如何在這個動態的宏觀環境中使刺激後正常化。

Turning to my final topic, our investment framework and key factors that impact profitability. First, as I mentioned earlier, we have high incremental margins in our Seller business. As a result, decreases in Seller gross profit will largely flow through to profitability. Second, transaction and loan losses in future quarters are determined by 2 primary inputs: actual losses on first quarter volumes, which could prove higher or lower than our first quarter reserve; and estimates for expected losses on volumes generated in subsequent periods. Both of these inputs may vary depending on the length and severity of COVID-19 impact.

轉向我的最後一個主題，即我們的投資框架和影響盈利能力的關鍵因素。首先，正如我之前提到的，我們的賣方業務的增量利潤率很高。因此，賣方毛利的減少將在很大程度上影響到盈利能力。其次，未來季度的交易和貸款損失由 2 個主要輸入決定：第一季度交易量的實際損失，可能高於或低於我們的第一季度儲備；以及對後續期間產生的數量的預期損失的估計。這兩種輸入都可能因 COVID-19 影響的持續時間和嚴重程度而異。

As it relates to second quarter volumes, we and our sellers have taken steps to mitigate risks in this new macro environment, but this is an area we continue to watch closely. Third, while we have reviewed our operating expenses and taken steps to pull back discretionary expenses where appropriate, we believe it is now more important than ever to invest in our mission of economic empowerment in service of both sellers and individuals. We have pulled back certain nonessential spend around seller marketing, hiring for noncritical positions, facilities build-out, travel, company events and other discretionary expenses, leading to an expected reduction in 2020 non-GAAP operating expenses of $75 million to $125 million compared to our initial expectations for 2020 product development, sales and marketing and G&A.

由於與第二季度的銷量有關，我們和我們的賣家已採取措施減輕這種新宏觀環境中的風險，但這是我們繼續密切關注的領域。第三，雖然我們已經審查了我們的運營費用並採取措施在適當的時候減少可自由支配的費用，但我們認為現在比以往任何時候都更重要的是投資於我們為賣家和個人服務的經濟賦權使命。我們已經縮減了圍繞賣家營銷、非關鍵職位招聘、設施擴建、差旅、公司活動和其他可自由支配費用的某些非必要支出，預計 2020 年非 GAAP 運營費用將減少 7500 萬美元至 1.25 億美元我們對 2020 年產品開發、銷售和營銷以及 G&A 的初步預期。

For the second quarter, we expect non-GAAP product development, sales and marketing and G&A in aggregate to be in line with first quarter spend. We intend to pursue originally planned Cash App investments given strong performance. And as a reminder, a large portion of Cash App's operating expenses such as P2P costs are nondiscretionary and expected to scale along with the growth of the platform. While we are being appropriately deliberate with our investments in our Seller ecosystem, we've seen encouraging early signs of attractive returns on marketing that can lead us to add back investment to reach new customers.

對於第二季度，我們預計非 GAAP 產品開發、銷售和營銷以及 G&A 的總支出將與第一季度的支出保持一致。鑑於業績強勁，我們打算進行原計劃的 Cash App 投資。提醒一下，Cash App 的很大一部分運營費用（例如 P2P 成本）是不可隨意支配的，預計會隨著平台的增長而擴大。雖然我們正在適當考慮對我們的賣家生態系統的投資，但我們已經看到令人鼓舞的早期跡象，即有吸引力的營銷回報可以引導我們增加投資以吸引新客戶。

We deferred our global brand campaign and shifted our sales and marketing messages to prioritize targeted omnichannel products and multiproduct awareness campaigns. We saw early results in mid-March and April that indicate the quality of new sellers improved from pre-COVID levels as recent cohorts of sellers were larger on both the volume and gross profit basis. We believe our Seller ecosystem is significantly differentiated, especially in times like these. Our portfolio of products enables sellers to quickly move between offline and online commerce in an integrated and seamless manner, speed up money movements and communicate with buyers in a way that few other companies can offer.

我們推遲了我們的全球品牌活動，並改變了我們的銷售和營銷信息，以優先考慮有針對性的全渠道產品和多產品宣傳活動。我們在 3 月中旬和 4 月看到了早期結果，表明新賣家的質量比 COVID 之前的水平有所提高，因為最近一批賣家在數量和毛利基礎上都更大。我們相信我們的賣家生態系統存在顯著差異，尤其是在這樣的時代。我們的產品組合使賣家能夠以集成和無縫的方式在離線和在線商務之間快速移動，加快資金流動，並以其他公司無法提供的方式與買家溝通。

For Cash App, this is a unique moment in which new consumer-driven commerce habits are taking shape. The Cash App team is focused on crafting new experiences with a demonstrated product velocity that hasn't slowed in this time of great disruption. Jack mentioned our team's efforts around the stimulus. The resulting inflection on direct deposit is meaningful. Direct deposit customers have generated revenue which is multiples higher compared to customers who only use peer-to-peer. As Cash App has added more products, we've expanded the addressable market opportunity. As customers have increased their adoption of those products, their lifetime value has increased, which has driven improvements in Cash App's profitability over time. And we believe it is still early days.

對於 Cash App 來說，這是一個獨特的時刻，新的消費者驅動的商業習慣正在形成。 Cash App 團隊專注於打造全新體驗，產品速度在這個大顛覆時代並未放緩。傑克提到了我們團隊圍繞刺激計劃所做的努力。由此產生的直接存款變化是有意義的。與僅使用點對點的客戶相比，直接存款客戶產生的收入高出數倍。隨著 Cash App 添加了更多產品，我們擴大了可尋址的市場機會。隨著客戶越來越多地採用這些產品，他們的生命週期價值也增加了，這推動了 Cash App 的盈利能力隨著時間的推移而提高。我們認為現在還為時尚早。

Finally, our strong balance sheet with $3.4 billion in liquidity at the end of the first quarter and a recently upsized revolver affords us the opportunity to be deliberate and long term-oriented as we invest. The work we do to serve our customers has never been more urgent or important. We believe the investments we make today to support our existing customers amplify our go-to-market approach reaching new customers and strategically and selectively hire great talent will enable us to emerge stronger as we look ahead to a recovery.

最後，我們在第一季度末擁有 34 億美元流動資金的強勁資產負債表和最近擴大的左輪手槍讓我們有機會在投資時審慎並以長期為導向。我們為客戶服務所做的工作從未如此緊迫或重要。我們相信，我們今天為支持現有客戶而進行的投資擴大了我們接觸新客戶的上市方法，並有策略地和有選擇地聘請優秀人才將使我們在展望復甦的過程中變得更加強大。

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 comes from the line of Tien-Tsin Huang from JPMorgan.

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

I wanted to ask, I think you sort of touched on it, both of you did. Just how you're approaching risk management on the Seller side, both for Square Capital and underwriting in general? Sounds like you are skewing a little bit bigger, which is helping on the quality as you suggested. So just anything else to add to that? And then also just to clarify because I'm getting some questions on it. The first quarter EBITDA, how much was driven by the higher loss reserve? And I presume that should stabilize if volumes stabilize. And looking ahead, is it fair to apply a decremental margin that look like your incremental margin? When things are going well, I think that was in the 60s, all else equal. Is that a good starting point to think about that, all else equal?

