Block, Inc. (XYZ) 2026 Q1 法說會逐字稿

Hi, everyone. Thanks for joining our first-quarter 2026 earnings call.

大家好。感謝各位參加我們 2026 年第一季財報電話會議。

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

今天與會的有 Jack 和 Amrita；以及我們的業務負責人 Owen Jennings；還有 Block 的銷售與行銷負責人 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 from conference call participants.

我們將先做一些簡短的開場說明，接著直接開放各位提問。在問答環節中，我們將接聽電話會議與會者的提問。

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 fact, 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.

我們也想提醒各位，本次電話會議中將包含前瞻性陳述。除歷史事實陳述外，所有陳述均可能被視為前瞻性陳述。這些前瞻性陳述包括對我們展望、策略與指引的討論，以及我們的長期目標與目的。

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. Reported results should not be considered an indication of future performance.

這些陳述受到風險與不確定性影響，包括總體經濟狀況的變化。實際結果可能與我們前瞻性陳述所預期者有重大差異。已揭露的結果不應被視為未來表現的指標。

Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also, note that the forward-looking statements, including earnings guidance for 2026, 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.

請參閱我們向美國證券交易委員會（SEC）提交的文件，以了解可能導致我們結果出現差異的因素。另外請注意，本次電話會議中討論的前瞻性陳述（包括 2026 年的盈餘指引）係基於截至今日我們可取得的資訊，以及我們認為合理的假設。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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放貸與銀行產品的討論，均指透過 Square Financial Services 或我們的銀行合作夥伴所提供的產品。

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.

在這些說明中，我們也將討論與投資框架相關的指標，包括「40 法則」（Rule of 40）。依據 40 法則，我們評估的是毛利成長率與調整後營業利益率之和。

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，我們將在本次電話會議中討論若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表已載於股東信中。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

Finally, this call, in its entirety, is being audio webcast on our Investor Relations website. An audio replay of this call and the transcript for Jack and Amrita's opening remarks will be available on our website shortly.

最後，本次電話會議全程將於我們的投資人關係網站進行音訊網路直播。本次電話會議的音訊重播，以及 Jack 與 Amrita 開場致詞的逐字稿，將於稍後在我們網站提供。

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

接下來，我想把時間交給 Jack。

Thank you, all, for joining us.

感謝各位加入我們。

We had a strong first quarter. We exceeded our guidance and are raising our full-year outlook.

我們第一季表現強勁。我們超越指引，並上調全年展望。

In my letter this quarter, I focused on how the way we operate as a company is changing and what that means for what we build for our customers.

在我本季的信中，我聚焦於我們作為一家公司的運作方式如何改變，以及這對我們為客戶打造的產品意味著什麼。

Internally, the intelligence tools we've been building are now meaningfully improving how we run the company. Velocity is increasing, quality is improving, and more of our work is becoming automated.

在內部，我們正在打造的智慧工具，如今已在實質上改善我們經營公司的方式。速度正在提升、品質正在改善，且我們更多的工作正在自動化。

That shift is also starting to show up in our products. MoneyBot is now live across Cash App. We're continuing to scale ManagerBot, which is already available to more than 1 million sellers and on track to reach all Square sellers in June.

這項轉變也開始反映在我們的產品上。MoneyBot 現已在 Cash App 全面上線。我們持續擴大 ManagerBot 的規模；它已提供給超過 100 萬名賣家使用，並預計於 6 月覆蓋所有 Square 賣家。

We're seeing that, when AI helps the customer take an action, they come back at much higher rates than when it only provides them with information. We think of these as protectors, systems that can help understand patterns and prompt customers or sellers to act before small issues become much, much bigger ones.

我們觀察到，當 AI 協助客戶採取行動時，他們回訪的比率遠高於僅提供資訊的情況。我們將這些視為「保護者」——能夠協助理解模式，並在小問題變成更、更大的問題之前，提示客戶或賣家採取行動的系統。

This model of proactive, action-oriented systems is differentiated because it fits how people make decisions in their businesses and their financial lives. It's where we're focused.

這種主動、以行動為導向的系統模式具有差異化，因為它符合人們在經營事業與財務生活中做決策的方式。這正是我們的聚焦方向。

There's more detail in my letter this quarter. I hope you get a chance to read through it all.

更多細節都在我本季的信中。希望各位有機會完整閱讀。

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

接下來，我把時間交給 Amrita。

Thanks, Jack.

謝謝你，Jack。

We delivered another strong quarter, outperforming our guidance across gross profit, adjusted operating income, and adjusted diluted EPS.

我們再度交出強勁的一季，在毛利、調整後營業利益與調整後稀釋每股盈餘（EPS）方面均優於指引。

Gross profit grew 26% -- 27% year over year to $2.91 billion in the first quarter, driven by accelerating growth in both Cash App and Square.

第一季毛利成長 26%——年增 27% 至 29.1 億美元，主要由 Cash App 與 Square 兩者加速成長所帶動。

Adjusted operating income increased 56% year over year to $728 million or a 25% margin. Adjusted EBITDA reached $1 billion. Adjusted diluted EPS grew 52% year over year to $0.85.

調整後營業利益年增 56% 至 7.28 億美元，或 25% 的利潤率。調整後 EBITDA 達到 10 億美元。調整後稀釋每股盈餘年增 52% 至 0.85 美元。

Each of these adjusted metrics represented all-time highs on a dollar and margin basis.

上述各項調整後指標在金額與利潤率方面皆創下歷史新高。

Cash App gross profit growth was 38% year over year in the first quarter, driven by accelerating growth in both commerce enablement and financial solutions. Cash App monthly transacting actives grew 4% year over year, as we continued to execute on our product and go-to-market strategies to strengthen network growth.

第一季 Cash App 毛利年增 38%，主要由商務賦能與金融解決方案兩者加速成長所帶動。Cash App 月度交易活躍用戶年增 4%，我們持續執行產品與上市策略，以強化網路成長。

We continued to deepen engagement across our actives base, with inflows per transacting active up 10% year over year and primary banking actives growth of 18% year over year to [$9.7 million].

我們持續加深活躍用戶基礎的參與度，每位交易活躍用戶的流入金額年增 10%，而主要銀行業務活躍用戶年增 18% 至[$9.7 million]。

In the first four months of the year, we profoundly expanded our product ecosystem, including the ways in which buy now, pay later functionality shows up across Cash App.

在今年前四個月，我們大幅擴展了產品生態系，包括「先買後付」（Buy Now, Pay Later）功能在 Cash App 各處的呈現方式。

We launched Afterpay Pre-Purchase, which allows eligible customers to pay in full using their Cash App Card. We expanded buy now, pay later functionality to cover peer-to-peer transactions and Cash App Pay.

我們推出 Afterpay Pre-Purchase，讓符合資格的客戶可使用 Cash App Card 一次付清。

MoneyBot is now generally available. In the past week, we started rolling out Cash App Score, making one of our foundational underwriting capabilities more visible and actionable for customers.

MoneyBot 現已全面開放使用。在過去一週，我們開始推出 Cash App Score，讓我們的一項基礎核保能力對客戶而言更可見、也更可採取行動。

Turning to Square, where gross profit and GPV growth accelerated in the first quarter to 9% and 13%, respectively, on a constant currency basis, GPV grew 11.5% year over year, improving across both the US and internationally.

接著看 Square：第一季毛利與 GPV 成長在固定匯率基礎上分別加速至 9% 與 13%；GPV 年增 11.5%，美國與國際市場皆有所改善。

We accelerated GPV growth from food and beverage sellers to 21% year over year and from mid-market sellers to 22% year over year, both reflecting the strongest growth rates we've seen since Q1 2023. International GPV grew 35% year over year or 26% on a constant-currency basis.

餐飲賣家的 GPV 成長加速至年增 21%，中型市場賣家年增 22%，兩者皆反映自 2023 年第一季以來我們所見的最強成長率。國際 GPV 年增 35%，或在固定匯率基礎上年增 26%。

We sustained strong new volume added growth across both the US and internationally, reflecting the high ROI field sales investments we made throughout 2025. We are beginning to more meaningfully scale our independent sales organization, or ISO, partnerships and now have more than 140 active ISO partners who are ramping quickly.

我們在美國與國際市場皆維持強勁的新增交易量成長，反映我們在 2025 年期間所做的高投資報酬率（ROI）外勤銷售投資。我們正開始更有意義地擴大我們的獨立銷售組織（ISO）合作夥伴關係，目前已有超過 140 家活躍 ISO 夥伴，且正快速爬坡成長。

So far, this year, we launched the next generation of Square Register, our flagship countertop point-of-sale; and released dozens of new features designed to give sellers time back and help them grow their business. We expanded Square Bitcoin Payments into retail and services and enabled ManagerBot for over 1 million sellers.

截至目前今年，我們推出了新一代 Square Register（我們的旗艦型櫃檯式銷售點系統），並發布數十項新功能，旨在為賣家節省時間並協助其拓展業務。我們將 Square Bitcoin Payments 擴展至零售與服務業，並為超過 100 萬名賣家啟用 ManagerBot。

Our strategy to connect sellers and consumers at scale is gaining traction. Neighborhoods expanded to sellers representing $320 million in annualized GPV, up 190% since December. In April, alone, we added more sellers than in the product's entire prior history.

我們以規模連結賣家與消費者的策略正逐步獲得動能。Neighborhoods 已擴展至代表年化 GPV 達 3.2 億美元的賣家，自 12 月以來成長 190%。僅 4 月一個月，我們新增的賣家數就超過該產品過去全部歷史的總和。

Our transformational investments in AI are reshaping both what we build and how we operate. Production code changes per engineer increased more than 2.5 times from January to April. We've seen AI expand what it means to be a builder, both for our customers and our internal operations. Production code changes made by non-engineers at Block were up nearly 60% in April compared to January.

我們在 AI 方面的變革性投資，正在重塑我們打造什麼以及我們如何營運。每位工程師的生產環境程式碼變更次數，從 1 月到 4 月增加超過 2.5 倍。我們看到 AI 擴展了「建造者」的意涵，無論對客戶或我們的內部營運皆是如此。Block 內由非工程師所做的生產環境程式碼變更，在 4 月相較 1 月增加近 60%。

Turning to guidance, we are raising our full-year outlook for gross profit, adjusted operating income, and adjusted diluted EPS, reflecting strong Q1 execution and higher expectations for the rest of the year.

