Block, Inc
(NYSE:XYZ)

Square, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments; also provide reporting and analytics, and next-day settlement. It provides hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless ...

Website: http://www.squareup.com

Founded: 2009

IPO Price: $9 (Nov 19, 2015)

Full Time Employees: 12,428 (Dec 2022)

CEO / Founder: Jack Dorsey

Sector: Technology

Industry: Software-Infrastructure

Information Technology POS Payment Service

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At a glance:

Ecosystem Strength: Cash App and Square Drive Engagement: Block’s two-sided model (Cash App consumer + Square seller) supports recurring engagement and monetization through payments, subscriptions, and financial services, with potential cross-sell benefits between ecosystems.
Margin and Profitability Focus Remains Central: Management has emphasized operating discipline and improving profitability, with investors watching trends in gross profit growth, operating expense leverage, and adjusted operating income as key indicators of execution.
Competitive Pressure in Fintech and Merchant Acquiring: Block operates in highly competitive markets against large incumbents and fintech peers, which can pressure pricing, customer acquisition costs, and product differentiation across both Cash App and Square.
Regulatory and Compliance Risk for Payments and Consumer Finance: As Block expands financial products (e.g., lending, banking-like features, crypto-related offerings), regulatory scrutiny and compliance requirements can increase costs and introduce operational or reputational risk.
Exposure to Consumer Spending and SMB Health: Transaction volumes and seller performance are sensitive to macro conditions, including consumer spending trends and small business resilience, which can affect GPV, monetization rates, and credit performance where applicable.

Bull Thesis:

Expanding Cash App Ecosystem and Monetization: Cash App continues to evolve beyond peer-to-peer payments, integrating banking services, investing, tax tools, and business features. This broadens its addressable market, deepens user engagement, and creates multiple monetization avenues, leveraging strong network effects and a sticky user base.
Synergistic Afterpay Integration and BNPL Market Growth: The full integration of Afterpay into both the Square merchant ecosystem and Cash App provides significant cross-selling opportunities. As the Buy Now, Pay Later (BNPL) market continues to grow globally, Block is well-positioned to capture market share and drive incremental revenue and engagement across its platforms.
Resilient Square Ecosystem and SMB Digitization Trend: Square's core business continues to empower small and medium-sized businesses (SMBs) with a comprehensive suite of hardware, software, and financial services. The ongoing global trend of SMB digitization, coupled with Square's continuous innovation and international expansion, provides a strong foundation for sustained growth.
Long-term Bitcoin Strategy and Innovation: Block's commitment to Bitcoin, through Cash App's trading features, Spiral's open-source development, and TBD's decentralized identity efforts, positions the company for potential long-term upside. This strategy differentiates Block and could unlock new revenue streams as the crypto economy matures and adoption increases.

Bear Thesis:

Intense Competition Across All Business Segments: Block faces formidable competition from established financial institutions, large tech companies (e.g., Apple, Google), and numerous fintech startups across its Square, Cash App, and Afterpay segments. This competitive pressure could limit market share gains, compress margins, and increase customer acquisition costs.
Increasing Regulatory Scrutiny and Compliance Costs: As a diversified financial services provider, Block operates in highly regulated environments. Increasing scrutiny on cryptocurrency, BNPL services, and consumer data privacy could lead to higher compliance costs, operational restrictions, and potential fines, impacting profitability and growth.
Persistent Profitability Challenges Amid High Investment: Despite strong revenue growth, Block has historically struggled to achieve consistent, robust profitability due to significant investments in product development, marketing, and international expansion. Continued high operating expenses could pressure margins and delay sustained positive free cash flow generation.
Sensitivity to Macroeconomic Downturns and Consumer Spending: Block's revenue streams, particularly from Cash App (consumer spending, investing) and Afterpay (discretionary purchases), are highly sensitive to economic cycles and consumer confidence. A prolonged economic downturn or reduced consumer spending could significantly impact transaction volumes and overall revenue growth.

Main Competitors:

PayPal Holdings ($PYPL) (PayPal, Venmo, Braintree, Zettle), Competes directly with Block's Cash App through Venmo for peer-to-peer payments and consumer financial services. On the seller side, PayPal's merchant services (including Braintree for online payments and Zettle for POS) rival Square's seller ecosystem. PayPal also offers its own 'Pay in 4' BNPL service, competing with Afterpay.
Stripe (Stripe Payments, Connect), A primary competitor to Block's Square seller ecosystem, particularly in online payment processing and developer-focused tools. While Square often targets smaller businesses with integrated hardware/software, Stripe focuses on providing robust APIs and infrastructure for online businesses, platforms, and marketplaces, with increasing overlap in the SMB and mid-market segments.
Shopify Inc. ($SHOP) (Shopify Platform, Shopify Payments, Shopify POS), Competes with Block's Square seller ecosystem by offering an end-to-end e-commerce platform that includes website building, inventory management, payment processing (Shopify Payments), and point-of-sale (Shopify POS) solutions. Both companies aim to empower small and medium-sized businesses to sell online and in-person.
Affirm Holdings ($AFRM) (Affirm BNPL services), Directly competes with Block's Afterpay segment in the Buy Now, Pay Later (BNPL) market. Affirm provides installment payment solutions for consumers at the point of sale, vying for merchant partnerships and consumer adoption against Afterpay and other BNPL providers.

Moat:

Block, Inc. operates in highly competitive markets across its Square (seller), Cash App (consumer), and Afterpay (BNPL) segments. Its primary moat lies in its integrated ecosystem approach, offering a comprehensive suite of financial tools for both businesses and individuals. For sellers, Square provides a unified solution for payments, hardware, software, and lending. For consumers, Cash App acts as a 'super app' combining P2P payments, banking, and investing. The company leverages network effects and strong brand recognition, particularly among underserved demographics and small businesses. However, it faces intense competition from established financial institutions, tech giants, and specialized fintechs, necessitating continuous innovation and strategic acquisitions to maintain its market position and expand its offerings.