我想問，我想你有點觸及它，你們兩個都觸及了。對於 Square Capital 和一般承保，您是如何在賣方方面進行風險管理的？聽起來你偏斜了一點，這有助於提高你建議的質量。那麼還有什麼要補充的嗎？然後也只是為了澄清一下，因為我收到了一些關於它的問題。第一季度的 EBITDA，有多少是由更高的損失準備金驅動的？而且我認為如果銷量穩定的話應該會穩定下來。展望未來，應用看起來像您的增量保證金的遞減保證金是否公平？當事情進展順利時，我認為那是在 60 年代，其他條件都一樣。在其他條件相同的情況下，這是一個很好的思考起點嗎？

Tien-Tsin, I can start us off. Maybe I'll start us off with your second question around EBITDA impact for the first quarter and then we can tackle the rest of your questions. With respect to EBITDA in the first quarter which was $9 million, there were 2 primary impacts. The larger of the impact was related to risk loss reserves, which we'll speak to in a moment. The lesser of the impact was the top line impact and the flow-through to margin there. As you noted, high incremental margins on our Seller business, which benefits us obviously as revenues grow. And then we saw the impact in the other direction in terms of decremental margins in the last 2 weeks of the quarter for Q1. Q1 ex risk loss, EBITDA would have been up. Even with the impact of the last 2 weeks of March, EBITDA would have been up 30% year-over-year. The risk loss, clearly, the larger impact for Q1.

Tien-Tsin，我可以開始了。也許我會從你關於第一季度 EBITDA 影響的第二個問題開始，然後我們可以解決你剩下的問題。關於第一季度 900 萬美元的 EBITDA，主要有兩個影響。較大的影響與風險損失準備金有關，我們稍後會談到。影響較小的是頂線影響和利潤率的流動。正如您所指出的，我們的賣方業務的高增量利潤率，隨著收入的增長，這顯然使我們受益。然後我們在第一季度最後兩週的利潤率下降方面看到了另一個方向的影響。 Q1 排除風險損失，EBITDA 會上升。即使受到 3 月最後兩週的影響，EBITDA 仍將同比增長 30%。顯然，風險損失對第一季度的影響更大。

And let me talk through some of the puts and takes with respect to our transaction and loan losses and then we can see if there's more of your question that I've missed. So with respect to transaction and loan losses, we booked $109 million in the first quarter, primarily driven by the Seller transaction processing volume in the first quarter, along with our capital loans on balance sheet of just over $160 million. And the way you can look at that is for both of those 2 areas, the reserve that we took, which is an estimate at this point, the reserve that we took is about 4x higher than the prior quarterly run rate on a dollar basis. So think of Q4, what we took in Q1 was about 4x higher. To give you a sense of what we're tracking, we watch chargebacks on the Seller side related to nondelivery of goods as one leading indicator of losses. And what we've seen so far on chargebacks is actually less than 2x normal levels. However, we know that what we see here is very much dependent on what happens in terms of the duration and severity of the COVID impact and that we could see additional losses. Hence, we set a provision and reserve that's 4x the typical level.

讓我談談關於我們的交易和貸款損失的一些看跌期權和看跌期權，然後我們可以看看是否有更多我錯過的問題。因此，關於交易和貸款損失，我們在第一季度登記了 1.09 億美元，這主要是受第一季度賣方交易處理量的推動，以及我們資產負債表上超過 1.6 億美元的資本貸款。你可以看到這兩個領域的方式，即我們所採取的儲備，這是目前的估計，我們所採取的儲備比之前按美元計算的季度運行率高出約 4 倍。所以想想第四季度，我們在第一季度的收入大約高出 4 倍。為了讓您了解我們正在跟踪的內容，我們將賣方方面與未交付貨物相關的拒付視為損失的一個主要指標。到目前為止，我們所看到的拒付實際上低於正常水平的 2 倍。但是，我們知道，我們在這裡看到的情況在很大程度上取決於 COVID 影響的持續時間和嚴重程度，並且我們可能會看到額外的損失。因此，我們設置了一個 4 倍於典型水平的準備金和儲備金。

On the Capital business, similar sort of approach. $22 million provision on the Capital loans on our balance sheet, which is about 4x the prior run rate on a dollar basis but only about 2.5x from a loss rate basis. And similarly, seeing lower in terms of current repayment flows than what we actually booked in the expectation that there would be further impact from COVID.

在資本業務上，類似的方法。我們資產負債表上的資本貸款準備金為 2200 萬美元，按美元計算約為先前運行率的 4 倍，但按損失率計算僅為約 2.5 倍。同樣，由於預計 COVID 會產生進一步影響，當前還款流量低於我們實際預訂的金額。

And to your question, we have taken risk-mitigating measures to manage our exposure in this very dynamic time. Some of the things that we've done on the Seller business are manage our exposure related to higher-risk sellers, including assessing some of the industries and products that have been most impacted in this time; releasing dispute management features and products that help our sellers, for instance, SMS reminders to help sellers navigate the dispute process, Square Contract Service, which is a legal framework for extended payment terms. On the Capital side, we paused core flex Loan originations for now. But as we see stabilization across verticals, across geos and on particular sellers, we do plan to reopen our core flex loan product in the coming weeks and months.

對於你的問題，我們已經採取了風險緩解措施來管理我們在這個非常動態的時期的風險敞口。我們在賣家業務上所做的一些事情是管理我們與高風險賣家相關的風險敞口，包括評估這段時間受影響最大的一些行業和產品；發布有助於我們賣家的爭議管理功能和產品，例如，幫助賣家處理爭議流程的短信提醒、Square Contract Service，這是延長付款期限的法律框架。在資本方面，我們暫時暫停了核心靈活貸款的發放。但當我們看到跨垂直領域、跨地域和特定賣家的穩定時，我們確實計劃在未來幾周和幾個月內重新開放我們的核心彈性貸款產品。

In terms of the future outlook here, in terms of risk loss, there are a number of puts and takes, obviously, that as I mentioned in the intro remarks, there's the actual losses that flow through in Q1, which could be higher or lower than the reserve assumptions that we've made. There's future GPV levels. There's the mix of products that we serve and the mix of verticals. And then there's these actions that we're taking to mitigate our risks as we look forward. So this is an area that could be variable, but we're very, very focused on monitoring here and taking proactive measures to manage our risk.

就這裡的未來前景而言，就風險損失而言，有許多看跌期權，顯然，正如我在介紹性評論中提到的那樣，第一季度出現了實際損失，可能更高或更低比我們所做的儲備假設。有未來的 GPV 水平。我們服務的產品組合和垂直行業的組合。然後，我們正在採取這些行動來降低我們展望未來的風險。所以這是一個可能會發生變化的領域，但我們非常、非常專注於在這裡進行監控並採取積極措施來管理我們的風險。

Your next question comes from the line of Darrin Peller.

你的下一個問題來自 Darrin Peller。

Glad to hear you're all doing okay. Look, first just addressing the questions we get around the resilience of your customers. Is there any early indications you can give us into a sense of the types of merchants that -- the numbers that are managing through this versus perhaps not? Maybe the mix of merchants we should expect on the other side of this? And then really more importantly, looking through 2020, you guys clearly have some of the better omnichannel technology. So can you comment on the kind of inbounds you're getting from your merchants to help them with your tech and omnichannel? And what does that mean for market share for Square versus the industry on the other side of this?

