Square, Inc. (NYSE:SQ) Q2 2019 Earnings Conference Call Transcript

Aug 01, 2019 • 05:00 pm ET

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Square, Inc. (NYSE:SQ) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Square Second Quarter 2019 Earnings Conference Call. I would now like to turn the call over to your host, Jason Lee, Head of Investor Relations. Please go ahead.

Executive
Amrita Ahuja

Hi, everyone. Thanks for joining our second quarter 2019 earnings call. We have Jack and Amrita with us today. First, we want to remind everyone of the format of our earnings call. We have published a Shareholder Letter on our Investor Relations website, which was available shortly after the market close. We will begin this call with some short remarks before opening the call directly to your questions.

During Q&A we will take questions from our sellers in addition to questions from conference call participants. In addition to our Shareholder Letter, we have filed a press release announcing our definitive agreement to sell Caviar, our food ordering platform to DoorDash. This transaction is subject to certain closing conditions, including regulatory approvals.

We would also 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 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. Also, during this call we will discuss certain non-GAAP financial measures. 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 our GAAP results.

Finally, this call and its entirety is being audio webcast on our Investor Relations website. An audio replay of this call will be available on our website shortly. With that I'd like to turn it over to Jack.

Executive
Jack Dorsey

Thanks, Jason. Hello, everyone. Few remarks from me before we turn it over to Amrita for some details and then your questions. So we've been able accomplish something very few companies have, the creation of not just one but two incredible customer ecosystems of scale. We set the company by creating and building a seller ecosystem and we did it again, this time for individuals with Cash App. Along the way we've seen a lot of opportunities to strength both of these ecosystems, but those opportunities require more focus and more investment.

To increase our focus, we decided to sell our Caviar business to DoorDash. This enables us to focus on serving restaurant and food sellers through a platform approach, specifically our Orders API and Square for Restaurants. DoorDash was an obvious choice for us because of our pre-existing partnership through Orders API and Cash App. Both companies have an alignment of interest to strengthen our partnership. This decision will also allow