All right. Hey, everybody. We are live, On The Block number six with Amrita, CFO, COO of Block, Foundational Lead. Very excited to have you on, Amrita. Thanks for doing this. Thanks for having me, Matt. It feels like I'm a longtime listener, first-time caller. I love it. It's good to be on. Yeah. Well, great. We had a bunch of questions that were submitted via Twitter, which we're going to get into. We're going to start with a couple that I think are pretty good summations of some of the questions that I've gotten, that I know you've gotten, and received in some of our investor conversations that we've had over the course of the last week or so since earnings. First one's on OpEx and reinvestment and how we think about the reinvestment opportunities and profitability. Could you just talk maybe broadly about Block's investment philosophy and how we think about reinvesting in the business and balancing that investment versus with long-term growth and near-term profitability, like how all that balances together? Yeah, absolutely. It's a great question, and it's something that we spend a lot of time thinking about. First, let me say, we don't view growth and profitability to be a trade-off. They have to work together. What that means is when we're making investments into our business, we're making investments to ultimately sustainably grow and profitably grow the business for the long term. We need to be held accountable for driving those returns on every dollar that we invest, which is why we're so ROI focused across the business. We think about paybacks, we think about returns on the investment, we think about the unit economics for each of the products that we're investing in. We only scale those investments when we have conviction in each of those KPIs and in the returns ultimately. The level of precision based on what we're investing in can vary, obviously, for go-to-market investments. These are often tried and true and highly measurable investments that we make across each of our ecosystems, from Square to Cash App to Afterpay. We can directly assess things like variable profit returns, things like our payback periods, as I said. There are longer term investments that we make though as well. Things like product development, things like investments in our AI infrastructure that ultimately power our product velocity. The things that we're looking at for those investments are a little bit different. They're things like engineering velocity, which we look at every week as a leadership team. They're things like time to customer value, which is a metric that we're still defining, but ultimately it's a metric that we want to hold ourselves accountable to that measures us getting quality products into the hands of our customers as quickly as possible, minimizing that time from idea generation to real customer impact. We look ultimately at product output. Those are the things that then translate to customer value and translate to our performance. Maybe the final thing I'll say on this is what we've shown over the past six months is that we're seeing enough leverage in our business that you don't need to choose between reinvesting for growth and delivering near term profitability with expanding margins. We've demonstrated that we can fund meaningful investments in our business while improving the efficiency with which we operate. What we are seeing in terms of our 2026 guide is an 8-point margin expansion relative to last year, 3 points of margin expansion relative to our initial guide for the year. If you look at the profitability guide, if you look at our gross profit guide for 2026 relative to what we shared at Investor Day, our first guide for the year, we are higher by about $530 million in gross profit, and we are higher by $770 million in AOI. So we are taking effectively about half a billion dollars of cost out relative to that initial guide through operating leverage while simultaneously still giving ourselves the room to invest meaningfully in initiatives like go-to-market AI, and the requirements in delivering our products to our customers. Maybe just double dipping on that or spending a little more time on the actual things that we are investing in. Maybe talk through, you mentioned go-to-market AI, what specific things within those buckets are we investing in and what are you seeing as the most exciting there? Sure. So, we have talked a lot about go-to-market. I think we have built an entirely new motion for ourselves, particularly on the Square side that we are really excited about. Because this go-to-market motion, which includes the expansion of distribution channels from first party sales to now third party sales to marketing to partners, the expansion of these distribution channels look to be largely incremental on each other. What it means is that we are doing more, and we are reaching more sellers as a result, sellers that we would not have reached through our self-onboard channel. Which, by the way, continues to operate at an incredibly high level, our strongest rate of self-onboard since 2021 in this last quarter. What I look at as we are measuring all of these things is obviously continuing to drive attractive incremental returns to all the marginal dollars that we put towards go-to-market on both the Square side and Cash App side. We continue to be focused as we look at field sales on that marginal ROI, and what we have seen is that the per rep performance has improved quarter-over-quarter, even as we have ramped that team aggressively this year. We have also seen that our field sales team delivered more than 2x the NVA in Q2 than they did in Q4, and nearly 3x the sizable deals, the million-dollar-plus deals, and over 3x more realized GPV. So they are obviously