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SEGMENT AND GEOGRAPHICAL INFORMATION | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL 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 June 30, 2024 |  | Six Months Ended June 30, 2024
| Cash App |  | Square |  | Corporate and Other (i) |  | Total |  | Cash App |  | Square |  | Corporate and Other (i) |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction-based revenue | $ | 98,912 |  |  | $ | 1,614,055 |  |  | $ | — |  |  | $ | 1,712,967 |  |  | $ | 208,131 |  |  | $ | 3,016,045 |  |  | $ | — |  |  | $ | 3,224,176 |
Subscription and services-based revenue | 1,418,172 |  |  | 322,617 |  |  | 47,104 |  |  | 1,787,893 |  |  | 2,750,732 |  |  | 618,835 |  |  | 100,620 |  |  | 3,470,187 |
Hardware revenue | — |  |  | 42,818 |  |  | 142 |  |  | 42,960 |  |  | — |  |  | 74,648 |  |  | 813 |  |  | 75,461 |
Bitcoin revenue | 2,611,743 |  |  | — |  |  | — |  |  | 2,611,743 |  |  | 5,342,867 |  |  | — |  |  | — |  |  | 5,342,867 |
Segment revenue | $ | 4,128,827 |  |  | $ | 1,979,490 |  |  | $ | 47,246 |  |  | $ | 6,155,563 |  |  | $ | 8,301,730 |  |  | $ | 3,709,528 |  |  | $ | 101,433 |  |  | $ | 12,112,691 |
Segment gross profit (ii) | $ | 1,298,944 |  |  | $ | 922,584 |  |  | $ | 11,952 |  |  | $ | 2,233,480 |  |  | $ | 2,557,470 |  |  | $ | 1,742,857 |  |  | $ | 27,626 |  |  | $ | 4,327,953 |
| Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2023
| Cash App |  | Square |  | Corporate and Other (i) |  | Total |  | Cash App |  | Square |  | Corporate and Other (i) |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction-based revenue | $ | 133,741 |  |  | $ | 1,503,913 |  |  | $ | — |  |  | $ | 1,637,654 |  |  | $ | 268,404 |  |  | $ | 2,791,955 |  |  | $ | — |  |  | $ | 3,060,359 |
Subscription and services-based revenue | 1,148,540 |  |  | 262,878 |  |  | 50,079 |  |  | 1,461,497 |  |  | 2,234,288 |  |  | 492,762 |  |  | 100,671 |  |  | 2,827,721 |
Hardware revenue | — |  |  | 44,922 |  |  | — |  |  | 44,922 |  |  | — |  |  | 82,373 |  |  | — |  |  | 82,373 |
Bitcoin revenue | 2,390,884 |  |  | — |  |  | — |  |  | 2,390,884 |  |  | 4,554,635 |  |  | — |  |  | — |  |  | 4,554,635 |
Segment revenue | $ | 3,673,165 |  |  | $ | 1,811,713 |  |  | $ | 50,079 |  |  | $ | 5,534,957 |  |  | $ | 7,057,327 |  |  | $ | 3,367,090 |  |  | $ | 100,671 |  |  | $ | 10,525,088 |
Segment gross profit (ii) | $ | 1,052,285 |  |  | $ | 804,033 |  |  | $ | 9,783 |  |  | $ | 1,866,101 |  |  | $ | 2,062,238 |  |  | $ | 1,495,601 |  |  | $ | 22,846 |  |  | $ | 3,580,685 |
(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 and six months ended June 30, 2024 included $13.6 million and $27.4 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Cash App for the three and six months ended June 30, 2023 included $14.3 million and $28.6 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Square for the three and six months ended June 30, 2024 included $2.2 million and $4.7 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Square for the three and six months ended June 30, 2023 included $2.7 million and $5.4 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 and six months ended June 30, 2024 and June 30, 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Total segment gross profit | $ | 2,233,480 |  |  | $ | 1,866,101 |  |  | $ | 4,327,953 |  |  | $ | 3,580,685 |
Less: Product development | 713,163 |  |  | 694,672 |  |  | 1,433,737 |  |  | 1,321,609 |
Less: Sales and marketing | 507,562 |  |  | 537,607 |  |  | 951,447 |  |  | 1,033,618 |
Less: General and administrative | 473,568 |  |  | 549,293 |  |  | 944,828 |  |  | 982,118 |
Less: Transaction, loan, and consumer receivable losses | 191,812 |  |  | 179,771 |  |  | 357,541 |  |  | 307,667 |
Less: Amortization of customer and other intangible assets | 40,813 |  |  | 36,865 |  |  | 84,095 |  |  | 73,952 |
Less: Interest income, net | (1,871) |  |  | (3,944) |  |  | (20,616) |  |  | (7,105) |
Less: Other expense (income), net | 59,532 |  |  | (14,635) |  |  | (178,292) |  |  | (92,352) |
Income (loss) before applicable income taxes | $ | 248,901 |  |  | $ | (113,528) |  |  | $ | 755,213 |  |  | $ | (38,822) |
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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 5,731,874 |  |  | $ | 5,171,558 |  |  | $ | 11,298,171 |  |  | $ | 9,836,193 |
International | 423,689 |  |  | 363,399 |  |  | 814,520 |  |  | 688,895 |
Total | $ | 6,155,563 |  |  | $ | 5,534,957 |  |  | $ | 12,112,691 |  |  | $ | 10,525,088 |
No individual country from the international markets contributed more than 10% of total revenue for the three and six months ended June 30, 2024 and June 30, 2023. Long-Lived Assets The following table details long-lived assets by geography (in thousands):
| June 30, 2024 |  | December 31, 2023
United States | $ | 7,462,022 |  |  | $ | 7,570,973 |
Australia | 4,647,329 |  |  | 4,761,535 |
Other international | 1,870,730 |  |  | 1,889,490 |
Total | $ | 13,980,081 |  |  | $ | 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. 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