- Q4 GPV was $10.2 billion, up 47% year
over year
- Q4 Adjusted Revenue1 was $135 million,
up 64% year over year
- Q4 Adjusted EBITDA1 was a loss of $6
million, a 9-point year over year EBITDA margin improvement
To view the pdf version of this letter, please visit
square.com/investors.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160309006294/en/
To Our Shareholders:
We are excited to report our quarterly and annual financial
results for the first time as a public company. We are off to a
great start with fourth quarter results that demonstrate both high
growth and strong operating performance. Our results show we are
executing on what we set out to do: grow our core payments business
and extend into other services that deepen our relationships with
our sellers.
In the fourth quarter of 2015, Gross Payment Volume (GPV)
increased 47% year over year to $10.2 billion. Adjusted Revenue was
$135 million, up 64% year over year, while total net revenue was
$374 million, up 49% year over year. We are not only seeing strong
growth in our core payments business but also across our Software
and Data Products. In the fourth quarter, revenue from these
products was $22 million, up 52% sequentially from $15 million in
the third quarter of 2015. Our continued and sustained growth
reflects the strength of our large base of over two million active
sellers and our ability to broaden our revenue streams. We have
momentum in our business and will continue investing to pave the
way for long-term scale and profitability.
From payment processing to point of sale, hardware to software,
business financing to payroll (and more), we have built a cohesive
commerce ecosystem that helps sellers start, run, and grow their
businesses. This makes us unique and stands in marked contrast to
the rest of the industry, which forces sellers to laboriously piece
together hardware, software, and payments services from many
different vendors.
The financial services industry as a whole is now undergoing a
significant transformation. Commerce is becoming increasingly
digital and mobile, new technologies such as EMV (chip cards) and
NFC (contactless payments) are taking hold, and consumer habits are
changing fast. For example, in December 2015, 53% of cards swiped
on Square were EMV chip cards, up from 12% in January 2015. We have
always been a leader in this space and believe we are in an ideal
position to capitalize on this industry wide shift.
As of the end of the fourth quarter, we had already received
over 350,000 pre-orders for our new contactless and chip reader.
With this reader, Square sellers can accept payments in nearly
every way their customers want to pay. It makes it easy to accept
EMV chip cards and also new, faster forms of payment such as Apple
Pay and Android Pay. It’s a simple, beautiful experience that
allows you to pay for a haircut with a tap of your phone. The
reader is for sale online and in Apple Stores around the country
for $49, and we are planning to sell the product on Amazon and in
Staples, Best Buy, and Target stores in the spring.
At the same time, we continue to develop products and services
that allow us to expand our reach and deepen our relationships with
our sellers. For example:
Square Capital is our financial
services product that delivers capital to sellers in a fast, fair,
and intelligent manner. Its growth is exceptional: We extended over
$400 million through more than 70,000 advances in 2015, with nearly
$150 million advanced in the fourth quarter. Our sellers find
Square Capital invaluable, and over 90% of those who have been
offered a second advance have accepted it.
With Instant Deposit, we can send
funds from a sale immediately to a seller’s bank account—24 hours a
day, seven days a week. We charge one percent of the dollar amount
deposited, and since launch in August 2015 through the end of the
fourth quarter, we have helped over 58,000 sellers complete nearly
600,000 deposits instantly.
With Square Invoices, sellers can
create custom digital invoices and collect payments online. Since
its launch a year and a half ago, approximately 100,000 active
sellers used Square Invoices to process their payments as of the
end of the fourth quarter.
Caviar, our restaurant delivery
service for popular local restaurants, launched in six new cities
in 2015 and is now in 17 markets across the country. Caviar enables
restaurants to serve more customers, grow their sales, and expand
their reach. The number of orders through Caviar in the fourth
quarter grew by 4.5 times year over year.
Above all, our priority is our sellers. We stand for economic
empowerment, and everything we do should serve the purpose of
giving our sellers accessible, affordable tools to grow their
businesses and participate in the economy. As a public company, our
purpose has not changed. Our sellers are our partners, and their
success is our success. That’s one of the great things about
Square: We can build a strong, growing, and profitable business by
putting our sellers first. And we will!
FINANCIAL DISCUSSION
Unless otherwise noted, all comparisons referenced here are on a
year-over-year basis and exclude contribution from Starbucks.
Gross Payment Volume (GPV)
In the fourth quarter of 2015, we processed GPV of $10.2
billion, which represents an increase of 47% from the fourth
quarter of 2014. For the full year of 2015, GPV totaled $35.6
billion, a 50% increase from the full year of 2014. GPV growth was
driven by both ongoing growth in our existing seller base and new
sellers added in 2015. GPV from larger sellers, which we define as
those that generate greater than $125,000 in annualized GPV, grew
over 70% in the fourth quarter and now represents 39% of GPV, up
from 33% a year ago.
Revenue
Adjusted Revenue was $135 million in the fourth quarter of 2015,
which represents an increase of 64%, an acceleration from the 57%
growth rate in the third quarter of 2015. For the full year of
2015, Adjusted Revenue was $452 million, an increase of 64%. Total
net revenue, which includes revenue from Starbucks, was $374
million in the fourth quarter, up 49%, and $1,267 million for the
full year of 2015, also up 49%.
Transaction revenue was $299 million in the fourth quarter of
2015, up 45%. Transaction revenue as a percentage of GPV was 2.93%
compared to 2.97% in the prior year period. The decline is
attributable to increases in free processing credits for
seller-to-seller referrals and selectively offering custom pricing
to larger sellers.
Our Software and Data Product revenue was $22 million in the
fourth quarter of 2015, growing 52% sequentially from the third
quarter. For the full year of 2015, Software and Data Product
revenue was $58 million, a nearly fivefold increase compared to the
full year of 2014.
Hardware revenue in the fourth quarter was $6 million, up 215%
from the fourth quarter of 2014, and for the full year of 2015, it
was $16 million, up 124% compared to 2014. The increase in the
fourth quarter was due in large part to the launch of our
contactless and chip reader, which began shipping in December.
Lastly, Starbucks transaction revenue was $47 million and gross
profit was breakeven in the fourth quarter of 2015, largely
benefiting from the newly renegotiated Starbucks processing rates
that went into effect beginning October 2015.
Operating Expenses/Earnings
Our operating expenses were $157 million in the fourth quarter,
up 52%. Excluding share-based compensation expenses, operating
expenses were $124 million, up 36%. While most operating expenses
will increase on an absolute basis, over time we anticipate driving
continued reductions in operating expenses as a percentage of
Adjusted Revenue as we gain economies of scale.
Product development expenses were $59 million in the fourth
quarter, up 49%, primarily reflecting growth in share-based
compensation, additions to our team, and investments in product
design and tooling, including amounts related to our contactless
and chip reader. Sales and marketing expenses were $38 million in
the fourth quarter, up 25%. Total net revenue and Adjusted Revenue
growth of 49% and 64%, respectively, substantially outpaced growth
in sales and marketing expenses—a trend that we believe points to
the positive retention and organic growth characteristics of our
business, as well as the continued optimization of our customer
acquisition channels. General and administrative expenses were $46
million in the fourth quarter, up 78%, an increase that reflects
additions to our customer support, risk operations, legal,
compliance, and finance teams that will allow us to scale our
operations as a public company.
Transaction and advance losses were $13 million in the fourth
quarter. Growth in transaction and advance losses largely reflects
the increase in GPV, as well as provisions related to growth in
Square Capital advances not sold to third parties. Transaction
losses for payment processing as a percentage of GPV were
consistent with historical levels of approximately 0.1%.
Fourth-quarter Adjusted EBITDA was a loss of $6 million,
compared to a loss of $11 million in the fourth quarter of 2014.
