Block (SQ) 24 Feb 212020 Q4 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Square Fourth Quarter 2020 Earnings Conference Call. I would now like to turn the call over to your host, Jason Lee, Head of Investor Relations. Please go ahead.

Hi, everyone. Thanks for joining our fourth quarter 2020 earnings call.

Amrita today. and Jack have with us We

We before your opening this call questions. short remarks with some the will begin call directly to

considered us addition should on to Please those forward-looking remind as take an During that our our future that disclaim materially We the we filings required as that call SEC information take on except the from to will making everyone as results obligation of forward-looking not with any Actual We to forward-looking statements, to statements. performance. are forward-looking results be in differ statements cause the by participants. discussion the any of a look like Q&A, our call conference call. today's could of note at for questions on Reported contemplated also questions this would a date. be by will results Also, law. from update this we statements indication customers to differ. from could based factors available

not call, we'll are provide January-February. month February results to financials interim of of by These for months gross current our not this represents are the as we results and monthly yet profit subject final not closed gross numbers our our January auditors. the gross These for profit, performance. growth estimate have for results preliminary for During accounting February, review and

website. be measures intended measures this substitute may Reconciliations are financial January non-GAAP shareholder results certain Also, and not differ actual results. directly financial will result, a are Investor to on February most our the in comparable to for non-GAAP call. these a GAAP during Relations letter from discuss These As provided we the measures GAAP estimates.

website Investor An Relations this Finally, available Jack. our like over our on replay is this call webcast in audio audio will With to website. turn shortly. that, to of its entirety on being I'd be call

us joining tough you everyone for and many. Jason, today. for year a XXXX Thanks, thank was

adapt was we quickly. for help believe it is through to that. this continued and evolve our proud required us and attribute demonstrate to focus Our I I'm important to customers any organization all which an

our by and We to into act operations a support of by also help our plan are energy next our reinvest initiative, carbon responsibility companies exploring bitcoin our renewables by to be to XXXX, funds more like-minded on and social companies. our details announcing environmental took bitcoin opportunity and participation zero for net net report. will and more back share commitment the plans efficiency broadly within $XX the ecosystem. to opening launched the corporate that drive and month We adoption clean gains million We'll up XXXX in for any initiatives it social investment

of of active to it the other $XX million lot to Cash program rewards we a We unique and our last updates spent customers customers. We from economy their in strong fourth skin and doing Cash announced needs attributes. customers of We bitcoin. new aligned and double year. probability discounts we on our fair patent Card December, it. to Boost open Visa believe game. development today, customers. of Card open Cash our including way. Cash XX% are quarter, a source empowering Cash top now our the we us our receive instant million believe is their currency, in quarter. other peer-to-peer bitcoin, usage by and in the fourth of compared million based that purchase for And and customers, Visa in that with a customers and doing this monthly App ensure is more In a than had the owning more people from some incentives We're Boost Card, continue adoption product, perspective on this? native of to $XXX we saw believe internet bitcoin active the has up addition both In existing bought on bitcoin Why highest are business. Boost In transactions, increase location see products App $XX Cash the beyond within enables use the

bitcoin their launched in paycheck a giving a a Cash bitcoin up Boost, to boost, on and We which recently locks also purchases. special Card Cash way first App a customer the to earn people all receiving

which the As mostly fourth coin Cash of and per million bitcoin, people X.Xx million useful. App stack example more accessible more period make unit denomination customers. In this change SATs bitcoin default year, new bitcoin App. more more XXXX, you continued more for customers SATs XXXX And instead. focus X also a own One to volumes than the or and sold compared is bitcoin help and a bought driven first both to alone, in existing activity the have discovered quarter, buying enabling same of bitcoin realize of is by from world the In of last customers customer value X of to January people the as bitcoin Satoshis, more bought in millionth to increased bitcoin Cash than time. BTC don't XXX the full can its to has to known than

we to our process mid-market management all grow into team sellers e-commerce larger performance experiences schedule business systems. sellers mid-market mid-market use sellers continued and average view GPV data analytics custom for real-time from of driven sales saw staff with XXXX. of X.X way on existing market products in software, building workforces. And Our payments and as connect enables Nearly to their product and half platform, our use attract sellers XXXX, using in to the with approximately and ecosystem of integrations which our developer our Seller came

