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OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 3 Months Ended
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, 2025December 31, 2024
Restricted cash (i)
$681,774 $902,478 
Processing costs receivable436,777 478,767 
Loans held for investment, net of allowance for credit losses (ii)
402,561 365,062 
Investments in short-term debt securities354,841 403,426 
Prepaid expenses277,289 129,343 
Accounts receivable, net166,891 148,898 
Inventory, net108,840 104,990 
Short-term deposits72,259 87,968 
Other380,199 324,198 
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, 2025December 31, 2024
Accrued expenses$747,281 $725,339 
Customer deposits276,347 241,884 
Accounts payable89,021 117,963 
Accrued royalties61,446 57,605 
Accrued transaction losses (i)
57,137 58,580 
Operating lease liabilities, current52,017 52,880 
Other300,713 270,898 
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,
20252024
Accrued transaction losses, beginning of the period$58,580 $54,042 
Provision for transaction losses29,408 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, 2025December 31, 2024
Bitcoin investment (i)
$708,450 $792,282 
Property and equipment, net311,333 314,432 
Investments in long-term debt securities273,614 471,977 
Investment in non-marketable equity securities (ii)
243,058 245,557 
Operating lease right-of-use assets209,980 219,954 
Restricted cash69,838 69,915 
Other205,800 131,794 
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,
20252024
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,
20252024
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, 2025December 31, 2024
Operating lease liabilities, non-current$265,556 $278,617 
Deferred tax liabilities162,718 162,435 
Other118,124 152,164 
Total$546,398 $593,216