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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-Q
______________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ________ to ________
Commission File Number: 001-37622
______________________
Block, Inc.
(Exact name of registrant as specified in its charter)
______________________
Delaware80-0429876
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)

Address Not Applicable1
(Address of principal executive offices, including zip code)
(415375-3176
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.0000001 par value per shareSQNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer     Accelerated filer     Non-accelerated filer   Smaller reporting company   Emerging growth company





1 We do not designate a headquarters location as we have adopted a distributed work model.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 31, 2022, the number of shares of the registrant’s Class A common stock outstanding was 537,419,565 and the number of shares of the registrant’s Class B common stock outstanding was 60,651,533.




TABLE OF CONTENTS
 

Page No.




CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “appears,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about our future financial performance, the impact of the COVID-19 pandemic on our business, customers, and employees, our expectations regarding transaction and loan losses, the adequacy of our allowance for loan losses on loans held for investment, or increased delinquencies, and the impact of inaccurate estimates or inadequate reserves, our potential exposure as a participant in the Paycheck Protection Program ("PPP"), our anticipated growth and growth strategies and our ability to effectively manage that growth, our ability to invest in and develop our products and services to operate with changing technology, the expected benefits of our products to our customers and the impact of our products on our business, and our expectations regarding Gross Payment Volume ("GPV", as defined below in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations), and revenue, including our expectations regarding the Cash App and Square ecosystems, our expectations regarding product launches, the expected impact of our recent acquisitions, including the integration of Afterpay Limited ("Afterpay") with our business and its impacts on the Square and Cash App ecosystems, our plans with respect to patents and other intellectual property, our expectations regarding litigation and regulatory matters and the adequacy of reserves for such matters, our expectations regarding share-based compensation, our expectations regarding the impacts of accounting guidance and the timing of our compliance therewith, our expectations regarding restricted cash, and the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements.

We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

All forward-looking statements are based on information and estimates available to us at the time of filing this Quarterly Report on Form 10-Q and are not guarantees of future performance. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.




Part I—Financial Information
Item 1. Financial Statements
BLOCK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
  September 30, 2022December 31, 2021
Assets(Unaudited)
Current assets:
Cash and cash equivalents$4,331,787 $4,443,669 
Investments in short-term debt securities1,052,973 869,283 
Settlements receivable1,761,694 1,171,612 
Customer funds2,983,658 2,830,995 
Consumer receivables, net1,252,127  
Loans held for sale462,980 517,940 
Safeguarding asset related to bitcoin held for other parties527,669 1,100,596 
Other current assets1,175,873 687,429 
Total current assets13,548,761 11,621,524 
Property and equipment, net316,378 282,140 
Goodwill11,557,984 519,276 
Acquired intangible assets, net2,030,876 257,049 
Investments in long-term debt securities802,880 1,526,430 
Operating lease right-of-use assets425,519 449,406 
Other non-current assets438,534 370,535 
Total assets$29,120,932 $15,026,360 
Liabilities and Stockholders’ Equity
Current liabilities:
Customers payable$4,891,015 $3,979,624 
Settlements payable329,796 254,611 
Accrued expenses and other current liabilities968,495 638,854 
Current portion of long-term debt (Note 15)
460,170 455 
Safeguarding obligation liability related to bitcoin held for other parties527,669 1,100,596 
Operating lease liabilities, current70,304 64,027 
PPP Liquidity Facility advances31,116 497,533 
Total current liabilities7,278,565 6,535,700 
Deferred tax liabilities159,498 15,236 
Warehouse funding facilities479,422  
Long-term debt (Note 15)
4,107,245 4,559,208 
Operating lease liabilities, non-current369,798 395,017 
Other non-current liabilities196,466 207,610 
Total liabilities12,590,994 11,712,771 
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.0000001 par value: 100,000,000 shares authorized at September 30, 2022 and December 31, 2021. None issued and outstanding at September 30, 2022 and December 31, 2021.
  
Class A common stock, $0.0000001 par value: 1,000,000,000 shares authorized at September 30, 2022 and December 31, 2021; 535,879,345 and 403,237,209 issued and outstanding at September 30, 2022 and December 31, 2021, respectively.
  
Class B common stock, $0.0000001 par value: 500,000,000 shares authorized at September 30, 2022 and December 31, 2021; 60,657,578 and 61,706,578 issued and outstanding at September 30, 2022 and December 31, 2021, respectively.
  
