Block Inc (XYZ) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Block first quarter 2025 earnings conference call. Today's call will be 45 minutes. I would now like to turn the call over to your host, Nikhil Dixit, Head of Investor Relations. Please go ahead.

女士、先生們，大家好，歡迎參加 Block 2025 年第一季財報電話會議。今天的通話時間為 45 分鐘。現在我想將電話轉給主持人、投資者關係主管尼基爾迪克西特 (Nikhil Dixit)。請繼續。

Hi, everyone. Thanks for joining our first quarter 2025 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 conference call participants.

大家好。感謝您參加我們的 2025 年第一季財報電話會議。今天我們有傑克和阿姆里塔和我們在一起。在直接回答您的問題之前，我們將以一些簡短的發言開始本次通話。在問答環節，我們將回答電話會議參與者的問題。

We would also like to remind everyone that we will be making forward-looking statements on this call. All statements other than statements of historical fact could be deemed to be forward looking. These forward-looking statements include discussions of our outlook, strategy and guidance as well as our long-term targets and goals. These statements are subject to risks and uncertainties, including changes in macroeconomic conditions. Actual results could differ materially from those contemplated by our forward-looking statements.

我們也想提醒大家，我們將在本次電話會議上做出前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述。這些前瞻性陳述包括對我們的前景、策略和指導以及我們的長期目標和目的的討論。這些聲明受風險和不確定性的影響，包括宏觀經濟條件的變化。實際結果可能與我們的前瞻性陳述所預期的結果有重大差異。

Reported results should not be considered an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements, including earnings guidance for 2025 discussed on this call are based on information available to us and assumptions we believe are reasonable as of today's date.

報告的結果不應被視為未來表現的指標。請查看我們向美國證券交易委員會提交的文件，以了解可能導致結果不同的因素。另請注意，前瞻性陳述（包括本次電話會議討論的 2025 年獲利預測）均基於我們掌握的資訊以及我們認為截至今天合理的假設。

We disclaim any obligation to update any forward-looking statements, except as required by law. Further, any discussion during this call of our lending and banking products refer to products that are offered through Square Financial Services or our bank partners.

除非法律要求，我們不承擔更新任何前瞻性聲明的義務。此外，本次電話會議中有關我們的貸款和銀行產品的任何討論均指透過 Square Financial Services 或我們的銀行合作夥伴提供的產品。

During this call, we will also provide a preliminary estimate of GPV growth for the month of April. Actual April results may differ from this estimate and may not be reflective of performance for this full second quarter. Within these remarks, we will also discuss metrics related to our investment framework, including Rule of 40. With Rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margin. Also, we will discuss certain non-GAAP financial measures during this call.

在本次電話會議中，我們還將提供 4 月份 GPV 成長的初步估計。四月份的實際結果可能與該估計有所不同，並且可能無法反映整個第二季度的表現。在這些評論中，我們還將討論與我們的投資框架相關的指標，包括 40 個規則。根據 40 規則，我們正在評估毛利成長和調整後營業收入利潤率的總和。此外，我們將在本次電話會議中討論某些非公認會計準則財務指標。

Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter and our historical financial information spreadsheet on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. Finally, this call in its entirety is being audio webcast on our Investor Relations website. An audio replay of this call and the transcript for Jack and Amrita's opening remarks will be available on our website shortly.

股東信函和我們投資者關係網站上的歷史財務資訊電子表格中提供了與最直接可比較的 GAAP 財務指標的對帳。這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。最後，本次電話會議的完整內容將在我們的投資者關係網站上進行音訊網路直播。本次通話的音訊回放以及傑克和阿姆里塔的開場白的文字記錄將很快在我們的網站上提供。

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

說到這裡，我想把話題轉到傑克身上。

Thank you all for joining. My letter go through what we've seen in our performance so far in 2025 and why we expect growth to accelerate in the second half of this year. Our work on product velocity and go-to-market is showing results as Square gain share this quarter. We'll keep pushing our road map forward at a faster pace and bring AI automation to more sellers.

感謝大家的加入。我的信中闡述了我們在 2025 年迄今的表現，以及我們預計今年下半年成長將加速的原因。隨著 Square 本季市場佔有率的成長，我們在產品速度和上市方面的工作正在取得成果。我們將繼續以更快的速度推進我們的路線圖，並將人工智慧自動化帶給更多的賣家。

On Cash App, our growth this year will be driven by increasing engagement with our base, but we are focusing more of our efforts on expanding our network, including growing with teams and families, optimizing our product controls and increasing marketing spend where we'll see strong returns.

在 Cash App 上，我們今年的成長將來自與我們基礎用戶的不斷增加的互動，但我們將把更多的精力放在擴大我們的網路上，包括與團隊和家庭一起成長，優化我們的產品控制，並增加行銷支出，我們將看到強勁的回報。

And with that, I'll turn it over to Amrita.

說完這些，我就把麥克風交給 Amrita。

Thanks, Jack. In the first quarter, we delivered strong results in Square and demonstrated discipline across expenses, with our highest adjusted operating income and adjusted EBITDA ever. While Cash App gross profit came in below expectations, we have conviction in the growth drivers for the back half of the year and our ability to drive long-term value.

謝謝，傑克。在第一季度，我們的 Square 取得了強勁的業績，並在各項費用方面表現出了紀律性，調整後的營業收入和調整後的 EBITDA 均創下了歷史新高。雖然 Cash App 的毛利低於預期，但我們對下半年的成長動力和推動長期價值的能力充滿信心。

Let's talk about our results in the first quarter. Total Block gross profit was $2.29 billion, up 9% year-over-year. Square had a strong quarter with gross profit growth of 9% year-over-year driven by GPV growth of 7.2%, with constant currency GPV growth of 8.2% and increasing banking attach rates.

我們來談談第一季的業績。總區塊毛利為 22.9 億美元，較去年同期成長 9%。Square 本季表現強勁，毛利年增 9%，這得益於 GPV 成長 7.2%，以固定匯率計算 GPV 成長 8.2%，銀行附加率也不斷提高。

We see our product and go-to-market strategies working, as we expanded market share in our target verticals. We analyze incremental market share across various consumer spending and small business volume benchmarks.

隨著我們在目標垂直領域的市場份額不斷擴大，我們看到我們的產品和市場進入策略正在發揮作用。我們分析了各種消費者支出和小型企業規模基準的增量市場份額。

Across the verticals we operate in, we saw improved growth relative to these benchmarks. Our product innovation has been robust, and we're excited to host our first product release event in two weeks where we'll showcase over 100 products and features such as new Square Online features, improved food delivery integrations and better support for sellers with large invoices.

在我們經營的各個垂直領域，我們都看到了相對於這些基準的改善成長。我們的產品創新一直很強勁，我們很高興在兩週內舉辦我們的第一次產品發布活動，我們將展示 100 多種產品和功能，例如新的 Square Online 功能、改進的食品配送集成以及對擁有大額發票的賣家的更好的支持。

From a go-to-market perspective, we signed several upmarket sellers and continue to add partners across horizontal, vertical and third-party sales organizations. Field sales and partnerships are key channels for us going forward, and we're very encouraged by recent success. Cash App gross profit was up 10% year-over-year.

從市場進入的角度來看，我們簽約了幾家高端賣家，並繼續在橫向、縱向和第三方銷售組織中增加合作夥伴。現場銷售和合作夥伴關係是我們未來發展的關鍵管道，最近的成功讓我們感到非常鼓舞。Cash App 毛利較去年同期成長 10%。

While gross profit per monthly transacting active reached $81 in the quarter, we saw changes to consumer spending behavior that we believe impacted inflows and Cash App card spend. Tax refunds are an important seasonal driver of Cash App inflows.

