Block, Inc. (XYZ) 2026 Q2 法說會逐字稿

Thank you all for joining today's call. We have Jack and Amrita with us today, along with Owen Jennings, our Business Lead and Thomas Templeton, Hardware Lead for Block.

感謝各位參加今天的電話會議。今天與會的有 Jack 和 Amrita，另外還有我們的業務負責人 Owen Jennings，以及 Block 的硬體負責人 Thomas Templeton。

Today's discussion includes forward-looking statements regarding our strategy, guidance, and long-term goals. Actual results may differ materially due to risks and uncertainties described in materials filed and furnished with the SEC and should not be considered an indication of future performance. These statements speak only as of today, and we undertake no obligation to update them, except as required by law.

今天的討論包含關於我們策略、指引與長期目標的前瞻性陳述。由於我們向 SEC 提交與提供之文件中所述的風險與不確定性，實際結果可能與這些陳述存在重大差異，且不應被視為未來表現的指標。這些陳述僅截至今日有效，除法律要求外，我們不承擔更新義務。

Reconciliations of any non-GAAP financial measures that we discuss to the most directly comparable GAAP measures are available in our shareholder letter. Further, any discussion of our lending and banking products refer to products offered through Square Financial Services or our bank partners.

我們所討論之任何非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已載於我們的股東信中。此外，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。

Before turning the call over to Jack, I wanted to note that we're trying something new this quarter. In addition to taking questions on the call, we sourced questions directly from shareholders on X. Throughout the call, I will ask questions directly of Jack, Amrita, Owen, and Thomas based on topics our shareholders asked us to explore on our earnings call.

在把電話會議交給 Jack 之前，我想先說明本季我們嘗試一個新做法。除了在電話會議上接受提問外，我們也在 X 上直接向股東徵集問題。在整場電話會議中，我會根據股東希望我們在財報電話會議中探討的主題，直接向 Jack、Amrita、Owen 與 Thomas 提問。

With that, over to you, Jack.

那麼，交給你了，Jack。

Thank you all for joining us. We had a strong second quarter, and we're raising our guidance for the year based on the strength of our execution. My letter this quarter focuses on our capabilities and how we build.

感謝各位加入我們。我們第二季表現強勁，基於執行力的強勢表現，我們上調了全年指引。我本季的信函聚焦於我們的能力，以及我們如何打造產品。

Intelligence tools are making it easier to build all the software we need. What's harder is knowing what to build, owning the capabilities behind it, and connecting those capabilities in ways that create value for customers. That's been our focus from the beginning, and it's why our network gets stronger with every seller and every customer who joins Cash App. There's more detail in my letter, and I hope you get a chance to read through it.

智慧工具正讓打造我們所需的各種軟體變得更容易。更困難的是知道該打造什麼、擁有所需的底層能力，並以能為客戶創造價值的方式把這些能力連結起來。這一直是我們從一開始的重點，也正因如此，隨著每一位賣家與每一位加入 Cash App 的客戶加入，我們的網路效應都在增強。更多細節在我的信中，希望你有機會讀一讀。

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

接下來我把時間交給 Amrita。

Thanks, Jack. We outperformed our guidance and achieved record profitability in the second quarter. A few of the highlights. We grew gross profit 25% year over year, while delivering an all-time high 27% adjusted operating income margin and growing adjusted diluted EPS 65% year over year.

謝謝，Jack。我們第二季表現優於指引，並創下歷史新高的獲利能力。以下是幾個重點。我們的毛利年增 25%，同時達成歷史新高的 27% 調整後營業利益率，且調整後稀釋每股盈餘（EPS）年增 65%。

Square gross profit and GPV both grew 13% year over year in the second quarter, with US GPV growth accelerating to our strongest growth rate since the second quarter of 2023. We continue to grow our field sales motion, and we now have more than 200 active ISO partners, helping drive over 150% quarter-over-quarter growth in the number of new sellers joining Square from the ISO channel. We drove strong gross profit growth across Commerce Enablement and Financial Solutions, and we continue to expect gross profit to grow roughly in line with GTV in the second half of the year.

第二季 Square 的毛利與 GPV 均年增 13%，其中美國 GPV 成長加速，達到自 2023 年第二季以來最強的成長率。我們持續擴大外勤銷售動能，目前已有超過 200 家活躍的 ISO 合作夥伴，推動透過 ISO 通路加入 Square 的新賣家數量季增超過 150%。我們在商務賦能（Commerce Enablement）與金融解決方案（Financial Solutions）兩大領域皆帶動強勁的毛利成長，且我們仍預期下半年毛利將大致與 GTV 同步成長。

Cash App gross profit grew 31% year over year in the second quarter. Monthly transacting actives grew 3% year over year in June, and we continue to expect low-single-digit actives growth in 2026 as we execute on our network growth strategies. Cash App Commerce Enablement volume grew 17%, and Cash App Consumer Lending origination volume grew 59%, reflecting our focus on driving deeper engagement. We continue to ship innovative new products in the second quarter, including Cash App Tags and Cash App Mobile. And we brought Afterpay pre-purchase on Cash App card to general availability.

Cash App 第二季毛利年增 31%。6 月的月度交易活躍用戶年增 3%，且隨著我們執行網路成長策略，我們仍預期 2026 年活躍用戶將呈現低個位數成長。Cash App 商務賦能交易量成長 17%，Cash App 消費者放貸的放款起始量（origination volume）成長 59%，反映我們專注於推動更深度的使用者參與。我們在第二季持續推出創新新產品，包括 Cash App Tags 與 Cash App Mobile。同時，我們也將 Cash App 卡的 Afterpay 預先購買（pre-purchase）功能擴大至全面可用。

We achieved record profitability this quarter while continuing to invest in the long-term growth of our business. We expanded go-to-market investment in the second quarter across Square and Cash App, and we continued to drive product velocity through our investments in AI, most notably in the public launch of Buzz, our agentic collaboration platform in July.

本季我們在持續投資業務長期成長的同時，達成創紀錄的獲利能力。第二季我們在 Square 與 Cash App 兩端都擴大了市場推廣（go-to-market）投資，並透過 AI 投資持續提升產品推出速度，其中最值得一提的是 7 月公開推出 Buzz——我們的代理式（agentic）協作平台。

We're raising our 2026 guidance across gross profit, adjusted operating income, and adjusted diluted EPS, flowing through the Q2 outperformance and raising our expectations for the second half of the year. For the full year, we now expect gross profit of $12.51 billion, up 21% year over year, adjusted operating income of $3.47 billion, or a 28% margin, and adjusted diluted EPS growth of 70% year over year. For the third quarter, we expect year-over-year gross profit growth of 18%, adjusted operating income margin of 28% and year over year adjusted diluted EPS growth of 89%.

我們上調 2026 年在毛利、調整後營業利益與調整後稀釋 EPS 的指引，反映第二季優於預期的表現，並提高我們對下半年的預期。就全年而言，我們目前預期毛利為 125.1 億美元，年增 21%；調整後營業利益為 34.7 億美元（或 28% 利潤率）；調整後稀釋 EPS 年增 70%。就第三季而言，我們預期毛利年增 18%，調整後營業利益率為 28%，以及調整後稀釋 EPS 年增 89%。

We expect third-quarter interest expense of $50 million to $55 million, full-year interest expense of $200 million to $210 million, and a mid-20% non-GAAP effective tax rate in the third quarter and for the full year. As we look to the second half of 2026, we have several initiatives that we can invest in to sustain attractive long-term growth.

我們預期第三季利息費用為 5,000 萬至 5,500 萬美元，全年利息費用為 2 億至 2.1 億美元，且第三季與全年非 GAAP 有效稅率約為 20% 中段。展望 2026 年下半年，我們有多項可投入的計畫，以維持具吸引力的長期成長。

In Square, we've proven strong ROIs for new go-to-market motions and have further opportunities to invest across self-onboard, field sales, and ISOs. In Cash App, we have numerous products that we expect to continue to grow, including Cash App Tags And Afterpay pre-purchase. Neighborhoods, our program to connect our two ecosystems has demonstrated strong product-market fit and we expect to lean into investments to scale this differentiated network faster in the second half of the year.

在 Square 方面，我們已證明新的市場推廣模式具有強勁的投資報酬率（ROI），並在自助導入（self-onboard）、外勤銷售與 ISO 等領域仍有進一步投資機會。在 Cash App 方面，我們有多項預期可持續成長的產品，包括 Cash App Tags 與 Afterpay 預先購買。Neighborhoods——我們用以連結兩大生態系的計畫——已展現強勁的產品市場契合度（product-market fit），我們預期在今年下半年加大投資，以更快擴大這個差異化網路的規模。

AI is helping us deliver more value to more customers. We plan to continue to invest in our AI infrastructure, including Buzz, to drive further velocity gains. The breadth of high ROI growth opportunities we have is significant and we plan to increase the magnitude of our investment if we see the right opportunities to deploy profit upside.

AI 正協助我們為更多客戶提供更多價值。我們計畫持續投資 AI 基礎設施（包括 Buzz），以進一步提升速度與效率。我們擁有的高 ROI 成長機會廣度相當可觀，若看到合適的機會可部署以帶來利潤上行，我們計畫提高投資力度。

Our increased guidance reflects the strength of our first half execution and the momentum we're carrying into the second half of 2026. Nearly six months after we reorganized Block to make intelligence the center of the company, we're moving faster to deliver value to customers and are executing on our long-term growth initiatives, all while delivering meaningful margin expansion and profitable growth.

我們上調指引反映了上半年強勁的執行力，以及我們帶入 2026 年下半年的動能。在我們重組 Block、讓智慧成為公司核心近六個月後，我們正以更快速度為客戶交付價值，並推進長期成長計畫，同時實現顯著的利潤率擴張與獲利性成長。

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

接下來，我想開放進入問答環節。

Now, we will begin the Q&A portion of the call. (Operator Instructions)

現在我們將開始電話會議的問答部分。（接線員指示）

Tien-Tsin Huang, JPMorgan.

