Block Inc.

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 speaker's remarks will be a question and answer session. If you would like to ask a question, you may press star 1 on your telephone keypad to remove yourself from the queue to star 1 again. We do ask that you please limit yourself to one question. I would now like to turn the conference over to Nikhil Dixit, Head of Investor Relations. Please go ahead.

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 discussion of the factors that could cause our results to differ. Also note that 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 estimate of performance for the month of October. This represents our current estimate for October performance as we have not yet finalized our financial statements 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 this estimate and may not be reflective of performance for the full fourth quarter. Moreover, this financial information has been prepared solely on the basis of currently available information by and is the responsibility of management. This preliminary financial information has not been reviewed or audited by our independent public accounting firm. This preliminary financial information is not a comprehensive statement of our financial results for October or the fourth quarter. Within these remarks, we will also discuss metrics related to our investment framework, including Rule of 40. With Rule 40, we are evaluating the sum of our gross profit growth and adjusted operating income margins. 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, historical financial information spreadsheet, and investigative materials 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 webcast on our investor relations website. An audio replay of this call and the transcript for Jack and Amrita's opening remarks will be available on the website shortly. With that, I would like to turn it over to Jack. One moment, we're just getting Jack to reconnect.

I'm sorry, I was on mute. So we're going to do something a little bit different this year. Thank you all for joining us. I wrote a shareholder letter to you all, which you'll find on our website. And we're going to focus our call to maximize questions. So we're going to start with Amrita, providing more detail into what I wrote. Most notably, reaching our Rule of 40 goal in 2026. and authorizing a repurchase of $1 billion in shares to offset a portion of dilution from share-based compensation. If you haven't yet, please read that letter for all the details and what I'm focused on going forward. And with that, I'm going to turn it over to Ann Rita.