Block, Inc. (XYZ) 2025 Q4 法說會逐字稿

Hi, everyone. Thanks for joining our fourth-quarter 2025 earnings call. Today's call will be 45 minutes. We have Jack and Amrita with us today, along with Owen Jennings, our Business Lead; and Nick Molnar, our Sales and Marketing Lead for Block.

大家好。感謝您參加我們2025年第四季財報電話會議。今天的通話時間為45分鐘。今天我們邀請了 Jack 和 Amrita，還有我們的業務主管 Owen Jennings，以及 Block 的銷售和市場主管 Nick Molnar。

We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions 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，我們將回答電話會議參與者提出的問題。

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 facts could be considered forward-looking. These forward-looking statements include discussions of our outlook, strategy, and guidance as well as our long-term targets and goals and how we plan to operate moving forward.

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，以及我們未來營運的計劃。

These statements are subject to risks and uncertainties, including changes in macroeconomic conditions and risks related to the workforce reduction we announced earlier today. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance.

這些聲明存在風險和不確定性，包括宏觀經濟狀況的變化以及我們今天早些時候宣布的裁員相關的風險。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。已公佈的結果不應被視為未來業績的指標。

Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ.

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 2026, and our future operating plans discussed on this call are based on information available to us an assumption 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 2026 年的盈利預期）和未來運營計劃均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 or for to products that are offered through Square Financial Services or our bank partners. 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.

此外，本次通話期間不得討論我們的貸款和銀行產品，或透過 Square Financial Services 或我們的銀行合作夥伴提供的產品。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，我們正在評估毛利成長和調整後營業收入率總和。

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

此外，我們也將在本次電話會議中討論一些非GAAP財務指標。股東信中提供了與最直接可比較的 GAAP 財務指標的調整表。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 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 it over to Jack.

接下來，我想把麥克風交給傑克。

Thank you all for joining us. Today, we shared a difficult decision with our team. We're reducing Block from over 10,000 people to just under 6,000. I said everything I needed to say to our team in an e-mail posted to Twitter. So please read it if you'd like.

感謝各位的參與。今天，我們和團隊一起做了一個艱難的決定。我們將 Block 的員工人數從 10,000 多人減少到不到 6,000 人。我已經把所有想對團隊說的話都寫在發佈到推特上的一封電子郵件裡了。如果您有興趣，請閱讀一下。

What I want to talk to you about now is why I believe this is the right path for our company and what block looks like going forward. We're making this change after delivering one of our strongest years. We set clear priorities for the year. and we executed on all of them.

我現在想和你們談談，為什麼我相信這是我們公司正確的道路，以及未來的發展方向。在經歷了公司業績最強勁的一年之後，我們做出了這個改變。我們為這一年制定了明確的優先事項，並且全部都執行完畢。

In 2025, gross profit growth more than doubled from the first quarter to the fourth quarter. We surpassed Rule of 40 in the fourth quarter. We reignited Cash App network growth and engagement. We scaled our lending products and delivered strong returns. We accelerated Square GPV growth and had our strongest new volume added year on record.

2025年，毛利成長率從第一季到第四季翻了一番以上。我們在第四季超越了「40法則」。我們重新點燃了 Cash App 的用戶成長和參與。我們擴大了貸款產品的規模，並取得了豐厚的回報。我們加快了 Square GPV 的成長，並創下了有史以來最高的年度新增交易紀錄。

We shipped our first proto units, and we increased share repurchases to return more capital to shareholders. We have conviction in achieving the long-term financial targets we laid out at Investor Day and are meaningfully raising our initial outlook for 2026. We know how to grow this business, and this decision today is a choice about how we operate it going forward.

我們交付了首批原型機，並增加了股票回購，以向股東返還更多資金。我們有信心實現我們在投資者日上製定的長期財務目標，並大幅上調了我們對 2026 年的初步展望。我們知道如何發展這項業務，而今天的這個決定關乎我們未來如何經營這項業務。

The core thesis is simple. Intelligence tools have changed what it means to build and run a company. We're already seeing it internally. A significantly smaller team using the tools we're building can do more and do it better. And intelligence tool capabilities are compounding faster every single week. I don't think we're early to this realization. I think most companies are late.

核心論點很簡單。智慧工具改變了企業建設和營運的方式。我們內部已經看到了這一點。使用我們正在開發的工具，一個規模小得多的團隊可以完成更多、更好的工作。而且，情報工具的功能每週都在加速提升。我認為我們並不算早意識到這一點。我認為大多數公司都會延誤。

Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I'd rather get there honestly on our own terms, then be forced into it reactively. And this isn't just about efficiency. Block serves millions of customers, sellers and consumers who are going to feel the economic effects of the same ship.

我相信，在未來一年內，大多數公司都會得出同樣的結論，並做出類似的結構性調整。我寧願按照我們自己的意願誠實地達成目標，而不是被迫被動地做出反應。這不僅僅是效率的問題。Block 為數百萬客戶、賣家和消費者提供服務，他們都將感受到同一事件帶來的經濟影響。

Small businesses that rely on us to get paid to manage their money to access capital. Individuals navigating a financial landscape that's changing fast. Our job is to help them navigate it through it. That's not a new mission for us, but the urgency behind it is more pronounced and the speed at which we need to deliver is accelerating.

依靠我們管理資金以獲得報酬的小型企業，從而獲得融資。個人在快速變化的金融環境中摸索前進。我們的工作就是幫助他們順利度過難關。這並非我們的新任務，但背後的迫切性更加明顯，我們需要加快完成任務的速度。

So here's how we're going to operate from here.

所以，接下來我們將這樣運作。

First, intelligence will be at the core of how the entire company works, how we make decisions, how we build trust and manage risk how we build products and how we serve customers. We're moving toward a model where our customers can build their own features directly on top of our capabilities that changes the nature of what we are as a company and it dramatically increases the value we can deliver for customers.

首先，智慧將成為整個公司運作的核心，它將決定我們如何做決策、如何建立信任和管理風險、如何建立產品以及如何服務客戶。我們正在朝著這樣的模式發展：我們的客戶可以直接在我們現有功能的基礎上建立自己的功能，這將改變我們公司的本質，並極大地提高我們能夠為客戶提供的價值。

Second, extreme focus. There are four things we're going to focus on building now as a company, customer capabilities, interfaces where we can compose and deliver those capabilities, proactive intelligence based on our deep customer understanding and real-time data and an intelligence model to fully orchestrate the company's operations. This allows us to best serve the master plan we laid out at Investor Day.

第二，極度專注。作為一家公司，我們現在將專注於建立四件事：客戶能力、我們可以組合和交付這些能力的介面、基於我們對客戶的深刻理解和即時數據的主動智能，以及全面協調公司營運的智能模型。這將使我們能夠更好地執行我們在投資者日上所製定的總體規劃。

And third, speed. A company of our new size has no excuse for being slow. We will decide faster, ship faster and learn faster. The structure we're building is designed exactly for that. We believe block will be significantly more valuable as a smaller, faster intelligence native company. Everything we do from here is in service of that.

第三，速度。像我們這樣規模的公司，沒有理由行動遲緩。我們將更快做出決策，更快地交付產品，更快學習。我們正在建造的這個結構正是為此而設計的。我們相信，Block 成為一家規模更小、速度更快的原生智慧公司後，其價值將會大大提升。我們接下來所做的一切都是為了實現這個目標。

Amrita will now share more detail on the quarter and our outlook for the year.

Amrita接下來將分享更多關於本季業績和全年展望的細節。

Thanks, Jack, and thank you all for joining.

謝謝傑克，也謝謝各位的參與。

The organizational changes we're sharing today represent a deliberate choice about Block's next phase of growth. The decision impacts many employees who played an important role in building block, and we're deeply grateful for their contributions. As Jack mentioned, we're making this change after delivering a strong year across the business.

我們今天宣布的組織變革，代表了 Block 公司對下一階段發展的深思熟慮之選。這項決定影響到許多在公司建設中發揮重要作用的員工，我們非常感謝他們的貢獻。正如傑克所提到的，我們做出這項改變是因為公司在過去一年取得了強勁的業務成長。

In the fourth quarter, we outperformed our guidance across gross profit, adjusted operating income and adjusted EPS, translating product velocity into strong financial performance. Block generated $2.87 billion in gross profit, representing 24% year-over-year growth. and we grew adjusted operating income 46% year over year to $588 million, delivering 3 points of margin expansion even as we invested in initiatives with strong ROI and that we expect to drive future growth.

第四季度，我們在毛利、調整後營業收入和調整後每股盈餘方面均超出預期，將產品週轉率轉化為強勁的財務業績。Block公司毛利達28.7億美元，較去年成長24%。調整後營業收入年增46%至5.88億美元，利潤率提升3個百分點，即便我們投資於具有強勁投資回報率且有望推動未來成長的項目。

On a per share basis, we grew adjusted diluted EPS 38% year over year. We repurchased $790 million of shares in the fourth quarter bringing our total for 2025 to $2.3 billion. We exceeded Rule of 40 in Q4, and we believe we're on track to sustain it on an annual basis moving forward.

以每股計算，我們調整後的稀釋每股盈餘年增了 38%。我們在第四季回購了價值 7.9 億美元的股票，使我們 2025 年的總回購額達到 23 億美元。我們在第四季度超額完成了 40 法則，我們相信我們能夠繼續保持這一目標，並逐年實現。

Stepping back, 2025 was a pivotal year for Block. Gross profit growth more than doubled from the first quarter to the fourth quarter, leading to $10.36 billion in gross profit for the full year and growth of 17% year over year. Even with additional investment in go-to-market, we grew adjusted operating income 30% year over year in 2025, delivering 2 points of margin expansion.

回顧過去，2025 年對 Block 來說是至關重要的一年。毛利從第一季到第四季成長了一倍多，全年毛利達到 103.6 億美元，年增 17%。即使加大市場推廣投入，我們 2025 年的調整後營業收入仍較去年同期成長 30%，利潤率提高了 2 個百分點。

Cash App monthly actives returned to growth in the second half of 2025, ending the year at $59 million, and we executed on our engagement strategies with primary banking actives growing 22% year over year to 9.3 million monthly actives in December. We grew consumer lending origination volume by 50% year over year in 2025, while sustaining strong margins and healthy risk loss performance.

