Block Inc (XYZ) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Block third-quarter 2025 earnings conference call.

女士們、先生們，大家好。歡迎參加 Block 公司 2025 年第三季財報電話會議。

Today's call will be 45 minutes.

今天的通話時間為45分鐘。

I would now like to turn the call over to your host, Matt Ross, Head of Investor Relations. Please go ahead.

現在我將把電話交給主持人，投資者關係主管馬特·羅斯。請繼續。

Hi, everyone. Thanks for joining our third-quarter 2025 earnings call.

大家好。感謝您參加我們2025年第三季財報電話會議。

We have Jack and Amrita with us, along with Owen Jennings, our Business Lead; and Nick Momar, Sales and Marketing Lead for Block.

我們一行人有 Jack 和 Amrita，還有我們的業務主管 Owen Jennings，以及 Block 的銷售和行銷主管 Nick Momar。

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.

我們將先作簡短的開場白，然後再直接進入問答環節。在問答環節，我們將接受電話會議參與者的提問。

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 facts, could be considered 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.

我們也要提醒大家，本次電話會議中我們將發表一些前瞻性聲明。除歷史事實陳述外，所有其他陳述均可視為前瞻性陳述。這些前瞻性聲明包括對我們的展望策略和指導的討論，以及我們的長期目標和願景。

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.

這些聲明存在風險和不確定性，包括宏觀經濟狀況的變化。實際結果可能與我們的前瞻性聲明中所設想的結果有重大差異。

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.

已公佈的結果不應被視為未來業績的指標。請查閱我們向美國證券交易委員會提交的文件，其中討論了可能導致我們業績出現差異的因素。

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. We disclaim any obligation to update any forward-looking statements, except as required by law.

另請注意，本次電話會議中討論的前瞻性聲明（包括 2025 年的盈利預期）是基於我們目前掌握的信息以及我們認為截至今日合理的假設。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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.

此外，本次電話會議中任何關於我們貸款和銀行產品的討論均指透過 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.

在這些發言中，我們還將討論與我們的投資框架相關的指標，包括 40 個法則。根據 40 法則，我們將毛利成長率和調整後的營業利潤率相加進行評估。

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，我們也將在本次電話會議中討論一些非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調整表已在股東信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。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非GAAP指標並非旨在取代我們的GAAP績效。

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.

最後，本次電話會議的完整音訊內容將在我們的投資者關係網站上進行網路直播。本次通話的錄音重播以及傑克和阿姆里塔的開場白文字稿將很快在我們的網站上提供。

With that, I'd like to turn the call over to Jack.

接下來，我想把電話交給傑克。

Thank you all for joining. My intention for these calls, going forward, is to bring in more voices from across the company to share more perspectives on what we're building and why.

感謝各位的參與。我今後召開這些電話會議的目的是為了讓公司各部門的更多人參與進來，分享更多關於我們正在開發的產品及其開發原因的觀點。

This quarter, you'll hear from Owen and Nick, who are joining us for the Q&A today.

本季度，您將聽到歐文和尼克的聲音，他們今天將參加我們的問答環節。

Owen is our Business Lead. He'll be able to share more on our product velocity and what's coming next on our roadmap.

歐文是我們的業務主管。他將能夠分享更多關於我們產品開發速度以及我們路線圖下一步計劃的資訊。

Nick leads Sales and Marketing across the company. He and his team are responsible for the momentum we've seen in our go-to-market motions. He'll be able to share more on what's ahead.

Nick負責公司整個銷售和行銷工作。他和他的團隊是我們市場拓展行動取得如此良好動能的關鍵。他之後會分享更多關於未來計劃的資訊。

I hope you all read our letter on where Square is headed and how we're delivering for our sellers.

希望大家都能閱讀我們關於 Square 未來發展方向以及我們如何為賣家提供服務的信函。

With that, I'll turn it over to Amrita.

接下來，我將把麥克風交給阿姆里塔。

Thanks, Jack.

謝謝你，傑克。

We had another strong quarter, delivering for our customers and exceeding expectations across gross profit and adjusted operating income. Gross profit grew 18% year over year to $2.66 billion accelerating from 14% growth last quarter, driven by cash-up.

我們又迎來了一個強勁的季度，不僅滿足了客戶的需求，而且在毛利和調整後營業收入方面都超出了預期。毛利年增 18% 至 26.6 億美元，較上一季的 14% 增速加快，主要得益於現金流入。

Each of our profitability metrics grew on a year-over-year basis. Adjusted operating income was $480 million, showing strong profitability even in a quarter where we leaned into investments to drive long-term growth.

我們的各項獲利指標均實現了年成長。經過調整後的營業收入為 4.8 億美元，即使在我們加大投資力度以推動長期成長的季度中，也顯示出強勁的獲利能力。

Cash App's 24% year-over-year gross profit growth in the third quarter accelerated from 16% in the second quarter. Our focus on reaccelerating active growth and increasing network density is working as we reached 58 million monthly actives in September. This growth was driven by improvements in experiences across the app, including onboarding referrals and core payment flows, reducing friction while boosting engagement and retention.

Cash App 第三季毛利年增 24%，較第二季的 16% 加速成長。我們專注於重新加速活躍用戶成長和提高網路密度，這項措施正在奏效，9 月份我們的每月活躍用戶數達到了 5,800 萬。這一增長得益於應用程式各方面體驗的改進，包括用戶註冊推薦和核心支付流程，從而減少了摩擦，同時提高了用戶參與度和留存率。

We've also seen success in our go-to-market campaigns, focused on increasing brand awareness and reengaging actives who use Cash App infrequently.

我們在市場推廣活動中也取得了成功，這些活動旨在提高品牌知名度，並重新吸引那些不經常使用 Cash App 的活躍用戶。

Our strategies to deepen engagement continue to show up in our numbers. Cash App's gross profit per monthly transacting active grew 25% year over year to $94. Primary banking actives grew 18% year over year to $8.3 million, up from $8 million in the second quarter. New products like post-purchase Buy Now, Pay Later on Cash App Card are continuing to scale, reaching $3 billion in annualized originations in early October.

我們深化用戶參與度的策略持續在各項數據中反映出來。Cash App 的每月活躍交易用戶毛利年增 25%，達到 94 美元。主要銀行業務活躍額年增 18% 至 830 萬美元，高於第二季的 800 萬美元。諸如 Cash App 卡的「先買後付」等新產品正在擴大規模，10 月初的年化發放額已達 30 億美元。

Last quarter, we shifted the origination of the majority of borrower loans over to our bank, SFS. This quarter, we expanded Cash App borrow to eligible active in new states and expanded in existing states through underwriting improvements, growing originations 134% year over year while delivering stable risk loss and strong annualized net margins of 24%.

上個季度，我們將大部分借款人貸款的發放業務轉移到了我們的銀行 SFS。本季度，我們擴大了 Cash App 借款在新州的合格活躍用戶範圍，並透過承保改進擴大了在現有州的借款範圍，借款額同比增長 134%，同時實現了穩定的風險損失和 24% 的強勁年化淨利潤率。

We are bringing the successful Square releases format to Cash App, with our first Cash App releases on November 13, said to showcase our roadmap and share more about the future of AI in Cash App and how we're driving growth across our banking products.

我們將把 Square 成功的發布模式引入 Cash App，我們的 Cash App 首批版本將於 11 月 13 日發布，旨在展示我們的路線圖，並分享更多關於 Cash App 中人工智慧的未來以及我們如何推動銀行產品成長的資訊。

Turning to Square, gross profit grew 9% year over year in the third quarter. GPV grew 12%, with an acceleration of growth in both the US and internationally.

Square 第三季毛利年增 9%。GPV成長了12%，其中美國和國際市場的成長速度均有所加快。

Our products and go-to-market strategies are working as we continue to gain profitable market share in our target verticals like food and beverage, with larger sellers outside the US.

我們的產品和市場推廣策略正在奏效，我們在食品飲料等目標垂直領域不斷獲得盈利的市場份額，並與美國以外的大型賣家建立了合作關係。

In Jack's shareholder letter this quarter, we outlined our strategy to power the neighborhood by being the best platform for sellers to grow and run their business. We're focused on three key opportunities.

在本季度傑克致股東的信中，我們概述了我們的策略，即透過成為賣家發展和經營業務的最佳平台來推動社區發展。我們專注於三大關鍵機會。

The first is connecting sellers and consumers at scale in a way that we believe only Block can. At Square releases, we introduced Neighborhoods on Cash App to connect our sellers with Cash App's massive network of 58 million monthly actives. Neighborhoods provides sellers the power of an enterprise-grade mobile app and the ability to offer customizable local rewards tied to free marketing and discovery tools, all with a 1% processing rate for all in-app orders.

首先，我們以只有 Block 才能做到的方式，大規模連結賣家和消費者。在 Square 的發表會上，我們推出了 Cash App 上的 Neighborhoods 功能，將我們的賣家與 Cash App 龐大的 5,800 萬月活躍用戶網路連接起來。Neighborhoods 為賣家提供企業級行動應用程式的強大功能，並能夠提供與免費行銷和發現工具相關的可客製化本地獎勵，所有應用程式內訂單的處理費率均為 1%。

Second, we are delivering world-class AI tools to sellers so they can put more of their operations and finances on autopilot. We've launched Square AI, (inaudible) this partner built right into the tool sellers use every day, which is empowering our sellers to get insights about their business in minutes that would have previously taken hours. At Square releases, we announced AI-driven order guide to help sellers better manage procurement and disordering to automate incoming phone orders during peak demand times.

其次，我們正在向賣家提供世界一流的人工智慧工具，以便他們能夠將更多的營運和財務工作自動化。我們推出了 Square AI，（聽不清楚）這個合作夥伴直接整合到賣家每天使用的工具中，使我們的賣家能夠在幾分鐘內獲得以前需要幾個小時才能獲得的有關其業務的洞察。在 Square 的發表會上，我們宣布推出 AI 驅動的訂單指南，以協助賣家更好地管理採購和訂單處理，並在高峰需求時段自動處理來電訂單。

Third, we're focused on making selling easier, with software solutions and commerce tools for our sellers. We believe we're the only company that designs the hardware, operating systems, software, commerce capabilities, and financial tools for sellers. This vertical integration is an advantage for us, letting us move faster and serve more customers in a differentiated way. At Square releases, we announced a number of new products, including multichannel menu management, unified third-party delivery app management, and improved kiosks, enabling 30% faster order times for our sellers.

第三，我們致力於讓銷售變得更輕鬆，為賣家提供軟體解決方案和商務工具。我們相信，我們是唯一一家為賣家設計硬體、作業系統、軟體、商務功能和金融工具的公司。這種垂直整合對我們來說是一項優勢，使我們能夠更快地發展，並以差異化的方式服務更多客戶。在 Square 的發布會上，我們宣布了一系列新產品，包括多通路菜單管理、統一的第三方配送應用程式管理以及改進的自助服務終端，使我們的賣家能夠將訂單處理速度提高 30%。

These product strategies are positioning us well, as we scale our go-to-market efforts to serve every seller that wants to work with us.

