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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting Information, by Segment | 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.
Reconciliation of Total Segment Profit to Income before applicable Income Taxes | 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 by Geographic Area | 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 |
Long-lived Assets by Geographic Area | 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 |

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