Block Inc (XYZ) 2025 Q2 法說會逐字稿

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

女士們、先生們，大家好，歡迎參加 Block 2025 年第二季財報電話會議。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 Matt Ross。請繼續。

Hi, everyone. Thanks for joining our second 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 年第二季財報電話會議。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.

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。

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.

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。

Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance.

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。報告的結果不應被視為未來表現的指標。

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.

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。

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.

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 法則，我們正在評估毛利成長和調整後營業收入利潤率的總和。

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 and our historical financial information spreadsheet on our investor relations website.

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。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。

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.

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'd like to turn the call over to Jack.

說完這些，我想把電話轉給傑克。

Thank you all for joining us. As you all know, we've been talking for several quarters about our (inaudible) increasing product quality and ramping up our investment. This quarter, (inaudible) working We're back to growth mode across our company, (inaudible) launching new features like a few months, and we're accelerating the pace of delivering AI functionality to our customers.

感謝大家的參與。眾所周知，幾個季度以來，我們一直在談論（聽不清楚）提高產品品質和增加投資。本季度，（聽不清楚）我們全公司恢復了成長模式，（聽不清楚）推出了幾個月的新功能，我們正在加快向客戶提供人工智慧功能的步伐。

In my letter this quarter, I discuss Cash App's scale and impact and our strategy to continue growing by helping our customers manage their financial lives better. We believe the capabilities in Cash App are unique and that no one else can deliver (inaudible) we're building for consumers.

在本季度的信中，我討論了 Cash App 的規模和影響，以及我們透過幫助客戶更好地管理財務生活來繼續發展的策略。我們相信 Cash App 的功能是獨一無二的，沒有其他人可以提供（聽不清楚）我們為消費者打造的功能。

I hope you take a look. And with that, I'll turn it over to Amrita.

我希望你能看一下。說完這些，我就把麥克風交給 Amrita。

Thanks, Jack. We delivered strong results in the second quarter, exceeding our gross profit and adjusted operating income guidance. Gross profit was $2.5 billion, up 14% year-over-year, accelerating from 9% growth last quarter.

謝謝，傑克。我們在第二季度取得了強勁的業績，超過了我們的毛利和調整後的營業收入預期。毛利為 25 億美元，年增 14%，高於上一季 9% 的增幅。

Adjusted operating income with $550 million up 38% year-over-year, as we extended margin to our highest quarterly adjusted (inaudible) margin at 28%. Product innovation and go-to-market investments are accelerating across Block.

調整後的營業收入為 5.5 億美元，年增 38%，因為我們將利潤率提高到了最高的季度調整後（聽不清楚）利潤率 28%。Block 的產品創新和市場進入投資正在加速。

We're delivering more value faster and more efficiently. In the second quarter alone, we launched Square AI, Square Handheld and an updated version of Square Online. We showcased (inaudible) on Square, introduced Cash App Business powered by Square and rolled out Cash Bot, our AI-powered customer support agent.

我們正在更快、更有效率地提供更多價值。光是第二季度，我們就推出了 Square AI、Square Handheld 和 Square Online 的更新版本。我們在 Square 上展示了（聽不清楚），推出了由 Square 提供支援的 Cash App Business，並推出了由 AI 提供支援的客戶支援代理 Cash Bot。

We released (inaudible) monthly for single-use payments in the US, new features for sponsored accounts, a new, more personalized offers platform, and we took Cash App pools from development to pilot in just a few months. In Cash App, gross profit growth reaccelerated to 16% year-over-year in the second quarter.

我們每月發布（聽不清楚）用於美國的一次性支付、贊助帳戶的新功能、一個新的、更個人化的優惠平台，並且我們在短短幾個月內就將 Cash App 池從開發階段推進到試點階段。Cash App 毛利成長速度在第二季再次加速至年增 16%。

Cash App Card delivered healthy gross profit growth at scale, and BNPL gross profit reaccelerated, driven in part by the increasing attach rates for post-purchase BNPL on Cash App Card, which crossed 1 million monthly actives in July. We began to meaningfully ramp Borrow on Square Financial Services during the second quarter.

Cash App Card 實現了規模化的、健康的毛利成長，BNPL 毛利再次加速成長，部分原因是 Cash App Card 上購買後 BNPL 的附加率不斷提高，7 月月活躍用戶數突破 100 萬。我們在第二季開始大幅增加 Square Financial Services 上的借貸業務。

Our bank, SFS, now originates the majority of Borrow loans for our customers, and we plan to continue expanding SFS originations throughout the second half of the year. We're also exploring more ways to deepen engagement, including higher Borrow limits for paycheck deposit actives.

我們的銀行 SFS 目前為我們的客戶發放了大部分 Borrow 貸款，我們計劃在今年下半年繼續擴大 SFS 貸款發放規模。我們也正在探索更多深化參與的方式，包括提高薪資存款活動的借款限額。

We believe the combination of assets we have in Cash App is unique and positions us for attractive sustainable long-term growth as an enduring ecosystem. Our strategy is oriented around driving strength in the four pillars of our business.

我們相信，Cash App 中的資產組合是獨一無二的，並使我們作為一個持久的生態系統實現有吸引力的可持續長期成長。我們的策略是圍繞著推動四大業務支柱的發展。

First, we have a scaled peer-to-peer network that drives community connection and Cash App customer acquisition with $218 billion in peer-to-peer volume in the last 12 months. Second, our broad commerce capabilities generated $183 billion in volume in the last 12 months, growing 16% year-over-year or 21% excluding Cash App Business.

首先，我們擁有一個規模化的點對點網絡，可推動社區聯繫和 Cash App 客戶獲取，過去 12 個月的點對點交易量達到 2,180 億美元。其次，我們廣泛的商業能力在過去 12 個月中創造了 1,830 億美元的交易額，年增 16%，不包括 Cash App 業務則成長 21%。

Third, our banking solutions help millions manage their money. In June, 8 million actives either deposited a paycheck or spent at least $500 across Cash App, and Borrow reached $18 billion in annualized originations.

第三，我們的銀行解決方案幫助數百萬人管理他們的資金。6 月份，有 800 萬活躍用戶透過 Cash App 存入了工資或消費了至少 500 美元，Borrow 的年化發放額達到了 180 億美元。

And fourth, we've enabled millions of actives to buy and sell $58 billion in Bitcoin. For paycheck deposit actives who receive some of their paycheck in Bitcoin, we provide what we believe is the only way to buy Bitcoin with no fees and no spread.

第四，我們已幫助數百萬活躍用戶買賣價值 580 億美元的比特幣。對於那些以比特幣形式收到部分薪水的薪水存款活躍者，我們提供我們認為是購買比特幣的唯一方式，無需支付費用，也無需支付差價。

Cash App is resonating with the next generation at scale. In June, we had 5 million sponsored team actives and 1.7 million actives that had graduated from a sponsored account to an individual Cash App account.

Cash App 正在大規模地引起下一代的共鳴。6 月份，我們擁有 500 萬贊助團隊活躍用戶和 170 萬從贊助帳戶轉為個人 Cash App 帳戶的活躍用戶。

Engagement with sponsored actives is strong with nearly 80% attach rate to Cash App Card and over 25% attach rate to Cash App Pay. Simply put, Cash App meets the needs of this generation and delivers tools to help them run their financial lives.

贊助活動的參與度很高，Cash App Card 的附加率接近 80%，Cash App Pay 的附加率超過 25%。簡而言之，Cash App 滿足了這一代人的需求，並提供了幫助他們管理財務生活的工具。

Turning to Square. Year-over-year GPV growth accelerated to 10% in the second quarter, and we delivered 11% gross profit growth, which included a network remediation payment we had previously discussed at the end of last year. We observed strong GPV growth in food and beverage and retail, up 15% and 10%, respectively.