談到財測指引，我們上調全年毛利、調整後營業利益與調整後稀釋每股盈餘（EPS）的展望，反映第一季強勁的執行表現，以及我們對今年剩餘期間更高的預期。

We now expect $12.33 billion in gross profit in 2026 or 19% year-over-year growth, up 1 percentage point from our prior expectation, along with $3.34 billion in adjusted operating income, with margin expectations also up 1 percentage point, relative to our prior guide.

我們目前預期 2026 年毛利為 123.3 億美元，年增 19%，較先前預期上調 1 個百分點；同時，調整後營業利益預期為 33.4 億美元，利潤率預期亦較先前指引上調 1 個百分點。

We expect to deliver $3.85 in adjusted diluted EPS, up 62%, year over year. We continue to expect to exit 2026 at a mid-teens gross profit growth rate, consistent with our long-term guidance.

我們預期調整後稀釋每股盈餘（EPS）為 3.85 美元，年增 62%。我們仍預期在 2026 年底時，毛利成長率可達中十位數（mid-teens），與我們的長期指引一致。

For Q2, we expect gross profit of $3.04 billion or a 20% year-over-year growth; adjusted operating income of $740 million, representing 35% growth and 2 points of margin expansion, year over year; and adjusted diluted EPS of $0.86 or 39% growth, year over year.

針對第二季，我們預期毛利為 30.4 億美元，年增 20%；調整後營業利益為 7.40 億美元，年增 35%，且利潤率年增擴張 2 個百分點；調整後稀釋每股盈餘（EPS）為 0.86 美元，年增 39%。

So far, in the second quarter, we've been encouraged by numerous metrics we track. In April, Square GPV grew 12% in constant currency, with US GPV growing 9% year over year and international GPV growing 25% in constant currency.

截至目前，在第二季，我們追蹤的多項指標都令人鼓舞。4 月，Square 的 GPV 以固定匯率計成長 12%，其中美國 GPV 年增 9%，國際 GPV 以固定匯率計年增 25%。

We've continued to see healthy inflows for active and monetization rates in Cash App. Underwriting outcomes are in line with our expectations.

我們持續看到 Cash App 在活躍用戶與變現率方面有健康的資金流入表現。承保結果符合我們的預期。

Before wrapping up and turning to questions, a few additional considerations related to our guidance and the pacing of key items throughout the year:

在結束並進入問答之前，補充幾點與我們指引以及全年關鍵項目節奏相關的考量：

In Q2, we intend to increase our investment and go-to-market in high ROI areas across Square and Cash App. We continue to expect low single-digit actives growth for the remainder of 2026.

在第二季，我們計畫在 Square 與 Cash App 的高投資報酬（ROI）領域加大投資與市場推進（go-to-market）。我們仍預期 2026 年剩餘期間活躍用戶將維持低個位數成長。

We expect continued year-over-year growth in primary banking actives, with a slight seasonal sequential decline in Q2 versus Q1, consistent with typical seasonal trends and what we observed last year.

我們預期主要銀行（primary banking）活躍用戶將持續年增；但第二季相較第一季將出現輕微的季節性環比下滑，這與典型季節性趨勢以及我們去年觀察到的情況一致。

We continue to expect to accelerate GPV growth in 2026 versus 2025. [NVA] growth should contribute to support GPV growth in 2026, despite tougher comparisons for GPV growth and FX starting in the second quarter.

我們仍預期 2026 年的 GPV 成長將較 2025 年加速。[NVA] 的成長應可在 2026 年支撐 GPV 成長，儘管自第二季起，GPV 成長與匯率（FX）的比較基期將更具挑戰。

We saw encouraging Square gross profit growth acceleration in Q1. We continue to expect gross profit to grow roughly in line with GPV growth in the second half of the year.

我們在第一季看到令人鼓舞的 Square 毛利成長加速。我們仍預期下半年毛利成長將大致與 GPV 成長同步。

In the second quarter, we expect the gap between reported gross profit growth and GPV growth to narrow, relative to Q1. This is net of a few one-time elements impacting gross profit growth in both directions, as we lap a network remediation payment in the second quarter of last year and as we expect a one-time tariff refund related to Square hardware to benefit gross profit.

在第二季，我們預期已揭露（reported）的毛利成長與 GPV 成長之間的差距，將較第一季縮小。此預期已扣除幾項一次性因素對毛利成長的正反向影響：我們將在今年第二季跨越去年第二季的一筆網路修復付款（network remediation payment）的比較基期，同時我們也預期一筆與 Square 硬體相關的一次性關稅退稅（tariff refund）將有利於毛利。

Finally, we expect Q2 interest expense of $55 million to $60 million and full-year interest expense of approximately $200 million to $210 million. We continue to expect a mid-20% non-GAAP effective tax rate, both in the second quarter and for the full year 2026.

最後，我們預期第二季利息費用為 5,500 萬至 6,000 萬美元，全年利息費用約為 2.00 億至 2.10 億美元。我們仍預期非 GAAP 有效稅率約為中 20%（mid-20%），無論在第二季或 2026 全年皆然。

We delivered a strong first quarter and have conviction in the path ahead. Most importantly, we are moving faster, focused on building with high quality and delivering more for our customers.

我們交出強勁的第一季表現，並對未來的前進路徑充滿信心。最重要的是，我們正以更快的速度推進，專注於以高品質打造產品，並為客戶帶來更多價值。

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

接下來我把電話交回給接線員，進入問答環節。

(Operator Instructions)

（接線員指示）

Tien-Tsin Huang, JP Morgan.

Tien-Tsin Huang，摩根大通（JP Morgan）。

If you're on the line, Tien-Tsin, we can't hear you.

Tien-Tsin，如果你在線上，我們聽不到你的聲音。

We've got some harmonics. That's about it.

我們聽到一些諧波雜音。大概就是這樣。

Why don't we move to the next one? (multiple speakers) --

我們先換下一位吧？（多位講者）--

Darrin Peller, Wolfe.

Darrin Peller，Wolfe。

All right. Hey, guys. Can you hear me okay?

好。嗨，各位。你們聽得到我嗎？

Yeah.

聽得到。

All right,. thanks. Nice job on the quarter. It's great to see you raise the outlook for the year, Amrita, not only for the beat in the quarter but also by more than the beat on both gross profit and operating income.

好，謝謝。本季表現做得很好。很高興看到你們上調全年展望，Amrita，不僅因為本季超預期（beat），而且毛利與營業利益的上調幅度也都超過本季超預期的幅度。

If you don't mind just touching further on the areas of strength you saw in the first quarter that are informing your view on the rest of the year; maybe giving some specific examples and KPIs.

如果方便的話，能否再多談談第一季你們看到的強勁領域，這些如何影響你們對今年其餘時間的看法；也許提供一些具體例子與 KPI。

What are the key drivers included in this outlook? What's expected for the underlying segments, if you don't mind sharing that, as well?

這份展望中包含的關鍵驅動因素是什麼？如果不介意的話，也請分享一下對各個底層業務分部的預期。

Thanks, again, guys.

再次感謝，各位。

Hey, Darrin. Thanks for the question.

嗨，Darrin。謝謝你的提問。

We had a great start to the year here; came out the gate strong. Obviously, you saw acceleration in gross profit growth.

我們今年開局非常好；一開始就表現強勁。很明顯，你也看到毛利成長加速。

You saw us meaningfully beat our guidance and grew our adjusted profitability at roughly twice the rate of gross profit, with discipline, as we continue to invest to drive future growth. We had record margin in dollars in terms of adjusted profitability.

你看到我們大幅超越指引；同時在持續投資以推動未來成長的情況下，我們仍以紀律將調整後獲利能力的成長速度做到約為毛利成長的兩倍。以調整後獲利能力來看，我們的利潤（以美元計）創下歷史新高。

I think what's most important, though, in all of that, from the Q1 results, is that we saw broad-based underlying strength across each of our two ecosystems.

不過，我認為在第一季結果中最重要的是：我們在兩大生態系中都看到了廣泛的底層強勁動能。

For Cash App, if you look, from an inflows framework perspective, we saw growth on each of the key metrics, from actives at 4% to inflows per active at 10% to meaningful compounding -- continued growth in our monetization rate.

以 Cash App 而言，若從資金流入（inflows）的框架來看，我們在各項關鍵指標上都看到成長：活躍用戶成長 4%，每位活躍用戶的流入金額成長 10%，以及顯著的複利效應——我們的變現率持續成長。

That's really a reflection of engagement across our ecosystem and for our customers across multiple products. And so you saw that flow through in the volumes we were able to produce across each of our core verticals, from consumer lending originations up 82%; to commerce enablement volumes up 18%; to banking engagement, with primary banking actives, up 18%, as well.

這其實反映了我們生態系的互動度，以及客戶在多項產品上的使用參與。因此，你也看到這些動能反映在我們各核心垂直領域所帶來的交易量上：消費者放款承作（originations）成長 82%；商務賦能（commerce enablement）交易量成長 18%；以及銀行業務互動度提升——主要銀行活躍用戶也成長 18%。

Similarly, from a Square perspective, we were really encouraged to see not only the acceleration in GPV and also on a constant -currency basis but, also, importantly, the plus-20% growth in each of the three areas of focus for us, from food and beverage to mid-market to international growth.

同樣地，從 Square 的角度來看，我們很受鼓舞的不僅是 GPV 的加速成長（也包括固定匯率口徑），更重要的是，我們聚焦的三個領域都實現了 20% 以上的成長：餐飲（food and beverage）、中型市場（mid-market）以及國際成長。

Importantly, the drivers of growth there -- being new volume added and net volume retention, where we saw improving net volume retention in the first quarter, both on a year-over-year and sequential basis; and continued strong growth in NVA, as we bring new sellers into the platform.

重要的是，那裡的成長驅動因素——包括新增交易量（new volume added）與淨交易量留存（net volume retention）。我們在第一季看到淨交易量留存無論年比或季比都在改善；同時，隨著我們把新商戶帶入平台，NVA 也持續強勁成長。

Those are the key things that we saw driving the first quarter, Darrin. As we look to the remainder of the year -- had the confidence to raise our outlook.

以上就是我們在第一季看到的主要驅動因素，Darrin。展望今年剩餘時間——我們因此有信心上調指引。

Our new full year outlook here is an added 1 point of growth to 19% and an added margin -- 1 point -- of growth -- or an extra 1 point of margin, I should say, to 27% margin.

我們新的全年展望是：成長率再增加 1 個百分點至 19%，以及利潤率再增加 1 個百分點——也就是我應該說，利潤率額外增加 1 個百分點至 27%。

As we look at Q2, as I noted, we've started April with continued healthy trends and strong momentum, even as we expect Borrow growth to normalize, as we now begin to lap some of the very exceptional growth that we've seen for Borrow over this past year.

