BLOCK Investment & Profitability Ecosystem Overview

BLOCK AFTERPAY AFTERPAY Afterpay complements Square with strong merchant retention Gross Merchandise Volume (GMV) by Afterpay Seller Cohort Positive Afterpay seller GMV retention for each annual cohort from 2016 to 2021 2018 2019 2020 2021 2021 2020 2019 2018 Pre-2018 Cohort Afterpay Gross Merchandise Value or GMV is a measure of the total order value processed on the Afterpay platform. Afterpay seller GMV retention is calculated as the year-over-year GMV growth of an annual Afterpay cohort of sellers. An Afterpay seller's annual cohort is determined based on the date they first processed an Afterpay transaction. 43

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