這些產品策略使我們處於有利地位，因為我們正在擴大市場推廣力度，以服務每一個想要與我們合作的賣家。

We've seen an inflection in new volume added, or NVA, our proxy for volume growth from new customers. Sales-driven NVA is up 28% year to date, as our field sales and partnerships continue to expand.

我們已經看到新增交易量（NVA，我們用來衡量新客戶交易量成長的指標）出現了轉折點。銷售驅動的淨增值額今年迄今成長了 28%，因為我們的現場銷售和合作夥伴關係持續擴大。

We've also seen accelerated growth in NVA from self-onboard marketing channels. Marketing drives the significant majority of our self-onboard volume. We are seeing strong NVA growth and very healthy four- to five-quarter payback periods. We expect to deliver our strongest NVA performance ever in 2025 through expanding field sales, partnered program, and targeted marketing.

我們也看到，透過自助入駐行銷管道實現的 NVA 成長速度加快。行銷是我們自助註冊量的主要驅動力。我們看到淨增值活動 (NVA) 成長強勁，投資回收期也非常健康，為四到五個季度。我們預計，透過擴大現場銷售、合作夥伴計畫和有針對性的行銷，我們將在 2025 年實現有史以來最強勁的 NVA 業績。

In the third quarter, we saw notable strength upmarket with GPV from sellers above $0.5 million in volume, growing 20% year over year, reflecting our strongest growth rate for these sellers since the first quarter of 2023. In our international markets, GPV grew 26% year over year, as we're seeing particular strength in our telesales channel.

第三季度，我們看到高端市場表現強勁，成交量超過 50 萬美元的賣家的總成交額同比增長 20%，這是自 2023 年第一季以來這些賣家的最強勁增長率。在我們的國際市場，GPV年增26%，因為我們的電話銷售通路表現特別強勁。

As we mentioned last quarter, our decision to increase operational flexibility at a processing partner modestly increased processing costs. This was an approximately 2.6 percentage points headwind to Square gross profit in the third quarter, which we expect to lap in the second quarter of 2026.

正如我們上個季度提到的，我們決定提高加工合作夥伴的營運彈性，這導致加工成本略有增加。這給 Square 第三季的毛利帶來了約 2.6 個百分點的不利影響，我們預計到 2026 年第二季將扭轉這一局面。

In Proto, our bitcoin mining business, we generated our first revenue, seeding what has the potential to become our next major ecosystem. We monetize Proto's innovation in hardware and software through hardware sales across basics, mining hashboards, and full mining rigs that provide many of the key advanced components to mine bitcoin.

在我們的比特幣挖礦業務 Proto 中，我們獲得了第一筆收入，為未來可能發展成為我們下一個主要生態系統的項目奠定了基礎。我們透過銷售硬體（包括基礎硬體、挖礦哈希板和完整的挖礦設備）將 Proto 在硬體和軟體方面的創新轉化為利潤，這些硬體提供了挖礦比特幣所需的許多關鍵高級元件。

In the third quarter, we sold our first rigs to our first customer. While it's only a modest contributor to the second half of this year, we are actively pursuing a robust pipeline for 2026 and beyond.

第三季度，我們向第一位客戶售出了第一批鑽孔機。雖然它對今年下半年的貢獻不大，但我們正在積極尋求為 2026 年及以後打造強大的產品線。

From a profitability standpoint, adjusted EBITDA was $833 million and adjusted operating income was $480 million in the third quarter. Adjusted operating income margins were 18% in the quarter.

從獲利能力來看，第三季調整後的 EBITDA 為 8.33 億美元，調整後的營業收入為 4.8 億美元。本季調整後營業利益率為 18%。

Product development costs remained flat year over year, while our growth initiatives across sales and marketing spend directly contributed to our growth in both Cash App and Square.

產品開發成本與去年持平，而我們在銷售和行銷支出方面的成長措施直接促進了 Cash App 和 Square 的成長。

Transaction, loan, and risk loss expense grew 89% year over year, as we invested in scaling our lending products; most notably, Borrow, and the recent launch of post-purchase BNPL. We continue to see healthy trends as we scaled post-purchase BNPL and Borrow losses continue to trend below our 3% target.

由於我們投資擴大貸款產品規模，交易、貸款和風險損失支出較去年同期成長 89%；其中最值得注意的是 Borrow 以及最近推出的購後 BNPL。隨著我們擴大購後 BNPL 規模，我們繼續看到健康的趨勢，借貸損失繼續低於我們 3% 的目標。

So far, this year, to the end of September, we have repurchased approximately $1.5 billion of stock. We intend to continue returning capital to shareholders, as we generate cash. We're excited to share more about our capital allocation priorities at our upcoming Investor Day.

今年截至9月底，我們已經回購了約15億美元的股票。我們將在產生現金流的同時，繼續向股東返還資本。我們很高興能在即將舉行的投資者日上與大家分享更多關於我們資本配置重點的資訊。

Turning to guidance, we are increasing our full-year guidance for both the Q3 beat and our raised Q4 expectations. For the fourth quarter of 2025, we expect to accelerate gross profit growth again, with gross profit growing over 19% year over year to $2.755 billion. We expect to expand adjusted operating income margins year over year to 20% and deliver $560 million in adjusted operating income. Taken together, we expect to be approaching Rule of 40, as we head into 2026.

關於業績指引，我們提高了全年業績指引，包括第三季業績超出預期以及第四季業績預期上調。我們預計 2025 年第四季毛利成長將再次加速，毛利年增超過 19%，達到 27.55 億美元。我們預計調整後營業利潤率將年增至 20%，並實現 5.6 億美元的調整後營業收入。綜合來看，我們預計到 2026 年，我們將接近 40 法則。

Our full-year guidance reflects our Q3 outperformance and our increased expectations for the fourth quarter. We expect to deliver $10.243 billion in gross profit for the full year, reflecting more than 15% year-over-year growth, consistent with the initial outlook for 2025 that we provided a year ago.

我們的全年業績預期反映了第三季超預期表現以及我們對第四季不斷提高的期望。我們預計全年毛利將達到 102.43 億美元，年成長超過 15%，與我們一年前對 2025 年的初步展望一致。

We expect adjusted operating income of $2.056 billion, growing nearly 28% year over year, despite meaningful investments in sales and marketing; and scaling Borrow and other lending products.

我們預計調整後的營業收入為 20.56 億美元，年增近 28%，儘管在銷售和行銷方面進行了大量投資，並擴大了 Borrow 和其他貸款產品的規模。

Finally, to help in your modeling for Q4 and the upcoming years, we want to provide some details on tax rate and interest expense. We expect our 2025 and long-term tax rate to be in the mid-20% range, relatively consistent with where we landed in the first three quarters of the year. We expect net interest expense of $45 million in the fourth quarter, reflecting our recent debt raise and the latest benchmark rates. These figures are also good representations of our long-term expectations across both line items.

最後，為了幫助您對第四季度及未來幾年進行建模，我們想提供有關稅率和利息支出的一些詳細資訊。我們預計 2025 年及以後的長期稅率將在 20% 左右，與我們今年前三個季度的稅率基本一致。我們預計第四季度淨利息支出為 4,500 萬美元，這反映了我們最近的債務融資和最新的基準利率。這些數據也很好地反映了我們對這兩個項目的長期預期。

We typically provide preliminary forward-year guidance during this earnings call. But with Investor Day coming up, we're excited to go much deeper on our outlook for both 2026 and our long-term financial performance in a few weeks.

我們通常會在財報電話會議上提供未來一年的初步業績指引。但隨著投資者日的臨近，我們很高興能在幾週後更深入地探討我們對 2026 年的展望以及我們的長期財務表現。

Throughout 2025, our gross profit growth has accelerated and we've expanded our margins. Most importantly, we've improved our velocity to deliver more for our customers faster.

2025年全年，我們的毛利成長加速，利潤率也隨之提高。最重要的是，我們提高了效率，能夠更快地為客戶提供更多服務。

Ultimately, these strong results reflect our focus on building for our customers. We're incredibly excited to welcome you in person and virtually to our Investor Day on November 19, where we'll share so much more.

歸根究底，這些優異的成績反映了我們以客戶為中心的理念。我們非常興奮地歡迎您親臨或在線參加11月19日的投資者日活動，屆時我們將分享更多資訊。

With that, I'll turn the call back to the operator for Q&A.

這樣，我就把電話轉回接線生進行問答環節。

(Operator Instructions)

（操作說明）

Tien-Tsin Huang, J.P. Morgan.

黃天心，J.P.摩根大通。

Appreciate it. It's nice to Owen on the call. So I'll ask Owen the question, if that's okay.

謝謝。很高興能和歐文通電話。如果可以的話，我會問歐文這個問題。

I've heard, Owen, you talked about Cash App actives growth and [RIF] on that topic. I know Jack's been pushing towards network density, overall. So can you just give us a progress report on that now? When might we see an inflection in network growth, given some of the investments you're making?

歐文，我聽說你談到了 Cash App 活躍用戶成長以及 [RIF] 的相關話題。我知道傑克一直在努力提高網路密度。那麼，您現在可以為我們報告一下進展嗎？考慮到你們正在進行的一些投資，我們什麼時候才能看到網路成長出現轉捩點？

Sure. Thanks so much for the question.

當然。非常感謝你的提問。

We're really happy with where we landed in September. We've made some pretty massive progress here over the past few months. Of course, we still have a lot of work to do and we see a lot of opportunity ahead.

我們對九月的最終結果非常滿意。過去幾個月，我們取得了相當大的進展。當然，我們還有很多工作要做，也看到了未來很多機會。

We reported the $58 million number for September. But the underlying trends are strong, as well. So what we've seen is an acceleration in the year-over-year growth for monthly active since we declared this a top priority at Block and at Cash App. We actually saw that acceleration in year-over-year growth for monthly active again in October, which is great.

我們報道了9月5800萬美元的數字。但其潛在趨勢也十分強勁。因此，自從我們在 Block 和 Cash App 將提高每月活躍用戶數列為首要任務以來，我們看到每月活躍用戶數的同比增速加快了。我們實際上在 10 月再次看到了每月活躍用戶同比增長的加速，這非常好。

Stepping back, how we think about growing monthly active, overall, is there's really two pieces.

從整體來看，我們認為提高每月活躍用戶數量實際上包含兩個面向。

First, there's net new acquisition for new customers who haven't used Cash App before. And then, also engagement is a key piece of the equation as we can increase engagement and drive quarterly actives or annual actives to increasingly become monthly-active, weekly-active, daily active. And so that's really how we've been approaching it.

首先，新增使用者是指以前未使用過 Cash App 的新使用者。此外，互動也是等式中的關鍵部分，因為我們可以提高互動率，並將季度活躍用戶或年度活躍用戶逐步轉換為每月活躍用戶、週活躍用戶、每日活躍用戶。所以，我們一直以來都是這樣看待這個問題的。

Some of the key focus areas on the development side have been: first, what we call, network enhancements, which is basically just looking at our core flows and making sure that it's simple and easy for customers to successfully use our app and complete transactions.

