Block (SQ) 2022 Q4 Earnings Call
发布时间 2023-04-17 08:44:49 来源
Good day, ladies and gentlemen, and welcome to the Block 4th quarter 2022 earnings conference call. I would now like to turn the call over to your host, Nikhil Dixit, head of investor relations. Please go ahead.
各位女士、先生们，大家好，欢迎参加 Block 公司 2022 年第四季度收益电话会议。现在，我想将主持人的职责交给我们的投资者关系总监 Nikhil Dixit。请开始。
意思：这是一段关于Block公司举办的电话会议的开场白。主持人欢迎所有参会者，并宣布将由投资者关系总监Nikhil Dixit 主持本次会议。
Hi, everyone. Thanks for joining our 4th quarter 2022 earnings call. We have Jack and Amrita with us today. We will begin this call with some short remarks before opening the call directly to your questions.
大家好。感谢您参加我们2022年第四季度财报电话会议。今天我们邀请到了Jack和Amrita。在回答您的问题之前，我们会先简要发表一些观点。
During Q&A, we will take questions from our customers and efficient questions from conference call participants. 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 facts, could be deemed to be forward-looking.
在问答环节中，我们将接受来自客户和会议呼叫参与者的问题，并将高效的问题进行答复。我们还想提醒大家，我们将在通话中进行前瞻性陈述。除历史事实陈述外，所有陈述都可能被视为前瞻性陈述。
These forward-looking statements include discussions of our long-term targets and goals, which are subject to risks and uncertainties. When we may decide to shift our priorities or move away from these targets and goals at any time, actual results could differ materially from those contemplated by our forward-looking statements. Rewarded results should not be considered as an indication of future performance. Please take a look at our filings at the FBC for a discussion of the factors that could cause our results to differ.
这些展望性声明包括我们的长期目标和目标的讨论，这些目标和目标存在风险和不确定性。我们可能随时决定改变我们的优先事项或放弃这些目标和目标，因此实际结果可能与我们的展望性声明所预期的有很大差别。获得奖励的结果不应被视为未来绩效的指示。请查看我们在FBC的提交记录，以讨论可能导致我们的结果不同的因素。
Also, note that the forward-looking statements on this call are based on information available to us as of today's date. We display any obligation to update any forward-looking statements, except as required by law.
另外，注意到本次通话中的未来展望性声明是基于我们今天的信息做出的。我们没有任何义务更新任何未来展望性声明，除非法律要求。
该句话意思是说，本次通话中提到的未来展望性声明是根据我们今天所知道的信息做出的。我们不会有必要更新任何未来展望性声明，除非法律要求我们这样做。
During this call, we will provide preliminary estimates of gross profit growth performance for the months of January and February. These represent our current estimates for January and February performance, as we have not yet finalized our financial statements for the months of January and February, and our monthly results are not subject to interim review by our auditors.
在本次通话中，我们将提供一月和二月生毛利增长表现的初步估算。这些估算代表我们目前对一月和二月业绩的预期，因为我们尚未完成一月和二月的财务报表，我们的月度成果也不会受到审计师的中期审查。
As a result, actual January and February results may differ from these estimates. 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 January and February or the first quarter.
因此，实际1月和2月的业绩可能会与这些估计有所不同。此外，这些财务信息是仅仅基于目前可用的信息由管理层负责准备的。这些初步的财务信息还未经独立公共会计师事务所审查或审计。这些初步的财务信息并不能全面反映我们1月和2月或第一季度的财务业绩。
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 and investor-day materials on our investor relations website. These non-gap measures are not intended to be a substitute for our gap results.
在这次通话中，我们将讨论某些非普遍会计准则的财务指标。我们会在股东信函和投资者日材料中提供与最直接可比的普遍会计准则财务指标相对照的调解表。这些非普遍会计准则指标并不意味着要替代我们的普遍会计准则结果。
Finally, this call and its entirety is being audio-web passed on our investor relations website. An audio replay of this call and the transcript for Jack and Enreeta's opening remarks will be available on our website shortly.
最后，该通话及其全部内容已经在我们的投资者关系网站上以音频网络方式传递。这次通话的音频回放以及Jack和Enreeta的开场发言的文字记录将很快在我们的网站上提供。
With that, I would like to turn it over to Jack. Thank you all for joining us.
那么，我现在想把话题交给杰克。感谢各位参加我们的会议。
During our last earnings call, we committed to sharing our investment framework. We've spent the majority of our entry marks on that instead of a review of our last quarter, which we'll find in our shareholder letter we sent out about an hour ago.
在我们上次的财报电话会议中，我们承诺分享我们的投资框架。我们大部分时间都花在了这方面，而不是回顾我们上个季度的业绩，这些内容您可以在我们一小时前发送的股东信中找到。
There are three principles guiding our investment framework. Number one, ensure our investments are focused on customer retention and growth. Number two, account for ongoing costs of the business, including stock-based compensation. And number three, utilize industry standard conventions that are simple to communicate and to understand.
我们的投资框架有三个原则。首先，确保我们的投资专注于客户保留和增长。其次，考虑企业的持续成本，包括基于股票的薪酬。第三，利用业界通用标准，以简单易懂的方式沟通和理解。
Making these principles, our investment framework can be articulated in a single sentence. Block and each of our ecosystems must show a believable path to gross profit retention of over 100 percent and rule of 40 on adjusted operating income.
以这些原则为基础，我们的投资框架可以用一句话来表达：Block及我们的每个生态系统必须展示出使调整后的营业收入满足利润保持率达到100%以上和40条规则的可信途径。
This is an ambitious goal, especially at our scale, and one we aren't meeting today. We're sharing this today to provide full transparency into how we want to drive the business and how we want to be held accountable. In the coming quarters, we'll provide more details into our strategies and plans for how we're moving the company towards achieving this goal.
这是一个雄心勃勃的目标，特别是在我们的规模下，而且现在我们还没有达成。我们今天分享这个消息是为了完全透明地展示我们想要推动业务的方式以及我们想要承担的责任。在接下来的几个季度中，我们将提供更多关于我们的策略和计划的详细信息，以展示我们如何推动公司朝着实现这个目标的方向前进。
I want to take a moment to share why we believe this is so important before Enreeta dives into where we are today and what it means for operating our business. Our ability to retain a customer over time tells us a lot. It says we found product market fit. We have the right set of services and features. We're providing the right customer support. We're able to efficiently cross-del into more products and we have the right pricing.
我想花一点时间来分享为什么我们认为这非常重要，然后再让 Enreeta 来介绍我们今天的发展状况以及它对我们的业务运营意味着什么。我们能够长期留住客户，这告诉我们很多东西。它表明我们找到了产品市场适合度。我们拥有适当的服务和功能。我们提供了适当的客户支持。我们能够高效地跨产品交付，并拥有正确的定价。
In the simplest terms, it means that our customers find value in our offerings and want to stick with us. Historically, both cash, app, and square have delivered positive gross profit retention. We made an achievement in every period due to macroships.
简单来说，这意味着我们的客户认为我们的产品有价值并想继续与我们合作。历史上，现金、应用和Square都取得了积极的毛利留存率。由于宏观环境的影响，我们在每个时期都取得了成果。
For instance, we saw squares retention dip in 2020 due to the pandemic before recovering the next year. But over the long term, we expect the average annual gross profit retention of our ecosystems to be above 100%. To complement retention, we'll continue to measure customer cohort economics to assess each stage of the customer journey.
例如，在2020年受到疫情影响，我们看到了广场的保留率下降，但在接下来的一年中恢复了。但长期来看，我们预计生态系统的年平均毛利保留率将达到100%以上。为了补充保留率，我们将继续测量客户群经济学数据，以评估客户旅程的每个阶段。
We assess their efforts to efficiently attract new customers by looking at returns on investment, a factor of both growing customer lifetime value and appropriate aligning our customer acquisition cost. Together, the combination of efficient acquisition and retention leads to greater gross profit growth for our ecosystems.
我们评估他们有效地吸引新客户的努力，通过观察投资回报率来衡量，其中既包括不断增长的客户终身价值，又包括与我们的客户获取成本恰当地对齐。有效获取和保留的结合会为我们的生态系统带来更大的毛利增长。
Turning now to the second component of our investment framework, which is rule of 40. We want to further raise the bar on our growth rates and our efficiency. We believe measuring our ecosystems on growth plus margins is the best framework to enable us.
现在转向我们投资框架的第二个组成部分，即40%法则。我们希望进一步提高我们的增长率和效率的标准。我们相信用增长和利润率来衡量我们的生态系统是最好的框架，以实现这一目标。
A growth plus margin framework provides flexibility for products and businesses at different stages of maturity. It's a useful and universal formula for evaluating each of our ecosystems with different growth trends and margin profiles today and for those we might launch in the future. It also ensures accountability.
增长加利润的框架为不同阶段成熟度的产品和业务提供灵活性。这是一个有用的和通用的公式，可用于评估我们现有的不同增长趋势和利润概况的生态系统，以及我们未来可能推出的生态系统。它还确保了责任的承担。
When we increase our investments, this framework forces us to think critically about the expected returns. And if gross flows, it encourages us to adapt, to operate with more discipline or to pursue different investments. It pushes us to think creatively using new technologies or distribution models to create efficiencies and do more with less.
当我们增加投资时，这个框架迫使我们批判性地思考预期回报。如果总流入增加，它鼓励我们适应、更加有纪律地运作或追求不同的投资。它促使我们利用新技术或分销模式进行创造性思维，以创造效率并做到以少胜多。
Historically, we've looked at gross profit growth plus adjusted evidom margins. In 2022, blocks gross profit plus adjusted evidom margin was 52%, or 42% when excluding afripe, which provided a one-time benefit to growth last year. While adjusted evidom margin is one of the key profit disclosures we've focused on in the past, we recognize that it excludes certain expenses like stock based compensation, which is a real meaningful ongoing cost to operating our business.
