Block Inc.

Good day, ladies and gentlemen, and welcome to the block first quarter 2025 earnings conference call. Today's call will be 45 minutes. 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 first quarter 2025 earnings call. We have Jack Namrita 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, strategy, and guidance, as well as our long-term targets and goals. These statements are subject to risks and uncertainties, including changes in macroeconomic conditions. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements, including earnings guidance for 2025, discussed on this call are based on information available to us and assumptions we believe are reasonable as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. Further, any discussion during this call of our lending and banking products refer to products that are offered through Square Financial Services or our bank partners. During this call, we will also provide a preliminary estimate of GPV growth for the month of April. Actual April results may differ from this estimate and may not be reflective of performance for this full second 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 margin. 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 and our historical financial information spreadsheet 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 and the transcript for Jack and Amrita's opening remarks will be available on our website shortly. With that, I would like to turn it to Jack.

Thank you all for joining. My letter goes through what we've seen in our performance so far in 2025 and why we expect growth to accelerate in the second half of this year. Our work on product velocity and go-to-market is showing results of square gain share this quarter. We'll keep pushing our roadmap forward at a faster pace and bring AI automation to more sellers. On Cash App, our growth this year will be driven by increasing engagement with our base, but we're focusing more of our efforts on expanding our network, including growing with teens and families, optimizing our product controls, and increasing marketing spend where we'll see strong returns. And with that, I'll turn it over to Anne-Marie.