Block (SQ) 1 Aug 242024 Q2 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Block Second Quarter 2024 Earnings Conference Call. Today's call will be 45 minutes. And I would now like to turn the call over to your host, Nikhil Dixit, Head of Investor Relations. Please go ahead.

Hi, everyone. second earnings our joining for quarter call. XXXX Thanks

with have Jack today. Amrita and We us

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

participants. forward-looking. everyone that be historical will will from take call. During on forward-looking fact deemed we also than All Q&A, remind conference could statements be we other call to like We statements questions be this making to would of statements

a our could and forward-looking forward-looking targets our considered statements risks of discussions a discussion These an as are factors and by statements. that long-term Please These results be from filings take not as look performance. results Reported statements our outlook, indication at to goals. of contemplated guidance and for well strategy uncertainties. differ with differ. of include subject could those should the our cause future to our Actual SEC the materially results

forward-looking available law. partners. update App's through are statements, refer the during obligation services call to as statements any this as that of call bank this offered We discussion any to banking date. by required us our note today's except to those Also disclaim on information Further forward-looking on Cash based of

our website. non-GAAP GAAP most intended in profit the certain metrics shareholder a will and Within of we of gross historical measures investment for XX. during sum not adjusted spreadsheet financial remarks, XX, our directly the to Also, GAAP related provided With Investor operating These results. substitute financial Reconciliations are margin. letter discuss we will these growth this comparable also Relations framework, call. we our are be our discuss of Rule our to on financial income measures to including Rule non-GAAP are the and measures information evaluating

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

that, would like turn it to Jack. over I to With

this Thank you efforts our all partnerships, for go-to-market strategy joining us. to letter Square marketing across and our I for improve acquisition sales, my quarter on shareholder product. focused and

If that read details. you please letter haven't yet, for

As of culture sales the and and Nick across for across and Afterpay, Square, Block excited will CEO a of Co-Founder Block. share raise to leading for Molnar, thrilled that be Square we're this, Afterpay's function Afterpay. shaped and bar the Cash part sales high-performing I'm centralized him to working Nick across App

our reorganize this across to turn and it structure it of road strategy, and financial company's also The our This agility we're impact not the structure believe recent more help will aligns mobility And focus within we with execute to new over to collaboration that, our This this does our allow goals. change different our maps on plan people already efficiency ecosystems. disciplines. for your brief to up we've us with decision Similar our Amrita. month opportunities their quarters, on reporting Instead, to will to with discussed. move I'll remarks minimal prior questions. function, get keep reporting to going open We craft enabling initiatives or speed, with to disruption. by greater mastery true growth

despite now year-over-year, Borrow to year-over-year profit first XX% strength Gross driven in Cash businesses coming Both payments aligned was Cash profit in billion, $X.X per tax with U.S. moderation year-over-year. line growth, gross up the and pay App. our Card, healthy Inflows was quarter saw delivered expectations, outperformance U.S. second in company benefit our refunds. Cash App macro profit our by was consistent year-over-year. Square's was XX% growth Jack. seasonal saw our up by up mostly XX% $X.XX in XX% guidance profit to strong from compared integrated consistent areas offset We quarter-over-quarter was off gross profit with active a in million, up banking. strength strength Gross quarter was App as showed and Thanks, buy the was growth, the later. the software billion, strategies. across business, across of sales and in the $XXX App By and GPV Cash with We've results same-store during points. quarter up the gross continued quarter. Square outside year-over-year, broader data markets X% strength was and

profitability perspective, a expenses. doubling adjusted improved XXx year-over-year $XXX $XXX and increase on our income year-over-year. significant improvement nearly operating Adjusted basis. to discipline EBITDA meaningful a was and was we million, on From efficiency due million, saw with up a margin year-over-year

in adjusted months which versus an June, represented $X.XX to prior improvement cash Xx more up XX the XX the period. months ] was prior free billion, conversion rate and XX% the was flow in XX% ending compared For of EBITDA, [ adjusted the than

our continue And value. are with to customers and our ecosystems our that with shows growth purpose profitable serve strong teams efficiency. operating Our differentiated