雖然本季每月活躍交易的毛利達到了 81 美元，但我們看到消費者支出行為發生了變化，我們認為這影響了資金流入和 Cash App 卡支出。退稅是 Cash App 資金流入的重要季節性驅動因素。

This year, we saw a pronounced shift in consumer behavior during the time period that we typically see the largest disbursements, late February and into March. This coincided with inflows coming in below our expectations. During the quarter, nondiscretionary Cash App card spend in areas like grocery and gas was more resilient, while we saw a more pronounced impact to discretionary spending in areas like travel and media.

今年，我們看到在二月底至三月這一我們通常看到最大支出的時間內消費者行為發生了明顯轉變。這與流入量低於我們的預期相吻合。在本季度，食品雜貨和汽油等領域的非自由支配的 Cash App 卡支出更具彈性，而我們看到旅遊和媒體等領域的自由支配支出受到更明顯的影響。

We believe this consumer softness was a key driver of our forecast miss. From a profitability standpoint, adjusted EBITDA was $813 million, up 15% year-over-year. And adjusted operating income was $466 million, up 28% year-over-year.

我們認為，消費者的疲軟是導致我們未能達到預期的關鍵因素。從獲利能力的角度來看，調整後的 EBITDA 為 8.13 億美元，年增 15%。調整後的營業收入為 4.66 億美元，年增 28%。

For the trailing 12 months ending in March, adjusted free cash flow was $1.53 billion compared to $1.07 billion a year ago. So far this year, through the end of April, we have repurchased approximately $600 million of stock, and we intend to continue returning capital to shareholders over the course of the year.

截至 3 月的過去 12 個月，調整後的自由現金流為 15.3 億美元，去年同期為 10.7 億美元。今年截至 4 月底，我們已經回購了約 6 億美元的股票，我們打算在今年內繼續向股東返還資本。

Let's talk about our outlook for the rest of the year, where we expect to accelerate growth across both Cash App and Square. We recognize we're operating in a more dynamic macro environment. So we've reflected a more cautious stance on the macro backdrop into our guidance. We're now expecting gross profit growth of 12% for 2025 or $9.96 billion. we expect gross profit growth of 9.5% in the second quarter.

讓我們來談談今年剩餘時間的展望，我們預計 Cash App 和 Square 都將加速成長。我們認識到我們正處於一個更動態的宏觀環境中。因此，我們在指導中體現了對宏觀背景更為謹慎的立場。我們現在預計 2025 年毛利成長率為 12%，即 99.6 億美元。我們預計第二季毛利將成長9.5%。

We continue to expect gross profit growth to accelerate in the back half of the year into the low double digits in the third quarter, and end the year with mid-teens gross profit growth in the fourth quarter. Let's unpack some of our growth drivers.

我們繼續預計，今年下半年毛利成長將加速，在第三季達到兩位數的低位，並在第四季度實現十五個百分點左右的毛利成長。讓我們來分析一下我們的一些成長動力。

We hit a key milestone in March by receiving FDIC approval to use our bank, Square Financial Services, to issue consumer loans for Cash App Borrow nationwide. This unlocks two important benefits, which we expect to have a meaningful impact starting in the third and fourth quarters. First, it roughly doubles the number of Cash App actives we can offer Borrow to by enabling us to offer loans across more states.

3 月份，我們取得了一個重要的里程碑：獲得 FDIC 批准，可以使用我們的銀行 Square Financial Services 在全國範圍內為 Cash App Borrow 發放消費貸款。這帶來了兩個重要的好處，我們預計它們將從第三季和第四季開始產生有意義的影響。首先，透過使我們能夠在更多州提供貸款，我們可以提供借貸服務的 Cash App 活躍用戶數量增加了一倍。

And second, it enables significantly better unit economics as we can originate and service loans in-house. Given our expectation for Borrow to be a meaningful contributor to gross profit acceleration in the second half, I want to take a moment to talk through why we have such high conviction in our ability to scale this product at attractive unit economics and margins.

其次，由於我們可以在內部發放和服務貸款，因此它可以顯著提高單位經濟效益。鑑於我們預計 Borrow 將成為下半年毛利加速成長的重要貢獻者，我想花點時間談談為什麼我們如此堅信能夠以有吸引力的單位經濟效益和利潤率擴展該產品的規模。

We have a world-class underwriting team, and we've maintained healthy loss rates for Borrow across historical cohorts. With a weighted average duration under 30 days, we are confident in our ability to adapt to changing macro conditions. Our machine learning models leverage real-time customer data, which we believe is one of the most reliable early indicators of credit quality.

我們擁有世界一流的承保團隊，並且在歷史上我們一直保持著健康的 Borrow 損失率。加權平均持續時間不到 30 天，我們有信心適應不斷變化的宏觀條件。我們的機器學習模型利用即時客戶數據，我們相信這是信用品質最可靠的早期指標之一。

We monitor performance daily enabling us to dynamically adjust originations and exposure based on our customer underwriting scores. Another driver of growth acceleration is our retroactive BNPL product, cash App Afterpay, launched in late February.

我們每天監控績效，使我們能夠根據客戶承保分數動態調整啟動和風險敞口。另一個推動成長加速的動力是我們在 2 月底推出的追溯 BNPL 產品現金 App Afterpay。

We've seen strong early conversion and adoption in April and are excited to continue ramping this product to more actives. For Square, we expect GPV growth to improve throughout the rest of the year. We expect high single-digit GPV growth in the second quarter, with April global GPV growth expected to be 9.6% on a year-over-year basis.

我們在四月份看到了強勁的早期轉換和採用，並很高興繼續將該產品推向更多的活躍領域。對於 Square，我們預計 GPV 成長將在今年剩餘時間內有所改善。我們預計第二季 GPV 將實現高個位數成長，4 月全球 GPV 成長率預計為 9.6%。

Our seller acquisition payback period continue to remain within five to seven quarters despite increasing levels of investment. We're seeing traction from our investments in field sales and partnerships, and we're leaning in more. These channels have delivered strong returns, exceeding our expectations for new volume and are foundational to our strategy of expanding upmarket and winning with more complex sellers. We expect that momentum to continue building as we move through the year. Finally, in Proto, we continue to expect to deliver our first Bitcoin mining chips and systems in the second half of the year.

儘管投資水準不斷增加，我們的賣家收購回報期仍維持在五到七個季度內。我們看到，我們在現場銷售和合作夥伴關係方面的投資正在取得進展，而且我們正在加大投入。這些管道帶來了豐厚的回報，超出了我們對新銷售的預期，並且是我們擴大高端市場和贏得更複雜賣家的策略的基礎。我們預計，隨著時間的推移，這種勢頭將繼續增強。最後，在 Proto，我們繼續預計在今年下半年推出我們的第一批比特幣挖礦晶片和系統。

These growth initiatives collectively drive nearly all of the gross profit growth acceleration required to achieve our guidance. As Jack noted in his letter, we're prioritizing efforts to expand Cash App's network with initiatives spanning product and go-to-market. We're confident this work will contribute to long-term growth but we haven't embedded these initiatives into our 2025 outlook.

這些成長措施共同推動了實現我們預期目標所需的幾乎所有毛利成長加速。正如傑克在信中指出的那樣，我們正優先考慮透過涵蓋產品和上市的措施來擴大 Cash App 的網路。我們相信這項工作將有助於長期成長，但我們尚未將這些舉措納入我們的 2025 年展望中。

From a profitability perspective, we now expect adjusted operating income of $1.9 billion for the year or approximately 19% margin. We've reflected continued investment in sales and marketing and risk loss into our profitability outlook as we expect to invest in high ROI growth initiatives across Cash App and Square.

