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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 June 30, 2024
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)
(I.R.S Employer
Identification No.)
1955 Broadway, Suite 600
Oakland, CA 946121
(Address of principal executive offices, including zip code)
(415) 375-3176
(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 the 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 ☐

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 July 26, 2024, the number of shares (in thousands) of the registrant’s Class A and Class B common stock outstanding were 555,234 and 60,411, respectively.
1 We have adopted a distributed work model and, therefore, have no formal headquarters. This address represents our "principal executive office," which we are required to identify under Securities and Exchange Commission rules.



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 and operating performance, 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 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, our expectations regarding product launches, the expected impact of the integration of Afterpay Limited ("Afterpay"), trends in our markets and the continuation of such trends, our expectations related to our plans to cap our employee base, 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 per share data)
  June 30, 2024December 31, 2023
Assets(Unaudited)
Current assets:
Cash and cash equivalents$7,799,093 $4,996,465 
Investments in short-term debt securities658,001 851,901 
Settlements receivable3,964,214 3,226,294 
Customer funds3,550,713 3,170,430 
Consumer receivables, net2,015,940 2,444,695 
Loans held for sale961,581 775,424 
Safeguarding asset related to bitcoin held for other parties1,440,307 1,038,585 
Other current assets1,901,429 2,353,488 
Total current assets22,291,278 18,857,282 
Goodwill11,822,260 11,919,720 
Acquired intangible assets, net1,629,183 1,761,521 
Other non-current assets1,803,879 1,531,370 
Total assets$37,546,600 $34,069,893 
Liabilities and Stockholders’ Equity
Current liabilities:
Customers payable$8,059,588 $6,795,340 
Accrued expenses and other current liabilities1,268,793 1,334,669 
Current portion of long-term debt (Note 12)
997,958 — 
Warehouse funding facilities, current464,047 753,035 
Safeguarding obligation liability related to bitcoin held for other parties1,440,307 1,038,585 
Total current liabilities12,230,693 9,921,629 
Warehouse funding facilities, non-current481,742 854,882 
Long-term debt (Note 12)
5,101,023 4,120,091 
Other non-current liabilities440,147 480,455 
Total liabilities18,253,605 15,377,057 
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.0000001 par value: 100,000 shares authorized at June 30, 2024 and December 31, 2023. None issued and outstanding at June 30, 2024 and December 31, 2023.
— — 
Class A common stock, $0.0000001 par value: 1,000,000 shares authorized at June 30, 2024 and December 31, 2023; 557,206 and 555,306 issued and outstanding at June 30, 2024 and December 31, 2023, respectively.
— — 
Class B common stock, $0.0000001 par value: 500,000 shares authorized at June 30, 2024 and December 31, 2023; 60,411 and 60,515 issued and outstanding at June 30, 2024 and December 31, 2023, respectively.
— — 
Additional paid-in capital19,695,521 19,601,992 
Accumulated other comprehensive loss(532,369)(378,307)
Retained earnings (accumulated deficit)138,844 (528,429)
Total stockholders’ equity attributable to common stockholders19,301,996 18,695,256 
Noncontrolling interests(9,001)(2,420)
Total stockholders’ equity19,292,995 18,692,836 
Total liabilities and stockholders’ equity$37,546,600 $34,069,893 
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
June 30,		Six Months Ended
June 30,
2024202320242023
Revenue:
Transaction-based revenue$1,712,967 $1,637,654 $3,224,176 $3,060,359 
Subscription and services-based revenue1,787,893 1,461,497 3,470,187 2,827,721 
Hardware revenue42,960 44,922 75,461 82,373 
Bitcoin revenue2,611,743 2,390,884 5,342,867 4,554,635 
Total net revenue6,155,563 5,534,957 12,112,691 10,525,088 
Cost of revenue:
Transaction-based costs1,000,055 950,523 1,873,220 1,771,310 
Subscription and services-based costs291,801 279,223 561,469 543,315 
Hardware costs68,309 74,085 119,094 132,870 
Bitcoin costs2,544,329 2,346,633 5,195,339 4,460,008 
Amortization of acquired technology assets17,589 18,392 35,616 36,900 
Total cost of revenue3,922,083 3,668,856 7,784,738 6,944,403 
Gross profit2,233,480 1,866,101 4,327,953 3,580,685 
Operating expenses:
Product development713,163 694,672 1,433,737 1,321,609 
Sales and marketing507,562 537,607 951,447 1,033,618 
General and administrative473,568 549,293 944,828 982,118 
Transaction, loan, and consumer receivable losses191,812 179,771 357,541 307,667 
Amortization of customer and other acquired intangible assets40,813 36,865 84,095 73,952 
Total operating expenses1,926,918 1,998,208 3,771,648 3,718,964 
Operating income (loss)306,562 (132,107)556,305 (138,279)
Interest income, net(1,871)(3,944)(20,616)(7,105)
Other expense (income), net59,532 (14,635)(178,292)(92,352)
Income (loss) before income tax248,901 (113,528)755,213 (38,822)
Provision (benefit) for income taxes59,029 (8,150)94,521 (29,272)
Net income (loss)189,872 (105,378)660,692 (9,550)
Less: Net loss attributable to noncontrolling interests(5,396)(3,336)(6,581)(5,824)
Net income (loss) attributable to common stockholders$195,268 $(102,042)$667,273 $(3,726)
Net income (loss) per share attributable to common stockholders:
Basic$0.32 $(0.17)$1.08 $(0.01)
Diluted$0.31 $(0.17)$1.05 $(0.01)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic617,666 606,692 617,033 604,476 
Diluted634,221 606,692 636,751 604,476 