Jack to and to XX commitment change structure our achieving our It to hold leaders existing Rule XXXX and gross in road our our product organizational profit a We'll also continue As to functional is go-to-market about our long-term lines. collaboration segment. our map deepening noted, ecosystem. doesn't by accountable of business across reporting our time shift of of is target

for the expectations remainder of Turning the year. our to

but XXXX guidance only our expectations for of not year raising remainder year. in the quarter, for second the outperformance are both We and gross also profit reflecting increased the full profitability,

we line back half expecting XXXX, strong year at momentum growth year. profit $X.XX XX% For as full reflects our are the we the of gross This into or billion of now head least top year-over-year.

of we structural half. gross slightly deliver with only in improvements the XX% strong year from to expected profit even moderate We App the the growth to the quarter's Cash fully in back benefit growth second to the costs expect from our second lap half as

backdrop with cross-selling and in second further growth For we into we remain optimizing on relatively spending and back processing mindful are chain. for back the growth we continues seller half rate. value gross year-over-year stable, to quarter's be to our of In line Square, of the expect year, year the software the banking the dynamic. We of be consumer our discretionary be for although relatively growth profit expect half the focused GPV to base

can executing in things is Our product go-to-market against the focus outlined control, strategy letter. our we Jack his including on and the approach

significant past operating the year, Over our business. our discipline expenses driven has on leverage operating in

operating the this we While share level of to we share view expect not a adjusted year. do income, margins business profit we segment wanted

of Cash of years. the be delivering underlying range, For XXXX, businesses last of to App we and the expect meaningful these high each adjusted X in teens in income the profitability margins each operating Square's improvement

XXXX. ecosystems, both are go-to-market which that initiatives and Across benefit centered velocity efforts and to our on product improve expect us into we our

continue them. Cash investment For features that base out to support starting bank we the to behind our strategy and App, round increase marketing to are

we're post which strategy app proposition. product single significant work launches planned partnership will be Sellers unlock to of summer. see this Square, about our for orders before our and the For completion simplifying migration value year-end, a point-of-sale excited will start our

each in costs now initiatives operating From in also expecting a profitability underway gross XX% behind in and we and growth we with and income on back or perspective, step-up the a margins our to half unit in XXXX efficiency to at Square adjusted in into structural Cash least $X.XX improve business economics App both for the overhead. profit strong and margins corporate XXXX. are marketing sales for drive This billion plans invest reflects as

Rule of implies Our Rule achieving progressing XXXX to for now our updated goal significant guidance of towards year a XXXX. XXXX, in full of and XX compared improvement XX

Q&A call. to plan completed $X Finally, excited authorization. an cash share we as to shareholders. billion that, more our incremental flow portion very start now to billion program. our and margins have With also repurchase We return $X share free repurchase to the operator of the improved, I'll back turn capital to inaugural it today, we're announce generation And recently the

[Operator Instructions]

question the And line of Huang from Tien-Tsin with JPMorgan. comes your first

midterm? It outcomes just want great and curious Nick this in letter I structure, -- here. excited here, I a shift the lead what do to you why inspired did lot definitely the a sales. takes functional now, to Jack, discussion ask -- of expect And what to whenever about Or results work for you, I what I is Jack, in go-to-market like you always I in think products? just to and because risks of from guardrails these some about worry more the the should sure more it are collaborative I'm place. the it change products? or the changes, short we risks, Is kind have

be So could share you terrific. anything would

such you're the is product. to design be that much product that to models lens to with want level newer in and much business seeing will move playing better the question it through as -- Yes. much units. short technology of for better ultimately field and able the models, manage result faster AI really and source to company AI all technologies us to a open us an of I come market answer different the design and us all better much trying We much, across engineering The versus technology, seeing by organized the

talking lot the much better Obviously, we believe our we've faster. much is more and that these. represent that about We a means I units have strongly we collaboration business allow multiple customers. and model lots been right believe also flexibility this some mentioned. superpower you They It can move us as will combining brands, multiple do for time, And now. more

more we is believe, the a obviously, doing of work sales on and product side. lot design and at and And of change product a the tangible Square's through we've top the shift better about I better a providing really being engineering, completes benefit, to focus real go-to-market how the company. been of and and on centralizing better design But technology products the think

about So that. I'm really excited

to the -- with mitigate risk, bunch terms reporting only by of In changing the starting structure. tried of we've a risk

move, this unit business every functionally before Block, So organized. was single

is a that and is unit what lead So structure, business lead just functional removing going. new this doing effectively appointing

and that company notice the can our and we all. lens. disciplines again, change our bar on means really not talent it the and a execution, on up-leveling most at focusing from start So and of will design technology raising that But