在開發方面，一些重點領域包括：首先是我們所說的網路增強，這基本上就是審視我們的核心流程，確保客戶能夠簡單輕鬆地成功使用我們的應用程式並完成交易。

On the multiplayer money side, this has been one of our key focuses. I know you all saw the launch of Pools. We saw 1 million Pools created through the end of September. And then, now, 1.5 million Pools created through the end of October. We're really continuing to invest here, not just in Pools but just how we think about social primitives and what we can build to allow our customers to connect with one another and that drives meaningful engagement.

在多人遊戲資金方面，這一直是我們的重點領域之一。我知道大家都看到Pools的發布了。截至9月底，我們看到創建了100萬個資金池。截至 10 月底，已創建了 150 萬個資金池。我們確實在繼續加大投入，不僅是對 Pools 的投入，還包括我們對社交基礎的思考，以及我們可以建立什麼來讓我們的客戶彼此聯繫，從而推動有意義的互動。

And then, third, is probably on the teens and family side. We continue to invest here. We've achieved massive scale on the teens and family side. We have 5 million monthly active teen accounts that are using Cash App. We continue to invest to serve them.

第三，可能指的是青少年和家庭方面。我們將繼續在這裡投資。我們在青少年和家庭市場取得了巨大的規模。我們有 500 萬個每月活躍的青少年帳戶在使用 Cash App。我們將繼續投資，為他們提供服務。

A couple of weeks ago, we launched high-yield savings for our teen. customers. We're going to continue building both for teams and for parents.

幾週前，我們為青少年客戶推出了高收益儲蓄計畫。我們將繼續為球隊和家長打造更好的平台。

And then, I would say, more broadly, we just continue to focus on high quality, high velocity. That goes for the marketing development side, as well as the product velocity side.

然後，更廣泛地說，我們將繼續專注於高品質、高速度。這一點適用於市場開發方面，也適用於產品上市速度方面。

On the marketing side, we're focused across the funnel, across channels. We're really leveraging incentives to drive customer behavior. We've seen really strong ROI there.

在行銷方面，我們專注於整個行銷漏斗，涵蓋所有管道。我們正在充分利用激勵措施來引導客戶行為。我們看到那裡的投資報酬率非常高。

From a product perspective, I think it's not just the network expansion work. It's really everything that we're building on Cash App. I see as contributing to network expansion and monthly actives growth, either on a first order basis or on a second order basis. If we're building useful, simple things for our customers, that's going to reliably compound and drive active growth.

從產品角度來看，我認為這不僅僅是網路擴展工作。這實際上就是我們在 Cash App 上構建的一切。我認為這有助於網路擴張和每月活躍用戶成長，無論是一級訂單還是二級訂單。如果我們為客戶打造實用、簡單的產品，這將可靠地帶來複利成長，並推動積極的業務成長。

Overall, I think we have a lot of room and a lot of opportunity on the active side.

總的來說，我認為我們在主動出擊方面還有很大的發展空間和很多機會。

We also have massive opportunity on the engagement side. We reported inflows per active grew 10% year over year. That's a pretty good signal of, just, engagement on the platform. Also, gross profit per active was up 25% year over year in September.

我們在用戶互動方面也擁有巨大的發展機會。我們報告稱，每位活躍用戶的資金流入量年增了 10%。這很好地表明了用戶在該平台上的參與度。此外，9 月每位活躍用戶的毛利年增了 25%。

And so all of our investments across Cash at Borrow, Cash App Afterpay, post purchase, our banking suite, our bitcoin products, that's going to continue to drive healthy engagement, as well.

因此，我們在 Cash at Borrow、Cash App Afterpay、售後服務、銀行套件、比特幣產品等方面的所有投資，也將繼續推動用戶健康參與。

That's a bit of a snapshot just in terms of how we're approaching it. I think pretty happy with $58 million but so much more work to do and a lot of opportunity ahead.

這只是我們處理方式的一個大概概括。我對 5800 萬美元的成績相當滿意，但還有很多工作要做，未來也有很多機會。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

I think this is probably a good one for Nick, given Nick is on the call.

我覺得這對尼克來說可能是個好機會，因為尼克正在參加電話會議。

I want to talk a little bit about the field sales teams and their productivity; and then, a little bit around the GPV and the gross profit contributions that those teams will be bringing.

我想稍微談談現場銷售團隊及其生產力；然後，再談談 GPV 以及這些團隊將帶來的毛利貢獻。

On the field sales teams, I gather -- and if you could put some color around this -- that there are certain things that you're doing to help make these sales people as productive as possible, whether it's other tools or systems you have in place, technology you're using? I'm hoping you could shed a little bit of light on that to bring it to life. (inaudible), the paybacks are quite healthy. I think you've talked about the field sales teams being in roughly the five to six quarter range.

我了解到，在銷售團隊方面——如果您能詳細說明一下的話——您正在採取一些措施來幫助這些銷售人員盡可能提高效率，無論是您擁有的其他工具或系統，還是您正在使用的技術？我希望你能對此稍作解釋，讓它更生動一些。 （聽不清楚）回報相當豐厚。我想你之前提到過，現場銷售團隊的周期大約在五到六個季度之間。

And then, as a related follow-on, it's very logical to think that the salespeople and the ISO channel, they're going to be bringing on a larger merchant with, probably, a longer L in the LTV equation. So we'll be around with you for much longer.

然後，作為相關的後續，很合乎邏輯地認為，銷售人員和 ISO 管道將會引入一家規模更大的商家，這家商家在 LTV 等式中可能會有更長的 L。所以我們會陪伴你們更久。

It's also logical to think that they'll be paying slightly less in terms of their monetization rate per unit of volume. But the absolute GPV and the absolute gross profit growth that they'll be bringing will be at much higher levels.

從邏輯上講，他們每單位銷售的貨幣化率也會略低一些。但它們帶來的絕對 GPV 和絕對毛利成長將達到更高的水平。

I was hoping you could shed some light on both of those topics. Again, the field sales productivity; and then, the contributions that they'll bring.

我希望您能就這兩個問題提供一些見解。再說，是現場銷售效率；然後，是他們將帶來的貢獻。

Yeah, of course. Thanks so much, Tim.

當然。非常感謝，提姆。

Our go-to-market motions, in general, and field, more ,specifically have been performing really well. As you mentioned, we're seeing really strong paybacks. The marginal ROI on our incremental headcount that we bring on to the team continues to scale in a really nice way.

整體而言，我們的市場推廣策略，尤其是現場推廣策略，都表現得非常好。正如您所說，我們看到了非常強勁的回報。我們團隊新增人員帶來的邊際投資報酬率持續穩定成長，且成長動能良好。

But, to be honest, we actually have some meaningful room to continue to invest, as we focus on that marginal ROI sustaining and growing into the future.

但說實話，我們實際上還有一些有意義的投資空間，因為我們專注於維持和發展邊際投資報酬率，以實現未來的成長。

Amrita mentioned in her opening remarks, our sales-led NVA was up 28% year to date through September. We expect to grow last quarter to over 40%.

阿姆里塔在開場白中提到，截至 9 月份，我們以銷售為主導的淨增值額年增了 28%。我們預計上個季度成長率將超過 40%。

I feel like we're going to exit the year with Q4 in a nice way that takes us into 2026. A lot of that has been as a result of how we've shown up, culturally, the right tactics, the right sales motions, really gearing our reps up to hit the ground running and be able to close the deal in the least possible time.

我覺得我們第四季會以一個不錯的成績結束今年，這將為我們進入 2026 年奠定良好的基礎。這很大程度上歸功於我們在文化上展現出的正確態度、正確的策略和銷售技巧，真正讓我們的銷售代表做好準備，迅速進入工作狀態，並在最短的時間內完成交易。

But we've already significantly scaled our team over the course of the year. If I think about from the start of the year, we had next to no field sales ramped reps, we're now over 100 field reps, scaling fast. And so I understand your point from gross profit, relative to GPV.

但在過去一年中，我們已經大幅擴大了團隊規模。回想年初，我們幾乎沒有現場銷售代表，現在我們已經有 100 多名現場銷售代表，業務正在快速擴張。所以我理解了你從毛利相對於 GPV 的角度提出的觀點。

But while we have scaled our team, it's still pretty early from a field sales perspective. Of our US (inaudible) is coming from field in '25. But as that team continues to ramp, we believe they'll continue to compound. We're seeing pretty stable margins as we're scaling our team.

雖然我們已經擴大了團隊規模，但從現場銷售的角度來看，現在還處於相當早期的階段。我們美國的（聽不清楚）來自 '25 年的田野。但隨著這支隊伍不斷壯大，我們相信他們會繼續進步。隨著團隊規模的擴大，我們的利潤率也相當穩定。

(inaudible) does have a longer (inaudible), as you referenced. But I don't think field is in the same category. Certainly, as we move upmarket, that can mean a different gross profit to GPV profile. But, candidly, it's not really how I think about our economics. I think about how do we maximize our variable profit dollar growth headcount that we have in the team.

正如你所提到的，（聽不清楚）確實有一個更長的（聽不清楚）。但我認為該領域不屬於同一範疇。當然，隨著我們向高端市場邁進，這意味著毛利與 GPV 之間的關係可能​​會有所不同。但坦白說，這並不是我看待我們經濟的方式。我一直在思考，我們如何能最大限度地提高團隊現有人員規模下的可變利潤成長。

If we can continue investing into our cohort curves and seeing that NVA grow per quarter, I believe that will translate to faster GPV over time, which will ultimately mean really strong gross profit growth.

如果我們能夠繼續投資於我們的客戶群曲線，並看到每季的淨增值成長，我相信這將隨著時間的推移轉化為更快的毛利成長，最終將意味著非常強勁的毛利成長。

I know you didn't specifically ask about our self-onboarding motion but while we have seen sales strength, it has (inaudible) self-onboarding. We're seeing Square hold a really strong organic motion, still with 70% of our NVA coming from sellers who self-onboard, which is a result of a combination of flow optimization, really leaning in on the AI front.

我知道您沒有具體詢問我們的自助入職流程，但儘管我們看到了銷售強勁的成長，它（聽不清楚）自助入職流程。我們看到 Square 保持著非常強勁的自然成長勢頭，70% 的 NVA 仍然來自自行註冊的賣家，這是流程優化和大力發展人工智慧共同作用的結果。

We're now the number 1 -- we show up number 1 for SMB-related keyword on AI-related search. Feeling really good about how our self-onboarding is continuing to grow and scale some of the best growth rates that we've seen in web and app since 2017.

我們現在排名第一——在與人工智慧相關的搜尋中，與中小企業相關的關鍵字排名第一。我們對自助註冊流程的持續成長和規模化感到非常滿意，這是我們自 2017 年以來在網站和應用程式領域所見過的最佳成長率之一。

A lot of that is a function of how marketing has continued to scale, driving really strong lead flow and really strong return on investment.