Cash App 的每月活躍用戶在 2025 年下半年恢復成長，年底達到 5,900 萬美元，我們執行了用戶互動策略，主要銀行帳戶活躍用戶年增 22%，12 月達到 930 萬月活躍用戶。2025 年，我們的消費貸款發放量年增 50%，同時維持了強勁的利潤率和健康的風險損失表現。

We accelerated Square GPV growth from 8.6% in 2024 to 10% in 2025 and delivered our strongest year ever for new volume added or NDA, as we expanded our distribution channels. We continue to lean into our differentiated vertical integration and hardware design expertise with the launch of two new devices, Square handheld and our second-generation Square Register to better serve a wider range of seller use cases.

我們將 Square GPV 的成長速度從 2024 年的 8.6% 加快到 2025 年的 10%，並且隨著我們擴大分銷管道，新增交易量或 NDA 交易量實現了有史以來最強勁的一年。我們繼續發揮自身差異化的垂直整合和硬體設計專長，推出兩款新設備：Square 手持終端和第二代 Square Register，以更好地服務更廣泛的商家使用場景。

We began shipping proto mining rigs with proto gross profit scaling in the fourth quarter. Reviewing further some Q4 specifics, catch-up gross profit grew 33% year over year to $1.83 billion, accelerating relative to Q3. Throughout 2025, we focused on reigniting Cash App's network growth. and that work has paid off. In Q4, we grew monthly actives to $59 billion. Our focus on deepening engagement is also working with primary banking actives attach rate growing meaningfully in Q4.

我們從第四季開始交付原型礦機，並開始實現原型毛利潤成長。進一步回顧第四季的一些具體情況，追趕性毛利年增 33% 至 18.3 億美元，較第三季加速成長。2025年全年，我們專注於重振Cash App的網路成長，而這項工作已經取得了成效。第四季度，我們的每月活躍用戶數成長至 590 億美元。我們專注於深化客戶互動，這也有助於提高一級銀行活躍客戶的附加率，第四季度附加率顯著增長。

These customers have generated nearly 10x the gross profit of peer-to-peer only actives, and we believe they create a foundation for long-term inflows per active growth. Cash App Commerce Enablement volume grew 17% year over year to $54.7 billion in Q4, driven by strength in Cash App Card, where we saw the strongest quarter for new Cash App Card actives in over a year. and saw Cash App green drive increased retention and cash up card volume.

這些客戶創造的毛利幾乎是僅進行點對點交易的活躍用戶的 10 倍，我們相信他們為每位活躍用戶長期成長創造了基礎。第四季度，Cash App 商務賦能交易額年增 17% 至 547 億美元，主要得益於 Cash App 卡的強勁表現。 Cash App 卡新增活躍用戶數創下一年多以來的最高紀錄，同時 Cash App 綠色支付也推動了用戶留存率和現金充值卡交易額的成長。

Commerce monetization rate increased 4 basis points year over year as attach rates for Afterpay post purchase continued to increase. We also grew consumer lending origination volume 69% year over year in the fourth quarter, with consumer lending variable profit growth consistent with originations growth.

隨著 Afterpay 的售後支付附加率持續成長，電商貨幣化率較去年同期上升 4 個基點。第四季度，我們的消費貸款發放量年增 69%，消費貸款可變利潤成長與發放量成長一致。

Within consumer lending origination volume, Borrow delivered an exceptional fourth quarter with origination volume growing more than 3 times year over year. We leaned into borrow offers for Cash App Green actives as one element of our new status program. Many customers deeply value access to liquidity and -- and beyond strong stand-alone unit economics, we've seen Borrow drive deeper engagement across other parts of Cash App.

在消費貸款發放量方面，Borrow 在第四季表現卓越，發放量較去年同期成長超過 3 倍。我們把 Cash App Green 活躍用戶的借貸優惠當作我們新會員等級計畫的一部分。許多客戶非常重視流動性，而且除了強大的獨立單元經濟效益之外，我們還看到「借貸」功能推動了 Cash App 其他部分的更深入參與。

Our lending strategy is focused on maximizing variable profit. scaling responsibly, while maintaining disciplined risk management. That approach was on display in Q4 and early 2026. We Q4 was the strongest quarter for first-time borrower actives ever, which drove higher portfolio losses in December and January based on the mix shift to new cohorts, which have higher losses by design.

我們的貸款策略專注於在保持嚴格風險管理的同時，實現可變利潤最大化，並負責任地擴大規模。這種方法在第四季度和 2026 年初得到了體現。第四季是首次借款人活躍度最高的季度，這導致 12 月和 1 月的投資組合損失增加，原因是投資組合結構向新群體轉移，而新群體本身就存在較高的損失。

As of mid-February, all 2026 cohorts are trending below our risk loss targets, demonstrating our ability to quickly calibrate risk and adjust exposure for new cohorts based on the strength of our underwriting team. product design and our proprietary data and credit infrastructure.

截至2月中旬，所有2026年出生人群的風險損失趨勢均低於我們的目標，這表明我們能夠憑藉承保團隊的實力、產品設計以及我們專有的數據和信用基礎設施，快速校準風險並調整新人群的風險敞口。

Turning to Square, where our distribution motion has continued to gain traction. 2025 was our strongest year ever for NBA growth of 17% with growth of 17%. That momentum continued into the fourth quarter with 29% year-over-year NDA growth. we saw progress across both marketing-led self-onboarding and sales channels with sales-led MVA growing 62% year over year in Q4.

轉向Square平台，我們的經銷業務持續成長。 2025年是我們NBA業務成長最強勁的一年，成長率達17%。這一成長動能延續至第四季，NDA年增29%。我們看到，無論是行銷主導的自助註冊管道還是銷售管道，都取得了進展，其中銷售主導的MVA在第四季度同比增長62%。

In addition, we now partner with over 100 independent sales organizations complementing our direct sales motion and extending our reach to more new sellers. GPV grew 10.3% in Q4, and we've seen growth reaccelerate so far in Q1, with growth quarter to date as of February 24 of over 12% year over year.

此外，我們現在與 100 多個獨立銷售組織合作，補充我們的直銷模式，並將我們的業務範圍擴展到更多的新銷售商。第四季 GPV 成長了 10.3%，第一季至今成長速度已經加快，截至 2 月 24 日，本季年增超過 12%。

Square gross profit grew 7.5% year over year in Q4, driven by growth in Financial Solutions. Hardware costs and higher processing costs were each a 2 percentage point headwind and to square gross profit growth in Q4, consistent with the expectations shared at our Investor Day. Looking ahead, we expect our new organizational design to increase velocity, we have seen significant improvement in AI tooling capabilities.

Square 第四季毛利年增 7.5%，主要得益於金融解決方案業務的成長。硬體成本和更高的處理成本分別對第四季度的毛利成長造成了 2 個百分點的不利影響，這與我們在投資者日上分享的預期一致。展望未來，我們期望新的組織架構能夠提高效率，我們已經看到人工智慧工具能力得到了顯著提升。

We've seen engineering work that would have taken weeks to complete, be done by a small team in a fraction of the time with agentic coating tools. These are reflected in our developer velocity metrics, where we've seen a greater than 40% increase in production code shipped per engineer since September. We've been prioritizing automation and how we build internally for the past couple of years as we built bespoke tools that increased AI adoption.

我們看到，原本需要數週才能完成的工程工作，借助高效能塗層工具，由一個小團隊在很短的時間內完成。這些都反映在我們的開發人員速度指標中，自 9 月以來，每位工程師交付的生產程式碼量增加了 40% 以上。過去幾年，我們一直優先考慮自動化以及內部建構方式，因為我們建立了客製化工具來提高人工智慧的採用率。

Some of our automation work streams are nearly fully rolled out. Others are earlier in their maturity, and we expect to continue to develop automation improvements in parallel with the advancements of the underlying technology. The outcomes we have seen are encouraging, and the long-term impact will depend on thoughtful implementation cable.

我們的一些自動化工作流程已接近全面鋪開。其他技術尚處於早期成熟階段，我們預計將繼續推動自動化改進，與底層技術的進步同步發展。我們看到的結果令人鼓舞，而長期影響將取決於深思熟慮的實施。

We are taking this decisive action from a position of strength. Gross profit growth accelerated throughout 2025, and we expect to sustain strong growth in 2026, with execution across a portfolio of ramping or new initiatives in Square and Cash App. In Cash App, we expect to compound our gains in our banking and commerce ecosystems. Scale Cash App Green further and expand Money Box to our full customer base in the coming weeks and months.

我們是在實力優勢的基礎上採取這項果斷行動的。2025 年毛利成長加速，我們預計 2026 年將維持強勁成長，這得益於 Square 和 Cash App 一系列正在推進或即將推出的新措施的實施。我們希望透過 Cash App，在銀行和商業生態系統中實現收益的持續成長。在接下來的幾週和幾個月裡，進一步擴大 Cash App Green 的規模，並將 Money Box 推廣到我們所有的客戶群。

We launched Afterpay prepurchase in February with strong early indications of demand and expect to scale it throughout the year. We also recently launched Pay in Four, Buy Now Pay Later functionality for peer-to-peer transactions, which is a first for the industry. Our focus is to ramp these products along with Bora while maintaining healthy loss rates.

我們在 2 月推出了 Afterpay 預購服務，早期市場需求強勁，我們預計將在年內擴大該服務的規模。我們最近也推出了「分四期付款，先買後付」的點對點交易功能，這在業界尚屬首例。我們的重點是在保持健康損耗率的同時，逐步擴大這些產品與 Bora 的市場份額。

In Square, we expect to ramp go-to-market motions further across self-onboarding, sales and partnerships. We're focused on excellence in our food and beverage products and accelerating product velocity across other verticals. And to continue to drive net volume retention higher. We recently launched Square AI to all markets and are excited to deliver more proactive intelligence capabilities to our sellers as we build towards manager bot.

在 Square，我們預計將在自助註冊、銷售和合作夥伴關係方面進一步加快市場推廣步伐。我們專注於打造卓越的食品和飲料產品，並加快其他垂直領域的產品迭代速度。並持續提高淨銷量留存率。我們最近在所有市場推出了 Square AI，並且隨著我們逐步建立管理機器人，我們很高興能夠為我們的賣家提供更主動的智慧功能。

We continue to be focused on connecting our ecosystems and believe we're finding product market fit with neighborhoods. Our focus now is on scaling. We're moving from an inbound motion to an auto enrollment motion for sellers -- and we recently added in-store redemption capabilities to increase functionality for consumers and widen the addressable market to more sellers. Our guidance reflects this product velocity momentum.