從獲利能力的角度來看，我們現在預計今年調整後的營業收入為 19 億美元，利潤率約為 19%。我們已將對銷售和行銷的持續投資以及風險損失反映在我們的獲利前景中，因為我們預計將投資於 Cash App 和 Square 的高投資回報率成長計劃。

We understand the drivers behind our recent deceleration in growth and have incorporated updated views on the macro environment into our revised guidance for the year. We're ready to navigate a range of scenarios supporting our customers while responsibly growing our business as conditions evolve.

我們了解近期經濟成長放緩背後的原因，並將對宏觀環境的最新看法納入了我們今年修訂的指引中。隨著情況的發展，我們已準備好應對各種情況，為客戶提供支持，同時負責任地發展我們的業務。

Our path forward is clear. Square is moving faster, building relevant tools and getting them into more sellers' hands. Cash App is becoming a fundamental part of people's financial lives through accessible credit and banking tools, and we are leaning in more on the power of our network to expand new actives growth.

我們的前進道路是明確的。Square 正在加快步伐，建立相關工具並將其提供給更多賣家。Cash App 正在透過可訪問的信貸和銀行工具成為人們金融生活的基本組成部分，並且我們更多地依靠網路的力量來擴大新的活躍成長。

Taken together, we expect this to support sustainable growth for Block over the long run. We have the team, strategy and organizational strength to navigate potential short-term volatility while continuing to build for our customers.

總的來說，我們預計這將支持 Block 的長期永續成長。我們擁有團隊、策略和組織實力，能夠應對潛在的短期波動，同時繼續為我們的客戶提供服務。

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

我現在將電話轉回給接線生，開始通話的問答部分。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Jack, in your letter, you write quite clearly that the company is focused on all the right drivers and you said that you're going to call the bottom here and you're looking for acceleration. And then of course, there's a lot of macro uncertainty out there.

傑克，在你的信中，你寫得很清楚，公司專注於所有正確的驅動因素，並且你說你將在這裡觸底並且你正在尋求加速。當然，還存在著許多宏觀不確定性。

So can you just give us a little more on how you develop this view, given what's happening on the ground, talking to customers, clients, employees, I'm sure you're talking to your go-to-market teams and your product teams. I know that Cash App surprised here later in the quarter -- the first quarter. So just trying to understand the path forward and what's driving your conviction.

那麼，您能否根據實際情況，透過與顧客、客戶、員工的交談，向我們詳細介紹一下您是如何形成這種觀點的，我相信您也正在與您的行銷團隊和產品團隊進行交談。我知道 Cash App 在本季後期（第一季）帶來了驚喜。所以只是想了解前進的道路以及是什麼推動你的信念。

Yeah. Thank you for the question. So as we've been talking about for the past year, like we have made a lot of changes internally and also to our systems, our engineering systems and technology platform. And we're finally starting to realize that in Square, in particular, like Square is now gaining market share. And this is a result of all the work we did to consolidate, making sure that we're pushing on a unified interface looking deeply at the dashboard and also looking at go-to-market and starting field sales.

是的。謝謝你的提問。正如我們在過去一年中一直在談論的那樣，我們在內部以及我們的系統、工程系統和技術平台方面做出了很多改變。我們終於開始意識到，尤其是 Square，現在它的市佔率正在不斷擴大。這是我們為整合所做的所有工作的結果，確保我們推動統一的介面，深入研究儀表板，並專注於上市和開始現場銷售。

I'm very excited about that, and I know we can do more and also bring that mindset more to Cash App out. To be honest, I just don't think we are focused enough and had enough attention on the network and the network density. And that is our foundation. That is our base. We, of course, want to deepen engagement with our customers through banking services and Borrow and I have no doubt we will.

我對此感到非常興奮，我知道我們可以做得更多，並將這種思維方式更多地融入 Cash App。說實話，我認為我們對網路和網路密度的關注還不夠。這就是我們的基礎。那是我們的基地。當然，我們希望透過銀行服務和 Borrow 加深與客戶的互動，我堅信我們會做到的。

But at the same time, we need to make sure that we continuously grow our network and that starts with peer to peer. And that's doing things like looking at the density making sure that we're going fully forward with this focus on teams, which is a natural audience for us, the families, one that we believe is massively underserved. It means that we're looking at our product controls.

但同時，我們需要確保我們的網路不斷發展，並且從點對點開始。我們正在做的事情包括觀察密度，確保我們全力以赴地關注團隊，這對我們而言是一個自然的受眾群體，即家庭，我們認為他們在很大程度上沒有得到充分的服務。這意味著我們正在關注我們的產品控制。

There are people that can't -- that don't see Cash App as a bank right now because they put their money in, and it blocks them from doing what they want. So there's really good customers there that just aren't able to do what they wish. And that's where the trust piece comes in, and we need to turn that around and just look critically at all of our velocity controls and making sure that we're really -- we're there for good customers.

有些人不能——他們現在不把 Cash App 視為銀行，因為他們把錢存入其中，而 Cash App 阻止他們做他們想做的事情。所以那裡確實有一些好客戶，只是無法做他們想做的事。這就是信任發揮作用的地方，我們需要扭轉這種局面，嚴格審視我們所有的速度控制，確保我們真的為優質客戶服務。

And then third is just looking deeply at our marketing spend and investing and something that we know works. We know that referrals is an area that works. We want to be smarter about it. The world has changed since we launched Cash App and since we launched peer-to-peer, and we need to update that view. But net-net, I believe we just haven't put enough attention on making sure that we do the natural long-term strategic thing of increasing network density and also the expansion of such.

第三就是深入研究我們的行銷支出和投資以及我們知道有效的方法。我們知道推薦是一個有效的領域。我們希望對此採取更明智的做法。自從我們推出 Cash App 和點對點以來，世界已經發生了變化，我們需要更新這種觀點。但總的來說，我認為我們還沒有投入足夠的精力來確保我們能夠採取自然的長期策略，即增加網路密度並進行擴展。

Underpinning all of this is our work on AI. As I said in my letter, we built this tool called codename goose, which allows an autonomous way for agents to help our engineers be a lot more productive. But we're seeing this benefit the entire company. We have a huge number of people using the store right now. It's model independent.

所有這一切的基礎是我們在人工智慧方面的工作。正如我在信中所說，我們建造了這個代號為 goose 的工具，它允許代理以自主的方式幫助我們的工程師提高工作效率。但我們看到這對整個公司有利。目前有大量用戶正在使用我們的商店。它與模型無關。

So we're not dependent upon any one company for it to work. And it's focused entirely on autonomy, which ultimately means productivity. And it's something that we think we can not only continue to increase our productivity around but also make a customer faces -- customer-facing. And that's within Cash App itself, and that's within Square. We're starting to see some of that work in Square today.

因此，我們並不依賴任何一家公司來運作。它完全專注於自主性，最終意味著生產力。我們認為，我們不僅可以繼續提高生產力，還可以面對客戶。這是在 Cash App 內部，也是在 Square 內部。今天我們開始在 Square 看到一些這樣的工作。

Actually, we rolled out to a small percent today. Work that help sellers allow to allow them to see their business in a much better way to get insights deeply by just asking a question. But there's a lot more to come. And what excites me the most is just the velocity at which we can move it. And that's what gives me the confidence about our growth ultimately is that we are focused on the right things and now we have much better tools to go after them.

實際上，我們今天推出的比例很小。這項工作可以幫助賣家更好地了解自己的業務，只需提出問題即可獲得深入的見解。但未來還會有更多。最讓我興奮的是我們移動它的速度。最終，這讓我對我們的成長充滿信心，因為我們專注於正確的事情，現在我們有更好的工具來實現這些目標。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Amrita, maybe you can just give us a little bit more color on what changed over the past 90 days. I know GPV looked pretty good on the Square side. So I know it was more Cash App based, but really in the consumer you're referencing having changed behavior.

