Good day, ladies and gentlemen. Thank you again for your cooperation. Welcome to the square second quarter 2021 earnings conference call. I would now like to turn the call over to your host today, Jason Lee, Head of Investor Relations. Jason? Hi, everyone. Apologies for the delay. We were just experiencing technical difficulties, with the conference line. Thanks for joining our second quarter 2021 earnings call, during which we will discuss Square's planned acquisition of Afterpay. We have Jack, and Amrita with us today. Also joining us on the call is Nick Molnar, Co-CEO and Co-founder of Afterpay. We will begin this call with some remarks, before opening the call directly to your questions. We would like to remind everyone, that we will be making forward-looking statements on this call. Actual results could differ materially, from those contemplated by our forward-looking statements. Reported results should not be considered, as an indication of future performance. Please take a look at our filings with the SEC, and the investor deck. And press release about our planned acquisition on our IR website. For a discussion of the factors, that could cause our results to differ. Also, note that the forward-looking statements on this call, are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will provide preliminary gross, profit growth results for the month of July. These represent our current estimate for July performance. As we have not yet closed, our accounting financials for the month of July. And our monthly results, are not subject to interim review by our auditors. As a result, actual July results may differ from these estimates. We may also discuss financial metrics for Afterpay. Which are available in Afterpay's public filings. 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, on our investor relations website. These non-GAAP measures are not intended, to be a substitute for GAAP results. We are providing a slide presentation, to accompany our commentary on the transaction. This conference call is also being webcast. And both the presentation, and the call are available through the Investor Relations section on our website. An audio replay of this call, will be available on our website shortly. After the conclusion of the call. With that, I'd like to turn it over to Jack. Thanks, Jason, and thank you everyone for joining us today. Before we discuss our plans to acquire Afterpay, which we announced yesterday. I'd like to first share two highlights from the quarter. Continuing our commitment to expand access to financial tools, and services. In July, we launched Square Banking for our U.S. sellers. This new suite of products will help business owners. Better manage their cash flow, and get more out of their money. Square Banking now includes three core products. Two deposit accounts, Square Savings and Square Checking. Joining Square's existing lending products, now called Square Loans. By offering essential banking tools, that integrate seamlessly. With Seller Solutions like Payments and Square Payroll. Sellers now have a unified view of their payments, balances, expenses, and financing options. We also announced the launch of a new business at Square, its name is TBD. Which will focus on building an open developer platform. With the goal of making, it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is on Bitcoin, driven by our belief. That Bitcoin has massive potential, to level the playing field for all. We're going to make our development process completely transparent to the public. We plan to share updates publicly in real time, as we have them. On to yesterday's acquisition announcement. Today is an important day for Square, for Afterpay, and for what we can do together. To better serve our customers. Through this transaction, we will be uniting two companies. With a shared focus on economic empowerment, and financial inclusion. And taking the important opportunity, to connect our two largest business units, Seller and Cash App. By integrating Afterpay into Seller, and Cash App. We plan to combine complementary businesses, while also accelerating even stronger connections. And driving more commerce across both ecosystems. Increasingly, we're seeing strong demand for Buy Now, Pay Later. From both merchants, and consumers, and rapid adoption amongst both. Especially among younger consumers. This new financial service gives more control to individuals, and merchants. And is one we want to make part of our combined ecosystem. It's a simple idea. Enable a seller's customers to pay for purchases later, interest-free. Without having to use traditional credit sources. While helping to drive more omnichannel sales to the seller. Afterpay has built this out as a seller tool, and combined that with a flexible. Responsible payment method for consumers, that also includes merchant discovery. As of June 30th, Afterpay served more than 16 million consumers, and nearly 100,000 merchants globally. There's huge opportunity for growth on both sides, and growth in one helps the other. Just like the rest of our ecosystem today. Beyond the compatibility of our businesses, we've been drawn from the start. To Afterpay's founder-led entrepreneurial team. Afterpay's Co-Founder and Co-CEOs, Nick and Ant. Have built an