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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2024

Block, Inc.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)

001-37622 80-0429876 (Commission (IRS Employer File Number) Identification No.)

1955 Broadway, Suite 600 Oakland, CA 94612[1]

(Address of principal executive offices, including zip code)

(415) 375-3176

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Trading Name of each exchange Title of each class Symbol(s) on which registered Class A Common Stock, $0.0000001 par value per SQ New York Stock Exchange share

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1 We have adopted a distributed work model and, therefore, have no formal headquarters. This address represents our “principal executive office,” which we are required to identify under Securities and Exchange Commission rules.

Item 2.02 Results of Operations and Financial Condition.

On August 1, 2024, Block, Inc. (the “Company”) issued a Shareholder Letter (the “Letter”) announcing its financial results for the second quarter ended June 30, 2024. In the Letter, the Company also announced that it would be holding a conference call and earnings webcast on August 1, 2024 at 2:00 p.m. Pacific Time to discuss its financial results for the second quarter ended June 30, 2024. The Letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).

The Company is making reference to non-GAAP financial information in both the Letter and the conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the Letter.

The information furnished pursuant to Item 2.02 on this Report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

On August 1, 2024, the Company announced that its board of directors approved an increase to the Company’s previously announced $1.0 billion share repurchase program, which has been completed, authorizing the repurchase of up to an additional $3.0 billion of the Company’s Class A common stock.

Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. The goal of the program is to return capital to stockholders as part of the Company’s overall capital allocation strategy.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description 99.1 Shareholder Letter, dated August 1, 2024. 104 Cover Page Interactive Data File, formatted in inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLOCK, INC.

Date: August 1, 2024

[By:][/s/ Chr][y][st][y][ Es][p][eranza] Chrysty Esperanza Chief Legal Officer and Corporate Secretary

Exhibit 99.1

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August 1, 2024

To Our Shareholders

We’re currently on track to reach Rule of 40 by 2026, with Adjusted Operating Income margins expanding significantly year over year for both Square and Cash App . We’re continuing to build a strong foundation to improve our growth into 2025, and today we want to discuss our plans for improving Square’s go to market approach. There are four parts to this: sales , partnerships , marketing , and most importantly, product . We’ll start with sales.

We’re announcing today that Nick Molnar, CEO and co-founder of Afterpay, is going to lead a centralized sales function across Block , inclusive of Square, reporting to me.

One of the reasons we acquired Afterpay was to strengthen sales across Square and Cash App. Afterpay has brought a high-performing sales culture into parts of our business , and we’ve already seen this drive the growth of Cash App products, like Cash App Pay in addition to BNPL. We want to extend this strength across the company.

Nick will focus immediately on raising the performance bar of the Square team, continuing to hire across inbound and outbound sales, building out our field sales strategy and team, strengthening our sales motion (materials, training, incentives), and connecting our ecosystems and consumer scale with Cash App , which can’t be easily replicated by our competitors.

I’m confident this move with sales will put Square back in the lead for sellers around the world. Partnerships are another angle where we’ve made progress. Partnerships aren’t new for us. We have hundreds of partners in our App Marketplace, including longstanding partnerships with Restaurant365, Wix, and Intuit QuickBooks. Many of those partnerships, especially in the US, have been technology oriented. We’ll continue to invest in technology driven partnerships, and enhance our APIs and SDKs so that these partners can continue to benefit from our product and platform innovation.

More recently we have been ramping up our investments in our partnerships ecosystem, with strong emphasis on scaling up our distribution network. We are seeing this work begin to pay off. In the second quarter, we signed multiple partnership agreements with large food distributors, including US Foods. We are now partnered with some of the largest companies in the food and beverage ecosystem that have critical relationships with up to 40% of the restaurants in the US. Together with our food distributor partners, we want to help the restaurant industry shift away from legacy solutions toward more modern software and banking tools. We think we can do so in a way that provides a better experience at a lower total cost of ownership and more transparent pricing than our peers .

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BLOCK Q2 2024 2

We are also exploring more partnerships in international markets that will extend and augment our sales teams. We’ve had some successful distribution partners outside the US, including banks in Japan and the UK that have been important to standing up our go to market motions in those countries. With a renewed focus on distribution partnerships globally, we are seeing some early success expanding our distribution footprint further, most notably in Europe, and will scale these more.

We’ve improved our marketing strategy with new channels and a plan to increase investment in the back half of the year. In the past, our marketing has been geared towards direct onboarding of customers, including larger sellers. We are currently seeing the strongest returns on our marketing investment in several years , and we will be scaling this area of acquisition spend alongside product changes. We’re also focusing our spend on fewer verticals and fewer campaigns compared to before, to optimize for reach and frequency within target audiences.

Our updated marketing approach will also focus on standing up new marketing motions to substantially accelerate our sales pipeline, supporting the leadership and strategy changes we’re making in sales. This multi-channel business-to-business marketing strategy will include more brand marketing investment as well as growing investment in tactics like trade shows and webinars. We’ll also go local. We’ll invest with geographic focus on cities that our sales team is also heavily targeting through both field sales and inside sales efforts. Similar to sales, we’re also adding strong leaders on marketing and recently hired a Marketing Lead for Square who brings many years of business-to-business marketing experience to Square’s leadership team.

Our greatest strength has always been our product experience. Launching our new partnership strategy, spending more in proven high return marketing channels, and enhancing our internal sales strategies with new leadership, all provide us with the opportunity to drive faster GPV growth . The timing of these go-to-market improvements aligns well with our accelerating product velocity, as our growth strategy is still deeply rooted in product excellence for our sellers.

Product-led growth remains a core pillar of our go-to-market strategy because self-serve onboarding is still Square’s most important customer acquisition channel. Self-serve onboarding is an important differentiator for Square and one of our super powers. Many of our competitors don’t even offer this as an option.

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BLOCK Q2 2024 3

Our new onboarding platform was completed in July and is now rolling it out to eligible sellers in the US. The new onboarding process is simpler, reducing the number of steps required to onboard onto Square from more than 30 to only 4. It also allows more customization based on the traits of a given seller, saving them time during onboarding and introducing them to relevant products at the optimal point in their onboarding journey. With our new platform in place, we’ve made it much easier to test new onboarding flows at scale, allowing us to optimize our growth more efficiently in the future.

We’re currently working to simplify the pricing, packaging, and design of our products. This work makes our products more intuitive for our sellers, allowing them to onboard more easily and use more of our ecosystem, driving greater growth potential through improving retention and cross sell opportunities. Our orders migration is nearly complete, unlocking a range of important features, and sellers will start to see our single point of sale app before the end of the year. As this platform work finishes, we’re executing a more distribution focused partnership strategy, ramping up high ROI marketing spend, and refreshing our sales strategies with some of the best sales leadership in the industry.

We’ve done a lot of work we’re proud of to reach more sellers around the world, and we’re excited to prove that through the growth of our sellers. This was the final piece of Square we wanted to fix cohesively, and I’m happy to finally say…it’s well on the way.

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Jack Dorsey
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BLOCK Q2 2024 4

Q2’24 Highlights

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In the second quarter of 2024, gross profit grew 20% year over year to $2.23 billion. Square generated gross profit of $923 million, up 15% year over year, and Cash App generated gross profit of $1.30 billion, up 23% year over year.

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We delivered year-over-year improvement across all profitability measures in the second quarter of 2024. Operating income was $307 million while Adjusted Operating Income was $399 million. Net income attributable to common stockholders was $195 million and Adjusted EBITDA was $759 million, up 98% year over year.

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Margins above are all calculated as a percent of gross profit. In the second quarter of 2024, total net revenue was $6.16 billion, up 11% year over year, and, excluding bitcoin revenue, revenue was $3.54 billion, up 13% year over year.

