### Comment:
126% YoY growth in subscription and service based revenue driven primarily by Cash App. Square is much more aggressively marketing Cash App, and their plans with Cash App are much more ambitious than Venmo et al.  
  
 Anecdotally, just about every small business I go to uses Square. I'm bullish on Square overall, but payments is a competitive industry.

### REPLY:
That's one of the biggest issues big anal-yst have with it. Over 50% of it'd revenue comes from small businesses that make less than 125k. They think this makes Square more susceptible to macro factors.

### END.