Block Inc (SQ) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block First Quarter 2022 Earnings Conference Call.

女士們，先生們，美好的一天，歡迎來到 Block 2022 年第一季度收益電話會議。

I would now like to turn the call over to your host, 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。請繼續，先生。

Hi, everyone. Thanks for joining our first quarter 2022 earnings call. 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.

大家好。感謝您參加我們的 2022 年第一季度財報電話會議。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 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.

在本次電話會議中，我們將提供 4 月份的初步毛利潤增長結果。這些代表了我們目前對 4 月份業績的估計，因為我們尚未結束 4 月份的會計財務報表，而且我們的每月業績不受審計師的中期審查。因此，4 月份的實際結果可能與這些估計值不同。

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 of 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 on our website shortly.

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。

And 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 all for joining us. We're looking forward to spending time with you all at our Investor Day on May 18, where we'll be able to share everything we're doing across Block, and how it all connects together.

感謝大家加入我們。我們期待在 5 月 18 日的投資者日與大家共度時光，屆時我們將能夠分享我們在 Block 所做的一切，以及它們是如何联系在一起的。

I'm going to start with a few highlights across our business from the quarter. Cash App made a lot of progress in 4 areas this quarter: Cash App for Families, Trust, Afterpay and Bitcoin. We continue to make it easier for customers to bring their families into the Cash App ecosystem with simple and safe controls. Introducing FDIC insurance in April on all accounts with the Cash App card builds trust and encourages people to maintain a balance and fulfills a long-standing customer request.

我將從本季度的一些業務亮點開始。 Cash App 本季度在 4 個領域取得了很大進展：Cash App for Families、Trust、Afterpay 和 Bitcoin。我們繼續通過簡單安全的控制讓客戶更輕鬆地將他們的家人帶入 Cash App 生態系統。 4 月在所有使用 Cash App 卡的賬戶上引入 FDIC 保險，可以建立信任並鼓勵人們保持平衡並滿足長期存在的客戶要求。

And we're just getting started integrating Afterpay into Cash App, where we've already seen Cash App actives drive more than 35,000 (sic) [350,000] leads to Afterpay sellers during the first quarter. We continue to make Bitcoin more accessible through Cash App. More than 10 million accounts have bought Bitcoin since we've started offering the service. And last month, we announced the ability to send and receive Bitcoin through the Lightning network.

我們剛剛開始將 Afterpay 集成到 Cash App 中，我們已經看到 Cash App 的活躍在第一季度為 Afterpay 賣家帶來了超過 35,000 (sic) [350,000] 條線索。我們繼續通過 Cash App 讓比特幣更易於使用。自我們開始提供服務以來，已有超過 1000 萬個賬戶購買了比特幣。上個月，我們宣布了通過閃電網絡發送和接收比特幣的能力。

Transactions on the Bitcoin blockchain can take as long as 10 minutes to settle, making it unusable for everyday small transactions. Lightning fixes that, making transactions instant and free through the Cash App. The Cash App team built this functionality using the Lightning development kit built by Spiral, the open source initiative we fund to help build the Bitcoin ecosystem. The team evaluated all other options available and ultimately chose Spiral's LDK since it reduced years of work into just a few months to get the feature to our customers.

比特幣區塊鏈上的交易可能需要長達 10 分鐘才能結算，因此無法用於日常小額交易。 Lightning 解決了這個問題，通過 Cash App 使交易變得即時且免費。 Cash App 團隊使用由 Spiral 構建的 Lightning 開發工具包構建了此功能，這是我們資助的開源計劃，旨在幫助構建比特幣生態系統。該團隊評估了所有其他可用選項，並最終選擇了 Spiral 的 LDK，因為它將多年的工作時間縮短到幾個月，以便為我們的客戶提供該功能。

We also announced that anyone with an active Cash App card can automatically invest a percentage of their paychecks into Bitcoin with no transaction fees. We believe steps like these increase the usability of Bitcoin all towards an open global monetary transmission network the world can trust. For us, we believe it increases the probability and velocity of serving a more global customer base.

我們還宣布，任何擁有有效 Cash App 卡的人都可以自動將一定比例的薪水投資到比特幣中，而無需支付交易費用。我們相信，像這樣的步驟可以提高比特幣的可用性，從而建立一個世界可以信任的開放的全球貨幣傳輸網絡。對我們來說，我們相信它增加了為更全球化的客戶群提供服務的可能性和速度。

Turning to our original ecosystem, Square. We continue to build tools and services to help sellers make more sales. In April, we introduced the new Square Stand across all of our markets updated with modernized hardware, integrated payments with no need for a separate card reader and a redesigned checkout flow that provides sellers and their customers with a more intuitive and streamlined experience.

轉向我們最初的生態系統 Square。我們將繼續構建工具和服務來幫助賣家進行更多銷售。 4 月，我們在所有市場推出了全新的 Square Stand，採用現代化硬件、無需單獨讀卡器的集成支付和重新設計的結賬流程，為賣家及其客戶提供更直觀、更流暢的體驗。

Since we introduced the first Square Stand in 2009, it helped sellers large and small run their entire business from a single place, from in-person payments to managing online sales, deliveries and in-store orders. With the new Square Stand, we're offering sellers our most affordable countertop product to date and a commerce experience that has been updated from the ground up to reflect how sellers do business today.

自從我們在 2009 年推出第一個 Square Stand 以來，它幫助大大小小的賣家在一個地方經營他們的整個業務，從當面付款到管理在線銷售、交付和店內訂單。借助新的 Square Stand，我們為賣家提供迄今為止最實惠的檯面產品，以及從頭開始更新的商務體驗，以反映賣家當今的業務方式。

Another way we are strengthening the Square ecosystem is with Afterpay's buy now, pay later service. This quarter, we integrated this feature to help online sellers of all sizes better compete. In the months since introducing buy now, pay later online, thousands of Square sellers have used and processed sales with Afterpay. This integration grew Afterpay seller base by an additional 10% in the quarter, and as of today, more than 20,000 Square sellers have processed an Afterpay transaction. We plan to make buy now, pay later available for in-person payment soon as well.

我們加強 Square 生態系統的另一種方式是使用 Afterpay 的“先買後付”服務。本季度，我們集成了此功能，以幫助各種規模的在線賣家更好地競爭。自推出“立即購買，稍後在線支付”以來的幾個月裡，成千上萬的 Square 賣家已經使用 Afterpay 並處理了銷售。這一整合使 Afterpay 賣家基礎在本季度增加了 10%，截至今天，已有超過 20,000 名 Square 賣家處理了 Afterpay 交易。我們計劃現在購買，稍後付款也可用於當面付款。

As we've talked with you all in the past calls, we believe the connections between our ecosystems like Square and Cash App are what set us apart and makes it so valuable to our customers. Afterpay is a great example of this, and we have many more to come. We'll share more about this at our Investor Day.

正如我們在過去的電話會議中與大家交談過的那樣，我們相信 Square 和 Cash App 等生態系統之間的聯繫使我們與眾不同，並使其對我們的客戶如此有價值。 Afterpay就是一個很好的例子，我們還有更多。我們將在投資者日分享更多相關信息。

With that, here's Amrita.

有了這個，這裡是Amrita。

Thanks, Jack. There are 3 topics I'd like to cover today. First, a look at our performance in the first quarter of 2022; second, an update on our business through April; and third, a look at our investments for the remainder of the year.

謝謝，傑克。我今天想討論 3 個主題。首先看一下我們2022年第一季度的表現；第二，到 4 月份我們的業務更新；第三，看看我們今年剩餘時間的投資。

In the first quarter, our ecosystems delivered impressive growth with gross profit of $1.3 billion, up 34% year-over-year. Adjusted EBITDA was $195 million. In February and March, Afterpay contributed $92 million of gross profit. Excluding this, gross profit for the quarter was $1.2 billion, up 25% on a year-over-year basis and 45% on a 3-year CAGR basis.

第一季度，我們的生態系統實現了令人矚目的增長，毛利潤達到 13 億美元，同比增長 34%。調整後的 EBITDA 為 1.95 億美元。 2 月和 3 月，Afterpay 貢獻了 9200 萬美元的毛利潤。不計此因素，本季度毛利潤為 12 億美元，同比增長 25%，3 年復合年增長率為 45%。

Before getting into the results in our ecosystems, I wanted to address how Afterpay will flow through our financial results for Square and Cash App. Given we're integrating Afterpay into both our Square and Cash App ecosystems and expect it to benefit the growth of each, we've decided to allocate 50% of Afterpay revenue and gross profit to each of Square and Cash App. We recognize Afterpay revenue and gross profit in our subscription and services-based revenue line and not in GPV or transaction profit.