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
June 30,		Six Months Ended
June 30,
2024202320242023
Net income (loss)$189,872 $(105,378)$660,692 $(9,550)
Net foreign currency translation adjustments (i)
125,951 28,716 (158,223)(35,165)
Net unrealized gain on marketable debt securities1,883 6,467 4,161 20,877 
Total comprehensive income (loss)$317,706 $(70,195)$506,630 $(23,838)

(i) Includes a foreign currency translation gain related to goodwill of $100.9 million and loss of $97.3 million for the three and six months ended June 30, 2024, respectively. The three and six months ended June 30, 2023 includes a foreign currency translation gain related to goodwill of $24.8 million and loss of $22.8 million, respectively.

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

BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)
Class A and B common stockCommon stock and additional paid-inAccumulated other comprehensiveRetained earnings (accumulatedNoncontrollingTotal stockholders’
sharescapitallossdeficit)interestsequity
Balance at December 31, 2023615,821 $19,601,992 $(378,307)$(528,429)$(2,420)$18,692,836 
Net income— — — 472,005 (1,185)470,820 
Shares issued in connection with employee stock plans4,806 19,943 — — — 19,943 
Repurchases of common stock (3,563)(252,095)— — — (252,095)
Change in other comprehensive loss— — (281,896)— — (281,896)
Share-based compensation— 317,588 — — — 317,588 
Balance at March 31, 2024617,064 $19,687,428 $(660,203)$(56,424)$(3,605)$18,967,196 
Net income— — — 195,268 (5,396)189,872 
Shares issued in connection with employee stock plans6,295 66,258 — — — 66,258 
Repurchases of common stock(5,742)(389,508)— — — (389,508)
Change in other comprehensive loss— — 127,834 — — 127,834 
Share-based compensation— 331,343 — — — 331,343 
Balance at June 30, 2024617,617 $19,695,521 $(532,369)$138,844 $(9,001)$19,292,995 

Class A and B common stockCommon stock and additional paid-inAccumulated other comprehensiveAccumulatedNoncontrollingTotal stockholders’
sharescapital
loss
deficitinterestsequity
Balance at December 31, 2022600,060 $18,314,681 $(523,090)$(568,712)$28,476 $17,251,355 
Cumulative adjustment due to adoption of ASU 2023-08— — — 30,511 — 30,511 
Net income— — — 98,316 (2,488)95,828 
Shares issued in connection with employee stock plans3,333 6,825 — — — 6,825 
Change in other comprehensive loss— — (49,471)— — (49,471)
Share-based compensation— 285,502 — — — 285,502 
Balance at March 31, 2023603,393 $18,607,008 $(572,561)$(439,885)$25,988 $17,620,550 
Net loss— — — (102,042)(3,336)(105,378)
Shares issued in connection with employee stock plans5,479 59,137 — — — 59,137 
Change in other comprehensive loss— — 35,183 — — 35,183 
Share-based compensation— 326,445 — — — 326,445 
Balance at June 30, 2023608,872 $18,992,590 $(537,378)$(541,927)$22,652 $17,935,937 