help who sales had sellers existing ecosystem. fourth also team. sellers our on from been of to our growth about quarter, important use sales in XX% likely be to most team In focuses GPV double by our broader sellers in played this products to has an existing sellers sales our relevant. plan seller more We mid-market continue our to engaged machine XX% team identify learning work which team educating Our are to in came most This market. We drive likely increase among intend of and role and adopt adoption XXXX. XXXX. product in mid-market The the a solutions of

customers. to we’re to in strengthen across and So of Cash year ecosystem, limits increase what’s our our going For transaction capabilities for new quality foundation and on the ahead? increasing focus our order service, the expand deposit the all the App, customer our focus reach

on commitment to and bitcoin look to lines App. our to our within product We’re Cash for ways continue new also down going to connect double the

and For business, our increase the continue omnichannel expand sellers And our capabilities, growing financial to all on offerings service with that, Amrita. sizes. will we globally of seller over focus to

Thanks, topics to cover Jack. today. There like I’d three are

the at XXXX and in delivered quarter gross performance our a we First, in strong look growth. fourth profit where

this an Second, mid-February going update on our for could through mean what business forward. and growth

a Caviar. XXXX, look XXXX. both we uncertainty, over year fourth profit and strong a billion improved diversified to growth economics new profit $X.XX gross Seller It ecosystems. of rate of year generated was $X.XX was XXXX growth compared where XX% XX% also billion, an XXXX, customers. In gross our excluding increase profit of or our which up reach invest speaks environment for for gross at and to and ability year-over-year, give extreme Seller, in to being help X% in cohort quarter Despite year results our Third, Cash the of during and the dynamic us a XXXX our full App customers a adapt long-term. our new confidence to

a became gross the $X.XX Our delivered represents X.X profit year-over-year mix. and in portion more half growth our online gross delivered up to year-over-year channels incredible now GPV than nearly and App XXXX, growing more than growth Cash profit. in billion of company’s of XX% times

product one XXXX, was of Cash We had XXXX model each have with more compelling gross We revenue million government in with in providing which Cash for a Boost variety App over and rewards software approximately customers App had In in through XXXX in scale. subscriptions, invested customers year and in most. our business million access critical helping pause in with funds and grew we allowing to continued stream at invested ways of at our accelerating useful profit it XXX% launches, a sellers our a including to individuals, that $XXX by time $XXX returns. and business diversify needed year-over-year. Cash four or customers also we with only sellers App they

product go-to-market drive our our We to to expand deploying initiatives our by build also reach. innovation teams invested by and in business continuing out to

where million, was to profit growth year-over-year now XX% gross fourth Caviar. Let’s or turn up the XX% quarter, excluding $XXX

of an XX% generated App monetization the of At the $XX from customer. increase customers, year-over-year. and profit of time, transacting ecosystem, We year-over-year quarter, some we’re $XXX App. while compounding dynamics at engagement App. profit, same per to scaled our quarter seeing our per In across customer gross increase also monthly XXXX XX% the continuing saw we to engagement beyond and ecosystem. more features greater breadth for of of we fourth monetization effects fourth customer first, than our Cash to in App we in year-over-year. our we’ve fourth the driven active our these Looking the the XX the on as By adoption quarter, in for across foundation, of the fourth drive our In refining expanding all by Cash the peer-to-peer engagement benefits growth drivers quarter. build with transacting Cash monthly products million XXX% network million increased growing and base and Cash gross product an increased increasing quarter, growing

have Newer bitcoin on-boarding. for they within customers and our first products App Cash to after their multiple coming month as such adopted Card are as ecosystem Cash increasingly

and online up year-over-year. which sellers Moving in quarter our one-third to meaningful omnichannel the during ago. Seller of GPV XX% have gained Seller help continued to gross fourth growth, profit quarter, $XXX our and offerings year-over-year sellers omnichannel we up up fourth the these Omnichannel in pandemic, where have To million, two offerings more capabilities are represented X% was Seller, the half GPV years with is from than traction. build-out adapt driving

profit which Gross mid-market a is of and Seller the opportunity of times XX% gross Seller pandemic. year-over-year, focus Seller fourth growth million the with from Our quarter, saw in which strength approximately our our business category, area business. annual see our in GPV, $X.X than here impact consists efforts. the X for of is grew acquisition we for largest our more We despite profit market sellers mid-market the overall the where

