EFTA Document EFTA01377627

S-I/A and marketing efforts. We measure the effectiveness of our spending by evaluating the "payback period? which we view as the number of quarters it takes for a quarterly cohort of sellers' cumulative transaction revenue net of transaction costs to surpass our sales and marketing spending in the quarter in which we acquired that cohort. We define a quarterly cohort of sellers as the group of sellers that are approved to accept card payments with Square in a given quarter. On average, our