很高興聽到你們一切都好。看，首先只是解決我們圍繞客戶的彈性提出的問題。您是否有任何早期跡象可以讓我們了解商家的類型 - 通過這種方式進行管理的數量與可能沒有的數量？也許我們應該期待另一邊的商家組合？更重要的是，展望 2020 年，你們顯然擁有一些更好的全渠道技術。那麼，您能否評論一下您從商家那裡獲得的入境類型，以幫助他們使用您的技術和全渠道？這對 Square 與另一邊的行業的市場份額意味著什麼？

Hey, there. I'll start us off on what we're seeing to start and then Jack can jump in on where we believe our ecosystem is differentiated. So what we're seeing so far in terms of the diversity of our ecosystem because you're right, we serve a variety of verticals. We serve across a number of geographies, some with shelter-in-place measures, most with shelter-in-place measures and some that are easing on both domestically and internationally. And we serve a variety of products across our ecosystem so let me try to tease apart a bit of what we're seeing across all of that.

嘿。我將從我們看到的開始開始，然後傑克可以跳入我們認為我們的生態系統與眾不同的地方。所以到目前為止，我們在生態系統的多樣性方面所看到的，因為你是對的，我們服務於各種垂直領域。我們在多個地區提供服務，其中一些採用就地避難措施，大多數採用就地避難措施，還有一些在國內和國際上都在放寬措施。我們在整個生態系統中提供各種產品，所以讓我嘗試梳理一下我們在所有這些產品中看到的一些內容。

At the aggregate level, what we saw in the back half of March and then through April was Seller GPV down 39% year-over-year. But it's important to tease apart the nuances when you look on a week-by-week basis. The last week of March and the first half of April was down about 45% year-over-year. In the back half of April, we've seen improvement that has rebounded above that blended 39% year-over-year number. We believe it's driven by 3 main factors. First, existing sellers adapting to contactless commerce. And we'll talk through some of the products that we have that have really served our sellers in this time and enabled them to stay open and interacting with their buyers. We've seen new sellers join our platform in this time because of the differentiated aspects of our ecosystem. And we've seen the impact of both the timing of Easter and the potential impact from the government stimulus programs which have really started taking effect in mid-April.

從總體上看，我們在 3 月下半月和 4 月看到的是賣家 GPV 同比下降 39%。但是，當您每週查看時，梳理細微差別很重要。 3 月最後一周和 4 月上半月同比下降約 45%。在 4 月下半月，我們看到了反彈超過 39% 的同比增長。我們認為這是由 3 個主要因素驅動的。首先，現有賣家適應非接觸式商務。我們將討論這段時間真正為我們的賣家服務並使他們能夠保持開放並與買家互動的一些產品。由於我們生態系統的差異化方面，這次我們看到新賣家加入了我們的平台。我們已經看到了復活節時間的影響以及政府刺激計劃的潛在影響，這些計劃在 4 月中旬真正開始生效。

From a commerce type perspective, which really speaks to the breadth of our ecosystem, we have seen positive year-over-year growth in our card-not-present products as sellers have adapted to contactless commerce solutions. And now card-not-present products, which used to account for about 1/3 of our volumes now account for well over 50% of our GPV in April. Some of the key outperformers to point out here include the Online Store, which since the launch of curbside pickup and seller-powered delivery, I mentioned our weekly GPV on the Online Store is about 5x what we had seen earlier in Q1 as sellers are shifting their approach to contactless options. Additionally, Virtual Terminal and Invoices both achieved positive year-over-year growth, which may be partly related to the less impact we've seen in the services vertical, which really makes use of that product.

從商業類型的角度來看，這確實說明了我們生態系統的廣度，隨著賣家適應非接觸式商業解決方案，我們的無卡產品同比出現正增長。現在，無卡產品過去占我們銷量的 1/3，現在占我們 4 月份 GPV 的 50% 以上。此處要指出的一些主要表現者包括在線商店，自推出路邊取貨和賣家送貨以來，我提到我們在線商店的每週 GPV 大約是我們在第一季度早些時候看到的 5 倍，因為賣家正在轉移他們的非接觸式選擇方法。此外，虛擬終端和發票都實現了同比正增長，這可能部分與我們在真正使用該產品的垂直服務領域看到的影響較小有關。

From a market standpoint or a geographic standpoint, we've seen a variety of outcomes across international markets. Australia interestingly, which has had the most success in reducing COVID cases, was our first market to return to positive year-over-year growth in the past 10 days as we've seen growth rates stabilize in that positive range. And we've also seen, as I mentioned, in some of the states in the U.S. that in late April started easing shelter-in-place restrictions early data that indicates a stronger uplift in those states versus the states with shelter-in-place measures in place. We only have a week of data so far. And obviously, there's a lot to look at here, a lot of considerations around health metrics and otherwise, but this is an area that we will continue to monitor.

從市場的角度或地理的角度來看，我們在國際市場上看到了各種各樣的結果。有趣的是，澳大利亞在減少 COVID 病例方面取得了最大的成功，是我們在過去 10 天裡第一個恢復同比正增長的市場，因為我們已經看到增長率穩定在該正範圍內。正如我所提到的，我們還看到，在美國的一些州，4 月下旬開始放寬就地避難所的限制，早期數據表明，與實施就地避難所的州相比，這些州的情況有所好轉措施到位。到目前為止，我們只有一周的數據。顯然，這裡有很多要看的地方，有很多關於健康指標和其他方面的考慮，但這是我們將繼續監控的領域。

Across the diversity of our seller base, as you noted, we serve sellers across every vertical, millions of businesses widespread across the U.S. in particular. We've seen impacts from COVID-19 in a number of different ways. While all industries have experienced year-over-year declines in GPV, the services vertical, as I mentioned, like home and repair and professional services, has been the most resilient. And we've seen verticals that have been hard-hit like food and beverage and retail make use of those omnichannel products that I was mentioning earlier.

正如您所指出的，在我們多元化的賣家群中，我們為各個垂直領域的賣家提供服務，尤其是美國各地的數百萬家企業。我們以多種不同方式看到了 COVID-19 的影響。雖然所有行業的 GPV 都經歷了同比下降，但正如我提到的，垂直服務，如家庭、維修和專業服務，是最具彈性的。我們已經看到食品和飲料以及零售業等受到重創的垂直行業使用了我之前提到的那些全渠道產品。

By seller size, this will maybe be my final point before Jack chimes in. By seller size, all size segments were impacted. Micro sellers growth declines are now more comparable to larger sellers, but what you see with micros is both higher churn and higher same-store sales growth. So still nuanced across the system but sort of a diversity across verticals, geographies and products.

根據賣家尺寸，這可能是傑克插話之前我的最後一點。根據賣家尺寸，所有尺寸段都受到影響。微型賣家的增長下降現在與大型賣家相比更具可比性，但你看到微型賣家的流失率和同店銷售增長都更高。因此，整個系統仍然存在細微差別，但在垂直、地域和產品方面存在多樣性。

Darrin, hope you're well. Yes, so we are seeing a lot of opportunity here. We are seeing sellers switch to Square from our competitors because of the omnichannel ecosystem. In terms of inbounds, so the first and foremost was just how do I run my business online. And we were able to quickly help people shift. And a lot of these sellers wanted to get online and wanted to sell online but just didn't make the time to do so. So this was kind of a forcing function to show them all the benefits of being online. And I think what that ultimately does is they will have a lot more attention online as the offline comes back and be much stronger businesses because of it, which is awesome. We've also seen some calls from very large sellers which have increased since March. It's been up over 30%. And they're coming to us because of the omnichannel ecosystem as well.