had at million year-over-year rates to previously related estimated. provisions quarter. of our adjusted increase we gross growth EBITDA was The $XX loss actual the profitability, and transaction business from in Seller also fourth driven loss more profit the release benefited by was in Looking $XXX favorably million trended than as

continued which first estimate a trends during few disbursements growth normalized stock Next, during customers during February; for we early compared peer the and three disbursements, to quarter Card. Cash volumes. fund approximately fund increased of App for App from to the growth or we and XXX% and year-over-year. the first Cash in Growth partly in February of forward. January, highest the App fund quarter. days achieved funded gross two-point pulled in what peer product government increase by January transacting from and decelerated from year-over-year, wanted to impact monthly improvement share growth to Seller new to January total mean gross December of businesses our in acquisition profit App. delivered of In active XXX% going last growth strong led and offset drove to the network These We in be could weeks an of our adoption government Cash Cash began with and fourth benefited trends customers acquisition Cash strength bitcoin, brokerage this profit

policies, pace of which and the growth. of We macro trends are watchful new any influence broader could

the regions improvement profit As In we growth a particularly achieved growth and X Seller restrictions X% weather improvement been point was would have and deceleration January, from quarter lapping point of of fourth three the third an certain start have first regions seen across year-over-year, January XX% and this the will GPV the a in GPV impact the we in X GPV of grew US, to from Through in January, excluding growth, reminder, temporary our February, seller weeks have eased. comparable year-over-year. we up recent gross a comparisons X% quarter where challenging ecosystem year. but second Seller estimate

we variability expect continue could restriction, to ahead, related to impact performance. environment the macro Looking regional to which our and observe shelter-in-place

grew business card-not-present due Seller transaction on November We from of to and transaction which change a transaction, higher gross lap also average faster in initial implemented in mix March. will greater part profit card to Seller the begin than of present our GPV impact debit sizes in XXXX, benefited the margins, price higher the from late pandemic in XXXX.

these lap the mix as for GPV to grow may transaction end in margins to first than the expect transaction of transactions for and faster margins future person normalize We resume so in profit transaction changes quarter, quarters. towards

XXXX, profitable Finally, growth. in are we for long-term investing

retention, ahead ability of of increase non-GAAP We to we Cash had ecosystems acquisition, scaled see investment. depending or their and even by strong and top operating XXXX a opportunity returns, a business has expect expenses, macro million App where trends. out face risk $XXX model. paybacks, And may to attractive excluding returns line economics, year-over-year vary the the strong as Given to to cohort proved on Both App invest adjusted $XXX us, XX% Cash an including we our Seller continuing EBITDA levels. growth. on and incremental million delivered compared margins intend on result, loss in and

We average marketing acquired in transacting paid for less on $X XXXX. active through have than new customers

For gross retention with XXX% profit time increased years. their the for last engagement three than of over more each existing customers, we've of

times a strategies ahead channels pacing with and returns or into investments period intend we've even result, cohorts marketing and of we on over up this new three-year X XXXX. a achieved As strong of investment in ramp to XXXX greater

gross midst of gross been profit in our economics. year. stabilized is XXXX sellers cohort the pandemic We pacing five-quarter the new approximately have second In a estimated cohort half the payback. the strong in customer encouraged retention which on-boarding on of also as year-over-year an Sellers’ basis, We acquisition in saw XXXX at largest down by profit XX%

driven gross and Prior more pandemic, is stayed Our retention three grew larger years. cohorts, Seller profit of Square partly us. rebound acquisition of than and sellers by on achieved businesses returns recent older cohorts to recently over Sellers seen acquired times X stronger have stronger profit gross their Seller a had as in with in investment positive the years with which

ahead Looking summary, economic behind new growth. and reach sellers of committed and a investing continue serve these our returns to remain we recovery, plan by drive empowerment our to we new to In markets. strong reaching to existing to customers continuing in purpose those

to Seller returns Cash the eager our behind to driving the turn profitable growth ecosystems. back the on Q&A of long-term now the and I’ll start focused We’re are both invest operator compelling for App portion to and it call.

the [Operator Instructions] of Your Huang line first Tien-Tsin JPMorgan. question is from with

speak to so Thanks to Nice you all. much.

