Block Inc (SQ) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block Fourth Quarter 2021 Earnings Conference Call.

女士們，先生們，美好的一天，歡迎來到 Block 2021 年第四季度收益電話會議。

I would now like to turn the call over to your host, Mr. Nikhil Dixit, head of Investor Relations. Please go ahead, sir.

我現在想將電話轉給您的主持人，投資者關係主管 Nikhil Dixit 先生。請繼續，先生。

Hi, everyone. Thanks for joining our fourth quarter 2021 earnings call.

大家好。感謝您參加我們的 2021 年第四季度財報電話會議。

We have Jack and Amrita with us today. 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 customers in addition to questions from conference call participants.

今天我們有 Jack 和 Amrita。在直接向您提出問題之前，我們將以一些簡短的評論開始本次電話會議。在問答期間，除了電話會議參與者的問題外，我們還將回答客戶的問題。

We would also like to remind everyone that we will 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.

我們還想提醒大家，我們將在這次電話會議上做出前瞻性陳述。實際結果可能與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。請查看我們向 SEC 提交的文件，以討論可能導致我們的結果不同的因素。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law.

另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

During this call, we will provide preliminary gross profit growth results for the month of January and February. These represent our gross profit growth results for January and our current estimate for February performance as we have not yet closed our accounting financials for the month of February, and our monthly results are not subject to interim review by our auditors. As a result, actual January and February results may differ from these estimates.

在本次電話會議中，我們將提供 1 月和 2 月的初步毛利潤增長結果。這些代表了我們 1 月份的毛利潤增長結果和我們對 2 月份業績的當前估計，因為我們尚未關閉 2 月份的會計財務報表，並且我們的每月業績不受我們審計師的中期審查。因此，1 月和 2 月的實際結果可能與這些估計值不同。

We will also provide preliminary unaudited financial results for Afterpay in the second half of 2021. These results have not yet been audited or reviewed by our auditors. Actual results for Afterpay may differ materially from these preliminary results. Our remarks discuss losses on consumer receivables for Afterpay. Losses on consumer receivables represent an assessment of expected credit losses over the term of the receivables, which is 14 to 56 days. We believe losses on consumer receivables is comparable to Afterpay's previously reported metric of gross losses.

我們還將在 2021 年下半年為 Afterpay 提供未經審計的初步財務結果。這些結果尚未經過我們的審計師的審計或審查。 Afterpay 的實際結果可能與這些初步結果大不相同。我們的評論討論了 Afterpay 的消費者應收賬款損失。消費者應收賬款損失代表對應收賬款期限（14 至 56 天）內預期信用損失的評估。我們認為，消費者應收賬款的損失與 Afterpay 之前報告的總損失指標相當。

Also, we will discuss certain non-GAAP financial measures during this call. 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，我們將在本次電話會議期間討論某些非公認會計原則的財務措施。我們投資者關係網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。這些非 GAAP 措施無意替代我們的 GAAP 結果。

Finally, this call in its entirety is being audio webcast on our Investor Relations website. An audio replay of this call will be available shortly on our website.

最後，整個電話會議正在我們的投資者關係網站上進行音頻網絡直播。本次通話的音頻重播將很快在我們的網站上提供。

With that, I would like to turn it over to Jack.

有了這個，我想把它交給傑克。

Thank you for joining us today.

感謝您今天加入我們。

We wanted to start by acknowledging what's on everyone's minds, the Ukrainian people. Our thoughts are with them, our employees and customers tied to the area and all those affected by war.

我們想首先承認每個人的想法，即烏克蘭人民。我們的想法與他們、與該地區相關的員工和客戶以及所有受戰爭影響的人同在。

Turning now to our quarter. 2021 was a busy year for us. We found new ways to connect our Square and Cash App ecosystems through the acquisition of Afterpay. We added new ecosystems with TIDAL to serve artists and TBD to serve bitcoin developers. And we announced 2 new hardware projects to advance bitcoin as a native currency for the Internet, a noncustodial hardware wallet and a bitcoin mining system. We've been wanting to dedicate the Square brand to our Seller business unit for some time, so we made that move, too, and we named the overall company Block. Block now contains 4 business units: Square, Cash App, TIDAL and TBD. And now for some updates on our business.

現在轉到我們的季度。 2021年對我們來說是忙碌的一年。通過收購 Afterpay，我們找到了連接 Square 和 Cash App 生態系統的新方法。我們通過 TIDAL 添加了新的生態系統來為藝術家服務，TBD 為比特幣開發者服務。我們還宣布了 2 個新的硬件項目，以推動比特幣作為互聯網的原生貨幣、非託管硬件錢包和比特幣挖掘系統。一段時間以來，我們一直希望將 Square 品牌專用於我們的賣方業務部門，因此我們也採取了這一舉措，並將整個公司命名為 Block。 Block 現在包含 4 個業務部門：Square、Cash App、TIDAL 和 TBD。現在了解我們業務的一些更新。

In Cash App, we saw strong engagement and adoption from both new and existing customers. In the fourth quarter, we added to the peer-to-peer functionality that has made Cash App so popular with an update that lets customers send fractional shares and bitcoin from their Cash App balances to friends and family.

在 Cash App 中，我們看到了新老客戶的強烈參與和採用。在第四季度，我們添加了使 Cash App 如此受歡迎的點對點功能，通過更新，客戶可以將其 Cash App 餘額中的零碎股份和比特幣發送給朋友和家人。

We're also launching new features to position Cash App as a platform that can serve all of our customers' financial needs. In January, we introduced Cash App Taxes, where customers can file for free from a phone or a computer and can receive their tax refund up to 2 days early, if deposited through Cash App. Historically, we have seen customers bringing their tax refunds into Cash App. And with Cash App Taxes, we hope to encourage customers to bring more inflows into our ecosystem and expand awareness of our direct deposit capabilities.

我們還推出了新功能，將 Cash App 定位為可以滿足所有客戶財務需求的平台。一月份，我們推出了 Cash App Taxes，客戶可以通過手機或電腦免費報稅，如果通過 Cash App 存入，可以提前 2 天收到退稅。從歷史上看，我們已經看到客戶將他們的退稅帶入 Cash App。通過 Cash App Taxes，我們希望鼓勵客戶將更多資金流入我們的生態系統，並擴大對我們直接存款能力的認識。

Turning now to Square. We delivered on our priorities of expanding internationally, growing out market and building out our omnichannel capabilities to create cohesive experiences between sellers and their customers. For example, we know that photos are crucial for selling successfully online, but many sellers struggle with the time and costs required. To address this, in the fourth quarter, we introduced the Square Photo Studio mobile app, which makes it easy for sellers to take high-quality photos and directly sync them to their catalog or online store.

現在轉向廣場。我們實現了在國際上擴張、拓展市場和建立全渠道能力的優先事項，以在賣家和他們的客戶之間創造有凝聚力的體驗。例如，我們知道照片對於在線成功銷售至關重要，但許多賣家都在為所需的時間和成本而苦苦掙扎。為了解決這個問題，我們在第四季度推出了 Square Photo Studio 移動應用程序，讓賣家可以輕鬆拍攝高質量照片並將其直接同步到他們的目錄或在線商店。

Between both ecosystems, in January, we closed our acquisition of Afterpay and introduced Afterpay Buy Now Pay Later for Square online sellers in the U.S. and Australia, an offering that's been long requested by sellers and customers. Looking ahead, we intend to integrate Buy Now Pay Later more deeply in our ecosystem over time, and we believe Afterpay will accelerate the connections between our Square and Cash ecosystems.

在這兩個生態系統之間，1 月份，我們完成了對 Afterpay 的收購，並為美國和澳大利亞的 Square 在線賣家推出了 Afterpay Buy Now Pay Later，這是賣家和客戶長期以來一直要求的產品。展望未來，隨著時間的推移，我們打算將 Buy Now Pay Later 更深入地整合到我們的生態系統中，我們相信 Afterpay 將加速 Square 和 Cash 生態系統之間的連接。

We have a strong foundation to build upon in 2022. And we want to share more with all of you during the Investor Day we plan to host on May 18 where we'll go deeper into our mission, products, strategy and long-term goals. We'll share more details as we get closer to the date.

我們在 2022 年擁有堅實的基礎。我們希望在計劃於 5 月 18 日舉辦的投資者日期間與大家分享更多信息，屆時我們將更深入地探討我們的使命、產品、戰略和長期目標.隨著日期的臨近，我們將分享更多細節。

And with that, here's Amrita.

有了這個，這裡是 Amrita。

Thanks, Jack.

謝謝，傑克。

There are a few topics I'm going to cover today: first, the strong growth from our Cash App and Square ecosystems in 2021 and the compelling cohort economics driving those results; second, Afterpay's financial performance in the second half of 2021; third, a look at our growth trends and investments in the first quarter and into the rest of 2022.

今天我將討論幾個主題：首先，我們的 Cash App 和 Square 生態系統在 2021 年的強勁增長以及推動這些結果的引人注目的群體經濟學；二、Afterpay 2021年下半年的財務表現；第三，看看我們第一季度和 2022 年剩餘時間的增長趨勢和投資。

Our business delivered strong growth in 2021 with gross profit of $4.42 billion, up 62% year-over-year. With gross profit growth at 53% on a 2-year CAGR basis, we've more than doubled the scale of our business since 2019 and further diversified our product. In 2021, Square had 6 revenue streams that generated approximately $100 million or more in gross profit. And Cash App had 4 revenue streams with more than $200 million in gross profit.

