Block Stock (SQ) Earnings Call | Q1 Breakdown - YouTube
发布时间 2023-05-04 16:00:00 来源
中英文字稿 
All right, all right, all right. Hopefully, let me switch over. Oh gosh, I never know how to use this thing. I'll turn that off as well, geez. Okay. How is everyone? I'm not going to talk. Coinbase, both doing actually very well after hours. I think Apple is to report as well. I haven't even had a chance to look at it. Hopefully we'll be able to look at them. Maybe they say something about the Apple account, the high interest savings account. That would be a lot of fun, guys.
好的，好的，好的。希望我能切换过去。哦天哪，我从不知道怎么用这个东西。我也会关掉它，天啊。大家好吗？我不打算说话。Coinbase在盘后交易中表现都很好。我想苹果也要报告了，我还没有时间看它。希望我们能够看看他们是否提到了苹果账户高利息储蓄账户。这会很有趣，大家。
But we're going to be listening to block stock probably whenever it comes to their earnings call. I think that'll probably be the one that I want to listen to the most. I'll listen to Coinbase afterwards. Doesn't look like a bad quarter from them. I was just jotting down some of their numbers, put it get into all the spreadsheets. Trying to get prepared for you guys for May 15th.
我们将会聆听 Block Stock 的财报电话，这可能是我最想听的一个。之后我会听 Coinbase 的电话，他们这个季度看起来不错。我刚刚记录了一些他们的数字，现在正在整理到电子表格里。我正在为你们 5 月 15 日的准备工作中努力。
We're doing a full launch of all of my spreadsheets. I'm giving you guys all that information, everything like that. So it's a one time purchase. You'll have everything going forward, every single stock that I cover, you know, and then all the quarters to come and, you know, yeah. Block is one of them. Coinbase is one of them. Let me jump in and look at some of these. The only thing that I haven't been able to get for these spreadsheets is the cost of revenue per segment for block. That's the only thing. Let me go ahead and bring it up though, guys.
我们将进行我的所有电子表格的全面启动。我会向你们提供所有那些信息。这是一次性购买。未来你们将获得我的所有才股票以及所有的季度报告，等等。Block是其中之一。Coinbase也是其中之一。让我来看看这些股票。这些电子表格中唯一获取不到的是区块链的每个细分市场的营业成本。让我来给你们看看吧。
Okay. That's Coinbase. Hope everyone is doing great though. If you guys have positions, congratulations. It was good quarters for both block and Coinbase, which I think I just want to show off that one as well. It's a nice FinTech company, very alternative play if maybe you don't believe in financial markets or something like this.
好的，这是有关Coinbase的内容。希望大家都过得很好。如果你们有持仓，恭喜你们。区块和Coinbase都度过了不错的季度，我觉得我也想炫耀一下Coinbase。这是一家很不错的金融科技公司，是非常替代的投资方式，如果你不相信金融市场之类的话。
Okay. Why isn't that showing? Boom. There we are. I scroll all the way up to the top. I was just looking at the numbers. I don't care about the graphics as much. They're really easy on the eyes though. So maybe we'll stick around here for now. And also while I'm doing that, I also have to get the call up. Geez. Okay. Too many things, not enough monitors. It's a tactic here, guys.
好的。为什么没有出现？嘭！我们到了。我一直向上滚动。我只是在看数字。我不太关心图形。虽然他们很舒适。所以也许我们现在会留在这里。而且在我这样做的同时，我还要接电话。天啊。太多的事情，没有足够的监视器。这里是一种策略，伙计们。
Okay. So block incorporated. Okay. Formerly known as Square has just released their Q1 earnings and things seem to be quite positive. Gross profit up 32% year over year. Cash out being the majority of that at 49% Square only bringing in 16%.
好的，Block公司已经成立了。好的，曾经被称为Square的公司刚刚发布了他们的第一季度收益报告，情况似乎非常积极。毛利润同比增长32%。现金支出占其中的大部分，为49%，Square只占16%。
Actually, quarter over quarter though. I didn't even see this. It's lower than the past two quarters all the way back down to Q2 revenue. I guess Shopify is just doing too good. Which speaking of which, oh my gosh. I just said yesterday, I came out and said that that was my largest position. And then it subsequently runs up like 27% during the day. It's by far, not by far, but it is definitely the largest position I have now. I didn't trim it yet. Okay. But net losses actually coming in at some of the lowest numbers we've seen at only negative 17 million dollars. It's still negative.
实际上，季度对比确实如此。我甚至没有看到这一点。它比过去两个季度都要低，一直回到Q2的收入。我想Shopify做得太好了。说起来，哦，天哪。我昨天刚说过，它是我的最大头寸。然后在那一天里它一下子上涨了27%。它迄今为止，不是远远超过，但它肯定是我现在拥有的最大头寸。我还没有削减它。但净亏损实际上已经到了我们所见过的最低数字之一，仅为负1700万美元。它仍然是负数。
But whenever we look at adjusted EBITDA, we're seeing breakthroughs, the highest that we've ever seen up over 89% year over year. I'm also tracking this all on my spreadsheet. Maybe I can just show you guys that because it might be easier to actually consume some of this information. But let me continue. I'm going to read this because I'm reading this just as you guys are. So we delivered strong growth and profitability at scale during the fourth quarter of 2023. Gross profit grew.
每当我们查看调整后的 EBITDA（调整后息税折旧及摊销前利润），我们都看到了突破，它达到了空前的89％以上的年度增长率。我也在我的电子表格上跟踪这一切。也许我可以向大家展示一下，因为这样可能更容易消化一些信息。但是让我继续讲下去。我会读出来，因为我和你们一样也在读这些。那么在2023年第四季度，我们在规模上实现了强劲的增长和盈利能力。毛利润增长了。
Okay. Is this just saying all the numbers? Paycheck protection program, loan forgiveness. Square growth profit. Yeah. That's just covering all the numbers that we'll be covering as well. In terms of the cash app ecosystem, let's see what they have to say. I'd love to see the card numbers. Or I wonder on the call if they're going to talk about Hindenburg. That'll be a lot of fun. I didn't amazing call.
好的。这只是说所有的数字吗？包括薪资保护计划、贷款宽限和Square增长利润。是的，这只是覆盖我们将要涵盖的所有数字。就现金应用生态系统而言，让我们看看他们有什么要说的。我想看看卡号。或者我在电话里想知道他们是否会谈论欣登堡。那将会非常有趣。我听了很不错的电话。
In March, there were 53 million monthly transacting actives on cash app. So that is like, it's not like what Hindenburg had to say. These are people who, as long as they've made some sort of revenue-based transaction on cash app. Okay. So that's an important part. They can't just make an account. It has to be some sort of revenue-creating transaction for it to become a monthly transacting active. So, very, very exciting. The 53 million people every single month are doing some sort of activity on cash app. I think those 51 million last quarter. Let me just tweet this out as well. Covering block earnings call.
三月份，Cash App 上有 5300 万个每月活跃用户。这与 Hindenburg 所说的不同，这些用户都是通过 Cash App 进行过一定 amount 的交易的，不能仅仅是注册账户。所以这是非常重要的一点。每个月有 5300 万人在 Cash App 上进行了某种活动，非常令人兴奋。上个季度有 5100 万人使用。让我也发个推特，报道区块财报电话会议。
Okay. So, next, let me see what else we can dive into. Oh, my gosh. Look at that. Oh my camera's in the way. Look at that.
好的，下一步让我看看我们可以深入研究什么。哦天啊，看那个。哦，我的相机挡住了。看那个。
意思：说话人惊讶地发现了什么有趣的事情，但相机挡住了他的视线。
Continuously increasing on cash app card. Attach rates. Sorry, one second here. Oh. My screen. Come back. Okay. There we go.
不断增加Cash App卡的附加费率。抱歉，等一下。哦，我的屏幕。回来了。好的，我们开始吧。
Yeah. 38% monthly active card users. So this is really, really interesting. For a lot of people that follow me, follow the channel, whatever. Marquetta is the company that covers this. I was just talking with one of the people that talk within this channel, throwable. He was talking about something along the lines of 76% of the total revenue that Marquetta brings in is just on cash app. Just from activating these cards.
是的，月活跃卡用户占38％，这真的非常有趣。对于很多关注我的人，关注这个渠道的人来说，Marquetta是负责此事的公司。我刚刚和其中一个在这个渠道中交流的人聊过天，他在谈论Marquetta带来的总收入中，76％只来自于使用这些卡激活的现金应用。
Now they have an actual membership with a cash app that expires this year. There's been no extension that they are going to continue to deal with Marquetta. It's been like, like, it could be what we're hoping, at least in the SoFi community, is that they'll actually choose us because this is a business that we can also get into as well.
现在他们拥有一个到今年年底到期的现金应用程序实际会员资格。他们没有延期，将继续与Marquetta合作。在SoFi社区，我们希望他们会选择我们，因为这也是我们可以涉足的业务领域。
SoFi is a large position of mine, one that I covered deeply on the channel. Yeah. If anyone knows, SoFi, Jack Dorsey and Anthony Noto were very close. Anthony Noto worked as the chief operating officer for Twitter. So who better than the new CEO of SoFi to actually take over and noticing that there's been no extensions that's getting people's hopes up. It's destroying the Marquetta stock, but it's getting people's hopes up for the potential that Galileo and SoFi takes this over.
SoFi 是我持有的大头寸，我在频道上对它进行了深入的分析。是的，如果有人知道，SoFi、Jack Dorsey 和 Anthony Noto 联系非常紧密。Anthony Noto 曾担任 Twitter 的首席运营官。因此，谁比 SoFi 的新 CEO 更适合接管呢？目前还没有展期的承诺，这毁了 Marquetta 的股票，但为 Galileo 和 SoFi 接管该领域的潜力提供了希望。
Let me see if I can switch this. This might be, yeah, that's way better. Oh my gosh. Not cutting off anything. The square ecosystem. Let's see why they've been a little bit mixy here. In 2023, we're focusing on four strategic priorities to drive squares business, enabling Omni Channel, growing up market, expanding globally and a new priority, integrating generative artificial intelligence.
让我看看我是否可以调整一下。可能是这样，是的，这样更好。哦天啊，没有截断任何东西。这是方形生态系统。让我们看看为什么它们在这里有点混乱。在2023年，我们将专注于四个战略重点，推动Square的业务，包括支持全渠道、发展高端市场、扩张全球市场以及一个新的重点——整合生成人工智能。
Oh, well, it had to be said, right? Someone had to say, AI or else the stock won't go up. So, yeah, congratulations on that enabling Omni Channel. This is one thing that squares been able to do very strongly growing up market, taking over bigger and bigger businesses.
哦，这话必须要说出来，对吧？必须有人说出来AI，否则股票就不会涨。所以，恭喜你成功实现了全渠道服务。这是Square所能够做得非常出色的一件事情，不断地扩大市场，接管越来越多的企业。
Another really good relationship with SoFi, block incorporated is actually the payment processor for all of SoFi Stadium, the large, you know, RAMs, you know, NFL Stadium. I think the number one in the entire, in the Americas, it's not actually SoFi Stadium, but it's the naming brand. But square is the, you know, the full payment processor there. So it's a pretty deep market already. When a lot of people think of SoFi, they think of block as well. So very, very cool.
SoFi和Block Incorporated的合作非常成功，实际上Block Incorporated是SoFi体育场的支付处理器，这个体育场非常大，您知道，它是RAMs，您知道，NFL体育场中的顶尖之一。我认为这是在整个美洲中排名第一的，它实际上不是SoFi体育场，而是品牌命名。但是Square是那里的全套支付处理器。因此，市场已经非常深入了。当很多人想到SoFi时，他们也会想到Block。非常酷。
But growing up market might be a little bit harder personally. I just like knowing the companies that I track and being a big believer in SoFi, I just, I just don't see them competing. I really like block because of cash app and I think that that's where they should, you know, stick. They've got a great, great thing going there. Square is great too. I mean, they're a large company, but as you can see, they're not growing nearly as quick.
但就个人而言，成长市场可能会更难一些。我喜欢知道我追踪的公司，并且作为SoFi的忠实拥护者，我只是不认为它们有竞争力。我真的很喜欢Block，因为有现金应用程序，我认为他们应该坚持这方面发展。他们在这方面做得很棒。Square也很棒。我的意思是，他们是一家大公司，但你可以看到，他们的增长并不那么快。
Okay. I also need to get this call up here as well. Potentially, wait, give me one quick second just so I can do this as fast as possible. Okay. This is why usually I started like 445, 450, but I thought because, you know, what I wanted to show coin basis numbers. I wanted to show blocks numbers, but the truth is I just don't have enough hands.
好的。我还需要在这里接听这个电话。可能需要稍等，给我一个快速处理的机会。好的。这就是为什么通常我会在445，450这样的时间开始，但我想要展示Coinbase的数字，展示区块的数字，但事实上我手头人力不够。
Um, okay. Where's this call here? Historical financial. Okay. I need that, but that's not why I'm here. Give me the call. Here's the webcast, my okay, offense. I don't know why I'm not going there. Okay. Perfect. I got it. We're getting ready here. I'm going to switch over to look more at the presentation.
嗯，好吧。这通电话在哪里？是历史财务电话吗？好的。我需要那个，但我来这里不是为了那个。给我这个电话。这是网络直播，没关系，我不知道为什么我看不到。好的。完美，我明白了。我们准备好了。我要切换到更多地关注演示。
Maybe we can look at a little bit of coin base for all the stock as well. And then we'll be able to jump in. Okay. You always have to sign in for these things. I never understood why. Like does anyone actually sign up for the, uh, for the webcast and stuff? I've, I've never, I've always just put nonsense and then said, you know, register for the event and then they let you in anyway. So you don't even really, uh, you don't need any of that.
或许我们可以稍微查看一下所有股票的Coinbase记录，然后就可以开始投资了。好的，你总是需要登录这些东西。我从来不明白为什么要这样，有人真的会注册网络直播和其他东西吗？我一直都随便填写信息，然后说要注册这个活动，他们也会让你进入。所以你实际上不需要任何信息。
Okay. Let me bring back the thing here. I got so much flak on that Apple video saying that Apple is going to, you know, be a deterrent for, for large banks and even fintechs like, uh, cash app and, uh, so fine stuff. Holy.
好的，让我把事情说清楚。在那个Apple视频中，我得到了很多负面反馈，人们认为Apple会成为大银行和金融科技公司（比如现金应用程序等）的威慑力量。哦天啊。
I don't think you guys are seeing what I'm seeing. Um, but to each his own, right? That's what makes a beautiful investing market. If we all thought the same, everyone would just be buying, uh, you know, my stocks, I guess, which I wouldn't mind. I just want to buy it first.
我认为你们并没有看到我所看到的。但是，各有所好，对吧？这就是一个美丽的投资市场的所在。如果我们都思想一致，大家只会购买我的股票，我想我并不介意。我只是想率先买入。
Okay. Okay. Okay. Let me share my screen. Okay. Just really quickly. We're not going to stay on Coinbase. I just wanted to look at some of the numbers. Um, this is also why it's running up just for the past couple of quarters. Um, you know, they're, the actual net revenue has been going up. Net losses are actually, you know, down to only 79 million. That's a really, really great sign is probably why the stock is up. Um, and adjusted EBITDA actually hit positive again, 284 million. That's probably all in net interest income, by the way, because they were doing that like crazy. Let me see if I can find that interest income. Called it. Okay. Just a ton of interest income. And this has been the way, you know, since last year, 10, 32, 100, 180, 240. That's just, it's unbelievable. It's the market that we're in. Every bank financial institution is seeing it. This is just for Coinbase, just in case anyone's popping in right now, just looking at it really quickly. So, yeah, interesting stuff.
好的。好的。好的。让我分享我的屏幕。好的。只是很快地看一下。我们不会一直停留在Coinbase上。我只是想看看一些数字。这也是为什么它在过去几个季度一直在上涨的原因。你知道，他们的实际净收入一直在增加。净亏损实际上只有7900万美元，这是一个非常非常好的迹象，可能是股票上涨的原因。调整后的息税前利润（EBITDA）实际上又实现了正数，达到了2.84亿美元。顺便说一句，这可能全部是净利息收入，因为他们一直在大力推广。让我看看能不能找到那笔利息收入。我猜对了。好的。只是大量的利息收入。自去年以来一直是这样，1032、100、180、240。这简直不可思议。这是我们所处的市场。每个银行和金融机构都在看到这一点。这只是为了提醒任何正在浏览的人，只是很快地看一下Coinbase的情况。所以，是很有趣的东西。
One more thing I just want to take a look at. And then maybe we can pop back in later is their custodial versus, sorry, consumer versus a institutional. Yeah, consumer gained a little bit, but not actually as much as I thought, um, institutional actually fell quarter over quarter. So yeah, the business is still dying. The business is still dying. We're just benefiting from high interest rates. And, and, you know, good for them.
还有一件事我想看看。也许我们稍后可以再回来看看他们的保管和消费者对比，抱歉，是消费者对比机构。是的，消费者获得了一点点好处，但并不像我想象的那样多，实际上，机构在季度内有所下降。所以，是的，这家公司仍然在衰落中。我们只是从高利率中受益，这对他们来说是好事。
Okay. Apples is out. Did they say anything about the, uh, about the bank? Let me know. Or not the bank. Sorry, the high interest savings account. I shouldn't call it a bank. I'm going to get more flack. They're not a bank. Okay. They never will be. Geez. Uh, but, uh, okay. I'm going to be more in focus now. Geez.
好的。苹果公司的话题不用讲了。他们有没有说到高利息储蓄账户呢？请告诉我。不是银行，抱歉，我不应该这样称呼，否则会引起更多抨击。他们不是银行公司，这一点我清楚。好了，我会更专注一点了。
Okay. Um, yeah, gross profit back on, back on, uh, block here before the call 15 minutes away. Cash app inflows. Wow. Way. Holy. I wonder what the, the difference is for, for, for this reason. We drove growth in net new transacting actives and strong engagement across products in our cash app ecosystem. Inflow's per transacting actives up 8% year-over year, uh, quarter of a quarter. Inflow's are 61 billion up 27% year-over-year monetization rate was 1.41%. Excluding gross profit contributions from BNPL. Cool. Wow. That's insane.
好的。嗯，总体利润回归，回归到刚才15分钟之前。Cash App的吸金效应惊人。我想知道这是为什么。我们在我们的Cash App生态系统中，通过增加交易活跃度和各种产品的强劲互动推动了增长。每位交易活跃用户的吸金量同比增长了8%，季度同比增长了61亿美元27%的吸金量，提取率为1.41%。不包括BNPL的总体利润。太酷了。哇，这也太疯狂了。
You know, it's a metric that I've been using. That's insane. What's the percentage of their actual gross payment volume that's going through to, to buy things off of square? I don't know if they do show that. Um, that would be really, really exciting for me. I love that cross-sellability to have a cash app user buy something off of a, a square merchant would be super cool. You know, those are the same things that I look for in Mellie and all these companies that, we just covered yesterday. Um, okay, generating 135 million of transaction-based revenue based on first quarter or 20 century. Yes, but why the huge growth is just massive in poor because banks are failing. Like, is that really like people are just scared of banks so they're going to block? I don't know if that's how it works, guys. But, uh, yeah, cool. I mean, massive benefit to them. This is why I think, you know, Vintex are going to take over.