历史上，我们通常关注毛利润增长和调整后的经营利润率。2022年，我们的区块（Block）毛利润加上调整后的经营利润率为52%，但如果不考虑上一年对增长起到一次性好处的阿菲瑞佩（Afripe），则为42%。尽管调整后的经营利润率是我们过去专注的关键利润披露之一，但我们认识到它排除了某些支出，例如以股票为基础的报酬，它是我们运营业务的真正意义上的持续成本。
It isn't a cash expense, but to real expense. So we're going to include it in how we assess our investments and performance, and to do so we're developing better signals around it. As a result, we're shifting our focus to an adjusted operating income margin.
这不是现金支出，但是实际上是一项支出。因此，我们将把它包括在我们评估投资和表现的方式中，并为此我们正在开发更好的信号。因此，我们将重点转向调整后的运营利润率。
With this metric, profit margins will include certain non-cash expenses, like stock based compensation and depreciation and amortization. With RULA 40, we are targeting the sum of our gross profit growth and adjusted operating income margins to be at or above 40% over the long term.
通过这个指标，利润率将包括某些非现金费用，如基于股票的补偿、折旧和摊销等。使用RULA 40，我们旨在长期以来将毛利润增长和调整后的营业利润率之和定为40%或以上。
This target applies to block at the overall company level, as well as as well as each of our ecosystems. By comparison, for 2022, blocks gross profit growth plus adjusted operating income margin with 33%, or 23% excluding after pay.
这个目标适用于我们整个公司层面的区块，以及我们每个生态系统。相比之下，到2022年，区块的毛利润增长加上调整后的营业利润率为33％，不包括Afterpay为23％。
简单说：我们设定的目标适用于整个公司和每个生态系统，并计划到2022年使区块的毛利润增长和调整后的营业利润率达到33％，不包括Afterpay时为23％。
Finally, we want to be able to communicate this in a way that's easy to understand using methods that have been widely accepted by the investment community. Growth profit retention and the RULA 40 target are both clear and balance each other in a way that aligns our customer interest with those of our investors.
最终，我们希望能够以广受投资界认可的方式，以易于理解的方式进行沟通。 "增长利润保留"和"RULA 40目标"的核心思想都非常清晰，并且在平衡方面相互影响，使我们的客户利益与投资者利益保持一致。
It provides a clear way for us to determine what's working and what's not working as we seek to serve more and more customers around the world. We believe this investment framework will ultimately enhance our ecosystem around the world and our ecosystem model by allowing each business to make holistic decisions around their teams and road maps and parallels.
这为我们提供了一种清晰的方式，确定在我们服务全球越来越多的客户时，哪些工作正常，哪些不正常。我们相信这个投资框架最终将增强我们全球生态系统和我们的生态模型，使每个业务团队能够综合考虑他们的团队和路线图的决策和平衡。
It ensures the quick decisions of one ecosystem will constrain the others. This model will help us move quicker and be more dynamic with our investments to grow block overall. And this framework has already informed some decisions for us.
这确保了一个生态系统的快速决策会限制其他生态系统。这个模型将帮助我们更快地移动并更具有活力地投资，以增长整个区块。此框架已经为我们的一些决策提供了指导。
As you may have seen in our 10K, we're consolidating our corporate teams, people, legal, and finance in a one organization that Amrita will lead as our chief operating officer. This will allow us to be far more focused and efficient as we work to achieve our goals. Amrita will continue to serve as our CFO as well.
正如你可能在我们的10K中看到的那样，我们正在将我们的企业团队、人员、法律和财务整合成一个组织，由阿姆里塔担任首席运营官。这将使我们能够更加专注和高效地工作，以实现我们的目标。阿姆里塔也将继续担任我们的CFO。
And now, over to Amrita, our CO. Thanks, Jeff. We'll start with how we're executing against our investment framework before moving to our expectations for 2023 and recent trends. Let's start with growth profit retention.
现在，我们转到我们的首席运营官Amrita。谢谢，Jeff。我们将从执行我们的投资框架开始，然后再谈谈我们对2023年的预期和最近的趋势。让我们从利润增长保留开始。
We are a customer-led company and growth profit retention is an effective way to reflect this. In 2022, cash up and square experienced positive growth profit retention compared to 2021, which is in line with our long-term target that Jack outlined.
我们是一家以客户为导向的公司，成长利润保留是反映这一点的有效方式。在2022年，现金账户和Square相比2021年经历了积极的成长利润保留，这符合我们长期目标，正如杰克所概述的。
Many member growth profit retention on a net basis, factoring in growth profit growth from existing customers as they increase engagement or adapt to more products, net of any turn from customers who leave our ecosystems. It's a similar definition to the net revenue retention metric many other companies use, but adapted to our main top line metric, which is growth profit.
许多成员增长利润保留以净基础计算，考虑到现有客户增加参与度或适应更多产品的增长利润增长，同时减去离开我们生态系统的客户转移。这是类似于其他公司使用的净收入保留指标的定义，但是适应了我们的主要总收入指标——增长利润。
We look at retention alongside broader cohort economics to both assess the health of the customer base and our ability to efficiently acquire new customers. In 2022, we experienced strong returns on acquisition spend, which gives us confidence in our ability to invest for long-term possible growth.
我们在评估客户群的健康状况以及我们有效获取新客户的能力时，同时关注保留率和更广泛的群体经济情况。在2022年，我们的客户获取投资回报强劲，这增强了我们对长期潜在增长投资的信心。
For cash up in 2022, we achieved an efficient cost of acquisition of $10 or less on average, as we grew to 51 million monthly convaxing active in December, adding our largest annual cohort of customers on a growth profit basis. Our historical cash up cohorts, through 2020, have achieved ROI's six times or greater over three years, while our most recent annual cohorts in 2021 and 2022 are at or piecing at an estimated payback of less than one year.
2022 年，我们在现金收益方面取得了很高的效率，平均获得成本不到 10 美元。在这一年的增长中，我们达到了每月 5100 万个活跃用户，同时我们还在增加最大的年度客户群。过去的现金收益客群从 2020 年开始，三年内的 ROI 达到了六倍或更高。而我们最近的 2021 年和 2022 年的客户群预计回报时间不到一年，或者已经达到了这一水平。
For Square, each of our annual cohorts onboarded through 2020 are at or piecing at an estimated ROI of three times or greater over four years. With our 2021 and 2022 cohorts pacing at an estimated payback of six quarters or less, there are periods over the past year where expected paybacks on our 2022 Square cohort stretched beyond our six quarter target, primarily because of increased spend in our international markets and experimental areas.
对于Square来说，我们在2020年招募的每一届新成员都在预计的四年内实现了三倍或更高的投资回报率，目前2021和2022年的成员队伍将在预计的不到六个季度内实现回报。然而，在过去的一年中，Square2022年的招募成员有时可能会延长我们设定的六个季度的目标回报周期，这主要是因为我们在国际市场和实验区域的支出增加。
We then pulled back on the other areas, and are now seeing paybacks trend in line again with our targets. In 2023, we're focused on refining Square's go-to-market approach and strengthening our sales and marketing motion. Taking together, we believe these fundamentals of positive retention, efficient acquisition, and stronger turns on acquisition spend, drive sustainable business models.
然后我们在其他领域上进行了调整，现在看到的回报趋势再次与我们的目标相一致。在2023年，我们的重点是完善Square的市场推广方法，加强销售和营销动力。综合起来，我们相信这些积极保留、高效获取和更强的获取支出周转率的基本因素推动了可持续的商业模式。
Moving to our long-term goal of rule of 40, we expect our past to achieving this 40% growth plus adjusted operating income margin, FedG Mark, will be driven by a few key areas of opportunity. From a growth perspective, we're just getting started.
我们正在朝着我们的长期目标——达成40%的增长和调整后的营业利润率（FedG Mark），迈进。我们期望过去所取得的成绩，以及未来的成长，将由一些关键的机会推动。从发展的角度来看，我们只是刚刚开始。
We have less than 5% share of a nearly $200 billion gross profit opportunity across our addressable markets, with much of the landscape sitting on legacy infrastructure. We'll continue to invest with discipline to unlock growth in each of our ecosystems. For Square and Cash-Up, this includes launching new products for our customers, expanding in the new customer segments, and refining our go-to-market approach across our global audiences. For our emerging businesses, our principles are the same, though at an earlier stage.
在我们可触达的市场中，总收益约为2,000亿美元，我们仅占不到5%的份额，其中很多领域还处于过时的基础设施上。我们将继续以纪律性的投资方式，为各个生态系统的增长 unlocking 带来机会。对于 Square 和 Cash-Up ，这包括为我们的客户推出新产品、扩大新客户群的市场份额，并在全球受众中完善我们的营销方案。对于我们正在兴起的企业而言，我们的原则是相同的，只是处于较早的阶段。
We're constraining investment for these businesses, plus than 3% of operating expenses in 2023 in aggregate. We'll look for these ecosystem to show a past to achieving and sustaining rule of 40. From a margin perspective, key opportunities include filing greater efficiencies and share-based compensation in our overhead expenses. We intend on slowing our pace of hiring across the company in 2023.
我们限制这些企业的投资，在2023年合计的运营开支中不超过3%。我们会寻找这些生态系统来展示实现和维持40条规则的过去。从利润角度来看，关键的机会包括在我们的总开销中提高效率和股权报酬。我们打算在2023年放缓公司的雇佣速度。
Within our overhead expenses, we plan to drive leverage across our software and data consumption and real estate footprint, professional fees, and other discretionary areas. Within our reporting disclosures, we want to bring more transparency to our performance against these targets and intend on introducing new disclosures around profitability on an adjusted operating income basis and sharing more about segment-level profitability for Square and Cash-Up over time.