阿姆麗塔，也許你可以給我們稍微詳細地介紹過去 90 天發生的變化。我知道 GPV 在 Square 方面看起來相當不錯。所以我知道它更多地基於 Cash App，但實際上您所提到的消費者的行為已經改變了。

And then more importantly, I think, looking forward, if you can give us a little bit more context into and specifics into what macro assumptions are now embedded maybe above and beyond what you're already seeing, even is there a more conservative approach in your outlook for the rest of the year in some ways, given the guide change? And any granularity on the segments or what you're including in there would be very helpful for us.

然後更重要的是，我認為，展望未來，如果您能為我們提供更多背景資訊和具體細節，說明目前嵌入的宏觀假設可能超出您已經看到的水平，考慮到指導方針的變化，您對今年剩餘時間的展望在某些方面是否採取更為保守的方法？任何關於片段或其中包含的內容的細微差別對我們來說都會非常有幫助。

Sure, Darrin. Happy to jump in here. So as I noted earlier in my prepared remarks, we saw a change in behavior in our Cash App customer base, this tax refund season versus what we've seen in prior tax seasons. And our typical approach for guidance is to align closely with our internal forecast, but we took a different approach this quarter. Our gross profit guidance here reflects the view that what we saw in Cash App in the first quarter may be a sign of a changing macro backdrop.

當然，達林。很高興跳到這裡。因此，正如我之前在準備好的發言中提到的那樣，與前幾個納稅季節相比，我們發現這個退稅季節我們的 Cash App 客戶群的行為發生了變化。我們的典型指導方法是與我們的內部預測緊密結合，但本季我們採取了不同的方法。我們在此的毛利指引反映了這樣的觀點：我們在第一季看到 Cash App 的情況可能是宏觀背景改變的跡象。

Given that uncertainty, we've embedded macro softening even beyond what we've seen so far, more meaningfully into our growth outlook. We have not seen that materialize through April, but we thought this approach would be prudent given the wider error bars.

鑑於這種不確定性，我們已將宏觀經濟軟化納入我們迄今為止所見的範圍之外，並更有意義地融入我們的成長前景中。截至四月份，我們尚未看到這種情況的出現，但我們認為，考慮到更大的誤差範圍，這種方法是謹慎的。

From a cost perspective, we wanted to maintain flexibility in our guidance to invest in ways some of the ways that Jack was mentioning that fuel long-term growth. So we're assuming we continue to invest throughout the remainder of the year, though, of course, we can be nimble here and believe we have the ability to change course on gross investments quickly if our ROI thresholds are not met. But based on what we see today, we see meaningful opportunities to drive long-term growth at strong returns across our business and will be nimble to the environment as it evolves.

從成本角度來看，我們希望在指導中保持靈活性，以傑克提到的一些能夠推動長期成長的方式進行投資。因此，我們假設我們將在今年剩餘時間內繼續投資，當然，我們可以靈活應對，並相信如果我們的投資回報率門檻沒有達到，我們有能力迅速改變總投資的方向。但根據我們今天所看到的情況，我們看到了推動整個業務長期成長和強勁回報的重大機遇，並且我們將隨著環境的變化而靈活應對。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

I want to talk a little bit about the Cash Card Afterpay functionality and some of the early results you're seeing there. So to set the stage, we gather that you have a large base of cash card volumes that gives an opportunity for this functionality to be added into, meaning post transaction splitting of payments that are already being made or maybe even driving incremental payments.

我想稍微談談 Cash Card Afterpay 功能以及您在那裡看到的一些早期結果。因此，為了做好準備，我們了解到您擁有大量的現金卡數量，這為添加此功能提供了機會，這意味著對已經進行的付款進行交易後拆分，甚至可能推動增量付款。

So the question I think investors have is, really, the first part is for the early users that are using this, just a rough sense of the adoption or the penetration of their payments, meaning how much are they splitting or opting to split. And then the second part is more of the longer-term aspect, which is the game plan to help to move some of these customers over to payroll direct deposit.

所以我認為投資者的問題是，實際上，第一部分是針對正在使用這項服務的早期用戶，只是對他們的支付採用率或滲透率有一個大致的了解，這意味著他們分割了多少或選擇分割了多少。第二部分則更著重於長期方面，即制定計畫幫助部分客戶轉向工資直接存款。

Yeah. I'll take the long-term view. So we do believe that this is a great incentive for moving customers over, and we think this is deeply strategic. We're super excited that after paying the Cash App card are together as well. We have this massive distribution platform. And we see Cash App -- we see Afterpay, I should say, as an evolution of a credit function and one that as required some iteration and some invention. And this is one step along that path, but not the last step.

是的。我會從長遠角度來考慮問題。因此，我們確實相信，這對於吸引客戶來說是一個很大的激勵，而且我們認為這具有深遠的策略意義。我們非常興奮，用 Cash App 卡付款後我們也在一起了。我們擁有這個龐大的分銷平台。我們認為 Cash App——應該說，我們認為 Afterpay 是信用功能的演變，需要一些迭代和一些創新。這是沿著這條道路邁出的一步，但不是最後一步。

And this is even more critical for a younger generation and specifically teens who just want different options in order to plan their payments. It's really about cash flow management more than it is anything else. And the cards that have that flexibility and have the ability to help me get to my next paycheck, which is a postpaid environment that allows me to do what I need to do but does not put too much burden on myself that I feel trapped or I don't want to use it again. That's the sweet spot, and that's what we're offering. And we're super excited to continue to build upon it now that we have this first go out live.

對於年輕一代，尤其是青少年來說，這一點更為重要，因為他們只想透過不同的選擇來規劃自己的付款。事實上，這更多的是關於現金流管理。這些卡片具有靈活性，能夠幫助我獲得下一份薪水，這是一個後付費​​環境，可以讓我做我需要做的事情，但不會給我帶來太大的負擔，讓我感到被困住或不想再使用它。這就是最佳點，也是我們所提供的。現在我們已經首次上線了，我們非常高興能夠繼續在此基礎上發展。

Yeah. And I'll just add, Tim, really, we saw two meaningful integrations for Cash App and Afterpay in the first quarter. First, in February, as you know, we enabled eligible actives to split purchases retroactively on their Cash App card for a small fee. We're really encouraged by the early results we've seen here with strong attach rates and healthy growth trends. and we intend to make more active eligible Cash App card actives eligible.

是的。我還要補充一點，提姆，我們在第一季確實看到了 Cash App 和 Afterpay 的兩次有意義的整合。首先，如您所知，在二月份，我們允許符合資格的活躍用戶以少量費用在其 Cash App 卡上追溯分割購買。我們對早期的業績感到非常鼓舞，我們看到強勁的附加率和健康的成長趨勢。我們打算讓更多活躍的符合資格的 Cash App 卡活躍用戶獲得資格。

We'll obviously take a test and learn approach here, starting small and scaling thoughtfully as we gather more data and build confidence behind this. but we're pretty excited by what we see in the first month or 2 of being out in the market.

我們顯然會採取測試和學習的方法，從小處著手，隨著我們收集到更多的數據並建立信心，再進行深思熟慮的擴展。但我們對於產品上市後第一個月或第二個月的表現感到非常興奮。

The second integration, obviously, in March, we introduced Cash App Afterpay in the US, which is basically the integration of the two brands in a more meaningful way, allowing eligible active within Cash App to use Afterpay's pay in for pay monthly products. It's a pretty meaningful unlock for us that deepens the connection between the ecosystems and exposes our buy now, pay later products to the 57 million monthly actives over time. Again, we'll start small and build.