authentic, thoughtful, and visionary team focused on economic empowerment. It's been incredible to witness, how effortlessly our conversations flowed, around shared ideas and visions. Every conversation has raised the bar, on what we can all do together. And our strong collaboration, will well serve our integration process. I'm thrilled that upon closing, Nick and Ant will join Square. And help lead Afterpay's respective merchant, and consumer efforts. As part of Square's Seller and Cash App teams, and I'm excited to see. What we can build together. With that, I'd like to turn the call over to Nick, to tell you more about Afterpay. Thank you very much, Jack. Hi, everyone. It's an absolute pleasure to be here today, back in the U.S., and just in time. To co-announce t he next phase, of our incredible journey. I'm here today, because of my Co-Founder and Co-CEO, Anthony Eisen. Who only a few years ago sat down with me, over some Vegemite on toast around his kitchen table. To discuss how we could improve, the financial well-being of the next generation. To empower them to spend responsibly, without having to revolve in debt, interest payments, or service fees. I'm thankful every day that Ant, and my paths crossed. And that we, and our families have had the privilege to go on this journey together. It's been an incredible six odd so years, since ending our fiscal year 2021. Nearly, doubling our business year- on- year, building a loyal base of Afterpayers. Who love the product, and a network of more than 100,000 merchants. Who see increased retail opportunity through our partnership, and notwithstanding the recent challenges in the global economy. I couldn't be more proud of what we've achieved so far, and know that yesterday's announcement, there is so much more to come. We've been long admirers of the Square team, and in many ways have lived parallel journeys. As entrepreneurs focused on creating financial empowerment for consumers, and businesses alike. As we've gotten to know each other better. The scale, and shape of our businesses, the synergies in our products. And our shared purpose, it's abundantly clear. That we're at the start of an amazing partnership, and I know our team across the globe. Will share my excitement, and enthusiasm at the opportunity to come. We started Afterpay, having met by chance as neighbors in Sydney. Both Ant and I were passionate about, developing an alternative to traditional finance, and credit products. Having seen firsthand the impact of the global financial crisis, and knowing that many Millennial, and Gen Z consumers. Were looking out for an alternative to traditional credit. We saw a way to empower consumers to responsibly buy. What they wanted with their own money. And to drive incremental value to merchants. Since then, Afterpay has become a leader in the global Buy Now, Pay Later space. We have flipped the traditional credit model on its head. To drive significant value to both merchants, and consumers. Our product and approach is simple, to sign up within minutes. Make your first purchase via in-store, online or app, and repay in four equal installments. When you sign up to Afterpay, we don't conduct a credit check, or ask you to jump through any hoops. Our model is based on trust. You start with a lower spending limit. That increases over time, and reflects good repayment behavior. Afterpay consumers share a deep loyalty, and affinity with our product and brand. They Afterpay their purchases frequently, across many retailers and verticals. It's this frequency, with which our consumers use Afterpay. That truly differentiates us, and shows the power of our product and platform. On average, our top 10% of consumers globally. Used Afterpay more than 30 x in the U.S., and 60x in Australia in financial year 2021. For merchants, whether they're large enterprise or small to medium sized businesses. We truly partner to help grow their business. We have driven higher average order values, greater basket sizes. And the additional new, and repeat customers often who, within 24 or 48 hours of going live. Above the value of our core payment proposition. In FY 2021, Afterpay drove over 1 million leads on average per day, and acts as a key marketing customer acquisition channel. For our global retailers, in attracting this highly valuable next generation consumer. As Ant and I have gotten to know, the Square team better. What's become clear is how aligned we are, not just in our business. But the way we think, live, and breathe our mission. In almost every conversation, we've been focused on creating a better way. For people to spend, save, and do business. With the intent of building greater financial well-being. The brilliant thing is that, both of our companies share this commitment. By bringing together our platform with Square. We know we can leverage our combined strengths. To continue to connect, both sides of the economic equation. So, that everyone shares in great outcomes. As we look forward, there are a number of ways. In which our businesses can achieve shared, and even greater success. Our businesses are highly complementary. Across segments, products, channels, and geographies. This combination will further expand, our combined opportunity. Across small, medium, and enterprise