Adjusted EBITDA for 2015 was a loss of $41 million compared to a
loss of $68 million for 2014, representing 15 points of EBITDA
margin improvement. Looking ahead, we plan to continue balancing
future growth investments against improvements in operating
leverage.
On a GAAP basis, net loss per share attributable to common
stockholders, basic and diluted, was ($0.34) for the fourth quarter
with 235 million weighted-average shares. This includes the impact
of the deemed stock dividend of $32 million, or ($0.14) per share,
related to the issuance of additional shares to certain holders of
Series E preferred stock at the time of the initial public
offering. For the full year of 2015, net loss per share
attributable to common stockholders, basic and diluted, was ($1.24)
with 170 million weighted-average shares.
Balance Sheet/Cash Flow
We ended 2015 with $471 million in cash and equivalents. The
increase in cash and equivalents in the fourth quarter was driven
primarily by the proceeds that we raised in our initial public
offering and improvements in our cash flow from operations. In
addition, relative to 2015, we expect reductions in total capital
expenditures in 2016 since we have substantially completed major
build-outs related to our corporate headquarters.
GUIDANCE
Q1 2016 FY 2016 Adjusted
Revenue2 $132M to $137M $600M to $620M
Adjusted EBITDA2
($11M) to ($9M) $6M to $12M
Weighted-Average Shares Outstanding
332 million
Historically, the fourth quarter has been our strongest revenue
quarter, driven by strong seller GPV momentum during the holiday
season. Our first quarter is seasonally our slowest in terms of
transaction revenue sequential growth.
Additionally, in the first quarter of 2016, we will have shipped
all remaining units in our pre-order backlog for our contactless
and chip reader. Over half of the pre-ordered readers included a
promotional processing credit. As a result, we expect transaction
revenue as a percentage of GPV to be slightly depressed in the
first quarter of 2016 and, to a lesser extent, in the second
quarter of 2016.
EARNINGS WEBCAST
Square (NYSE:SQ) will host a conference call and earnings
webcast at 2:00 p.m. Pacific time/5:00 p.m. eastern time today,
March 9, to discuss these results. The domestic dial-in for the
call is (877) 656-8333 and the international dial-in is (704)
753-0403. The Conference ID is 42304430. To listen to a live audio
webcast, please visit Square’s Investor Relations website at
square.com/investors. A replay will be available on the same
website following the call.
We will release financial results for the first quarter of 2016
on May 5, 2016, after the market closes, and will also host a
conference call and earnings webcast at 2:00 p.m. Pacific time/5:00
p.m. eastern time on the same day to discuss these results.
Media Contact:
press@squareup.com
Investor Relations Contact:
ir@squareup.com
1 A reconciliation of Adjusted Revenue and other non-GAAP
metrics used in this letter to their nearest GAAP equivalents is
provided at the end of this letter.
2 While a reconciliation of non-GAAP guidance measures to
corresponding GAAP measures is not available on a forward-looking
basis, we have provided a reconciliation of GAAP to non-GAAP
financial measures in the financial statement tables at the end of
this letter.