我們的業務在 2021 年實現了強勁增長，毛利潤為 44.2 億美元，同比增長 62%。在 2 年復合年增長率的基礎上，我們的毛利潤增長了 53%，自 2019 年以來，我們的業務規模擴大了一倍以上，並進一步多元化了我們的產品。 2021 年，Square 有 6 個收入來源，毛利潤約為 1 億美元或更多。 Cash App 有 4 個收入來源，毛利潤超過 2 億美元。

We delivered over $1 billion in adjusted EBITDA and generated meaningful free cash flow during the year, demonstrating strong unit economics and incremental margins, which I'll come back to in a moment. In the fourth quarter, gross profit was $1.18 billion and grew 47% year-over-year or 50% on a 2-year CAGR basis. Adjusted EBITDA was $184 million.

我們在這一年中實現了超過 10 億美元的調整後 EBITDA 並產生了有意義的自由現金流，展示了強勁的單位經濟性和增量利潤率，我稍後會談到這一點。第四季度，毛利潤為 11.8 億美元，同比增長 47%，兩年復合年增長率為 50%。調整後的 EBITDA 為 1.84 億美元。

Let's look at the drivers for Cash App and Square. Cash App generated gross profit of $518 million in the fourth quarter, up 37% year-over-year or 90% on a 2-year CAGR basis behind strong engagement and inflows. We grew Cash App's network to 44 million monthly transacting actives as of December for a growth of 22% year-over-year. Our active base is highly engaged, and we've seen growing adoption of Cash Card, which reached more than 13 million monthly actives as of December, a 31% attach rate to our monthly active base, up from a 22% attach rate 2 years ago.

讓我們看看 Cash App 和 Square 的驅動程序。 Cash App 在第四季度產生了 5.18 億美元的毛利潤，在強勁的參與度和資金流入的推動下，同比增長 37% 或 2 年復合年增長率為 90%。截至 12 月，我們將 Cash App 的網絡月交易量增加到 4400 萬，同比增長 22%。我們的活躍用戶群參與度很高，我們看到現金卡的採用率越來越高，截至 12 月，其月活躍用戶數已超過 1300 萬，比我們的月活躍用戶群增加 31%，高於 2 年的 22%前。

As we've grown our overall base of customers, we've also seen growing usage for Cash Card customer. In the fourth quarter, spend for Cash Card actives increased year-over-year as actives used Cash Card for a diverse range of everyday purchases from fast food restaurants to big-box retailers to gas stations and more. This broad reach has allowed Cash Card to gain meaningful scale, generating nearly $0.5 billion in gross profit in 2021, up nearly 2x compared to the prior year.

隨著我們整體客戶群的擴大，我們也看到現金卡客戶的使用量也在增長。在第四季度，現金卡活躍用戶的支出同比增長，因為活躍用戶使用現金卡進行各種日常購物，從快餐店到大型零售商再到加油站等等。這種廣泛的覆蓋範圍使 Cash Card 獲得了有意義的規模，在 2021 年產生了近 5 億美元的毛利潤，與上一年相比增長了近 2 倍。

As we look at the overall Cash App ecosystem, inflows or the amount of money customers pulled into their Cash App accounts, totaled $45 billion in the fourth quarter, which grew year-over-year and quarter-over-quarter even as most government disbursement programs ended by September. This represented more than $1,000 per monthly transacting active, which was relatively stable on a quarter-over-quarter basis and increased year-over-year.

當我們審視整個 Cash App 生態系統時，流入或客戶提取到其 Cash App 賬戶的金額在第四季度總計 450 億美元，即使大多數政府支出都在同比和環比增長計劃於 9 月結束。這意味著每月活躍交易超過 1,000 美元，環比相對穩定，同比增長。

As actives adopt more products, they typically inflow more money into Cash App, which we've seen leads to greater monetization. You can see the power of this dynamic with Cash Card customers. In the fourth quarter, Cash Card actives generated approximately 5x more gross profit per active as compared to actives that only use peer-to-peer.

隨著活躍用戶採用更多產品，他們通常會向 Cash App 注入更多資金，我們已經看到這會帶來更大的貨幣化。您可以通過現金卡客戶看到這種動態的力量。在第四季度，與僅使用 P2P 的活動相比，現金卡活動產生的毛利潤大約是每個活動的 5 倍。

Turning now to our Square ecosystem. Square generated gross profit of $657 million in the fourth quarter, up 54% year-over-year or 32% on a 2-year CAGR basis, an improvement from the third quarter. Our strategic priorities is building omnichannel products, growing upmarket and expanding globally continue to drive growth. Our upmarket sellers have achieved strong growth and have adopted the products over time. Square gross profit from end-market sellers grew significantly faster than the overall Square business, up 73% year-over-year in the fourth quarter or 47% on a 2-year CAGR basis.

現在轉向我們的 Square 生態系統。 Square 在第四季度創造了 6.57 億美元的毛利潤，同比增長 54% 或 2 年復合年增長率為 32%，比第三季度有所改善。我們的戰略重點是打造全渠道產品、發展高端市場和全球擴張繼續推動增長。我們的高端賣家實現了強勁增長，並隨著時間的推移採用了這些產品。來自終端市場賣家的 Square 毛利潤增長明顯快於整體 Square 業務，第四季度同比增長 73% 或 2 年復合年增長率為 47%。

We continue to believe our Square ecosystem is differentiated due to our integrated and cohesive set of products across hardware, software, payments and financial services, serving seller needs in a more comprehensive way. We are making progress in surfacing incremental product adoption to serve our sellers across multiple vectors with the goal of creating a more retentive and valuable relationship. As our mix has shifted to larger and more complex sellers, we've seen an increase in product adoption.

我們仍然相信，我們的 Square 生態系統之所以與眾不同，是因為我們在硬件、軟件、支付和金融服務方面的集成和凝聚力產品集，能夠以更全面的方式滿足賣家的需求。我們在增加產品採用率方面取得了進展，以跨多個渠道為我們的賣家提供服務，目標是建立一種更具保留性和更有價值的關係。隨著我們的組合轉向更大、更複雜的賣家，我們看到產品採用率有所增加。

In 2021, 80% of Square gross profit came from sellers using 2 or more products, and 38% came from sellers using 4 or more products, with these sellers generating more than 10x the gross profit compared to those only using 1 product. Our Square ecosystem has also resonated across our global markets. Gross profit from Square's markets outside the U.S. grew faster than the overall base of 60% year-over-year and 63% on a 2-year CAGR basis in the fourth quarter despite various periodic lockdowns as we continue to achieve strong acquisition of new sellers and increased product parity with the U.S. market.

2021 年，Square 80% 的毛利潤來自使用 2 種或更多產品的賣家，38% 來自使用 4 種或更多產品的賣家，這些賣家的毛利潤是僅使用 1 種產品的賣家的 10 倍以上。我們的 Square 生態系統也引起了我們全球市場的共鳴。 Square 在美國以外市場的毛利潤增長速度超過了第四季度 60% 的整體基數和 63% 的 2 年復合年增長率，儘管隨著我們繼續實現強勁的新賣家收購而進行了各種定期封鎖並提高與美國市場的產品平價。

Now shifting to the strong cohort economics that have enabled efficient growth for our Cash and Square ecosystem. Starting with Cash App's acquisition, retention and returns on investment. In 2021, even as we scaled our marketing investments, Cash App spent approximately $10 to acquire a new transacting active. And we've seen early monthly cohorts maintaining a payback period of less than 1 year as gross profit per monthly active was $47 in the fourth quarter. For existing customers, increased product adoption and engagement has enabled annual gross profit retention of more than 125% each of the last -- of the past 4 years, which has driven strong returns on investment of 6x or greater over 3 years for historical cohorts.

現在轉向強大的隊列經濟學，這為我們的 Cash and Square 生態系統帶來了有效的增長。從 Cash App 的收購、保留和投資回報開始。 2021 年，即使我們擴大了營銷投資，Cash App 也花費了大約 10 美元來獲得新的交易活動。我們已經看到早期的月度隊列保持不到 1 年的投資回收期，因為第四季度每個月活躍的毛利潤為 47 美元。對於現有客戶，產品採用率和參與度的提高使過去 4 年的年度毛利潤保留率每年都保持在 125% 以上，這在過去 3 年內推動了 6 倍或更高的強勁投資回報率。

Square has also driven attractive cohort economics. In 2021, Square again onboarded its largest annual cohort of new sellers on a gross profit basis. With a greater mix of investments towards long-term strategic areas like international and brand campaigns, Square's 2021 sales and marketing spend is pacing towards an estimated 6-quarter payback.

Square 還推動了具有吸引力的隊列經濟學。 2021 年，Square 再次加入了其最大的年度新賣家群體，以毛利潤為基礎。隨著對國際和品牌活動等長期戰略領域的投資組合增加，Square 2021 年的銷售和營銷支出預計將在 6 個季度獲得回報。

Beyond growth in new seller acquisition, we saw encouraging recovery within our existing base this year. Each of our existing annual cohorts achieved positive gross profit retention in 2021 compared to 2019 and in aggregate grew 10% over this period. Square's 2020 and 2021 cohorts are pacing towards compelling returns on investment of 3x over 4 years. With these cohort economics, we delivered incremental adjusted EBITDA margins of 32% in 2021, which was driven by ramping profitability in both Square and Cash App and illustrates the potential structural profitability in our business that we're investing behind.

除了新賣家收購的增長外，今年我們在現有基礎上看到了令人鼓舞的複蘇。與 2019 年相比，我們現有的每個年度隊列在 2021 年都實現了正的毛利潤留存率，並且在此期間總體增長了 10%。 Square 的 2020 年和 2021 年隊列正朝著 4 年內 3 倍的引人注目的投資回報邁進。憑藉這些同期經濟學，我們在 2021 年實現了 32% 的增量調整後 EBITDA 利潤率，這是由 Square 和 Cash App 的盈利能力提升推動的，並說明了我們投資的業務潛在的結構性盈利能力。

Next, an update on Afterpay. We completed the acquisition of Afterpay on January 31, 2022. Since we announced the transaction in early August, our teams have been focused on closing the transaction and planning for the sizable integration of our 2 companies. Despite the significant work and management focus required here, on day 1, we executed on a meaningful integration of our Square -- into our Square ecosystem. We're excited about the early progress and also recognize we're embarking on a multiyear effort to deliver the shared vision we have for our customers.