第二次整合顯然是在三月份，我們在美國推出了 Cash App Afterpay，這基本上是以更有意義的方式整合兩個品牌，允許 Cash App 中符合條件的活躍用戶使用 Afterpay 的按月付費產品。這對我們來說是一個非常有意義的解鎖，它加深了生態系統之間的聯繫，並隨著時間的推移向每月 5700 萬活躍用戶展示我們的先買後付產品。再次，我們將從小事做起，逐步發展。

This is something that we think could be a more meaningful driver as we think ahead to 2026. And as we continue to expose after extensive merchant base at online checkout to the large base of Cash App customers. So we're excited about both integrations, the product velocity that we're seeing between the two brands coming together in the recent months and what can be ahead as we continue to ramp them.

我們認為，展望 2026 年，這可能會成為更有意義的驅動因素。隨著我們不斷向大量 Cash App 客戶展示線上結帳的廣泛商家基礎。因此，我們對這兩個品牌的整合感到非常興奮，我們看到這兩個品牌在最近幾個月的整合中產品的發展速度非常快，而且隨著我們繼續推進這兩個品牌的整合，未來將會有怎樣的發展。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Your road map to reaccelerate Cash App gross profit growth later this year really leans into Borrow. And Amrita, it sounds like you're comfortable expanding Borrow even if the macro deteriorates a bit further, maybe you could comment a bit -- add a little bit on your commentary around sort of the macro resiliency of the borrower model? And also your confidence level that your underwriting models are mature enough and well-tuned enough to really support accelerating that loan volume growth?

您今年稍後重新加速 Cash App 毛利成長的路線圖實際上依賴借貸。阿姆里塔，聽起來即使宏觀經濟進一步惡化，您也願意擴大借款規模，也許您可以稍微評論一下——就借款人模型的宏觀彈性發表一些評論？您是否相信您的核保模型足夠成熟、足夠完善，能夠真正支持加速貸款量成長？

Sure. What I'd say, first of all, is that there are a couple of key factors that go into expanding Borrow. As you heard some of them on the call, first is our TAM expansion that now that we're serving Borrow via Square Financial Services or in-house bank, we have the ability to expand the number of states and effectively double the number of actives that Borrow will be made available to.

當然。首先我想說的是，擴大 Borrow 有幾個關鍵因素。正如您在電話會議上聽到的一些內容，首先是我們的 TAM 擴展，現在我們透過 Square Financial Services 或內部銀行為 Borrow 提供服務，我們有能力擴大州的數量，並有效地將 Borrow 可用的活動數量增加一倍。

That also improves our unit economics, which gives us more room within the P&L to experiment. We're also increasing Borrow limits for eligible customers who receive their direct deposit within Cash App and potentially additional eligible actives as we build greater signal and data into our models.

這也提高了我們的單位經濟效益，讓我們在損益表中有更多的實驗空間。隨著我們在模型中建立更強大的訊號和數據，我們還將提高在 Cash App 內接收直接存款的合格客戶的借款限額，並可能增加其他合格活動客戶的借款限額。

So there are a number of different things that go into the broader-based Borrow expansion in the back half of the year. Why we have confidence in that. Ultimately, we believe underwriting through real-time machine learning-based models is a core competency of the company. We haven't seen any changes to underwriting outcomes. We've seen very consistent repayment rates.

因此，今年下半年，更廣泛的借貸擴張將涉及許多不同的因素。我們為什麼對此有信心。最終，我們相信透過基於即時機器學習的模型進行承保是公司的核心競爭力。我們沒有看到承保結果有任何變化。我們看到還款率非常穩定。

But if we did, we feel we have the ability to move quickly and manage underwriting outcomes. Not only, obviously, is the team world-class and very experienced here, but the design of our lending products with shorter duration, smaller dollar loans, no revolving balances help us mitigate potential risk and support healthier underwriting performance.

但如果我們這樣做了，我們覺得我們有能力迅速採取行動並管理承保結果。顯然，這裡的團隊不僅是世界一流的、經驗豐富的，而且我們的貸款產品設計期限較短、金額較小、沒有循環餘額，這有助於我們降低潛在風險並支持更健康的承保業績。

Maybe to go a click deeper on borrow, specifically, loan durations are under 30 days, which provides us with fast feedback loops to observe customer repayment activity and adjust if needed. Our models generate custom underwriting scores for our customers, which drives our underwriting decisions. Those scores are dynamic, constantly evolving based on real-time data and new information that we gather. We can take in those signals and move quickly if the risk profiles were to change.

也許可以更深入地了解借款，具體來說，貸款期限在 30 天以下，這為我們提供了快速的反饋循環來觀察客戶的還款活動並根據需要進行調整。我們的模型為客戶產生客製化核保分數，從而推動我們的核保決策。這些分數是動態的，根據我們收集的即時數據和新資訊不斷發展。如果風險狀況發生變化，我們可以接收這些訊號並迅速採取行動。

Ultimately, we have pretty early visibility into loan repayment as early as seven days after origination. We have a good understanding of cohort level underwriting performance within a week after Borrow loans are due. All of that goes towards our ability to determine eligibility and pivot quickly if we were to see a change, which we have not yet.

最終，我們最早可以在貸款發放後七天內就看到貸款償還情況。我們對借款到期後一週內的群組級核保表現有充分的了解。所有這些都有助於我們確定資格，並在看到變化時迅速做出調整，但我們還沒有看到變化。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Can I ask you about, Jack, about Proto. You said you continue to expect to deliver it in the second half of the year. I think a lot of people -- a lot of investors in Block are looking sort of for the next Cash App. And this feels like it could be one of those things, kind of like a transformational product. Can you maybe talk a little bit more about the vision and how big it could be if it becomes as big as we think it will?

傑克，我可以問你關於 Proto 的問題嗎？您說您仍然希望在今年下半年交付它。我認為很多人——很多 Block 投資者都在尋找下一個 Cash App。這感覺就像是其中之一，有點像轉型產品。您能否再多談談這個願景，以及如果它像我們想像的那麼大，它會有多大？

Mr. Dorsey, I don't know, if you might be on mute.

多西先生，我不知道您是否靜音了。

I'm sorry. I was on mute, sorry. Okay. Thank you. So we're super excited about Proto. We're on track to deliver our chips and systems later this year, as we said in the letter. And the reason we're so excited is because we've seen this huge opportunity with Bitcoin miners and the systems that they have to deal with on a regular basis. We focused ours on reliability. We focused it on flexibility.

對不起。我靜音了，抱歉。好的。謝謝。所以我們對 Proto 感到非常興奮。正如我們在信中所說，我們將在今年稍後交付我們的晶片和系統。我們如此興奮的原因是，我們看到了比特幣礦工和他們必須定期處理的系統的巨大機會。我們注重的是可靠性。我們注重的是靈活性。

And we really went out and talked to the customers about what their actual needs are. And speed and technology, we're obviously at the top of that list as well. So we're in a very, very good position. We have very close relationships with our vendors and our manufacturers and building in the United States. So these are all things that add up to a pretty compelling product.

我們確實走出去與客戶交談，了解他們的實際需求。速度和技術顯然也位居榜首。因此，我們處於非常非常有利的地位。我們與美國的供應商、製造商和建築商保持著非常密切的關係。所有這些因素加在一起，就造就了一款非常引人注目的產品。

We believe the Bitcoin harbor supply industry is a $3 billion to $6 billion annual revenue industry. And what's unique about Proto is that it's not just the common huge minor form factor, but it will allow even consumers and tinkerers to play with mining and build novel platforms and experiments and products of their own.