The quarterly net income and EPS results reported in this letter reflect the impact of ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which we early adopted in the fourth quarter of 2023 using the modified retrospective approach. In the second quarter of 2024, net income included a remeasurement loss on our bitcoin investment of $70 million.

In the fourth quarter of 2023, we began reporting the financial results of our BNPL platform fully within Cash App, rather than allocating 50% of revenue and gross profit to each of Square and Cash App. The prior period segment financial information in this letter has been revised to conform to the updated segment reporting.

Reconciliations of non-GAAP financial measures used in this letter to their nearest GAAP equivalents are provided at the end of this letter. We have not provided the forward-looking GAAP equivalent or reconciliation of segment Adjusted Operating Income (Loss) as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense. Please see these reconciliations for additional detail and a description of certain items that affected operating income (loss) and net income (loss) in the second quarter of 2024.

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BLOCK Q2 2024 5

Square

Square is executing on four priorities: offering a rock-solid and flexible platform, providing a “local” experience to sellers of all sizes, growing with AI, and banking on Square.

We’re focused on launching products faster to help our sellers grow, save them more time, and attract new sellers.

In the second quarter, we released more than a dozen new product and feature enhancements for our retail sellers. Retail sellers can now quickly build custom websites and write product descriptions using generative AI, improving their ability to build a unique brand. These innovations, coupled with advancements in inventory management and unit cost analysis, can save our sellers time and help them understand their businesses better.
Our orders migration platform work is on track to be completed by the end of the summer, and we are beginning to see these efforts pay off: We launched Square Kiosk in the U.S. in July, built on our orders platform, to enable our food and beverage sellers to offer self-serve kiosks for their customers. This allows them to better manage their labor costs, reduce wait times, improve order accuracy, and streamline the ordering experience. Our orders platform enables pre-authorization capabilities, which is a critical unlock for products such as Bar Tabs, which we are currently testing with select customers.
Packages have been a highly requested feature among Square sellers who offer services. As of the second quarter, sellers can use Square Appointments to create packages of services or classes that their customers can purchase and redeem over time. This allows sellers to receive cash up front, experiment with offerings, increase customer loyalty, and speed up the checkout process.

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We recently introduced more than a dozen new product and feature enhancements to help retail sellers more efficiently manage their

businesses.

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In July, we launched Square Kiosk in the U.S. Square Kiosk is easy for restaurants to set up and can be placed anywhere — from the wall to flat on the counter to mounted on a stand or swing arm — to save counter space.

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BLOCK Q2 2024 6

We’re working to get more sellers onto our platform, faster.

Partnerships are a critical element of expanding Square’s reach. We’ve elevated our partnership strategy and its importance in our go-to-market approach. In the second quarter, we signed multiple agreements with prominent food distributors, including US Foods. We now have distribution agreements with critical food and beverage partners that provide access to up to 40% of restaurants in the U.S. We believe signing these partnership agreements can help accelerate acquisition of new sellers.
In July, we completed our new onboarding platform and are now rolling it out to eligible sellers in the U.S. We have reduced the steps required to onboard onto Square from more than 30 to only four, while also enabling new sellers to explore and use our products earlier in the onboarding process. Our new onboarding flow is designed to provide a tailored experience for each specific seller, which can help save sellers’ time and increase product adoption.
In June, we began rolling out an easier and faster process for sellers in the U.K. to link external bank accounts, significantly streamlining onboarding. External bank linking is a critical step in account activation and this improvement allows U.K. sellers to begin processing payments several days faster than the prior manual, cumbersome process.

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BLOCK Q2 2024 7

Cash App

Our top priority is banking our base by driving paycheck deposit adoption and increasing inflows per active. We intend on doing this by continuing to build trust and round out our financial services product offerings in combination with a tailored go-to-market approach.

Cash App is focused on expanding access to financial services.

¹According to a 2023 survey, “Getting Paid in America,” by Payroll.org.

More than two-thirds of Americans would find it difficult to meet their current financial obligations if their next paycheck were delayed by one week.¹ Many Americans also pay hundreds of dollars per year in fees for basic financial services. We have an opportunity to serve millions of these consumers with better financial services products at a lower cost. Cash App has attractive benefits for customers who deposit $300, including a 4.5% savings rate, free in-network ATM withdrawals, free overdraft coverage up to a certain amount, priority phone support, and more.
Our goal is to deliver the safest and most useful card spending experience on the market that motivates customers to consolidate all their spending on Cash App. In the second quarter, we started to roll out Cash App Card spending insights, a new experience that provides Cash App Card actives with a deeper understanding into their spending habits to help them make more informed financial decisions.

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We launched Cash App Card spending insights in June to help our actives analyze their spending habits.

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BLOCK Q2 2024 8

� Many U.S. consumers have never had access to credit through their traditional banking relationships. Cash App Borrow uses our unique insights into inflows and payment behavior to assess eligibility, enabling us to identify and proactively offer loans to eligible customers. On average, a Borrow loan is less than $100 and one month in duration, which is much smaller and shorter-term than what a typical bank can offer —

²According to a 2024 creditindustry report from TransUnion, usually thousands of dollars and often years-

“TransUnion Unsecured Personal long.[2] We believe this is why Cash App Borrow

Lending Industry InsightsReport.” has resonated well with our customer base, with more than $2 billion in originations in the second quarter, up nearly 3x year over year. A App account that has at least one transacting active is a Cash We’re excited about further expanding access to

financial transaction using any credit as we continue to test BNPL on Cash App

product or service within Cash Card. App during a specified period. A transacting active for a specific Cash App product has at least

one financial transaction using We believe there is an opportunity to make Cash App

that product during the specifiedperiod and is referred to as an the primary financial services partner of choice for 24MM active . Examples of transactions families earning up to $150,000, and we are starting Cash App Card monthly

include sending or receiving apeer-to-peer payment, to leverage marketing to drive paycheck deposit actives, which increased13% year over year.

transferring money into or out of adoption and increase inflows per active. Cash App, making a purchase using Cash App Card, earning a

dividend on a stock investment,and paying back a loan, among � Over the past six months, we have rolled out

others. Certain of these accounts various benefits for customers when they receive may share an alias identifier with one or more other transacting their paycheck into Cash App. To make these

active accounts. This could benefits more discoverable, we have made represent, among other things, one customer with multiple changes to how financial services are

accounts or multiple customers positioned in Cash App across email, push sharing one alias identifier (for example, families). notifications, and in-app messages to drive

24MM Cash App Card monthly

Over the past six months, we have rolled out various benefits for customers when they receive their paycheck into Cash App. To make these benefits more discoverable, we have made changes to how financial services are positioned in Cash App across email, push notifications, and in-app messages to drive incremental conversion.

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A paycheck deposit active is a Cash App account that receives ACH inflows during a specified period, but excludes tax refunds and ACH transfers. There are certain features that a paycheck deposit active gets access to if they deposit a certain amount of money each month, such as free overdraft coverage and a 4.5% yield on their Cash App Savings account, among other benefits.

We have seen that offering incentives can be a powerful tool in driving adoption, using referrals in the early days of Cash App to drive peer to peer and then using incentives through offers and instant discounts to drive Cash App Card adoption. We recently started testing incentives to drive new paycheck deposit actives as a growth strategy, and will be measured in our approach as we start to understand the impact.

Using email, push notifications, and in-app messages, we are working on packaging and positioning the various benefits our actives receive when they deposit their paycheck in Cash App.

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BLOCK Q2 2024 9

We’re driving commerce across a variety of products to maximize the number of places and ways people can shop with Cash App.