就第二季而言，如我所提到的，我們在 4 月開局仍看到健康的趨勢與強勁動能；即便我們預期 Borrow 的成長將趨於正常化，因為我們開始跨越過去一年 Borrow 非常突出的高成長比較基期。

As we go throughout the remainder of the year, I'll call out a couple things that we're watching, as we look at the second half and that we're excited about across Square and Cash App.

在今年剩餘期間，我想點出幾件我們正在觀察的事項；當我們看向下半年時，這些也是我們在 Square 與 Cash App 兩邊都感到興奮的部分。

But all of that ladders up to. in our guidance, an expectation -- a continued expectation -- that we'd exit the year in that mid-teens gross profit growth range, which is consistent with what we shared back in November at Investor Day, even as one of these big drivers of growth for us, with Borrow, continues to normalize throughout the remainder of the year.

但所有這些加總起來，在我們的指引中，代表一項預期——一項持續的預期——也就是我們預計在年底時，毛利成長將落在十幾%的中段區間；這與我們在11月投資人日所分享的內容一致，即便我們其中一個重要的成長驅動因素 Borrow 仍在今年剩餘期間持續回歸常態化。

The other key thing that I'd point at, as we look at the back half, is that we expect to see expanding margins in each of Q3 and Q4. That's even as we step up our investment in go-to-market channels that have proven high ROI for us that we'd expect to drive growth, not only in the back half but in the next year.

另外一個我想指出的關鍵點是，當我們看下半年時，我們預期在第三季與第四季的每一季都會看到利潤率擴張。即便如此，我們也會加大對已被證明具高投資報酬率（ROI）的上市推廣（go-to-market）通路的投資；我們預期這不僅能帶動下半年的成長，也能帶動明年的成長。

Maybe just to end, Darrin, like -- the couple of the key things that we're excited about, as we look at the back half for each of Square and Cash App:

也許最後做個收尾，Darrin——就我們在下半年對 Square 與 Cash App 各自感到興奮的幾個重點：

From a Square perspective, we're expecting to accelerate our gross profit growth in the back half. Pretty excited about some of the pricing and packaging initiatives, both some of the initiatives we already launched and are still in the process of expanding, as well as new initiatives.

就 Square 而言，我們預期下半年毛利成長會加速。我們對一些定價與方案組合（packaging）計畫感到相當興奮，包含我們已經推出且仍在擴展中的計畫，以及一些新的計畫。

And then of course, the key drivers of compounding GPV growth continue to flow through, with go-to-market channels ramping, like field sales, ISO partnerships, and marketing, as well as continued product velocity.

當然，推動 GPV 複利成長的關鍵驅動因素也會持續發酵，隨著上市推廣通路的加速爬坡，例如外勤銷售、ISO 合作夥伴關係與行銷，以及持續的產品推進速度。

From a Cash App perspective, again, strong underlying drivers of growth there. We continue to expect low-single -digit actives growth, as we look at the back half of the year, with Cash App Green continuing to drive deeper engagement for us and ramp, over time; as well as this broader infrastructure that we're building now around consumer lending integrated into our full product stack across the breadth of the Cash App platform, including -- embedded in some of the commerce vehicles that we have.

就 Cash App 而言，同樣地，其底層成長驅動因素依然強勁。展望下半年，我們仍預期活躍用戶將呈現低個位數成長；同時 Cash App Green 將持續帶動更深度的使用互動並隨時間推進；此外，我們也正在建置更廣泛的基礎設施，圍繞整合至 Cash App 平台全產品堆疊的消費者放款，涵蓋 Cash App 平台的各個面向，包括——嵌入在我們所擁有的一些商務載具之中。

Really just getting started on that; and seeing growth continue and momentum continue into the back half.

這部分其實才剛起步；我們也看到成長持續、動能持續延伸到下半年。

Tien-Tsin Huang, JP Morgan.

Tien-Tsin Huang，摩根大通（JP Morgan）。

All right; trying again. Sorry about that, guys.

好，我再試一次。各位抱歉。

Jack, I just wanted to ask you (multiple speakers) -- yeah. Thanks, (inaudible).

Jack，我想問你（多位講者）——對。謝謝，(聽不清楚)。

I just wanted to ask you, Jack; just wanted to get a post-mortem, maybe, of the reorg, so far. Would love to get your thoughts; just what's worked better than expected; where you're seeing challenges or any regrets.

我想問你，Jack；想請你對這次重組到目前為止做個事後檢討。很想聽聽你的看法；哪些地方比預期更有效；你看到哪些挑戰，或有沒有任何後悔之處。

In the near term, beyond the cost savings and achieving guidance that you guys laid out, what are you tracking? What are you watching for? What should we watch for as proof points that you're getting to where you want to go?

短期來看，除了成本節省以及達成你們提出的指引之外，你們在追蹤哪些指標？你們在觀察什麼？我們應該觀察哪些證據點，來證明你們正朝著想去的方向前進？

Yeah. I would say our expectations were extremely high. That's the only reason we were able to take the action that we took, which was fairly monumental and foundational for us. I believe we hit all those expectations.

是的。我會說我們的期望值非常高。也正因如此，我們才有能力採取我們所採取的行動——那對我們而言相當重大且具基礎性。我相信我們達成了所有那些期望。

There was a bunch of challenges that we assumed we would come up through. But, I think, the most important thing is we were prepared as a team and as a company to see everything through.

我們原本就預期會遇到一連串挑戰。但我認為最重要的是，我們作為一個團隊、作為一家公司，已經準備好把所有事情徹底完成。

We had specific principles that we wanted to guide towards around reliability; around making sure that we were committed to all of our regulatory and trust commitments -- and that we could continue to grow the business. We've been able to hit all those.

我們有一些明確的原則作為指引：關於可靠性；關於確保我們遵守所有監管與信任方面的承諾——並且我們仍能持續成長業務。我們都做到了。

I think some of the challenges, in terms of just moving the company and continuing to ship, resulted more in -- as we have more and more code being written (technical difficulty) -- there's a bit of an echo on your line. You might want to mute, Tien-Tsin.

我認為一些挑戰，主要是在推動公司前進並持續交付方面，更多是源自於——隨著我們寫出越來越多程式碼（技術問題）——你的線路有點回音。Tien-Tsin，你可能要靜音。

As we've been writing a lot more code with the help of AI agents, we have a lot more [PRs]. In order to merge them into the mainline code base, it puts a greater burden on reviewing those.

隨著我們在 AI 代理的協助下寫了更多程式碼，我們有了更多[PRs]。要把它們合併進主幹程式碼庫，就會對審查工作帶來更大的負擔。

But we've managed to figure that one out and really focus our folks on the most important aspects of that so we can really focus on our priorities and ship much faster.

但我們已經設法把這件事理順，並讓同仁把重心放在其中最重要的面向上，讓我們能真正聚焦在優先事項並更快交付。

I think the thing to expect, going forward, is, we still have some work to do on the organization in terms of --we really want a flatter organization. That means that more of our people are closer to our customers and closer to decisions; and have a lot more agency to take on the work, especially as these tool harnesses are getting more and more mature and more sophisticated.

我認為接下來可以期待的是，我們在組織上仍有一些工作要做——我們真的希望組織更扁平。這意味著更多同仁更貼近客戶、更貼近決策，並且擁有更大的自主權去承擔工作，尤其是當這些工具套件越來越成熟、越來越精密之際。

That allows us to make much faster decisions. That was one of the strongest outcomes of the action we took --is just the speed of decision-making and the ability to, like, act on that decision through the tools. That's something to watch for.

這讓我們能更快做出決策。這是我們採取該行動後最強的成果之一——就是決策速度，以及能透過工具把決策落地執行的能力。這是值得觀察的重點。

In continuing to increase our product velocity, all that matters to our customers is that we're staying ahead of their needs. That's both on the seller side; and, also, on the Cash App customer side; and throughout our ecosystem.

在持續提升我們的產品交付速度（product velocity）方面，對客戶而言最重要的是我們能領先他們的需求。這同時涵蓋商家端，也涵蓋 Cash App 客戶端，以及我們整個生態系。

Now that these AI tools are handling more of the mundane tasks and we're automating a lot more, we can focus on being a lot more creative and being a lot more innovative, again; and continuing to have the breadth of our ecosystems, such that we can be a one-stop shop for both sellers and for individuals; and then, really, making sure that we're delivering intelligence as our future product -- delivering intelligence based on our understanding of our sellers; based on our understanding of our Cash App customers.

現在這些 AI 工具正在處理更多例行性工作，而我們也在進一步自動化，因此我們可以把重心放在更具創造力、更具創新性上；並持續擴展我們生態系的廣度，讓我們能成為商家與個人用戶的一站式平台；然後，真正確保我們把「智慧」作為未來的產品——基於我們對商家的理解、基於我們對 Cash App 客戶的理解，來交付智慧。

I think the concept of products and apps is changing very quickly. I think the lines are blurring. A lot of the future expectation that our customers will have is around being delivered intelligence, based on a very deep understanding.

我認為「產品」與「App」的概念正在非常快速地改變。我認為界線正在變得模糊。客戶對未來的許多期待，將圍繞在基於非常深度理解所交付的智慧。

That we're able to do that proactively, I think, is the thing that will set us apart from all of our competitors. That's what we want to improve this year.

我認為我們能夠主動做到這一點，將是讓我們從所有競爭對手中脫穎而出的關鍵。這也是我們今年想要提升的方向。

MoneyBot and ManagerBot are just the first manifestations of that.

MoneyBot 和 ManagerBot 只是這個方向的第一批具體呈現。

Tim Chiodo, UBS.

Tim Chiodo，瑞銀（UBS）。

Great. Thank you.

很好。謝謝。

A common investor discussion topic is around the Cash App growth, as we get into 2027 and into 2028. Basically, the rest of the medium-term guide.

投資人常見的討論主題之一，是 Cash App 在 2027 年與 2028 年的成長。基本上就是其餘的中期指引。

We're often asked: What are some of the big drivers, once we get past the states' expansion for Cash App Borrow? To which, we typically have an answer of at least three things:

我們常被問到：當 Cash App Borrow 的州別擴張告一段落之後，還有哪些主要驅動因素？對此，我們通常至少會有三個面向的答案：

There's Borrow loan sizes increasing as a part of Cash App Green. There's the continued growth of post-purchase BNPL; and then, more recently, as you mentioned in the prepared remarks, around pre-purchase BNPL; and then, of course, other factors.