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31

revenue:
transaction-based revenue	1,873,477,000	1,817,398,000	1,550,731,000	1,677,083,000	1,712,421,000	1,712,967,000	1,511,209,000	1,596,274,000	1,658,668,000	1,637,654,000	1,422,705,000	1,474,974,000	1,517,890,000	1,475,707,000	1,232,969,000	1,308,901,000	1,297,040,000	1,227,472,000	959,733,000	929,011,000	925,294,000	682,572,000	758,101,000	832,180,000	816,622,000	775,510,000	656,762,000	667,802,000	655,384,000	625,228,000	523,037,000	524,612,000	510,019,000	482,065,000	403,478,000
subscription and services-based revenue	2,204,889,000	2,052,604,000	1,890,973,000	1,896,679,000	1,797,933,000	1,787,893,000	1,682,294,000	1,624,221,000	1,492,900,000	1,461,497,000	1,366,224,000	1,306,849,000	1,191,511,000	1,094,856,000	959,557,000	772,102,000	694,770,000	685,178,000	557,681,000	449,371,000	447,522,000	346,275,000	296,235,000	281,415,000	279,801,000	251,383,000	218,857,000	194,117,000	166,203,000	134,332,000	97,054,000	79,402,000	65,051,000	59,151,000	49,060,000
hardware revenue	70,192,000	40,423,000	28,690,000	31,069,000	36,839,000	42,960,000	32,501,000	32,464,000	42,341,000	44,922,000	37,451,000	35,653,000	43,388,000	48,051,000	37,326,000	35,910,000	37,255,000	43,726,000	28,788,000	24,363,000	27,294,000	19,322,000	20,675,000	22,267,000	21,766,000	22,260,000	18,212,000	18,166,000	17,558,000	18,362,000	14,417,000	12,021,000	10,089,000	10,289,000	9,016,000	8,869,000	8,171,000	11,085,000	16,182,000
bitcoin revenue	1,966,394,000	2,144,032,000	2,301,402,000	2,427,730,000	2,428,608,000	2,611,743,000	2,731,124,000	2,520,083,000	2,423,584,000	2,390,884,000	2,163,751,000	1,833,426,000	1,762,752,000	1,785,885,000	1,730,793,000	1,961,621,000	1,815,662,000	2,724,296,000	3,511,068,000	1,756,225,000	1,633,764,000	875,456,000	306,098,000	177,567,000	148,285,000	125,085,000	65,528,000	52,443,000	42,963,000	37,016,000	34,095,000
total net revenue	6,114,952,000	6,054,457,000	5,771,796,000	6,032,561,000	5,975,801,000	6,155,563,000	5,957,128,000	5,773,042,000	5,617,493,000	5,534,957,000	4,990,131,000	4,650,902,000	4,515,541,000	4,404,499,000	3,960,645,000	4,078,534,000	3,844,727,000	4,680,672,000	5,057,270,000	3,158,970,000	3,033,874,000	1,923,625,000	1,381,109,000	1,313,429,000	1,266,474,000	1,174,238,000	959,359,000	932,528,000	882,108,000	814,938,000	668,603,000	616,035,000	585,159,000	551,505,000	461,554,000	451,917,000	439,002,000	438,533,000	379,269,000
yoy	2.33%	-1.64%	-3.11%	4.50%	6.38%	11.21%	19.38%	24.13%	24.40%	25.67%	25.99%	14.03%	17.45%	-5.90%	-21.68%	29.11%	26.73%	143.33%	266.17%	140.51%	139.55%	63.82%	43.96%	40.85%	43.57%	44.09%	43.49%	51.38%	50.75%	47.77%	44.86%	36.32%	33.29%	25.76%	21.70%
qoq	1.00%	4.90%	-4.32%	0.95%	-2.92%	3.33%	3.19%	2.77%	1.49%	10.92%	7.29%	3.00%	2.52%	11.21%	-2.89%	6.08%	-17.86%	-7.45%	60.09%	4.12%	57.72%	39.28%	5.15%	3.71%	7.85%	22.40%	2.88%	5.72%	8.24%	21.89%	8.53%	5.28%	6.10%	19.49%	2.13%	2.94%	0.11%	15.63%
cost of revenue:
transaction-based costs	1,141,900,000	1,066,028,000	903,822,000	996,317,000	1,011,476,000	1,000,055,000	873,165,000	946,048,000	984,658,000	950,523,000	820,787,000	870,040,000	901,990,000	875,762,000	718,700,000	763,548,000	754,276,000	684,839,000	524,280,000	535,283,000	522,680,000	388,106,000	465,779,000	519,241,000	519,312,000	490,349,000	409,069,000	420,846,000	414,456,000	395,349,000	327,911,000	333,377,000	328,043,000	311,092,000	257,778,000
subscription and services-based costs	299,554,000	298,069,000	275,048,000	303,058,000	271,286,000	291,801,000	269,668,000	272,552,000	259,262,000	279,223,000	264,092,000	239,714,000	225,903,000	213,271,000	195,862,000	149,617,000	132,046,000	123,725,000	88,572,000	65,046,000	66,786,000	50,169,000	40,711,000	50,276,000	63,352,000	60,119,000	60,523,000	52,654,000	47,078,000	39,784,000	30,368,000	24,559,000	18,169,000	17,116,000	15,876,000
hardware costs	103,304,000	76,548,000	52,534,000	55,256,000	62,091,000	68,309,000	50,785,000	56,442,000	78,338,000	74,085,000	58,785,000	63,835,000	76,002,000	83,494,000	63,664,000	68,150,000	51,150,000	61,403,000	40,482,000	35,994,000	45,220,000	28,315,000	34,372,000	40,504,000	35,672,000	33,268,000	26,941,000	25,647,000	23,229,000	25,536,000	19,702,000	16,783,000	18,775,000	14,173,000	12,662,000	12,118,000	15,689,000	14,015,000	26,740,000
bitcoin costs	1,894,767,000	2,062,878,000	2,236,115,000	2,350,970,000	2,364,077,000	2,544,329,000	2,651,010,000	2,454,199,000	2,378,906,000	2,346,633,000	2,113,375,000	1,798,798,000	1,726,051,000	1,744,425,000	1,687,459,000	1,915,176,000	1,774,040,000	2,669,641,000	3,436,135,000	1,715,452,000	1,601,615,000	858,041,000	299,426,000	174,438,000	146,167,000	122,938,000	64,696,000	51,951,000	42,408,000	36,596,000	33,872,000
amortization of acquired technology assets	13,857,000	14,404,000	14,674,000	15,562,000	17,186,000	17,589,000	18,027,000	18,049,000	17,880,000	18,392,000	18,508,000	18,320,000	18,506,000	17,899,000
total cost of revenue	3,453,382,000	3,517,927,000	3,482,193,000	3,721,163,000	3,726,116,000	3,922,083,000	3,862,655,000	3,747,290,000	3,719,044,000	3,668,856,000	3,275,547,000	2,990,707,000	2,948,452,000	2,934,851,000	2,665,685,000	2,896,491,000	2,711,512,000	3,539,608,000	4,093,769,000	2,355,280,000	2,239,419,000	1,326,862,000	842,608,000	786,380,000	766,437,000	708,393,000	562,605,000	552,474,000	529,448,000	499,122,000	413,433,000	376,205,000	366,543,000	344,076,000	288,123,000	285,392,000	288,688,000	289,574,000	269,029,000
gross profit	2,661,570,000	2,536,530,000	2,289,603,000	2,311,398,000	2,249,685,000	2,233,480,000	2,094,473,000	2,025,752,000	1,898,449,000	1,866,101,000	1,714,584,000	1,660,195,000	1,567,089,000	1,469,648,000	1,294,960,000	1,182,043,000	1,133,215,000	1,141,064,000	963,501,000	803,690,000	794,455,000	596,763,000	538,501,000	527,049,000	500,037,000	465,845,000	396,754,000	380,054,000	352,660,000	315,816,000	255,170,000	239,830,000	218,616,000	207,429,000	173,431,000	166,525,000	150,314,000	148,959,000	110,240,000
yoy	18.31%	13.57%	9.32%	14.10%	18.50%	19.69%	22.16%	22.02%	21.14%	26.98%	32.40%	40.45%	38.29%	28.80%	34.40%	47.08%	42.64%	91.21%	78.92%	52.49%	58.88%	28.10%	35.73%	38.68%	41.79%	47.51%	55.49%	58.47%	61.31%	52.25%	47.13%	44.02%	45.44%	39.25%	57.32%
qoq	4.93%	10.78%	-0.94%	2.74%	0.73%	6.64%	3.39%	6.71%	1.73%	8.84%	3.28%	5.94%	6.63%	13.49%	9.55%	4.31%	-0.69%	18.43%	19.88%	1.16%	33.13%	10.82%	2.17%	5.40%	7.34%	17.41%	4.39%	7.77%	11.67%	23.77%	6.40%	9.70%	5.39%	19.60%	4.15%	10.78%	0.91%	35.12%
gross margin %	43.53%	41.90%	39.67%	38.32%	37.65%	36.28%	35.16%	35.09%	33.80%	33.71%	34.36%	35.70%	34.70%	33.37%	32.70%	28.98%	29.47%	24.38%	19.05%	25.44%	26.19%	31.02%	38.99%	40.13%	39.48%	39.67%	41.36%	40.76%	39.98%	38.75%	38.16%	38.93%	37.36%	37.61%	37.58%	36.85%	34.24%	33.97%	29.07%
operating expenses:
product development	711,235,000	725,288,000	760,699,000	769,695,000	710,983,000	713,163,000	720,574,000	685,422,000	713,788,000	694,672,000	626,937,000	604,524,000	548,037,000	524,827,000	484,761,000	395,841,000	366,587,000	326,510,000	308,678,000	253,448,000	226,567,000	206,825,000	194,986,000	173,284,000	168,771,000	174,201,000	153,559,000	141,811,000	135,773,000	114,800,000	105,095,000	92,633,000	82,547,000	78,126,000	68,582,000	64,889,000	70,418,000	68,638,000	64,592,000
sales and marketing	599,333,000	549,731,000	504,460,000	521,063,000	511,755,000	507,562,000	443,885,000	506,010,000	479,381,000	537,607,000	496,011,000	539,724,000	485,838,000	530,827,000	501,562,000	484,778,000	407,850,000	375,101,000	349,460,000	328,576,000	348,463,000	238,096,000	194,535,000	185,231,000	149,467,000	156,421,000	133,713,000	119,305,000	116,337,000	98,243,000	77,266,000	76,821,000	66,533,000	59,916,000	49,900,000	49,406,000	46,754,000	39,220,000	38,496,000
general and administrative	543,974,000	449,237,000	491,797,000	728,416,000	475,855,000	473,568,000	471,260,000	746,187,000	480,885,000	549,293,000	432,825,000	451,543,000	395,437,000	395,720,000	444,276,000	298,921,000	267,476,000	221,020,000	195,909,000	159,420,000	153,902,000	136,386,000	129,495,000	118,164,000	115,980,000	100,508,000	101,598,000	95,445,000	85,527,000	82,772,000	75,501,000	66,318,000	64,312,000	62,988,000	56,935,000	53,027,000	52,075,000	50,784,000	96,107,000
transaction, loan, and consumer receivable losses	363,455,000	294,090,000	169,689,000	244,618,000	192,062,000	191,812,000	165,729,000	175,658,000	177,338,000	179,771,000	127,896,000	155,250,000	147,586,000	156,697,000	91,150,000
amortization of customer and other acquired intangible assets	34,133,000	33,891,000	33,656,000	34,593,000	36,021,000	40,813,000	43,282,000	43,127,000	56,965,000	36,865,000	37,087,000	35,344,000	37,361,000	39,389,000