達林，希望你一切都好。是的，所以我們在這裡看到了很多機會。由於全渠道生態系統，我們看到賣家從我們的競爭對手轉向 Square。就入站而言，首要的是我如何在線開展業務。我們能夠快速幫助人們轉變。很多這些賣家都想上網並想在網上銷售，但就是沒有時間這樣做。所以這是一種強迫功能，向他們展示在線的所有好處。而且我認為最終所做的是，隨著線下回歸，他們將在網上獲得更多關注，並因此成為更強大的企業，這太棒了。我們還看到一些來自非常大的賣家的電話，這些電話自 3 月以來有所增加。它已經上漲了 30% 以上。由於全渠道生態系統，他們也來找我們。

We saw just one example. We had a chain of breweries which was struggling to adapt with the pandemic. And they came to us, took days to install their online business with a competitor. Instead, we were able to get them up and running much, much faster so they switched everything to us. So it's really important to emphasize that as we come out of this, we do believe that a lot of sellers are going to get creative. And they're not just going to be in the retail category or in the restaurants category or in the services category, they're going to merge these things. And Square is the only one out there that actually covers all the verticals with all the critical tools to actually be creative and serve your customers in new ways.

我們只看到了一個例子。我們有一系列啤酒廠正在努力適應大流行。他們來找我們，花了幾天時間與競爭對手建立在線業務。相反，我們能夠讓他們更快地啟動和運行，所以他們把一切都交給了我們。因此，非常重要的是要強調，當我們走出這一步時，我們確實相信很多賣家都會變得有創意。他們不僅會屬於零售類別、餐館類別或服務類別，他們還會合併這些東西。 Square 是唯一一家真正涵蓋所有垂直領域並擁有所有關鍵工具的公司，可以真正發揮創意並以新方式為客戶提供服務。

So we're seeing larger sellers at scale. We're seeing our current customers and we're seeing new customers who see this omnichannel offering and want to go with us because we're easier. And I do believe that the speed at which we're able to move and the volume we are able to move with the PPP program for our sellers versus the rest of the financial institutions will be a net positive for us in terms of a goodwill halo, attracting a lot of sellers our way because there's very, very rich seller networks of sellers asking another seller, what tools do you use and why? What's the company like? What have they done well for you in the past and what have they done poorly? So I think how we've handled our sellers and supported them throughout this time will be a huge win for us in terms of retaining but also newer sellers as well.

所以我們看到規模更大的賣家。我們正在看到我們現有的客戶，我們正在看到看到這種全渠道產品並希望與我們一起去的新客戶，因為我們更容易。而且我確實相信，我們能夠移動的速度和我們能夠通過 PPP 計劃為我們的賣家與其他金融機構移動的數量將在商譽光環方面對我們產生淨積極影響，以我們的方式吸引了很多賣家，因為有非常非常豐富的賣家網絡詢問另一個賣家，你使用什麼工具，為什麼？公司怎麼樣？他們過去為您做了哪些好事，哪些事做得不好？因此，我認為我們在這段時間裡如何處理我們的賣家並支持他們，這對我們來說將是一個巨大的勝利，既能留住新賣家，也能留住新賣家。

And just to add a final point to that. Some of the marketing results that we're seeing that I mentioned earlier are showing that those new weekly seller cohorts that we're attracting since the middle of March are larger both in aggregate across the cohort and on an individual seller-by-seller basis versus pre-COVID levels, which really shows to underscore the points Jack was making that we believe we're a differentiated ecosystem that's attracting not only larger sellers but broader sizes of cohorts of sellers in this very dynamic time.

最後一點。我之前提到的一些營銷結果表明，自 3 月中旬以來我們吸引的每週新賣家群體在整個群體和個別賣家的基礎上都更大與 COVID 之前的水平相比，這確實表明杰克提出的觀點，即我們相信我們是一個差異化的生態系統，在這個充滿活力的時代，它不僅吸引了更大的賣家，而且吸引了更廣泛的賣家群體。

Your next question comes from the line of Dan Misuraca from Red White & Que.

您的下一個問題來自 Red White & Que 的 Dan Misuraca。

I'm a Square seller with Red White & Que Smokehouse here in Kearny, New Jersey. Regarding inventory, a Square Online Store will show sold out on the website once an item inventory hits 0. But for a business like ours, we have a variable amount each day. As more quick-service restaurants like us at Red White & Que shift to a Square Online Store during the COVID-19, we're seeing more need for a flexible inventory management system. Are there plans to build out features like this for quick-service restaurants using Square Online Store?

我是新澤西州卡尼市 Red White & Que Smokehouse 的 Square 賣家。關於庫存，一旦商品庫存達到 0，Square 在線商店就會在網站上顯示已售罄。但是對於像我們這樣的企業，我們每天的數量都是可變的。在 COVID-19 期間，隨著越來越多像我們 Red White & Que 的快餐店轉向 Square 在線商店，我們發現對靈活的庫存管理系統的需求越來越大。是否有計劃為使用 Square 在線商店的快餐店構建這樣的功能？

Dan, this is Jack. Thanks for using Square and I hope you're staying safe. This is something we're actively working on. Inventory is a big focus area for us. And we accelerated a bunch of our road map in order to support curbside pickup and delivery. And we need to make sure that we're adding the option to organize orders by fulfillment channel, browse the site on mobile without the app, modify delivery zones. So we're getting a ton of feedback in this time on what's working and what's not working in regards to inventory and generally with the system as we've shifted to this new world. And we're working as fast as we can on it. So appreciate the feedback and we're on it.

丹，這是傑克。感謝您使用 Square，希望您平安無事。這是我們正在積極努力的事情。庫存是我們關注的重點領域。我們加快了一系列路線圖，以支持路邊取貨和送貨。我們需要確保我們添加了按履行渠道組織訂單的選項，在沒有應用程序的情況下在移動設備上瀏覽網站，修改送貨區域。因此，隨著我們轉移到這個新世界，這段時間我們收到了大量反饋，關於庫存方面的工作和不工作，以及系統的一般情況。我們正在盡可能快地工作。因此，感謝您的反饋，我們正在努力。

Your next question comes from the line of Lisa Ellis from MoffettNathanson.

您的下一個問題來自 MoffettNathanson 的 Lisa Ellis。

My question is related to Cash App and the transaction activity you're seeing there. Last week, Visa reported that their U.S. debit volumes are actually trending positive low single digits in late April due to some of the stimulus spending. Are you seeing similar trends like that on the Cash Card? And then looking forward, do you expect Cash Card volume to remain pretty resilient because they're tied to nondiscretionary spending or how are you thinking about the employment impact there? Are a lot of the Cash App users some of the folks that unfortunately we're seeing unemployed currently? What's just your outlook in general for the transaction activity on Cash Card?

我的問題與 Cash App 和您在那裡看到的交易活動有關。上週，Visa 報告稱，由於部分刺激支出，他們的美國借記業務量在 4 月下旬實際上呈正低個位數趨勢。您是否在現金卡上看到類似的趨勢？然後展望未來，您是否預計現金卡數量會保持相當有彈性，因為它們與非自由支配支出相關，或者您如何看待那裡的就業影響？不幸的是，我們目前看到很多 Cash App 用戶都是失業的人嗎？您對現金卡交易活動的總體前景如何？

Lisa, I'll start us off. Thanks for the question. April was a strong month as you heard for Cash App overall and including for Cash Card, where we saw Cash Card's highest monthly total for both orders and for volumes of spend across the Cash Card. Following the deceleration that we saw in late March, growth troughed around the end of March and spend began to rebound in early April even before the stimulus payments, which roughly came in about mid-April. Ahead of the government stimulus program, customers explored direct deposit functionality and engaged with the app. We saw a significant increase in Cash Card orders and a growth in actives across the active base for Cash Card. And that was prior to the second IRS portal release on April 15. As the stimulus payments were dispersed, we saw a material increase in volumes per card active as Cash App serves really a critical need here by helping customers access and use their funds rapidly. The uplift in weekly spend has continued in the second half of April, although still below pre-COVID levels.