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

BLOCK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended
June 30,
20242023
Cash flows from operating activities:
Net income (loss)$660,692 $(9,550)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization194,543 187,718 
Amortization of discounts and premiums and other non-cash adjustments(537,806)(221,679)
Non-cash lease expense31,475 94,416 
Share-based compensation631,791 598,845 
Loss (gain) on revaluation of equity investments(2,483)16,255 
Bitcoin remeasurement (163,288)(112,102)
Transaction, loan, and consumer receivable losses357,541 307,667 
Change in deferred income taxes3,528 39,919 
Changes in operating assets and liabilities:
Settlements receivable(829,379)203,697 
Purchases and originations of loans(6,911,321)(3,770,864)
Proceeds from payments and forgiveness of loans6,585,211 3,590,923 
Customers payable871,931 (184,570)
Settlements payable(8,134)(139,308)
Other assets and liabilities124,486 (193,648)
Net cash provided by operating activities1,008,787 407,719 
Cash flows from investing activities:
Purchases of marketable debt securities(757,335)(423,751)
Proceeds from maturities of marketable debt securities458,029 656,502 
Proceeds from sale of marketable debt securities395,455 24,874 
Payments for originations of consumer receivables(12,866,904)(10,546,501)
Proceeds from principal repayments and sales of consumer receivables13,727,603 10,933,947 
Purchases of property and equipment(70,355)(61,775)
Purchases of other investments(19,079)(4,397)
Net cash provided by investing activities867,414 578,899 

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

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

Six Months Ended
June 30,
20242023
Cash flows from financing activities:
Proceeds from issuance of senior notes2,000,000 — 
Payments of debt issuance costs from issuance of senior notes(26,619)— 
Repayments of Paycheck Protection Program Liquidity Facility advances— (16,840)
Payments to redeem convertible notes— (461,761)
Proceeds from warehouse facilities borrowings319,634 289,418 
Repayments of warehouse facilities borrowings(968,045)(794,384)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan86,201 65,962 
Net increase in interest-bearing deposits41,969 28,583 
Repurchases of common stock (641,603)— 
Other financing activities(18,473)(4,320)
Change in customer funds, restricted from use in the Company's operations380,283 172,332 
Net cash provided by (used in) financing activities1,173,347 (721,010)
Effect of foreign exchange rate on cash and cash equivalents(39,771)6,955 
Net increase in cash, cash equivalents, restricted cash, and customer funds3,009,777 272,563 
Cash, cash equivalents, restricted cash, and customer funds, beginning of the period9,009,087 8,435,906 
Cash, cash equivalents, restricted cash, and customer funds, end of the period$12,018,864 $8,708,469 
Reconciliation of cash, cash equivalents, restricted cash, and customer funds:
Cash and cash equivalents$7,799,093 $4,745,884 
Short-term restricted cash597,855 536,733 
Long-term restricted cash71,203 73,196 
Customer funds cash and cash equivalents3,550,713 3,352,656 
Total$12,018,864 $8,708,469 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
9
BLOCK, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
    
Block, Inc. (together with its subsidiaries, "Block" or the "Company") creates tools that empower businesses, sellers, and individuals to participate in the economy. Block is comprised of two reportable segments, Square and Cash App. Square is a cohesive commerce ecosystem that helps sellers start, run, and grow their businesses, including enabling sellers to accept card payments, providing reporting and analytics, and facilitating next-day settlement. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financial services; engage buyers; build a website or online store; and grow sales. Cash App is an ecosystem of financial products and services focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, borrow, or save their money. Cash App seeks to redefine the world’s relationship with money by making it more relatable, instantly available, and universally accessible.

Block was founded in 2009 and has offices globally. The Company does not designate a headquarters location as it adopted a distributed work model in 2021.