這很大程度上歸功於行銷規模的不斷擴大，從而帶來了強勁的潛在客戶流量和強勁的投資回報率。

Now, I'll just add a couple of perspectives, as well, Tim.

提姆，我也想補充幾點看法。

Ultimately, our focus and belief is that compounding growth in GPV will drive gross profit, which will drive incremental variable profit dollars, which is our core focus across the business.

最終，我們的焦點和信念是，GPV 的複合成長將推動毛利成長，從而推動可變利潤成長，而這正是我們整個業務的核心關注點。

What we see, as Nick has talked through, ultimately, are indicators of underlying health across that growth algorithm and across the platform from new seller acquisition trends to ROIs to opening up new distribution channels to be able to reach incremental sellers.

正如 Nick 所闡述的那樣，我們最終看到的是成長演算法和整個平台的潛在健康狀況指標，從新賣家獲取趨勢到投資回報率，再到開闢新的分銷管道以接觸更多賣家。

I think you see that coming through, whether it's outsized growth in food and beverage at 17% or with mid-market sellers or larger sellers at 20% or in markets outside the US at 26%. We're seeing that strategy play out and work.

我認為這一點已經顯現出來，無論是食品飲料行業的超額增長（17%），還是中型市場或大型市場賣家的20%增長，亦或是美國以外市場的26%增長。我們看到這項策略正在奏效。

As you know, there's some idiosyncratic things that I mentioned in the interim remarks in last quarter, as well, around a decision that we made for operational flexibility that hit Q3 by about 2.6 percentage points from a gross profit perspective. Ex that operational flexibility point, which we expect to lap in the second quarter of next year, gross profit growth and GPV growth are relatively equivalent to each other in the third quarter.

如您所知，我在上個季度的中期報告中也提到了一些特殊情況，例如我們為了提高營運靈活性而做出的決定，該決定從毛利角度來看，導致第三季度業績下降了約 2.6 個百分點。撇開營運彈性這一點（我們預計明年第二季將達到），第三季毛利成長和 GPV 成長將相對趨於一致。

We'd expect that they would be, as well, in the fourth quarter, ex that change from an operational flexibility standpoint.

我們預計，從營運靈活性的角度來看，第四季他們也會如此。

So our focus, again, is on driving incremental sellers into our platform through the distribution channels that Nick has talked about, where we're seeing strong execution take hold.

因此，我們的重點仍然是透過 Nick 提到的分銷管道，將更多的賣家引入我們的平台，我們看到這些管道的執行效果顯著。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

My question is around the borrow product and maybe to a lesser extent, the NPL. I think there's been a lot of investor concern about the credit quality of the products and the long-term profitability of these products. The 24% Cash App gross profit growth is awesome.

我的問題是關於貸款產品，或許也與不良貸款有關（程度較輕）。我認為投資者一直非常關注這些產品的信用品質和長期獲利能力。Cash App 24% 的毛利成長率太棒了。

I wonder if you could touch on why you think, as we do, that these are superior products for consumers short-term liquidity products that address really pressing needs that traditional financial institutions have not been able to bring to market?

我想知道您能否談談為什麼您和我們一樣認為這些產品是更優質的消費者短期流動性產品，能夠滿足傳統金融機構一直未能推向市場的真正迫切的需求？

And so maybe touch on the value proposition as you see it and, also, on some of the distinctives Block brings to market, Cash App brings to market, in terms of underwriting, be that data-driven or AI, to give investors a sense of why you think that's such a good business, as do we.

因此，或許可以談談您眼中的價值主張，以及 Block 和 Cash App 在承銷方面（無論是數據驅動還是人工智慧）為市場帶來的一些獨特之處，讓投資者了解為什麼您和我們都認為這是一個如此優秀的企業。

Awesome. Thanks for the question.

驚人的。謝謝你的提問。

Yeah. I'll start off on Borrow: first, Andrew, as you called out, the broader purpose of the product and why it's resonated so strongly with our customers; and then, secondly, go into some of the metrics where we see it as a good business for us.

是的。我先從 Borrow 開始：首先，Andrew，正如你所指出的，這款產品的更廣泛用途以及它為何能引起我們客戶的強烈共鳴；其次，我們將探討一些我們認為它對我們來說是一項好業務的指標。

First of all, these credit products are a really important part of our business in how we expand credit access, especially, frankly, the segments of consumers who are often overlooked by the traditional financial system. These products provide financial mobility, cash flow flexibility, and growth for our customers. As a result, we've seen incredibly strong product market fit and growth in our system, on the back of really healthy unit economics.

首先，這些信貸產品是我們業務中非常重要的一部分，它幫助我們擴大信貸覆蓋範圍，尤其是那些經常被傳統金融體系忽視的消費者群體。這些產品為我們的客戶提供財務靈活性、現金流量靈活性和成長機會。因此，在非常健康的單位經濟效益的支撐下，我們的產品市場契合度和成長都非常強勁。

We're able to do this responsibly, fundamentally, because of the deep capabilities that we bring to (inaudible) from an AI- and ML-based underwriting perspective.

我們能夠負責任地做到這一點，從根本上來說，是因為我們從人工智慧和機器學習的承保角度帶來了強大的能力（聽不清楚）。

Zooming into what we're seeing in real time in these metrics, Borrow performance was incredibly strong in the third quarter, with origination volume up 134% year over year, reaching nearly $22 billion on an annualized basis in the third quarter and even higher growth from a gross profit perspective.

從這些指標的即時表現來看，Borrow 在第三季的表現非常強勁，貸款發放量年增 134%，第三季年化貸款發放量接近 220 億美元，從毛利的角度來看，成長幅度甚至更高。

This is on the back of a couple of different initiatives.

這是在幾項不同措施的基礎上所取得的成果。

First, just core underwriting model improvements, which we were able to deploy across both existing states and new states; as well as expansion nationwide, on the back of the migration to our bank, SFS, which enabled us to unlock more states in which we can steadily ramp the Borrow eligibility offering; and then, third, providing Borrow eligibility and getting more nuanced with limits for our existing customers who are highly engaged in the platform, whether those are primary banking actives or direct deposit customers.

首先，我們改進了核心承保模型，並將其部署到現有州和新州；此外，隨著客戶遷移到我們的銀行 SFS，我們在全國範圍內進行了擴展，這使我們能夠解鎖更多州，從而穩步擴大借款資格範圍；其次，我們為積極參與平台的現有客戶提供借款資格，並更加細緻地設定限額，無論他們是主要銀行用戶還是直接存款客戶。

So those three strategies at play have helped us expand Borrow but maintain very healthy risk loss rates below our 3% target, despite this triple-digit originations growth; and see, therefore, annualized net margins at the 24% range in the quarter, above our internal targets.

因此，這三項策略的共同作用幫助我們擴大了借貸業務，同時保持了非常健康的風險損失率，低於我們 3% 的目標，儘管貸款發放量實現了三位數的增長；因此，本季度的年化淨利潤率在 24% 左右，高於我們的內部目標。

Very importantly, we also see that these Borrow actives have meaningful lifts in engagement metrics that carry through the entire Cash App ecosystem, relative to non-Borrow actives.

非常重要的一點是，我們也看到，與非借貸活躍用戶相比，這些借貸活躍用戶在整個 Cash App 生態系統中的參與度指標都有顯著提升。

We looked at this from the 12 months ending in August. What we saw was that borrow actives have 3 times higher inflows per active; 2 times higher Cash App Card spend; now, 3 times higher retention rates, relative to non-borrow active so it's a key piece of the broad engagement story for us around banking within Cash App. We think more experimentation and more product innovation here around Borrow can help us drive growth in other parts of our business.

我們查看了截至 8 月的 12 個月的數據。我們發現，借貸活躍用戶的人均資金流入量是非借貸活躍用戶的 3 倍；Cash App 卡消費額是非借貸活躍用戶的 2 倍；現在，他們的留存率也是非借貸活躍用戶的 3 倍，因此，對於我們而言，這是 Cash App 內銀行業務整體參與度故事的關鍵部分。我們認為，圍繞 Borrow 進行更多的實驗和產品創新，可以幫助我們推動業務其他部分的成長。

Finally, what I would say is what powers all of this, whether it's Borrow or other lending products like post-purchase BNPL -- earlier in its life -- but where we've also seen very strong growth, is, fundamentally, our Cash APP Credit Score, which is an internal score that we use as, truly, a core asset that we have that we can deploy across the range of our lending products.

最後，我想說的是，這一切背後的驅動力，無論是 Borrow 還是其他貸款產品，例如購買後 BNPL（雖然它發展初期也取得了非常強勁的增長），從根本上來說，都是我們的 Cash APP 信用評分。這是一個內部評分，我們將其視為真正的核心資產，可以將其應用於我們所有的貸款產品中。

We think, ultimately, the model that underpins that is advantageous in that it has data that covers a wide range of financial activity across our entire platform; near real-time insights, based on that activity; and then, advanced modeling using AI, ML, and data science; over a decade-plus of experience of serving lending products to our customers which, ultimately, then results in being able to expand access while still maintaining the strong loss rates and unit economics that we've been able to maintain here.

我們認為，最終支撐這一模式的優勢在於：它擁有涵蓋我們整個平台廣泛金融活動的數據；基於這些活動的近乎實時的洞察；以及利用人工智能、機器學習和數據科學的高級建模；十多年來為客戶提供貸款產品的經驗，最終使我們能夠在保持我們一直以來所保持的強勁損失率和單位經濟效益的同時，擴大服務範圍。

So we're incredibly excited about the metrics that we see here with Borrow. We'll obviously be very watchful on a real-time basis on how they trend but what we've seen so far has been extremely strong momentum.

因此，我們對 Borrow 的各項指標感到無比興奮。我們當然會密切關注它們的即時走勢，但到目前為止我們看到的是極其強勁的成長勢頭。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

I think this is a good follow-up to Amrita, what you were just talking about to some degree. Because even when we back out the growth contribution from Cash App Barrow, we're calculating an acceleration of cash App gross profit without the Borrow benefit from what was, I think, around high-single digits last quarter to double digits, low-double digits, this quarter.

我認為這很好地呼應了阿姆里塔，某種程度上也呼應了你剛才談到的內容。即使我們剔除 Cash App Barrow 的成長貢獻，我們計算出的 Cash App 毛利（不包括 Barrow 的收益）也從上季的高個位數成長到本季的兩位數或低兩位數。

It sounds like MAUs but, also, the flywheel (inaudible) at more Cash App inflows, Cash App Borrow inflows, is driving a lot of it.

聽起來像是每月活躍用戶數，但更多的 Cash App 資金流入和 Cash App 借款資金流入所帶來的飛輪效應（聽不清楚）也是造成這種情況的主要原因。

So maybe just talk through the different levers, putting aside purely the year-over-year comp on Cash App Borrow itself, of what you see really driving that and sustaining that growth well into the double digits? If you think it's sustainable now; if you're going to have MAU growth continuing to drive that; or if there's other variables we should think about too.