麗莎，我要開始了。謝謝你的問題。 4 月是一個強勁的月份，正如您所聽到的 Cash App 總體而言，包括 Cash Card，我們看到 Cash Card 的訂單和整個 Cash Card 消費量的月度最高總額。在我們看到 3 月底的減速之後，增長在 3 月底左右觸底，支出在 4 月初開始反彈，甚至在刺激付款大致在 4 月中旬左右出現之前。在政府刺激計劃出台之前，客戶探索了直接存款功能並使用了該應用程序。我們看到現金卡訂單顯著增加，現金卡活躍基數的活躍度也在增長。那是在 4 月 15 日第二個 IRS 門戶發布之前。隨著刺激付款的分散，我們看到每張卡的活躍數量大幅增加，因為 Cash App 通過幫助客戶快速訪問和使用他們的資金來滿足這裡的關鍵需求。 4 月下半月，每週支出繼續增加，但仍低於 COVID 之前的水平。

We're seeing the spending behavior on Cash Card shift towards more card-not-present and online commerce as you can understand given shelter-in-place measures. We're also seeing elevated nondiscretionary spend, grocers, health and wellness, retail, away from bars, restaurants, entertainment, transportation that we would have seen pre-COVID. And we believe the unique aspect that we have here with the Boost program has positioned us to help individuals where we're using our ecosystem here to help benefit our customers and actively rotating our Boost rewards offered to specific merchants and categories, including things like grocery, pharmacies and dollar stores.

正如您所理解的就地避難所措施，我們看到現金卡的消費行為正在轉向更多的無卡和在線商務。我們還看到非自由支配支出增加，雜貨店、健康和保健、零售，遠離我們在 COVID 之前會看到的酒吧、餐館、娛樂和交通。我們相信，我們在 Boost 計劃中的獨特之處使我們能夠幫助個人，我們在這裡使用我們的生態系統來幫助我們的客戶受益，並積極輪流提供給特定商家和類別的 Boost 獎勵，包括雜貨店等、藥房和一元店。

In terms of the broader question about unemployment, we are very watchful here. And we want to see what normalized spending looks like post the stimulus efforts. So it's probably too early for us to say but we are very encouraged, both in the growth of the base of users across Cash App and Cash Card and the depth of engagement that we've seen through products like direct deposit in the last weeks and months.

就更廣泛的失業問題而言，我們在這裡非常關注。我們想看看刺激措施實施後的正常支出情況。因此，現在下結論可能還為時過早，但我們感到非常鼓舞，無論是 Cash App 和 Cash Card 用戶群的增長，還是我們在過去幾週通過直接存款等產品看到的參與深度，以及個月。

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

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

Also related to Cash App and a little bit of a follow-up there on direct deposit. So yes, the Cash App stats across the board were pretty impressive, especially, I think, the direct deposit was really a standout. The shareholder letter shows direct deposit active users up more than -- it looks like more than 2x month-over-month into April and mentioned the stimulus checks being a big driver there of the direct deposit activity. But what can you tell us about these users in terms of perhaps their propensity to continue to use direct deposit with their paychecks beyond the stimulus? And then as somewhat of a follow-up there, what are some of the things in general that Cash App either has already done or is planning to do to help continue that strong adoption of primary account usage? I did notice that you mentioned the eligibility increased from about 3 million to 14 million in terms of direct deposits, so that sounds like a pretty good start.

也與 Cash App 有關，並在直接存款方面進行了一些跟進。所以，是的，Cash App 的全面統計數據非常令人印象深刻，尤其是我認為，直接存款真的很出色。股東信顯示，直接存款活躍用戶數量增長超過 - 到 4 月份似乎比上月增長了 2 倍以上，並提到刺激支票是直接存款活動的重要推動力。但是你能告訴我們這些用戶在刺激之外繼續使用直接存款和他們的薪水的傾向嗎？然後作為那裡的後續行動，Cash App 已經完成或計劃做的一些一般事情是什麼，以幫助繼續大力採用主要帳戶使用？我注意到你提到直接存款的資格從大約 300 萬增加到 1400 萬，所以這聽起來是一個很好的開始。

Yes. Thanks, Tim. I hope you're well. We do believe direct deposit is a huge opportunity. And as we said in the opening, direct deposit customers are some of the most engaged on the platform. And they typically carry much higher balances and use more of our products like Bitcoin and equities in addition to Cash Card and peer-to-peer. We saw 2 significant bumps recently. Customers have received their tax refunds and deposited their paychecks, used our ecosystem a whole lot more. We saw an increase in P2P volumes, in Cash Card spend in late February and also in late March.

是的。謝謝，蒂姆。我希望你很好。我們確實相信直接存款是一個巨大的機會。正如我們在開場白中所說，直接存款客戶是平台上參與度最高的客戶。他們通常持有更高的餘額，除了現金卡和點對點之外，還使用我們更多的產品，如比特幣和股票。我們最近看到了 2 個顯著的顛簸。客戶已經收到退稅款並存入他們的薪水，更多地使用我們的生態系統。我們看到 2 月下旬和 3 月下旬 P2P 交易量、現金卡支出都有所增加。

And then in April, obviously, the government stimulus provided us an opportunity to help folks receive their money much, much faster. And our teams did work, as we mentioned, with our partner banks to expand the 3 million direct deposit accounts we had in February to 14 million. We also made sure that the interface was really clear. So when you click into the tab that is actually where your money is stored, you should see your direct deposit routing number right away. So just putting it upfront so that people know that this is a tool that can be used for tax, for your stimulus, for your paycheck at your job is critical. And that does lead to people seeing Cash App ultimately as a primary account, not needing to go to a bank branch, simply going to the App Store, signing up and they're in business.

然後在 4 月，很明顯，政府的刺激計劃為我們提供了一個機會，可以幫助人們更快地收到他們的錢。正如我們提到的，我們的團隊確實與我們的合作夥伴銀行合作，將我們在 2 月份擁有的 300 萬個直接存款賬戶擴大到 1400 萬個。我們還確保界面非常清晰。因此，當您單擊實際存儲您的資金的選項卡時，您應該會立即看到您的直接存款路由號碼。所以把它放在前面，讓人們知道這是一個可以用於稅收、刺激和工作薪水的工具是至關重要的。這確實導致人們最終將 Cash App 視為主要賬戶，無需前往銀行分行，只需前往 App Store，註冊即可開展業務。

And it's not just around peer-to-peer and storing money and using on a card, but the people who are using their money to buy equities, using the investing product and also buy Bitcoin has been pretty incredible. So this is part of the reason why we think the ecosystem strategy is so strong. We're not just a peer-to-peer app. We're not just a stock purchasing app. We're not just a Bitcoin app. We have everything in one. And everything that is interesting in terms of how I think about my own personal finances and spend my money is all in one simple, straightforward app that we will continue to make better and add more adjacent features that complement some of these critical needs that people are telling us they have.