你知道吗，这是我一直在使用的一项指标。这太疯狂了。他们实际支付的总交易金额的百分之多少用于在Square上购买东西？我不知道他们是否会展示这个。嗯，如果他们能展示出来，那对我来说会非常兴奋。我喜欢这种跨销售的方式，让Cash App的用户从Square商家那里购买东西会非常酷。这些跟昨天我们刚刚涉及到的Mellie和其他公司一样，都是我寻找的同样特点。嗯，根据20世纪第一季度基于交易收入生成1.35亿美元，是的，但为什么增长如此之快，那是因为银行正在失败。就像人们害怕银行所以他们会用Block吗？我不确定这是怎么回事，但对他们来说无疑是件好事。这就是为什么我认为，Vintex将会接管。
Okay. Yeah, Bitcoin gross profit is still growing 16% year over year. I'll have to take a look at that. Let me see, and I haven't finished this chart yet. So bear with me here, but, um, this was just the one part of the sheet that I, you know, I can show you guys here. Um, there's a couple other sheets for block as well, but this is just easy. Okay, how do I zoom? Okay. Um, so whenever we're actually looking at this, it's broken down into a couple different segments, uh, oh, sorry, it didn't mean to. Okay. Um, just for easyness, you know, we'll just show this one year. Gross payment volume or gross processing volume. Sorry, sorry. You know, doing quite well, dropped a little bit quarter over quarter. See, this is, this is what this segment here is so great for. You can actually see quarter over quarter year over year, the two year compounded annual growth rates, you know, the three year compounded annual growth rates. Very, very exciting.
好的，比特币的毛利润仍在按年增长16%。我得去看看那个。让我看看，我还没完成这张表格。所以请耐心等一下，但是这只是我可以给你们看的一部分。以区块来说还有一些其他的表格，但是这只是简单的一个。好了，怎么放大？好的，那么实际上，我们在看这个图表时，它被分成了几段，噢，不好意思，弄错了。好的，为了方便起见，我们只会显示这一年内的总支付卷或总处理卷。很不错，但季度萎缩了一点。看，这是这个部分很好的地方。你可以看到季度对季度以及按年增长率，两年复合年增长率，你知道，三年复合年增长率。非常非常令人兴奋。
Let me see if I can bring that. Yeah, make it even bigger. Come on. Okay. Perfect. And then, um, you know, same thing for every single line of their business. The only ones that I haven't filled out yet is after pages because we went live so quick cost of revenues. I didn't even get to yet and then all the corporate stuff. However, I got total revenue. Um, but it doesn't auto populate that quickly, so yeah.
让我看看能否将其带过去。是啊，让它变得更大一些。来吧。好的。然后，对于他们业务的每一行，都要做同样的事情。我还没有填写的唯一一些是具体页面之后的成本和所有公司的东西。不过，我已经搞定了总收入。不过，它不会自动填充得那么快。
Okay. Um, while I'm doing that, I'm just going to make sure that the, the call is still good. Because we should be able to hear some music or something by now. I mean, you guys won't, but I should be and I'm not here in anything.
好的。嗯，我在做这件事的同时，我会确认一下通话是否还好。因为现在我们应该能够听到一些音乐或其他声音。虽然你们可能听不到，但我应该能听到，但我没有听到任何声音。
Okay. Let me switch over to full cam for a sec just so I'm not sharing the goods. Okay, I'm in, but. Can you guys hear that? Yeah. Okay. Cool. Cool, cool, cool.
好的，让我先切换到全屏模式，这样就不会把东西分享出去了。好的，我进去了，但是，你们能听见那个声音吗？能。好的。很酷。很酷，很酷。
I hope they're not playing a bunch of title music because I'm going to get copyright strike by block itself just by covering their earnings legitimately. Melly did that to me yesterday. So because I was playing there playing all that music thing, they took all the monetization from my video, which was, I don't know, all of $8 or something. So you can have it, Melly. So if I know that they're going into business strategies like that, just copyright striking people and stuff, maybe it's even more of a, it's a better business than maybe some people expect. You wouldn't believe they even take from their shareholders. So dumb.
我希望他们不会播放一堆版权音乐，因为我合法地翻唱他们的收入，就因此遭受版权打击。昨天Melly就这么对我做了。因为我在演奏他们的所有音乐，他们从我的视频中收回了所有的广告收益，大概只有8美元左右。所以你可以拿去，Melly。如果我知道他们正在使用这种商业策略，对人实施版权打击之类的，那么它可能是一个比人们预期更好的生意。你甚至不会相信他们还会从股东那里掏钱，太愚蠢了。
Okay. Please let me know guys. I also want to know, help me out in the chat. If Apple says anything about their high interest savings, whether anyone is listening, you know, to the call or not, I won't be obviously, I mean probably most of us are going to be listening to the block if you guys are watching the stream.
好的。大家请告诉我。我也想知道，帮助我聊天。如果苹果公司提到他们的高利润储蓄，无论是否有人在电话中倾听，我都不会知道，很显然，我指的是，大多数人都会在观看流媒体时聆听区块。
Let me before this call, I'll just dive back into it and see if we can get a couple more numbers. Or actually what I also wanted to do was see the stock here. So block right now is actually up just a little over 3% on the after hours. Coinbase is up over 7% in the after hours. Yeah, tons of interest income, but is that actually, you know, sustainable? I don't know. Like, yeah, maybe they even go, you know, net income positive, but that's not going to lead to great long term returns if something changes and interest rates. So that is still concerning. I'm surprised that it's up 7%, you know, that much just on that piece of news. But, you know, with billions of dollars, a bunch of people are going to have different opinions of me.
在我打这个电话之前，我会重新回顾一下让我们能否获取更多的数字。实际上，我还想看看现在的股票情况。现在，块的股价在盘后交易中实际上上涨了3%以上，Coinbase在盘后交易中上涨了7%以上。是的，有大量的利息收入，但这是否真的可持续呢？我不知道。可能他们甚至会实现净利润，但如果利率发生变化，这不会带来长期的回报。所以这还是令人担忧的。我很惊讶股票价格会上涨7%，即使只是因为这一份新闻。但你知道，有数十亿美元，许多人会有不同的意见。
Let me see if I can drop back. Okay, cool. I, let me see what the cost of revenue was. Okay, total cost of revenue. But is this per segment? I would love to find it per segment. Actually, let me just read a couple of these. Sharebase compensation, by the way, is supposed to slow down a lot year over year. They said that they wanted it. I think they said they were doing like 25% increases.
让我看看我能不能退回去。好的，很棒。我要看看收入成本是多少。好的，总成本。但这是每个部分的吗？我想找到每个部分的成本。实际上，让我读几个。顺便说一下，Sharebase的报酬预计会与去年相比减缓很多。他们说他们想要这样做。我认为他们说过他们正在增加大约25%。
I think they are even 40% increases in headcount. That's going to be reduced down to only 10% year over year changes. So I wonder if that's already shown in this quarter as the difference in stock base compensation was not that much. Because it's all about survival now. And you know what, Jack Dorsey, especially, I think it's really, really important for him to put his name brand back in this situation where someone like Elon Musk can not just trash on him for his ability to make such a bloated company like Twitter. And so I think especially lately, this will also be probably the topic of conversation as well is how are you going to get cost down, but still try to hold up the growth? And from the looks of it, they are finding massive success with the failures at the banks of scene. So congratulations to them.
我认为他们的员工人数甚至有40%的增长，但这个数据已经降至每年只有10%的变化了。所以我想知道，这是否已经反映在了本季度的股份基础报酬差异上，因为现在一切都是为了生存。尤其是对于杰克·多西，我认为让他的品牌回归到这样的处境中是非常非常重要的，这样像埃隆·马斯克这样的人就不能因为他让Twitter变得臃肿而嘲笑他。所以我认为，尤其是最近，这也可能成为谈话的话题，即如何将成本降低，同时仍然试图保持增长？从现在的情况来看，他们在银行业的失败中找到了巨大的成功。所以恭喜他们。
I am a shareholder by the way in both this company. I'm a small shareholder in Coinbase just because that's my, you know, this is my play for, sorry, this is my play if crypto does actually go in. I don't buy a lot of cryptocurrencies or anything like this. I use a little bit of USDC to actually, you know, pay my editors and stuff like this. But aside from that, I don't really use it.
顺便说一句，我是这两个公司的股东。 在庫幣交易所，我是一个小股东，因为我认为，如果加密货币真的流行起来，这是我的一笔投资。我不会购买大量的加密货币，只会用一点点美元稳定币，支付我的编辑费用等。除此之外，我并不会使用它。
Okay. Let me get off this. Let me go back to here. This is where all the fun is lying. Okay, so the, I wanted to read this as well growing up market. We continue to do experience strong growth up market, gross profits from our mid market sellers was up 19% year over year in the first quarter. Yeah, that's okay. You said mid market. Where's the, where's the top end guys? Like that's the funniest thing too is like even 500 K plus of annualized gross, you know, processing volume is not even that much.
好的，让我停下来。让我回到这里。这里才是所有乐趣所在。我们在不断经历增长的市场中继续经历强劲增长，我们的中端市场销售商的毛利润在第一季度同比增长了19％。是的，你说中端市场。那顶级的人在哪里？最有趣的事情是，即使是每年超过50万美元的总处理量，也不算太多。
Like this is their top rung. If you compare that to like a Shopify and stuff, you'd be comparing against companies that are doing 10 million in, in annualized, you know, gross processing volume or even higher for their high rungs. You know what I mean? Especially whenever it comes to some of the newest products that they've been pushing out. And that's really where I think a ton of the market is going forward for e-commerce. A lot of people know that there's a ton of options, whether it's Wix or WooCommerce or Shopify or Squarespace or Square, you know, there's a ton of options for small players. It's the big players. Who's going to get the Louis Vuitton, you know, subscriptions going forward? And I just don't think Square is the player to do so. Could be wrong. Could be wrong.
就像这是他们的最高层次。如果您将其与 Shopify 等进行比较，您将会与那些年度销售额达到 1000 万美元或更高的公司进行比较。您知道我的意思吧？特别是当涉及到他们推出的一些最新产品时。我认为，这就是电子商务市场未来的发展方向。许多人知道，无论是 Wix、WooCommerce、Shopify、Squarespace 还是 Square，都有很多选项可供小玩家选择。问题在于大玩家。谁将推出路易威登的订阅服务？我不认为 Square 是能够做到这一点的公司。可能我错了。
I think, I think, you know, what Square has shown themselves to be an amazing player in the point of sale terminals. I think they're beautiful, super, super, super good way ahead of Shopify's in my opinion. I think Shopify's point of sale, you know, technology kind of sucks.
我认为，我认为，你知道的，Square已经在销售终端上展现出了令人惊叹的表现。我认为它们很美观，非常非常好，远远领先于Shopify在我看来。我认为Shopify的销售终端技术有点差。
They're using third party stuff for the longest time, just started building their own and they all look like crap. And I know that like the looks are not the most important thing. You want the processing power to be good, but you want both. You know what I mean?
他们一直在使用第三方的东西，最近才开始建设自己的技术，但它们看起来都很差劲。我知道外表并不是最重要的事情。你需要有好的处理能力，但你也想要两者兼备。你明白我的意思吗？
Okay. Integrating genera of AI. So we've launched features leveraging machine learning and generative AI in previous years. We've doubled down in 2023, incorporated these strategic priorities for all square product teams. And March, we launched suggested actions and square messages, which use a large language.
好的，将AI的类型融合在一起。我们在过去几年中推出了利用机器学习和生成式人工智能的功能。在2023年，我们加倍努力，将这些战略重点纳入所有正方形产品团队。在三月份，我们推出了建议的操作和正方形信息，它们使用了大量的语言。
Okay. Like in any other business of AI was not such a hot topic right now, suggested actions and square messages would not even be brought up at all. That's such a non like, yeah, that's a, that's a, that's a nothing. Okay.
如果AI在现在的任何其他业务中不是热门话题，那么建议性措施和直截了当的信息根本不会被提出来。这是一种不合时宜的做法，是一个毫无意义的事情。
But you know, good for them on launching that AI powered suggested replies. 400,000 sellers have accepted and sent more than a million suggested replies and actions. We've also launched AI generated item descriptions as part of squares for retail item creation flow.
但是你知道，他们推出的基于人工智能的建议回复功能非常好。已经有40万个卖家接受并发送了超过一百万个建议回复和操作。我们还推出了基于人工智能生成的商品描述，作为Squares用于创建零售商品的流程的一部分。
Well, you know what, that's a little bit better. That's more, that's more 2022, 2023. But you know, custom buttons for replies are like, what do you want to talk about? You know, product troubles, shipping deliveries, my account, that stuff was out for, you know, for years. I'm sent more than a million suggested reply actions. Wow. That's awesome.
嗯，你知道吗，这样做有点好些了。这更符合2022年、2023年的风格。不过你知道，为回复定义自定义按钮就像是，“你想谈谈什么？”你知道，产品故障、送货、我的账户，这些都已经出现了好几年了。我已经发送了超过一百万个建议的回复操作。哇哦，太棒了。
I sound so negative, but it's just like, I hate this, you know, the force to say AI, you know, that's not only problem. I mean, obviously they're growing and these, these products need to come out. But like if it wasn't such a hot topic, it wouldn't even be in their, you know, their, their Q1 shareholder letter. So that's, that's sort of my problem with this.
我说话听起来很消极，但实际上我讨厌这种强迫性说人工智能的感觉，这不仅仅是个问题。我是说，很明显它们正在发展，这些产品需要推出。但是如果它不是如此炙手可热的话题，它甚至不会出现在他们的Q1股东信中。这就是我对此的问题所在。
Expanding globally, I also want to see. We launched square loyalty and square for restaurants in Japan, providing food and drink sellers with integrated solutions focused on operating more efficiently, delivering better hospitality to their guests and growing their businesses. We also introduced our kitchen display system in the country, allowing sellers to streamline orders via digital tickets.
随着全球化的发展，我也想看看。我们在日本推出了Square忠诚度计划和Square餐厅解决方案，为食品和饮料销售商提供集成解决方案，旨在更有效地经营，为客人提供更好的款待并增加他们的企业发展。我们还在该国引进了我们的厨房展示系统，使销售商可以通过数字票务来简化订单。
In the first quarter, gross profits in markets outside the US grew 43% year over year and represented 16% of squares gross profit. Wow. I mean, that's expanding. And you know what's crazy is it has been some of their largest markets is their actual international markets for square. So I mean, that is really positive.
在第一季度，Square在美国以外的市场的毛利润同比增长了43％，占Square总毛利润的16％。哇！我的意思是，这是一个扩张。而且你知道什么很疯狂吗，它们实际的国际市场是它们最大的市场之一。所以我认为这真的是一个积极的发展。
But the amount of countries that they've been able to expand into, maybe some of you guys will know this, they touted how they expanded into this small, very, very southern island. I forget, I think it was a British colony. I could be wrong, but maybe someone will say it in the, in the chat and I just think it's like, like, I don't know if they're ready for the big time scale quite yet. And I mean, obviously they're not or else they would.
但是，他们能够扩展进入的国家数量，也许你们中的一些人会知道，他们吹嘘他们扩展到了这个非常非常南部的小岛。我忘了，我想它是英国殖民地。我可能错了，但也许有人会在聊天中说出来，我认为这就像是他们还没有准备好进入大时代的规模。当然，显然他们还没有准备好，否则他们就会这么做了。
But it's how long to deliver these things. And whenever you combine the gross profits like this, it can look like, you know, the growth is amazing. And it is. I mean, like cash app is doing phenomenally. And I hope that they continue to focus on cash app rather than square because if quarters like this continue, we're going to actually start seeing, you know, negative year over year numbers, which could be very, very close to happening, considering this is already, you know, two quarters lower than what we saw.
但是，问题在于交付这些东西需要多长时间。每当你将总利润结合在一起，它看起来像是增长令人惊叹。实际上确实是这样。我的意思是，Cash App表现得非常好。我希望他们继续专注于Cash App，而不是Square，因为如果季度继续这样，我们将开始看到负增长的年度数字，考虑到这已经比我们看到的低了两个季度，这可能非常接近发生。
So as, as quarters move on, the number will continue to rise. And then the comparable number, which will be the, you know, Q2, Q3 will be lower and lower if that's going to be the case. Maybe they speak on that, but from the looks of it, I would be addressing it very quickly as to why there was some shrinkage. Now we, you know, this could also be a cost thing. Then maybe they are growing in terms of a revenue basis.
随着季度的推移，数量将继续增加。如果情况如此，可比数字（第二季度和第三季度）将越来越低。也许他们会谈论这个问题，但从现在的情况看，我会快速解释为什么会有萎缩。这可能是成本问题。也许他们在收入方面正在增长。
But something has changed in their costs. I could also look at that once we actually get segment revenue. Maybe it's in here. Yeah, total, yeah, see, look, that's not even a cost of revenue issue, which I don't even have the number four was shrinking though from Q3 to Q4. I'll have to get that number. I forget where I used to get it from segment wide.
但他们的成本发生了变化。一旦我们真正得到细分收入，我也可以查看一下。也许在这里可以找到。是的，总计，看，那甚至不是营业成本问题，我甚至没有数字，尽管从第三季度到第四季度，数字四是在减小的。我必须得到那个数字。我忘记了我曾经从全面发挥中获得它。
But whenever it comes to total revenue, that did drop not only this quarter, but for the past two quarters dropping total revenue, not exactly what you want. The problem was is that hardware revenue was a good explanation to why, you know, from Q3 to Q4 that these numbers actually dropped. The differences is that that's not the case from Q4 to Q1, right? It actually gained 5%. It was the, you know, negative 7% in the subscription and services revenue.
但是每当涉及到总收入时，过去两个季度的总收入都有所下降，这个季度也是如此，总收入下降并不是正好我们想要的。问题在于，硬件收入是一个很好的解释，你知道，从Q3到Q4这些数字实际上下降了，但这个差异不是Q4到Q1的情况，对吗？实际上它增长了5%。问题出在订阅和服务收入上，下降了7%。
That's a little bit more concerning, a negative in transaction volume where the opposite is actually happening in cash. Right? Transaction volume up 10%. Bitcoin revenue up 18% total revenue up 14%. I should also add a category here for excluding Bitcoin because we don't want that in the revenue segment. We only like that in the gross profit.
这有点令人担忧，交易量呈现负增长，而现金则正好相反。是吧？交易量增长了10%。比特币收入增长了18%，总收入增长了14%。我还应该在这里添加一个类别，排除比特币，因为我们不希望它出现在收入部分，我们只想在毛利部分看到它。
Oh, call is on. Ladies and gentlemen. Now I like to turn the call over to you. Give me one second. Nikhil digs it.
哦，电话来了。女士们先生们，请允许我把电话转给你们。等一下，让我看下。尼赫尔喜欢这个。
Head of investor relations. Please go ahead.
投资者关系负责人，请讲。
Hi, everyone. Thanks for joining our first quarter 2023 earnings call. We have Jack and Envita with us today. We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from our customers in addition to questions from conference call participants.