reaching larger sellers. In addition to, as I noted, the fastest growth on self-onboard in 5 years, and our ISO channel also ramping by about 150% quarter-over-quarter. Each of these distribution channels, we don't think we've reached the limit because we're seeing strong marginal returns. We want to keep investing in each of them because that's ultimately going to create more sellers, larger sellers who will stay on our platform and continue to grow with us for the years to come. From an AI perspective, and maybe I'll talk about both AI, then I'll come to Neighborhoods as I think about the differential investment paths for us over the next year. For AI, ultimately, as I said, our focus is accelerating time to customer value, increasing the velocity at which we're delivering for our customers. Square shipped 130 features in the first half of this year, 3x more than the first half of last year. We have been very deliberate over the past few years, building the underlying AI infrastructure that powered that velocity. Those investments are now enabling us to basically externalize products in ways that weren't previously possible. Buzz is a good example of this. It wouldn't exist without all of the work and infrastructure investment we've made over the past few years. Buzz is, we think, the first platform that we've seen that brings agents and humans together on the same level. Imagine a place where you can truly collaborate with your team and have all of the intelligence tools at your fingertips. It just speeds up all the feedback and iteration, and gives you the power of AI, again, at hand and integrated deeply into your workflow, not off to the side as its own chat experience. We're excited about continuing our work with AI, both in terms of how it powers our company and in potentially how it could power other people's companies and our sellers. Neighborhoods, we're really excited about. We have high conviction that we have now found product market fit, and so we're focused on scaling it. Ultimately, what that means is, since launching auto-enablement for Neighborhoods, we've scaled the number of sellers by more than 10 x. We've demonstrated that our onboarding model can scale efficiently and that we can retain our sellers as they onboard into Neighborhoods. Now we're focused on scaling and expect that Neighborhoods should be one of the top reasons, one of the top drivers of customer acquisition for Cash App in the near future. I think that's something that I've had a lot more understanding of since joining here in the last couple of years, is just how different some of the investment motions are, where you have Square, like self-onboarders, it's like an absolute fine-tuned machine, and you're managing it down to the penny and the cent. Then things like Neighborhoods or things like Cash App, way back when investors were like, "Why are you investing in this?" But there's some data point that you see or some vision that Jack has in combination with very early data. There's a wider range of outcomes, which gives you a ton of conviction and just what that business could look like in five or 10 years. To me, it feels like Buzz and some of the other things that we're doing in AI feel reminiscent of that, which is pretty exciting. Totally. That's okay. Other topic that I think has come up a lot that is worth getting your perspective on is lending and credit, and not just our performance across Borrow and some of the other products that we've started launching over the last year or two years. Yeah. Maybe philosophically, it'd be great to start on just how you think about us managing credit risk and how you think about loan losses in the P&L. Sure. Yeah. Look, I would say totally to agree with your last point, you feel a little bit of that magic in the early days of a new product, like Neighborhoods or AI. We felt that with Borrow, and we've seen it meaningfully transform our P&L and be a huge driver of customer value for so many, for millions of Cash App customers. Now, it's a product that we want to ramp responsibly. We believe we have ramped responsibly. Let me talk a little bit about how we manage that other side of Borrow, credit risk, and ultimately how that flows through our P&L. First, let me say, loss rates for our lending portfolio are really an amalgamation of lots of things. Multiple products and multiple maturity curves, both in terms of the product and in terms of new versus existing customers or mature customers within those products. That blended average is what you see show up in the P&L in terms of loss reserves, but it's not how we manage the portfolio internally. What we are seeing when we look across that full matrix of product and cohort-level losses is very healthy and strong unit economics, and strong profiles really across the board. We manage risk at a very granular level. Within Borrow, we're looking at the four-week construct as well as the six-week construct, which is our newer ramping construct within Borrow to align the maturity curve with our other buy now, pay later products. For Afterpay, we are looking at not only the traditional Afterpay, buy now, pay later, but also our newer ramping products like post-purchase and pre-purchase. For each of those programs, we are looking, as I said, at new customer cohorts versus mature customer cohorts. Over time, we generally see as we grow the mix of our lending towards mature customer cohorts, that loss rates normalize and ultimately go down. Our goal ultimately with the entire lending book is to maximize variable profit dollars. That means managing risk loss to the right point in the efficient frontier between growth and loss, and doing so on a per product, per cohort basis. It is a science, and it is finely tuned by