所以，拋開 Cash App Borrow 本身的同比數據不談，我們不妨來探討一下不同的驅動因素，看看您認為真正推動並維持兩位數成長的是什麼？如果你認為目前這種成長是可持續的；如果每月活躍用戶數（MAU）的成長能夠繼續推動這種成長；或者我們是否還應該考慮其他變數。

Sure. Thanks, Darrin. I appreciate the question. I'm happy to offer a bit more color here.

當然。謝謝你，達林。感謝您的提問。我很樂意在這裡補充一些細節。

I think, fundamentally, it's important just to think about Cash App as an ecosystem. So should we think about the four key parts as our network products, inclusive of peer-to-peer; our banking products, inclusive of direct deposit; our commerce products; and then, our bitcoin products.

我認為，從根本上講，重要的是要把 Cash App 看作一個生態系統。所以我們應該把這四個關鍵部分看作是：我們的網路產品（包括點對點交易）；我們的銀行產品（包括直接存款）；我們的商業產品；以及我們的比特幣產品。

We've made meaningful progress from a product development perspective and on the marketing side across all four pieces. And so all of this is coming together to drive that acceleration in growth that you're talking about.

從產品開發和行銷的角度來看，我們在所有四個方面都取得了實質的進展。因此，所有這些因素共同推動了你所說的成長加速。

I touched on some of the items on the network expansion and the active side before. We expect to continue to see that pay dividends.

我之前已經談到了網路擴展和主動方面的一些內容。我們預計這種做法將繼續帶來回報。

On the banking side, it's things like direct deposit attach and really seeing that primary banking activity. We've launched some recent experiments and architectural changes that are helping there.

在銀行業務方面，例如直接存款綁定，以及真正看到主要的銀行業務活動。我們最近進行了一些實驗和架構調整，這些都有助於解決這個問題。

On the commerce side, we're operating at tremendous scale. We're also seeing really healthy growth. And so Card GPV is growing at 19% year over year. Cash App Pay GPV growing at 70% year over year. I think Amrita mentioned the acceleration on the Cash App Afterpay side, going from $2 billion in annualized originations to $3 billion in annualized originations, now, in early October.

在商業方面，我們的營運規模非常龐大。我們也看到了非常健康的成長。因此，信用卡消費總額較去年同期成長19%。Cash App Pay 的總交易額較去年同期成長 70%。我認為 Amrita 提到了 Cash App Afterpay 方面的加速增長，從 20 億美元的年化貸款發放額增長到 30 億美元的年化貸款發放額，而現在，10 月初已經實現了這一增長。

And so we're going to continue to invest across the entirety of the ecosystem. I think what you get there is just a portfolio of diverse products and diverse business lines that come together and are able to deliver that durable growth, over and above a steep acceleration on the Borrow side.

因此，我們將繼續對整個生態系統進行投資。我認為，最終你會得到一個多元化的產品組合和多元化的業務線，它們結合在一起，能夠實現持久增長，而不僅僅是藉貸業務的急劇加速增長。

But I would also, if I may -- like, we don't really see the world in this, like gross profit, ex-borrow, way. Amrita touched on this to some extent but Cash App Borrow and our ability to extend liquidity to our customers is a fundamental part of the Cash App ecosystem.

但是，如果可以的話，我還想說──我們看待世界的方式並不是以毛利、借款等方式。Amrita 對此有所提及，但 Cash App Borrow 以及我們向客戶提供流動性的能力是 Cash App 生態系統的基本組成部分。

On a first-order basis, it just has an incredible return profile. We have, like -- we have a 30% return on invested capital for Borrow. I've looked all over the place. I haven't been able to find a lending product that has a return profile that looks like that. So on a first-order basis, it's fantastic.

從第一筆訂單來看，它的回報率非常可觀。例如，我們為 Borrow 投資的資本報酬率達到了 30%。我到處都找過了。我還沒找到任何一款貸款產品的收益狀況符合這個條件。所以就第一印象而言，這真是太棒了。

But then, also, when we think about the strength of market fit, it's really the second-order effects that got me the most excited. When we offer a Borrow loan, a large share of those funds actually move through the Cash App ecosystem. So you get that double hit.

但是，當我們思考市場契合度的強度時，真正讓我感到最興奮的是二階效應。當我們提供借貸服務時，其中很大一部分資金實際上是透過 Cash App 生態系統進行的。所以你就遭受了雙重打擊。

And then, this is one of the products -- such a large share of the US population is living paycheck-to-paycheck and has to smooth through their pay period -- that we see tremendous market fit for this offering. And then, I think, increasingly, we're going to be able to leverage that as a carrot to incentivize certain behaviors.

此外，由於美國有相當一部分人都是月光族，因此必須努力維持生計，因此我們認為這款產品具有巨大的市場契合度。然後，我認為，我們將越來越能夠利用這一點作為激勵手段來鼓勵某些行為。

So we've been doing some experiments in terms of eligibility and limits and fees for our Borrow product and how we can tune that to drive, let's say, primary banking activity. I'm really excited for what that can mean, going forward.

因此，我們一直在對「借貸」產品的資格、限額和費用進行一些實驗，以及如何調整這些方面來推動，比如說，主要的銀行業務活動。我非常期待這在未來會帶來怎樣的影響。

We'll have some announcements next week at Cash App releases. And then, I'm excited to talk about the durable growth profile for Cash App in depth at Investor Day in a couple of weeks.

我們將在下週Cash App發布會上公佈一些消息。接下來，我很期待在幾週後的投資者日上深入探討 Cash App 的永續成長前景。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Great to have Nick and Owen on the call. I hope that continues.

很高興尼克和歐文能參與通話。我希望這種情況能夠持續下去。

I think a big issue for the right now is the macro versus the company-specific. Given the significant and accelerating momentum on both sides of the business, plus a pretty tricky macro backdrop that I think some companies may be using as a crutch for subpar performance, can you speak, Amrita, to your visibility and how all of that is translating into your calculus around the 4Q guide and provide some color maybe on consumer spend?

我認為目前的一個大問題是宏觀層面與公司層級之間的衝突。鑑於業務兩方面都取得了顯著且加速的成長勢頭，再加上一些公司可能正在利用相當棘手的宏觀環境來掩蓋業績不佳的事實，Amrita，您能否談談您對業績的預期，以及所有這些因素是如何影響您對第四季度業績不佳的計算的，並就指引消費者支出方面提供一些見解？

And then, Nick, on the company-specific stuff, if you could speak to your go-to-market strategy and what you're doing to drive such terrific growth acceleration on the Square side?

然後，Nick，關於公司具體方面，你能談談你們的市場推廣策略，以及你們正在採取哪些措施來推動 Square 實現如此驚人的成長加速嗎？

Yeah. Adam, thanks for the question. I'll get us started here on the 4Q guide and macro.

是的。亞當，謝謝你的提問。我先從第四季的指導和宏觀經濟開始。

Obviously, it's a dynamic environment. We're paying close attention to the range of potential outcomes here. What we used to inform our guidance is what we see most recently in both our third-quarter performance, as well as in October.

顯然，這是一個動態的環境。我們正在密切關注各種可能的結果。我們用來制定業績指引的依據，是我們最近在第三季業績以及10月份的業績中所看到的。

What we've seen, so far, has been strong. Obviously, third-quarter performance had acceleration across a number of key input metrics or operating KPIs that indicate the health of our underlying ecosystems, whether it's Square GPV; or its inflows per active on the Cash App side, we saw acceleration from 2Q into 3Q.

就目前來看，情況非常樂觀。顯然，第三季度業績在許多關鍵輸入指標或營運 KPI 方面都有所加速增長，這些指標表明了我們底層生態系統的健康狀況，無論是 Square 的 GPV，還是 Cash App 方面每個活躍用戶的流入量，我們都看到了從第二季度到第三季度的加速增長。

We continue to see really healthy returns on our investment in our go-to-market spend and then, obviously, strong underwriting outcomes, as well, across each of the different pieces of our lending portfolio.

我們繼續看到，我們在市場推廣方面的投資獲得了非常健康的回報，而且，顯然，在我們貸款組合的各個部分，承銷結果也十分強勁。

We saw only isolated impacts from tariffs and the de minimis tax exemption changes that appeared in our Buy Now, Pay Later business. But, even with that, GMV growth remained strong at 17% or 18% on a constant currency basis in the third quarter.

我們只看到關稅和最低限度稅收豁免變化對我們的「先買後付」業務產生了零星影響。但即便如此，第三季以固定匯率計算，GMV 成長依然強勁，達到 17% 或 18%。

Based on what we saw in October -- was, relative consistency across a number of different metrics that we track, whether it's average transaction sizes, borrow origination volumes, loss rates, we're not seeing meaningful changes that indicate a change in the macro environment yet.

根據我們十月份觀察到的情況來看，在我們追蹤的許多不同指標中，無論是平均交易規模、借款發放量還是損失率，都相對保持一致，我們還沒有看到任何實質性的變化表明宏觀環境發生了變化。

Cash App performance was strong in October. I think you heard Owen speak to some of this earlier. We've seen strong active growth inflows per active and monetization in Cash App.

Cash App在10月表現強勁。我想你之前應該聽歐文談到這方面的內容。我們看到 Cash App 的活躍用戶流量和變現能力都實現了強勁成長。

In Square, we did observe slightly slower GPV growth towards the end of October that we believe was primarily weather-related but we're also seeing some of the strongest new volume added [NBA] that we've seen in a long time across self-onboard in sales, obviously, off a very large base.

在 Square，我們確實觀察到 10 月底 GPV 增長略有放緩，我們認為這主要是與天氣有關，但我們也看到，在自助註冊銷售方面，新增交易量 (NBA) 達到了很長一段時間以來的最高水平，顯然，這是基於一個非常大的基數。

Look, ultimately, what we've seen has been healthy. But we're going to be data-driven and read our metrics on a daily basis, as ever. Our philosophy here is that we have the ability to shift, whether it's on marketing or underwriting or how we run our business, as needed.

總而言之，我們看到的都是健康的。但我們將一如既往地堅持數據驅動，每天查看各項指標。我們的理念是，我們有能力根據需求進行調整，無論是行銷、核保或業務運作方式。

Those are the key elements that underpin the guide that we put forward, which we think is a strong guide based on the momentum that we've got heading into the fourth quarter.

這些是我們提出的指導方針的關鍵要素，我們認為，基於我們進入第四季度的良好勢頭，這是一個強有力的指導方針。

Thanks, Amrita. Maybe I can just give a little bit more color on the go-to-market side.

謝謝你，阿姆里塔。或許我可以從市場推廣的角度再補充一些細節。

I spoke a little bit earlier about the strength of self-onboarding growth that we've seen. More specifically, some of the flow (inaudible) AI work, the contribution that marketing has had. Similarly, I spoke about scaling our sales headcount, particularly in the field sales team, as we're seeing really strong marginal ROI.