information Just a lot priorities. on have I maybe of a big picture, question good simple here. a

investing user CAC to seems guys improving Are engagement you’re here across more. definitely you both for by low first you’re it with talking prioritizing make can about you make a to ROI? development sense given followed ecosystems, product lot, acquisition and I argument spend If big the here. what or

just So in thoughts acquisition engagement here on versus XXXX? your

Tien-Tsin. question, Thanks for the

we’ve to billion, $XXX our Day ability business $XXX TAM XXXX about with years billion recently opportunity and Seller the on our disclosed in launches, million TAM the added. largest for opportunity XXXX year-over-year $XX from on the new quarter product and and the on that billion products each growth of Investor expansion Cash over our billion, all both. by our cohort Cash during base sellers in new an App transacting cohorts TAM basis And new geographic When to new of TAM grown we further ecosystem. historically Square grew $XX shown terms a $XX in that end while more by customers. XX% expansion, customers of App we have last the also we’ve is in do growing investments for an at and see expansions monthly our our of think to We you year of markets on-boarded with of this

as to lead expansions seeing well we areas. little areas of a explain to we’re opportunity markets. economics we’ve about on I’ll track both a cohort in opportunity want what of us deeper continue terms both Maybe shown in an invest bit that So in in of see our and both going to focus again as existing record

planning you it XXXX, sales million go in quarter $XXX both we we’ve the future, per for about in the and network will mentioned, effects a have incremental they’ve million go marketing as our that over $X towards The With ROI our for engagement let invest the piece alone at we will and of will than we’re customers go that’s efficient seen peer-to-peer network at step-up products to G&A, of final $XXX investments continues to to grown roughly less of on again XX% So terms that over in that a marketing door us. be for cohort last volumes and Xx years economics, upon gross company. back of strong the effects building we towards across the maintained customer, as that also R&D where in three we’ve you giving on could are the the ecosystems. front the of which future. to calling be about that majority think building here years about each the in and as us the really products three sales as acquisition very the are build seen on retention App, both But what’s continues and engagement vast – Cash very XXX% But we’ve our strong strong profit platform. the then strong foundation a on acquisition desire compelling that think lean which combination confidence and on of and for to are existing growth, efficient in we towards

gross seen Xx historically on to pacing For years return five-quarter prior positive over business retention. ROI three Seller and payback, the the pandemic, economics profit cohort at similarly, we’ve

we opportunity mentioned X.X for uplift. economics our the of think our into increasing cohort we’re like next products, there And mid-market today, increasing uplift much Cash sellers, and Card, to do When opportunity in tend we’ve for an ML So our adopt we in When see driving think adoption. an continue new within products. opportunity for the see so more adoption an to we the to lean to about like products but is products And ecosystems, customer in. team as here, XX% Seller see that finally, we they sellers larger further continued with opportunity utility Bitcoin, to an we drive our AI customers to App, that ecosystem more current who Cash seen existing product even see engagement increasing sales stocks, our terms uses to months daily as first adopt in Cash on-board our so technology, a customers. similarly deeper provide proclivity to like to those about product go we App set

have and really a we’re both on along both So showed broader expansion. TAM record with track driving focused acquisition here engagement

For and sure. the Appreciate thoughts metrics.

the Your Peller of next Research. question is from with line Darrin Wolfe

Seller thanks a online cash business, and larger look guys, mid-market when we for year, on growth client. by at good and for GPV saw – overall, congrats GPV, greater resonating, or omni-channel tough including online and we obviously and are All being clearly and tough business held a experiences present total obviously not right. environment But everybody. card XX% XX% that Hey, of than

that, plus because with what's can in that you Can where about from more there. both And been was it we sustainability really potentially. keep resonating what previously XX% in pretty to see now, going offerings enabling on do are on and investments much to the has of dramatic? the center that just XX% side of you make touch that you think card-present move – this, up omni think guys. XX% being terms level Thanks, Square's where merchant consumers of sustainable all you when and I