our incredible credit underwriting team, and it is something that they are doing on a weekly basis. Ultimately, that underwriting infrastructure around the product structure that we have, the speed of understanding and data points around our customers is what allows us to be incredibly dynamic to the extent that we do see anything different in terms of risk loss relative to our targets or the broader market conditions. Ultimately what that means, because of our ability to pivot and move quickly, is that risk loss is more of an input than it is an output, and that we have the ability to tighten or loosen based on the week-to-week things that we are seeing here. Yeah. To your point, that we are trying to drive in the business and while delivering value to customers. When you look at our performance this quarter relative to what you would have expected or just give us the report card on how you think the consumer lending origination part of Cash App did this quarter. Yeah. We had a really strong quarter, another strong quarter here. Originations growth was 59% year-over-year. As I said, as we look at the product and cohort mix, we saw healthy risk trends across the portfolio. Loan losses grew faster than origination growth, as folks have seen. As you can imagine, our newer lending products, Borrow, Afterpay, pre-purchase and post-purchase on Cash App Card, those products grew much, much faster than the 59% blended origination growth. Those products which are newer have higher loss rates. All of this is deliberate on our part to drive consumer lending variable profit growth, as I said, which is really, by the way, almost exactly in line with origination growth in Q2. Variable profit growth for our consumer lending products, almost exactly in line with origination growth. Underneath the surface of risk growth, let's talk about some of those key drivers. First, as I noted earlier, we are actively expanding Borrow to the six-week construct. Why? It better aligns with our Afterpay duration. It simplifies the customer experience. We also see that our six-week construct, which we've been testing for some time now and are starting to ramp more meaningfully across customer cohorts, has a higher variable profit margin, and therefore higher return on invested capital, ROIC. Also, it does have higher risk loss on absolute terms, but not on a duration adjusted basis. It generates fewer originations currently because loans are outstanding longer, but that's a favorable trade-off on the metrics that we care about most, particularly variable profit dollars and ROIC. As we scale the product, we're going to optimize loan sizes and potentially up over time. One key thing to know about what's happening in Q2 is that expansion of Borrow six-week, and that being a driver for the higher loss rates, but ultimately stronger variable profit relative to four-week. Second thing, as I noted, products like Afterpay, post purchase, pre-purchase, have somewhat higher loss rates than four-week Borrow, that which was a primary growth driver for us over the past 12 to 18 months. And we see that there's tremendous opportunity to continue to scale these products and scale them responsibly around the unit economics that we have. Finally, these newer products have a higher mix of new customer cohorts, again, by design as we're ramping the products. And over time, as we see a higher mix of steady state mature versus new customer cohorts, we have the opportunity to rationalize loss rates further. Overall, the right question to ask us is variable profit dollars and maximization around return on invested capital, not simply loss rates in isolation. They work across the full P&L, and what we're seeing again is strength, and continued growth from a variable profit perspective and very strong returns from an ROIC perspective. Fantastic. All right. So those are the topics that I wanted to hit on because, again, I think they've come up quite a lot, and it's good to get your perspectives on them. There's a few questions that came through via Twitter, so I'm going to shift to those also or shift to those next. Okay. First one on Cash App actives. The main thrust of the question is, what is the plan to reignite actives growth? Is up-market expansion part of it? Any work on tier accounts or credit card, something aimed at higher earners, or is the bet just getting more out of the existing customer base? Sure. We think that there is opportunity to continue to grow Cash App actives. in Q2, the growth that we had in the low single-digit range was what we had signaled and what we had expected. When we think longer term, we think, and we have even talked about this benefiting potentially in the back half of this year, pieces of it, but we think that there is opportunities in two particular areas that I will call out. One, continued ramp of Neighborhoods. This is clearly the largest opportunity that we have to potentially drive new customers, new demographics, new geographies, new exposure into Cash App. We know that our Square buyer network is hundreds of millions of buyers annually. We think this has the opportunity to be one of the top drivers of attributable new actives into Cash App in the future. The second thing that I would point out, and again, the medium to long term, is growth with younger demographics. We just launched managed accounts for kids. This is kids age 6 -1 2. I know both you and I have kids, Matt, in that age range, and we have seen the excitement of our kids, and honestly, the financial literacy that they gain from it, and having their first debit card that they can personalize. It is incredibly empowering, and it is also one that engages the parents and the families. They lean into it when they have an opportunity to