接下來，關於 Afterpay 的更新。我們於 2022 年 1 月 31 日完成了對 Afterpay 的收購。自從我們在 8 月初宣布交易以來，我們的團隊一直專注於完成交易並規劃我們兩家公司的大規模整合。儘管這裡需要大量的工作和管理重點，但在第一天，我們將 Square 有意義地整合到我們的 Square 生態系統中。我們對早期的進展感到興奮，也認識到我們正在開展多年的努力，以實現我們為客戶所擁有的共同願景。

Although Afterpay did not contribute to our fourth quarter results, we wanted to share trends on Afterpay's business since their last reported financial results. Looking first at Afterpay's growth drivers in the second half of 2021. Gross merchandise volume or GMV was up 54% year-over-year and up 84% on a 2-year CAGR basis. Revenue and gross profit each grew by approximately 53% year-over-year and by approximately 73% on a 2-year CAGR basis.

儘管 Afterpay 沒有為我們的第四季度業績做出貢獻，但我們希望分享自 Afterpay 上次報告財務業績以來的業務趨勢。首先看一下 Afterpay 在 2021 年下半年的增長動力。商品總額或 GMV 同比增長 54%，在 2 年復合年增長率的基礎上增長 84%。收入和毛利分別同比增長約 53%，在 2 年復合年增長率的基礎上增長約 73%。

Afterpay continued to grow acquisition across its merchant and consumer base in the second half of 2021. At the end of December, Afterpay had more than 122,000 annual active merchants, up 64% year-over-year, and more than 19 million annual active consumers, up 47% year-over-year. As we look towards integration, we see a powerful opportunity to expand and reinforce both our seller and consumer relationships by connecting Afterpay with our Square and Cash App ecosystems.

2021 年下半年，Afterpay 在其商家和消費者群中繼續增加收購量。截至 12 月底，Afterpay 擁有超過 122,000 家年度活躍商家，同比增長 64%，年度活躍消費者超過 1900 萬，同比增長 47%。當我們尋求整合時，我們看到了通過將 Afterpay 與我們的 Square 和 Cash App 生態系統連接起來來擴展和加強我們的賣家和消費者關係的強大機會。

Turning to Afterpay's consumer losses in the second half of 2021, an area that Afterpay has been deliberate in managing. Losses on consumer receivables were 1.17% of GMV, an increase of 8 basis points compared to the first half of 2021 driven by seasonality around holidays and a greater mix of volumes from newer products and regions. We have historically seen loss rates improve with more time after we launch in the market as customers transact more frequently and our data model become more robust. We have seen this trend in our older markets of Australia and New Zealand, and North America and the United Kingdom are following a similar path for our core Buy Now Pay Later product.

談到 Afterpay 在 2021 年下半年的消費者損失，這是 Afterpay 一直在有意管理的領域。消費者應收賬款損失佔 GMV 的 1.17%，與 2021 年上半年相比增加了 8 個基點，這是由於假期前後的季節性因素以及新產品和地區的交易量增加所致。從歷史上看，隨著客戶交易更加頻繁，我們的數據模型變得更加健壯，我們在市場上推出後，損失率隨著時間的推移而提高。我們已經在澳大利亞和新西蘭等老市場看到了這種趨勢，北美和英國也在為我們的核心“先買後付”產品走類似的道路。

We saw healthy consumer repayment behavior as 98% of installments were paid on time in the second half of 2021, consistent with the first half of 2021. On a full year 2021 basis, Afterpay delivered $19.7 billion in GMV, up 74% year-over-year. Revenue growth was approximately 71% year-over-year, and gross profit growth was approximately 75% year-over-year.

我們看到了健康的消費者還款行為，因為 98% 的分期付款在 2021 年下半年按時支付，與 2021 年上半年一致。在 2021 年全年的基礎上，Afterpay 實現了 197 億美元的 GMV，同比增長 74% -年。收入同比增長約 71%，毛利同比增長約 75%。

Finally, turning to trends in the first quarter and our expected investments. Similar to prior years, we wanted to provide -- prior quarters, we wanted to provide an update on trends so far in the quarter. Excluding Afterpay across Cash App and Square, we expect gross profit growth of 33% year-over-year or 43% on a 2-year CAGR through January and February. By ecosystem, for Cash App, for the months of January and February, we expect gross profit growth of 21% year-over-year or 71% on a 2-year CAGR basis. For Square, for the month of January and February, we expect gross profit growth of 45% year-over-year or 28% on a 2-year CAGR basis.

最後，轉向第一季度的趨勢和我們的預期投資。與前幾年類似，我們希望提供前幾個季度，我們希望提供本季度迄今為止的趨勢更新。不包括 Cash App 和 Square 的 Afterpay，我們預計到 1 月和 2 月，毛利潤同比增長 33% 或 2 年復合年增長率為 43%。就生態系統而言，對於 Cash App，我們預計 1 月和 2 月的毛利潤將同比增長 21%，或在 2 年復合年增長率的基礎上增長 71%。對於 Square，我們預計 1 月和 2 月的毛利潤同比增長 45%，或 2 年復合年增長率為 28%。

We experienced a moderation in gross profit growth for both our Cash App and Square ecosystems in January before growth improved in February. We believe the moderation in January growth was driven in part by the impact of the Omicron variant as both businesses were more impacted in regions with pronounced increases in COVID cases.

在 2 月份增長有所改善之前，我們的 Cash App 和 Square 生態系統在 1 月份經歷了毛利潤增長放緩。我們認為，1 月份增長放緩的部分原因是 Omicron 變體的影響，因為這兩家公司在 COVID 病例顯著增加的地區受到的影響更大。

While Cash App saw impacts in January network volumes across peer-to-peer and Cash for Business, Cash Card continued to deliver strong growth year-over-year and on a 2-year CAGR basis. Square GPV growth was more impacted in verticals like food and drink, retail and beauty, which saw a trough in mid-January before improving in the subsequent weeks.

雖然 Cash App 在 1 月份對 P2P 和 Cash for Business 的網絡量產生了影響，但 Cash Card 繼續實現強勁的同比增長和 2 年復合年增長率。 Square GPV 增長在食品和飲料、零售和美容等垂直行業受到的影響更大，這些行業在 1 月中旬出現低谷，隨後幾周有所改善。

In February, we have seen trends in each ecosystem improve compared to January. Through the first 3 weeks of February, Square GPV growth on a 2-year CAGR basis was approximately at fourth quarter levels. For Cash App, we expect gross profit to increase month-over-month in February compared to January as inflows through the first 3 weeks of February are trending ahead of January levels and back near December levels.

與 1 月相比，我們在 2 月看到每個生態系統的趨勢有所改善。在 2 月的前 3 週，Square GPV 的 2 年復合年增長率約為第四季度的水平。對於 Cash App，我們預計 2 月份的毛利潤將比 1 月份環比增長，因為 2 月份前 3 週的資金流入趨勢超過 1 月份的水平並回到 12 月份的水平附近。

We completed the acquisition of Afterpay at the end of January, so Afterpay will only contribute to February and March results in the first quarter. For the month of February, we expect Afterpay GMV growth to be between 25% and 30% year-over-year, with revenue growth in a similar range.

我們在 1 月底完成了對 Afterpay 的收購，因此 Afterpay 只會對第一季度的 2 月和 3 月業績做出貢獻。 2 月份，我們預計 Afterpay GMV 同比增長 25% 至 30%，收入增長幅度相似。

Now looking ahead with the remainder of the first quarter. In the first quarter, we expect the gross profit 2-year CAGR for both Cash App and Square to modestly improve compared to trends through January and February, driven by an expected improvement in the 2-year CAGR in March. On a year-over-year basis, we expect slower growth in March compared to January and February as the prior year comps get tougher. Recall that we benefited from a strong growth in March 2021 behind government disbursements during that month.

現在展望第一季度的剩餘時間。在第一季度，我們預計 Cash App 和 Square 的 2 年 CAGR 與 1 月和 2 月的趨勢相比將略有改善，這主要是由於 3 月 2 年 CAGR 的預期改善。與去年同期相比，我們預計與 1 月和 2 月相比，3 月份的增長將放緩，因為上一年的競爭變得更加艱難。回想一下，我們受益於 2021 年 3 月政府支出的強勁增長。

As we look ahead to 2022, beyond the first quarter, we believe Cash App's year-over-year gross profit growth rate will improve in the second half of the year compared to the first half as the comps become more favorable and as we introduce new product innovations across our commerce and financial services priorities and make pricing adjustments in certain areas. As we look at 2022, we expect to sequentially grow gross profit each quarter across Cash App and Square throughout the year, assuming the macroeconomic environment remains stable.

展望 2022 年，在第一季度之後，我們認為 Cash App 的同比毛利潤增長率將在下半年與上半年相比有所提高，因為組合變得更加有利並且我們推出了新的在我們的商業和金融服務優先領域進行產品創新，並在某些領域進行定價調整。展望 2022 年，假設宏觀經濟環境保持穩定，我們預計全年 Cash App 和 Square 的每個季度毛利潤將連續增長。

Moving to our planned investments for the first quarter and full year 2021. For the first quarter, we expect to increase overall non-GAAP operating expenses by $180 million compared to the fourth quarter or $40 million when excluding Afterpay. For the full year 2022, we expect to increase overall non-GAAP operating expenses by $2.3 billion, including Afterpay's expected operating expense base of approximately $1 million this year. Excluding Afterpay, we expect to increase overall non-GAAP operating expenses by $1.3 billion or approximately 38% growth year-over-year, which is consistent with what we shared in November.

