Block (Square) 2023 Q2 Earnings Call
发布时间 2023-08-04 03:06:18 来源
中英文字稿 
Good day, ladies and gentlemen, and welcome to the block of second quarter 2023 earnings conference call. I would now like to turn the call over to your host, Nikhil Thixit, head of investor relations. Please go ahead.
女士们先生们，大家好，欢迎参加2023年第二季度盈利电话会议。现在我想要转接给您的主持人，投资者关系负责人尼克尔·蒂谢特。请开始。
Hi, everyone. Thanks for joining our second quarter 2023 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. During Q&A, we will take questions from our customers in addition to questions from conference call participants.
大家好。感谢大家参加我们2023年第二季度收益电话会议。今天，我们有Jack和Amrita与我们一起。在回答问题之前，我们将先做一些简短的发言，然后直接开放给大家提问。在问答环节中，除了会议参与者的问题，我们也会回答我们的客户提出的问题。
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 facts 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, and we may decide to shift our priorities or move away from these targets and goals at any time. These statements are subject to risks and uncertainties. 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.
我们还想提醒大家，在这次通话中，我们将会进行前瞻性陈述。除历史事实陈述外，所有陈述都可以被视为前瞻性陈述。这些前瞻性陈述包括关于我们的展望和指导，以及我们的长期目标和目标的讨论，我们可能随时决定改变我们的优先事项，或者放弃这些目标和目标。这些陈述存在风险和不确定性。实际结果可能与我们的前瞻性陈述所考虑的有所不同。报告的结果不应被视为未来表现的指示。请参阅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的讨论。
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.
此外，请注意，本次电话会议中的前瞻性陈述是基于我们今天所掌握的信息。我们声明除法律规定外，我们无义务更新任何前瞻性陈述。
During this call, we will provide preliminary estimates of growth profit growth, GPV, and GMV performance for the month of July. These represent our current estimates for July performance as we have not yet finalized our financial statements for the month of July, and our monthly results are not subject to interim review by our auditors. As a result, actual July results may differ from these estimates and may not be reflective of performance for the full third corner. 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 July or the third corner.
在本次通话中，我们将提供7月份增长利润、GMV和GPV表现的初步估计。这些代表了我们对7月份绩效的当前估计，因为我们尚未完成7月份的财务报表，而且我们的每月结果不受审计师中期审查的限制。因此，实际的7月份结果可能与这些估计有所不同，并且可能不反映第三季度完整的绩效。此外，该财务信息仅基于目前可用的信息由管理层负责编制。此初步财务信息尚未由我们独立的注册会计师事务所进行审查或审计。这份初步财务信息并非7月份或第三季度我们财务结果的全面陈述。
Within these remarks, we will also discuss metrics related to our investment framework, including rule of 40. With rule of 40, we are evaluating the sum of our gross profit growth and adjusted operating income margins. Also, we will discuss certain non-gapped financial measures during this call. Reconciliation for the most directly comparable gap financial measures are provided in the shareholder letter, historical financial information spreadsheet, and investor day materials on our investor relations website. These non-gapped measures are not intended to be a substitute for our gap results.
在这些讲话中，我们还将讨论与我们的投资框架相关的度量指标，包括40%规则。根据40%规则，我们评估的是我们的毛利增长和调整后营业利润率之和。此外，我们还将在本次通话中讨论一些非标准财务指标。可在我们的股东信函、历史财务信息电子表格和投资者关系网站上找到与最直接可比的财务指标的一致性解释。这些非标准财务指标并不打算替代我们的标准财务结果。
Finally, this call in its entirety is being audio webcast 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，本次通话的全部内容都将通过我们的投资者关系网站进行音频网络转播。不久后，我们的网站将提供本通话的音频回放和杰克和阿姆里塔的开场致辞的手稿。
With that, I would like to turn it over to Jack. Thank you for joining us today. I'll spend my time today highlighting progress we've made on two themes. First, our investment framework, and second, our ecosystem of ecosystems model. We find everything else from the quarter in the shareholder letter we posted an hour ago.
在此，我想把话题转给杰克。感谢你们今天的加入。今天我将花时间重点介绍我们在两个主题上取得的进展。第一是我们的投资框架，第二是我们的生态系统模型。我们在一小时前发布的股东信中可以找到本季度其他的一切内容。
As we shared earlier this year, we define our investment framework as block and each ecosystem must show a believable path to gross profit retention of over 100 percent and rule of 40 on adjusted operating income. Today, I want to share our progress towards this target and demonstrate how our investment framework forces us to make tradeoffs and guides our decision-making across the company.
正如我们今年早些时候分享的那样，我们将投资框架定义为区块，每个生态系统必须展示出超过100%的毛利润保留率和40%的调整后营业收入规则的可信路径。今天，我想分享一下我们朝着这个目标的进展，并展示我们的投资框架如何迫使我们在整个公司中进行权衡和指导决策。
Leaders across our company are now looking at the true full cost of their businesses inclusive of share base compensation. This has led us to pull back on our pace of hiring, to be more targeted in hiring for critical roles, and to focus more on performance management. For sales and marketing, we have focused on efficiency to drive acquisition while decreasing spend. We have pulled back on brand spend and more experimental channels across our ecosystems in favor of channels with more proven returns.
我们公司的领导们现在正在关注企业的真正全部成本，包括股份基础薪酬。这导致我们在招聘的速度上稍作放缓，更加精准地针对关键职位进行招聘，并更加注重绩效管理。对于销售和营销部门，我们注重效率以推动客户获取，同时减少支出。我们在品牌支出和生态系统中更多实验性渠道上稍作收缩，转而选择那些回报更可靠的渠道。
This past quarter, we also decided to wind down operations in certain markets, including cash apps, a verse brand in the EU, and our Bynell Pay Later platform, ClearPay, in Spain, France, and Italy. These required significant investment, and the markets have not seen the growth and profitability we had expected over the past several years. We see an opportunity to shift these resources towards strategic areas that have a higher potential return on investment. We continue to drive towards our goal. We may identify other areas where we aren't seeing the expected and necessary returns.
在过去的一个季度中，我们决定逐渐关闭在某些市场的运营，包括现金应用、欧盟的Verse品牌以及我们在西班牙、法国和意大利的分期支付平台ClearPay。这些市场需要大量投资，而且在过去几年里，并没有看到我们预期的增长和盈利能力。我们认为有机会把这些资源转向具有更高投资回报潜力的战略领域。我们一直在努力实现我们的目标。我们可能会找到其他未达到预期和必要回报的领域。
We also continue to improve our cost structure for each of the ecosystems by identifying opportunities to expand our structural margins. These include the investments we make in technologies like automation and machine learning to manage risk and finding ways to optimize our partnerships. As a result of our investment discipline, we are increasing our profitability expectations for this year, which Amrita will speak about. We'll continue to share updates with you as we make progress towards our target.
我们还将继续改善每个生态系统的成本结构，通过寻找扩大结构利润的机会。这包括我们在自动化和机器学习等技术上的投资，以管理风险，并寻找优化合作伙伴关系的方式。由于我们的投资纪律，我们对今年的盈利预期正在提高，Amrita将会谈到这一点。在我们朝着目标取得进展的过程中，我们将继续与您分享更新。
As a company, our strengths and resilience comes from our diversified ecosystems, each serving different audiences, and the connections we create between them. There are some notable examples of this work in the second quarter. In June, we turned on cash app pay as a payment method for square invoices, giving customers the ability to pay outstanding invoices directly from their cash app balance. In the second quarter, we launched cash app pay with several well-known after pay sellers, expanding the connection between cash app and our buy-now pay-later platform, and also recently launched strategic partnerships with payment providers Stripe, Adian, and Panierme, an important step in reaching a wider range of merchants.
作为一家公司，我们的优势和韧性来自于我们多样化的生态系统，每个生态系统为不同的受众提供服务，并在它们之间创造连接。在第二季度，我们有一些显著的工作成果。在六月份，我们推出了现金应用程序支付作为Square发票的支付方式，使客户能够直接从他们的现金应用程序余额支付未付发票。在第二季度，我们与几个知名的分期付款卖家合作推出了现金应用程序支付，扩大了现金应用程序与我们的即时付款平台之间的联系，并最近与支付提供商Stripe、Adian和Panierme建立战略合作伙伴关系，这是达到更广泛的商家范围的重要一步。
We started enabling square payroll employees to file taxes for free by using automated W2 import directly into cash app taxes. After receiving a notification from square payroll, employees simply log into cash app taxes, securely import their W2, and complete and submit their tax forms. Earlier this year, we shared plans for the public beta testing of our Bitcoin wallet, BitKey. In June, we announced our first two global partners, Coinbase and Cash App, to allow customers to buy and immediately transfer Bitcoin from those custodial platforms into BitKey's self-costity wallet. I'll pass it to Amrita, who will provide more details on our financials.
我们开始允许Square支付的员工通过将自动导入W2到Cash App税务系统中来免费申报税款。当收到Square支付的通知后，员工只需登录Cash App税务系统，安全地导入他们的W2，并完成和提交他们的税务表格。今年早些时候，我们宣布了我们的比特币钱包BitKey的公测计划。在六月份，我们宣布与Coinbase和Cash App这两家全球合作伙伴合作，允许客户从这些托管平台购买比特币，并立即将比特币转入BitKey的自己掌握的钱包中。我将把话题转交给Amrita，她将对我们的财务状况提供更多详细信息。
Thanks, Jack. There are three topics I'd like to cover. First, an overview of our strong second quarter results across growth and profitability. Second, trends were seeing across their business in July. And third, a look at our investment discipline and profit expectations for the remainder of the year.
谢谢，杰克。我想要讨论三个话题。首先，我们在增长和盈利能力方面在第二季度取得了强劲的成绩概述。其次，我们在七月份看到的业务趋势。第三，对于今年剩余时间的投资纪律和利润预期的展望。
In the second quarter, we had strong growth at scale with growth profit of $1.87 billion, of 27% year over year. Our strong profitability this quarter is a demonstration of our ability to drive leverage and operating efficiency in our business. adjusted even dot was $384 million, of more than two times year over year. Adjusted operating income, which as a reminder includes expenses related to stock-based competition and appreciation, was $25 million, compared to a loss of $103 million a year ago.
