Block, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Performance Overview:
    • Gross profit: $1.14 billion, up 91% YoY—the strongest quarterly gross profit growth in Square’s history as a public company.
    • Net income: $204 million; Adjusted EBITDA: $360 million.
    • Cash App gross profit: $546 million, up 94% YoY and 128% on a two-year CAGR basis.
    • Cash App monthly active users: 40 million in June; nearly two-thirds are weekly actives.
    • Annualized gross profit per monthly active: $55, up 2.5x from two years ago.
    • Seller gross profit: $585 million, up 85% YoY and 30% on a two-year CAGR basis.
    • Mid-market GPV doubled since Q2 2019, now contributing over one-third of total Seller GPV.
  • Guidance (July Trends):
    • Cash App: Expected gross profit growth >110% on a two-year CAGR, ~20% YoY.
    • Seller: Expected gross profit growth >45% YoY and 29% two-year CAGR.
  • Afterpay Acquisition Announcement:
    • Square to acquire Afterpay for ~$29 billion in stock; expected to close Q1 2022.
    • Afterpay shareholders receive 0.375 Square Class A shares per Afterpay share.
    • Afterpay FY21: Served 60M+ consumers and nearly 100,000 merchants globally.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, ladies and gentlemen. Thank you again for your cooperation. Welcome to the Square Second Quarter 2021 Earnings Conference Call. I would now like to turn the call over to your host today, Jason Lee, Head of Investor Relations. Jason? Jason Lee: Hi, everyone. Apologies for the delay. We were just experiencing technical difficulties with the conference line. Thanks for joining our second quarter 2021 earnings call during which we will discuss Square's planned acquisition of Afterpay. We have Jack and Amrita with us today. Also joining us on the call is Nick Molnar, Co-CEO and Co-Founder of Afterpay. We will begin this call with some remarks before opening the call directly to your questions. 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 in the investor deck and press release about our planned acquisition on our IR website 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 gross results for the m

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional