XYZBlock, Inc.

“we're working on Buy Now, Pay Later for Cash App Pay. So similar product to what we have for Cash App Card, but for Cash App Pay. That was scoped to roughly 3 months and 5 to 6 engineers. And then what actually happened in late March and April is 2 machine learning engineers who had actually like no prior exposure to these services, they built it and shipped it all in 3 or 4 weeks, inclusive of all the quality testing that we needed to do.”

“production code changes per engineer at Block is up more than 2.5x since the start of the year. I think we had that in the letter. I'm seeing on the development side all over the place, products and features that were previously scoped to, let's say, 5 or 6 engineers and 1 or 2 quarters of work. I'm seeing that being completed by 1 or 2 engineers in just a matter of weeks.”

“Production code changes per engineer increased more than 2.5x from January to April, and we've seen AI expand what it means to be a builder, both for our customers and our internal operations. Production code changes made by non-engineers at Block were up nearly 60% in April compared to January.”

“we've already had 1 million actives use Moneybot over the past week or so. So we're really excited about the runway ahead, and we're going to continue investing here.”

“for more than 1/3 of customers who are making a money movement via Moneybot, that money movement is them attaching to a new product.”

“we started working on Goose in 2024 and Goose was the first model-agnostic agent harness that was used at scale at a technology company, and we've been using it for years now. And so the benefit that we get there is when we make an improvement on the Managerbot side, it flows through to Moneybot and Builderbot or vice versa.”

“We've talked a lot about Goose in the past. Our entire foundation is built on Goose and our early move there. But internally, we've been using it in the form of what we're calling Builderbot. It allows anyone in our company to use Slack and effectively build or fix any feature they want in the service.”

“what we've rolled out is a tool that has more than 100 local agents that are working on behalf of a seller, and they're able to really act as a protector for that seller. They have access to your sales data, your catalog data, customer management tools, reporting tools, et cetera.”

“as we have more and more code being written -- there's a bit of an echo on your line. As we've been writing a lot more code with the help of AI agents, we have a lot more PRs. And in order to merge them into the mainline code base, it puts a greater burden on reviewing those.”

“We launched an experiment a couple of weeks ago with a push notification, alerting a certain cohort of customers to potential cash flow deficits that they might have in the future. I think that this is fundamentally -- and the response and engagement was fantastic.”

“retention within the Managerbot product has surprised to the upside. So we're seeing that for sellers who come in and they use Managerbot, the rate at which they're coming back in a subsequent week or subsequent month is quite high and has surprised to the upside.”

“Moneybot is now live across Cash App, and we're continuing to scale Managerbot, which is already available to more than 1 million sellers and on track to reach all Square sellers in June.”

“In commerce and AI right now, there's a lot of conversation around agentic commerce. And there's a lot of fairly phenomenal future-forward stories that I know will be part of our reality going forward, but they're a little bit far out. But the ones that aren't, and the use case that doesn't feel that far out, is one that sellers have to deal with every single day, which is around vendors. And you can imagine setting up agentic commerce and agents to purchase things on your behalf from your vendors because it's either on a regular basis or it's triggered by certain inventory or certain demand or certain trends happening.”

“now that these AI tools are handling more of the mundane tasks and we're automating a lot more, we can focus on being a lot more creative and being a lot more innovative again and continuing to have the breadth of our ecosystems such that we can be a one-stop shop for both sellers and for individuals. And now that these AI tools are handling more of the mundane tasks and we're automating a lot more, we can focus on being a lot more creative and being a lot more innovative again”

“I believe we do. I mean I would say that we evolve into an intelligence company. And I think the way we think about the future of our services is not necessarily in these app packages that we know today where you have a traditional navigation that we sweat every detail to get the pixels in the right place. But instead, we're looking deeply at our understanding of our sellers and our Cash App customers. And we're delivering them exactly what they need at the right moment.”

“the way to think about network growth is that it just comes down to development velocity. Like the more that we can ship useful things into the hands of our customers and prospective customers, the more folks are going to choose to use Cash App and the more they're going to use it every day and every week.”

“the extent of that and the future of that is that our sellers could use that directly. If we are lacking a particular service or a feature and we have the capability to deliver it, they can build a customization for themselves, and we can deliver it right into their interface. That is our goal.”

“Internally, the intelligence tools we've been building are now meaningfully improving how we run the company. Velocity is increasing, quality is improving and more of our work is becoming automated.”

“from an AI tooling perspective, I think as we talked about at last earnings, I think everything has really fundamentally changed over the past 5 or 6 months since late last year.”

“to expect that rate of change to only compound further as we move ahead and the tools get better, Goose gets better and the foundational models get better as well.”

“We're seeing that when AI helps the customer take an action, they come back at much higher rates than when it only provides them with information.”

“I think Moneybot -- with Moneybot, we have an opportunity to attract some customers from noncore demos.”