All bitcoin revenue and costs are related to Cash App activity and are TOTAL NET REVENUE recorded based on the following: $669M $585M $616M $552M • Bitcoin revenue is the total sale amount of bitcoin to customers. $462M • Bitcoin costs are the total amount of bitcoin that we purchase. We purchase bitcoin to facilitate the buying of bitcoin conducted by Cash 22% YoY 26% YoY 33% YoY 36% YoY 45% YoY App customers. Growth Growth Growth Growth Growth • Adjusted Revenue from bitcoin is our bitcoin revenue less our bitcoin Q1 Q2 Q3 Q4 Q1 costs. 2017 2018 Adjusted Revenue was $307 million in the first quarter of 2018, up 51% year over year. Adjusted Revenue in the first quarter of 2018 includes $0.2 Under U.S. GAAP, the current determination million related to bitcoin. is that bitcoin sales are accounted for as gross revenue under ASC 606, Revenue from Contracts with Customers, given Square Transaction-based revenue was $523 million in the first quarter of 2018, up currently controls the bitcoin prior to sale. 30% year over year. Transaction-based revenue as a percentage of GPV was 2.93% in the first quarter of 2018, down from 2.96% in the first quarter of 2017. Transaction-based profit as a percentage of GPV was 1.09% in the FINANCIAL IMPACT FROM BITCOIN Bitcoin revenue $34.1M first quarter of 2018, up from 1.07% in the first quarter of 2017. Excluding Bitcoin costs – $33.9M unused promotional processing credits associated with the contactless Adjusted Revenue from bitcoin $0.2M and chip reader in the first quarter of 2017, transaction-based revenue as a percentage of GPV was consistent year over year. Transaction-based profit continued to benefit from growth in higher-margin products and improvements in our transaction cost profile. GPV from higher-margin ADJUSTED REVENUE products—Invoices, Virtual Terminal, and eCommerce API payments— $307M doubled year over year. $283M $240M $257M Subscription and services-based revenue was $97 million in the first $204M quarter of 2018, up 98% year over year. Growth was driven primarily by Instant Deposit, Caviar, and Square Capital. Instant Deposit benefited 39% YoY 41% YoY 45% YoY 47% YoY 51% YoY Growth Growth Growth Growth Growth from volume growth in both our seller base and the Cash App. Cash Card Q1 Q2 Q3 Q4 Q1 is also becoming a more meaningful contributor to subscription and 2017 2018 services-based revenue growth. In the first quarter of 2018, Square Capital facilitated over 50,000 business loans totaling $339 million, up 35% year Adjusted Revenue is defined as total net revenue less transaction-based costs and over year. bitcoin costs. Hardware revenue in the first quarter of 2018 was $14 million, up 60% year over year, driven by the launch of Square Register, which began shipping 7