在第二季度，我们实现了规模强劲增长，年同比增长利润达到了18.7亿美元，增长率为27%。本季度我们的强劲盈利能力展示了我们在业务运营中实现杠杆效应和运营效率的能力。调整后的净收入为3.84亿美元，同比增长超过两倍。调整后的营业收入（请记住，其中包括与基于股票的竞争和增值相关的费用）为2500万美元，与一年前的亏损1.03亿美元相比。
Let's get into square and cash-in. Square generated $888 million in gross profit, up 18% year over year. Looking at some of the drivers, gross profit from our vertical point of sale products is up 37% year over year, with each of our restaurants, retail and appointments products delivering gross profit of more than $100 million on an annualized basis during the quarter. Square GPV was up 12% year over year.
让我们进入正题，来讲讲现金收入。Square公司在上一年度创造了8.88亿美元的毛利润，同比增长18%。从一些推动因素来看，我们的垂直销售产品的毛利润同比增长了37%，其中每个季度我们的餐厅、零售和预约产品都能提供超过1亿美元的毛利润。Square的总支付交易额同比增长了12%。
Looking at the components of growth across retention, churn and acquisition, GPV per existing seller, which effectively measures staying stored growth, has stepped down since the third quarter of 2022, and has been the primary driver of the moderation in GPV growth since then. We achieved positive growth in acquisition and saw relative stability and churn of existing sellers, compared to historical levels.
在对保留、流失和获取等方面的增长组成进行观察时，自2022年第三季度以来，每个现有卖家的总交易金额 (GPV) 已经下降，这有效地测量了店铺的稳定性增长，并成为导致 GPV 增长缓和的主要因素。与历史水平相比，我们在获取方面取得了积极增长，并看到现有卖家的流失相对稳定。
We've seen strengths in our square banking products, which totaled $167 million in gross profit during the quarter, an increase of 24% year over year. Banking products represented 19% of square gross profit, excluding PPP, up from 17% in the prior year. The four biggest drivers of square banking during the quarter were instant transfer, square debit card, of course savings, and square loans. We saw benefits from raising pricing on instant transfer earlier this year, from recent launches of our banking products outside the U.S., and from interest on square savings balances.
在过去的季度中，我们看到了我们的银行产品的优势，总计盈利1.67亿美元，同比增长24%。银行产品占Square毛利的19%，不包括PPP，比去年同期的17%有所增加。在这个季度，Square银行业务的四个主要推动因素是即时转账、Square借记卡、Square储蓄和Square贷款。我们从今年早些时候提高即时转账价格、最近在美国以外地区推出银行产品以及Square储蓄余额的利息中获得了收益。
Lastly, for square, growing up market has remained strong, with gross profit from mid-market sellers up 20% year over year. We believe the total addressable market for the larger seller segment remains large and highly fragmented, and our recent shift in go-to-market effort is intended to drive further growth up market.
最后，就Square而言，中等规模市场的增长仍然强劲，来自中等规模卖家的毛利润同比增长了20%。我们相信更大规模卖家细分市场的总体可寻址市场仍然很大且高度分散，我们最近在市场营销方面的转变旨在进一步推动向上市场的增长。
Chassup generated $968 million in gross profit, an increase of 37% year over year. Each component of our inflows framework, active inflows per transaction active and monetization rate, grew on a year over year basis. During the month of June, we reached 54 million monthly transacting active, up 15% year over year.
Chassup在过去一年中创造了9.68亿美元的总收入，同比增长37％。我们流入框架的每个组成部分，如每笔活跃流入和货币化率，都呈同比增长。在六月份，我们的月活跃交易用户达到了5400万，同比增长15％。
We've continued to see significantly higher attention for active with larger network sizes. During the quarter, those with a network of four or more represented more than half of Chassup quarterly transacting active. Peer-to-peer functionality has allowed us to scale our network rapidly and is driven engagement. In the second quarter, peer-to-peer transactions per active reached an all-time quarterly high.
我们继续看到拥有更大网络规模的用户活跃度明显更高。在本季度中，那些拥有四个或更多用户的网络占Chassup季度交易活跃度的一半以上。点对点功能使我们能够快速扩展我们的网络，并推动用户参与度。在第二季度，每个活跃用户的点对点交易量创下了历史新高。
This helped drive $53 billion in peer-to-peer volume across Chassup during the second quarter, an increase of 18% year over year. Inflow's per transaction active averaged $1,134 in the second quarter, up 8% year over year, and relatively stable compared to the first quarter, which typically has a seasonal benefit from tax refunds. We believe there is significant runway for growth in inflows per transaction active over time through increased product adoption and growing share of wallets.
这在第二季度帮助推动了Chassup的点对点交易量增长到530亿美元，同比增长18%。第二季度的每笔交易平均活跃额为1,134美元，同比增长8%，与第一季度相比相对稳定。第一季度通常因退税而获得季节性利益。我们相信，通过增加产品采用率和在钱包中的日益增长的份额，每笔交易活跃额在一段时间内还有巨大增长潜力。
This tax season, more than one third of Chassup tax's active chose to receive their refund directly into Chassup, a meaningful increase year over year, driving new active to direct deposit. Product adoption has been especially strong for our financial services products. Both Chassup card and direct deposit experience strong growth in active and volumes. Monetization rate, which excludes gross traffic contributions from our BNPL platform, was 1.44%.
在今年的税季中，超过三分之一的Chassup税务活跃用户选择直接将退款存入Chassup，相比去年有着显著增长，推动了新的活跃用户使用直接存款功能。我们的金融服务产品在市场上的接受度尤为强劲。Chassup卡和直接存款都在活跃用户和交易量方面取得了强劲的增长。扣除我们分期付款平台的总流量贡献后，货币化率为1.44%。
Monetization was up 16 basis points year over year, driven primarily by pricing changes over the past year and up 3 basis points quarter over quarter, driven primarily by the timing of strong first quarter inflows during the tax season. Lastly, our BNPL platform contributed $84 million of gross profit to each of Chassup in the second quarter. GNV from our BNPL platform was $6.4 billion in the second quarter and increase of 22% year over year. Losses on consumer receivables were 1.01% of GNV relatively consistent with a prior year.
过去一年，收入增加了16基点，主要是由于过去一年的定价变动，季度环比增加了3基点，主要是由于强劲的第一季度资金流入在税季期间的时间安排。最后，我们的账期付款平台为Chassup每个季度产生了8400万美元的毛利润。第二季度，我们的账期付款平台的GNV达64亿美元，同比增长了22%。消费者应收账款的亏损占GNV的1.01%，与前一年相比基本保持一致。
Next, an update on July trends. For the month of July, we expect total gross profit growth of 21% year over year, which we would orient you to for the third quarter and the remainder of 2023. Looking at each ecosystem, for the month of July, we expect square gross profit to grow 15% year over year, which we expect to be relatively consistent through the third quarter. The moderation in gross profit growth from the second quarter is primarily due to transaction margin compression as we lapse certain benefits for more favorable interchange economics last year.
接下来是关于7月份趋势的更新。针对7月份，我们预计总毛利润同比增长21％，这将为您提供第三季度和2023年剩余时间的参考。从各生态系统来看，针对7月份，我们预计支付方面的毛利润同比增长15％，并且我们预计这一趋势将在第三季度保持相对稳定。与第二季度相比，毛利润增长的放缓主要是由于我们放弃了去年某些有利的交换经济效益，导致交易利润率压缩。
Square GPD is expected to be up 12% year over year consistent with the second quarter as we've seen stability in GPV growth over the past three months from May through July. For the fourth quarter, we expect gross profit and GPV growth to improve slightly compared to the third quarter as square benefits for more favorable comparisons.
预计Square总毛利润同比增长12%，与第二季度持平，因为我们在过去三个月的5月至7月期间看到了GPV增长的稳定情况。对于第四季度，我们预计毛利润和GPV增长将略微改善，与第三季度相比，因为Square将受益于更有利的比较条件。
For Chassup, we expect gross profit to grow 27% year over year in July and similar to square, we expect this to be relatively consistent through the third quarter. In 2023, we continue to expect growth on a year over year basis from monthly transacting active, inflows per active and monetization rate. We expect Chassup's monetization rate in the back half of the year to be more consistent with the second quarter and we expect gross profit to grow more in line with the overall inflows as a result.
对于Chassup来说，我们预计7月份的毛利润同比增长27%，与Square类似，我们预计这种增长在第三季度会相对稳定。在2023年，我们继续预计从月活跃交易、每个活跃用户的流入和货币化率来看会实现同比增长。我们预计Chassup今年下半年的货币化率会与第二季度更加一致，因此预计毛利润的增长将更符合整体流入。
Given the focus on efficiency, the wind down a verse will have an impact on monthly active going forward, although we do not expect an impact to inflows or gross profit.
鉴于对效率的关注，每个月活跃用户数量的减少将对未来产生影响，尽管我们不认为会影响流入量或总利润。
For the fourth quarter, we expect expect a slight moderation in Chassup's gross profit growth, driven by stabilization in Chassup's monetization rate and as we lack stronger growth in the prior year period.
对于第四季度，由于Chassup的货币化率稳定以及前年同期的增长不够强劲，我们预计Chassup的毛利增长将略有放缓。
For our BNPL platform, we expect year over year GMV growth in July to be similar to the second quarter's 22%. With DNV growing faster than gross profit due to regional mix, turning to our progress against rule of 40 and our profit expectations for the remainder of the year.
对于我们的分期付款平台，我们预计7月份年度总交易额（GMV）的增长率将类似于第二季度的22%。由于区域组合的影响，我们的净值（DNV）增长速度快于毛利润增长速度，我们将对我们在剩下的一年中对“40条规则”的进展以及对利润的预期进行审查。
Our investment framework sets up an ambitious goal and we're focused on progressing towards it over the long term. We'll continue to share updates with you and hold ourselves accountable.
