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  "documentTitle": "2025 Investor Day Financial Outlook",
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  "notes": "Provides technical definitions for Square Commerce Enablement, Square Financial Solutions, and Transacting Active metrics.",
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      "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.",
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      "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).",
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