Block, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Gross Profit: $964 million, up 79% year-over-year (YoY).
  • Net Income: $39 million.
  • Adjusted EBITDA: $236 million.
  • Seller Ecosystem: Gross profit of $468 million, up 32% YoY. Growth driven by:
    • Mid-market sellers (30% of Seller GPV mix) grew 43% YoY, more than 2x overall Seller GPV.
    • International growth with 80% YoY increase in non-U.S. markets; Australia doubled YoY.
    • Online channel volumes up >50% YoY; card-present volumes returned to growth.
  • Cash App Ecosystem: Gross profit of $495 million, up 171% YoY.
    • Customers averaged 18 transactions/month in Q1; March hit an all-time high.
    • Cash Card had over 10 million monthly actives with 7 million weekly active users.
    • Cash App inflows rose 55% MoM in March (stimulus impact), then normalized with a 16% MoM decline in April.
  • April 2021 Estimated Gross Profit Trends:
    • Seller gross profit expected to grow >135% YoY.
    • Cash App gross profit expected to grow ~130% YoY.
    • Two-year CAGR (2019 to 2021): Seller ~25%, Cash App ~130% (slight deceleration from Q1 CAGR of 142%).

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Operator: Good day, ladies and gentlemen, and welcome to the Square First Quarter 2021 Earnings Conference Call. I would now like to turn the call over to your host, Jason Lee, Head of Investor Relations. Please go ahead. Jason Lee: Hi, everyone. Thanks for joining our first quarter 2021 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. We would like to remind everyone that we will be making forward-looking statements on this call. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also, note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will provide preliminary gross profit growth results for the month of April. These represent our current estimate for April performance as we have not yet closed our accounting financials for the month of April, and our monthly results are not subject to interim review by our auditors. As a result, actual Ap

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