businesses, consumer banking, and financial services. Wider retail categories, and both online and in-person commerce. Both Square, and Afterpay resonate strongly with the Millennials, and Gen Z consumers. And we're excited at the opportunity, for the Afterpay product. To be offered to a growing base, of more than 70 million annual active Cash App customers. Whose lifestyles, preferences, and views. Are shared, and very familiar with us. These consumers will increase the reach for our retail partners, and the marketing value we can drive to their businesses. Likewise, our merchant bases are very complementary. To the millions of Sellers that use Square to run, and grow their businesses today. We believe we can introduce a number of up-market, and global sellers to the Square business. As merchants and consumers increasingly look for seamless in-store, and online experiences. I am confident that together, we can really maximize. The strength of our omnichannel offerings, complementary technology, and expertise. Yesterday's announcement marks the start of an incredible opportunity. To unlock the next phase of growth in our business. The compelling transaction provides our shareholders with the opportunity. To participate in the future growth, of an innovative company aligned with our vision. Importantly, our Australian Afterpay shareholders, will still be able to maintain exposure to the growth. And value creation of the combined company. Through owning Square shares or CDIs. I know both Ant, and I are incredibly excited to join the Square team. Upon completion of the transaction, and help lead Afterpay's respective merchant. And consumer efforts as part of the Square Seller, and Cash App efforts. Thank you to the Square team, for picking up a conversation. With two Aussie entrepreneurs, and seeing the strength of our combined opportunity. I can't wait to see, where we take this. Now over to Amrita. Thanks, Nick. We believe this is a transformative opportunity. For our combined companies, and there are three topics I'd like to cover. Regarding the proposed Afterpay acquisition. First, the strength of the Afterpay business. Second, the complementary aspects of our merchants, and consumer ecosystems. Third, the profound growth opportunity we see together. Afterpay has distinguished itself, as a category leader in Buy Now, Pay Later. With a product that is well-positioned for secular shifts among merchants, and consumers. First, greater consumer, and merchant adoption has enabled Afterpay to deliver remarkable growth. With revenue up approximately, 4x over the last two years. We see a number of levers, to help drive continued growth for Afterpay. First, in terms of ongoing secular growth of Buy Now, Pay Later in e-commerce. And second, in terms of Afterpay's future growth adjacencies. Second, Afterpay's business has strong cohort economics. Providing a durable foundation for growth. Across its merchants, and consumer base. Afterpay has delivered positive GMV retention, and increased purchase frequency over time. With strong paybacks, and returns on acquisition spend. These fundamentals mirror the dynamics in our Cash App and Seller ecosystems. Around growing engagement, and strong returns. Next, we're excited by our compelling cross-sell opportunities. By integrating Afterpay directly into our Cash App, and Seller ecosystems. We can expand each brand's customer base. Strengthen each other's products, and build connections. On the consumer side, the addition of Afterpay embeds commerce more directly into Cash App. Afterpay's merchant base, will have access to four times more consumers. And Cash App will have access, to 16 million Afterpay consumers. Who represent a complementary demographic base. On the merchant side, we'll introduce Square Sellers to Afterpay's B uy Now, Pay Later offering. Which expands Afterpay more deeply into new verticals, and in-person commerce. Turning to the financial impact from the deal. We're excited about, the meaningful growth opportunity Afterpay will add. With year-over-year gross profit growth of 96%, in the last 12 months, ended June 30. We expect Afterpay to be accretive to gross profit growth, in the first year after closing. Afterpay is a younger business, and earlier in ramping its profitability. So, we expect a modest decrease, to adjusted EBITDA margins, in the first year after closing. Historically, our investments behind strong cohort economics, have driven compounding profitable growth. We similarly intend to invest behind Afterpay's strong returns. To unlock the significant synergies we see ahead. Under the terms of the agreement, Square will acquire Afterpay for approximately $29 billion. Where Afterpay shareholders, will receive a fixed exchange ratio of 0.375 shares of Square. Class A common stock for each ordinary share of Afterpay they own. The transaction is expected, to close in the first quarter of 2022. Subject to customary closing conditions, including regulatory approval, and approval by shareholders of both companies. Of course, the stock-based consideration of this transaction. Not only strongly aligns management's incentives, but also enables shareholders of both Square and Afterpay. To participate in future upside opportunity. We believe the combination of Square, and