Block, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Gross Profit: $1.13 billion, up 43% YoY; 51% growth on a two-year CAGR basis.
  • Adjusted EBITDA: $233 million for Q3 2021.
  • Seller Ecosystem:
    • Gross profit: $606 million, up 48% YoY, 29% growth on a two-year CAGR.
    • Mid-market sellers (> $500k GPV) grew nearly 2x the overall Seller business on a two-year CAGR.
    • Square Invoices processed $12B GPV over the past 12 months, nearly 2x from two years ago.
    • Expanded internationally with full product stack launch in France.
  • Cash App:
    • Gross profit: $512 million, up 33% YoY, 104% growth on two-year CAGR.
    • Strong inflow growth despite the end of government disbursements.
    • Cash Card usage drove higher engagement; actives brought in 70% more monthly inflows vs. non-actives.
    • Launched Cash App Pay (contactless payment for online & in-person Square sellers).
    • Expanded access to teens (13–17 with parental approval) to serve 20 million teens in the U.S.
  • October 2021 Performance (Preliminary):
    • Seller Ecosystem: Gross profit up 45% YoY, ~30% on a two-year CAGR. GPV up 24% on a two-year CAGR.

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Operator: Good day, ladies and gentlemen and welcome to the Square Third Quarter 2021 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 third quarter 2021 earnings call. We have Jack and Amrita with us today. We will begin a 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. Recorded 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 the forward-looking statements except as required by law. During this call, we will provide preliminary gross profit growth results for the month of October. These represent our current estimate for October performance, as we have not yet closed our accounting financials for the month of October and our monthly results are not subject to interim review by our auditors. As a result

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