SAFE HARBOR STATEMENT
This letter contains forward-looking statements within the
meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding the future performance of
Square, Inc. and its consolidated subsidiaries (the “Company”); the
Company’s expected financial results for future periods, including
with respect to Adjusted Revenue, Adjusted EBITDA, and the number
of weighted average shares outstanding; future growth in the
Company’s businesses; management’s statements related to business
strategy, plans, and objectives for future operations; and the
Company’s expectations regarding the timing of shipment of
products. In some cases, forward-looking statements can be
identified by terms such as “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
or “continue,” or the negative of these words or other similar
terms or expressions that concern our expectations, strategy,
plans, or intentions. Such statements are subject to a number of
risks, uncertainties, and assumptions, and investors are cautioned
not to place undue reliance on these statements. Actual results
could differ materially from those expressed or implied, and
reported results should not be considered as an indication of
future performance.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, the Company’s
ability to deal with the substantial and increasingly intense
competition in its industry; changes to the rules and practices of
payment card networks and acquiring processors; the effect of
evolving regulations and oversight related to the Company’s
provision of payments services and other financial services; and
the effect of management changes and business initiatives; changes
in political, business, and economic conditions; as well as other
risks listed or described from time to time in the Company’s
filings with the Securities and Exchange Commission (the “SEC”),
including the prospectus related to the Company’s initial public
offering of Class A common stock filed pursuant to Rule 424(b)
under the Securities Act of 1933, which are on file with the SEC
and available on the investor relations page of the Company’s
website. Except as required by law, the Company assumes no
obligation to update any of the statements in this letter.
KEY OPERATING METRICS AND NON-GAAP FINANCIAL
MEASURES
To supplement Square’s financial information presented in
accordance with generally accepted accounting principles in the
United States, or GAAP, Square considers certain operating and
financial measures that are not prepared in accordance with GAAP,
including Gross Payment Volume, Adjusted Revenue, and Adjusted
EBITDA. Each of these metrics and measures excludes the effect of
our payment processing agreement with Starbucks. We do not intend
to renew our payment processing agreement with Starbucks when it
expires in the third quarter of 2016, and we recently amended the
agreement to eliminate the exclusivity provision in order to permit
Starbucks to begin transitioning to another payment processor
starting October 1, 2015. Under the amendment, Starbucks also
agreed to pay increased processing rates to us for as long as it
continues to process transactions with us. Starbucks has announced
that it will transition to another payment processor and will cease
using our payment processing services altogether prior to the
scheduled expiration of the agreement in the third quarter of 2016.
As a result, we believe it is useful to exclude Starbucks activity
to clearly show the impact Starbucks has had on our financial
results historically, to provide insight into the impact of the
expected termination of the Starbucks agreement on our revenues
going forward, to facilitate period-to-period comparisons of our
business, and to facilitate comparisons of our performance to that
of other payment processors. Our agreements with other sellers,
including Starbucks following the amendment described above,
generally provide both those sellers and us the unilateral right to
terminate such agreements at any time, without fine or penalty.
Furthermore, we generally do not enter into long-term contractual
agreements with sellers.
We define Gross Payment Volume (GPV) as the total dollar amount
of all card payments processed by sellers using Square, net of
refunds. GPV excludes card payments processed for Starbucks.
Additionally, GPV excludes activity related to our Square Cash
peer-to-peer payments service.
Adjusted Revenue is a non-GAAP financial measure that we define
as our total net revenue less transaction costs, adjusted to
eliminate the effect of activity under our payment processing
agreement with Starbucks. As described above, Starbucks has
announced that it will transition to another payment processor and
will cease using our payment processing services altogether, and we
believe that providing Adjusted Revenue metrics that exclude the
impact of our agreement with Starbucks is useful to investors. We
believe it is useful to exclude transaction costs from Adjusted
Revenue as this is a primary metric used by management to measure
our business performance, and it affords greater comparability to
other payment processing companies. Adjusted Revenue has
limitations as a financial measure, should be considered as
supplemental in nature, and is not meant as a substitute for the
related financial information prepared in accordance with GAAP.
Adjusted EBITDA is a non-GAAP financial measure that represents
our net loss, adjusted to eliminate the effect of Starbucks
transaction revenue and Starbucks transaction costs, before
interest income and expense, provision or benefit for income taxes,
depreciation, amortization, share-based compensation expense, other
income and expense, the gain or loss on the sale of property and
equipment, and impairment of intangible assets. We have included
Adjusted EBITDA because it is a key measure used by our management
to evaluate our operating performance, generate future operating
plans, and make strategic decisions, including those relating to
operating expenses and the allocation of internal resources.
