Block Inc
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Transaction-based revenue | $1,712,967 | $1,637,654 | $3,224,176 | $3,060,359 |
| Subscription and services-based revenue | 1,787,893 | 1,461,497 | 3,470,187 | 2,827,721 |
| Hardware revenue | 42,960 | 44,922 | 75,461 | 82,373 |
| Bitcoin revenue | 2,611,743 | 2,390,884 | 5,342,867 | 4,554,635 |
| Total net revenue | 6,155,563 | 5,534,957 | 12,112,691 | 10,525,088 |
| Cost of revenue: | ||||
| Transaction-based costs | 1,000,055 | 950,523 | 1,873,220 | 1,771,310 |
| Subscription and services-based costs | 291,801 | 279,223 | 561,469 | 543,315 |
| Hardware costs | 68,309 | 74,085 | 119,094 | 132,870 |
| Bitcoin costs | 2,544,329 | 2,346,633 | 5,195,339 | 4,460,008 |
| Amortization of acquired technology assets | 17,589 | 18,392 | 35,616 | 36,900 |
| Total cost of revenue | 3,922,083 | 3,668,856 | 7,784,738 | 6,944,403 |
| Gross profit | 2,233,480 | 1,866,101 | 4,327,953 | 3,580,685 |
| Operating expenses: | ||||
| Product development | 713,163 | 694,672 | 1,433,737 | 1,321,609 |
| Sales and marketing | 507,562 | 537,607 | 951,447 | 1,033,618 |
| General and administrative | 473,568 | 549,293 | 944,828 | 982,118 |
| Transaction, loan, and consumer receivable losses | 191,812 | 179,771 | 357,541 | 307,667 |
| Amortization of customer and other acquired intangible assets | 40,813 | 36,865 | 84,095 | 73,952 |
| Total operating expenses | 1,926,918 | 1,998,208 | 3,771,648 | 3,718,964 |
| Operating income (loss) | 306,562 | (132,107) | 556,305 | (138,279) |
| Interest income, net | (1,871) | (3,944) | (20,616) | (7,105) |
| Other expense (income), net | 59,532 | (14,635) | (178,292) | (92,352) |
| Income (loss) before income tax | 248,901 | (113,528) | 755,213 | (38,822) |
| Provision (benefit) for income taxes | 59,029 | (8,150) | 94,521 | (29,272) |
| Net income (loss) | 189,872 | (105,378) | 660,692 | (9,550) |
| Less: Net loss attributable to noncontrolling interests | (5,396) | (3,336) | (6,581) | (5,824) |
| Net income (loss) attributable to common stockholders | $195,268 | $(102,042) | $667,273 | $(3,726) |
| Net income (loss) per share attributable to common stockholders: | ||||
| Basic | $0.32 | $(0.17) | $1.08 | $(0.01) |
| Diluted | $0.31 | $(0.17) | $1.05 | $(0.01) |
| Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: | ||||
| Basic | 617,666 | 606,692 | 617,033 | 604,476 |
| Diluted | 634,221 | 606,692 | 636,751 | 604,476 |
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