Afterpay will benefit our customers. In the long-term profitable growth of our company. I'll now provide a brief overview, of Square's financial results. In the second quarter, before we take your questions. In the second quarter, our ecosystems delivered gross profit of $1.14 billion. An increase of 91% year-over-year, which was our strongest quarterly gross profit growth as a public company. On a two-year compound annual growth rate or CAGR basis. Which helps normalize for the impact, of the pandemic on 2020 results. This was an increase of 57%, a slight improvement from the first quarter. Net income was $204 million, adjusted EBITDA was $260 million. Taking a look at performance for each ecosystem. Cash App generated gross profit of $546 million, an increase of 94% year-over-year. Or 128% on a two-year CAGR basis. Growth in the quarter benefited from Cash App's growing, and engaged base of customers. We ended the quarter, with 40 million monthly transacting actives in June. With nearly two third of our monthly actives being weekly actives. An engagement figure, we've seen increase over time. We also saw a significant increase, in annualized gross profit per monthly active. Which was $55 in the second quarter, up 2.5 x from two years ago. And up a one third from two quarters ago, primarily driven by growth in inflows. To our Seller business, which generated gross profit of $585 million. An increase of 85% year-over-year, or 30% on a two-year CAGR basis. Even as we saw regional reopenings, and a strong recovery. In card present volumes during the quarter, GPV from online channels. Has continued to remain strong, growing nearly 50% in the second quarter. We also continue to make progress, driving growth with larger Sellers. In the second quarter, mid-market GPV doubled, from the same period in 2019. Representing more than one third of total Seller GPV. Next, we wanted to share trends for both ecosystems in July. For Cash App, we expect gross profit growth of greater than 110%, on a two-year CAGR basis. Or approximately, 20% year-over-year. Remember, July is our toughest year-over-year comp for Cash App this year. On a two-year CAGR basis, we saw some moderation in Cash App's growth. From 128% in the first quarter, and this may continue to normalize in future quarters. Depending on how consumer spending power trends. For Seller, we expect gross profit growth of more than 45% year-over-year, and a two-year CAGR of 29%. Roughly in line with the 30% of the second quarter. Seller GPV trends, have continued to vary by region. Although the world has experienced rising COVID cases in certain regions. Particularly outside of the U.S., we haven't seen this impact overall GPV trends materially through July. We'll continue to track in real time, and we recognize further regional restrictions. Could affect our business performance. Finally, onto where we're focusing our investments in 2021. On the back of strong momentum in gross profit growth, profitability, and encouraging trends. On investments in the return on investment, in the first half of 2021. We intend to increase our investments, in the second half of the year. Across 2021, we now expect to invest an incremental $1.1 billion-$1.2 billion. In non-GAAP operating expenses excluding risk loss. Which is growth of 55% year-over-year at the midpoint. In summary, with the momentum we've seen in the first half of 2021. We are very excited, about the opportunities that lie ahead. Not only for Cash App, and Seller ecosystems. But also, the opportunities we have, by integrating Afterpay across them. We believe together, we can make more meaningful connections. Between our consumer, and merchant ecosystems. That ultimately, serve our communities. With that, I'll turn it over to questions. Thank you. If you'd like to ask a question, please press star followed by one on your telephone keypad now. When preparing to ask a question, please limit your question to one. To allow all participants to ask a question. Please ensure your line is unmuted locally, when asking your question. Thank you for your patience. Lisa, please open your line. Your line is open. Oh, terrific. Thank you. Can you hear me? Congratulations, and thanks for taking my question. There's a number of successful BNPL players globally, and Square also has historically built a lot of capabilities in-house. Can you just talk about, what factors led you to decide? That Afterpay specifically, is the best fit for Square. You know, versus alternative BNPL players or doing organic investment. Thank you. Yeah, absolutely. Thanks, Lisa. As you mentioned, this space, it's getting more, and more crowded. And obviously, there's a lot of different services, and solutions out there. We started with what Nick and Ant have built. And how ambitious, and entrepreneurial, and innovative they've been? That they were extremely early in this space. Helped define a lot of it, and really raised the bar, on what everyone else is doing? We were impressed by the vision, by their ambition, by the entrepreneurship. I think the other big thing for us is making sure that. We've talked on this call a lot about, how to connect our two biggest ecosystems, Seller and Cash App. And this was a clear fit, in a way that they built their model out. A simple