Block, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Gross Profit: $1.71 billion, up 32% YoY. On combined company basis, up 27% YoY (up from 21% in Q4 2022).
  • Adjusted EBITDA: $368 million, up from $195 million in Q1 2022.
  • Adjusted Operating Income: $51 million, improved from a $42 million loss YoY.
  • Revenue Streams: 14 revenue streams generating over $100M in annualized gross profit (up from 11 a year ago).

Cash App Ecosystem

  • Gross Profit: $931 million, up 49% YoY (43% combined company basis, up from 39% in Q4 2022).
  • Monthly Transacting Actives: 53 million in March, up 17% YoY.
  • Inflows per Active: $1,136 in Q1, up 8% YoY and QoQ.
  • Total Inflows: $61 billion, up 27% YoY.
  • Cash App Card Actives: 20 million in March, up 34% YoY.
  • Direct Deposit Actives: 2 million with $2.5 billion of paycheck deposits in March (up 69%).
  • Savings Product: Launched January; >3 million users added funds by April.
  • April Outlook: Gross profit expected to grow 35% YoY (vs. 43% in Q1).

Square Ecosystem

  • Gross Profit: $770 million, up 16% YoY (12% on combined company basis).
  • Excluding TTP contributions, gross profit grew 21% YoY (up from 16% in Q4 2022).

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Operator: Good day, ladies and gentlemen, and welcome to the Block First Quarter 2023 Earnings Conference Call. I would now like to turn the call over to your host, Nikhil Dixit, Head of Investor Relations. Please go ahead. Nikhil Dixit: Hi, everyone. Thanks for joining our first 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 question. 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. All statements, other than statements of historical fact could be deemed to be forward-looking. These forward-looking statements include discussions of our outlook and guidance as well as our long-term targets and goals, and we may decide to shift our priorities move away from these targets and goals at any time. These statements are subject to risks and uncertainties. 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 forwa

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