engage with their kids in that way. Obviously, there is full parental supervision and the parent or guardian is managing that account. Obviously these accounts have different monetization profiles than an adult account would, but our goal here is to establish trust early and build that depth of engagement and retention across a family. So those are two things that I would say we feel that we can do differentially to grow our Cash App customer base. Then, of course, there is all the tried and true core go-to-market work and product flow work that we are always doing, from network enhancements to peer-to-peer improvements, funnels, flows, false positives, all these things that we know drive ease of customer use within our platform. Go to market innovation across channels, across brands, across partnerships. Then always on innovation, all the things you have been hearing about from more ways and more utility within Cash App, from phone plans to tags to Afterpay on Cash App Card, and more to come. Yeah, that all makes sense. For anyone who is on the call who has a child that is six years or older, I cannot recommend highly enough getting them on Cash App and working with them to design their own custom card. I can safely say that is probably the most fun I will ever have with a financial services product is working with my daughter to get her pink card all together. It was an absolute blast and starts them on the financial journey. Everyone who is listening or will listen in the future, definitely do that. You mentioned Neighborhoods in that answer, and in the investment answer from previously. A question on that, you have given us seller GPV and follower engagement, but we have not proven yet that it is a customer acquisition channel. How do we expect Neighborhoods to scale? Yeah. What we have seen is the signs of the ability to truly ramp actives into Neighborhoods, into Cash App via Neighborhoods. As the base of seller grows, sellers on Neighborhoods grow. We think we have the opportunity for that to become more meaningful and actually show up in the numbers. In the second quarter, what we saw was 50% of actives that we signed up via Neighborhoods were not active on Cash App in the prior 30 days. They were either entirely new to Cash App or were lapsed, and we were able to win them back via the Neighborhoods program. We think, at that 50% rate and the scale of sellers that we can bring into Neighborhoods over time, that we can drive real incrementality here. Then over time, have the ability to increase that customer's engagement into Cash App and expose all the other things that you can be doing within Cash App to them. Mm-hmm. A few more questions that have come through on Cash App specifically before getting to some broader questions on Block. Could you reflect on some of the successes and challenges you are seeing integrating Afterpay into Cash App? Yeah, absolutely. Look, we know that it took us time to integrate Afterpay into our ecosystems, and in particular into Cash App. But as I look at where we are today, there are two areas that I am really excited about and proud of. One is the scale we have been able to gain with Cash App Pay, which required a true enterprise motion to bring it to life. One that I think the Afterpay team that had that enterprise motion from selling Afterpay into merchants and retailers around the world directly led for Cash App Pay. Second, I would say, is truly delivering that buy now, pay later functionality into the massive distribution surface that we have with Cash App, and to these customers that we have within Cash App who maybe didn't have access or didn't have visibility around buy now, pay later. So truly new customers. Part of the thesis that we had at the time for buy now, pay later was the ability to bring it into Cash App, and that we wanted to focus on providing this powerful utility to the next generation and to customers who don't have the highest scores in traditional scoring systems, but we can uniquely underwrite because of our ability to see so many other data points about them and the regularity of their inflows and outflows. So we think the combination of Afterpay and Cash App gives us the ability to truly expand the aperture in terms of access to these products based on, again, our combined differentiated data and underwriting infrastructure that truly gives us the ability within this larger distribution surface of Cash App, our 59 million monthly actives, to scale the power of this product. What we have seen so far is really encouraging in terms of the unit economic profile of the combined products that we put forward. Maybe an adjacent question, but as Afterpay on Cash App Card scales, is credit origination per lending active growing or is Afterpay pre-purchase and Afterpay post-purchase just substituting Borrow or driving a mix shift? What we've seen in the second quarter is that credit origination per lending active continued to grow. We don't think that Afterpay pre-purchase or post-purchase are substituting for Borrow. In fact, the multi-product users that we have are more engaged with Borrow, not less. As we've started to shift Borrow towards the six weeks construct from the four-week construct, we have had lower limits per user, but that's a deliberate underwriting decision as we make this shift, and as I said earlier, something that we think in the future we could potentially flex based on the response that we're seeing. We think longer term, we have the opportunity to expand origination volume per lending active into the future. Yeah. Great. I think this question, it starts with Borrow, but I think it's probably a broader one to talk about other things across Block. Borrow has been an amazing product and has seen an