Block Inc.

Good day, ladies and gentlemen. Thank you again for your cooperation. Welcome to the Square second quarter 2021 earnings conference call. I would now like to turn the call over to your host today, Jason Lee, Head of Investor Relations.

Hi, everyone. Apologies for the delay. We were just experiencing technical difficulties with the conference line. Thanks for joining our second quarter 2021 earnings call, during which we will discuss Square's plan acquisition of Afterpay. We have Jack and Amrita with us today. Also joining us on the call is Nick Molnar, co-CEO and co-founder of Afterpay. We will begin this call with some remarks before opening the call directly to your questions. We would 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 filings with the SEC in the investor deck and press release about our plan acquisition on our IR website for 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 July. These represent our current estimate for July performance, as we have not yet closed our accounting financials for the month of July, and our monthly results are not subject to interim review by our auditors. As a result, actual July results may differ from these estimates. We may also discuss financial metrics for afterpay, which are available in afterpay's public balance. Also, we will discuss our 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, we are providing a slide presentation to accompany our commentary on the transaction. This conference call is also being webcast, and both the presentation and the call are available through the investor relations section on our website. An audio replay of this call will be available on our website shortly after the conclusion of the call. With that, I'd like to turn it over to Jack.

Thanks, Jason, and thank you everyone for joining us today. Before we discuss our plans to acquire Afterpay, which we announced yesterday, I'd like to first share two highlights from the quarter. Continuing our commitment to expand access to financial tools and services, in July we launched Square Banking for our U.S. sellers. This new suite of products will help business owners better manage their cash flow and get more out of their money. Square Banking now includes three core products, two deposit accounts, Square Savings and Square Checking, Joining Square's existing lending products now called Square Loans. By offering essential banking tools that integrate seamlessly with seller solutions like payments and Square Payroll, sellers now have a unified view of the payments, balances, expenses, and financing options. We also announced the launch of a new business at Square. Its name is TBD, which will focus on building an open developer platform with the goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is on Bitcoin, driven by our belief that Bitcoin has massive potential to level the playing field for all. We're going to make our development process completely transparent to the public. We plan to share updates publicly in real time as we have them. Now on to yesterday's acquisition announcement. Today is an important day for Square, for Afterpay, and for what we can do together to better serve our customers. Through this transaction, we will be uniting two companies with a shared focus on economic empowerment and financial inclusion and taking the important opportunity to connect our two largest business units, Seller and Cash App. By integrating Afterpay into Seller and Cash App, we plan to combine complementary businesses while also accelerating even stronger connections and driving more commerce across both ecosystems. Increasingly, we're seeing strong demand for buy now, pay later for both merchants and consumers. and rapid adoption amongst both, especially among younger consumers. This new financial service gives more control to individuals and merchants and is one we want to make part of our combined ecosystem. It's a simple idea, enable a seller's customers to pay for purchases later, interest-free, without having to use traditional credit sources while helping to drive more omni-channel sales to the seller. Afterpay has built this out as a seller tool and combine that with a flexible, responsible payment method for consumers that also includes merchant discovery. As of June 30th, Afterpay served more than 16 million consumers and nearly 100,000 merchants globally. It's a huge opportunity for growth on both sides, and growth in one helps the other, just like the rest of our ecosystem today. Beyond the compatibility of our businesses, we've been drawn from the start to Afterpay's founder-led entrepreneurial teams. Afterpay's co-founder and co-CEO, Nick and Ant, have built an authentic, thoughtful, and visionary team focused on economic empowerment. It's been incredible to witness how effortlessly our conversations flowed around shared ideas and visions. Every conversation has raised the bar on what we can all do together, and our strong collaboration will well serve our integration process. I'm thrilled that upon closing, Nick and Ant will join Square and help lead Afterpay's respective merchant and consumer efforts as part of Square's Stellar and Cash App teams. And I'm excited to see what we can build together. With that, I'd like to turn the call over to Nick to tell you more about Afterpay.