在進入我們的生態系統的結果之前，我想說明 Afterpay 將如何通過我們的 Square 和 Cash App 的財務結果流動。鑑於我們正在將 Afterpay 整合到我們的 Square 和 Cash App 生態系統中，並期望它有利於各自的增長，我們決定將 Afterpay 收入和毛利潤的 50% 分配給 Square 和 Cash App。我們在訂閱和基於服務的收入線中確認 Afterpay 收入和毛利潤，而不是在 GPV 或交易利潤中。

Cash App generated $624 million of gross profit in the first quarter, an increase of 26% year-over-year and 94% on a 3-year CAGR basis. Excluding $46 million of gross profit from Afterpay, Cash App gross profit was $578 million, up 17% year-over-year and 90% on a 3-year CAGR basis.

Cash App 在第一季度產生了 6.24 億美元的毛利潤，同比增長 26%，三年復合年增長率為 94%。不包括 Afterpay 的 4600 萬美元毛利潤，Cash App 毛利潤為 5.78 億美元，同比增長 17%，3 年復合年增長率為 90%。

Let's talk about some of the drivers. First, we saw our strongest monthly engagement on Cash App in March as monthly actives transacted 21 times on average across our ecosystem during the month. This is driven by strong adoption of our banking products, including Cash App card. Cash App Card was one of our fastest-growing monetization streams with gross profit growth in the first quarter of more than 50% year-over-year, despite strong growth in the prior year period, and more than 170% growth on a 3-year CAGR basis.

讓我們談談一些驅動程序。首先，我們看到 3 月份 Cash App 的月度參與度最高，因為該月整個生態系統的每月活躍交易量平均為 21 次。這是由我們的銀行產品（包括 Cash App 卡）的廣泛採用推動的。 Cash App Card 是我們增長最快的貨幣化流之一，第一季度毛利潤同比增長超過 50%，儘管去年同期增長強勁，並且在 3- 季度增長超過 170%年復合年增長率基礎。

Second, we saw our highest quarterly inflows ever into Cash App, with growth on both a quarter-over-quarter and year-over-year basis. Inflows per active declined slightly on a year-over-year basis given significant government disbursements in the prior year period but increased quarter-over-quarter. Direct deposit has been a growing mix of inflows, and we've seen particular strength from recurring paycheck deposits, which were up more than 2.5x year-over-year in March.

其次，我們看到了有史以來最高的季度流入 Cash App，環比和同比均有所增長。鑑於去年政府支出大額但環比增加，每個活躍的流入量同比略有下降。直接存款是不斷增長的流入組合，我們看到經常性工資支票存款特別強勁，3 月份同比增長超過 2.5 倍。

Increased adoption has been a key driver of volume here. In March, we reached approximately 1.5 million direct deposit monthly actives. And while we've been increasing adoption across our monthly active base, we believe there is still so much opportunity ahead as we bring awareness to our direct deposit capabilities.

增加採用率一直是這裡銷量的關鍵驅動因素。 3 月份，我們達到了大約 150 萬的月度直接存款活躍度。雖然我們一直在提高每月活躍基礎的採用率，但我們相信，隨著我們對直接存款能力的認識，未來仍有很多機會。

Square generated $661 million of gross profit, an increase of 41% year-over-year and 30% on a 3-year CAGR basis. Excluding Afterpay, Square gross profit was $615 million, up 31% year-over-year and 27% on a 3-year CAGR basis. A few factors regarding Square's performance. First, we continue to grow upmarket and gain share among mid-market sellers. Gross profit from the mid-market segments was up 47% year-over-year, outpacing total Square gross profit.

Square 的毛利潤為 6.61 億美元，同比增長 41%，3 年復合年增長率為 30%。不包括 Afterpay，Square 的毛利潤為 6.15 億美元，同比增長 31%，3 年復合年增長率為 27%。關於 Square 表現的幾個因素。首先，我們繼續發展高端市場並在中端市場賣家中獲得份額。中端市場的毛利潤同比增長 47%，超過 Square 的總毛利潤。

We've been encouraged by the adoption of our financial services products among mid-market sellers, specifically with Square Savings. In the first quarter, mid-market sellers were twice as likely to fund their Square Savings accounts soon after opening it compared to the average seller. Our early traction shows that even larger sellers may be underserved by traditional financial institutions, presenting an opportunity for Square to serve this segment with an integrated solution set.

中端市場賣家採用我們的金融服務產品，特別是 Square Savings，讓我們深受鼓舞。在第一季度，與普通賣家相比，中端市場賣家在開設 Square Savings 賬戶後不久為其註資的可能性是普通賣家的兩倍。我們早期的牽引力表明，傳統金融機構可能無法為更大的賣家提供服務，這為 Square 提供了通過集成解決方案集為這一細分市場提供服務的機會。

Second, strengthening our presence in markets outside the U.S. is a key part of our growth strategy. And in the first quarter, we improved product parity. In Canada, we launched Square Loans for sellers to expand access to credit, and On-Demand Delivery, giving sellers an important omnichannel tool via third-party fulfillment options. We also added CRM tools in Ireland to help our sellers retain and engage customers. Including Afterpay, gross profit in our markets outside the U.S. represented 12% of Square's gross profit.

其次，加強我們在美國以外市場的影響力是我們增長戰略的關鍵部分。在第一季度，我們改進了產品平價。在加拿大，我們為賣家推出了 Square Loans，以擴大信貸渠道和按需交付，通過第三方履行選項為賣家提供了一個重要的全渠道工具。我們還在愛爾蘭添加了 CRM 工具，以幫助我們的賣家留住和吸引客戶。包括 Afterpay，我們在美國以外市場的毛利潤佔 Square 毛利潤的 12%。

Next, we wanted to share our recent trends. In April, we expect overall company gross profit growth of approximately 30% on a year-over-year basis, including Afterpay. On a 3-year CAGR basis, we expect growth to be relatively consistent with the first quarter's 48% 3-year CAGR. The 3-year CAGR helps normalize for the unusual growth comparisons during the pandemic.

接下來，我們想分享我們最近的趨勢。 4 月份，我們預計包括 Afterpay 在內的公司整體毛利潤同比增長約 30%。在 3 年 CAGR 的基礎上，我們預計增長將與第一季度 48%的 3 年 CAGR 相對一致。 3 年的複合年增長率有助於使大流行期間的異常增長比較正常化。

For Cash App, in April, we expect gross profit excluding Afterpay to grow by more than 15% year-over-year or around 85% on a 3-year CAGR basis. In April, cash flow saw -- Cash App saw healthy year-over-year growth in actives and overall inflows brought into the ecosystem. For Square, in April, we expect gross profit excluding Afterpay to grow by more than 15% year-over-year and around 25% on a 3-year CAGR basis. Square GPV is expected to be up 29% year-over-year in April. And on a 3-year CAGR basis, up 24%, which is a slight improvement from 22% in the first quarter.

對於 Cash App，我們預計 4 月份不包括 Afterpay 的毛利潤將同比增長 15% 以上，或在 3 年 CAGR 基礎上增長約 85%。 4 月，現金流出現了——Cash App 的活躍用戶數和流入生態系統的總體流入量均實現了健康的同比增長。對於 Square，我們預計 4 月份不包括 Afterpay 的毛利潤將同比增長 15% 以上，在 3 年復合年增長率的基礎上增長約 25%。 Square GPV 預計 4 月份將同比增長 29%。在 3 年復合年增長率的基礎上，增長 24%，與第一季度的 22% 相比略有改善。

As we have expected, Square GPV grew faster than gross profit on a year-over-year basis, driven by 2 factors: first, we've seen a normalization in transaction-based gross profit margins as the mix of card not present and debit transactions roughly returned to 2019 levels; second, we are also closer to completing the PPP program with only 7% of loan applications yet to be forgiven. We recognized $51 million of PPP revenue in gross profit in Q1, and we expect to recognize a much smaller amount across the remainder of 2022.

正如我們所預期的那樣，Square GPV 的同比增長快於毛利潤，這主要受兩個因素的推動：首先，我們已經看到基於交易的毛利率正常化，因為卡不存在和借記卡的混合交易大致恢復到 2019 年的水平；其次，我們也更接近於完成 PPP 計劃，只有 7% 的貸款申請尚未被免除。我們在第一季度的毛利潤中確認了 5100 萬美元的 PPP 收入，我們預計在 2022 年剩餘時間內確認的金額要小得多。

With these impacts, we expect to see a delta between Square's gross profit growth and GPV growth on a year-over-year basis through the remainder of 2022. Although we expect this delta to lessen in the coming quarters. Again, the 3-year CAGRs in April with gross profit at 25% growth and GPV at 24% growth were similar to one another and where I would orient you.

鑑於這些影響，我們預計到 2022 年剩餘時間內，Square 的毛利潤增長和 GPV 增長將同比出現差異。儘管我們預計這一差異將在未來幾個季度減少。同樣，4 月份毛利潤增長 25% 和 GPV 增長 24% 的 3 年復合年增長率彼此相似，我將為您定位。

Turning to Afterpay. In April, we expect GMV to be up 15% year-over-year or 70% on a 3-year CAGR basis. And we expect revenue and gross profit growth to come in below this, driven by a mix shift to newer markets. On a gross profit basis, Afterpay's GAAP results are impacted by expenses related to the amortization of intangible assets, which was a $9 million impact to cost of sales in the first quarter and is expected to be $12 million on a quarterly basis going forward. This is not an operational expense, but rather a GAAP purchase price accounting adjustment for the acquisition.