我们计划通过软件、数据消费和不动产占用、专业费用和其他自由裁量领域来驱动杠杆效应，以减少我们的间接费用。在我们的报告披露中，我们希望更加透明地展示我们在这些目标上的表现，并打算引入新的调整后营业收入基础的盈利披露，并在未来逐步分享有关Square和Cash-Up的分段利润。
Our priority remains driving long-term profitable growth at scale, and we believe this balance of compounding growth in margins will help us achieve this. Now, let's just gears to look at our plans for 2023.
我们的首要任务是在规模经济的基础上推动长期盈利增长。我们相信通过在利润率和增长之间取得平衡，将有助于实现这一目标。现在，让我们转向2023年的计划。
Over the past several years, we've significantly grown our business and our expense base. We're focused on operating with efficiency in 2023 and expect to slow our pace of expense growth, meaningfully, compared to prior years. We expect to deliver approximately $1.3 billion in adjusted EBITDA in 2023 for growth of more than 30%, and at least one point of margin expansion year over year.
在过去的几年中，我们的业务和费用基础显著增长。我们专注于在2023年以高效方式运作，并预计与之前的几年相比，显著放缓费用增长的速度。我们预计在2023年提供约13亿美元的调整后的税息折旧及摊销前利润，增长率超过30％，并每年至少扩大一个百分点的利润空间。
On an adjusted operating income basis, we are targeting a loss of approximately $150 million for 2023, and expect our adjusted operating income margin to modestly improve year over year. This incorporates the run rate of trends we've observed in our business up until earnings in our current estimates for performance through February. In 2023, we expect Cash-Up to expand its margins on a year over year basis, while we expect squares margins to be relatively consistent in year over year.
我们的经营收入目标调整后为2023年亏损约1.5亿美元，预计我们的经调节后营业利润率年度改善将适度提高。在我们目前的业绩预测中，考虑到我们业务中观察到的趋势的运行率直到2月份的收益为止。我们预计在2023年，Cash-Up将以年度为基础扩大利润率，而我们预计Squares的利润率年度大致相同。
While this is our base case entering the year, we recognize that we are in an uncertain macro environment. We miss this uncertainty. We intend to hold to our stated profit targets for 2023. If growth flows, we'll exercise discipline and look for cost initiatives to pull back within our planned expense base.
尽管如此，我们认识到我们所处的宏观环境很不确定，在进入本年度时，这是我们的基本情况。我们对这种不确定性感到担忧。我们打算坚守我们制定的2023年利润目标。如果增长出现问题，我们将保持纪律并寻找降低成本的措施，以在我们计划的支出基础内退缩。
As we shared on our last earnings call, we are moderating spend in our two biggest discretionary areas. First, hiring. Headcount makes up the largest driver of our expense base. In 2023, we expect to increase our head count by 100% compared to the prior year period of significant change compared to 46% growth in 2022. However, given the case of hiring last year, we expect overall personnel expenses to increase in the mid-20% range year over year with greater leverage on head count costs expected in the back half of 2023 and into 2024. Second, sales and marketing. We expect overall sales and marketing growth to be 5% to 10% year over year in 2023, moderating compared to approximately 25% in the prior year period. Breaking this line item down, we expect variable cash-up expenses, including period of your cost and cash-up card issuance cost, to grow faster. The remaining portion of our sales and marketing expenses across the business to be relatively consistent with a prior year as we draw the efficiency on acquisition spend. Consistent with our remarks last quarter, we'll continue investing in channels with more proven ROI and intend on pulling back in other go-to-market areas.
正如我们在上一季度收益电话中所分享的，我们正在控制在两个重要的自主决策领域的支出。首先是招聘。人员编制是我们支出基础的最大驱动因素。2023年，我们预计与前一年相比，人员编制将增长100％，而在2022年增长了46％，但考虑到去年的招聘情况，我们预计人员总费用将比上年同比增长约20％，同时预计在2023年下半年和2024年更有利于控制人员成本。其次是销售和市场营销。我们预计2023年整体销售和市场营销增长将比去年同比增长5％至10％，而上一年期间增长约为25％。具体到此项支出，我们预计现金支出费用，包括期间成本和现金卡发行成本等变动支出将增长更快。对于我们整个业务的其余销售和市场营销费用，我们会在获取开支的效率上保持一致。如同我们上一季度所述，我们将继续投资于具有更高回报率的渠道，同时在其他市场领域削减支出。
As we shared last quarter, about one-third of our overall non-gaif operating expense basis made up of variable expenses, which have historically grown more in line with overall growth profit. We've not only include period of pure costs and cash-up card issuance costs and sales and marketing, but also transaction and remosses and expenses related to data and our platform infrastructure.
正如我们上一季度所分享的，我们整体非GAIF运营费用的三分之一由可变费用组成，这些费用历史上与总体利润增长更为一致。我们不仅包括纯成本和现金卡发行成本以及销售和营销，还包括与数据和平台基础设施相关的交易和费用。
Next, an update on recent trends and some highlights from the fourth quarter. For the month of January and February, we estimate overall company growth profit growth to be approximately 33% year-over-year on a reported basis. And we expect growth for the full first quarter to be a few points below this. As a reminder, we are now wrapping the acquisition of after pay, which closed on January 31, 2022. And as a result, a reported growth rate for January should be greater than that of February and March.
接下来，我们会介绍最近趋势的更新以及第四季度的一些亮点。我们估计在报告基础上，1月和2月的全公司盈利增长将约为33%。我们预计整个第一季度的增长将略低于这个数字。需要提醒的是，我们现在已经完成了对Afterpay的收购，该收购已于2022年1月31日结束。因此，1月份的报告增长率应该会超过2月和3月份。
If we look at our performance on a combined company basis, which would include a $51 million contribution from our BNPL platform to January 2022 results, we see stable to improving trends. In particular, we see an improvement in January and February gross profit growth compared to the fourth quarter of 2022. On a combined company basis, we estimate overall company growth profit growth in January and February of approximately 25% year-over-year and improvement from 21% in the fourth quarter. And we expect a combined company growth rate of 25% in January and February to be relatively stable for the full first quarter.
如果我们从合并公司的角度看待我们的绩效，包括从我们的“分期付款”平台贡献的5100万美元，我们可以看到稳定且逐渐改善的趋势。特别是，与2022年第四季度相比，我们看到一月和二月份毛利润增长的改善。从合并公司的角度来看，我们预计2022年一月和二月整体公司毛利润增长率约为25％同比增长，并改善了第四季度的21％。并且我们预计在整个第一季度，合并公司将保持25％的增长相对稳定。
We have continued to see the diversity of our ecosystem model provide resilience in this dynamic environment. Through January and February, cash-apps-up continues trends with stable consumer trends. Squaresaw submoderation and growth rates for certain discretionary verticals with greater stability and other verticals. Let's get into some of these trends by ecosystem. As a reminder, gross profit includes a 50% allocation from our BNPL platform across each square and cash-app.
我们一直看到我们的生态系统模型的多样性在这个充满活力的环境中提供了弹性。在一月和二月，Cash-apps-up继续保持稳定的消费者趋势。Squaresaw子减速和某些自由裁量垂直的增长率表现更稳定，而其他垂直领域表现则不同。让我们进入一些这些生态系统的趋势中。提醒一下，毛利润包括我们的BNPL平台在每个Square和Cash-app中的50%分配。
For cash-app, we expect gross profit growth to be greater than 50% on a reported basis year-over-year for the months of January and February. In March, we expect gross profit growth to slow as we last pricing changes made in the prior year period. Cash-apps early momentum this year has been a continuation of our strong fourth quarter. We continue to build out our banking offering by introducing savings, which has been one of our fastest growing products on cash-app. Cash-app card achieves strong growth in monthly actives and spend for active and delivered more than $750 million in gross profit for the year, up 56% year-over-year in making it more than a quarter of overall cash-app gross profit.
对于现金应用程序，我们预计1月和2月以报告方式年同比增长超过50％。在3月，我们预计毛利增长将放缓，因为我们最后一次定价更改是在去年同期进行的。现金应用程序今年的早期势头延续了我们强劲的第四季度。我们继续通过推出储蓄来建立我们的银行业务，这是我们的现金应用程序中增长最快的产品之一。现金应用程序卡的月活跃用户和支出表现强劲，并且在今年的总计毛利中交付了超过7.5亿美元，同比增长56％，成为总体现金应用程序毛利的四分之一以上。
For Square, we expect gross profit growth to be approximately 15% on a reported basis year-over-year through January and February. Looking at recent volume trends, we saw a moderation in the GPV growth rate for discretionary verticals in the US beginning in November, primarily for food and drink and retail. And we have seen these trends continue into the first quarter. Even with these shifts in macro-trend line, the Square ecosystem, excluding PPP and our BNPL platform, had a growth profit growth rate of 17% year-over-year in the fourth quarter, and is expected to grow 21% year-over-year in January and February.
对于Square而言，我们预计其毛利率增长将在报告期内保持约15％的同比增长，直至1月和2月。从最近的交易量趋势来看，在美国的自愿垂直行业中，自11月份开始，我们看到了针对食品和饮料以及零售业的GPV增长率的减缓。我们已经看到这些趋势延续到了第一季度。即使出现了这些宏观趋势的转变，除PPP和我们的BNPL平台外，Square生态系统第四季度的毛利率增长率同比增长了17％，并预计在1月和2月年同比增长21％。
As a reminder, for the full first quarter of 2022, we recognized $51 million of non-recurring PPP gross profit.
