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GUIDANCE: Q2 Current 2018 Previous 2018 Total net revenue $740M to $760M $3.00B to $3.06B $2.82B to $2.88B Adjusted Revenue $355M to $360M $1.40B to $1.43B $1.30B to $1.33B Year-over-year growth 49% 44% 34% (midpoint) Adjusted EBITDA $60M to $64M $240M to $250M $240M to $250M Net income (loss) per share $(0.04) to $(0.02) $(0.04) to $0.00 $(0.08) to $(0.04) Adjusted EPS (diluted) $0.09 to $0.11 $0.44 to $0.48 $0.43 to $0.47 Based on our results in the first quarter, we are raising our full-year guidance for total net revenue and Adjusted Revenue to reflect the ongoing momentum of our business and the acquisition of Zesty, which closed on April 19. Given the significant market opportunity ahead of us, we will continue to reinvest in our business to drive future growth and are therefore maintaining our full-year Adjusted EBITDA guidance. Full-year 2018 guidance does not include the impact from the Weebly acquisition. We will update guidance after the completion of the transaction, which is subject to customary closing conditions including regulatory approvals and is expected to close during the second quarter of 2018. We have not reconciled Adjusted EBITDA and Adjusted EPS guidance to their GAAP equivalents as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense and weighted-average fully diluted shares outstanding. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, we have provided a reconciliation of GAAP to non-GAAP metrics in tables at the end of this letter. It is important to note that the actual amount of such reconciling items would have a significant impact if they were included in our Adjusted EBITDA and Adjusted EPS. 10

2018 Q1 Shareholder Letter — Square - Page 10 2018 Q1 Shareholder Letter — Square Page 9 Page 11