With a scaled seller and consumer ecosystem, we have a unique opportunity to connect tens of millions of buyers with local merchants. In the second quarter, we started to test Cash App Local with a handful of Square sellers, allowing customers to order from Cash App and earn cash back when shopping at sellers by signing up through a QR code or at the point of sale. Sellers are excited to join the program, but we’re starting small as we identify the most compelling offerings.

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BLOCK Q2 2024 10

Financial Discussion

Reconciliations of non-GAAP metrics used in this letter to their nearest GAAP equivalents are provided at the end of this letter.

Bitcoin gross profit was $67 million in the second quarter of 2024. The total sale amount of bitcoin sold to customers, which we recognize as bitcoin revenue, was $2.61 billion. Bitcoin gross profit was 3% of bitcoin revenue.

Margins are calculated as a percent of gross profit.

We outperformed our gross profit and profitability guidance in the second quarter of 2024. Gross profit grew 20% year over year to $2.23 billion. Cash App exceeded our expectations with gross profit growth of 23% year over year, driven primarily by growth in inflows per active and an increase in monetization rate, behind strong performance across Cash App Card, Cash App Borrow, and our BNPL platform. Square gross profit grew 15% year over year in the second quarter, in line with our expectations, behind strength in software and integrated payments and our banking products.

We continued to improve profitability, delivering operating income of $307 million and Adjusted Operating Income of $399 million. Operating income margin was 14% and Adjusted Operating Income margin was 18% as strong growth and disciplined expense management enabled us to achieve meaningful margin expansion during the quarter. We believe we can continue to drive profitability by remaining below our people cap and leveraging our scale to improve our cost structure across a range of different expense areas.

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At the same time, we are investing in key initiatives that we believe will drive sustainable long-term growth. For Square, we are investing in our sales and partnership development initiatives while improving our platform and increasing product velocity. For Cash App, we’re focused on building out our financial services offerings and leveraging marketing to highlight these capabilities to drive continued strength in inflows per active.

Rule of 40 is the sum of our gross profit growth and Adjusted Operating Income margin as a percent of gross profit.

We expect to reach our Rule of 40 target in 2026 and are encouraged by the opportunity to drive sustained, profitable growth at scale.

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BLOCK Q2 2024 11

BLOCK TOTAL REVENUE AND GROSS PROFIT

In the second quarter of 2024, In the second quarter of 2024, total net revenue was gross profit is reduced by$18 million of amortization of $6.16 billion, up 11% year over year. Excluding acquired technology assets. bitcoin revenue, revenue was $3.54 billion, up 13% year over year. Gross profit was $2.23 billion, up 20% year over year. Transaction-based revenue was $1.71 billion in the second quarter of 2024, up 5% year over year, and transaction-based gross profit was $713 million, up 4% year over year. We processed $61.94 billion in GPV in the second quarter of 2024, up 5% year over GPV includes Square GPV andCash App Business GPV. Square year. Transaction-based gross profit as a percentage GPV is defined as the total dollar of GPV was 1.15%, down 1 basis point year over amount of all card paymentsprocessed by sellers using year and 2 basis points quarter over quarter. Square, net of refunds, and ACH transfers. Cash App BusinessGPV comprises Cash App Subscription and services-based revenue was activity related to peer-to-peer $1.79 billion in the second quarter of 2024, up 22% transactions received bybusiness accounts and year over year, and subscription and services-based peer-to-peer payments sent from gross profit was $1.50 billion, up 27% year over year. a credit card. GPV does not include transactions from our BNPL platform because GPV is related only to transaction-based revenue and not to subscription and services-based revenue. Revenue from our BNPL platform includes fees generated from consumer receivables, late fees, and certain affiliate and advertising fees from the platform.

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BLOCK Q2 2024 12

SQUARE REVENUE AND GROSS PROFIT

In the second quarter of 2024, Square generated $1.98 billion of revenue and $923 million of gross profit, up 9% and 15% year over year, respectively. Square generated $1.61 billion of transaction-based revenue in the second quarter of 2024, up 7% year over year, and $323 million of subscription and services-based revenue, up 23% year over year. Growth in Square gross profit was driven primarily by our banking products and software and integrated payments.

Square GPV was $58.37 billion, up 8% year over year on both a reported and constant currency basis. Square GPV in our U.S. market grew 6% year over year, and Square GPV in our international markets grew 19% year over year, or 22% year over year on a constant currency basis. International gross profit was up 34% year over year in the second quarter as we observed continued improvements in product attach rates, most notably banking.

On a year-over-year basis, food and drink GPV was up 11%, GPV from services verticals was up 7%, and Services verticals include retail GPV was up 3%. During the quarter, Square professional services, beauty and saw a higher percentage of GPV with custom pricing personal care, health care and fitness, and home and repair. on a year-over-year basis, as we continue to drive incremental growth with larger sellers through our go-to-market and product strategies.

Card-present GPV was up 9% year over year, while card-not-present GPV was up 4% year over year. Within card-not-present volumes, GPV from online channels was up 10% year over year while manual keyed entry or “MKE” volumes were down 5% year over year. We remain focused on enabling more payments through our software offerings. Software and integrated payments gross profit grew 14% year over year in the second quarter of 2024, while gross profit from our vertical point-of-sale solutions, including Square Appointments, Square for Restaurants, and Square for Retail, was up 21% year over year.

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PERCENT OF TOTAL SQUARE GROSS PROFIT EX PPP
Q2'21 Q2'22 Q2'23 Q2'24
13% 19% 21% 23% Banking ex. PPP
Software &
61% 61% 60% 60% Integrated
Payments
Sidecar
29% 26% 23% 20%
Payments
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Hardware gross profit losses are not presented for any period. Percentages are of Square gross profit excluding contributions from PPP loan forgiveness for each period.

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Square GPV is defined as the total dollar amount of all card payments processed by sellers using Square, net of refunds, and ACH transfers.

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BLOCK Q2 2024 13

We achieved positive growth in acquisition, or gross profit from new sellers, and churn of existing sellers remained consistent with prior periods. We believe we can improve new customer acquisition into 2025 based on the product and go-to-market initiatives we are executing against. We continued to see a moderation in same-store growth on a year-over-year basis, though same-store growth was relatively consistent with the prior quarter.

Gross profit from our banking products, which primarily include Square Loans, Instant Transfer, and Square Debit Card, grew 27% year over year. Strength in banking gross profit was driven by continued strong demand for loans and our ability to find opportunities to deliver lending solutions to our customers while maintaining underwriting discipline. Square Loans facilitated approximately 142,000 loans totaling $1.45 billion in originations, up 32% year over year.

Hardware revenue in the second quarter of 2024 was $43 million, down 5% year over year, and gross loss was $25 million as we use hardware as an acquisition tool.

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We determine seller size based on annualized GPV during the applicable quarter. A mid-market seller generates more than $500,000 in annualized GPV.

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In the fourth quarter of 2023, we began reporting the financial results of our BNPL platform fully within Cash App, rather than allocating 50% of revenue and gross profit to each of Square and Cash App. The prior period segment financial information in this chart has been revised to conform to the updated segment reporting.

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BLOCK Q2 2024 14

CASH APP REVENUE AND GROSS PROFIT

Inflows per transacting active refers to total inflows in the quarter divided by monthly actives for the last month of the quarter. Inflows refers to funds entering the Cash App ecosystem. Inflows does not include the movement of funds when funds remain in the Cash App ecosystem or when funds leave the Cash App ecosystem, or inflows related to the Afterpay or Verse apps. Inflows from Verse actives were not material to overall inflows.

In the second quarter of 2024, Cash App generated $4.13 billion of revenue and $1.30 billion of gross profit, up 12% and 23% year over year, respectively. Excluding bitcoin revenue, Cash App revenue was $1.52 billion, up 18% year over year. Cash App generated $1.42 billion of subscription and servicesbased revenue, up 23% year over year. Strength in Cash App gross profit was driven by growth in Cash App Card, Cash App Borrow, and our BNPL platform.