這不僅僅是關於點對點和存儲資金並在卡上使用，而是那些用他們的錢購買股票，使用投資產品併購買比特幣的人非常不可思議。所以這就是我們認為生態系統戰略如此強大的部分原因。我們不僅僅是點對點應用程序。我們不僅僅是一個股票購買應用程序。我們不僅僅是一個比特幣應用程序。我們擁有一切。就我如何看待自己的個人財務和花錢而言，所有有趣的事情都在一個簡單、直接的應用程序中，我們將繼續改進它並添加更多相關功能，以補充人們的一些關鍵需求告訴我們他們有。

And Tim, just to add a couple of metrics to this topic. From March to April, we saw direct deposit volumes grow by 3x. From March to April, we saw new direct deposit transacting actives grow by 4x. And from March to April, we saw our stored funds grow from $945 million across the base of Cash App users to over $1.3 billion. So clearly, this is a product that's resonated. We believe we're in a transformational moment right now where new commerce standards, new banking habits, new ways of conducting financial services and commerce are taking shape. And Cash App, along with our Seller business, has an opportunity to serve our customers uniquely in this moment. So while I think it's early for us to say what happens or what changes with the curve of direct deposit in the future, this is a key priority for us and an encouraging sign that we've seen in the month of April here.

蒂姆，只是想為這個主題添加幾個指標。從 3 月到 4 月，我們看到直接存款量增長了 3 倍。從 3 月到 4 月，我們看到新的直接存款交易活動增長了 4 倍。從 3 月到 4 月，我們看到 Cash App 用戶群的存儲資金從 9.45 億美元增長到超過 13 億美元。很明顯，這是一款引起共鳴的產品。我們相信我們現在正處於轉型時刻，新的商業標準、新的銀行習慣、開展金融服務和商業的新方式正在形成。 Cash App 以及我們的賣家業務，有機會在這一刻為我們的客戶提供獨特的服務。因此，雖然我認為現在說未來直接存款曲線會發生什麼或發生什麼變化還為時過早，但這對我們來說是一個關鍵優先事項，也是我們在 4 月份看到的令人鼓舞的跡象。

Great. Definitely noted on the metrics, the change to the interface and more features to come.

偉大的。明確指出了指標、界面的變化以及即將推出的更多功能。

Your next question comes from the line of Josh Beck from KeyBanc.

您的下一個問題來自 KeyBanc 的 Josh Beck。

Yes. And really impressive work that you've done for your consumers and sellers. I wanted to ask a higher-level question on Cash App. When you look at the newer customers that you've maybe pulled in, in the last month or so, is it expanding the audience and addressable market in any way? And obviously, you had some really good stats on the Online Store. Any sense to give us how many sellers have actually lit up that product? That would be really helpful.

是的。您為消費者和賣家所做的工作確實令人印象深刻。我想問一個關於現金應用程序的更高級別的問題。當您查看過去一個月左右可能吸引的新客戶時，它是否以任何方式擴大了受眾和潛在市場？顯然，您在在線商店中有一些非常好的統計數據。有什麼意義可以告訴我們有多少賣家實際點亮了該產品？那真的很有幫助。

Thanks, Josh. I do believe that is expanding the audience pretty dramatically. Cash App has been something really special for us in that it has a lot of association with a pretty strong culture. It's not seen as just a traditional financial app. It's seen as part of the culture in many ways and we're seeing that play out, especially now during COVID-19. As I mentioned in my opening remarks, like all the donating that's happening on social media, the fundraising, the tipping to artists and musicians, this is all pretty net new. And we're looking at this closely and we're taking the opportunities to form partnerships if there are some. Like we announced a partnership with Spotify, which lets listeners contribute and send money to artists that post their cash tag on their artist page. And more than 25,000 artists have already linked their Cash App account with Spotify. And we saw more than 100,000 tipped in the first week since the launch.

謝謝，喬希。我確實相信這正在極大地擴大觀眾群。 Cash App 對我們來說真的很特別，因為它與強大的文化有著密切的聯繫。它不只是一個傳統的金融應用程序。它在很多方面都被視為文化的一部分，我們正在看到這種情況正在發生，尤其是現在在 COVID-19 期間。正如我在開場白中提到的，就像社交媒體上發生的所有捐贈、籌款、給藝術家和音樂家的小費一樣，這都是全新的。我們正在密切關注這一點，如果有的話，我們會抓住機會建立合作夥伴關係。就像我們宣布與 Spotify 建立合作夥伴關係一樣，它允許聽眾向在藝術家頁面上張貼現金標籤的藝術家捐款和匯款。超過 25,000 名藝術家已經將他們的 Cash App 帳戶與 Spotify 相關聯。自推出以來的第一周，我們看到超過 100,000 人打賞。

Another big area is gamers. We're seeing a lot of activity in regards to Cash App on Twitch. In the first quarter, we launched our Twitch channel, and we've grown our follower count to over 180,000. But what's interesting about this is like, there's a lot of similarities between what we're seeing around music and also gaming and how Cash App is being used in both. So we have reached a very mainstream influential audience. And because of the simplicity, because of how we handle the stimulus check and because of everything that you can do within the app, inclusive of buying stocks and Bitcoin and the Cash Card, we think we'll benefit and draft off a lot of trust, a lot of love for what it offers and what it can do. And word of mouth is definitely our friend here. So we consistently see the Cash App in the top 10 of the app stores and consistently see it rise as new people broadcast their own use of it. So there's a very nice viral loop that is inherent in the system that continues to compound and grow favorably.

另一個大領域是遊戲玩家。我們在 Twitch 上看到很多關於 Cash App 的活動。第一季度，我們推出了 Twitch 頻道，我們的關注者人數已增加到 180,000 多人。但有趣的是，我們在音樂和遊戲方面看到的內容與 Cash App 在兩者中的使用方式有很多相似之處。所以我們已經接觸到了非常主流的有影響力的觀眾。因為簡單，因為我們處理刺激檢查的方式，因為你可以在應用程序中做的一切，包括購買股票、比特幣和現金卡，我們認為我們會受益並贏得很多信任，非常喜歡它提供的功能和功能。口耳相傳絕對是我們的朋友。因此，我們一直看到 Cash App 位於應用商店的前 10 名，並且隨著新用戶傳播他們自己對它的使用，它一直在上升。因此，系統中存在一個非常好的病毒循環，它會繼續複合並有利地增長。

On the second question, how many sellers have used the Square Online Store, Amrita, do you want to take this?

關於第二個問題，有多少賣家用過Square Online Store，Amrita，你要不要拿這個？

Sure. I'll hit that one and maybe just one final point before I do that on the cash opportunity. If you'll remember, Josh, we released some slides in late March related to addressable market across both our Cash App ecosystem and the Seller ecosystem. Cash App ecosystem addresses over 100 million people in the U.S. with a target age of between 15 and 39, which represents $60 billion of opportunity across just the product areas that we serve today. So we envision a really significant runway ahead for Cash App. And Cash App in the month of April at various points was in the top 5 of the iOS App Store in terms of downloaded apps, only behind some chat apps. So clearly resonating, as Jack said, in this sort of cultural moment that we're in.