轉向Afterpay。 4 月份，我們預計 GMV 將同比增長 15%，或在 3 年 CAGR 基礎上增長 70%。我們預計收入和毛利潤增長將低於此水平，這是由向新市場的混合轉移推動的。在毛利潤的基礎上，Afterpay 的 GAAP 業績受到與無形資產攤銷相關的費用的影響，這對第一季度的銷售成本產生了 900 萬美元的影響，預計未來每季度將達到 1200 萬美元。這不是運營費用，而是收購的 GAAP 購買價格會計調整。

Losses on consumer receivables were 1.17% of GMV during the first quarter, which was consistent with the second half of 2021. We continue to see healthy consumer repayment behavior with 95% of installments paid on time. We're focused on unlocking the combined potential with our integration. In addition to the launch of buy now, pay later for Square online sellers, we see a broader opportunity to bring Afterpay to more of our Square ecosystem in the coming quarters.

第一季度消費者應收賬款損失佔 GMV 的 1.17%，與 2021 年下半年一致。我們繼續看到健康的消費者還款行為，95% 的分期付款按時支付。我們專注於通過整合釋放綜合潛力。除了為 Square 在線賣家推出“立即購買，以後付款”之外，我們還看到了在未來幾個季度將 Afterpay 帶入更多 Square 生態系統的更廣泛機會。

On the Cash App side, we've been focused on bringing the demand generation capabilities of Afterpay to Cash App and are in the early days of building out a broader commerce platform. Our early experiments have sent 350,000 leads to Afterpay merchants, as you heard from Jack. Our teams have been focused on a detailed integration road map, which we'll share more about at Investor Day.

在 Cash App 方面，我們一直專注於將 Afterpay 的需求生成功能引入 Cash App，並且處於構建更廣泛商務平台的早期階段。正如您從 Jack 那裡聽到的那樣，我們的早期實驗已經向 Afterpay 商家發送了 350,000 條潛在客戶。我們的團隊一直專注於詳細的整合路線圖，我們將在投資者日分享更多信息。

Turning now to trends for the remainder of the second quarter and full year. As we shared on our last earnings call, we continue to believe Cash App's year-over-year gross profit growth rate, excluding Afterpay, will improve in the second half of the year compared to the first half as comparisons become more favorable, as we introduce new product innovations across our commerce and financial services priorities and with the benefit from pricing adjustments in certain areas.

現在轉向第二季度剩餘時間和全年的趨勢。正如我們在上次財報電話會議上分享的那樣，我們仍然認為，隨著比較變得更加有利，Cash App 的同比毛利潤增長率（不包括 Afterpay）將在今年下半年比上半年有所改善，因為我們在我們的商業和金融服務優先事項中引入新產品創新，並從某些領域的定價調整中受益。

Also consistent with what we mentioned last quarter for the remainder of 2022, we expect Cash App and Square to sequentially grow gross profit each quarter throughout the year, even excluding Afterpay, assuming the macroeconomic environment remains stable. Through April, we have not yet seen a deterioration in overall consumer spending. That said, we're continuing to watch the broader macro environment.

同樣與我們在上個季度提到的 2022 年剩餘時間一致，假設宏觀經濟環境保持穩定，我們預計 Cash App 和 Square 全年每個季度的毛利潤都會連續增長，即使不包括 Afterpay。整個 4 月份，我們還沒有看到整體消費者支出出現惡化。也就是說，我們將繼續關注更廣泛的宏觀環境。

Moving to our planned investments for the second quarter and full year 2022. For the second quarter, we expect to increase overall non-GAAP operating expenses by $245 million compared to the first quarter or $180 million when excluding Afterpay. For the full quarter 2022, we expect to increase overall non-GAAP operating expenses by $2.1 billion compared to 2021. This includes Afterpay's expected operating expense base of approximately $900 million this year. Excluding Afterpay, we expect to grow overall non-GAAP operating expenses by 35% year-over-year or $1.2 billion, which is similar to the step-up from 2020 to 2021.

轉向我們對第二季度和 2022 年全年的計劃投資。對於第二季度，我們預計與第一季度相比，非公認會計原則的總體運營費用將增加 2.45 億美元，如果不包括 Afterpay，則增加 1.8 億美元。與 2021 年相比，我們預計 2022 年整個季度的非 GAAP 總體運營費用將增加 21 億美元。這包括 Afterpay 今年預計的運營費用基數約為 9 億美元。不包括 Afterpay，我們預計整體非 GAAP 運營費用將同比增長 35% 或 12 億美元，這與 2020 年至 2021 年的增幅相似。

As we shared in February, we expect to deliver greater adjusted EBITDA in the second half of 2022 compared to the first half of the year given the pacing of our investment during the year. We're excited to talk to you in more depth at our Investor Day on the 18th. There's a lot to update you on since our last Investor Day 5 years ago around our market opportunity, ecosystem strategy and business model. We can't wait to share it with you.

正如我們在 2 月份所分享的那樣，鑑於我們今年的投資節奏，我們預計 2022 年下半年的調整後 EBITDA 將高於上半年。我們很高興在 18 日的投資者日與您進行更深入的交談。自 5 年前上一次投資者日以來，有很多關於我們的市場機會、生態系統戰略和商業模式的最新信息。我們迫不及待地想與您分享。

With that, we'll open it up to your questions.

有了這個，我們將向您提出問題。

(Operator Instructions) Your first question comes from the line of Tien-Tsin Huang from JPMorgan.

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

So I wanted to ask on Afterpay here and how it's performing versus your expectations. Any change in how you're investing in the asset, for example, now that you've owned it for a couple of months? I heard the consumer is still pretty stable from what you see, but just curious how Afterpay itself is performing.

所以我想在這裡詢問 Afterpay 以及它的表現與您的期望相比如何。例如，在您擁有該資產幾個月後，您對資產的投資方式是否有任何變化？從你看到的情況來看，我聽說消費者仍然相當穩定，但只是好奇 Afterpay 本身的表現如何。

Yes. I'll start off with this. We're really excited about Afterpay and where it goes. We're still extremely early into this integration. This is the biggest thing our company has ever done. And obviously, it definitely distracts a lot, but we've managed to perform through it.

是的。我將從這個開始。我們對 Afterpay 及其發展方向感到非常興奮。我們仍處於這種整合的早期階段。這是我們公司做過的最大的事情。顯然，它肯定會分散很多注意力，但我們已經成功地完成了它。

We do see a lot of our competitors taking advantage of the fact that we had this integration, both by focusing on the fundamentals and the reason we acquired this company in the first place, which is to connect these 2 ecosystems. What sets us apart from every other company, whether they be focus on sellers, individuals, buy now, pay later is we have all of it in 1 ecosystem. They all connect together. And by making those connections, by making those connections much stronger, we see a lot of power and a lot of value created for our customers, both in the seller space and also the individual space.

我們確實看到我們的很多競爭對手都在利用我們進行這種整合的事實，既關注基本面，又關注我們最初收購這家公司的原因，即連接這兩個生態系統。讓我們與其他所有公司不同的是，無論他們是專注於賣家、個人、現在購買還是稍後付款，我們都在一個生態系統中擁有所有這些。它們都連接在一起。通過建立這些聯繫，通過使這些聯繫更加牢固，我們看到了為我們的客戶創造了很多力量和價值，無論是在賣家空間還是個人空間。

So we have integrated Afterpay on the seller side. We're just starting to integrate on the Cash App side. And that's where I would point you all in the future is to really look at that because that, for us, really represents discovery. I said in my opening remarks, I actually misstated. It wasn't 35,000, it's 350,000 leads from Cash App to Afterpay sellers, and we expect that to continue to grow. And we imagine, as time goes on, that Cash App will be one of the best ways to discover products, companies and businesses globally, but also around you. So everything that we have, both in the seller ecosystem and the Cash App ecosystem, really comes to bear with this integration.

所以我們在賣家端集成了Afterpay。我們剛剛開始在 Cash App 方面進行集成。這就是我要向你們指出的地方，那就是真正看待它，因為對我們來說，這確實代表了發現。我在開場白中說，我實際上說錯了。不是 35,000 條，而是從 Cash App 到 Afterpay 賣家的 350,000 條線索，我們預計這一數字將繼續增長。我們想像，隨著時間的推移，Cash App 將成為在全球範圍內發現產品、公司和業務的最佳方式之一，同時也在您身邊。因此，我們在賣家生態系統和 Cash App 生態系統中所擁有的一切，都真正與這種整合相得益彰。

And I'll fill in, Tien-Tsin, a little bit on the near term. Jack spoke to the long-term transformational opportunity that we're going after. What we see in the near term is, yes, it is a competitive market. We are holding our ground. Our focus in the near term is on managing to bringing on quality customers into our platform, deliberately managing our loss rates and driving increased consumer frequency.