大家好。感谢加入我们2023年第一季度的盈利电话会议。今天我们邀请了Jack和Envita参加本次会议。在我们回答您的问题之前，我们将先进行简要的发言。在问答环节中，除了会议参与者的问题外，我们也会接受顾客提出的问题。
We would also like to remind everyone that we will be making forward looking statements on this call. All statements, other than statements of historical fact, could be deemed to be forward looking. These forward-looking statements include discussions of our outlook and guidance as well as our long term targets and goals. We may decide to shift our priorities move away from these targets and goals at any time. These statements are subject to risks and uncertainties.
我们也想提醒所有人，在这个电话会议中，我们会作出前瞻性声明。除历史事实陈述外，其他陈述都可以被视为前瞻性声明。这些前瞻性声明包括关于我们的前景和指导，以及我们的长期目标和目标的讨论。我们可能随时决定调整我们的重点，使其远离这些目标和目标。这些声明受到风险和不确定性的影响。
Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements except as required by law.
我们的前瞻性陈述可能与实际结果存在实质性差异。报告的结果不应视为未来表现的指示。请查看我们向美国证券交易委员会提交的文件，以了解可能导致我们的结果有所不同的因素。同时，请注意，本次通话中的前瞻性陈述是基于今天的日期可获得的信息。我们否认任何除法律要求外更新任何前瞻性陈述的义务。
During this call, we will provide preliminary estimates of gross profit growth in GMV performance for the month of April. These represent our current estimates for April performance as we have not yet finalized our financial statements for the month of April and our monthly results are not subject to interim reviewed by our auditors.
在本次通话中，我们将提供四月份GMV表现的预估毛利润增长情况。这些是我们目前对四月份表现的预估，因为我们尚未完成四月份的财务报表，而我们的月度结果不受审计师的中期审核。
As a result, actual April results may differ from these estimates and may not be reflective of performance for the full second quarter. Moreover, this financial information has been prepared solely on the basis of currently available information by and is the responsibility of management. This preliminary financial information has not been reviewed or audited by our independent public accounting firm. This preliminary financial information is not a comprehensive statement of our financial results for April or the second quarter.
因此，实际4月份的结果可能会与这些估计不同，并且可能不能反映整个第二季度的业绩。此外，这些财务信息仅根据当前可用信息由管理层准备，并由其负责。这些初步财务信息未经我们独立的注册会计师事务所审核或审计。这些初步财务信息不是我们4月份或第二季度财务结果的全面陈述。
We will also discuss combined company gross profit during this call. Blocked combined company gross profit assumes we acquired our BNPL platform on January 1, 2022 and includes a 51 million gross profit contribution from our BNPL platform for the month of January 2022. For purpose of comparison, fourth quarter combined company gross profit assumes a 135 million contribution to block gross profit from our BNPL platform in the fourth quarter of 2021 as if we acquired our BNPL platform on October 1, 2021.
在本次电话中，我们还将讨论合并公司的总毛利润。阻塞总毛利润假定我们于2022年1月1日收购了我们的BNPL平台，包括2022年1月份从我们的BNPL平台贡献的5100万毛利润。为了比较，第四季度合并公司总毛利润假定我们在2021年10月1日收购了我们的BNPL平台，从我们的BNPL平台中为阻塞毛利润做出了1.35亿的贡献。
Also we will discuss certain non-gap financial measures during this call. Reconciliation to the most directly comparable gap financial measures are provided in the shareholder letter, historical financial information spreadsheet and investor-based materials on our investor relations website. These non-gap measures are not intended to be a substitute for our gap results.
在本次通话中，我们还将讨论某些非普遍公认会计准则的财务指标。我们在股东信中、历史财务信息表格和投资者材料中，提供了与最直接可比的普遍公认会计准则财务指标的对照表。这些非普遍公认会计准则的指标并不意味着要替代我们的普遍公认会计准则的结果。
Finally, this call in its entirety is being audio webcasts on our investor relations website. An audio replay of this call and the transcript for Jack and Amrita's opening remarks will be available on our website shortly.
最后，本次电话会议的全部内容将会在我们的投资者关系网站上进行音频网络广播。不久之后，我们将在网站上提供该电话会议的音频重播和Jack和Amrita的开场发言的文字记录。
With that, I would like to turn it over to Jack. Thank you all for joining us.
接下来，我想把话题转交给杰克。非常感谢大家的加入。
Last quarter we shared our investment framework going forward. As a reminder, our framework can be articulated in a single sentence. Block and each ecosystem must show a global path to gross profit retention of over 100% and rule of 40 on adjusted operating income.
上一季度，我们分享了我们未来的投资框架。作为提醒，我们的框架可以概括为一句话。每个区块链和生态系统必须展示全球保留毛利润超过100%的路径，并符合调整后营业收入的40%原则。
The principles that let us to this framework were number one. Ensure our investments are focused on customer retention and growth. Number two, account for ongoing costs to the business, including stock-based compensation. And number three, utilize industry standard conventions that are simple to communicate and understand.
这个框架的原则有三个。首先，确保我们的投资集中在客户保留和增长。其次，考虑业务的持续成本，包括股票奖励。第三，利用行业标准惯例，这些惯例易于沟通和理解。
We will not be distracted from living up to these principles and building our business according to this framework. Obviously, there are challenges ahead, including many out of our control. I wanted to spend a moment talking about those. You're aware of how we're thinking about meeting them and then handed over to Amrita to discuss our quarter.
我们不会被分散注意力，会按照这个框架实践这些原则，并进行业务的建设。当然，未来会面临许多挑战，其中许多是我们无法控制的。我想花点时间谈一谈这些挑战。您已经知道我们如何考虑应对它们，现在我将转交给Amrita讨论我们的季度情况。
I'll start with the macro challenges and then the prevailing trends we can use to advantage our customers and us. There are three macro challenges affecting all businesses now and over the long term. Number one, constant state of global crisis. Number two, regulatory fragmentation. Number three, global financial system shifts.
我将从宏观挑战开始，然后介绍我们可以利用的主要趋势，以使我们和客户受益。现在和长期以来，有三种宏观挑战影响着所有企业。第一，全球不断发生的危机。第二，监管碎片化。第三，全球金融体系的转变。
The world seems to be moving from one global crisis to the next and suffering from an overwhelming amount of information, which is causing people and organizations of all sizes to be distracted and reactive to the moment. From COVID to inflation to the war in Ukraine to bank failures, the number of things we all need to pay attention to grows on bounded.
世界仿佛在从一个全球危机转向另一个，并且受到大量信息的压倒性影响，导致各种规模的人和组织分心并对当下反应迟缓。从COVID（新冠疫情）到通货膨胀，再到乌克兰战争和银行失败，我们所有人需要关注的事情数量不断增长，难以承受。
Throughout this time, we want to remain focused and not reactive to anyone particular moment in time. This is easier said than done, but it's something that underlies everything we do. Having our long-term view guides all of our actions, especially those we take in the short term.
在这段时间内，我们希望保持专注，不对任何特定的时刻作出反应。这虽然说起来容易，但却是我们所做的一切背后的基础。我们长期的视野指引我们的所有行动，尤其是我们在短期内采取的行动。
At the same time, regulators around the world are coming up with slightly or entirely different answers to problems facing their citizens. Instead of having global standards, we end up with rules which are different for every market, effectively slowing the pace of development. Well, this might be a good thing for each market and makes it very challenging to grow a global internet business, especially for smaller companies.
与此同时，世界各地的监管机构在解决本国公民面临的问题时提出了略微或完全不同的答案。我们并没有全球标准，而是得到了适用于每个市场的不同规则，这有效地减缓了发展的速度。尽管这可能是对每个市场都有益的，但对于小型公司尤其难以发展全球互联网业务。
Part of our job will be to help our customers navigate this complexity by taking it on ourselves. Finally, there have been numerous challenges to the global financial system and it's experiencing some significant shifts. From new global reserve currency candidates, centralization of banks through various smaller ones, to adoption of central bank digital currencies with entirely new capabilities. These all affect our core business and are all trends we need to navigate carefully.
我们的工作部分将是通过自己承担责任，帮助客户应对这种复杂性。最后，全球金融系统面临着许多挑战，并正在经历一些重大变化。从新的全球储备货币候选人，银行中心化的各种较小机构，到采用具有全新功能的中央银行数字货币。所有这些都影响我们的核心业务，并且都是我们需要谨慎应对的趋势。
I'm confident we will, as we see and acknowledge them both. We want to be proactive in our approach and not just react when it's too late. And there are a few technology trends that I believe will help us do just that. There are three trends we're focused on. Number one is artificial intelligence. Number two is open protocols. And number three is the global stuff.
我相信我们会看到并承认这两个方面。我们希望采取主动措施，而不仅是在太晚时才做出反应。而有几种技术趋势我认为将有助于我们做到这一点。我们专注于三个趋势。第一是人工智能。第二是开放协议。第三是全球趋势。
Consider how many times you've heard the term AI or GPD in the earnings calls just this quarter versus all quarters in history prior. This trend seems to be moving faster than anyone can comprehend or get a handle on. Everyone feels like they're on their back foot and struggling to catch up. Utilizing machine learning is something we've always employed at block. And the recent acceleration in available-lead tools is something we're eager to implement across all of our products and services.
考虑一下你这个季度在收益电话里听到的人工智能或GDP这个术语的次数，与历史上所有季度相比。这个趋势似乎比任何人都能理解或把握得越来越快。每个人都觉得他们处于被动状态，努力追赶。利用机器学习是我们一直在Block中使用的，而最近可用的引导工具的加速度是我们渴望在我们所有的产品和服务中实施的。
We see this first as a way to create efficiency both internally and for our customers. And we see many opportunities to apply these technologies to create entirely new features for our customers. More and more effort in the world will ship to Creative Mendevers as AI continues to automate mechanical tasks away. And we believe we are well positioned for that shift with our strategy for artists on title.
我们看到这首先是为了创造内部和客户的效率。我们还看到许多机会应用这些技术，为我们的客户创造全新的功能。随着人工智能不断自动化机械任务，世界上越来越多的工作将运往创意产业。我们相信我们在标题艺术家方面的策略使得我们在这种转变中处于良好的位置。
Open protocols represent another fork in the road moment for people and companies. Bitcoin, NOSTER, Blue Sky, Red Five, and others are all working to level the planning field for competition and give individuals and organizations entirely new capabilities. I believe this trend is growing as fast as AI. We'll have just as a large impact and may even help address some of the harms AI presents.
开放协议代表了人们和公司面临的另一种分岔路口。比特币、诺斯特、蓝天、红五等等都在努力为竞争平均规划领域，并为个人和组织提供全新的能力。我认为，这个趋势正以与人工智能同样快的速度增长。我们将产生同样大的影响，甚至可能有助于解决一些人工智能所带来的危害问题。
We are embracing this early so we can figure out how to best contribute to these protocols and build valuable businesses on top of them. This isn't just about centralization versus decentralization. Because these protocols are even remotely successful, they will present a customer base far larger than any one company can create alone. And there is good precedent for this happening again. We'll get to web, email, and the overall Internet to proof.
我们很早就开始拥抱这个点子，以便于找到如何最好地为这些协议做贡献，并在其之上构建有价值的企业。这不仅仅是关于去中心化和中心化的较量。因为如果这些协议成功了，它们将呈现出一个远远超过任何单个公司能够独自创造的客户群。这已经有了很好的先例。我们将通过网络、电子邮件和整个互联网来证明这一点。
We have a number of efforts towards this trend, including our Bitcoin wallet, minor, Bitcoin exchange, spiral, and TBD. If we consider where the Internet population will grow the fastest, we must look at the so-called global south, countries within Africa, Latin America, Asia, and Oceana, where most of humanity resides.
我们正在朝这一趋势努力，包括我们的比特币钱包、矿机、比特币交易所、螺旋和待定项目。如果我们考虑互联网人口增长最快的地方，我们必须看向所谓的全球南方，即非洲、拉丁美洲、亚洲和大洋洲的国家，这些地方居住着大部分人类。
This region is adopting open protocols faster than Western countries because the use cases they provide are increasingly becoming a necessity, such as money remains. We are choosing to focus on these markets because we believe the total addressable market over time is bigger than anything we're currently in. The assumption you have to make here, of course, is that nearly everyone in these markets has access to the Internet, which is a credible one to make over the next decade.
这个地区比西方国家更快地采用开放协议，因为它们提供的使用案例越来越成为必要，比如货币仍然存在。我们选择关注这些市场，因为我们相信随着时间的推移，总可寻址市场比我们目前所在的任何市场都更大。当然，在这里你必须做出的假设是，接下来的十年内几乎每个人都有互联网接入，这是一个可靠的假设。
We have already started this work in earnest, and with our partnership between TBD and Yellow Card to enable theot on and off-ramps in 16 African countries. Open protocols and focus day-by-solutions will help us to move even faster, and in a way that's complementary to the businesses that already exist within these markets, and everyone starting up in the future. I realize this is a lot to take in, but I want to make sure you all have the context for how we will be driving our roadmaps and businesses in the future. With our investment framework, we will have the right accountability as we look to grow blocks many ecosystems together. Together is the key word here, as our real value comes from our multiple ecosystems, working to positively reinforce one another, and provide resiliency through challenging times. I couldn't be more excited about what's ahead and how our position does the company need to grow over the end of the year. Thanks, Jack.
我们已经认真地开始了这项工作，与我们与TBD和Yellow Card的合作伙伴关系，希望在16个非洲国家提供入门和出门服务。开放的协议和日趋成熟的解决方案将帮助我们更快地前进，以一种与已经存在于这些市场中的企业互补的方式前进，以及未来的初创企业。我知道这听起来很多，但我想确保你们所有人都了解我们将如何推动我们的路线图和业务的上升。通过我们的投资框架，我们将拥有正确的责任，努力让许多生态系统共同增长。 "共同"是关键词，在我们多个生态系统之间共同合作，积极地相互增强，并在困难的时期提供弹性是我们真正的价值所在。我对未来充满了更大的期望，以及我们公司的地位如何在年底之前增长。谢谢，杰克。
You've now heard three of the longer-term trends we are prioritizing in the coming years to expand our market opportunity and help advance our ecosystems. As we pursue these opportunities, we'll continue our day-to-day focus on serving our customers, operating with discipline, and driving long-term profitable growth at scale.
你现在已经听到我们在未来几年中优先考虑的三个长期趋势，以扩大我们的市场机会并推进我们的生态系统。在追求这些机会的同时，我们将继续专注于为客户服务、遵循运营纪律，并推动长期盈利性增长的规模化。
There are three topics related to our more recent performance that I'd like to cover today. First, an overview of our strong first quarter results. Second, trends we've seen across our business in April. And third, a look at our investments through the remainder of the year.
今天我想涵盖三个与我们最近表现相关的话题。首先，概述我们强劲的第一季度业绩。其次，介绍我们在4月份业务中看到的趋势。第三，展望我们在今年剩余时间的投资。
In the first quarter, we delivered strong growth across our ecosystems with gross profit of $1.71 billion, up 32% year-over-year. On a combined company basis, gross profit grew 27% year-over-year in the first quarter, up from 21% in the prior quarter. We delivered adjusted EBITDA of $368 million during the quarter, an increase from $195 million in the prior year period. Adjusted operating income, which includes expenses related to stock-based compensation and appreciation and amortization, was $51 million in the first quarter, up from a $42 million loss in the prior year period. We also continued to diversify our monetization streams across our ecosystems. In the first quarter, we had 14 revenue streams across square and cash-up that generated $100 million or more in annualized gross profit, up from 11 a year ago. Let's get into each ecosystem.
在第一季度，我们的生态系统实现了强劲增长，毛利润达到17.1亿美元，同比增长32％。在整合公司基础上，第一季度毛利润同比增长27％，高于上一季度的21％。在该季度，我们的调整后EBITDA为3.68亿美元，较去年同期的1.95亿美元有所增长。调整后运营收入，包括与股票报酬及升值和摊销相关的费用，第一季度达到5100万美元，高于去年同期4.2百万美元的亏损。我们还继续在生态系统内不断多元化收入流。 在第一季度，我们的Square和Cash-up生态系统内有14个营收流，产生的年化毛利润超过1亿美元，较一年前的11个有所增加。让我们来看看每个生态系统。
Cash-up generated $931 million of gross profit in the first quarter, an increase of 49% year-over-year. On a combined company basis, cash-up gross profit grew 43% year-over-year, up from 39% in the prior quarter. We delivered year-over-year gross across each component of our inflow stream work, active, inflow per active, and monetization rate. We reached 53 million monthly transacting assets in March, an increase of 17% year-over-year. Over-year gross per transacting active averaged $1,136 in the first quarter, up 8% year-over-year and quarter-requarter. And overall inflow in a cash-up totaled $61 billion, up 27% year-over-year.
Cash-up 在第一季度创造了 93.1 亿美元的毛利润，同比增长 49%。在公司合并后的基础上，Cash-up 的毛利润同比增长了 43%，比上个季度的 39% 还要高。我们在流入流量工作、活跃度、每个活跃度的流入以及货币化率上都实现了年度毛利润的增长。在三月份，我们达到了 5300 万月度交易资产，同比增长了 17%。每个交易的活跃度的年度毛利润平均为 1136 美元，在第一季度同比增长了 8%。而整体的流入总额为 610 亿美元，同比增长了 27%。
We were in focus on driving gross and enclosed per active, by growing product adoption, diversifying ways in which people can bring their money into cash-up, and investing in areas that strengthen trust in cash-app. Monetization rate was 1.41%, excluding gross profit contributions from our BNPL platform. Up from 1.19% in the first quarter of 2022, benefiting from gross and monetized products and pricing changes implemented in 2022. On a quarter-over-quarter basis, monetization rate was up slightly from 1.39% in the fourth quarter, including a modest benefit from interesting come.
我们的重点是推动现金应用的毛利润和交易量，通过促进产品的采用，多样化人们将资金转入现金应用的方式，并在加强现金应用信任的领域进行投资。扣除我们“购物分期付款”（BNPL）平台所贡献的毛利润，我们的货币化率为1.41%。这比2022年第一季度的1.19%高，从2022年实施的毛利润增长和定价变化中受益。按季度审核，货币化率从上季度的1.39%略有提高，包括来自有趣的贡献的温和收益。
Our financial services products are a key driver of inflows in the cash-up and help have filled attentive relationships with our active, particularly cash-up card. In March, there were 20 million monthly cash-up card active, up 34% year-over-year, an average spend per active increased on a year-over-year and quarter-over-quarter basis. In March, we had 2 million monthly direct deposit active, one tenth the scale of cash-up card monthly active. In particular, Paycheck Deposit continued to increase as a percentage of overall inflows, totaling $2.5 billion in March or $30 billion on an annualized basis. These Paycheck Deposit grew 69% year-over-year, 2.5 times as fast as overall inflows in the cash-up. We've driven adoption for direct deposit active through unique boosts, and more recently, we've introduced free and network ATM withdrawal for those receiving their Paycheck and Cash-up. We also launched Savings on cash-up earlier this year, which was a top-requested feature amongst our customers. This gives customers a simple, inflexible way to manage money, and easily set aside funds as a separate saving balance. Since it launched in January, more than 3 million saving active added funds to their savings balance as of the end of April.