其一是作為 Cash App Green 一部分，Borrow 的貸款額度（loan sizes）提升。其二是購後 BNPL 的持續成長；再來是你在事先準備的發言中提到的、近期更受關注的購前 BNPL；當然還有其他因素。

I was hoping you could expand on some of those items that I listed and maybe others to talk about the Cash App growth drivers in 2027 and, really, into 2028. Thanks.

我希望你能針對我列出的這些項目，以及可能的其他項目，多做一些延伸，談談 Cash App 在 2027 年、乃至 2028 年的成長驅動因素。謝謝。

Hey, Tim. Thanks for the question.

嗨，Tim。謝謝你的問題。

Maybe, just to go back to where I started the last response, as well, which is, we've got a broad multi-variable platform with Cash App, where we're delivering value to customers across multiple ways of conducting commerce and financial services.

也許我先回到我上一個回答的起點：Cash App 是一個廣泛、具多變數的平臺，我們透過多種進行商務與金融服務的方式，為客戶交付價值。

Ultimately, the thing that underpins each of those different product types is network virality, the interconnections between customers on our platform; and engagement, how they use different products and how, ultimately, some of those products engage with each other and integrate with each other?

歸根結底，支撐上述各種不同產品類型的，是網路病毒式擴散（network virality）——也就是我們平台上客戶之間的互聯互通；以及參與度（engagement）——他們如何使用不同產品，以及最終其中一些產品如何彼此互動並相互整合？

Those are the core long-term drivers of growth for Cash App. Again, in Q1, as I noted, we've seen strength there in those underlying drivers, from actives to inflows per active to double-digit growth on card spend per active, as well.

這些是 Cash App 長期成長的核心驅動因素。同樣地，如我所提到的，在第一季，我們在這些底層驅動因素上看到了強勁表現，從活躍用戶到每位活躍用戶的流入金額（inflows per active），以及每位活躍用戶的卡片消費（card spend per active）也呈現雙位數成長。

What we're seeing now with some of the lending products is, as you noted, that we're actually starting to embed and integrate that core capability into other Cash App products that ultimately make those products more valuable to our customers.

至於你提到的部分放貸產品，我們目前看到的是：我們其實正開始把這項核心能力嵌入並整合到其他 Cash App 產品中，最終讓那些產品對客戶更有價值。

Some examples of that, obviously, are embedding lending into peer-to-peer -- that buy now, pay later functionality into peer-to-peer -- which is a differentiator for that network-driven product.

其中一些例子，顯然包括把放貸嵌入點對點（peer-to-peer）——也就是把「先買後付」（buy now, pay later）功能嵌入點對點——這對於這個由網路效應驅動的產品而言是一項差異化優勢。

We've got commerce enablement, which has been a strong driver of growth for us; also, integrating lending into our solutions there, whether it's buy now, pay later integrated into Cash App Card through post-purchase and pre-purchase, as well as, now, into Cash App Pay.

我們也有商務賦能（commerce enablement），這一直是我們強勁的成長驅動因素；同時也在那裡整合放貸解決方案，不論是把「先買後付」透過購後（post-purchase）與購前（pre-purchase）整合進 Cash App Card，或是現在也整合進 Cash App Pay。

We've got Borrow integrated into Cash App Green, which, of course, is our membership program that drives greater banking activity across our platform. It shows the broader interplay of lending across commerce; across peer-to-peer; across banking.

我們已將 Borrow 整合進 Cash App Green；當然，Cash App Green 是我們的會員方案，能帶動整個平台更高的銀行業務活動。這也展現了放貸在商務、點對點與銀行業務之間更廣泛的相互作用。

All of which is underpinned by our core singular platform that makes up our underwriting capability and expertise.

而這一切都以我們核心且單一的平台為基礎，該平台構成了我們的承保（underwriting）能力與專業。

As we look at some of those individual products and the key going-forward growth drivers for lending:

當我們檢視其中一些個別產品，以及放貸未來的關鍵成長驅動因素時：

First, on Borrow, even as growth normalizes, we see opportunities to continue to scale here and scale meaningfully in a disciplined way through greater integration with Cash App Green; through higher limits with some of our mature customers and established customers, where we see repeated healthy and responsible behavior; and through product innovations in the core Borrow product itself, where we have a number of different variables at play still yet to explore.

首先，在 Borrow 方面，即使成長趨於常態化，我們仍看到持續擴張的機會，而且能以審慎且有紀律的方式顯著擴張：透過與 Cash App Green 更深度整合；透過對部分成熟且已建立的客戶提高額度——我們看到他們反覆展現健康且負責任的行為；以及透過 Borrow 核心產品本身的產品創新，因為我們仍有許多不同變數可探索。

We're excited about Borrow's continued growth within the Cash App ecosystem.

我們對 Borrow 在 Cash App 生態系中的持續成長感到振奮。

Secondly, we're early stage on what we think is a really massive potential for us, which is to extend buy now, pay later functionality across Cash App.

第二，我們仍處於早期階段，但我們認為有一個對我們而言非常巨大的潛力：把「先買後付」功能擴展到整個 Cash App。

You noted Afterpay Post-Purchase, which is the product that we've had in market now for over a year. We've seen that product has grown faster than even Borrow grew at a similar point in its life. In fact, each of our lending products has grown faster than the prior one at a similar point in life. It shows the compounding nature of the knowledge that we're building up in the models that we have here.

你提到 Afterpay 購後（Post-Purchase），這是我們已在市場上推出超過一年的產品。我們看到該產品的成長速度，甚至比 Borrow 在相同生命週期階段時更快。事實上，我們每一個放貸產品在相同生命週期階段的成長速度，都比前一個更快。這顯示我們在模型中累積的知識具有複利式的特性。

What's also really encouraging for us about Afterpay Post-Purchase is that the growth that we're seeing there is primarily driven by net new BNPL customers. It means that it gives us the opportunity to expand the overall Afterpay customer base.

另外，Afterpay 購後（Post-Purchase）讓我們非常受鼓舞的一點是：我們看到的成長主要由淨新增（net new）的 BNPL 客戶所驅動。這表示它讓我們有機會擴大整體 Afterpay 的客戶基礎。

Pre-Purchase, as you noted, is another lever of growth. It's even earlier in its life; only a couple months in. We're excited by what we see in these early days; excited to ramp that into the future.

如你所提，購前（Pre-Purchase）是另一個成長槓桿。它的生命週期更早；才上線幾個月。我們對早期看到的表現感到振奮，也期待未來持續放量。

I would also urge you to think about core Afterpay and network growth, where we have, we believe, an opportunity to really reinvigorate. We saw that in Q1, with accelerated growth in core Afterpay. We've got a lot of product initiatives to come that we think can drive future growth.

我也想請你把焦點放在 Afterpay 核心業務與網路成長上；我們相信在這方面有機會真正重新注入動能。我們在第一季已看到 Afterpay 核心業務成長加速。我們還有許多產品計畫即將推出，我們認為能帶動未來成長。

Maybe, final thing I'll note here is that, we think there's net new opportunities for Cash App. Some of which, you've started to hear about -- that drive the innovation engine for the future; Cash App Score being one of them, which we think helps create more informed financial behavior on our platform but also potentially meaningful monetization opportunities that expand access for our customers, too.

最後我想補充的是，我們認為 Cash App 還有淨新增的機會。其中一些你已開始聽到——它們將驅動未來的創新引擎；Cash App Score 就是其中之一。我們認為它有助於在我們平台上形成更有資訊基礎的財務行為，同時也可能帶來具實質意義的變現機會，並擴大客戶的可及性。

Ramsey El-Assal, Cantor Fitzgerald.

Ramsey El-Assal，Cantor Fitzgerald。

Hi. Thanks for taking my question this evening.

嗨。謝謝今晚回答我的問題。

Jack, AI is really becoming the kind of predominant theme of your Shareholder Letters and the glue that seems to connect everything from, now, the back office to -- the back-office ops to all the way to the front-end consumer experience, consumer interactions -- or customer interactions, I should say.

Jack，AI 正逐漸成為你們股東信中的主導主題，也像是把一切串起來的黏著劑——從現在的後台到後台營運（back-office ops），一路延伸到前端的消費者體驗、消費者互動——或我應該說客戶互動。

Can you take a step back and give us an overview of your overarching AI strategy? Is the end state that Block evolves primarily into an AI company? Thanks.

你能否退一步，為我們概述你們整體的 AI 策略？最終狀態是否是 Block 主要演進成一家 AI 公司？謝謝。

Yes. I believe we do. I would say that we evolve into an intelligence company.

是的。我相信我們會。我會說，我們會演進成一家「智慧（intelligence）」公司。

I think, the way we think about the future of our services is not necessarily in these app packages that we know today, where you have a traditional navigation that we sweat every detail to get the pixels in the right place; but, instead, we're looking deeply at our understanding of our sellers and our Cash App customers. We're delivering them exactly what they need at the right moment.

我認為，我們對服務未來的想像，不一定是今天我們所熟悉的這些 App 套件形式——有傳統的導覽架構，我們為了把每個像素放在正確位置而精雕細琢；相反地，我們正深入研究對賣家與 Cash App 客戶的理解。我們要在正確的時刻，提供他們正需要的東西。

We can be fairly accurate in terms of predicting what they might need, based on our understanding of them, in real time. We're starting to test a lot of this in both MoneyBot and ManagerBot. As we get better and better at that, we can help automate more of it.

基於我們對他們的理解，我們可以在即時（real time）情境下，相當準確地預測他們可能需要什麼。我們已開始在 MoneyBot 與 ManagerBot 上大量測試這些能力。隨著我們做得越來越好，我們就能協助把更多流程自動化。

In commerce and AI, right now, there's a lot of conversation around agentic commerce. There's a lot of fairly phenomenal future-forward stories that I know will be part of our reality, going forward. But they're a little bit far out.

在商務與 AI 領域，目前有很多討論聚焦在代理式商務（agentic commerce）。有許多相當驚人的、面向未來的故事，我知道它們將成為我們未來現實的一部分。但那些還有點遠。

The ones that aren't and the use case that doesn't feel that far out is one that sellers have to deal with every single day, which is around vendors. You can imagine setting up agentic commerce and agents to purchase things on your behalf from your vendors because it's either on a regular basis or it's triggered by certain inventory or certain demand or certain trends happening.

不那麼遙遠、而且用例看起來沒那麼遠的一個方向，是賣家每天都必須面對的事情：供應商（vendors）。你可以想像建立代理式商務與代理（agents），代表你向供應商採購——因為可能是定期採購，或是由特定庫存、特定需求、或正在發生的某些趨勢所觸發。

That's just one example of where we can mirror -- we can intersect with a lot of these technologies and actually solve problems for customers.