我们的投资框架设立了一个雄心勃勃的目标，我们专注于长期进步。我们将继续与您分享最新进展，并对自己负责。
Extending on what Jack touched on, we've worked to deliver efficiencies through the first half of the year. On hiring, we drove leverage compared to our expectations entering the year by encouraging efficiencies among existing teams and prioritizing hiring in more critical areas. We expect our head count growth in 2023 to be below the 10% target set out earlier this year.
延续了杰克提到的内容，我们在上半年努力提高效率。在招聘方面，通过鼓励现有团队的高效工作和重点招聘关键岗位，我们取得了比今年年初预期更高的杠杆效应。我们预计2023年的人员增长率将低于今年早些时候设定的10%目标。
With sales and marketing, we've pulled back on lower ROI channels to increase our efficiency. While Chassup's variable sales and marketing expenses, namely peer-to-peer and Chassup card issuance costs, were up year over year, overall company customer acquisition spend was down year over year, driving leverage across square and Chassup. Despite this pullback, we saw healthy acquisition across EGA ecosystems as we shifted our mix of spend.
在销售和营销方面，我们已经减少了回报率较低的渠道，以提高效率。尽管Chassup的销售和营销开销（主要是点对点和Chassup卡发行成本）在去年同比上升，但整体公司的客户获取支出却在同比下降，推动了Square和Chassup的杠杆效应。尽管有这种减少，但由于我们改变了支出结构，我们在EGA生态系统中仍然实现了良好的获取。
And looking at corporate overhead spend, we began to identify cost savings opportunities by downsizing our real estate footprint across some of our West Coast office locations. Given some of these items on a gas basis, operating loss was $132 million in the second quarter, which includes the impact of acquisition related amortization expenses, as well as restructuring expenses for the wind down of verse and clear bay in certain markets and write downs for certain real estate facilities among other items. We expect to find further leverage opportunities in these and other overhead expenses over time.
在审视企业的总部开支时，我们开始发现可以通过减少位于西海岸一些办公地点的不动产减少成本的机会。考虑到一些以现金为基础的项目，在第二季度的营业亏损为1.32亿美元，其中包括收购相关的摊销费用以及关闭某些市场的verse和clear bay的重组费用和其他一些项目中的某些不动产设施的减值损失。随着时间的推移，我们预计会发现在这些和其他总部费用中进一步的潜力机会。
Moving to our full year 2023 profit cuttons, as we've progressed further into the year, we have better line a site into our planned expenses and our updated guidance today reflects this. We're increasing our expectations for profitability in 2023 and now expect to deliver adjusted EBITDA of $1.5 billion and adjusted operating income of $25 million for the full year 2023. We expect to achieve profitability on an adjusted operating income basis for the year, which is inclusive of share-based compensation expenses. We continue to expect year over year margin expansion on both an adjusted EBITDA and adjusted operating income basis. Our updated full year guidance represents a step up of $140 million for each figure compared to our prior guidance. This represents both the gross profit momentum in our business during the second quarter and the focus on expense discipline we delivered in the first half of the year, which we expect to continue to drive in the second half of the year.
2023全年利润预期方面，随着我们进一步深入这一年，我们对计划支出有了更好的了解，我们今天更新的指引反映了这一点。我们将2023年的盈利预期提升，并预计整个2023年的调整后EBITDA达到15亿美元，调整后营业利润达到2500万美元。我们预计在整个年度内实现调整后营业利润的盈利，其中包括股权激励费用。我们预计在调整后EBITDA和调整后营业利润基础上，逐年提升利润率。我们更新的全年指引与之前相比，每个指标提升了1.4亿美元。这既反映了我们业务在第二季度的毛利势头，也体现了我们在上半年节约开支的专注，我们预计将在下半年继续保持。
Finally, touching on the third quarter, we expect third quarter non-gap operating expenses of $1.55 billion and we expect share-based compensation to increase by approximately $25 million relative to the second quarter. As Jack mentioned, share-based compensation remains an area on which we are focused and expect to drive greater leverage over time. We're excited about the progress we've made towards our investment framework and we will afford you this quarter and are eager to continue the work.
最后，针对第三季度，我们预计第三季度非通用会计原则下的营业费用为15.5亿美元，而与第二季度相比，我们预计股权补偿将增加大约2500万美元。正如杰克提到的，股权补偿仍然是我们关注的领域，并期望随着时间推移实现更大的杠杆效应。我们对我们在投资框架方面取得的进展感到兴奋，并期待本季度的成果，并渴望继续努力。
With that, I'll now turn it back to the operator to start the Q&A portion of the call. Thank you. I do would like to ask a question on the phone lines today. You can press star 1 on your telephone keypad to remove yourself from the queue. It is star 1 again. We do ask that you please limit yourself to one question.
因此，我现在将把话筒交回给操作员，开始问答部分。谢谢大家。今天我确实想在电话线上提一个问题。您可以按键盘上的星号1将自己从排队中移除。再次提醒，我们希望您请限制自己只提一个问题。
We'll take our first question from Tinchin Wong at JP Morgan. Hey, thanks so much here. So, given your July month update tracking a little bit slower than the second quarter and also your profit update, which you raised, just love to hear your updated thoughts on operating leverage. I know I asked that quite a bit, but just operating leverage here in the second half versus the first half is operating leverage going to be driven more by the top line or by expense focus that you also talked about across the two ecosystems. Thanks.
我们将从摩根大通的黄天钦先生那里得到我们的第一个问题。嗨，非常感谢你在这里。所以，考虑到你们七月份的更新相对于第二季度有一点放缓，以及你们提高的盈利更新，我想听听你们对经营杠杆的最新想法。我知道我问了很多次了，但在下半年与上半年相比，经营杠杆是由销售额还是由你们在两个生态系统中强调的费用关注所推动的？谢谢。
Hey, thanks for the question, Tinchin. So, obviously, as you see, strong second quarter results across both top line and profitability, we're pleased with our ability to show discipline and our operating expenses, finding efficiencies while continuing to strongly grow the business. And we expect to deliver continued discipline on our expenses in the back half of this year. And that's what's led to raising our profitability targets for the full year by 140 million dollars reflective on each of adjusted EBITDA and adjusted operating income, which reflects not only the strong performance in the second quarter, but raises our guidance for the remainder of the year.
嘿，Tinchin，谢谢你的问题。显然，正如你所看到的，我们在第二季度的收入和盈利能力方面取得了强劲的成绩，我们对于我们在运营费用上展现出来的纪律性和寻找效益的能力感到满意，同时我们也继续强势地发展业务。我们预计在今年下半年会继续保持对费用的纪律性。这就是为什么我们将全年的盈利目标上调了1.4亿美元，这是根据调整后的EBITDA和调整后的营运利润进行反映的，它不仅反映了第二季度的强劲表现，还将我们对于今年剩余时间的指导上调。
As you heard, our second quarter, our July expected gross profit growth of 21% year over year growth. We'd urge you to look at from a third full third quarter perspective and remainder of 2023 perspective as well.
如你所听到的，我们第二季度的预计毛利润增长为21%，同比增长。我们建议你从第三季度以及2023年的剩余时间的角度来进行观察。
So, seeing some stability from a gross profit perspective at the block level from July forward. As we noted, there's some lapping effects within cash up and square related to pricing dynamics within cash up and related to interchange economics within square.
因此，从7月份开始，在区块层面上从毛利角度看到了一些稳定。正如我们所指出的，在现金和方形内部存在一些与现金上涨和方内交换经济学有关的定价动态的回顾效果。
From an operating leverage perspective, we see a number of opportunities for us, not only that we've executed on in the first half of this year and expect to continue to drive into the second half, but also as we look forward longer term. Namely three that I'd call out to you is the three biggest areas in our expense space of leverage.
从经营杠杆的角度来看，我们看到了一些机会，不仅仅是我们在今年上半年已经执行并预计将在下半年继续推动的机会，也包括我们长期展望的机会。我想要特别提到的是我们在成本方面的三个最大的杠杆领域。
First, sales and marketing, second, around hiring and count, and third, around our corporate overhead. From a sales and marketing perspective, we've focused on finding efficiencies and optimizing our spend.
首先，销售和市场营销方面，其次，围绕招聘和人员统计，以及第三个方面，围绕我们公司的开销。在销售和市场营销方面，我们的重点是寻找效益并优化我们的支出。
Well, you saw in the second quarter was our overall customer acquisition spend was down year over year with leverage across square and cash up. And despite this, we continue to see healthy acquisition across square and cash up as we oriented more of our remaining spend towards more proven channels and more proven areas of return.
在第二季度中，你们看到的是我们的整体客户获取支出同比下降，而且通过Square和Cash Up的杠杆效应。尽管如此，我们仍然看到Square和Cash Up方面的良好获取情况，因为我们将剩余的支出更多地导向了更可靠的渠道和更有回报的领域。
Secondly, with hiring, we've taken a more disciplined approach to growing our teams. In the first half of the year, we drove leverage compared to our expectations and are encouraging more efficiencies out of our existing teams. Over time, we'd expect to see a slower pace of hiring, which drive leverage here as well as on stock based compensation.
其次，我们在扩充团队方面采取了更加纪律严谨的方法。上半年，我们实现了与预期相比的杠杆效应，并鼓励现有团队更高效地工作。随着时间的推移，我们预计招聘的速度会减缓，这也将在股权报酬上产生杠杆效应。
From an overhead perspective, as we noted in the quarter and the second quarter, we downsized our real estate footprint on the west coast for some relatively modest savings, but longer term we expect to drive leverage across a number of meaningful areas of spend here, whether it's software and data usage, our real estate facilities, professional fees, P&E, and a range of other discretionary areas.
从一个高级别的角度来看，正如我们在上个季度和第二个季度中提到的，我们在西海岸缩小了我们在房地产方面的占地面积，以获取一些相对较小的节省，但从长远来看，我们希望在一些重要的开支领域实现杠杆效应，无论是在软件和数据使用、房地产设施、专业费用、设备和设施方面，还是在其他一系列的可自由支配领域。
Ultimately, our investment framework and our target of achieving rule of 40, which is a growth plus margin framework, will help us make these important trade-offs as we continue to invest to drive long-term profitable growth in the back half of this year and into 2024 and beyond, while doing so prudently and with discipline in our operating expense base.
