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BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2023


	December 31,
	2023		2022
	(In millions)
Accounts receivable	$	177	$	144
Allowance for doubtful accounts	(21)		(14)
Accounts receivable, net	$	156	$	130

The following tables summarize the allowance for doubtful accounts activity during the years ended December 31, 2023, 2022 and 2021:


	December 31, 2023
	On-line merchant		Consumer		In-store merchant		Credit cards		Total
	(In millions)
Balance at beginning of year	$	120	$	614	$	145	$	225	$	1,104
Net charged to Net Income	104		572		129		211		1,016
Currency translation adjustments	6		6		3		18		33
Write-offs	(111)		(600)		(140)		(218)		(1,069)
Balance at end of year	$	119	$	592	$	137	$	236	$	1,084

	December 31, 2022
	On-line merchant		Consumer		In-store merchant		Credit cards		Total
	(In millions)
Balance at beginning of year	$	79	$	232	$	76	$	48	$	435
Net charged to Net Income	109		600		139		210		1,058
Currency translation adjustments	1		(9)		(1)		(1)		(10)
Write-offs	(69)		(209)		(69)		(32)		(379)
Balance at end of year	$	120	$	614	$	145	$	225	$	1,104

The increase in write-offs, for the year ended December 31, 2023 compared to the same period in 2022, is mainly generated by higher originations of loans receivable in 2022, compared to the same period in 2021, generating a higher write-offs effect in the year ended December 31, 2023.


	December 31, 2021
	On-line merchant		Consumer		In-store merchant		Credit cards		Total
	(In millions)
Balance at beginning of year	$	20	$	45	$	13	$	—	$	78
Net charged to Net Income	75		234		74		51		434
Currency translation adjustments	(3)		(7)		(3)		—		(13)
Write-offs	(13)		(40)		(8)		(3)		(64)
Balance at end of year	$	79	$	232	$	76	$	48	$	435

Schedule of Allowance for Doubtful Accounts

The following table summarizes the allowance for doubtful accounts activity during the years ended December 31, 2023, 2022 and 2021:


	Year ended December 31,
	2023		2022		2021
	(In millions)
Balance at beginning of year	$	14	$	8	$	7
Net charged to Net income	22		9		4
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments	(15)		(3)		(3)
Balance at end of year	$	21	$	14	$	8

Schedule of Credit Card Receivables and Other Means of Payments, Net


	December 31,
	2023		2022
	(In millions)
Credit card receivables and other means of payments	$	3,653	$	2,957
Allowance for chargebacks	(17)		(11)
Allowance for doubtful accounts	(4)		—
Credit card receivables and other means of payments, net	$	3,632	$	2,946

Schedule of Allowance for Doubtful Accounts and Allowance for Chargebacks

The following tables summarize the allowance for chargebacks and the allowance for doubtful accounts activity during the years ended December 31, 2023, 2022 and 2021:


	Year ended December 31,
	2023		2022		2021
Allowance for chargebacks	(In millions)
Balance at beginning of year	$	11	$	14	$	18
Net charged to Net income	35		13		24
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments	(29)		(16)		(28)
Balance at end of year	$	17	$	11	$	14

	Year ended December 31,
	2023		2022		2021
Allowance for doubtful accounts	(In millions)
Balance at beginning of year	$	—	$	17	$	24
Net charged (credited) to Net income	4		(2)		(3)
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments	—		(15)		(4)
Balance at end of year	$	4	$	—	$	17

Schedule of Current Other Assets


	December 31,
	2023		2022
	(In millions)
VAT credits	$	25	$	17
Income tax credits	26		65
Sales tax credits	54		30
Advance to ATM providers	14		38
Advance to suppliers	46		17
Derivative instruments	1		1
Tax credit from promotional regime in Argentina	15		15
Incentives to be collected	35		59
Receivables with suppliers	3		9
Prepaid expenses	27		38
Other	31		15
Current other assets	$	277	$	304

Schedule of Noncurrent Other Assets


	December 31,
	2023		2022
	(In millions)
Judicial deposits	$	8	$	205
VAT credits	2		12
Income tax credits	4		22
Derivative instruments	22		—
Other	32		17
Non current other assets	$	68	$	256

Schedule of Property and Equipment, Net


	Estimated useful life (years)	December 31,
		2023		2022
		(In millions)
Equipment	3-5	$	248	$	254
Land and building	50 (1)	145		118
Furniture and fixtures	3-10	835		598
Software	3	694		647
Vehicles	4	151		59
Subtotal		2,073		1,676
Accumulated depreciation		(823)		(683)
Property and equipment, net		$	1,250	$	993

(1) Estimated useful life attributable to “building”.

Schedule of Depreciation and Amortization


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Cost of net revenues	$	149	$	101	$	50
Product and technology development	232		182		83
Sales and marketing	7		5		2
General and administrative	16		21		10
Depreciation and amortization	$	404	$	309	$	145

Schedule of Current Other Liabilities


	December 31,
	2023		2022
	(In millions)
Deferred revenue	$	29	$	44
Contingent considerations and escrows from acquisitions	1		11
Customer advances	36		37
Derivative instruments	21		17
Other	32		20
Current other liabilities	$	119	$	129

Schedule of Noncurrent Other Liabilities


	December 31,
	2023		2022
	(In millions)
Provisions and contingencies	$	124	$	53
Contingent considerations and escrows from acquisitions	8		7
Joint venture	—		3
Incentives collected in advance	9		13
Derivative instruments	10		7
Salaries and social security payable	—		6
Other	49		6
Non current other liabilities	$	200	$	95