我之前稍微談到了我們所看到的自助入職成長的強勁勢頭。更具體地說，有些流程（聽不清楚）人工智慧工作，以及行銷所做的貢獻。同樣，我也談到了擴大銷售人員規模，特別是增加現場銷售團隊的人員規模，因為我們看到了非常強勁的邊際投資報酬率。

Just to be clear, I believe we have a huge amount of room to continue to scale our headcount. Our field sales team to date is only effective in our US market. We have a lot of room to keep growing.

需要說明的是，我認為我們還有很大的空間可以持續擴大員工規模。目前，我們的現場銷售團隊僅在美國市場有效運作。我們還有很大的發展空間。

We know we have a lot of room as a function of proprietary data that we have available. More specifically, being able to leverage and look at Cash App Card data to understand our penetration in local geographies and local neighborhoods and local markets, really gives us line of sight of how far we believe we can push our headcount envelope and then, begin to scale internationally.

我們知道，憑藉我們擁有的專有數據，我們還有很多發展空間。更具體地說，能夠利用和查看 Cash App 卡數據來了解我們在當地地區、當地社區和當地市場的滲透率，真的可以讓我們清楚地看到我們認為可以將員工人數擴展到什麼程度，然後開始在國際上擴大規模。

We've seen some really strong wins up market, whether it's (inaudible) or (inaudible). We're proving, just for small businesses and coffee shops, that we're able to win large and complex sellers.

我們看到一些非常強勁的高端市場勝利，無論是（聽不清楚）還是（聽不清楚）我們正在證明，即使只針對小型企業和咖啡店，我們也能夠贏得大型複雜賣家的青睞。

We have a massive TAM that we're excited and we continue to execute against. We've seen incredibly strong partnership momentum.

我們擁有巨大的潛在市場規模，我們對此感到非常興奮，並將繼續努力實現這一目標。我們看到了非常強勁的合作發展動能。

Top 2 specific examples are Grubhub, which saw our ability to bring more of the Block assets to the partnership. But we can look at these as not just a feature exchange or an individual deal but how do we think about this across Square and Cash App. combined. And then, similarly, from a Cisco perspective, we're seeing a strong feeling of new sellers joining the platform as a result of the strength of that partnership.

最突出的兩個具體例子是 Grubhub，它讓我們看到了我們能夠將更多 Block 的資源引入合作關係中。但我們可以把這些看作不僅僅是功能交換或單獨的交易，而是從 Square 和 Cash App 的整體角度來考慮這個問題。同樣地，從思科的角度來看，由於這種合作關係的牢固，我們看到越來越多的新賣家加入該平台。

All in all, I feel like just given our ability to articulate a very considered and consistent strategy, we've been able to drive execution across our development teams, product engineering design, through our marketing campaigns; through how we show from a sales perspective. It's that coordination that's leading to us winning more against competitions, leading to delivery of features that we've been waiting for for quite a while that are now coming to fold and seeing real strength in outcomes like multi-location, menu management, food delivery services, just features that we didn't have before that will table seat for some of these upmarket sellers.

總而言之，我覺得正是因為我們能夠清楚闡述一個經過深思熟慮且前後一致的策略，我們才能推動開發團隊、產品工程設計、行銷活動以及銷售展示等方面的執行。正是這種協調讓我們在競爭中贏得更多勝利，讓我們得以推出期待已久的功能，這些功能現在正逐步實現，並在多地點、菜單管理、食品配送服務等成果中看到了真正的優勢，這些功能是我們以前沒有的，它們將為一些高端賣家贏得一席之地。

So I'm really excited about what's to come. I believe we'll exit Q4 in a really strong position going into 2026.

所以我對未來充滿期待。我相信，到2026年，我們將以非常強勁的勢頭結束第四季。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Great results here.

結果非常棒。

I wanted to ask about Square. Bitcoin was announced earlier this quarter, fully integrated payments. I know it's going to be launched later this month but I wanted to see if maybe if you've done any testing or anything that could give us an indication because if it works, it could be huge in our view. So wanted to get your views on that.

我想諮詢一下Square的情況。本季早些時候，比特幣宣布將全面整合到支付系統中。我知道它會在本月晚些時候發布，但我很想知道你們是否已經進行過任何測試或其他可以給我們一些提示的信息，因為如果它成功了，在我們看來，它可能會非常成功。所以想聽聽你的看法。

Yeah. We're really excited to launch this to all of our sellers next week, actually. It's going to be available to everyone. They just have to make a simple switch in their settings and they'll be able to start accepting bitcoin.

是的。實際上，我們非常興奮地宣布，下週將向所有賣家推出這項服務。所有人都可以使用。他們只需要在設定中進行簡單的更改，就可以開始接受比特幣付款了。

We do have beta merchants that have been on for quite some time and have found it really easy. It's something that they want to promote heavily because there's no fees associated with accepting bitcoin.

我們有一些參與測試的商家已經使用了一段時間，他們覺得這個平台非常容易上手。他們大力推廣比特幣支付，因為接受比特幣支付沒有任何手續費。

So we've offered counter placards, just the stickers; and ways to show that like this business does now accept the bitcoin. We have a lot of hope for this.

所以我們提供了櫃檯標牌，也就是貼紙；以及一些方式來表明這家企業現在接受比特幣。我們對此寄予厚望。

I think the challenge is going to be making the payment side and getting people comfortable with paying with bitcoin. But that's just a matter of making the interface more accessible and more usable. We do a lot there within Cash App and also, within Bitkey. Our (inaudible) debt team works constantly on payment adoption and making sure that we can see the bitcoin everyday money.

我認為真正的挑戰在於支付環節，以及如何讓人們習慣使用比特幣支付。但這只是讓介面更易於存取和更易於使用的問題。我們在 Cash App 和 Bitkey 中做了很多工作。我們的（聽不清楚）債務團隊不斷致力於推廣比特幣支付，並確保我們每天都能看到比特幣流入資金。

It's something we're super excited about. We're going to look for every try to both educate all of our sellers on why accepting bitcoin is the best option and why buyers would want to use it, as well.

我們對此感到非常興奮。我們將盡一切努力，向所有賣家解釋為什麼接受比特幣是最佳選擇，以及為什麼買家也願意使用它。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

You made it really clear that you feel pretty good about the competitive momentum on the Square side of the business. I wanted to get a sense -- you talked about all that new volume coming in. Is it coming more from sellers who haven't made the move to a cloud solution yet? Or is it coming more from other cloud-based providers?

你非常明確地表示，你對 Square 業務的競爭勢頭感到非常樂觀。我想了解一下——你剛才提到了即將湧入的大量新貨。這種情況是否更多來自尚未遷移到雲端解決方案的賣家？或者，這些流量更多地來自其他雲端服務提供者？

And then, I'm just wondering if there's been any changes in the Square pricing environment, either in terms of seller sensitivity to price or pricing posture that you're seeing exhibited by your competitors?

那麼，我想知道Square的定價環境是否有任何變化，無論是賣家對價格的敏感度，還是您觀察到的競爭對手所採取的定價策略？

Yeah. Why don't I take this?

是的。我為什麼不接受這個？

Let me just start with the pricing point. I don't believe there's been any major significant payment pricing moves that we've made as a result of focusing on our go-to-market and as I scale the team.

我先從價格方面說起。我不認為隨著我們專注於市場推廣和團隊規模的擴大，我們在支付定價方面做出了任何重大調整。

From my perspective, it's been pretty business as usual. More specifically, I think a lot of what we've seen is we're showing up in a lot more conversations as a result of getting out in the field.

在我看來，一切照舊。更具體地說，我認為我們看到的許多現像是，由於我們走出去進行實地考察，我們出現在了更多的對話中。

The field sales team going from basically zero to over 100 today -- and it will be meaningfully larger by the end of the year, that, from my point of view is a major contributor of our ability to have greater consideration and put us in more conversations to have the chance to win.

現場銷售團隊從最初的零人發展到如今的 100 多人——而且到年底規模還會更大——在我看來，這極大地增強了我們贏得更多客戶的機會，也讓我們能夠參與到更多的對話中來。

We're also seeing our telesales growth rate improving pretty meaningfully internationally. We've seen a significant acceleration of NVA growth.

我們也看到，我們在國際市場的電話銷售成長率也出現了相當顯著的改善。我們已經看到非增值稅成長顯著加速。

And so very excited, yes, about the US and how we're showing up. But our telesales performance in all our global markets is seeing a highly accretive NVA growth curve.

是的，我對美國以及我們展現的狀態感到非常興奮。但我們在全球所有市場的電話銷售業績都呈現出強勁的增值成長曲線。

We're also seeing some of the lowest churn rates that we've seen since Q2 2023. I think a lot of that is a function of the investments that we have made (inaudible) talked about earlier, our account management team and how we're showing up and supporting our partners.

我們也看到，客戶流失率達到了自 2023 年第二季以來的最低水準。我認為這很大程度上取決於我們之前提到的投資（聽不清楚），我們的客戶管理團隊以及我們如何展現和支持我們的合作夥伴。

Just to wrap up the question, a lot of the wins that we're having -- yes, some of them are the legacy point-of-sale systems. But we, in recent times, have had, like, pretty meaningful win backs of those that have gone to direct competitors.

最後總結這個問題，我們取得的許多成功——是的，其中一些是來自傳統的銷售點系統。但最近，我們已經成功地從直接競爭對手那裡贏回了一些客戶，而且成績相當不錯。

And so we're seeing really strong win rates across all aspects of our competitor base. Many -- once they had left -- are seemingly coming back as we're continuing to sharp and have those conversations.

因此，我們看到在競爭對手的各個方面都取得了非常高的勝率。許多人——一旦離開——似乎又回來了，因為我們繼續深入探討這些問題。

So I'm really proud of the team and excited about what have been delivered this quarter.

所以我真的為團隊感到驕傲，也對本季的成果感到興奮。

And then, just to touch on pricing a little bit. We did update our pricing on the Square side for our software products earlier this year. I think we went through it at Square release a few weeks ago. The reason for that from a customer perspective, a seller perspective, was really all about simplicity.

最後，簡單談談價格問題。今年早些時候，我們更新了 Square 平台上的軟體產品定價。我想我們在幾週前Square發布會上已經討論過這個問題了。從顧客和賣家的角度來看，原因其實都是為了簡單方便。

On the bid side, it's really about ARPU expansion and SaaS attach rates. We used to have more than a dozen individual software products that sellers could attach to. We combine this into a really simple three-tier system where we have a free tier; we have a plus tier; and then, we have a premium tier for more complex sellers.

在競標方面，真正重要的是ARPU（每用戶平均收入）的成長和SaaS附加率。我們過去有十幾種獨立的軟體產品可供賣家附加使用。我們將這些功能整合到一個非常簡單的三級系統中，包括免費級、增強級和高級級，高級級適用於更複雜的賣家。

It's just a massive improvement in terms of how we've simplified and streamlined the Square ecosystem.