merchant tool, and some incredible discovery for consumers. For consumers, Afterpay offers truly interest-free products. Doesn't require any credit history, something vastly different. From what we've seen, with other Buy Now, Pay Later products? This allows broader access to consumers, while helping them spend a lot more responsibly. That goes towards our purpose of economic empowerment. For merchants, Square has always asked the question. How can we help, our merchants make more sales? That was exactly, the question that Afterpay has been asking. Providing them a way, to generate leads through the Afterpay app. Which has helped them improve conversion rates. Increase their transaction sizes, and led to repeat purchases, and repeat customers. This allowed Afterpay to reach more than 16 million consumers, and 100,000 merchants globally. We're looking at the field, this was an obvious connection. Between the Seller and Cash App. Ant and Nick have built, on top of an ecosystem model. There's a clear fit into our model, that makes it even stronger for us. The team they built is incredible, creative, innovative, and ambitious. And we just saw this, as a perfect move for both companies. Lisa, I'd add a few comments to that as well. [audio distortion] We've been really impressed, with the strong business fundamentals, that Afterpay has demonstrated. Of course, we look at the combination of both growth, and cohort economics. What we see here in the cohort economics? Is growing engagement amongst consumers. After onboarding, consumers transact more frequently each year. That they're on the platform, with some of the older cohorts. From Australia, and New Zealand transacting 30 x per year. We also look at the international expansion. That this team has executed, and demonstrated. Afterpay has shown an ability, to grow quickly in new regions, including the U.S. Which has been its fastest-growing market to date. The alignment to the strategic priorities of Cash App, and Seller. Where Afterpay's Buy Now, Pay Later product, can help strengthen. Our existing ecosystems, and we can help Afterpay expand. With small and medium-sized businesses, and in person, and additional verticals. These volume metrics, that Afterpay has demonstrated with merchants. Whether it's 25% uplift in transaction size. Or 20% uplift in conversion rates, and in purchase frequency. And the lead generation they've demonstrated for merchants, with 1 million leads per day. As Nick said, these are stats of a healthy foundation, on which we can build together. To accelerate growth across both the Afterpay ecosystem, as well as Cash and Seller. Thank you, and congrats again. Thank you. Our next question comes from Tien-Tsin Huang from JP Morgan. Tien-Tsin, please go ahead. Your line is open. Thanks so much, definitely congrats on the deal here. A lot of synergies to think about. I was hoping to get Nick, good to have you on the call. Nick, your perspective on, what synergies you're most excited about? And then maybe same thing from you, Jack, what are you excited about from a synergy standpoint, if you could rank the top things? Just curious, how long will the Afterpay founders stay on, the deal as we're thinking about integration here? Thanks. Yeah, absolutely. Thanks, Tien-Tsin. Nice to hear from you. From an Afterpay perspective, Square absolutely helps us accelerate. Our priorities of long-term growth, and particularly in the U.S. If you think of both sides of the equation, Square's Seller business can help us drive. A more diverse set of retail verticals beyond just retail. Where we're primarily orientated. To have millions of Sellers on one side of the equation. To help us expand further into in-person commerce, and serving SMB merchants. Is a critical focus for us on the merchant side. When you think about, the Cash App consumer side of the equation. Cash App brings us a highly engaged customer base, annual transacting of 70 million. That broad ecosystem of products, allows us to really lean into. How we drive value for both our consumers, and our retailers. As Amrita mentioned before, Afterpay on average delivered 1 million leads per day. As a result of 16 million annual active consumers, over the last 12 months. To be able to have a partner like Cash App, that has a significantly larger consumer base. We firmly, believe we can drive significantly increased value to our retailers beyond, what we do today. Just the second question, just on Ant and myself. And I hope Anthony can me speaking on his behalf. But look, we've been just increasingly excited as conversations progress. We're as excited today, as the day we started the organization. I really think that's a testament to Jack, Amrita, Brian, Alyssa, and the whole Square team. The alignment of mission, vision, culture, and values. Was just imminently apparent, the more we got to know each other. And can't wait to take this partnership long into the future. From our side, I think, as I said in my last answer. We get the question all the time on this call, like. What are some ways, that you are all thinking about, connecting the Seller and the Cash App ecosystems? This one is massive and also obvious. We think, from a Seller perspective, the most obvious point. Is this is yet another tool, to help drive