Basis of Presentation
    
The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The December 31, 2023 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations, comprehensive income (loss), and cash flows for the interim periods. The condensed consolidated financial statements include the financial statements of Block and its wholly-owned and majority-owned subsidiaries, including variable interest entities for which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Minority interests are recorded as a noncontrolling interest, which is reported as a component of stockholders' equity on the condensed consolidated balance sheets. The interim results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Adoption of ASU 2023-08 and Recasting of Prior Period

The Company early adopted ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"), in the fourth quarter of 2023 using a modified retrospective approach. ASU 2023-08 provides guidance on accounting and disclosure of crypto assets and requires an entity to (i) subsequently remeasure crypto assets at fair value at each measurement date with changes recognized in net income, (ii) present the changes in fair value separately from changes in the carrying amount of other intangible assets in the income statement, and (iii) present crypto assets measured at fair value separately from other intangible assets on the balance sheet. Prior to the adoption of ASU 2023-08, the Company's bitcoin investment was subject to impairment losses if the fair value decreased below the carrying value during the assessed period. Impairment losses on the Company's bitcoin investment could not be recovered for any subsequent increases in fair value until the asset was sold. Upon adoption of ASU 2023-08, the Company recognized a cumulative-effect adjustment increasing bitcoin value and retained earnings by $30.5 million as of the beginning of fiscal year 2023.

10

The adoption of ASU 2023-08 using a modified retrospective approach requires the Company to adopt the standard as of January 1, 2023. As such, the previously reported condensed consolidated financial statements for the three and six months ended June 30, 2023 have been revised to reflect the adoption of ASU 2023-08. The following table presents the effects of these changes on the Company’s condensed consolidated statements of operations:

Three Months Ended June 30, 2023
As Previously Reported (i)
Adjustments (ii)
As Adjusted
Net income (loss) attributable to common stockholders (iii)
$(122,506)$20,464 $(102,042)
Net income (loss) per share attributable to common stockholders:
Basic
$(0.20)$0.03 $(0.17)
Diluted
$(0.20)$0.03 $(0.17)
Six Months Ended June 30, 2023
As Previously Reported (i)
Adjustments (ii)
As Adjusted
Net income (loss) attributable to common stockholders (iii)
$(139,344)$135,618 $(3,726)
Net income (loss) per share attributable to common stockholders:
Basic
$(0.23)$0.22 $(0.01)
Diluted
$(0.23)$0.22 $(0.01)
___________________
(i)
As reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on August 3, 2023.
(ii)
The adjustment had no impact on previously reported cash flows from operating, investing, or financing activities within the Company's condensed consolidated statements of cash flows.
(iii)
Financial statement lines item impacted within the condensed consolidated statements of operations were "Other expense (income), net" and "Provision (benefit) for income taxes."

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, as well as related disclosure of contingent assets and liabilities. Actual results could differ from the Company’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or operating results will be materially affected. The Company bases its estimates on current and past experience, to the extent that historical experience is predictive of future performance and other assumptions that the Company believes are reasonable under the circumstances. The Company evaluates these estimates on an ongoing basis.

Estimates, judgments, and assumptions in these condensed consolidated financial statements include, but are not limited to, those related to accrued transaction losses, contingencies, including outcomes from claims and disputes, valuation of loans held for sale, valuation of goodwill and acquired intangible assets, determination of goodwill impairment charges, determination of allowance for loan loss reserves for loans held for investment, determination of allowance for credit losses for consumer receivables, allocation of acquired goodwill to reporting units, income and other taxes, operating and financing lease right-of-use assets and related liabilities, and share-based compensation.

11

The Company's estimates of valuation of loans held for sale, allowance for credit losses associated with consumer receivables and loans held for investment, and accrued transaction losses are based on historical experience, adjusted for market data relevant to the current economic environment. The Company will continue to update its estimates as developments occur and additional information is obtained. Refer to Note 5, Fair Value Measurements for further details on amortized cost over fair value of the loans, Note 6, Consumer Receivables, net for further details on consumer receivables, Note 7, Customer Loans for further details on customer loans, and Note 9, Other Consolidated Balance Sheet Components (Current) for further details on transaction losses.

Concentration of Credit Risk
    
For the three and six months ended June 30, 2024 and June 30, 2023, the Company had no customer that accounted for greater than 10% of total net revenue.