JPMorgan 的 Tien-Tsin Huang。

Hey, thanks, Katie. Great results here. For Jack, I was hoping, like last quarter, to maybe just get a progress report six months into the reorg. I know I asked you last quarter, I just want to get an update here. What have you learned about the incremental AI investment and talent you need to scale this model across Square and Cash App?

嗨，謝謝你，Katie。這次結果非常出色。我想請教 Jack，能否像上季一樣，在重組六個月後給我們一個進度報告。我知道上季我問過你，我只是想在這裡再更新一下。關於要把這個模式擴展到 Square 與 Cash App，你對於需要增加的 AI 投資與人才配置，有哪些新的學習與體會？

I know you've talked about streaming intelligence a bunch in a lot of different places. I'm curious if you're on track with that, and what proof points you'd call out to say if you're on track or not on track with your journey there.

我知道你在很多不同場合談過「串流智慧」（streaming intelligence）。我很好奇你們在這方面是否按計畫推進；以及你會提出哪些佐證來說明你們在這段旅程中是按軌道前進，或是沒有按軌道前進。

Yeah. Thanks, Tien-Tsin. I would say we're definitely on track. The biggest proof point is our shipping velocity. The team -- we have a very small team on a product like Buzz, which is not just something that we launch internally, but we're using internally as well. We're using it internally to develop, we're using it internally to collaborate, and we think there's a very, very long range -- long runway for a product like this.

是的。謝謝你，Tien-Tsin。我會說我們絕對是按計畫推進。最大的佐證是我們的產品交付速度。團隊——像 Buzz 這樣的產品，我們的團隊規模其實非常小；這不只是我們對內部推出的東西，我們也正在內部使用。我們用它來開發、用它來協作，而且我們認為這樣的產品有非常、非常長期的——很長的成長跑道。

But it's really something that's foundational, and the only reason we could get it out so quickly with such richness is because of all the work that has compounded over the past two years. We were the first to release a coding harness to the world, months before Claude Code. And we've been building this discipline and intelligence within the company ever since then.

但這確實是奠基性的事情，而我們之所以能以如此豐富的內容這麼快推出，唯一的原因是過去兩年累積下來、層層疊加的所有工作成果。我們是第一個向全世界發布程式碼 harness（測試/執行框架）的人，比 Claude Code 早了好幾個月。而自那之後，我們一直在公司內部持續打造這套紀律與智慧。

And it's allowed us to do things that other companies just haven't been able to do with their organizational structure, including having a more and more cohesive context and memory for the entire company, which I think Buzz is probably the greatest manifestation of for us, but also for other companies as we look to build around this product as well. I think we're well along the path of implementing these tools to help our organization move faster. And now it's a function of making sure that same sort of magic we can deliver to all of our Cash App customers and sellers as well.

這也讓我們能做到其他公司因其組織結構而做不到的事，包括為整個公司建立越來越一致的上下文與記憶；我認為 Buzz 可能是我們在這方面最重要的體現，但當我們也希望圍繞這個產品來建構時，對其他公司同樣如此。我認為我們在導入這些工具、幫助組織加速運作的道路上已經走了很遠。而現在的關鍵是，確保我們也能把同樣的那種魔法，交付給所有 Cash App 的客戶與賣家。

And I think sellers are some of the most important and probably the most relevant in this next one, because they're also looking for help with AI. And I think we're one of the few that can really make it simple enough that people can use it and not have to think about it, and it actually gives them time back instead of as a burden of learning.

而我認為賣家在下一階段是最重要、也可能最相關的一群，因為他們同樣在尋求 AI 的協助。我認為我們是少數真正能把它做得足夠簡單、讓人們可以直接使用而不必費心思考的公司，而且它實際上能把時間還給他們，而不是成為學習負擔。

We'll take our next question from a shareholder on X. Jack, this one's to you. It's a two-parter on both Buzz and open source.

接下來我們要回答一位在 X 上的股東提問。Jack，這題是問你的。這是一個關於 Buzz 與開源的兩段式問題。

So how does Block plan to monetize its open source efforts, such as Buzz and goose? And talk more broadly about open source strategy. Does open sourcing some of our AI initiatives limit how much they benefit Block because they're public by definition?

那麼 Block 打算如何將其開源努力（例如 Buzz 和 goose）變現？也請更廣泛談談開源策略。把我們的一些 AI 計畫開源，是否會因為其本質上是公開的，而限制它們對 Block 的效益？

It doesn't limit it. I think it gives us a lot more information. It gives us a lot more people who can actually contribute to the code. We're already seeing ideas in the ecosystem and the community that we can integrate within Buzz proper.

不會限制。我認為這會讓我們獲得更多資訊。也會帶來更多能實際貢獻程式碼的人。我們已經在生態系與社群中看到一些想法，可以整合進 Buzz 本身。

The reason we built Buzz, as I answered in the last question, is to make ourselves more efficient and to remove our single points of failure on vendors that just haven't met the agentic age in the way that we'd like and in the way that we need. And also how we know our customers, specifically our sellers, will want to operate their businesses, operate their teams, and build for themselves and alongside us.

我們打造 Buzz 的原因，如同我在上一題所回答的，是為了讓我們更有效率，並消除我們在供應商上的單點故障；那些供應商並沒有以我們希望、也需要的方式迎接代理（agentic）時代。同時，這也符合我們對客戶的理解——特別是我們的賣家——他們將會如何經營他們的業務、管理他們的團隊，以及為自己、也與我們一起打造。

So there's a huge menu of options that we can go down to monetize Buzz. We do intend to do so. But we don't want to custom fit one too early without having a lot more information. We're in a fortunate position where we can experiment with a number of models and then choose the right one that's going to align all of our incentives with our customers.

因此，我們有非常多可以用來讓 Buzz 變現的選項。我們確實打算這麼做。但我們不想在資訊還不夠多的情況下太早把它量身訂做成某一種模式。我們很幸運，能夠試驗多種模型，然後選出能讓我們與客戶的誘因完全一致的那一個。

We've talked with very small businesses in that regard, and we've talked with some of the largest enterprises we can imagine as well, and we think there's something meaningful there. We do intend, on the roadmap, to offer full Git hosting and code repositories. We're going to have a hosted option for teams that don't want to run infrastructure. That's live today.

在這方面，我們和非常小型的企業談過，也和我們能想像到的一些最大型企業談過，我們認為其中有很有意義的機會。在產品路線圖上，我們確實打算提供完整的 Git 託管與程式碼儲存庫。我們也會為不想自行運行基礎設施的團隊提供託管選項。這項功能今天就已經上線了。

We think there's a lot we can do on token efficiency. We're already model agnostic, but much more to do there.

我們認為在 token 效率方面還有很多可以做。我們已經是模型不可知（model agnostic），但在這方面還有更多工作要做。

And then as I said in one of my posts about Buzz, agents that can transact feels like a natural place that we can explore. But there's something that will fit sellers, there's something that'll fit larger enterprise, and of course, we're building this for ourselves to make us a lot more efficient and better.

然後就像我在一篇關於 Buzz 的貼文中提到的，能夠進行交易的代理（agents that can transact）感覺是我們可以探索的一個自然方向。但會有適合賣家的方案，也會有適合更大型企業的方案；當然，我們也在為自己打造它，讓我們更有效率、做得更好。

Jason Kupferberg, Wells Fargo.

Wells Fargo 的 Jason Kupferberg。

Hi, guys. Thank you. So just looking at the numbers here. I mean for the past four or five quarters, you've beaten your quarterly guidance, not just for AOI, but really for gross profit as well. And this quarter, you're raising the full-year outlook for both metrics by more than the Q2 beat, which is obviously great to see.

嗨，各位。謝謝。我就看一下這些數字。過去四到五個季度，你們都超越了季度指引，不只是 AOI，基本上連毛利也是。而這一季，你們把全年展望在這兩個指標上調的幅度都超過了 Q2 的超預期表現，這顯然很令人高興。

So just as investors contemplate the second half outlook, would it be fair to assume that some of the conservatism we've seen in recent quarters has been factored in? And just any color on how to think about gross profit growth at the segment level over the next two quarters would be great to help tune our models. I know that the Square comps get a bit easier and Cash App's comps obviously get harder, but any color there would be great. Thanks.

所以當投資人思考下半年展望時，是否可以合理地假設，近幾季我們看到的一些保守性已經被納入考量？另外，如果能提供一些資訊，說明未來兩個季度在分部層級該如何看待毛利成長，將有助於我們校準模型。我知道 Square 的比較基期會變得稍微容易一些，而 Cash App 的比較基期顯然會變得更難，但若能提供一些說明會很有幫助。謝謝。

Hey, Jason. Thanks for the question. Let me first start by talking about the numbers and some of what we're seeing in real-time across the business, and then talk about what we're seeing in each of our ecosystems and kind of the longer-term opportunities to compound growth in the back half of the year and heading into '27.

嗨，Jason。謝謝你的問題。我先從數字以及我們在業務各處即時看到的一些情況談起，接著再談我們在各個生態系中看到的狀況，以及在今年下半年、並延伸到 2027 年（'27）可持續複利成長的長期機會。

First, on the numbers, obviously, very strong quarter for us in the second quarter: 25% gross profit growth, 65% adjusted diluted EPS growth on a year-over-year basis. What was encouraging for me to see was how broad-based the strength was. And we feel really good about the momentum that we've got as we head into the back half as a result. If you look at Cash App, we were able to grow actives year over year and inflows per active year over year at a 9% growth rate. And with that performance really flowing through numerous products, from commerce to banking to lending.