more sales to a Seller. And also help us reach Sellers, that we have not been able to observe in the past. That includes larger, more enterprise, global retail Sellers. For us to be able to scale, from the smallest of shops in your neighborhood. Up to the largest of retailers in the world. With one solution, that brings people to the rest of our ecosystem. Is exactly our ecosystem strategy. This gives us a lot of fuel, to continue to expand that. On the Cash App side, this is a new payment capability. Adding more capabilities to Cash App customers. That they can have a choice, on how they're interacting with the economy is pretty incredible. Also, given that a lot of the consumer side. Is going to be focused on discovery first, and foremost. It gives the Cash App a way, to provide more daily value. Something that people want to open up every single day. To check out what's new? And to see our entire ecosystem of services, within the Cash App as well. You combine these two together, you get a strong connection between the ecosystems. But even if they weren't connected, you have a lot of strength for each ecosystem. Again, I think the power, and the true value of our company over the long term. Is how we connect all these ecosystems together. Starting with Seller and Cash App, but obviously, it goes bigger than that years ahead. Yep. I'm grateful for the comments. Congrats again. Thank you very much. Our next question comes from Darrin Peller from Wolfe Research. Darrin, please go ahead. Your line is open. All right. Thanks, guys, and congrats on this. Clearly, Afterpay began in Cash App gross profit, and it was pretty clear that it was engagement levels. When you look at the comments, you made of two third of users transacting every week? When we consider that, and now the combination with Afterpay. If you could just, A, touch on, what's really driving that incremental engagement on the Cash App side? How much more room it has? Probably more importantly, when you think of the integration with Afterpay? And what that can mean? Afterpay's revenue per user is even higher, I think. Can you just touch on, A, the work that has to get done. To actually integrate the two together, what we can envision and timing around it? And then, what that means for engagement opportunities between the two? Thanks, Darrin. I can kick us off on this one. I'll start with sharing a bit more about, that growing engagement we've seen on Cash App. And then share more about, what that means in integration with Afterpay. From a Cash App perspective, we've seen that as we've added. That weekly and daily utility with additional products, and features, and functionality to Cash App. That our customers, have exhibited growing engagement with us. Weekly actives have steadily increased, as a percent of monthly actives over time. With nearly, now two third of our 40 million monthly actives using Cash App, each week on average in June. This engagement has, in turn, driven monetization. As inflows and product adoption has increased. Gross profit per transacting active, was up 2.5x from two years ago. In the quarter, and up a one third from just two quarters ago. Historically, what we've seen is that the average customer. Who adopts two or more products in Cash App, generates 3x- 4x the gross profit. Compared to the average peer-to-peer customer. We believe that integrating the Afterpay app, into Cash App. Has the opportunity, to drive that commerce discovery that Jack was speaking. To drive further consumer engagement, that also benefits merchants in the form of lead generation. This means, that consumers will be able to browse merchants. Purchase goods or services within Cash App, and use Buy Now, Pay Later at the checkout. Allowing the consumer to pay in four interest-free installments, directly from Cash App. Again, driving that recurring engagement. We see this has a natural extension. This really represents a natural extension, of Cash App's current ecosystem around spending, and rewards. Obviously, from a spending perspective. We've seen strong adoption with Cash Card at 10 million monthly actives as of March and 7 million weekly actives, with spend per customer increasing over time. From a rewards perspective, Boost is currently an engagement and merchant marketing tool, and it could be used at scale as a compelling acquisition tool for Afterpay's enterprise merchants while also providing that increased utility for Cash App customers. We see the potential in the integration of Afterpay into Cash App to drive greater utility for our customers and ultimately greater lifetime value and ARPU for us over time. Thanks. Darrin, does that answer your question? Yeah. No. Okay, we'll move on to the next question. Thank you. Our next question comes from Timothy Chiodo from Credit Suisse. Timothy, please go ahead. Great. Thanks a lot for taking the question. I want to dig in a little bit, an area of the synergy that you highlighted a few times in the prepared remarks and also in the letter last night, or the slides, around the larger seller opportunity. The opportunity to introduce the Square ecosystem to those larger merchants that work with Afterpay. Maybe we could just bring that to life a little bit more. What aspects of the ecosystem might be most