這只是我們能與許多這類技術相互呼應——相互交會——並實際為客戶解決問題的一個例子。

We've talked a lot about goose in the past. Our entire foundation is built on goose and our early move there. But, internally, we've been using it in a form of what we're calling [BuilderBot]. It allows anyone in our company to use Slack and effectively build or fix any feature they want in the service.

我們過去談過很多 goose。我們整個基礎都建立在 goose 以及我們早期在那方面的布局之上。但在內部，我們一直以一種我們稱為[BuilderBot] 的形式使用它。它讓公司內任何人都能使用 Slack，並有效地建立或修復服務中任何他們想要的功能。

The extent of that and the future of that is that our sellers could use that directly. If we are lacking a particular service or a feature and we have the capability to deliver it, they can build a customization for themselves. We can deliver it right into their interface.

而這件事的延伸與未來，是我們的賣家也能直接使用它。如果我們缺少某項特定服務或功能，但我們具備交付能力，他們就能為自己建立客製化。我們可以把它直接交付到他們的介面中。

That is our goal. To me, that's what it means to be a more intelligence-forward company -- is that we're enabling our customers to create whatever value they want in the interface that we've already provided them. Our roadmap is no longer the limiting factor.

那就是我們的目標。對我而言，這就是成為一家更以智慧為導向（intelligence-forward）的公司——也就是讓客戶能在我們已提供的介面中，創造他們想要的任何價值。我們的產品路線圖不再是限制因素。

That's our ultimate vision and our ultimate goal. I don't think we're that far off from getting there. We just have to put these pieces together.

那是我們最終的願景與最終的目標。我不認為我們離達成它還很遠。我們只需要把這些拼圖組合起來。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗。

Hey, guys. Really nice start to the year. Congrats, here. Maybe a question for Jack and Amrita.

嗨，各位。今年開局真的很不錯。在此恭喜。我想問 Jack 和 Amrita 一個問題。

Looks like the product velocity is starting to tick up --and doing really well. You're shipping a lot more products.

看起來產品開發速度開始加快——而且表現得非常好。你們推出了更多產品。

The question that we have -- and we're getting a lot from investors -- is: What is driving the uptick in product velocity? What is supporting it? Thank you so much.

我們的問題——也是我們從投資人那邊收到很多的——是：是什麼在推動產品開發速度的提升？是什麼在支撐它？非常感謝。

Hey, Dan. This is Owen. Thanks for the question.

嗨，Dan。我是 Owen。謝謝你的提問。

Product development velocity, for us, I think, is ultimately what matters most, obviously, for customers but, then, also, to drive our business forward. That's why, on the development side, the internal drumbeat continues to be high velocity, high quality.

對我們而言，產品開發速度我認為最終是最重要的，顯然對客戶如此，同時也能推動我們的業務向前。因此在開發端，我們內部的節奏持續強調高速度、高品質。

Right now, it really feels like we're firing on all cylinders. Of course, there's room to go. We expect velocity to only accelerate, as Jack mentioned.

目前的感覺確實是我們火力全開。當然，仍有進步空間。正如 Jack 提到的，我們預期速度只會進一步加快。

But I think the proof is in the pudding in terms of what we've been shipping over the past couple of months. MoneyBot is now generally available. ManagerBot is out to more than 1 million sellers.

但我想，過去幾個月我們實際交付的成果已經說明了一切。MoneyBot 現在已全面可用（GA）。ManagerBot 已推送給超過 100 萬名賣家。

Afterpay, on the Cash App Card. Pre-Purchase, launched in Q1; and is scaling now. Cash App Credit Score, we just started rolling out a couple of days ago. We have Cash App managed accounts for kids six to 12, with parental oversight, that we're in the process of ramping.

Afterpay 已在 Cash App Card 上線。Pre-Purchase 已於第一季推出，現在正在擴大規模。Cash App Credit Score 我們在幾天前才剛開始逐步推出。我們也有針對 6 到 12 歲兒童的 Cash App 受管理帳戶（由家長監督），目前正在逐步放量。

We have, like, a host of meaningful improvements on the food and beverage side. Actually, earlier, this morning, we had a biweekly release for Square with, I think, 13 or 14 improvements that we made.

我們在餐飲（food and beverage）端也有一系列重要的改進。其實今天稍早，我們剛為 Square 進行了雙週一次的版本發布，我想我們做了大概 13 或 14 項改進。

And so I think it's clear that our development velocity has increased meaningfully, even from just the back half of last year, let alone a year or two ago.

所以我認為很明顯，我們的開發速度已顯著提升，即便相較於去年下半年也是如此，更不用說一兩年前。

In terms of the drivers of that, I think a lot of this is coming on the back of, one, the flow-through from AI tools and then, also, the org changes that we made.

至於背後的驅動因素，我認為很大一部分來自兩點：第一是 AI 工具帶來的效率外溢；第二是我們做的組織調整。

On the org side, the way that we've evolved the org structure is that we have smaller teams. We have flatter teams. That's leading to more autonomy; more flexibility; and, honestly, just, like, less red tape at Block to get things done. We're going to continue to push there.

在組織面，我們演進組織結構的方式是採用更小的團隊。團隊更扁平。這帶來更高的自主性、更大的彈性；坦白說，也讓 Block 在把事情做成時少了很多繁文縟節。我們會持續往這個方向推進。

We think we can continue to get flatter and lean into our DRI -- our directly responsible individual -- model.

我們認為還能更扁平，並更深入採用我們的 DRI——直接負責個人（directly responsible individual）——模式。

From an AI tooling perspective, I think, as we talked about at last earnings, everything has really fundamentally changed over the past five or six months since late last year.

從 AI 工具的角度來看，我想如同我們在上次財報中談到的，自去年底以來的過去五到六個月，一切都已經發生了根本性的改變。

And so we're seeing things -- like, production code changes per engineer at Block is up more than 2.5x since the start of the year. I think we had that in the Letter.

因此我們看到一些情況——例如，Block 每位工程師的生產環境（production）程式碼變更量，自今年年初以來已提升超過 2.5 倍。我想我們在股東信（Letter）裡有提到。

I'm seeing, on the development side, all over the place, products and features that were previously scoped to, let's say, five or six engineers and one or two quarters of work -- I'm seeing that being completed by one or two engineers in just a matter of weeks.

在開發端我到處都看到：過去原本規劃需要，比如說，五到六位工程師、以及一到兩個季度的產品與功能——現在我看到只要一到兩位工程師、短短幾週就能完成。

The recent example here that might add some color is, we're working on buy now, pay later for Cash App Pay so similar product to what we have for Cash App Card but for Cash App Pay.

這裡一個近期例子，或許能更具體說明：我們正在為 Cash App Pay 開發「先買後付」（buy now, pay later），也就是類似我們在 Cash App Card 上已有的產品，但這次是用在 Cash App Pay。

That was scoped to roughly three months and five to six engineers. And then, what actually happened in late March and April is two machine learning engineers who had actually, like, no prior exposure to these services, they built it and shipped it all in three or four weeks, inclusive of all the quality testing that we needed to do.

原本的範疇估計大約需要三個月、五到六位工程師。但實際上在 3 月下旬到 4 月發生的是：兩位機器學習工程師——他們之前其實幾乎沒有接觸過這些服務——在三到四週內就把它做出來並上線，且包含我們需要做的所有品質測試。

And so I think that demonstrates where we are in this cycle. But we're going expect that rate of change to only compound further, as we move ahead and the tools get better, goose gets better, and the foundational models get better, as well.

所以我認為這展示了我們在這個週期所處的位置。但我們預期這種變化速度只會在未來持續複利式加快，隨著我們往前推進、工具變得更好、goose 變得更好，以及基礎模型也變得更好。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Hey, all. Good afternoon. Thank you. I wanted to ask on ManagerBot.

嗨，各位。下午好。謝謝。我想問一下 ManagerBot。

Just with the broader roll-out across the 1 million plus sellers and understanding it's still early, I was hoping you could talk a little bit about what you're seeing in terms of any early impact on retention, cross-sell, GPV.

就它在超過 100 萬名賣家中的更廣泛推廣而言，並且理解目前仍在早期階段，我希望你們能談談：在留存、交叉銷售、GPV（總支付交易額）方面，有沒有看到任何早期影響？

Really curious on what early usage is telling you that might inform your product roadmap, given it's obviously a differentiated solution.

我也很想了解早期使用情況告訴了你們什麼，可能會如何影響你們的產品路線圖，畢竟這顯然是一個差異化的解決方案。

Sure. Thanks for the question.

當然。謝謝你的提問。

First, I just want to step back a bit and just talk about ManagerBot and MoneyBot, overall; and then, I can get into some specifics for ManagerBot, as well as MoneyBot.

首先，我想先稍微拉遠一點，整體談談 ManagerBot 和 MoneyBot；接著我也可以再深入一些 ManagerBot 的細節，以及 MoneyBot 的部分。

I think there's a few critical things to call out:

我認為有幾個關鍵點需要指出：

I think, first, as Jack mentioned, both ManagerBot and MoneyBot, as well as BuilderBot, they're all built on the same foundation. And so we started working on goose in 2024. I think goose was the first model-agnostic agent harness that was used at scale at a technology company. We've been using it for years now.

第一，我想如 Jack 提到的，ManagerBot 和 MoneyBot，以及 BuilderBot，都是建立在同一個基礎之上。因此我們在 2024 年開始著手開發 goose。我認為 goose 是第一個在科技公司中以規模化方式使用的、模型無關（model-agnostic）的代理（agent）框架（harness）。我們已經使用它好幾年了。

And so the benefit that we get there is, when we make an improvement on the ManagerBot side, it flows through to MoneyBot and BuilderBot or vice versa.

因此我們得到的好處是：當我們在 ManagerBot 端做出改進時，會同步外溢到 MoneyBot 和 BuilderBot，反之亦然。

I think, second, we're really leaning into proactive intelligence versus reactive chat. That means ManagerBot and MoneyBot are able to take actions on our customer's behalf.

第二，我們正大幅投入「主動式智慧」而不是「被動式聊天」。這代表 ManagerBot 和 MoneyBot 能夠代表客戶採取行動。

Third, I think, to your question, we'll start to see ManagerBot and MoneyBot flow through across the different parts of the business, from acquisition to engagement, driving cross-sell and up-sell, as well as retention.

第三，回到你的問題，我們會開始看到 ManagerBot 和 MoneyBot 在業務的不同環節產生外溢效果，從獲客到互動，推動交叉銷售與加購（up-sell），以及留存。

But, as you said, it is early. Like, these products have been at scale for several weeks.