Additional paid-in capital17,999,192 3,317,255 
Accumulated other comprehensive loss(1,046,639)(16,435)
Accumulated deficit(454,889)(27,965)
Total stockholders’ equity attributable to common stockholders16,497,664 3,272,855 
Noncontrolling interests32,274 40,734 
Total stockholders’ equity16,529,938 3,313,589 
Total liabilities and stockholders’ equity$29,120,932 $15,026,360 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4


BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenue:
Transaction-based revenue$1,517,890 $1,297,040 $4,226,566 $3,484,245 
Subscription and services-based revenue1,191,511 694,770 3,245,924 1,937,629 
Hardware revenue43,388 37,255 128,765 109,769 
Bitcoin revenue1,762,752 1,815,662 5,279,430 8,051,026 
Total net revenue4,515,541 3,844,727 12,880,685 13,582,669 
Cost of revenue:
Transaction-based costs901,990 751,794 2,493,988 1,958,423 
Subscription and services-based costs225,903 128,177 622,031 337,559 
Hardware costs76,002 51,150 223,160 153,035 
Bitcoin costs1,726,051 1,774,040 5,157,935 7,879,816 
Amortization of acquired technology assets18,506 6,351 51,874 16,056 
Total cost of revenue2,948,452 2,711,512 8,548,988 10,344,889 
Gross profit1,567,089 1,133,215 4,331,697 3,237,780 
Operating expenses:
Product development548,037 360,729 1,531,088 992,498 
Sales and marketing485,838 409,073 1,518,227 1,132,411 
General and administrative395,437 267,348 1,235,306 683,969 
Transaction, loan, and consumer receivable losses147,586 62,306 395,433 130,874 
Bitcoin impairment losses1,619 6,000 37,580 71,126 
Amortization of customer and other acquired intangible assets37,361 4,763 103,414 11,176 
Total operating expenses1,615,878 1,110,219 4,821,048 3,022,054 
Operating income (loss)(48,789)22,996 (489,351)215,726 
Interest expense, net6,042 13,409 34,756 20,126 
Other expense (income), net(18,798)12,011 (71,036)(36,249)
Income (loss) before income tax(36,033)(2,424)(453,071)231,849 
Provision (benefit) for income taxes(17,289)452 (17,687)(7,961)
Net income (loss)(18,744)(2,876)(435,384)239,810 
Less: Net loss attributable to noncontrolling interests(4,033)(2,960)(8,460)(3,303)
Net income (loss) attributable to common stockholders$(14,711)$84 $(426,924)$243,113 
Net income (loss) per share attributable to common stockholders:
Basic$(0.02)$0.00 $(0.75)$0.53 
Diluted$(0.02)$0.00 $(0.75)$0.48 
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic592,672 460,654 572,234 457,039 
Diluted592,672 504,120 572,234 520,204 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5


BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income (loss)$(18,744)$(2,876)$(435,384)$239,810 
Net foreign currency translation adjustments(609,045)(14,145)(985,328)(25,656)
Net unrealized loss on marketable debt securities(7,678)(1,104)(44,876)(5,083)
Total comprehensive income (loss)$(635,467)$(18,125)$(1,465,588)$209,071 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6


BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities:
Net income (loss)$(435,384)$239,810 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization249,616 95,707 
Amortization of discounts and premiums and other non-cash adjustments(371,298)20,368 
Non-cash lease expense70,958 61,978 
Share-based compensation794,794 429,999 
Gain on revaluation of equity investments(43,914)(41,007)
Transaction, loan, and consumer receivable losses395,433 130,874 
Bitcoin impairment losses37,580 71,126 
Change in deferred income taxes(47,503)(5,224)
Changes in operating assets and liabilities:
Settlements receivable(793,460)(337,893)
Purchases and originations of loans(4,684,598)(2,285,306)
Proceeds from payments and forgiveness of loans4,643,899 1,952,142 
Customers payable599,886 235,624 
Settlements payable75,185 10,440 
Other assets and liabilities(360,660)74,838 
Net cash provided by operating activities130,534 653,476 
Cash flows from investing activities:
Purchase of marketable debt securities(521,692)(2,343,446)
Proceeds from maturities of marketable debt securities769,276 609,377 
Proceeds from sale of marketable debt securities236,524 558,724 
Purchase of marketable debt securities from customer funds (488,851)
Proceeds from maturities of marketable debt securities from customer funds73,000 456,481 
Proceeds from sale of marketable debt securities from customer funds316,576 10,000 
Originations of consumer receivables(12,286,091) 
Principal repayments of consumer receivables12,538,992  
Purchase of property and equipment(121,709)(98,028)
Purchase of bitcoin investments (170,000)
Purchase of other investments(39,079)(47,550)
Proceeds from sale of equity investments 420,644 
Business combinations, net of cash acquired539,453 (163,970)
Net cash provided by (used in) investing activities1,505,250 (1,256,619)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7


BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
(Unaudited)
(In thousands)

Nine Months Ended September 30, 2022
20222021
Cash flows from financing activities:
Proceeds from issuance of senior notes, net 1,971,828 
Proceeds from PPP Liquidity Facility advances 681,542 
Repayments of PPP Liquidity Facility advances(466,417)(419,978)
Payments to redeem convertible notes(1,071,788) 
Proceeds from warehouse facilities borrowings711,455  
Repayments of warehouse facilities borrowings(310,729) 
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan49,233 84,866 
Payments for tax withholding related to vesting of restricted stock units(4,734)(312,406)
Other financing activities (7,112)
Net increase in non-interest bearing deposits58,909  
Change in customer funds, restricted from use in the Company's operations152,663 611,282 
Net cash provided by (used in) financing activities(881,408)2,610,022 
Effect of foreign exchange rate on cash and cash equivalents(94,972)(14,311)
Net increase in cash, cash equivalents, restricted cash, and customer funds659,404 1,992,568 
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period6,975,090 4,793,171 
Cash, cash equivalents, restricted cash, and customer funds, end of the period$7,634,494 $6,785,739 
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:
Cash and cash equivalents$4,331,787 $4,514,609 
Short-term restricted cash246,570 14,420 
Long-term restricted cash72,479 73,420 
Customer funds cash and cash equivalents2,983,658 2,183,290 
Total$7,634,494 $6,785,739 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8


BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands, except for number of shares)
9


Class A and B common stockAdditional paid-inAccumulated other comprehensiveAccumulatedNoncontrollingTotal stockholders’
SharesAmountcapitalincome (loss)deficitinterestsequity
Balance at December 31, 2021464,943,787 $ $3,317,255 $(16,435)$(27,965)$40,734 $3,313,589 
Net loss— — — — (204,199)(3,164)(207,363)
Shares issued in connection with employee stock plans2,119,899 — 4,093 — — — 4,093 
Change in other comprehensive income— — — 234,792 — — 234,792 
Share-based compensation— — 279,354 — — — 279,354 
Tax withholding related to vesting of restricted stock units(16,003)— (2,456)— — — (2,456)
Issuance of common stock in connection with business combination113,617,352 — 13,827,929 — — — 13,827,929 
Issuance of common stock in conjunction with the conversion of convertible notes19,865 — 454 — — — 454 
Exercise of bond hedges in conjunction with the conversion of convertible notes(1,188,754)— — — — — — 
Balance at March 31, 2022579,496,146 $ $17,426,629 $218,357 $(232,164)$37,570 $17,450,392 
Net loss— — — — (208,014)(1,263)(209,277)
Shares issued in connection with employee stock plans2,866,242 — 39,024 — — — 39,024 
Change in other comprehensive loss— — — (648,273)— — (648,273)
Share-based compensation— — 261,342 — — — 261,342 
Tax withholding related to vesting of restricted stock units(14,101)— (1,797)— — — (1,797)
Issuance of common stock in conjunction with the conversion of convertible notes182 — — — — — — 
Issuance of common stock in connection with the exercise of common stock warrants3,021,235 — — — — — — 
Balance at June 30, 2022585,369,704 $ $17,725,198 $(429,916)$(440,178)$36,307 $16,891,411 
Net loss— — — — (14,711)(4,033)(18,744)
Shares issued in connection with employee stock plans3,315,379 6,116 — — — 6,116 
Change in other comprehensive loss— — (616,723)— — (616,723)
Share-based compensation— 268,359 — — — 268,359 
Tax withholding related to vesting of restricted stock units(7,525)(481)— — — (481)
Issuance of common stock in connection with the exercise of common stock warrants7,859,365 — — — — — — 
Balance at September 30, 2022596,536,923  $17,999,192 $(1,046,639)$(454,889)$32,274 $16,529,938 

10


Class A and B common stockAdditional paid-inAccumulated other comprehensiveAccumulatedNoncontrollingTotal stockholders’
SharesAmountcapitalincomedeficitinterestsequity
Balance at December 31, 2020456,184,776 $ $2,955,464 $23,328 $(297,223)$ $2,681,569 
Cumulative adjustment due to adoption of ASU 2020-06— — (502,708)— 102,974 — (399,734)
Net income— — — — 39,008 — 39,008 
Shares issued in connection with employee stock plans4,311,094 — 32,891 — — — 32,891 
Change in other comprehensive loss— — — (13,129)— — (13,129)
Share-based compensation— — 121,965 — — — 121,965 
Tax withholding related to vesting of restricted stock units(669,076)— (152,013)— — — (152,013)
Issuance of common stock in conjunction with the conversion of convertible notes