我們將繼續專注於連接我們的生態系統，並相信我們正在找到產品與社區的市場契合點。我們現在的重點是擴大規模。我們正在從賣家主動註冊模式轉向賣家自動註冊模式——而且我們最近還增加了店內兌換功能，以增強消費者的功能性，並將目標市場擴大到更多賣家。我們的指導意見反映了這一產品成長動能。

For the full year, we expect year-over-year gross profit growth of 18% to $12.2 billion, an increase relative to our Investor Day guidance and an acceleration relative to what we delivered in 2025. For Q1, we expect year-over-year gross profit growth of 22% to $2.8 billion. In addition to the growth momentum we're seeing, our guidance also reflects a smaller cost structure going forward. We believe the actions we're taking today will enable us to deliver faster product innovation for customers in the future while also enabling us to invest meaningfully in our business.

我們預計全年毛利將年增 18% 至 122 億美元，高於我們在投資者日上的預期，也高於我們在 2025 年實現的水平。我們預計第一季毛利將年增 22%，達到 28 億美元。除了我們目前看到的成長動能外，我們的預期也反映了未來成本結構的縮小。我們相信，我們今天採取的行動將使我們能夠在未來更快地為客戶提供產品創新，同時也將使我們能夠對我們的業務進行有意義的投資。

With this change in cost structure, combined with the investments we plan to make, we are increasing our guidance for adjusted operating income in 2026 to $3.2 billion, reflecting year-over-year growth of 54% and 6 points of margin expansion relative to 2025. We are increasing our expectation for adjusted diluted EPS in 2026 and to $3.66, also reflecting year-over-year growth of 54%.

由於成本結構的變化，加上我們計劃進行的投資，我們將 2026 年調整後營業收入的預期提高到 32 億美元，年增 54%，利潤率較 2025 年提高 6 個百分點。我們將 2026 年調整後稀釋每股盈餘預期上調至 3.66 美元，年增 54%。

For Q1, we expect adjusted operating income of $600 million and adjusted diluted EPS of $0.67. Reflecting year-over-year growth of 29% and 20%, respectively. Before wrapping up a few additional considerations related to our guidance. Our Q1 operating income guidance includes a modest benefit from today's announcement, but we expect the organizational changes we announced today to begin to more meaningfully impact adjusted operating income in the second quarter, with the full impact of our new cost structure, more meaningfully improving profitability in the second half of the year.

我們預計第一季調整後營業收入為 6 億美元，調整後稀釋每股收益為 0.67 美元，分別年增 29% 和 20%。在總結我們的指導意見之前，還有一些其他需要考慮的事項。我們第一季的營業收入預期包含了今天公告帶來的適度收益，但我們預計今天宣布的組織變革將在第二季度開始對調整後的營業收入產生更顯著的影響，而我們新的成本結構的全部影響將在下半年更顯著地提高盈利能力。

Given these timing dynamics and the pacing of investments in both risk loss and sales and marketing, we expect adjusted operating income margins to expand each quarter throughout the year from our Q1 starting point of 21%. We expect these margins to expand at a faster rate in Q3 and Q4 relative to Q2. And we expect to deliver just under 60% of our 2026 adjusted operating income guidance in the second half of the year.

鑑於這些時間動態以及風險損失和銷售行銷方面的投資步伐，我們預計調整後的營業收入利潤率將從第一季的 21% 開始，逐季擴大。我們預計第三季和第四季的利潤率將比第二季成長更快。我們預計今年下半年將達到 2026 年調整後營業收入預期的 60% 以下。

Within OpEx, we expect higher risk loss growth in the first half of the year based on our strong borrower growth rate expectations in Q1 and Q2. In Square, we continue to expect gross profit growth to be roughly in line with GPV growth later in the second half of the year. In the first half, we anticipate a continued spread between gross profit and GPV growth with some potential variability driven by hardware costs and the pace at which we move upmarket.

在營運支出方面，基於我們對第一季和第二季強勁的借款人成長率的預期，我們預計今年上半年風險損失成長將更高。在 Square，我們仍然預計今年下半年毛利成長將與 GPV 成長大致持平。上半年，我們預計毛利和 GPV 成長之間將繼續存在差距，硬體成本和我們向高端市場邁進的速度可能會帶來一些潛在的波動。

We view Square gross profit growth, excluding hardware costs as a clear measure of core profitability as we view hardware to be a customer acquisition investment to win larger, more retentive sellers. We expect increasing software attach rates to be a key driver of gross profit growth acceleration, and we expect to continue to evolve our pricing and packaging to ensure appropriate price to value, while delivering attractive total cost of ownership for sellers.

我們認為，不計硬體成本的 Square 毛利成長是衡量核心獲利能力的明確指標，因為我們認為硬體是贏得更大、更忠誠的賣家的客戶獲取投資。我們預計軟體附加率的提高將成為毛利成長加速的關鍵驅動因素，我們將繼續改進定價和包裝方式，以確保價格與價值相匹配，同時為賣家提供具有吸引力的整體擁有成本。

We have strong conviction in cash up strategies to grow its network and deepen engagement, which have helped drive two quarters of sequential active growth across monthly actives and primary banking actives. While monthly actives may fluctuate from time to time, we continue to expect low single-digit active growth in 2026 and over the long term.

我們堅信現金充裕策略能夠擴大其網路並加深互動，這已幫助推動了每月活躍用戶和主要銀行活躍用戶連續兩季的成長。雖然每月活躍用戶數可能會不時波動，但我們仍預期 2026 年及以後的長期內，活躍用戶數將維持個位數低成長。

We expect approximately $60 million in net interest expense in Q1 and $200 million for the full year, up modestly from the expectations we shared on our third quarter earnings call as we deployed more capital in the buyback and borrow growth in the fourth quarter.

我們預計第一季淨利息支出約為 6,000 萬美元，全年約為 2 億美元，比我們在第三季財報電話會議上分享的預期略有上升，因為我們在第四季度投入了更多資金用於股票回購和借貸成長。

And finally, similar to last quarter, we expect a mid-20% non-GAAP effective tax rate in 2026.

最後，與上個季度類似，我們預計 2026 年非 GAAP 實際稅率將達到 20% 左右。

And with that, I'd like to open up the call to Q&A.

接下來，我想進入問答環節。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Jack, I did want to ask a question to you, if you don't mind. And knowing you are here. I'm sure you put a lot of heavy thought into this reduction in force. So I'd love to just hear a little bit more on why now. We're just what, three months removed from Investor Day. So why are you ready to make this change now? And why is this the right level to run the company at?

傑克，我想問你一個問題，如果你不介意的話。知道你在這裡。我相信你們對此次減員決定進行了深思熟慮。所以我很想聽聽更多關於為什麼是現在這個時間點的原因。距離投資者日還有三個月呢。那麼，為什麼現在就準備好做出這種改變呢？為什麼說這是營運公司的合適層級？

Yes. And there's a few things that have all been compounding towards this moment in this time. As you know, like we have been working very hard to functionalize the company. That's a big part of what gives us more confidence in making this move. We were operating a company with basically two companies with inside of it, both having their own structure, a lot of duplication.

是的。在這個時期，有好幾件事都在不斷累積，最終導致了這一刻的到來。如您所知，我們一直在努力使公司正常運作。這正是我們更有信心採取這項行動的重要原因之一。我們當時營運的公司實際上包含兩家公司，這兩家公司各自有自己的結構，存在著許多重複工作。

And as we functionalized it allowed us to act more like one company and recognize where there are common capabilities and common foundation. And we're still doing a lot of that work, but I have the confidence that we're in a place that we can move much faster there. I also believe we were one of the first -- we were the first agentic [Carnes] out in the market.

隨著我們實現功能化，它使我們能夠更像一家公司一樣運作，並認識到哪些方面具有共同的能力和共同的基礎。我們仍在做很多這方面的工作，但我相信我們現在所處的位置，讓我們能夠更快地推進這方面的工作。我也相信我們是最早一批進入市場的代理商之一——我們是市場上第一家代理商[Carnes]公司。

This is Goose. But something happened in December of last year, just last year, where the model has just got in order of magnitude more capable and more intelligent. And it's really shown a path forward in terms of us being able to apply it to nearly every single thing that we do. So if there are any gaps in our usage of AI right now, it's an application gap.

這是鵝。但就在去年 12 月，發生了一些事情，模型的功能和智慧程度一下子提高了一個數量級。它確實為我們指明了前進的方向，使我們能夠將其應用到我們所做的幾乎每一件事中。所以，如果說我們目前在人工智慧的應用上有任何差距，那就是應用上的差距。

And I'm really confident that we can go through the majority of our organization, certainly our development, but the majority of our organization and apply these tools in a much stronger way that has the effect of allowing us to ship much faster, to explore a lot of the path much broader. So we can run the right experiments and get to the right answers and give feedback immediately for product market fit.

我非常有信心，我們可以讓公司的大部分部門，當然也包括我們的研發部門，以更強大的方式應用這些工具，從而使我們能夠更快地交付產品，並更廣泛地探索各種可能性。這樣我們就可以進行正確的實驗，得到正確的答案，並立即提供產品市場契合度的回饋。

And ultimately, to operate more and more of the company in a way that I think all companies will eventually go. I do think the tools are at a state right now where every single company out there is going to run and grow in a fundamentally different way and be structured in a fundamentally different way. And a big part of me wanting to do this right now is I wanted to get ahead of it.

最終，公司會越來越多地以我認為所有公司最終都會採用的方式來運作。我認為，目前的工具發展到一定程度，將使每一家公司以截然不同的方式運作和發展，並以截然不同的方式建構組織結構。我之所以現在就想做這件事，很大程度是因為我想先發制人。

And I'm confident that we've laid the foundation in order to do that and to push really fast to get there. So we're in a place where like a lot of what we've been working with and all these threads are coming together in the right moment. And I want to make sure that we're ahead of the market, ahead of our customers' expectations and actually building for the future.

我相信我們已經為此奠定了基礎，並且能夠迅速推進，最終實現目標。所以我們現在所處的境地是，我們一直在努力的許多東西，以及所有這些線索，都在正確的時間匯聚到了一起。我希望確保我們走在市場前沿，超越客戶的期望，並真正為未來做好準備。

And I do believe that a lot of the expectation going forward is not just that we deliver intelligence to our customers through managerbot and Moneybot for instance. But the very end of that is that they can build their own features and build their own visualizations on top of our capabilities through our interfaces. We have incredible distribution.

