Block, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Gross Profit: $1.90 billion, up 21% YoY.
  • Adjusted EBITDA: $477 million (25% margin), highest in company history.
  • Adjusted Operating Income (AOI): $90 million (5% margin), up from $32 million YoY.
  • Adjusted Free Cash Flow: $427 million, up from $88 million YoY; TTM figure of $945 million, versus negative $99 million prior year.

Business Segment Highlights

  • Square:
    • Gross Profit: $899 million (+15% YoY).
    • GPV grew 11% YoY (12% in constant currency).
    • Vertical POS Gross Profit grew 29% YoY; banking products up 20% YoY.
    • Outage impact: 15-hour disruption affected less than 1% of gross profit.
  • Cash App:
    • Gross Profit: $984 million (+27% YoY).
    • Monthly Active Users: 55 million (+11% YoY).
    • Inflows per active: $1,132 (+8% YoY).
    • Monetization rate: 1.43% (up 8 bps YoY).
  • Buy Now Pay Later (BNPL):
    • Gross profit: $94 million each for Square and Cash App.
    • GMV: $6.7 billion (+24% YoY).
    • Consumer losses: 0.84% of GMV, improved QoQ and YoY.

Continue Reading

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

Upgrade to Professional
Operator: Good day, everyone, and welcome to the Block Third Quarter 2023 Earnings Call. Today's call is being recorded. All lines have been placed on mute to prevent any background noise, and after the speakers' remarks will be a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Nikhil Dixit, Head of Investor Relations. Please go ahead. Nikhil Dixit: Hi, everyone. Thanks for joining our third 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 questions. During Q&A, we will take 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 or 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 stat

Continue Reading

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

Upgrade to Professional