轉向我們在第一季度和 2021 年全年的計劃投資。對於第一季度，我們預計與第四季度相比，非公認會計原則的整體運營費用將增加 1.8 億美元，如果不包括 Afterpay，則增加 4000 萬美元。對於 2022 年全年，我們預計非 GAAP 總體運營費用將增加 23 億美元，其中包括 Afterpay 今年預計的運營費用基數約為 100 萬美元。不包括 Afterpay，我們預計整體非 GAAP 運營費用將增加 13 億美元，或同比增長約 38%，這與我們在 11 月分享的一致。

Given the pacing of our investments during the year, we expect to deliver greater adjusted EBITDA in the second half of 2022 compared to the first half of the year. We expect that our 4 emerging initiatives: TIDAL, TBD, the hardware wallet and Bitcoin mining will represent approximately $140 million in non-GAAP operating expenses or 2% to 3% of the overall company's investments. As always, we will actively manage our investments, adjusting them based on the top line growth and returns we see.

鑑於我們年內投資的節奏，我們預計 2022 年下半年的調整後 EBITDA 將高於上半年。我們預計，我們的 4 項新興舉措：TIDAL、TBD、硬件錢包和比特幣挖礦將佔非公認會計準則運營費用約 1.4 億美元，或占公司整體投資的 2% 至 3%。與往常一樣，我們將積極管理我們的投資，根據我們看到的收入增長和回報進行調整。

At our upcoming Investor Day on May 18, we are excited to share more with you about where we are and where we're headed. We see a compelling long-term vision, a large and growing total addressable market, pressing customer needs that we'll continue to focus on and strong unit economics in our business. We hope to tell you more about the potential with Afterpay and how we will work to connect our growing Square and Cash App ecosystems. In the meantime, we will be disciplined and adapt in this dynamic environment as ever.

在即將於 5 月 18 日舉行的投資者日上，我們很高興與您分享更多關於我們所處的位置和前進方向的信息。我們看到了令人信服的長期願景、龐大且不斷增長的總目標市場、我們將繼續關注的緊迫客戶需求以及我們業務中強大的單位經濟性。我們希望告訴您更多關於 Afterpay 的潛力，以及我們將如何努力連接我們不斷發展的 Square 和 Cash App 生態系統。與此同時，我們將一如既往地在這個充滿活力的環境中保持紀律和適應。

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 at JPMorgan.

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

Really appreciate the incremental margin comments. It's really encouraging.

非常感謝增量邊距評論。這真的很令人鼓舞。

I thought I'd ask, if you don't mind, just on the operating expense investments. And I mean, you talked about it. Up over 50% last year, you spent another $1.3 billion, like you said back in November this year.

我想我會問，如果你不介意，只是關於運營費用投資。我的意思是，你談到了它。去年增長了 50% 以上，你又花了 13 億美元，就像你在今年 11 月所說的那樣。

So I'm curious, have your investment priorities or visibility in spending changed in any way with respect to getting adequate returns that you've been talking about? I saw that the CAC on Cash App is now $10. So just curious if your priorities or your general thinking here has changed, whether it be growing users or ARPU or just spending priorities.

所以我很好奇，在獲得你一直在談論的足夠回報方面，你的投資重點或支出可見性是否發生了任何變化？我看到 Cash App 上的 CAC 現在是 10 美元。所以只是好奇你的優先級或你的總體思路是否發生了變化，無論是用戶增長、ARPU 還是支出優先級。

Sure, Tien-Tsin. Thanks for the question.

當然，天真。謝謝你的問題。

So first, let me say what we delivered in 2021 in terms of our adjusted EBITDA margins of 32% year-over-year versus 2020 really showed the ramping profitability and underlying structural profitability potential across our businesses, across both Square and Cash App. And that's what we're investing behind here. Now that, coupled with the unit economics is what we look at on a dynamic basis throughout the year to assess the investments that we're making.

因此，首先，讓我說一下我們在 2021 年實現的業績，與 2020 年相比，調整後的 EBITDA 利潤率同比增長 32%，這確實顯示了 Square 和 Cash App 業務的盈利能力和潛在的結構性盈利潛力。這就是我們在這裡投資的東西。現在，再加上單位經濟學，我們在全年動態地評估我們正在進行的投資。

And I think it's important for us to unpack that a little bit to look at the quality of these cohort economics to understand the investments that we're making. With Cash App specifically, I think there are 4 factors that we look at. And each of those 4 factors that I'll go through has attractive fundamentals, and they've traced over time.

而且我認為對我們來說，重要的是要稍微了解一下這些隊列經濟學的質量，以了解我們正在進行的投資。具體來說，對於 Cash App，我認為我們需要考慮 4 個因素。我將討論的這四個因素中的每一個都有吸引人的基本面，並且隨著時間的推移它們已經被追踪。

So first, customer acquisition. Cash App's strong network effect has driven efficient acquisition historically. But even as we've scaled our investment in the past year with paid marketing to target new audiences that help us drive both brand awareness and engagement with higher product adoption and, ultimately, ARPUs even with that incremental marketing investment, we increased our CAC to only $10 to acquire a net new active customer in 2021 versus the historic $5, which frankly, you could argue was too efficient.

首先，客戶獲取。 Cash App 強大的網絡效應在歷史上推動了高效收購。但是，儘管我們在過去一年通過付費營銷擴大了投資以瞄準新的受眾，從而幫助我們提高品牌知名度和參與度，提高產品採用率，最終提高 ARPU，即使有了增量營銷投資，我們也將 CAC 提高到到 2021 年，只需 10 美元即可獲得一個淨新的活躍客戶，而歷史上的 5 美元，坦率地說，你可能會說效率太高了。

We believe this is lower. That $10 is still lower than other neobanks and a fraction of what a traditional bank would spend to acquire a new customer, and that's really supported by the efficiency of the model with peer-to-peer embedded within the app.

我們認為這是較低的。這 10 美元仍然低於其他新銀行，並且只是傳統銀行為獲得新客戶所花費的一小部分，而這確實得到了應用程序中嵌入點對點模型的效率的支持。

Then you look at the returns on the investment here with Cash App. Our focus in these investments is measuring returns on investment because we've seen growing ARPU over time. And what we've achieved historically is an ROI of over 6x over 3 years for historical cohorts. And even again, in 2021, as we increased marketing spend by 3x and CAC by over 2x, we've seen our early 2021 cohort trend towards a payback of less than a year. And we onboarded our largest annual cohort on both variable profit and gross profit basis here in 2021.

然後，您可以使用 Cash App 查看此處的投資回報。我們在這些投資中的重點是衡量投資回報，因為我們已經看到隨著時間的推移不斷增長的 ARPU。我們在歷史上取得的成就是歷史同期群在 3 年內的投資回報率超過 6 倍。甚至在 2021 年，隨著我們將營銷支出增加 3 倍，CAC 增加 2 倍以上，我們已經看到 2021 年初的隊列趨勢朝著不到一年的回報期發展。 2021 年，我們在可變利潤和毛利潤基礎上加入了我們最大的年度隊列。

Then you look at engagement, and to your point, ARPU. Gross profit per monthly active was $47 based on fourth quarter gross profit, which increased 13% from the prior year, showing increasing engagement of our customers over time. And we believe we're still early in this cross-sell journey, especially when you think about the power of a product like Cash Card, which is still at only just over a 30% attach rate to our total active base. And Cash Card really driving more inflows and more spend and more engagement on the platform. So we see a meaningful opportunity here to grow ARPU, both with products like Cash Card and with other products like investing, direct deposit, et cetera. And that's a meaningful focus for us as part of our go-to-market strategy to drive ARPU.

然後你看看參與度，以及你的觀點，ARPU。基於第四季度毛利潤，每月活躍毛利為 47 美元，比去年同期增長 13%，表明隨著時間的推移，我們客戶的參與度不斷提高。而且我們相信我們仍處於交叉銷售之旅的早期階段，尤其是當您考慮到像現金卡這樣的產品的強大功能時，它仍然僅占我們總活躍基礎的 30% 以上。現金卡確實推動了平台上的更多流入、更多支出和更多參與。因此，我們在這裡看到了增加 ARPU 的有意義的機會，無論是現金卡等產品，還是投資、直接存款等其他產品。作為我們推動 ARPU 的上市戰略的一部分，這對我們來說是一個有意義的重點。

And then finally, retention. We increased engagement and monetization for our customers over time, and that's led to strong gross profit retention of over 125% year-over-year in each of the last 4 years. That means once the cohort onboards, on average, they generated at least 25% more gross profit in their second year and at least 25% more in their third and fourth years, net of any churn. So these are the dynamics that we're investing behind in our key focus areas, which really haven't changed given the health of these fundamental metrics that we're looking at as we make these investments.

最後，保留。隨著時間的推移，我們增加了客戶的參與度和貨幣化，這導致過去 4 年每年的毛利潤保持率都超過 125%。這意味著一旦隊列加入，他們在第二年平均產生至少 25% 的毛利潤，在第三年和第四年產生至少 25% 的毛利潤（扣除任何流失）。因此，這些是我們在關鍵重點領域投資的動力，考慮到我們在進行這些投資時正在考慮的這些基本指標的健康狀況，這些動力實際上並沒有改變。

Our next question comes from the line of Darrin Peller from Wolfe Research.

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

Nice job on the results.

結果很好。

Maybe just a bit of a follow-up. It's obviously great to hear the strong trends in January and February, especially around the Cash App gross profit. When we look at the conviction in your Cash App organic growth potential from here, it sounded constructive at the acceleration you're talking about in the second half. Perhaps if you could just give us more color on expectations for active user growth relative to the 4 million to 5 million semiannual adds you've had before versus that ARPU.