而且我相信，未來大家對我們的期望不僅僅是透過 Managerbot 和 Moneybot 等工具向客戶提供情報。但最終，他們可以透過我們的介面，在我們功能的基礎上建立自己的功能和視覺化效果。我們的分銷管道非常強大。

We have incredible understanding in real time of real transactional data on both sides of the counter and we can proactively prompt our customers, and we can proactively compose interfaces that will fit the task before them, which I think is quite unique and not something that you can find certainly at other companies in our space but also more broadly in technology.

我們對櫃檯兩端的真實交易數據有著令人難以置信的實時了解，我們可以主動提示我們的客戶，並且可以主動構建適合他們當前任務的界面，我認為這非常獨特，你肯定無法在我們這個領域的其他公司，甚至在更廣泛的技術領域找到這種能力。

And I intend that we win in this space and that we grow and bring this intelligence to both sellers and to individuals and ideally to bring them together into this one ecosystem, we're calling neighborhoods.

我希望我們能在這個領域取得成功，不斷發展壯大，並將這種智慧帶給賣家和個人，理想情況下，將他們聚集到我們稱之為「社區」的這個生態系統中。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Look, I mean, there were some very strong trends, especially in cash at considering users growing again, inflows per active growth accelerating double digits and also on Square, we're seeing new sales helping with NDA accelerate nearly 30%. Just -- if you could just touch on what you think drives sustainable momentum across both the businesses and especially in light of the reduced headcount levels. I just want to touch on how you're sustaining this and how you really expect to sustain solid momentum like this as shown in your guidance just again, just given the changes in the business.

你看，我的意思是，有一些非常強勁的趨勢，尤其是在現金方面，考慮到用戶再次增長，活躍用戶流入量以兩位數的速度加速增長，而且在 Square 上，我們看到新的銷售額幫助 NDA 加速增長了近 30%。您能否談談您認為在員工人數減少的情況下，是什麼因素推動了這兩個業務的可持續發展？我只想談談您是如何保持這種勢頭的，以及鑑於業務的變化，您如何才能像您在指導意見中展示的那樣，繼續保持這種強勁的發展勢頭。

Sure. I think we have a lot of conviction in our ability to sustain these durable growth rates. I think that there's high-level ways to answer your question. The first is just around the org structure and the org size and what does that mean?

當然。我認為我們非常有信心能夠維持這種持久的成長率。我認為可以從一些高層次的角度來回答你的問題。第一個問題是關於組織結構和組織規模，這又意味著什麼呢？

And then the second probably is just from a product development and road map standpoint, how are we feeling -- so on the org structure side, to reiterate some of what Jack was talking about, what we've seen is that smaller, more nimble teams have allowed us to move faster and actually get products into our customers' hands more quickly.

第二個問題可能只是從產品開發和路線圖的角度來看，我們感覺如何——在組織結構方面，重申一下傑克剛才談到的一些內容，我們發現，規模更小、更靈活的團隊使我們能夠更快地行動，並更快地將產品送到客戶手中。

With the moves today, we are eliminating some of the organizational debt or organizational overhang that has existed. We're also inherently increasing talent density across the org, including the development or -- and obviously, we're getting all the benefits of the AI tools and the improvements in the foundational models, and that's flowing through to everything that we're doing, particularly on the software development side.

透過今天的舉措，我們正在消除一些長期存在的組織債務或組織負擔。我們也從根本上提高了整個組織的人才密度，包括開發方面——顯然，我們正在獲得人工智慧工具和基礎模型改進帶來的所有好處，這正滲透到我們所做的每一件事中，尤其是在軟體開發方面。

I'd say overall on the org structure and org size side of things, we're feeling really confident and we're actually feeling like this is going to help us execute more quickly and with more precision. On the second category, which is just product development road map and the growth levers that we have, again, we have really strong conviction in our roadmap and how that's going to flow through to gross profit growth.

總的來說，就組織結構和組織規模而言，我們感到非常有信心，而且我們覺得這實際上將幫助我們更快、更精準地執行任務。關於第二類，也就是產品開發路線圖和我們擁有的成長槓桿，我們同樣對我們的路線圖以及它將如何轉化為毛利成長充滿信心。

I think the clearest signal is -- in my mind, it's the increase to the gross profit guide that we gave today. But I would tend to break this down into a few different categories. I think we have, first, just like the core network growth of Cash App and Square, then we have key product launches that we're planning on in the coming months and quarters that are very high conviction.

我認為最明顯的訊號是——在我看來，就是我們今天發布的毛利預期上調。但我傾向於將其分為幾個不同的類別。我認為，首先，就像 Cash App 和 Square 的核心網路成長一樣，然後，我們計劃在未來幾個月和幾季推出一些關鍵產品，我們對此非常有信心。

And then last, we have some of the bigger bets. I think those are green across the board. So we continue to have teams that are focused on core network growth, whether that's actives growth and inflows per active growth on the Cash App and Afterpay side or whether that's teams focused on net volume retention and driving new GDV on the Square side.

最後，我們來看看一些更大的賭注。我認為這些項目整體上都是綠色的。因此，我們繼續擁有專注於核心網路成長的團隊，無論是 Cash App 和 Afterpay 方面的活躍用戶成長和每位活躍用戶帶來的收入成長，還是 Square 方面的專注於淨交易量留存和​​推動新 GDV 的團隊。

From a product launch perspective, we have a ton of things that we've been shipping over the past few weeks and things that are coming down the pike from like how we're thinking about improvements and enhancements to Cash App green. How we're thinking about scaling Cash App Card functionality and growing Cash at pay, the Bitcoin improvements that we're making after pain the Cash Card prepurchase just rolled out to the initial cohort a few weeks ago, and we're seeing really, really encouraging signs there in early data.

從產品發布的角度來看，過去幾週我們推出了許多產品，還有一些產品正在籌備中，例如我們正在考慮如何改進和增強 Cash App Green。我們正在考慮如何擴展 Cash App 卡的功能，以及如何發展 Cash at pay，在經歷了 Cash Card 預購的痛苦之後，我們正在對比特幣進行改進，幾週前 Cash Card 預購剛剛向第一批用戶推出，我們在早期數據中看到了非常非常令人鼓舞的跡象。

Similarly, on the Square side, we've shipped a number of key features that drive that food and beverage excellence. We have a number of other features that are coming down the pike in the coming months. we're continuing to refine our pricing and packaging. The list goes on. And so we feel really confident in those levers and how they're going to flow through.

同樣，在 Square 方面，我們也推出了一些關鍵功能，以推動餐飲業的卓越發展。未來幾個月，我們還將推出一系列其他功能。我們也在不斷完善定價和套餐方案。這樣的例子不勝枚舉。因此，我們對這些措施以及它們的運作方式感到非常有信心。

But then, of course, it's not just about the near-term growth. It's also how are you investing in a way that's going to drive that durable growth over time. And so we have part of our development portfolio allocated to things like neighborhoods and scaling neighborhoods to money bot to manager bought to cash up credit score, a lot of which we think kind of represent the future of the product experience for our interfaces at block and which should drive gross profit growth, not just this year, but into the future.

當然，這不僅關乎短期成長。這也涉及到你如何進行投資，才能推動這種長期的永續成長。因此，我們已將部分開發組合分配給諸如社區和社區規模化、賺錢機器人、經理購買、現金提升信用評分等項目，我們認為其中許多都代表了我們 Block 介面產品體驗的未來，並且應該能夠推動毛利成長，不僅是今年，而且是未來。

So overall, we're feeling really confident in our ability to sustain these healthy growth rates.

總的來說，我們對維持這種健康的成長率非常有信心。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hope you can hear me. I wanted to just follow up on the work changes and hoping you could talk more about how those changes today may flow through the financial outlook this year and potentially beyond. So I appreciate the cadence color. Just wanted to follow up on on those cost impacts and how that may translate to where you can exit '26 on AOI, any important free cash flow impacts to be mindful of as well there as you go through '26 and beyond? And just also where are the investment dollars shifting to from headcount?

希望你能聽到我說話。我想就工作變動方面再做進一步說明，希望您能詳細談談這些變動可能會如何影響今年乃至未來的財務前景。所以我很欣賞這種韻律色彩。我想進一步了解這些成本影響，以及這些影響將如何影響您在 2026 年退出 AOI 的情況。此外，在 2026 年及以後，還有哪些重要的自由現金流影響需要注意？還有，投資資金從人員配置轉移到了哪裡？

Brian, it's Amrita. Happy to take the question. We'll start on sort of the cadence throughout the year around AOI and maybe even before that, starting on gross profit. And then we'll share some of the investment areas as well. So obviously, as you've heard, we've raised both our gross profit guidance from 17% growth at Investor Day for 26% to 18% and meaningfully raised our adjusted operating income guidance.

布萊恩，我是阿姆里塔。樂意回答這個問題。我們將以全年AOI為基準，甚至可能在此之前，以毛利為基準，逐步推進。然後我們也會分享一些投資領域。顯然，正如你們所聽到的，我們已將毛利成長預期從投資者日的 17% 上調至 26% 至 18%，並大幅提高了調整後營業收入預期。

From a gross profit perspective, in terms of the pacing throughout the year, we expect a very strong Q1 with 22% gross profit growth and we've been prudent in our tax season assumptions with that. We also expect to sustain strong gross profit growth throughout the year and end the year in the mid-teens gross profit growth range in line with the longer-term Investor Day guidance we gave in the mid-teens as we look forward as well.

從毛利的角度來看，就全年的發展速度而言，我們預計第一季將非常強勁，毛利成長 22%，我們在報稅季的假設中也一直保持謹慎。我們也預計全年將保持強勁的毛利成長，並最終實現兩位數中段的毛利成長，這與我們先前在投資者日上給出的兩位數中段的長期指導意見一致。展望未來，我們也將繼續保持這一成長動能。

From a profitability standpoint, we expect to grow AOI nearly 30% in this first quarter and expect margins, as I noted earlier, to expand throughout the year off of that Q1 21% margin range. Really, the reason for that margin expansion throughout the year is a couple of things.

從獲利能力的角度來看，我們預計第一季 AOI 將成長近 30%，正如我之前提到的，預計全年利潤率將在第一季 21% 的利潤率基礎上繼續擴大。實際上，全年利潤率擴張的原因有二。

First, look, strong underlying unit economic strengths in the business and incremental margins driving that leverage. Second, timing of some of the cost structure changes. As I noted earlier, you'd see a less meaningful impact on the -- from the cost structure changes to our Q1 results, given the timing in the quarter and the notice periods for employees outside the US as well as seeing some of that notice period dynamic flow through into Q2.