我们的金融服务产品是现金流入的关键驱动因素，并帮助与我们的活跃用户建立了紧密关系，尤其是现金卡。三月份，有2000万月度现金卡活跃用户，同比增长34％，每个活跃用户的平均消费在同比和环比基础上都有所增长。三月份，我们有200万月度直接存款活跃用户，相当于现金卡月度活跃用户规模的十分之一。尤其是薪资支付的存款继续增加，成为总现金流入的一部分，三月份总额为25亿美元，年化为300亿美元。这些薪资存款同比增长了69％，是现金卡总流入的2.5倍。我们通过独特的优惠推动了直接存款活跃用户的采用，最近我们还为那些接收他们的薪资和现金卡的用户推出了免费和联网的ATM取款服务。我们还在今年早些时候推出了现金卡的储蓄功能，这是我们客户经常要求的特性之一。这使客户能够简单、灵活地管理资金，并轻松地将资金作为单独的储蓄余额存入。自1月份推出以来，截至4月底，已有超过300万储蓄活跃用户向其储蓄余额中加入了资金。
Square generated $770 million gross profit in the first quarter, and increases 16% year-over-year, on a combined company basis. Square gross profit was a 12% year-rear, and further excluding gross profit from PPP loan for goodness.
Square在第一季度实现了7.7亿美元的总毛利润，同比增长16％（按公司合并计算）。Square的毛利润同比增长12％，再次排除PPP贷款的毛利润后，其增长情况更好。
Square combined company gross profit grew 21% in the first quarter, up from 16% in the prior quarter. Looking at the drivers of Square's first quarter performance. First, we continue to drive growth in software and integrated payments. We have gross profit from these products up 19% year-over-year. Within this, we've seen strong momentum from our vertical point of sale offerings across retail restaurants and appointments, where gross profit was up 42% year-over-year in aggregate. By channel, gross profit from in-person channels grew faster than our online channels, as we've seen online growth rates normalize compared to pandemic levels.
Square公司的组合毛利润在第一季度增长了21%，高于先前季度的16%。观察Square第一季度业绩的推动因素，首先，我们继续推动软件和集成付款的增长。这些产品的毛利润同比增长了19%。在其中，我们看到我们的垂直销售点服务在零售、餐馆和预约方面的强劲势头，这些方面的毛利润同比总体增长了42%。按渠道计算，面对面渠道的毛利润增长速度比我们的在线渠道更快，因为我们已经看到在线增长率与大流行时期的水平相比趋于规范化。
Second, we continue to grow with larger sellers. Gross profit from mid-market sellers was also up 19% year-over-year. We remain focused on driving acquisition of larger sellers across our three key verticals of restaurants retail and duty, and our software offerings for those verticals. We recently introduced vertical specific home pages on our website that offer customized experiences to sellers. The updated website funnel demand to our sales team, which we are also verticalizing, in order to further support our go-to-market efforts.
其次，我们继续与更大的卖家一起增长。中等市场卖家的毛利润同比增长了19％。我们仍然专注于推动在我们的三个关键垂直领域（餐厅、零售和税务）及其垂直领域的软件产品中，获取更大的卖家。我们最近在网站上推出了垂直特定的主页，为卖家提供定制化的体验。更新后的网站将需求转化为我们的销售团队，我们也正在将其垂直化，以进一步支持我们的市场推广工作。
Third, we continue to expand globally. Gross profit in our international markets outpaced overall square gross profit. Up 29% year-over-year, excluding contributions from our BNPL platform. We remain focused on squares top strategic priorities of omnichannel software, upmarket and global, and have been orienting our roadmaps and investments towards these areas of meaningful growth in recent years.
第三，我们继续在全球扩张。我们国际市场的毛利润超过了整个平方的毛利润。与去年同期相比，同比增长了29%，不包括我们的BNPL平台的贡献。我们仍然专注于平方的顶级战略重点-全渠道软件、高端市场和全球市场，并且近年来一直将我们的路线图和投资定向于这些具有意义的增长领域。
These priorities have helped us proactively evolve our business mix from our roots inside car payments, or transactions resellers enter an amount on a keypad and hit charge towards software and integrated payments, which enable us to create more restrictive long-term relationships with sellers. As a result, squares gross profit from flight car payments grew 5% year-over-year and represented 21% of square gross profit during the first quarter, down from 30% to years ago. We intend for the mix of squares business-related side car payments to continue to decline over time. As side car use cases are now also well-served by tiered-of-peer solutions, such as cash for business within our cash-up ecosystem.
这些优先事项帮助我们及时演进业务结构，从最初以车辆付款和交易中介为根基，转向软件和集成支付，使我们能够与卖家建立更为紧密的长期关系。因此，平方从汽车付款获得的毛利润同比增长了5％，在第一季度占平方毛利润的21％，比两年前的30％下降。我们打算让方车支付占平方业务的比重随着时间的推移继续下降。由于点对点解决方案（如我们现有的钱庄生态系统内的商务现金）现在也能很好地满足车载用例的需求。
Finally, our BNPL platform generated $5.6 billion of GMD in the first quarter, an increase of 18% year-over-year, inclusive of January 2022. Losses on consumer receivables were 0.7% of GMD and improvement year-over-year and quarter-over-quarter.
最终，我们的“买现付后”平台在包含2022年1月的第一季度中的总代币流量为56亿美元，同比增长18%。消费者应收账款的损失占流量的0.7%，较去年同期和上个季度有所改善。
Next and update on April trends. For the month of April, we expect total gross profit growth of 24% year-over-year, which we expect to remain relatively consistent for the second quarter. Looking at the dynamics of each ecosystem. For the month of April, we expect cash-up gross profit to grow 35% year-over-year, a moderation compared to 43% combined company growth in the first quarter, as we have lapped the benefit of pricing changes made in the first quarter of 2022. We expect square gross profit to grow 14% year-over-year in April, compared to 12% combined company growth during the first quarter, as we lapped the more meaningful PPP benefits from the first quarter of 2022.
四月趋势的最新消息和更新。我们预计四月总毛利增长将达到24%，与第二季度相比，预计将保持相对稳定。我们关注各个生态系统的动态。对于四月份，我们预计现金毛利增长将达到35%，相较于第一季度，这一增长有所缓和，第一季度的公司综合增长率为43%，因为我们已经回顾了2022年第一季度所做的价格变化的好处。我们预计四月的方形毛利润将增长14%，相较于第一季度的公司综合增长率12%，因为我们已经回顾了2022年第一季度更重要的PPP收益。
Excluding PPP, combined company gross profit for square is expected to be up 16% year-over-year in April, consistent with a fourth quarter's 16% growth, and moderating compared to the first quarter's 21% growth. While first quarter growth benefited from lapping Omicron in the prior year period, April trends were in line with a fourth quarter, which is when we started to see a moderation in processing volume growth, particularly in discretionary verticals. For our BNPL platform, we expect year-over-year GMD growth of 20% in April, and improvement from 18% in the first quarter.
除了PPP之外，四方公司的综合毛利预计将在4月同比增长16%，与第四季度的16%增长稳定持平，并相对于第一季度的21%增长有所减缓。尽管第一季度的增长受益于去年同期Omicron流感的影响，但4月份的趋势与第四季度保持一致，因为我们开始看到处理量增长的减缓，特别是在自愿垂直领域中。对于我们的BNPL平台，我们预计4月同比GMD增长20%，这是从第一季度的18%改善而来。
Turning to our expectations for the remainder of the year. Given the gross profit momentum in our business during the first quarter, we are increasing our expectations for profitability this year. We expect to deliver adjusted EBITDA of $1.36 billion and adjusted operating loss of $115 million for the full year 2023. This primarily incorporates stronger top line out performance during the first quarter, as we intend on shifting some expenses that we had intended to the first quarter to later in the year. We remain focused on operating with efficiency in 2023, driving operating leverage across hiring, sales and marketing, and corporate overhead. For the full year, we continue to expect margin improvement year-over-year on both an adjusted EBITDA and adjusted operating income basis.
就我们对今年剩余时间的期望而言，鉴于我们一季度业务的毛利动力，我们提高了今年盈利能力的预期。我们预计全年2023年的调整后的EBITDA为13.6亿美元，调整后的运营亏损为1.15亿美元。这主要包括第一季度强劲的销售增长，因为我们打算将一些本打算延迟到今年晚些时候的费用转移至第一季度。我们仍然专注于在2023年以高效的方式运营，通过在招聘、销售和营销以及公司间接开支方面推动运营杠杆。对于全年，我们仍然预计在调整后的EBITDA和调整后的运营收入基础上实现毛利率改善。
Shifting to share-based compensation. Last year, in the second quarter, our share-based compensation expenses increased by $47 million quarter-reporter, when excluding a one-time SBC expense of $66 million related to the acquisition of after pay, recognized in the first quarter of 2022. We expect a similar quarter-reporter increase in the second quarter of this year. This remains an area on which we are focused and expect to drive greater leverage over time.
转向股份补偿。去年第二季度，我们的股份补偿费用增加了4700万美元，不包括2022年第一季度与Afterpay收购相关的一次性股份补偿费用6600万美元。我们预计今年第二季度会有类似的季报增长。这仍然是我们关注的领域，并希望随着时间的推移实现更大的杠杆作用。
I'll now turn it back to the operator to start the Q&A portion of the call. The floor is now open for your questions. To ask your question at this time, please press star one on your telephone keypad. If at any point you'd like to withdraw from the queue, please press star one again. We ask that you limit yourself to one question, please.
我现在将把话筒交回给操作员，开始问答环节。现在可以提出问题了。如果您想提问，请按电话键盘上的星号一键。如果您想退出等待队列，请再次按下星号一键。请限制您的问题只有一条。
We'll now take a moment to compile our roster. Our first question comes from a line of Tinjin Wang from J.P. Morgan. Please proceed. Your line is open, sir. Please go ahead.
现在我们将暂停一下，编制我们的名单。我们的第一个问题来自JP Morgan的王庭荣先生。请继续。您的电话线路已开通，先生，请讲。
意思是，在某个会议或者电话线上，现在要编制名单，并请JP Morgan的王庭荣先生提出问题。
Hi, great. Thanks. Hope you can hear me. I appreciate your opening comments, Jack, on constant crisis and your thoughts on long-term trends here. I want to ask about the near-term if you don't mind because we've fielded a lot of questions on the short report earlier and now give a lot of questions on thermal and the banking system. I'm curious if these call them challenges change your near-term priorities or strategy in any way in 2023. I want to ask just from a risk management standpoint, how do you think about benchmarking your investments in governance and compliance and things of that nature versus peers?
你好，太好了。谢谢。希望你能听到我。我很欣赏你对于持续危机和长期趋势的开场发言，杰克。如果你不介意的话，我想问一下短期的问题，因为我们之前收到了很多有关短报告和现在对热力和银行系统的问题。我很想知道这些挑战是否会在2023年改变你的近期优先事项或策略。从风险管理的角度来看，我想问一下你如何考虑将你的投资在公司治理和合规性等方面与同行进行比较的问题。
Yep. So I'll take the first part of this question. I would say that we stand by our response to the short report. We will not be distracted from our strategy and from our preparations. We have a pretty compelling roadmap ahead of us in every one of our ecosystems. As I said in my opening remarks, the thing is really important to focus as much as possible on that. Despite what's happening around in the macro, as you mentioned, there's a lot happening. Obviously, in the financial industry and finance larger. In being able to acknowledge us, take them in account and make sure that we're building appropriately according to what our customers need and what our customers want. In growing that customer base is a must important thing.
是的。那么我会回答这个问题的第一部分。我们可以说我们坚持我们对这份短报告的回应。我们不会从我们的战略和准备中分心。我们在每个生态系统中都拥有一个相当有吸引力的路线图。正如我在开场白中所说，重要的是尽可能地专注于这一点。即使在大宏观环境中发生了很多事情，就像你提到的那样。显然，在金融行业和更大范围内的金融方面都有很多事情发生。能够承认它们，将它们考虑在内，并确保我们根据客户的需求和客户想要什么来适当地建设。发展客户群是最重要的事情。
We also want to make sure that we continue to build trust. And I've talked about before, trust is earned in many ways through transparency, through reliability, dependability. And that is all something that we earn. We're not given. And that comes over time. And a lot of that has to be focused on how our customers ultimately trust us. How our partners, including our banking partners and our regulatory regulators trust us as well. So this is a significant focus for us and always has been. It has to be as you do anything in the financial space. And certainly always been part of our mindset and our approach in terms of overdue.
我们还希望确保我们继续建立信任。我之前已经谈到过，信任是通过透明度、可靠性和可依赖性等多种方式赢得的。这些都是我们赢得的，而不是得到的。这需要时间去建立。其中很多要集中精力放在我们的客户最终信任我们的方式上。以及我们的合作伙伴，包括我们的银行伙伴和我们的监管机构也要信任我们。所以这对我们来说是一个重要的关注点，一直以来都是如此。这是在金融领域做任何事情必须要做到的。在我们的思维方式和方法论中也一直占据着重要地位。
I'm ready to talk about benchmarking against fears and more broadly investment. He said absolutely no. Yeah, thanks for the question, Ken. You know, block operates a business that is highly regulated. And our goal is ultimately to expand access to the economy through intuitive financial products. In order to do that, we must maintain a culture of compliance and responsible risk management, starting through investment in programs, processes, controls and teams with deep compliance expertise. Prioritizing compliance ultimately helps us drive trust to their customers with regulators and external partners. And that enables us to then develop innovative products responsibly.
我已准备好谈论关于 Benchmarking Against Fears 和更广泛的投资的话题。他坚决表示不会。感谢你的问题，Ken。Block 经营的业务受到高度监管。我们的最终目标是通过直观的金融产品扩大经济准入。为了做到这一点，我们必须保持遵守合规和负责任的风险管理文化，通过投资于具有深入合规专业知识的程序、流程、控制和团队来实现这一目标。优先考虑合规，最终有助于我们在客户、监管机构和外部合作伙伴中建立信任，并使我们能够负责任地开发创新产品。
We have significantly grown our investment in compliance over the last few years. At a company level, we expect to invest approximately $160 million in compliance in 2023, which represents an increase in our investment dollars of more than five times since 2020 out piecing off-ex growth by approximately two times during that same period, specifically within cash off the piece of growth on compliance investment has been even faster than that. You know, with regards to how you might benchmark that other companies may calculate compliance investment differently. So it can be hard to benchmark across companies. What we include in these figures is investments that go towards personnel, as well as software and tooling amongst other areas to support our program. These dedicated compliance resources support our business units and our customers that our business units serve and ultimately provide oversight across the ecosystem.
我们在过去几年中显著增加了合规投资。在公司层面上，我们预计将在2023年投资约1.6亿美元用于合规，这意味着自2020年以来我们的投资金额增加了超过五倍，与此同时，相对于非现金增长，我们将超过两倍。特别是在投资合规方面，增长速度甚至更快。当谈到如何进行行业标杆时，其他公司可能会以不同方式计算合规投资，因此很难跨公司进行对比。我们在这些数据中包括投入人员、软件和工具等各个领域，以支持我们的计划。这些专业合规资源支持我们的业务单位和我们的客户，最终对生态系统进行监督。
We just very quickly, handle, you also asked about banking crisis in our partner ecosystem. Look, we benefit from having a diverse ecosystem of products and services with diverse business models. As you heard now, with 14 revenue streams at $100 million or more in growth profit up from 11 a year ago. Across our products and our partners, we are always focused on building redundancies wherever we can in addition to assessing potential future risks. So we have a diverse set of products and we build redundancies where we can and we have a transparent approach to our partnership as we always have. They kind of recovered that in their short report response, but still good that they said it.
我们很快就处理好了，你也问到了我们合作伙伴生态系统中的银行危机。看，我们从具有不同业务模式的产品和服务多样化的生态系统中受益。正如你所听到的，我们拥有14个收入流，每个收入流增长利润超过1亿美元，这比一年前的11个增加了。在我们的产品和合作伙伴上，我们始终专注于在可能的情况下建立冗余，并评估潜在的未来风险。因此，我们拥有多种产品，并在可能的地方建立冗余。我们一直以透明的方式与合作伙伴合作。他们在短报告回复中有所恢复，但他们说了这是好的。
Our next question comes from the line of Tim Kyoto from Credit Suisse. Please proceed.
我们下一个问题来自瑞信银行的蒂姆·京都。请发言。此句话的意思是询问蒂姆·京都的问题。
Great. Thank you, everyone. I want to touch on the verticalized offerings in retail, restaurants and beauty. They are the key to moving up market. They were focused at the investor day. I know they're in the letter and you touched on it earlier, but specifically for those three, if you could talk a little bit about the investment you've made behind the products specifically. And then on the distribution, you mentioned the call to action on the website and how that's changed and drove more leads for the larger sellers. But maybe you could also talk about maybe the next steps around the feet on the street sales people that will also support the vertical offerings.
非常好。谢谢大家。我想谈谈零售、餐饮和美容垂直化的产品。它们是提升市场的关键。投资者日关注了这些产品。我知道在信中也有提到了，而且你也早些时候谈及到了它们，但是如果你能具体谈谈你们在这些产品上的投资，那就更好了。然后在分销方面，你提到了网站上的行动号召以及它是如何改变并带来更多大型卖家的潜在顾客。但或许你也可以谈谈下一步关于街头销售人员将如何支持垂直产品。
Yes, I'll start this off. So the key differentiator to our mind is our ecosystem of tools. And it's not just about anyone, particularly vertical, but how everything works together ultimately. We have over 30 products including some vertical specific software and a developer platform, which if our customers don't find the tools they need in our platform, they can always build their own or hire a developer to do the same. And we also see, because of that, we see a lot of growth in up market because we provide flexibility for folks. In terms of our vertical software, our solutions addressing key verticals, the restaurants, retail beauty, glass to serve much more complex sellers with very specific needs, which again goes back to that flexibility point and the strength of the very good system. And the developer platform continues to be stronger and stronger as we move forward.
好的，我来开始讲。我们认为，我们最关键的区别在于我们的工具生态系统。这不仅仅是针对特定行业，而是我们所有工具的协作演化。我们拥有30多款产品，包括一些针对特定行业的软件和一个开发平台。如果我们的客户在我们的平台上找不到需要的工具，他们可以自己构建或聘请开发人员进行开发。因此，我们看到许多高端市场的增长，因为我们为人们提供了灵活性。在我们的特定行业软件方面，我们提供解决方案来应对关键的垂直行业，如餐饮、零售美容和玻璃等，以便更好地服务复杂的销售商，满足其特定需求，再次验证了我们的灵活性和强大系统的优势。开发人员平台随着我们的不断前进越来越强大。
In terms of just the investment behind products that I can talk about like go to market, actually below that. And we're constantly looking for refinements for how we think about rolling these tools out, including the website. And the first time that someone sees square, this is inclusive of sales, this is inclusive of our direct marketing. And this is something that is never done in terms of having a final point. It's just a constant iteration. And we're really excited to always take a fresh look at how to improve this and make it better.