total operating expenses	2,252,130,000	2,052,237,000	1,960,301,000	2,298,385,000	1,926,676,000	1,926,918,000	1,844,730,000	2,156,404,000	1,908,357,000	1,998,208,000	1,720,756,000	1,795,376,000	1,615,878,000	1,683,421,000	1,521,749,000	1,236,657,000	1,110,219,000	1,016,070,000	895,765,000	758,507,000	745,113,000	619,815,000	628,789,000	509,701,000	467,943,000	466,688,000	418,796,000	383,162,000	362,527,000	318,463,000	276,162,000	252,839,000	233,507,000	219,653,000	187,513,000	180,503,000	182,296,000	176,319,000	207,373,000
operating income	409,440,000	484,293,000	329,302,000	13,013,000	323,009,000	306,562,000	249,743,000	-130,652,000	-9,908,000	-132,107,000	-6,172,000	-135,181,000	-48,789,000	-213,773,000	-226,789,000	-54,614,000	22,996,000	124,994,000	67,736,000	45,183,000	49,342,000	-23,052,000	-90,288,000	17,348,000	32,094,000	-843,000	-22,042,000	-3,108,000	-9,867,000	-2,647,000	-20,992,000	-13,009,000	-14,891,000	-12,224,000	-14,082,000	-13,978,000	-31,982,000	-27,360,000	-97,133,000
yoy	26.76%	57.98%	31.86%	-109.96%	-3360.08%	-332.06%	-4146.39%	-3.35%	-79.69%	-38.20%	-97.28%	147.52%	-312.16%	-271.03%	-434.81%	-220.87%	-53.39%	-642.23%	-175.02%	160.45%	53.74%	2634.52%	309.62%	-658.17%	-425.27%	-68.15%	5.00%	-76.11%	-33.74%	-78.35%	49.07%	-6.93%	-53.44%	-55.32%	-85.50%
qoq	-15.46%	47.07%	2430.56%	-95.97%	5.36%	22.75%	-291.15%	1218.65%	-92.50%	2040.42%	-95.43%	177.07%	-77.18%	-5.74%	315.26%	-337.49%	-81.60%	84.53%	49.91%	-8.43%	-314.05%	-74.47%	-620.45%	-45.95%	-3907.12%	-96.18%	609.20%	-68.50%	272.76%	-87.39%	61.37%	-12.64%	21.82%	-13.19%	0.74%	-56.29%	16.89%	-71.83%
operating margin %	6.70%	8.00%	5.71%	0.22%	5.41%	4.98%	4.19%	-2.26%	-0.18%	-2.39%	-0.12%	-2.91%	-1.08%	-4.85%	-5.73%	-1.34%	0.60%	2.67%	1.34%	1.43%	1.63%	-1.20%	-6.54%	1.32%	2.53%	-0.07%	-2.30%	-0.33%	-1.12%	-0.32%	-3.14%	-2.11%	-2.54%	-2.22%	-3.05%	-3.09%	-7.29%	-6.24%	-25.61%
interest expense	34,652,000	23,687,000	17,243,000	16,107,000	13,811,000			-18,701,000	-21,415,000	-3,944,000	-3,161,000	1,472,000	6,042,000	12,966,000	15,748,000	12,998,000	13,409,000	6,464,000	253,000	17,988,000	14,980,000	14,769,000	9,206,000	6,060,000	5,632,000	5,143,000	4,681,000	5,176,000	7,224,000
remeasurement gain on bitcoin investment	-59,588,000
other income	-167,150,000		-8,342,000				-237,824,000					-24,407,000	-18,798,000	-18,766,000	-33,472,000	6,775,000	12,011,000		27,528,000	-271,212,000	-784,000	-25,591,000	5,862,000	-6,715,000	-5,541,000	1,230,000	11,299,000	19,439,000	-37,800,000
income before income tax	601,526,000	659,382,000	227,050,000	277,794,000	324,147,000	248,901,000	506,312,000	106,012,000	15,769,000			-112,246,000	-36,033,000	-207,973,000	-209,065,000	-74,387,000	-2,424,000	194,318,000	39,955,000	298,407,000	35,146,000	-12,230,000	-105,356,000	391,448,000	32,003,000	-7,216,000	-38,022,000	-27,723,000	20,709,000	-5,302,000	-23,811,000	-15,848,000	-16,745,000	-15,490,000	-14,581,000	-14,131,000	-32,093,000	-27,033,000	-96,416,000
provision for income taxes	139,928,000	121,048,000	38,328,000	34,383,000	43,011,000	59,029,000	35,492,000	10,943,250	49,529,000	-3,700,000
net income	461,598,000	538,334,000	188,722,000	1,924,669,000	281,136,000	189,872,000	470,820,000	157,804,000	-33,760,000	-125,842,000	-19,326,000	-117,621,000	-18,744,000	-209,277,000	-207,363,000	-80,984,000	-2,876,000	203,678,000	39,008,000	293,959,000	36,515,000	-11,478,000	-105,891,000	390,940,000	29,397,000	-6,740,000	-38,151,000	-28,204,000	19,643,000	-5,906,000	-23,986,000	-15,663,000	-16,098,000	-15,962,000	-15,090,000	-15,167,000	-32,323,000	-27,345,000	-96,755,000
yoy	64.19%	183.52%	-59.92%	1119.66%	-932.75%	-250.88%	-2536.20%	-234.16%	80.11%	-39.87%	-90.68%	45.24%	551.74%	-202.75%	-631.59%	-127.55%	-107.88%	-1874.51%	-136.84%	-24.81%	24.21%	70.30%	177.56%	-1486.12%	49.66%	14.12%	59.06%	80.07%	-222.02%	-63.00%	58.95%	3.27%	-50.20%	-41.63%	-84.40%
qoq	-14.25%	185.25%	-90.19%	584.60%	48.07%	-59.67%	198.36%	-567.43%	-73.17%	551.15%	-83.57%	527.51%	-91.04%	0.92%	156.05%	2715.86%	-101.41%	422.14%	-86.73%	705.04%	-418.13%	-89.16%	-127.09%	1229.86%	-536.16%	-82.33%	35.27%	-243.58%	-432.59%	-75.38%	53.14%	-2.70%	0.85%	5.78%	-0.51%	-53.08%	18.20%	-71.74%
net income margin %	7.55%	8.89%	3.27%	31.90%	4.70%	3.08%	7.90%	2.73%	-0.60%	-2.27%	-0.39%	-2.53%	-0.42%	-4.75%	-5.24%	-1.99%	-0.07%	4.35%	0.77%	9.31%	1.20%	-0.60%	-7.67%	29.76%	2.32%	-0.57%	-3.98%	-3.02%	2.23%	-0.72%	-3.59%	-2.54%	-2.75%	-2.89%	-3.27%	-3.36%	-7.36%	-6.24%	-25.51%
less: net income attributable to noncontrolling interests	54,000											-2,115,000	-4,033,000	-1,263,000	-3,164,000
net income attributable to common stockholders	461,544,000	538,458,000	189,872,000	1,946,020,000	283,754,000	195,268,000	472,005,000					-113,823,000	-14,711,000	-208,014,000	-204,199,000	-76,829,000	84,000	204,021,000
net income per share
basic	0.76	0.88	0.31	3.16	0.46	0.32	0.77	0.3	-0.05	-0.2	-0.03	-0.18	-0.02	-0.36	-0.38	-0.17		0.45	0.09	0.66	0.08	-0.03	-0.24	0.92	0.07	-0.02	-0.09	-0.06	0.05	-0.01	-0.06	-0.04	-0.04	-0.04	-0.04	-0.04	-0.09	-0.08	-0.29
diluted	0.74	0.87	0.3	3.06	0.45	0.31	0.74	0.3	-0.05	-0.2	-0.03	-0.18	-0.02	-0.36	-0.38	-0.15		0.4	0.08	0.62	0.07	-0.03	-0.24	0.85	0.06	-0.02	-0.09	-0.06	0.04	-0.01	-0.06	-0.04	-0.04	-0.04	-0.04	-0.04	-0.09	-0.08	-0.29
weighted-average shares used for eps calculation
basic	610,199	612,882	619,370	616,993	616,428	617,666	616,401	608,856	611,276	606,692	602,234	578,949	592,672	581,350	541,435	458,432	460,654	455,431	454,973	443,126	444,458	440,117	434,940	424,999	427,124	423,305	419,289	405,731	409,690	403,301	395,948	379,344	383,951	376,357	366,737	341,555	343,893	334,488	331,324
diluted	621,658	618,928	635,342	636,390	632,760	634,221	637,360	614,024	611,276	606,692	602,234	578,949	592,672	581,350	541,435	501,779	504,120	522,578	501,353	482,167	488,069	440,117	434,940	466,076	466,099	423,305	419,289	405,731	474,915	403,301	395,948	379,344	383,951	376,357	366,737	341,555	343,893	334,488	331,324
remeasurement loss on bitcoin investment		-212,165,000	93,351,000
other expense		13,389,000		140,030,000	-14,949,000	59,532,000		3,872,000	-4,262,000	1,379,000	18,371,000
less: net loss attributable to noncontrolling interests		-124,000	-1,150,000	-21,351,000	-2,618,000	-5,396,000	-1,185,000	-20,266,000	-4,806,000	-3,336,000	-2,488,000
interest income						-1,871,000	-18,745,000
bitcoin impairment losses												8,991,000	1,619,000	35,961,000			6,000,000	45,266,000	19,860,000
net loss attributable to common stockholders								-42,074,500	-28,954,000	-122,506,000	-16,838,000
loss before income tax										-129,542,000	-21,382,000
benefit for income taxes											-2,056,000	-4,421,750	-17,289,000	1,304,000	-1,702,000	6,597,000	452,000	-9,360,000		-396,500	-1,369,000					-476,000		461,250	1,066,000			83,500	-647,000
transaction and loan losses																57,117,000	62,306,000	48,173,000	20,395,000	15,986,000	15,198,000	37,603,000	108,883,000
net income attributable to noncontrolling interests																-825,750	-2,960,000	-343,000
other (income)																		-75,788,000
amortization of acquired technology																			4,300,000	3,505,000	3,118,000	2,231,000	2,320,000	1,921,000	1,934,000	1,719,000	1,376,000	1,376,000	2,277,000	1,857,000	1,580,000	1,486,000	1,556,000	1,695,000	1,807,000	1,886,000	1,886,000	1,886,000	2,370,000
amortization of acquired customer assets																			1,463,000	1,077,000	983,000	905,000	890,000	890,000	1,003,000	1,294,000	2,085,000	2,127,000	1,294,000	672,000	269,000	234,000	222,000	222,000	205,000	147,000	164,000	222,000	317,000
benefit from income taxes																			947,000				535,000	508,000	2,606,000		129,000			604,000	175,000			472,000	509,000	1,036,000	230,000	312,000	339,000
income tax benefit																						-752,000
transaction, loan and advance losses																								23,706,750	32,722,000	34,264,000	27,841,000	24,474,000	23,596,000	21,976,000	18,031,000	16,833,000	19,893,000	18,401,000	11,891,000	13,034,000	12,885,000	17,455,000
interest and other income																														2,655,000	2,819,000	2,839,000	1,854,000	3,266,000	499,000
starbucks transaction-based revenue
starbucks transaction-based costs
transaction revenue																																				263,416,000	388,347,000	364,864,000	300,453,000
starbucks transaction revenue																																				19,717,250	7,164,000	32,867,000	38,838,000
software and data product revenue																																				22,208,250	35,320,000	29,717,000	23,796,000
transaction costs																																				170,798,500	254,061,000	234,857,000	194,276,000
starbucks transaction costs																																				17,452,500	4,528,000	28,672,000	36,610,000
software and data product costs																																				7,925,250	12,524,000	10,144,000	9,033,000
interest (income) and expense																																				-60,750	-183,000	-129,000	69,000
other (income) and expense																																				-172,500	294,000	-198,000	-786,000
transaction and advance losses																																							7,861,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31

