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  "documentTitle": "2024 Q4 Investor Presentation",
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  "authorName": "Block",
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  "notes": "Includes a footnote defining 'Rule of 40'.",
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      "text": "We remain committed to achieving Rule of 40 in 2026 and expect to exit 2025 at or above Rule of 40 on a quarterly basis.",
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      "text": "1 Rule of 40 is the sum of our gross profit growth and Adjusted Operating Income margin as a percent of gross profit. Adjusted Operating Income (Loss) 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; goodwill impairment; amortization of customer and other acquired intangible assets; and acquisition-related share-based acceleration costs.\nPlease see the appendix for definitions of gross profit per active.",
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      "text": "Strong Q4 results as we delivered gross profit growth in line with our guidance at 14%, sustaining strong growth at scale to end 2024 while outperforming our profitability guidance\nGPV growth accelerated in Q4 to 10% on a global basis and 6.9% in the U.S. due to a combination of improved same store growth and improved customer retention\nMomentum on Cash App's Bank our Base strategy with paycheck deposit actives growing 25% year over year to 2.5 million as we continued to increase the attach rate to Cash App Card actives and improve retention among our existing paycheck deposit actives\nKey product launches including Afterpay on Cash App Card and the rollout of our new single app for Square sellers\nContinued investment in marketing across both Square and Cash App in the fourth quarter\nGrowing engagement on Cash App with gross profit per active of $76 in Q4 on an annualized basis, up 13% year-over-year\nExpect strong gross profit growth in 2025 of at least 15% year over year, with growth for Cash App and Square expected to improve meaningfully in the back half of the year. We remain committed to achieving Rule of 40 in 2026 and expect to exit 2025 at or above Rule of 40 on a quarterly basis",
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      "text": "gross profit growth: 14%",
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      "text": "Q4 Key Messages",
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