XML 36 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
SEGMENT AND GEOGRAPHICAL INFORMATION
 6 Months Ended
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 AppSquare
Corporate and Other (i)
TotalCash AppSquare
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 revenue1,418,172 322,617 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 revenue2,611,743 — — 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 AppSquare
Corporate and Other (i)
TotalCash AppSquare
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 revenue1,148,540 262,878 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 revenue2,390,884 — — 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,
2024202320242023
Total segment gross profit$2,233,480 $1,866,101 $4,327,953 $3,580,685 
Less: Product development713,163 694,672 1,433,737 1,321,609 
Less: Sales and marketing507,562 537,607 951,447 1,033,618 
Less: General and administrative473,568 549,293 944,828 982,118 
Less: Transaction, loan, and consumer receivable losses191,812 179,771 357,541 307,667 
Less: Amortization of customer and other intangible assets40,813 36,865 84,095 73,952 
Less: Interest income, net
(1,871)(3,944)(20,616)(7,105)
Less: Other expense (income), net59,532 (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,
2024202320242023
United States$5,731,874 $5,171,558 $11,298,171 $9,836,193 
International423,689 363,399 814,520 688,895 
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, 2024December 31, 2023
United States$7,462,022 $7,570,973 
Australia4,647,329 4,761,535 
Other international1,870,730 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.