Hey for question. that Darrin, thanks

for So marketplaces, through in it's e-commerce omni-channel offline, a that on way opportunities attract really is big serving a single because it's strategy, focused That's every API. of part customers. or just it's might business looking our through not

the is think thing flexibility. attractive its most I really

of and our mid-market build platforms seeing want. and We there's the more a utilize going so as really great they new new here. some larger to they they're that lot make crafting custom people for sellers channels is on new continued add to we a a sellers, a We roadmap That add now for time that capabilities opportunity of big focus think in. and be our sell and our platform, our are methods we to experience can as part sure the APIs that solution

differentiates one is that part second The I us just we're vertical. on focused not think

calls restaurant doing and different handle seeing vertical. as retail. previous sell versa talked lot make take you're vice don't on should doing you We just we're what trying And no and matter is on what typically view verticals mashing of you're be. category I to we're with. retail things make channel are of businesses mixing really are a trying Sellers. that sell whatever And have to who today sure any you to enough what creativity up more to point flexible sale We're on with and to help services They're it about a are we more the going type to there

a we platform, going make don't that this So towards away. of momentum rest efforts I to saw enable support eyes that of their that think of our necessarily behavior our obviously, opened lot we a we more quickly could sure reprioritize we But of with growth COVID, and it. people and could as is the lot that

found lot were they a were thing and people merchants because there forcing try that of of a But found sales wanted function to efficiency allowed a that or lot more the with. I lot COVID, to to open stick was more think in new themselves their to it. a before they more and working hesitant things it eyes who they was

but think pretty watching continue path a to this for going learning, we're stable is we So and us.

Online seen up ago to with our push are XXXX, saw from XX%, as growth to years two think gross our Square and mid-market times, XX% two in our you for we quarter by to yes, just seller development XXXX. in now fourth going profit that outpacing growth to sustainability, terms blended an years of in from we've to that's compared GPV indexing over some with add to to feature now, online in seller XX% larger ecosystem. opportunity the about the now average just now and cohorts there's unlock to coming from we three larger, and to your see think When And in about point the than and When against there – to we Darrin investment areas point, And less continue larger market at help to that. an channels sellers addressable of continue our well our and X% add we're your X product invest for GPV richness. that from larger opportunity, acceleration where investments about about sellers in us of penetrated mid-market

products First online, with that awareness sale, specific is marketing, targeting it's ecosystem cetera. which broader has et whether of marketing sellers, coupled vertical with the resonate product campaigns, restaurants, larger talked about are the points around

Second is size the a sales team doubling be sales in our of XXXX. team. We'll

we'll our research serving software be is that areas further more third, to outreach vertical key sellers. opportunity mentioned, So seller are additionally, really the needs, our here. as larger can of in to to that increase increasingly – developer investing continue complex drive platform And we product, some Jack for these then our outbound

That's Amrita. helpful. really Thanks, guys. Thanks,

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Thank so much. Perfect. you

with line from Your the is of question next Ellis Lisa MoffettNathanson.

I and if lot Thanks Good the that how evolving? on and App on ago, But for deposit course see other you updates Good GP adoption rates the App some afternoon. some you. like profit of year. roughly taking the happened in other Cash for obviously I’m remembering gross last what in mix question. current of a year the I you products Cash give you And fees. XX% my out of believe the the know right, instant has Bitcoin XX% high year. a miscellaneous last called and stats here the looks Cash was Thank App. within Cash mix Can Card about over XX%

Thanks Sure. Lisa. for the question,

And and let customer led monetization that So, growing the XXXX. already Cash now. growing XXXX that, $XXX model Bitcoin we some each to per approximately, gross our multiple spoke active also here through quarter. includes And per with in in XXX% I the of more App, have Bitcoin retention profit talk adoption and Card customers strong platform at to a in of retention in engagement business and year-over-year products Business acquisition instant sort a the do customer the than back at bit customer terms to me date little When able the about the within earlier platform, think into to for base, still our greater and over effects fourth through deposit back of it’s ARPU, how and million so profit while in in you Cash gross historically. time. versus remains And the App they’ve as profit of gross has strong Card, the days profit four think growth one economics for this usage. about customer efficient monthly growing and $XXX Cash we’re four But the now $XX for of million strongest each revenue and times Card Cash mostly breadth more and as Cash unit one streams X to in growing driven driving been the we’ve XX% bottom early about in you $XXX the the network the step per with is than earlier growth to over our on mentioned, X only Cash active the used to has adoption one of roughly XX. the still from base base at gross and generated million

base our to drive and then existing and the grow base further real of into on top with opportunity grow the and So see we opportunity customer base to of layer existing adoption products that, over products time. – our a adoption the customers of