轉向廣場。第二季度，GPV 年成長加速至 10%，毛利成長 11%，其中包括我們在去年年底討論過的網路修復費用。我們觀察到食品飲料和零售業的 GPV 成長強勁，分別成長了 15% 和 10%。

International GPV growth accelerated to 25% year-over-year as we continued to expand distribution across sales and partnerships. We are changing perceptions of Square among new and existing customers, a testament to the products we've launched in the past year and the investments we're making across marketing, field sales and partnerships.

隨著我們繼續擴大銷售和合作夥伴關係，國際 GPV 成長率年增至 25%。我們正在改變新舊客戶對 Square 的看法，這證明了我們在過去一年中推出的產品以及我們在行銷、現場銷售和合作夥伴關係方面所做的投資。

We're focused on winning the quick-serve restaurant market, and we're delivering with customer wins like Colectivo Coffee, Shane's Rib Shack, and Ben's Soft Pretzels, a 60-location seller that we're thrilled to welcome back to Square. These amazing sellers are category leaders in their communities and we're honored they choose to partner with us.

我們專注於贏得快餐店市場，並贏得了 Colectivo Coffee、Shane's Rib Shack 和 Ben's Soft Pretzels 等客戶，Ben's Soft Pretzels 是一家擁有 60 家門市的銷售商，我們很高興歡迎他們重返 Square。這些出色的賣家是其社區的類別領導者，我們很榮幸他們選擇與我們合作。

Beyond winning QSR, we continue to see strong performance from our field sales team with an estimated five to six quarter payback on recent sales cohorts. In the second quarter, we delivered our highest ever new volume added and our strongest growth in new volume added since the third quarter of 2021.

除了贏得 QSR 之外，我們還看到現場銷售團隊表現強勁，預計最近的銷售團隊將在五到六個季度內獲得回報。第二季度，我們實現了有史以來最高的新增交易量，並創下了 2021 年第三季度以來新增交易量的最強勁增長。

Year-to-date, forecasted new gross profit added outpaced forecasted new GPV added as we grew upmarket in the US, signaling healthy pricing and product attach rates. We continue to see high ROIs as we scale field sales, and we expect to continue to ramp sales personnel aggressively to broaden our distribution footprint further.

年初至今，隨著我們在美國高端市場的成長，預測新增毛利超過了預測新增 GPV，這表明定價和產品附加率健康。隨著我們擴大現場銷售，我們繼續看到高投資回報率，並且我們預計將繼續積極增加銷售人員，以進一步擴大我們的分銷範圍。

We're also seeing early traction with our independent sales organization investments and expect to continue to scale that distribution channel further in the quarters ahead. Turning to guidance. We're raising our full year guidance and our expectations for the back half of the year.

我們也看到獨立銷售組織投資的早期進展，並預計在未來幾季繼續進一步擴大該分銷管道。轉向指導。我們正在提高全年業績指引和下半年預期。

Our Q3 guidance and implied Q4 guidance call for continued acceleration in gross profit growth. For Q3, we expect gross profit of $2.6 billion, growing 16% year-over-year.

我們的第三季指引和隱含的第四季指引要求毛利成長繼續加速。我們預計第三季毛利為 26 億美元，年增 16%。

We expect adjusted operating income of $460 million or 18% margin. We expect to exit the year with gross profit growth of 19% and over 20% adjusted operating income margin, positioning us well for 2026.

我們預計調整後的營業收入為 4.6 億美元，利潤率為 18%。我們預計今年的毛利成長率將達到 19%，調整後的營業收入利潤率將超過 20%，為我們 2026 年的發展奠定良好的基礎。

As we look at Q3, there are two nuances to call out. First, we expect to see an adjusted operating income margin of 18% in the third quarter compared to 20% plus margins in the other quarters this year.

當我們看第三季時，有兩個細微差別需要注意。首先，我們預期第三季調整後的營業收入利潤率為 18%，而今年其他季度的利潤率均為 20% 以上。

This is due primarily to risk loss growth as we expand Borrow. We are investing behind a product that has strong unit economics on incremental growth, and we expect loss rates to stay within historical ranges.

這主要是因為我們擴大借款時風險損失的成長。我們正在投資一款在增量成長方面具有強大單位經濟效益的產品，我們預期損失率將保持在歷史範圍內。

The timing of our expanded go-to-market initiatives also contribute to Q3 margin dynamics. Second, for Square, we expect to deliver low double-digit GPV growth in the third and fourth quarters, accelerating modestly from the 10% growth we delivered in the second quarter.

我們擴大上市計畫的時機也對第三季的利潤動態產生了影響。其次，對於 Square，我們預計第三季和第四季的 GPV 將實現低兩位數成長，較第二季的 10% 成長略有加快。

We expect third quarter gross profit in the high single-digit range and fourth quarter growth to track roughly in line with GPV growth. Square's third quarter gross profit growth is impacted by a few dynamics, including our decision to increase operational flexibility as a processing partner, which modestly increases processing costs and further investments in hardware as a successful go-to-market driver for Square.

我們預計第三季毛利將維持在高個位數區間，第四季的成長將與 GPV 的成長大致保持一致。Square 第三季的毛利成長受到一些動態因素的影響，包括我們決定作為處理合作夥伴來提高營運靈活性，這將略微增加處理成本並進一步增加硬體投資，成為 Square 成功的市場進入驅動力。

We continue to be encouraged by the strong results we see in our go-to-market efforts for Square with profitable volume growth and a return to share gains in recent quarters. For the full year, we're raising gross profit and adjusted operating income guidance to reflect our strong execution.

我們繼續對 Square 的市場推廣工作所取得的強勁成果感到鼓舞，最近幾個季度，我們的銷量實現了盈利增長，市場份額也恢復增長。對於全年，我們將提高毛利和調整後的營業收入預期，以反映我們強勁的執行力。

We expect full year gross profit of $10.17 billion or over 14% year-over-year growth. We expect adjusted operating income of $2.03 billion or 20% margin, expanding margins 2-percentage-points year-over-year despite the meaningful go-to-market investments we're making to grow our business.

我們預計全年毛利為 101.7 億美元，年增 14% 以上。我們預計調整後的營業收入為 20.3 億美元或 20% 的利潤率，儘管我們為發展業務進行了大量的市場投資，但利潤率仍比去年同期增長 2 個百分點。

Our financial results and our updated guidance are a reflection of our ability to deliver value to our customers. We're honored to have been added to the S&P 500 this quarter, and we want to welcome new investors joining us on this journey.

我們的財務表現和更新後的指引反映了我們為客戶提供價值的能力。我們很榮幸本季被納入標準普爾 500 指數，並歡迎新的投資者加入我們的旅程。

We believe we have the best combination of assets in the industry to deliver on our purpose of economic empowerment. And we're excited to share more about our long-term road map at our Investor Day on November 19.

我們相信，我們擁有業界最佳的資產組合，能夠實現我們經濟賦權的目標。我們很高興在 11 月 19 日的投資者日上分享更多有關我們的長期路線圖的資訊。

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)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Really impressive growth here in the quarter and the outlook. So I just want to maybe check on conviction and visibility, of course, into the second half acceleration that you're talking about. I think, Jack, you mentioned you're shipping product Baxter.

本季和前景的成長確實令人印象深刻。所以我只是想檢查一下您談到的下半年加速的信心和可見性。傑克，我想你提到你正在運送 Baxter 產品。

So given what you've seen and observed, I'm curious, are you more bullish in certain areas versus what we last talked about? And where might you be a little bit more cautious with more work to do than, say, 90 days ago?