首先談數字，顯然第二季對我們來說非常強勁：毛利年增 25%，調整後稀釋 EPS 年增 65%。讓我感到鼓舞的是，這種強勁表現是廣泛分布的。因此，當我們邁向下半年時，我們對目前的動能感到非常有信心。如果看 Cash App，我們做到了活躍用戶年增，以及每位活躍用戶的流入金額（inflows per active）年增，成長率為 9%。而這樣的表現也確實反映在多項產品上，從商務到銀行服務再到放款。

From a Square perspective, we accelerated growth on a global GPV basis, on a US GPV basis, and obviously, on a gross profit basis, with some of the strongest growth rates we've seen in the US since the first half of 2023 in three years, whether you're looking at US food and beverage GPV or more broadly US GPV. And continued strength in the other target verticals for us with larger sellers and mid-market growth over 20% and international up 25% on a constant currency basis.

從 Square 的角度來看，我們在全球 GPV、在美國 GPV，以及當然在毛利方面都加速成長；其中一些成長率是我們自 2023 年上半年以來、也就是三年來在美國看到最強的表現之一——不論你看的是美國餐飲（food and beverage）GPV，或更廣泛的美國 GPV。同時，我們在其他目標垂直領域也持續強勁；大型賣家與中型市場（mid-market）成長超過 20%，國際業務在固定匯率基礎上成長 25%。

So that's a bit of a look at the strength and what drove the strength in Q2. Again, very broad-based. And similarly, when we look at the third quarter, what we're seeing so far is consistent strong performance at the data points that we track with Square GPV growth in July, consistent with the strength that we saw in the second quarter, and continued healthy inflows per active and monetization rates and risk loss rates across our Cash App business.

以上是對 Q2 強勁表現及其驅動因素的一些說明。再次強調，這是非常廣泛的強勁。同樣地，當我們看第三季時，截至目前我們在所追蹤的數據點上看到的表現也一致強勁：7 月的 Square GPV 成長與第二季看到的強勢一致；而在 Cash App 業務方面，每位活躍用戶的健康流入、變現率，以及風險損失率也都持續維持良好。

So then you carry through the run rates that we're seeing. Where that gets you is the 18% gross profit growth in Q3 with continued margin expansion. And exiting the year in Q4 in that gross profit growth range of sort of that mid-teens growth rate, which is consistent with what we've been sharing for some time now and since our Investor Day guidance last November. Even as, obviously, as you noted, we reached some of the tougher comps for a product like Cash App Borrow, which was scaling dramatically in the back half of last year, and as that growth normalizes as we look to the back half of this year.

因此，把我們目前看到的運行率（run rates）延續下去，就會導向第三季毛利成長 18%，並持續擴張利潤率。而在第四季結束今年時，毛利成長大致會落在中段十位數（mid-teens）的成長區間；這與我們一段時間以來、以及去年 11 月投資人日指引以來所分享的方向一致。即便如你所指出的，我們也正面臨像 Cash App Borrow 這類產品較具挑戰的比較基期——該產品在去年下半年快速擴張——而當我們看向今年下半年時，這樣的成長也會趨於常態化。

So coming now to some of the key drivers across the ecosystems. For Square, we'd expect to accelerate gross profit growth in the back half of this year, and that's on the back of both strong GPV growth as we compound the benefits of not only stronger product velocity, but also our ramping distribution channels. And also on the back of expanding our pricing and packaging initiatives that we rolled out towards the end of last year.

接下來談談生態系中的一些關鍵成長驅動因素。就 Square 而言，我們預期今年下半年毛利成長將加速，這主要來自強勁的 GPV 成長，因為我們不僅持續累積更高的產品推進速度所帶來的效益，也受惠於我們正在加速擴張的分銷通路。同時也來自我們在去年底推出、並持續擴大的定價與方案組合（pricing and packaging）計畫。

From a Cash App perspective, as we look to the back half of this year, as I noted earlier, we'd expect actives growth in the low-single-digit percentage range. And we believe we have far more room to continue to drive deeper engagement across commerce and lending as well.

從 Cash App 的角度來看，展望今年下半年，如我先前提到的，我們預期活躍用戶（actives）成長將落在低個位數百分比區間。我們也相信，在商務與放貸兩個面向，我們仍有更大的空間持續推動更深度的使用者互動。

From a consumer lending origination volume perspective, we do expect to see normalization in the back half. But we believe we've built a much broader platform here from a lending infrastructure perspective that should be a driver of growth in multiple ways beyond Borrow, too, as we look to the back half and to the longer term.

從消費者放貸的放款發起量（origination volume）來看，我們確實預期下半年會出現常態化。但我們認為，從放貸基礎設施的角度，我們已建立起更廣泛的平台；展望下半年與更長期，這個平台也將以多種方式成為成長驅動力，不僅僅是 Borrow。

And then finally, just as we're talking about guidance, of course, we think continuously about efficiency and profitable growth. And as we look at how we've operated post the changes earlier this year, nearly six months in, we have built increasing conviction on our ability to shift our operating rhythms as an intelligence company with AI central to all of our workflows. And that that way of working ultimately drives improved efficiency over time and greater leverage to our business over time, which then, of course, gives us the opportunity to invest where we see strong returns. As I noted in my intro remarks, go-to-market, Neighborhoods, AI, these are opportunities for us to lean in where we see strong returns and as we build that room for ourself in the back half of this year and into next year.

最後，既然談到財測指引（guidance），我們當然也會持續思考效率與獲利性成長。回顧今年稍早變革之後的營運方式，將近六個月下來，我們對於把營運節奏轉型為一家以 AI 為所有工作流程核心的智慧公司之能力，建立了更強的信心。而這種工作方式最終會隨時間推動效率提升，並讓我們的業務隨時間獲得更高的槓桿效益；這也當然讓我們有機會在看到高回報的地方加大投資。如我在開場所提到的，go-to-market、Neighborhoods、AI，這些都是我們在看到強勁回報時可以加碼投入的機會，並且在今年下半年到明年，隨著我們為自己騰出空間而持續推進。

Will Nance, Goldman Sachs.

Will Nance，高盛。

Hi, thank you for taking the question. I thought I'd take advantage of Thomas being on the call here because memory costs and hardware have been very top of mind for a lot of investors and probably more relevant as the volume growth and new customer acquisition and seller keeps accelerating.

嗨，謝謝讓我提問。我想趁 Thomas 也在線上，因為記憶體成本與硬體一直是許多投資人非常關注的焦點，而且隨著交易量成長、新客戶取得與賣家數持續加速，這個議題可能更為相關。

So can you talk about the hardware and pricing environment that you all are seeing? How is it impacting the business? And could you help sort of frame the range of outcomes as we think about hardware costs on the business, your access to hardware, and talk a little bit about how Block's hardware strategy may differ from competition? Thanks for taking the question.

所以你們能談談目前看到的硬體與定價環境嗎？它如何影響業務？另外，能否協助我們框架一下可能的結果區間：當我們思考硬體成本對業務的影響、你們取得硬體的能力時，以及也請談談 Block 的硬體策略可能與競爭對手有何不同？謝謝。

Hey. Yeah, this is Thomas. Thanks for the question. This is definitely top of mind, especially memory. Typically, when we talk about hardware as a differentiator, most often it's in the context of our new products, right? Like in the very beginning, I've been able to come up with the Square original card reader, setting the bar for what point of sale could be with Square Register, and most recently with Tags, creating magical payment wands.

嗨。對，我是 Thomas。謝謝你的問題。這確實是我們非常關注的議題，尤其是記憶體。通常我們談到硬體作為差異化因素時，多半是在新產品的脈絡下，對吧？例如最一開始我能設計出 Square 原始刷卡器（card reader），用 Square Register 重新定義並拉高 POS 的標準，而最近則是透過 Tags，打造出很有魔力的支付魔杖（payment wands）。

While hardware expertise definitely allows us to differentiate on the product side, and I'm really excited about the new products we have in the pipeline, hardware is much more than that. One area that I'm particularly proud of, but we don't often discuss, is our supply chain and operations team.

硬體專業確實讓我們能在產品端做出差異化，我也對我們產品管線中的新產品感到非常興奮；但硬體的意義遠不止於此。有一個我特別自豪、但我們不常談的領域，是我們的供應鏈與營運團隊。

Over the years, we've built deep expertise and gone deep into the supply chain. Most companies have a relationship with their supplier, but we're different in that we go deeper, and we have relationships with our supplier's suppliers. And for key and core technologies, we go down to the supplier's supplier's supplier. And not only does this allow us to build best-in-class products, but it also enables us to manage supply in a very differentiated way.

多年來，我們建立了深厚的專業，並深入到供應鏈的各個層面。多數公司只與其供應商建立關係，但我們不同：我們會更深入，與供應商的供應商也建立關係。而對於關鍵與核心技術，我們甚至會一路深入到供應商的供應商的供應商。這不僅讓我們能打造同級最佳（best-in-class）的產品，也讓我們能以非常差異化的方式管理供給。

Thinking back to COVID, everything was out of stock. It was hard to find toilet paper. And one thing that I'm proud of is that we were the only company in our space never to go on back order. Fast-forward today, hardware costs, specifically memory are top of mind for everybody. But because we go so deep in the supply chain that we have really strong relationships with key suppliers, we actually identified this constraint coming middle of last year.

回想 COVID 時期，幾乎所有東西都缺貨。連衛生紙都很難買到。我很自豪的一點是，在我們這個領域裡，我們是唯一一家從未出現缺貨待補（back order）的公司。快轉到今天，硬體成本，特別是記憶體，成了所有人最關注的焦點。但因為我們在供應鏈上鑽得很深，與關鍵供應商有非常強的關係，我們其實在去年年中就辨識到這個限制。

And so since then, for the last year-plus, both our engineering and operations team have been working to mitigate these. And this is why, unlike many companies, you haven't heard us talking about supply constraints or cost.