我會在短期內補充一點，Tien-Tsin。傑克談到了我們正在尋求的長期轉型機會。我們在短期內看到的是，是的，這是一個競爭激烈的市場。我們堅守陣地。我們近期的重點是設法將優質客戶引入我們的平台，有意識地管理我們的損失率並提高消費頻率。

And we're seeing traction across each of those measures. Afterpay, from a customer perspective, has a 144,000 merchants on their platform, which grew strongly year-over-year, 63% year-over-year -- 68% sorry, year-over-year, and over 20 million annual active consumers on the platform, which grew 37% year-over-year.

我們看到這些措施中的每一項都具有吸引力。從客戶的角度來看，Afterpay 在其平台上擁有 144,000 家商家，同比增長強勁，同比增長 63%——抱歉，同比增長 68%，年活躍消費者超過 2000 萬在該平台上，同比增長 37%。

From a loss rate perspective, we're onboarding these consumers responsibly and maintaining discipline here with a loss rate of 1.17% in the first quarter, consistent with what we had in the second half of last year, and 95% of repayments being made on time. Obviously, as you manage the loss rates, there are some deliberate trade-offs you're making on growth, but we feel that that's the right thing to do in this environment.

從損失率的角度來看，我們負責任地接納這些消費者並保持紀律，第一季度的損失率為 1.17%，與去年下半年的情況一致，95% 的還款是在時間。顯然，當您管理損失率時，您會在增長方面做出一些刻意的權衡，但我們認為在這種環境下這樣做是正確的。

And in terms of engaged consumers, we're driving increased consumer frequency, attracting consumers who want to spend more over time and have the ability to spend more over time. So that's what our focus is on the near term as we build towards this longer-term commerce platform together, which we believe will be so transformational.

在參與度高的消費者方面，我們正在推動消費者頻率的增加，吸引那些想要隨著時間推移花費更多並且有能力隨著時間推移花費更多的消費者。這就是我們在短期內關注的重點，因為我們共同建立這個長期的商業平台，我們相信這將是變革性的。

Your next question comes from the line of Tim Chiodo from Credit Suisse.

您的下一個問題來自瑞士信貸的 Tim Chiodo。

Also on the same similar theme around Cash App and the broader topic of commerce. So you mentioned this earlier, Jack, but we did notice that you did start integrating some of the Afterpay merchants into the Discover tab? And it sounds like you're sending folks over those Afterpay merchant sites. But maybe you could talk about what that shopping experience might evolve to over time in terms of maybe in-app purchasing or how Boost might be a part of that?

圍繞 Cash App 和更廣泛的商業主題也有相同的類似主題。傑克，您之前提到了這一點，但我們確實注意到您確實開始將一些 Afterpay 商家整合到“發現”選項卡中？聽起來您正在通過那些 Afterpay 商家網站派人。但也許你可以談談隨著時間的推移購物體驗可能會演變成應用內購買或 Boost 如何成為其中的一部分？

And as a follow-up, we noticed that in the Afterpay filings that you mentioned a degree of merchant funding for Boost at this point, and maybe you could just give us an update on the portion of merchant funded versus Cash App funded? And related, just the percentage of overall Cash Card transactions that are boosted. I believe the last disclosure was around 5%-or-so.

作為後續行動，我們注意到在 Afterpay 文件中，您提到了此時為 Boost 提供了一定程度的商家資助，也許您可以向我們提供有關商家資助與 Cash App 資助的部分的最新信息？與此相關的是，整體現金卡交易的百分比得到提升。我相信最後的披露是大約 5% 左右。

Yes, I believe this is -- the discovery aspect is one of the critical reasons we made this acquisition and why we think it's so strategic for our overall business. It will enable the entire Cash App ecosystem, all of our customers, to discover products; sellers, both online and offline; Square sellers; and even merchants within their neighborhood very easily. And that lead generation is really important, and we think it's something that can grow fairly massively.

是的，我相信這是 - 發現方面是我們進行這次收購的關鍵原因之一，也是我們認為這對我們的整體業務如此具有戰略意義的原因之一。它將使整個 Cash App 生態系統，我們所有的客戶，都能發現產品；線上和線下的賣家；廣場賣家；甚至他們附近的商人也很容易。潛在客戶的產生非常重要，我們認為它可以相當大地增長。

It also, as you pointed out, complements what we already have built in with Boost, which is -- it's a rewards program on the Cash App front. So we think combining all these things, allowing for people for the first time ever in Cash App to explore all these products, all these merchants. And of course, we want to make it as frictionless as possible. So you can imagine where that goes in terms of making that commerce very easy. Everything, eventually, able to do right within the app, that would help bring the vehicle, because that means our sellers make more sales, and our Cash App customers are happy because they're getting what they want instantly.

正如您所指出的，它還補充了我們已經在 Boost 中內置的功能，即 - 它是 Cash App 前端的獎勵計劃。所以我們認為結合所有這些東西，讓人們第一次在 Cash App 中探索所有這些產品，所有這些商家。當然，我們想讓它盡可能無摩擦。因此，您可以想像在使商業變得非常容易方面會發生什麼。最終，能夠在應用程序中直接完成的所有事情都將有助於帶來車輛，因為這意味著我們的賣家會產生更多的銷售額，而我們的 Cash App 客戶很高興，因為他們可以立即得到他們想要的東西。

And I'll add, Tim, that the combined pitch into merchants, existing Afterpay sellers as well as potential new ones, on the strength of the consumer platform that we have, the combined consumer scale that we have between Cash App and Afterpay is a really compelling one. Where we're really seeing some strong early interest is around the pitch of buy now, pay later and Cash App Pay. And that's something, again, that we'll share more about at Investor Day.

我要補充一點，蒂姆，結合商家、現有 Afterpay 賣家以及潛在的新賣家，在我們擁有的消費者平台的力量下，我們在 Cash App 和 Afterpay 之間擁有的綜合消費者規模是真正令人信服的一個。我們真正看到一些強烈的早期興趣是圍繞現在購買，以後支付和現金應用支付。這也是我們將在投資者日分享的更多內容。

And then as you called out on Boost, we see an opportunity there. We're not actually funding Boost through Afterpay sellers today, but we see a meaningful opportunity there. Overall, we are seeing more partner funding through Boost because we've been able to make the pitch about how consumers learn about a new merchant or increase their frequency at a new merchant because of the Boost platform, which is a very compelling unique platform that's part of Cash App card. We haven't yet integrated the sales pitch on Afterpay, but that is something that we see have a future strong potential on Boost as well as what we're seeing on Cash App Pay.

然後，正如您在 Boost 上呼籲的那樣，我們在那裡看到了機會。我們今天實際上並沒有通過 Afterpay 賣家為 Boost 提供資金，但我們在那裡看到了一個有意義的機會。總體而言，我們通過 Boost 看到更多的合作夥伴資金，因為我們已經能夠宣傳消費者如何了解新商家或增加他們在新商家的頻率，因為 Boost 平台是一個非常引人注目的獨特平台， Cash App 卡的一部分。我們尚未在 Afterpay 上整合銷售宣傳，但我們認為這在 Boost 以及我們在 Cash App Pay 上看到的未來具有巨大潛力。

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

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

Your Cash App gross profit estimate result, I mean, even excluding Afterpay, you really handily beat our estimates. And I'm -- I mean, hearing some of the metrics you guys threw out around engagement -- monthly engagement, I think you said over 20 times per month or the debit card use clearly is driving a lot of that strength. And I know you're talking about sequential improvement as the year progresses from here.

您的 Cash App 毛利潤估算結果，我的意思是，即使不包括 Afterpay，您也確實輕鬆超過了我們的估算。而且我 - 我的意思是，聽到你們提出的一些關於參與度的指標 - 每月參與度，我認為你說每月超過 20 次，或者藉記卡的使用顯然推動了很多這種力量。而且我知道您正在談論隨著時間的推移而進行的連續改進。

So if we can just dive into that a little bit and understand what's driving that behavior -- consumer behavior with your products. What are they most excited about? Whether it's Cash App Taxes? Or it's other new features that gives you that much confidence in it sustaining.

因此，如果我們可以深入研究一下，了解是什麼推動了這種行為——消費者對你的產品的行為。他們最興奮的是什麼？是否是現金應用稅？或者是其他新功能讓您對它的持續充滿信心。

Sure thanks for the question, Darrin. I can lead off here. We have seen strong growth on Cash App. What you saw here in terms of the growth in the first quarter as well as leading into April with 85% growth on a 3-year CAGR basis greater than 15% year-over-year, ex Afterpay, continues to be very strong. I think a lot of it comes back to what we've shared around our inflow framework. These 3 key drivers of monetization win in Cash App.