作为提醒，对于2022年第一季度整个季度，我们确认了5100万美元的非经常性PPP毛利润。
（简单解释：公司在2022年第一季度时，获得了5100万美元的PPP毛利润，这笔收益是非经常性的。）
And lastly, an update on our BNPL platform, which was also embedded in the figures I just noted for Tasha Up and Square. Through the months of January and February, we expect GNV growth of 19% year-over-year, an improvement compared to 14% growth in the fourth quarter. We have been encouraged by our ability to manage loss rates as losses on consumer receivables remained below 1% during the fourth quarter, and improved on both a year-over-year and quarter-over-quarter basis behind consistent repayment trends. In the first quarter, loss rates typically CSDs will increase compared to other quarters, they'll are expected to remain around 1% for the first quarter.
最后，我们更新一下我们的“购买现付后”（BNPL）平台，该平台也嵌入了我刚刚提到的Tasha Up和Square的数字中。在1月和2月，我们预计GNV增长将同比增长19％，相比第四季度的14％增长有所改善。在第四季度，我们能够管理损失率的能力使我们倍受鼓舞，因为消费者应收款项的损失率在1％以下，并通过持续的还款趋势，在同比和季度基础上得到改善。在第一季度，CSDs的损失率通常会增加，但预计在第一季度仍将保持在1％左右。
To conclude, our potential is profound across our significant addressable opportunity, the ability to grow with our existing customers, and the longer-term path to grow new ecosystems. With all this opportunity, we have found that constraints are clarifying and can help us execute responsibly and creatively. With the components of our investment framework, we believe our teams will be able to continue driving products velocity while prioritizing agility, accountability, and long-term thinking paired with near-term feedback loops. With that, we'll open it up to your question.
综上所述，我们在重要的可寻址机会、与现有客户一起增长的能力和发展新的生态系统方面拥有深厚的潜力。在这些机会中，我们发现限制能够使我们更清晰地执行任务，并在责任和创造性方面提供帮助。借助我们的投资框架，我们相信我们的团队将能够在优先考虑敏捷性、责任感和长期思维以及与近期反馈回路相配合的情况下继续推动产品速度。因此，我们现在开放问题环节。
At this time, I would like to remind everyone in order to ask a question, press star, follow button number one on your telephone keypad. If you would like to withdraw your question, press star one. In the interest of time, please limit yourself to one question.
此时，我想提醒大家，如果您想提问，请按电话键盘上的星号，跟随按钮号码一。如果您想撤回您的问题，请按星号一。为节省时间，请限制自己只问一个问题。
Your first question is from Ken Singh Huang with JP Morgan. Your line is open. Hi, thanks so much. I like the investment framework, especially the inclusion of the operating income margin. I think it will be well received. I want to ask on that, Peter Lman, just focusing on the margin and cost side, which you have more control over. Can you just discuss or talk about the broader opportunity for operating leverage longer-term? I know you gave some thoughts for 23, but just beyond that, operating leverage overall or maybe even across the two ecosystems, how should we think about that? Thanks.
你们第一个问题是来自JP Morgan的Ken Singh Huang。请开始提问。嗨，非常感谢。我喜欢投资框架，特别是包含了运营收入毛利率。我认为这将会受到良好的接受。我想就这个毛利率和成本方面，你们更有控制能力的问题来问Peter Lman。你能否就长期的运营杠杆的更广泛机会进行讨论或谈论一下呢？我知道你们已经给出了一些23年的想法，但超越那个时间，总体的运营杠杆或甚至两个生态系统之间的运营杠杆，我们该怎么考虑呢？谢谢。
Thanks for the question, Ken Singh. I'll start us off. Our investment framework here is around Rule of 40 is really about helping to build profitable long-term growth. This is important as achieving Rule of 40 is sustaining Rule of 40. We're looking to make investments in our business that can accrete returns both for our customers and ultimately for us and for our business model.
感谢您的问题，Ken Singh。我来开始回答。我们的投资框架围绕着“40规则”，旨在帮助建立具有盈利性的长期增长。这非常重要，因为实现“40规则”可以维持“40规则”。我们正在寻求在业务中进行投资，以增加我们的客户和最终我们自己以及我们的业务模型的回报。
When leverage perspectives, specifically to your question, there are a couple key things that we're looking at that I'd point you to in terms of opportunities for us to find increased leverage across our fixed expense base. The first key areas that we're looking at are hiring and sales and marketing. As you heard on the call today, we're meaningfully slowing the pace of our hiring, going about 10% in terms of headcount in 2023 compared to 46% growth in 2022. We're putting our teams to work across key important areas to build out our product ecosystem to address a sizable market opportunity ahead of us, $200 billion in gross profit opportunity, about 5% were penetrated in. But we're doing it in a way that enables them to be smarter with their work, more efficient and effective in their work.
在提高策略效益方面，尤其是对于您的问题，我们正在关注几个关键因素，这些因素可以帮助我们在固定费用基础上找到更多的杠杆。我们正在关注的第一个关键领域是招聘和销售以及市场营销。正如您今天在通话中听到的那样，我们正在明显放缓招聘的速度，在2023年与2022年增长了46%的人员数量相比，我们的人员数量仅增加了10%。我们正在让我们的团队在关键重要领域努力工作，以建立我们的产品生态系统，以应对我们面临的巨大市场机遇，其毛利润机会约为2000亿美元，我们已经渗透了约5%的市场。但我们正在以一种能够使他们更加聪明、更有效率和更有效的方式进行这些工作。
Now in terms of how you'll see that roll through our P&L, because we're running the higher is that in 2022, we'd expect you to see more of the impact that we're hiring and that pace of hiring, the back half of 2023 and into 2024. The second piece in terms of sales and marketing is around, again, orienting our spend towards areas that are more proven and that can impact our customer base and potential future customer segments that we can serve. So we expect to slow our pace of sales and marketing spend to 5 to 10% in 2023 relative to where we were at about 25% last year. And I think this is an area for us to find continued improvement on in refining our sales and marketing motion across each of Square and cash up.
现在，关于这一增长如何反映在我们的损益表中，因为我们在2022年运营了更高的增长率，我们预计您将在2023年下半年和2024年看到我们招聘的影响更多。其次，就销售和营销而言，我们会将支出重点放在那些已经经过验证且能够影响我们客户群和潜在未来客户群的领域。因此，我们预计我们的销售和营销支出将在2023年相对于去年的25％减缓到5~10％。我认为这是我们继续改进Square和Cash App在每个销售和营销方面的运营的一个领域。
From an overhead perspective, we're going to be looking across all of our corporate overhead expenses from software and data utilization to real estate facilities to professional fees and a range of other discretionary areas. Now, what that all means for 2023 is we expect to see one point or greater of margin expansion on an either dot basis and we also expect to see margin expansion on an adjusted operating income basis.
从总体来看，我们将审视所有企业开支，包括软件和数据利用、房地产设施、专业费用以及其他可自主支配的领域。现在，对于2023年，这意味着我们预计在EITHER点的基础上看到1个点或更大的利润率增长，并且我们也预计在调整后的营业收入基础上看到利润率增长。
But again, if we're going to sustain not just reach, but sustain rule of 40 over the long term, we need to continue investing in our business. And that's where we see opportunities around reaching new customer segments through our go-to-market motions, continuing to take share in our TAM and building new products that enabled greater TAM expansion and unlocking new audiences through our emerging initiatives. We'll continue to invest with discipline across each of those areas to ultimately build growth opportunities, profitable growth opportunities over the long term.
但是，如果我们不仅想达到而是想长期维持 Rule of 40，我们需要继续投资我们的业务。这就是我们看到通过我们的市场战略触及新顾客细分、不断扩大我们的市场份额、构建可扩展市场并通过我们的新兴项目吸引新受众的机会所在。我们将在这些领域内继续有条不紊地投资，最终打造出长期可持续的增长机会和盈利机会。
Great. Your next question is from the line of Timothy Gildo with Credit Suisse. Your line is open.
好的。接下来的问题来自瑞士信贷的Timothy Gildo，你的线路已开通。
Great. Thank you. I want to focus a little bit on the restaurant vertical given the competition there. So you have the Square for Restaurant vertical offering at the May 2022 investor day. One of the big themes was the build out of the vertical sales teams and the move up market to our shareholders. At the time you talked about verticalizing the sales teams starting with the inbound teams and then building out further from there. We hope that you can give an update on the progress there, the feed on the street effort, how many people we're talking about, and how the LTV to tax look for that type of a go-to-market effort relative to the historical square approach.
太好了。谢谢。考虑到餐厅竞争激烈，我想重点关注餐厅垂直领域。因此，您在2022年5月的投资者日上介绍了针对餐厅垂直领域的Square报价。其中一个重要主题是构建垂直销售团队，并向我们的股东提供上升市场。当时，您讨论了垂直化销售团队的计划，从入口团队开始，然后进一步扩展。我们希望您能更新这方面的进展情况，街头推广的投入情况，涉及多少人，以及相对于历史上Square的方法，这种营销方式的LTV和税收情况如何。
Hey Tim, thanks for the question. So let's talk about our go-to-market approach for the square business. We have targets that we look to maintain across both payback and returns and that encompasses the full set of our cost across sales and marketing across US as well as international. And those blended rates obviously being three times ROI over four years and a six quarter payback. And we've seen that for the past few years be dynamic with that spend and our approach to the sales initiatives that you mentioned specifically throughout the year. And I think we'll continue to be dynamic here as we read our results and the environment in 2023. Specifically to our sales efforts, you know, we're in the early stages of building out a software led with embedded financial services sales team.
