Block, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Results (Q2 2022 vs. Q2 2021)

  • Gross Profit: $1.47 billion, up 29% YoY; excluding $18M amortization of acquired tech, adjusted gross profit was $1.49B.
  • Adjusted EBITDA: $187 million.
  • BNPL (Afterpay): Contributed $150M to gross profit; GMV of $5.3B, up 13% YoY, or 65% 3-year CAGR.
  • Square Ecosystem: $755M gross profit, up 29% YoY; excluding BNPL, $681M, up 16% YoY.
  • Cash App: $705M gross profit, up 29% YoY; excluding BNPL, $630M, up 15% YoY.
  • Cash App Monthly Transacting Actives: Reached 47M in June, +18% YoY.

Key Business Highlights

  • Cash App Introductions:
    • New Discover Tab to boost commerce discovery within the app.
    • Round Ups: Customers can invest spare change into stocks or Bitcoin.
    • Cash App Borrow: Now at 1M monthly actives. Short-term loans under $200/month with < 3% loss rates. Positive unit economics.
  • Square Ecosystem Updates:
    • Afterpay is now integrated for in-person and online sellers in the U.S. and Australia.
    • Square for Restaurants enhancements including mobile POS and smart menu import tools.

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Operator: Good day, ladies and gentlemen, and welcome to the Block Second 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. Nikhil Dixit: Hi, everyone. Thanks for joining our second 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. All statements, other than statements of historical fact could be deemed to be forward-looking. 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 July. These represent our current estimate for July performance as we have not yet closed our accounting financials for the month of

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