We're on greatly, reporting we've risk. we of can desired the just operating outcomes to our focus right We're together. model those we the confidence have. now, changing so this people projects will shift disciplines as a improve not assignments and we build we around really goals. all and our which want. have we is evolve So that that things, any will them and mitigated Over work how not I just But changing products our think time,

think So ourselves us. I there's put before to with in particular, out very that holding we've we're accountable the little risk because this move, goals

Timothy the next UBS. Chiodo comes with your from And line question of

I the seller. really within U.S. want GPV trends to on dig in

called you out in factors spend, the there's 'XX discretionary two impacted also, the which that in weakness XXXX been NKE, have and you earlier, have And the particularly was shareholder So been past in out the called cohorts. the growth which recent letter. earlier,

a you But combination done. comps, and ahead, pre-auth have work have the product looking easing you of

sales maybe these that in a many initiatives force could or ahead, have more reinvestment more mentioned You of little half year. but XXXX the supportive would marketing, drivers, or with bit expand hiring Granted, GPV distribution XXXX are these for factors partnerships. you expectations second on and in somehow a touch next upon be mind, you then

up. Yes, can then and this with Amrita I follow can start

system. and from I organizing now sellers are making we've single and cohesive priorities, the past think months we sure bring focused Square. to we investigated onboarding storm platform, understandable how looking spent marketing. evolved our offering have to our parity Nick. where are orders perfect and under brewing Everything approach, now about think that on simplifying product acquisition of our unlocking really sales been we the aspect that We have as much intuitive features our at migration, dashboard we us been for competitors. a themselves, beyond And centralizing every our product and introduced to a more products We're new talking the our products about hardware, and including, to few has the that

tangible solution a that. have we like feel to I

I'm end together at all end the pieces the really come summer to do our the compete to really we in a And us haven't I think much that opportunity with of set. manifest year. of next end year to for that now about, and all into better gives an the closer of foundation are these changes something this majority and the excited a year, peers truly so us way think I years. So for of them compound the

pretty confident all I'm about So the moves.

platform solid sure in sellers, executed we've a making and on think that them right reliable that first that field like offers who all my effectively, quite products, weaker retaining our priority, the that with go-to-market, initiatives used see like peers we foremost, really with acquisition onboarding our but and I a have peers our focusing we rock and get sales and including improving that we the have features newer in then and mind. product our

So in those. of that strength have the all we

for I good think outcomes really we'll shake going really, up forward.

And that we're with some well color to seeing. trend respect Tim, as add I'll just lines GPV

the I growth look stability first GPV was rate to year-over-year, in second rate as slight For back year-over-year growth quarter. moderation what And towards compared the is up in earlier. X% second quarter, as saw which to of saw year, the the the from quarter, expect GPV X% the we we that we half see we in noted that a

well as out as which over backdrop, look whether from moderation or per there, as on with point bit a is serve. acquisition we're from and spend on seller, discretionary past it's more customer very to seen we've companies When lines relatively what's moderate macro perspective at from consistent industry-specific same-store seeing both growth consumer or we of a GPV called We're we verticals a across what externally. business continue data with what couple similar trend standpoint slower external data the basis. softness consistent you new that the a some quarters dynamic we've seeing the of churn note many trends showing a unpack it formations coming of other year-over-year going And

the grew grow those a strong inflecting of with still growth strongly a our banking showing serving. with a strategically been quarter in areas Now second we're to the which XX% that from perspective, areas the backdrop, vertical outsized with the grew customers in points market are on Each second it's of XX% in which sale, we XX%. and we gross growth profit markets, basis which products, or XX% really business that gross quarter Square have or a able grew profit product those that international whether

which what we're what partnerships across this anything so marketing gross is investing onboarding growth our than ramping noted, focused improving spend, launching growth by simplifying at GPV new tools is on our control, as can more And Jack products. ultimately, and point, and traffic we

of And your Wolfe next with question Peller line comes from Research. the Darrin

material, those be Nice called on job. and the incremental adds clear I like distribution want you material. Food are to partners obviously, out and touch U.S. could

of you restaurant talked I think the coverage about XX% space.