assets
current assets:
cash and cash equivalents	8,335,934,000	6,384,224,000	7,088,831,000	8,075,247,000	8,299,804,000	7,799,093,000	5,753,436,000	4,996,465,000	5,112,293,000	4,745,884,000	5,061,091,000	4,544,202,000	4,331,787,000	4,020,466,000	3,993,565,000	4,443,669,000	4,514,609,000	4,581,234,000	3,022,485,000	3,158,058,000	2,118,808,000	1,972,762,000	1,962,316,000	1,047,118,000	612,048,000	617,282,000	521,676,000	583,173,000	721,738,000	1,387,977,000	738,586,000	696,474,000	658,412,000	716,989,000	704,494,000	452,030,000	437,900,000	342,436,000	370,646,000	470,775,000
settlements receivable	1,222,342,000	1,235,325,000	1,102,538,000	1,060,966,000	1,508,491,000	3,964,214,000	3,714,810,000	3,226,294,000	3,689,046,000	2,055,298,000	1,897,835,000	2,416,324,000	1,761,694,000	1,472,908,000	1,341,852,000	1,171,612,000	1,211,886,000	1,155,757,000	1,109,505,000	1,024,895,000	846,786,000	879,464,000	521,629,000	588,692,000	564,492,000	1,506,194,000	1,391,078,000	364,946,000	1,194,701,000	806,688,000	700,646,000	620,523,000	587,630,000	309,021,000	266,088,000	321,102,000	233,812,000	204,541,000	189,049,000	142,727,000
customer funds	4,803,716,000	4,937,814,000	5,248,730,000	4,182,872,000	3,933,785,000	3,550,713,000	4,046,346,000	3,170,430,000	2,913,737,000	3,352,656,000	3,800,473,000	3,180,324,000	2,983,658,000	2,905,377,000	3,190,905,000	2,830,995,000	2,649,114,000	2,847,477,000	2,976,428,000	2,037,832,000	1,850,963,000	1,733,107,000	944,811,000	676,292,000	660,599,000	484,945,000	445,417,000	334,017,000	269,094,000	208,855,000	152,661,000	103,042,000	85,473,000	73,596,000	57,527,000
consumer receivables	2,076,126,000	2,202,592,000	2,068,800,000	2,504,879,000	2,090,884,000	2,015,940,000	1,914,278,000	2,444,695,000	1,694,949,000	1,627,580,000	1,486,511,000	1,871,160,000	1,252,127,000	1,264,198,000	1,304,300,000
loans held for sale	778,039,000	1,411,653,000	1,322,049,000	1,111,107,000	1,008,312,000	961,581,000	892,068,000	775,424,000	597,035,000	499,250,000	476,754,000	474,036,000	462,980,000	465,693,000	357,115,000	517,940,000	708,086,000	807,402,000	742,378,000	462,665,000	524,173,000	567,499,000	160,709,000	164,834,000	120,776,000	136,511,000	123,471,000	89,974,000	73,219,000	85,040,000	78,821,000	73,420,000	58,331,000	50,079,000	51,883,000	42,144,000	28,817,000	29,774,000
loans held for investment, less allowance for credit losses of 216.3 million and 23.1 million, respectively	2,203,273,000
other current assets	2,648,295,000	2,496,510,000	2,881,431,000	2,541,704,000	2,015,702,000	1,901,429,000	1,962,865,000	2,353,488,000	1,696,033,000	1,675,082,000	1,427,210,000	1,627,265,000	1,175,873,000	951,162,000	876,198,000	687,429,000	609,533,000	593,462,000	823,606,000	383,067,000	388,106,000	319,890,000	278,670,000	250,409,000	215,806,000	180,360,000	185,121,000	164,966,000	136,400,000	120,250,000	91,933,000	86,454,000	66,539,000	62,798,000	54,605,000	56,331,000	44,244,000	48,473,000	55,211,000	42,051,000
total current assets	22,067,725,000	19,707,662,000	19,712,379,000	19,880,201,000	20,774,912,000	22,291,278,000	20,538,304,000	18,857,282,000	17,540,600,000	15,841,096,000	15,900,479,000	15,623,405,000	13,548,761,000	12,526,335,000	11,860,684,000	10,520,928,000	10,562,037,000	11,000,235,000	9,318,856,000	7,761,629,000	6,491,270,000	6,187,070,000	4,389,975,000	3,219,801,000	2,758,766,000	3,528,646,000	3,266,522,000	2,111,905,000	2,877,368,000	2,869,896,000	1,990,383,000	1,778,294,000	1,686,877,000	1,437,917,000	1,343,355,000	1,001,425,000	843,027,000	721,028,000	720,052,000	705,563,000
goodwill	11,807,858,000	11,816,794,000	11,503,741,000	11,417,422,000	12,048,108,000	11,822,260,000	11,721,329,000	11,919,720,000	11,749,198,000	11,944,085,000	11,919,274,000	11,966,761,000	11,557,984,000	11,982,135,000	12,428,930,000	519,276,000	519,548,000	501,400,000	316,437,000	316,701,000	300,620,000	295,759,000	288,533,000	266,345,000	265,974,000	270,161,000	267,012,000	261,705,000	259,964,000	255,656,000	58,327,000	58,327,000	57,961,000	57,961,000	58,103,000	57,173,000	56,699,000	56,699,000	56,699,000	56,699,000
acquired intangible assets	1,326,091,000	1,368,735,000	1,391,242,000	1,433,067,000	1,607,936,000	1,629,183,000	1,673,618,000	1,761,521,000	1,778,951,000	1,878,238,000	1,949,086,000	2,014,034,000	2,030,876,000	2,148,078,000	2,275,199,000	257,049,000	268,692,000	262,196,000	129,796,000	137,612,000	107,562,000	99,802,000	81,936,000	69,079,000	72,793,000	84,216,000	79,697,000	77,102,000	81,130,000	85,514,000	14,138,000	14,334,000	14,648,000	16,452,000	18,395,000	19,292,000	20,252,000	22,329,000	24,463,000	26,776,000
deferred tax assets	1,542,364,000	1,793,827,000	1,766,132,000	1,800,994,000
other non-current assets	2,438,785,000	2,171,373,000	2,022,073,000	1,239,548,000	1,924,479,000	1,803,879,000	1,679,579,000	739,486,000	791,529,000	832,467,000	811,512,000	484,237,000	438,534,000	454,813,000	471,354,000	370,535,000	384,508,000	382,604,000	352,056,000	499,250,000	169,582,000	166,449,000	149,852,000	196,388,000	81,326,000	57,167,000	48,202,000	58,393,000	76,996,000	40,995,000	32,120,000	31,350,000	29,800,000
total assets	39,182,823,000	36,858,391,000	36,395,567,000	36,777,595,000	36,355,435,000	37,546,600,000	35,612,830,000	34,069,893,000	32,554,898,000	31,075,924,000	31,337,327,000	31,364,340,000	29,120,932,000	28,885,160,000	29,127,467,000	13,925,764,000	13,909,426,000	13,815,688,000	11,348,720,000	9,869,550,000	8,114,276,000	7,812,272,000	6,003,873,000	4,551,258,000	4,000,504,000	4,654,006,000	4,402,591,000	3,281,023,000	3,973,368,000	3,554,827,000	2,379,612,000	2,187,270,000	2,083,852,000	1,741,714,000	1,591,113,000	1,211,362,000	1,052,208,000	933,292,000	945,069,000	894,772,000
liabilities and stockholders’ equity
current liabilities:
customers payable	6,799,672,000	6,957,104,000	7,102,749,000	5,837,152,000	6,156,306,000	8,059,588,000	8,137,147,000	6,795,340,000	6,672,957,000	5,536,418,000	5,749,857,000	5,548,656,000	4,891,015,000	4,545,675,000	4,634,657,000	3,979,624,000	3,858,708,000	3,993,164,000	4,028,859,000	3,009,051,000	2,723,083,000	2,568,418,000	1,485,439,000	1,273,135,000	1,268,034,000	1,802,128,000	1,661,894,000	749,215,000	1,315,108,000	1,001,422,000	881,754,000	733,736,000	727,341,000	465,926,000	363,039,000	388,058,000	364,434,000	310,242,000	283,860,000	224,811,000
accrued expenses and other current liabilities	1,578,830,000	1,423,231,000	1,583,962,000	1,525,149,000	1,333,845,000	1,268,793,000	1,275,321,000	1,326,200,000	1,275,427,000	1,085,584,000	1,066,203,000	1,056,676,000	968,495,000	989,335,000	934,364,000	639,309,000	654,495,000	515,813,000	448,624,000	360,850,000	427,386,000	393,576,000	392,734,000	297,841,000
current portion of long-term debt	1,572,118,000	1,570,979,000		999,497,000	998,727,000	997,958,000	997,197,000				460,539,000	460,356,000	460,170,000	459,984,000															125,971,000
warehouse funding facilities, current	157,370,000	120,000,000		185,000,000	138,136,000	464,047,000	410,426,000	753,035,000	51,858,000	530,321,000	305,195,000	461,240,000
total current liabilities	10,107,990,000	10,071,314,000	8,686,711,000	8,546,798,000	10,039,962,000	12,230,693,000	12,501,202,000	9,921,629,000	9,192,115,000	8,239,036,000	8,706,266,000	8,434,516,000	7,278,565,000	6,960,986,000	6,030,021,000	5,435,104,000	5,549,145,000	5,646,770,000	5,561,102,000	4,126,104,000	3,825,711,000	3,632,516,000	2,004,658,000	1,694,085,000	1,644,901,000	2,375,594,000	2,183,559,000	1,018,541,000	1,863,537,000	1,315,910,000	1,131,732,000	972,827,000	930,679,000	624,928,000	554,896,000	577,464,000	486,024,000	411,469,000	449,932,000	334,202,000
warehouse funding facilities, non-current	343,629,000	583,924,000	618,999,000	1,296,680,000	827,629,000	481,742,000	543,751,000	854,882,000	858,485,000	289,849,000	384,998,000	877,066,000
long-term debt	5,713,382,000	3,539,887,000	5,108,385,000	5,105,939,000	5,103,462,000	5,101,023,000	3,125,456,000	4,120,091,000	4,117,502,000	4,114,916,000	4,112,356,000	4,109,829,000	4,107,245,000	4,104,664,000	4,561,911,000	4,559,208,000	4,737,829,000	4,841,277,000	2,980,202,000	2,586,924,000	1,758,611,000	1,778,428,000	1,760,847,000	938,832,000	928,869,000	919,026,000	909,302,000	899,695,000	897,976,000	1,071,437,000	362,965,000	358,572,000	354,237,000	349,960,000	345,739,000
other non-current liabilities	544,614,000	540,374,000	546,398,000	152,164,000	475,087,000	440,147,000	475,225,000	154,972,000	253,511,000	347,185,000	329,626,000	201,657,000	196,466,000	213,515,000	242,717,000	222,846,000	227,048,000	186,369,000	92,674,000	85,291,000	82,136,000	90,220,000	80,861,000	94,461,000	70,483,000	67,649,000	75,585,000	93,286,000	89,711,000	85,851,000	74,935,000	69,538,000	66,027,000
total liabilities	16,709,615,000	14,735,499,000	14,960,493,000	15,542,633,000	16,446,140,000	18,253,605,000	16,645,634,000	15,377,057,000	14,724,392,000	13,306,116,000	13,862,442,000	14,112,985,000	12,590,994,000	11,993,749,000	11,677,075,000	10,612,175,000	10,904,712,000	11,078,987,000	9,034,347,000	7,187,981,000	6,051,441,000	5,885,965,000	4,195,928,000	2,836,208,000	2,750,710,000	3,469,534,000	3,281,002,000	2,160,522,000	2,851,224,000	2,473,198,000	1,569,632,000	1,400,937,000	1,350,943,000	1,037,970,000	963,180,000	635,209,000	541,819,000	461,833,000	500,185,000	386,724,000
commitments and contingencies
stockholders’ equity:
preferred stock, 0.0000001 par value: 100,000 shares authorized at september 30, 2025 and december 31, 2024. none issued and outstanding at september 30, 2025 and december 31, 2024.
class a common stock
class b common stock
additional paid-in capital	19,364,651,000	19,442,101,000	19,781,519,000	19,900,379,000	19,688,228,000	19,695,521,000	19,687,428,000	19,601,992,000	19,352,152,000	18,992,590,000	18,607,008,000	18,314,681,000	17,999,192,000	17,725,198,000	17,426,629,000	3,317,255,000	2,918,372,000	2,632,234,000	2,459,415,000	2,955,464,000	2,642,107,000	2,549,638,000	2,427,596,000	2,223,749,000	2,153,449,000	2,116,063,000	2,048,938,000	2,012,328,000	1,986,059,000	1,963,298,000	1,682,581,000	1,630,386,000	1,560,374,000	1,515,237,000	1,424,187,000	1,357,381,000	1,274,248,000	1,203,136,000	1,149,634,000	1,116,882,000
accumulated other comprehensive loss	-415,745,000	-381,913,000	-870,815,000	-1,001,065,000	-189,912,000	-532,369,000	-660,203,000	-378,307,000	-802,482,000	-537,378,000	-572,561,000	-523,090,000	-1,046,639,000	-429,916,000											-2,387,000	-926,000	-3,424,000	-6,053,000	-6,345,000	-4,456,000	-1,294,000	-1,318,000	-393,000	-519,000	-1,242,000	-1,989,000			-346,000	-1,185,000
retained earnings	3,558,492,000	3,096,948,000	2,558,490,000	2,368,618,000	422,598,000	138,844,000											48,864,000	48,780,000
total stockholders’ equity attributable to common stockholders	22,507,398,000	22,157,136,000	21,469,194,000	21,267,932,000	19,920,914,000	19,301,996,000	18,970,801,000	18,695,256,000	17,812,660,000	17,747,156,000	17,448,897,000	17,222,879,000	16,497,664,000	16,855,104,000	17,412,822,000	3,272,855,000	2,959,825,000	2,688,852,000
noncontrolling interests	-34,190,000	-34,244,000	-34,120,000	-32,970,000	-11,619,000	-9,001,000	-3,605,000	-2,420,000	17,846,000	22,652,000	25,988,000	28,476,000	32,274,000	36,307,000	37,570,000	40,734,000	44,889,000	47,849,000
total stockholders’ equity	22,473,208,000	22,122,892,000	21,435,074,000	21,234,962,000	19,909,295,000	19,292,995,000	18,967,196,000	18,692,836,000	17,830,506,000	17,769,808,000	17,474,885,000	17,251,355,000	16,529,938,000	16,891,411,000	17,450,392,000	3,313,589,000	3,004,714,000	2,736,701,000	2,314,373,000	2,681,569,000	2,062,835,000	1,926,307,000	1,807,945,000	1,715,050,000	1,249,794,000	1,184,472,000	1,121,589,000	1,120,501,000	1,122,144,000	1,081,629,000	809,980,000	786,333,000	732,909,000	703,744,000	627,933,000	576,153,000	510,389,000	471,459,000	444,884,000	508,048,000
total liabilities and stockholders’ equity	39,182,823,000	36,858,391,000	36,395,567,000	36,777,595,000	36,355,435,000	37,546,600,000	35,612,830,000	34,069,893,000	32,554,898,000	31,075,924,000	31,337,327,000	31,364,340,000	29,120,932,000	28,885,160,000	29,127,467,000	13,925,764,000	13,909,426,000	13,815,688,000	11,348,720,000	9,869,550,000	8,114,276,000	7,812,272,000	6,003,873,000	4,551,258,000	4,000,504,000	4,654,006,000	4,402,591,000	3,281,023,000	3,973,368,000	3,554,827,000	2,379,612,000	2,187,270,000	2,083,852,000	1,741,714,000	1,591,113,000	1,211,362,000	1,052,208,000	933,292,000	945,069,000	894,772,000