最终，我们的投资框架和我们追求的40%规则（增长加上利润率）将帮助我们在继续投资以推动长期盈利性增长的同时，在今年下半年以及2024年及以后明智、有纪律地管理运营费用基础上做出这些重要的权衡。
Got it. No, thanks. Appreciate it. We'll take our next question from Will Vue with Wolf Research.
明白了。不，谢谢。非常感谢。我们接下来要请Will Vue从沃尔夫研究提问。
Hey guys, this is Darren Peleron from Wolf. You had 12% GPV growth into July, I think you just said Emerita, right? And then it compares to the networks around 6% to 7% growth. So obviously, your share is still gaining and holding up versus the industry. If you could just touch on what's working well there, and then also maybe expand on the verticalization efforts in the segment.
嘿大家，我是来自Wolf的Darren Peleron。你们在7月份的GPV增长了12%，我想你刚刚说的是Emerita，对吗？然后与其他网络的6%至7%的增长相比较。显然，你们的份额仍在增长并在行业中持续保持。如果你能简要谈谈那里的好的发展，并且可能会深入探讨该领域的垂直化努力，那就太好了。
While we're on that topic though, I mean the verticalization efforts obviously are going to come with some investment. So if you could just remind us your view on profitability levels beyond 23, and I know the rule of 20 is there, but just without a time frame, it's hard to really handicap how to think about progress in 24 or 25. See, thanks for the questions, Darren.
说到这个话题，我想说垂直化努力显然需要一些投资。所以，如果你能提醒我们你对23年之后的盈利水平的看法，我知道有20的规则，但是没有时间框架，很难判断我们如何思考24年或25年的进展。感谢你的问题，达伦。
So I think what I'll do is I'll first hit what we're seeing in terms of square GPV in the second quarter and into July, and then we'll hit upon the verticalization efforts for the square business.
所以我想我会先谈一下我们在第二季度和七月份所看到的广场GPV情况，然后再谈谈广场业务的垂直化努力。
So what we're seeing in terms of July trends was fairly consistent with what we've seen really through May. We've seen its stability in GPV trends from May through July. With July coming in at that 12% year over year basis, consistent with the second quarter, also at 12%.
关于7月的趋势，我们所看到的与我们在5月份看到的非常一致。从5月到7月，我们看到了GPV趋势的稳定性。7月份的同比增长率为12%，与第二季度的增长率也是12%相一致。
If you unpack that by vertical in the second quarter, food and drink GPV grew by 17% year over year, retail GPV grew by 9% year over year, services also by 9%, services of course encompassing a number of sub-sectors, duty, health and fitness, home and repair, professional services. We have seen some moderation of trends across discretionary and non-discretionary verticals, which we've talked about since really that mid-Q4 time frame, and that's really broad-based across a number of different verticals.
如果以纵向来看，在第二季度，食品和饮料交易总额（GPV）同比增长了17%，零售GPV同比增长了9%，服务也增长了9%。当然，服务包括许多子行业，如职责、健康和健身、家庭维修和专业服务。我们已经看到了一些在离散和非离散行业的趋势趋于平缓，我们自去年四季度中期开始讨论这个问题，这种情况在许多不同的行业中普遍存在。
From a geographic perspective, what we've seen is international markets have continued to also see some of those macro-related headwinds, which are more pronounced in Australia in the second quarter, albeit with overall growth, XPNPL continuing to be at a much faster rate of growth than the overall base of the business at 35% year over year growth for those international markets in the second quarter.
从地理角度来看，我们所看到的是国际市场也继续受到一些与宏观经济相关的不利影响，尽管在第二季度澳大利亚这方面的影响更加明显，但整体增长率仍然高于业务总体基数，对于这些国际市场来说，第二季度XPNPL的增长率仍然保持在35%，超过了整体增长率。
And again, from a month to month perspective, have generally seen greater stability from May through July on those GPV trends for square.
从月度的角度来看，从5月到7月，我们通常可以看到Square的GPV趋势更加稳定。
Driving into your verticalization question now, which I think is a key question for us as we think about continuing to grow up market, where we have seen out plays growth, from a gross profit perspective, up market grew 20% a year over year in the second quarter for us. This is a key area for us if we continue in that strategic focus of bringing larger sellers onto our platform and acquiring those sellers that cross our key verticals of restaurants retail and beauty.
现在让我们来探讨垂直领域的问题，我认为这是一个关键问题，因为我们正考虑继续开拓高端市场，我们在毛利方面看到了出色的增长。在第二季度，我们的高端市场同比增长了20%。如果我们继续专注于将更多大型卖家引入我们的平台，并获取那些涵盖餐饮零售和美容等关键垂直领域的卖家，那么这将成为我们的关键领域。
Within our sales team, our focus has been on providing our reps with the right tools, industry knowledge and signals to prospect and to acquire sellers across those three verticals. Let's take inbound and outbound sales within inbound. We began verticalizing our US down sales team last year. We completed that in April of this year. And since that completion, we've seen an improvement in gross profit added per account executives and in software attachments, still early but encouraging trends there.
在我们的销售团队中，我们的重点是为我们的代表提供正确的工具、行业知识和信号，以便在这三个垂直领域中进行潜在客户和销售商的获取和招揽。以入站销售和出站销售为例，在入站销售方面，我们去年开始对我们的美国下行销售团队进行垂直化操作。我们在今年4月完成了这一工作。自完成以来，我们已经看到了每位客户经理的毛利润增加和软件相关附件的改善，虽然现在还处于初期阶段，但趋势是令人鼓舞的。
Now, for outbound, we finalized verticalizing our US outbound sales team in July, so just this past month. Our account executives have now completed their industry training programs, which enabled them to really deepen their knowledge within the assigned vertical that they've got. And we anticipate our account executives will continue to ramp through Q3 and hopefully be fully ramped into Q4. With those changes, our goal is to increase gross profit account added per account executives and software attachments as we've seen with the inbound sales team. And as we see the signals and gain confidence there on our processes and results, we'll look to continue to scale the outbound sales team over time.
现在，关于对外销售，我们在七月份完成了对美国对外销售团队的垂直化工作，也就是刚刚过去的一个月。我们的客户经理现在已经完成了行业培训计划，这使得他们能够深入了解他们负责的垂直领域。我们预计我们的客户经理们将在第三季度逐步提升，希望能够在第四季度完全提升。通过这些改变，我们的目标是增加每位客户经理的毛利润账户添加量以及软件的销售附件，就像我们在对内销售团队中看到的那样。随着我们在流程和结果上发现了信号并增强了信心，我们将继续考虑逐步扩大对外销售团队的规模。
Ultimately, we'll be iterating on this in the coming quarters in years as this is a long-term initiative for us to continue to grow up market and with our vertical points of sale and to drive those sustained results over time. We'd expect to see these results paying off the driving growth into 2024 and expect our overall go-to-market spend to target that three times ROI over four years.
最终，我们将在未来几个季度和几年中对此进行迭代，因为这对我们来说是一个长期的倡议，以继续扩大市场份额并推动我们的竖直销售点，并以时间为驱动力实现持续的结果。我们预计将看到这些结果在2024年带来增长，并期望我们的整体市场推广支出在四年内达到三倍的投资回报率。
Okay. Thanks, I'm really. We'll take our next question.
好的。谢谢，我真的很感激。我们会继续回答下一个问题。
And we'll take our next question from Kim Chiodo with Credit Suisse.
我们将由Credit Suisse的Kim Chiodo提出下一个问题。
Great. Thank you for digging the question. I want to talk about seller sales and marketing or square sales and marketing a little bit. So this year's marketing expense you mentioned, it's benefiting from some of the annualization of the pullback that you had on brand, awareness, and some of the experimental stuff. So it's shift towards more efficient spent. But sometimes there's a concern from investors that because the dollar amount is lower, that the size and health of the new cohort coming in might actually be a little bit smaller.
太好了。感谢你深入探讨这个问题。我想稍微谈谈卖家销售和营销，或是Square的销售和营销。所以你提到的今年的营销费用，在某种程度上得益于对品牌知名度以及一些实验性项目的减少。所以我们转向更有效的支出方式。但是有时投资者会担心，由于金额较低，新加入的合作伙伴的规模和健康状况可能会稍微小一些。
But we gather that the payback periods have really come in more to the four to five range and they had expanded to maybe six to seven at one point last year. So with all that context, maybe you could talk about the health and the size of the cohort that you're bringing in now for square.
我们了解到回报期实际上在4到5年的范围内，去年某一时刻甚至扩展到了6到7年。所以，在这个背景下，也许你可以谈一谈现在Square正在引入的用户群的规模和健康状况。
Sure. Happy to take that. Thanks for the question, Tim. Let me start with the cohort trends on payback periods and then we can dive into what we're seeing in the first half of the year in terms of spend and customer acquisition. So in 2022, for our 2022 cohort, we're seeing trends toward a six to seven quarter paybacks, which is slightly higher than our expectations as these cohorts have cured. Square sales and marketing spend was up approximately 20% year over year in 2022 compared to 2021.
没问题。很乐意回答。谢谢你的问题，提姆。让我先从回收期的趋势开始讲起，然后我们再深入探讨今年上半年的支出和客户获取方面的情况。所以在2022年，对于我们的2022年队列，我们发现回收期趋向于六至七个季度，略高于我们的预期，因为这些队列已经成熟。与2021年相比，2022年Square的销售和市场支出约增长了20%。
From a 2023 cohort perspective, we're targeting approximately a five quarter payback as we expect paybacks to improve compared to last year and have a more meaningful impact to growth in 2024. And as I just mentioned, our longer term target across our go-to-market investments for Square remains the three X ROI over four years. When you look at the first half of this year, we have pulled back on sales and marketing spend through the first half of the year. Square sales and marketing is down six percent year over year and makes that continued pullback for the rest of the year. Again, we're focused on optimizing our mix of investments across channels and driving efficiency.