this and just addition. a bit this over for partnerships If you it, your what it's road the fit on whether horizon, line to and other into potential It could is more or just of how on expand contribute seems on maybe a GPV could little map it the actual strategy? potentially internationally? And types expect any domestic does time? the nice like can time then How we

Yes.

in partners broad we've industries types this specific We've and types been we've in how across So that sales about said, I more about as reconsidering partnerships. organizations. questions -- reach think and beverage, vertical and X looking have geographies then past. of third-party of at horizontal including investing business food We're a in everything, we lot the got like

a a In we've as And both International, shareholder in of strong progress, especially to U.S. and -- terms more, beverages, restaurants Foods a signed around up of the the partners but doing we pretty vertical in horizontal the United a around partners food, we we're pipeline a have sizable is bank chunk. letter, that our States, lot lot food means we which in partnerships. of of we're serving mentioned XX% and U.S. especially and made and

as to is we're So the well, we're the working [indiscernible] internationally, third-party U.S., And outside well. exploring sign more. of also sales and quite partnership, working bank

approach U.S. easier in going much the currently and we a impact what to get than where the we're most we're States. seeing in think United Just the

Research. Your next line the Ken comes from of Autonomous question with Suchoski

has million deposit at we're the company a letter, I don't for some saw in I few direct still Direct a it focus think been depositors. the paycheck time. think I but recurring for

call working? What's into not and the there direct What's it to that? to your higher? this you think One X visibility have direct of is meaningfully take working? And it, adoption number X competitors way million to around to curve million any has, depositors. about What's depositors main push going the

can is will ways X we we and There's up. referenced and I earnings follow our main all earlier in that captured Yes, the-day start this bank drive deposit, can believe Amrita direct in we which strategy, letter.

The first packaging. is

start is the of third make second want app. to with The packaging. that the sure is marketing around products. in I'll super your depositing paycheck benefits and clear is the We

doing amount those to withdrawals ATM yield one free is up in-network paycheck. access certain phone So really to is free access we're each coverage the priority X.X% the get who overdraft to month important to deposit savings which early $XXX support, of things in of addition and a

are matter one. the of sure the that based our refining clear. in making that here. on Again, So incentives the strategy Marketing year those seeing. we're been like another is the impact incentives We're investing as back further we've half

our finally, we referrals Cash quarter then App deposit App through we're to can make to starting as expertise card some Card, the strong so Boost. We're look deep to incentives. So results And statements. add past have financial at we balances products, well. and marketing Cash like review seeing customers spending those web this just and in-app informed test in and more messages peer-to-peer direct and experience insights our cross-selling around with marketing decisions, in improving to want And

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we driving bank strategy, base that's back And I'll how the about it. and let goes to So think it to follow-up. all again, Amrita

we're Yes. course, our against is inflows medium- near-term around to Ken, add performance holding our just strategy, about really is The our base which Cash bank active, Paycheck ourselves of primary as metric longer-term tool. that accountable per metric is actives. assess X I making customers' financial we deposit App metrics to to just the

card half inflows the saw each our at per of both in looking and products, Cash inflows on with engagement saw Cash With second we year point of portion those we App. had quarter a and ultimately, into App And per our see strong we've this those, quarter, product from App of with as behind first this customers' double-digit Cash banking first growth in active, -- borrow. So active card, grows, seen momentum we've inflows entry the utility as first specifically with banking customers. through greater we strengthen oftentimes

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to continuing services active. key ultimately is leading per adoption products financial drive engagement So to these stronger inflows and stronger engagement of and

second is but and the and metric, made we've direct longer-term paycheck features, a clarified X largely have this deposit deposit that active, as Paycheck of progress noted, the year, this of organically. so or On marketing throughout strategy, million across product was driven a actives Jack packaging, bunch really one part already first that

not long-term there's products, drives through from increased as focus into and a quarter. more to Jack, Cash to -- think continued our banking of of but you we And earning ultimately base that active the has from year-over-year the product number to paycheck. the also quarter-over-quarter card both that we goal to our second go-to-market even perspective overall as and their only heard And increase penetration App come,

the comes of question from with of America. next Bank Kupferberg your Jason And line

highlight at as in to curious, to growth positioned So the a products best it. ahead XXXX, on couple the We've lot you And of newer had look maybe initiatives GPV move go-to-market of so. balls ultimately to Square. of you if gone needle are or these the lots through air really top and I'm which