也許只是一點點後續。很高興聽到 1 月和 2 月的強勁趨勢，尤其是在 Cash App 毛利潤方面。當我們從這裡審視你對 Cash App 有機增長潛力的信念時，你所說的下半年的加速聽起來很有建設性。或許你能給我們更多關於活躍用戶增長的預期，相對於你之前的 400 萬到 500 萬半年增加量與 ARPU 相比。

And then just, Jack, maybe you can give us some more understanding on what you anticipate building out in terms of new products that can drive that ARPU and engagement that either we've seen so far, expanding more or yet to come and what do you have in mind?

然後只是，傑克，也許你可以讓我們更多地了解你期望在新產品方面構建什麼，這些新產品可以推動我們迄今為止看到的 ARPU 和參與度，擴展更多或尚未到來，以及做什麼你有什麼想法？

Thanks, Darrin. Jack, maybe I can start, and then you can take the second part of the question?

謝謝，達林。傑克，也許我可以開始，然後你可以回答問題的第二部分？

So just to ground you in what we're seeing so far for Cash App, Darrin, is gross profit growth ultimately driven by, as you called out, network reach, engagement and inflows, which we shared at $45 billion in Q4 was up quarter-over-quarter and year-over-year.

因此，為了讓您了解我們迄今為止所看到的 Cash App，Darrin，毛利潤增長最終是由網絡覆蓋、參與度和流入量推動的，我們在第四季度分享了 450 億美元的季度增長- 環比和同比。

When we unpack a little bit of what we've seen so far this year, in January, we did see some moderation in the gross profit growth rate for Cash App, which we believe was related in part to Omicron. We saw resilience though in certain parts of the ecosystem, for instance, Cash Card, which is more resilient and continue to drive strong growth. In February, we expect gross profit to increase month-over-month as inflows in those first 3 weeks of February are trending ahead of January levels, nearly back to December levels. We also expect year-over-year gross profit growth to improve in February.

當我們對今年到目前為止所看到的情況進行一些分析時，1 月份，我們確實看到 Cash App 的毛利潤增長率有所放緩，我們認為這部分與 Omicron 有關。我們在生態系統的某些部分看到了彈性，例如現金卡，它更具彈性並繼續推動強勁增長。 2 月份，我們預計毛利潤將逐月增加，因為 2 月份前 3 週的資金流入趨勢超過 1 月份的水平，幾乎回到 12 月份的水平。我們還預計 2 月份毛利潤同比增長將有所改善。

And when you look throughout the rest of the quarter, we expect that 2-year CAGR to modestly improve for Cash App from the 71% we had in January, February, based on an expected improvement in March. And again, we would anchor you to the 2-year CAGR here for Q1 just given the comps around the year-over-year from March of 2021 last year with the government disbursement.

當您查看本季度剩餘時間時，我們預計 Cash App 的 2 年復合年增長率將從 1 月和 2 月的 71% 適度改善，基於 3 月份的預期改善。再一次，我們將把你錨定在第一季度的 2 年復合年增長率上，只是考慮到從去年 2021 年 3 月起政府撥款的同比情況。

Looking to the remainder of 2022, as we think about growth levers, we see room to scale with recent product launches, with Cash App Pay, Families, Taxes, which are still early in scaling in the second quarter. And obviously, we've got the pipeline around Cash App Borrow and integration products with Afterpay and with the commerce opportunity there. So as a result, as you noted, we expect Cash App year-over-year gross profit growth rate to improve in the second half versus the first half behind these new products, behind some pricing changes and as we begin lapping a more normalized macro environment in the second half of the year.

展望 2022 年剩餘時間，當我們考慮增長槓桿時，我們看到最近推出的產品有擴展空間，其中現金應用支付、家庭、稅收在第二季度仍處於早期擴展階段。顯然，我們已經圍繞 Cash App Borrow 和 Afterpay 集成產品以及那裡的商業機會建立了管道。因此，正如您所指出的，我們預計下半年 Cash App 的毛利潤同比增長率將比上半年有所提高下半年環境。

And Darrin, I think your question was around just new products for Cash App. The strongest and greatest thing about Cash App that we found is how it creates network effects. We started with that early on. So if you look at how we launched the app, the peer-to-peer aspect has always been our strongest driver of usage. So me being able to get paid and then also request money from my friends or send money for my friends, creating another account and another customer.

Darrin，我認為您的問題只是關於 Cash App 的新產品。我們發現 Cash App 最強大和最偉大的地方在於它如何創造網絡效應。我們很早就開始了。因此，如果您看看我們是如何啟動該應用程序的，就會發現點對點方面一直是我們最強大的使用驅動力。所以我能夠得到報酬，然後向我的朋友要錢或為我的朋友匯款，創建另一個帳戶和另一個客戶。

But as we look forward, some of the features that Amrita mentioned also have the benefit of enhancing those network effects. So any product that either creates new network effects or strengthens the one we already have, we're going to look to see it. We have a lot today that, I think, positively reinforces one another. And a lot of it creates even more opportunity for people to keep their money with us. And as we see people keeping their money with us, we see them doing more activities that we offer, such as bitcoin or stocks or the Cash Card. Or obviously, Direct Deposit and Taxes are part of that.

但正如我們所期待的那樣，Amrita 提到的一些功能也有利於增強這些網絡效應。因此，任何能夠創造新的網絡效應或增強我們已有的產品的產品，我們都會去看看。我認為，我們今天有很多東西可以積極地相互加強。其中很多為人們將錢留在我們這裡創造了更多機會。當我們看到人們把錢存給我們時，我們看到他們做我們提供的更多活動，例如比特幣或股票或現金卡。或者顯然，直接存款和稅收是其中的一部分。

So there's a whole suite of financial tools that Cash App has access to that we're really excited about. And we'll do it in a way that we've always done it, make sure that we get down to the simplest bare essentials that people can use immediately. And I think that's what sets us apart from our competitors and especially the neobanks and some of the others that you all have brought up is that we're not just focused on one aspect. We have an entire ecosystem that positively reinforces one another for our customers and do that for us as well.

因此，Cash App 可以使用一整套金融工具，我們對此感到非常興奮。我們會以我們一直以來的方式來做這件事，確保我們得到人們可以立即使用的最簡單的基本要素。我認為這就是我們與競爭對手的區別，尤其是新銀行和你們提出的其他一些人，我們不僅僅專注於一個方面。我們擁有一個完整的生態系統，可以為我們的客戶積極地相互加強，並為我們這樣做。

And then you bring in the Square side, the seller side, I think the most exciting thing for us going forward is how we connect these 2 ecosystems even more. And Afterpay is one such example of a massive connection that we're really excited about. We're excited to be finally past the integration, so we can focus on building, especially on the Cash App side. You've only seen the Square Seller side, but we did this as a connection between the two, and we're super excited about what it brings to Cash App customers.

然後你引入 Square 方，賣方方，我認為對我們來說最令人興奮的事情是我們如何將這兩個生態系統連接得更緊密。 Afterpay 就是我們非常興奮的大規模連接的一個例子。我們很高興終於完成了集成，因此我們可以專注於構建，尤其是在 Cash App 方面。您只看到了 Square Seller 方面，但我們這樣做是為了將兩者聯繫起來，我們對它為 Cash App 客戶帶來的東西感到非常興奮。

For our third question, we have [Karen Campbell], a Cash App customer.

對於我們的第三個問題，我們有 Cash App 的客戶 [Karen Campbell]。

I definitely enjoy using Cash App. And the question that I have, I normally receive my paycheck direct deposited into Cash App. And while I do enjoy receiving my checks 2 days earlier, I just wanted to know down the line on your guys' road map, do you see my paycheck being Cashed App into -- converted into bitcoin by any chance down the line?

我絕對喜歡使用 Cash App。我的問題是，我通常會收到直接存入 Cash App 的薪水。雖然我很喜歡兩天前收到支票，但我只是想知道你們的路線圖，你是否看到我的薪水被 Cashed App 轉換成 - 有可能在未來轉換成比特幣？

Yes. I can take that. Thank you, first and foremost, for being a customer. Obviously, we're really excited about bitcoin. We wanted to make it more accessible to everyone. I love your interest about automatically converting your paycheck into bitcoin as well. We're seeing a lot of -- and we're partnering with a lot of athletes to do exactly this. Obviously, we want to bring it to everyone.

是的。我可以接受。首先感謝您成為客戶。顯然，我們對比特幣感到非常興奮。我們想讓每個人都更容易使用它。我也喜歡您對自動將您的薪水轉換為比特幣的興趣。我們看到了很多——我們正在與很多運動員合作來做到這一點。顯然，我們想把它帶給每個人。

You can do it today effectively by direct depositing the Cash App and then doing an auto buy on the bitcoin tab so you can effectively set Cash App to buy bitcoin for you every week or 2 weeks or whatever time period you want from your direct deposit of your paycheck. But we think there's opportunities to make that even more seamless, so we're definitely looking at that. And thank you so much.

您今天可以通過直接存入 Cash App 然後在比特幣選項卡上進行自動購買來有效地做到這一點，這樣您就可以有效地將 Cash App 設置為每週或每兩週或您希望從直接存入的任何時間段為您購買比特幣你的薪水。但我們認為有機會讓它更加無縫，所以我們肯定會考慮這一點。非常感謝。

Our next question comes from the line of Timothy Chiodo from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

I wanted to touch on Cash App Taxes, given the inflows are right around the corner here over the next few weeks. Really, I think about this as 2 types of benefits. There's near term and long term. On the near term, you have obviously the tax refund inflows and monetization. And then longer term, it's sort of a shot on goal to bring on more users, to reduce churn, more Cash Card, more Direct Deposit, et cetera. Maybe you could just help talk about both of those, both the near term and the long term and how it might play out.