就像推广产品那样的投资，我们其实把它看得更加重要。我们不断地寻求精进，并探索如何推广这些工具，包括网站。无论是销售还是我们的直销市场，第一次接触 Square 的人都会受到影响。这是一项永无止境、不断变化的工作。我们非常兴奋地重新审视该如何改进这些工具，并让它们更好。
And I'll add to just a couple of data points to help frame up the response. So in the first quarter, as we look at this broad set of mid market sellers that we can serve and the specific solutions, we see outpiles growth in those areas around vertical points of sale and developer solutions. So mid market sellers overall of 19% year over year in the first quarter outpacing our blended square-grossed profit growth rate of 16%. And our strong growth in our vertical points of sale growing at 42% year over year. With growth profit growth from our developer tools also outpacing overall square-grossed profit growth.
我会补充两个数据点以帮助构建回答。因此，在第一季度，当我们看这个广泛的中等市场卖家和特定解决方案时，我们看到围绕垂直销售点和开发人员解决方案的这些领域的增长。因此，中等市场卖家整体年同比增长19％，在第一季度超过了我们的混合平方毛利增长率16％。我们的垂直销售点强劲增长，同比增长42％。来自我们开发人员工具的增长利润增长也超过了整体平方毛利增长。
This is a large term that we're addressing here with up market and with our vertical points of sale. We believe that we're less than 1% penetrated in the larger seller opportunity just in the US based on growth receipts alone, which is why we're making the investment and doing the hard work and verticalizing our sales force in our go-to-market efforts.
这是一个我们正在探讨的庞大范畴，涉及高端市场和我们的垂直销售点。我们相信，仅基于增长收据，在美国的较大卖家机遇中，我们的渗透率还不到1％，这就是为什么我们正在进行投资和努力垂直化销售团队以及推动市场营销。
So to contextualize that a little bit, we've pulled back meaningfully on square sales and marketing investments here over year as we optimize channel mix and refine our operations in the first quarter. And we're seeing positive growth in acquisition even as we've pulled back on spend. Within sale, the work that we've been doing is continuing to shift to a verticalized software led sales team. We now implemented this with our US inbound sales team, which is verticalized and over the next two quarters we're going to be doing that with our US outbound sales team. It's early here, but we're seeing encouraged improvements in efficiency and productivity of our sales reps.
为了让大家更好地理解这一点，我们在过去的一年中显着减少了广场销售和营销投资，以优化渠道组合并改善我们在第一季度的运营。尽管我们减少了支出，但我们仍然看到了收购方面的积极增长。在销售方面，我们正在继续将工作转向垂直化的软件主导销售团队。我们已经在我们的美国入站销售团队中实施了这项工作，而在接下来的两个季度内，我们将在我们的美国出站销售团队中进行。现在还为时尚早，但我们看到了销售代表的效率和生产力的提高，这让我们感到鼓舞。
From a website perspective, we recently redesigned the square website, allowing our sellers to select vertical specific experiences catered to the products needed to run their businesses and to direct sellers to our sales team, making it easier for both existing and prospective sellers to contact support. And again, it's early, but we've seen strengths in overall acquisition as well as new lead generation for sales since introducing our new homepage.
在网站方面，我们最近重新设计了Square网站，允许我们的销售商选择针对其营业所需产品的垂直特定体验，并将直接销售者引导至我们的销售团队，使现有和潜在的销售商更容易联系支持。虽然现在还早，但自我们推出新主页以来，我们已经看到了整体收购以及新线索生成方面的强大优势。
These are long-term initiatives that we're continuing to work on, and we expect them to drive results over the coming years as we continue that work. Thank you, Jack and Andrea.
这些是我们正在继续努力的长期计划，我们希望随着我们不断的工作积累，这些计划将在未来几年推动成果的产生。感谢Jack和Andrea。
We have Dan Chapman, darling, in to ask a question. Your next question comes from a line of Dan Chapman. Please proceed.
我们请来了丹·查普曼，亲爱的，来提问。您接下来的问题将来自丹·查普曼的提问队列。请继续。
意思是，现在有个人叫做Dan Chapman来参加提问了，下一个问题将会由Dan Chapman提出，请继续等待下一个提问。
Hi, Jack, thank you for taking my question. My name is Dan, of course, and I use square two run operations for a couple of businesses, a craft beer and pizza restaurant we call AWonder, and 105-year-old movie theater called the Malia Cinema. I've been a square seller for about six years now, and I currently use square point of sale, square online gift cards, loyalty, and a few others. In the pandemic struck, we were forced to quickly pivot our business model and set up an online store within two days. And I always credit square for giving us the tools we needed to be flexible in the moment.
你好，杰克，感谢你回答我的问题。我是丹，我使用Square运营几家企业，包括一个我叫AWonder的手工啤酒和比萨饼店，以及一个有105年历史的电影院，名叫Malia Cinema。我已经使用Square销售员约六年了，目前还在使用Square的销售点、线上礼品卡、忠诚度等几个功能。疫情爆发时，我们被迫迅速转换我们的业务模式，并在两天内建立了一个网上商店。我总是把我们的成功归功于Square提供给我们灵活应变所需的工具。
Now, business owners like myself must adapt again as we face economic uncertainty. My question is, how can small business build resilience and really set ourselves up for success in this current climate?
现在，像我这样的企业主必须再次适应，因为我们面临着经济的不确定性。我的问题是，小企业如何建立韧性，在当前情况下真正为成功做好准备？
Yeah, thank you for using square and thank you for the question. I'm spending some time with this. I would say that the biggest plus that I've learned in building our business is just the importance of having really good and clear data about how your business is doing and making sure that you can pair that and kind of look for patterns elsewhere, whether those be patterns within your own community or town, your city, against other competitors. To me, that's the only way to really inform decisions in order to create resilience, especially in more challenging times, making sure that you are looking for opportunities to convert more customers to recurring and ways to get them to keep coming back and constantly respond to you, which again continues to seem to get harder right now.
是的，谢谢您使用 Square，并感谢您的问题。我正在花时间解答它。在建立我们的业务时，我认为我学到的最大优点就是拥有关于您的业务的真正好且清晰的数据的重要性，并确保您可以将其与其他地方的模式进行匹配，无论这些模式是在您自己的社区或城镇中，抑或是与其他竞争对手相比。对于我来说，这是实现决策的唯一途径，以创建更强大的弹性，特别是在更具挑战性的时期，确保您寻找机会将更多的客户转化为重复客户，并找到让他们持续回来并不断对您做出回应的方式，这在当前情况下似乎变得越来越困难。
But I think there's a general trend and I think the trend will continue to more and more local and less and less about global answers. And I think small businesses are set up extremely well for that and we're really happy to support in every way that we can that effort and that trend. And hopefully, we're doing the right work by making sure that our tools just work together and you don't really have to think much about adding entirely new system like customer relationship management or subscriptions or moving to an online business. You just press the button and it's done so that you can really focus on the core fundamentals of your business by looking at the data and making it come on in a discussion on this. So we'll continue to improve our dashboard where hopefully you're seeing a lot of this metrics and information and enable more and more actions and activities that you can make based on that in Titan's data.
我认为有一个普遍的趋势，这个趋势将继续朝着更多地关注本地化而不是全球性答案发展。我认为小型企业非常适应这一趋势，我们很高兴能以各种方式支持这种努力和趋势。希望我们通过确保我们的工具能够很好地协同工作，使您不必考虑像客户关系管理、订阅或转向在线业务这样完全新的系统，只需按下按钮，就可以完成这些工作，这样您就可以真正关注您的业务的核心基本事项，并通过对数据的分析并进行讨论来让它展现。因此，我们将继续改进我们的仪表板，希望您能在其中看到许多这些指标和信息，并在Titan的数据上实现越来越多的行动和活动。
That's great advice. Thank you. Really appreciate it.
这是很好的建议，谢谢。我真的很感激。
Thank you. Our next question comes from Alina Lisa Ellis from Moffit, Naifizen. Please proceed.
谢谢。我们的下一个问题来自来自莫菲特，奈菲岛的艾莉娜·莉莎·艾利斯，请发言。
Good afternoon. Thanks for taking my question. I wanted to focus in on cash app, gross profit growth there. You said I, on a combined company basis up 42 percent again, up from 39 percent in 4Q. So in acceleration, another quarter of really extraordinary growth, can you just help disaggregate a little bit where you're really seeing that acceleration and growth and how you're thinking about the sustainability of it going forward? For example, continuing to diversify cash apps, revenue streams, et cetera.
下午好。非常感谢您回答我的问题。我想聚焦于 Cash App 的毛利润增长。您说，以公司合并的基础上增长了 42％，比第四季度的 39％ 再次增长。因此，又是一个非常出色的增长季度，您能否帮忙分解一下，这种增长来源于哪些渠道以及您如何考虑其可持续性？例如，继续多样化 Cash App 的收入来源等。
Thanks so much for the question, Lisa. I can start us off here. I would look at unpacking cash apps performance according to our inflow stream work where we have seen strong growth in each of the three variables that ultimately ladder up to gross profit, whether it's active, inflow for active, or monetization rate. So if we look at Q1 growth, monthly transacting active, or 53 million in March, up 17 percent year-over-year. This is really driven by both the virality of our peer-to-peer network effects, as well as increasing focus on leveraging marketing and acquisition tools to drive qualified new customers and higher product adoption over time. We've been targeting, using marketing, new and higher value audiences will also remain disciplined in how we deploy those funds to ultimately see returns.
感谢提出问题，Lisa。我可以在这里为我们开个头。我建议我们根据流入流程来对现金应用程序的表现进行分析，这里我们已经看到了三个变量的强劲增长，这些最终组成了总毛利润，无论是活跃用户、流入量还是货币化率。因此，如果我们看一下第一季度的增长情况，按月交易活跃用户在3月达到了5300万，同比增长17%。这主要是由我们的点对点网络效应的病毒性推广和越来越集中的营销和获取工具所推动的，以带动合格的新客户和随着时间推移的更高产品采用率。我们一直在使用营销，针对新的和更高价值的受众，同时也保持纪律，如何投入这些资金，最终看到回报。
From an inflow's proactive perspective at 1136 in the first quarter, this is an increase of 8 percent both on a year-over-year and quarter-over-quarter basis, where we've been encouraged by the healthy trends we see here. The key drivers of inflows for active are really around product adoption, where we continue to see strong adoption of products like cash-app cards now reaching 38 percent of those monthly transacting active that 20 million cash-app card customers active in our March time frame. And with strong growth and spend per cash-app card active as well, underpinning the overall inflows that we see growing in the overall cash-app ecosystems.
第一季度，从流入资金的积极角度来看，我们看到资金流入率在年同比和季度同比上都有8%的增长，我们很受到这里健康趋势的鼓舞。主要的资金流入驱动因素实际上是围绕产品采用，我们仍然看到像现金应用卡等产品的强大采用率，现在已经达到了每月交易活跃用户的38%，并且在我们3月框架期内有2千万现金应用卡年活跃用户。随着现金应用卡活跃用户每次使用金额的增长，支撑着整个现金应用生态系统的资金流入总体增长。
So this product adoption on critical products like cash-app cards leads to greater activity on our platform's stronger engagement and ultimately inflows proactive. Another key piece of that is driving increasing the ways in which customers can inflow their funds into cash-app over time, which can lead to incremental volumes as we've seen in the past, for example, with things like our paper money inflow channel.
因此，在像现金应用卡这样的关键产品上采用此产品将增加我们平台上更强的参与度和积极的流入。另一个重要环节是通过不断增加客户将资金流入现金应用的方式，可以带来增量交易量，例如，我们曾经通过现金流入渠道等方式看到过这种增量交易量。
Finally on inflows proactive, the key driver that will be mindful of as we move forward is that is the mixed shift of our customer base. As we target a younger audience and see success with Gen Zee or with our family's product, there could actually be some pressure on inflows proactive over time. As those customers are likely to have lower inflows proactive earlier in their financial journey, but we'd expect to see that grow over time as they become the earners and spenders of the future.
最后，关于资金流入积极性（即主动存款），我们在前进过程中需要注意的关键驱动因素是我们客户群体的混合转变。当我们以年轻人为目标受众，并在Gen Zee或我们家庭产品方面取得成功时，实际上可能会在资金流入积极性上产生一些压力。因为这些客户在他们的财务旅程早期可能会有较低的资金流入积极性，但我们预计随着他们成为未来的赚钱者和消费者，这个指标将逐渐增长。
Even with that mixed shift, we've continued to see strong growth on inflows proactive. And then the third key driver, of course, for cash-app is monetization rate, which also grew strongly year-over-year, given the pricing changes and more moderately quarter-over-quarter on the back of some interesting income benefits.
即使有这种混合变化，我们仍然不断地看到积极流入方面的强劲增长。当然，现金应用程序的第三个关键驱动因素是货币化率，由于定价变化和一些有趣的收入福利，年增长率也强劲增长，季度增长率也适度增长。
Ultimately, as we look forward, as you noted in the first quarter, combined company growth rate of about 43% for cash-app, what we saw in April or expect to see in April was about a 35% year-over-year growth rate. This is, as we expected, and as we shared on our last earnings call, now that we're lapping pricing changes that we instituted in the first quarter of 2022, but still strong growth at 35% year-over-year in April.
最终，正如您在第一季度所指出的那样，现金应用程序的合并公司增长率约为43%，而我们在4月份看到或预计看到的同比增长率约为35%。这正是我们预期的，并且正如我们在上一次财报电话会议上所分享的那样，现在我们正在绕过我们在2022年第一季度实施的定价变化，但仍然实现了35%的同比增长，在4月份获得了强劲的增长。
Now, thing to note here is, of course, margin expansion for the cash-app business. Again, as we noted last quarter, we expect to see this here. Cash-app can not only grow strongly, but continue to see operating leverage in the cash-app margin as we continue to operate our business with discipline and continue on the path that we've been on for a few years now with cash-app and growing our margins.
这里需要注意的是，现金应用业务的利润扩张。正如上个季度所指出的那样，我们预计在这方面会有所提高。现金应用不仅可以强劲增长，而且在我们继续保持纪律、走现金应用多年来的道路并增加利润时，其利润率还可以继续提高。
Thank you. Our next question comes from a line of Darren Pellet from Wolf Research. Please proceed. Hey, thanks, guys. Look, TPP growth was obviously strong in the quarter, and it was good to see the spread versus the industry hold up well. I think you talked about 14% growth in April for a square. If there's any comments, you can give us a volume growth in April or day. First is 17%, that would be really helpful.
谢谢。我们的下一位提问者是Wolf Research的Darren Pellet。请开始提问。嗨，谢谢大家。看，TPP增长在这个季度显然是强劲的，而且很高兴看到与行业相比的差距保持得很好。我想你们提到了四月份Square的增长率为14%。如果你们能够提供四月份的销售量增长率或者每日增长率的评论，特别是增长率能到17%，那将非常有帮助。
I think more importantly than just revisiting the key drivers of the GPV and the seller, the square business overall, the French-Asian and this is pain-ability. International obviously was up over 40%. Maybe you can comment on that together with E-Com and some of the other drivers that we've been seeing and your view of sustainability. Thanks again, guys.
我认为，比起仅仅重新审视GPV和卖方、整个Square业务、法亚市场和支付能力等关键因素，国际业务的增长超过了40%更为重要。也许你可以对此进行评论，同时结合电子商务和其他一些因素，谈谈你对可持续性的看法。再次感谢你们。
Thanks for the question, Darren. All of us start us off. So, look, overall, as we think about the health of the ecosystem, I don't want you more to grow profit than GPV as we look at our performance.
谢谢您的问题，达伦。我们每个人都有一个起点。因此，总体而言，当我们考虑生态系统的健康状况时，我希望我们更多地关注公司的总利润而不是总交易额。这是我们在审核业绩时的考虑。
Let me start there. With growth profit in April at 16% year of year, this is on an XPP basis for comparison purposes. The comparable figure was 21% in Q1 where obviously we had a more favorable, comparable to Omicron in the prior year and then the Q4 comparable XPP was 16% on a combined company basis.
让我从这里开始。4月份的增长利润为同比16％，这是基于XPP进行比较的。第一季度的可比数字为21％，显然我们有一个比较有利的情况，与前一年的Omicron相比，而第4季度的可比XPP在合并公司基础上为16％。
翻译：这段话在说明公司的增长利润情况，其中4月份的同比增长为16%，是基于一种比较方式（XPP）得出的。与第一季度的21%相比，由于去年的Omicron状况可能更有利，因此具有一定的可比性。而上一年度第4季度的可比XPP为16%，是在公司合并基础之上得出的。
So, that trend in April looks very consistent with the trend that we saw in Q4 from a growth profit perspective on a combined company basis, XPP. And really unpacking some of the trend that we see is growth in the areas where we are strategically oriented, software and integrated payments versus side cars, our vertical points of sale.
因此，从XPP公司的发展利润角度来看，4月的趋势与我们在Q4中看到的趋势非常一致。实际上，我们看到的一些趋势是，在我们战略定位的软件和综合支付领域的增长要大于我们的侧边车、我们的垂直销售点。
And even in Q1, we saw outside growth and in person versus online channels, albeit on the channel more broadly, the key focus for us. We've also seen strength from our banking ecosystem with loans, XPP, instant deposit, and square card outtacing overall square growth profit growth.
在Q1季度中，我们看到了外部增长以及线下和线上渠道的不同表现，尽管在更广泛的渠道上，我们的关键重点。我们还看到了来自我们银行生态系统的强劲增长，贷款、XPP、即时存款和Square卡超越了整体Square利润增长。
Now, when we look at the overall sort of growth rates in terms of key verticals, we have seen some moderation as we noted since that mid-Q4, mid-November timeframe across certain discretionary verticals, food and beverage and retail. Shurne has been relatively stable where we've seen a bit of pressure is on the processing volumes that existing sellers similar to the trends that we noted back in February.
现在，当我们看到关键领域整体的增长率时，我们发现在某些自主选择垂直领域，例如食品和饮料以及零售方面，自第四季度中旬和十一月中旬以来，增长有所减缓。Shurne相对稳定，我们看到的压力在于现有卖家的处理量，类似于我们在二月份所提到的趋势。
Because of the breadth of the overall square ecosystem, we have resilience because we serve multiple verticals, multiple types of customers increasingly at market and obviously multiple revenue streams across multiple products. And then maybe to address your international question, we have also seen some strong growth and international XBNPL, we grew 11, to mix, it was about 11% of square-grossed profit and XBNPL grew 28% year-rear outtaking overall square-grossed profit growth.
由于整个 Square 生态系统的广泛性，我们具有弹性，因为我们为多个垂直领域提供服务，服务的客户种类不断增加，显然在多个产品上实现多个收入流。关于国际问题，我们也看到了国际 XBNPL 的强劲增长，我们的增长速度为 11%，占 Square 总毛利润的约 11%，而 XBNPL 的增长速度为 28%，超过了整个 Square 总毛利润的增长速度。
We're really taking sort of a product-led, product-centric approach to our global expansion, where again, the key differentiator is the breadth and integration and the cohesion of our ecosystem. And so our priority continues to be driving product parity in these markets. And as we bring new products to bear, look to global launches of those products increasingly so.