因此，根據您所看到和觀察到的情況，我很好奇，與我們上次討論的相比，您是否對某些領域更加樂觀？與 90 天前相比，您在哪些方面需要更加謹慎，並且要做的工作更多？

Yeah. I think this is all a function of our shipping velocity. And I think the biggest indicator of this is of the recent launch. It's a pretty complicated feature just to do our network, and the team did an amazing job not just doing that within ideation to execution and shipping to customers within three months but also made it possible for us to go out of network as well, meaning that you can create a pool and you can invite friends who are not on Cash App currently, and they can use Apple Pay or Google Pay to contribute to the pool and ideally see that functionality in the utility and then sign up themselves.

是的。我認為這完全取決於我們的運輸速度。我認為最近的發布就是最好的證明。僅在我們的網路中實現這個功能就已經相當複雜了，但團隊做得非常出色，他們不僅在三個月內完成了從構思到執行並交付給客戶的任務，還讓我們能夠走出網絡，這意味著你可以創建一個資金池，邀請目前不在 Cash App 上的朋友，他們可以使用 Apple Pay 或 Google Pay 為資金池做出貢獻，理想情況下，他們會在實用情況下自行看到。

So these are the sorts of features that we're now able to ship much faster. And it directly contributes to our overall network growth, which contributes to our overall virality and really, really strengthens what made Cash App, Cash App in the first place, which is this inherent network effect that we have.

所以我們現在能夠更快地交付這些功能。它直接促進了我們整體網路的成長，促進了我們整體的病毒式傳播，並真正增強了 Cash App 的初衷，即我們固有的網路效應。

The products we can build on top of that just gets stronger because of it. And then it's all a function of us being able to show our customers everything that Cash App has to offer in the ecosystem.

我們在此基礎上建構的產品將因此變得更加強大。然後，我們就能夠向客戶展示 Cash App 在生態系統中提供的一切。

But I've never been more confident of our ability to do that better than I am today. It's a function of our focus but also the tools we have access to today with all of our AI coding tools.

但我從未像今天這樣相信我們有能力做得更好。它是我們關注的功能，也是我們今天可以使用的所有 AI 編碼工具的功能。

Goose is being used by nearly everyone in the company. It's accelerating our developers. It's accelerating our designers. It's allowing us to experiment a near zero cost so that we can actually get to the right answer much faster.

公司裡幾乎每個人都在使用 Goose。它正在加速我們的開發人員。它正在加速我們的設計師。它使我們能夠以幾乎零成本進行實驗，以便我們實際上可以更快地得到正確答案。

And we can get the customer feedback much faster, too, so we can double down and pull the thread on what resonates with people. So I'm super excited and super bullish on our ability to ship faster, which will make every single thing about Cash App and also Square that much better and more usable.

而且我們也可以更快地獲得客戶回饋，因此我們可以加倍努力，找到引起人們共鳴的點。因此，我非常興奮，並且非常看好我們更快交付的能力，這將使 Cash App 和 Square 的每一件事情都變得更好、更實用。

Yeah. And I'd just add, Tien-Tsin, we saw a lot in the second quarter that gave us some healthy signs and real encouragement around the products that are the key drivers of growth for us and the key drivers of acceleration in the second half.

是的。我想補充一點，Tien-Tsin，我們在第二季度看到了很多積極的跡象，這些跡象和真正的鼓勵都圍繞著那些推動我們成長和下半年加速發展的關鍵產品。

And that's what gave us the conviction to raise our guidance by more than the beat in 2Q to raise the back half of the year across both gross profit NOI. What our guidance calls for is 2 points of sequential acceleration into Q3 and 3 points further sequential acceleration into Q4.

這讓我們有信心將第二季的業績預期提高逾倍，從而提高下半年的毛利和淨營業利潤。我們的指導要求是，進入第三季時連續加速 2 個點，進入第四季時再連續加速 3 點。

And that's really on the back of four key things where again, we saw strong data points in the second quarter. First, on the strength of Borrow, we now have 6 million monthly actives on Borrow.

這實際上是在四個關鍵因素的推動下，我們在第二季度再次看到了強勁的數據點。首先，憑藉 Borrow 的強大實力，我們現在在 Borrow 上每月擁有 600 萬活躍用戶。

We're expanding eligibility, increasing limits in a responsible way with healthy loss rates and seeing enhanced unit economics as we transition that migration from a partner bank to our own bank, SFS.

我們正在擴大資格範圍，以負責任的方式提高限額，保持健康的損失率，並在從合作銀行遷移到我們自己的銀行 SFS 的過程中看到單位經濟效益的提高。

Secondly, we're seeing some of the newer products in Cash App, like post-purchase BNPL on Cash App Card, which is the first real integration of Afterpay into Cash App, and Cash App Pay, two important commerce products for us really resonate and start to compound more meaningfully. Post-purchase BNPL as of July crossed the 1 million active milestone, and we're really excited again about what we're seeing in terms of growth.

其次，我們在 Cash App 中看到了一些較新的產品，例如 Cash App Card 上的購買後 BNPL，這是 Afterpay 首次真正融入 Cash App，以及 Cash App Pay，這兩款重要的商業產品對我們來說確實引起了共鳴，並開始更有意義地複合。截至 7 月份，購買後的 BNPL 活躍用戶已突破 100 萬大關，我們對所看到的成長感到非常興奮。

If you compare post-purchase BNPL to Borrow at similar points in time, the newer product, which gets to learn from Borrow is outpacing in terms of attach rates and in terms of loss rates. And Cash App Pay now at 7 million monthly actives as of June.

如果將購買後的 BNPL 與相似時間點的 Borrow 進行比較，那麼可以從 Borrow 中學習的較新產品在附加率和損失率方面都更勝一籌。截至 6 月份，Cash App Pay 的每月活躍用戶數已達 700 萬。

Third key driver is Proto. You'll see a lot more at next week's launch event, but we expect Proto to begin contributing to gross profit growth in the second half of the year. And then finally, Square, we're seeing some nice acceleration in the Square business, and we'd expect to exit the year in Q4 with faster GPV growth, which ultimately will compound to gross profit growth over time as well.

第三個關鍵驅動因素是 Proto。您將在下週的發布會上看到更多內容，但我們預計 Proto 將在今年下半年開始為毛利成長做出貢獻。最後，我們看到 Square 業務正在加速發展，我們預計第四季度的 GPV 成長將會更快，隨著時間的推移，這最終也將促進毛利的成長。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

I want to dig in a little bit more on Cash Card post-purchase BNPL. So this topic comes up a lot because investors are now very confident in the ramp in Borrow in the second half and the lapping dynamics, those are supportive of gross profit growth heading into at least the first half of 2026 as well.

我想更深入地了解 Cash Card 購買後的 BNPL。因此這個主題經常被提及，因為投資者現在對下半年借款的成長和重疊動態非常有信心，這些也支持至少到 2026 年上半年的毛利成長。

So we're often asked what's the next big product that can help drive the growth in the second half of 2026 and beyond? Of course, there's a long list of items and many of them are highlighted in the shareholder letter, but one that stands out is Cash Card post-purchase BNPL.

因此，我們經常被問到，下一個能夠推動 2026 年下半年及以後成長的重大產品是什麼？當然，項目清單很長，其中許多都在股東信中重點提到，但其中最突出的是現金卡購買後 BNPL。

You just mentioned some of the stats, the 1 million, the attach rates, the loss rates. I was hoping you could just elaborate a little bit more on this product in terms of those attach rates. And just anything else that can help us to better quantify that opportunity in 2026 and beyond.

您剛才提到了一些統計數據，100 萬、附加率、損失率。我希望您能從附加率的角度更詳細地介紹一下該產品。以及任何其他可以幫助我們更好地量化 2026 年及以後的機會的事情。

Sure. Thanks for the question, Tim. So we released the product in March, and it's been one of the key drivers of growth acceleration for Cash App and also what you saw overall for the BNPL platform.