我想談談現金應用稅，因為在接下來的幾週內資金流入即將到來。真的，我認為這是兩種好處。有近期和長期之分。在短期內，你顯然有退稅流入和貨幣化。然後從長遠來看，這是一個目標，以吸引更多用戶、減少流失、更多現金卡、更多直接存款等等。也許您可以幫助談論這兩個方面，包括近期和長期以及它可能會如何發揮作用。

Yes. I mean I think that's a great way to think about it. Certainly, we definitely see a lot of opportunities in the near term to look at the customers using Cash App already today for core taxes through direct deposit. But ideally, we want to be known as the simplest way to handle all of your personal finances. No matter what you have to do, no matter how creative they become, we want to make sure it's simple and straightforward. And that was the idea behind creating and launching Cash App Taxes. And we think there's a long road map ahead that is very fulfilling for our customers and also for us definitely over the long term.

是的。我的意思是我認為這是一個很好的思考方式。當然，我們肯定會在短期內看到很多機會，可以通過直接存款來查看已經使用 Cash App 的客戶來支付核心稅款。但理想情況下，我們希望以最簡單的方式處理您的所有個人財務而聞名。無論您必須做什麼，無論他們變得多麼有創意，我們都希望確保它簡單明了。這就是創建和啟動 Cash App Taxes 背後的想法。我們認為前方有一個很長的路線圖，這對我們的客戶來說非常令人滿意，而且從長遠來看，對我們來說也是如此。

We still see a lot of complications in taxes and filing taxes, a lot of hidden costs that are unnecessary that we can take away. And we're going to follow our history and remove any insecurity of information that we've seen in the financial industry and get it closer to customers, which has them -- that we see has been using our services a lot more because it's much more transparent and much easier. So we're really excited about this as a platform. But more importantly, we're excited to remove one of its complexities so that people can get on with their lives.

我們仍然看到稅收和報稅方面的許多複雜性，以及許多我們可以消除的不必要的隱藏成本。我們將遵循我們的歷史，消除我們在金融行業看到的任何不安全信息，並使其更接近擁有他們的客戶——我們看到這些客戶一直在更多地使用我們的服務，因為它是更透明，更容易。因此，作為一個平台，我們對此感到非常興奮。但更重要的是，我們很高興能夠消除其中的一個複雜性，以便人們可以繼續他們的生活。

And Tim, I'll just add that what we see with our tax product is we want customers to view Cash App as really a preferred banking platform and expand awareness around Cash App's Direct Deposit capabilities.

蒂姆，我只想補充一點，我們在稅務產品中看到的是，我們希望客戶將 Cash App 視為真正的首選銀行平台，並擴大對 Cash App 直接存款功能的認識。

As Jack mentioned, historically, we see more inflows around tax season, customers bringing in their tax refunds to Cash App. But now with this integrated tax product, we can make those deposits even easier and faster. Customers using Cash App Taxes can receive their refund up to 2 days early if it's deposited to Cash App, which we believe can drive more inflows in the Cash App. And ultimately, our focus, as we level up, is on driving more inflows obviously through adding that utility to our customers. And we believe Cash App Taxes can act as both an acquisition and an engagement product for Cash App by being that simplified free tax tool.

正如傑克所提到的，從歷史上看，我們看到稅收季節前後會有更多的資金流入，客戶將退稅款帶入 Cash App。但是現在有了這個綜合稅收產品，我們可以讓這些存款變得更加容易和快捷。使用 Cash App Taxes 的客戶如果將其存入 Cash App，最多可以提前 2 天收到退款，我們認為這可以推動 Cash App 的更多資金流入。最終，隨著我們的升級，我們的重點顯然是通過向我們的客戶添加該實用程序來推動更多的流入。我們相信 Cash App Taxes 可以作為 Cash App 的收購和參與產品，因為它是一種簡化的免費稅收工具。

I would note that there's a number of levers that we have, right, for driving inflows. And one of them around recurring paycheck deposits, we are also seeing traction on. We've seen growth in recurring paycheck deposits with volumes up 2x year-over-year in the fourth quarter as we've made improvements to that direct deposit experience by allowing customers to directly log into their employer or their payroll provider from the app and also as we invest in marketing and boost incentives to drive awareness of those products and features. So part of a broader strategy that we have around ultimately the utility to our customers and inflows into Cash App.

我會注意到，我們有許多槓桿來推動資金流入。其中之一是圍繞經常性工資支票存款，我們也看到了牽引力。由於我們通過允許客戶直接從應用程序登錄到他們的雇主或他們的工資單供應商來改善直接存款體驗，我們已經看到經常性工資支票存款在第四季度同比增長 2 倍。還因為我們投資於營銷並提高激勵措施以提高對這些產品和功能的認識。因此，作為更廣泛戰略的一部分，我們最終圍繞著為我們的客戶提供效用並流入 Cash App。

Excellent. Yes. We noted that partnership with Pinwheel there, so thank you for both of those updates, Jack and Amrita.

優秀。是的。我們注意到了與 Pinwheel 的合作關係，因此感謝 Jack 和 Amrita 的這兩個更新。

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

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

Terrific. Now that the Afterpay acquisition has closed and you've had a few months working with that team, can you just provide an updated perspective on the primary sources of synergies from the deal and how you expect the synergies to maybe even start to affect Block in 2022?

了不起。既然 Afterpay 收購已經完成，並且您已經與該團隊合作了幾個月，您能否提供有關交易協同效應的主要來源的最新觀點，以及您期望協同效應如何甚至開始影響 Block in 2022 年？

Yes. So first, we're thrilled to be over the hump and finally closed. As you all can imagine, integrations are quite challenging and distracting for both Afterpay, for Square and Cash App with -- we knew going into this, but we believe in the outcome fully and the future of it.

是的。所以首先，我們很高興能夠克服困難並最終關閉。正如你們都可以想像的那樣，對於 Afterpay、Square 和 Cash App 來說，集成是相當具有挑戰性和分散注意力的——我們知道這樣做，但我們完全相信結果和它的未來。

This is a huge connection between our 2 largest ecosystems, Square and Cash App. On the Square side, this is something that our customers have been asking for, for quite some time. On the -- both for themselves as sellers but also for their customers. Their customers are driving some of this adoption. The interesting thing about Afterpay is it gets us much closer to much, much larger retailers, continuing to go down our omnichannel strategy, making sure that we are meeting our customers wherever they are in whatever size merchants that they wanted to shop at.

這是我們兩個最大的生態系統 Square 和 Cash App 之間的巨大聯繫。在 Square 方面，這是我們的客戶長期以來一直在要求的東西。關於 - 既為他們自己作為賣家，也為他們的客戶。他們的客戶正在推動這種採用。 Afterpay 的有趣之處在於，它讓我們更接近更大、更大的零售商，繼續實施我們的全渠道戰略，確保我們能夠在客戶想要購物的任何規模的商家中與他們會面。

For Cash App, there's a long road map ahead. We haven't seen much of this. We'll talk more about this during our Investor Day. But this is, to me, where the -- a lot of the real excitement lies is now we have an opportunity for a whole lot more discovery on the Cash App side and giving Cash App customers entirely new capabilities that they haven't had certainly in a Cash App before but I don't think in any financial instruments.

對於 Cash App，前面還有很長的路要走。我們還沒有看到太多這種情況。我們將在投資者日期間對此進行更多討論。但對我來說，這就是——很多真正令人興奮的地方在於，現在我們有機會在 Cash App 方面進行更多發現，並為 Cash App 客戶提供他們肯定沒有的全新功能以前在現金應用程序中，但我不認為在任何金融工具中。

So we're still happy to be through this integration. It was tough and challenging, but I'm really proud of the fact that we're able to launch something day 1 of close and then customers could use it right away. So expect us to continue that momentum and continue to push and expect a lot more on the Cash App side.

所以我們仍然很高興能夠通過這種整合。這是艱難和具有挑戰性的，但我真的很自豪我們能夠在關閉的第一天推出一些東西，然後客戶可以立即使用它。因此，期待我們繼續保持這種勢頭，繼續推動並期待在 Cash App 方面取得更多進展。

And I'd just add, Lisa, obviously, we've only just completed the acquisition a few weeks ago, so we'll have more to share about how we expect to unlock deeper integration points and synergies between the businesses, as Jack said at Investor Day, but we really see a meaningful cross-sell opportunity between our Square sellers, Afterpay customers, both merchants and consumers, and Cash App and plan to leverage that overlap and consumption behavior as we develop these integration points further.

我想補充一下，麗莎，很明顯，我們幾週前才剛剛完成收購，所以我們將有更多關於我們期望如何解鎖業務之間更深層次的整合點和協同效應的分享，正如傑克所說在投資者日，但我們確實看到了 Square 賣家、Afterpay 客戶、商家和消費者以及 Cash App 之間有意義的交叉銷售機會，併計劃在我們進一步開發這些集成點時利用這種重疊和消費行為。

Just to dig in a little bit more on the Cash App side, Afterpay's retailers have shown a lot of excitement about a potential integration opportunity being developed right now with Cash App, including the combination of Buy Now Pay Later with Cash App Pay, which, as you know, we just launched a few months ago. We've also built in Cash App an initial search page for customers where they can discover Buy Now Pay Later offers within Cash App. Similar to how you might discover a Boost offer within your Cash App, customers can click through the search icon to discover Afterpay merchants, along with other peer-to-peer network and Boost functionality. That's the first time we've enabled commerce for customers to buy through Cash App.

只是在 Cash App 方面再深入一點，Afterpay 的零售商對目前正在開發的與 Cash App 的潛在集成機會表現出極大的興奮，包括將 Buy Now Pay Later 與 Cash App Pay 相結合，其中，如您所知，我們幾個月前剛剛推出。我們還在 Cash App 中構建了一個初始搜索頁面，供客戶在其中發現 Cash App 中的 Buy Now Pay Later 優惠。與您在 Cash App 中發現 Boost 優惠的方式類似，客戶可以點擊搜索圖標來發現 Afterpay 商家，以及其他點對點網絡和 Boost 功能。這是我們第一次讓客戶通過 Cash App 進行商業購買。

And it's early days. We continue to iterate here on this product, but we've already seen over 100,000 leads going out from Cash App to Afterpay merchants since late December when we enabled this. So this is something that we think will continue to evolve and become more and more prominent as we further integrate Afterpay offers into Cash App as well as further integration obviously, in the Square, broadening out the rollout of Buy Now Pay Later in-person sellers. And we look forward to updating more as we make progress.

