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OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) | OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) Other Current Assets The following table presents the detail of other current assets (in thousands):
| March 31, 2025 |  | December 31, 2024
Restricted cash (i) | $ | 681,774 |  |  | $ | 902,478 |
Processing costs receivable | 436,777 |  |  | 478,767 |
Loans held for investment, net of allowance for credit losses (ii) | 402,561 |  |  | 365,062 |
Investments in short-term debt securities | 354,841 |  |  | 403,426 |
Prepaid expenses | 277,289 |  |  | 129,343 |
Accounts receivable, net | 166,891 |  |  | 148,898 |
Inventory, net | 108,840 |  |  | 104,990 |
Short-term deposits | 72,259 |  |  | 87,968 |
Other | 380,199 |  |  | 324,198 |
Total | $ | 2,881,431 |  |  | $ | 2,945,130 |
(i) Includes a portion invested in money market funds. Refer to Note 5, Fair Value Measurements for further details. (ii) Refer to Note 7, Customer Loans for further details. Accrued Expenses and Other Current Liabilities The following table presents the detail of accrued expenses and other current liabilities (in thousands):
| March 31, 2025 |  | December 31, 2024
Accrued expenses | $ | 747,281 |  |  | $ | 725,339 |
Customer deposits | 276,347 |  |  | 241,884 |
Accounts payable | 89,021 |  |  | 117,963 |
Accrued royalties | 61,446 |  |  | 57,605 |
Accrued transaction losses (i) | 57,137 |  |  | 58,580 |
Operating lease liabilities, current | 52,017 |  |  | 52,880 |
Other | 300,713 |  |  | 270,898 |
Total | $ | 1,583,962 |  |  | $ | 1,525,149 |
(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):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Accrued transaction losses, beginning of the period | $ | 58,580 |  |  | $ | 54,042 |  |  |  |  |
Provision for transaction losses | 29,408 |  |  | 30,819 |  |  |  |  |
Charge-offs to accrued transaction losses | (30,851) |  |  | (24,845) |  |  |  |  |
Accrued transaction losses, end of the period | $ | 57,137 |  |  | $ | 60,016 |  |  |  |  |
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 $59.0 million and $47.4 million for the three months ended March 31, 2025 and March 31, 2024, respectively, for such losses. OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) Other Non-Current Assets The following table presents the detail of other non-current assets (in thousands):
| March 31, 2025 |  | December 31, 2024
Bitcoin investment (i) | $ | 708,450 |  |  | $ | 792,282 |
Property and equipment, net | 311,333 |  |  | 314,432 |
Investments in long-term debt securities | 273,614 |  |  | 471,977 |
Investment in non-marketable equity securities (ii) | 243,058 |  |  | 245,557 |
Operating lease right-of-use assets | 209,980 |  |  | 219,954 |
Restricted cash | 69,838 |  |  | 69,915 |
Other | 205,800 |  |  | 131,794 |
Total | $ | 2,022,073 |  |  | $ | 2,245,911 |
(i) Refer to Note 11, Bitcoin for further details. (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 condensed 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):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Carrying amount, beginning of period | $ | 245,557 |  |  | $ | 205,268 |  |  |  |  |
Net additions (reductions) | (2,499) |  |  | 4,000 |  |  |  |  |
Gross unrealized gains | — |  |  | 334 |  |  |  |  |
Gross unrealized losses and impairments | — |  |  | (98) |  |  |  |  |
Carrying amount, end of period | $ | 243,058 |  |  | $ | 209,504 |  |  |  |  |
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):
| Three Months Ended March 31,
| 2025 |  | 2024
Upward adjustments | $ | 155,329 |  |  | $ | 115,521 |
Downward adjustments (including impairment) | $ | (2,061) |  |  | $ | (2,476) |
Other Non-Current Liabilities The following table presents the detail of other non-current liabilities (in thousands):
| March 31, 2025 |  | December 31, 2024
Operating lease liabilities, non-current | $ | 265,556 |  |  | $ | 278,617 |
Deferred tax liabilities | 162,718 |  |  | 162,435 |
Other | 118,124 |  |  | 152,164 |
Total | $ | 546,398 |  |  | $ | 593,216 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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