但如你所說，現在仍然很早。這些產品規模化運行也才幾週。

On the ManagerBot side, essentially, what we've rolled out is a tool that has more than 100 local agents that are working on behalf of a seller. They're able to really act as a protector for that seller. They have access to your sales data, your catalog data, customer management tools, reporting tools, et cetera.

在 ManagerBot 方面，我們推出的本質上是一個工具，內含超過 100 個本地代理（local agents），代表賣家運作。它們能真正扮演該賣家的守護者。它們可以存取你的銷售資料、商品目錄資料、客戶管理工具、報表工具等等。

It's been really interesting to see how our sellers have been using this over the past several weeks. Just some examples for what folks are building:

過去幾週看到賣家如何使用它，真的很有意思。舉一些大家正在打造的例子：

I think there's a lot of views and automations around: Who are my top team members? What are the top items that are selling in a category? What's happening with my revenue from a new customer versus an existing customer perspective? Revenue projections for what I should expect this week; what I should expect this month? Sales trackers. Appointment reminders. The list goes on.

我想有很多視圖與自動化是圍繞著：誰是我表現最好的團隊成員？某個品類中賣得最好的商品是哪些？從新客與舊客的角度來看，我的營收表現如何？本週我應該預期的營收預測、這個月我應該預期什麼？銷售追蹤器。預約提醒。還有很多很多。

We're really giving these tools to our sellers and allowing them to automate a lot of the menial work that they face on a recurring basis so they can focus on doing what they love and running their business.

我們確實是在把這些工具交到我們的賣家手上，讓他們能將許多反覆出現的瑣碎工作自動化，從而把精力放在他們熱愛的事情上，並經營好自己的業務。

I think, ultimately, we talk about it as, basically, a COO in your pocket or, really, a protector for our sellers.

我想，歸根結底，我們把它形容為，基本上就是口袋裡的 COO，或者說，真正成為我們賣家的守護者。

One of the interesting things that we're seeing is that, I think, retention within the ManagerBot product has surprised to the upside. We're seeing that for sellers who come in and they use ManagerBot. The rate at which they're coming back in a subsequent week or subsequent month is quite high and has surprised to the upside. And so, now, there's a lot of runway in order to ensure that more and more sellers are getting exposed to ManagerBot.

我們看到一個很有意思的現象是，我認為 ManagerBot 產品的留存表現超出預期。我們看到，賣家一旦進來使用 ManagerBot，他們在接下來一週或下一個月回來使用的比例相當高，且高於預期。因此，接下來還有很大的空間，去確保越來越多的賣家能接觸到 ManagerBot。

And then, I just wanted to touch on the MoneyBot side, as well, because I think it's a pretty similar story in terms of what we're seeing. We're really focused on the proactive intelligence side.

接著我也想談一下 MoneyBot 這一塊，因為我認為我們看到的情況也很類似。我們非常聚焦在主動式智慧（proactive intelligence）這一面。

We launched an experiment a couple of weeks ago with a push notification alerting a certain cohort of customers to potential cash flow deficits that they might have in the future. The response and engagement was fantastic.

我們在幾週前推出了一個實驗，透過推播通知提醒某一群客戶，他們未來可能會出現現金流缺口。回應與互動都非常出色。

I think this is fundamentally different than a reactive chat-based UI, where a given customer has to know the perfect question that they want to ask.

我認為這在本質上不同於被動式、以聊天為主的 UI，因為在那種情況下，客戶必須先知道自己要問的「完美問題」是什麼。

And then, it's really exciting -- on the MoneyBot side, from a cross-sell perspective, what we're seeing is that for more than a third of customers who are making a money movement via MoneyBot, that money movement is them attaching to a new product.

另外，從 MoneyBot 的交叉銷售角度來看，這也非常令人振奮；我們看到，透過 MoneyBot 進行資金移動的客戶中，超過三分之一的那筆資金移動，是他們在綁定一個新產品。

I think, across these intelligence products, including ManagerBot and MoneyBot, we have a huge opportunity ahead in order to drive cross-sell, up-sell, and engagement.

我認為，在這些智慧型產品上（包含 ManagerBot 與 MoneyBot），我們在推動交叉銷售、向上銷售與提升互動方面，前方有非常巨大的機會。

But we're just getting started. We just rolled out MoneyBot to GA. We haven't done any marketing in the app or outside of the app.

但我們才剛開始。我們才剛把 MoneyBot 推出到 GA（正式全面可用）。我們在 App 內或 App 外都還沒有做任何行銷。

We've already had 1 million actives use MoneyBot over the past week or so. We're really excited about the runway ahead. We're going to continue investing here.

在過去一週左右，已經有 100 萬活躍用戶使用了 MoneyBot。我們對未來的成長空間感到非常興奮。我們會持續在這裡加大投資。

Andrew Schmidt, KeyBanc.

Andrew Schmidt，KeyBanc。

Andrew, we can't hear you if you're trying to talk.

Andrew，如果你正在說話，我們聽不到。

Can you hear me okay?

你們聽得到我嗎？

Yeah.

聽得到。

All right. Awesome. Hey, Jack, Amrita, team. Thanks for taking the question.

好。太棒了。嗨，Jack、Amrita、各位團隊。謝謝讓我提問。

Amrita, you mentioned that Square GP and GPV growth should converge in the back half, as the processing relationship change lapse. On a going-forward basis -- obviously, a few things that drive that spread, right, are pricing and packaging; seller size and geo mix; value-added financial services mix, et cetera.

Amrita，你提到 Square 的 GP（毛利）與 GPV 成長在下半年應該會收斂，因為處理合作關係變更的影響將到期（lapse）。往前看——顯然，有幾個因素會驅動兩者之間的差距，例如定價與方案組合；賣家規模與地理分布組合；加值金融服務組合等等。

When we think about the back half and beyond, if you could discuss some of the key influences and whether the spread should fully converge or whether there's a smaller persistent spread that we should be modeling, that would be helpful. Thank you very much.

當我們思考下半年以及更往後，如果你能談談一些關鍵影響因素，以及這個差距是否會完全收斂，或是是否會存在一個較小但持續的差距、我們應該在模型中納入，將會很有幫助。非常感謝。

Hey. Yeah. Happy to jump in here on the gross profit GPV metrics and how we imagine them evolving over the next couple of quarters.

嗨。是的。我很樂意在這裡談談毛利與 GPV 的指標，以及我們如何想像它們在接下來幾個季度的演變。

First, let's just talk about the 1st primarily driver of gross profit, which is GPV, of course. As we look at that longer arc -- I've obviously already talked about some of the key drivers for Q1 and where we see the underlying strength there -- but, as we look at the longer arc here, we continue to expect to accelerate GPV growth in 2026 versus 2025 and believe that we're on track to accelerate GPV growth into the low- to mid-teens range in 2027 and 2028, as we said at Investor Day in November.

首先，我們先談毛利的第一個主要驅動因素，當然就是 GPV。當我們看更長期的走勢——我先前已經談過一些第一季的關鍵驅動因素，以及我們看到的基本面強勁之處——但從更長期來看，我們仍預期 2026 年的 GPV 成長會較 2025 年加速，並且相信我們正按計畫在 2027 與 2028 年把 GPV 成長加速到低到中十位數百分比（low- to mid-teens）的區間，正如我們在 11 月投資人日所說。

As we look at gross profit growth, first, again, to anchor to where we are today in Q1, gross profit growth accelerated at 9%. When you exclude hardware costs, which are a key driver of customer acquisition and new sellers coming onto the platform -- a really successful driver of customer acquisition for us -- when you Square gross profit growth was actually 11% in Q1 so much closer to the 13% and an 11.5% on constant-currency basis GPV growth in the first quarter.

再看毛利成長，首先同樣先以我們目前第一季的狀況作為基準，毛利成長加速至 9%。若排除硬體成本（這是客戶獲取與新賣家上平台的關鍵驅動因素——對我們而言也是非常成功的獲客方式），Square 的毛利成長在第一季其實是 11%，因此更接近第一季 13% 的 GPV 成長，以及以固定匯率計算 11.5% 的 GPV 成長。

We continue to expect Square gross profit to grow roughly in line with GPV growth in the second half of this year.

我們仍預期今年下半年 Square 的毛利將大致與 GPV 成長同步。

As you noted, pricing and packaging work -- both what we've already launched but scaling that, more broadly, across our existing seller base, as well as net new pricing and packaging opportunities, are really the key drivers of that longer-term framework, as those two metrics come back more in line with each other.

如你所提到的，定價與方案組合的工作——包括我們已經推出的內容並將其更廣泛地擴展到既有賣家基礎，以及新的定價與方案組合機會——是這個長期框架的關鍵驅動因素，因為這兩個指標會重新更趨一致。

Harshita Rawat, Bernstein.

Harshita Rawat，Bernstein。

Hi. Good afternoon.

嗨。下午好。

Amrita, I want to follow up on your comments on Square go-to-market. You've seen good growth and new volume added. You talked about more investments in go-to-market, going forward.

Amrita，我想追問你對 Square go-to-market 的評論。你們看到不錯的成長與新增的交易量。你也談到未來會在 go-to-market 上投入更多。

Maybe talk about the different components around self-onboard, field sales, partner channel. I think you discussed good returns in field sales investments and good growth in -- early growth in ISO channel.

或許可以談談自助上線（self-onboard）、外勤銷售（field sales）、合作夥伴通路（partner channel）等不同組成。我記得你提到外勤銷售投資有不錯的回報，以及 ISO 通路有良好的——早期成長。

Thank you.

謝謝。

Yeah. Of course. Thank you so much for the question.

好的。當然。非常感謝你的提問。

We had another very healthy quarter of NVA growth. The last kind of 18, 24 months has really been proving that we can illustrate a strong growth from the actual year-on-year NVA growth curve; and that we can build out a very diversified set of channels that we believe can sustain that growth curve into the future.

我們又迎來一個非常健康的 NVA 成長季度。過去大約 18 到 24 個月，確實證明了我們能在年對年 NVA 成長曲線上展現強勁成長；同時也能建立一套非常多元化的通路組合，我們相信這能在未來持續支撐這條成長曲線。

We're seeing strong momentum across field sales, self-onboarded, and our independent sales organization or ISO motions. As you referenced, payback periods across each have been strong. Unit economics have been strong.

我們在外勤銷售、自助上線，以及獨立銷售組織（ISO）的推進模式上，都看到強勁動能。如你所提到的，各通路的回收期（payback period）都很強勁。單位經濟（unit economics）也很健康。

For March and April, they were both record months for new GPV that we were able to see from sellers that onboarded within those months, which is great to see.