當然。謝謝你的提問，提姆。因此，我們在三月發布了該產品，它是 Cash App 成長加速的主要驅動力之一，也是整個 BNPL 平台的成長動力之一。

If you look across the second quarter, GMV for BNPL accelerated to 17% on a reported basis, 18% constant currency, up from 13% and 16%, respectively, in the first quarter. We also saw gross profit accelerate to 22% year-over-year growth.

縱觀第二季度，BNPL 的 GMV 按報告基礎計算增長了 17%，按固定匯率計算增長了 18%，而第一季的 GMV 分別為 13% 和 16%。我們也看到毛利年增 22%。

So part of an accelerating story for BNPL overall. The early signs that we've seen for post-purchase BNPL have been really strong, strong conversion, strong adoption.

因此，這是 BNPL 整體加速發展的一部分。我們看到的購買後 BNPL 的早期跡象非常強勁，轉換率高，採用率高。

As I mentioned, we crossed the 1 million monthly active mark. We also crossed the $2 billion originations run rate mark in July and expect to continue to expand eligibility and increase attach rates as we look at the back half of the year.

正如我所提到的，我們的每月活躍用戶數已突破 100 萬。7 月份，我們的貸款發放運行率也突破了 20 億美元大關，預計下半年我們的貸款發放資格將進一步擴大，附加率也將進一步提高。

As I noted earlier, we're really taking the learnings from Borrow. And as we stack up post-purchase BNPL against Borrow's early trajectory, both in terms of origination volume and margin profile, because we're able to leverage our infrastructure around the Cash App credit score, we've been able to track ahead of where Borrow is and we know that's become a successful product for us.

正如我之前提到的，我們確實從 Borrow 中吸取了經驗教訓。當我們將購買後的 BNPL 與 Borrow 的早期發展軌跡（無論是在發起量還是保證金狀況方面）進行比較時，由於我們能夠利用圍繞 Cash App 信用評分的基礎設施，我們已經能夠領先於 Borrow 的水平，並且我們知道這已經成為我們的一款成功產品。

So we're encouraged about these early signs that we're seeing on BNPL. If I step back and if I think about 2026, obviously, we'll have a lot more to say later in the year and at Investor Day.

因此，我們對 BNPL 上看到的這些早期跡象感到鼓舞。如果我退一步考慮一下 2026 年，顯然，我們會在今年晚些時候和投資者日上有很多話要說。

But I think about the nascent products that are still ramping, like post-purchase BNPL, which we'd expect to contribute more in '26. Our traditional pain for bringing that more into Cash App and seeing that ramp into '26 Cash App Pay, some of the newer products that we've talked about, like tap-to-pay on cash for business.

但我認為新興產品仍在不斷成長，例如購買後 BNPL，我們預計它們將在 26 年做出更多貢獻。我們傳統的痛苦是將其更多地引入 Cash App，並看到它進入 '26 Cash App Pay，我們討論過的一些較新產品，例如企業現金支付。

All of these newer products continuing to ramp end of 2026 for Cash App. I'd expect Borrow to continue to be a growth driver for us as well. It's not just about the back half of this year.

所有這些新產品將在 2026 年底為 Cash App 繼續增加。我希望 Borrow 也能繼續成為我們的成長動力。這不僅關乎今年下半年。

And there's also, as we look ahead into 2026, compounding effects of these go-to-market investments we're making across each of Cash App and Square. So there are a number of drivers of growth as we look at '26 that we get excited about.

而且，展望 2026 年，我們在 Cash App 和 Square 上進行的這些市場進入投資也會產生複合效應。因此，展望26年，我們將會發現許多令我們興奮的成長動力。

And then most importantly, the key takeaways from this call, as you heard from Jack, is really around product velocity increasing. And so there's even more coming than what we have today.

然後最重要的是，正如你從傑克那裡聽到的，這次通話的關鍵要點實際上是關於產品速度的提高。因此，未來將會有比今天更多的事發生。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Nice job. Just one more follow-up on Cash App. I mean, it was obviously strong and accelerated well. Borrow was strong at $18 billion of originations. But I really appreciate the new disclosure you're giving.

幹得好。關於 Cash App 的後續事宜僅此一次。我的意思是，它顯然很強勁，而且加速很好。借貸表現強勁，貸款總額達 180 億美元。但我真的很感謝您提供的新資訊。

I saw $8 million banking actives you define as either one of the $2.5 million or $2.7 million direct deposit users, or I think someone's spending $500 per month across Cash App. So that number was up 16%.

我看到 800 萬美元的銀行活躍數據，您將其定義為 250 萬美元或 270 萬美元的直接存款用戶之一，或者我認為有人每月在 Cash App 上花費 500 美元。所以這個數字上升了16%。

Can you just touch on that metric a little bit more? I haven't seen that disclosure before. And how do you see that trending, driving Cash App gross profit even into next year if we're thinking about that the right way?

您能否再多談這個指標？我之前沒有見過這樣的披露。如果我們以正確的方式思考，您如何看待這種趨勢，推動 Cash App 的毛利甚至持續到明年？

And then I also love to call out on new areas for potential MAU growth on Cash App. So just how has that been trending to?

然後，我也喜歡呼籲 Cash App 上潛在的 MAU 成長的新領域。那麼，這趨勢究竟如何呢？

Darrin, I can get started on this one. So first, what I would say is what you saw in the letter is that we've continued to experience strong growth on paycheck deposit actives, with the $2.7 million that we reported in June.

達林，我可以開始做這個了。首先，我想說的是，您在信中看到，我們的薪資存款活躍度持續強勁成長，6 月報告的金額為 270 萬美元。

We also added another 100,000 in July so we're now over $2.8 million so we continue to compound growth there. But as we have done extensive research to inform our banking strategy, how we think about incentives, how we think about marketing to this customer base.

我們還在 7 月增加了 10 萬個，因此現在我們的銷售額已超過 280 萬美元，因此我們將繼續實現複合成長。但是，我們已經進行了廣泛的研究來制定我們的銀行策略，我們如何考慮激勵措施，如何考慮針對這個客戶群的行銷。

As we did that customer research, we observed that many more people look at Cash App as their primary banking partner than the ones who we are recording in the paycheck deposit active metric. So that caused us to analyze inflows.

在進行客戶研究時，我們發現將 Cash App 視為主要銀行合作夥伴的人數比我們在薪資存款活躍指標中記錄的人數多得多。因此，我們需要分析流入量。

We looked at spend levels. We looked at transaction metrics to better understand how our customers are using Cash App.

我們研究了支出水平。我們查看了交易指標，以便更好地了解我們的客戶如何使用 Cash App。

And based on that analysis, we put forward some of the new metrics that you noted in the letter, in particular, looking at a spend threshold as the primacy of a banking relationship. And that $500 per month threshold, we thought was important.

基於該分析，我們提出了您在信中提到的一些新指標，特別是將支出門檻視為銀行關係的首要因素。我們認為每月 500 美元的門檻很重要。

The average debit card spend in the US is about $900 a month. So that would reflect really someone who's, by and large, making Cash App Card top of wallet. And when we look further at the ARPU of these $8 million banking actives, who are either depositing a paycheck or spending $500, first of all, they're growing quickly, up 16% year-over-year.

美國金融卡平均消費額為每月約 900 美元。因此，這實際上反映出某人總體上將 Cash App Card 放在錢包首位。當我們進一步觀察這些 800 萬美元銀行活躍用戶的 ARPU 時，他們要么存入薪水，要么花費 500 美元，首先，他們的增長很快，同比增長 16%。

Second of all, they're deeply engaged. They generated more than $250 in gross profit per active on an annualized basis in the second quarter, which is obviously 3 times Cash App's blended $87 ARPU. And on average, they transacted more than 40x across Cash App in June.