因此從那時起，過去一年多以來，我們的工程與營運團隊一直在努力降低這些影響。這也是為什麼，與許多公司不同，你們沒有聽到我們在談供應限制或成本問題。

Now, I do want to caveat that what's happening across every industry is unprecedented, and I think we've heard that. Our friends down in Cupertino called this a 100-year flood. And while I haven't been here 100 years, in my almost 30-plus years in this industry, I've never seen anything like this. So we can't say that we'll never be impacted, and we do expect our costs to go up over time just like everybody else, but we have a really good handle on the trajectory of costs and supply dynamics, and we feel that we can manage this accordingly.

不過我也想補充說明，目前各產業正在發生的狀況是前所未見的，我想大家也都聽過這樣的說法。我們在庫比蒂諾（Cupertino）的朋友把這形容為「百年一遇的洪水」。雖然我不可能在這裡待上一百年，但以我在這個產業將近三十多年的經驗，我從未見過類似的情況。所以我們不能說永遠不會受到影響；我們也確實預期，隨著時間推進，我們的成本會像其他人一樣上升。但我們對成本走勢與供需動態的軌跡掌握得很清楚，也有信心能據此妥善管理。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey, guys. Thanks. Look, it was great to see the acceleration in GPV to 13% global and 10% in the US. Can you just touch on some of the key drivers? I mean we know NVA was converting well, and I think it was up 17% last year. So just how's NVA trending now? Where are you on your sales build and ISO efforts and partnerships?

嗨，各位。謝謝。看到 GPV 加速到全球 13%、美國 10%，真的很不錯。你們能談談一些關鍵驅動因素嗎？我們知道 NVA 轉換表現很好，我記得去年成長了 17%。所以現在 NVA 的趨勢如何？你們在銷售團隊建置、ISO 推進與合作夥伴關係方面進展到哪裡了？

And then just as attached to that, it was also nice to see the spread between gross profit and GPV narrow even without the tariff refund dynamic. Do you still expect that growth rate between GP and GPV in Square to grow in line with each other in the second half? Thanks, guys.

另外延伸這點來看，即使沒有關稅退稅（tariff refund）的因素，也很高興看到毛利與 GPV 之間的差距縮小。你們是否仍預期在下半年，Square 的毛利（GP）與 GPV 的成長率會大致同步？謝謝各位。

Hey, Darrin. Thanks for the question. Yeah. So let's unpack the momentum we're seeing with GPV. I think first, fundamentally, it all goes back to the compounding benefits of our progress against our product strategy and shipping more products at pace, and our expanding our distribution channels from a go-to-market perspective. Now what we're seeing is that those efforts are really resonating with our sellers and with new sellers as well. From a product perspective, we launched a number of different products that really resonate for Food and Beverage sellers, things like drive-thru for QSRs and dozens of new features across the board.

嗨，Darrin。謝謝你的問題。好的。我們來拆解一下目前看到的 GPV 動能。我想首先，從根本來說，這一切都回到我們在產品策略上的進展所帶來的複利效應：我們以更快的節奏推出更多產品，以及從 go-to-market 的角度擴大我們的分銷通路。現在我們看到，這些努力確實在賣家端、以及新賣家端都產生了很強的共鳴。從產品面來看，我們推出了多項特別能打動餐飲（Food and Beverage）賣家的產品，例如針對速食餐廳（QSR）的得來速（drive-thru），以及橫跨各領域的數十項新功能。

From a go-to-market perspective, we saw the fastest pace of self-onboard NVA, fastest pace of growth since Q2 of 2021 actually, which is really encouraging for us to see, in addition to ramping channels from a field sales perspective, from an ISO perspective, from a partnership perspective.

從 go-to-market 的角度來看，我們看到自助上線（self-onboard）的 NVA 以最快速度成長，實際上是自 2021 年第二季以來最快的成長速度；這對我們而言非常令人鼓舞。同時，我們也在加速拓展通路，包括外勤銷售（field sales）、ISO，以及合作夥伴通路。

All of that leads to this acceleration that we've seen that's, I think, particularly notable in the US, but broad-based as well with our strongest US GPV growth rate in three years since Q2 2023. And International performance also coming in strong even with some of the FX headwinds at 25% constant currency.

這些因素共同帶來我們所看到的加速，我認為在美國尤其明顯，但整體也相當廣泛；美國 GPV 成長率創下三年來新高，為自 2023 年第二季以來最強。國際市場表現也很強勁，即使面臨一些匯率逆風，按固定匯率（constant currency）計算仍達 25%。

I'd particularly call out the strategic verticals that we've been targeting with global Food and Beverage GPV up 20% year over year, and the strongest US F&B growth we've seen since Q1 '23. And Mid-market sellers also continue to be our fastest-ramping segment, also with growth over 20%. As I noted earlier, a lot of that strength that we saw in Q2 carrying forward into July.

我特別想點出我們一直在鎖定的策略性垂直領域：全球餐飲（Food and Beverage）GPV 年增 20%，而且我們也看到自 2023 年第一季以來美國餐飲（F&B）最強勁的成長。同時，中型市場（Mid-market）賣家仍然是我們成長最快的區隔，成長也超過 20%。如我先前提到的，我們在第二季看到的許多強勁動能也延續到了 7 月。

On the gross profit point, yeah, we were excited to see growth roughly in line and accelerating growth from a gross profit perspective, but roughly in line with GPV growth. I think fundamentally, what underpins that gross profit growth is not only the strong sort of engine underneath it with compounding these gains in GPV, but things like continued software adoption growth and momentum in financial solutions driven by products like Square Loans, where we still have tremendous room for continued growth.

關於毛利的部分，是的，我們很高興看到毛利端的成長大致符合、且呈現加速，但整體仍大致與 GPV 成長一致。我認為，支撐毛利成長的根本因素，不僅是底層引擎強勁、透過 GPV 的複利式增長累積成果，也包括軟體採用率持續提升，以及由 Square Loans 等產品帶動的金融解決方案動能；在這些方面我們仍有非常大的持續成長空間。

Products like Square Card, our credit card that we're ramping within our Square ecosystem as well. So the broader suite of software and banking features continue to resonate with existing sellers and new sellers alike.

例如 Square Card，我們的信用卡產品，也正在 Square 生態系內加速推進。因此，更廣泛的軟體與銀行功能組合，持續受到既有賣家與新賣家的共鳴與採用。

We did have, in the quarter, a tariff reimbursement benefit of about two points. That roughly offset a network remediation comparison from Q2 '25. So those two sort of, if you will, one-time elements roughly offset each other by about two points this quarter. And we continue to expect Square gross profit and GPV to grow roughly in line with each other as we look at the back half of the year.

本季我們確實有一項約 2 個百分點的關稅補償（tariff reimbursement）利益。這大致抵銷了 2025 年第二季的網路修復（network remediation）比較基期影響。因此，這兩個可說是一次性因素在本季大致互相抵銷，約 2 個百分點。展望下半年，我們仍預期 Square 的毛利與 GPV 將大致同步成長。

Adam Frisch, Evercore.

Adam Frisch，Evercore。

Hey, guys. Thanks for taking my question. The motion on Square is pretty simple in terms of better product with expanded distribution. But for Cash App, what gives you the confidence as you lap the huge borrow growth this year that you can continue to drive outsized gross profit growth in the next couple of years? We like to say it's more people using more products more frequently, but what's the playbook here for Cash App growth?

嗨，各位。謝謝讓我提問。Square 的推進動能很簡單：更好的產品加上更廣的通路。但對 Cash App 而言，當你們今年要面對 Borrow 爆發式成長的高基期時，你們憑什麼有信心在未來幾年仍能持續推動超額的毛利成長？我們常說是更多人更頻繁地使用更多產品，但 Cash App 成長的作戰手冊（playbook）到底是什麼？

And then if I could just ask on the loss side, what was it in the quarter? Was it still around where it was previously, and how do you expect that to trend? Thanks very much.

另外如果我可以再問一下損失（loss）端，本季的情況如何？是否仍大致維持在先前的水準？你們預期接下來會如何走勢？非常感謝。

Thanks, Adam. Happy to take this question. I'll give some context on the durable growth of Cash App overall first, then I can touch on the loss rate question. I think even though Cash App has evolved massively over the past decade plus, I think our core approach to growth hasn't changed that much. And I think that's largely because just the addressable market is so massive.

謝謝你，Adam。很樂意回答這題。我會先提供一些 Cash App 整體可持續成長（durable growth）的背景，接著再談損失率的問題。我認為，儘管 Cash App 在過去十多年已經大幅演進，我們的核心成長方法其實沒有太大改變。這主要是因為可服務市場（addressable market）非常龐大。

We see over 100 million modern earners in the US, and we think that's going to be the fastest growing demographic over the next 5 to 10 years. I think still with our existing customer base, we still have massive room to deepen engagement. Obviously, Cash App Card attach rate is pretty high, but there's still a number of customers who are still peer-to-peer only.

我們看到美國有超過 1 億名「現代型收入者」（modern earners），而我們認為這將是未來 5 到 10 年成長最快的人口族群。即使在既有客群中，我們仍有很大的空間去深化互動與使用。當然，Cash App Card 的綁定率（attach rate）已經很高，但仍有不少客戶目前只使用點對點（peer-to-peer）功能。

And then increasingly we're seeing with products like Neighborhoods, Teams and Families, Tags, this is giving us more of a right to win up-market and actually expanding the addressable market. So our approach has remained the same, which is really just focusing on the ecosystem. And I think this is unique relative to some of the other players in consumer fintech, where top line is coming from one or two different sources.