从2023年的角度来看，我们的目标是大约五个季度的回报，因为我们预计回报会比去年有所改善，并对2024年的增长产生更有意义的影响。正如我刚才提到的，我们对Square的市场投资的长期目标仍然是在四年内获得三倍的投资回报率。当你看今年上半年时，我们在销售和营销支出方面有所减少。Square的销售和营销支出同比下降了6%，并在今年余下的时间里继续减少。再次强调，我们专注于优化我们在各渠道的投资组合，并提高效率。
So we pulled back meaningfully on our brand and awareness channels on a year over year basis as well as sales. And we've reduced the size of the team meaningfully as we focus on reorganizing the teams and enhancing our data and incentives as I was just speaking to on the sales team.
所以，与去年相比，我们在品牌和知名度渠道上有了明显的退缩，销售也有所减少。同时，我们大幅缩减了团队规模，集中精力对团队进行重新组织，并加强了数据和激励措施，正如我刚才谈到的销售团队。
Despite this pullback, we've seen strong growth and acquisition over the past two quarters with year over year growth and acquisition improving in the second quarter compared to the first quarter. This is with square sales and marketing down a slightly year over year in the second quarter and down six percent through the first half of the year.
尽管有所回落，但我们在过去两个季度中依然出现了强劲的增长和收购活动，年度增长和收购在第二季度相比于第一季度有所改善。尽管在第二季度Square的销售和市场营销同比略有下降，今年上半年整体下降了6%。
And we'll take our next question from.
我们接下来将从中提问。
Thank you.
谢谢你。
And we'll take our next question from Lisa Ellis with Moffat Maysonson.
我们将请来莉莎·埃利斯，她来自莫法特·梅森森，提出下一个问题。
Hey, good afternoon. Thanks for taking my question. I was hoping to drill in a little bit on the initiatives you have underway to connect blocks to ecosystems. In the shareholder letter and prepared remarks, you called out a few different ones with cash at pay. Also, I saw 15 percent growth in cash for business and a couple of other highlights in there. Can you just kind of take a step back and update us on your current overall strategy for connecting the ecosystems and maybe some data points on the benefits you see in the organization, the kind of network effects as well as maybe some of the profitable benefits you see. Thank you.
嗨，下午好。感谢您回答我的问题。我希望能深入了解您正在进行的连接区块与生态系统的举措。在股东信函和准备的发言中，您提到了一些不同的现金支付方式。此外，我还看到了业务现金增长15％以及其他一些亮点。您是否可以回顾一下您目前连接生态系统的整体策略，并可能提供一些有关组织中的收益、网络效应以及一些盈利方面的数据点。谢谢。
Yeah, I can start with that. So, as we talked about, we do believe our power and especially resilience in our business has to do the fact we have multiple different ecosystems serving different audiences. And I've been spending a lot of my time and focused on looking for opportunities with the teams to connect them. Some of the ones we mentioned earlier on the remarks are mostly between square and cash up. So payroll and cash up taxes was a big one. Cash up and square through afterpay. It's the biggest part of my focus right now. And I'm really excited about the strategy. We continue to refine it and look for opportunities to build a really compelling experience within the cash app that builds network effects and increases our network effects within cash up, but also enables us to have an app that people are checking every day because there's something interesting and especially as we balance that with square and our network of sellers, it's even more unique and more compelling.
是的，我可以从这个开始。所以，正如我们所讨论的，我们确信我们企业的实力和韧性与我们拥有为不同受众服务的多个生态系统有关。我一直在花费大量时间和精力寻找与各团队连接的机会。我们前面提到的一些机会主要涉及Square和Cash App之间的关系。比如工资支付和现金应税是其中一个重点。Cash App通过Afterpay与Square的合作也是我目前关注的最大方面。我对这项战略非常兴奋。我们会不断完善战略，并寻找机会在Cash App内构建一个非常有吸引力的体验，以增加我们在Cash App中的网络效应，并让人们每天都愿意检查这个应用，因为其中有一些有趣的内容，特别是在我们平衡Square和我们的卖家网络的情况下，这将使它更加独特和有吸引力。
Cash up and our Bitcoin hardware, specifically the Bitcoin wallet, we announced a partnership in a launch. That will be a global first product. We'll be launching in the most countries we've ever launched in to start. And we're constantly looking for other ones. There's a lot around cash up pay and square, especially around local offers and local merchants. And we continue to find more and more connections. And that doesn't speak to the future ones, which would be title and looking at opportunities for square, especially musicians looking for to sell merchandise for ticketing. In TBD, we believe with its protocol, we'll enable both cash up and square and even title to move much faster and move much faster globally. So we're excited about that. So we have a mix of external product-facing and features that connect the two ecosystems and a lot of internal stuff as well, where we're using more shared resources, more shared learnings, and able to move much faster as a individual ecosystem because of the work already done by a peer ecosystem.
现金支付和我们的比特币硬件，特别是比特币钱包，我们在发布会上宣布了一项合作伙伴关系。这将是全球首个产品。我们将在最多的国家进行首次发布。我们不断寻找其他机会。现金支付和Square都与本地优惠和本地商家有很多关联。我们不断发现越来越多的连接。这还不包括将来的合作，其中将有Title，以及针对Square的机会，特别是乐手寻求销售商品和票务。在TBD中，我们相信其协议能够使现金支付、Square甚至Title更快地移动和全球扩展。因此，我们对此感到兴奋。因此，我们拥有一些面向外部产品的特性，将两个生态系统连接起来，并且还有很多内部事务，我们正在使用更多的共享资源和学习经验，并且由于同行生态系统已经完成的工作，作为一个独立生态系统，我们能够更快地移动。
Thank you. We'll take our next question from Ken Sugaski with autonomous research. Hi, good afternoon. Thanks for taking the question. It's good to see the strong growth coming out of Square's international markets yet again. I believe Square recently highlighted that many of its verticalized software products are now available in some of the company's largest international markets. Can you just talk about the opportunity here from a software penetration perspective compared to the U.S. And how have, I guess, how having these verticalized software products in these local markets can help you sustain the momentum behind the international business in terms of GPV growth and gross profit growth?
谢谢。我们将接下来的问题交给自主研究的肯·杉崎。大家下午好。感谢回答问题。很高兴看到Square在国际市场再次取得了强劲增长。我相信Square最近强调了许多其垂直软件产品现在已在公司的一些最大国际市场上可得到。您能谈谈从软件渗透角度来看这里的机会，与美国相比如何？那些垂直软件产品在这些本地市场上的存在如何帮助您维持国际业务的发展势头，以实现毛利增长和营业总收入增长？
Yeah, thanks for the question. I'll start. So our priority with Square is to achieve parity across each of our markets, meaning that we launch all of our futures and then you want to secure market globally. There's various challenges to doing that. Square loans being an example of different regulatory environments that just increases the workload. And every new market that we take on, it does have some cost to us doing more features for the general product. So we're always abiding that cost and making sure that we're picking the right markets at the right time. We made a lot of strides in Q2 with the launch of 30 products across our global markets for Square.
是的，谢谢你的问题。我开始说吧。对于Square来说，我们的首要任务是在每个市场实现平等，这意味着我们推出所有的产品，并希望在全球范围内确保市场份额。这其中存在各种挑战。Square贷款就是一个示例，不同的监管环境会增加工作量。而且，我们进入每个新市场，为了为通用产品提供更多的功能，确实需要一些成本。因此，我们始终牢记这个成本，并确保我们在正确的时间选择正确的市场。在第二季度，我们在全球市场为Square推出了30种产品，取得了很大进展。
One of the most notable was tap to ban Android. And that's available to sellers in the U.S., Australia, the U.K., Ireland, France, and Spain. This is a big deal as tap becomes the dominant way to pay more and more people are using their phones, especially outside of the United States and Europe and Australia. And then we also launch our second generation Square Reader. In the U.K., Canada, Australia, Japan, France, Ireland, and Spain. And this improves our battery life, stronger connection, NFC performance. And it allows sellers around the world to take secure payments from just about anywhere. It's extremely portable.
其中一个最显着的是支持Android设备的“点击付款”。这项功能适用于美国、澳大利亚、英国、爱尔兰、法国和西班牙的卖家。这对于点击支付正变得越来越流行的现状来说是一个重大突破，因为越来越多的人在使用手机支付，特别是在美国以外的地区、欧洲和澳大利亚。我们还推出了第二代Square Reader设备，在英国、加拿大、澳大利亚、日本、法国、爱尔兰和西班牙等地。这款设备改善了电池寿命、连接稳定性和NFC性能。全球各地的卖家能够从几乎任何地方进行安全支付，它的便携性极高。
Australia continues to be very strong in the 12 months. And in June, almost half of Square's gross profit in Australia came from sellers that used for monetized products, which is up from less than one third two years ago. And we've seen our Square banking products contribute to some of the strong gross profit growth we've seen in international markets as well. So we continue to push.
澳大利亚在过去的12个月保持了非常强劲的态势。而在6月份，几乎有一半的Square在澳大利亚的总利润来自于使用货币化产品的商家，比两年前的三分之一还要多。我们还发现，我们的Square银行产品也为我们在国际市场上的总利润增长做出了贡献。因此，我们将继续努力推进。
Going international has to be more deliberate and therefore a little bit slower. But we've learned a lot as we go into every market and each market that we open, we can move much faster and ideally grow faster as well. And I just add, Ken, that as you noted, this is a big opportunity for us. We believe that in these markets outside the U.S. that we're in, we're less than 1% penetrated in the opportunity with a long runway for growth. So they noted our gross profit growth for Square, excluding the DMPL platform in our markets outside the U.S. was 35% year over year in the second quarter. Now, I'll add about 11% of Square's total gross profit, XBMPL, with DPV up 26% year over year and 32% on a constant currency basis. And this really encompasses, as Jack was saying, the rollout of additional products across the full suite, whether it's payment software hardware, as well as the banking products now more recently, where we're seeing strong traction and where we've got our work to continue to build upon this momentum.