Yes.

take sure the that a our I is went something reliable. and past of important when we think in the that's platform most service hits making our have We bunch thing down. did

system constantly, want about when the we is this we still platform. are allows up WiFi This we're Kiosk So work #X It's not to that that framework just make offline just to the the they something time up. is add business. the we've launched, things. talking is to and is down. for features We even about. been features migration Square sale. can our them priority. keeping our newer our sure The make so That's other that the not like their Orders deposits is their and kiosk that pre-auth away also taking servers from same and can on a sellers migrating built providing so we

we we So the to of our futures have this scale the do and rest end by will of it summer. this up

sellers capabilities a being tested So all full-service retailers. sellers, that's serve means more service are on today pre-auth this track. select sellers, we restaurants, that can The with apps omnichannel all wider and range through [indiscernible] and borrowers, of

a has for focus us. Onboarding been big

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And your question comes the from Ramsey line next Barclays. of from El-Assal

and of Could the Jack of I guys? market the and maybe orders responses on replatforming you you wanted you around market through some kind to Amrita, it comment on in to follow-up your us also capabilities? think migration proactively -- sales help leveraging be expeditiously. project. of strategy get sales And for or opportunity that sell how the to you cross-sell do that the opens new incremental Will inside sort or

off kick can I ahead, -- Jack. go

start this. on I can

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in we there, done. the Acquisition how away with go-to-market because that been our has of Where just tough strategy have our mirror just approach is updating steps been what sellers. too and have competitors front we many put our given in weaker we past especially

leader becomes launched that back So haven't to I Square all a be again are in that we us about some that way to a in of launched. seen think gets for these a sellers either quite or And time.

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from And line of with Harshita the your comes Rawat next question Bernstein.

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MSP. from next of the your question with comes Sotero And Lafitani line

changing program. capital Can see it and intensity the to product shifts. to Cash Square, the of App up billion the reloaded share the is to you Great and repurchase talk $X as mix

question. the for Thanks

of margin expect to we cash we our share profile towards with year with So flow need authorization, to in shareholders And what as capital -- is last first, as level Rule of as return business. do see generation. just company, repurchase improve free as a to to our excess being of $X continuation billion as our expect billion you well we allocation, provide our XX initial with context a to set share our both respect run what authorization to to $X here capital progress repurchase we

What we or expenses, past over structural two year personnel, to of in businesses. our work. run need support question, to amount seen tremendous I is we this core us overhead our And from each leverage a where which operating is economics of sort think corporate across across business, to you've obviously to the expenses, of our unit expect continue your our that the across

see profitability our back that raised of year. As the second reflected expectations half improved the in only but you not also the guide quarter, strong for our reflects

we operating on expenses. driving journey So and efficiency that our of in continue discipline

lending piece the Cash sheet the obviously, originations second related our is product. our App Afterpay where of of, of borrow core balance and operation to investors, our those off The a from buy now, which to later product business loans, products, what our lending loans covers we Square majority sell include, some pay obviously, standpoint vast

year with very typically and to simplified those repayment of small $XXX Both XXx are average type loans size, products X a the very in mechanism. on turned $XXX

growth to like growth the the strong given support for the each $X they of -- working those to we the businesses. So our balance efficiently duration on and small size, act support capital turn given in those seeing sheet that customers, short we're of really our can of each

as also, longer structures. funding around optionality We we think our term, have

Pay really, is both over could the bring later seen economics term. As of products And on potentially with with term. to have strong case base very we to we've buy to risk our done long profiles unit return medium borrow and that our and now, continue we Square over loans, we've that to investors long upon make to potential investor these to the the the expand focus that

same ongoing So as Rule broadly can that over to share improves capital summarize move the you XX. expect the time programs repurchase intensity I as of see to profitability we is the and should

Yes.

business we to these program you shareholders. see ensure support some billion capital off authorization. may allocation a And and diverse the Our we can the is, which support sheet, I the and with of what sell that's balance to purchase return some of that today excess then and lending said, $X including capital foremost, originations, first as growth to organic also

