Block Inc.

Good day, ladies and gentlemen, and welcome to the Square Third Quarter 2020 Earnings Conference Call. I'd now like to turn the call over to your host, Jason Lee, Head of Investor Relations. Please go ahead.

Hi, everyone. Thanks for joining our Third Quarter 2020 Earnings Call. We have Jack and Amrita with us today. If you are experiencing any technical difficulties accessing our Third Quarter 2020 shareholder letter, it is also available on the SEC's website. 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. Actual results could differ materially from those contemplated by our forward-looking statements. Report results should not be considered as an indication of future performance. Please take a look at our findings with the ICC for a discussion of the factors that could cause the 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 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 auditors. As a result, actual October results may differ from these estimates. Also, we will discuss certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. These non-GAAP measures are not intended to be a substitute for GAAP results. Finally, this call in its entirety is being audio webcast on our investor relations website. An audio replay of this call will be available on our website shortly. I would like to turn it over to Jack.

Thanks, Jason, and thank you all for joining us today. We know this is a busy time for everyone, especially with the U.S. election this week, so we'll keep our opening comments focused so we can get to your questions. As a company, we're continuing to take action to further our purpose of economic empowerment and commitment to financial inclusion. Since last quarter, we announced two strategic investments that aligned with that purpose. The first was $100 million investment in support of minority and underserved communities and towards our commitment to ending racial injustice. The second was a $50 million investment into Bitcoin, which we believe will be the native currency of the internet, and help people around the world better participate and thrive in the economy. A few updates on our two ecosystems, Seller and Cash App, before I turn it over to Amrita and your questions. Let's start with Seller. We're focused on providing sellers with fast and flexible access to their funds, which has proven to be especially important this year. SquareCard, our business debit card, which we launched last year, provides sellers with a way to immediately access and spend earned funds without setting up a bank account. Adoption of SquareCard has increased each quarter since launch, and in the third quarter, sellers spent more than $250 million on their cards. We also work to provide employees easier access to funds. In the third quarter, we launched two new features for Square Payroll, Instant Payments and On-Demand Pay. Instant Payments allows Square Payroll merchants to pay employees using earned funds next business day with direct deposit or instantly when employees use Cash App. On-Demand Pay gives employees a way to get their compensation faster by transferring up to $200 of earned wages per pay period into their Cash App accounts. This strengthens the integration between our seller and Cash App ecosystems and is a great example of what we can do when we connect the two ecosystems together. We continue to believe our ecosystem is a key differentiator for sellers and see an opportunity to educate businesses who are looking to adapt. During the quarter, we also ran our largest brand awareness campaign to date, which focused on how our offerings can help sellers globally through the COVID-19 pandemic. We expect to reach more than 50 million people in the U.S. through our campaigns in the second half of 2020. Now moving on to Cash App. With Cash App, we've continued to find ways to make financial services more relatable and accessible for individuals. We've seen strong adoption across the Cash App ecosystem, including our stock brokerage product, which has seen the fastest adoption of any product to date. Since launching it less than a year ago, more than 2.5 million customers have bought stocks using Cash App, and billions of dollars have been traded by the end of the third quarter. With the stock products, we're focused on expanding access to investing for more customers, many of whom likely have never purchased stocks before. This quarter, we launched Auto Invest, which allows for dollar cost averaging from recurring daily or weekly purchase of Bitcoin or of stocks. We also added the ability for customers to find stocks based on industry and performance and to get relevant news about their stocks right in the app. In closing, we have scaled not one, but two ecosystems to focus on expanding access to financial services for sellers and individuals. We intend to continue looking for opportunities within each ecosystem and to expand into new adjacencies beyond seller and show. We're investing for the long term, and we're energized by what's possible. And with that, over to Amrita.