首先，要看的是，該業務具有強大的潛在單位經濟優勢，而增量利潤率正在推動這種槓桿作用。其次，是一些成本結構改變的時機。正如我之前提到的，考慮到第一季的時間表以及美國以外員工的通知期，以及部分通知期動態會延續到第二季​​度，因此成本結構變化對我們第一季業績的影響不會那麼顯著。

Timing related to sales and marketing spend where we expect to see some meaningful increase in spend from Q1 to Q2, again, on the back of strong returns that we're seeing where that can drive long-term profitable growth.

在銷售和行銷支出方面，我們預計從第一季到第二季支出將顯著成長，這得益於我們看到的強勁回報，而這可以推動長期獲利成長。

And then risk loss growth, as I noted earlier, being higher in the first half of the year on the back of really strong borrower continued growth for Borrow in the first half of this year, and so ultimately, that we're delivering strong AOI growth to start the year, but expect that to compound throughout the year, with just under 60% of the $3.2 billion in AOI, we expect to come in the second half of the year.

正如我之前提到的，由於今年上半年借款人持續強勁增長，風險損失增長在今年上半年也較高，因此，我們最終實現了強勁的年度投資額增長，並預計這一增長將在全年持續，預計 32 億美元的年度投資額中，近 60% 將在下半年實現。

And similar trends really as you look across EPS as well. Just to then quickly on the second part of your question, in terms of where our opportunities to invest are they're really in addition to the normal course of our business across product innovation and go to market.

從 EPS 的角度來看，也確實有類似的趨勢。那麼，關於您問題的第二部分，我再快速回答。就我們的投資機會而言，它們實際上是在我們正常的業務流程之外的，涵蓋產品創新和市場推廣。

There's three things that I'd call out here. One is that we see meaningful opportunity to invest in our people, invest in hiring, invest in retaining a world-class team to deliver for our customers. Ultimately, we expect to hire some more senior AI engineering talent we'll continue to level up our engineering and product capabilities.

這裡我想特別指出三點。一方面，我們看到了投資員工、投資招募、投資留住世界級團隊服務客戶的重要機會。最終，我們希望聘請更多資深的AI工程人才，並持續提升我們的工程和產品能力。

Second, as I noted, we're going to continue to invest in go-to-market to scale our customer acquisition efforts further.

其次，正如我之前提到的，我們將繼續加大市場推廣力度，進一步擴大客戶獲取規模。

And then third, we'll keep building on our AI infrastructure, including the tools and the capabilities ultimately that we're going to need to build a world-class organization. So those are some of the three areas of investment that I'd see playing out throughout the year as well.

第三，我們將繼續完善我們的人工智慧基礎設施，包括最終建立世界一流組織所需的工具和能力。所以，以上就是我認為今年將會重點關注的三個投資領域。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

So yes, I just wanted to ask about your primary banking actives, Amrita and Jack. I mean, this looks like a very, very strong quarter, $1 million PBAs added accelerating growth to almost 23%, and these customers generate over 10 times to profit proactive.

是的，Amrita 和 Jack，我只是想問你們的主要銀行業務活動。我的意思是，這看起來是一個非常非常強勁的季度，新增 100 萬美元的 PBA 推動成長加速至近 23%，而且這些客戶主動產生的利潤是現有利潤的 10 倍以上。

So this sounds very exciting. I remember you guys have talked about this as kind of the Holy Grail is adding the banking addictive. So I wanted to know what you're doing there and how exciting this one could be over time.

聽起來非常令人興奮。我記得你們之前討論過，讓銀行業務變得令人上癮，這可以說是實現銀行業務的終極目標。所以我想知道你在那裡做什麼，以及隨著時間的推移，這個專案會有多麼令人興奮。

Thanks for the question, Dan. This is Owen, I can take the first crack at it. As you said, we're really, really excited about where primary banking actives came in, in Q4 -- as you know, we launched Cash App Green in November at Cash App leases. And the whole concept around green was to expand access to the banking benefits that we offer to customers.

謝謝你的提問，丹。這是歐文，我可以先試試看。正如你所說，我們對第四季度主要銀行業務的進展感到非常興奮——正如你所知，我們在11月推出了Cash App Green和Cash App租賃服務。而綠色環保的整個概念是擴大客戶獲得我們所提供的銀行服務的機會。

We used to only offer those benefits to direct deposit actives. Now we have a broader understanding of how customers themselves see banking primacy -- and so if customers are spending more than $500 a month on Cash App Card, they're eligible for Cash App Green and everything that comes with it. The results following the launch of green were fantastic.

我們過去只向直接存款用戶提供這些福利。現在我們對客戶如何看待銀行服務的重要性有了更廣泛的了解——因此，如果客戶每月在 Cash App 卡上消費超過 500 美元，他們就有資格獲得 Cash App Green 以及隨之而來的一切權益。綠色產品上市後的效果非常棒。

So as you noted, 9.3 million primary banking actives in December, growing 22%, up about $1 million from September I think over and above the count of primary banking actives, it's actually the engagement that's most exciting. As you noted, gross profit per active is almost 10x what we see for a peer-to-peer only active. We've also seen, since the launch of green Cohort retention has improved for primary banking actives since we launched.

正如你所指出的，12 月主要銀行活躍用戶達到 930 萬，成長了 22%，比 9 月增加了約 100 萬美元。我認為，除了主要銀行活躍用戶的數量之外，最令人興奮的實際上是用戶參與度。正如您所指出的，每個活躍用戶的毛利幾乎是僅點對點活躍用戶的 10 倍。我們也看到，自從綠色群組推出以來，主要銀行活躍用戶的留存率有所提高。

And then we've seen incremental engagement across a number of different products and features on Cash App. For example, seeing incremental gross profit coming from borrow, from Cash App Card from Instant Deposit. And that's, as you'd expect, as the green program is really just an incredible incentive for customers to bring more and more of their financial life to cash up. I think one good example of just showing the increase in engagement is on personalized offers.

然後，我們看到 Cash App 上許多不同產品和功能的用戶參與度都在逐步提高。例如，可以看到透過借款、Cash App 卡即時存款獲得的增量毛利。正如你所預料的那樣，綠色計畫實際上是對客戶來說一個巨大的激勵，讓他們將越來越多的財務生活轉化為現金。我認為個人化優惠就是一個很好的例子，它充分體現了用戶參與度的提升。

So for green customers, we're giving personalized instant discounts on Cash App Card to those customers. Before we launched green, we saw engagement or like the attach rate with offers at around 2%. And then following green, we see it at around 14%. So just a massive shift in customer behavior that's coming from this program.

因此，對於環保客戶，我們將透過 Cash App 卡向這些客戶提供個人化的即時折扣。在我們推出綠色產品之前，我們發現參與度或喜歡率（或稱附加率）約為 2%。然後，緊跟在綠色之後，我們看到它在 14% 左右。所以，這個計畫正在為顧客行為帶來巨大的轉變。

I think ultimately, this is tied to our broader strategy around serving the modern earner. We continue to see a huge opportunity here as we talked about at Investor Day. This is a really big and it's a growing part of the US population. And these folks are typically underserved by the legacy financial system.

我認為歸根結底，這與我們服務現代勞動者的更廣泛策略息息相關。正如我們在投資者日上所討論的那樣，我們仍然認為這裡蘊藏著巨大的機會。這是一個非常龐大的群體，而且在美國人口中所佔的比例還在不斷增長。而這些人通常無法得到傳統金融體系的充分服務。

And so what we're seeing is an increase in the number of individuals who are -- they're earning flexibly across hourly wages, across gig work, freelance work, they're entrepreneurs, they're solopreneurs and there's no perfect financial institution out there to serve their needs. And we think that this is a place where Cash App is leading and where Cash App will continue to lead and I think the key part here is that this was the first launch of green.

因此，我們看到越來越多的人——他們透過時薪、零工、自由業等方式靈活賺錢，他們是企業家，他們是自僱者，但目前還沒有一家完美的金融機構能夠滿足他們的需求。我們認為 Cash App 在這個領域處於領先地位，而 Cash App 將繼續保持領先地位，我認為關鍵在於這是綠色的首次推出。

So we're really just getting started. I think on the last earnings call, I talked about how we love a complex system with lots of knobs and dials that we can tune in order to reward customers and steer customer behavior. This is just the beginning of our approach for how we're going to drive more and more primary banking actives, but it's a good first side.

所以我們其實才剛起步。我認為在上次財報電話會議上，我談到了我們多麼喜歡一個有很多旋鈕和撥盤的複雜系統，我們可以對其進行調整，以獎勵客戶並引導客戶行為。這只是我們推動更多一級銀行業務活躍度的開端，但這是一個很好的開始。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Really good to see that the Q1 GPV reaccelerated 12% quarter to date despite some of the weather events out there, there is an easy compare, though in Q1. So I just wanted to get your sense of visibility on the full year guide there, which I believe is low to mid-teens and -- maybe if you can just touch on the vertical trends that you've seen quarter to date, if there's been any variation in trajectory among the major verticals.

儘管受到一些天氣事件的影響，但令人欣慰的是，第一季 GPV 仍實現了 12% 的季度增速，這很容易與第一季的業績進行比較。所以我想了解一下您對全年業績的預期，我認為大概在十幾到十幾之間。 ——也許您可以談談到目前為止您看到的垂直趨勢，以及主要垂直領域的發展軌跡是否有任何變化。

I'll kick us off on some of the latest GPV trends by vertical. And then I think Nick may add in on some of what we're seeing from a go-to-market perspective and how that inflects the curve in the future. If you take a step back, Jason, as we look across all of the updates and changes we've made from a product ecosystem to a distribution channel perspective, we believe the strategy that we've got in Square is paying off.

我先從各垂直領域的最新 GPV 趨勢說起。然後我認為 Nick 可能會從市場推廣的角度補充一些我們所看到的情況，以及這會如何影響未來的發展趨勢。Jason，如果我們退後一步，從產品生態系統到分銷管道的角度來看我們所做的所有更新和改變，我們相信我們在 Square 採取的策略正在取得成效。

When you look at the broader years of '24 versus '25, we accelerated GPV growth from 8.6% to 10%. We did see, of course, as you know, a moderation in the fourth quarter relative to the third quarter. Again, through Tuesday, year to date, we've seen GPV growth reaccelerate to over 12%. And in the US as well, accelerating to over 7.5%. Ultimately, in the key verticals of focus for us, we've seen really strong results. Food and beverage GPV, up 16% year over year.