此外，隨著 Neighborhoods、Teams and Families、Tags 等產品的推出，我們愈來愈能在更高端市場（up-market）取得勝出優勢，並實際擴大可服務市場。因此我們的方法仍然相同：真正聚焦在生態系。相較於其他一些消費金融科技業者，其營收主要來自一到兩個來源，我們的做法具有獨特性。

We think of the Cash ecosystem in four parts. There's our network-based products, our banking and financial services products, our commerce solutions, then Bitcoin, of course. And I think we have massive runway across the board.

我們把 Cash 生態系分成四個部分。包括：以網路效應為基礎的產品、銀行與金融服務產品、商務解決方案，當然還有比特幣。我認為我們在各個面向都有非常長的成長跑道。

So on the network side, we're continuing to invest in network health and core peer-to-peer. Neighborhoods, I think is set to have a massive impact on Cash App going forward. And then continuing to push on our managed accounts, U13 product, as well as Teens and Families more broadly. On the banking side, still have a lot of room to go with Cash App Green and also new products that we're calling internally these essentials. So things like launching Cash App phone plans and then continuing to twist knobs and tune dials on the Borrow side and the Retro side.

在網路端，我們持續投資於網路健康度與核心點對點功能。我認為 Neighborhoods 將在未來對 Cash App 產生巨大的影響。同時也持續推進我們的受管理帳戶（managed accounts）、U13 產品，以及更廣泛的 Teens and Families。在銀行端，Cash App Green 仍有很大的成長空間，另外也有一些我們內部稱為「必備品」（essentials）的新產品。例如推出 Cash App 的手機方案，並持續在 Borrow 與 Retro 端進行參數調整與優化。

For commerce, some really exciting things related to the card. So Afterpay on Cash App Card pre-purchase just became generally available a few weeks ago. And then obviously, the Tags launch, we've had a few viral moments, but that's a massive platform for us. And continuing to push on distribution with Cash App Pay as well as Afterpay. Some large merchants we've signed recently.

在商務方面，有一些與卡片相關、非常令人振奮的進展。幾週前，Cash App Card 的 Afterpay「預先購買」（pre-purchase）功能已全面開放使用。另外，Tags 的推出也帶來幾次病毒式傳播（viral）時刻，但對我們而言這是一個龐大的平台。我們也持續推進 Cash App Pay 與 Afterpay 的通路擴張。近期也簽下了一些大型商戶。

On the Bitcoin side, pricing decisions, deliberate pricing decisions have actually been a headwind for us this year. But that was a deliberate move to make sure that we're the simplest and cheapest Bitcoin exchange out there. And I think that's proven really successful in terms of relative share gains versus others.

在比特幣方面，我們的定價決策——刻意的定價決策——今年其實對我們形成逆風。但這是有意為之，確保我們是市場上最簡單、成本最低的比特幣交易所。我認為這在相對市占提升（relative share gains）方面已被證明非常成功。

All of that is like the core ecosystem of Cash App. And then you can layer on some of the newer bets, like how we're monetizing Cash App Score, same thing for MoneyBot, new things that we're working on that are not public yet. And I think all of these pieces are going to flow through the inflows framework pretty differently. Some of them will hit active, some of them will hit inflows per active, some of them will hit monetization rate.

以上這些構成了 Cash App 的核心生態系。此外，你還可以再疊加一些較新的押注，例如我們如何將 Cash App Score 變現，MoneyBot 也是同樣，以及一些我們正在進行、但尚未公開的新項目。我認為這些不同組件，會以非常不同的方式反映在「流入（inflows）框架」中。其中一些會影響活躍用戶（active），一些會影響每位活躍用戶的流入（inflows per active），另一些則會影響變現率（monetization rate）。

From an actives perspective, I think the biggest drivers in the coming months are really Neighborhoods and our families, Teams and Families products. On the engagement driver side and how we think about growing inflows, I think it's really our focus on the modern earner and spending tools. For what it's worth, Cash Card just turned 10 years old a few weeks ago, which is super exciting. So a decade old and we're still running GPV growth at more than 20% year over year, fourth largest debit program in the US.

從活躍用戶的角度來看，未來幾個月最大的驅動因素主要是 Neighborhoods，以及我們的 Families、Teams and Families 產品。在互動驅動與我們如何看待流入成長方面，我認為關鍵在於我們對「現代型收入者」與支出工具的聚焦。順帶一提，Cash Card 幾週前剛滿 10 週年，這非常令人振奮。也就是說，產品已經十年了，但我們的 GPV 年增仍超過 20%，而且是美國第四大的簽帳金融卡（debit）計畫。

So overall, the way I feel is we have the most expansive product portfolio that we've ever had, and our job is to bring all the different pieces of this ecosystem together in the back half of this year as we head into 2027, and ensure we can maintain those strong, durable growth rates over time. And that's despite lapping the meteoric growth in Borrow. And I think we have a strong track record of doing this over the past decade plus.

整體而言，我的感受是：我們擁有史上最廣泛的產品組合，而我們的工作是在今年下半年、邁向 2027 的過程中，把這個生態系的各個部分更緊密地整合起來，並確保能長期維持強勁且可持續的成長率。即便我們正在面對 Borrow 的爆發式成長高基期。我認為我們在過去十多年已經有很強的實績能做到這點。

Amrita, do you want to just touch on the loss rates piece?

Amrita，你要不要簡單談一下損失率的部分？

Sure. I presume that's a question on Cash App Borrow loss rates, which continue to be healthy. We look at cohort-level loss rates, as you know, and as borrower cohorts season, we generally see that repayment behavior improves and losses decline. That's just based on our underwriting and the rich first-party data that we have that feed into our models.

好的。我猜這是在問 Cash App Borrow 的損失率，這部分仍維持健康。如你所知，我們會看分群（cohort）層級的損失率；隨著借款人分群進入成熟期（seasoning），我們通常會看到還款行為改善、損失下降。這主要是基於我們的授信（underwriting）以及我們擁有的豐富第一方資料（first-party data），並將其輸入模型所致。

More broadly, I would say, based on our consumer lending origination volume forecast, and as I noted earlier, the normalization of the growth rates and the maturation of the Borrow cohorts, we'd expect to see year-over-year growth on transaction, loan, and consumer receivable losses to moderate as well through the remainder of '26.

更廣泛來看，基於我們對消費者放款起始量（origination volume）的預測，以及如我先前提到的成長率正常化與 Borrow 分群的成熟，我們預期交易、貸款與消費者應收款（consumer receivable）損失的年增幅，也會在 2026 年剩餘期間趨於放緩。

Tim Chiodo, UBS.

Tim Chiodo，瑞銀（UBS）。

Great. Thank you for taking the question. I want to shift gears a little bit. So a little bit of an unsung hero, if you will, with the SFS part in the shareholder letter. So two things there that could help margins and maybe free cash flow.

很好。謝謝讓我提問。我想稍微換個話題。所以如果你願意這麼說的話，在股東信裡的 SFS 部分有點像是個未被充分注意的英雄。那裡有兩件事可能有助於提升利潤率，或許也能改善自由現金流。

But you mentioned that SFS will start to take deposits, which could help with some of the funding for some of the loan products, also that SFS is also serving as effectively the acquiring sponsor bank, and it could start to support both Square and Cash App, which would effectively remove some costs. And I was hoping you could talk a little bit about SFS' role across those two use cases. Thank you.

但你提到 SFS 將開始吸收存款，這可能有助於為部分貸款產品提供資金來源；另外，SFS 也等同於在扮演收單的保薦銀行（acquiring sponsor bank），並且可能開始同時支援 Square 與 Cash App，這將實質上移除一些成本。我希望你能談談 SFS 在這兩種使用情境中的角色。謝謝。

Hey, Tim. Yeah. Look, we think the capabilities that we're building here around banking with SFS are incredibly powerful, and we're really just at the beginning in terms of this journey that we're on. When I sort of step back and think about the strategic elements that SFS provides to us, I think there's three primary benefits.

嗨，Tim。是的。你看，我們認為我們在這裡圍繞 SFS 所打造的銀行能力非常強大，而就我們正在進行的這段旅程而言，我們其實才剛開始。當我退一步思考 SFS 為我們帶來的策略性要素時，我認為主要有三項好處。

First, SFS gives us greater optionality when it comes to how we bring our products to market, whether through partners or through SFS that ultimately provides us with greater resilience and redundancy.

第一，SFS 讓我們在將產品推向市場的方式上有更大的選擇性，無論是透過合作夥伴或是透過 SFS，最終都能讓我們具備更高的韌性與備援能力。

Secondly, it enables us to serve more customers and frankly expand our products, often at better economics. You've obviously seen how that's flown through from a Borrow perspective, being able to bring Borrow nationwide and improve from a variable profit perspective over this past year, such that it's a much more meaningful incremental growth opportunity for us for that product and potentially for future products down the road.

第二，它讓我們能服務更多客戶，坦白說也能擴展我們的產品，而且往往具備更好的經濟效益。你顯然已經看到，從 Borrow 的角度來看，我們能把 Borrow 推向全國，並在過去一年從可變利潤的角度有所改善，使得這個產品對我們而言成為更有意義的增量成長機會，也可能成為未來其他產品的成長機會。

And then third, it gives a direct connection to our regulators, which ultimately helps us build upon trust and get great feedback along the way as we're expanding new products over time.

第三，它讓我們能直接連結到監管機構，最終有助於我們建立信任，並在我們隨時間擴展新產品的過程中一路獲得很好的回饋。

In terms of where we're entering with this next phase of growth for SFS, we are expanding beyond lending. And I think there's two important milestones as I look at where we are and where we're about to head that I'm pretty excited about.