當然。在我利用現金機會這樣做之前，我會達到那個點，也許只是最後一個點。 Josh，如果你還記得的話，我們在 3 月下旬發布了一些幻燈片，這些幻燈片與我們的 Cash App 生態系統和賣家生態系統中的潛在市場相關。 Cash App 生態系統面向美國超過 1 億人，目標年齡在 15 至 39 歲之間，僅在我們今天服務的產品領域就代表著 600 億美元的機會。因此，我們為 Cash App 設想了一條非常重要的跑道。而 Cash App 在 4 月份的各個時間點都在 iOS App Store 的下載應用程序中排名前 5，僅次於一些聊天應用程序。正如傑克所說，在我們所處的這種文化時刻，如此清晰地引起共鳴。

Turning to your second question on Square Online Store. We can speak about Square Online Store and then let's level up and talk about broader our CNP offerings, our card-not-present offerings. The Online Store, we haven't provided a usage number in terms of active sellers, but on a weekly GPV basis, up 5x since mid-March, pre-COVID effectively. And our most recent weekly GPV run rate was at $59 million or $3 billion on an annualized basis. And now the daily sign-ups that we're seeing to Square Online Store are higher in number than what our typical sign-ups would have been for the point-of-sale app pre-COVID. So clearly resonating and resonating for new sellers as well as existing sellers.

關於 Square Online Store 的第二個問題。我們可以談論 Square 在線商店，然後讓我們升級並談論更廣泛的 CNP 產品，我們的無卡產品。在線商店，我們沒有提供活躍賣家的使用數量，但以每週 GPV 為基礎，自 3 月中旬以來增長了 5 倍，在 COVID 之前有效。我們最近的每週 GPV 運行率為 5900 萬美元或年化 30 億美元。現在，我們在 Square 在線商店看到的每日註冊人數比我們在 COVID 之前的銷售點應用程序的典型註冊人數要多。如此明顯地引起了新賣家和現有賣家的共鳴和共鳴。

But again, I would think about our broader omnichannel strategy rather than just focusing on the Online Store. And more broadly, our card-not-present products, as I mentioned earlier, are now over 50% of our volumes versus 1/3 of our volumes prior to COVID. And that spans not just Square Online Store but Invoices, Virtual Terminal, parts of our developer platform with the e-commerce API. And this has been an area of strength for us with positive GPV growth year-over-year in the month of April.

但同樣，我會考慮我們更廣泛的全渠道戰略，而不是僅僅關注在線商店。更廣泛地說，正如我之前提到的，我們的無卡產品現在占我們銷量的 50% 以上，而在 COVID 之前占我們銷量的 1/3。這不僅涵蓋了 Square 在線商店，還涵蓋了發票、虛擬終端，以及我們帶有電子商務 API 的開發者平台的一部分。這對我們來說是一個優勢領域，4 月份 GPV 同比增長。

Your next question comes from the line of Jason Kupferberg from Bank of America.

你的下一個問題來自美國銀行的 Jason Kupferberg。

This is Cassie on for Jason. I just wanted to get an update on seller churn and whether you found specific programs or initiatives with sellers to be particularly effective. And perhaps if you have any new products or initiatives coming maybe to complement some of the existing ones you already have.

這是傑森的卡西。我只是想了解有關賣家流失的最新信息，以及您是否發現針對賣家的特定計劃或舉措特別有效。也許如果你有任何新產品或計劃來補充你已經擁有的一些現有產品或計劃。

I can maybe start us off on this one. So in terms of churn, it's typically a variable figure for us given the large portion of micro sellers that we serve who may be seasonal. So given the noise that we see today and how early trends are shaping up, the main indicator I'd point you towards would be the change in gross profit or change in GPV growth, which as noted for the Seller business is in that minus 35% or minus 39% range for the month of April. We've noted earlier on the call that the back half of April, we've seen improving trends based on existing sellers transitioning to new forms of commerce, based on new sellers coming in, based on stimulus efforts. We've also noted that certain areas easing shelter-in-place measures, we've seen further improvement. And what we've seen in terms of number of unique cards and number of unique sellers in the back half of April has also improved, which to us indicates that we have sellers who are able to reopen their business in the back half of April. So those are kind of the trends that we've seen around churn.

我也許可以從這個開始。因此，就流失率而言，考慮到我們服務的大部分微型賣家可能是季節性的，這對我們來說通常是一個可變數字。因此，考慮到我們今天看到的噪音以及早期趨勢是如何形成的，我要指出的主要指標是毛利潤的變化或 GPV 增長的變化，正如賣方業務所指出的那樣，它是負 35 4 月份的 % 或負 39% 範圍。我們早些時候在電話會議上註意到，4 月下半月，我們已經看到基於現有賣家向新商業形式過渡、基於新賣家進入、基於刺激措施的趨勢有所改善。我們還注意到，某些地區放寬了就地避難措施，我們看到了進一步的改善。我們在 4 月下半月看到的獨特卡片數量和獨特賣家數量也有所改善，這對我們來說表明我們有能夠在 4 月下半月重新營業的賣家。所以這些就是我們在客戶流失方面看到的趨勢。

In terms of the key things that we can do for our sellers, I think a lot of them have been noted on this call. Sellers are looking for omnichannel solutions that enable them to interact with their buyers in new formats, whether that's contactless commerce, online, invoices, et cetera. They're also looking for cash flow and opportunities to bridge them in this really disruptive time. And the PPP program where we helped enable over $0.5 billion in loans in the past week has also gone a long way to supporting our sellers and speaks to the strength of the ecosystem that we were able to move quickly and get this product up and running in just a few short weeks. Within each of these products, you see features that are working towards supporting our sellers, whether it's pre-populating applications in the PPP program for payroll sellers or it's the order and pickup delivery product that we've launched in the span of a few short weeks as well as on the cash business with the sprint towards enabling government stimulus and direct deposit accounts. Our teams are working very, very hard. No boondoggles happening at the company right now. Our teams are working very, very hard to enable new products and features across supporting our sellers and individuals.

就我們可以為賣家做的關鍵事情而言，我認為在這次電話會議上已經註意到了很多。賣家正在尋找全渠道解決方案，使他們能夠以新的形式與買家互動，無論是非接觸式商務、在線、發票等。他們還在尋找現金流和機會，以在這個真正具有破壞性的時期彌合他們。我們在過去一周幫助實現了超過 5 億美元貸款的 PPP 計劃在支持我們的賣家方面也走了很長一段路，並說明了我們能夠快速行動並啟動並運行該產品的生態系統的力量短短幾週。在這些產品中的每一個中，您都會看到正在努力支持我們的賣家的功能，無論是在 PPP 計劃中為工資單賣家預填充應用程序，還是我們在短短的幾個短時間內推出的訂單和取件交付產品幾週以及現金業務，以實現政府刺激和直接存款賬戶的衝刺。我們的團隊工作非常非常努力。公司現在沒有發生任何愚蠢的事情。我們的團隊非常非常努力地在支持我們的賣家和個人的過程中啟用新產品和功能。

Cassie, this is also one of the areas where the ecosystem strategy makes us a lot stronger. A seller may churn out of one product but still be using 2 others or 3 others from us so they're not churning out of the whole company. And as we add more of those critical functions and tools, that gets even more and more durable. So a lot of the reason why behind the ecosystem strategy is exactly this. But like everyone else, we're learning as quickly as possible in partnership with our sellers on what's working during this time, what they need, how they think about rebounding as more things reopen. And all those learnings will be distilled into products and features going forward. And we're doing them with our current customers, our small customers and even our larger customers who are rediscovering new ways and discovering our other tools like Ben & Jerry's is a good example of this. They use our point-of-sale across 200 retail shops and needed to pivot to online. So we demo-ed the Square Online Store and they're rolling it out nationwide over the coming weeks. So if you're very small or very large, what we think helps the most with retaining is making sure that people see our full suite of services and are getting value out of them.