如果從 2024 年與 2025 年這兩個年份來看，我們將 GPV 成長率從 8.6% 提高到了 10%。當然，正如您所知，第四季度相對於第三季度出現了放緩。截至週二，今年迄今為止，GPV 成長再次加速至 12% 以上。在美國，這一數字也在加速成長，超過 7.5%。最終，在我們重點關注的垂直領域，我們取得了非常強勁的成果。食品飲料 GPV 較去年同期成長 16%。

Mid-market sellers, also exhibiting continued strong performance in the fourth quarter. And we now view an opportunity to bring the playbook that we've used successfully in food and beverage over the past 12, 18 months to other verticals within the Square ecosystem to drive further strength as well. And so as we look back at what we can deliver in '26, we continue to have conviction that we can accelerate GPV further in 26 relative to 2025.

中端市場賣家在第四季也持續保持強勁的業績。現在，我們看到了一個機會，可以將過去 12 到 18 個月在食品和飲料領域成功運用的策略應用到 Square 生態系統內的其他垂直領域，以進一步增強實力。因此，當我們回顧 2026 年能夠實現的目標時，我們仍然堅信，與 2025 年相比，我們可以在 2026 年進一步加快 GPV 的成長。

And again, that's on the back of some of the really continued progress that Nick and team are making from a new volume added perspective with our strongest year ever in 2025. But I'll turn it to you, Nick, to share more on that.

而且，這得益於 Nick 和他的團隊在新增銷售方面取得的持續進步，2025 年是我們有史以來最強勁的一年。不過，接下來就交給你了，尼克，請你詳細說。

Yes. Thanks, Amrita. Look, as MVA continues to grow and have seen acceleration in '25. It does illustrate that it will build compounding cohort curves and only contribute more meaningfully in terms of GPV growth over the course of 2026. We did a lot of great work in 2025. As Amrita mentioned, we exited '25 with new volume added in Q4 above 29%.

是的。謝謝你，阿姆里塔。你看，MVA持續成長，並在2025年加速成長。這表明它將建立複合隊列曲線，並且在 2026 年期間對 GPV 成長做出更有意義的貢獻。我們在2025年做了很多出色的工作。正如 Amrita 所提到的，2025 年第四季新增銷售超過 29%。

We saw very strong growth from our self-onboarded perspective and still 65% of our volume comes from our self onboarded sellers, which is a real competitive advantage for Square. Marketing is still holding quarter payback period, which is highly efficient. We saw an even steeper acceleration from a sales perspective. Sales led MDA in Q4 was up 62%, as was referenced in the opening remarks, which significantly exceeded the 40% growth target that we spoke about late last year.

從自助註冊的角度來看，我們看到了非常強勁的成長，目前我們 65% 的交易量仍然來自自助註冊的賣家，這對 Square 來說是一個真正的競爭優勢。行銷仍然保持季度投資回收期，效率非常高。從銷售角度來看，我們看到了更迅猛的成長速度。第四季度，銷售額帶動 MDA 成長了 62%，正如開場白中提到的那樣，這遠遠超過了我們去年底談到的 40% 的成長目標。

We have stayed very focused on the marginal ROI as we've scaled with our field sales team and our telesales team and our investment has been successful. We had 15 US-based sales reps in Q1. We're now over 140 by year-end, and we just did our first deal in Australia and the UK through our field team. So seeing that continue to expand.

隨著我們現場銷售團隊和電話銷售團隊的規模不斷擴大，我們始終非常關注邊際投資回報率，而我們的投資也取得了成功。第一季我們有 15 位美國銷售代表。到年底，我們的客戶數量已經超過 140 家，而且我們剛剛透過我們的現場團隊在澳洲和英國完成了第一筆交易。所以，我們看到這種情況持續擴大。

Over 50% of our inbound leads for our field team is through our partnership channel in Q4 and particularly with Cisco, where we're seeing 80% growth in referrals quarter over quarter, we've really lifted our strategic relationship with them and seeing strong progress.

第四季度，我們現場團隊超過 50% 的入站線索來自我們的合作夥伴管道，尤其是與思科的合作，我們看到推薦量環比增長了 80%，我們確實提升了與他們的戰略關係，並看到了強勁的進展。

And if I just look forward to our existing reps will continue to scale just given time in seat and many of them were ramping during the course of 2025. We scaled our independent sales organization partners to over 100. We have a great team leading that and it's complementing our direct to sales motion and scaling across multiple geographies.

展望未來，只要給予足夠的時間，我們現有的銷售代表就會繼續擴大規模，而且他們中的許多人在 2025 年期間都在逐步提升業績。我們將獨立銷售組織合作夥伴的規模擴大到 100 多個。我們擁有一支優秀的團隊來領導這項工作，這與我們的直接銷售模式相輔相成，並能跨越多個地區擴大規模。

And then as Owen mentioned, we're really seeing a lift in product velocity and quickly closing the guard from a competitive product set perspective. So 2025 was our strongest year ever in MVA fueled by a transformed go-to-market motion across marketing, sales, partnerships, and I really expect that to continue to compound into 2026.

正如歐文所提到的那樣，我們確實看到產品週轉速度加快，並且從競爭產品組合的角度來看，我們的防線正在迅速縮小。因此，2025 年是我們 MVA 有史以來業績最好的一年，這得益於行銷、銷售和合作夥伴關係方面市場進入方式的轉變，我真的預計這種勢頭會持續到 2026 年。

Will Nance, Goldman Sachs

威爾南斯，高盛

I was wondering if you could talk on MAU growth. I think it came in a little bit stronger than what the Street was looking for, I think, more or less in line with what you talked about on the Investor Day. So could you just remind us about how you're thinking about the growth algorithm in Cash App from an MAU perspective.

我想請您談談每月活躍用戶成長方面的問題。我認為它的表現比華爾街預期的要強一些，這或多或少與你在投資者日上所說的一致。那麼，您能否從每月活躍用戶數 (MAU) 的角度，簡要回顧一下您是如何考慮 Cash App 的成長演算法的？

Sure. We're really happy with the growth in actives in the second half of last year and in particular, in Q4 in December. As you said, we hit $59 million monthly active accounts in December that was up from $58 million in September. This was driven by a few different things, efforts across multiplayer money, network enhancements, our go-to-market motion and then also just our focus on teens in the next generation. So on the multiplayer money side, we had some key launches. We rolled out PurePeronWeb. We're in the process of rolling out our new core payment flow.

當然。我們對去年下半年，特別是第四季（12 月）的活躍業務成長感到非常滿意。正如你所說，12 月份我們的每月活躍帳戶數達到了 5,900 萬美元，高於 9 月份的 5,800 萬美元。這主要受幾個因素驅動，包括多人遊戲資金、網路改進、市場推廣策略，以及我們對下一代青少年的關注。在多人遊戲收入方面，我們推出了一些重要的遊戲。我們推出了 PurePeronWeb。我們正在逐步推出新的核心支付流程。

And that critically, that's connected to Moneybot. And then it also is the flow that is built to support stable coin. So continuing to tweak things there and get that rolled out to 100%. We also launched Payment Link, which just makes it easy to get paid into Cash App, and you can send those links through text or DM or what have you. We continue the evergreen work on the network enhancement side, just making sure that we're reducing friction where we can and making cash up easy and simple to use. Teens and families we've continued to invest in as well.

而關鍵在於，這與 Moneybot 有關。此外，它也是為支援穩定幣而建構的流程。所以我們會繼續調整，爭取盡快全面推廣。我們也推出了 Payment Link 功能，讓您可以輕鬆地透過 Cash App 收款，您可以透過簡訊、私訊或其他方式發送這些連結。我們將繼續在網路增強方面進行持續改進工作，確保盡可能減少摩擦，讓用戶輕鬆便捷地使用現金支付功能。我們也持續對青少年和家庭進行投資。

And then right now, we're working on expanding access to Cash App Cards and savings accounts for children who are 6 to 12 years old, now the teens program is for those 13 to 17 years old, and we've seen strength where we can kind of grow with those individuals, and we expect it to be the same for children who are 6 to 12.

目前，我們正在努力擴大 6 至 12 歲兒童獲得 Cash App 卡和儲蓄帳戶的途徑。現在，青少年計畫針對 13 至 17 歲的青少年，我們已經看到，我們可以與這些青少年共同成長，我們預計 6 至 12 歲的兒童也會有同樣的情況。

And then marketing is obviously always on full funnel across all of the channels, how we think about incentives, how we think about rewards. I think critically, it's not just about the actives number itself, it's also about the quality of active.

然後，行銷顯然始終貫穿所有管道的整個銷售漏斗，包括我們如何考慮激勵措施，我們如何考慮獎勵。我認為，從根本上來說，重要的不僅是活性成分的數量，還有活性成分的品質。

So what we're seeing is higher engagement rates and higher attach rates for new actives. For instance, in December, 21% of new actives attached to a banking product, and that was up pretty meaningfully versus December of the previous year.

因此，我們看到的是更高的用戶參與度和更高的新活躍用戶附加率。例如，12 月份，21% 的新活躍用戶購買了銀行產品，與去年 12 月份相比，這一比例顯著上升。

So all in all, we feel good about the growth algorithm. There's a number of things that are contributing to actives growth. We feel confident in that low single-digit year-over-year growth number that we've given. There might be some wiggles month-to-month or quarter to quarter, but we're feeling really good about where we are. And of course, we're trying to do everything that we can to surpass those expectations.

總而言之，我們對成長演算法感到滿意。有許多因素促成了活躍用戶的成長。我們對先前給出的個位數同比增速數據充滿信心。雖然每個月或每季可能會有一些波動，但我們對目前的狀況感到非常滿意。當然，我們正在盡一切努力超越這些預期。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great. Let's shift gears a little bit. I want to about a new revenue stream. So Cash App score recently was made available effectively as a service to other third-party lenders. You mentioned that this is early, but you're already having some good conversations with some third-party lenders.

偉大的。我們稍微換個話題吧。我想了解新的收入來源。因此，Cash App 的信用評分最近有效地作為一項服務提供給了其他第三方貸款機構。您提到現在還為時過早，但您已經與一些第三方貸款機構進行了良好的洽談。

My understanding is they would effectively be buyers of this service and incorporating it into their own underwriting flows as may be a part of a more holistic approach to underwriting. But the main point is, I was hoping you could talk a little bit about the revenue opportunity and the pricing model.