其次，他們深度參與。他們在第二季度按年率計算的每位活躍用戶的毛利超過 250 美元，這顯然是 Cash App 87 美元混合 ARPU 的 3 倍。平均而言，他們在 6 月透過 Cash App 進行了 40 多次交易。

So we're pretty encouraged about our traction with our banking strategy. We know that there's millions of people who place their trust in Cash App to be their banking platform. We're going to be doing more.

因此，我們對我們的銀行策略的進展感到非常鼓舞。我們知道有數百萬人信任 Cash App 作為他們的銀行平台。我們將會做更多。

We mentioned testing higher borrow limits for paycheck deposit actives. You'll also see us testing expanding our banking benefits based on the spend thresholds. So we'll be doing more to bring awareness and incentives around our banking platform.

我們提到測試更高的薪資存款活動借款限額。您還會看到我們正在測試根據消費門檻擴大銀行福利。因此，我們將採取更多措施來提高人們對我們銀行平台的認識並激勵其發展。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Last year, you started to lean a bit more into a Square sales effort. And of course, you've launched a number of new products. Can you talk a little bit about some of the returns you're seeing on these investments and if it's scaling as you expected?

去年，您開始更傾向 Square 的銷售工作。當然，你們也推出了許多新產品。您能否稍微談談這些投資的回報以及其規模是否符合您的預期？

Yeah, we're very excited about what we're seeing in the early results of our expanded go-to-market playbook. We are getting ourselves in front of a much wider set of sellers now, and we're starting to see that accrete in terms of market share gains.

是的，我們對擴大行銷策略的早期成果感到非常興奮。現在，我們正站在更廣泛的賣家面前，我們開始看到市場份額的成長。

In particular, from a sales perspective, what we're seeing is strong growth in the first half of this year on new volume added, 20%-plus growth rates on new volume added. And we actually expect that growth to more than double in the fourth quarter just on the back of how we're ramping our sales team across both field sales and telesales.

特別是從銷售角度來看，我們看到今年上半年新增銷售量強勁成長，新增銷售成長率超過20%。事實上，我們預計第四季度的成長率將增加一倍以上，這得益於我們在現場銷售和電話銷售方面不斷加強的銷售團隊。

Field sales, which is a newer motion for us, we're seeing an LTV to CAC, which is how we measure returns on investment, at extremely strong rates and paybacks, as I noted earlier, in that five to six quarter range. So that's what's given us the confidence to continue to ramp, both the field sales teams as well as our telesales teams, both in the US and internationally.

現場銷售對我們來說是一個較新的舉措，我們看到 LTV 與 CAC 的比率，這是我們衡量投資回報率的方式，正如我之前提到的，在五到六個季度的範圍內，利率和回報率非常高。因此，這給了我們信心繼續擴大美國和國際現場銷售團隊和電話銷售團隊的規模。

And the marginal returns of these new hires are very strong, which gives us conviction to continue investing here. So it's that sales motion, in concert with our partner motion, where we are seeing, exceeding our expectations from a partner-driven lead perspective in the second quarter, and also newer channels of growth within the partnership world around our first US ISO partnerships.

這些新員工的邊際回報非常強勁，這讓我們有信心繼續在這裡投資。因此，銷售動向與我們的合作夥伴動向相一致，我們看到，第二季度從合作夥伴驅動的領先角度來看超出了我們的預期，而且圍繞我們的第一個美國 ISO 合作夥伴關係，合作夥伴領域也出現了新的成長管道。

That's what's driving very strong momentum across our sales channels. And I would also just note the strong growth that we're seeing from an international perspective. That's another place where we think international at 25% GPV growth, 19% gross profit growth in the second quarter is really benefiting from the investments that we've made on the ground with our sales motions.

這就是推動我們銷售通路強勁成長的動力。我還要指出的是，從國際角度來看，我們看到了強勁的成長。我們認為，國際市場第二季 GPV 成長 25%，毛利成長 19%，這確實受益於我們在銷售方面所做的投資。

And I would say, the final thing I'll say is that while we've seen really strong sales-enabled growth through both field sales, tele sales and partnerships, it hasn't come at the detriment of self-onboarding from what we've seen. We continue to see really strong volumes with our already healthy sort of self-onboard motion as well.

我想說的是，最後我要說的是，雖然我們看到透過現場銷售、電話銷售和合作夥伴關係實現了非常強勁的銷售成長，但從我們所看到的情況來看，這並沒有損害自助入職。我們繼續看到，隨著我們已經很健康的自主登機運動的開展，交易量仍然非常強勁。

Trevor Williams, Jefferies.

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

I wanted to go back to the spread between gross profit and GPV growth in Square. That was a bit narrower than where it was in the first quarter.

我想回顧一下 Square 的毛利和 GPV 成長之間的差距。這比第一季的情況要窄一些。

If you could talk through some of the moving pieces there. I think you had pricing that went in at the end of March, the network incentives Amrita mentioned, just what the offsets to those were?

如果您能談談那裡的一些活動部分。我認為您在 3 月底就已經制定了定價，Amrita 提到的網路激勵措施是什麼？

And then for the rest of the year, it sounded like gross profit a bit below GPV in Q3 and in line in Q4. Just the moving pieces within those two quarters, and if longer term, we should be thinking about a pretty tight spread between those two growth rates?

然後，對於今年剩餘的時間來說，聽起來第三季的毛利略低於 GPV，而第四季的毛利則與 GPV 持平。只是這兩個季度內的變化，如果從長遠來看，我們應該考慮這兩個成長率之間的差距是否相當小？

Sure. I think the main thing that's going on here is a few nuanced near-term dynamics impacting Square gross profit that aren't really a reflection of the underlying strength of the business. Ultimately, what we're focused on is compounding sustainable GPV growth, and we know that, that will accrete to gross profit growth.

當然。我認為這裡發生的主要事情是一些影響 Square 毛利的細微的短期動態，這些動態並不能真正反映出業務的潛在實力。最終，我們關注的是複合可持續 GPV 成長，我們知道，這將促進毛利成長。

One of the key things that we're looking at, we just talked about our sales motion, is that our new profit added from new cohorts of customers is even stronger than new volume added in the US, which tells us that our pricing and attach to additional products across our ecosystem continue to be strong as we onboard these new customers. And again, that will compound over time as we get into '26 and beyond.

我們關注的一個關鍵點，也就是我們剛才談到的銷售動向，就是我們從新客戶群中獲得的新利潤甚至比美國新增銷量還要強勁，這告訴我們，隨著我們吸收這些新客戶，我們的定價以及我們整個生態系統中其他產品的附加價值將繼續保持強勁。而且，隨著我們進入 26 年及以後，這種情況還會隨著時間的推移而加劇。

In the near term, there are a couple of dynamics to point out. So as I mentioned in the interim remarks, we made some changes that increased our operational flexibility at a processing partner.

就短期而言，有幾點動態值得指出。正如我在中期演講中提到的那樣，我們做出了一些改變，增加了處理合作夥伴的營運彈性。

That modestly increased Square's processing costs. So in the second quarter, we absorbed approximately 2 points of gross profit growth headwind from this shift, which basically offset that network remediation payment that we had talked about earlier.

這略微增加了 Square 的處理成本。因此，在第二季度，我們吸收了這種轉變帶來的大約 2 個百分點的毛利成長阻力，這基本上抵消了我們之前談到的網路修復費用。

And that's something that we would also expect, as I noted earlier, to impact the third quarter but it's sort of a couple of quarter impact and we'll lap that as we head into 2026. The second key thing I'd point out is hardware costs.