就我們在 SFS 下一階段成長的切入點而言，我們正在從放貸擴展到更多領域。而當我看著我們目前的位置以及即將前往的方向時，我認為有兩個重要里程碑讓我相當興奮。

First, deposit taking. As you noted, we are expanding our capabilities there. So sellers maintaining at least $10,000 in Square Savings are now eligible to earn a 3.5% APY. That's 8 times the national average, which attracts, obviously, sellers bringing more of their business to Block. It deepens our relationship, expands retention possibility, and expands our deposit base further.

第一是吸收存款。如你所提，我們正在擴展這方面的能力。因此，在 Square Savings 維持至少 10,000 美元的賣家，現在符合資格可賺取 3.5% 的年化收益率（APY）。這是全國平均的 8 倍，顯然會吸引賣家把更多業務帶到 Block。這會加深我們的關係、提升留存的可能性，並進一步擴大我們的存款基礎。

So as we grow balances, we can ultimately build a stable base here that's relatively low-cost deposits that then helps us fund future lending products at a lower cost of capital. And so near term, we're going to -- we continue to externalize those lending originations through warehouse facilities and other funding sources. But over time, you can expect deposits through SFS to become a much bigger part of how we fund those lending originations, and it's far more efficient from a capital and returns perspective.

因此，隨著我們的餘額成長，我們最終可以在這裡建立一個穩定的基礎，也就是相對低成本的存款，進而幫助我們以更低的資金成本為未來的放貸產品提供資金。所以在短期內，我們將會——我們仍會透過倉儲融資工具（warehouse facilities）及其他資金來源，把這些放貸的起貸（origination）外部化。但隨著時間推進，你可以預期透過 SFS 的存款將在我們如何為這些放貸起貸提供資金方面扮演更重要的角色，而且從資本效率與報酬的角度來看會更有效率。

And then secondly, as you noted, we are now building acquiring capabilities into SFS. And in June, we had a new milestone for SFS as we processed our first Square acquiring transactions. Over time, we can gradually migrate more of those acquiring transactions into both Square and Cash App, but that is a multi-year endeavor as we bring more of that processing infrastructure in-house with, again, the primary benefit to us being increased resilience and redundancy.

第二，如你所提，我們現在正在把收單能力建置到 SFS 之中。而在 6 月，SFS 達成了一個新的里程碑：我們處理了第一筆 Square 的收單交易。隨著時間推進，我們可以逐步把更多這類收單交易遷移到 Square 與 Cash App 之中，但這會是一個多年期的工程，因為我們要把更多處理基礎設施內部化；而對我們而言，主要好處同樣是提升韌性與備援能力。

So all that to say, Tim, we agree with you. We're super excited about SFS and the opportunity to expand far beyond this first chapter of lending as we look at deposits and acquiring next and the much longer roadmap beyond that.

所以總結來說，Tim，我們同意你的看法。我們對 SFS 以及在放貸這第一章之外大幅擴展的機會感到非常興奮，接下來會看存款與收單，再往後還有更長期的路線圖。

We'll shift to our next question from shareholder on X. And this is a couple of questions that we've amalgamated, but this is over to you, Owen. What updates can you share on Neighborhoods, including a status update on the broader rollout of the product?

我們接著切換到下一個來自 X 上股東的提問。這其實是我們彙整的幾個問題，但這題交給你，Owen。關於 Neighborhoods，你可以分享哪些最新進展，包括產品更廣泛推出的進度更新？

Sure. Thanks, Matt. I think at this point, we're extremely confident that we've found product market fit with Neighborhoods. And now we're scaling incredibly quickly. So annualized seller GPV on the platform crossed the $1 billion threshold in June, which is up 220% year over year.

當然。謝謝，Matt。我認為到目前為止，我們非常有信心 Neighborhoods 已經找到產品市場契合度（product-market fit）。而現在我們正在非常快速地擴張。因此，平台上的賣家年化 GPV（總支付交易量）在 6 月突破 10 億美元門檻，年增 220%。

And then new sellers that were onboarding onto Neighborhoods was 8x in July, what it was in March. And then the great part from the product perspective is as we've ramped, we've seen really, really strong and consistent data. So spend from followers reaches about 10% of a seller's GPV in three quarters on average. So it's like a really meaningful share of GPV.

另外，7 月新加入 Neighborhoods 的新賣家數，是 3 月的 8 倍。而從產品角度來看，最棒的是，隨著我們加速成長，我們看到非常、非常強勁且一致的數據。因此，追蹤者帶來的消費平均在三個季度內可達到賣家 GPV 的約 10%。所以這是 GPV 中非常有意義的一部分。

And then we're seeing really strong conversion rates just across every funnel that we're tracking, whether it's buyer enrollments per location or signups versus Neighborhoods impressions or claims per location. The list goes on. We feel really good about the product. And now in the coming weeks and months, we're focused on just massively accelerating the distribution and the go-to-market on the seller side.

此外，我們在所追蹤的每一個漏斗上都看到非常強的轉換率，無論是每個據點的買家註冊數，或是註冊數相對於 Neighborhoods 曝光數，或是每個據點的認領（claims）數等。還有很多指標。我們對這個產品感覺非常好。而在接下來幾週與幾個月，我們會專注於在賣家端大幅加速分發與市場推進（go-to-market）。

We're confident in the performance. I think the auto-enrollment motion that we talked about last earnings is working really well. And then of course, there's an incredibly strong correlation between the number of sellers who are on the Neighborhoods platform and then the number of buyers who are engaging via Cash App.

我們對其表現很有信心。我認為我們在上次財報提到的自動註冊（auto-enrollment）機制運作得非常好。當然，Neighborhoods 平台上的賣家數量，與透過 Cash App 參與互動的買家數量之間，也存在極強的相關性。

On the product side, a few additional things that we're focused on as well. We are testing a motion that's aimed at increasing density. So this is a combination of auto-enrollment plus also dedicated outreach and in-person time from our account management team, which has been really successful with more upmarket, multi-location, complex sellers.

在產品端，我們也在聚焦幾個額外的事項。我們正在測試一種旨在提高密度的推進方式。因此，這是自動註冊加上我們客戶管理團隊的專門外聯與實地拜訪時間的組合；而這在更偏中大型市場、具多據點且較複雜的賣家身上非常成功。

Also it's been interesting just understanding how critical it is for the employees at a given Square seller to get bought in and fully educated on the program. And so we've started experimenting with various incentive programs to get to a world where everyone who's working at a Square seller where Neighborhoods is turned on becomes an advocate of the Neighborhoods program and ultimately using Cash App.

另外，理解到某個 Square 賣家店內員工的認同與對方案的充分教育有多關鍵，也很有意思。因此，我們已開始嘗試各種激勵計畫，目標是讓所有在已啟用 Neighborhoods 的 Square 賣家處工作的員工，都成為 Neighborhoods 計畫的倡議者，並最終使用 Cash App。

We're also going to close out the work where we're making Neighborhoods work for every hardware product, and we'll be launching a tab at the top level in Cash App that shows, on a map view, geographic basis, all of the merchants that you can follow and order ahead and engage with.

我們也將完成讓 Neighborhoods 能適用於每一種硬體產品的工作；並且我們會在 Cash App 的頂層推出一個分頁，以地圖視圖、依地理位置顯示所有你可以追蹤、可提前下單並互動的商家。

So feeling really, really excited about Neighborhoods. To me, my honest reflection is it feels like the early days of Peer-to-Peer, where we have this proprietary onboarding funnel. We're seeing the numbers starting to inflect in a meaningful way. It's pretty clear that this is going to reach massive scale. And then ahead of us, we have a huge opportunity to drive deeper engagement and deeper monetization.

所以我們對 Neighborhoods 感到非常、非常興奮。對我而言，我誠實的感受是，這很像點對點（Peer-to-Peer）業務的早期階段：我們有這個專有的導流／註冊漏斗。我們看到數字開始以有意義的方式出現拐點。很明顯這將達到巨大的規模。而在我們前方，還有一個巨大的機會去推動更深的互動與更深的變現。

James Friedman, Susquehanna.

James Friedman，Susquehanna。

Hi. Thank you, Katie. Thomas, another hardware-related question. Would love to hear how Cash App Tags or Cash Tags is doing.

嗨。謝謝你，Katie。Thomas，另一個與硬體相關的問題。很想聽聽 Cash App Tags 或 Cash Tags 的表現如何。

For example, does it lead to increased engagement or changes in ticket size? What sort of cohorts are embracing it? Any perspective on Cash Tags would be helpful. Thank you.

例如，它是否會帶來更高的參與度或單筆交易金額（ticket size）的變化？哪些類型的用戶分群（cohorts）正在擁抱它？若能分享對 Cash Tags 的任何觀點將很有幫助。謝謝。

Yeah. Thanks for the question. We're super excited about Tags. We believe we created the next new viral hardware product.

是的。謝謝你的提問。我們對 Tags 感到非常興奮。我們相信我們打造了下一個全新的病毒式硬體產品。

Typically, when you're developing any product, you're excited in the development process. But when I first got a prototype of the Wand, and I took it to a seller for the first time, and just seeing the reactions, the reaction of the cashier, the people in line. The cashier actually pulled over another cashier to show it to them, it was pretty clear we're onto something.

通常在開發任何產品時，你在開發過程中都會感到興奮。但當我第一次拿到 Wand 的原型，第一次帶去給一位商家使用時，看到大家的反應——收銀員的反應、排隊人群的反應。收銀員甚至把另一位收銀員叫過來給他看，這很清楚地表明我們抓到了一個很有潛力的方向。

It reminds me in a lot of ways of early Square days, where the first time you swiped your card on a phone and signed your name with your finger and got an email receipt, it was pretty magical. And this feels in a lot of ways very similar. I'll get into some of the details of your question, but first I wanted to level set a little bit on why and how we're doing Tags.