The Company had two third-party payment processors that represented approximately 40% and 38% of settlements receivable as of June 30, 2024. As of December 31, 2023, the Company had two parties that represented approximately 46% and 35% of settlements receivable. In both periods, all other third-party payment processors were insignificant. Certain of the Company's products are reliant on third-party service providers such as partner banks, card issuers, and payment service providers. The Company's relationships with third-party service providers may result in operational concentration risks for some of these products.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable debt securities, settlements receivable, customer funds, consumer receivables, loans held for sale, and loans held for investment. To mitigate the risk of concentration associated with cash and cash equivalents, as well as restricted cash, funds are held with creditworthy institutions and, at certain times, temporarily swept into insured programs overnight to reduce single firm concentration risk. Amounts on deposit may exceed federal deposit insurance limits. The associated risk of concentration for marketable debt securities is mitigated by holding a diversified portfolio of highly rated investments. Settlements receivable are amounts due from well-established payment processing companies and normally take one or two business days to settle, which mitigates the associated risk of concentration. The associated risk of concentration for loans and consumer receivables is partially mitigated by credit evaluations that are performed prior to facilitating the offering of loans and receivables and ongoing performance monitoring of the Company’s loan customers.

Sales and Marketing Expenses

Advertising costs are expensed as incurred and included in sales and marketing expenses on the condensed consolidated statements of operations. Total advertising costs were $78.3 million and $139.9 million for the three and six months ended June 30, 2024, respectively, compared to $116.1 million and $205.2 million for the three and six months ended June 30, 2023, respectively. The Company also records services, incentives, and other costs to acquire customers that are not directly related to a revenue generating transaction as sales and marketing expenses, as the Company considers these to be marketing costs to encourage the usage of Cash App. These expenses include, but are not limited to, Cash App peer-to-peer processing costs and related transaction losses, card issuance costs, customer referral bonuses, and promotional giveaways. These costs are expensed as incurred. The Company recorded $252.7 million and $463.6 million for the three and six months ended June 30, 2024, respectively, compared to $235.3 million and $479.1 million for the three and six months ended June 30, 2023, respectively, for such expenses.

12

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments expand segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Company's chief operating decision maker ("CODM"), the amount and description of other segment items, permits companies to disclose more than one measure of segment profit or loss, and requires all annual segment disclosures to be included in the interim periods. The amendments do not change how an entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-07 will impact the Company’s disclosures only, and the Company is evaluating the effect of adopting the new disclosure requirements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments expand income tax disclosure requirements by requiring an entity to disclose (i) specific categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, and (iii) the amount of taxes paid disaggregated by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 will impact the Company’s disclosures only and the Company is evaluating the effect of adopting the new disclosure requirements.

In March 2024, the SEC adopted rules that require registrants to provide climate-related information in their registration statements and annual reports, such as disclosure of material climate-related risks, Board of Directors’ oversight and risk management activities, material greenhouse gas emissions, and material climate-related targets and goals. The rules will also require registrants to quantify certain effects of severe weather events and other natural conditions in their audited financial statements. As adopted, the new rules will be effective for fiscal years beginning in 2025, except for the greenhouse gas emissions disclosures, which will be effective for fiscal years beginning in 2026. On April 4, 2024, the SEC voluntarily stayed the implementation of the rules pending the judicial review of challenges to the rules in the Eighth Circuit Court of Appeals. The Company is currently evaluating the effect of adopting these new rules.

NOTE 2 - REVENUE

The following table presents the Company's net revenue disaggregated by revenue source (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Revenue from contracts with customers:
Transaction-based revenue$1,712,967 $1,637,654 $3,224,176 $3,060,359 
Subscription and services-based revenue1,263,942 1,071,395 2,476,060 2,110,008 
Hardware revenue42,960 44,922 75,461 82,373 
Bitcoin revenue2,611,743 2,390,884 5,342,867 4,554,635 
Revenue from other sources:
Subscription and services-based revenue (i)
523,951 390,102 994,127 717,713 
Total net revenue$6,155,563 $5,534,957 $12,112,691 $10,525,088 

(i) Subscription and services-based revenue from other sources relates to revenue generated from the Company's Square Loans, revenue generated from consumer receivables originated through our buy now, pay later ("BNPL") platform, interest income earned on customer funds, and interest income earned on funds held by Square Financial Services, Inc. ("Square Financial Services").