我們認為比特幣港口供應產業是一個年收入 30 億至 60 億美元的產業。Proto 的獨特之處在於它不只是常見的巨大小型外形，它甚至允許消費者和修補匠進行挖礦並建立自己的新平台、實驗和產品。

So we're -- this is our first step. This is a completely open source initiative as well, which allows us to get a lot of the feedback from the community and also integrate any improvement right away and just build an entirely new developer ecosystem around mining, which really hasn't been done at scale before, which we're also super excited about.

所以我們——這是我們的第一步。這也是一個完全開源的計劃，它使我們能夠從社區獲得大量反饋，並立即整合任何改進，並圍繞挖礦建立一個全新的開發者生態系統，這在以前從未大規模地實現過，我們也對此感到非常興奮。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Could you walk us through some of the products that will be the biggest driver behind Square's gross profit acceleration this year? And also give us a sense of how much of that Square gross profit acceleration will come from the US versus international?

您能否向我們介紹今年 Square 毛利加速成長的最大推手有哪些產品？另外，請讓我們了解 Square 的毛利成長有多少來自美國本土，有多少來自國際市場？

Sure, Rayna. I'm happy to start on this one. First, what I would say is what we've seen so far this year for Square is encouraging in terms of the share gains embedded in our Q1 numbers as we compare our growth in Q1 relative to Q4 compared to broader industry indices, we feel we're clearly gaining share, which gives us conviction to continue to invest here.

當然，雷娜。我很高興開始做這件事。首先，我想說的是，今年到目前為止，我們看到 Square 在第一季的數據中體現的份額增長是令人鼓舞的，當我們將第一季相對於第四季度的增長與更廣泛的行業指數進行比較時，我們感覺我們的份額明顯增加了，這讓我們有信心繼續在這裡投資。

Some of that growth in the first quarter was driven by strength in core verticals that are very strategic to us between food and beverage and retail and also with upmarket sellers or mid-market seller segments greater than $0.5 million in annualized GPV. So given the complex consumer spending backdrop, we're pretty excited by what we're seeing in the Square business.

第一季的成長部分得益於對我們具有戰略意義的核心垂直領域的實力，包括食品飲料和零售，以及年化 GPV 超過 50 萬美元的高端賣家或中端市場賣家。因此，考慮到複雜的消費者支出背景，我們對 Square 業務的表現感到非常興奮。

Ultimately, we think this comes down to product innovation and go-to-market enhancements. From a product innovation perspective, we've talked about some of the more recent releases that we have. whether it's the Square Online enhancements, improved delivery, courier delivery integrations, better banking and invoices experiences for our sellers.

最終，我們認為這取決於產品創新和市場進入能力的增強。從產品創新的角度來看，我們討論了一些最新發布的產品。無論是 Square Online 的增強功能、改進的配送、快遞配送集成，還是為我們的賣家提供更好的銀行和發票體驗。

We'll have also a lot more to share about at our product release event in a few weeks' time. So we hope you tune in for that. We've got some things that we're pretty excited about.

幾週後，我們還將在產品發布會上分享更多。因此我們希望您能關注此事。我們對一些事情感到非常興奮。

And then from a go-to-market perspective, we're improving our motion to get the message out to more sellers on these product innovations with more effective sales through our field sales channel that we began really towards the end of last year and are looking to accelerate hiring around given the strong early returns as well as the partnership motion where again, we are seeing strong returns there. And those two channels being paired with increased marketing spend as well, where we continue to be within our five to seven quarter payback thresholds.

然後從行銷角度來看，我們正在改進我們的動議，透過我們去年年底真正開始的現場銷售管道，以更有效的銷售方式向更多的賣家傳達這些產品創新的信息，並希望加快招聘速度，因為早期的回報強勁，而合作夥伴的動議也再次讓我們看到了強勁的回報。這兩個管道也與增加的行銷支出相結合，我們繼續保持在五到七個季度的回報門檻之內。

Those are kind of the key drivers that we're seeing in the near term. But clearly, the improved cadence around product velocity, product innovations paired with a more effective go-to-market channel between sales and partnerships is driving some early success here for Square.

這些是我們近期看到的關鍵驅動因素。但顯然，產品速度、產品創新的節奏加快，加上銷售和合作夥伴之間更有效的上市管道，正在推動 Square 取得一些早期的成功。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

You guys beat operating income dollars, margin dollars in the quarter, I think, by $30 million roughly. However, you're lowering the full year expectation by $200 million, it looks like at the midpoint. Can you unpack the components of this guide down from a macro conservatism, decremental margin, incremental reinvestment. And are there any offsets that you're making on the cost savings side, they're kind of bridging to that $200 million guide down.

我認為，本季你們的營業收入和利潤額比去年同期高出約 3,000 萬美元。然而，看起來，你們將全年預期降低了 2 億美元。您能否從宏觀保守主義、遞減利潤、增量再投資等方面剖析本指南的組成部分？您在成本節約方面是否做出了任何補償，它們在某種程度上彌補了 2 億美元的指導價。

Sure. Let's talk to the different components, Andrew. So as I mentioned earlier, from a gross profit perspective, we are taking a different approach to our guidance this quarter we're embedding incremental conservatism into our gross profit guidance whereas previously, our typical approach is to share a view that's much closer to our internal forecast.

當然。讓我們來談談不同的組成部分，安德魯。因此，正如我之前提到的，從毛利的角度來看，我們對本季的指導採取了不同的方法，我們將漸進式保守主義融入到我們的毛利指導中，而以前，我們的典型方法是分享更接近我們內部預測的觀點。

And that's just to reflect the wider error bars, frankly, with a broader macro backdrop. And through April, as I noted, we haven't yet seen that materialize, but we are taking an incrementally more cautious approach in our gross profit guidance.

坦白說，這只是反映了更廣泛的誤差範圍和更廣泛的宏觀背景。正如我所指出的，到四月我們還沒有看到這一目標的實現，但我們在毛利潤預測方面採取了更加謹慎的態度。

Obviously, our gross profit the incremental margins on our gross profit are fairly high. And so that's part of what's reflected in the flow-through to operating income along with strong returns on the investments that we're looking to make across go-to-market and in risk loss areas.

顯然，我們的毛利，毛利的增量利潤率相當高。因此，這是反映在營業收入中的部分內容，以及我們希望在市場進入和風險損失領域進行的投資的強勁回報。

Overall, just stepping back for a minute on our profitability guide. We now expect full year adjusted operating income margins of 19%. And so with -- despite the more cautious macro outlook, we continue to expect margins to expand this year versus last year.

總的來說，我們先回顧一下我們的獲利指南。我們現在預計全年調整後的營業收入利潤率為 19%。因此，儘管宏觀前景更加謹慎，但我們仍然預計今年的利潤率將比去年有所擴大。

That AOI guide gives us the flexibility to invest to drive long-term growth, especially in go-to-market and risk loss where we continue to see strong returns. But of course, we have the conviction opportunity to be prudent in how we manage the business if the macro environment begins to impact Square, our underwriting products in ways that we have not yet seen.

AOI 指南為我們提供了投資彈性，以推動長期成長，特別是在進入市場和風險損失方面，我們繼續看到強勁的回報。但當然，如果宏觀環境開始以我們尚未見過的方式影響 Square 和我們的核保產品，我們當然有信心謹慎地管理業務。

As we look at our cost structure, our variable costs, so things like go-to-market and risk loss make up about 35% of our overall cost base. Again, we have the discretion to dial that back if warranted, based on the returns that we see. And we maintain a disciplined approach across our fixed cost base and expect to get leverage out of our fixed cost base in 2025.

當我們審視我們的成本結構、我們的變動成本（例如上市成本和風險損失）時，它們約占我們總成本基礎的 35%。再次，根據我們看到的回報，如果有必要，我們有權酌情回撥。我們對固定成本基礎採取嚴謹的態度，預計在 2025 年從固定成本基礎中獲得槓桿作用。

So those are some of the key puts and takes around the flow-through of the high incremental margin gross profit dollars, the ability to invest in high-return areas that should accrete to profitable growth into the future.