當然謝謝你的問題，達林。我可以在這裡引路。我們看到 Cash App 的強勁增長。你在這裡看到的第一季度的增長以及進入 4 月份的情況，在 3 年復合年增長率的基礎上增長了 85%，同比增長超過 15%，前 Afterpay，繼續非常強勁。我認為其中很多都可以追溯到我們圍繞流入框架共享的內容。這 3 個關鍵的貨幣化驅動因素在 Cash App 中獲勝。

First, growing our active base. As of the end of December, we had over 44 million monthly actives. We continue to grow that quarter-over-quarter in Q1 and month-over-month into April. Second, inflows. We have continued to grow. We had our strongest inflow quarter ever in Q1. And that's on the back of growing product adoption as well as growing engagement, as we noted in our remarks and as you noted, strongest engagement month in March with 21 transactions during the month on average across our monthly base.

首先，擴大我們的活躍基礎。截至 12 月底，我們的月活躍用戶數超過 4400 萬。我們在第一季度和四月份的環比繼續增長。二是流入。我們一直在成長。我們在第一季度經歷了有史以來最強勁的流入季度。正如我們在評論中指出的那樣，正如您所指出的，這是在產品採用率和參與度不斷提高的背景下，3 月份參與度最高的月份，在我們的月度基礎上平均每月有 21 筆交易。

And then finally, the third variable around monetization rate. This is effectively how much we charge on the inflows that come into our system. And as you know, we've been able to drive value across the products that we have and been able to flex pricing on some of them even more recently. So that's the broader framework that really moves Cash App, where we've seen strong growth and traction even in the midst of a dynamic macro environment and strong health in the base of our customers on Cash App.

最後，關於貨幣化率的第三個變量。這實際上是我們對進入我們系統的流入收取的費用。如您所知，我們已經能夠在我們擁有的產品中推動價值，並且甚至能夠在最近對其中一些產品進行定價。這就是真正推動 Cash App 發展的更廣泛的框架，即使在動態的宏觀環境和 Cash App 客戶群的健康狀況良好的情況下，我們也看到了強勁的增長和牽引力。

You also layer on top of that, that we have some newer products that are just beginning to ramp, whether it's reaching out to families, whether it's driving inflows through direct deposits, whether it's things like Cash App Pay or in the longer term, the opportunities to build an integrated commerce platform with Afterpay, we see significant opportunity here to continue to drive growth through our Cash App platform.

最重要的是，我們有一些剛剛開始推廣的新產品，無論是面向家庭，還是通過直接存款推動資金流入，無論是像 Cash App Pay 還是長期而言，通過 Afterpay 構建綜合商務平台的機會，我們看到了通過我們的 Cash App 平台繼續推動增長的重大機會。

Your next question comes from Lisa Ellis from MoffettNathanson.

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

I wanted to switch over to the Square business. Looking at that international contribution that's up to 12% of GPV in the quarter. That's up, I think, from 8% a year ago. You commented on some of the product rollouts in Canada and Ireland. Just taking a step back, can you describe more broadly the international expansion strategy for Square? And what do you have to do sort of differently? Which countries are you prioritizing, et cetera, just so we can kind of get a sense for how much upside we can anticipate from the international side with Square.

我想切換到 Square 業務。看看本季度高達 12% 的 GPV 的國際貢獻。我認為，這比一年前的 8% 有所上升。您評論了在加拿大和愛爾蘭推出的一些產品。退一步，您能否更廣泛地描述一下 Square 的國際擴張戰略？你有什麼不同的做法？您優先考慮哪些國家，等等，這樣我們就可以了解我們可以從 Square 的國際方面預期有多大的上升空間。

Yes, of course. So global expansion remains our top priority for Square and also for Cash App. And with Square, with regard to Square, we have 3 approaches. Number one, we invest in brand and product awareness to drive a broader understanding of our product capabilities to sellers within each one of the markets. Number two, we focus on reaching product parity across all of our markets. And what this means is that we have all the products that we have in the United States, ideally, we're launching them everywhere in the markets that we're currently in as well. So that when Square loans is in one market, it's also in all the markets that we currently exist in.

是的當然。因此，全球擴張仍然是 Square 和 Cash App 的首要任務。對於 Square，對於 Square，我們有 3 種方法。第一，我們投資於品牌和產品知名度，以推動每個市場內的賣家更廣泛地了解我們的產品能力。第二，我們專注於在所有市場實現產品平價。這意味著我們擁有我們在美國擁有的所有產品，理想情況下，我們也在我們目前所在的市場的任何地方推出它們。因此，當 Square 貸款在一個市場中時，它也在我們目前存在的所有市場中。

So in Canada, in Q1, we launched Square Loans to better help sellers manage their cash flow. And we also launched On-Demand Delivery. In Ireland, in Q1, we launched Loyalty and Square Marketing. And as I said in my opening remarks in April, we launched our new Square Stand to all of our e-markets. And that is exactly what we want to do more of, when we launch new features and new products, they go to all of our markets.

所以在加拿大，第一季度，我們推出了 Square Loans，以更好地幫助賣家管理他們的現金流。我們還推出了按需交付。在愛爾蘭，我們在第一季度推出了忠誠度和廣場營銷。正如我在四月份的開場白中所說，我們向所有電子市場推出了新的 Square Stand。這正是我們想要做的更多，當我們推出新功能和新產品時，它們會進入我們所有的市場。

We are also looking at new markets. So this is the third part of our strategy. In January, we expanded into Spain. And we brought buy now, pay later functionality to Square sellers in Australia and the U.S. So invest in the brand and product awareness, focus on making sure that all of our products exist in all of our markets, and then expand in new markets as well. That constitutes our strategy, and we're pushing really hard as it is our top priority.

我們也在尋找新的市場。所以這是我們戰略的第三部分。一月份，我們擴展到西班牙。我們為澳大利亞和美國的 Square 賣家帶來了現在購買，以後付款的功能。因此，投資於品牌和產品知名度，專注於確保我們所有的產品都存在於我們所有的市場中，然後也拓展新市場.這構成了我們的戰略，我們正在努力推動，因為這是我們的首要任務。

Your next question comes from Harshita Rawat from Bernstein.

您的下一個問題來自 Bernstein 的 Harshita Rawat。

I wanted to ask about lending. So for traditional financial services, it's typically the gold mine for monetization, but has been a tougher nut to crack by the real banks and fintechs. And I know you just launched the Borrow product. For some of the users, you now have the Afterpay product. Can you talk about how important is lending in the context of your last ARPU expansion?

我想問一下貸款。因此，對於傳統金融服務而言，它通常是貨幣化的金礦，但卻是真正的銀行和金融科技公司更難以破解的難題。我知道你剛剛推出了 Borrow 產品。對於某些用戶，您現在擁有 Afterpay 產品。你能談談在你上次 ARPU 擴張的背景下貸款有多重要嗎？

I'm happy to start here. I would say that we have always felt that fast access to funds, whether it's a customer's own funds or access to credit has been a key part of our platform and a key part of what our customers need in good times and in uncertain times.

我很高興從這裡開始。我想說的是，我們一直認為快速獲得資金，無論是客戶自己的資金還是獲得信貸，一直是我們平台的關鍵部分，也是我們客戶在經濟繁榮時期和不確定時期需要的關鍵部分。

And we've built a lot of data, a lot of heuristics, machine learning around the ability to enable customers for access to those funds in a responsible way. Obviously, we do that today on the Square platform with our Loans -- Square Loans product, which we were able to very quickly pause during the early days of the pandemic, pivot to PPP and then relaunch. And now with originations there back to prepandemic levels, with continued strong results, encouraging results we've seen with respect to loss rates and repayment rates.

我們圍繞使客戶能夠以負責任的方式獲得這些資金的能力建立了大量數據、大量啟發式方法和機器學習。顯然，我們今天在 Square 平台上使用我們的 Loans——Square Loans 產品做到了這一點，我們能夠在大流行初期迅速暫停，轉向 PPP，然後重新啟動。現在，隨著起源恢復到大流行前的水平，繼續取得強勁的成果，我們在損失率和還款率方面看到了令人鼓舞的成果。

As you noted, Cash App Borrow is another aspect of a loan product or a credit product that we have been experimenting and ramping, and one that we're also excited about for the future. But obviously, we want to do that in a deliberate and responsible way. And then, of course, Afterpay receivables are another key piece. And as you heard earlier, that's another one where we have seen loss rates consistent with historical ranges as we've onboarded things like soft credit checks and other means that really responsibly onboard quality customers.