這在簡化和優化 Square 生態系統方面是一項巨大的進步。

When we look at that, relative to the competitive set, it's just clearly a lower cost of ownership when you go with Square versus some of our direct peers. We are actually including a lot of things that our competitors are charging separately for. Think, like, loyalty or marketing tools or team management tools or so on and so forth.

當我們從競爭角度來看，與一些直接競爭對手相比，選擇 Square 的整體擁有成本顯然更低。實際上，我們把許多競爭對手單獨收費的項目都包含在內了。想想看，像是忠誠度工具、行銷工具、團隊管理工具等等。

Nick and the sales team are able to show that breakdown when we're having a conversation and we're trying to win a deal. So when I talk to people on Nick's team, account executives are saying, yeah, we're seeing stronger close rates in these deals. When I talk to sellers, they're lobbying the simpler structure.

尼克和銷售團隊能夠在洽談和爭取成交的過程中，向客戶展示這種細分情況。所以當我與尼克團隊的人交談時，客戶經理都說，是的，我們看到這些交易的成交率更高了。當我與賣家交談時，他們都在遊說採用更簡單的結構。

Overall, I think that's a great tailwind. But, also, I would say, there's definitely some deals where we're up against the direct competitor and a cloud-based point of sale. But, also, we have to remind ourselves, this is a massive TAM. This is trillions and trillions of dollars. I think it's, like, $1 trillion in TAM, just for food and bev.

總的來說，我認為這是一個巨大的順風。但是，我也要說，確實有一些交易中，我們面臨著直接競爭對手和基於雲端的銷售點系統的競爭。但是，我們也要提醒自己，這是一個巨大的潛在市場。這可是數萬億美元啊！我認為光是食品和飲料一項，其市場規模就可能達到 1 兆美元。

So just secularly, there's tremendous tailwinds here, over and above specific pricing dynamics.

因此，從宏觀角度來看，除了具體的定價動態之外，這裡還有巨大的利多因素。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Congrats on the results.

恭喜取得好成績。

Nick, I wanted to ask you about your baby, Afterpay. Maybe you could talk about some of the unique opportunities you see ahead with the asset that might differentiate you from the competition.

Nick，我想問你關於你的「寶貝」Afterpay的事。或許您可以談談您認為這項資產未來會帶來哪些獨特的機遇，這些機會可能會讓您在競爭中脫穎而出。

I think volumes were up 18% on a constant currency basis. But, obviously, there's probably a lot of growth to come, especially with the post-purchase on BNPL and some of the other initiatives.

我認為以固定匯率計算，銷量成長了18%。但顯然，未來可能還有很大的成長空間，尤其是在先買後付 (BNPL) 的售後服務和其他一些措施方面。

But I'd love to get your thoughts there.

但我很想聽聽你的想法。

Yeah, of course. Thank you so much for the question.

當然。非常感謝您的提問。

Yeah. As you mentioned, GMV was up 18% on a constant currency basis and gross profit was up 23% year on year. The significant driver of growth was post-purchase, (inaudible), and Cash App Card, which was the key driver of growth in the third quarter.

是的。正如您所提到的，以固定匯率計算，GMV 成長了 18%，毛利年增了 23%。成長的主要驅動力是售後（聽不清楚）和 Cash App 卡，這是第三季成長的關鍵驅動力。

Adoption and our conversion is trending ahead of our expectations.

採用率和轉換率均超出預期。

As Owen said before, we crossed $3 billion in origination run rate in early October. We expect to continue to expand eligibility and increase attach rates.

正如歐文之前所說，我們在 10 月初突破了 30 億美元的貸款發放。我們預計將繼續擴大資格範圍並提高附加率。

When we compare post-purchase Afterpay to Borrow's early trajectory, we're seeing (inaudible) on the Cash App Cards scale in a meaningful way that paces well ahead of the early trajectory of Borrow, which is really encouraging for us to see.

當我們把售後 Afterpay 與 Borrow 的早期發展軌跡進行比較時，我們看到（聽不清楚）Cash App Cards 的發展規模顯著領先於 Borrow 的早期發展軌跡，這真的讓我們感到鼓舞。

As we scale, we've had a resolute focus on our profile. Our loss rates on consumer receivables in Q3 remained in line with our expectations. So healthy loss rates and strong growth rates.

隨著公司規模的擴大，我們始終堅定地專注於提升自身形象。第三季消費者應收帳款損失率與我們的預期相符。因此，既有健康的損失率，又有強勁的成長率。

We have been very focused on rolling off to payout into Cash App. We begin to turn our attention to the core Afterpay business across the world. We've signed a number of new partners over the last few months, including Uber and Amazon in Australia; (inaudible) in the US. We're expanding our commerce network and our advertising business.

我們一直非常專注於將支付方式過渡到 Cash App。我們將開始把注意力轉向 Afterpay 在全球範圍內的核心業務。在過去的幾個月裡，我們與許多新的合作夥伴簽約，包括澳洲的 Uber 和亞馬遜；（聽不清楚）美國的 Uber 和亞馬遜。我們正在拓展我們的商業網路和廣告業務。

So yes, I feel like we're focused on the right things, as to how Afterpay is showing up both within Block and in partnership with Cash App and with Square but also as its core network; and really investing in the growth of reacceleration of the core Afterpay business.

所以，是的，我覺得我們關注的重點是正確的，即 Afterpay 如何在 Block 內部以及與 Cash App 和 Square 的合作中展現自身，同時也作為其核心網絡；並且真正投資於 Afterpay 核心業務的增長和重新加速。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

I was wondering if you could just spend a few minutes on AI here? Amrita touched on some of the AI tools that you are enabling for sellers.

我想問您能否抽出幾分鐘時間談談人工智慧？Amrita 談到了你們正在為賣家啟用的一些人工智慧工具。

But I was wondering more just bigger picture at Block, Jack. What impact do you see AI having at Block? Just touch on how you are currently what you're currently doing with AI; what are some of the use cases that might be interesting here in the short term, like, let's call it, a year or two.

但我更想知道的是Block公司更宏觀的層面，Jack。您認為人工智慧會對 Block 產生什麼影響？請簡單介紹一下您目前在人工智慧領域的工作進展；在短期內（例如一兩年內），有哪些可能比較有趣的應用案例。

And then, like, really, at the end of the day, is AI going to be more of a cost side benefit for Block? Or is it more of a growth driver?

那麼，說到底，人工智慧對 Block 來說，更多的是一種成本上的額外收益嗎？或者它更像是一種成長驅動力？

Just to answer that question right away, I would see it as both. I think it will allow us to grow a lot faster, monetize our capabilities even more.

直接回答這個問題，我認為兩者兼具。我認為這將使我們能夠更快地發展，並進一步將我們的能力轉化為利益。

Just as one way to envision that is, right now, on the Square side, for instance -- and even within Cash App -- people have to navigate our interface to find features and products that we offer. We'll be able to surface them immediately as they need them, based on the understanding and the data we have around how they run their business or how they run their financial portfolio on Cash App,. So it's definitely something we're looking at for growth.

舉例來說，目前在 Square 平台，甚至在 Cash App 中，用戶都必須瀏覽我們的介面才能找到我們提供的功能和產品。我們將根據我們對他們在 Cash App 上如何經營業務或管理財務組合的了解和數據，在他們需要的時候立即向他們展示這些資訊。所以這絕對是我們正在關注的成長方向之一。

But also, we imagine it really reduces our costs as well, especially at the company level.

但我們也認為這確實能降低我們的成本，尤其是在公司層面。

Our goal, ultimately -- like, I believe that AI will be transformational for our company. Our goal is to automate our company as much as possible and really take away a bunch of the mundane tasks that we have to do to serve our customers so that we can focus on more creativity and we can ship features and products much faster.

最終，我相信人工智慧將為我們公司帶來改變。我們的目標是盡可能實現公司自動化，真正消除我們為服務客戶而必須執行的許多繁瑣任務，以便我們能夠專注於更具創造性的工作，並更快地推出功能和產品。

That has been proving out. We started about two years ago with (inaudible), which is very small projects to help automate engineering tasks. Now, it's grounded into something that nearly every single person in the company uses. Not just engineers but nearly every single role in the company has touched it and benefited from it and saved some time from their day-to-day so they can focus on more important tasks.

事實證明確實如此。大約兩年前，我們開始做一些非常小的項目，幫助自動化工程任務。現在，它已經成為公司裡幾乎每個人都在使用的東西。不僅是工程師，公司幾乎每個職位的員工都接觸過它，並從中受益，節省了日常工作時間，從而可以專注於更重要的任務。

That has contributed a lot more to our overall velocity over this year, actually. We expect that only to increase as we continue to build on this platform.

事實上，這在很大程度上提高了我們今年的整體速度。我們預計隨著我們不斷在此平台上發展，這一數字只會增加。

The most interesting thing is (inaudible) allowed us to put a lot of this functionality directly into Square, with Square AI. We're going to be doing the same thing with Cash App, as well. You'll see some of that next week in Cash App releases. But, more importantly, you'll see it at the Investor Day, where we'll go pretty deep on how we're touching every one of our product services with AI and what to expect from.

最有趣的是（聽不清楚）讓我們能夠利用 Square AI 將許多這樣的功能直接整合到 Square 中。我們也會對 Cash App 做同樣的事情。下週Cash App的更新中就會出現一些相關內容。但更重要的是，您將在投資者日上看到這一點，屆時我們將深入探討我們如何將人工智慧應用於我們的每項產品服務，以及您可以期待些什麼。

On the seller side, we want to build a virtual COO or Manager for our customers, our sellers, such that it can be very proactive because we have this deep understanding of their business.

在賣方方面，我們希望為我們的客戶（即我們的賣家）建立一個虛擬的營運長或經理，以便能夠非常積極主動地開展工作，因為我們對他們的業務有著深刻的了解。

On the Cash App side, effectively, a virtual CFO so that people can really make the most of their money.

Cash App 實際上提供了一個虛擬財務官，讓人們能夠真正最大限度地利用自己的資金。

Our goal is to help people to even build wealth, as well. AI is going to be instrumental in doing this.

我們的目標是幫助人們累積財富。人工智慧將在實現這一目標的過程中發揮重要作用。

I think we have something really unique in that we have all this real-time living data that comes in every single second of every day. We can tune these models not to be trained of the Internet but, actually, to be trained off real human data, as it happens.

我認為我們擁有一些非常獨特的東西，那就是我們擁有每天每時每刻都在不斷湧入的即時數據。我們可以調整這些模型，使它們不是用網路資料進行訓練，而是用真實的人類資料進行訓練。

It can be a whole lot more proactive. So you don't need to come to Square or to Cash App and no which question to ask. It can actually be proactive about things you might want to consider, products you might want to try out ,features that you want to turn on; and do so on a very friendly and human way that makes sense.

它可以更加積極主動。所以你不需要去Square或Cash App，也不知道該問什麼問題。它可以主動提出一些你可能想考慮的事情、你可能想嘗試的產品、你想開啟的功能；而且是以非常友好、人性化且合情合理的方式提出的。

Both of these are in testing, right now. We're getting really good feedback from our sellers and individuals.