因此，這些是圍繞高增量利潤率毛利流轉的一些關鍵利弊，以及投資高回報領域的能力，這些領域應該會在未來實現獲利成長。

Yeah. It sounds like a pretty balanced mix.

是的。這聽起來是一個非常平衡的組合。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

If I can maybe dovetail off that last question. I wanted to maybe talk about your hiring on the Square side of the business and particularly on field sales and kind of a direct distribution. Where are you on the process? I was wondering if there's anything you could share in terms of headcount today versus where you would like to be over time? And then just relating it back to that last question, I didn't hear anything.

我是否可以回答最後一個問題？我想談談你們在 Square 業務方面的招聘情況，特別是現場銷售和直接分銷方面的招聘情況。您目前處於哪個階段？我想知道您是否可以分享一下目前的員工人數以及您希望的未來員工人數是多少？然後將其與最後一個問題聯繫起來，我什麼也沒聽到。

Maybe I missed it on the head count exercise that was reported a couple of weeks ago. So can you just talk about that? Is that included in the outlook? And I think there was some commentary around removing all outstanding positions, unfilled positions. So are you still hiring field sales and what do you expect the pace to be as we move through the year?

也許我錯過了幾週前報告的人數統計工作。那你能談談這個嗎？這包括在展望中嗎？我認為有一些評論是關於取消所有未完成職位和空缺職位的。那麼，你們還在招募現場銷售人員嗎？您預計今年的招募速度會是怎樣？

Sure, Will. Maybe starting on the second part of your question first, and then we'll come back to where we're leaning in from a sales and field sales perspective. We did have our recent reduction in force from about a month ago embedded in our earlier outlook that we had shared in February. That was consistent with our plans as we entered the year and really driven by some strategic principles around aligning our teams to our strategy and our focus, raising the bar on performance and flattening the organization, reducing the number of managers in the organization.

當然，威爾。也許我們先從問題的第二部分開始，然後我們再回到從銷售和現場銷售的角度來討論。我們最近大約一個月前裁減的兵力確實已經體現在我們二月分享的早期展望中。這與我們年初的計劃一致，並且真正受到一些戰略原則的驅動，這些原則包括使我們的團隊與我們的戰略和重點保持一致，提高績效標準和扁平化組織，減少組織中的管理人員數量。

We do still have areas of investment across the business and some of those areas of investment are related to where we're seeing strong returns. And that is clearly in our field sales team, where we plan to accelerate the pace of hiring crew field sales in the second half of this year on the back of the strong early returns that we're seeing.

我們確實仍在整個業務領域進行投資，其中一些投資領域與我們看到強勁回報的領域有關。這顯然體現在我們的現場銷售團隊中，由於我們看到了強勁的早期回報，我們計劃在今年下半年加快招募現場銷售人員的步伐。

We first launched the field sales efforts late last year, and we started to see those efforts pay off. As you saw in the letter, some of the recent larger sellers that we signed in the first quarter that were signed by our field sales team. Family Dessert and Drink is a 60-location seller that's expanding across the US this year, and they chose Square due to our ability to provide or advanced control over the franchises, back-end menu and loyalty options. That's where you see the breadth of our portfolio, helping us win sales when coupled with a strong channel that's now beginning to work for us.

我們在去年底首次啟動現場銷售工作，並且開始看到這些努力取得成效。正如您在信中看到的，我們在第一季簽約的一些近期較大的賣家是由我們的現場銷售團隊簽署的。Family Dessert and Drink 是一家擁有 60 家門市的銷售商，今年正在美國各地擴張，他們選擇 Square 是因為我們能夠提供或高級控制特許經營權、後端菜單和忠誠度選項。這就是您所看到的我們產品組合的廣度，結合現在開始為我們服務的強大管道，幫助我們贏得銷售。

And we've made operational changes to maximize the performance of this channel and have continued to ramp field sales hiring through Q1, and as I noted, intend to accelerate that hiring on the back of strong returns in the second half of this year. And maybe I'll also just quickly note that we're seeing also strong returns in our partnership channels. where we exceeded our expectations for partner-driven leads and partner-driven volume in the first quarter.

我們已經進行了營運變革，以最大限度地提高該通路的績效，並在第一季度繼續增加現場銷售招聘，正如我所指出的，我們打算在今年下半年強勁回報的背景下加快招聘速度。我可能也會很快指出，我們在合作管道中也看到了強勁的回報。我們在第一季超越了對合作夥伴驅動的銷售線索和合作夥伴驅動的數量的預期。

We're continuing to sign new vertical, horizontal and third-party sales partnerships globally. And in April, we actually began piloting our first US ISO partnership. It's obviously still early, but it's a channel we're excited to start exploring. So we're on track here as well to grow the number of leads in the amount of closed GPV from partners by 5 to 10 times in 2025.

我們將繼續在全球簽署新的垂直、水平和第三方銷售合作夥伴關係。今年 4 月，我們實際上已開始試行我們的第一個美國 ISO 合作夥伴關係。顯然現在還為時過早，但我們很高興開始探索這個管道。因此，我們也預計在 2025 年將來自合作夥伴的成交 GPV 數量增加 5 到 10 倍。

Adam Frisch, Evercore.

亞當‧弗里施 (Adam Frisch)，Evercore。

Just to continue along the lines of the lending theme, two parts. Are you lending on -- are you planning on getting more aggressive with the entire base for Borrow or just the consumers with direct deposit and is Square Capital also going to lend more to the seller side?

繼續討論借貸主題，分為兩部分。您是否計劃對整個借貸基礎進行更積極的貸款，還是僅對直接存款的消費者進行更積極的貸款，Square Capital 是否也會向賣方提供更多貸款？

And then my second question is, in prior quarters, you've disclosed the direct deposit users. I think it was $2.5 million last quarter, and it was growing 25% year-over-year. So sorry if I missed it in the release, but what was -- what were these data points for the March quarter?

我的第二個問題是，在前幾個季度，您已經揭露了直接存款用戶。我認為上個季度是 250 萬美元，年增 25%。如果我在發佈時錯過了它，那麼很抱歉，但是三月季度的這些數據點是什麼？

Sure. So for borrow, I wouldn't really characterize it as getting more aggressive with offers around borrow. The mechanics of allowing Square Financial Service to originate cash out Borrow loans is that we can expand Borrow to more states. We were only in a subset of the states in the United States that we could offer Borrow to. And now by expanding to more states we can actually double the number of potentially Borrow eligible actives.

當然。因此，對於借貸而言，我不會真正將其描述為在藉貸方面採取更積極的行動。允許 Square Financial Service 發放現金借貸的機制是，我們可以將借貸擴展到更多州。我們僅向美國的部分州提供借貸服務。現在，透過擴展到更多州，我們實際上可以使潛在符合借款資格的活躍人數增加一倍。

So that's really -- it's not really about getting more aggressive. It's just the mechanics of Square Financial Services being our originator and servicer for borrows versus the external third-party banks that we had.

所以這其實不是要變得更具侵略性。這只是 Square Financial Services 作為我們借款的發起人和服務商的機制，而不是我們擁有的外部第三方銀行。

There are elements of Borrow expansion that are around providing guaranteed access for Borrow. If you're a paycheck deposit active, we think that there is a strong tie between providing credit and becoming someone's primary bank, our overall bank the base strategy.