現在還為時過早。我們繼續在此產品上進行迭代，但自 12 月下旬啟用此功能以來，我們已經看到超過 100,000 條線索從 Cash App 流向 Afterpay 商家。因此，我們認為隨著我們進一步將 Afterpay 優惠整合到 Cash App 中以及在 Square 中進一步整合，這將繼續發展並變得越來越突出，從而擴大了“先買後付”的推出。 .隨著我們取得進展，我們期待更新更多內容。

Our next question comes from the line of Harshita Rawat from Bernstein.

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

So I want to ask about affluent user expansion for Cash App. Driving monetization for appoint users is an area where some of your peers like Venmo have struggled, partly because these individuals are relatively well served by traditional financial institutions. So as you increase your marketing spend on Cash App, which I recognize is still very low on a CAC basis, what are you seeing in terms of engagement and user behavior for affluent customers?

所以我想問一下Cash App的富裕用戶擴展。為指定用戶推動貨幣化是您的一些同行（如 Venmo）一直在苦苦掙扎的領域，部分原因是傳統金融機構為這些人提供了相對較好的服務。因此，當您增加在 Cash App 上的營銷支出時，我認為其在 CAC 的基礎上仍然非常低，您對富裕客戶的參與度和用戶行為有何看法？

Well, I'll say that I think our biggest constraint right now is just how we think about building Cash App's risk and compliance efforts, everything that we see around fraud. We want to make sure that we are building a system that is scalable that allows for limits for customers who might have more resources at their disposal and want to use Cash App for more and more things such as -- as they would treat their normal bank.

好吧，我會說，我認為我們現在最大的限制就是我們如何看待構建 Cash App 的風險和合規工作，以及我們所看到的圍繞欺詐的一切。我們希望確保我們正在構建一個可擴展的系統，該系統允許對可能擁有更多資源並希望將 Cash App 用於越來越多的事情的客戶進行限制，例如 - 因為他們會對待他們的普通銀行.

So we have limits in place to manage all these things, and a big goal for us is to make sure that we're looking for opportunities to increase those and to, at the same time, maintain all of the risk controls and fraud and continue to do what we've done so well over the years. And not just on the Cash App side, but on the Square side, keep it in our business forever.

因此，我們對管理所有這些事情都有限制，我們的一個重要目標是確保我們正在尋找增加這些限制的機會，同時保持所有風險控制和欺詐行為並繼續做我們多年來做得很好的事情。不僅在 Cash App 方面，而且在 Square 方面，將其永遠保留在我們的業務中。

So as we look at inflows in deposits, especially, this is a huge opportunity for us, especially for higher-net worth individuals who want to use the Cash App. The marketing, I think, generally appeals to a very broad-based mainstream and that is always going to be our intention. We want to make sure we're building a brand that number one, people can trust. So they see it as simple. They see it as solid, trustworthy. And that matches their experience when they demo the app. They get in, everything works immediately. They can access all the features, that there's very, very simple ways to provide more information, to get higher limits in place.

因此，當我們特別關注存款流入時，這對我們來說是一個巨大的機會，尤其是對於想要使用 Cash App 的高淨值個人而言。我認為，營銷通常會吸引一個非常廣泛的主流，而這始終是我們的意圖。我們想確保我們正在建立一個人們可以信任的第一品牌。所以他們認為這很簡單。他們認為它是堅實的、值得信賴的。這與他們演示應用程序時的體驗相匹配。他們進去了，一切都立即生效。他們可以訪問所有功能，有非常非常簡單的方法可以提供更多信息，以獲得更高的限制。

So like I think the marketing, as we continue to look for opportunities to go even more mainstream, as we support a stronger audience, our marketing will certainly reflect the uniqueness of the brand, which should serve really, really well, especially when you consider the competition that we have in other banking services and how (inaudible) in comparison. So we're very excited to bring a lot more life to this and certainly a lot more trust and a lot more fairness for our customers as well, which is a big part of why we're doing what we're doing.

所以就像我認為的營銷一樣，隨著我們繼續尋找機會成為主流，因為我們支持更強大的受眾，我們的營銷肯定會反映品牌的獨特性，它應該服務得非常非常好，尤其是當你考慮我們在其他銀行服務中的競爭以及與之相比如何（聽不清）。因此，我們很高興能夠為此帶來更多的活力，當然也為我們的客戶帶來更多的信任和更多的公平，這也是我們正在做我們正在做的事情的重要原因。

Great. And Harshita, I'd just add, to underscore Jack's point, Cash App at 44 million monthly active, growing 22% year-over-year, was the #1 downloaded finance at in the U.S. in 2021 and the #4 downloaded app overall in the U.S. in 2021 on iOS. So we are reaching mainstream scale and want to continue to enable broad-based utility, as Jack was saying, around deposits and limits.

偉大的。為了強調 Jack 的觀點，Harshita 每月活躍 4400 萬次，同比增長 22%，是 2021 年美國下載量排名第一的金融應用程序和整體下載量排名第四的應用程序2021 年在美國在 iOS 上。因此，正如傑克所說，我們正在達到主流規模，並希望繼續實現基礎廣泛的公用事業，圍繞存款和限額。

But as you see through the strength of our cohort economics, with growing ARPU $47 in the fourth quarter, up 13% year-over-year; with strong gross profit retention of over 125% year-over-year for each of the last 4 years; and with strong ROIs at 6x over the last 3 years; and now, with 4 monetization streams at $200 million or more in gross profit, there is a diversity of customers that we're reaching and a diversity of use cases that we're helping to address for our customer base. And that work continues. And with that work, we believe we'll be able to reach greater diversity of demographics and use cases over time.

但正如你所看到的，我們的隊列經濟實力強勁，第四季度 ARPU 增長 47 美元，同比增長 13%；過去 4 年每年的毛利潤保持率均超過 125%；在過去 3 年中，投資回報率高達 6 倍；現在，我們有 4 個盈利流在 2 億美元或更多的毛利潤，我們正在接觸各種各樣的客戶，我們正在幫助解決我們的客戶群的各種用例。這項工作仍在繼續。通過這項工作，我們相信隨著時間的推移，我們將能夠實現更多樣化的人口統計和用例。

Our next question comes from the line of Josh Beck from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Josh Beck。

I wanted to go back a little bit to this topic of commerce discovery. Certainly, the 100,000 leads right out of the gate is impressive. And Afterpay had certainly really good momentum on building out this affiliate model.

我想回到商業發現這個話題。當然，一開始就有 100,000 條線索令人印象深刻。 Afterpay 在建立這種會員模式方面確實有很好的勢頭。

So I'm just curious, as you play this forward, how do you see this evolving? Is it maybe a case where you start to build out adtech capabilities and have much deeper conversations with the advertising community to really kind of monetize some of the commerce discovery aspects of the platform? Just curious strategically how you're approaching that.

所以我很好奇，當你打前鋒時，你如何看待這種演變？是否可能是您開始構建廣告技術功能並與廣告社區進行更深入的對話以真正通過平台的某些商業發現方面獲利的情況？只是從戰略上好奇你是如何接近這個目標的。

Sure, I can jump in here. What we see with the combination of Afterpay in both of Cash and Square is a true differentiator, frankly, when you look at the landscape of commerce and financial services and specifically differentiator related to Buy Now Pay Later as we connect and integrate these platforms.

當然，我可以跳到這裡。坦率地說，當您查看商業和金融服務的格局時，我們看到 Cash 和 Square 中的 Afterpay 組合是一個真正的差異化因素，特別是當我們連接和整合這些平台時，與 Buy Now Pay Later 相關的差異化因素。

Specifically with Cash and Afterpay, we see strong potential to deepen the engagement across millions of younger consumers, frankly, who are immersed in online and omnichannel commerce. Longer term, we also see an opportunity to bring Cash App's financial tools, including money transfer, stock, bitcoin, Boost, et cetera to Afterpay customers as well. So we see that crossover across financial services.

特別是現金和Afterpay，坦率地說，我們看到了加深數百萬年輕消費者參與度的強大潛力，他們沉浸在在線和全渠道商務中。從長遠來看，我們還看到了將 Cash App 的金融工具（包括匯款、股票、比特幣、Boost 等）帶給 Afterpay 客戶的機會。因此，我們看到了跨金融服務的交叉。

But specifically with commerce, as you noted, Afterpay has a history of being able to drive lead generation to merchants because prior to the acquisition, they were driving over 1 million leads per day in the back half of 2021, with 38% of those referrals from consumers searching within Afterpay for specific brands and 46% of referrals from browsing on Afterpay's app homepage. And now, when you combine that with the scale of Cash App, 44 million monthly actives, that's an even greater opportunity for us to really add value both to the merchants, who are looking for more quality consumers, and to the consumer who are looking for more opportunities and more offers. So we see a significant opportunity there.

但特別是在商業方面，正如您所指出的，Afterpay 擁有能夠為商家帶來潛在客戶的歷史，因為在收購之前，他們在 2021 年下半年每天推動超過 100 萬條潛在客戶，其中 38% 的推薦來自在 Afterpay 中搜索特定品牌的消費者和 46% 的來自 Afterpay 應用主頁瀏覽的推薦。而現在，當您將其與 Cash App 的規模（每月 4400 萬活躍用戶）結合起來時，這對我們來說是一個更大的機會，可以為正在尋找更多優質消費者的商家和正在尋找更多優質消費者的消費者真正增加價值獲得更多機會和更多優惠。因此，我們在那裡看到了巨大的機會。

The other thing that I'd say is that when you think about the integration with Square, obviously, we've launched the Square Online integration. Day 1 was encouraging early results. But we've got a much more fulsome further rollout to come across the broader ecosystem of in-person and online in coming months. And what we've seen with Afterpay is the growing importance of their omnichannel presence. And the more mature markets like Australia and New Zealand, in December they drove over 30% of their GMV in-store. And those omnichannel consumers transact 4x more compared to online-only consumers. And we saw that in both the U.S. and Australia and New Zealand last year. So really, the integration across both sides of the ecosystem for consumers in both merchants, we see as a tremendous future opportunity.