Cassie，這也是生態系統戰略讓我們變得更強大的領域之一。賣家可能會生產出一種產品，但仍在使用我們的其他 2 種或 3 種產品，因此他們不會從整個公司中流失。隨著我們添加更多這些關鍵功能和工具，它會變得越來越耐用。所以很多生態系統戰略背後的原因就是這個。但和其他人一樣，我們正在與我們的賣家合作，盡快了解這段時間的運作方式、他們的需求，以及他們如何看待隨著更多東西的重新開放而反彈。所有這些知識都將被提煉到未來的產品和功能中。我們正在與我們當前的客戶、我們的小客戶甚至我們的大客戶一起做這些事情，他們正在重新發現新的方法並發現我們的其他工具，如 Ben & Jerry's 就是一個很好的例子。他們在 200 家零售店使用我們的銷售點，並且需要轉向線上。因此，我們演示了 Square 在線商店，他們將在未來幾週內在全國推廣。因此，無論您是非常小還是非常大，我們認為最有助於保留的是確保人們看到我們的全套服務並從中獲得價值。

Your next question comes from the line of James Friedman from Susquehanna.

你的下一個問題來自 Susquehanna 的 James Friedman。

That Ben & Jerry's is making me hungry. I just want to ask, part of the investment and operating narrative has been about the cross-selling of Seller and Cash App. And I was just wondering, in light of the current business environment how that may have affected your thinking on the cross-selling of Cash and Seller ecosystems. You had a lot of good use cases, Jack, in your prepared remarks. So is that something that you're moving forward in terms of your kind of time horizon?

那個 Ben & Jerry's 讓我餓了。我只想問，部分投資和運營敘述是關於 Seller 和 Cash App 的交叉銷售。我只是想知道，鑑於當前的商業環境，這可能會如何影響您對現金和賣家生態系統交叉銷售的思考。傑克，在你準備好的發言中，你有很多好的用例。那麼，就您的時間範圍而言，這是您正在推進的事情嗎？

Yes, great question, Jamie. So we are moving forward. We did have to reprioritize our road map just to handle some of the issues that we're presently seeing and challenges we're seeing with our Sellers and Cash App customers due to COVID. But we do believe that there is a lot of real strength that comes from connecting the 2 ecosystems. They're amazing independently but as we look for those connection points, whether they be Boost to local sellers, what we've done with our payroll product and paying employees with Cash App so they could access their funds immediately. There's a number of those that we think are really interesting and potentially really impactful. But we wanted to make sure that we're handling the present challenge first, but we're definitely not taking our eyes off the ball in terms of how we connect these 2 down the line.

是的，好問題，傑米。所以我們正在前進。我們確實不得不重新確定我們的路線圖的優先級，以處理我們目前看到的一些問題以及我們的賣家和現金應用程序客戶因 COVID 而面臨的挑戰。但我們確實相信，連接這兩個生態系統會帶來很多真正的力量。它們獨立地令人驚嘆，但當我們尋找這些連接點時，無論它們是對本地賣家的推動，還是我們對薪資產品所做的工作以及使用 Cash App 向員工付款，以便他們可以立即使用他們的資金。我們認為其中有一些非常有趣並且可能具有真正的影響力。但我們想確保我們首先應對當前的挑戰，但我們絕對不會把目光從我們如何將這兩個問題聯繫起來的問題上移開。

Your last question comes from the line of Ramsey El-Assal from Barclays.

你的最後一個問題來自巴克萊銀行的 Ramsey El-Assal。

This is Ben on for Ramsey. I guess kind of wanted to follow up on some of the earlier questions about the change in the product road map. I noticed international revenues had grown pretty nicely in the quarter. And I guess, first, is that just due to kind of a broader suite of products now being rolled out to all the countries? But more specific to the question, I'm kind of wondering, is that one of the opportunities you see being pushed out? And kind of how does your road map specifically there change with everything going on right now?

這是拉姆齊的本。我想有點想跟進一些關於產品路線圖變化的早期問題。我注意到本季度的國際收入增長相當不錯。我想，首先，這是否僅僅是因為現在向所有國家/地區推出了更廣泛的產品套件？但更具體的問題是，我有點想知道，這是你看到被推出的機會之一嗎？你的路線圖具體是如何隨著現在發生的一切而改變的？

Maybe I can kick us off with what we've seen from an international perspective in the first quarter and in April. From an April perspective, international GPV was down 20%, which was a deceleration versus prior COVID levels. From a first quarter perspective, GAAP international revenue was up 51%, so strong growth for us and consistent with what we had seen in the prior couple of quarters where we had seen outperformance as our products are resonating internationally.

也許我可以用我們在第一季度和 4 月份從國際角度所看到的情況來拉開序幕。從 4 月份的角度來看，國際 GPV 下降了 20%，與之前的 COVID 水平相比有所下降。從第一季度的角度來看，GAAP 國際收入增長了 51%，這對我們來說是強勁的增長，並且與我們在前幾個季度看到的表現一致，因為我們的產品在國際上引起了共鳴。

In terms of breaking down some of those trends related to COVID that we've seen in April. As I mentioned earlier, in April, in Australia, we're now seeing positive year-over-year growth. From a U.K. perspective, we're seeing modest declines. And Japan and Canada are still down year-over-year but seeing improvement as well. So very consistent with the broader narrative that we've been sharing on this call so far from a COVID impact perspective. And obviously, our products continue to resonate there from an omnichannel perspective internationally as they do in the U.S.

在分解我們在 4 月份看到的與 COVID 相關的一些趨勢方面。正如我之前提到的，4 月份在澳大利亞，我們現在看到了同比正增長。從英國的角度來看，我們看到了溫和的下降。日本和加拿大仍同比下降，但也有所改善。到目前為止，從 COVID 影響的角度來看，這與我們在此次電話會議上分享的更廣泛的敘述非常一致。顯然，我們的產品從全渠道的角度繼續在國際上引起共鳴，就像在美國一樣。

Yes. And just a follow-up. We're not going to take our focus off growing outside of the United States and making sure that our ecosystem is sound and comprehensive outside the United States. We've done a lot of good work over the past few quarters but there's a lot more to do. The same needs that we see during this time in the U.S. with COVID we're seeing globally as well. And we want to make sure that the thing that sets us apart is this ecosystem and it has to set us apart not just in the United States but everywhere. And we've learned a ton from the U.S. how various products took off. And that helps our sequencing around these road maps so we can be more sure of the impact as we put the work in to actually do the work to launch.

是的。只是一個跟進。我們不會將注意力從在美國以外的地區發展和確保我們的生態系統在美國以外的地區健全和全面。在過去的幾個季度中，我們做了很多出色的工作，但還有很多工作要做。我們在這段時間在美國看到的與我們在全球範圍內看到的 COVID 相同的需求。我們要確保讓我們與眾不同的是這個生態系統，它不僅要讓我們在美國而且在任何地方都與眾不同。我們從美國學到了很多產品是如何起飛的。這有助於我們圍繞這些路線圖進行排序，這樣我們就可以在投入工作以實際開展工作時更加確定影響。

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

我想將電話轉回公司以作結束語。

Thank you, everyone, for joining our call. I would like to remind everyone that we'll be hosting our second quarter 2020 earnings call on August 5. Thanks again for participating today.

謝謝大家加入我們的電話會議。我想提醒大家，我們將於 8 月 5 日召開 2020 年第二季度財報電話會議。再次感謝今天的參與。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。