v3.24.3
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)
 9 Months Ended
Sep. 30, 2024
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):
  September 30, 2024December 31, 2023
Restricted cash (i)
$630,933 $770,380 
Processing costs receivable467,208 365,153 
Loans held for investment, net of allowance for loan losses (ii)
260,718 247,631 
Accounts receivable, net148,880 134,824 
Inventory, net118,148 110,097 
Prepaid expenses107,029 100,770 
Short term deposits (iii)
57,208 397,630 
Other225,578 227,003 
Total$2,015,702 $2,353,488 

(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.

(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.

Accrued Expenses and Other Current Liabilities

The following table presents the detail of accrued expenses and other current liabilities (in thousands):    
  September 30, 2024December 31, 2023
Accrued expenses$574,327 $538,812 
Customer deposits240,715 167,028 
Accounts payable94,154 142,554 
Accrued transaction losses (i)
58,961 54,042 
Accrued royalties56,967 62,140 
Operating lease liabilities, current53,529 53,721 
Other255,192 316,372 
Total$1,333,845 $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):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Accrued transaction losses, beginning of the period$81,309 $62,758 $54,042 $64,539 
Provision for transaction losses5,617 29,798 86,167 79,000 
Charge-offs to accrued transaction losses(27,965)(20,929)(81,248)(71,912)
Accrued transaction losses, end of the period$58,961 $71,627 $58,961 $71,627 

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, disputes, and negative balances, that are uncertain in nature. The Company recorded $87.7 million and $219.4 million for the three and nine months ended September 30, 2024, respectively, for such losses. The Company recorded $111.1 million and $337.3 million for the three and nine months ended September 30, 2023, 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):
  September 30, 2024December 31, 2023
Bitcoin investment (i)
$529,581 $339,898 
Investments in long-term debt securities432,176 251,127 
Property and equipment, net323,310 296,056 
Operating lease right-of-use assets226,204 244,701 
Investment in non-marketable equity securities (ii)
211,565 205,268 
Restricted cash69,915 71,812 
Other131,728 122,508 
Total$1,924,479 $1,531,370 

(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. Unrealized gains and losses were immaterial during the three and nine months ended September 30, 2024 and 2023.

The following table summarizes the total carrying value of the Company's non-marketable equity securities measured using the measurement alternative, including our cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in thousands):
  September 30, 2024December 31, 2023
Initial cost basis$97,076 $92,788 
Upward adjustments119,276 115,187 
Downward adjustments (including impairment)(4,787)(2,707)
Total carrying value$211,565 $205,268 
Other Non-Current Liabilities

The following table presents the detail of other non-current liabilities (in thousands):
  September 30, 2024December 31, 2023
Operating lease liabilities, non-current$287,712 $289,788 
Deferred tax liabilities40,928 35,695 
Other146,447 154,972 
Total$475,087 $480,455