我的理解是，他們實際上會成為這項服務的購買者，並將其納入自己的核保流程中，這可能是更全面的承保方法的一部分。但最重要的是，我希望您能談談收入機會和定價模式。

Tim, thanks for the question. I'll just set the stage a little bit before I get into the details. I think what we're seeing in the US is a lot of consumers moving away from credit cards and moving toward other forms of payment, and that's especially true for younger individuals. And so a byproduct of this is that a decent share of the population is now basically anonymous to the legacy credit bureaus.

提姆，謝謝你的提問。在詳細介紹之前，我先簡單介紹一下背景。我認為我們在美國看到的是，許多消費者正在放棄信用卡，轉而使用其他支付方式，這種情況在年輕人中尤其普遍。因此，由此產生的一個副產品是，相當一部分人口現在對傳統信用機構來說基本上是匿名的。

But as time goes on, those folks are contributing more and more to the US economy, and this is kind of the bet on the next generation and the modern earner that we've been talking about. But right now, to some extent, they're getting left out of the traditional credit model.

但隨著時間的推移，這些人對美國經濟的貢獻越來越大，這正是我們一直在談論的對下一代和現代勞工的押注。但目前，在某種程度上，他們被排除在了傳統的信貸模式之外。

On the flip side, meanwhile, we lent out $18.5 billion to consumers in Q4 and that number was up almost 70% year over year. We did that profitably. And we were able to do that largely because of the unique data that we have on our customers that we use to generate a unique Cash App credit score for each of our customers.

另一方面，我們在第四季度向消費者發放了 185 億美元的貸款，這一數字比去年同期增長了近 70%。我們這樣做有利可圖。我們之所以能夠做到這一點，很大程度上是因為我們擁有關於客戶的獨特數據，我們利用這些數據為每位客戶產生獨特的 Cash App 信用評分。

So then now we're thinking through how do we leverage this credit score. I think the first step is that we're going to show the Cash App credit score to our customers. I think there's a couple of benefits there. First is just building transparent -- giving transparency and building trust with our customers. We also think this could be a meaningful driver of behavior just incenting customers to engage more with Cash App in order to drive their credit score.

所以現在我們正在思考如何利用這個信用評分。我認為第一步是我們要向客戶展示 Cash App 的信用評分。我認為這有兩個好處。首先是建立透明－給予客戶透明的訊息，並建立與客戶的信任。我們也認為，這可能會對用戶行為產生重要影響，激勵用戶更多地使用 Cash App 來提高信用評分。

And then second, to your point, we do intend to partner with certain third parties or allow third parties to buy credit score data from us. Since Investor Day, and we have a website out now as well, we've seen really, really strong demand from a number of different folks. And we've had a number of conversations. So it's clear that there's a tremendous amount of demand out there.

其次，正如您所說，我們確實打算與某些第三方合作，或允許第三方向我們購買信用評分資料。自投資者日以來，我們推出了網站，並且已經看到了來自許多不同人士的非常非常強勁的需求。我們已經進行過多次對話。由此可見，市場上存在著龐大的需求。

Also, just given the criticality of this for us going forward, we want to be super deliberate in terms of how we design that program and where we choose to monetize and the sorts of folks that we choose to partner with.

另外，鑑於這對我們未來發展至關重要，我們希望在專案設計、獲利模式以及合作夥伴的選擇方面都格外謹慎。

And then there are subsequent things that you can imagine where it's not just data mechanism taking place, but also there's actually UI within Cash App, where we're able to connect customers with certain credit offerings where maybe we don't power those things right now, but we can increase access and we can bring down costs because of the unique data that we have.

然後，你可以想像，接下來的事情不僅僅是數據機制的運作，實際上還涉及 Cash App 的用戶界面，我們能夠將客戶與某些信貸產品聯繫起來，雖然我們目前可能還沒有提供這些產品，但我們可以利用我們擁有的獨特數據來增加訪問量並降低成本。

So at this point, I would say where we are is -- it's always been clear to us internally that the credit score is extremely valuable. That's how we underwrite such a large book and do it so profitably. Now I think it's increasingly clear that it's valuable for consumers and it's seen as really valuable for other lenders. I think probably the most interesting thing that I would say here and I'll end with this is that I think this is just further indicative of how critical borrow and our lending products are to the Cash App ecosystem overall.

所以就目前而言，我認為——我們內部一直都很清楚，信用評分是非常有價值的。這就是我們能夠承銷如此龐大的書籍並從中獲利的方式。現在我認為越來越清楚的是，這對消費者來說很有價值，對其他貸款機構來說也很有價值。我認為我在這裡要說的最有趣的一點，也是我最後要說的，是我認為這進一步表明了借貸以及我們的貸款產品對整個 Cash App 生態系統的重要性。

I think we have an opportunity here to build a very high-margin product, a very high-margin gross profit stream. But that could only really exist because of borrow and Cash App Afterpay and our other lending products. And so it's just part of the overall ecosystem on the Cash App side and how we're trying to increase access.

我認為我們有機會打造一款利潤率非常高的產品，並獲得非常高的毛利。但這只有在藉貸、Cash App Afterpay 和我們的其他貸款產品的支持下才有可能實現。所以這只是 Cash App 整體生態系統的一部分，也是我們努力增加用戶訪問量的方式之一。

Andrew Schmidt, KeyBanc.

Andrew Schmidt，KeyBanc。

I appreciate the move today. I got to ask on BNPL. A number of good comments there, momentum in Afterpay post purchase, the new products rolling out in 2026. Just curious as a starting point, how 4Q came in versus expectations? And then how we should think

我讚賞今天的舉措。我得問問關於先買後付的問題。有許多不錯的評論，Afterpay 的售後發展勢頭強勁，新產品將於 2026 年推出。首先，我很好奇，第四季業績與預期相比如何？然後我們該如何思考

about growth into 2026 across core Afterpay, post purchase and then some of the newer products you're rolling out?

關於 Afterpay 核心業務、售後服務以及即將推出的一些新產品在 2026 年的成長情況，您有何看法？

Thanks for the question. I'm happy to take this question. So firstly, when I think about binate later, I think about it more from the lens of our kind of commerce consortium and I think that more appropriately represents what's going on in the market. It's no longer just about paying for. It's about pay now, paying for through our integrated merger relationships after on the cash up card, paid monthly. -- than kind of the apples-to-apples view, and that's how we look at it internally.

謝謝你的提問。我很樂意回答這個問題。所以首先，當我以後再考慮 Binate 時，我更多地是從我們這種商業聯盟的角度來看待它，我認為這更能恰當地代表市場上正在發生的事情。這不再只是付費的問題了。現在的問題在於支付，是透過我們整合後的合併關係，在現金充值卡上按月支付——而不是像公平競爭那樣，這也是我們內部看待這個問題的方式。

As we've been kind of executing over the last period, we've been very focused on disciplined, profitable growth for both Afterpay and cash out with these focus for GPV and e-commerce volume was up consumer lending originations, as Owen mentioned, up 69% year over year, but really focused as well on being conscious from a risk loss perspective and scaling in the right way -- for Afterpay specifically, we added large partners like Fanatics and Endeavour Group, which is the largest liquor retailer in Australia. -- post-purchase by now Paletas continued to gain traction and is one of the fastest-growing products which is primarily new customers who are Afterpay.

過去一段時間以來，我們一直專注於Afterpay和現金提取業務的穩健獲利成長。如同Owen所提到的，GPV和電商交易量較去年同期成長了69%，消費貸款發放量也隨之成長。但我們同樣注重風險控制，並以正確的方式拓展業務規模。具體來說，Afterpay新增了Fanatics和Endeavour Group等大型合作夥伴，後者是澳洲最大的酒類零售商。此外，Paletas的售後業務持續成長，是成長最快的產品之一，其主要客戶是Afterpay的新用戶。

And then as I would also mention, we're in the early days of rolling out prepurchase at the cash at car, which we started in February, enabling financing for eligible actives. And so I'm happy by what we're seeing from a buy-now-pay-later perspective. cash at play as well. I know you didn't mention it, but it's important as part of this kind of commerce stack. It's continued to scale at a very meaningful pace, up 55% year on year and active surpassing $8 million in the fourth quarter.

另外，我還想提一下，我們目前正處於推出預購現金購車服務的早期階段，這項服務我們從二月份開始推出，為符合條件的活躍用戶提供融資。因此，從先買後付的角度來看，我對我們目前看到的趨勢感到滿意。現金交易也發揮了作用。我知道你沒提到，但它是這種電商架構中非常重要的一部分。它繼續以非常顯著的速度擴張，年增 55%，第四季活躍用戶數量超過 800 萬美元。

And when I look at these merchant partnerships, where we're seeing strong product market new distribution opportunity like Instacart and Target. It provides a unique and simple on-ramp for Afterpay down the track, given design this from a single integration, a single contract single settlement perspective.

當我審視這些商家合作關係時，我們看到了像 Instacart 和 Target 這樣強大的產品市場新分銷機會。從單一整合、單一合約、單一結算的角度來看，它為 Afterpay 提供了一個獨特而簡單的入口。

And then to your question on point on 2026, I still believe there's a very large and growing can, and we're very well positioned to capture it. 90 million Americans are expected to use (inaudible) in 2026 and volume doubling by 2031 and given cash outs scaled customer base and particularly the scale of the cash up card. It's differentiated owned by us, and I'm really excited to see that continue to continue taking that to market. So we're looking forward to the rest of 2026 and focus may have broader commerce performance.

至於你提到的2026年的問題，我仍然認為市場潛力巨大且持續成長，我們已做好充分準備抓住這一機會。預計到2026年，將有9,000萬美國人使用（聽不清楚），到2031年使用量將翻一番，這得益於現金提取業務的規模化增長，尤其是現金充值卡的普及。這是我們擁有的差異化產品，我非常高興看到它繼續推向市場。因此，我們期待 2026 年的剩餘時間，重點可能會放在更廣泛的商業表現上。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Just want to go back to cash Avoro for a second. Can you talk specifically by your expectations for Cash App borrower growth in '26? And separately. How have loss rates trended in Borrow and with the NPL?

我想再用現金支付Avoro一下。您能否具體談談您對 2026 年 Cash App 借款人成長的預期？而且是分開進行的。Borrow 和 NPL 的損失率趨勢如何？

Rayna it's Amrita. Happy to happy to see -- there's a little bit of feedback Okay. I think that's better. Yes, Borrow had an incredible quarter, as you saw. And we continue to be excited about the growth path for 2026 with Borrow. As I noted on the call, we expect to see even stronger growth in the first half of the year relative to the second half. And you'd see that flow through.