正如我之前提到的，我們也預計這會對第三季產生影響，但這只會對幾季產生影響，到 2026 年，我們就會克服這一影響。我要指出的第二個關鍵點是硬體成本。

Some of our newer hardware with handheld has seen strong adoption, and it continues to be a great go-to-market new customer acquisition channel for us. So that's one that we want to lean into as we bring new customers into the platform.

我們的一些較新的手持硬體已經得到了廣泛的採用，並且它繼續成為我們進入市場獲取新客戶的絕佳管道。因此，當我們將新客戶引入平台時，我們希望依靠這一點。

So that's another impact from a Q3 perspective. Ultimately, though, we expect to exit the year with gross profit and GPV growth roughly in line with each other and to continue to focus on that cross-sell of more of our products to customers to help them run and grow their business.

從第三季的角度來看，這是另一個影響。但最終，我們預計今年的毛利和 GPV 成長將大致保持一致，並繼續專注於向客戶交叉銷售更多產品，以幫助他們經營和發展業務。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

I want to ask about Cash App user growth. Jack, you talked about focusing more on network density, including the focus on families and teens and nice to see some of the products like Pools that have come through this quarter. You've also had some marketing campaigns.

我想問一下 Cash App 用戶成長的情況。傑克，您談到了更多關注網路密度，包括對家庭和青少年的關注，很高興看到本季度推出的一些產品，例如 Pools。您也開展了一些行銷活動。

I guess my question is what other things can you do to grow the network and users at Cash App, the growth of which has stalled in recent quarters? And then just as a quick follow-up, any comments on Bitcoin mining initiatives in light of the recent deal from (inaudible).

我的問題是，您還可以做些什麼來擴大 Cash App 的網路和用戶？該應用程式的網路和用戶成長在最近幾季已經停滯。然後，作為一個快速的後續問題，考慮到最近的交易，對比特幣挖礦計劃有何評論？（聽不清楚）。

Yeah. I'll start on Proto and mining. We're going to have some news very, very soon. As Amrita said, this will be a (inaudible). So we're really excited about everything happening with Proto.

是的。我將從 Proto 和挖掘開始。我們很快就會得到一些消息。正如 Amrita 所說，這將是（聽不清楚）。因此，我們對 Proto 發生的一切感到非常興奮。

I think we've built the best miner out there and the market is about to see that. We'll be able to provide the most flexible and the most customizable as well, and we built this entirely with customer feedback all on mind.

我認為我們已經打造出了最好的礦機，市場即將見證這一點。我們將能夠提供最靈活、最可客製化的服務，並且我們在建立它時完全考慮了客戶的回饋。

So we're going to have some really happy customers, and we're going to grow that market and take a lot of market share, I think, in mining. In terms of Cash App, it's just looking deeply at our customer base and our future customer base, we believe that we're building the money app for the next generation.

因此，我們將擁有一些真正滿意的客戶，我們將擴大這個市場，並在採礦業中佔據很大的市場份額。就 Cash App 而言，我們只是深入研究了我們的客戶群和未來的客戶群，我們相信我們正在為下一代建立貨幣應用程式。

And we think it's a huge opportunity for us. It's fairly untapped. There's not a lot of folks out there doing it very well. Cash App resonates naturally with a younger crowd. It's cool. It works. It's easy.

我們認為這對我們來說是一個巨大的機會。它還未得到充分開發。能很好地做到這一點的人並不多。Cash App 自然而然地引起了年輕族群的共鳴。這很酷。有用。這很簡單。

It has absolutely everything people need. Our parents are often giving their kids advanced access to it very early, and we plan to really leverage that and make something that is even cooler and even more usable. And Pools is a result of that. We looked at what people are trying to do with their money.

它絕對擁有人們所需要的一切。我們的父母經常很早就讓他們的孩子提前使用它，我們計劃真正利用這一點，做出更酷、更實用的東西。Pools 就是由此產生的。我們觀察了人們試圖用他們的錢做什麼。

And we came up with this concept of money, how do you make money to work in a way for multiple people (inaudible). And just one incredible stat is that 60% of adults in the US pool money for something.

我們提出了這個金錢概念，你如何賺錢為多人工作（聽不清楚）。一個令人難以置信的統計數據是，60% 的美國成年人會集資做某件事。

So we want to make something that worked flawlessly but also allowed people to not have to get people to necessarily sign up for Cash App, that they can actually contribute to the pool using a method they already have, which is Apple Pay or Google Pay, and then see the full utility of Cash App and then sign up themselves because they see it's so easy. So we're looking very deeply at our customers, our future customers.

因此，我們希望製作一個完美運作的東西，同時也讓人們不必一定要註冊 Cash App，他們實際上可以使用他們已有的方法（即 Apple Pay 或 Google Pay）來為資金池做出貢獻，然後看到 Cash App 的全部實用性，然後自己註冊，因為他們發現它非常簡單。因此，我們正在深入關注我們的客戶、我們未來的客戶。

And this goes into the products and the features that we build but also how we market it. We have some super creative marketing and that's only going to get stronger and stronger as the year goes on.

這不僅體現在我們製造的產品和功能上，也體現在我們行銷產品的方式上。我們有一些超級有創意的行銷手段，而且隨著時間的推移，這些手段只會變得越來越強大。

And the number of features and the number of products that we're going to be able to launch over this year is more than anything we've been able to do in the past because of the technology we have available to us and also the focus and all the reorganization that we did in the recent past. So now it's finally clicking and we're seeing it in the results as well.

由於我們擁有的技術以及我們最近所做的重點和所有重組，我們今年將要推出的功能和產品數量將比過去任何時候都多。現在它終於開始發揮作用了，我們也在結果中看到了它。

And the team is very fired up to just get as much excellent product out there as we can to our customers. And we're reviewing a bunch of really cool stuff and all of it has felt like the early days of Cash App when we're building something that felt a little bit impossible, but we made it possible and we made it really cool and it resonated right way.

我們的團隊非常熱衷於向客戶提供盡可能多的優質產品。我們正在審查一系列非常酷的東西，所有這些都感覺像是 Cash App 的早期階段，當時我們正在構建一些感覺有點不可能的東西，但我們讓它成為可能，我們讓它變得非常酷，並且它引起了共鳴。

So that focus will pay off. And I think the days of not shipping are over. We're only as good and only a function of how quickly we can ship and how quickly we can experiment and how much we can put in customers' hands and it's never been faster.

所以這種關注將會得到回報。我認為不發貨的日子已經結束了。我們只是一樣好，只取決於我們能夠多快地發貨，多快地進行實驗，以及我們能夠將多少產品交到客戶手中，而且速度從未如此之快。

And I'd just add, Harshita, that what we're seeing, a lot of what Jack just talked about, we launched relatively recently between Cash App Pools just over this past week. As we continue to ramp that to more customers, tap to pay for Cash App Business also very recently our marketing campaign, which is a pretty buzzy and innovative way to get the message out to the next generation also sort of over the past months.

我想補充一點，Harshita，我們看到的，傑克剛才談到的很多內容，都是我們上週在 Cash App Pools 中相對較新推出的。隨著我們繼續向更多客戶推廣這項服務，點擊支付 Cash App Business 也是我們最近的行銷活動，這是一種非常熱門和創新的方式，可以在過去幾個月向下一代傳達訊息。

All this is our execution is speeding up, it's all relatively recent. The early signs that we're seeing on it, maybe not even fully reflective in the 2Q results, but have been extremely encouraging in terms of the metrics that we look at from an actives and active engagement perspective.

這一切都是我們的執行速度在加快，都是相對較新的。我們看到的早期跡象可能並未完全反映在第二季的業績中，但從我們觀察到的積極性和積極參與度來看，這些指標非常令人鼓舞。

So clearly, some early signs of success in reinvigorating network growth in Cash App, and we expect that to start showing results as we head into '26, but that's part of the conviction that we had as we thought about raising guidance in the back half of the year as well, just on the execution for some of the very recent product and go-to-market initiatives from a Cash App perspective.