appealing, and what that roadmap might look like? Yeah. Thanks for the question, Tim. This is obviously an area that gets us really excited because the more we can expand the boundaries of what types of merchants and what sizes of merchants we can offer our products to, the better off our ecosystem is. There's millions of sellers who use Square to run their business today across large stadiums to small e-commerce sites, restaurants, offering pickup and delivery. We have a larger in-person presence than Afterpay has today, and $60 billion of in-person volumes, with $80 billion in omnichannel, volume is growing quickly. Afterpay can provide access to a number of, as I said in my previous answer, enterprise and retail merchants with a global presence, which sellers can help move to omnichannel and expand to more in-person commerce. A big part of our thesis and strategy around our ecosystem is making sure that we have a service, a feature, or product that a Seller can hire. It may be specific to them, but that allows the door to open to the rest of our ecosystem, and we want to make sure that all of our products and services, all of our features, scale from the smallest to the very largest. It doesn't matter how they come in. We want to make sure that once they do come in, they see everything that else we have to offer, and they're hiring us for multiple jobs, not just the one that they came into the system for. We have a similar play on the consumer side with Cash App. This on the Seller side gives us a greater tool to sell to enterprise larger global retail merchants in a way that we just haven't had in the past. Again, why that matters is because we can introduce them to the larger ecosystem as well. Excellent. Thank you, Jack. Thank you. Thank you. Our next question comes from Bryan Keane from Deutsche Bank. Bryan, please go ahead. Hi, guys. Congrats on the deal from me as well. Thinking about this space, there's lots of large players entering this attractive BNPL sector, PayPal, Amex, and even Apple. How does Afterpay Square differentiate its solution versus the competition and make sure that overall in the industry, we just don't see further competition pushing take rate down lower? Thanks. I can start with this. I think first and foremost, where we believe we're most differentiated is our combined ecosystem strategy. We see a lot of competitors with a Seller ecosystem or a consumer ecosystem, but there are very few with both together. As you look at the market, having the ability for a seller to come in for buy now, pay later, but also have the entire suite of tools they need to run the rest of their business, is pretty magical. It's magical because it saves them a lot of time. They don't have to spend a lot of time connecting different vendors together. They can focus entirely on just building their business. While it seems that's important for the smaller companies, it's even more critical for the larger companies, even the enterprise global retailers as well. Our model and our strategy is really focused on this fundamental principle of, we have two ecosystems at scale serving both sides of the car, and the more we can connect them together to be seamless, the more value we can create, both for the merchants, for the individuals, their customers, and also for our company as well. Maybe Nick can speak to this as well. Yeah, absolutely. Thanks, Jack. Look, from my perspective, we've differentiated ourselves over the years by Well, looking at it through the lens of what value can we drive to the retailer. Naturally, our retailers see value in our core payment platform, and it delivers higher average order value, increased return rates, lower return rates, increased conversion rates. The undercurrent here of how retailers really assess us in the business performance is, can we actually drive new business to their platform? Can we act as a customer acquisition channel for the retailer and drive business to them? As I mentioned before, on average, sending 1 million leads per day over the course of the last 12 months to our retailers shows that we can perform, not just through the core payment platform, but actually add value directly. There aren't a lot of payment providers that have successfully built a platform that has the ability to drive new business to retailers. When I think about what we've been able to achieve as a result of reaching 16 million annual active consumers, the ability to couple that with 70 million annual active Cash App consumers and the ecosystem that unfolds as a result of that, the value we can drive to our retailers, I believe, is demonstrably greater than the existing strong results that we've been able to perform. Really excited about it from that perspective on our side. Got it. Very helpful. Thanks so much. Thank you very much. Our next question comes from Ramsey El-Assal from Barclays. Please go ahead, Ramsey. Your line is open. Hi, thanks for taking my question. I wanted to ask about how Afterpay kind of advances the Square international market strategy. Can we expect you to build out a broader presence for Square, for example, Square products in global markets where Afterpay may already be operating, where maybe where Square isn't? Any color around international strategy would be