我们在全球扩张过程中采用了一种以产品为中心的方法，其中关键的区别因素是我们生态系统的广度、整合和凝聚力。因此，我们的优先任务是在这些市场推动产品平衡。随着我们推出新产品，我们会越来越多地寻求在全球范围内推出这些产品。
In the first quarter, we had square-goilty and square-for-restaurant in Japan. And we've also had tap-to-pay launches over the past couple of months across Android and iPhone and U.S. So more to come here. And again, our key focus is on these top three strategic priorities in driving the square business forward.
在第一季度，我们在日本推出了Square Goilty和Square for Restaurant。 过去几个月中，我们还在Android和iPhone上进行了付款助手的发布，同时在美国进行了测试。在这方面，我们还有更多计划。而且，我们的重点依然是优化这三个战略重点，来推动Square业务的发展。
Understood. Thanks, Hemmerdick. Our next question comes from a line of Harsita Rawa from Bernstein. Please proceed.
Hi, good afternoon. Can you talk about the session sensitivity, the classic differences? So on the square side, how should we think about exposure to net business formation, consumer discretionary spend, and then on the cash-shab site? Are you more exposed to unemployment trends, the consumer spending trends, given the demographic skew? And then just as a follow-up, can you also touch upon your credit businesses and the sensitivity there to a credit site? Thank you.
明白了，谢谢，Hemmerdick。下一个问题来自Bernstein的Harsita Rawa。请提问。
您好，下午好。您能谈谈会话敏感度和经典差异吗？那么在Square方面，我们应该如何考虑净业务形成、消费者自由支出的暴露？而在现金获得网站方面，鉴于人口结构倾向，您更容易受到失业趋势、消费支出趋势的影响吗？还有一个问题，您能否就信贷业务谈谈其对信贷网站的敏感度？谢谢。
Sure. Thanks for the question, Harsita. Let me start with saying first, the work that we do to broaden our ecosystem is bearing fruit in the diversity of our revenue streams now. In the first quarter, 14 revenue streams at $100 million or more in annualized gross profit across cash-off and square, cash-off with 6 and square with 7 along with the NPL as well. And so each of our ecosystems is doing the work to broaden our products that can serve our customers in uncertain times and doing that increasingly at scale.
当然。感谢你的问题，Harsita。首先，让我说，我们为拓展我们的生态系统所做的工作已经开始发挥作用，现在我们的收入来源多样化了。在第一季度，现金业务和Square合计14个年利润高达1亿美元或更多的收入流，其中现金业务为6个，Square为7个，此外还有NPL。因此，我们的每个生态系统都在努力拓宽我们的产品范围，以在不确定的时期为客户提供服务，并且正在逐步扩大规模。
You know, we were at 11 revenue streams a year ago. So we've grown three new ones while continuing to grow our currently at scale revenue streams. And I think this is really important as we think about our ecosystems driving resiliency to uncertain times. And when we look at engagement on our platforms, we're also seeing that grow through these uncertain times.
你知道的，一年前我们有11个收入来源。所以我们在不断增加我们目前稳定的收入来源的同时，又增加了三个新的收入来源。我认为这非常重要，因为当我们考虑到我们的生态系统推动在不确定的时期具备弹性时，我们需要增长。当我们看我们平台上的使用率时，我们也看到通过这些不确定时期增长了。
Cash-up, as I noted earlier, grows across each of the various components of inflows. In particular, with cash-up card, we get to see both discretionary spend and non-discretionary spend. In 2022, nearly a third of spend on cash-up card was for grocery, gas, auto, utilities, etc. And with spend per active, average spend per active for cash-up card growing both year every year in quarter, quarter. So clearly, we see through that signals around consumer spend and discretionary and non-discretionary income, along with signals around the strong engagement on our platform.
正如我之前所指出的，Cash-up在各种流入组件中都在增长。特别是，通过Cash-up卡，我们可以看到自由支出和非自由支出。在2022年，Cash-up卡的支出中近三分之一用于杂货、汽油、汽车、公用事业等方面。并且，每个活跃用户的平均支出和Cash-up卡的平均支出每个季度都在增长。因此，显然，我们通过消费者支出和自由和非自由收入方面的信号，以及我们平台的强大参与度的信号，看到了明确的信号。
From a square perspective, we have an ecosystem now of 30 plus products that helps to drive those attentive relationships. And as we shared last quarter, as more customers take on more of our products, that we see a meaningful improvement in retention over time. So our focus today are being on continuing the drive product adoption and the breadth of our ecosystem, which drives retention and overall growth for us. Ultimately, the signals that we can read in real time across our key indicators, across both our consumer ecosystem and our seller ecosystem, is what enables us to be agile to the environment and move quickly, addressing our customers needs as well as our own business and how we're able to react.
从一个全面的角度来看，我们现在有30多种产品的生态系统，可以帮助我们建立持续的关系。正如我们上个季度所分享的，随着更多的客户使用我们的产品，我们发现在时间的推移中，留存率显著提高。因此，我们今天的重点是继续推动产品的采用和生态系统的广度，从而推动我们的留存和整体增长。最终，在我们的消费者和卖家生态系统中，实时读取的关键指示器的信号，使我们能够敏捷地对环境做出反应，迅速解决客户的需求以及我们自己的业务和反应能力。
From the lending product perspective, look, I think our core products share some attributes that make them fairly unique in an uncertain macro environment. First, we take a very data-driven approach. Our risk and underwriting models are updated in real time, based on a broad set of customer data, both about individual, that individual customer as well as millions of other customers like them. And in fact, some of our core lending products like cash up borrow and square loans are offered to customers based on specific eligibility criteria where we determine those eligibility criteria. There's also unique structures to these products where we design our products to really simplify access to capital.
从借贷产品的角度来看，我们的核心产品拥有一些属性，使它们在不确定的宏观环境下相当独特。首先，我们采取非常数据驱动的方法。我们的风险和核保模型会基于广泛的客户数据实时更新，这包括有关个体客户的数据以及数百万类似客户的数据。实际上，我们的一些核心借贷产品，比如现金预支和Square贷款，是基于特定的资格标准向客户提供的，我们确定这些资格标准。此外，这些产品还有独特的结构，我们将产品设计得非常简化，以便更轻松地获取资本。
They're often short duration and have simplified repayment processes. That's part of the reason that we've seen healthy repayment behavior across each of these different lending types. And as we noted with after pay, actually saw an improvement in gross loss as a percent of receivables in Q1, so it's quarter, quarter, and year over year. And finally, we see strong repeat usage. Historically, we've seen strong adoption from these customers with increasing frequency. These are customers we know well and have a history of repayment and have ability to afford a better underwrite. So we think those unique attributes of these products that really serve as working capital to our customers are important to know during uncertain times like this.
它们通常是短期贷款，并且还款过程简易。这也是我们看到各种不同类型的贷款都有健康的还款行为的原因之一。而且，正如我们在Afterpay中所提到的，我们实际上在第一季度看到了应收账款毛损失百分比的改善，不论是季度、季度，还是年度。最后，我们看到有强烈的重复使用。历史上，我们已经看到这些客户的强劲采用率不断增加。这些是我们非常了解并具有还款历史记录和承担更好担保的客户。因此，我们认为这些产品的独特属性在不确定的时期非常重要，实际上这些产品是我们的客户的营运资本。
Thank you. Our next question comes from the line of Ramsey, El Asal from Barclays. Please proceed. Hi, thank you for taking my question. I wanted to ask about the cash app, the savings product. And just wondering if you could comment on just how that product fits into the overall cash app value proposition. And I also just give it its latest thoughts on the product roadmap and cash app in terms of what types of other adjacent financial services you might contemplate adding or what looks most attractive from here.
谢谢。下一个问题来自巴克莱银行的Ramsey, El Asal。请提问。您好，感谢您回答我的问题。我想问的是关于Cash App中的储蓄产品。您可以谈谈这个产品如何与整体Cash App价值主张相符吗？另外，我也想请您分享一下最新的产品路线图和在何种相关金融服务方面可能会考虑添加或最有吸引力的领域。
Yeah, just some context for one. Earlier this year, we launched our savings product to allow customers to hold a separate savings balance within cash app. And we've heard from our community that they want more tools for budgeting and money management. So this is where that can come. And it allows our customers to easily set and track towards financial goals. And they can easily add money to the savings account using their cash app balance. Link Dedicard or through roundups on purchases with the cash app card. So far, it's one of our fastest current products. And what early we see that it's a feature that can drive a lot more inflows into our ecosystem over time. But again, April, we had more than three million active that have added funds to their savings phones account. More than half are saving through roundups on cash app card. This is another strong example of our products across our ecosystems can reinforce one another and actually build one another.
这段话是关于我们公司近期的一项新产品——Cash App储蓄功能。我们听取了客户的声音，他们希望有更多的预算和资金管理工具。这就是我们推出这个功能的原因。它让客户轻松地设定并追踪自己的财务目标，可以通过Cash App余额、Link Dedicard或Cash App卡的购物找零来快速将钱存入储蓄账户。到目前为止，这是我们最快的产品之一，并且我们看到这个功能可以随着时间的推移带来更多的资金流入。截止四月份，已经有超过三百万活跃用户将资金存入了Cash App的储蓄账户中，其中超过一半是通过Cash App卡的购物找零进行存储的。这是我们生态系统内产品互相支持、互相促进的强有力例证。
Are you asking more about the general product roadmap for cash app or within savings in particular, just a quick way to question? More in general, just other adjacent financial services that might look attractive or any kind of color in terms of the general product roadmap more so than just specifically within savings.
你是在询问关于Cash App的一般产品路线图，还是只是关于储蓄方面的问题？这只是快速提出的问题方式吗？一般而言，是询问其他相关的金融服务，可能会很有吸引力，或者某些关于一般产品路线图的信息，而不仅仅是储蓄方面的具体内容。
Yeah, thanks. Yeah, all of our products within cash are from looking at these adjacent season. We started with the most viral with the greatest network effect which is peer to peer. And that is a base level utility that has a lot of value for tons of people. It's the easiest way to get into the app and into our ecosystem. But as we look at what our customers are doing and what products they're adopting and what they're more importantly trying to do, that's where our new product ideas come. And I think our strength is really simplifying something that was traditionally fairly complex and something that's very easy to take our first to taxes for instance. So we'll continue to look for more of those and we do see behaviors today that are interesting. But a big part of our focus at the moment is making sure that the products that we do have are easily accessible and can actually spread and really focused on providing more opportunities from discover and from that little search icon at the bottom of your cash app. This is going to be a launch pad for much of the cash app ecosystem and certainly is the way to bring in in full bearing the the after pay acquisition that we made. But it allows us to get more potentially daily usage as you know people can find things at just online but also around them that then touches on every one of our financial products and really brings a life for those adjacent season. So there's a lot of work to do there just to strengthen those connections and to make sure that we're building something that's robust and we can continue to add more new products and more new features.
是的，谢谢。我们现金产品中的所有产品都是通过观察相邻季度得出的。我们从具有最大网络效应的最热门产品开始，即点对点交易。这是一个对于大量人来说有很大价值的基本实用程序。这是进入我们应用程序和生态系统的最简单的方法。但是，当我们观察我们的客户正在做什么，他们正在采用哪些产品以及更重要的是他们正在尝试做什么时，这就是我们新产品想法的来源。我认为我们的力量确实在于简化传统上相当复杂的事情，例如首次上税，这非常容易。因此，我们将继续寻找更多这样的产品，并且我们今天看到了有趣的行为。但是，我们目前的重点是确保我们拥有的产品易于访问，实际上能够传播，并专注于提供更多的发现机会，以及在您的现金应用程序底部的小搜索图标内。这将是现金应用程序生态系统的一个发射台，并且确定是将我们的后付款收购带入全面掌握的方式。但它使我们能够更多地潜在日常使用，因为人们可以在网上或周围找到东西，然后触及我们的每一个金融产品，真正为那些相邻季节带来了生命。因此，还有许多工作要做，只是加强这些联系，并确保我们建立的东西是强大的，并且我们可以继续添加更多的新产品和新功能。
Thank you. Thank you. Our next question comes from a line of Michael Eng from Goldman Sachs. Please proceed. Hey, good afternoon. Thank you very much for the question. It's just about OPEX. First, OPEX came in a little bit better than guidance in the quarter. I was just wondering if you could talk about any areas of efficiencies that you may have benefited from in the quarter or timing elements that might impact how OPEX was recognized throughout the year. And then second, you know, could you just talk about how you're viewing full year OPEX growth, you know, any notable areas of investing investing you're making for the year and whether there are any change in OPEX plans relative to last quarter.
谢谢，下一个问题来自高盛的迈克尔·恩格。请问。
嗨，下午好。非常感谢你的提问，我的问题是关于营业支出的。首先，营业支出在本季度比预期好了一点点。我想知道您是否可以谈谈您在本季度受益于哪些效率方面，或者在全年内如何认识到营业支出的影响因素和时间成分等方面。其次，您能否谈谈您对全年营业支出增长的看法，您将在哪些重要的投资方面进行投资，以及与上季度相比是否有任何营业支出计划的变化。
Thank you. Hey, Mike. Thanks for the question. Let me start actually was talking about the full year and our view on profitability for the year. And then we can kind of slice in dice off X from Q1. So look, of course, our goal as always is investing responsibly to deliver profitable growth. And for the full year, we're raising our profit targets to 1.36 billion on adjusted EBITDA no more than 35% growth year every year and 115 million adjusted OI loss with improving margins on both. This primarily that's out with primarily reflects our strong growth profit growth during the first quarter on the expense side.
谢谢，嘿，迈克，感谢你的问题。让我先从全年利润的观点开始说起，然后我们可以从第一季度中剖析出X。当然，我们的目标始终是负责投资，以实现盈利增长。对于整个年度，我们将调高盈利目标至13.6亿美元的调整后息税折旧摊销利润，每年不超过35%的增长，以及1.15亿美元的调整后运营利润亏损，同时在两者上提高利润率。这主要反映了我们在第一季度的成本方面取得了强劲的利润增长。
We're differing some of the investment that we had intended for Q1 to later in the year. Longer term, the investments that we're making should follow our path to deliver rule of 40 on an adjusted OI basis longer term. And the returns that we see as we think about what underpins the work that we're doing, the investments that we're making. As I noted earlier, we continue to expect cash up margins to expand as in the trend that we've seen this quarter and a continuation of improving profitability over the last few years. Well, we expect square margins which are already healthy to more consistent year over year. And we intend to hold on these targets in the midst of macro uncertainty. If we see growth slow, we'll pull back on our planned expenses.
我们将一部分早期计划在Q1的投资延迟至今年晚些时候。长期来看，我们所做的投资应该遵循我们的路径，以适应调整后OIBDA的40%规则。我们根据我们正在进行的工作、我们正在进行的投资所体现的回报预期，继续期待现金利润率的扩大，就像我们在本季度看到的趋势，并保持在过去几年中获得盈利能力的持续改善。我们预计已经非常健康的利润率会更加稳定，并打算在宏观不确定性的背景中继续保持这些目标。如果我们看到增长放缓，我们将减少我们计划的开支。
The key areas of leverage that we think about across the year were similar to what we noted last quarter, which is hiring. As we see, strengths in the business will react accordingly, but we are deliberately slowing the pace of hiring as we shared last quarter, expect to increase head count in the approximately 10% year-rear range. And sales and marketing to increase it a much slower rate than the 25% growth we saw in 2022.
我们一年中思考的关键杠杆领域与上一季度相似，即招聘。随着业务优势的反应，我们会做出相应的调整，但我们有意放缓招聘速度，如上一季度所分享的，预计在约10％的年增长率范围内增加人员数量。销售和市场营销的增长速度也会比2022年的25％增长率慢得多。
Now, to unpack some of the quarterly variations, the second quarter, we expect EBITDA to be lower than the normalized rate that you saw in Q1 as implied in our guidance given the timing of expenses during the year. And that then brings me to sort of the operating expense growth that we saw in the first quarter, which came in about 60 million in change lower than what we had included in our guidance. And it was really broad based across our key areas of investment. So sales and marketing was relatively flat year-over-year. Cash-up sales and marketing expenses were up 9% driven by an increase in peer-to-peer processing costs.
现在，为了解释一下季度变化，我们预计在第二季度，由于全年费用支出的时间差异，EBITDA将低于您在Q1中看到的常态化水平，这已经显式地体现在我们的指引中了。这就带我来谈谈我们在第一季度看到的运营费用增长，这个增长大约比我们的指引低了6,000万美元左右，并且非常广泛地分布在我们的主要投资领域。因此，销售和营销方面与去年同期相比，保持相对平稳。而C2C销售和营销费用增加了9%，主要是由于点对点处理成本的增加所致。
Peer-to-peer transaction losses and card issuance costs, but the rest of sales and marketing was down year-over-year. Our development grew. Primary driver here is our teams and our personnel costs related to engineering, data science and design. And then, GNA down slightly year-over-year, but excluding certain one-time expenses related to the after pay acquisition, also grew year-over-year with investments in human resources, compliance, and customer support personnel. Risk also grew year-over-year. And we also now have a full quarter of after pay in our books this year versus last year.
同行交易的损失和卡发行成本增加了，但其余销售和营销部分同比减少。我们的开发项目得到了发展。这主要是因为我们的团队和与工程、数据科学和设计相关的人员成本推动的。此外，除了与分期付款收购有关的某些一次性费用之外，GNA也同比增长，其中包括对人力资源、合规性和客户支持人员的投资。风险也同比增长。并且，今年我们的账簿里有一整个季度的分期付款，而去年没有。
So these are kind of the key elements that we're focused on operating with discipline across our business. And we'll continue to do that through the year. Thanks, Maria. That's very clear. Thank you. All right. We'll now take our last question.
这些是我们关注的关键元素，我们致力于在业务中保持纪律，我们将在整个年度继续努力。谢谢，Maria。非常清楚，感谢。好的，现在我们最后一个问题。
Our final question comes from the line of Trevor Williams from Jeffries. Please proceed. The NPL folded in. In Rida with the XBNPL monetization rate, you gave for cash app. We were backing into just over 140 million of the NPL gross profit for the first quarter. So you could just comment on that number and then anything you can share on BNPL gross profit growth within the 24 percent combined company growth for April would be great.
我们的最后一个问题来自Jeffries的Trevor Williams。请继续。您在现金应用程序中提供了XBNPL货币化率的情况下，NPL在里达充分到位。第一季度我们收回了超过1.4亿美元的NPL毛利润。您对这个数字进行评论，以及关于在4月份24％组合公司增长中BNPL毛利润增长的任何信息都会很好。
Thanks. Hey Trevor, it cut out the first part of your question. Do I take your question to be primarily around sizing the performance for the NPL for the quarter? Yeah, BNPL in Q1. And then if you could parse out the BNPL growth within the 24 percent for April. Sure. You know, look, I think we'll orient here to the volume-based metrics that we provided earlier, which is 18 percent GMV growth in the first quarter. GMV continue to grow faster in the gross profit in the first quarter, give the mixed shifts to enterprise sellers and newer markets. So gross profit growth was below this.