Accordingly, we believe that Adjusted EBITDA provides useful
information to investors and others in understanding and evaluating
our operating results in the same manner as our management and
board of directors. In addition, it provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of certain non-cash items and certain variable charges.
Adjusted EBITDA has limitations as a financial measure, should be
considered as supplemental in nature and is not meant as a
substitute for the related financial information prepared in
accordance with GAAP.
SQUARE, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended, Year Ended, Dec.
31,2015 Sep. 30,2015 Dec.
31,2014 Dec. 31,2015 Dec.
31,2014 Revenue: Transaction revenue $ 298,516 $ 280,955
$ 206,331 $ 1,050,445 $ 707,799 Starbucks transaction revenue
47,084 32,332 36,516 142,283 123,024 Software and data product
revenue 22,385 14,694 6,024 58,013 12,046 Hardware revenue 6,375
4,207 2,023 16,377 7,323 Total
net revenue 374,360 332,188 250,894 1,267,118
850,192 Cost of revenue Transaction costs 192,730
182,007 132,357 672,667 450,858 Starbucks transaction costs 46,896
41,410 43,066 165,438 150,955 Software and data product costs 8,650
5,593 1,941 22,470 2,973 Hardware costs 14,238 5,726 4,803 30,874
18,330 Amortization of acquired technology 2,753 1,142
400 5,639 1,002 Total cost of revenue
265,267 235,878 182,567 897,088 624,118
Gross profit 109,093 96,310 68,327
370,030 226,074 Operating expenses: Product
development 59,186 55,020 39,670 199,638 144,637 Sales and
marketing 38,448 39,259 30,873 145,618 112,577 General and
administrative 45,723 37,820 25,635 143,466 94,220 Transaction and
advance losses 13,169 16,005 6,255 54,009 24,081 Amortization of
acquired customer assets 384 423 459 1,757
1,050 Total operating expenses 156,910
148,527 102,892 544,488 376,565
Operating loss (47,817 ) (52,217 ) (34,565 ) (174,458 )
(150,491 ) Interest (income) and expense 168 137 443 1,163 1,058
Other (income) and expense (940 ) 644 367 450
1,104 Loss before income tax (47,045 ) (52,998 )
(35,375 ) (176,071 ) (152,653 ) Provision for income taxes 1,244
932 1,697 3,746 1,440 Net
loss (48,289 ) (53,930 ) (37,072 ) (179,817 ) (154,093 )
Deemed dividend on Series E preferred stock (32,200 ) — —
(32,200 ) — Net loss attributable to common
stockholders $ (80,489 ) $ (53,930 ) $ (37,072 ) $ (212,017 )
$ (154,093 ) Net loss per share attributable to common
stockholders: Basic $ (0.34 ) $ (0.35 ) $ (0.25 ) $ (1.24 ) $ (1.08
) Diluted $ (0.34 ) $ (0.35 ) $ (0.25 ) $ (1.24 ) $ (1.08 )
Weighted-average shares used to compute net loss per share
attributable to common stockholders: Basic 234,548 152,334 148,031
170,498 142,042 Diluted 234,548 152,334 148,031 170,498 142,042
SQUARE, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share
data)
December 31, 2015 2014
Assets Current assets: Cash and cash equivalents $ 470,775 $
225,300 Restricted cash 13,537 11,950 Settlements receivable
142,727 115,481 Merchant cash advance receivable, net 36,473 29,302
Other current assets 42,051 27,834 Total
current assets 705,563 409,867 Property and
equipment, net 87,222 63,733 Goodwill 56,699 40,267 Acquired
intangible assets, net 26,776 10,279 Restricted cash 14,686 14,394
Other assets 3,826 3,348 Total assets $
894,772 $ 541,888
Liabilities and
Stockholders’ Equity Current liabilities: Accounts payable $
18,869 $ 5,436 Customers payable 224,811 148,648 Accrued
transaction losses 17,176 8,452 Accrued expenses 44,401 17,368
Other current liabilities 28,945 11,202 Total