appreciated. Sure. Thanks for the question, Ramsey El-Assal. Maybe I can kick off and, Nick Molnar, you can add in. Global expansion has been a top priority, as you know, for Cash App and Seller, and we see our geographic presence as complementary with Afterpay's. Afterpay has driven strong growth across Australia, New Zealand, and more recently, U.S. and Canada and the U.K., with recent launches as well across Europe, in Spain, France, and Italy. Afterpay has grown both its consumer and merchant presence in these markets. We see that growing global presence allows for easier entry into new markets and helps us potentially expand in markets where we already exist but have a smaller presence, as well as potentially those new markets. The vast majority of Cash App actives and Seller GPV are from the U.S. today, but we're already on that pathway of growing in existing markets. Sellers for markets outside the U.S. are achieving close to U.S. payback levels on investment. We're closing the product parity gap. We're seeing growth rates in those markets at 2x the U.S., and we're now launching in new markets, most recently in Ireland and with the France beta as well. Afterpay's footprint and expertise can further enable our expansion, whether in geographies where we're both present as well as new geographies together. That opportunity to strengthen our combined product offering and acquire new customers together is profound when you think globally. Amrita, if I can add. From an Afterpay perspective, we're being focused on global expansion as well. As Jack mentioned earlier, that strength from an enterprise retail perspective and the ability to go global with your global retailers has been a core focus for us. Since launching in North America just three years ago, we've seen very strong growth in the region, and particularly in the U.S. The U.S. now, for us, represents our largest consumer base from any country in FY 2021, and it's been our fastest-growing geo on a volume basis. We want to focus more investment in the U.S., which is why we see such a strategic opportunity to join Square, and the combination with Cash App and Seller, as I've spoken about a few times, I think provides the two sides of the equation. Similarly, we recently announced the launch of Money by Afterpay. We have this existing product in geos where Cash App doesn't exist today, which we can help leverage to help Cash App reach more geographies. Together, I believe there's a long-term opportunity here to explore and learn about new geographies. Great. Thanks so much. Thank you. Our next question comes from Jason Kupferberg from Bank of America. Jason, please go ahead. Great. Good morning, guys. Thanks for all the color here. I wanted to follow up on the earlier question just about buy versus build, and maybe if you can talk more specifically about the pros and cons that you may have considered of entering the BNPL space buy as opposed to building. I'm wondering if you actively considered the latter option since Square obviously has a strong legacy of organic innovation. Yeah. We're always considering the options we have before us. In this particular case, it really came back to Nick and Ant and the team, and how innovative they've been and how early they were in the space, and how strong their ambition is, and how much it complements our strategy. It allows us to move much faster, achieve a bunch of our goals in terms of expanding the types and sizes of merchants that we can reach. There was just an obvious connection into our current ecosystem that made us all even stronger. I think we get a lot of wisdom, a lot of knowledge, a lot of customer understanding by going this route. That will set us up for a much stronger future where we can move much, much faster if we were to just start from scratch. We get two incredible leaders into the company to continue to build out, not just Afterpay, but have opinion on the rest of our business as well and continue to raise the bar on what we are able to do. Jack, maybe I can add from an Afterpay perspective. We're certainly at the early days for buy now, pay later being at 2% penetration of e-com, and even less of the overall credit card spend. From Ant and my perspective, the combination of our companies aligns with our long-term objectives of financial inclusion. As Jack just mentioned during our conversation, we've discovered an incredibly strong alignment between the leadership teams. It's one thing to have on paper what your values, mission, and vision look like, but the way that each of our teams live and breathe our missions of economic empowerment and financial inclusion was incredibly clear and apparent. Yeah, look, we see huge opportunity in our combination accelerating our shared mission and long-term vision and growth, and we're excited about this announcement today. Again, this is really exciting for shareholders of both companies. Thanks, Jack. Thanks, Nick. Thank you. That's the time for the questions we'll be taking today. I'll hand back over to the management team for any closing remarks. Many thanks. Thank you everyone for joining our second quarter earnings call. That concludes this call. Thank you. Thank you all for joining the call today. Have a lovely rest of your day. You may now disconnect your lines.