Borrow 擴充的元素圍繞著為 Borrow 提供有保障的存取權限。如果您是薪水存款活躍者，我們認為提供信貸和成為某人的主要銀行之間存在緊密的聯繫，這是我們的整體銀行基礎策略。

These two elements of our business are inherently connected. And we think Borrow being such a compelling product for many of our customers, can provide an incentive for customers to explore our deeper banking features, including direct deposit. There are elements of being able to increase limits around Borrow for existing actives.

我們業務的這兩個要素本質上是相互連結的。我們認為 Borrow 對我們的許多客戶來說是一款極具吸引力的產品，可以激勵客戶探索我們更深層的銀行功能，包括直接存款。有一些因素可以增加現有活動的借用限制。

And I think those are in line with normal course business for us as we improve our underwriting models and gather more data about these customers. From a bank base perspective, we're continuing to make progress here across our banking attach rates.

我認為這些符合我們的正常業務，因為我們正在改進核保模式並收集有關這些客戶的更多數據。從銀行基礎角度來看，我們在銀行附加率方面持續取得進展。

And with Paycheck deposit actives, we continue to grow that on a year-over-year basis. It's really about exposing more of our customers to the full set of offerings that we now have. And in the first quarter, we launched our first major brand campaign for Cash App focused on banking and targeting markets where we already have strong network effects in place.

隨著薪水存款的活躍，我們的存款額將繼續逐年增加。這實際上是為了讓更多客戶了解我們目前提供的全套產品。在第一季度，我們針對 Cash App 推出了首個大型品牌活動，專注於銀行業務，並瞄準我們已經擁有強大網路效應的市場。

And so we're excited to see what more we can do here, not only exposing greater awareness to our banking features, but also bringing the credit elements around Borrow more directly tied to direct deposit, providing guaranteed access and higher limits in a way that we know our customers are pretty excited about.

因此，我們很高興看到我們可以在這裡做更多的事情，不僅可以讓人們更多地了解我們的銀行功能，還可以將借款周圍的信用元素與直接存款更直接地聯繫起來，以我們知道我們的客戶非常興奮的方式提供有保障的訪問和更高的限額。

Okay. So what was the number in the quarter of the number of people using direct deposit, I guess, Cash App base?

好的。那麼，我猜，本季使用直接存款（Cash App 基礎）的人數是多少？

We didn't provide a number this quarter. What we're sharing is the growth on a year-over-year basis for paycheck deposit actives.

本季我們沒有提供數字。我們所分享的是薪資存款活躍度較去年同期成長的情況。

Okay. And what was that growth?

好的。那增長是什麼？

We'll share more, obviously, as things progress. We've got a lot in the hamper in terms of what we're working on across the brand awareness campaign, and we have to expand the attach rates into paycheck deposit based on the Borrow connections.

顯然，隨著事情的進展，我們會分享更多資訊。我們在品牌宣傳活動方面有很多工作要做，我們必須根據借貸關係將附加率擴大到薪水存款。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

So Amrita, adjusted for leap year and FX here, kind of second quarter guide implies a deceleration from the first quarter. And we had kind of expected acceleration because of the new product ramps you were talking about.

因此，Amrita，根據閏年和外匯進行調整後，第二季的指南意味著較第一季有所減速。由於您談到的新產品的推出，我們獲得了預期的加速。

You talked about stability in April. And I know you're kind of baking in macro softness even beyond what you saw in 1Q. But then you also have Square GPV being stable, Cash App Borrow, Afterpay and Cash App scaling. I'm just trying to get more color on the second quarter deceleration. I know you talked a little bit about that. And also, any insights you can provide on Cash App and Square gross profit growth in April.

您在四月談到了穩定性。我知道宏觀疲軟程度甚至超過了第一季的水準。但你也擁有穩定的 Square GPV、Cash App Borrow、Afterpay 和 Cash App 擴充。我只是想更多地了解第二季度經濟減速的情況。我知道您已經談過一點這個話題了。此外，您還能提供任何關於 4 月份 Cash App 和 Square 毛利成長的見解。

Sure. So we're guiding to 9.5% gross profit growth in the second quarter. And as we said, we expect the first half of this year to be the lower point from which we can accelerate with low double-digit growth in Q3 and mid-teens growth in Q4.

當然。因此我們預期第二季毛利成長率為 9.5%。正如我們所說，我們預計今年上半年將是我們可以加速的最低點，第三季將實現低兩位數成長，第四季將實現中等兩位數成長。

Many of the acceleration drivers that we've spoken about sort of the four key drivers between Borrow expansion, retroactive BNPL on Cash App Card, Square Momentum and then the launch of Proto are really key drivers that impact our third and fourth quarter more so than the second quarter. And so second quarter is really a reflection more of the run rate business that we see coming out of Q1.

我們談到的許多加速驅動因素，例如 Borrow 擴充、Cash App Card 上的追溯 BNPL、Square Momentum 以及 Proto 的推出這四個關鍵驅動因素，都是對我們第三季和第四季影響大於第二季的關鍵驅動因素。因此，第二季度實際上更多地反映了我們看到的第一季的運行率業務。

And again, where we've reflected a far more cautious stance than we would typically take in our guidance approach based on what we saw around softening consumer spend in the Cash App business specifically towards the end of the quarter.

再次，根據我們觀察到的 Cash App 業務消費者支出疲軟（特別是在本季末）的情況，我們採取了比指導方法中通常採取的更謹慎的立場。

Again, as I noted earlier, we haven't seen that materialize through April, but the approach that we've taken from a guidance perspective is that we see a more meaningful softening. And that's what's embedded in the guide from a Q2 as well as full year perspective.

再次，正如我之前提到的，我們在四月還沒有看到這種情況的發生，但從指導角度來看，我們看到了更有意義的軟化。這就是從第二季以及全年角度來看指南中所包含的內容。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

And kind of along those lines, I wanted to ask on Square GPV building in more caution on the macro end of the gross profit guide. Just how does that funnel down into what you're assuming for Square GPV? Because prior you've been assuming an acceleration to low double digits by the end of the year. Sounds like you're already there in April. So just anything more specific on what you're assuming from here for GPV would be helpful.

沿著這樣的思路，我想問 Square GPV 的建造是否應該在毛利指南的宏觀方面更加謹慎。那麼，這與您對 Square GPV 的假設有何關係？因為之前您一直假設到今年年底成長率將加速至兩位數以下。聽起來你四月就已經到了那裡。因此，只要您能更具體地了解您對 GPV 的假設，就會很有幫助。

Yeah. As we look forward, we expect Square GPV growth to accelerate to high single digits on a reported basis for Q2. And as we noted in April, we saw what we expect to have seen is 9.6%. And we continue to expect GPV growth improvement from here throughout the end of the year.

是的。展望未來，我們預期 Square 第二季的 GPV 成長率將加速至高個位數。正如我們在 4 月指出的那樣，我們預計成長率將達到 9.6%。我們繼續預計，從現在到今年年底，GPV 成長將會有所改善。

Obviously, we're making a number of product investments and going to be exposing that innovation along with the future roadmap to our sellers in our announcement on May 13. And those investments are paired with our go-to-market enhancements across sales and partnerships. So that's what we're executing against.

顯然，我們正在進行一系列產品投資，並將在 5 月 13 日的公告中向我們的賣家展示這些創新以及未來的發展路線圖。這些投資與我們在銷售和合作關係方面的市場推廣力度相結合。這就是我們所要執行的。

From a guidance perspective, we have taken more of a cautious approach as we think about the broader macro backdrop. But based on what we see in our business so far, and the conviction that we have behind the investments we're making, we're pretty encouraged about the trajectory of the Square business.

從指導的角度來看，我們在考慮更廣泛的宏觀背景時採取了更謹慎的態度。但根據我們目前的業務狀況以及我們對所做投資的信心，我們對 Square 業務的發展軌跡感到非常鼓舞。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。