在 3 月與 4 月，這兩個月都是我們所看到的「新 GPV」的創紀錄月份，這些新 GPV 來自於在當月完成上線的賣家，這點很令人振奮。

I've spoken a lot about field sales and self-onboarded in recent quarters. That growth has continued. Marketing has continued to generate a pretty significant majority of our self-onboarded NVA payback period; still holding at four to six quarters.

我在最近幾個季度已經談了很多外勤銷售與自助上線。那樣的成長仍在延續。行銷仍然貢獻了我們自助上線 NVA 的相當大多數；其回收期仍維持在四到六個季度。

We've done a lot of great work in driving our conversion rates up for our self-onboarded motion, which is up 15%, year on year.

我們在提升自助上線模式的轉換率方面做了很多很棒的工作，年對年提升了 15%。

From a first-party sales perspective, we expanded our field sales team further in Q1, both in the US and internationally. We now have a field presence in the US, the UK, Australia, and Canada.

從第一方銷售的角度來看，我們在第一季進一步擴編了外勤銷售團隊，涵蓋美國以及國際市場。我們現在在美國、英國、澳洲與加拿大都有外勤據點。

Our product is continuing to resonate more and more with larger upmarket sellers. The field sales team are helping us close more deals.

我們的產品持續越來越能引起更大型、偏上游市場（upmarket）的賣家共鳴。外勤銷售團隊正在幫助我們成交更多案子。

We mentioned in the letter the Signing of GOLFTEC and Steak Escape. We also signed Birch Coffee, Açaí Republic. Cinnaholic brought back 85 locations to Square. It's great to see the momentum building.

我們在信中提到簽下 GOLFTEC 與 Steak Escape。我們也簽下了 Birch Coffee、Açaí Republic。Cinnaholic 也把 85 個據點帶回 Square。很高興看到動能正在累積。

The real new motion that we've been focused on (inaudible) -- building the foundations for that -- we're starting to see contribute this quarter is our third-party sales motion. The biggest change from last quarter is the ISO channel.

我們一直聚焦的真正新推進動作（聽不清）——也就是為此打地基——我們開始看到本季有所貢獻的是我們的第三方銷售推進。相較於上季，最大的變化是 ISO 通路。

It's still early. But it's definitely exceeding our expectations. It's starting to become a more meaningful contributor of NVA.

目前仍在早期階段。但確實超出我們的預期。它正開始成為 NVA 更具意義的貢獻來源。

We continue to push the pace of signing ISO partnerships. We've already scaled to 140-plus ISO partnerships, which is 200% quarter-on-quarter new growth in new sellers coming into Square from that channel. As I said before, unit economics and the payback periods are really strong.

我們持續加快簽署 ISO 合作夥伴的步伐。我們已擴張到 140 多個 ISO 合作夥伴，這使得透過該通路進入 Square 的新賣家數，季對季新增成長達 200%。如我先前所說，單位經濟效益與回收期都非常強勁。

Just to give you a relativity equation: The volume of deals signed in March by ISOs would equate to the signing we'd expect from about 70 field sales reps. It's starting to illustrate really promising signs.

給大家一個相對比較：3 月由 ISO 簽下的交易量，約等同於我們預期由約 70 位外勤業務代表所能帶來的簽約量。這開始展現出非常令人振奮的跡象。

What I'm the most excited about is just the diversification that we're now seeing across our NVA growth curve and the health of that NVA growth curve. Very excited for what's to come for the remainder of the year.

我最興奮的是，我們現在在 NVA 成長曲線上看到的多元化，以及這條 NVA 成長曲線的健康度。非常期待今年剩餘時間接下來的發展。

Bryan Keane, Citi.

Bryan Keane，花旗。

Hi guys. Congrats on the results.

嗨，各位。恭喜這次的成績。

I wanted to ask about Neighborhoods. I saw, in the Letter, as of March, it scaled to $320 million in analyzed GPV. I think April had added more sellers than the entire history.

我想問一下 Neighborhoods。我在股東信中看到，截至 3 月，它已擴張到 3.2 億美元的年化分析 GPV。我想 4 月新增的賣家數，超過了過去整個歷史累計。

Neighborhoods is starting to feel a little more real here. We got some concrete data points.

Neighborhoods 現在開始變得更具體、更真實了。我們也拿到一些明確的數據點。

Can you just help us understand what Neighborhoods is going to mean for both Cash App and seller, as this continues to grow and take hold? Thanks.

你能否協助我們理解，隨著它持續成長並逐步落地，Neighborhoods 對 Cash App 與賣家端各自將意味著什麼？謝謝。

Sure. Thanks for the question.

當然可以。謝謝你的提問。

Overall, we continue to believe that we have just a really, really unique ability to connect both sides of the counter, with the seller side, with Square; and the consumer side, with Cash.

整體而言，我們仍然相信，我們具備非常、非常獨特的能力，能把櫃檯兩端連結起來：賣家端透過 Square；消費者端透過 Cash。

I think, right now, as you said, what we're starting to see is the rate of adoption is accelerating really quickly, especially in the past several weeks. It's accelerating in a non-linear way.

我想目前如你所說，我們開始看到採用率正在非常快速地加速，尤其是過去幾週。而且是以非線性的方式加速。

I think you can see that in the chart packs that we that we put out today. And so we're seeing seller locations and, therefore, engaged buyers on the Cash App side really starting to ramp. This is following the auto-enrollment changes that we had and some other improvements, as well.

我想你可以在我們今天發布的圖表資料包中看到。因此，我們看到賣家據點數，以及因此在 Cash App 端的活躍買家，正在開始快速爬升。這是在我們做了自動加入（auto-enrollment）的變更以及其他一些改進之後所帶來的結果。

I think, in 2025, this work was really all about ensuring that we had product market fit. At this point, we're really confident that we've found it.

我想在 2025 年，這項工作主要是為了確保我們達到產品市場契合（product-market fit）。到目前為止，我們非常有信心已經找到了。

Just a few stats here:

這裡提供幾個數據：

The spend at a seller from followers for a seller who's engaged in Neighborhoods reaches about 10% of their overall GPV after a few quarters, which is pretty astonishing to see.

對於參與 Neighborhoods 且有互動的賣家而言，追蹤者在該賣家的消費金額，經過幾個季度後可達其整體 GPV 的約 10%，這相當令人驚訝。

On average, for sellers in the program, they get to about 1,000 Cash App followers within the first year. At this point, I think we have roughly 100,000 followers on Cash App as a part of this program and about half of them are not active on Cash App in the month prior before they signed up for Neighborhoods.

平均而言，參與計畫的賣家在第一年內可累積約 1,000 名 Cash App 追蹤者。目前我想我們在 Cash App 上透過此計畫累積約 100,000 名追蹤者，其中約一半在加入 Neighborhoods 前的上一個月並未在 Cash App 上活躍。

Feel really good about market fit. Now, all the focus is really on scaling and distribution.

我們對市場契合度感覺非常好。現在所有重點都放在規模化與分發（distribution）。

The auto-enrollment changes that we were focused on in Q1 are really starting to pay dividends. Right now, we're adding hundreds of sellers a week. But we think we have pretty clear line of sight to get to thousands of sellers a week.

我們在第一季著力的自動加入變更，正開始帶來顯著成效。目前我們每週新增數百位賣家。但我們認為，我們有相當清晰的能見度可以達到每週新增數千位賣家。

In-store redemption is also working well so this just expands the TAM of Neighborhoods and makes it so you don't necessarily have to sell online to join the Neighborhoods program.

店內兌換（in-store redemption）也運作良好，因此這會擴大 Neighborhoods 的 TAM（總可服務市場），並讓你不一定要做線上銷售也能加入 Neighborhoods 計畫。

And then, yeah, as you mentioned, at the end of March, more than $300 million in annualized GPV from these sellers but, really, a really strong inflection point in April. And so, in April, alone, we added more sellers to Neighborhoods than in the entire history of the program since inception.

另外，如你提到的，截至 3 月底，這些賣家帶來的年化 GPV 已超過 3 億美元，但 4 月出現了非常強的拐點。因此，僅在 4 月，我們新增加入 Neighborhoods 的賣家數，就超過了該計畫自推出以來的全部歷史累計。

I think, in terms of impact, we're expecting that the Neighborhoods program is going to start meaningfully driving Cash App actives in the back half of this year. I think, in 2H, it'll be more than just a rounding error, which is exciting.

我想就影響而言，我們預期 Neighborhoods 計畫將在今年下半年開始對 Cash App 的活躍用戶數帶來有意義的推動。我想在下半年，它將不再只是四捨五入誤差等級，這令人振奮。

And then, we continue to have a lot of runway to invest here. Right now, we're focused on expanding to more hardware types. Right now, Neighborhoods works best for folks who have the Square Register with the buyer-facing display.

此外，我們仍有很長的跑道可以在這裡投資。目前我們聚焦於擴展到更多硬體類型。目前 Neighborhoods 對於使用帶有面向買家顯示器的 Square Register 的商家效果最佳。

But we're going to expand the TAM and make Neighborhoods work for more and more hardware types.

但我們會擴大 TAM，讓 Neighborhoods 能支援越來越多的硬體類型。

We're also really investing in the messaging feature that allows sellers to get in contact with their followers. We're seeing really strong results there.

我們也在大力投資訊息功能，讓賣家能與其追蹤者取得聯繫。我們在那裡看到非常強勁的成果。

Some recent tests from the past few weeks -- we've seen that the conversion rates on these messages are about 6x the conversion rates that our sellers see on their marketing emails.

在過去幾週的一些最新測試中——我們看到這些訊息的轉換率約為賣家行銷電子郵件轉換率的 6 倍。

And so, overall, excited to continue to invest. We expect this to flow through to higher win rates and better acquisition, better retention on the seller side; and then, really driving our network growth on the consumer side.

因此整體而言，我們很期待持續投資。我們預期這將帶來更高的贏單率與更好的獲客、更好的賣家端留存；同時在消費者端真正推動我們的網路成長。

Thanks.

謝謝。

Ken Suchoski, Autonomous.

Ken Suchoski，Autonomous。

Hi, everyone. Thanks for taking the question.

大家好。謝謝讓我提問。

I wanted to ask about Borrow. You had another strong quarter of Borrow originations. I think Borrow is driving a little bit more than half of the growth at Cash App. You continue to see healthy loss rates.

我想問一下 Borrow。你們這一季 Borrow 放款發起（originations）再次表現強勁。我認為 Borrow 推動了 Cash App 成長中略多於一半的部分。你們也持續看到健康的損失率。

Can you just remind us how we should think about penetration and adoption rates for Borrow, as you continue to expand eligibility into other areas, like Cash App Green?