S-curve adoption. What other products that Block offers have that kind of potential for very strong growth in the future? This may be a long list. How much time do you have? We have time. Well, I won't belabor the things that we've talked about. We talked a lot about Neighborhoods. We've talked about AI too, and I think you had Willem on the show recently to talk about Managerbot. Everyone should go back and listen to that. But some of the incredible things that we're doing around Buzz and around Goose, we have the opportunity to put these powerful tools into the hands of our sellers. We know so many of our sellers rely on our first-party products but are oftentimes cobbling together solutions with third parties or hacking it together themselves because of the uniqueness of their needs. No two sellers are truly alike. Everyone has different inventory or different hours or different staff or what have you. With Managerbot, they'd have the ability, through these tools, to be able to actually build what they need or flex something that we've already built and tailor it to their own needs. I think it's incredibly exciting. It's a truly remarkable new vision for the future in terms of how we can expand the utility of our platform. Very excited about AI. We've talked about some of our newer lending products with Afterpay and Cash App together, pre-purchase, post-purchase. Maybe the two things we haven't talked as much about yet, which I'll just share some thoughts on, would be Tags for Cash App and then Cash App Score. Tags has been this incredible viral launch for us. We'd said almost nothing other than a couple of tweets about these form factors, the Wand, the Mini Card, the Goth Heart. They sold out in a matter of minutes or hours, not days or months. What it really shows to us is that sort of magic moment, the personalization that you were talking about with a Cash App Card, is something that people really get excited about, and it gives us that new form of a viral moment for us. You'll see us do a lot more here in terms of our ability to tap into that excitement and virality. When you see someone tapping their Wand at a, it could be a seller or it could be anywhere, it draws attention, and people think it looks like magic. But when you think about the business of it, look, we've got the fourth largest debit program in the U.S. with Cash App Card that attaches to nearly half of our 59 million monthly actives. I think it should attach to more than nearly half of our 59 million monthly actives. This gives yet another reason for people to get excited about Cash App Card. You can only do it with Cash App Card. Cash App Card just turned 10 years old and still grew at 20% + growth rates in the second quarter. 1/5 teens in the U.S. have a Cash App Card. Again, I think that this has the ability to, when you see it out and about, given the currently large distribution surface that we have but could be much larger, I think that's an opportunity for people to understand how Cash App can be a really unique and aspirational brand that they want to be a part of. Cash App Score. Very different product with Cash App Score now. What Cash App Score ultimately is doing is it is providing a technology and infrastructure that we have been using internally to responsibly underwrite people for our Borrow program, for other Afterpay on Cash App Card, and provides true economic empowerment by externalizing it, first to our own customers, they can see their own Cash App Score, and secondly, to potentially build partnerships that extend access to credit for our customers beyond the products that we ourselves provide them. Potentially longer-durated or larger size products. We know that we really have unique access to this sort of next gen earner, what we call the modern earners within Cash App. It is a large part of the U.S. population that is basically anonymous to credit bureaus. Because, again, of the unique access that we have, deposit frequency, spend consistency, balance management, repayment history, behaviors that are largely invisible to traditional credit bureaus, but observable to us on our platform, we again have the ability to responsibly expand the aperture. About 70% of Borrow actives carry a FICO score below 580. Yet they maintain a 97% repayment rate, which means that they are ready for access to credit, but it is sort of invisible to what the traditional systems are underwriting them for. We think it is something that we can uniquely provide, both to underwrite our own first-party products as we have, but also potentially third-party products. That is another one that I am very early days on, and I am very excited about. Yeah. You talked a little about tags in Cash App Score. There are two things where it is like as soon as you see it, the light bulb goes off. Yeah You get it. Bringing my Wand around and seeing the delight that people have when you tap your thing on the point-of-sale, it is pretty cool. There is a lot more form factors that are coming and a lot more opportunities to expand that further. Yeah. All right. Next question. This is more broadly about Block and just our stock and so on. Block's consistently delivered financial results above street expectations and above our own guidance. We talk with investors often. What do you think people are missing about Block or don't fully understand? Alternatively, what do you think Block itself hasn't done well enough yet to earn a sustained re-rating on the stock and beyond just continue to execute? What can we do to close that gap? Yeah. First, let me say I get the frustration behind the question. If I look at our Q2 results, it feels like we are firing on all cylinders. We accelerated Square growth, strongest U.S. GPV growth in three