Cautious Optimism for Block's Cash App Amid Macroeconomic Uncertainties and Profitability FocusWe recently outlined how we believe Cash App could deliver on the meaningful gross profit acceleration it's looking to deliver in 2H, including our detailed assumptions on Borrow adoption and origination expansion, Cash Card spending trends, and BNPL uplift, particularly from the BNPL integration on the debit card. Investors generally agree with our view that performing against stated Cash App targets will be challenging, but achievable, particularly amid the recent FDIC approval for Borrow to operate in more states and given demand from lower- income customers in the current macro. Still, many have noted that estimates offer limited upside potential, making it harder to be constructive on the stock near-term. Below, we put together other recent feedback following our updated Cash App product and gross profit build.