正如您所指出的，Cash App Borrow 是我們一直在試驗和推廣的貸款產品或信貸產品的另一個方面，也是我們對未來感到興奮的一個方面。但顯然，我們希望以一種深思熟慮和負責任的方式來做到這一點。然後，當然，Afterpay 應收賬款是另一個關鍵部分。正如您之前聽到的那樣，這是另一個我們看到損失率與歷史範圍一致的情況，因為我們已經加入了軟信用檢查和其他真正負責任地接納優質客戶的手段。

And as we gather data across these platforms, we have the ability to sort of uniquely underwrite a lot of these customers whether consumers in the Cash App platform or sellers in the Square platform. So it's a key part of what we see our customers need and therefore, an opportunity for us to, as you know, expand ARPU as an ecosystem product that helps our customers ultimately grow and eventually use other products within the platform as well.

當我們在這些平台上收集數據時，我們有能力為大量此類客戶提供獨特的承保，無論是 Cash App 平台的消費者還是 Square 平台的賣家。因此，這是我們看到客戶需求的關鍵部分，因此，正如您所知，我們有機會將 ARPU 擴展為一個生態系統產品，幫助我們的客戶最終成長並最終使用平台內的其他產品。

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

您的下一個問題來自花旗銀行的 Pete Christiansen。

Jack and Amrita, you made a lot of references to a commerce platform bringing Afterpay into Cash App throughout the year. And it sounds like you have all the ingredients here to make it a pretty strong contextual commerce platform. In that vein, does Block see social as a potential component of the forward growth algorithm here?

Jack 和 Amrita，你們提到了一個將 Afterpay 全年引入 Cash App 的商業平台。聽起來你已經具備了使它成為一個非常強大的上下文商務平台的所有要素。在這種情況下，Block 是否將社交視為前向增長算法的潛在組成部分？

Absolutely. I mean, payments is inherently social. There's a reason that Cash App remains in the top 10 of the App Store every day. A lot of the benefit we get from customers and just the very model, the network effects built into it is the fact that someone wants to pay someone else, and they send a Cash App request or actually send money, and that person downloads the app. And that's just at the very, very base foundational layer.

絕對地。我的意思是，支付本質上是社交的。 Cash App 每天保持在 App Store 的前 10 名是有原因的。我們從客戶那裡獲得的很多好處，僅僅是模型本身，其中內置的網絡效應就是有人想付錢給別人，他們發送現金應用程序請求或實際匯款，然後那個人下載應用程序.這只是非常非常基礎的基礎層。

We think there's a lot more. We think the Discovery tab that we have been talking about on this call with Afterpay is another step into it. We certainly think there's social networks within the seller side, the employee base of those sellers, obviously, within Cash App and also, obviously, within TIDAL, which is one of the reasons we acquired that company as well, is to make sure that we are recognizing that payments is inherently something that people, number one, do at least weekly; and is a very social thing.

我們認為還有很多。我們認為，我們在此次電話會議上與 Afterpay 討論的“發現”選項卡是其中的又一步。我們當然認為賣方內部有社交網絡，這些賣方的員工群，很明顯，在 Cash App 內部，也很明顯，在 TIDAL 內部，這也是我們收購該公司的原因之一，是為了確保我們認識到付款本質上是人們（第一）至少每週都會做的事情；並且是一件非常社會化的事情。

So we want to make sure that we are reflecting that in the app, in the architecture and how we actually deliver the service to customers all around the world. We're going to talk a lot about this at our Investor Day. And I'm really excited to see you all again on the 18th because this is the first time in 5 years we've had a chance to really tell our story, and a lot has changed in those 5 years.

因此，我們希望確保我們在應用程序、架構中以及我們如何向世界各地的客戶實際提供服務時反映這一點。我們將在我們的投資者日討論這個問題。我真的很高興能在 18 日再次見到你們，因為這是 5 年來我們第一次有機會真正講述我們的故事，在這 5 年裡發生了很多變化。

Our first Investor Day, Cash App was barely mentioned. I don't think it even had a slide. So this is our opportunity to actually show you how we've grown these ecosystems, that we've not only proven we can grow 1 to massive scale, but 2. And the real power in our model is how they connect and how we add new ecosystems that are serving even newer audiences and newer audience customer bases.

我們的第一個投資者日，現金應用程序幾乎沒有被提及。我認為它甚至沒有幻燈片。因此，這是我們向您展示我們如何發展這些生態系統的機會，我們不僅證明了我們可以將 1 發展到大規模，而且 2。我們模型中的真正力量在於它們如何連接以及我們如何添加為更新的受眾和更新的受眾客戶群提供服務的新生態系統。

So really excited to tell the story and can't wait to get into it, but absolutely, we think the social layer is a really important part of what we do in the future.

講這個故事真的很興奮，迫不及待地想進入它，但絕對，我們認為社交層是我們未來工作的一個非常重要的部分。

Your next question comes from the line of Mike Ng from Goldman Sachs.

您的下一個問題來自高盛的 Mike Ng。

I was just wondering if you could provide a little bit more color around the Cash Card gross profit strength in the quarter. Was that largely driven by transacting user growth or increased spend?

我只是想知道您是否可以在本季度的現金卡毛利潤強度方面提供更多色彩。這主要是由交易用戶增長還是支出增加推動的？

And then separately, could you just talk a little bit about the instant deposit trends in the quarter in your app?

然後單獨談談你的應用程序中本季度的即時存款趨勢嗎？

Sure. Happy to jump in here. As you heard, we've seen strong growth on Cash Card in the first quarter and into April. In the first quarter, Cash Card grew 50% year-over-year, 170% when you look on a 3-year CAGR basis, really astounding growth as customers find increased utility here.

當然。很高興跳到這裡。正如您所聽到的，我們已經看到現金卡在第一季度和四月份的強勁增長。第一季度，Cash Card 同比增長 50%，如果以 3 年的複合年增長率計算，則增長了 170%，隨著客戶發現這裡的實用性增加，這真是驚人的增長。

As we've said in the past, about 1 in 3 of our monthly actives within Cash App use Cash Card each month. As of December, we had said about 13 million monthly actives. It's obviously continued to grow since then. And it's a part of our broader strategy in addressing customers from teams, to their family members, to the broader platform, where we've found continued strong traction here.

正如我們過去所說，每月在 Cash App 中約有三分之一的活躍用戶使用現金卡。截至 12 月，我們曾表示每月約有 1300 萬活躍用戶。從那時起，它顯然還在繼續增長。這是我們更廣泛戰略的一部分，旨在解決從團隊到他們的家庭成員，再到更廣泛的平台的客戶，我們在這裡發現了持續的強大牽引力。

And we have seen really broad-based utility where customers are spending at big box retailers, discount retailers, restaurant, fast food, groceries, everyday expenses, and that utility is ultimately what drives not only new actives into Cash Card, but increased utility over time on a weekly and daily basis.

我們已經看到客戶在大型零售商、折扣零售商、餐館、快餐店、雜貨店、日常開支上消費的基礎廣泛的實用程序，而這種實用程序最終不僅推動了新的活躍用戶進入現金卡，而且增加了超過每周和每天的時間。

We also see Cash Card as a product that builds attach to other products, meaning that you're likely -- more likely to become a direct deposit active for instance, if you are already a Cash Card active. And once you become a direct deposit active, as I mentioned in March, we had 1.5 million in the month of direct deposit active, you're more likely to use your Cash Card more frequently because you have more of your inflows coming into Cash App, and it's top of mind for you.

我們還將現金卡視為與其他產品建立連接的產品，這意味著您很可能 - 更有可能成為直接存款活躍用戶，例如，如果您已經是現金卡活躍用戶。一旦你成為活躍的直接存款，正如我在 3 月份提到的，我們在直接存款活躍的月份有 150 萬，你更有可能更頻繁地使用你的現金卡，因為你有更多的資金流入 Cash App ，這對你來說是頭等大事。

So it's still early on the trends for both of these. For Cash Card as a percent of monthly actives and then direct deposit as a percent of Cash Card App is we see a tremendous runway to increase, frankly, the attached and daily utility of both.

因此，這兩者的趨勢還處於早期階段。對於現金卡作為每月活躍的百分比，然後直接存款作為現金卡應用程序的百分比，坦率地說，我們看到了一條巨大的跑道，可以增加兩者的附加和日常效用。

From an instant deposit perspective, we continue to see traction here as well. Of course, there are use cases in which customers need to move to their money outside of the platform. We'd love for people to keep their money within the platform and use it in products like Cash Card. But of course, there's utility to take money outside of Cash App. And we continue to see strong growth on products like that, but build a diverse -- our interest is in building a diversified product set and revenue streams across multiple of these products so we're not dependent on any one and so we can increase our utility for our customers.

從即時存款的角度來看，我們也繼續看到這裡的吸引力。當然，在某些用例中，客戶需要將資金轉移到平台之外。我們希望人們將資金保留在平台內，並將其用於現金卡等產品。但是，當然，在 Cash App 之外取錢也是有用的。我們繼續看到此類產品的強勁增長，但建立多元化——我們的興趣是建立多元化的產品集和跨多個這些產品的收入流，因此我們不依賴任何一個，因此我們可以增加我們的為我們的客戶服務。

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

您的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

Could you give us an update on the Cash App strategy when it comes to international expansion? And sort of when we might see Cash App rolled out in some new geographies? You guys are obviously actively rolling out seller in a lot of new geographies. So maybe any comments you can give us on timing and/or sort of like what needs to occur from a product or organizational or compliance perspective or any other types of challenges you need to overcome in order to kind of clear the way for that?