years. Each of our priority focus areas from food and beverage to mid-market to international grew 20%+. Cash App grew 31%. Broad-based strength across commerce, banking, lending, primary banking active 17% up, record profitability, ramping margins, or we expect to ramp our margins in the back half of the year and exit the year at a mid-teens growth rate. We're seeing the compounding benefits of these investments we've been making in AI at the center of how we operate, and ultimately that's driving faster product velocity. As I look at the results that we printed in Q2, as I look at the strong momentum we have in our business and how we are operating now, to not see that reflected in the stock price after earnings is disappointing. Let's look at some of the multiples to the point about multiple re-rating. We are valued at about a 3.8 x enterprise value to gross profit multiple, which is a discount to the most of the peers that we track. 4.7x on the Square side for our peers, 5.5x on the Cash App side, 8.5x if you look at some of the large cap payment comps that are close comps to us. When you growth adjust those multiples, by the way, the gap to our peers only widens. To me, that feels like an opportunity. That feels like an opportunity for us to prove ourselves. When I look at this, I believe we are maybe the most underrated company in tech, and we just have to prove ourselves in such a resounding way that the opportunity is unmistakable, which is what we're trying to do. Again, this is not just about Q2. This is a multi-year journey for us. We set an ambitious target three years ago to become a Rule of 40 company in 2026. If you look at the first half of the year and what we delivered, we delivered Rule of 52 on the back of both strong growth and margins. By the way, that's on a profit metric that's fully burdened with stock comp, which sets a higher bar than many others in the industry do. All of that is to say that we've set a high bar for ourselves. We believe we're exceeding it, and if we continue to execute, we hope that that dislocation becomes broadly apparent in the industry. Maybe what I'll do is I'll point out a couple of areas where I think we're underappreciated and then also a couple of areas where we should be better ourselves, and we can be self-critical here. In terms of underappreciated, I would say one of the questions that we often hear about, and you started off the call on some of this, is around the durability of growth, our ability to drive the consistency and sustainability of growth in each of Square and Cash App. That's something that we've got to prove out over time and prove out with retention of our customers. A second thing that we think is underappreciated is, we've talked a lot about lending, is our underwriting infrastructure and important gross profit streams for us, like the Borrow gross profit streams. These products are very different from traditional revolving loans or credit cards. Some investors still see them as very similar. We have got to continue to prove how these are unique and differentiated and responsible in how they underwrite part of the future for how the next generation gets access to credit. I think another area that is underappreciated about our business is the scale of the TAMs that we're going after. As I think about the organic growth opportunities across commerce and financial services, across small business, and consumer, I think the opportunities are immense. Then finally, maybe I'd say from an underappreciation standpoint is how far we have come and frankly, how far ahead we are, I think, on AI. The potential to monetize, I know that's been another question, is we've done a lot with open source because we think that ultimately hardens and makes resilient the technologies that we're putting out, but we believe that there are very attractive monetization opportunities laid atop those open source products that we release. Being self-critical. What can we be doing better? I think we've talked a lot about Neighborhoods obviously so far. I think we have more to prove here. We've obviously been talking for a long time about connecting our two ecosystems between Cash App and Square. I feel very good about delivering on what we are seeing in terms of continuing to ramp Neighborhoods, but I understand some of the skepticism from the time that it's taken us to get here with Neighborhoods, and similarly from an Afterpay integration standpoint to the question that we had earlier. We have talked now, I think this is largely old news, but past organizational silos and constructs sort of slowing us down from a velocity standpoint, and you saw that show up in terms of the decel that we saw in Square GPV. Again, when you now look at where we are in terms of the compounding growth, the accelerating growth, new S-curves, new products, product velocity, I think we are now debunking a lot of the narratives from the past. As we look forward, the things that we want to focus on, execute well over an extended time horizon. Just continue to deliver month in, month out, quarter in, quarter out. Deliver Neighborhoods to prove that Square can be the greatest strength for Cash App, and Cash App can be the greatest strength for Square. And demonstrate through AI that we are truly a technology company, full stop at the end of the day, not a narrowly defined fintech company. And finally, I'd say, Matt, I think you and your team have been a huge credit to us in terms of our storytelling in the past year or two, and in our ability to increase accessibility for a wide range of investors, and we are always open to feedback to continue to make that better. Doing regular livestreams like this with a range of our company leaders to demonstrate the incredible