Block Inc.

Good day, ladies and gentlemen, and welcome to the Square Third Quarter 2021 Earnings Conference Call. I would now like to turn the call over to your host, Nikhil Dixit, Head of Investor Relations. Please go ahead.

Hi, everyone. Thanks for joining our Third Quarter 2021 Earnings Call. We have Jack and Amrita with us today. We will begin the 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. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the SEC 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 the 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 month of October, and our monthly results are not subject to interim review by our 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 our 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. With that, I would like to turn it over to Jack.

Thank you all for your time today. In our seller ecosystem, we continue to build upon our omni-channel capabilities, and those efforts have enabled us to attract and retain larger sellers while also helping our existing sellers grow a market. This quarter, we enhanced our Square Invoices product to help sellers more efficiently run their business. Square Invoices enables sellers to easily build clients and get paid quickly in person, online, or over the phone. In the third quarter, we introduced Square Invoices Plus, a new subscription product with more advanced features designed for larger and more complex businesses. We also continue to expand our geographic reach, launching a full stack of integrated seller tools in France in September, our most robust market launch yet. French businesses can now sell online and in person with Square's integrated suite of products, including Square Point of Sale, Square for Restaurants, Square Online, Square Terminal, Square Stand, Square Reader, and more. We're excited about France, given its strong small business environment, increased usage in contactless payments, and its fast-growing e-commerce sector. Switching to Cash App, we've reached a major milestone this quarter in expanding our offerings to families by serving teens, an entirely new demographic for Cash App. With its launch, customers in the U.S. between the ages of 13 and 17 get access to Cash App's massive P2P network, the Cash Card, direct deposit, and boost, all with parental or guardian approval. By lowering the age barrier, we hope to expand access to the financial system to 20 million teens in the US and equip them with the tools they need to participate in the cashless economy, which is especially important now as transacting with physical cash becomes less relevant in the increasingly digital world. With Cash App, families can help their teens learn about how to manage the money they earn from the allowance, jobs, and chores with the appropriate protections in place. As we've talked about, our strength lies in our ecosystem model, especially as our ecosystems connect together. In the third quarter, we launched Cash App Pay in the U.S., a new contactless payment method for online and in-person transactions. With Cash App Pay, individuals can seamlessly pay with their Cash App account at Square Cellars using the QR code or tapping a button on their mobile device to check out. As contactless options in QR codes have become more mainstream, Cash App Pay has become a top requested feature by both Cash App customers and Square sellers. This integration further expands Cash App's commerce capabilities and helps us meet customers where they are, providing more flexibility in their payment options. Cash App Pay also enables us to offer sellers a new and innovative way to bring commerce to life for their customers. Lastly, we continue to serve our purpose of economic empowerment in all that we do. But we want to build on that strength to explore opportunities beyond our existing ecosystems to serve new markets. We have a few emerging initiatives we're investing behind into 2022. For example, with the acquisition of Tidal, we're building tools for artists, starting with musicians. We also recently created a business called TBD in order to build an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services with a focus on Bitcoins. We plan to share detailed plans with a white paper later this month. We announced two more Bitcoin initiatives as well, a consumer Bitcoin hardware wallet and a Bitcoin mining system. Both are focused on helping Bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem. We will build both in the open in collaboration with the community, sharing all of our decisions, progress, and questions along the way. We see each of these long-term opportunities that we will be learning from over multiple years. And with that, I'll turn it over to Anita.