走向国际市场需要更加谨慎，因此进展可能会慢一些。但是我们在进入每个市场时都学到了很多东西，每个市场的开放都可以更快地进行，并且理想情况下也可以更快地增长。我还想补充一点，正如你所提到的，这对我们来说是一个很大的机会。我们相信，在美国以外的市场上，我们的渗透率不到1％，增长的空间很大。因此，他们指出，Square在美国以外的市场上的毛利润增长在二季度同比增长了35％，这不包括DMPL平台。现在，我要补充的是，Square的总毛利润中大约有11％，不包括BMPL，DPV同比增长了26％，按恒定汇率计算同比增长了32％。正如杰克所说的那样，这真正包括了全套产品的推出，无论是支付软件硬件还是最近更近的银行产品。我们看到强劲的推动力，并且我们还有很多工作要继续努力，以建立在这种势头上
Great. Thank you both. Take our next question from Brian King with Deutsche Bank. Hi guys. Thanks for taking the question. We were excited to see the 1 million cash app pay active user base. Just curious on the timeline for merchant distribution and acquire expansion for cash app pay. And then maybe you can just go over the revenue model for cash app pay in particular. Thank you.
非常好，非常感谢你们两位。接下来请德意志银行的Brian King提问。嗨，大家好。谢谢你们回答问题。我们很高兴看到Cash App Pay拥有100万活跃用户。我想知道Cash App Pay商家分发和扩大采购的时间线是什么样的？然后，你们能简要介绍一下Cash App Pay的收入模式吗？谢谢。
Yeah. So with cash app pay, our goal is to provide a lot more flexibility for customers. And as I mentioned in my open remarks, we have expanded our distribution recently with partnerships with Stripe, Adian, and Pain and AirMe, which allows us to reach a much broader range of merchants and also industries. We launched some additional afterpay merchants in Q2, including Steve Madden and Fenty Beauty. And we still see a significant room to grow the adoption of cash app pay. And we're actively pursuing a pipeline of new merchants after pay certainly helps with that. During the second quarter, nearly 500 million in analyze volume was processed through cash app pay and nearly 1 million cash app pay monthly active as of June. So it allows us to reach customers beyond those that the cash app card is serving. We've seen really strong adoption amongst our younger audience, Gen Z demographic. So we've seen promising results and we're still looking for opportunities to make sure that we continue to see those and push it. And I just add, Brian, that we see merchants eager to onboard with cash app pay because of the access to the very attractive customer base that we have 54 million monthly transacting active as of June, who are highly engaged on our platform and inflows over $1,100 during the second quarter. And so with cash app pay being present as a payment device on their platform, they get access to these customers who don't even necessarily have to have been signed up by a cash app card. And that's really the proposition that we're selling into these merchants, these large merchants who are finding real product fit here with cash app pay.
是的。所以，我们的目标是通过现金应用支付为客户提供更大的灵活性。正如我在开场白中提到的，我们最近与Stripe、Adian和Pain以及AirMe建立了合作伙伴关系，这使我们能够触达更广泛的商家和行业。我们在第二季度推出了一些额外的分期付款商家，包括Steve Madden和Fenty Beauty。我们仍然看到现金应用支付的采用有很大的增长空间。我们正在积极追寻一系列新商家，而分期付款肯定会对此有所帮助。在第二季度，通过现金应用支付处理了近5亿美元的交易金额，截至6月，现金应用支付活跃用户数达到了近100万。这使我们能够触达那些没有使用现金应用卡的客户。我们在年轻观众中，尤其是Z一代中看到了非常强劲的采用率。我们看到了令人鼓舞的结果，我们仍然在寻找机会确保我们能持续看到这些结果并推动进一步发展。此外，我想补充一点，布赖恩，我们看到商家都渴望使用现金应用支付，因为他们能够接触到我们平台上高度参与的、具有诱人潜力的用户群体。截至6月，我们每月活跃交易用户达到了5400万，第二季度的资金流入超过了1100美元。通过将现金应用支付作为支付工具出现在他们的平台上，他们可以接触到这些顾客，而这些顾客甚至不必通过现金应用卡进行注册。这正是我们向这些大型商家销售的优势所在，因为他们在现金应用支付中找到了真正的产品适配度。
Great. Thank you. We'll take our next question from Harshita Raula with Bernstein. Hi, good afternoon. Can you expand upon your comments around headcon growth into business? It's been very strong over these past few years. How are you seeing potential for efficiency, for example, in your engineering teams with AI? And Amrita, I know you talked about the headcon growth for this year, but how should we think about headcon growth in Jack Cree with the meeting, too? Thank you.
太好了，谢谢。我们将接下来的问题交给Bernstein的Harshita Raula。嗨，下午好。你能进一步说明一下关于头脑供应业务增长的评论吗？在过去的几年里，增长非常强劲。您如何看待人工智能在您的工程团队中的效率潜力？还有，Amrita，我知道您已经谈到了今年的头脑供应增长，但我们应该如何看待与会者Jack Cree头脑供应的增长？谢谢。
Yeah, I think the biggest change has been our investment framework and making all teams and leaders and managers aware of the true costs of their business and taking into account stock-based compensation. So we have solid hiring and we have targeted more, we've been more targeted in our hiring to get much stronger talent and looking deeply at performance management as well. Of course, there's always efficiencies to bring to the table, but we just want to make sure that we're looking at each ecosystem and really putting the decisions in the hands of the folks running these teams and really running the company with everyone having the investment model in their head to make sure that we're achieving the growth that we want to see at the cost that we want to minimize. So it is early as we just rolled out this investment framework, but it does seem to be working and is something that's in the consciousness of the organization.
是的，我认为最大的改变是我们的投资框架，在让所有的团队、领导和经理意识到业务的真实成本，并考虑股权补偿的情况下进行投资。所以我们有了可靠的招聘策略，并且在招聘方面更加有针对性，以获取更强大的人才，并且深入研究绩效管理。当然，总是有可以提高的效率，但我们只是希望确保我们关注每个生态系统，并真正将决策权放在负责这些团队的人手中，让每个人都牢记投资模型，以确保我们以最小的成本实现我们期望的增长。虽然我们刚刚推出这个投资框架，但它似乎正在起作用，并且已经成为组织意识中的一部分。
Great, thank you. We'll take our next question from Reyna Kumar with UBS. Good evening. Thanks for taking my question. Could you talk a little bit about the next steps in the afterpay integration and could you discuss more broadly what are the next things to look out as you integrate afterpay?
好的，谢谢你。我们下一个问题来自瑞娜·库马尔（Reyna Kumar） UBS的提问。晚上好。感谢您回答我的问题。您能谈谈afterpay整合的下一步是什么，并且您能更广泛地讨论一下在整合afterpay时需要注意的下一步吗？
Yeah, as I said, this is where a lot of my focus is right now. I'm meeting the team almost on a daily basis to make sure that we come up with a compelling and differentiated experience. A lot of the work is going to be found within a cash app and the cash app discover tab. It's a little magnifying glass in your interface. We want to build a compelling experience that people want to go back to daily to find offers, to find deals, to find items, to find merchants around them. And that would be a place that also continues to push on our ecosystem, the ecosystem model, so that we're benefiting the square ecosystem and the square ecosystem benefits cash up. So that will probably be where you'll see the highest velocity changes. A lot of it has to do with our ability to rank this, you know, items and merchants and deals and offers on a relevant basis. And obviously we'll be applying machine learning and deep learning to do that based on all the signals we get. But that's where the ecosystem really comes together in our highest impact way, we believe. And it leads to many other opportunities down the line. So that's where I would look.
是的，正如我所说的，这是我目前关注的重点。我几乎每天都在和团队开会，确保我们能够提供引人入胜且独特的体验。很多工作都将在现金应用程序和现金应用程序“发现”选项卡中展开。它就像是你界面上的一个放大镜。我们希望构建一个引人入胜的体验，让人们每天都愿意回来寻找优惠、交易、商品和附近的商家。这也将继续推动我们的生态系统模式，使得Square生态系统受益，而Square生态系统也利于现金应用程序。所以，这可能是你们会看到变化速度最快的地方。很大一部分工作涉及我们对这些商品、商家、交易和优惠进行相关性排名的能力。显然，我们将运用机器学习和深度学习来基于我们获得的所有信号来进行这些排名。但我们相信，这正是生态系统真正发挥最大影响的方式，同时也带来了许多其他机会。所以，我会在那里寻找线索。
Thank you. We'll take our next question from Ramsey El-Assal with Box Barclays. Hi, thanks for taking my question this evening. I wanted to ask you to dive in a little bit deeper on the move up market and seller and just kind of comment on how the larger retailers and merchants are utilizing block services maybe differently than the smaller merchants. How does the value proposition sort of change, what's resonating, and then just what strategy might use to sort of lean into this move up market?
谢谢。我们将接听来自巴克莱的Ramsey El-Assal的下一个问题。嗨，谢谢您今晚回答我的问题。我想请您更深入地探讨关于市场升级和卖家的问题，并请您评论一下大型零售商和商家在如何使用区块链服务方面可能与小型商家有所不同。价值主张如何变化，什么样的理念更具共鸣，以及他们可能采用什么策略来迎合市场升级？
Yeah, so in terms of the for the acquisition and attracting, you know, getting people more up a market, I think the biggest one is we just have a much more focused effort around these verticals and that we maintain flexibility. A lot of our competitors are working on one vertical, we're working on all three, all three of the dominant ones that you find within commerce. So a big aspect that people choose square for is because I might be a restaurant chain but I also have some retail elements or I might be a chain of nail salons and provide services and retail. So we're seeing a lot of crossover between all these verticals and because square is one ecosystem and they all connect together with all the operational utilities as well. It's very easy to choose and it's very easy to add these new dimensions to your offering to your customers which ultimately differentiates you from your competitors and grow your sales. So if I were to point to one thing, it would be the flexibility that we enable and that flexibility extends to as you do get bigger or you're coming to us as a bigger entity. You might have legacy systems or you might need to do custom work and that's where our square platform comes in. It enables people to hire developers themselves, take tools off our marketplace to actually customize their work and customize their own system so that they can build the experience that they want for the customers. So that flexibility is really significant and one that continues to set us apart. It also allows us to move much faster because we're using the same developer platform internally as we're exposing externally. So a lot of our interfaces are built on that and it allows us to focus on the interface and experience and make sure that all of our developers have access to the same tools that we do so they can build really compelling additions and our large merchants can build compelling additions themselves on the same tools in that same foundation.
