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Annual Research Report

[1] Throughout this section, we include public blockchain value as part of all calculations and forecasts of “equity market value.”
[2] In this exercise, we forecast the core revenues of Block, Shopify, and Toast to grow 22% at an annual rate over the next seven years. Summing the mentioned revenue opportunities on top of our core revenues forecast increases the annual growth rate from 22% to 33% over the next seven years. We primarily model Block’s historical revenue and future revenue opportunity across its Square merchant ecosystem and do not incorporate Cash App or Afterpay revenues independent of Square.

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