因此，顯然，在重振 Cash App 網路成長方面出現了一些成功的早期跡象，我們預計在進入 26 年時這將開始顯現成果，但這也是我們在考慮在下半年提高指引時的信念的一部分，僅從 Cash App 的角度來看，這是針對一些最新產品和上市計劃的執行情況。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Really good results. Did a great job on growing everything, including the Borrow product. I do have a question, we're getting a lot of inbounds on it this afternoon on this topic.

效果確實不錯。在發展所有方面都做得很好，包括 Borrow 產品。我確實有一個問題，今天下午我們收到了很多關於這個主題的詢問。

So I did want to understand a little bit better how the Borrow thing is evolving as it gets bigger as part of the business. Maybe Amrita, can you opine on the gross margin profile in terms of like what percent is it?

因此我確實想更好地了解借貸業務隨著其作為業務的一部分變得越來越大而如何發展。也許 Amrita，您能否以百分比的形式對毛利率狀況發表意見？

Is it 100%? And maybe touch on like quantifying the puts and takes on the step-up in losses again because we're getting a lot of questions about this. But overall, great job on growing this and making it a big business.

是100%嗎？也許可以再次談論量化損失的增加和減少，因為我們收到了很多關於這方面的問題。但總體而言，我們在發展和打造大企業方面做得很好。

Dan, yes, sure. Happy to talk more about Borrow. Obviously, performance, very strong this quarter. Origination volumes almost doubled year-over-year to $18 billion on an annualized basis in the second quarter and now at the 6 million monthly actives in June.

丹，是的，當然。很高興進一步談論 Borrow。顯然，本季的表現非常強勁。第二季度，發起量比去年同期幾乎翻了一番，達到年化 180 億美元，6 月月活躍用戶數已達 600 萬。

We expect that strength to continue as we roll out Borrow to more states now under the SFS originations. We also published, I'd point you towards our investor slides, which outline our annualized net margin or ANM.

我們預計，隨著我們向更多州推出 SFS 發起的借貸服務，這種強勁勢頭將持續下去。我們還發布了投資者幻燈片，其中概述了我們的年度淨利潤率或 ANM。

This is a big metric that we look at to measure the successful performance of the product and the unit economics of the product. What we see there are the strong economics at 24% margins in the second quarter, which is above our 20% margin threshold.

這是我們用來衡量產品成功性能和產品單位經濟效益的重要指標。我們看到第二季經濟表現強勁，利潤率達到 24%，高於我們 20% 的利潤率門檻。

Then you see multiple quarters really in that mid-20% range, even as we continue to ramp Borrow meaningfully. We also see Borrow, first and foremost, as a strong product on its own but also a key part of the engagement strategy for the Cash Card banking strategy that we noted earlier because we know our customers really value fast access to liquidity.

然後，你會看到，即使我們繼續大幅增加借款，多個季度的借款率仍然處於 20% 左右的範圍內。我們也認為，Borrow 首先是一個強大的產品，同時也是我們先前提到的現金卡銀行策略參與策略的關鍵部分，因為我們知道我們的客戶非常重視快速獲得流動性。

So as we noted, we're going to be testing higher borrow limits for our paycheck deposit actives and explore other ways that we can use Borrow to drive engagement across Cash App. On the loss point, taking a step back, from Borrow specifically, the core asset that we're leveraging to power Borrow and also post-purchase on BNPL on Cash App Card is Cash App's internal credit score.

因此，正如我們所指出的，我們將測試更高的薪資存款借貸限額，並探索可以使用借貸來推動 Cash App 參與度的其他方法。在損失點上，退一步來說，具體從借貸來看，我們利用的核心資產是藉貸支持以及在 Cash App Card 上進行 BNPL 的後期購買，即 Cash App 的內部信用評分。

It's our internal custom credit scoring mechanism, incorporating data across our customers in how they're using Cash App to inform an underwriting decision and eligibility for our customers. It's continuously updated, absorb the data across Cash App's ecosystem to assess basically where we can underwrite our customers, whether we can and then at what credit limit we can. And we've put out a white paper recently that talks to this.

這是我們內部客製化的信用評分機制，整合客戶使用 Cash App 的數據，為客戶做出核保決策和資格認定提供資訊。它會不斷更新，吸收 Cash App 生態系統中的數據，以評估我們可以在哪裡承保客戶、是否可以承保以及我們可以承保的信用額度是多少。我們最近發布了一份白皮書來討論這個問題。

But as we look at our credit model, our internal credit model can approve 38% more customers compared to Vantage Score at the same loss threshold, which means that we can effectively expand access to people who are sort of left out of or underserved by the traditional financial ecosystem. So we're pretty excited about what Borrow has been able to do and all while maintaining loss rates in that sort of 3% or less range with strong unit economics.

但當我們審視我們的信用模型時，我們發現，在同樣的損失門檻下，我們的內部信用模型比 Vantage Score 可以多批准 38% 的客戶，這意味著我們可以有效地擴大那些被傳統金融生態系統排除在外或服務不足的人群的信貸管道。因此，我們對 Borrow 所取得的成就感到非常興奮，同時透過強大的單位經濟效益將損失率維持在 3% 或更低的範圍內。

Great. Really nice to see how this business is evolving. Great job.

偉大的。真的很高興看到這個業務正在不斷發展。幹得好。

Thank you.

謝謝。

Matthew O'Neill, FT Partners.

馬修·奧尼爾（Matthew O'Neill），FT Partners。

I just wanted to drill in and hear some early observations, particularly around the rollout of new hardware and seller, notably the handheld. Curious if you're seeing anything around TAM expansion, win rates, improved retention or anything else that would be good to share here.

我只是想深入了解並聽取一些早期的觀察結果，特別是有關新硬體和賣家的推出，尤其是手持設備。好奇您是否看到有關 TAM 擴展、贏率、提高保留率或其他任何值得在此分享的資訊。

Yeah. We've been super excited about Square Handheld. It's definitely our best form factor yet. We packed a lot in and again, like we listened to our customers on what their needs are and made something that's super portable, super affordable and extremely durable.

是的。我們對 Square Handheld 感到非常興奮。這絕對是我們迄今為止最好的外形。我們做了很多事情，並且再次傾聽了客戶的需求，並做出了超級便攜、超級實惠和極其耐用的產品。

But what's most interesting about it is that it scales to multiple types of commerce, not just for the restaurants but it can be used in a retail setting or a service setting. So it's, by far and away, our most flexible and I think one of the most flexible in the industry.

但最有趣的是，它可以擴展到多種類型的商業，不僅適用於餐館，還可以用於零售環境或服務環境。因此，到目前為止，它是我們最靈活的，我認為也是業內最靈活的之一。

We launched it in the US in Q2 and we're starting to roll it out internationally right now. So super excited about it. The hardware has always been a big driver for us, and we think it will continue to be.

我們在第二季度在美國推出了它，現在我們開始在國際上推廣它。我對此感到非常興奮。硬體一直是我們發展的一大推動力，我們認為這種情況還會繼續發生。

It makes for a very easy sale, especially to our newer customers are winning sellers away from others. But of course, it's not the only driver. The other thing that I think is going to be quite powerful over the next year or so is going to be Square AI.

這使得銷售變得非常容易，特別是對於我們的新客戶來說，他們可以從其他賣家贏得賣家。但當然，這不是唯一的驅動因素。我認為未來一年左右將變得非常強大的另一個東西是 Square AI。

This is getting more and more sophisticated. We started with just the ability for customers to quickly get more customized reports.