loans held for investment, net of allowance		1,039,544,000
preferred stock, 0.0000001 par value: 100,000 shares authorized at june 30, 2025 and december 31, 2024. none issued and outstanding at june 30, 2025 and december 31, 2024.
preferred stock, 0.0000001 par value: 100,000 shares authorized at march 31, 2025 and december 31, 2024. none issued and outstanding at march 31, 2025 and december 31, 2024.
investments in short-term debt securities				403,426,000	504,986,000	658,001,000	573,390,000	851,901,000	1,161,144,000	1,121,830,000	1,024,110,000	1,081,851,000	1,052,973,000	938,998,000	796,749,000	869,283,000	868,809,000	1,014,903,000	644,454,000	695,112,000	762,434,000	714,348,000	521,840,000	492,456,000
property and equipment				314,432,000				296,056,000				329,302,000	316,378,000	308,222,000	302,247,000	282,140,000	275,286,000	260,883,000	245,702,000	233,520,000	195,937,000	167,062,000	150,659,000	149,194,000	134,034,000	130,747,000	133,706,000	142,402,000	130,145,000	121,708,000	98,170,000	91,496,000	88,666,000	87,442,000	91,013,000	88,328,000	89,957,000	86,325,000	89,039,000	87,222,000
investments in long-term debt securities				471,977,000				251,127,000	426,202,000	297,230,000	412,747,000	573,429,000	802,880,000	1,019,340,000	1,333,139,000	1,526,430,000	1,451,107,000	947,093,000	522,542,000	463,950,000	399,122,000	446,685,000	529,460,000	537,303,000
operating lease right-of-use assets				219,954,000				244,701,000	268,418,000	282,808,000	344,229,000	373,172,000	425,519,000	446,237,000	455,914,000	449,406,000	448,248,000	461,277,000	463,331,000	456,888,000	450,183,000	449,445,000	413,458,000	113,148,000	108,670,000	107,809,000	111,956,000
deferred tax liabilities				162,435,000				35,695,000				132,498,000	159,498,000	189,198,000	238,683,000
operating lease liabilities, non-current				278,617,000				289,788,000	302,779,000	315,130,000	329,196,000	357,419,000	369,798,000	332,768,000	395,602,000	395,017,000	390,690,000	404,571,000	400,369,000	389,662,000	384,983,000	384,801,000	349,562,000	108,830,000	106,457,000	107,265,000	112,556,000
preferred stock, 0.0000001 par value: 100,000 shares authorized at december 31, 2024 and december 31, 2023. none issued and outstanding at december 31, 2024 and december 31, 2023.
safeguarding asset related to bitcoin held for other parties					1,412,948,000	1,440,307,000	1,681,111,000	1,038,585,000	676,363,000	763,516,000	726,495,000	428,243,000	527,669,000	507,533,000
safeguarding obligation liability related to bitcoin held for other parties					1,412,948,000	1,440,307,000	1,681,111,000	1,038,585,000	676,363,000	763,516,000	726,495,000	428,243,000	527,669,000	507,533,000
preferred stock, 0.0000001 par value: 100,000 shares authorized at september 30, 2024 and december 31, 2023. none issued and outstanding at september 30, 2024 and december 31, 2023.
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.
preferred stock, 0.0000001 par value: 100,000 shares authorized at march 31, 2024 and december 31, 2023. none issued and outstanding at march 31, 2024 and december 31, 2023.
accumulated deficit							-56,424,000	-528,429,000	-737,010,000	-708,056,000	-585,550,000	-568,712,000	-454,889,000	-440,178,000	-232,164,000	-27,965,000			-155,241,000	-297,223,000	-591,182,000	-627,697,000	-616,219,000	-510,328,000	-901,268,000	-930,665,000	-923,925,000	-885,774,000	-857,570,000	-877,213,000	-871,307,000	-842,735,000	-827,072,000	-810,974,000	-795,012,000	-779,239,000	-764,072,000	-731,749,000	-704,404,000	-607,649,000
settlements payable								8,469,000	515,510,000	323,197,000	397,977,000	462,505,000	329,796,000	264,936,000	264,971,000	254,611,000	249,802,000	257,008,000	263,926,000	239,362,000	150,705,000	179,131,000	89,150,000	95,834,000	81,597,000	290,652,000	266,121,000	54,137,000	203,274,000	140,616,000	116,902,000	114,788,000	81,414,000	41,834,000	35,773,000
preferred stock, 0.0000001 par value: 100,000 shares authorized at december 31, 2023 and december 31, 2022. none issued and outstanding at december 31, 2023 and december 31, 2022.
preferred stock, 0.0000001 par value: 100,000 shares authorized at september 30, 2023 and december 31, 2022. none issued and outstanding at september 30, 2023 and december 31, 2022.
preferred stock, 0.0000001 par value: 100,000 shares authorized at june 30, 2023 and december 31, 2022. none issued and outstanding at june 30, 2023 and december 31, 2022.
preferred stock, 0.0000001 par value: 100,000 shares authorized at march 31, 2023 and december 31, 2022. none issued and outstanding at march 31, 2023 and december 31, 2022.
ppp liquidity facility advances												16,840,000	31,116,000	68,416,000	124,636,000	497,533,000	725,658,000	823,683,000	764,208,000	464,094,000	473,496,000	447,764,000
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2022 and december 31, 2021. none issued and outstanding at december 31, 2022 and december 31, 2021.
operating lease liabilities, current													70,304,000	125,107,000	71,393,000	64,027,000	60,482,000	57,102,000	55,485,000	52,747,000	51,041,000	43,627,000	37,335,000	27,275,000	25,779,000	24,955,000	23,041,000
warehouse funding facilities													479,422,000	192,618,000	208,141,000
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.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2022 and december 31, 2021. none issued and outstanding at june 30, 2022 and december 31, 2021.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2022 and december 31, 2021. none issued and outstanding at march 31, 2022 and december 31, 2021.
accumulated other comprehensive income															218,357,000	-16,435,000	-7,411,000	7,838,000	10,199,000	23,328,000	11,910,000	4,366,000	-3,432,000	1,629,000													213,000	72,000
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2021 and december 31, 2020. none issued and outstanding at december 31, 2021 and december 31, 2020.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at september 30, 2021 and december 31, 2020. none issued and outstanding at september 30, 2021 and december 31, 2020.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2021 and december 31, 2020. none issued and outstanding at june 30, 2021 and december 31, 2020.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2021 and december 31, 2020. none issued and outstanding at march 31, 2021 and december 31, 2020.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2020 and december 31, 2019. none issued and outstanding at december 31, 2020 and december 31, 2019.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at september 30, 2020 and december 31, 2019. none issued and outstanding at september 30, 2020 and december 31, 2019.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2020 and december 31, 2019. none issued and outstanding at june 30, 2020 and december 31, 2019.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2020 and december 31, 2019. none issued and outstanding at march 31, 2020 and december 31, 2019.
build-to-suit lease asset																												149,000,000
build-to-suit lease liability																												149,000,000
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2019 and december 31, 2018. none issued and outstanding at december 31, 2019 and december 31, 2018.
short-term investments																									557,656,000	572,206,000	566,539,000	540,991,000	448,986,000	233,599,000	200,048,000	169,576,000	209,959,000	203,287,000	186,756,000	59,901,000	76,427,000	60,991,000	43,447,000
restricted cash																									27,389,000	31,148,000	33,220,000	33,838,000	33,230,000	27,487,000	27,688,000	28,805,000	20,533,000	22,147,000	22,002,000	22,131,000	13,559,000	13,545,000	13,542,000	13,537,000
long-term investments																									564,508,000	460,827,000	481,063,000	464,680,000	537,663,000	168,150,000	176,672,000	203,667,000	191,335,000	124,099,000	62,711,000	27,366,000	15,478,000	19,602,000	29,715,000
built-to-suit lease asset
accrued transaction losses																									37,419,000	39,630,000	36,047,000	33,682,000	35,332,000	29,207,000	28,309,000	26,893,000	26,720,000	22,455,000	20,444,000	20,064,000	21,428,000	16,093,000	15,419,000	17,176,000
accrued expenses																									124,005,000	106,351,000	87,812,000	82,354,000	101,066,000	74,816,000	57,997,000	52,280,000	60,626,000	56,699,000	45,475,000	39,543,000	41,943,000	26,133,000	97,335,000	44,401,000
other current liabilities																									108,067,000	111,878,000	108,644,000	99,153,000	70,338,000	60,635,000	27,214,000	28,367,000	21,049,000	26,639,000	22,812,000	73,623,000	44,500,000	42,790,000	33,738,000	28,945,000
built-to-suit lease liability
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at september 30, 2019 and december 31, 2018. none issued and outstanding at september 30, 2019 and december 31, 2018.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2019 and december 31, 2018. none issued and outstanding at june 30, 2019 and december 31, 2018.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2019 and december 31, 2018. none issued and outstanding at march 31, 2019 and december 31, 2018.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2018 and december 31, 2017. none issued and outstanding at december 31, 2018 and december 31, 2017.
accounts payable																													12,448,000	9,214,000	19,556,000	16,763,000	13,529,000	11,375,000	9,826,000	12,602,000	13,719,000	16,211,000	19,580,000	18,869,000
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at september 30, 2018 and december 31, 2017. none issued and outstanding at september 30, 2018 and december 31, 2017.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2018 and december 31, 2017. none issued and outstanding at june 30, 2018 and december 31, 2017.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2018 and december 31, 2017. none issued and outstanding at march 31, 2018 and december 31, 2017.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2017 and december 31, 2016. none issued and outstanding at december 31, 2017 and december 31, 2016.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at september 30, 2017 and december 31, 2016. none issued and outstanding at september 30, 2017 and december 31, 2016.
other assets																																		3,278,000	3,042,000	3,194,000	3,658,000	4,178,000	10,107,000	3,826,000
other liabilities																																		63,082,000	62,545,000	57,745,000	55,795,000	50,364,000	50,253,000	52,522,000
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2017 and december 31, 2016. none issued and outstanding at june 30, 2017 and december 31, 2016.
customer funds obligation																																			57,527,000	43,574,000
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2017 and december 31, 2016. none issued and outstanding at march 31, 2017 and december 31, 2016.
customer funds held																																				43,574,000
merchant cash advance receivable																																				4,212,000	8,268,000	21,268,000	48,157,000	36,473,000
debt
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at december 31, 2016 and december 31, 2015. none issued and outstanding at december 31, 2016 and december 31, 2015.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at september 30, 2016 and december 31, 2015. none issued and outstanding at september 30, 2016 and december 31, 2015.
common stock
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at june 30, 2016, and december 31, 2015. none issued and outstanding at june 30, 2016, and december 31, 2015.
preferred stock, 0.0000001 par value: 100,000,000 shares authorized at march 31, 2016, and december 31, 2015. none issued and outstanding at march 31, 2016, and december 31, 2015.
preferred stock, 0.0000001 par value: 100,000,000 and 135,339,499 shares authorized at december 31, 2015 and december 31, 2014, respectively. none issued and outstanding at december 31, 2015 and 135,252,809 shares issued and outstanding at december 31, 2014.