嗨，Tim，谢谢你的问题。我们来谈谈我们的市场推广方法，针对的是Square业务。我们有维护回报和利润的目标，这包括销售和市场营销成本在美国和国际范围内的全部费用。而这些综合比例是在四年内三倍的ROI和六个季度的回报期。我们已经看到，在过去的几年中，这个支出和销售计划是动态的。而你在提到的销售计划方面，我们会在这方面继续保持灵活，根据2023年的结果和环境不断调整。特别是针对我们的销售工作，你知道，我们正在初步建立一个以嵌入式金融服务为主的软件销售团队。
And this sales team not only has inbound capabilities but also outbound capabilities. We're building verticalization into our team. So where in the past we had a more generalized sales team. We've started to now verticalize across our three key areas of restaurant, retail and services and expect this to benefit deal cycle times and win rate over time. From the outbound perspective, we're also enhancing our capabilities here around targeting specific verticals and seller sizes using better data and signals that enable us to be able to reach those sellers at the right time with the right message. And we expect outbound sales to be a bigger contributor to seller acquisition over time. Now this is a multi year journey that we're on on reorienting and building up the sales team and we'll continue to iterate on our processes and tooling.
这个销售团队不仅具备入口能力，还具备出口能力。我们正在将垂直化融入我们的团队中。过去，我们有一个更为一般化的销售团队。现在，我们已经开始在餐厅、零售和服务这三个关键领域垂直化，并期望这将有助于缩短交易周期和提高赢率。从出口的角度来看，我们还在这方面加强了我们的能力，针对特定的行业垂直和销售规模，使用更好的数据和信号，使我们能够在适当的时间用正确的信息联系到这些销售商。我们预计出口销售在一段时间内将成为销售商收购的更大贡献者。现在，我们正在重新定向和建立销售团队，这是一个多年的旅程，我们将继续在流程和工具上进行迭代。
But we are encouraged by the traction that we've had in building our upmarket success through mid-market sales. And what we're seeing is that our mid-market sellers have grown twice as fast in the fourth quarter than the total square gross profit excluding DNPL. Mid-market gross profit was up 16% in your year excluding DNPL. So these go to market initiatives are starting to resonate and we'll be making more progress over time as we continue to reorient the sales team and pair that with our marketing messages.
但是我们对于我们在通过中档市场销售来建立高端业务成功所取得的进展感到鼓舞。我们所看到的是，我们的中档市场销售人员在第四季度的增长速度是除DNPL之外总平方毛利润的两倍。中档市场的毛利润在去年上涨了16%，不包括DNPL。因此，我们的市场推广计划开始产生了共鸣，随着我们继续重新调整销售团队并与我们的营销信息相匹配，我们将会取得更多的进展。
Thank you, Emerda. Your next question comes from CashUp customer, Austin Watson. Your line is open.
谢谢，艾默达。您下一个问题来自CashUp的客户奥斯汀·沃森。您可以发问了。
All right. My name is Austin. I use CashUp as my primary bank account. I get my paycheck, direct deposit it at a using a cash card every day. And I love the app, but I still have a legacy bank account for another reason that auto bill pay. And for me personally, this problem could be solved if I had the ability to schedule recurrent payments just to other CashUp customers. But, yes, so I guess the question is, are there any plans to enable scheduling recurrent payments within CashUp?
好的，我的名字是奥斯汀。我将CashUp用作我的主要银行账户。我每天将我的薪水直接存入一个现金卡。我喜欢这个应用程序，但是我仍然有一个传统的银行账户，用于自动账单支付。对于我个人而言，如果我有能力安排定期付款给其他CashUp客户，这个问题可以得到解决。所以，我的问题是，是否有计划在CashUp内启用定期付款的功能？
We're seeing more and more of that. We're always going to be looking at things that people are trying to do with CashUp that we didn't build. We have a mindset of looking at the broadest patterns and I'm sure we've seen desire for recurrent payments to friends and to other CashUp customers across the board. And as we see more and more of that, we tend to prioritize it. But right now, we're really focused on making sure just the basics are rock solid for every type of customer that we have, whether you're just starting with a bank account or a savings account or you've had one. And really that's a question of looking at the limits we place on to CashUp and what we enable to make it super easy for people.
我们正在越来越多地看到这样的需求。我们一直会关注人们在CashUp中所尝试的事情，而我们并没有构建。我们有一种关注最广泛模式的心态，我确信我们已经看到了人们对朋友和其他CashUp客户进行定期付款的渴望。随着我们看到越来越多的这种情况，我们 tend to 优先考虑它。但现在，我们真正专注于确保为我们所有类型的客户提供坚实的基础，无论您是刚刚开始使用银行账户或储蓄账户，还是已经有一个账户。确实，这是关注我们放到CashUp上的限制和我们启用的内容，使人们可以非常容易地使用的问题。
So we've been focused on savings accounts, we've been focused on limited pre withdrawals at 8,000 and paper money deposits. So we don't have an immediate plans for a recurrent, but I'm sure it'll be on the road map at some point. But thank you so much.
我们一直专注于储蓄账户，限制了每次提款金额为8,000美元和纸币存款。因此我们目前没有重复预付款的立即计划，但我相信这将在某个时间点上计划。感谢您。
Your next question is from the line of Darren Peller with Wolf Research. Your line is open.
您的下一个问题来自Wolf Research的Darren Peller。请问您有问题需要提出吗？
Hey guys, look, it's crazy here. You're confident around the 1.3 billion of e-bid on pretty much any macro scenario. But if you could just give us a little bit more color on your assumptions for the base case macro back to Robin Bettin. And then just on that note, it loves to know a little more specifically gross profit growth embedded in that base case. I guess relative to the 20 to 25% rates we're seeing through January into February, if you could just frame it in that way. And then Jack, just a bigger picture question on the sustainability of CashUp. Obviously CashUp is called out quite a bit and we're seeing a lot of success there. But do you just revisit some of the drivers of sustainability mediums, herm, you know, with CashCard now 25, 30% of the mix. I think we just love to hear more on that. Thanks again guys.
嘿伙计们，看，这里变得很疯狂。在任何宏观情况下，您都可以自信地进行13亿电子竞标。但如果您可以给我们更多的有关基本情况宏观经济的假设，那就再回到Robin Bettin。除此之外，它希望详细了解嵌入基本情况的毛利润增长。我想相对于我们在一月份到二月份看到的20%至25%的增长率，如果您可以用这种方式来描述它。然后，杰克，一个更大的问题是现金卡的可持续性。显然，现金卡非常成功，我们在那里看到了很多成功。但您是否可以重新审视一些可持续性媒介的驱动因素，如现金卡已经占到了25%至30%的比例。我想我们需要更多的了解。再次感谢大家。
So Darren, thanks for the questions. I'll start off on sort of our 2023 the God guide and what our assumptions are with respect to growth in that guide. So first what I'll share is, you know, our 2023 outlook is is based on what we've seen so far. Obviously exiting 2022 and our Q4 growth rates, but also the early part of this year, which we shared with you from a growth perspective, we expect CashUp to grow faster than square, which is a continuation of Q1 where you've seen consumer trends relatively stable for CashUp versus some moderation in a few discretionary verticals that we believe are macro related for square within CashUp. And CashUp, we expect to see, you know, when you think about our inflow framework of active inflows per active, which is the amount of money our customers bring into CashUp and then monetization rate, we expect to see continued year over year growth across each of those three drivers of the CashUp business during 2023.
嗨Darren，感谢您的提问。我将从我们2023年的上帝指南以及我们对增长的假设出发。首先，我想分享的是，我们的2023年展望是基于我们目前所看到的情况。我们不仅考虑了2022年末和我们的Q4增长率，还考虑了今年早些时候的增长情况，我们与您分享了，从增长的角度来看，我们预计CashUp的增长速度将超过Square。这延续了Q1对CashUp与Square的消费趋势相对稳定，同时我们相信Square中一些自由垂直行业的适度调整与宏观相关。我们预计，在2023年期间，CashUp将继续在活跃的流入量，即客户带入CashUp的资金量和货币化率等三大驱动因素上实现同比增长。
We do expect to see some growth profit growth to slow in March for CashUp and Q2 onwards as we lapse from the pricing changes that we made last year. From a square drivers perspective, you know, our focus as you've heard so far today continues to be refining our sales and marketing motion and continuing to grow and take advantage of the success that we've seen in growing up market with larger sellers. Building out our omnichannel needs, we've seen now software plus integrated payments has become the significant portion of the square business, 75% of square-square-square's profit, XPPP. And so continuing to focus on our strategic areas around up market omnichannel, international, and refining our sales and marketing motion for the square business.
我们预计CashUp和Q2以后的利润增长将放缓，因为我们去年进行的定价调整将逐步消失。从Square驱动的角度来看，我们的重点仍然是完善我们的销售和营销策略，继续在较大的卖家市场上获得成功。我们已经看到，软件加集成支付已经成为Square业务的重要组成部分，占75%的利润XPPP。因此，我们将继续关注我们的战略领域，包括较高端市场的全渠道、国际化以及完善Square业务的销售和营销策略。
From a profitability perspective in 2023 by ecosystem, we are focused on efficiency here and as you've heard, we're slowing the pace of growth meaningfully and we also have the ability and a number of levers at our disposal to be nimble based on what we see from a macro perspective with those levers. Now that said by ecosystem, we expect CashUp margins to expand, which is a continuation really of some years now of improving profitability for the CashUp business. We expect square margins to be more consistent year-over-year, partly due to some of the moderation of growth related to macro impact starting in mid-Q4 and given if already high incremental margins. We outlined those in some great detail during our investor day last year. But as you noted in the midst of potential macro-dynamism, we intend to hold of these profit targets. And if we see growth slow, as I noted, we have a number of levers that were scrutinizing and have the ability to pull back puttently while still investing for growth against our planned expenses.
