SQ: international TAM is huge

Friar:

if you think about overall GPV as one metric to think about the three major levers of growth that we look at, so one is just continuing to penetrate the install base that is kind of the natural original Square seller. So, we still look into a market where there are 21 million small businesses in the United States, we talked about our assets being in the millions, but I would still say that there is a hefty market opportunity at the core.

When you look globally, which is a lever of growth, you’re looking at about 125 million kind of small business. So, a lot of potential TAM out there.

Lots of international growth is ahead of SQ.

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