目前這兩項都在測試階段。我們收到了賣家和個人用戶的非常好的回饋。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

I want to ask about Cash App banking users. Good to see the [$8.3 million] number user growing nicely. You talked about ways to keep an engagement here. You've had marketing campaigns recently. The product velocity appears to be improving.

我想了解Cash App的銀行用戶狀況。很高興看到用戶數量（830萬美元）穩定成長。你在這裡談到如何保持用戶參與。你們最近有開展過行銷活動。產品週轉速度似乎正在提高。

My question is, what do you think you it need in terms of brand perception of product or otherwise to attract inflows into the app, which I know accelerated a little bit this quarter; and drive more commerce spend per user, which I think can get a lot higher?

我的問題是，您認為在品牌認知度或其他方面，需要做些什麼才能吸引用戶流入應用程式（我知道本季度用戶流入有所加快），並提高每位用戶的消費額（我認為消費額還有很大的提升空間）？

Thanks for the question. I love this question. It's actually one of the key things that I'm going to be focusing on next week at the Cash App release event.

謝謝你的提問。我喜歡這個問題。實際上，這正是我下週在 Cash App 發表會上要重點關注的內容之一。

I think, fundamentally, what we need is a platform that supports our understanding of primary banking behavior and what a customer who is a primary banking active actually is. And so that's really where we've been focused.

我認為，從根本上講，我們需要一個平台來幫助我們理解主要銀行業務行為，以及一個活躍的主要銀行業務客戶究竟是什麼樣的人。所以，這才是我們一直以來的重點。

On the $8.3 million number, that primary banking actives were up 18% year over year in September, it's actually accelerated pretty meaningfully in October. So for October, we actually saw [$8.7 million] primary banking active so 400,000 net add there. And then, we saw the year-over-year growth rate accelerate from 18% to 20%.

9 月份主要銀行業務活躍額年增 18%，達到 830 萬美元，而 10 月份這一數字實際上已經顯著加快。所以10月份，我們實際上看到主要銀行業務活躍了870萬美元，淨增加40萬戶。然後，我們看到同比增速從 18% 加速到 20%。

I think the key perspective here is that we don't want to be too narrowly focused on just paycheck deposit actives. It's not actually reflective of the modern earner and how the next generation is actually participating in the economy.

我認為關鍵在於，我們不應該過於狹隘地只關注薪資存款活躍用戶。它實際上並不能反映現代勞工的狀況，也不能反映下一代實際參與經濟的方式。

And so we've been running a lot of tests and rolling out new products and new platforms that this world view. I think we love systems like that because then we're able to really optimize flows to twist knobs and turn dials.

因此，我們一直在進行大量的測試，並推出體現這種世界觀的新產品和新平台。我認為我們喜歡這樣的系統，因為這樣我們就能真正優化流程，進行精細的調整和改進。

We have a track record of doing that across a number of these programs that we've run, like our referrals and invitations program or our instant discounts program, [Boost].

我們在以往的許多專案中都取得了成功，例如我們的推薦和邀請計劃或即時折扣計劃。[促進]。

Really, this is connected back to one of the conversations we're having about Cash App Borrow. There are ways that we have within the app to incentivize a certain amount of behavior and bring Cash App Card to the top of wallet.

實際上，這與我們正在討論的關於 Cash App Borrow 的話題有關。我們在應用程式中提供了一些方法來激勵用戶養成一定的良好行為，並將 Cash App 卡提升到用戶錢包的首選位置。

One of the advantages that we have versus some of the other neo banks is we have that base of [58 million] monthly actives. And so -- and we have [26 million] Cash App card active on a monthly basis, right now. And so we're able to play this like cross-sell, upsell, attach rate game, as well. And so a big part is just driving engagement.

與其他一些新興銀行相比，我們的一個優勢是，我們擁有 5,800 萬月活躍用戶的基礎。所以——目前我們每個月有 2600 萬張 Cash App 卡處於活躍狀態。因此，我們也可以像玩交叉銷售、向上銷售、附加率遊戲一樣玩這個遊戲。因此，很大一部分工作就是提高用戶參與度。

In terms of the why and why we're so focused on this, it's just the ARPU and the LTV for primary banking actives is just so much greater than it is for the average customer. So every time that we convert your average Cash App customer or your average Cash App Card customer to a primary banking active, there's a huge ARPU uplift.

至於我們為什麼如此關注這一點，原因很簡單：主要銀行活躍用戶的 ARPU 和 LTV 比普通客戶高得多。因此，每當我們將普通的 Cash App 用戶或普通的 Cash App 卡用戶轉換為主要銀行用戶時，ARPU 都會大幅提升。

And so we're going to be pulling a lot of levers here. We're going to be looking at everything we can offer from limits to overdraft coverage to rewards to Borrow eligibility to Cash App Afterpay and so on and so forth to build a really, really, really compelling banking suite.

所以，我們將在這裡採取很多措施。我們將檢視我們所能提供的所有服務，從限額到透支保障，從獎勵到借款資格，再到 Cash App Afterpay 等等，以打造一個真正、真正、真正具有吸引力的銀行服務套件。

We think that when we go to market with that and we have campaigns about that, it's going to lead to some of the outcomes that you mentioned.

我們認為，當我們把這些產品推向市場並進行相關宣傳活動時，將會帶來您提到的一些結果。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I want to go back to the work that you're doing on Square. The product and distribution enhancement, to us, seems like it really could expand the appeal to a broader range of merchants. You made that pretty clear in talking about the responses. You're looking to go upmarket.

我想繼續研究你在Square上的工作。我們認為，產品和分銷管道的改進確實可以擴大其對更廣泛商家的吸引力。你在談到各方回應時已經很清楚地表達了這一點。你想進軍高端市場。

How should we think about, though, the impact to things like pricing and profitability?

但是，我們應該如何看待這對定價和獲利能力等方面的影響呢？

One of the other questions I have in terms of market fit is, what segments of the market are really responding or what enhancements for the segments where you're seeing traction? What are they really responding to, thus, far in features, et cetera, that you can lean into?

關於市場契合度，我的另一個問題是，哪些細分市場真正做出了正面回應，或是對於已經取得一定成效的細分市場，需要進行哪些改進？到目前為止，他們在哪些方面真正有所回應，你可以專注於哪些方面？

Yeah. I'm happy to take this.

是的。我很樂意接受。

Why don't I just start at, like, the Block level and then, I can talk about the Square-specific components?

為什麼我不直接從「方塊」等級開始講起，然後再講講「正方形」的具體組成部分呢？

From a Block perspective, I think this is one of the really strong benefit (inaudible) where we're able to go to market leveraging the combined value of Block for our partners and our consumers. So when we're showing up and we're speaking to a partner, we're speaking to them about Cash App's network of 58 million actives, we're speaking to them about the scale of the Cash App Card that already exists on their platform.

從 Block 的角度來看，我認為這是一個非常強大的優勢（聽不清楚），我們能夠利用 Block 為我們的合作夥伴和消費者帶來的綜合價值進入市場。所以，當我們與合作夥伴見面並交談時，我們會向他們介紹 Cash App 擁有 5800 萬活躍用戶的網絡，我們會向他們介紹 Cash App 卡在其平台上已有的規模。

We're able to illustrate the value of Square, where we have millions of sellers across a very broad set of industries. We have both Pay Now and Pay Later that is a global network, not just a US-specific network.

我們能夠展現 Square 的價值，因為我們在各行業擁有數百萬賣家。我們提供「先付後付」服務，這是一個全球網絡，而不僅僅是美國專屬網絡。

So that means that we can have very strategic conversations with our partners. That's where, I think, these, like, distribution opportunities truly start to unfold because we're having conversations at a different attitude that's looking at what are the benefits that Block could bring, as a whole, that does create, sometimes, a more complexity in the partnership motion but I do think that if we can be a little bit patient, knowing what I feel really good about what's to come and how do we think about these things global that are more all-encompassing across our platform.

這意味著我們可以與合作夥伴進行非常具有戰略意義的對話。我認為，正是在這裡，這些分銷機會才真正開始展現出來，因為我們以一種不同的態度進行對話，並著眼於 Block 作為一個整體能夠帶來哪些好處。這有時會使合作進程更加複雜，但我認為，如果我們能稍微耐心一些，了解我對未來充滿信心的事情，以及我們如何思考這些更俱全球性、更全面地影響我們平台的事情，我們就能更好地應對。

And then, when I think about just the overall competitive advantage of Square, number one, we're addressing a very significant TAM. We're addressing a very broad set of verticals. I mentioned earlier around some of the more recent product features like menu management, delivery platform integrations, and others from an [F&B] perspective, which has been our focus.

然後，當我考慮 Square 的整體競爭優勢時，首先，我們面對的是一個非常大的潛在市場。我們面向的是非常廣泛的垂直領域。我之前提到過一些較新的產品功能，例如菜單管理、配送平台整合以及其他一些從餐飲角度來看的功能，這也是我們一直關注的重點。

But we are showing up across a broad subset of verticals. We are starting to bring Cash App into that conversation as well, where we can talk to our Square partners, not just about the features that we can provide them but we can talk to them about our ability to drive growth. The great work that Brian and team are doing, from a Neighborhoods perspective.

但我們已經在眾多垂直領域嶄露頭角。我們也開始將 Cash App 納入這個討論中，這樣我們就可以與 Square 的合作夥伴交流，不僅可以討論我們可以為他們提供的功能，還可以討論我們推動成長的能力。從社群角度來看，Brian 和他的團隊所做的工作非常出色。

How do we start to bring those 58 million in Cash App into the Square sellers and illustrate we can drive foot trap into store. Like, we can be a growth partner for our sellers are not just a point of sale. I think that is our fundamental competitive advantage over the long term.

我們如何將 Cash App 上的 5,800 萬用戶吸引到 Square 商戶，並證明我們可以吸引顧客到店消費？例如，我們可以成為賣家的成長夥伴，而不僅僅是銷售點。我認為這是我們長期的根本競爭優勢。

I don't think this is about price and profitability. I think it's about scaling the team with the right marginal ROI profile and the incremental headcount; and having a team that is appropriately represented to the TAM that we're servicing; and showing up with the right tactics, the right framework, the right ability for an account executive to do a deal when they're standing in front of the seller.

我認為這與價格和盈利能力無關。我認為關鍵在於根據合適的邊際投資回報率和新增人員數量來擴展團隊；確保團隊能夠適當地代表我們所服務的目標客戶群；以及在與銷售人員談判時，運用正確的策略、框架和能力來達成交易。

That's all we're seeing today. We're seeing really strong [MVA] growth. I believe that it will continue to accelerate into Q4.

這就是我們今天看到的全部內容。我們看到[MVA]成長非常強勁。我認為這一趨勢將在第四季繼續加速。

Thank you for the question.

謝謝你的提問。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

We thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。