嗯，就收购和吸引人才方面来说，我认为最重要的是我们在这些垂直领域上有更加专注的努力，并且保持灵活性。很多竞争对手只专注于一个垂直领域，而我们则同时专注于所有三个主要的电子商务领域。所以人们选择使用Square的一个重要原因是，我可能是一个连锁餐厅，但同样也有一些零售元素；或者我可能是一家连锁美甲沙龙，同时提供服务和零售。所以我们看到在所有这些垂直领域之间存在很多交叉。由于Square是一个闭环系统，所有这些领域都与操作工具相连接。因此，选择Square非常容易，也很容易为客户提供新的服务维度，这最终使您与竞争对手区别开来，并促进销售增长。所以，如果我要指出一个最重要的因素，那就是我们所提供的灵活性，而且这种灵活性还延伸到您公司变得更大或者作为一个规模较大的实体来找我们的情况下。您可能拥有传统系统，或者需要定制开发，这就是我们Square平台的用处。它使人们能够自己雇佣开发人员，从我们的市场中取用工具，定制开发他们自己的工作和系统，这样他们可以构建满足客户要求的体验。因此，这种灵活性非常重要，而且一直使我们与众不同。它还使我们能够更快地行动，因为我们在内部使用的是与我们向外部开放的开发者平台相同的开发者平台。因此，很多我们的界面都是基于这个平台构建的，它使我们能够专注于界面和用户体验，并确保我们的所有开发者都能够访问相同的工具，这样他们就能够在相同的工具和基础上为大商家构建令人信服的功能扩展。
Thank you. And I just add, Ramsey, if you think about your question, how to larger sellers use our platform differently from smaller sellers, I think one simple way to answer is it is to use more of our platform than smaller sellers. And I think the last stat we shared in 2022, the mid-market sellers who adopted four or more of our products had 15 times greater attention than those who may adopt one and we know they generally adopt more products and smaller sellers. So that ability to take on more jobs on behalf of that larger seller ultimately builds a more retentive relationship with them. And as Jeff mentioned, that comes through not only in our vertical software offerings, each of which is now running at an annualized gross profit growth rate of $100 million or more during the second quarter, but also a developer platform which provides the third-party integration so that these sellers can build more customized solutions and applications across a number of different aspects, not just payments, but orders, inventory, customers, etc. And so the growth that we're tracking on our vertical points of sale at 37 percent, your rear in the second quarter, and gross profit growth from our developer tools, which also outpaced overall square gross profit growth. A real key areas for us to continue to be tracking here, along with our go-to-market orientation around a greater verticalized orientation from a marketing and sales perspective. We see these as being key elements of our platform and our go-to-market approach that ultimately help us attract larger sellers.
谢谢。我补充一下，拉姆齐，如果你考虑一下你的问题，即大卖家如何与小卖家使用我们的平台不同，我认为一个简单的回答是大卖家使用我们的平台更多。我们在2022年分享的最后一项统计数据显示，采用了我们四个或更多产品的中等规模卖家比采用一个产品的卖家的关注度高15倍，而且我们知道他们通常会采用更多的产品，而小卖家通常采用更少的产品。因此，能够代表大卖家承担更多工作的能力最终会建立起更具保留性的与大卖家的关系。正如杰夫提到的那样，这不仅体现在我们的垂直软件产品上，每个产品在二季度的年化毛利润增长率都超过1亿美元，还体现在我们的开发者平台上，该平台提供第三方集成，使这些卖家能够构建更多定制化的解决方案和应用程序，涵盖多个不同方面，不仅仅是付款，还有订单、库存、客户等。因此，在我们的垂直销售点37%的增长以及我们的开发者工具的毛利润增长超过整体Square毛利润增长的情况下，这些增长成为我们继续追踪的关键领域。此外，我们还在市场营销和销售方面采用更具垂直化定位的方法。我们认为这些都是我们平台和我们的市场推广方法的关键要素，最终帮助我们吸引更大的卖家。
Great. Thanks so much. We'll take our next question from Trevor Williams with Jeffries.
太好了，非常感谢。我们将接下来的问题交给Jeffries的Trevor Williams提问。
Great. Thanks for taking the question. I wanted to ask on the S&S line within seller, the disclosure on Square Banking was helpful to see this quarter, but if you could just give us kind of a snapshot of current stack rank of the biggest revenue contributors to that line today, and then second part to that would be on payroll. Jack, you mentioned in your remarks some of the integration there with cash app taxes, but any broader update on payroll and how you're thinking about the longer-term opportunity to cross-sell into the existing seller base there. Thanks.
太好了，感谢您来回答这个问题。我想问一下关于卖方内的S&S业务线，本季度Square Banking的披露对我们很有帮助，但如果您能够简要说明目前对该业务线的最大贡献收入的概况，以及关于工资支付方面的情况。杰克，您在发言中提到了一些与Cash App税务整合相关的内容，但是否有关于工资支付方面的更广泛更新，以及您如何考虑将长期机会交叉销售给现有卖方客户群的问题。谢谢。
Sorry, and your first question was on. Go ahead, go ahead, Emri.
不好意思，你的第一个问题已经开始了。请继续，Emri。
I think the first question was on subscription and services within Square and helping the stack rank, some of the largest Square products within that line. And I would orient you, Trevor, to our Square Banking disclosures, where Square Banking contributed $167 million in gross profit in the second quarter, the four biggest areas there being Square Loans, instant transfer, our Square debit card, and now our Square Savings product as well, which we're now recognizing interest benefits from as part of our gross profit as well. So those are kind of the four biggest products from a banking perspective that I'd orient you to and that are driving meaningful growth in our Square Banking initiative and more broadly across S&S for Square.
我认为第一个问题是关于Square订阅和服务以及协助排名的问题，主要是关于Square产品线中最大的产品。我想引导你，Trevor，去看我们的Square银行公开披露，其中Square银行在第二季度为我们带来了1.67亿美元的毛利润，其中有四个主要领域，包括Square贷款、即时转账、Square借记卡，以及我们现在加入的Square储蓄产品，我们现在也开始将其作为我们的毛利润的一部分来识别利益。所以这四个产品是我们的银行业务中最大的产品，它们推动了Square银行计划以及Square的S&S业务的有意义增长。
I think the second question, Trevor, you had was on payroll. It was on payroll. Yeah, exactly. Just the cross-sell opportunity into the existing merchant base. Thanks.
我想第二个问题，Trevor，你是在问关于工资单的。确实是关于工资单的。是的，就是在现有商户基础上的交叉销售机会。谢谢。
I think we continue to see as we, especially as we grow our sales initiative and deepen those relationships with upmarket sellers, we see a significant opportunity to drive software attach, whether it's payroll or any of our other 30 plus products across the Square ecosystem to drive attach into upmarket sellers. And so that's a key part of our initiative. And as I mentioned, it's early days, we're only a few months into having verticalized or inbound US sales teams, but we are seeing higher software attached from that verticalization. And we're now in the process of ramping our outbound sales team as well, and hope to continue to drive that through products like payroll and other products, as we build those touch points without market sellers.
我认为随着我们销售计划的不断发展，以及与高端销售商深入建立的关系，我们依然能够寻找到巨大的机会来推动软件附加销售，无论是工资管理还是我们在Square生态系统中的其他30多个产品，都能推动高级销售商的附加销售。所以这是我们计划的一个关键部分。正如我提到的，现在我们只是刚开始建立起垂直或者入线的美国销售团队，但是我们从这种垂直化中看到了更高的软件附加销售。现在我们也正在加快拓展我们的外呼销售团队，并希望通过工资管理和其他产品来继续推动销售，以便在高端销售商中建立触点。
We'll take our next question from Jason Kupperberg with Bank of America.
我们将从美国银行的Jason Kupperberg得到下一个问题。
Okay, thanks guys. Just can you quickly review what you said about Square, gross profit, NGPV growth 4, Q4, and then just on the cash app side, I think that the inflow is proactive, we're up 8% in Q2. Do you expect that to stay pretty stable in the second half?
好的，谢谢大家。你们能快速回顾一下关于Square、毛利、NGPV的增长4、第四季度的情况，然后就现金应用方面来说，我认为流入是积极的，我们在第二季度增长了8%。你们对下半年的稳定性有什么期望吗？
Jason, happy to take that one or start on that one. So let's start with Square, and we'll unpack some of the GTV trends that we're looking at. Generally, we look at Square growth across three high-level components, customer acquisition, churn, and same store growth. In the second quarter, we saw acquisition grow year over year, as I mentioned already. Turn was relatively stable, and we saw moderation, or where we've seen moderation in growth, is in the same store growth element of those three elements, or GTV per seller.
Jason，很高兴能接手这个问题或开始讨论这个问题。让我们先从Square开始，然后我们将解析一些我们正在关注的GTV趋势。一般来说，我们会从三个高层次的组成部分来看Square的增长，即客户获取、净流失和同店增长。在第二季度，我们看到收购增长了，就像我之前提到的那样。流失相对稳定，但我们看到在这三个因素中，即商家每人交易价值（GTV），增长趋势有所减缓。
Well, let me kind of walk through and unpack each of those. From a customer acquisition standpoint, in both the first quarter and the second quarter, we saw year over year growth and acquisition, and based on trends to date, acquisition growth in the second quarter improved compared to the first quarter. From a churn perspective, since the third quarter of 2022, we've seen relative stability in turn of existing sellers on a year over year basis. No material changes there.
好的，让我来逐个阐述和解释一下这些情况。从客户获取的角度来看，在第一季度和第二季度，我们看到了年度增长和获取的增长，并且根据目前的趋势，第二季度的获取增长相对于第一季度有所改善。从客户流失的角度来看，自2022年第三季度以来，我们在现有卖家的流失方面保持相对稳定，并没有发生任何重大变化。
From a same store growth perspective, or a GTV per seller, there's kind of a couple things that I'd unpack for you, where we've seen the moderation. First, it looks to be consumer-related. Second, it looks to cross multiple verticals. Third, this sort of retention dynamic, or GTV per seller dynamic, seems to account for the majority of the GTV growth D cell that we've seen since the third quarter of last year. Fourth, we see similarity in our data here on GTV per seller trends to broader third-party data as well. Let me kind of walk through each of those elements.
