HIGHLIGHTS: • We continue to accelerate growth at scale: In the first quarter of 2018, total net revenue grew 45% year over year and Adjusted Revenue grew 51% year over year, compared to 36% and 47%, respectively, in the fourth quarter of 2017. • Together with Weebly, we will provide sellers with one cohesive solution to start or grow an omnichannel business. • Larger sellers come to Square for our ecosystem: More than half of larger sellers use multiple Square products. • In the UK, we recently launched Instant Deposit and Cash App—two of our fastest-growing services. FIRST QUARTER 2018 KEY RESULTS: GROSS PAYMENT VOLUME (GPV) TOTAL NET REVENUE NET INCOME (LOSS) $17.8 Billion +31% YoY $669 Million +45% YoY ($24) Million $17.4B $17.9B $17.8B $669M 2017 2018 $16.4B $585M $616M Q1 Q2 Q3 Q4 Q1 $13.6B $552M $462M 33% YoY 32% YoY 31% YoY 31% YoY 31% YoY 22% YoY 26% YoY 33% YoY 36% YoY 45% YoY ($15M) ($16M) ($16M) ($16M) Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 ($24M) 2017 2018 2017 2018 GPV MIX BY SELLER SIZE ADJUSTED REVENUE ADJUSTED EBITDA $307 Million +51% YoY $36 Million +33% YoY 13% 16% 20% >$500K $307M $41M Annualized GPV $283M $36M $36M 26% 27% $125K–$500K $240M $257M $34M 27% Annualized GPV 61% $204M $27M 57% 53% <$125K Annualized GPV 39% YoY 41% YoY 45% YoY 47% YoY 51% YoY 13% 15% 13% 15% 12% Growth Growth Growth Growth Growth Margin Margin Margin Margin Margin 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q1 Q1 2017 2018 2017 2018 Total net revenue in the first quarter of 2018 includes $34 million of bitcoin revenue (see page 7 for further detail). A reconciliation of non-GAAP metrics used in this letter to their nearest GAAP equivalents is provided at the end of this letter. Adjusted Revenue is defined as total net revenue less transaction-based costs and bitcoin costs. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Adjusted Revenue. 2