嗨，特雷弗，你的问题被切去了第一部分。你的问题主要是关于尺寸化第一季度NPL的性能吗？是的，BNPL在第一季度。如果你可以解析出4月份24%中的BNPL增长。当然，我们会以我们在早期提供的基于交易量的指标为导向，即第一季度18%的GMV增长。由于企业卖家和新兴市场的混合转移，GMV在第一季度继续快速增长，因此毛利润增长低于这一水平。
But we expect GMV growth in the April, in the month of April, to be up from what we saw in the first quarter, 20 percent versus the 18 percent in the first quarter. We're encouraged by what we see here, which is continued growth in high quality customer acquisition with repeat engagement and healthy repayment rates. We see 98 percent of purchases not incurring late fees and 95 percent of installments paid on time consistent with what we've shared in the past.
我们预计四月的GMV增长将比第一季度增长20％，而第一季度增长为18％。我们对此感到鼓舞，因为我们看到高质量客户获取、重复参与和健康还款率持续增长。我们看到98％的购买没有产生滞纳金，95％的分期付款按时支付，这与我们过去分享的信息一致。
And of course, we continue our work of integrating after pay with our square and cash-app ecosystems, this combined scale of which we believe will be a true differentiator for us within cash-app unlocking commerce, with a discover tab to drive increased engagement. And within Square, launching BNPL in person and online, where we've seen encouraging early adoption. We're focused here on using that combined base across our ecosystems to build a strong pipeline of new merchants and to continue attracting new customers to our BNPL platform.
当然，我们还在持续将分期付款与我们的Square和Cash-App生态系统集成，我们相信这种合并规模将成为Cash-App中真正的区分器，带来商业价值，并通过引入发现标签来推动参与度提升。在Square中，我们已在线下和线上推出了BNPL，初期的接受度令人鼓舞。我们专注于利用我们生态系统中的整合基础，建立一个强大的新商家管道，并继续吸引新客户来使用我们的BNPL平台。
Okay, thanks. Ladies and gentlemen, thank you for participating in today's program. This does conclude the program. You may all disconnect. Thanks.
好的，谢谢。女士们、先生们，感谢您们参加今天的节目。节目到此结束，您们可以断开连接了。谢谢。
Okay. Sorry, I was getting a little distracted there at the end because of this little guy. So I did want to touch up on a couple things. First of all, they were, sorry, bear with me here. He really wants to go to this window. Usually I have the window open and he jumps. Yeah, the cat loves block. Cat loves block, cash-app specifically.
好的。抱歉，最后我有点分心，因为有个小家伙在这里。所以我想稍微提一下几件事情。首先，他们，抱歉，请和我一起忍耐一下。他真的想去这个窗户。通常我都开着窗户，他就会跳进去。是的，这只猫爱Block。猫爱Block，特别是Cash App。
意思是说，讲者被一只猫干扰了，但想要谈论几件事情。其中提到，这只猫喜欢一个叫Block的东西，特别是Cash App。
I find it funny though. Like one of the things that they said, how cash-app for business is sort of cannibalizing their own square marketplace. You know, it's kind of funny and is the company big enough for them to actually see something like this. It's kind of crazy.
尽管如此，我觉得这很有趣。比如他们说的，Cash-app 在商业领域有点在自己的 Square 市场上自食其果。这有点好笑，不过这家公司能否足够大，能够真正看到这种情况呢，这有点疯狂。
Whenever we were looking at, just trying to switch over. Someone asked if cash-app will get a billion dollars in gross profit next quarter. Absolutely. Well, not absolutely, but I would assume so if we're looking here, it's gaining at about almost exactly 70 million per quarter whenever it comes to cash-app-scores profit, all we need is another 69 million and there we go, right? Very, very exciting. And thank you, Link, and I appreciate it.
每当我们在看的时候，就想切换过来。有人问现金应用程序是否会在下个季度获得十亿美元的毛利润。绝对会的。好吧，不是绝对的，但如果我们在这里看，每个季度现金应用程序的盈利近似于正好7000万美元，只需要再多赚6900万美元，就可以实现目标了，对吧？非常非常令人兴奋。感谢 Link，我非常感激。
Adjusted EBITDA is really where it's smashed, though, beating out expectations by 38%. So that's really what we're seeing if the stock is going to be gaining. It's going to be from the adjusted EBITDA. What my concern is is like with block and now I still am a fan of the company. Okay, so I don't want to get too negative. And I find, most times, I actually talk more negatively about the companies that I hold than positive because I try to find the cracks where they might lie here.
调整后的EBITDA确实是最激动人心的地方，超出了预期38％。因此，如果股票要上涨，这就是我们所看到的。它将来自调整后的EBITDA。我的关注点是像区块这样的公司，我仍然是该公司的粉丝。好吧，所以我不想太消极。大多数时候，我实际上更多地谈论我所持有的公司的负面因素，因为我试图找到它们可能犯错的地方。
The one for block that I consistently find and they want to spread out their different earnings, whether it's through title or after pay or whatever, you know, Jack Dorsey likes to do, I hate that sort of stuff. Okay. So I find that the biggest problem that I have with block is their acquisition strategy. I find it not good. I find it doesn't help. And after pay is always this one that is so, I mean, we're too early to tell if what's happening at after pay is cyclical or not.
我经常发现Block的做法是想通过称号或后期付款等方式分散他们的不同收入。杰克·多西（Jack Dorsey）似乎喜欢这种事情，但我却讨厌。好吧，我发现我对Block的最大问题在于他们的收购策略。我认为它不好，也不会有所帮助。Afterpay总是一个让人感到如此的问题，我是说，我们现在还太早来判断Afterpay的情况是不是周期性的。
What? Thank you. But I don't know if it is cyclical or not, even then, even if it's from Q1 to Q1. It's still only a 3% increase. Oh, sorry. You guys can't see my, that's the side I want. So, you know, that's sort of the problem. So even if we disregard that it's down from Q4, which could be a large spending, you know, category because obviously, you know, it's holidays, everything along these lines, even year over year is only 3%. Even though they spent at the time, $29 billion, a lot of that was, you know, stock.
什么？谢谢你。但我不知道这是不是循环性的，即使是从第一季度到第一季度。它仍然只增加了3％。哦，对不起，你们看不到我的屏幕，但那就是我想要的侧面。因此，即使我们忽略了它从Q4下降的事实，Q4可能是一个大的消费类别，因为显然，这是节日，everything along these lines，即使从年年增长来看，增长也只有3％。即使他们当时花费了290亿美元，其中许多是股票。
So really some estimate it to be around $10 or $11 billion. $11 billion for $95 million with a gross profit in a single quarter. Not a fan of that. You know what I mean? For 3% growth over time, you know, comes with a myriad of new challenges, whether that's, you know, people not paying back, you know, the actual products. They said that that part was actually doing good, 98% of consumers aren't even getting to late fees, you know, that that that's definitely a positive. It's just it's a lot of money.
真的，有人估计它的价值在100亿美元左右。95百万美元的一季度总营业额带来了110亿美元的纯利润。我不是这个的支持者。你明白我的意思吗？随着时间的推移，3％的增长带来了许多新的挑战，无论是人们不还原来的产品，还是其他方面。但他们说这个产品确实很好，98％的消费者甚至都没有违约费，这绝对是一个好消息。只是这是很多钱。
And this has been the same way for whether it was them trying to get into caviar or title. And now like just too many businesses, spiral, TBD title. It's too much, too much. I'm not a fan of that strategy at all. I like a little bit of focus and cash apps should should be their focus. And it is becoming their focus, as you can see, because, you know, we're talking two quarters ago, cash up in square, we're tied in terms of gross profit. Today, it's, you know, a massive difference and it'll probably continue to expand.
这种情况一直存在，无论是他们试图进入鱼子酱还是企业名称方面。现在像太多企业一样，旋涡，待定的企业名称。这太过分了。我根本不喜欢这种战略。我喜欢一点焦点和现金应用程序应该是他们的重点。正如你所看到的，它正在成为他们的重点，因为我们谈论的是两个季度前，现金应用程序和正方形在毛利方面是并列的。今天，它有了巨大的差异，它可能会继续扩大。
The cannibalization is a little bit weird though that that's a little bit worrisome. I'm sure that even the profits for cash up for business are much, much smaller than the square because not only is it payment processing, but it's also subscription, these sorts of things that can, you know, greatly benefit them.
“食人族化”（指营销策略中比较强烈的推广某个产品或服务，从而导致其他产品或服务的销售量下降）有点奇怪，而且这也有点令人担忧。我相信，即使 Cash Up 的收益比 Square 少得多，因为它不仅是支付处理，还有订阅等可以极大地使它受益。
It's the same thing for PayPal or any other payment processor. Whenever you look at, you know, PayPal's main business seller, that makes much, much much more profit than brain tree or something like this. And it's funny because brain tree starts to cannibalize those, those larger businesses and it's actually lowering, you know, their take rate. So we'll probably even see that in square.
对于PayPal或任何其他支付处理器而言，情况都是一样的。当你看PayPal的主要业务销售时，可以发现它比brain tree等公司获得更多更多的利润。有趣的是，brain tree开始瓜分这些更大的业务，实际上降低了他们的占比。所以我们可能会在square中看到这种情况。
But then again, this comes with the cost of being the fastest growing, you know, finance app on the app store, a place where you can put out a product like a savings product and have that be some of their fastest, you know, products that cash app can put out massively increase inflows and these sorts of things, which then, you know, once you actually bring them in, well, then they need to monetize to get out.
然而，这也意味着成为App Store上最快增长的财务应用程序是需要付出代价的。在这里，你可以发布像储蓄产品这样的产品，并成为Cash App能够大规模推出的最快产品，从而大大增加流入资金等方面的问题，但一旦引入这些客户，就需要进行变现才能退出。
If that makes sense, like, like you're going to be spending or you're going to be doing instant transfers or something like this. So seeing that massive gain 8% quarter over quarter on cash apps inflows is super, super great to see because then that leads to a large benefits down the line as well.
如果这有意义的话，就像你将要花费或进行即时转账之类的事情。因此，看到Cash App的资金流入在季度内增长了8%，超级棒的，因为这将带来更多的好处。
Even looking just a year ago, whenever we had 46 million, you know, cash app monthly trans active or transacting active 33% of them had cards. Okay. So this is the amazing thing too. Cash app card monthly active as you can see in this chart right here. Not only are they gaining like crazy, but they're gaining, they're gaining market share on their own customer base at 38%. That's absolutely amazing.
即使只看一年前的情况，每当我们拥有4600万现金应用程序每月活跃的或正在进行交易的用户时，其中33%的用户拥有卡片。好的。所以这也是令人惊讶的地方。如您在此图表中所见，现金应用程序卡片每月活跃用户不仅增长惊人，而且它们正在以38%的市场份额获得自身客户基础。这绝对是令人惊人的。
注：该段内容为分析现金应用程序的市场份额及不同用户群体拥有卡片的情况。同时也表明现金应用程序在其用户群体中占据了相当大的市场份额，且不断增长。
I hope and I pray that's that's so far I can get that business. If so far gets that business guys, that is a instant 20% gain on so far stock. I mean, honestly, it would add over a billion dollars of new revenue or something throwable and no more than me.
我希望并祈祷，我能够得到那家公司。如果so far公司得到了那笔生意，那就是立即获得20%的股票收益。老实说，这将为so far带来超过10亿美元的新收入，这对我来说是一个无法错过的机会。
He actually is the one that told me that. So I just saw that he was in, he was in the chat. So maybe he's still here. You can shed some light on it for us. What else did they touch on that that I wanted to speak on? Yeah. Growing up market and getting a little bit of an ecosystem here.
他确实是告诉我这个事情的人。所以我刚才看到他在聊天室里，也许他仍然在这里。你可以为我们解释一下。他们还谈到了什么其他的事情，我也想谈论一下。是的，市场在发展，我们也开始拥有了一些生态系统。
I thought that was really interesting where they spoke about how they're really creating a niche in the restaurant and, you know, fashion space, right, designer space. That is very, very beneficial, right? If you know, you are a seller, whether online or, I mean, it works more in stores or something like this where you can see that your competitors use a certain system, then you're just going to not even shop around them much.
我觉得他们讲的很有趣，他们谈到了如何在餐厅、时尚、设计领域中真正创造一个细分市场。这对于卖家来说非常有利，无论是在线还是实体店中，如果你看到你的竞争对手使用了某个系统，那么你就不会再多花时间在他们身上。
Okay, squares, the thing that we use, that's what we use as restaurants or these sorts of things. That can be very beneficial. So having that niche can help them grow very, very much. And then it's just about going global and there's like e-commerce is an endless total addressable market, especially whenever you're small in the market. So exciting.
“Squares”是我们用来作为餐厅或类似场所的物品。这可以非常有益。因此，拥有这个市场细分可以帮助它们大大增长。然后，就是全球化了，电子商务是一个无限的可寻址市场，特别是当你在市场上很小的时候。很令人兴奋。
But that also has to translate into real numbers as well. For example, squares ecosystem, yes, things are gaining, you know, quite excitingly. But we saw a cost of revenue drop. And wait, sorry. I want to make sure that I have the right bear with me here.
但这也必须转化为实际数字。例如，Squares生态系统，是的，事物正在获得，非常令人兴奋。但我们看到了营收成本的下降。等等，抱歉。我想确保我有正确的理解。
No, that was last year. Yeah, 770, okay. I'm wondering if I don't know why that says 670 because that shouldn't be true. Maybe it is. Maybe they did gain 15%, but the math is not adding up to me. Yeah, it says 801 here.
不，那是去年的数据了。是的，770，好吧。我在想为什么这里显示670，因为那不应该是正确的。也许是我错了。也许他们确实增加了15%，但是我的计算结果与数据不太相符。对啊，这里显示是801。
801, I'll have to check that number. I wonder how I got that number. Yeah, because 801 would make a lot more sense. If for example, we were to go back and yes, it's literally just adding all of it up. Okay, I don't know. Okay, whatever, whatever, whatever. Bear with me here while I just double check this.
801，我必须确认一下那个数字。我想知道我是怎么得到那个数字的。是的，因为801会更有意义。比如，如果我们回过头来，是的，它只是加起来而已。好的，我不知道。好的，随便吧。请耐心等待一下，我需要再确认一下。
Oh, okay. I got you. Okay, sorry. That's, I'm showing squares gross profit minus the after pay acquisition. Okay, because I was wondering, I was like, I've never seen this before, but I was just hiding two of these statistics. So this is actually the gross profit number minus the after pay square contribution.
哦，好的，我懂你的意思了。抱歉，我显示的是Squares的毛利润减去分期付款收购所得的数字。我之前也有些困惑，因为我从来没有见过这种情况，但其实是隐藏了两个统计数据。因此，这个数字实际上是扣除了分期付款square贡献的毛利润。
So the actual square contribution would be the 95 mill, yeah, 47,628,000. So once I actually add that, but I just hide it because it's easier to look at. But then I also have to remember what I had set up. Okay, bear with me here.
所以实际的平方贡献将会是9500万，也就是4762,8000。所以一旦我将其加入，但我将其隐藏起来，因为这样更容易查看。但我还要记住我先前所设置的内容。好的，请耐心等待。
Yeah. What did you guys think? Oh, throwable actually just said something in that thing. Yeah, block generated 74% of Marquetta's revenue last quarter, annualizing $750 million in revenue and growing fast.
是的，你们觉得怎样？哦，可投掷的确实在那里说了些什么。是的，区块链在上个季度为Marquetta贡献了74%的营收，年化收入为7.5亿美元，并且增长迅速。
Isn't that true, right? Cash apps are their best business. Marquetta is basically a square proxy at this point. It's true. And even their stock is up because block is up, right? It's so funny.
这不是真的吗，对吗？现金应用是他们最好的业务。在这一点上，Marquetta基本上成了一个正方形代理。这是真的。而且他们的股票也因为block上涨而上涨，对吗？这太有趣了。
But if they lose that contract, it's going to be bad. That is not going to be exciting. I mean, it might be exciting for me. I don't hold Marquetta. They're a direct competitor to Galileo. I sure hope. I sure hope, you know, so if I could get that business because not only do I think that we can make a better product for cash app, but also like, Anthony Noto knows Jack Dorsey quite well, speaking of which, I also wanted to show you guys this just really quick.
如果他们失去了那份合同，情况会变得很糟糕。那不会是让人兴奋的事情。我是说，对于我来说可能会很兴奋。我不持有Marquetta的股份。他们是Galileo的直接竞争对手。我非常希望，我非常希望，你知道的，如果我们能获得那个业务，因为不仅我认为我们可以为现金应用程序提供更好的产品，而且像安东尼·诺托这样的人非常熟悉杰克·多西，顺便说一下，我也想给你们展示这个东西，就是这个。
I know my brain is all over the place right now. Anthony Noto, by the way, talking about SoFi, might already be in talks with Jack Dorsey, obviously, a stretch. He just bought another 50,000 shares. 50,000 shares, not 50,000 dollars, 50,000 shares of SoFi technologies. This is why I'm so bullish on this company. Not just because he's made the one purchase of 50,000 shares, but because the man has purchased over 10 million dollars of this company in the last 12 months, over 10 million dollars.
我知道我的头脑现在很混乱。顺便说一下，Anthony Noto正在谈论SoFi，可能已经在与Jack Dorsey交谈，显然有些牵强。他刚刚又购买了另外50,000股SoFi技术公司的股份。这就是为什么我对这家公司感到如此有信心的原因。不仅仅是因为他购买了50,000股，而是因为这个人在过去的12个月里已经购买了超过1000万美元的这家公司股票。
That's over 10% of his net worth, making it roughly around 38 million dollars of his total net worth, which is roughly estimated at around 100 million. 38 million of it is in SoFi technologies alone. For him to continuously put out another 10 mil just in the past 12 months is a massive bet. This is why I'm so bullish on SoFi.
这是他总净资产的10%以上，大约价值3800万美元，估值大约在1亿美元左右。其中3800万美元全部投入了SoFi科技公司。过去12个月里他继续投资1,000万美元，这是一笔巨大的赌注。因此，我对SoFi非常看好。
If things like cash app can actually sit down with Anthony Noto, take up the idea that not only can they be the payment processor, be the actual sponsoring bank to hold the money if they even need to as well. Also be the issuing bank to issue those cards out to customers. There's so many things that we can do to support cash app, let alone even help with cloud infrastructure and these sorts of things like the actual processes on the backend. That's what SoFi does.
如果像现金应用这样的应用程序能够与Anthony Noto坐下来，考虑不仅可以成为付款处理器，还可以成为实际的赞助银行来持有资金，如果需要的话还可以成为发行银行，向客户发行卡片。我们可以做很多事情来支持现金应用的发展，更不用说帮助云基础架构和后端实际流程等方面。这就是SoFi所做的。
They're also a competitor as well. However, not directly competing with cash app necessarily. I mean, they are, but most of the customers that both cash app and SoFi are getting are both from incumbent banks. That's really the enemy here, the enemy. So yeah.
他们也是一个竞争对手。然而，他们并不一定直接与Cash App竞争。我的意思是，他们是竞争对手，但Cash App和SoFi都吸引的大部分客户都来自既有银行。这就是真正的敌人，敌人。所以是的。
Not only to mention because a lot of the things of what makes a bank a bank is that they have the regulatory licenses. Block does not have the privilege of actually taking customers money. They are not a bank. A lot of people think that they've gotten a bank charter they have, but it's not the same thing. It's not a nationally chartered bank. There's only for their loans, okay? So not the same thing is actually holding customer deposits. The thing is that SoFi does. They do actually have a nationally chartered bank very, very rare these days in the FinTech world. Only about SoFi, Vero.