and with powerful to ecosystem Boost been has broader for Cash it products, about those – experience, their streams customers ways fee to of provides, to interesting App not aspect Card, to sort really a it’s greater customer us. has Cash credit only required. as within been we daily but Card. multiple think as interesting graduate no Cash really tool a the Boost ultimately of that and think differential build differentiated rewards, the Cash to that engagement Card, that utility real tool to our so diversify can within access instant It’s drive can lever is in of a app. revenue product or it profile One adoption expands drive that also our adoption, of Within Boost I be personalized an rewards and provide time. you And the

or quarter started experimenting acquisition with cards has that we for it’s make spend those new more to first half what nearly to it the Bitcoin But their new a the purchase of following unique active that Boost an been Card went a drove we of will direct on driver than we’ve and other quarter and broader Cash graduate deposits, for Xx And been customers. customers so is in boosted we’ve also their – fourth Boost is Bitcoin. Similarly, Boost Boost for active. we time And a purchase tool on in broadcast deposit were social launched Card engagement customers’ an saw media. Boost their Cash get third to us, there a how demand And we was where growing, rewards to was Bitcoin In what customers over launched products. paycheck Boost fourth could month. the Bitcoin ecosystem where experimented are differentiated given Bitcoin merchants a a who as in new the Bitcoin, tool with

we how multiple have And forward moving can so lever of the that, ecosystem product Cash in within those have growth Cash streams given and we App which App. adoption of ultimately broader a that and product think revenue the awareness I is influence key within

Thank Terrific. you.

Suisse. with is question some line Chiodo Timothy next Credit Your of

for QX more I lot down App, obviously, then filing give into starting context a and users question. Thanks you some to my also then look the with for a for for added the in the refund on touch taking bit could And could whether retention, should to how Karma. really years Cash little of be it these come. deposits, and hopefully your be turn payroll reactivation, we wanted also to users around direct potential road. on that e-tax Maybe opportunity this new Great. Credit some something cash

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to accessing we’re anything critical solutions Seller calls, than that More the their is that customers roadmap really filed them strategy. part want a our in file to financial last is for get about This they as on Bitcoin, ability the products something and simple having other needs manage much that stocks the individuals economy they a simplify accessing question, can as in tools products or consuming. can buy do very throughout should ecosystem, then it within they our these of complicated for. of taxes be simple of and their might using we signing Cash we card strong tax up lead million of discover year. and X they And the ecosystem. and can to our taxes we’ve time to deposited as them our Karma their are people come money are discover work we And with to Credit buy them. consists paycheck our peer-to-peer other it view As to of to providing these friend focused sure critical the any from of we taxes using most point hard we’ve lot your a using get file and making aspect, with people it. they that And may can system take Tax on generally the then empower all and easier big to App and to whole make as done really to talked pretty now these can. will to think problems is because a received People we’re obviously solutions and and a for the

us. are one dependent have would these the dependent people upon reinforces hiring failure positively each believe point just of which we and being And of other. us So overly of jobs multiple to we one, who serve for single a instead for be things,

starting on a But and of strong do So pretty excited about. we well. we’re and Seller with probably lot side can App, opportunity here we it’s we’re more the as there’s one think Cash there’s a really start

mention was an could Karma road. that’s of like down kind terms to there’s assets sounds maybe into leverage tax in on, was That the if but Credit ecosystems, opportunity I [indiscernible] Great. wondering a touched you it anything bit lot. of filing it maybe like sounds the you was of there Seller Thanks the

we we find this in might other Yes. Cash App that build And of have charging. demonstrated a fact And be vice able ecosystem that past. to That’s and benefit that two, what of Seller for the our we’ve versa. lot the way the into easily

a lot eventual So we of goes more sharing time internal future those and efficiencies on. expect as

Great.

questions. my Okay. taking lot Thanks for a

Thank you.

Our of Bernstein. from next Harshita is with line the Instructions] question [Operator Rawat

taking afternoon. question. my Thank for you Good Hi.

