Square, inc. (SQ)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15
Revenue:
Revenue

1,381,109

1,313,429

1,266,474

1,174,238

959,359

932,528

882,108

814,938

668,603

616,035

585,159

551,505

461,554

451,917

439,002

438,533

379,269

374,360

332,188

310,013

250,557

Cost of revenue:
Total cost of revenue

842,608

786,380

766,437

708,393

562,605

552,474

529,448

499,122

413,433

376,205

366,543

344,076

288,123

285,392

288,688

289,574

269,029

265,267

235,878

219,671

176,272

Gross profit

538,501

527,049

500,037

465,845

396,754

380,054

352,660

315,816

255,170

239,830

218,616

207,429

173,431

166,525

150,314

148,959

110,240

109,093

96,310

90,342

74,285

Operating expenses:
Product development

194,986

173,284

168,771

174,201

154,350

141,811

135,773

114,800

105,095

92,633

82,547

78,126

68,582

64,889

70,418

68,638

64,592

59,186

55,020

45,887

39,545

Sales and marketing

194,535

185,231

149,467

156,421

133,713

119,305

116,337

98,243

77,266

76,821

66,533

59,916

49,900

49,406

46,754

39,220

38,496

38,448

39,259

31,730

36,181

General and administrative

129,495

118,164

115,980

100,508

101,598

95,445

85,527

82,772

75,501

66,318

64,312

62,988

56,935

53,027

52,075

50,784

96,107

45,723

37,820

31,804

28,119

Transaction and loan losses

108,883

32,132

32,722

34,264

27,841

24,474

23,596

21,976

18,031

16,833

19,893

18,401

11,891

13,034

12,885

17,455

7,861

13,169

16,005

8,513

16,322

Amortization of acquired customer assets

4,152

-

1,003

1,294

3,487

-

1,294

672

269

-

1,804

1,943

205

-

164

222

317

384

423

482

468

Total operating expenses

628,789

509,701

467,943

466,688

418,796

383,162

362,527

318,463

276,162

252,839

233,507

219,653

187,513

180,503

182,296

176,319

207,373

156,910

148,527

118,416

120,635

Operating loss

-90,288

17,348

32,094

-843

-22,042

-3,108

-9,867

-2,647

-20,992

-13,009

-14,891

-12,224

-14,082

-13,978

-31,982

-27,360

-97,133

-47,817

-52,217

-28,074

-46,350

Interest expense, net

-9,206

-6,060

-5,632

-5,143

-4,681

-5,176

-7,224

-3,470

-2,112

-3,208

-3,080

-3,266

-499

-400

-111

327

717

-

-137

-444

-414

Other expense, net

-5,862

6,715

5,541

-1,230

-11,299

-19,439

37,800

815

-707

-

1,226

-

-

-

-

-

-

-223

-644

50

-796

Loss before income tax

-105,356

391,448

32,003

-7,216

-38,022

-27,723

20,709

-5,302

-23,811

-15,848

-16,745

-15,490

-14,581

-14,131

-32,093

-27,033

-96,416

-47,045

-52,998

-28,468

-47,560

Provision for income taxes

500

567

2,600

-500

100

451

1,100

600

175

-223

-600

472

500

1,036

230

312

339

1,244

932

1,152

418

Net loss

-105,891

390,940

29,397

-6,740

-38,151

-28,204

19,643

-5,906

-23,986

-15,663

-16,098

-15,962

-15,090

-15,167

-32,323

-27,345

-96,755

-48,289

-53,930

-29,620

-47,978

Net loss per share
Basic (in USD per share)

-0.24

0.92

0.07

-0.02

-0.09

-0.07

0.05

-0.01

-0.06

-0.05

-0.04

-0.04

-0.04

-0.04

-0.09

-0.08

-0.29

-0.36

-0.35

-0.20

-0.33

Diluted (in USD per share)

-0.24

0.86

0.06

-0.02

-0.09

-0.06

0.04

-0.01

-0.06

-0.05

-0.04

-0.04

-0.04

-0.04

-0.09

-0.08

-0.29

-0.36

-0.35

-0.20

-0.33

Weighted-average shares used to compute net loss per share
Basic (in shares)

434,940

430,278

427,124

423,305

419,289

413,985

409,690

403,301

395,948

390,331

383,951

376,357

366,737

356,515

343,893

334,488

331,324

235,336

152,334

149,253

145,069

Diluted (in shares)

434,940

555,611

466,099

423,305

419,289

348,760

474,915

403,301

395,948

390,331

383,951

376,357

366,737

356,515

343,893

334,488

331,324

235,336

152,334

149,253

145,069

Transaction-based revenue
Revenue

758,101

832,180

816,622

775,510

656,762

667,802

655,384

625,228

523,037

524,612

510,019

482,065

403,478

-

-

-

-

-

-

-

-

Cost of revenue

465,779

519,241

519,312

490,349

409,069

420,846

414,456

395,349

327,911

333,377

328,043

311,092

257,778

-

-

-

-

-

-

-

-

Subscription and services-based revenue
Revenue

255,883

237,229

239,895

216,491

190,307

168,373

141,752

111,670

77,215

-

65,051

-

-

-

-

-

-

-

-

-

-

Revenue

296,235

281,415

279,801

251,383

218,857

194,117

166,203

134,332

97,054

79,402

65,051

59,151

49,060

-

-

-

-

-

-

-

-

Cost of revenue

40,711

50,276

63,352

60,119

60,523

52,654

47,078

39,784

30,368

24,559

18,169

17,116

15,876

-

-

-

-

-

-

-

-

Hardware revenue
Revenue

20,675

22,267

21,766

22,260

18,212

18,166

17,558

18,362

14,417

12,021

10,089

10,289

9,016

8,869

8,171

11,085

16,182

6,375

4,207

3,591

2,204

Cost of revenue

34,372

-

35,672

33,268

26,941

-

23,229

25,536

19,702

-

18,775

14,173

12,662

-

15,689

14,015

26,740

14,238

5,726

6,713

4,197

Bitcoin revenue
Revenue

306,098

177,567

148,285

125,085

65,528

52,443

42,963

37,016

34,095

0

0

0

0

-

-

-

-

-

-

-

-

Cost of revenue

299,426

174,438

146,167

122,938

64,696

51,951

42,408

36,596

33,872

0

0

0

0

-

-

-

-

-

-

-

-

Technology assets
Amortization of acquired technology

2,320

1,921

1,934

1,719

1,376

1,376

2,277

1,857

1,580

1,486

1,556

1,695

1,807

1,886

1,886

1,886

2,370

2,753

1,142

1,142

602

Customer assets
Amortization of acquired customer assets

890

-

-

-

1,294

-

-

-

-

-

222

222

-

-

-

-

-

-

-

-

-