current liabilities 334,202 191,106 Debt —
30,000 Other liabilities 52,522 47,110 Total
liabilities 386,724 268,216 Stockholders’
equity: Preferred stock, $0.0000001 par value: 100,000,000 and
135,339,499 shares authorized at December 31, 2015 and December 31,
2014, respectively. None issued and outstanding at December 31,
2015 and 135,252,809 shares issued and outstanding at December 31,
2014. — 514,945 Common stock, $0.0000001 par value: 1,000,000,000
Class A shares authorized; 31,717,133 issued and outstanding at
December 31, 2015. No Class A shares authorized, issued, and
outstanding at December 31, 2014. 500,000,000 and 445,000,000 Class
B shares authorized; 303,232,312 and 154,603,683 issued and
outstanding at December 31, 2015 and December 31, 2014,
respectively. — — Additional paid-in capital 1,116,882 155,166
Accumulated other comprehensive loss (1,185 ) (807 ) Accumulated
deficit (607,649 ) (395,632 ) Total stockholders’ equity 508,048
273,672 Total liabilities and stockholders’
equity $ 894,772 $ 541,888
SQUARE, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOW
(Unaudited)
(In thousands)
Year Ended, Dec. 31,2015 Dec.
31,2014 Cash flows from operating activities: Net
loss $ (179,817 ) $ (154,093 ) Adjustments to reconcile net loss to
net cash (used in) provided by operating activities: Depreciation
and amortization 27,626 18,586 Share-based compensation 82,292
36,100 Excess tax benefit from share-based payment activity (1,101
) (1,348 ) Provision for transaction losses 43,379 18,478 Provision
for uncollectible receivables related to merchant cash advances
6,240 2,431 Deferred provision for income taxes 26 (2,664 ) Loss on
disposal of property and equipment 270 133 Changes in operating
assets and liabilities: Settlements receivable (27,420 ) (50,361 )
Merchant cash advance receivable (13,411 ) (31,733 ) Other current
assets (13,225 ) (14,323 ) Other assets 1,220 (636 ) Accounts
payable 7,831 179 Customers payable 76,008 52,956 Charge-offs and
recoveries to accrued transaction losses (34,655 ) (17,514 )
Accrued expenses 21,450 8,113 Other current liabilities 19,760
3,007 Other liabilities 11,111 23,295 Net cash (used
in) provided by operating activities 27,584 (109,394 )
Cash flows from investing activities: Purchase of property
and equipment (37,432 ) (28,794 ) Payment for acquisition of
intangible assets (1,286 ) (400 ) (Increases) decreases in
restricted cash (1,878 ) (7,075 ) Business acquisitions (net of
cash acquired) (4,500 ) 11,715 Net cash used in investing
activities: (45,096 ) (24,554 )
Cash flows from financing
activities: Proceeds from issuance of preferred stock, net
29,952 148,748 Proceeds from issuance of common stock upon initial
public offering, net of offering costs 251,257 — Proceeds from debt
— 30,000 Principal payments on debt (30,000 ) — Payments of debt
issuance costs (1,387 ) — Proceeds from the exercise of stock
options 13,840 14,056 Excess tax benefit from share-based payment
award 1,101 1,348 Net cash provided by financing
activities 264,763 194,152 Effect of foreign exchange
rate on cash and cash equivalents (1,776 ) (1,080 )
Net increase (decrease) in cash and cash
equivalents
245,475 59,124 Cash and cash equivalents, beginning of the year
225,300 166,176 Cash and cash equivalents, end of the
year $ 470,775 $ 225,300
The following table sets forth the key operating metrics and
non-GAAP financial measures we use to evaluate our business for
each of the periods indicated:
Three Months Ended, Year Ended, Dec.
31,2015 Sep. 30,2015 Dec.