In June, Cash App had 57 million monthly transacting actives, up 5% year over year. We believe the more moderate year-over-year growth in actives was due to a few factors, including enhancements we’ve made to continue promoting a healthier ecosystem, increased focus on engagement, and a strategic pullback in marketing spend to better align with our targeted customer segments. In the second quarter of 2024, overall inflows were $71 billion, up 15% year over year and relatively stable quarter over quarter. Inflows per transacting active were $1,243, up 10% year over year and relatively stable quarter over quarter, despite a greater impact from tax refunds in the first quarter of 2024. Monetization rate was 1.53%, up 9 basis points year over year and 5 basis points quarter over quarter, driven primarily by Cash App Borrow.

With bank the base, we have focused on driving engagement through increased adoption of our financial services products. We continued to see strong usage of Cash App Card as the number of Cash App Card monthly actives in June increased 13% year over year to more than 24 million and spend per monthly active also grew on a year-overyear basis. Paycheck deposit monthly actives as of June grew quarter over quarter compared to March.

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We calculate monetization rate by dividing Cash App gross profit, excluding contributions from our BNPL platform, by Cash App inflows.

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BLOCK Q2 2024 15

BNPL GMV was $7.75 billion, up 21% year over year. Growth was driven by Single Use Payments (“SUP”), which enables customers to BNPL at both in- and out-of-network merchants from within the Afterpay app, and Gift Cards. Cash App Pay also continued to Eligible customers have the grow, with volume up more than seven times year Cards option to purchase online from a variety of leading Gift over year and 18% quarter over quarter. retailers and then spread the cost into 4 payments with Afterpay. Cash App generated $67 million of bitcoin gross profit in the second quarter of 2024, up 52% year over year. The total sale amount of bitcoin sold to customers, which we recognize as bitcoin revenue, was $2.61 billion, up 9% year over year. The year-overBitcoin revenue is the total saleamount of bitcoin sold to year increase in bitcoin gross profit was driven by a customers. Bitcoin costs are the pricing change made in the fourth quarter of 2023 and total amount we pay to purchasebitcoin in order to facilitate an increase in the average market price of bitcoin customers’ access to bitcoin. In during the quarter. future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer In the second quarter of 2024, Cash App generated demand or the market price ofbitcoin. $99 million of transaction-based revenue, down 26% year over year. Cash App Business GPV was $3.57 billion, down 27% year over year. Cash App Business GPV comprises Cash App activity related to peer-to-peer transactions received by business accounts and peer-to-peer payments sent from a credit card.

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BLOCK Q2 2024 16

CORPORATE AND OTHER REVENUE AND GROSS PROFIT

Corporate and Other generated $47 million in revenue and $12 million in gross profit in the second quarter of 2024. Corporate and Other was comprised primarily of TIDAL and intersegment eliminations between Cash App and Square in the second quarter of 2024.

OPERATING EXPENSES

In the second quarter of 2024, operating expenses included $41 million of amortization of customer and other acquired intangible assets.

In 2023, we sharpened our focus on identifying areas where we could be more cost efficient while driving growth. We have continued to make progress on these goals, and, in the second quarter of 2024, operating expenses were $1.93 billion on a GAAP basis and $1.49 billion on a non-GAAP basis, down 4% and 1% year over year, respectively.

Product development expenses were $713 million on a GAAP basis and $444 million on a non-GAAP basis in the second quarter of 2024, both up 3% year over year. The increase was driven primarily by software and cloud computing infrastructure fees.

Sales and marketing expenses were $508 million on a GAAP basis and $474 million on a non-GAAP basis in the second quarter of 2024, both down 6% year over year.

We discuss Cash App marketing expenses because a largeportion is generated by our peer� Cash App marketing expenses were down 1% to-peer service, which we offer year over year, driven primarily by a decrease in free to our Cash App customers, and we consider it to be a advertising costs. marketing tool to encourage the use of Cash App. In the fourth quarter of 2023, we began � Other sales and marketing expenses were down reporting BNPL platformmarketing expenses within Cash 12% year over year. Other sales and marketing App. The year-over-year growth expenses primarily include expenses related to rate for Cash App marketingexpenses presented in this letter Square and TIDAL. reflects the new reporting classification for all historicalperiods. General and administrative expenses were $474 million on a GAAP basis and $371 million on a non-GAAP basis in the second quarter of 2024, down 14% and 2% year over year, respectively. The decrease was driven primarily by a decrease in personnel expenses.

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BLOCK Q2 2024 17

Transaction, loan, and consumer receivables losses were $192 million in the second quarter of 2024, up 7% year over year. The increase was driven primarily by growth in Cash App Borrow volumes. In the second quarter, loss rates for Square GPV, Square Loans, and Cash App Borrow remained consistent with historical ranges, and losses on BNPL consumer receivables were less than 1% of GMV, also consistent with historical ranges.

As bitcoin is considered an indefinite-lived intangible asset, and upon adoption of ASU 202308, we remeasure our bitcoin at fair value at each reporting date with changes recognized in net income.

As of June 30, 2024, we held approximately 8,211 bitcoins for investment purposes with a fair value of $515 million based on observable market prices, of which approximately 173 were purchased in the second quarter of 2024. This investment is included within “Other non-current assets” on the condensed consolidated balance sheets. In the second quarter of 2024, other income, net, included a remeasurement loss on our bitcoin investment of $70 million.

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BLOCK Q2 2024 18

EARNINGS

In the second quarter of 2024, operating income was $307 million, compared to a loss of $132 million in the second quarter of 2023. Adjusted Operating Income was $399 million, compared to $25 million in the second quarter of 2023.

The year-over-year improvement in operating income (loss) and Adjusted Operating Income was driven by gross profit growth across our Cash App and Square ecosystems, as well as a decrease in operating expenses on a year-over-year basis.

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Please see the reconciliations at the end of this letter for a description of certain items that affected operating income (loss) in the second quarter of 2024.

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BLOCK Q2 2024 19

Net income attributable to common stockholders was $195 million in the second quarter of 2024. Net income per share attributable to common stockholders was $0.32 on a basic and $0.31 on a diluted basis, based on 618 million weighted-average basic and 634 million weighted-average diluted shares outstanding during the second quarter of 2024, representing a $0.49 and $0.48 increase year over year, respectively.

Adjusted EBITDA was $759 million in the second quarter of 2024, compared to $384 million in the second quarter of 2023.

The year-over-year improvement in net income attributable to common stockholders and Adjusted EBITDA was driven by gross profit growth across our Cash App and Square ecosystems, as well as a decrease in operating expenses on a year-over-year basis. Net income also included a remeasurement loss on our bitcoin investment of $70 million.

In the second quarter of 2024, Adjusted Net Income Per Share (Adjusted EPS) was $0.93 on a diluted basis based on 636 million weighted-average diluted shares outstanding during the second quarter of 2024, representing a $0.53 increase year over year.

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Please see the reconciliations at the end of this letter for a description of certain items that affected net income (loss) in the second quarter of 2024.

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BLOCK Q2 2024 20

BALANCE SHEET/CASH FLOW

During the second quarter of 2024, we issued $2.0 billion in senior unsecured notes due in 2032. Including the net proceeds from this debt offering, we ended the second quarter of 2024 with $10.3 billion in available liquidity, with $9.5 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as $775 million available to be withdrawn from our revolving credit facility. Additionally, we had $508 million available to be withdrawn under our warehouse funding facilities to support funding of growth in our consumer receivables related to our BNPL platform.

