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SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHICAL INFORMATION The Company reports its segments to reflect the manner in which the Company's CODM reviews and assesses performance. Accordingly, the Company has two reportable segments, Square and Cash App. In the fourth quarter of 2023, the Company reorganized its business structure and moved the business activities, management, and the financial results of the Company's BNPL platform fully into Cash App. Accordingly, the segment results below include the financial results of the BNPL platform solely within the Cash App segment. Products and services that are not assigned to a specific reportable segment, including but not limited to TIDAL and other emerging ecosystems, are aggregated and presented within a general Corporate and Other category. Square and Cash App are defined as follows: •Cash App includes the financial tools available to individuals within the mobile Cash App, including peer-to-peer payments, bitcoin and stock investments. Cash App also includes Cash App Card which is linked to customer stored balances that customers can use to pay for purchases or withdraw funds from an ATM. Cash App also includes the BNPL platform. •Square includes managed payment services, software solutions, hardware, and financial services offered to sellers, excluding those that involve Cash App. The primary financial measures used by the CODM to evaluate performance and allocate resources are revenue and gross profit. The CODM does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not included. The following tables present information on the reportable segments revenue and segment gross profit (in thousands):
| Three Months Ended March 31, 2024 |  |
| Cash App |  | Square |  | Corporate and Other (i) |  | Total |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction-based revenue | $ | 109,220 |  |  | $ | 1,401,989 |  |  | $ | — |  |  | $ | 1,511,209 |  |  |  |  |  |  |  |  |
Subscription and services-based revenue | 1,332,560 |  |  | 296,218 |  |  | 53,516 |  |  | 1,682,294 |  |  |  |  |  |  |  |  |
Hardware revenue | — |  |  | 31,830 |  |  | 671 |  |  | 32,501 |  |  |  |  |  |  |  |  |
Bitcoin revenue | 2,731,124 |  |  | — |  |  | — |  |  | 2,731,124 |  |  |  |  |  |  |  |  |
Segment revenue | $ | 4,172,904 |  |  | $ | 1,730,037 |  |  | $ | 54,187 |  |  | $ | 5,957,128 |  |  |  |  |  |  |  |  |
Segment gross profit (ii) | $ | 1,258,527 |  |  | $ | 820,272 |  |  | $ | 15,674 |  |  | $ | 2,094,473 |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, 2023 |  |
| Cash App |  | Square |  | Corporate and Other (i) |  | Total |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction-based revenue | $ | 134,663 |  |  | $ | 1,288,042 |  |  | $ | — |  |  | $ | 1,422,705 |  |  |  |  |  |  |  |  |
Subscription and services-based revenue | 1,085,748 |  |  | 229,884 |  |  | 50,592 |  |  | 1,366,224 |  |  |  |  |  |  |  |  |
Hardware revenue | — |  |  | 37,451 |  |  | — |  |  | 37,451 |  |  |  |  |  |  |  |  |
Bitcoin revenue | 2,163,751 |  |  | — |  |  | — |  |  | 2,163,751 |  |  |  |  |  |  |  |  |
Segment revenue | $ | 3,384,162 |  |  | $ | 1,555,377 |  |  | $ | 50,592 |  |  | $ | 4,990,131 |  |  |  |  |  |  |  |  |
Segment gross profit (ii) | $ | 1,009,953 |  |  | $ | 691,562 |  |  | $ | 13,069 |  |  | $ | 1,714,584 |  |  |  |  |  |  |  |  |
(i) Corporate and Other represents results related to products and services that are not assigned to a specific reportable segment, and intersegment eliminations. (ii) Segment gross profit for Cash App for the three months ended March 31, 2024 and March 31, 2023 included $13.7 million and $14.4 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Square for the three months ended March 31, 2024 and March 31, 2023 included $2.5 million and $2.7 million of amortization of acquired technology assets expense, respectively. Amortization of acquired technology assets expense included in Corporate and Other was immaterial for the three months ended March 31, 2024 and March 31, 2023. The following table provides a reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Total segment gross profit | $ | 2,094,473 |  |  | $ | 1,714,584 |  |  |  |  |
Less: Product development | 720,574 |  |  | 626,937 |  |  |  |  |
Less: Sales and marketing | 443,885 |  |  | 496,011 |  |  |  |  |
Less: General and administrative | 471,260 |  |  | 432,825 |  |  |  |  |
Less: Transaction, loan, and consumer receivable losses | 165,729 |  |  | 127,896 |  |  |  |  |
Less: Amortization of customer and other intangible assets | 43,282 |  |  | 37,087 |  |  |  |  |
Less: Interest income, net | (18,745) |  |  | (3,161) |  |  |  |  |
Less: Other income, net | (237,824) |  |  | (77,717) |  |  |  |  |
Income before applicable income taxes | $ | 506,312 |  |  | $ | 74,706 |  |  |  |  |
Revenue Revenue by geography is based on the addresses of the sellers or customers. The following table details revenue by geographic area (in thousands):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
United States | $ | 5,566,297 |  |  | $ | 4,664,635 |  |  |  |  |
International | 390,831 |  |  | 325,496 |  |  |  |  |
Total | $ | 5,957,128 |  |  | $ | 4,990,131 |  |  |  |  |
No individual country from the international markets contributed more than 10% of total revenue for the three months ended March 31, 2024 and March 31, 2023. Long-Lived Assets The following table details long-lived assets by geography (in thousands):
| March 31, 2024 |  | December 31, 2023
United States | $ | 7,512,224 |  |  | $ | 7,570,973 |
Australia | 4,546,350 |  |  | 4,761,535 |
Other international | 1,869,946 |  |  | 1,889,490 |
Total | $ | 13,928,520 |  |  | $ | 14,221,998 |
Assets by reportable segment were not included, as this information is not reviewed by the CODM to make operating decisions or allocate resources and is reviewed on a consolidated basis.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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