Earnings DistributionApproximately 30% of adjusted net income goes toward immunizing stock-based compensation, which is not distributable earnings.
Profit SustainabilityIncremental gross profit growth is increasingly driven by credit and lending products, which are viewed as lower-multiple sources of growth.
User GrowthCash App has shown no growth in active users for three consecutive quarters, and expectations for future growth might not align with recent trends.