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31

cash flows from operating activities:
net income	461,598,000	538,334,000	188,722,000	1,924,669,000	281,136,000	189,872,000	470,820,000					-117,621,000	-18,744,000	-209,277,000	-207,363,000	-80,984,000	-2,876,000	203,678,000	39,008,000	293,959,000	36,515,000	-11,478,000	-105,891,000	390,940,000	29,397,000	-6,740,000	-38,151,000	-28,204,000	19,643,000	-5,906,000	-23,986,000	-15,663,000	-16,098,000	-15,962,000	-15,090,000	-15,167,000	-32,323,000	-27,345,000	-96,755,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	92,119,000	92,397,000	88,948,000	88,878,000	92,706,000	96,903,000	97,640,000	105,324,000	115,518,000	94,545,000	93,173,000	90,907,000	88,721,000	90,839,000	70,056,000	39,050,000	38,112,000	28,394,000	29,201,000	22,471,000	20,624,000	21,056,000	20,061,000	18,719,000	19,125,000	18,783,000	18,971,000	22,638,000	15,835,000	12,328,000	10,160,000	9,632,000	9,085,000	9,125,000	9,437,000	9,928,000	9,681,000	9,018,000	9,118,000
amortization of discounts and premiums and other non-cash adjustments	-288,390,000	-281,392,000	-265,168,000	-274,805,000	-286,413,000	-270,815,000	-266,991,000	-627,326,000	-135,437,000	-136,365,000	-85,314,000	-221,191,000
non-cash lease expense	14,173,000	14,003,000	14,369,000	16,575,000	24,005,000	16,963,000	14,512,000	30,131,000	19,651,000	70,083,000	24,333,000	58,853,000	23,087,000	25,175,000	22,696,000	21,159,000	20,931,000	20,615,000	20,432,000	19,471,000	18,439,000	17,218,000	15,125,000
share-based compensation	309,380,000	297,341,000	315,236,000	316,934,000	324,054,000	320,623,000	311,168,000	331,583,000	345,669,000	319,253,000	279,592,000	276,484,000	262,733,000	256,638,000	275,423,000	178,041,000	165,011,000	146,365,000	118,623,000	113,671,000	110,416,000	96,410,000	77,303,000	79,883,000	77,426,000	79,466,000	61,088,000	59,025,000	58,913,000	52,119,000	46,824,000	44,525,000	40,048,000	39,593,000	31,670,000	33,887,000	36,779,000	36,922,000	31,198,000
loss on revaluation of equity investments			126,000	-32,715,000	2,953,000	-3,594,000	1,111,000	-315,000	583,000	1,370,000	14,885,000
remeasurement gain on bitcoin investment	-59,588,000
transaction, loan, and consumer receivable losses	363,455,000	294,090,000	169,689,000	244,618,000	192,062,000	191,812,000	165,729,000	175,658,000	177,338,000	179,771,000	127,896,000	155,250,000	147,586,000	156,697,000	91,150,000
change in deferred income taxes	130,737,000	44,420,000	7,599,000	-1,671,180,000	1,840,000	11,512,000	-7,984,000	763,000	-126,561,000	38,566,000	1,353,000	-22,090,000	-26,129,000	-13,721,000	-7,653,000	-5,211,000	-4,751,000	-413,000	-60,000	-4,641,000	-2,351,000	-40,000	-984,000	-322,000	1,175,000	-1,475,000	-754,000	-83,000
purchases and originations of loans originally classified as held for sale	-1,759,849,000
proceeds from repayments of loans originally classified as held for sale	2,293,786,000
changes in operating assets and liabilities:
settlements receivable	-32,822,000	-170,299,000	-88,267,000	370,386,000	2,406,842,000	-287,309,000	-542,070,000	409,942,000	-1,722,168,000	-249,171,000	452,868,000	-705,597,000	-364,469,000	-208,630,000	-220,361,000	-8,324,000	-116,918,000	-106,517,000	-114,458,000	-189,222,000	17,454,000	-362,351,000	60,248,000	-32,677,000	932,782,000	-120,904,000	-1,027,472,000	825,564,000	-387,782,000	-110,535,000	-81,452,000	-34,596,000	-280,169,000	-45,985,000	54,919,000	-87,015,000	-29,221,000	-15,666,000	-46,503,000
customers payable	-2,571,000	150,728,000	164,904,000	-534,218,000	-2,191,585,000	406,040,000	465,891,000	-134,310,000	1,575,458,000	234,378,000	-418,948,000	460,975,000	267,059,000	196,353,000	136,474,000	-675,351,000	-138,416,000	-33,584,000	1,018,906,000	287,530,000	153,640,000	1,079,039,000	212,929,000	4,672,000	-533,744,000	140,118,000	912,749,000	-565,933,000	313,784,000	119,769,000	147,977,000	6,372,000	261,257,000	59,234,000	-25,085,000	33,341,000	54,279,000	25,960,000	58,866,000
other assets and liabilities	99,824,000	-231,773,000	-244,809,000	12,820,000	-15,858,000	-81,484,000	205,970,000	-432,690,000	223,551,000	-139,476,000	-30,656,000	-8,979,000	-208,098,000	-164,694,000	12,132,000	-136,821,000	124,111,000	-44,067,000	-5,206,000	-57,664,000	-32,487,000	-69,105,000	-27,563,000	-13,260,000	-37,228,000
net cash from operating activities	1,451,056,000	374,322,000	133,336,000	13,800,000	684,763,000	519,392,000	489,395,000	-797,923,000	491,165,000	113,318,000	294,401,000	45,369,000	15,737,000	-114,626,000	229,423,000	175,054,000	374,964,000	395,553,000	-97,741,000	120,726,000	412,710,000	-273,129,000	121,296,000	61,116,000	238,747,000	133,392,000	32,444,000	176,420,000	47,628,000	18,979,000	52,053,000	-2,606,000	39,727,000	46,592,000	43,998,000	-19,104,000	78,006,000	-20,260,000	-15,511,000
capital expenditures	-50,646,000	-31,310,000	-31,882,000	-26,993,000	-56,599,000	-38,357,000	-31,998,000	-51,694,000	-37,682,000	-29,522,000	-32,253,000	-49,106,000	-36,289,000	-44,233,000	-41,187,000	-36,292,000	-31,400,000	-32,479,000	-34,149,000	-52,049,000	-29,792,000	-30,424,000	-26,137,000	-16,672,000	-15,664,000	-11,994,000	-18,168,000	-24,030,000	-14,030,000	-15,060,000	-8,083,000	-6,472,000	-5,742,000	-7,375,000	-6,508,000	-5,759,000	-3,834,000	-8,313,000	-7,527,000
free cash flows	1,400,410,000	343,012,000	101,454,000	-13,193,000	628,164,000	481,035,000	457,397,000	-849,617,000	453,483,000	83,796,000	262,148,000	-3,737,000	-20,552,000	-158,859,000	188,236,000	138,762,000	343,564,000	363,074,000	-131,890,000	68,677,000	382,918,000	-303,553,000	95,159,000	44,444,000	223,083,000	121,398,000	14,276,000	152,390,000	33,598,000	3,919,000	43,970,000	-9,078,000	33,985,000	39,217,000	37,490,000	-24,863,000	74,172,000	-28,573,000	-23,038,000
cash flows from investing activities:
purchases of marketable debt securities	-198,939,000	-119,961,000	-162,188,000	-162,327,000	-278,142,000	-573,287,000	-184,048,000	-191,711,000	-511,153,000	-366,990,000	-56,761,000
proceeds from maturities of marketable debt securities	144,688,000	131,116,000	147,508,000	214,832,000	332,719,000	253,292,000	204,737,000	393,090,000	338,238,000	382,731,000	273,771,000	230,293,000	228,362,000	278,355,000	262,559,000	221,642,000	313,295,000	156,729,000	139,353,000	202,203,000	137,245,000	169,540,000	98,146,000	105,206,000	105,453,000	108,724,000	111,505,000	68,851,000
proceeds from sale of marketable debt securities	18,459,000	108,568,000	265,191,000	9,164,000	41,457,000	68,327,000	327,128,000	299,645,000	14,576,000	9,177,000	15,697,000	213,199,000	2,382,000	55,790,000	178,352,000	58,373,000	183,964,000	125,418,000	249,342,000	153,265,000	101,536,000	83,599,000	247,027,000	221,372,000	210,725,000	71,712,000	44,810,000	65,634,000
payments for originations of consumer receivables	-7,914,512,000	-7,740,021,000	-6,898,769,000	-9,120,940,000	-7,330,546,000	-6,771,800,000	-6,095,104,000
proceeds from principal repayments and sales of consumer receivables	8,226,792,000	7,892,158,000	7,602,325,000	8,779,824,000	7,414,944,000	6,903,007,000	6,824,596,000	7,427,562,000	5,880,142,000	5,594,147,000	5,339,800,000
purchases and originations of loans originally classified as held for investment	-6,479,741,000
proceeds from repayments of loans originally classified as held for investment	5,172,217,000
purchases of property and equipment	-50,646,000	-31,310,000	-31,882,000	-26,993,000	-56,599,000	-38,357,000	-31,998,000	-51,694,000	-37,682,000	-29,522,000	-32,253,000	-49,106,000	-36,289,000	-44,233,000	-41,187,000	-36,292,000	-31,400,000	-32,479,000	-34,149,000	-52,049,000	-29,792,000	-30,424,000	-26,137,000	-16,672,000	-15,664,000	-11,994,000	-18,168,000	-24,030,000	-14,030,000	-15,060,000	-8,083,000	-6,472,000	-5,742,000	-7,375,000	-6,508,000	-5,759,000	-3,834,000	-8,313,000	-7,527,000
purchases of other investments	-19,060,000	-19,393,000	-7,477,000	-16,716,000	-18,139,000	-16,155,000	-2,924,000	-26,576,000	-2,880,000	424,000	-4,821,000
net cash from investing activities	-1,100,742,000	-485,780,000	914,708,000	-323,156,000	105,694,000	-174,973,000	1,042,387,000	278,233,000	-173,931,000	-45,025,000	623,924,000	-279,554,000	164,967,000	209,670,000	1,130,613,000	-54,260,000	-323,580,000	-775,016,000	-158,023,000		-229,418,000	-187,678,000	-114,617,000		-200,923,000	-25,368,000	-70,387,000		-609,208,000	-150,554,000	-15,493,000		-104,765,000	-85,350,000	-170,394,000		-15,214,000	-23,880,000	-81,326,000
cash flows from financing activities:
proceeds from issuance of senior notes				0	0
payments of debt issuance costs from issuance of senior notes				0	0
payments to redeem convertible notes	0	0	-1,000,624,000					0	0			0	0	0	-1,071,788,000
proceeds from warehouse facilities borrowings	13,033,000	212,673,000	222,824,000	849,386,000	86,725,000	159,047,000	160,587,000	823,074,000	275,170,000	241,443,000	47,975,000	909,350,000	335,236,000	192,779,000	183,440,000
repayments of warehouse facilities borrowings	-214,552,000	-151,180,000	-1,091,137,000	-275,638,000	-86,046,000	-177,453,000	-790,592,000	-150,428,000	-173,271,000	-101,828,000	-692,556,000	-80,734,000	-28,179,000	-192,059,000	-90,491,000