从2023年生态系统的盈利能力角度来看，我们关注的是效率，并且正如大家所听到的，我们正在大幅减缓增长速度，同时我们还有能力和许多杠杆工具来根据我们从宏观角度看到的情况灵活应对。尽管如此，在生态系统上，我们预计CashUp的利润率将扩大，这实际上是多年来提高CashUp业务盈利能力的延续。我们预计，正方形的利润率将更为一致，部分原因是由于与宏观影响相关的增长适度变缓始于Q4中期，并且由于已经高增量利润率。去年的投资者日我们已经详细介绍了这些。但正如你所注意到的，如果遇到潜在的宏观动态，我们打算保持这些利润目标。如果我们看到增长放缓，正如我所指出的，我们有许多杠杆工具正在审查，有能力在对计划支出进行投资增长的同时，进行回撤。
And there in the second question, Darren. Just to clarify the second part of your question, Darren. But it's now, you know, twice you guys pointed out almost 30% of the mix of revenues. And so what do you think about that business longer term in terms of the driving force of a keep growing well? What's going to drive that? Thanks, can't guys.
在第二个问题中，达伦。为了澄清你问题的第二部分，达伦。但是，你们已经指出了大约30％的收入组合两次了。那么，从长远来看，你们对这个业务有什么看法，以保持良好的增长？是什么在推动这一点呢？谢谢，大家。
I'm sorry, you broke up a little bit, Darren, are you talking about cash-up card or other parts of the banking experience? I was just trying to figure out growth profit growth sustainability for cash-up in general. What kind of drivers you see given how strong cash-app card has already contributed? Is it at a lot more to go? Is it other drivers?
很抱歉，达伦，你的声音断了一点。你是在谈论Cash-up卡还是银行体验的其他方面？我只是想计算Cash-up在整体上的收益增长可持续性。鉴于Cash-app卡已经做出了巨大贡献，你认为还有哪些驱动因素？它是否还有更多的增长空间？或者还有其他的驱动力？
Yeah, I mean, I just just start off in where that can kind of end in here as well. But I think the most important thing for us to grow the cash-app ecosystem is to continue to find a trace in fees. A trace in financial services that complement one another. And there's, you know, there's certainly aspects to, you know, everything that we're doing around in close direct deposit, all these utilities and functionalities that we're building. And one of them gets people into the ecosystem and drives them in. And then our goal is to really cross-sell and make sure that, like, we're, you know, people are able to find the other services quite easily. And there might be one that resonates even more like cash-app card.
嗯，我的意思是，我刚刚在这里开始，现在也可以结束了。但我认为对于我们来说，让现金应用程序生态系统继续增长最重要的一点是继续寻找在费用方面的迹象，即互相补充的金融服务。我们正在做的所有事情都有它们的优点，包括直接存款、所有这些实用程序和功能。其中之一可以让人们进入生态系统并将他们推进去。然后我们的目标就是真正跨界售卖，确保人们能够很容易地找到其他服务。可能会有一种服务更符合他们的需要，例如现金应用卡。
So I do believe that cash-app card has a ton of room ahead of it. And I do believe that it's a great marketing device for us in the same way that the original Square Reader was when people see it, whether they see the friends use it or they see pictures over social media, whether they designed it, it tends to effectively encourage you to download the app and make their own. In the same way that the Square Reader unit farmers markets saw other sellers who, you know, quickly was able to recognize what the power of that thing was and then then decided to download for themselves. But it's just one part of the equation. And, you know, except to us means that it's not just cash-app card that drives the ecosystem growth. But there's multiple entry vectors that all accompany each other and encourage one of them contribute to it.
我相信Cash-App卡还有很大的发展空间。我认为它是我们的一个绝佳营销工具，就像最初的Square Reader一样。当人们看到它，无论是看到朋友使用它还是在社交媒体上看到它的图片，都很容易有效地鼓励他们下载应用程序并自己使用。就像Square Reader在农民市场上看到其他卖家能够迅速认识到它的力量并决定要为自己下载一样。但这只是方程式的一部分。对我们来说，这意味着推动生态系统增长的不仅仅是Cash-App卡。还有多个入口向量相互陪伴，鼓励彼此贡献。
Therein, I'll just add that, you know, cash-app now has five revenue streams at $100 million and more in annualized worst profit. And since the positive obviously cash-app card, as you've heard, at $750 million in 2022, or Bitcoin revenue stream, business accounts and cash-app borrow would several others that are smaller but scaling, like cash-app pay as an example, and other banking and commerce products. And even within cash-app card, you know, we're at about a 36% attach of cash-app card monthly transacting active to our overall monthly transacting active in December. That's about 18 million active on cash-app card on a monthly basis.
在此提醒一下，你们应该知道，Cash App现在已经有了五个收入流，年利润超过1亿美元。除了我们听过的正面Cash App卡片、2.02亿美元的比特币收入流、商业账户和Cash App借款等等较小的收入流之外，还有其他银行和商业产品。即使在Cash App卡片的内部，我们在12月份达到了36%的每月交易活跃度，约有1800万人每月使用Cash App卡片。
And we're seeing that cash-app card is increasingly top of wallet to our customers with a broad use case in terms of everyday payments. But to Jack's point about adjacencies, maybe one recent product launch to call out that's an example that is our recent launch of peer-to-peer disk cards, where we allow customers to send a disk card from a wide range of merchants to their friends and family, who can then receive it and spend it through their cash-app card. And this is a product that for us, fans multiple development pillars. There's a community aspect to the peer-to-peer elements. And there's a banking aspect that ties in utility of cash-app cards, all while ultimately promoting more commerce within our ecosystem, which is a longer term focused for us particularly with after pay in our efforts there. So that's an example of an adjacency. There are numerous others like our savings accounts, which we just launched in January and is one of our fastest growing products, which is yet another reason for people to bring money into cash-apps and link a debit card and use roundups and a number of other features that end up creating an everyday experience for our customers through cash-apps and through our banking offerings.
我们注意到现在越来越多客户选择使用Cash-app卡进行日常支付，这张卡有着广泛的应用场合。但是回应杰克所说的邻近市场，我们最近推出了一款点对点礼品卡，让客户可以从各种商家中购买礼品卡并发送给家人和朋友，他们可以通过Cash-app卡收到并使用。这个产品涵盖了我们的多个开发支柱。它具有点对点社区性质，同时将Cash-app卡的实用性与银行服务联系在了一起，最终促进了我们生态系统内更多的商业活动，这也是我们长期关注的问题，尤其是在我们的分期付款产品Afterpay中。这就是一个邻近市场的例子。我们还推出了储蓄账户，这是我们在一月份刚刚推出的产品之一，也是增加人们使用Cash-app并关联借记卡的原因之一，使用Roundups和多种其他功能，为客户创造了日常体验。
That's really helpful, guys. Thank you very much. Your next question is from Lyca Ellis with SVB Muffet, Nathanson. Your line is open.
你们非常有帮助，太感谢了。下一个问题是来自SVB Muffet、纳撒逊的Lyca Ellis。你现在可以发问了。
Hi, thank you for taking my question. And thanks for all of the detail on Blocks Investment Framework. This shift from the focus on Adjusse of EBITDA to adjusted operating income is an important one. And I think one that will be welcomed by a lot of investors. Can you just elaborate a bit more on the why now behind that shift and how it's being operationalized by the abuse? So for example, we expect that we would see these non-cash items, SBC and DNA, etc., sort of decline or slow in their growth over time. So if it's the differential there, narrow. Thank you.
大家好，感谢您回答我的问题。并且感谢关于区块投资框架的所有细节。这种从关注EBITDA调整到调整营业收入的转变非常重要。 我认为很多投资者都会欢迎这种转变。您能否再详细解释一下转变的原因以及滥用机制如何运作？例如，我们预计这些非现金项目如SBC和DNA等，随着时间的推移可能会下降或减慢增长。所以如果差异变小了，就会非常感谢。谢谢。
Thanks for the question. I'll start off here and read a can follow up. But just from a high level, why now? As we talked in our investor day, but also a bit in the last quarter, we realized our business is fairly unique. We're not we started with this one ecosystem called Square and we've added other ones such as cash app title and TBD to them are at massive scale. And the other two are just beginning and we intend to create new ecosystems where that comes from an organization like TBD or an acquisition like title. All these things ultimately go under this purpose of economic empowerment, like how do we serve and traveling to audiences to empower them, give them simple tools to participate more fully in the economy.
谢谢您的问题。我会在这里开始，并可以做一个后续。但是从高层次的角度来看，为什么现在呢？正如我们在投资者日和上一季度讨论的那样，我们意识到我们的业务是相当独特的。我们从一个生态系统Square开始，然后添加了其他的生态系统，比如Cash App、Title和TBD等等，它们都以巨大的规模运作。而另外两个生态系统现在才刚刚开始，我们打算创建新的生态系统，无论是从TBD这样的组织，还是从Title这样的收购中获得。所有这些事情最终都符合经济赋权的目的，就像我们如何为人们提供简单工具，使他们更充分地参与经济活动。
This is a complex business. It's not like many others that you probably cover. And the reason we wanted to share this is we wanted a simple way that we could communicate how we think about investing in ourselves. And it's a way to help align the interests of our shareholders and you all with those of our customers. So what was important to us is making sure that we had person foremost, a customer focused metric and that is growth profit retention, making sure that, you know, we are we are keeping the customers that we bring into the network. And most importantly, we're seeing them buy more and more services within the ecosystem that they started with such a square or going to a completely different ecosystem, such as cash app and utilizing more and more of our tools and staying with us.
