Square, Inc. (NYSE:SQ) Q4 2019 Earnings Conference Call - Final Transcript
Feb 26, 2020 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the Square Fourth 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.
Hi, everyone. Thanks for joining our fourth 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 posted a shareholder letter on our Investor Relations website, which was available shortly after the market closed. 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. 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 as except as required by law. Also during this call, we will discuss certain non-GAAP financial measures. Reconciliation 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. Additionally, as discussed in the shareholder letter, we discontinued the use of adjusted revenue last quarter, following receipt of a comment letter from and discussions with the SEC.
Our statement of operations continue to disclose total net revenue, transaction-based costs and Bitcoin costs determined in accordance with GAAP, which are the key components of adjusted revenue. We also introduced new guidance measures on GAAP gross profit as well as the sum of transaction-based costs and Bitcoin costs. There are no changes to any other GAAP or non-GAAP metrics. We have posted a spreadsheet on our Investor Relations website with our historical financials and additional details related to our income statement. Finally, this call in 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.
Thanks, Jason. Hello, everyone, and thank you for joining us. A few comments from me and Amrita before we get to your questions. 2019 was a very good year for us. We continue to refine and build upon our ecosystem strategy, which we believe is our biggest competitive differentiator. Many companies only get an opportunity to scale one ecosystem and audience. We're in the incredible position to scale two ecosystems, Seller and Cash App, representing sellers, their customers and individuals wanting to access more of the financial