您能否向我們介紹一下 Cash App 在國際擴張方面的最新戰略？什麼時候我們可能會看到 Cash App 在一些新的地區推出？你們顯然正在許多新的地區積極推出賣家。因此，也許您可以就時間和/或從產品或組織或合規性的角度或您需要克服的任何其他類型的挑戰，以便為此掃清道路而向我們提出任何意見？

Yes. And as I said earlier, this remains a top priority for the Cash App team as well. We're going to make sure the service is a global service so we're serving people all around the world. There's the 2 main strategies that we're exploring for expansion. The first is with our products. And just like Square, making sure that we bring parity to new markets. So we launched the ability to send funds between the U.S. and the U.K. and have seen steady growth of the U.K. customers in transaction frequency over the past year, learning a lot from that launch, and that will inform our next moves.

是的。正如我之前所說，這仍然是 Cash App 團隊的首要任務。我們將確保該服務是一項全球服務，因此我們為世界各地的人們提供服務。我們正在探索兩種主要的擴張策略。首先是我們的產品。就像 Square 一樣，確保我們為新市場帶來平等。因此，我們推出了在美國和英國之間發送資金的功能，並且在過去一年中看到英國客戶的交易頻率穩步增長，從這次推出中學到了很多東西，這將為我們的下一步行動提供信息。

And the second is through M&A. We acquired a European financial mobile app based out of Spain, which is called Verse. And that has also taught us a lot that will inform our next moves. So we want to push really hard on this, and there's multiple paths to do so. But our end goal is to make sure the Cash App is global, and that we are bringing parity across all of our products to all the markets in the same way that we're trying to do with the Square ecosystem.

第二個是通過併購。我們收購了一個位於西班牙以外的歐洲金融移動應用程序，名為 Verse。這也教會了我們很多東西，這將為我們的下一步行動提供信息。所以我們想在這方面非常努力，並且有多種途徑可以做到這一點。但我們的最終目標是確保 Cash App 是全球性的，並且我們正在以與 Square 生態系統相同的方式將我們所有產品的平價帶到所有市場。

And the Afterpay piece as well here, Ramsey, it helps with us in terms of getting access to consumer still in markets outside the U.S. through Afterpay that we can then leverage as we bring Cash App and the Cash App brand in those markets.

還有這裡的 Afterpay 部分，Ramsey，它有助於我們通過 Afterpay 獲得仍在美國以外市場的消費者，然後我們可以在這些市場中引入 Cash App 和 Cash App 品牌時加以利用。

Your next question comes from Trevor Williams from Jefferies.

您的下一個問題來自 Jefferies 的 Trevor Williams。

I was hoping to get an update on Cash App Taxes and the traction that you guys have seen to date. Amrita, your comment about this being the highest quarterly inflows you've seen, I'm assuming taxes as a partial contributor to that in 1Q. But just any color on the percentage of the user base you've seen uptake from. Any way you can isolate the tailwind to Q1. And then any expectations for kind of what the cadence of the impact could be in the second quarter as well.

我希望獲得有關 Cash App Taxes 的最新信息以及你們迄今為止所看到的牽引力。 Amrita，您對這是您所見過的最高季度流入量的評論，我假設稅收是第一季度的部分貢獻者。但是，您看到的用戶群百分比只是任何顏色。任何方式都可以將順風隔離到 Q1。然後是對第二季度影響的節奏的任何期望。

Sure. Yes, let me jump in here and give you some stats on Cash App Taxes. As you know, in January, we launched our free digital tax filing service for customers. It really simplifies the experience, which has historically been complicated, expensive unwieldy for customers. It simplifies the experience, and our customers can get their tax refund sooner if they're direct depositing in the Cash App.

當然。是的，讓我跳到這裡，給你一些關於現金應用稅的統計數據。如您所知，我們在一月份為客戶推出了免費的數字報稅服務。它確實簡化了體驗，這在歷史上對客戶來說是複雜的、昂貴的、笨拙的。它簡化了體驗，如果我們的客戶直接存入現金應用程序，他們可以更快地獲得退稅。

And at the end of tax season, we had more than 1.5 million people filing their taxes with Cash App Taxes. We find that these filers to Cash App Taxes are more engaged with the Cash App ecosystem. They're twice as likely to use paycheck deposits in the first quarter compared to the average monthly actives. And they are driving inflows, as you noted, into the platform. 75% of those who used Cash App Taxes and have a Cash Card account selected Cash App as their refund method.

在報稅季結束時，我們有超過 150 萬人使用 Cash App Taxes 報稅。我們發現，這些 Cash App Taxes 的申報者更多地參與了 Cash App 生態系統。與平均每月活躍用戶相比，他們在第一季度使用薪水存款的可能性是其兩倍。正如您所指出的，它們正在推動資金流入平台。 75% 使用 Cash App Taxes 並擁有 Cash Card 賬戶的人選擇 Cash App 作為他們的退款方式。

We have always seen the tax season in the past has been driver of inflows for us in the Cash App. And we've seen that again in the first quarter. It's a piece of the inflows that come into Cash App more broadly. So I wouldn't say that, that's necessarily different this quarter than in the past, what we've historically seen. But what Cash App Taxes does is it helps bring awareness to our broader banking platform to the ability to direct deposit. And it's a utility for our customers that's seamless and provides value to them to the broader integrated suite of products that we have for them, making deposits even easier.

我們一直看到過去的稅收季節一直是我們在 Cash App 中流入的驅動力。我們在第一季度再次看到了這一點。這是更廣泛地流入 Cash App 的一部分。所以我不會這麼說，本季度與過去必然不同，這是我們歷史上所看到的。但 Cash App Taxes 的作用在於，它有助於讓我們更廣泛的銀行平台意識到直接存款的能力。它對我們的客戶來說是一種無縫的實用程序，它為我們為他們提供的更廣泛的集成產品套件為他們提供價值，使存款變得更加容易。

Your next question comes from Josh Beck from KBCM.

您的下一個問題來自 KBCM 的 Josh Beck。

I wanted to ask a little bit about the in-store efforts for the BNPL space. It certainly seems like there's more energy being put. Obviously, it creates a much larger portion of the wallet that you can capture. Certainly, Afterpay, I think, has had really good success with this strategy internationally. Obviously, with the combination of Block and Square, you have lots of unique assets that, I think, potentially accelerate that. So just will be curious on how important the in-store component you see for BNPL as the driver for that segment?

我想問一些關於 BNPL 空間的店內工作。看起來確實有更多的能量被投入。顯然，它創建了您可以捕獲的錢包的更大部分。當然，我認為 Afterpay 在國際上的這一戰略取得了非常好的成功。顯然，通過 Block 和 Square 的結合，你擁有許多獨特的資產，我認為這些資產可能會加速這一進程。所以只是好奇你認為 BNPL 的店內組件作為該細分市場的驅動因素有多重要？

When you say in-store, you mean people actually being present within the -- in the store, person to person?

當您說店內時，您的意思是人們實際上在店內——在店內，人與人之間？

Yes.

是的。

Yes. I mean, that, I think, is the beautiful thing about our models. We -- our focus on omnichannel means that we don't really have any boundaries with regards to where customers are. So Africa and a lot of buy now, pay later services have focused traditionally on e-commerce. And we wanted to make sure that our solutions work everywhere, whether that be through a phone order, online or offline at the store, and the experience should be more or less the same throughout. So I think all these behaviors tend to ebb and flow. You see a lot of activity in e-commerce, and then you see more in off-line and vice versa.

是的。我的意思是，我認為這就是我們模型的美妙之處。我們——我們對全渠道的關注意味著我們對客戶所在的位置沒有任何界限。所以非洲和很多現在購買，以後付款的服務傳統上都集中在電子商務上。我們希望確保我們的解決方案在任何地方都能發揮作用，無論是通過電話訂購、在線還是在商店離線，並且整個體驗應該大致相同。所以我認為所有這些行為都會有起有落。您在電子商務中看到很多活動，然後您在離線中看到更多活動，反之亦然。

We just want to make sure that we provide the ultimate flexibility to our sellers. It doesn't matter where their customers are, we want to help them make the sale. And the reason Afterpay is so important to us is because the buy now, pay later functionality and use case allows our sellers to make more sales. And it allows their customers to quickly act on their decision in a very favorable way. So we certainly expect a lot of strength off-line as we do online. And as we ramp up our experiments with the Discover tab in Cash App. Obviously, we'll see a lot more of that online activity, but we can also use that to drive people to offline experiences at merchants around them and within their neighborhood.