银行之所以成为银行，其中很多因素都是因为他们拥有监管许可证。Block没有实际接管客户资金的特权，他们不是银行。很多人认为他们已经获得了银行特许经营许可，但这并不是同一件事情。这不是一个国家特许经营的银行。它只是针对贷款的。所以实际上并不是持有客户存款。但SoFi是的，他们实际上拥有国家特许经营的银行，这在现今的金融科技世界中非常罕见，只有SoFi和Vero拥有。
I can't even think of a third one. Are Neo banks that actually have fully chartered license banks in the United States? And then guys not even to mention, geez, you know, new bank and these sorts of things taking over in the Neo bank space in Latin America.
我甚至想不到第三个。“新型银行”在美国拥有完全特许执照银行吗？还有这些在拉丁美洲的“新型银行”将接管“新型银行”市场，甚至不用提了。
Guys, I like, obviously everyone is super proud of their portfolio, but honestly I could not be happier with the portfolio that I have today investing in tech and growth stocks. Like my portfolio is down. Don't get me wrong. But continuously during really, really hard times, seeing stocks like this continue to put out great numbers and growing like growth stocks do are exactly why we're investing today.
大家好，我很喜欢我的投资组合，显然每个人都对自己的投资组合感到非常自豪，但是老实说，我对今天投资科技和成长股的投资组合非常满意。像我的投资组合受到了影响，不要误会。但在非常困难的时候，看到像这样的股票持续推出出色的业绩并像成长股一样不断增长，这正是我们今天投资的原因。
It's for me, it's two things. I'm trying to visualize the future and see, okay, well, where the least amount of frictions, most amount of profitability, where are the customers going to go? And a lot of it is choosing based on where do I go? Can I use the products that other people are using? I do the same thing for my job that I'm in or even here on YouTube.
对于我来说，这是两件事。我试图预测未来，看看在哪里摩擦最小、利润最大、客户会去哪里。很多时候都是基于我该怎么做来选择的，我可以使用其他人在使用的产品吗？我在我的工作中或者甚至在YouTube上也是这样做的。
I think, what would I want to hear? And then it's the nitty gritty of actually breaking out the spreadsheets and going, okay, but do the numbers represent what I'm actually seeing? Is like sure, anyone can paint the picture of lemonade being the future of insurance, but like if the numbers don't stack up, then maybe it doesn't happen.
我认为，我会想听到什么？然后就是真正开始拆解电子表格，并检查数据是否真实反映了我的观察结果。比如，有人可能称柠檬水是保险业的未来，但如果数据不支持这一观点，那么也许就不会发生。
I heard that they had a great quarter, I don't follow them very closely. But the same can't be said whenever I talk about companies like SoFi, Block, Mellie, Shopify, New Bank, all of these Fintech companies, which are just like the total addressable market is so big because they're eating away at an industry that has been touched in years. And yes, I mean, yes, there's been people that have come in like PayPal and stuff and they've been doing this for a while, but they haven't been able to offer all the products that these banks are able to offer today. It's so, so interesting.
我听说他们取得了巨大的季度业绩，但我没有密切关注。但是当我谈论像SoFi、Block、Mellie、Shopify、New Bank这样的金融科技（Fintech）公司时，情况就不一样了。这些公司就像是正在侵蚀几年来没有受到影响的行业，其可寻址市场是如此之大。是的，我指的是，确实有像PayPal这样的公司进入了这个市场，他们做了一段时间。但他们无法提供这些银行今天能够提供的所有产品。这真的很有趣。
Phil have said it's good to not be a bank right now. You know what? In a way, yes, because you don't have the panic. The thing is, is that if the deposits are still growing like SoFi, for example, you get this disconnect where, you know, people are scared, but it's like, should you really, because whenever you look at the numbers, they're still projected to grow another $2 billion in deposits this quarter. When all the panic is going around. So.
Phil说现在不是当银行的好时机。你知道吗？在某种程度上，是的，因为你不必惊慌。问题在于，如果像SoFi这样的存款仍在增长，你会出现这种脱节，人们害怕，但是当你看到数字时，它们仍然预计在这个季度增加了20亿美元的存款。尽管周围都是恐慌，但你是否真的应该这样？
Hello? Okay, you can hear me. How about now? It looks like it's back to normal. Let me know if that's the case. If so, I don't even remember what I was talking about. But yeah, I just think there's so many investors and I'm sure there's a lot of you on the call right now that think or associate market cap with a healthy company. Okay? And this can be a dangerous thing because it really, really does not. And whenever you're investing or at least me, I try to look for alpha, you know? The idea that the company's growth trajectory or their actual intrinsic value is separate from where the market thinks they're going. Right? Then you can actually, you know, invest and make a lot of money.
你好？好的，你能听到我了。现在怎么样？看起来已经恢复正常了。如果是这样，请告诉我。如果是的话，我甚至都不记得自己在说什么了。但是，我认为有很多投资者，我确定现在电话会议上有很多人认为市值就等于健康公司。这可能是很危险的，因为实际上并不是这样。至少我在投资时会寻找Alpha，你知道吗？就是公司的增长轨迹或其实际内在价值与市场认为它们的走向是分离的。那么你就可以真正地投资并赚取大量的钱。
Yeah, and that's just simply on the short term as well. Like beta would technically be a little bit more on the long term is if they continue to trend that way. But pretty much what I really, really like about so far is well, well, we're just on this. I know this is a block call, but I'm just, I'm just on this sheet right here is that the stock did an amazing quarter. No one, no one can argue that. If they've actually looked at the numbers, it's very hard to argue that they've, that they've had a bad quarter. Some people can say that the tech is having an issue. Some people can say that maybe their credit portfolio is just getting a little too big. Sure. Aside from that, okay? There has been a lot of great things. In my opinion, that way, way, oh, you know, how do you say it? Outperforms the other, you know, the other risks.
是的，这只是短期的情况。如果Beta继续这样走，长期来看，它可能会更好一点。但到目前为止，我非常非常喜欢的是，我们看到了这样一个情况。我知道这是一个数据呼叫，但是我只是在这张表格上，股票在这个季度表现得非常出色。没有人可以反驳这一点。如果他们查看了数字，很难说他们这个季度表现不好。有些人可能会说技术出了问题。有些人可能会说他们的信用组合正在变得太庞大。当然，除此之外，还有很多很棒的事情。在我看来，它远远超过了其他风险。
In that sense, let the market cap go down, okay? That's where, you know, great investors get tons in tons of deals. Now, the thing too is that you have to separate the difference between a falling knife like a company that's gonna continue going down and one that is just, you know, getting a little absurd. But that's why we track the numbers, right? That's why we look at the health of the company which whenever you're looking at so far, their cash balances are getting stronger and stronger all the time. Same thing for blocking everything.
就这个意义而言，让市值下降，好吧？这正是伟大的投资者获得大量交易的地方。另外，你必须区分一个持续下降的公司和一个仅仅变得有点荒谬的公司的差异。但这就是为什么我们追踪数字、看公司的健康状况的原因，因为到目前为止，他们的现金余额一直在不断变强。同样的事情也适用于阻止一切。
Like, disregard what's happening with the stock price, if you guys are net long-term buyers of these companies. And should you be long-term buyers of the company based on market cap or performance of the company? We wanna be company owners and that's it. Like, everyone listens to those Warren Buffett chats and then doesn't follow through. Why, why whenever looking at so-fies numbers, seeing the market cap drop down? Even though during whenever we actually saw the numbers, the stock was up 8%, and then later it falls 30%. What scares you about that? You know what I mean? That sounds like, wow, I'm getting a really great deal. What are people not seeing in this quarter? Okay? And then there is a little bit of ignorance to that too, where if you're not reading the full quarter, you're not reading everything, then yes. There can be ignorance. And then, you know what, you do what I do and you surround yourself with a community of great people who do tons of due diligence.
如果你们是这些公司的长期净买家，不要介意股价的波动。那么你们是否应该基于市值或公司业绩而成为长期买家呢？我们想要成为公司股东，这就是全部。就像每个人都听了沃伦·巴菲特的演讲，但却没有跟进一样。为什么呢？每次看到索菲的数字，市值就下跌了，这让你害怕吗？你知道什么意思吗？这听起来像是，哇，我得到了一个非常好的交易。这个季度人们看不到什么？然后也有一些无知，如果你不阅读整个季度报告，你就会无知。你需要像我一样，与一群做了很多尽职调查的杰出人才团结在一起。
Now, what I wanna do, personally, for the people that watch the SoFi weekly or whatever like this, I wanna switch it to the Fintech weekly. I know SoFi is a great company. There's a lot of great companies, okay? And a lot of them, I find, are in the transition from incumbent banks to, you know, digital Fintech companies like CashApp, like SoFi, like even PayPal. I know PayPal's not as much of a growth story, but it still has a lot of growth to go because it's a large transition from Cash to Card, you know? There's like, let's get a community of people who can do this like tons of D.D.
我想为那些看SoFi周报之类节目的人做些事情，我想把它改成Fintech周报。我知道SoFi是一家很好的公司。有很多很棒的公司，你知道吗？很多公司正在从传统银行向数字金融科技公司转型，像CashApp、SoFi和甚至PayPal。我知道PayPal的增长故事不太多，但它仍有很大的增长空间，因为这是从现金支付到刷卡支付的一个大转变。让我们聚集一群人，像D.D.这样做。
Guys, I'm telling you, the spreadsheets that I've been working on are crazy. But Block is a tiny, tiny, tiny, tiny portion of it. And then, you know, Coinbase and other one, very, very small. It's the SoFi, it's the new banks, it's the Melaes. These ones are the ones that I've been pouring a ton of time into.
大家，我告诉你们，我一直在做的电子表格实在是太复杂了。但是，Block只是其中的一小部分，而Coinbase和其他公司也很小。我花费大量时间的是SoFi、新银行和Melaes等公司。
I've got, you know, another 10 days or 11 days before I actually launched the spreadsheets. And yeah, I hope that it really, really helps the communities D.D. going forward, updated quarterly, every single time. And then also adding new things as we, you know, change the way that we look at the companies. If, you know, for example, the way that SoFi, the way we started switching and looking at loan portfolios, I added that into the spreadsheet and now I'll continue.
在我实际推出电子表格之前，我还有另外10天或11天的时间。我希望这真的会帮助到社区和D.D.，每季度进行更新，每次都可以添加新的东西，就像我们改变对公司的看法一样。例如，我们开始改变对贷款组合的看法，所以我将其添加到了电子表格中，现在我会继续这样做。
Once you actually get the spreadsheets, you only need to get it once and then you have it forever. And I'll be updating it forever. So, yeah, very, very exciting. Let's continue to do tons of D.D. Make great purchases and companies that are, at least that's what I'm doing with my portfolio. Not what you guys should do. And I believe that's long term in technology companies.
一旦你真正拿到这些电子表格，你只需要获取一次，然后永远都拥有它。 而且我将永远更新它。 所以，是的，非常非常令人兴奋。 让我们继续做大量的尽职调查。 选择优秀的公司，至少这是我在我的投资组合中正在做的。 不是你们应该做什么。 我相信这是科技公司的长期投资。
Let me take a look at a couple stock prices actually. Let me see if I can just switch here really quick. I haven't been able to edit that actually. Can I, can I do that? Okay, just taking that away just, I mean, honestly, it doesn't change anything. Okay, whatever. Where is it? Square, square, square, square, square, square. Up 1% after hours. Yeah, it was much, it's much higher before. And then I guess it just sort of leveled out a little bit up.
让我看一下一些股票价格。让我看看我是否可以快速切换。实际上，我之前无法编辑它。我可以这样做吗？好的，只是移除它，老实说，这并没有改变什么。好的，不管怎样，它在哪里？方格，方格，方格，方格，方格，方格。盘后涨了1%，实际上之前涨得更高一些，然后我想它就有点稳定了，有所回升。
Marquetta should also be up a little bit. Yep, it is. Like, like Throbel said, it's just a little bit of a proxy for the company. So although they might not even have news, just the idea that they're largest customer, which makes up the high majority of their entire business is doing well.
Marquetta也应该稍微高兴一点。对的，确实是这样。就像Throbel所说的，这只是公司的一个小代理。因此，即使他们可能没有任何消息，只要他们最大的客户（占总业务的大多数）表现良好，这个想法就足以让人放心。
That's good news, right? Larger market, larger market share in the cash up cards means more market share for Marquetta, if they can keep the thing. Coinbase, another stock that I just quickly jumped into and looked at, up 8.4%. Another stock that I hold, this is one that I don't talk about often, I don't think it'll be the greatest pick of my portfolio, but it's one that I have a small speculative position on and I probably won't sell it for a long time unless, you know, the SEC just completely shuts them down. In which, whatever, whatever, small position, that's my lucky 10X right there.
这是个好消息，对吧？现在市场更大了，在现金卡市场占更多份额意味着 Marquetta 可以获得更多的市场份额，如果他们能够保持住这个优势的话。Coinbase 另一个股票，我只是快速跳进去看了一眼，现在增长了 8.4%。另一个我持有的股票，虽然我不经常谈论它，但我认为它不会成为我的投资组合中最好的选择，但我有一个小的投机头寸，可能不会很长时间卖出，除非 SEC 完全关闭了它们，否则，无论如何，那是我的幸运 10倍回报。
Throw in further fences. Throwable said, Mellie is fire. E-commerce and FinTech in an emerging market sign me up. Yeah, not only that, right? Logistics, advertising, credit portfolio, all of the things that you want, like all of them in such an emerging market, they even spoke about it on the call, I think, on block's call.
加入更多的障碍物。Throwable说，梅丽很厉害。在新兴市场里的电子商务和金融科技，我要报名参加。是啊，不仅仅是这些，对吧？物流、广告、信贷组合等所有你想要的东西，在这个新兴市场里都有。他们甚至在电话会议上谈到了这些，我想是在Block的电话会议上。
They spoke about how, you know, Africa, Southeast Asia and Latin America are where they want to be. They want to position themselves to be large winners in these geographies because the total adjustable markets are just booming, right? And then think that you can natively buy, like you can buy native companies that are already there, that understand the culture, the localization, the languages, you know, new bank, Mellie, maybe a little stone co as well.
他们谈论了非洲、东南亚和拉丁美洲是他们想要投资的地区。他们想要把自己定位为这些地区的大赢家，因为这些地区的市场总体调整仍在繁荣。而且，他们认为可以本地购买已经存在的本地企业，这些企业了解当地文化、本地化和语言，比如新银行、梅莉和小石共等。
I think stone co had a good day today and I said that I sold them recently, which I did. Yeah, good for them. Good for them. Bapapapa. What else? Anything else that you guys want me to cover, going forward or even currently right now?
我认为今天斯通公司过得很不错，我告诉他们近期我也卖了他们的股票，对他们来说真是太好了。嗯，这对他们来说是个好消息。还有什么需要我去解决的吗？无论是未来还是现在。
I also wanted to see if Apple had brought up anything about the high interest savings account. Hopefully you guys saw that video, Tanner, have you seen my video, Manson? Okay, I'll try to find that to see if they said anything. Kathy Woods favorites are doing well. Yeah. Yeah.
我还想知道苹果公司是否有提到高收益储蓄账户的事情。希望你们看到那个视频了，Tanner，你看过我的视频吗，Manson？好的，我会试着找到那个视频看看他们是否有讲到。Kathy Woods的股票喜欢做得很好。是的，是的。
I don't follow draft king, so I literally don't even know what price it's at. I don't care about that industry. I don't know how much it's going to gain or lose. Just like gambling, I mean, in general, I mean, maybe the transition online gambling sounds like a total addressable market that I could get behind, but I just, I don't, it's so funny that I always say this.
我不关注Draft King，所以我甚至不知道它的价格。我不关心这个行业。我不知道它将获得或失去多少。就像赌博一样，我是说，总的来说，也许转向在线赌博听起来像是一个完全可寻址的市场，我可以支持，但我只是，我不知道，这很有趣，我总是这么说。
People are like, your favorite thing in the world is stocks and all these things, but I've never gambled. Like I don't gamble, I don't never bought a lottery ticket, never done any of these things. I've been to a casino once I was to see a comedy show.
人们觉得你最喜欢的东西是股票和那些东西，但我从来不赌钱。就像我不赌博，我从来没买过彩票，也从来没做过这些事情。我去过一次赌场，只是为了看一个喜剧表演。
The truth is that I just totally, I don't like chance. I like stock investing because I could put the odds in my favor. I mean, if I could, if I could be the house in a casino, if yeah, sure, I would take that bet. You know what I mean? But in gambling, I feel like I can't do that. So like I said, I don't think I would invest in a company that I wouldn't use myself too often. I mean, I've probably broken that rule once or twice. You don't balance here. I don't use balance here very often.
事实是，我真的不喜欢赌博。我喜欢股票投资，因为我可以把胜算放在我的一边。我的意思是，如果我能成为赌场里面的庄家，那当然我会接受这个赌注。你懂我的意思吗？但是在赌博中，我感觉我做不到那点。所以，就像我说的，我不认为我会投资一个我自己经常不使用的公司。我的意思是，我可能偶尔会违反这个规则，比如说，我不经常在这里使用余额。
But no, I mean, it depends. But just in that industry, it's up 9% after hours. Wow, okay, cool. Cool.
但我是说，这得看情况。但就那个行业而言，在交易后上涨了9%。哇，好的，棒棒的。
Oh, maybe I'll buy some. No, I'm just kidding. Yeah, so I, I think I'll probably call it there. I really appreciate you guys, but we covered most of it.
嗯，也许我会买一些。不，开玩笑了。是的，我想我可能会到这里为止了。非常感谢你们，但我们已经涵盖了大部分内容。
Oh, the cat wants up now. All right, Lincoln, come say bye. Okay.
哦，猫现在想上去了。好的，林肯，请来和我们道别。好的。
意思是说主人让林肯过来跟猫道别，因为猫想上去了。
All right, guys, thank you so much. Really, really appreciate all your time. If you haven't already, you know, subscribe, stick around. I'll do some more live streams, depending on if they're in my things or in my, you know, portfolio or if they're in the industry, if they compare to so-fi block, any of these companies, I'll then watch the, watch the live streams.
大家都好，非常感谢你们的参与。如果你还没有订阅请留下来，我将进行更多的直播，根据我的内容或我的投资组合，或者是否涉及到像So-Fi、Block之类的公司，我会继续进行直播。再次感谢大家的支持。
But yeah, aside from that, say goodbye, Lincoln. All right. Thanks so much, guys. Really appreciate your time. Check out the links down below. Really appreciate it.
嗯，除此之外，再见了，林肯。好的，非常感谢大家的时间。请查看下面的链接。非常感谢。
意思是：除此以外，再见林肯。谢谢大家的时间，欢迎查看下面的链接。
Appreciate all your support. People that I stick around. I notice all the names that are recurring. Bye.
感激你们的所有支持。这些是我一直待在身边的人。我注意到那些经常出现的名字。再见。