31,2014 Dec. 31,2015 Dec.
31,2014 (in thousands, except GPV) Key
Operating Metrics and non-GAAP Financial Measures
(unaudited) GPV (in millions) $ 10,193 $ 9,540
$ 6,955 $ 35,643 $ 23,780 Adjusted Revenue $ 134,546
$ 117,849 $ 82,021 $ 452,168 $ 276,310 Adjusted EBITDA $ (6,069 ) $
(15,776 ) $ (10,692 ) $ (41,115 ) $ (67,741 )
The following table presents a reconciliation of total net
revenue to Adjusted Revenue for each of the periods indicated:
Three Months Ended, Year Ended, Dec.
31,2015 Sep. 30,2015 Dec.
31,2014 Dec. 31,2015 Dec.
31,2014 (in thousands) Adjusted Revenue
Reconciliation (unaudited) Total net revenue $ 374,360
$ 332,188 $ 250,894 $ 1,267,118 $
850,192 Less: Starbucks transaction revenue 47,084 32,332 36,516
142,283 123,024 Less: Transaction costs 192,730 182,007
132,357 672,667 450,858 Adjusted Revenue $
134,546 $ 117,849 $ 82,021 $ 452,168 $
276,310
The following table presents a reconciliation of net loss to
Adjusted EBITDA for each of the periods indicated:
Three Months Ended, Year Ended, Dec.
31,2015 Sep. 30,2015 Dec.
31,2014 Dec. 31,2015 Dec.
31,2014 (in thousands) Adjusted EBITDA
Reconciliation (unaudited) Net loss $ (48,289 ) $
(53,930 ) $ (37,072 ) $ (179,817 ) $ (154,093
) Starbucks transaction revenue (47,084 ) (32,332 ) (36,516 )
(142,283 ) (123,024 ) Starbucks transaction costs 46,896 41,410
43,066 165,438 150,955 Share-based compensation expense 32,806
20,793 11,447 82,292 36,100 Depreciation and amortization 9,100
6,570 5,743 27,626 18,586 Interest (income) and expense 168 137 443
1,163 1,058 Other (income) and expense (940 ) 644 367 450 1,104
Provision for income taxes 1,244 932 1,697 3,746 1,440 Loss on sale
of property and equipment 30 — 133 270 133 Impairment of intangible
assets — — — — — Adjusted EBITDA
$ (6,069 ) $ (15,776 ) $ (10,692 ) $ (41,115 ) $ (67,741 )
Share-based compensation by function:
Three Months Ended, Year Ended, Dec.
31,2015 Sep. 30,2015 Dec.
31,2014 Dec. 31,2015 Dec.
31,2014 (in thousands) (unaudited) Product
development $ 21,451 $ 13,938 $ 7,851 $ 54,738
$ 24,758 Sales and marketing 2,836 1,750 1,185 7,360 3,738
General and administrative 8,519 5,105 2,411
20,194 7,604 Total share-based compensation $ 32,806
$ 20,793 $ 11,447 $ 82,292 $ 36,100
Depreciation and amortization by function:
Three Months Ended, Year Ended, Dec.
31,2015 Sep. 30,2015 Dec.
31,2014 Dec. 31,2015 Dec.
31,2014 (in thousands) (unaudited) Cost of
revenue $ 3,935 $ 1,142 $ 400 $ 6,822 $
1,002 Product development 2,240 3,171 3,378 11,347 10,775 Sales and
marketing 3 3 2 10 108 General and administrative 2,922
2,254 1,963 9,447 6,701 Total depreciation and
amortization $ 9,100 $ 6,570 $ 5,743 $ 27,626
$ 18,586
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160309006294/en/
Square, Inc.Media Contact:press@squareup.comInvestor
Relations Contact:ir@squareup.com
Grafico Azioni Block (NYSE:SQ)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Block (NYSE:SQ)
Storico
Da Lug 2023 a Lug 2024