proceeds from the exercise of stock options and purchases under the employee stock purchase plan	7,165,000	48,799,000	2,283,000	66,726,000	1,852,000	66,258,000	19,943,000	60,017,000	4,454,000	59,137,000	6,825,000	32,535,000	6,116,000	39,024,000	4,093,000	41,853,000	12,711,000	39,264,000	32,891,000	55,385,000	28,515,000							39,070,000	27,581,000			50,615,000	22,026,000
net increase in interest-bearing deposits	26,384,000	20,329,000	34,463,000	1,169,000	31,718,000	23,319,000	18,650,000	-32,108,000	28,660,000	14,982,000	13,601,000
repurchases of common stock	-403,027,000	-692,204,000	-445,298,000	-183,160,000	-345,576,000	-389,508,000	-252,095,000
other financing activities	0			0	0			0	-15,657,000							-2,836,000				-4,753,000	-682,000	-869,000	-1,055,000	-1,178,000
change in customer funds, restricted from use in the company's operations	-134,098,000	-310,915,000	1,065,857,000	249,087,000	383,072,000	-495,633,000	875,916,000	256,693,000	-438,919,000	-447,817,000	620,149,000	196,667,000	78,281,000	-285,528,000	359,910,000
net cash from financing activities	1,466,559,000	-907,828,000	-1,211,632,000	707,570,000	71,745,000	1,140,938,000	32,409,000	800,436,000	-319,563,000	-711,927,000	-9,083,000	978,988,000	358,791,000	-271,643,000	-968,556,000	653,294,000	-112,607,000	1,930,355,000	180,992,000	983,771,000	-35,388,000	448,692,000	918,120,000	-12,665,000	-43,804,000	-15,553,000	-26,852,000	-174,983,000	-101,073,000	788,773,000	3,038,000	23,812,000	3,342,000	50,196,000	377,583,000	47,967,000	32,808,000	14,816,000	-4,850,000
effect of foreign exchange rate on cash and cash equivalents	-14,417,000	72,683,000	22,249,000	-102,139,000	53,371,000	1,984,000	-41,755,000	57,611,000	-35,410,000	5,922,000	1,033,000	56,609,000	-59,530,000	-34,494,000	-948,000	7,245,000	-7,219,000	1,114,000	-8,206,000	12,223,000	5,954,000	8,406,000	-13,588,000	4,514,000	-3,013,000	1,063,000	1,277,000	-3,067,000	-649,000	-4,902,000	1,397,000
net increase in cash, cash equivalents, restricted cash, and customer funds	1,802,456,000	-946,603,000	-141,339,000	296,075,000	915,573,000	1,487,341,000	1,522,436,000	338,357,000	-37,739,000	-637,712,000	910,275,000	801,412,000	479,965,000	-211,093,000	390,532,000
cash, cash equivalents, restricted cash, and customer funds, beginning of the period	0	0	13,230,512,000	0	0	0	9,009,087,000	0	0	0	8,435,906,000	0	0
cash, cash equivalents, restricted cash, and customer funds, end of the period	1,802,456,000	-946,603,000	13,089,173,000	296,075,000	915,573,000	1,487,341,000	10,531,523,000	338,357,000	-37,739,000	-637,712,000	9,346,181,000	801,412,000	479,965,000
reconciliation of cash, cash equivalents, restricted cash, and customer funds:
cash and cash equivalents	1,951,710,000	-704,607,000	7,088,831,000	-224,557,000	500,711,000	2,045,657,000	5,753,436,000	-115,828,000	366,409,000	-315,207,000	5,061,091,000	212,415,000	311,321,000	26,901,000	3,993,565,000
short-term restricted cash	-13,929,000	63,745,000	681,774,000	271,545,000	33,078,000	-62,298,000	660,153,000	197,626,000	36,021,000	122,466,000	414,267,000	393,210,000	89,586,000	47,534,000	109,450,000
long-term restricted cash	-1,227,000	5,175,000	69,838,000	0	-1,288,000	-385,000	71,588,000	-134,000	-1,250,000	2,846,000	70,350,000	-879,000	777,000	0	71,702,000
customer funds cash and cash equivalents	-134,098,000	-310,916,000	5,248,730,000	249,087,000	383,072,000	-495,633,000	4,046,346,000	256,693,000	-438,919,000	-447,817,000	3,800,473,000	196,666,000	78,281,000	-285,528,000	3,190,905,000
total	1,802,456,000	-946,603,000	13,089,173,000	296,075,000	915,573,000	1,487,341,000	10,531,523,000	338,357,000	-37,739,000	-637,712,000	9,346,181,000	801,412,000	479,965,000	-211,093,000	7,365,622,000
gain on revaluation of equity investments													712,000	5,115,000	-49,741,000
settlements payable		0	-330,000	0	-5,000	-793,000	-7,341,000	-507,041,000	192,313,000	-74,780,000	-64,528,000	132,709,000	64,860,000	-35,000	10,360,000	4,809,000	-7,206,000	-6,918,000	24,564,000	88,657,000	-28,426,000	89,981,000	-6,684,000	14,237,000	-209,055,000	24,531,000	211,984,000	-149,137,000	62,658,000	23,714,000	2,114,000	33,374,000	39,580,000	6,061,000	-15,378,000
remeasurement loss on bitcoin investment			93,351,000
purchases and originations of loans			-5,032,615,000	-4,323,127,000	-3,976,298,000	-3,900,712,000	-3,010,609,000	-2,689,922,000	-2,125,507,000	-1,936,422,000	-1,834,442,000	-1,430,249,000	-2,302,303,000	-1,430,630,000	-951,665,000	-941,866,000	-621,290,000
proceeds from payments and forgiveness of loans			4,721,581,000	3,993,454,000	3,834,612,000	3,760,258,000	2,824,953,000	2,457,247,000	1,984,517,000	1,837,408,000	1,753,515,000	1,396,470,000	2,232,216,000	1,299,417,000	1,112,266,000
bitcoin impairment losses												8,991,000	1,619,000			0	6,000,000	45,266,000	19,860,000
goodwill and intangible asset impairment
proceeds from maturities of marketable debt securities from customer funds												0	0	0	73,000,000	49,020,000	122,281,000	146,700,000	187,500,000	145,887,000	95,000,000	77,000,000	65,000,000	42,855,000	52,200,000	30,000,000	33,000,000
proceeds from sale of marketable debt securities from customer funds												0	0	0	316,576,000	25,071,000				22,973,000	6,000,000	0	22,457,000
business combinations, net of cash acquired												0	-21,000			0	334,000			-50,000,000	-10,867,000	-5,612,000	-12,742,000	0	0	-9,124,000	-11,248,000	0	-571,000
repayments of paycheck protection program liquidity facility advances									0
payments for tax withholding related to vesting of restricted stock units												-1,000	-481,000	-1,797,000	-2,456,000	-10,605,000	-20,181,000	-140,212,000	-152,013,000	-131,412,000	-88,953,000	-44,882,000	-48,772,000	-48,220,000	-57,381,000	-55,862,000	-50,801,000	-63,225,000	-57,324,000	-40,924,000	-27,651,000	-26,384,000
bitcoin remeasurement					-5,288,000	70,116,000	-233,404,000
goodwill impairment
purchases of marketable debt securities from customer funds
purchases of bitcoin investments
proceeds from sale of equity investments																0	42,419,000	359,252,000	18,973,000
proceeds from ppp liquidity facility advances																-3,000	0	187,242,000	494,300,000	-9,402,000	25,732,000
repayments of ppp liquidity facility advances											-5,077,000	-14,277,000	-37,300,000	-56,220,000	-372,897,000	-228,122,000	-98,025,000	-127,767,000	-194,186,000
net loss									-33,760,000	-125,842,000	-19,326,000
adjustments to reconcile net loss to net cash from operating activities:
payments from originations of consumer receivables									-5,855,172,000	-5,634,992,000	-4,911,509,000
loss on extinguishment of long-term debt																				4,258,000	1,403,000	0	990,000					3,422,000
gains on revaluation of equity investments
proceeds from issuance of convertible notes
purchases of senior note hedges
proceeds from issuance of warrants																				132,595,000	0	0	99,500,000					0	0			0	0	0	57,244,000
purchase of marketable debt securities													-138,320,000	-173,391,000	-209,981,000	-371,114,000	-860,960,000	-1,081,325,000	-401,161,000	-356,084,000	-241,416,000	-360,988,000	-363,874,000	-233,614,000	-404,061,000	-161,235,000	-193,673,000	-141,286,000
purchase of marketable debt securities from customer funds																0	-101,388,000	-268,052,000	-119,411,000	-89,841,000	-287,124,000	-120,793,000	-144,494,000	-73,859,000	-149,576,000	-53,451,000	-34,613,000
originations of consumer receivables													-4,742,095,000	-5,597,528,000	-1,946,468,000
principal repayments of consumer receivables													4,850,579,000	5,744,859,000	1,943,554,000
purchase of bitcoin investments																0	0	0	-170,000,000
purchase of other investments													369,000	-22,953,000	-16,495,000	-960,000	-2,125,000	-16,955,000	-28,470,000
net increase in non-interest bearing deposits													5,118,000	32,158,000	21,633,000
non-cash interest and other														-153,834,000	-64,351,000	10,736,000	9,044,000	6,117,000	5,207,000	23,745,000	19,615,000	20,358,000	12,411,000
net cash acquired through business combination															570,703,000
cash, cash equivalents, restricted cash, and customer funds, beginning of period															6,975,090,000
cash, cash equivalents, restricted cash, and customer funds, end of period															7,365,622,000
gain on sale of asset group
transaction and loan losses																57,117,000	62,306,000	48,173,000	20,395,000	15,986,000	15,198,000	37,603,000	108,883,000
sales, principal payments, and forgiveness of loans																1,115,202,000	668,065,000
proceeds from sale of asset group
proceeds from issuance of convertible senior notes																				1,130,303,000	0	0	986,241,000					0	0			0	0	0	428,250,000
purchase of convertible senior note hedges																				-188,945,000	0	0	-149,200,000					0	0			0	0	0	-92,136,000
proceeds from issuance of senior unsecured notes																0	0
net increase in cash, cash equivalents, restricted cash and customer funds
cash, cash equivalents, restricted cash and customer funds, beginning of the year
cash, cash equivalents, restricted cash and customer funds, end of the year
reconciliation of cash, cash equivalents, restricted cash and customer funds:
gain on revaluation of equity investment																	6,836,000			-274,298,000	0			-4,141,000				16,566,000