Rayna，是Amrita。很高興看到——收到了一些回饋。好的。我覺得這樣比較好。是的，正如你所看到的，Borrow 的這個季度業績非常出色。我們對 Borrow 在 2026 年的發展前景依然充滿信心。正如我在電話會議上提到的，我們預計今年上半年的成長速度將比下半年更加強勁。你會看到這種流動。

What we've seen so far is that variable profit margins continue to be strong. And even the fourth quarter was the pretty astounding 223% year-over-year origination volume growth, 50% quarter-over-quarter growth. Even with that, we saw variable profit margins in line with our targets across both new and mature cohorts despite that triple-digit origination growth.

目前來看，可變利潤率依然強勁。即使是第四季度，貸款發放量也實現了驚人的同比增長 223%，環比增長 50%。即便如此，儘管貸款發放量實現了三位數成長，但我們在新舊客戶群中都看到了符合我們目標的波動性利潤率。

Really, as we think about what's driving that Borrow growth, I think we'll continue to drive growth as we head into '26. And there's really two big drivers. One is -- as you know, we've transitioned borrow loan origination to SFS. And SFS is now fully -- this is our Bank Square Financial Services. SFS is now fully originating all borrower loans.

確實，當我們思考是什麼推動了 Borrow 的成長時，我認為我們將繼續推動成長，直到 2026 年。實際上，主要有兩個驅動因素。一是—如您所知，我們已經將借貸業務轉移到了 SFS。SFS現已完全更名為—這就是我們的銀行廣場金融服務公司。SFS目前完全負責所有借款人貸款的發放。

And with that, we have both improved unit economics on bar loans and new states that we can expand into. And that expansion is underway, but we see an opportunity to go much further there. And so that is a big driver. That expansion across the new states and the improved unit economics is a big driver of the growth that you've seen in Q4 and we'd expect to see in '26.

這樣一來，我們既提高了酒吧貸款的單位經濟效益，也拓展了業務範圍，進入了新的州。擴張正在進行中，但我們看到了進一步發展的機會。所以這是一個重要的驅動因素。在新的州進行擴張以及單位經濟效益的提高，是第四季度成長的主要驅動力，也是我們預計在 2026 年將看到的成長的主要驅動力。

The second big thing is the deep integration of Barrow into this broader Cash App ecosystem and in particular, with our program around Cash App Green -- in the fourth quarter, we leaned into those Borrow loans. We know that they're so attractive to the modern earner. And we saw a lot of success where customers were excited to either get their first borrower loan or get a higher limit as they became a cash up green customer.

第二件大事是將 Barrow 深度整合到更廣泛的 Cash App 生態系統中，特別是圍繞 Cash App Green 的專案——在第四季度，我們專注於發展了這些 Barrow 貸款。我們知道它們對現代上班族來說非常有吸引力。我們看到許多客戶都非常高興能夠獲得他們的第一筆借款貸款，或成為現金充值綠色客戶並獲得更高的貸款額度，這讓他們感到非常興奮。

When we think if you step back again and think about Borrow, it is an important element for the modern earner in how they can address the variability in their income. Many customers have cited to us, they seek flexibility. And Hari provides that for them as they think about those periods in between paychecks. And that's really a primary driver here for why they would take out of Borrow loan and why we've seen such a sounding product market fit across our customer base here.

當我們退後一步，重新思考借貸時，就會發現它是現代收入者應對收入波動的一個重要因素。許多客戶向我們反映，他們希望獲得靈活性。哈里為他們提供了這樣的機會，讓他們在等待發薪日的這段時間裡能夠有所依靠。而這正是他們選擇向 Borrow 貸款的主要原因，也是我們看到該產品與客戶群如此契合的原因。

And again, expanding borrow rapidly, but still doing that responsibly given the product design attributes and given the very, very strong underwriting models that we've built through our 15 years of of understanding lending and really strong growth across each of the two businesses from a lending perspective. So that's really what's driven borrow as we think about this past year and why we continue to expect strong momentum for borrow into '26.

再次強調，我們將快速擴大借貸規模，但考慮到產品設計特性，以及我們在過去 15 年中對貸款的理解和兩項業務在貸款方面的強勁增長，我們仍然會負責任地這樣做。所以，這就是過去一年推動借貸的真正原因，也是我們繼續預期2026年借貸勢頭強勁的原因。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

So AI, you guys have woven AI into obviously, a lot of the conversations, having a transformative impact across your business. I have a two-parter. I guess, first, do you see AI as a new competitive vector where block has an opportunity, maybe a rare opportunity to sort of meet frog competitors or redefine the competitive landscape? And I guess, second, what gives you guys the right to win here? What are Block's competitive advantages in AI?

所以，你們顯然已經將人工智慧融入很多對話中，這對你們的業務產生了變革性的影響。我有一個分為兩部分的內容。首先，我想問的是，您是否認為人工智慧是一個新的競爭領域，Block 有機會，或許是難得的機會，可以與 Frog 競爭對手一較高下，或重新定義競爭格局？其次，我想問的是，你們憑什麼認為自己有資格贏得這場比賽？Block在人工智慧領域有哪些競爭優勢？

Yes, I do. So I think it goes back to those four things that we want to focus on right now. In terms of what we build as a company. The first that sets us apart is all of our capabilities that we've built up over time. That's everything from our network and peer-to-peer -- it's the fact that we can issue cards that we can accept cards or we can lend money to sellers and individuals. These are very, very hard to acquire as capabilities, and they're hard to maintain.

是的，我願意。所以我覺得，關鍵還是在於我們現在想關注的這四件事。就我們公司所建構的產品而言。我們與眾不同的第一點是我們多年來累積的所有能力。這涵蓋了我們網路和點對點的一切——我們可以發行卡，我們可以接受卡，或者我們可以向商家和個人提供貸款。這些能力很難獲得，也很難維持。

And these are things that represent exact use cases that customers are coming to us in the first place for. When you pair that with the interface, we have a massive install interface on the Square side with our merchants. We have the same on the cash upside through an app and the website. What we'll be able to do is compose these capabilities furtherly to deliver them to all of our customers in real time in a much more personalized way, in a way that they're going to feel like they can actually build their features and their functionality themselves.

而這些正是客戶最初來找我們尋求的具體使用情境。將它與介面結合起來，我們在 Square 端為我們的商家提供了一個龐大的安裝介面。我們透過應用程式和網站也能獲得相同的現金收益。我們將能夠進一步組合這些功能，以更個人化的方式即時交付給所有客戶，讓他們感覺自己可以真正建立自己的功能。

I think that's a significant advantage I think the biggest advantage though is our understanding of our customers. We have an understanding of both sides of the counter. We have real-time data, which is very real transactional data, and we can connect it from the merchant to the consumer, and we can actually use that understanding to be a lot more proactive.

我認為這是一個顯著的優勢，但我認為最大的優勢在於我們對客戶的了解。我們對交易雙方都有所了解。我們擁有即時數據，也就是非常真實的交易數據，我們可以將這些數據從商家連接到消費者，而且我們實際上可以利用這種理解來更積極主動地開展業務。

Instead of our customers coming to our intelligence systems and knowing what questions to ask and what the prompt the AI, we can actually prompt our customers, and we can do it in the right time so that they can have an experience where they have an intelligent system that is looking to protect their business and to protect their individual finances and help them along whatever goals they might have.

與其讓客戶主動使用我們的智慧系統，並知道該問什麼問題以及如何引導人工智慧，不如我們主動引導客戶，並且適時地引導他們，讓他們體驗到智慧系統如何保護他們的業務和個人財務，並幫助他們實現各種目標。

And these are out today and something that we're going to continue to build on. And then finally, is making sure that we're using this intelligence and we're building these world models to help us orchestrate the company much better and be a whole lot more efficient about how we work and how we deliver and how we ship.

這些產品今天已經發布，我們將繼續在此基礎上進行開發。最後，我們要確保利用這些情報，建構這些世界模型，以幫助我們更好地協調公司運作，並在工作、交付和發貨方面提高效率。

So I think all four of those together, I know all four of those together really set us apart. And a big part of the move we made today was to get us in position to do just that and to be ahead of our customers' expectations and to be ahead of the curve and actually being able to deliver that new functionality.

所以我覺得這四點加起來，我知道這四點加起來真的會讓我們脫穎而出。我們今天採取的行動很大程度上是為了讓我們能夠做到這一點，超越客戶的期望，走在時代前沿，並真正能夠交付這些新功能。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Amrita, the guidance for '26 today is above what was outlined at the Analyst Day. What does that mean for the 2028 targets of $15.5 billion in gross profit and adjusted EPS of $55 million, and I think it was $4 billion in free cash flow. What's the bridge that you need now to get there? Or are those targets a little bit different?

Amrita，今天對 2026 年的業績指引高於分析師日上概述的預期。這對 2028 年 155 億美元的毛利和 5,500 萬美元的調整後每股盈餘目標，以及 40 億美元的自由現金流目標意味著什麼？你現在需要通過哪座橋才能到達那裡？或這些目標略有不同？

Brian, thanks for the question. At the simplest level, what you're hearing from us today is we believe we have a path to accelerate the strategies we laid out at Investor Day. We've meaningfully raised our 2026 outlook, not just on profitability, but also on gross profit, showing that path to exiting this year, still in that mid-teens growth range, which is really important as we think about heading into '27 and '28 because of the strong unit economics and incremental profitability in our business, that leads to that path of compounding profitability at a greater rate than gross profit.

布萊恩，謝謝你的提問。簡單來說，我們今天想告訴大家的是，我們相信我們有辦法加速落實在投資人日上提出的策略。我們大幅提高了 2026 年的業績預期，不僅包括盈利能力，還包括毛利，這表明今年年底仍將保持 15% 左右的增長水平，這對於我們展望 2027 年和 2028 年至關重要，因為我們業務的單位經濟效益強勁，盈利能力不斷提升，這將使我們的盈利能力以高於毛利潤的速度複合增長。

So while we're not updating our Investor Day targets on '27 and '28 today, what you see is a really credible and profitable path to delivering compounding profitability at meaningful scale in that '27, '28 view for our business. And we couldn't be more excited to get to work for 2026.

因此，雖然我們今天沒有更新 2027 年和 2028 年的投資者日目標，但你們看到的是，對於我們的業務而言，在 2027 年和 2028 年的展望中，有一條真正可信且有利可圖的道路，可以實現複合盈利能力的顯著增長。我們無比興奮地期待著2026年的工作。

Thank you for participating in today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線了。