从同门店增长的角度或每个卖家的总成交额来看，有几个方面值得我们注意，我们观察到了一些变化。首先，似乎与消费者相关。其次，涉及多个行业。第三，这种保留动态或每个卖家的总成交额动态似乎占去年第三季度以来总成交额增长的大部分。第四，在我们的数据中，我们还观察到了卖家的总成交额趋势与更广泛的第三方数据相似。让我详细介绍一下每个方面。
First, processing volumes at existing sellers are, again, sort of that same store growth element. We're lower in the second quarter of 23 compared to the third quarter of 22 levels. We've noted seeing the similar dynamic since mid-November, which is kind of that Q4 timeframe that you're referencing. We believe it's consumer-related as growth had spent per card, and then the number of unique cards remains lower than October level, while churn, as I mentioned, remains relatively stable.
首先，现有卖家的处理量，再一次是那种相同的店铺增长元素。与2022年第三季度相比，我们在2023年第二季度的水平较低。我们已经注意到从11月中旬开始出现了类似的动态，这是你所提及的第四季度时间框架。我们认为这与消费者相关，因为每张卡的消费金额以及独立卡的数量仍低于10月的水平，而我提到的流失率相对稳定。
Ultimately, obviously, we managed the business to gross profit, but unpacking some of the GTV trends might be helpful to illustrate here. Since the third quarter of 22, we've seen an eight-point slowdown, and squares global GTV growth, from 20 percent or so to 12 percent or so. We estimate the GTV per seller, or save store growth, has been responsible for the vast majority of the slowdown since the third quarter of last year. It's really impacting nearly all the verticals we see in recent quarters, and impacts broadly across the seller base by seller size as well, but perhaps more pronounced amongst larger sellers. Similar to the data that we've seen and that we're tracking on third-party data, since the third quarter of GTV growth has flowed by seven points, and you've seen an eight-point slowdown in growth of U.S. retail sales and a six-point slowdown in the growth of Visa and MasterCard volumes in the U.S. These are some of the key elements that I'd point you to to unpack what we're seeing from a same store growth or GTV trend line perspective.
显然，最终我们成功地将业务管理到了毛利润，但是解读一些GTV趋势可能有助于在这里进行说明。从22年第三季度开始，我们看到了八个百分点的减速，全球GTV增长率从约20%下降到约12%。我们估计，自去年第三季度以来，每个卖家的GTV或存储增长对减速的主要责任。这确实影响到我们在最近几个季度中观察到的几乎所有垂直行业，并广泛影响卖家基础中的所有卖家规模，尽管在更大的卖家中可能更为显著。与我们在第三方数据上看到和追踪的数据类似，自第三季度以来，GTV增长率下降了七个百分点，同时美国零售销售增长率下降了八个百分点，Visa和MasterCard在美国的交易量增长率也下降了六个百分点。这些是我要提到的一些关键因素，用于解读我们从同店存储增长或GTV趋势线的角度所观察到的情况。
Sorry, I just wanted to make sure I had the commentary right there.
对不起，我只是想确定我理解评论的内容是否正确。
Sorry, say that again on 23. For the fourth quarter of 23, the relative growth rate you're expecting on GPM, GTV, versus Q3.
请再说一遍，关于23年第四季度，你对GPM和GTV相对增长率与第三季度相比的预期。
23. Sure. Yeah, what we shared for Q4 was that we expected to see a slight improvement in gross profit and GTV growth compared to Q3. Q3, remember, we're sort of urging you to look at the July rates for Q3. The July rates being 15% gross profit growth for square and 12% GTV growth for square, but we expect to see improvement in the fourth quarter given some more favorable comparisons. Again, as I referenced, we started to see some of the moderation in growth across these verticals in the mid Q4 timeframe of last year.
当然。是的，关于第四季度，我们预计会看到毛利增长和GT V增长方面的轻微改善，与第三季度相比。记得吗，我们强烈建议你们看一下第三季度的7月份数据。7月份的数据是方格公司的毛利增长15%和GT V增长12%，但我们预计第四季度会有进一步改善，因为比较基数更有利。正如我所提到的，去年中第四季度的时间，我们开始看到这些垂直领域的增长适度放缓。
The second part of your question, Jason, was on inflows per active, the 8% growth there, and in the second quarter, and I think your question was just sort of the sustainability or how we see growth on inflows per active over time? For the second half of this year, thanks.
杰森，你问题的第二部分是关于每个活跃用户的流入量和8%的增长，以及在第二季度的情况。我想你的问题主要是关于这种流入量增长在未来的可持续性或者我们认为活跃用户流入量的增长如何？谢谢你对今年下半年的关注。
Sure. Yeah, as I noted in the remarks earlier, we expect from 23 and a 3 perspective to see overall growth in inflows per active, we saw that 8% growth in the second quarter as well, and relative stability quarter of a quarter, even though we have a greater impact from tax refunds in the first quarter.
当然。是的，正如我之前在备注中指出的，从23和3的角度来看，我们预计每个活跃用户的总收入会增长，我们在第二季度也看到了8%的增长，并且季度相对稳定，尽管我们在第一季度受到更大的税款返还的影响。
Ultimately, we've been encouraged here by the Healthy Trends. As we look forward, I think there's kind of two dynamics that I'd point out beyond the broader question of consumer health and consumer spend levels. One is product adoption. If we can drive more product adoption and cross sell of our products, that gives customers more reasons to onboard more funds in the cash app. Also, if we give customers more waves that they can onboard their funds into cash app, that also, for example, paper money deposits in the past couple of quarters, that also gives us leads to incremental volumes on inflows and opportunities to engage customers through our products.
最重要的是，在健康趋势的推动下，我们在这里感到了鼓舞。展望未来，除了消费者健康和消费水平的广泛问题，我认为还存在两种动态。一是产品采用率。如果我们能够促进更多产品的采用和交叉销售，这将给客户更多理由将资金转入现金应用程序。此外，如果我们能够为客户提供更多转入现金应用程序的方式，比如过去几个季度的纸钱币存款，这也给我们带来了更多的资金流入以及通过我们的产品吸引客户的机会。
The one mitigating element to that is the mix shift dynamic as we attract younger demographics into cash app and we've seen strong encouraging trends with younger demographics like Gen Z demographics. That could put some pressure on inflows per active as these customers are more likely to have lower inflows per active earlier in their financial journey, but this is the demographic that we want to be growing with over the long term. Those are the two dynamics that I would share with you as you think about modeling inflows per active over time.
这其中唯一缓解的因素是转变混合动态，因为我们吸引了更多的年轻群体使用Cash App。我们在年轻人中，尤其是Z世代的群体中，看到了强劲而鼓舞人心的趋势。这可能会对每个活跃用户的资金流入产生一定压力，因为这些客户更有可能在他们的金融旅程中较早时期有较低的资金流入。但这正是我们长期希望与之共同成长的人群。这是我与您分享的有关随着时间推移建模每个活跃用户资金流入的两种动态。
Very helpful. Thanks. And we have time for one more question. We'll take our last question from Jamie Friedman with Susquehanna International Group.
非常有帮助。谢谢。我们还有时间再回答一个问题。我们最后一个问题来自Susquehanna国际集团的Jamie Friedman。
Hi, I was wondering, Amrita or Jack, how afterpay is performing relative to your expectations from a credit perspective. I realize losses on consumer receivables were just 1.01% essentially the same as last year, but is that more due to your treatment of the credit box? How overall are you thinking about that the originations versus the profitability from a credit perspective? Thank you.
嗨，我想知道阿姆里塔或杰克，AfterPay在信用方面相对于你们的预期表现如何。我知道消费者应收账款的损失仅为1.01%，基本与去年相同，但这更多是因为你们对信用框的处理吗？就信用角度而言，你们对放贷额和盈利能力的整体考虑如何？谢谢。
I can start on that one. What I would say is that what we've seen for afterpay in the first half of this year is stability to improvement and overall trend lines from a top line perspective, whether you look at GMV or gross profit with consistent loss rates. And we've maintained a really disciplined approach here to risk loss and have continued to see stable trends in consumer health and repayment behavior with stability.
我可以开始处理这个问题。我想说的是，从上半年起，我们在Afterpay方面所看到的是稳定改善和总体趋势线，无论是从总交易价值(GMV)还是从毛利角度看，损失率一直保持稳定。我们一直以非常审慎的方式处理风险损失，并继续看到消费者健康状况和还款行为的稳定趋势。
As you noted on losses on consumer receivables from a year-over-year perspective in the second quarter, this is why all GMV was up. 22% year-over-year in the second quarter, improving from the 17% growth rate in the first quarter. Similarly, while gross profit was up, improving from 13% year-over-year in the second quarter, improving from 10% in the first quarter. We've seen stable to improving trends on the core BMPL products within afterpay while we continue to focus on the much larger opportunities on integration with a commerce killer connecting our cash-op and square ecosystems and while we maintain healthy loss rates across the ecosystem.
正如您在第二季度一年对一年的角度上注意到的，消费者应收款项的损失是导致总交易金额增长的原因。第二季度总交易金额同比增长了22%，从第一季度的17%增长率提升。同样地，毛利润也有所提高，第二季度同比增长了13%，从第一季度的10%增长率提升。与此同时，在afterpay的核心BMPL产品中，我们看到了稳定到改善的趋势，同时我们继续专注于与一个商业杀手的整合中更大的机遇，连接我们的现金运营和square生态系统，同时我们保持了整个生态系统的健康亏损率。
Perfect. Thank you.
完美。谢谢你。
Thank you. Ladies and gentlemen, thank you for participating in today's program. This does conclude the program. You may now disconnect.
感谢大家参加今天的节目。现在我们的节目已经结束，您可以断开连接了。