13

NOTE 3 - INVESTMENTS IN DEBT SECURITIES

The Company's short-term and long-term investments as of June 30, 2024 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$38,887 $— $(167)$38,720 
Corporate bonds119,358 40 (273)119,125 
Commercial paper1,255 — — 1,255 
Municipal securities9,478 — (30)9,448 
Certificates of deposit1,238 — — 1,238 
U.S. government securities489,200 9 (994)488,215 
Total$659,416 $49 $(1,464)$658,001 
Long-term debt securities:
U.S. agency securities$17 $— $— $17 
Corporate bonds142,220 126 (328)142,018 
Municipal securities3,480 18 (175)3,323 
U.S. government securities216,242 245 (88)216,399 
Total$361,959 $389 $(591)$361,757 

The Company's short-term and long-term investments as of December 31, 2023 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$68,778 $— $(1,263)$67,515 
Corporate bonds216,864 96 (1,733)215,227 
Commercial paper15,159 — — 15,159 
Municipal securities9,396 — (231)9,165 
Certificates of deposit3,856 — — 3,856 
U.S. government securities544,145 210 (4,357)539,998 
Foreign government securities1,000 — (19)981 
Total$859,198 $306 $(7,603)$851,901 
Long-term debt securities:
Corporate bonds$94,564 $809 $(45)$95,328 
Municipal securities2,495 55 (138)2,412 
U.S. government securities152,549 875 (37)153,387 
Total$249,608 $1,739 $(220)$251,127 

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

14

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
June 30, 2024
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$10,885 $(3)$27,836 $(164)$38,721 $(167)
Corporate bonds72,368 (104)21,276 (169)93,644 (273)
Municipal securities91 — 9,357 (30)9,448 (30)
U.S. government securities268,909 (106)99,838 (888)368,747 (994)
Total$352,253 $(213)$158,307 $(1,251)$510,560 $(1,464)
Long-term debt securities:
Corporate bonds$96,228 $(316)$979 $(12)$97,207 $(328)
Municipal securities1,452 (38)854 (137)2,306 (175)
U.S. government securities42,152 (88)— — 42,152 (88)
Total$139,832 $(442)$1,833 $(149)$141,665 $(591)

December 31, 2023
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$9,770 $(10)$57,745 $(1,253)$67,515 $(1,263)
Corporate bonds61,054 (60)110,706 (1,673)171,760 (1,733)
Municipal securities— — 9,165 (231)9,165 (231)
U.S. government securities80,724 (113)207,183 (4,243)287,907 (4,356)
Foreign government securities— — 981 (19)981 (19)
Total$151,548 $(183)$385,780 $(7,419)$537,328 $(7,602)
Long-term debt securities:
Corporate bonds$11,819 $(31)$2,274 $(14)$14,093 $(45)
Municipal securities976 (24)383 (112)1,359 (136)
U.S. government securities28,474 (37)— — 28,474 (37)
Total$41,269 $(92)$2,657 $(126)$43,926 $(218)

15

The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, an allowance for credit losses is not required.

The contractual maturities of the Company's short-term and long-term investments as of June 30, 2024 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$659,416 $658,001 
Due in one to five years361,959 361,757 
Total$1,021,375 $1,019,758 

NOTE 4 - CUSTOMER FUNDS

The following table presents the assets underlying customer funds (in thousands):
  June 30, 2024December 31, 2023
Cash$2,036,394 $2,137,634 
Cash equivalents:
Money market funds4,645 4,042 
Reverse repurchase agreement (i)
1,509,674 1,028,754 
Total customer funds$3,550,713 $3,170,430 

(i) The Company has accounted for the reverse repurchase agreement with various third parties as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparties as cash equivalents due to their short-term nature.

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

NOTE 5 - FAIR VALUE MEASUREMENTS

The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company measures its safeguarding obligation liability related to bitcoin held for other parties at the fair value of the bitcoin that the Company holds for other parties and classifies the liability within Level 2 because the Company uses observable market prices of the underlying bitcoin as an input for the valuation. The Company also classifies its safeguarding asset related to bitcoin held for other parties within Level 2, unless the asset's carrying amount is adjusted to reflect any actual or potential safeguarding loss events, in which case it would be classified within Level 3. The Company was not aware of any actual or possible safeguarding loss events as of June 30, 2024 or December 31, 2023.

16

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
June 30, 2024December 31, 2023
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$1,389,565 $— $— $960,705 $— $— 
U.S. government securities183,120 — — 29,788 — — 
Commercial paper— 5,506 — — 4,993 — 
Corporate bonds— 875 — — 699 —