Block, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Gross Profit: $1.3 billion, up 34% YoY. Excluding Afterpay, $1.2 billion, up 25% YoY.
  • Adjusted EBITDA: $195 million.
  • Afterpay Contribution: $92 million gross profit in Q1. Revenue & profit allocated 50/50 between Cash App and Square; not included in GPV or transaction profit.

Cash App Highlights

  • Gross Profit: $624 million (↑26% YoY); excluding Afterpay, $578 million (↑17% YoY).
  • Monthly Engagement: Highest ever in March with average 21 transactions per user.
  • Cash Card: One of fastest growing revenue drivers; gross profit ↑50% YoY, 170% 3-yr CAGR.
  • Inflows: Record quarterly inflows; 1.5M direct deposit actives in March, ↑2.5x YoY.
  • Bitcoin: Over 10M accounts bought BTC; new functionality via Lightning Network.
  • Cash App Taxes: 1.5M filed; 75% of eligible filers used Cash Card for refunds.

Square Highlights

  • Gross Profit: $661 million (↑41% YoY); excluding Afterpay: $615 million (↑31% YoY).
  • Mid-Market Seller Growth: Gross profit ↑47% YoY for this cohort.

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Operator: Good day, ladies and gentlemen, and welcome to the Block First 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, Sir. Nikhil Dixit: Hi, everyone. Thanks for joining our first 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. During Q&A, we will take questions from our customers in addition to questions from conference call participants. We would also 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

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