Cash year-over-year. disclosed users $XX at you million, App XX% So up

benchmarking, how user much look other App acquisition overlap and as Cash your the of App different users users you. Now you between see platform? today and in do base versus you And Thank do customer competitors? and engagement your competitive also does Cash how

Yes.

is that the back and fact ecosystem are I of previous both our answer, we think the solutions in Cash creating strength, I like – greatest and App people. Seller So for to tools

on that app, is all driving service and and strongest the when we’re believe they’re you easiest and because but in just but finding a in things because not ultimately We’re being we one other path connections it’s each, in platforms, or focused and just to of easy, super investment, pick. one or being And service and what many find there’s the one most towards accessible everything the probably is those, of course, for simplest the some stock going Bitcoin peer-to-peer the on be being can’t place you do thesis they’re do just approach. can winning our and you overlap purchase, of in winning that is all

can do. and aren’t able like imagine of some services to deposit we’ve things we that to we’ve these do, shown we Boost direct a So tie shown program other just lot there’s the this – that

for just don’t peer-to-peer, it’s money it’s terms coming once in come discover everything have that to thing, ever. the that to And in we that offer. in show So one for send to else need way we to they simple like, easiest for that acquisition, we very focused of them someone be on

go and the them them people at of and looking that And these for have business we they to all make them things true, same start I So so true the but as activate internally single day. to and Cash App, accessible apps surface want right do to we’re really away the and to can as multiple how using is said inward bring features do same not well. more for they is the every to Seller the for

much. very you Thank

Your next with Beck the from is Josh question of line KBCM.

It Boost. finding little adoption. taking lots the like a it’s question. on use for rewards bit product new drive to more Thanks wanted seems of beyond a to certainly I cases and program you’re expanded follow-up other

with other that they of happening you’re category. respect seems a to spending is use The to respect be lot acquiring to, with and scale spending thing pattern,

multi-product to terms it as something think about help you engagement had that’s progressed rewards? phase advertising really perhaps advertiser have and I’m discussions So fund monetization via adoption of or the road. on some is down much we really curious, a the Or in in maybe those wanting of in contribution it’s heavy further should

Hey, Josh.

sorry, – to Amrita. pointing you’re Yes,

that to that You’re is, Boost should our lot indicate shows a excited this really that Being a like, of and we down by but really, the pointing going can a more focus and to we seller ultimate sellers the on another experiments think idea. the to actually potential, so right that we that still really local the directions the a go of like what it program. going there’s both we're two now also do powerful strength the them they’re with on offer I’m is the side. extremely about run value is And around them value is even able easy. having specifically where the ecosystems, up that individual side But and opening area aspect. to sure we of these and the location is someone where reward instantly phase people understand will making that that actually but use expand product can building line, and in we're

to it's it stronger getting order making all continuing focus looking broaden don't use it. You there have day. about to to and now for think in just the capabilities the right stronger But and and even are sure on opportunities it attributes every to and

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increasingly returns the So program program well. there can boost unique drive customers with we coupled card multiple the potential our and that use to for to ways as are merchants

sounds Okay. It like of levers lots there.

great So appreciate you. Have both of the context day. a from

Thanks.

Thank you.

question is next Dolev with Mizuho. of from Your line the Dan

my thanks you. Thank taking question. for And

this of how kind to maybe offer checkout Cash to is App long-term Talk an So ecosystems in about [indiscernible] road, strategic... ecosystems, then think to you and thinking. connect even maybe Holy alternative about about and Jack, the the like with past you an kind two the attempt down recently. came we of talked the cash-by think Grail the connecting being to up And

an The with Cash team amazing job cash-by the App. did

to we wanted definitely rich and culture as that sure much we we're can. want to make cash that we So is as emphasizing

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as even it seller opportunities also think there acquisition for and make Cash And we I it faster, the easier. and make even ecosystem. we on both the App draws ecosystem As it

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Amazing again. Thanks it. Appreciate results.

you. Thank

question is Mihalos next Co.] line George the of [Cowen Your and from

on again. strong results Congrats very

also Or ask you're of wanted how sort seeing number very the is out it is maybe salesforce you a of I larger broad number and year that designed the sellers, there solutions specific vertical XX% know are to that merchants coming ago? that? sales you. was the in Thank strength somewhat What it with resonate from vertical your specific Just efforts. in based? of that to mid-market have

particularly Thanks able ability we've up progress strengths restaurants. can in serve question, mid-market the been about start our strengths for Yes, the here. strength moving thought a our as sellers think George. during is market broad-based fairly we're if I in maybe COVID, What to seeing to pairing omni-channel as of we with efforts, well