In October 2023, our board of directors authorized the repurchase of up to $1 billion of our Class A common stock. In the second quarter of 2024, we repurchased 5.7 million shares of our Class A common stock for an aggregate amount of $390 million. As of June 30, 2024, $202 million remained available and authorized for repurchases.

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In the second quarter of 2024, our notes offering and Adjusted EBITDA contributed positively to our overall liquidity.

Net cash provided by operating activities was $702 million for the twelve months ended June 30, 2024, compared to $469 million for the twelve months ended June 30, 2023. Adjusted Free Cash Flow was $1.43 billion for the twelve months ended June 30, 2024, compared to $606 million for the twelve months ended June 30, 2023.

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BLOCK Q2 2024 21

Guidance

Guidance
Q3 2024 OUTLOOK	Q3 2024
Gross Profit YoY Growth Adjusted EBITDA1 % Margin Adjusted Operating Income1 % Margin	$2.22B 17% $695M 31% $320M 14%

In the third quarter of 2024, we expect our share-based compensation expense to remain relatively stable year over year on a dollar basis.

2024 OUTLOOK	Current 2024	Previous 2024
Gross Profit YoY Growth Adjusted EBITDA1 % Margin Adjusted Operating Income1 % Margin Rule of 40	$8.89B 18% $2.90B 33% $1.44B 16% 35%	$8.78B 17% $2.76B 31% $1.30B 15% 32%

We are raising our full-year outlook to reflect outperformance in the second quarter and our improved expectations for the remainder of the year. For the full year, we expect gross profit of at least $8.89 billion, or 18% growth year over year. For Adjusted Operating Income, we expect at least $1.44 billion, or 16% margin for the full year. We remain focused on achieving Rule of 40 in 2026, which we calculate as gross profit growth plus Adjusted Operating Income margin. Our updated guidance for the full year equates to a Rule of 35, an increase compared to our prior guidance of Rule of 32 and an improvement compared to the prior year. Our outlook does not assume any additional macroeconomic deterioration, which could impact results.

On a GAAP basis, we expect to recognize approximately $53 million in expenses related to amortization of intangible assets in each of the third and fourth quarters, based on the intangible assets as of June 30, 2024. These amounts may be affected by fluctuations in foreign exchange rates in future periods.

Margins are calculated as a percent of gross profit.

We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP metrics, including Adjusted EBITDA and Adjusted Operating Income (Loss) (including segment Adjusted Operating Income (Loss)), or GAAP reconciliations of any of the aforementioned, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense. Accordingly, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K to exclude such reconciliations, as the reconciliations of these non-GAAP guidance metrics to their corresponding GAAP equivalents are not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided reconciliations of other historical GAAP to non-GAAP metrics in tables at the end of this letter.

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BLOCK Q2 2024 22

MEDIA CONTACT [email protected]

INVESTOR RELATIONS CONTACT [email protected]

Earnings Webcast

Block (NYSE:SQ) will host a conference call and earnings webcast at 2:00 p.m. Pacific time/5:00 p.m. Eastern time, August 1, to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Block’s Investor Relations website at investors.block.xyz. A replay will be available on the same website following the call.

We will release financial results for the third quarter of 2024 on November 7, 2024, 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 those financial results.

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Jack Dorsey Amrita Ahuja
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BLOCK Q2 2024 23

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BLOCK Q2 2024 24

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gift cards on Cash app very nice @jazzyjayy143 Via TikTok “Check your cash app” is my love language @niasimone__ Via X that borrow feature on Cash app has saved me from a pickle quite a few times. You never know @nynedrick Via X Cash app creating a savings feature is actuallyyyy great! That’s what I’m using to save for my PR trip @Naes_Instanity Via X i actually love cash app so much especially because i’ll just be thinking about someone and how amazing they are and then i remember i can give them a little sprinkle sprinkle just because @aseperatecinema Via X
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SAFE HARBOR STATEMENT

This letter contains “forward-looking statements” within the meaning of the Risks that contribute to the uncertain nature of the forward-looking Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of statements include, among others, a continued or prolonged economic 1995. All statements other than statements of historical fact could be downturn in the United States and in other countries around the world; the deemed forward-looking, including, but not limited to, statements regarding Company’s investments in its business and ability to maintain profitability; the future performance of Block, Inc. and its consolidated subsidiaries (the the Company’s efforts to expand its product portfolio and market reach; the Company); the Company’s strategies, including expected impact of such Company’s ability to develop products and services to address the rapidly strategies on our customers, actives, and sellers as well as our business and evolving market for payments and financial services; the Company’s ability financial performance, expected financial results, guidance, and general to deal with the substantial and increasingly intense competition in its business outlook for current and future periods; the Company’s integration of industry; acquisitions, strategic investments, entries into new businesses, Afterpay, and its impacts on the Company’s business and financial results; joint ventures, divestitures, and other transactions that the Company may future profitability and growth in the Company’s businesses and products undertake; the integration of Afterpay; the Company’s ability to ensure the and the Company’s ability to drive such profitability and growth; the integration of its services with a variety of operating systems and the Company’s expectations regarding scale, economics, and the demand for or interoperability of its technology with that of third parties; the Company’s benefits from its products, product features, and services; the Company’s ability to retain existing customers, attract new customers, and increase product development plans; the ability of the Company’s products to attract sales to all customers; the Company’s dependence on payment card and retain customers, particularly in new or different markets or networks and acquiring processors; the effect of extensive regulation and demographics; trends in the Company’s markets and the continuation of oversight related to the Company’s business in a variety of areas; risks such trends; the Company’s expectations and intentions regarding future related to the banking ecosystem, including through our bank partnerships, expenses, including future transaction and loan losses and the Company’s and FDIC and other regulatory obligations; the effect of management estimated reserves for such losses; the potential impact of the pricing changes and business initiatives; the liabilities and loss potential volatility of bitcoin, including to our financial statements; and management’s associated with new products, product features, and services; litigation, statements related to business strategy, plans, investments, opportunities, including intellectual property claims, government investigations or and objectives for future operations. In some cases, forward-looking inquiries, and regulatory matters or disputes; adoption of the Company’s statements can be identified by terms such as “may,” “will,” “appears,” products and services in international markets; changes in political, “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” business, and economic conditions; as well as other risks listed or “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or described from time to time in the Company’s filings with the Securities and “continue,” or the negative of these words or other similar terms or Exchange Commission (the SEC), including the Company’s Annual Report expressions that concern our expectations, strategy, plans, or intentions. on Form 10-K for the fiscal year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q, which are on file with the Such statements are subject to a number of known and unknown risks, SEC and available on the Investor Relations page of the Company’s uncertainties, assumptions, and other factors that may cause the Company’s website. Additional information will also be set forth in the Company’s actual results, performance, or achievements to differ materially from results Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. All expressed or implied in this letter. Investors are cautioned not to place undue forward-looking statements represent management’s current expectations reliance on these statements, and reported results should not be considered and predictions regarding trends affecting the Company’s business and as an indication of future performance. industry and are based on information and estimates available to the Company at the time of this letter and are not guarantees of future performance. Except as required by law, the Company assumes no obligation to update any of the statements in this letter.