這變得越來越複雜。我們最初的目標只是讓客戶能夠快速獲得更多客製化報告。

But as we said a few earnings calls ago, we want this to effectively act as a virtual COO virtual manager, if you will, to help folks manage the business of any type, whether it be a restaurant, retail or service and at any scale. And the team has been working super hard and fast on making sure that it really lives up to that promise.

但正如我們在幾次財報電話會議前所說的那樣，我們希望它能夠有效地充當虛擬首席營運官虛擬經理，幫助人們管理任何類型的業務，無論是餐廳、零售還是服務，無論規模大小。團隊一直在非常努力和快速地工作，以確保真正兌現這一承諾。

We're starting in the dashboard because that's where all of our sellers spend the majority of their time. It's also our one opportunity to introduce them to the entire Square ecosystem so that we can introduce them to a lot of our other services, including banking and customer relationship management.

我們從儀表板開始，因為我們所有的賣家大部分時間都花在這裡。這也是我們向他們介紹整個 Square 生態系統的唯一機會，以便我們可以向他們介紹我們的許多其他服務，包括銀行和客戶關係管理。

So it's a really good flywheel for us, and it allows us to put a natural intuitive language-first option on all the complexity of our ecosystem that we can offer sellers in a much simpler way. And then, of course, the other big feature that we announced recently was enabling Bitcoin acceptance on Square.

所以這對我們來說是一個非常好的飛輪，它使我們能夠在生態系統的所有複雜性上放置一個自然直觀的語言優先選項，以便我們能夠以更簡單的方式向賣家提供這些選項。當然，我們最近宣布的另一項重要功能是允許 Square 接受比特幣。

And this is early but we think it's a big one. We think it's a good complement to everything that we're doing. There's also been a lot of talk about stablecoins. Our philosophy at Square has always been to accept every form of payment that comes across the counter.

雖然現在還為時過早，但我們認為這是一個重大事件。我們認為這是對我們所做的一切的良好補充。關於穩定幣的討論也很多。Square 的理念一直是接受櫃檯上出現的每一種付款方式。

And we're certainly going to enable our sellers to accept every form of payment, including Bitcoin or Tether or Circle. Anything that people are actually using to pay for goods and services, we're going to enable our sellers to accept because it means they always make the sale.

我們肯定會讓我們的賣家接受各種形式的付款，包括比特幣、Tether 或 Circle。人們實際用來支付商品和服務的任何方式，我們都會讓賣家接受，因為這意味著他們總是能完成銷售。

And that's really critical to us. So those three, the hardware, our AI efforts within the dashboard and the app itself and the new forms of payments so that all of our seller's up for a much more comprehensive and flexible offering in operation.

這對我們來說真的至關重要。因此，這三個方面，硬體、儀表板內的人工智慧工作、應用程式本身以及新的支付方式，使我們所有的賣家都能獲得更全面和靈活的營運服務。

And we partner that with just a much stronger go-to-market and sales. Our marketing releases, our last marketing release, we're doing this twice a year, was a hit and we can't wait for the next one.

我們與該合作夥伴一起，提供更強大的市場開拓和銷售能力。我們的行銷發布，我們上一次的行銷發布，我們每年進行兩次，取得了成功，我們迫不及待地等待下一次發布。

And everything that Nick and team has been doing with field sales and just really refining our approach is starting to show the effect, and that's from all scale of our sellers from the very small to the very large. So I think it's a perfect formation such that we can really compete on the merit of our offerings, which I think are immense.

尼克和他的團隊在現場銷售方面所做的一切，以及真正改進我們的方法，都開始顯現效果，而且這種效果適用於我們所有規模的賣家，從非常小的賣家到非常大的賣家。所以我認為這是一個完美的組合，這樣我們就可以真正憑藉我們提供的產品的優勢進行競爭，我認為這些產品的優勢是巨大的。

David Koning, Baird.

大衛‧科寧，貝爾德。

Great job. I guess you touched on the willingness to accept stablecoins at your sellers. I was just thinking more broadly, you focused so much on Bitcoin historically. Kind of what's your philosophical thought around stablecoins?

幹得好。我想您提到了賣家接受穩定幣的意願。我只是在更廣泛地思考，你非常關注比特幣的歷史。您對穩定幣的哲學思想是什麼？

Where do you think it's going to be most useful? And how might you guys play within the broader stablecoin ecosystem?

您認為它在什麼情況下最有用？你們如何在更廣泛的穩定幣生態系統中發揮作用？

I think the most important thing is if people want to use it to purchase or if they want to use it to transact or transmit money through Cash App, we're going to support it. So you should expect Square and Cash App to support these things if people are using them and we would focus on the major ones in use.

我認為最重要的是，如果人們想用它來購買，或者想用它來透過 Cash App 進行交易或轉賬，我們就會支持它。因此，如果人們正在使用這些東西，那麼您應該期望 Square 和 Cash App 能夠支援它們，並且我們將重點放在正在使用的主要功能上。

We do have a bank and we can offer our own stablecoin, and there are a lot of stablecoins being generated right now. And I don't necessarily always see the product market fit for all of them. I don't see the differentiator.

我們確實有一家銀行，我們可以提供自己的穩定幣，目前正在產生很多穩定幣。而且我並不總是認為產品市場適合所有市場。我看不出有什麼差別。

It really comes down to what are people using and why they're using it. And right now, stablecoins are predominantly used in a remittance use case. If they do become more payments-oriented, we'll be there.

這實際上取決於人們使用什麼以及為什麼使用它。目前，穩定幣主要用於匯款用途。如果他們確實變得更加重視支付，我們就會支持他們。

I don't think right now that it makes sense for us to offer our own because I just don't think there's a huge differentiator above and beyond what exists and, in my view, above and beyond what Bitcoin provides. Bitcoin still stands alone in it being entirely net new, and it has properties that none of these stablecoins have, which make it a better form of currency than the rest of them.

我認為現在我們提供自己的產品是沒有意義的，因為我認為除了現有的產品之外，以及在我看來除了比特幣所提供的產品之外，沒有太大的區別。比特幣仍然是獨一無二的，因為它是全新的，而且它具有這些穩定幣所不具備的特性，這使得它成為比其他穩定幣更好的貨幣形式。

It's certainly proven the case over 16 years as a stored value. But our intention is to make sure that Bitcoin becomes the native currency of the Internet and that's used as everyday money. And we think it can get there very quickly.

16 年來，它作為一種儲值手段，確實已經證明了這一點。但我們的目的是確保比特幣成為網路的本土貨幣，並作為日常貨幣使用。我們認為它很快就能實現這一目標。

And the reason to focus on that is because it's independent of any one particular corporation or any government. And it allows us to move much faster with our business as it does become more and more of a standard, not only a stored value but remittance and also payment that allows Square to go to every single market almost instantly.

我們之所以關注這一點，是因為它獨立於任何特定的公司或政府。它讓我們的業務發展速度更快，因為它越來越成為一種標準，不僅是一種儲值，而且是一種匯款和支付，它使 Square 幾乎可以立即進入每個市場。

And the same is true for Cash App as well. So we're huge believers in it. We know it's going to be a long road. It's a protocol. Protocols move a lot slower than products and companies tend to do but they tend to last longer as well.

Cash App 也是如此。所以我們對此非常相信。我們知道這將是一條漫長的道路。這是一個協議。協議的進展速度比產品和公司要慢得多，但它們的持續時間也更長。

And that's why we believe in it so much, and we think it massively accelerates our business when it does hit and we intend on making a hit as soon as possible.

這就是我們如此相信它的原因，我們認為，當它成功時，它將極大地加速我們的業務，我們打算盡快取得成功。

Ladies and gentlemen, thank you for your participation in today's program. This does conclude the program. You may all disconnect.

女士們、先生們，感謝大家參加今天的節目。該計劃確實就此結束。你們都可以斷開連線。