We do have Emrita, who just CFO of a block.

Emrita, good morning to you.

And I want to start with that earnings beat.

It was driven by Cash App.

But looking forward this summer, the Federal Reserve

will offer free real-time payments. That is a service that you currently charge for.

It makes up an estimated 40% of the app's gross profit.

So that upcoming change, is that a threat to Square Cash's growth and profitability?

Well, Deodra, thank you so much for having me here today.

We have a diverse set of revenue streams in our business.

At 14 revenue streams in the first quarter that on an annualized

basis or a hundred million dollars or more in gross profit we're not reliant on

any one revenue stream to drive our business this is how we're able to grow our customer. This is how we're able to grow our customer base. This is how we're able to retain our customer base over time because we serve them in so many different ways.

And our instant deposit feature, the one that you're speaking to, is one of many tools that we have that serve a use case for our customers.

And what's interesting is, when we look at markets around the world that already have instant rails,

our square instant transfer product attaches at the same

rates in those markets as it does in the U.S. And we believe that's because of the frictionless

product experience that we enable and the strong real-time risk controls that we have.

Of course we're watchful of any changes to the broader environment and this is why we continue to innovate and diversify our business.

That's part of the strong results that you saw with Cash App this quarter.

Right and so with that Fed Now program, banks will have to opt in.

Will your customers be able to take advantage of that program?

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