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BLOCK Q2 2024 26

KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES

To supplement our financial information presented in accordance with Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income (Loss), generally accepted accounting principles in the United States (GAAP), from and Diluted Adjusted Net Income (Loss) Per Share (Adjusted EPS) are period to period, we consider and present certain operating and financial non-GAAP financial measures that represent our net income (loss) and net measures that we consider key metrics or are not prepared in accordance income (loss) per share, adjusted to eliminate the effect of share-based with GAAP, including Gross Payment Volume (GPV), Gross Merchandise compensation expenses; amortization of intangible assets; gain or loss on Value (GMV), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net revaluation of equity investments; bitcoin remeasurement amortization of Income (Loss), Diluted Adjusted Net Income (Loss) Per Share (Adjusted debt discount and issuance costs; and the gain or loss on the disposal of EPS), Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) property and equipment, as applicable. Adjusted Operating Income (Loss) margin, Adjusted Free Cash Flow, constant currency, and non-GAAP is a non-GAAP financial measure that represents our operating income operating expenses as well as other measures defined in this letter such as (loss), adjusted to eliminate the effect of amortization of acquired measures excluding bitcoin revenue, and measures excluding PPP loan technology assets; acquisition-related and integration costs; restructuring forgiveness gross profit. We believe these metrics and measures are useful and other charges; goodwill impairment; amortization of customer and to facilitate period-to-period comparisons of our business and to facilitate other acquired intangible assets; and acquisition-related share-based comparisons of our performance to that of other payments solution acceleration costs. We also exclude from these measures certain providers. acquisition-related and integration costs associated with business combinations, and various other costs that are not reflective of our core We define GPV as the total dollar amount of all card payments processed by operating performance. We exclude amortization of intangible assets sellers using Square, net of refunds, and ACH transfers. Additionally, GPV arising from business combinations because the amount of such expenses includes Cash App Business GPV, which comprises Cash App activity in any specific period may not directly correlate to the underlying related to peer-to-peer transactions received by business accounts, and performance of our ongoing business operations. Acquisition-related costs peer-to-peer payments sent from a credit card. GPV does not include include amounts paid to redeem acquirees’ unvested stock-based transactions from our BNPL platform. compensation awards; charges associated with holdback liabilities; and legal, accounting, and due diligence costs. Integration costs include advisory and other professional services or consulting fees necessary to We define GMV as the total order value processed on our BNPL platform. integrate acquired businesses. Other costs that are not reflective of our core business operating expenses may include contingent losses, impairment charges, restructuring share-based compensation expense, and certain litigation and regulatory charges. We also add back the impact of the acquired deferred revenue and deferred cost adjustment, which was written down to fair value in purchase accounting. Additionally, for purposes of calculating diluted Adjusted EPS, we add back cash interest expense on convertible senior notes, as if converted at the beginning of the period, if the impact is dilutive. In addition to the items above, Adjusted EBITDA is a non-GAAP financial measure that also excludes depreciation and amortization, interest income and expense, other income and expense, and provision or benefit from income taxes, and goodwill impairment, as applicable. Adjusted Operating Income (Loss) margin is calculated as Adjusted Operating Income (Loss) divided by gross profit. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by gross profit. To calculate the diluted Adjusted EPS, we adjust the weightedaverage number of shares of common stock outstanding for the dilutive effect of all potential shares of common stock. In periods when we recorded an Adjusted Net Loss, the diluted Adjusted EPS is the same as basic Adjusted EPS because the effects of potentially dilutive items were anti-dilutive given the Adjusted Net Loss position.

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BLOCK Q2 2024 27

KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES

Adjusted Free Cash Flow is a non-GAAP financial measure that represents our net cash provided by operating activities adjusted for changes in settlements receivable; changes in customers payable; changes in settlements payable; the purchase of property and equipment; payments for originations of consumer receivables; proceeds from principal repayments and sales of consumer receivables; and sales, principal payments, and forgiveness of PPP loans. We present Adjusted Free Cash Flow because we use it to understand the cash generated by our business and make strategic decisions related to our balance sheet, and because we are focused on growing our Adjusted Free Cash Flow generation over time. It is not intended to represent amounts available for discretionary purposes.

Constant currency growth is calculated by assuming international results in a given period and the comparative prior period are translated from local currencies to the U.S. dollar at rates consistent with the monthly average rates in the comparative prior period. We discuss growth on a constant currency basis because a portion of our business operates in markets outside the U.S. and is subject to changes in foreign exchange rates.

Non-GAAP operating expenses is a non-GAAP financial measure that represents operating expenses adjusted to remove the impact of sharebased compensation, depreciation and amortization, loss on disposal of property and equipment, acquisition-related integration and other costs, and restructuring and other changes.

We have included Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted Net Income, Adjusted EPS, and non-GAAP operating expenses because they are key measures 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, Adjusted EBITDA margin, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted Net Income, Adjusted EPS, and non-GAAP operating expenses provide 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, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain variable charges that do not vary with our operations. We have included measures excluding our BNPL platform because we believe these measures are useful in understanding the ongoing results of our operations. We have included measures excluding bitcoin revenue because our role is to facilitate customers’ access to bitcoin. When customers buy bitcoin through Cash App, we only apply a small margin to the market cost of bitcoin, which tends to be volatile and outside our control. Therefore, we believe deducting bitcoin revenue better reflects the economic benefits as well as our performance from these transactions. We have included measures excluding PPP loan forgiveness gross profit because we believe these measures are useful to facilitate comparisons of our business without PPP loan forgiveness.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) margin, Adjusted EPS, and non-GAAP operating expenses, as well as other measures defined in the shareholder letter, such as measures excluding our BNPL platform, bitcoin revenue, and PPP loan forgiveness gross profit, have limitations as financial measures, should be considered as supplemental in nature, and are not meant as substitutes for the related financial information prepared in accordance with GAAP.

We believe that the aforementioned metrics and measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects, and provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain variable amounts, or they remove amounts that were not repeated across periods and therefore make comparisons more difficult. Our management uses these measures 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. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP. Other companies, including companies in our industry, may calculate the non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

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BLOCK Q2 2024 28

Condensed Consolidated Statements of Operations

UNAUDITED

In thousands, except per share data

Revenue: Transaction-based revenue Subscription and services-based revenue Hardware revenue Bitcoin revenue	THREE MON June 30,2024 $ 1,712,967 1,787,893 42,960 2,611,743 6,155,563 1,000,055 291,801 68,309 2,544,329 17,589 3,922,083 2,233,480 713,163 507,562 473,568 191,812 40,813 1,926,918 306,562 (1,871) 59,532 248,901 59,029 189,872 (5,396) $ 195,268 $ 0.32 $ 0.31 617,666 634,221	THS ENDED June 30,2023 $ 1,637,654 1,461,497 44,922 2,390,884 5,534,957 950,523 279,223 74,085 2,346,633 18,392 3,668,856 1,866,101 694,672 537,607 549,293 179,771 36,865 1,998,208 (132,107) (3,944) (14,635) (113,528) (8,150) (105,378) (3,336) $ (102,042) $ (0.17) $ (0.17) 606,692 606,692	SIX MONT June 30,2024 $ 3,224,176 3,470,187 75,461 5,342,867 12,112,691 1,873,220 561,469 119,094 5,195,339 35,616 7,784,738 4,327,953 1,433,737 951,447 944,828 357,541 84,095 3,771,648 556,305 (20,616) (178,292) 755,213 94,521 660,692 (6,581) $ 667,273 $ 1.08 $ 1.05 617,033 636,751	HS ENDED June 30,2023
				$ 3,060,359 2,827,721 82,373 4,554,635
Total net revenue				10,525,088
Cost of revenue: Transaction-based costs Subscription and services-based costs Hardware costs Bitcoin costs Amortization of acquired technologyassets				1,771,310 543,315 132,870 4,460,008 36,900
Total cost of revenue				6,944,403
Grossprofit				3,580,685
Operating expenses: Product development Sales and marketing General and administrative Transaction, loan, and consumer receivable losses Amortization of customer and other acquired intangible assets				1,321,609 1,033,618 982,118 307,667 73,952
Total operatingexpenses				3,718,964
Operatingincome(loss)				(138,279)
Interest income, net Other expense(income),net				(7,105) (92,352)
Income(loss)before income tax				(38,822)
Provision(benefit)for income taxes				(29,272)
Net income (loss) Less: Net loss attributable to noncontrollinginterests				(9,550) (5,824)
Net income(loss)attributable to common stockholders				$ (3,726)
Net income (loss) per share attributable to common stockholders: Basic				$ (0.01)
Diluted				$ (0.01)
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: Basic				604,476
Diluted				604,476

