
	December 31, 2024		December 31, 2023

Restricted cash (i)	$	902,478	$	770,380
Processing costs receivable	478,767		365,153
Loans held for investment, net of allowance for loan losses (ii)	365,062		247,631
Accounts receivable, net	148,898		134,824
Prepaid expenses	129,343		100,770
Inventory, net	104,990		110,097
Short term deposits (iii)	87,968		397,630
Other	324,198		227,003
Total	$	2,541,704	$	2,353,488

(i) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details.

(iii) As of December 31, 2023, includes a $350.0 million deposit held by a processor to meet requirements related to processing volumes under an arrangement that was executed in the fourth quarter of 2023. During the first quarter of 2024, this $350.0 million deposit was returned to the Company. This activity is included within cash flows from operating activities within the Company's consolidated statements of cash flows.

The following table presents the detail of accrued expenses and other current liabilities (in thousands):


	December 31, 2024		December 31, 2023
Accrued expenses	$	725,339	$	538,812
Customer deposits	241,884		167,028
Accounts payable	117,963		142,554
Accrued transaction losses (i)	58,580		54,042
Accrued royalties	57,605		62,140
Operating lease liabilities, current	52,880		53,721
Other	270,898		316,372
Total	$	1,525,149	$	1,334,669

(i) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations.

The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands):


	Year Ended December 31,
	2024		2023
Accrued transaction losses, beginning of the period	$	54,042	$	64,539
Provision for transaction losses	111,163		95,885
Charge-offs to accrued transaction losses	(106,625)		(106,382)
Accrued transaction losses, end of the period	$	58,580	$	54,042

In addition to amounts reflected in the table above, the Company recognized additional provision for transaction losses that was realized and written-off within the same period. Such losses are primarily related to Cash App transactions, such as peer-to-peer transactions and negative balances, that are uncertain in nature. The Company recorded $274.8 million and $405.6 million for the years ended December 31, 2024 and 2023, respectively, for such losses.

The following table presents the detail of other non-current assets (in thousands):


	December 31, 2024		December 31, 2023
Bitcoin investment (i)	$	792,282	$	339,898

Investment in non-marketable equity securities (ii)	245,557		205,268

Restricted cash	69,915		71,812
Other	131,794		113,111
Total	$	1,239,548	$	730,089

(ii) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the consolidated statements of operations.

The adjustments to the carrying value of the Company's non-marketable equity securities measured using the measurement alternative were as follows (in thousands):


	December 31, 2024		December 31, 2023
Carrying amount, beginning of period	$	205,268	$	208,880
Net additions	4,500		4,500
Gross unrealized gains	70,702		—
Gross unrealized losses and impairments	(34,913)		(8,112)
Carrying amount, end of period	$	245,557	$	205,268

The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):


	December 31, 2024		December 31, 2023
Upward adjustments	$	155,329	$	115,187
Downward adjustments (including impairment)	$	(2,061)	$	(2,707)