Block $SQ 1Q22 Earnings 
- Rev (ex-BTC) $2.2b +38%
- Gross Profit (ex-BTC) $1.3b +30%
margin 56% -330 bps 
- Adj EBITDA $195m -17%
margin 9% -581 bps 
- NG Net Income $102m -39%
margin 5% -579 bps 
- OCF $229m
margin 10% +1209 bps

- Rev (ex-BTC) $2.2b +38%

- Gross Profit (ex-BTC) $1.3b +30%


- Adj EBITDA $195m -17%


- NG Net Income $102m -39%


- OCF $229m


Business Metrics
- GPV $43.5b +31%
- Rev (Afterpay) $130m
- GP (Afterpay) $92m
- Afterpay allocate 50/50 to Square + Cash App
- GP (ex-Afterpay) $1.2b +25%
- GP (Cash App) $624m +26%
- GP (Square ex-BTC ex-Afterpay) $667m +26%
- GP (Afterpay) $92m (Feb+Mar)
- GPV $43.5b +31%

- Rev (Afterpay) $130m
- GP (Afterpay) $92m
- Afterpay allocate 50/50 to Square + Cash App
- GP (ex-Afterpay) $1.2b +25%

- GP (Cash App) $624m +26%

- GP (Square ex-BTC ex-Afterpay) $667m +26%

- GP (Afterpay) $92m (Feb+Mar)
Business Metrics (cont’d)
- Sub & Svcs Rev $960m +72% / +49%*
- Sub & Svcs GP $764m +63% / +44%*
*Exclude Afterpay
- Sub & Svcs Rev $960m +72% / +49%*
- Sub & Svcs GP $764m +63% / +44%*
*Exclude Afterpay
1 | Widening Delta between GP and GPV to reverse in coming quarters
GP / GPV 1.18% -12bps

Square GPV grew faster than gross profit on a YoY basis, driven by 2 factors:
GP / GPV 1.18% -12bps


Square GPV grew faster than gross profit on a YoY basis, driven by 2 factors:
1 | cont’d
(1) “normalization in transaction-based gross profit margins as the mix of card not present and debit transactions roughly returned to 2019 levels”
(2) “closer to completing the PPP program with only 7% of loan applications yet to be forgiven.”
(1) “normalization in transaction-based gross profit margins as the mix of card not present and debit transactions roughly returned to 2019 levels”
(2) “closer to completing the PPP program with only 7% of loan applications yet to be forgiven.”
1 | cont’d
“…expect to see a delta between Square's gross profit growth and GPV growth on a YoY basis through the remainder of 2022. Although we expect this delta to lessen in the coming quarters.”
“…expect to see a delta between Square's gross profit growth and GPV growth on a YoY basis through the remainder of 2022. Although we expect this delta to lessen in the coming quarters.”
2 | Credit Losses so far stable
“Losses on consumer receivables were 1.17% of GMV during the first quarter, which was consistent with the 2H21.”
“We continue to see healthy consumer repayment behavior with 95% of installments paid on time.”
“Losses on consumer receivables were 1.17% of GMV during the first quarter, which was consistent with the 2H21.”
“We continue to see healthy consumer repayment behavior with 95% of installments paid on time.”
3 | Cash App GP YoY Growth to improve in 2H22
“…believe Cash App's YoY GP growth rate, excluding Afterpay, will improve in the 2H22 compared to 1H22 as comparisons become more favorable…introduce new product innovations and…benefit from pricing adjustments in certain areas.”
“…believe Cash App's YoY GP growth rate, excluding Afterpay, will improve in the 2H22 compared to 1H22 as comparisons become more favorable…introduce new product innovations and…benefit from pricing adjustments in certain areas.”
4 | Integration of Afterpay thus far
“We're really excited about Afterpay and where it goes. We're still extremely early into this integration. This is the biggest thing our company has ever done.”
“…it definitely distracts a lot, but we've managed to perform through it.”
“We're really excited about Afterpay and where it goes. We're still extremely early into this integration. This is the biggest thing our company has ever done.”
“…it definitely distracts a lot, but we've managed to perform through it.”

4 | cont’d
“So we have integrated Afterpay on the seller side. We're just starting to integrate on the Cash App side.”
“What sets us apart from every other company, whether they be focus on sellers, individuals, buy now, pay later is we have all of it in one ecosystem.”
“So we have integrated Afterpay on the seller side. We're just starting to integrate on the Cash App side.”
“What sets us apart from every other company, whether they be focus on sellers, individuals, buy now, pay later is we have all of it in one ecosystem.”
5 | Growing Upmarket Sellers in Square
“First, we continue to grow upmarket and gain share among mid-market sellers. Gross profit from the mid-market segments was up 47% YoY, outpacing total Square gross profit.
“First, we continue to grow upmarket and gain share among mid-market sellers. Gross profit from the mid-market segments was up 47% YoY, outpacing total Square gross profit.
6 | Growing Internationally (faster through Afterpay)
- Excl. Afterpay GP $58m (~9% of Square GP)
- Incl. Afterpay GP $78m (~12% of Square GP)
“…global expansion remains our top priority for Square & Cash App.”
3 approaches: (1) marketing, (2) product parity, (3) new markets.
- Excl. Afterpay GP $58m (~9% of Square GP)
- Incl. Afterpay GP $78m (~12% of Square GP)
“…global expansion remains our top priority for Square & Cash App.”
3 approaches: (1) marketing, (2) product parity, (3) new markets.

Growth at scale with strengthening of Cash App ecosystem with network effect, add BNPL with AfterPay, with significant growth runway and optionality around new initiatives to drive further growth. Thesis unchanged.