And your next question of with the comes Mizuho. line Dolev from Dan

Great about to like drivers you months results. I that. and continues huge the little looks what think maybe year-over-year, It you coming Xx I This to like bit from up wanted to Cash in XX to mentioned XX% about grow quarter-over-quarter. App X Pay. seems talk ask it expect Can the opportunity. a a volumes

our Yes. to Xx the Afterpay's the growth was enterprise than is team. [indiscernible] Yes, quarter-over-quarter. more and up What's you're right. XX% prior sales sales The driving team, compared year

XX% year more many scale a of signing Pay of than Cash June, U.S. Afterpay top are than App App Cash ago. added of App to And This As the actives XX% merchants. less compared We're actives large Pay access is all for Google Cash they Pay. Play, merchants finding past a merchant Cash can App quarter, we're value which that we because customers.

cash-paid competitive and offer we Our engaged, actives are highly pricing.

we'll job, formula sales and team and an the is to grow. continue is the working So amazing doing

line of question next from comes Keane Deutsche the Bryan Bank. your with And

just cost pricing seller, that shareholder some us the acceleration pricing in coming lower of Square help mentioned the opportunities you with peers. the a transparency the you value digital pricing versus the of letter and ownership of of and product thinking refreshes in about for some for of incumbents the Can higher understand inside some potentially at especially

Yes.

very come of peers a and at and of seeing raise more raise pricing opportunity lot with high in doesn't a think a have I competitors products more level, features. their here. our or a necessarily We're lot we quality or that

lot how work. spending and our approach work features. those of bunch a the better how So that at numbers it's and reviews in packaging we might we like our looking right at do and bundling a now. to products, time better and doing think looking of products of We've doing we've a have I those the on right of can been We're and customers. and pricing we're also been quality our and how simplifying midst presented our

just an take have and be that going well pricing them the the pricing given see and doing test going pricing extent to portion to us looking with so much And a seeing of will come starting do it we full and we as can as are table. value it think can they as our at for of this excited of be the really to not that getting But soon pretty something the the majority amazing simplifying I'm an opportunity opportunity these But excuse, network and forward. that raise in that things, we off possible what from our people peers and simpler is and and take brings I how our ecosystem about our we're definitely a think have larger I will year.

now Sachs. Goldman Nance And will last with take question we Will our from

wanted I monthly ask to appreciate active you on question Cash squeezing me a this here. App the quarter. I in

think pullback as in there shareholder strategic letter promote about the a marketing comment healthier I ecosystem in as was spend. well some enhancements to a made a

could some made. you So on what's it. enhancements that driving of appreciate on maybe and specifically I of maybe those you kind the elaborate

Will. Thanks, Sure.

quarter in $XXX,XXX the the a with in opportunity was Cash So the actives ended U.S. We well. compelling earlier drive million we growth with year-over-year, X% U.S. that today. than $XX XX% the monthly consumers see That June, App, growth income. growth to rate for of which similar we in really household as here in active a represents in the year in to less saw

to there's market so And opportunity significant to share. continue gain

Some the called of drive shareholder to really we ecosystem. are continued a the promoting out that healthy specifically enhancements focus in letter our on

engagement active, year-over-year. access us and changes you services We understanding strong enable focused limit the also I make our for to it grew, better of products of evidenced strong of commerce a we give opportunities customers flow, our engagement and by higher see inflows driving noted as deeper We're products as continuing which on earlier, onboarding create other that things, our to see And those growth these the and helps which includes financial really So cross-selling. to for can, some XX% have customers. customers, changes. the across for among more per

earlier, we year, to fairly those products the customers now and From we campaigns. you strategy we're our engaging been and planning or talked perspective, a their in the heard our as ready and our the bank the of to on banking first in various about And of spend ramp bank we've refined marketing to strategy ultimately year half disciplined marketing about base earning base our half back as and paycheck. some of in

estimate about think Those grow the to we strongly see Z As opportunity opportunity resonates United potential know our of XX% make Cash penetrated in because base. significant customers, think and And App up XX% with we penetrated to X/X continue active of Gen millennial Gen the ahead, base the States. the and across millennials. demographics to nearly We customers we grow segment there's those only our room of segment. in we're plenty in we Z

grow App. the continue we an our as potential So at to term, for opportunity long base active to Cash customers see we look of

and all This may And gentlemen, thank now for today's you ladies in program, you participating and disconnect. the program. does conclude