这是一个复杂的生意，与您可能涉及到的许多其他业务不同。我们想要分享的原因是我们想找到一种简单的方式，来表达我们对自身投资的想法。这也是一种帮助我们的股东和你们与我们的客户兴趣相一致的方式。对我们来说最重要的是确保我们首先以人为本，以客户为中心的指标，即增长、利润保持，确保我们保留了引入网络的客户。最重要的是，我们看到他们在最初的生态系统内，如Square，或完全不同的生态系统，如现金应用程序，并利用越来越多的工具与我们保持联系，并购买越来越多的服务。
And the second we want to account for real cost of the business we've we've heard from a lot of you. We've heard from a lot of the broader investment community that sbc, you know, the way the camera for just doesn't make sense and we listened to one of the. So really see it as true cost and recorded as such and hold a bar to ourselves on making sure that we integrate that as a real cost. So it's much clearer and more transparent to you. And then finally, we want to use phrases and words and formulas and concepts that you all are familiar with, which is.
我们想要考虑业务的真实成本，我们听取了许多人的看法。我们从广泛的投资社区听到，SBC（员工股票期权）对业务并没有什么用处，我们听取了其中的一些看法。因此，我们将其视为真实成本，并将其作为这一成本记录下来，我们自己也会坚持确保将其作为真实成本进行整合。这样，我们的成本就更加清晰和透明。最后，我们希望使用大家熟悉的短语、词语、公式和概念。
You know, where cross-crupper retention or and RR and and will 40 really comes for put you in a way that that raises the bar even more so. We believe that it's you know, it's really important to recognize that you know, this is this is a steady state goal for us. We're not there today, but it will help us really think about our investments, whether they be at scale ecosystems like square and cash up or newer ecosystems like title and TVD to make sure that we're investing in the right way that we're customer focused that we're balancing the investment between all these ecosystems in the correct way. And ultimately that we're fulfilling our promise of a model of ecosystem of ecosystem, which means that each one of them possibly contributes to the other.
你知道的，跨鞍带留、RR以及40将为你带来更高的挑战。我们认为这是一个稳定目标，虽然我们现在还没有达到，但这将帮助我们更好地思考我们的投资，无论是规模巨大的生态系统，如Square和Cash App，还是像Title和TVD这样的新生态系统，以确保我们以正确的方式投资，以客户为中心，正确平衡这些生态系统之间的投资。最终，我们履行了我们的生态系统模式的承诺，这意味着它们中的每一个都有可能为其他生态系统做出贡献。
And that we can we continue to disrupt ourselves with each one of these ecosystems like I expect some of our ecosystems like TVD to be disruptive to what we're currently doing within cash up. And I'm happy that we're thinking about that before external competitors and that's exactly the model that we want to continue because it ultimately all this represents resilience. And so we're just going to use this investment model and make sure that we iterate as quickly as possible to hit it and to keep hitting it. And we just need to see if anyone wants to hear anything more.
我们可以继续通过每个生态系统来打破自己的界限，比如我预计我们的某些生态系统像TVD会对我们在Cash Up内的当前操作产生干扰。我很高兴我们在外部竞争者之前就已经思考了这个问题，这正是我们要坚持的模式，因为这最终代表着弹性。因此，我们将继续使用这种投资模式，并确保尽快进行迭代以达到并不断保持成功。我们只需要看看是否有人想听更多关于这个话题。
Yeah, Lisa, thanks for the question. We agree with you that it is a meaningful shift to include stock based compensation and DNA, but particularly stock based compensation in our profitability metrics. And what we wanted to do here was align our external disclosures and targets with how we're actually running the business internally. So to now include SBC as a part of how our leaders are measured and our business units and business models are measured internally. As we think the right level playing field across our businesses and across whether it's maturity type or business model.
嗯，Lisa，感谢您的问题。我们同意您的观点，将股票补偿和DNA，尤其是股票补偿，纳入我们的盈利指标中是一次有意义的变革。我们希望在这里将我们的外部披露和目标与我们实际内部经营相一致。因此，包括SBC作为我们的领导人和业务部门以及业务模式内部评测的一部分。我们认为这是横跨我们各个业务和成熟程度或业务模式的正确平等竞争水平。
SBC is an important part of our compensation model here. We want our employees to be shareholders. And ultimately that structure enables us to track and retain amazing talent and invest in high performing teams. So this shift to adjusted operating income to account for SBC and DNA brings increased rigor to how we manage those costs, those SBC costs. And we want our teams to consider SBC as an expense when they are hiring and making those investment decisions.
SBC（股权补偿计划）是我们薪酬体系重要的组成部分。我们希望员工成为股东。最终，这种结构能够帮助我们跟踪和留住优秀的人才，并投资于高绩效团队。因此，这种调整营业收入的方式，以考虑SBC和DNA的因素，增加了我们管理这些成本的严谨性。我们希望团队在招聘和做投资决策时，考虑SBC作为一项费用。
Over the long term, we expect to drive efficiencies and leverage from SBC. And historically our share cancelation just to get into some of the tactics around what we expect to see. Historically our share cancelation from SBC has been in the low single digit percent range, excluding impacts from converts. And we expect this trend to continue of low single digit solution for normal run rate across our business.
长期来看，我们预计能够从SBC中获得效率和杠杆作用。从历史数据来看，我们的股份取消率通常只占低个位数百分比，不包括可转债的影响。我们希望这种趋势能够继续，低个位数解决方案将成为我们业务的常态运行水平。
Terrific. Thank you. Your next question is from the line of Josh Beck with KBCM. Your line is open. Thanks for taking the question and also thanks for collapsing your investment slot feed into one set. That's not easy to do for anyone.
太棒了。谢谢。下一个问题来自KBCM的Josh Beck。请发问。感谢您回答问题，也感谢您将投资通道集合成一个集合。这对于任何人来说都不容易。
But I wanted to ask a little bit about cash act and read I believe you said pretty much all of those three core drivers will be up in 23. The one you know that I wanted to ask about was the inflows per mile.
但我想问一下Cash Act并且读一下，我相信您说过这三个核心推动力几乎都会在23年上升。其中我想问的是每英里的流入资金。
You certainly did fight some recent the square business slow down in discretionary spend. But I assume there are off steps things like obviously cash hard. Attach and assume assuming is going to lead to higher direct deposit, which obviously had a really nice step up on the metrics you gave it to you.
你在最近的自由支出方面确实遇到了一些挑战，但我认为有一些措施和事情可以采取来解决这个问题，比如显然的现金收紧。附加并且假设这种假设将导致更高的直接存款，这显然在你提供的指标中有了很大的进展。
So I'm curious to hear a little bit just about the drivers there as well as the monetization rate. Certainly mentioned the pricing changes and that's had a sizable impact. But as we look forward, you know, should we be thinking about borrow as a bigger driver or other items around the monetization side. Thank you.
我很好奇一些关于这些驱动因素以及货币化率的细节。 虽然价格的改变产生了显著的影响，但是向未来看，我们应该把借贷作为更重要的驱动力？还是应该考虑其他货币化方面的项目？谢谢。
So thanks for the question Josh. So let's break down our inflows framework for cash app and we'll talk in a little bit more detail on one of the three measures and flows per asset to your question.
感谢你的问题，乔什。那么让我们来剖析一下我们现金应用程序的流入框架，并对你的问题中的一个资产的三种措施和流量进行更详细的讨论。
So starting first with active you know 51 million monthly conducting act is in December that grew 16% year over year with importantly weekly and daily act is growing even faster over time.
首先，就活跃用户而言，在12月份我们共有5100万月活跃用户，同比增长16%。更重要的是，周活跃用户和日活跃用户随着时间的推移增长得更快。
You know we've increasingly leveraged marketing to enhance the inherent morality in our peer to peer network effects. And that's enabled us to drive greater acquisition and product adoption for those new customers. You know I think what's more even maybe more importance and the 51 million is that two out of three of those 51 million, and we've been conducting active are using cash up on a weekly basis on average and I think that's an indication of the growth of a product ecosystem and the product adoption within it that is becoming more and more every day use case.
你知道，我们越来越多地利用营销手段来增强我们的点对点网络效应中内在的道德属性。这使我们能够为新客户带来更大的获客和产品采纳率。我认为，更为重要的是，在这5100万用户中，三分之二正在平均每周使用Cash App，我们一直在积极地进行调查。我认为这是产品生态系统和其中的产品采纳率的增长的标志，它正在成为日益普及的使用案例。
In terms of inflows per active, we were at $1,448.00 in the fourth quarter. That's relatively stable on a quarter of or quarter in year over your basis despite laughing a period of government dispersions in the prior period and despite the broader. broader, you know, uncertain macro environment.
就每个活跃用户的流入而言，我们在第四季度的收入为1,448.00美元。尽管之前有一段时间政府分散了财务，而且面对更广泛的不确定的宏观环境，我们的收入相对稳定，以季度或同比基础。
Ultimately, we're encouraged here by the healthy trends that we're seeing in inflow's proactive. And as we think about how to grow inflow's proactive over time, I think there's two key opportunities for us. And that's third, mixed shift dynamic that's worth pointing out.
总的来说，我们在Inflow的积极性方面看到了健康的趋势，这让我们倍感鼓舞。而当我们思考如何让Inflow的积极性随着时间的推移而增长时，我认为有两个关键的机会。其中一个是值得指出的第三种混合转移动态。
So first, product adoption. We can drive more inflows through both cross-selling or existing products and the launch of new products. As we see our customers take on more products using cash up, dead generally leads to greater inflows per active. You know, we've noted in the past that cash up card active inflow twice the amount of money of peer-to-peer active. And you see that increase as you move up the funnel into direct deposit and other sorts of deeper financial services. We're also increasing the number of inflow channels to the ways in which people can bring money into cash up, for example, through paper money deposits. And that'll continue to be a focus for us to make it easier to bring your money into cash up and ultimately move it around.