– couple environment, of and restaurants. even changing have sellers about grown XX% given – this display restaurants quickly about over hope we the we speaking verticals helped of find kitchen delivery team, adapt of verticals the and the this retail with the as well system, have restaurants have time. – relative environment, sales mid-market home strongest can year-over-year and to demand looking You that sort verticals us team via engagement fitness, we in think again repair, as recently, many that challenging to the those the more the we've products and helps growth When adapt as launched, up coming success think in has a in Seller have just adapt think in health power like sales and our fourth going on ways in that help adapt, environment. lot success quarter seen verticals found market And continued about where sales

those taken on average I efficiency And technologies. greater sellers for and our mid-market to ecosystem. more has needs. our provide additional products see, able sellers there's enabled meet we mentioned of of larger AI hardware, products financial even As we've services, over in variety to that the breadth opportunity to our more ML through across given that mid-market offer taking on And as the We products we and on be time as an team greater products to X.X earlier, seller think complex software, on their ecosystem. payments, sales

color. Thank the you for

Thanks.

Perlin question line Your the next with of RBC. comes Dan from

And here. a Thanks, lot good to evening. digest there's

feel So to you question you just understanding this I about a quarter mistaken, that behind have I be The have like the company, of it's range, cadence million. or for I'm first in maybe little more And investment, the maybe talk so in the facing guys it just bit a back appreciate that this that of highlighted bigger. all kind might load I also took that you $XXX million is information. little Amrita, can outlined the think $XX up not is and then all you maybe suggest if given opportunity, I

Thank So I'm decline. that incremental you saw the wanted see just wondering that was opportunity you. what you to

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numbers a ahead. refinement reflection and you the this with shared the as of So we see just opportunity really of we earlier a

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period. about timing terms many marketing for from as an coming the a are needs Seller perspective, into think sales to especially In you for us to various out going of holiday hire of who and about, mentioned, quarter sellers the important investments lean ecosystem, is QX as thinking where their they're

area you to course, that the component that broader of million $XXX million, to that – see progression invest, think quarter-to-quarter. $XXX want we is so there's that but And you from well an as about a if

Thank great. you. Okay,

Thanks.

is Kupferberg question with Jason last our And of Bank America. from

Hey, thanks.

Just on Bitcoin. two-parter a

or around though been a even was Bitcoin only trading. off it and First obviously skyrocketed the there, of up I the X% quarter-over-quarter, think obviously of retail price revenue X% lot

were cons So And I just get Bitcoin in call don't there versus and to any there. central Thank was pros the if of curious on guys' the of you. perspective worry wanted then outs your world. banks types

with And growth, of X month. January, so million App see to in and the for throughout million customers in we've X adoption in Bitcoin year the across quarter-over-quarter terms new Cash Bitcoin continued Bitcoin to strong

year-over-year customers on early in the customers that App as we grow in And a how So to well quarter-over-quarter on time, first Bitcoin in sort here, reflected see through is I results be basis a on basis. an days, think Cash still impact increasing XX App for be meaningfully about growing front increasing for basis opportunity product the our awareness gross but time. door you that their see opportunity which only profit also the strong Bitcoin us are we that, over and you'll it's a profit, think product anchor right, X and building continues as using gross adoption economic Bitcoin see Cash about you're to with and year-over-year that business as we to of the and in to

native are quite lot We'll that as anything industry. of big the is to and it all it has something thesis participate, believe internet. it of really can internet. by accessible exist think barriers really will world more also used and actually investments, to around whole is simple. understand certainly, why we The but internet. and it And is our lot We many future. people want internet and no secure be money more development, but in is that's help reason can will consensus. principles part it do do that every through anyone that imagine, around only It a the the And Yes, It currency. more And a even for make utilize. goal what what And And and it open. and third-party Bitcoin. so trusted products particular the a more the Bitcoin currency and take can can to a more that have more is, broken see the driven people through and through is And is to doesn't Bitcoin something completely and they that solid that gets speaks people our not for be on control. that it for useful

All right. Thanks so much.

you. Thank

you. Thank

And turn I'd to like call for the remarks. closing to company the over back

everyone on for to again will XXXX. first joining participating that I remind like call. today. May X, hosting you, for Thank we quarter our our be would XXXX earnings call everyone Thanks

in the for program. Ladies and participating gentlemen, conclude today's does thank you This program.

disconnect. all may You