Block, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Block Q3 2022 Earnings Summary

  • Gross Profit: $1.57B, up 38% YoY; excluding Afterpay amortization, $1.59B gross profit.
  • Adjusted EBITDA: $327M during the quarter.
  • Cash App:
    • Gross profit: $774M, up 51% YoY; $700M excluding BNPL, up 37% YoY.
    • Inflows: $52B (record high), up 19% YoY.
    • Monthly Active Users: 49M in Sept (+20% YoY).
    • 18M monthly Cash App Card users (~35% of actives); Card customers drive 50% of inflows.
    • ARPU: $57 in Q3, up from $53 in Q2 and $50 in Q1.
    • Direct deposit volume: >$2B in Sept, up 65% YoY.
  • Square:
    • Gross profit: $783M, up 29% YoY; $708M ex-BNPL, up 17% YoY.
    • GPV: up 20% YoY (22% constant currency).
    • International GPV: up 40% YoY; 55% at constant currency.
    • Strong contributions from mid-market sellers (+22% YoY GP), with nearly half of that GPV linked to open developer platform.
  • BNPL (Afterpay):
    • GMV: $5.4B, +10% YoY; +60% over three years.
    • Revenue: up 6% YoY; Gross profit: -3% YoY ($12M intangibles amortization).
    • Consumer installment repayment rate >95%; loss rate improved to 0.96% of GMV.

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Operator: Good day, ladies and gentlemen, and welcome to the Block’s Third 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 third 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 October. These represent our current estimate for October performance as we have not yet closed our accounting financials for the mo

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