SQ – Market expectations are for continued Uniform ROA expansion, and management is confident about product offerings, product efficiencies, user innovations, and finding a replacement CFO

• Square, Inc. (SQ:USA) is currently trading at historical highs relative to UAFRS-based (Uniform) Earnings, with a 76.5x Uniform P/E. At these levels, the market has bullish expectations for the firm, and management is confident in the quality and variety of their product line, their ability to gain clients from free trials, and their search for a replacement CFO
• Specifically, management is confident about their ability to find a replacement CFO. Management is also confident about the variety of offerings in their product line and the efficiencies gained by the users. Additionally, management is confident that users will adopt products after free trials, and can find innovative ways to use their products. However, management may be overstating the product’s appeal to users not willing to accept credit card transactions on personal devices. Additionally, management may be overstating their hiring ecosystem and ability to generate innovations internally. Furthermore, management may have concerns that value-adding services may not offset price increases