我要說的另一件事是，當您考慮與 Square 的集成時，顯然，我們已經啟動了 Square Online 集成。第 1 天令人鼓舞的早期結果。但是，在接下來的幾個月中，我們將進一步推出更廣泛的面對面和在線生態系統。我們在 Afterpay 中看到的是他們的全渠道業務日益重要。澳大利亞和新西蘭等更成熟的市場在 12 月推動了超過 30% 的 GMV 店內銷售。這些全渠道消費者的交易量是純在線消費者的 4 倍。我們去年在美國、澳大利亞和新西蘭都看到了這一點。所以說真的，為兩個商家的消費者整合生態系統的雙方，我們認為這是一個巨大的未來機會。

Our next question comes from the line of Pete Christiansen from Citi.

我們的下一個問題來自花旗銀行的 Pete Christiansen。

Jack, I want to touch upon your networking comment you made earlier. I could tell you that, certainly at my son's school, Cash App for teens is definitely buzzworthy, particularly among -- if you think about everyone's favorite bank, Bank of Mom and Dad, who also need to download the app. Just wondering if you've seen that early signs of that networking effect as it relates to Cash App for teens.

傑克，我想談談你之前發表的網絡評論。我可以告訴你，當然在我兒子的學校裡，面向青少年的 Cash App 肯定很受歡迎，尤其是在——如果你想想每個人最喜歡的銀行，也需要下載該應用程序的 Bank of Mom and Dad。只是想知道您是否已經看到與青少年現金應用相關的網絡效應的早期跡象。

And then a quick follow-up, Amrita, just wondering if you could just give some color on the success of user migration from Karma to Cash App. I know that the Karma app has been directing users to download Cash App. Just wondering how are you viewing that progress, and how do you figure that into CAC?

然後是快速跟進，Amrita，只是想知道您是否可以為用戶從 Karma 遷移到 Cash App 的成功提供一些顏色。我知道 Karma 應用一直在引導用戶下載 Cash App。只是想知道您如何看待這一進展，以及您如何將其納入 CAC？

Yes. So to answer your question, yes, we have seen encouraging adoption by teens joining our platform and really strong demand for the broader ecosystem, especially Cash App. I do think the -- I think the marketing applies -- I think the marketing like really speaks to this group of people. It speaks to youth, but the simplicity and the control speaks to the parents as well. So I think we've found a really good mix, and we see a very long road map ahead for that initiative for teens and for families and friends. So we're definitely excited about that and bringing more of our -- of the ecosystem to it as well. Amrita?

是的。因此，要回答您的問題，是的，我們看到青少年加入我們的平台令人鼓舞，並且對更廣泛的生態系統（尤其是 Cash App）的需求非常強勁。我確實認為——我認為營銷適用——我認為營銷真的對這群人說話。它對年輕人說話，但簡單和控制也對父母說話。所以我認為我們已經找到了一個非常好的組合，並且我們看到了針對青少年以及家人和朋友的倡議的很長的路線圖。因此，我們對此感到非常興奮，並將更多我們的生態系統也帶入其中。安利塔？

Yes. Pete, just to finish up on that first point with Cash App for families, 20 million teens in the U.S. today represent a large portion of spend in coming years. And we know they're early on in their financial journey, we can grow with them, and they're typically -- teens are typically underserved by traditional financial services, obviously relying mostly on cash. So this is an opportunity, to your point, to drive network effects as well as to grow with next-gen consumers.

是的。皮特（Pete），剛剛完成了面向家庭的 Cash App 的第一點，今天美國有 2000 萬青少年代表了未來幾年的很大一部分支出。而且我們知道他們還處於財務旅程的早期，我們可以與他們一起成長，而且他們通常 - 青少年通常得不到傳統金融服務的服務，顯然主要依賴現金。因此，就您而言，這是一個推動網絡效應以及與下一代消費者一起成長的機會。

The second part of your question, I think you are referring to Credit Karma CAC and our ability to -- now that we have an integrated Cash App Taxes product to bring on new customers. Is that -- was that your question, Pete?

您問題的第二部分，我認為您指的是 Credit Karma CAC 和我們的能力——現在我們有一個集成的 Cash App Taxes 產品來吸引新客戶。那是——這是你的問題嗎，皮特？

Yes, yes.

是的是的。

Yes. Certainly, we do see an opportunity, both from an engagement standpoint with our current customers who are looking for a free and relatively simple tax filing service. We're seeing an opportunity to go deeper with them to provide that utility around our integrated tax product and making those deposits easier. So it's an integration -- sorry, an engagement opportunity for us as we've integrated. It is also an acquisition opportunity for us. It is also an opportunity to bring new people in the Cash App who maybe haven't tried some of the other offerings within Cash App.

是的。當然，從與正在尋找免費且相對簡單的報稅服務的當前客戶的互動的角度來看，我們確實看到了機會。我們看到了與他們深入合作的機會，以圍繞我們的綜合稅收產品提供實用性，並使這些存款變得更容易。所以這是一個整合——抱歉，在我們整合之後，這對我們來說是一個參與機會。這對我們來說也是一個收購機會。這也是一個在 Cash App 中引入新人的機會，他們可能還沒有嘗試過 Cash App 中的其他一些產品。

But as they learn more about Cash App through Cash App Taxes, we have the opportunity to make them aware of our other products and services across the ecosystem. It's still early for us. We're still relatively early in the tax season, and we're still in year 1 in terms of this integrated product, but we're encouraged by the early results that we're seeing here.

但隨著他們通過 Cash App Taxes 更多地了解 Cash App，我們有機會讓他們了解我們在整個生態系統中的其他產品和服務。對我們來說還為時過早。我們仍處於稅收季節的早期階段，就這一集成產品而言，我們仍處於第一年，但我們對在這裡看到的早期結果感到鼓舞。

(Operator Instructions) Our last question comes from the line of Ramsey El-Assal from Barclays.

（操作員說明）我們的最後一個問題來自 Barclays 的 Ramsey El-Assal。

I was wondering if, Jack and Amrita, you could give us your updated thoughts on the road map to roll out Cash App in more international market. I'm trying to think of what the value proposition might look like internationally relative to the U.S. and sort of the timing around when we might see an expansion of Cash App in other geographies.

我想知道，Jack 和 Amrita，您是否可以向我們提供有關在更多國際市場推出 Cash App 的路線圖的最新想法。我試圖思考相對於美國的國際價值主張可能會是什麼樣子，以及我們可能會在其他地區看到 Cash App 擴張的時間。

Yes. So this remains a major focus for the team. We intended the Square business to be global and we intend for the Cash App business to be global as well. We have made some moves here. But the biggest strategies that we're exploring today for expansion is, number one, with our products.

是的。因此，這仍然是團隊的主要關注點。我們打算讓 Square 業務全球化，我們也打算讓 Cash App 業務全球化。我們在這裡做了一些動作。但我們今天正在探索的最大擴張戰略是，第一，我們的產品。

We launched the ability to send funds between the U.S. and U.K. and have seen steady growth for the U.K. customers in transaction frequency over the past year. And the second is through M&A. We recently acquired Verse, which is a European financial mobile app based out of Spain, where we've been learning more about peer-to-peer behavior in Europe. And this will definitely be an opportunity for us to learn about how we move next around the world.

我們推出了在美國和英國之間發送資金的能力，並且在過去一年中，英國客戶的交易頻率穩步增長。第二個是通過併購。我們最近收購了 Verse，這是一款總部位於西班牙的歐洲金融移動應用程序，我們在那裡學習了更多關於歐洲點對點行為的信息。這絕對是我們了解下一步如何在世界範圍內行動的機會。

So we will both continue to expand our products globally and take the right product features to launch first and then expand those, and then also look for opportunities to make acquisitions in different markets that have similar behaviors or attributes that we have found to be valuable in Cash App.

因此，我們將繼續在全球範圍內擴展我們的產品，先推出合適的產品功能，然後再擴展這些功能，然後尋找機會在具有相似行為或屬性的不同市場進行收購，這些市場具有我們認為有價值的相似行為或屬性現金應用程序。

And Ramsey, I'd just add that this is another one where Afterpay certainly comes into play. When you think about that 19 million consumer base as of the end of last year, about 65% is in the U.S., but obviously, a significant portion that sits outside of the United States where we can grow together from a consumer standpoint, and certainly, as you think about Australia where there's a significant opportunity to leverage the flag that Afterpay has already planted so well for Cash App.

還有拉姆齊，我只想補充一點，這是 Afterpay 肯定會發揮作用的另一個。當你考慮到截至去年年底的 1900 萬消費者群時，大約 65% 在美國，但很明顯，很大一部分位於美國以外，從消費者的角度來看，我們可以共同成長，當然，當您想到澳大利亞時，那裡有很大的機會利用 Afterpay 已經為 Cash App 樹立的旗幟。

So we see an opportunity for the future here as we build upon the skill sets and the footprint and the consumer base that Afterpay brings into Block.

因此，我們在這裡看到了未來的機會，因為我們建立在 Afterpay 為 Block 帶來的技能組合、足跡和消費者基礎之上。

Ladies and gentlemen, thank you again for participating. This does conclude today's program. You may now disconnect.

女士們，先生們，再次感謝您的參與。今天的節目到此結束。您現在可以斷開連接。