它在很多方面讓我想起 Square 早期的日子：第一次在手機上刷卡、用手指簽名、收到電子郵件收據，那種感覺相當神奇。而這在很多方面也非常相似。我會回答你問題中的一些細節，但首先我想先把我們為什麼以及如何做 Tags 的背景先對齊一下。

As Owen mentioned, Cash App Card launched 10 years ago. And when we launched it, we took a pretty different approach, and that was around customization. We offer lots of different colors, lots of different materials. We have a glow-in-the-dark card, we have a tortoise card, and customers can personalize it. They can write on it, and we have stamps, and you can really make these one of one.

如 Owen 提到的，Cash App Card 是在 10 年前推出的。當時我們採取了相當不同的方法，重點在於客製化。我們提供許多不同顏色、許多不同材質。我們有夜光卡、也有龜甲紋卡，客戶可以個人化。他們可以在上面書寫，我們也有印章，你真的可以把它做成獨一無二的一張。

And our customers love it, especially younger audiences. One in five teens have a Cash App Card today. But the biggest problem with the card form factor, and I see this when I take my Cash App Card out and I have a tortoise card, people comment on it. They ask me where I got it all the time. The problem is cards are stuck buried in your wallet 99% of the time.

而我們的客戶很喜歡，尤其是年輕族群。如今每五位青少年就有一位擁有 Cash App Card。但卡片這種形態最大的問題——我自己拿出 Cash App Card（我的是龜甲紋卡）時也常看到——是大家會評論它。他們總是問我在哪裡拿到的。問題在於，卡片有 99% 的時間都被埋在你的錢包裡。

And so what we wanted to do was we wanted to take the best parts of our Cash App Card and just take it to the next level. And so what we did is we developed Tags. And Tags, it's a module that has an NFC chip, an antenna, and some other things, but it's fully sealed, waterproof. You can put it through the washer and dryer hundreds of times. It has no battery.

所以我們想做的是，把 Cash App Card 最好的部分再往前推進到下一個層級。因此我們開發了 Tags。Tags 是一個模組，內含 NFC 晶片、天線以及其他元件，但它是完全密封、防水的。你可以把它丟進洗衣機和烘衣機，反覆洗烘數百次。它不需要電池。

And the great thing is with this module, you can put it into pretty much anything. And once you put it into something, that thing turns immediately into a Cash App payment device. So pretty excited about that.

而最棒的是，有了這個模組，你幾乎可以把它放進任何東西裡。一旦你把它放進某個物件，那個物件就會立刻變成一個 Cash App 的支付裝置。所以我們對此非常興奮。

Earlier this summer, we launched three form factors. We launched our Wand, a Mini Card, and Heart, and the reception, it exceeded expectations. We sold out much quicker than we thought. The second Wand drop sold out in just over 30 minutes.

今年夏天稍早，我們推出了三種形態。我們推出了 Wand、Mini Card 和 Heart，而市場反應超出預期。我們比想像中更快售罄。第二次 Wand 的開賣在 30 多分鐘內就售罄。

And the really exciting thing is we did this all with zero marketing. This was all viral. And today, we have over three million people who have asked to be notified for the next drop. So what's next? Right now, we're ramping production of those three models that we announced.

而真正令人興奮的是，我們在零行銷的情況下做到這一切。這完全是病毒式傳播。而今天，已經有超過三百萬人要求在下一次開賣時通知他們。那接下來呢？目前我們正在提升我們所公布的這三個型號的產能。

In the coming weeks, we're going to make that more generally available. And then later this year and early next year, we have lots of new Tags coming. Some fun new colorways of the existing SKUs, but also some different form factors. We're going to be making more key chains with some other pretty interesting form factors and materials we're playing with that I'm really, really excited about.

在接下來幾週，我們會讓它更普遍地供應。然後在今年稍晚與明年年初，我們還會推出許多新的 Tags。會有一些既有 SKU 的有趣新配色，但也會有一些不同的形態。我們會推出更多鑰匙圈，並嘗試一些其他相當有意思的形態與材質，我真的、真的很期待。

But not just first-party products, one of the things we're also doing is we're working on collabs and partnerships. And what's exciting about the partnership space is it allows us to reach other demographics that already have a relationship with a given brand.

但不只是一方自有（first-party）產品，我們也在做的一件事是與他人合作與建立夥伴關係。而合作夥伴領域令人興奮之處在於，它讓我們能觸及那些已經與特定品牌建立關係的其他族群。

So to your point, we can expand demographics through partnerships really well. So again, I'm really excited about the reception so far of Tags. I'd just say, if you don't have one yet, I recommend getting a Wand. And when -- I mean, you need to see it and feel it to really understand. And when you pay for it for the first time, you see others' reactions and then I think you'll get what we're onto.

所以如你所說，我們可以透過合作夥伴有效擴大用戶族群。總之，我對 Tags 目前為止的反響非常興奮。我只想說，如果你還沒有，我建議你入手一個 Wand。因為——我的意思是——你必須親眼看到、親手摸到，才能真正理解。而當你第一次用它付款時，你看到其他人的反應，我想你就會明白我們正在做什麼。

I would just add on top of this and broaden it a little bit. I think Tags is obviously an incredible and super innovative product, and we were able to get it to market incredibly quickly, especially for a hardware product. But I think that motion is just reflective of how development at Block has changed, especially over the past 6 to 12 months. I think that the flow-through from AI tools is just making it so that we can ship higher quality features and products to our customers at a higher clip. Those things used to conceptually be at odds with each other, and it's just not the case anymore given how the AI tools are flowing through.

我想在此基礎上再補充並稍微拉高到更宏觀的層面。我認為 Tags 顯然是一個令人驚豔、非常創新的產品，而且我們能以極快速度把它推向市場，尤其對硬體產品而言。但我認為這個節奏其實反映了 Block 的開發方式在過去 6 到 12 個月裡如何改變。AI 工具帶來的效益，正讓我們能以更高的頻率向客戶交付更高品質的功能與產品。過去這兩件事在概念上似乎互相牴觸，但在 AI 工具的導入與滲透之下，現在已不再是如此。

At this point, at Block, AI is involved in basically every single production code change or production code review. Code changes per engineer is up 150% since the start of the year. Square, just for reference, we shipped 130 features in the first half of 2026. That's up more than 3x relative to the first half of 2025.

目前在 Block，AI 幾乎參與了每一次上線（production）的程式碼變更或上線程式碼審查。自年初以來，每位工程師的程式碼變更量提升了 150%。以 Square 為例，我們在 2026 年上半年交付了 130 項功能。相較於 2025 年上半年，增加超過 3 倍。

And I think all of that is because of the foundation and the investment in AI tools over the past three years, whether it's goose or contributing to the MCP, or it's Buzz, or it's everything else that we've built internally. And so now I think that you're really seeing that start to flow through in terms of shipping things to customers.

而我認為這一切都來自於過去三年在 AI 工具上的基礎建設與投入，不論是 goose、對 MCP 的貢獻、Buzz，或是我們內部打造的其他所有工具。因此我認為你現在真的開始看到這些投入在把東西交付給客戶方面產生的傳導效應。

Tags is a great example, as Thomas went through. I think the acceleration in Neighborhoods is a great example. Square Credit Card just reached over $1 billion in annualized spend. ManagerBot and MoneyBot are GA'd.

如 Thomas 所說，Tags 就是一個很好的例子。Neighborhoods 的加速推進也是一個很好的例子。Square Credit Card 的年化刷卡金額剛剛突破 10 億美元。ManagerBot 和 MoneyBot 已經全面可用（GA）。

Afterpay on the Cash App Card is GA'd. Stablecoins on Cash App are GA'd. The list goes on. So I think just fundamentally, that thesis and narrative around high quality, high velocity that we've been talking about for the past two to four quarters, we're seeing it come to life in Q2.

Cash App Card 上的 Afterpay 已經全面可用（GA）。Cash App 上的穩定幣也已經全面可用（GA）。還有更多。所以我認為，從根本上來說，我們在過去兩到四個季度一直在談的「高品質、高速度」這個論點與敘事，正在第二季真正落地實現。

Nick Cremo, Barclays.

Nick Cremo，巴克萊。

Hey, thanks for taking my question. I wanted to ask on Block's AI cost strategy with your model-agnostic approach as you lean deeper into AI as an organization, given token costs are becoming an important topic. And separately, it would be helpful to hear how you're thinking about AI monetization over the near- to medium-term with ManagerBot and MoneyBot. Thank you.

嗨，謝謝讓我提問。我想請教 Block 的 AI 成本策略：在你們採取模型不可知（model-agnostic）的做法、並且作為組織更深入導入 AI 的情況下，考量到 token 成本正成為一個重要議題。另外，也希望聽聽你們如何看待在短期到中期，透過 ManagerBot 與 MoneyBot 進行 AI 變現（monetization）的思路。謝謝。

Hey, Nick. Thanks for the question. Maybe I'll start off on the cost strategy. And Owen, you can chime in on ManagerBot and MoneyBot monetization. First I'd say, look, we see the headlines, it's obviously a major one. And we think around costs for AI. We think relative to the industry, we feel we're pretty well positioned here for a couple of the reasons, including one that you noted around the model-agnostic builds for goose.

嗨，Nick。謝謝你的提問。也許我先從成本策略談起。Owen，你也可以補充談談 ManagerBot 和 MoneyBot 的變現。首先我想說，你看，我們也看到了新聞標題，這顯然是一個重大的議題。而我們也在思考 AI 的成本。我們認為相較於產業，我們在這方面的定位相當不錯，原因有幾個，其中之一就是你提到的，goose 採用模型不可知（model-agnostic）的建構方式。

I'd say more broadly, our budgets obviously are going up. But we're focused on a strategy that ensures returns from those budgets. And I think what you just heard from Owen on product velocity is that we are seeing tremendous speed and quality come through in terms of development capabilities using these tools, and even back of the house in terms of how we run the company and in our workflows now from an intelligence perspective.

