Block Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
XYZ$85.58-3.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(21,124) | $(553,005) | $158,826 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 408,560 | 340,523 | 134,757 |
| Amortization of discounts and premiums and other non-cash adjustments | (984,442) | (592,489) | 31,104 |
| Non-cash lease expense | 144,198 | 129,811 | 83,137 |
| Share-based compensation | 1,276,097 | 1,071,278 | 608,040 |
| Loss (gain) on revaluation of equity investments | 16,523 | (73,457) | (35,492) |
| Bitcoin remeasurement | (207,084) | — | — |
| Transaction, loan, and consumer receivable losses | 660,663 | 550,683 | 187,991 |
| Bitcoin impairment losses | — | 46,571 | 71,126 |
| Change in deferred income taxes | (85,879) | (69,593) | (10,435) |
| Goodwill impairment | 132,313 | — | — |
| Changes in operating assets and liabilities: | |||
| Settlements receivable | (1,108,529) | (1,499,057) | (346,217) |
| Purchases and originations of loans | (8,586,293) | (6,114,847) | (3,227,172) |
| Proceeds from payments and forgiveness of loans | 8,032,687 | 6,040,369 | 3,067,344 |
| Customers payable | 1,256,578 | 1,060,861 | 171,555 |
| Settlements payable | (454,036) | 207,894 | 15,249 |
| Other assets and liabilities | (379,271) | (369,639) | (61,983) |
| Net cash provided by operating activities | 100,961 | 175,903 | 847,830 |
| Cash flows from investing activities: | |||
| Purchases of marketable debt securities | (1,126,615) | (755,697) | (2,714,560) |
| Proceeds from maturities of marketable debt securities | 1,387,830 | 999,569 | 831,019 |
| Proceeds from sale of marketable debt securities | 339,095 | 449,723 | 617,097 |
| Purchases of marketable debt securities from customer funds | — | — | (488,851) |
| Proceeds from maturities of marketable debt securities from customer funds | — | 73,000 | 505,501 |
| Proceeds from sale of marketable debt securities from customer funds | — | 316,576 | 35,071 |
| Payments for originations of consumer receivables | (23,968,787) | (18,361,871) | — |
| Proceeds from principal repayments and sales of consumer receivables | 24,241,651 | 18,192,470 | — |
| Purchases of property and equipment | (151,151) | (170,815) | (134,320) |
| Purchases of bitcoin investments | — | — | (170,000) |
| Purchases of other investments | (33,853) | (56,712) | (48,510) |
| Proceeds from sale of equity investments | — | — | 420,644 |
| Business combinations, net of cash acquired | (4,969) | 539,453 | (163,970) |
| Net cash provided by (used in) investing activities | 683,201 | 1,225,696 | (1,310,879) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Proceeds from issuance of senior notes, net | — | — | 1,971,828 |
| Payments to redeem convertible notes | (461,761) | (1,071,788) | — |
| Proceeds from PPP Liquidity Facility advances | — | — | 681,539 |
| Repayments of PPP Liquidity Facility advances | (16,840) | (480,694) | (648,100) |
| Proceeds from warehouse facilities borrowings | 1,387,662 | 1,620,805 | — |
| Repayments of warehouse facilities borrowings | (1,118,083) | (391,463) | — |
| Proceeds from the exercise of stock options and purchases under the employee stock purchase plan | 130,433 | 81,768 | 126,719 |
| Payments for tax withholding related to vesting of restricted stock units | — | (4,735) | (323,011) |
| Net increase in interest-bearing deposits | 25,135 | 82,049 | 59,844 |
| Repurchases of common stock | (156,812) | — | — |
| Other financing activities | (19,977) | (87,692) | (9,948) |
| Change in customer funds, restricted from use in the Company's operations | (9,894) | 349,330 | 793,163 |
| Net cash provided by (used in) financing activities | (240,137) | 97,580 | 2,652,034 |
| Effect of foreign exchange rate on cash and cash equivalents | 29,156 | (38,363) | (7,066) |
| Net increase in cash, cash equivalents, restricted cash, and customer funds | 573,181 | 1,460,816 | 2,181,919 |
| Cash, cash equivalents, restricted cash, and customer funds, beginning of the period | 8,435,906 | 6,975,090 | 4,793,171 |
| Cash, cash equivalents, restricted cash, and customer funds, end of the period | $9,009,087 | $8,435,906 | $6,975,090 |
| Reconciliation of cash, cash equivalents, restricted cash, and customer funds: | |||
| Cash and cash equivalents | $4,996,465 | $4,544,202 | $4,443,669 |
| Short-term restricted cash | 770,380 | 639,780 | 18,778 |
| Long-term restricted cash | 71,812 | 71,600 | 71,702 |
| Customer funds cash and cash equivalents | 3,170,430 | 3,180,324 | 2,440,941 |
| Total | $9,009,087 | $8,435,906 | $6,975,090 |
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