我們只是想確保我們為我們的賣家提供最大的靈活性。無論他們的客戶在哪裡，我們都希望幫助他們進行銷售。 Afterpay 對我們如此重要的原因是，現在購買，以後付款的功能和用例允許我們的賣家進行更多銷售。它使他們的客戶能夠以非常有利的方式迅速對他們的決定採取行動。因此，我們當然希望線下能像線上一樣擁有強大的實力。隨著我們使用 Cash App 中的“發現”選項卡進行實驗。顯然，我們會看到更多這樣的在線活動，但我們也可以利用它來推動人們在他們周圍和附近的商家那裡獲得線下體驗。

I think that's really special, really unique, hasn't been done before as far as I know, in a cohesive way and certainly not to be to the simplicity extent that we bring to bear with all of our services and all of our apps.

我認為這真的很特別，真的很獨特，據我所知，以前從未做過，以一種有凝聚力的方式，當然也不是我們為所有服務和所有應用程序帶來的簡單程度。

And I'll just add to that, Josh. You've heard us talk about this in the past, I think last quarter, too, that what we see for Afterpay in their more established markets like Australia and New Zealand, what we see there is an increasing presence across omnichannel, not just online but also in-person, and that omnichannel consumers, consumers who are using buy now, pay later, in-person as well as online transact at higher rates than online-only consumers because it becomes a part of how they manage their cash flow, it becomes top of mind for them in terms of how they make purchases.

我會補充一點，喬希。你過去聽我們談論過這個問題，我認為上個季度也是如此，我們在澳大利亞和新西蘭等更成熟的市場中看到 Afterpay，我們看到全渠道的存在越來越多，而不僅僅是在線但也包括面對面，全渠道消費者，即現在購買的消費者，稍後付款，面對面以及在線交易的價格高於僅在線消費者，因為它成為他們管理現金流的一部分，就他們如何購買而言，這成為他們的首要考慮因素。

And that is something that we think, as Jack spoke to, is unique about our platform in that there's a lot of complementarity between the Square platform and the Afterpay platform and how we can help Afterpay grow with our access to millions of sellers across the U.S. and outside the U.S., both online and in-person.

正如傑克所說，這就是我們認為我們平台的獨特之處，因為 Square 平台和 Afterpay 平台之間存在很多互補性，以及我們如何通過接觸美國數百万賣家來幫助 Afterpay 發展。以及在美國以外的地方，包括在線和麵對面。

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

您的下一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to come back to a couple of the April metrics, specifically the Square GPV year-over-year growth and the Cash App gross profit year-over-year growth. If I'm not mistaken, the year-over-year comps actually get quite a bit easier, I believe, in May and June relative to April levels for both those metrics. So is it reasonable to think that growth could accelerate off those April levels against those easier comps during the balance of the quarter? I mean, assuming no significant macro changes.

我只想回到 4 月份的幾個指標，特別是 Square GPV 同比增長和 Cash App 毛利潤同比增長。如果我沒記錯的話，我相信，相對於這兩個指標的 4 月水平，5 月和 6 月的同比比較實際上要容易得多。那麼，是否有理由認為，在本季度的剩餘時間裡，與那些更容易的比較相比，增長可能會從 4 月份的水平加速增長？我的意思是，假設沒有重大的宏觀變化。

And then just a quick housekeeping clarification on the OpEx growth for the year ex Afterpay. I think you said $1.2 billion. Am I right that last quarter, it was $1.3 billion, so you're $100 million less now?

然後只是對 Afterpay 前一年的運營支出增長的快速內務澄清。我想你說的是 12 億美元。我說的對嗎，上個季度是 13 億美元，所以你現在少了 1 億美元？

Sure. So what I would say for April is that you're right that March and April of last year are tough comps for us because of the significant government fund disbursements that came about last year. That's part of why I would orient you more to those 3-year CAGR metrics that I was sharing for April, where we do see some more consistency between the periods that we're looking at here from Q1 into April, and where you do get to normalize around some of those COVID comps that you're speaking to in the prior year time frame.

當然。因此，我對 4 月份的看法是，您是對的，去年 3 月和 4 月對我們來說是艱難的時期，因為去年出現了大量的政府資金支出。這就是為什麼我會讓你更多地關注我在 4 月份分享的那些 3 年 CAGR 指標的部分原因，我們確實看到從第一季度到 4 月我們在這裡看到的時期之間有更多的一致性，你確實得到了圍繞您在上一年時間範圍內與之交談的一些 COVID 組合進行規範化。

So again, I would orient you to the 3-year metrics that we're seeing where Square GPV growth on a 3-year basis in April came in at about 24%. Cash App gross profit ex Afterpay coming in at about 85%. And so still strong continued growth. And again, the 3-year CAGR help normalize for some of the year-over-year.

因此，我再次向您介紹我們看到的 3 年指標，4 月份 Square GPV 的 3 年增長率約為 24%。 Cash App 的除 Afterpay 毛利約為 85%。所以仍然強勁的持續增長。再一次，3 年的複合年增長率有助於使一些年同比正常化。

The second part of your question on OpEx was really just some refinement for us based on the pacing of the expected investments for the remainder of the year. The reduction here is relatively minimal in the context of the broader non-GAAP OpEx expected investments for 2022, less than a 4% decrease as we refine these numbers. And for Block ex Afterpay, it's really just about reflecting the pacing spend for some of the newer and experimental marketing channels.

您關於 OpEx 的問題的第二部分實際上只是根據今年剩餘時間的預期投資節奏對我們進行了一些改進。在 2022 年更廣泛的非 GAAP 運營支出預期投資的背景下，這裡的減少相對較小，隨著我們對這些數字的細化，減少不到 4%。而對於 Block ex Afterpay，它實際上只是反映了一些新的和實驗性營銷渠道的節奏支出。

And for our last question, we have Bryan Keane from Deutsche Bank.

對於我們的最後一個問題，我們請來德意志銀行的 Bryan Keane。

Congrats on the solid results here. The one question I had was on Afterpay. The growth rate decelerated some off of last year's pace in April. I think you talked about expect something around a 15% volume growth, which is probably going to be below some of the industry peers. So just trying to figure out how much of that is that you guys really haven't fully rolled out integration into the product yet and would expect that number to accelerate from here? And how much of that maybe taking a more conservative risk profile given the macro environment we're in?

恭喜這裡的可靠結果。我遇到的一個問題是關於 Afterpay。 4 月份的增長率比去年同期有所放緩。我認為您談到的預期銷量增長約為 15%，這可能會低於一些行業同行。所以只是想弄清楚有多少是你們真的還沒有完全集成到產品中，並且期望這個數字從這裡開始加速？考慮到我們所處的宏觀環境，其中有多少可能採取更保守的風險狀況？

Sure. What I would say for Afterpay is that our focus in the near term is around growing our customer base, managing our loss rates and driving increased consumer frequency, as I mentioned earlier, and we're happy with the progress we're making on each of those pieces. And you're right, we have not yet fully integrated or seen the vision come to life yet across the connecting points between merchants and consumers, whether Square and Cash App platform, you hear a lot of -- you'll hear a lot more about that in a couple of weeks at Investor Day.

當然。對於 Afterpay，我想說的是，我們近期的重點是擴大我們的客戶群，管理我們的損失率並提高消費者頻率，正如我之前提到的，我們對我們在每個方面取得的進展感到滿意那些碎片。你是對的，我們還沒有完全整合或看到這個願景在商家和消費者之間的連接點上實現，無論是 Square 和 Cash App 平台，你聽到很多——你會聽到更多幾週後的投資者日。

We -- our teams are deep at work on that integrated commerce vision. And we have so much more to come on that, which we're really excited about. We really think we have a differentiated offering to provide over the long term here as we think about how our commerce platform will be different from others. And we think we can be truly differentiated on nonprice factors when you think about the consumer scale that we have across Cash App and Afterpay.

我們——我們的團隊正在深入研究這種綜合商業願景。我們還有很多事情要做，我們對此感到非常興奮。我們真的認為我們可以在這里長期提供差異化的產品，因為我們考慮我們的商業平台將如何與其他平台不同。我們認為，當您考慮到我們在 Cash App 和 Afterpay 中擁有的消費者規模時，我們可以在非價格因素上真正實現差異化。

And then when you think about the merchant scale that we have across Square and Afterpay, we believe that what we're building will be resilient and a sustainable strategy over the long term for both sides of the ecosystem, merchants and consumers. We hope to lay all that out for you at Investor Day on May 18.

然後，當您考慮我們在 Square 和 Afterpay 上擁有的商家規模時，我們相信我們正在構建的東西將具有彈性，並且是生態系統雙方、商家和消費者的長期可持續戰略。我們希望在 5 月 18 日的投資者日為您提供所有這些信息。

Thank you, presenters. Ladies and gentlemen, thank you for participating in today's program. This concludes today's call. You may all disconnect. Thank you.

謝謝各位主持人。女士們，先生們，感謝你們參加今天的節目。今天的電話會議到此結束。你們都可以斷開連接。謝謝你。