首先，是产品采纳率。我们可以通过交叉销售或推出新产品来带来更多的流入。随着我们的客户使用Cash Up采用更多的产品，通常会导致每个活跃用户的流入增加。过去我们已经发现，Cash Up卡活跃用户的收入是点对点活跃用户的两倍。当你进一步深入入某些直接存款和其他更深层次的金融服务时，这种增加也会持续。我们还在增加流入渠道的数量，例如通过现金存款等方式将钱存入Cash Up，这将是我们继续关注的重点，以使您更轻松地将钱存入Cash Up并最终转移资金。
We're also investing more in trust. So this is really important for us as well. The team has been prioritizing both increased access, as I noted, as well as the ability to increase limits for customers who are looking to bring more money into cash up each week. And we ultimately think that'll enable us to drive greater share of wallet and expand into broader customer segments.
我们也在加大对信任的投资。这对我们来说非常重要。团队一直在优先考虑增加访问权限，正如我所提到的，以及提高顾客每周向现金账户中存入更多钱的限额能力。我们最终认为，这将使我们能够获得更大的钱包份额并扩展到更广泛的客户细分市场。
The third thing to note around inflow's proactive is that we may see a mixed shift dynamic moving forward. Given that we're targeting a younger dynamic with Gen Z and it had success in this target with younger customers, there will be some pressure on inflow's proactive as these customers are more likely to have lower inflow's proactive earlier on in their financial journey. But these are also the customers who we expect to be the future spenders over the years to come. And ones that we want to be a part of in their early financial journey and have the ability to grow with them over time.
关于inflow主动性的第三点需要注意的是，我们可能会看到一个混合的转移动态。由于我们的目标是年轻一代，Gen Z，并在这个目标市场取得了成功，因此inflow主动性可能会面临一定的压力，因为这些客户更有可能在其财务旅程的早期有较低的inflow主动性。但这些客户也是我们未来预期成为消费者的客户。我们希望在他们的早期财务旅程中成为其中一员，并有能力随着时间的推移与他们共同成长。
Obviously, the third component of our inflow's framework is monetization rate. And monetization rate is the factor of both the ability, the pricing that we can charge our customers and the mix, their mix of usage across our products. We have a number of products that are free. We have some products that we charge for. And as we think about monetization rate, we think of it holistically across the entirety of the ecosystem.
显然，我们的流入框架的第三个要素是货币化率。货币化率是我们能够向客户收取的定价和他们在我们产品中使用的混合因素。我们有许多免费的产品，也有一些收费的产品。当我们考虑货币化率时，我们会全面考虑整个生态系统的情况。
Maybe just the last thing I make since you asked about cash cards, we see broad base utility for cash up card. And as I noted earlier, spend per active actually has continued to grow on cash up card. And that broad base utility means that we've been able to, you know, we see customers using across both discretionary and non-discretionary use cases, whether it's gas and utilities or its grocery. That's about a third of the spend on cash up card over this past year. And that enables us to participate wherever our customers are spending in these dynamic times.
也许这是我最后提到现金卡的事情了，我们看到现金卡具有广泛的实用价值。正如我之前所述，现金卡的活跃消费金额仍在增长。这种广泛的实用价值意味着我们看到客户在自由支配和非自由支配的用途上都在使用现金卡，不管是加油和公用事业还是杂货。这在过去一年中占现金卡消费总额的三分之一左右。这使我们能够参与到我们的客户在这个动态时代的消费中。
Super helpful. Thank you, Amida. Your next question is from the line of Mike in with gold minsocks. Your line is open. Hey, good afternoon. Thank you for the question. I just have one house key if the item and then one follow up. First, it was helpful to get all the January and February gross profit pacing for cash up and seller on a reported basis. I was just wondering if you'd be able to discuss those pacing figures excluding buy now pay later. And then second, would you just give us an update on the integration of the ecosystems, you know, not only after pay across cash up and seller, but also things like cash up pay on square seller. Thank you.
非常有用，感谢Amida。下一个问题来自Mike，他是gold minsocks公司的。请问您的问题。嗨，下午好。感谢您的提问。我只有一个问题和一个后续问题。首先，得到现金支付和卖家的1月和2月的毛利润，并以报告为基础很有帮助。我只是想知道您是否能讨论那些排除了“现买现付”的销售额的数据。其次，您能否向我们更新生态系统的集成情况，不仅包括现金支付和卖家的分期付款和还款服务，还有像现金支付和Square卖家之间的集成。谢谢。
Hey, thanks for the questions. I'll kick off on our Q1 top line trends so far. So what we've seen so far this year, I think there are two sets of numbers to orient you to there's on an as reported basis, which is 33% year-over-year growth estimated for Jan and February. And as we move into March, what we expect to see for the full first quarter is growth that the few points below this. Of course, as we've last the acquisition of after pay from Q1 of last year.
嘿，感谢提出的问题。我会先讲一下我们目前为止在第一季度的总体趋势。我们今年到目前为止所看到的，我认为有两组数据可以为您提供定向帮助，第一组是按照通告数据来统计的，1月和2月的预计同比增长为33%。而随着我们步入3月，我们预计第一季度整体增长将略低于此。当然，我们去年在第一季度完成了对 After Pay 的收购，这也是需要考虑的因素之一。
I think the second way to look at overall company, gross profit growth so far this year is on a combined company basis, which would then include the $51 million contribution from a gross profit perspective for after pay in January of 2022. And when you look at that combined company growth, what we see is overall block gross profit growth of approximately 25% year-over-year in January and February, which we expect to be relatively consistent for the full quarter as well. And which is an improvement from what we saw in Q4 of 21% year-over-year growth on a combined company basis.
我认为从整个公司角度来看，今年到目前为止的总体毛利增长的第二种方式是以合并公司为基础，这将包括2022年1月After Pay对毛利的51百万贡献。当您查看这个合并公司的增长时，我们看到1月和2月的整体毛利增长约为去年同期的25％，我们希望全季度也会相对稳定。这比我们在合并公司基础上在Q4中看到的21％年度增长要好。
Within each of those cash up, we expect to grow at more than 50% on an as reported basis in January and February. I'll be at March, we expect to see slower growth rate as we laugh at pricing changes. Really, they're drivers of cash up growth or continued strengths and active, enclosed practices and monetization rate.
在现有每个收入上，我们预计在1月和2月以申报为基础，增长率将超过50%。但到3月，我们预计增长率会减缓，因为我们会考虑价格变化的影响。真正的推动现金收入增长的因素是积极的闭环实践和货币化率。
From a square perspective, we expect to see gross profit growth of 15% on an as reported basis in January and February. I think it's important to unpack the numbers further on square here to see what's going on in the core square ecosystem. X, D, N, T, L, and X, T, P, P. So just as a reminder, in Q3, square X, T, P, P, and X, B, and P, L grew 19% year-over-year. We saw some softening and discretionary verticals in Q4, and so that same rate of growth for the same square X, T, P, and X, B, and P, L was 17% in Q4. And now we're seeing growth for square X, C, P, X, D, and P, L in January and February of 21%. So those are some of the puts and takes that we see across the square ecosystem so far this year.
从Square的角度来看，我们预计在1月和2月以报告为基础的毛利润增长率为15%。我认为，进一步拆分Square的数字是很重要的，以了解核心Square生态系统中正在发生什么。X、D、N、T、L、X、T、P、P。因此，提醒一下，在第三季度，Square X、T、P、P和X、B、P、L的增长率同比增长19%。我们在第四季度看到了一些离散垂直领域的软化，因此，同样的Square X、T、P、B、P、L的增长率在第四季度为17%。现在，我们在1月和2月看到了Square X、C、P、X、D和P、L的增长，达到了21%。因此，这些是我们在今年看到的Square生态系统中的一些增加和减少。
And then in terms of the ecosystem integration, the number one we're focused on obviously is that, after paying this is the connection between square and cash-up, we're so early in the product integration, but the place to look is obviously going to be in cash-up and the Discover tab in Marketplace. We believe that we started, we're pretty early, in just what this area will do. Right now it looks like a fairly simple search, and I think the UI is a little bit off, but we're going to continue to iterate as quickly as possible to make sure that we meet the opportunity, which is pretty massive for us. We do, you know, we see a lot of opportunity not just there, but what you mentioned with cash-up pay. We're starting more with some afterpay merchants, so customers can browse and find instant discount offers at merchants to accept cash-up pay, and then we'll continue to move more and more towards the square ecosystem.
在生态系统融合方面，我们主要关注连接Square和Cash App的付款连接。我们在产品融合方面是非常早期的阶段，但是重要的是看市场中的Cash App和Discover标签。我们相信我们已经开始了这一领域的探索，尽管现在它看起来像是一个相当简单的搜索，而且UI也有些不太一致，但我们将继续快速迭代，以确保我们充分利用了这个非常重要的机会。我们不仅在那里看到了很多机会，还有你所提到的Cash App付款。我们会从一些Afterpay商家开始，使客户可以浏览并找到在接受Cash App支付的商家中的即时优惠，然后我们将继续向Square生态系统推进。
But I would say that integration, you know, the acquisition and putting the company together were in a much better position. Now we're really focused on the product and how these two things come together. And I think there's a lot more integrations come between other ecosystems, namely TBD and a bunch of what we're trying to do with cash-up, globally, and then also title as well for artists and musicians and making sure that they have what they need to continue to build up their careers in the same way that we've served sellers as well.
我想说的是，整合，也就是收购和组合公司，现在我们处于一个更好的位置。现在我们真正关注的是产品以及如何将这两者结合。我认为还有很多整合需要在其他生态系统之间进行，即TBD和我们在全球范围内试图使用现金，并为艺术家和音乐家提供必要的支持，以确保他们能够像我们服务卖家一样继续发展他们的职业生涯。
Ladies, gentlemen, thank you for participating in today's program. This does conclude the program. You may all disconnect.
女士们，先生们，感谢你们参加今天的节目。现在节目结束了，你们可以全部断开连接。