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BLOCK Q2 2024 29

Condensed Consolidated Balance Sheets

In thousands, except per share data

Assets Current assets: Cash and cash equivalents Investments in short-term debt securities Settlements receivable Customer funds Consumer receivables, net Loans held for sale Safeguarding asset related to bitcoin held for other parties Other current assets	June 30,2024 UNAUDITED $ 7,799,093 658,001 3,964,214 3,550,713 2,015,940 961,581 1,440,307 1,901,429 22,291,278 11,822,260 1,629,183 1,803,879 $ 37,546,600 $ 8,059,588 1,268,793 997,958 464,047 1,440,307 12,230,693 481,742 5,101,023 440,147 18,253,605 — — — 19,695,521 (532,369) 138,844 19,301,996 (9,001) 19,292,995 $37,546,600	Dec 31,2023
		$ 4,996,465 851,901 3,226,294 3,170,430 2,444,695 775,424 1,038,585 2,353,488
Total current assets		18,857,282
Goodwill Acquired intangible assets, net Other non-current assets		11,919,720 1,761,521 1,531,370
Total assets		$ 34,069,893
Liabilities and Stockholders’ Equity Current liabilities: Customers payable Accrued expenses and other current liabilities Current portion of long-term debt Warehouse funding facilities, current Safeguardingobligation liabilityrelated to bitcoin held for otherparties		$ 6,795,340 1,334,669 — 753,035 1,038,585
Total current liabilities		9,921,629
Warehouse funding facilities, non-current Long-term debt Other non-current liabilities		854,882 4,120,091 480,455
Total liabilities		15,377,057
Commitments and contingencies Stockholders’ equity: Preferred stock, $0.0000001 par value: 100,000 shares authorized at June 30, 2024 and December 31, 2023. None issued and outstanding at June 30, 2024 and December 31, 2023. Class A common stock, $0.0000001 par value: 1,000,000 shares authorized at June 30, 2024 and December 31, 2023; 557,206 and 555,306 issued and outstanding at June 30, 2024 and December 31, 2023, respectively. Class B common stock, $0.0000001 par value: 500,000 shares authorized at June 30, 2024 and December 31, 2023; 60,411 and 60,515 issued and outstanding at June 30, 2024 and December 31, 2023, respectively. Additional paid-in capital Accumulated other comprehensive loss Retained earnings(accumulated deficit)		— — — 19,601,992 (378,307) (528,429)
Total stockholders’ equity attributable to common stockholders Noncontrollinginterests		18,695,256 (2,420)
Total stockholders’ equity		18,692,836
Total liabilities and stockholders’ equity		$34,069,893

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BLOCK Q2 2024 30

Condensed Consolidated Statements of Cash Flows

UNAUDITED

In thousands

Cash flows from operating activities: Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization Amortization of discounts and premiums and other non-cash adjustments Non-cash lease expense Share-based compensation Loss (gain) on revaluation of equity investments Bitcoin remeasurement Transaction, loan, and consumer receivable losses Change in deferred income taxes Changes in operating assets and liabilities: Settlements receivable Purchases and originations of loans Proceeds from payments and forgiveness of loans Customers payable Settlements payable Other assets and liabilities	SIX MONTH June 30,2024 $ 660,692 194,543 (537,806) 31,475 631,791 (2,483) (163,288) 357,541 3,528 (829,379) (6,911,321) 6,585,211 871,931 (8,134) 124,486 1,008,787 (757,335) 458,029 395,455 (12,866,904) 13,727,603 (70,355) (19,079) 867,414 2,000,000 (26,619) — — 319,634 (968,045) 86,201 41,969 (641,603) (18,473) 380,283 1,173,347 (39,771) 3,009,777 9,009,087 $12,018,864	S ENDED June 30,2023
		$ (9,550) 187,718 (221,679) 94,416 598,845 16,255 (112,102) 307,667 39,919 203,697 (3,770,864) 3,590,923 (184,570) (139,308) (193,648)
Net cashprovided byoperatingactivities		407,719
Cash flows from investing activities: Purchases of marketable debt securities Proceeds from maturities of marketable debt securities Proceeds from sale of marketable debt securities Payments for originations of consumer receivables Proceeds from principal repayments and sales of consumer receivables Purchases of property and equipment Purchases of other investments		(423,751) 656,502 24,874 (10,546,501) 10,933,947 (61,775) (4,397)
Net cashprovided byinvestingactivities		578,899
Cash flows from financing activities: Proceeds from issuance of senior notes Payments of debt issuance costs from issuance of senior notes Repayments of Paycheck Protection Program Liquidity Facility advances Payments to redeem convertible notes Proceeds from warehouse facilities borrowings Repayments of warehouse facilities borrowings Proceeds from the exercise of stock options and purchases under the employee stock purchase plan Net increase in interest-bearing deposits Repurchases of common stock Other financing activities Change in customer funds,restricted from use in the Company’s operations		— — (16,840) (461,761) 289,418 (794,384) 65,962 28,583 — (4,320) 172,332
Net cashprovided by (used in)financingactivities		(721,010)
Effect of foreign exchange rate on cash and cash equivalents		6,955
Net increase in cash, cash equivalents, restricted cash, and customer funds Cash,cash equivalents,restricted cash,and customer funds,beginningof theperiod		272,563 8,435,906
Cash,cash equivalents,restricted cash,and customer funds,end of theperiod		$8,708,469

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BLOCK Q2 2024 31

Reportable Segment Disclosures

UNAUDITED

Information on the reportable segments revenue and segment operating profit (in thousands):

Revenue: Transaction-based revenue Subscription and services-based revenue Hardware revenue Bitcoin revenue	Cash App	THREE MONTHS ENDED June 30, 2024 Square Corporate and Other(i) $ 1,614,055 $ — 322,617 47,104 42,818 142 — — $1,979,490 $ 47,246 $ 922,584 $ 11,952 THREE MONTHS ENDED June 30, 2023 Square Corporate and Other(i) $ 1,503,913 $ — 262,878 50,079 44,922 — — — $ 1,811,713 $ 50,079 $ 804,033 $ 9,783	THREE MONTHS ENDED June 30, 2024 Square Corporate and Other(i) $ 1,614,055 $ — 322,617 47,104 42,818 142 — — $1,979,490 $ 47,246 $ 922,584 $ 11,952 THREE MONTHS ENDED June 30, 2023 Square Corporate and Other(i) $ 1,503,913 $ — 262,878 50,079 44,922 — — — $ 1,811,713 $ 50,079 $ 804,033 $ 9,783	Total	Cash App	SIX MONTHS ENDED June 30, 2024 Square Corporate and Other(i) $ 3,016,045 $ — 618,835 100,620 74,648 813 — — $3,709,528 $ 101,433 $ 1,742,857 $ 27,626 SIX MONTHS ENDED June 30, 2023 Square Corporate and Other(i) $ 2,791,955 $ — 492,762 100,671 82,373 — — — $ 3,367,090 $ 100,671 $ 1,495,601 $ 22,846	SIX MONTHS ENDED June 30, 2024 Square Corporate and Other(i) $ 3,016,045 $ — 618,835 100,620 74,648 813 — — $3,709,528 $ 101,433 $ 1,742,857 $ 27,626 SIX MONTHS ENDED June 30, 2023 Square Corporate and Other(i) $ 2,791,955 $ — 492,762 100,671 82,373 — — — $ 3,367,090 $ 100,671 $ 1,495,601 $ 22,846	Total
	$ 98,912 1,418,172 — 2,611,743	$ 1,614,055 322,617 42,818 —	$ — 47,104 142 —	$ 1,712,967 1,787,893 42,960 2,611,743	$ 208,131 2,750,732 — 5,342,867	$ 3,016,045 618,835 74,648 —	$ — 100,620 813 —	$ 3,224,176 3,470,187 75,461 5,342,867
Segment revenue	$ 4,128,827	$1,979,490	$ 47,246	$ 6,155,563	$8,301,730	$3,709,528	$ 101,433	$12,112,691
Segmentgrossprofit(ii)	$1,298,944	$ 922,584	$ 11,952	$2,233,480	$ 2,557,470	$ 1,742,857	$ 27,626	$ 4,327,953
Revenue: Transaction-based revenue Subscription and services-based revenue Hardware revenue Bitcoin revenue	Cash App			Total	Cash App			Total
	$ 133,741 1,148,540 — 2,390,884	$ 1,503,913 262,878 44,922 —	$ — 50,079 — —	$ 1,637,654 1,461,497 44,922 2,390,884	$ 268,404 2,234,288 — 4,554,635	$ 2,791,955 492,762 82,373 —	$ — 100,671 — —	$ 3,060,359 2,827,721 82,373 4,554,635
Segment revenue	$ 3,673,165	$ 1,811,713	$ 50,079	$ 5,534,957	$ 7,057,327	$ 3,367,090	$ 100,671	$10,525,088
Segmentgrossprofit(ii)	$ 1,052,285	$ 804,033	$ 9,783	$ 1,866,101	$ 2,062,238	$ 1,495,601	$ 22,846	$ 3,580,685