bench that we have. We've reframed our shareholder letter. We've updated the face of our P&L and our KPI disclosures for simplicity and consistency. We did an investor day last November committing to long-term targets, and have meaningfully exceeded our 2026 guide, as we talked about since then. There's a lot that we can do from a storytelling standpoint, and that we will do, and again, very open to the feedback of our shareholders to continue to make that better. Yeah. All makes sense. And I think there's a genuineness to the feedback. It's not some throwaway line. I get feedback forwarded Yeah to me from you, Jack, and vice versa all the time, so keep it coming. Yeah. All right. I have two more questions on the list that I wanted to ask you. Next one is on share repurchases and just how you think about the pace and magnitude, or the right pace and magnitude of share repurchase. Yeah. Our share repurchase program we think is an attractive use of capital, and we have been, and continue to view this as active in terms of repurchases. We did $1.9 billion in stock repurchases on a trailing 12-month basis. There's always various considerations around repurchasing in a specific quarter, but ultimately, no change to our philosophy or approach here to capital allocation and returning capital to shareholders. Our longer term view from Investor Day on capital return continues to view repurchases as a really important part of our program. We invest first in our business, and second, return capital to shareholders, and third, build the profile of what we believe is an investment-grade company. Yeah. Okay, last question. This is Yeah maybe one of my favorites, not to pick favorites among what was submitted, but could you give us your top three unit economic facts about Block that investors should understand and get excited about? Okay. I will give you three and then I will give you a bonus as well, Matt. Perfect. First, we have talked a lot about our lending products. I shared that I think our credit writing infrastructure is underappreciated relative to what we have built, which is truly unique and differentiated. It also has some of the highest ROICs that I think you and I have ever seen. That is point 1. Metric 1 is ROIC on our credit products. We shared some of these stats at Investor Day. Our lending products have ROICs in the high 20s - 30% range across Borrow and Afterpay, and that is without factoring in any future plans to reduce Block capital required over time. As we change funding mix in the future and add more warehousing, deposits, potentially through SFS, we can see returns on Block capital grow even further. That is all powered by this sort of dynamic, fast-paced tuning of an underwriting platform approach. I am excited to continue to do more with that. Second metric I would give you is Cash App customer acquisition cost. Historically, CACs have been about a 10th of what many of our competitors would pay, and this is because of how differentiated this peer-to-peer network effect business is for us in terms of the broader distribution ecosystem. Now, when you think about acquiring a Cash App active via Neighborhoods, it is a similar philosophy. We can invest rewards so that a consumer wants to sign up and visit a Square seller via Cash App, paying via Cash App, and that becomes an incredibly effective customer acquisition motion for us with a healthy customer acquisition cost. This Neighborhoods effectively becomes similar to what peer-to-peer was in the early days, a viral growth opportunity for Cash App. Third metric I would give you, and I talked a bit about this one earlier at the start, which is our go-to-market ROIs. We have historically a pretty efficient mechanism, four to six -quarter payback on self-onboard, 300% ROI on marketing spend. We have been able to expand and extend our distribution channels across field sales, telesales, ISOs, massively expanding the number of sellers we can reach, all while sustaining healthy ROI levels and marginal ROI levels, extending ultimately this growth curve for a 16-year-old business since Square's founding. Building new motions into a brand that is tried and true and well-known is not an easy thing to do, and so I am encouraged by all the strong returns that we have been seeing there over the past year or two. Then I told you I had a fourth bonus metric. Yeah, this was the bonus. Gross profit per employee. We not only want to deliver growth, again, going all the way back to where we started this conversation, we want to deliver growth and efficiency. We think a lot about the unit economics, and we think a lot about how we run our business. If you look at that gross profit per employee metric, for a long time before the pandemic and even in the early days of COVID, we were still in that sort of $500,000 per employee, per year range. This increased over the past few years to about $1 million last year. If we can achieve the guidance that we've put forward with our current employee base, we're at about $2 million. Doubling the output per employee this year on the back of greater focus, greater ownership and accountability, greater lines, strengthened communication, greater efficiency, and all the power of AI being at the center of everything we do, driving that continued efficiency in how we operate. All right. I think that's a great place to end it. Amrita, thank you so much for doing that. I thought those three plus a bonus were really. They excite me when I look at the business, honestly, and just think it pluck apart some of the data and what we're doing. Yeah, it feels great to be here right now. Thanks for your time. Thank you everyone for listening, and until next On The Block, I'll see you all later. Awesome. Thanks, Matt. Bye.