你能否提醒我們，隨著你們持續把資格擴展到其他領域（例如 Cash App Green），我們應該如何看待 Borrow 的滲透率與採用率？

Amrita, I think you mentioned that you're going to lap some very exceptional growth in Borrow in the back half of this year. Is there a normalized growth rate or attach metric that you could point us to as the right way to think about Borrow's durable trajectory?

Amrita，我想你提到今年下半年 Borrow 會遇到一些非常異常的高成長基期。是否有一個常態化的成長率或附加率（attach）指標，可以作為我們理解 Borrow 長期可持續軌跡的正確方式？

Thank you.

謝謝。

Hey, Ken. Yeah. Borrow, let me first step back and just say, why has this product been so attractive for our customers? How is it delivering so much value to customers?

嗨，Ken。是的。關於 Borrow，我先退一步說明：為什麼這個產品對我們的客戶如此有吸引力？它如何為客戶帶來這麼大的價值？

We think it's really unique in that it's helping our customers manage income variability. It's helping them maintain flexibility in between income inflows. It crosses so many different use cases with that broader context.

我們認為它非常獨特，因為它在幫助客戶管理收入波動。它幫助他們在收入流入之間維持彈性。在這樣更廣泛的脈絡下，它涵蓋了非常多不同的使用情境。

And so, when we think about that backdrop of the value it's providing, we think that there is continued growth at scale for Borrow and meaningful growth at scale for Borrow.

因此，基於它所提供價值的這個背景，我們認為 Borrow 仍能在規模化之下持續成長，而且是有意義的規模化成長。

Some of the ways that we have grown, as you noted, is, as we have now shifted fully to SFS, our internal bank originating loans for Borrow, that's given us improved unit economics, which has, in turn, enabled us to expand eligibility to customers in new states and also expand eligibility to customers across Cash App Green.

如你所提到，我們成長的一些方式是：隨著我們現在已完全轉向 SFS（由我們的內部銀行為 Borrow 發放貸款），這改善了我們的單位經濟效益，進而使我們能把資格擴展到更多州的客戶，也能把資格擴展到 Cash App Green 的客戶。

We still have room to ramp across each of those different areas.

我們在上述各個不同領域仍有進一步加速推進的空間。

It has also given us the opportunity, now that we've been in market for multiple years with Borrow and we have a pattern of data for our more mature cohorts of customers, to increase limits, where we see we can responsibly do that, based on our underwriting models.

此外，隨著我們的 Borrow 產品已在市場上運作多年，並且針對較成熟的客群累積了資料樣態，我們也有機會在看到能夠負責任地這麼做的情況下，依據我們的承保模型提高額度上限。

We still have room to go, from a limits perspective, across -- on a per active or per origination basis, as well.

就額度上限而言，無論是以每位活躍用戶或每筆放款（origination）為基礎，我們也仍有進一步提升的空間。

We continue to see expansion opportunities there. We're ultimately going to be guided by variable profit margins, which is net of risk loss and processing costs.

我們持續看到那裡的擴張機會。最終我們將以可變動利潤率為指引，也就是扣除風險損失與處理成本後的淨額。

As we think about the future, we think that there's tremendous opportunity to grow variable profit, particularly as the mix shifts to more mature cohorts, where we see -- as we noted back at Investor Day -- our more mature cohorts.

展望未來，我們認為可變動利潤有巨大的成長機會，特別是當組合轉向更成熟的客群時；正如我們在投資人日所提到的——我們較成熟的客群。

You've seen this with other lending products we've had, as well -- like buy now, pay later -- that, as we get to know that customer better and can underwrite them better, we see that more mature cohorts have far lower loss rates than the newer cohorts of customers.

你也在我們其他放貸產品上看過這種情況——例如先買後付——當我們更了解客戶、也能更好地為其承保時，我們看到較成熟客群的損失率遠低於較新的客群。

We saw that in the first quarter, as well. Our newest customers had just over 3%, 3.16% risk loss rate. 7- to 12-month customers -- so customers who had been around for a couple of quarters -- had about 3%, 3.01% loss rate. Our most established customers, those who had been on our platform for 13-plus months, had 2.67% loss rate.

我們在第一季也看到了這點。我們最新的客戶風險損失率略高於3%，為3.16%。7到12個月的客戶——也就是已經使用了幾個季度的客戶——損失率約為3%，為3.01%。我們最成熟的客戶，也就是在我們平台上使用超過13個月的客戶，損失率為2.67%。

As this product matures, we see an opportunity to drive continued variable profitability and serve these customers with continued customer value.

隨著這項產品成熟，我們看到有機會持續提升可變動獲利能力，並以持續的客戶價值來服務這些客戶。

Will Nance, Goldman Sachs.

Will Nance，高盛。

Hey. Thanks for squeezing me in here.

嗨。謝謝讓我插個問題。

I wanted to ask about network density and user growth. MTUs were relatively flat, sequentially, this quarter; still accelerating on a year-over-year basis. That's despite the really strong growth in primary banking actives this quarter.

我想問一下關於網路密度與用戶成長。本季 MTU（每月交易用戶）環比相對持平；但在年增率方面仍在加速。這是在本季主要銀行活躍用戶（primary banking actives）強勁成長的背景下發生的。

You mentioned some of the investments in sales and marketing in the near term.

你提到短期內在銷售與行銷方面的一些投資。

I was wondering if you could talk about how you're prioritizing more top-of-funnel initiatives, like driving network density and overall MTUs, versus deepening relationships with customers and driving more reoccurring activity, which, at least, in our view, is measured more on PBA growth.

我想請你談談，你們如何在更偏漏斗上端的計畫（例如提升網路密度與整體 MTU）與深化客戶關係、推動更多經常性活動之間做優先順序的取捨；而後者至少在我們看來，更多是透過 PBA 成長來衡量。

Just how are you thinking about the balance there. Thanks for taking the question.

你們如何看待兩者之間的平衡？謝謝回答。

Sure. Thanks for the question.

當然。謝謝你的提問。

We're really happy with the pace of expansion on the active side. As you noted, actives grew about 4% year over year in March. While this looks like [$59 million] for two quarters in a row, that's just an artifact of rounding and how we report. This is actually the fastest pace of actives growth in about a year and a half.

我們對活躍端的擴張速度感到非常滿意。如你所提到，3 月活躍用戶年增約 4%。雖然看起來連續兩個季度都是約[$59 million]，但那只是四捨五入以及我們呈現方式造成的表象。實際上，這是大約一年半以來活躍用戶成長最快的速度。

We continue to focus on growing the network. We're always balanced in terms of driving net new acquisition and network expansion, as well as continuing to drive engagement.

我們仍持續專注於擴大網路。在推動淨新增獲客與網路擴張，以及持續提升互動參與度之間，我們一直保持平衡。

I think, in the near term, in terms of how we're thinking about growing the network, there's a few key things:

我認為短期內，就我們如何看待網路成長而言，有幾個關鍵事項：

One is just the ongoing work around network health and peer-to-peer; things like pay links and the core peer-to-peer flow and new form factors for peer-to-peer hitting. We launched some of those in Q1.

第一是持續推進網路健康度與點對點（P2P）相關工作；例如付款連結（pay links）、核心 P2P 流程，以及新的 P2P 形式（form factors）上線。我們在第一季推出了其中一些。

Also, I think the managed accounts for kids launch should be a pretty meaningful tailwind here. We've had a lot of success with our teens program over the years. This is giving even more flexibility to families and parents.

另外，我認為兒童託管帳戶（managed accounts for kids）的推出，會是相當重要的順風因素。多年來我們的青少年計畫一直非常成功。這也為家庭與父母提供了更大的彈性。

I think Cash App Score also has the ability to drive not only engagement but, also, the monthly actives number, just as we see the potential for yearly actives and quarterly actives to become more, like, daily, weekly, and monthly actives.

我認為 Cash App Score 也有能力不僅提升互動參與度，也能帶動每月活躍數；因為我們看到年度活躍與季度活躍有機會變得更像是每日、每週與每月活躍。

Of course, (inaudible) -- continue to invest meaningfully on the go-to-market side across all channels, driving growth, paid lifecycle, brand partnerships, et cetera. That's on the short-term basis.

當然，（聽不清）——我們也會持續在 go-to-market 端於各通路進行有意義的投資，推動成長、付費生命週期（paid lifecycle）、品牌合作等。這是短期面的作法。

From a longer-term perspective, I think Neighborhoods is probably the biggest lever that we have. I think the Neighborhoods program has the ability to just fundamentally change the size of our network and the trajectory of growth. But we're in early days there.

從較長期的角度來看，我認為 Neighborhoods 可能是我們最大的槓桿。我認為 Neighborhoods 計畫有能力從根本上改變我們網路的規模與成長軌跡。但我們目前仍在早期階段。

I think, MoneyBot, similarly, we're in early days. I think, with MoneyBot, we have the opportunity to attract some customers from non-core demos.

我認為 MoneyBot 也是類似，我們仍在早期階段。我認為透過 MoneyBot，我們有機會從非核心族群（non-core demos）吸引一些客戶。

And then, we're continuing to invest in Cash App Green, making the Cash App Card more useful; making it more appealing to bring the Cash App Card, top of wallet.

此外，我們也持續投資 Cash App Green，讓 Cash App Card 更實用；也讓它更具吸引力，能把 Cash App Card 放到錢包中的首選位置（top of wallet）。

We continue to invest in Bitcoin, as well. We made some meaningful improvements to our Bitcoin platform earlier this year. We reduced prices meaningfully so that we can continue to compete with what we want to be the simplest, cheapest, and most accessible platform out there.

我們也持續投資比特幣。今年稍早我們對比特幣平台做了一些重要改進。我們大幅降低了價格，以便持續競爭，並成為我們希望打造的——市場上最簡單、最便宜、最容易取得的平台。

Those are some of the longer-term levers and tailwinds that we see. But, overall, I think the way to think about network growth is that it just comes down to development velocity.

以上是我們看到的一些長期槓桿與順風因素。但整體而言，我認為理解網路成長的方式，歸根結底就是開發速度（development velocity）。

Like, the more that we can ship useful things into the hands of our customers and prospective customers, the more folks are gonna choose to use Cash App and the more they're going to use it every day and every week.

也就是說，我們越能把有用的功能快速交付到現有與潛在客戶手中，就會有越多人選擇使用 Cash App，而且他們也會更常在每天、每週使用它。

Thanks.

謝謝。

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

感謝各位參與今天的電話會議。您現在可以中斷連線。