like There cover I'd are topics, three today. to Thanks, Jack.
gross profit profit. of our our million remainder first and In quarter, update EBITDA XX% through an third investments in our at February delivered billion look the for XXXX; Afterpay contributed first a on $XXX $X.X was growth ecosystems Adjusted second quarter business April; our gross impressive performance of the March, look year-over-year. up In of year. with of $XX First, million. at the a and the
the XX% profit CAGR on for billion $X.X XX% up gross three-year this a was quarter basis on year-over-year and Excluding basis. a
address wanted Afterpay through Square in to getting financial ecosystems, Before App. flow into for how results Cash results and the I will our our
million a CAGR GPV profit basis. the profit transaction not gross revenue of Afterpay integrating and XX% expect or App Afterpay we've first App. Cash our recognize gross generated to the revenue Square allocate to on it and of Afterpay we're in ecosystems decided benefit to Square quarter, into and of and XX% services-based and each, gross and and Given an in three-year subscription revenue Cash line our and profit. $XXX growth of of XX% App both Cash each increase profit We in year-over-year
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drivers. the Let's talk about of some
strongest driven of App month. we three-year Card more gross with during prior products First, Cash year-over-year by a App in the transacted adoption was This more than despite on of on fastest-growing XXX% monthly one March period including basis. year average monthly our Cash growth card. strong strong quarter streams, actives profit the as XX% and our monetization growth first CAGR growth XX than is times of saw our engagement our in ecosystem across App in on banking Cash the
slightly into Direct monthly up quarter-over-quarter growing disbursements Increased been deposit generated deposit with million increase of both but in our adoption seen of significant And a Second, paycheck XX% believe bring there on year were year-over-year direct actives. of increasing deposits, increased has gross prior still CAGR reached on has period been strength a March. key adoption particular inflows X.X than profit, we've year-over-year while from basis. quarter-over-quarter. times we mix recurring and awareness on which million more in quarterly year-over-year Square Cash a ever inflows of so been growth we as much government we've $XXX here. basis. given volume a year-over-year is monthly saw across base, our a capabilities. highest ahead opportunity XX% the and we deposit active In driver Inflows App three-year and our March, to basis active direct an declined approximately per X.X we
up and gross on year-over-year performance. XX% $XXX few Square's Afterpay, a regarding XX% three-year profit Excluding factors basis. CAGR Square million A was
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an sellers for opportunity solution this shows early presenting Our an Square by may traditional financial that serve to segment be integrated traction set. institutions with even underserved larger
to credit third-party the launched an parity. for outside in And a On-Demand Second, markets important giving In Loans Delivery, US quarter, strategy. our options. tool the strengthening we of via expand first key growth sellers fulfillment to access part our omnichannel Square in improved product we is Canada, sellers and presence
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to approximately a a relatively expect pandemic. On comparisons wanted The quarter's the we of XX% for including be two-year CAGR profit with share basis consistent on April, three-year during first we the we three-year XX% basis, the company unusual our trends. gross growth CAGR. expect recent overall Next growth normalize Afterpay. In year-over-year helps CAGR growth to
flow a inflows XX% we to gross For than Cash more overall and in profit XX% April, brought ecosystem. around excluding the App actives cash three-year April, basis. year-over-year healthy -- into saw Cash saw growth on Afterpay expect In CAGR by App, grow or year-over-year in
gross XX% a XX% basis. in CAGR Square, XX% around XX% grow excluding CAGR profit more on April. by is and For GPV is year-over-year slight be April we year-over-year a a in Afterpay expected improvement basis which up to XX% the on X-year quarter. in And Square from to than first three-year up expect
Square basis, two we faster expected GPV a than on have gross factors. profit driven As year-over-year grew by
We closer the gross First, and as second, we returned to we've program to only also amount applications much normalization levels; debit revenue XXXX. PPP recognized recognize X% the gross forgiven. transactions million the present card remainder in PPP transaction-based across profit profit with margins are of we XXXX yet a in to roughly smaller $XX completing in expect and to of seen of of loan not mix a be QX
between and GPV growth through on With see to profit delta growth gross XXXX. year-over-year a a impacts, of remainder the these Square's expect basis we
the one Again where profit in gross and you. we quarters. GPV three-year were I similar lessen XX% coming CAGRs Although, the this delta at would with April growth at in orient XX% growth expect another and to to
million of expect or intangible shift gross GMV to profit assets to amortization a Turning purchase expense, gross newer not be which below second basis quarterly this we rather first in three-year we $X acquisition. and to and sales revenue X.XX% This related first a by CAGR cost mix during to consumer of expected driven a an the quarter in expenses profit And basis was by up of expect In Afterpay's come consistent price XX% but quarter GMV XXXX. on on a going a operational are GAAP a is impacted which impact of year-over-year GAAP growth were On million April to to is with Afterpay. to be on adjustment Losses markets. the half receivables basis. was XX% accounting for the $XX the results the forward.
unlocking We consumer our repayment of focused on on integration. with with see combined XX% healthy potential the time. continue to installments behavior We're paid
Square of later quarters. our broader ecosystem opportunity Square coming more launch online the to bring Afterpay to addition see sellers, a now the in pay to we of for In buy
On App broader Cash App of generation side, on and early Afterpay the to of capabilities in platform. days demand bringing been building a the are commerce Cash we've focused out the
XXX,XXX merchants to Our sent Afterpay from early leads Jack. you as have experiments heard
a on integration Investor share we'll which map detailed focused been have teams at Day. more road about Our
quarter year. to trends Turning now second the remainder and of for the full
from excluding the a we That XXXX said, macro excluding As as our continue profit services call across second and App's to last innovations benefit in the favorable the on as Cash product financial compared we gross the we in rate introduce our improve Afterpay certain will and year-over-year new earnings adjustments comparisons to Cash even of gross half become first Through priorities pricing of the shared with grow not areas. believe we yet continuing last the commerce to growth half, profit year have in environment Also, the and App broader Afterpay, April we stable. consistent sequentially quarter with year remainder macroeconomic spending. overall seen for assuming we're quarter what each deterioration we environment. consumer watch mentioned throughout Square remains expect to the more
year Moving to investments the second planned and our for quarter XXXX. full
Afterpay. first $XXX to For quarter or the when the operating expect to overall compared $XXX second million quarter, increase excluding non-GAAP expenses we by million
full includes the base non-GAAP year. this expected we operating $X.X operating million to billion approximately of XXXX, quarter to Afterpay's For This expenses expect $XXX expense by compared increase XXXX. overall
expect to or similar we non-GAAP Excluding step-up is expenses operating the XXXX. billion, Afterpay, overall year-over-year to to which by XX% $X.X grow from XXXX
can't the As of in the adjusted up you to There's EBITDA February, Day lot during more expect since open update to Day and ago in XXth. our a with Investor of share to to to that deliver half on We're second last the your the around to investment we ecosystem, half in wait With first the shared pacing it at year. business XXXX compared you our years Investor opportunity, on five it model. We talk our of market our you. strategy we'll we year depth questions. greater the excited to given