customer funds																	166,005,000	249,157,000	-1,007,144,000	-266,277,000	68,128,000	-743,186,000	-210,201,000	-1,490,000	-77,676,000	-15,603,000	-109,439,000	25,158,000	-50,349,000	-56,194,000	-49,619,000	-17,569,000	-11,877,000	-16,069,000	-13,953,000
net increase in cash, cash equivalents, and restricted cash																	-68,442,000	1,552,006,000	-82,978,000		153,858,000	-3,709,000	911,211,000
cash, cash equivalents, and restricted cash, beginning of period																	0	0	3,201,863,000		0	0	1,098,706,000
cash, cash equivalents, and restricted cash, end of period																	-68,442,000	1,552,006,000	3,118,885,000		153,858,000	-3,709,000	2,009,917,000
loss on revaluation of equity investment																			28,900,000							4,842,000	14,087,000
purchases and originations of loans held for sale																			-812,492,000
sales and principal payments of loans held for sale																			531,716,000	278,412,000	185,786,000	485,624,000	555,584,000	621,524,000	571,335,000	508,305,000	467,518,000	449,456,000	413,428,000	379,858,000	337,092,000	293,127,000	291,978,000	317,778,000	242,431,000
charge-offs to accrued transaction losses																			-15,193,000	-18,252,000	-17,578,000	-20,370,000	-17,413,000	-21,839,000	-20,436,000	-18,607,000	-17,443,000	-17,838,000	-14,324,000	-13,188,000	-12,842,000	-13,067,000	-10,838,000	-11,065,000	-11,178,000
replacement stock awards issued in connection with acquisition																												0	142,000
purchase of loans held for sale																				-217,080,000	-153,666,000	-892,889,000	-573,502,000	-670,344,000	-560,894,000	-527,745,000	-507,755,000	-470,469,000	-404,891,000	-389,275,000	-344,976,000	-310,132,000	-303,679,000	-318,649,000	-252,170,000	-247,733,000	-208,516,000
proceeds from sale of equity investment
purchase of intangible assets																												0	0	0	-1,584,000
net cash from investing activities:
principal payment on conversion of senior notes																												-149,337,000
net increase in cash, cash equivalents and restricted cash																								444,836,000	-8,993,000	93,534,000	-63,518,000	-132,223,000	-663,302,000	652,296,000	40,995,000	41,571,000	-60,191,000	12,711,000	252,245,000
cash, cash equivalents and restricted cash, beginning of the year
cash, cash equivalents and restricted cash, end of the year
payments for other investments																									0	0	-2,000,000
recovery of common stock in connection with indemnification settlement agreement																								-280,000	0	0	-789,000	0	0
proceeds from the exercise of stock options																							31,406,000		14,860,000	41,593,000	25,328,000				31,354,000								556,000
non-cash interest and other income																								9,061,000	8,684,000	8,578,000	8,224,000	7,703,000	11,699,000	7,008,000	4,847,000	4,452,000	4,289,000	4,146,000	1,534,000
payment for termination of starbucks warrant																																0	0	0	-54,808,000
amortization of operating lease right-of-use assets and accretion of operating lease liabilities																									7,596,000	7,664,000	6,690,000
transaction, loan and advance losses																									32,722,000	34,264,000	27,841,000	24,474,000	23,596,000	21,976,000	18,031,000	16,833,000	19,893,000
cash, cash equivalents and restricted cash, beginning of period																									0	0	632,847,000		0	0	735,081,000		0	0	488,745,000
cash, cash equivalents and restricted cash, end of period																									-8,993,000	93,534,000	569,329,000		-663,302,000	652,296,000	776,076,000		-60,191,000	12,711,000	740,990,000
payment of deferred purchase consideration																										0	-95,000	-208,000
principal payments on finance lease obligation																										-1,284,000	-1,284,000
other current assets																											-19,327,000	-27,345,000	-16,565,000	-20,051,000	-13,444,000	-19,857,000	-4,061,000	-8,306,000	6,105,000	-11,975,000	4,302,000	6,014,000	-13,327,000
other non-current assets																											-2,527,000	2,234,000	821,000	-8,440,000	-1,256,000	-1,575,000
accrued expenses																											15,721,000	-23,825,000	24,932,000	3,380,000	2,703,000	-8,121,000	3,328,000	13,070,000	3,930,000	-495,000	13,870,000	-69,594,000	55,810,000
other current liabilities																											16,991,000	8,064,000	9,222,000	14,843,000	3,165,000	4,808,000	-5,452,000	4,695,000	-368,000	28,847,000	1,809,000	8,879,000	4,567,000
payments for operating lease liabilities																											-9,293,000
other non-current liabilities																											3,530,000	8,480,000	-1,222,000	1,301,000	5,379,000	3,077,000
proceeds from sale of property and equipment
purchase of equity investment
payments of offering costs related to initial public offering																																				0	0	-124,000	-5,406,000
principal payments on capital lease obligation																												-1,283,000	-1,283,000	-710,000	-665,000	-419,000	-386,000	-387,000	-247,000
accounts payable																													3,246,000	-11,706,000	1,990,000	3,292,000	1,080,000	1,602,000	-1,459,000	-1,280,000	-3,405,000	-38,000	2,576,000
deferred benefit for income taxes																														-34,000	-654,000
purchase of marketable securities																														-114,803,000	-50,221,000	-59,426,000	-171,429,000	-132,204,000	-181,851,000	-25,663,000	-36,858,000	-29,159,000	-73,086,000
proceeds from maturities of marketable securities																														33,823,000	45,450,000	62,145,000	54,015,000	36,495,000	15,569,000		9,500,000
proceeds from sale of marketable securities																																23,966,000	43,391,000	17,734,000	3,996,000		15,998,000
settlement of deferred purchase consideration
business acquisitions																															-1,055,000			0	-1,600,000
excess tax benefit from share-based payment activity
payments for investment in privately held entity
payment for acquisition of intangible assets																																				0	0	0	-400,000
business acquisitions, net of cash acquired																																-315,000
proceeds from issuance of preferred stock
proceeds from issuance of common stock upon initial public offering, net of offering costs
principal payments on debt
payments of debt issuance costs
excess tax benefit from share-based payment award
deferred benefit from income taxes																																	34,000	0	99,000	162,000	-167,000	-15,000	78,000
payment for investment in privately held entity
effect of foreign exchange rate changes on cash and cash equivalents																																	1,505,000	1,273,000	1,058,000		-136,000	1,114,000	1,558,000
other assets																																		-251,000	141,000	486,000	522,000	5,924,000	-6,301,000
other noncurrent liabilities																																		2,794,000	2,902,000		2,807,000	929,000	-1,360,000
benefit from transaction losses																																			11,558,000	13,944,000	13,483,000	16,210,000	7,182,000
gain on sale of property and equipment
customer funds obligation																																			13,953,000
proceeds from issuances of common stock from the exercise of options																																			39,280,000
benefit from uncollectible receivables related to merchant cash advances
(gain) loss on disposal of property and equipment
customer funds held
proceeds from sales and principal payments of loans held for sale																																				234,406,000	209,473,000
merchant cash advance receivable																																				3,406,000	12,398,000	27,054,000	-11,756,000
charge-offs and recoveries to accrued transaction losses																																				-15,308,000	-8,148,000	-15,536,000	-8,939,000
other liabilities
maturities of marketable securities
sales of marketable securities
increases in restricted cash
proceeds from debt
proceeds from issuances of common stock from the exercise of options and employee stock purchase plan																																				48,135,000	32,808,000
starbucks share-based instruments
benefit from (reduction in) uncollectible merchant cash advances																																					602,000
loss on disposal of property and equipment																																					-219,000
change in restricted cash																																					-20,000	-8,140,000	-313,000
net decrease in cash and cash equivalents																																					95,464,000	-28,210,000	-100,129,000
cash and cash equivalents, beginning of period																																					0	0	470,775,000
cash and cash equivalents, end of period																																					95,464,000	-28,210,000	370,646,000
benefit from uncollectible merchant cash advances																																							73,000
gain on disposal of property and equipment																																							-38,000
impairment of intangible assets
(increases) decreases in restricted cash
net increase in cash and cash equivalents
cash and cash equivalents, beginning of the year
cash and cash equivalents, end of the year

Block, Inc(NYSE:XYZ)

Block, Inc
(NYSE:XYZ)