更廣泛地說，我們的預算顯然正在增加。但我們專注於一個能確保這些預算帶來回報的策略。而你剛剛從 Owen 聽到的產品開發速度，顯示我們在使用這些工具提升開發能力方面，無論是速度或品質，都有非常顯著的成果；甚至在後台、公司營運方式，以及從智慧化角度來看我們現在的工作流程上也是如此。

But the strategy from a cost perspective for us starts with intelligently routing our workloads, being efficient in how we think about compute, and leveraging multiple models including open source models where appropriate. And then obviously, the technology is continuously advancing. So we evolve our strategy as we see those advancements as rapidly as week to week or month to month.

但就成本面而言，我們的策略首先是以智慧方式為工作負載做路由分配，在思考運算資源（compute）時追求效率，並在適當情況下運用多種模型，包括開源模型。而且很明顯，技術正在持續進步。因此我們會隨著這些進展調整策略，快的話甚至會以每週或每月的節奏演進。

We don't think the right answer is to constrain developer velocity or productivity using these tools. We think the answer, as I noted, is really just to be thoughtful and intentional about how we deploy the tools. And we know that it's an evolving paradigm, and it's one where we feel we've built a strong foundation and have identified a number of ways to improve efficiency over time. But there's more work to do for us and for many others.

我們不認為正確的做法是限制開發者使用這些工具所帶來的速度或生產力。我們認為答案，如我所說，是真正要在部署這些工具的方式上保持審慎與有意識。我們也知道這是一個持續演進的典範；在這方面，我們覺得自己已建立了堅實的基礎，並找到了多種方法可隨時間提升效率。但對我們以及許多其他人而言，仍有更多工作要做。

Maybe I'll just quickly note, I think the two core capabilities that we're building that are truly differentiated here, especially as we think about the efficiency returns and cost component of our AI approach. So first, as you noted, Nick, goose is model agnostic. And we think this is a component that we foresaw some years ago that's really important. It means that we're not locked into a single provider's capabilities or pricing structure. And that's true for anyone, obviously, who would use goose.

我也許再快速補充一下：我認為我們正在打造的兩項核心能力在這裡確實具備差異化，特別是當我們思考 AI 方法在效率回報與成本構成上的表現。第一，如你所提到的，Nick，goose 是模型不可知的。我們認為這是我們幾年前就預見、而且非常重要的一個組成部分。這代表我們不會被單一供應商的能力或定價結構所綁定。當然，對任何使用 goose 的人來說也是如此。

We are seeing sometimes the leading open source models are better today than what existed six months ago. And therefore, we have the ability to leverage whatever is the frontier model from an intelligence or cost perspective based on what we've built. You don't need the most leading-edge model now for the vast majority of knowledge work. And so we can then route based on what we're seeing as the advancements play out.

我們看到有時候，領先的開源模型在今天的表現，已經比六個月前的任何模型都更好。因此，基於我們已建構的能力，我們可以從智慧或成本的角度，運用任何處於前沿（frontier）的模型。對於絕大多數的知識型工作而言，你現在其實不需要最尖端的模型。因此我們就能依據我們看到的技術進展來進行路由分配。

Then secondarily, what I'd say is that from an engineering perspective, we've built an internal evaluation system that is scoring each model on a number of metrics, from quality to cost, based on our real production data. And so that means that we're continuously evaluating, on a task-level basis, all of the new models as they're released and as pricing evolves. And of course, we're all seeing extremely powerful models now become lower priced, which then gives us the opportunity to build the right efficiency approach into each of our workflows, where we can see a lot of our work get done with older models, which are increasingly powerful.

第二點我想說的是，從工程角度來看，我們建立了一套內部評估系統，會基於我們真實的生產數據，從品質到成本等多項指標為每個模型打分。這表示我們會在任務層級持續評估所有新發布的模型，以及隨著定價變化所帶來的影響。當然，我們也都看到現在極其強大的模型價格正在下降，這讓我們有機會把正確的效率策略嵌入到每一個工作流程中；我們可以用較舊的模型完成大量工作，而這些較舊的模型也正變得愈來愈強大。

Turn it to you, Owen.

交給你了，Owen。

Yeah. Happy to touch on monetization for our AI products. I think it's pretty clear that we have an opportunity to monetize ManagerBot, MoneyBot, and Buzz. I think Jack talked about on the Buzz side and how we've had conversations with sellers and businesses of all sizes from the small businesses that use Square all the way up to some of the biggest companies in the world, and I think there's a really clear willingness to pay there.

好。很樂意談談我們 AI 產品的變現。我認為很明顯，我們有機會將 ManagerBot、MoneyBot 和 Buzz 變現。我想 Jack 談過 Buzz 這一端，以及我們如何與各種規模的賣家與企業交流——從使用 Square 的小型商家一路到世界上一些最大的公司——我認為那裡有非常明確的付費意願。

I think on the ManagerBot side in particular, it's a pretty interesting opportunity for us. We've been testing an updated version of ManagerBot that's capable of some of the most complex and also some of the most time-consuming tasks that our sellers are faced with. I've talked to a number of them, and there's a really, really clear willingness to pay, especially if you think about some of these tasks like scheduling or managing inventory or what have you.

我認為特別是在 ManagerBot 這一端，對我們來說是一個相當有意思的機會。我們一直在測試一個更新版本的 ManagerBot，它能處理賣家面臨的一些最複雜、也最耗時的任務。我和不少賣家聊過，他們的付費意願非常、非常明確，尤其是當你想到像排班、管理庫存等等這些任務時。

I think that this could take a bunch of different shapes over time. You could think about building ManagerBot into one of our SaaS tiers. You could think about charging directly for ManagerBot. You could think about more like usage-based pricing, especially for enterprise sellers who are more used to that sort of model. Right now, we're focused on the quality of ManagerBot, we're focused on distribution, and we're focused on making it as useful as possible as a partner for these businesses.

我認為隨著時間推進，這可能會呈現多種不同的形式。你可以想像把 ManagerBot 納入我們某個 SaaS 分級方案。你也可以想像直接對 ManagerBot 收費。你也可以想像更像是按使用量計費（usage-based pricing），特別是對於更習慣這種模式的企業級賣家。目前我們專注在 ManagerBot 的品質、專注在分發（distribution），並專注讓它作為這些企業的夥伴，盡可能有用。

I think the one other thing that I would add is that I wouldn't just think about the first-order monetization for something like ManagerBot. I think fundamentally, when sellers win, we win. It's good for them, it's good for Block, it's good for the economy, frankly. And so if we can help a seller make 10% better decisions or increase the chances that they don't go out of business by 10%, that's a win-win, and obviously from a business perspective, that ends up flowing through same-store growth, retention, and ultimately GPV overall.

我還想補充的一點是：不要只把焦點放在像 ManagerBot 這類產品的一階（first-order）變現。我認為從根本上說，賣家成功，我們就成功。這對他們好、對 Block 好，坦白說也對整體經濟有利。因此，如果我們能幫助賣家做出好 10% 的決策，或把他們倒閉的機率降低 10%，那就是雙贏；而從商業角度來看，這最終會反映在同店成長、留存率，以及整體 GPV 上。

We'll take our final question that was submitted via X. So this one is for you, Jack. Block's mission is centered around increasing access to the economy. How are you balancing investment and deepening that core mission with newer AI initiatives like Buzz?

我們將採用透過 X 提交的最後一個問題。這題是問你的，Jack。Block 的使命核心在於提升人們接觸經濟體系的機會。你們如何在投資、深化這個核心使命的同時，平衡像 Buzz 這樣較新的 AI 計畫？

I think the only way we've been able to really serve more of the economy and increasing access is through the technologies behind what you know of as AI today. We started the company with a pretty rich machine learning and deep learning discipline because we needed to understand model risk and fraud, and that went on to us using the same tools for lending. And these technologies have always been a pretty deep part of our DNA and something that we have benefited from at a company level.

我認為我們之所以能真正服務更多的經濟體、並提升可及性，唯一的方法就是透過你們今天所認知為 AI 的背後技術。我們創立公司時就建立了相當深厚的機器學習與深度學習能力，因為我們需要理解模型風險與詐欺，而後也把同樣的工具用在放貸上。這些技術一直都是我們 DNA 中非常深的一部分，也是我們在公司層面受益的關鍵。

But also as we pass this on to our customers, I think Buzz takes it to a different level. I've been talking with a lot of sellers recently, and one of the things that is common amongst all them is that they all talk to their staff. They're all frustrated with the tools that they have available to them.

但同時，當我們把這些能力帶給客戶時，我認為 Buzz 把它提升到另一個層次。我最近和很多賣家在聊，其中一個所有人共同的點是：他們都會和員工溝通。他們都對手上可用的工具感到挫折。

They're all interested in building. They are using AI tools today. And they're looking for something that's just built in, batteries included, and they can use right away, to build up their business, grow their sales, help manage their employees, help manage the operations; and that's a perfect place for Buzz to fit in. But we think there's so much more.

他們都對「打造」很有興趣。他們今天也在使用 AI 工具。而他們在尋找的是一個內建、開箱即用（batteries included）、可以立刻上手的東西，用來打造他們的事業、提升銷售、協助管理員工、協助管理營運；而 Buzz 正是非常適合切入的位置。但我們認為還有更多可能。

And a lot of what building comes down to is really building for the economy, and I think that hits our purpose directly. And I believe we're going to be on the frontier of this, and we're super excited about what people are doing with it already.

而「打造」這件事很大一部分其實就是在為經濟體打造，我認為這直接切中我們的宗旨。我相信我們會站在這個領域的前沿，我們也對人們已經在用它做的事情感到非常興奮。

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。您現在可以掛線。