Austin Knight

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$XYZ – 22 thoughts on Q3 earnings: 1. Numbers were fine. It was a triple beat (not a double miss like the headlines suggest). I’m happy and content. 2. It’s in contrast to Q1 numbers in May, which were pure pain and agony. This Q, numbers are actually showing momentum. 3. @owenbjennings and Nick Molnar being in the call was very good. More color and conviction. 4. -12% market reaction is hard to understand. I expect a reversal once market digests the numbers. No idea when. 5. Call quality was bad (again). Constant disconnections. Why do some companies have crystal clear call quality and Block feels like they are calling in from the ISS? Please fix @BlockIR 6. Cash App Banking Actives 8.0M last Q. 8.3M this Q. 8.7M in Oct. Very good. 7. Cash App MAU +1M to 58M is a sigh of relief. Finally. 8. Cash App Card MAU flat at 26M is meh. 9. Cash App Borrow net margin stable qoq, despite origination growing 134% yoy ($22B annualized). Very good. 10. Cash App inflows up 12% to $78.8B. Was +8% last Q. Good. 11. Bitcoin trading Gross Profit of $72M, +11%, is meh. It's a bit unfortunate as I think they are leaving money on the table. Bitcoin GP driving users all migrated to Coinbase and Robinhood. 12. BNPL GMV +17% is sub-par. Afterpay and Clearpay have to catch up to their competition. Is there urgency on this matter? Not good. 13. Square Mid-market Sellers GPV grew at 20.5% yoy. It’s very good. 14. Square GPV yoy Q1: +7.2% Q2: +10.1% now Q3: 12.2%. Very good. 15. Square GP printed +9.2% yoy, but +13.1% is a better representation of its growth, imo. I explained it in another post. My napkin math could be wrong though. 16. Food & Bev New-Volume-Added was 2% last year. 30% today. They expect 40% by EOY. Very good. 17. 90 Square field sales reps, from 0. Good progress. Hope to see more. 18. Block by Block employee event had a material impact on EBITDA. Enough to be called out in the 10Q. I just hope it was worth it. 19. Customer funds at $4.8B, +22% yoy. Good. 20. Proto revenue of ~$29M. Good to finally see it. I hope we get to see some 2026 numbers and logos during investor day. 21. Only spent $403M on buyback (vs. $693M last Q). There’s still $1.1B of buyback authorization left. Not happy about this. Too timid. Why slow down? 22. Share count is down -1.8% yoy to 622M shares, but up qoq from 619M last Q. Should’ve bought back more shares. Don’t like it. Overall, it was a solid quarter. The stock should be up 10%, not down.