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(the \"Company\", \"we\", or \"our\") will make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our products, strategies, and market opportunities. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding our future performance and our market opportunity. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from results expressed or implied during this Investor Day. Investors are cautioned not to place undue reliance on these statements. 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Q3'20 and Q3'21 BNPL platform gross profit figures are not available due to the timing of the Afterpay acquisition in Q1'22.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:15.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1a9720f-a492-42d0-a043-35e56779586d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.28, "x": 0.05, "y": 0.55 }, "kind": "paragraph", "text": "Adjusted Operating Income is a non-GAAP financial measure that represents our operating income (loss), adjusted to eliminate the effect of amortization of acquired technology assets; acquisition-related and integration costs; contingencies, restructuring, and other charges; restructuring share-based compensation expenses; goodwill and intangible asset impairment; amortization of customer and other acquired intangible assets and Acquisition-related share based acceleration costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:15.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4b087ec-b0f8-4a24-bd1c-e97faeff6abc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.15, "x": 0.05, "y": 0.13 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:15.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffcf542c-429f-4221-915d-17ecfe777924", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 46, "type": "appendix", "function": "appendix", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 4, "textChars": 1036, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 17:20:14.57+00", "seconds": 2.69, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-5efe-75c0-8dff-97f270d783a1/46", "deck": "/decks/019dd923-5efe-75c0-8dff-97f270d783a1", "deckAnchor": "/decks/019dd923-5efe-75c0-8dff-97f270d783a1#slide-46", "deckJson": "/decks/019dd923-5efe-75c0-8dff-97f270d783a1.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.28, "x": 0.05, "y": 0.29 }, "kind": "paragraph", "text": "Gross Receivables is the period-end total outstanding balance of customer loans and consumer receivables related to Cash App lending. Margin for Borrow and BNPL is calculated as gross profit less risk loss and other processing costs. Margin as a % of Originations Volume is calculated as Borrow margin plus BNPL margin divided by originations volume.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:14.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1645740a-925b-47dd-b79a-6c193ac426bc", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.28, "x": 0.36, "y": 0.29 }, "kind": "paragraph", "text": "New Volume Added (NVA) is the GPV processed, or expected to be processed, by new sellers during their first 12 months on Square. Primary Banking Active is a Cash App account that receives inflows from ACH or certain original credit transactions. Product Adoption Cohort are Square sellers grouped by the number of distinct products they actively used during Q3 2025.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:14.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71a9ff2e-aed4-45ac-8351-4ad2c907dbe6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.28, "x": 0.67, "y": 0.29 }, "kind": "paragraph", "text": "Return on Equity (ROE) is calculated as Margin divided by Gross Receivables less debt drawn from our warehouses. Return on Investment (ROI) or Payback Period measures the effectiveness of acquisition sales & marketing spend. Return on Invested Capital (ROIC) is calculated as Margin divided by gross receivables.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:14.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ec04578-b29c-4d72-af30-a88ea1082254", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.18, "x": 0.05, "y": 0.13 }, "kind": "title", "text": "Appendix", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:14.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41ce2097-d7c0-44fd-8a06-a3116beba64d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 47, "type": "appendix", "title": "Provides technical definitions for Square Commerce Enablement, Square Financial Solutions, and Transacting Active metrics.", "function": "appendix", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 3, "textChars": 1675, "nDataPoints": 0, "notes": "Provides technical definitions for Square Commerce Enablement, Square Financial Solutions, and Transacting Active metrics.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 17:20:14.818+00", "seconds": 2.736, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-5efe-75c0-8dff-97f270d783a1/47", "deck": "/decks/019dd923-5efe-75c0-8dff-97f270d783a1", "deckAnchor": "/decks/019dd923-5efe-75c0-8dff-97f270d783a1#slide-47", "deckJson": "/decks/019dd923-5efe-75c0-8dff-97f270d783a1.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.3, "x": 0.05, "y": 0.26 }, "kind": "paragraph", "text": "Square Commerce Enablement Gross Profit is primarily composed of Payments, Software, and Hardware. Square Commerce Enablement Monetization Rate is calculated by dividing Square Commerce Enablement gross profit (excluding hardware) by total Square GPV. Square Commerce Enablement gross profit excludes hardware gross profit and is primarily composed of Payments, Software, and Hardware. Square Financial Solutions Gross Profit is primarily composed of Square Loans, Instant Deposit, and Square Card. Square Financial Solutions Monetization Rate is calculated by dividing Square Financial Solutions gross profit by total Square GPV.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:14.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2286ac75-9482-4713-ac48-792a4e96ee19", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.3, "x": 0.37, "y": 0.26 }, "kind": "paragraph", "text": "Square Gross Profit per Seller is calculated based on annual gross profit divided by annual active sellers. These sellers are defined as sellers who process more than five payments over the last 12 months. Transacting Active is a Cash App account that has at least one financial transaction using any product or service within Cash App during a specified period. A transacting active for a specific Cash App product has at least one financial transaction using that product during the specified period and is referred to as an active. Examples of transactions include sending or receiving a peer-to-peer payment, transferring money into or out of Cash App, making a purchase using Cash App Card, earning a dividend on a stock investment, and paying back a loan, among others. Certain of these accounts may share an alias identifier with one or more other transacting active accounts. This could represent, among other things, one customer with multiple accounts or multiple customers sharing one alias identifier (for example, families).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:20:14.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c23bf16-b6a0-49e4-9449-43c258c2d19e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.2, "x": 0.05, "y": 0.13 }, "kind": "title", "text": "Appendix", "attrs": 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"metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 5, "label": "Problem", "description": "The document presents the company's current financial performance and challenges." }, { "from": 13, "to": 20, "label": "Solution", "description": "The document introduces new revenue categories and presents growth strategies." }, { "from": 21, "to": 31, "label": "Financials", "description": "The document provides preliminary 2026 guidance and long-term financial outlook." }, { "from": 11, "to": 12, "label": "Market Size", "description": "The document discusses the growing market opportunity." } ], "loops": [ { "from": 28, "to": 30, "label": "Cost Of Inaction", "description": "To highlight the importance of achieving Rule of 40 in 2026" }, { "from": 32, "to": 35, "label": "So What Cascade", "description": "To explain the drivers of gross profit growth" }, { "from": 36, "to": 38, "label": "Quick Win Big Bet", "description": 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