블록(스퀘어) 2021년 4분기 실적발표
실적발표 요약:
- Block press release (NYSE:SQ): Q4 Non-GAAP EPS of $0.27 beats by $0.05.
- Revenue of $4.08B (+29.1% Y/Y) beats by $20M.
컨퍼런스 콜
Company Participants
- Nikhil Dixit – Head-Investor Relations
- Jack Dorsey – Chief Executive Officer, Chairman and Co-Founder
- Amrita Ahuja – Chief Financial Officer
Cash App
- We saw strong engagement and adoption from both new and existing customers.
- 신규 고객 및 기존 고객 모두 강한 사용률 증가를 보임.
Square
- We delivered on our priorities of expanding internationally, growing up market and building out our omnichannel capabilities to create cohesive experiences between sellers and the customers.
- Square Photo Studio and mobile app are introduced.
- 스퀘어 포토 스튜디오 출시.
- Afterpay acquisition is closed.
- Afterpay 인수 마무리.
- We believe Afterpay will accelerate the connections between our Square and Cash ecosystems.
- Afterpay가 Square와 Cash 생태계 간의 연동을 촉진시킬것으로 기대함
Financial
- We delivered over a $1 billion in adjusted EBITDA and generated meaningful free cashflow during the year, demonstrating strong unit economics and incremental margins, which I’ll come back to in a moment.
- 조정 EBITDA 10억 달러 달성. 1년 동안 의미 있는 현금 흐름 창출.
- In the fourth quarter, gross profit was $1.18 billion and grew 47% year-over-year or 50% on a two-year CAGR basis. Adjust EBITDA was $184 million.
- 4분기 총이익은 11억 8000만 달러였으며 전년 대비 47% 또는 2년 CAGR 기준으로 50% 성장함. 조정 EBITDA는 1억 8,400만 달러.
- Square generated gross profit of $657 million in the fourth quarter, up 54% year-over-year or 32% on a two-year CAGR basis, an improvement from the third quarter.
- Square는 4분기에 6억 5,700만 달러의 총이익을 창출했으며, 이는 전년 동기 대비 54% 또는 2년 CAGR 기준으로 32% 증가한 수치로 3분기보다 개선됨.
- Afterpay delivered $19.7 billion in GMV, up 74% year-over-year. Revenue growth was approximately 71% year-over-year, and gross profit growth was approximately 75% year-over-year.
- Afterpay는 GMV에서 197억 달러를 달성. 전년 대비 74% 증가. 매출 성장은 전년 대비 약 71%, 총이익 성장은 전년 대비 약 75%.
Q&A
Cash App Taxes에 관하여
Q:
Timothy Chiodo
Great. Thanks everyone. Thank you for taking the question. I wanted to touch on Cash App Taxes, given the inflows are right around the corner here over the next few weeks. Really, I think about this as two types of benefits. There’s near-term and long-term. On the near-term, you have obviously the tax refund inflows and monetization. And then longer term, it’s sort of a shot on goal to bring on more users, to reduce churn, more Cash Card, more Direct Deposit, et cetera. Maybe you could just help talk about both of those, both the near-term and the long-term and how it might play out?
A:
Jack Dorsey
Yes. I mean I think that’s a great way to think about it. Certainly, we definitely see a lot of opportunities in the near term to look at the customers using Cash App already today for core taxes through direct deposit. But ideally, we want to be known as the simplest way to handle all of your personal finances. No matter what you have to do, no matter how creative they become, we want to make sure it’s simple and straightforward. And that was the idea behind creating and launching Cash App Taxes. And we think there’s a long road map ahead that is very fulfilling for our customers and also for us definitely over the long-term.
We still see a lot of complications in taxes and filing taxes, a lot of hidden costs that are unnecessary that we can take away. And we’re going to follow our history and remove any insecurity of information that we’ve seen in the financial industry, get it closer to customers, which has them – that we see has been using our services a lot more because it’s much more transparent and easier. So, we’re really excited about this as a platform. But more importantly, we’re excited to remove one of its complexities so that people can get on with their lives.
Afterpay 인수건에 관하여
Q:
Lisa Ellis
Terrific. Thanks guys. Now that the Afterpay acquisition has closed and you’ve had a few months working with that team, can you just provide an updated perspective on the primary sources of synergies from the deal and how you expect the synergies to maybe even start to affect Block in 2022? Thank you.
A:
Jack Dorsey
Yes. So first, we’re thrilled to be over the hump and finally closed. As you all can imagine, integrations are quite challenging and distracting for both Afterpay, Square and Cash App with – we knew going into this, but we believe in the outcome fully and the future of it. This is a huge connection between our two largest ecosystems, Square and Cash App.
On the Square side, this is something that our customers have been asking for, for quite some time. Both for themselves as sellers, but also for their customers. Their customers are driving some of this adoption. The interest thing about after pay is it gets us much closer to much, much larger retailers continuing to go down our omnichannel strategy, making sure that we are meeting our customers wherever they are, whatever size merchants that they want to shop in.
For Cash App, there’s a long roadmap ahead. We haven’t seen much of this. We’ll talk more about this during our Investor Day. But this is to me where a lot of the real excitement lies, is now we have an opportunity for a whole lot more discovery on the Cash App side and giving Cash App customers entirely new capabilities that haven’t had certainly a Cash App before, but I don’t think in any financial instruments.
So, we’re still happy to be through this integration. It was tough and challenging. But I’m really proud of the fact that we’re able to launch something day one of course and then customers could use it right away. So, expect us to continue that momentum and continue to push and expect a lot more on the Cash App side.
My opinion:
Non-GAAP EPS를 초과 달성 했고 매출도 예상치 보다 $20M 높음.
회사가 전반적으로 잘 성장하고 있고 일을 잘 하고 있다고 보여짐.
Afterpay 인수건을 최근에 잘 마무리한 것으로 보이며, 고객들을 계속해서 유치하기 위해 다양한 기능을 출시하고 있음.
앞으로 Afterpay와의 시너지를 통해 스퀘어 생태계를 지속적으로 유지, 발전시킬 것으로 예상됨.
애널리스트 의견도 대부분 긍정적.
애널리스트 의견:
Truist analyst Andrew Jeffrey called Cash App “the future of consumer banking, driving increased inflows” and improving monetization. In addition, adding new offerings, such as Buy Now, Pay Later through its Afterpay acquisition, should boost average revenue per user, Jeffrey said. And the Square ecosystem (formerly called Seller) is “poised for new small to mid-sized business share gains and robust monetization.” He encourages investors “to add into strength.”
Evercore ISI analyst David Togut said he expects Block’s (SQ) acquisition of Buy Now, Pay Later financing company Afterpay (closed in January) to accelerate growth. For Block overall, “rapid innovation should fuel continued total addressable market expansion,” he wrote. “Over time, Afterpay potentially could reaccelerate both Cash App gross profit growth combined with the integration of SQ’s Cash App and Seller ecosystems.”
Citi analyst Peter Christiansen said, “We think results, strong/newly disclosed ‘under-the-hood’ trends, and positive nearer-term comments equate to a win for SQ investors/new buyers, particularly given post-pandemic hangover fears and growth challenges from some FinTech peers.” He expects Street estimates to improve.
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