Operating Segment Disclosures

UNAUDITED

A reconciliation of total segment gross profit to the Company’s income (loss) before applicable income taxes (in thousands):

Total segment gross profit Less: Product development Less: Sales and marketing Less: General and administrative Less: Transaction, loan, and consumer receivable losses Less: Amortization of customer and other intangible assets Less: Interest income, net Less: Other expense(income),net	THREE MON June 30,2024 $ 2,233,480 713,163 507,562 473,568 191,812 40,813 (1,871) 59,532 $ 248,901	THS ENDED June 30,2023 $ 1,866,101 694,672 537,607 549,293 179,771 36,865 (3,944) (14,635) $ (113,528)	SIX MONT June 30,2024 $ 4,327,953 1,433,737 951,447 944,828 357,541 84,095 (20,616) (178,292) $ 755,213	HS ENDED June 30,2023
				$ 3,580,685 1,321,609 1,033,618 982,118 307,667 73,952 (7,105) (92,352)
Income(loss)before applicable income taxes				$ (38,822)

(i) Corporate and Other represents results related to products and services that are not assigned to a specific reportable segment, and intersegment eliminations.

(ii) Segment gross profit for Cash App for the three and six months ended June 30, 2024 included $13.6 million and $27.4 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Cash App for the three and six months ended June 30, 2023 included $14.3 million and $28.6 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Square for the three and six months ended June 30, 2024 included $2.2 million and $4.7 million of amortization of acquired technology assets expense, respectively. Segment gross profit for Square for the three and six months ended June 30, 2023 included $2.7 million and $5.4 million of amortization of acquired technology assets expense, respectively. Amortization of acquired technology assets expense included in Corporate and Other was immaterial for the three and six months ended June 30, 2024 and June 30, 2023.

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BLOCK Q2 2024 32

Key Operating Metrics and Non-GAAP Financial Measures

UNAUDITED

Gross Payment Volume (GPV) (in millions) Adjusted Operating Income (in thousands) Adjusted EBITDA (in thousands) Adjusted Net Income Per Share: Basic Diluted Square GPV (in millions) Cash AppGPV(in millions)	THREE MON June 30,2024 $ 61,941 $ 399,118 $ 759,476 $ 0.95 $ 0.93 THREE MON June 30,2024 $ 58,372 3,569 $ 61,941	THS ENDED June 30,2023 $ 59,012 $ 25,499 $ 384,402 $ 0.41 $ 0.40 THS ENDED June 30,2023 $ 54,152 4,860 $ 59,012	SIX MONTH June 30,2024 $ 116,366 $ 763,382 $ 1,464,550 $ 1.83 $ 1.78 SIX MONTH June 30,2024 $ 108,837 7,529 $ 116,366	S ENDED June 30,2023
				$ 110,129 $ 76,473 $ 752,769 $ 0.86 $ 0.83 S ENDED June 30,2023
				$ 100,372 9,757
Total GPV(in millions)				$ 110,129

Key Metric Margins

UNAUDITED

In thousands, except for percentages

Gross profit Gross profit change (%) YoY Operating income Operating income margin (%) of gross profit Net income attributable to common stockholders Net income margin (%) of gross profit Adjusted Operating Income Adjusted Operating Income margin (%) of gross profit Adjusted EBITDA Adjusted EBITDA margin(%)ofgrossprofit	THREE MONTHS ENDED June 30,2024 $ 2,233,480 20 % 306,562 14 % 195,268 9 % 399,118 18 % 759,476 34 %

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BLOCK Q2 2024 33

Adjusted Operating Income (Loss)

UNAUDITED

In thousands

Adjusted Operating Income (Loss) UNAUDITED In thousands
Operating income (loss) Amortization of acquired technology assets Acquisition-related and integration costs Restructuring and other charges Restructuring share-based compensation Goodwill impairment Amortization of customer and other acquired intangible assets	June 30,2024 $ 306,562 17,589 15,350 18,804 — — 40,813 $ 399,118	TH June 30,2023 $ (132,107) 18,392 1,434 100,915 — — 36,865 $ 25,499	REE MONTHS ENDE Sept. 30,2023	D Dec. 31,2023	Mar. 31,2024
			$ (9,908) 17,880 3,391 21,421 — — 56,965	$ (130,652) 18,049 5,118 117,174 — 132,313 43,127	$ 249,743 18,027 32,512 14,063 6,637 — 43,282
Adjusted Operating Income			$ 89,749	$ 185,129	$ 364,264

Adjusted EBITDA

UNAUDITED In thousands

Net income (loss) attributable to common stockholders Net loss attributable to noncontrollinginterests	REE MONTHS ENDE Sept. 30,2023	D Dec. 31,2023	Mar. 31,2024
	$ (88,738) (4,806)	$ 102,236 (20,266)	$ 472,005 (1,185)
Net income (loss) Share-based compensation expense Restructuring share-based compensation expense Depreciation and amortization Acquisition-related and integration costs Restructuring and other charges Goodwill impairment Interest income, net Other expense (income), net(i) Provision (benefit) for income taxes Loss (gain) on disposal of property and equipment Acquired deferred revenue and cost adjustment	(93,544) 345,690 — 115,518 3,391 21,421 — (21,415) 23,912 81,139 1,355 21	81,970 331,568 — 105,324 5,118 117,174 132,313 (18,701) (134,035) (59,886) 1,297 21	470,820 304,531 6,637 97,640 32,512 14,063 — (18,745) (237,824) 35,492 (71) 19
Adjusted EBITDA	$ 477,488	$ 562,163	$ 705,074

(i) Includes the loss (gain) from the remeasurement of the Company’s bitcoin investment.

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BLOCK Q2 2024 34

Adjusted Free Cash Flow

UNAUDITED

In thousands

Net cash provided by operating activities Consumer receivables cash flows included within investing activities in the GAAP statements of cash flows: Payments for originations of consumer receivables Proceeds from principal repayments and sales of consumer receivables Less: Purchases of property and equipment Reversal of: Changes in settlements receivable Changes in customers payable Changes in settlements payable Sales, principalpayments and forgiveness of PPP loans	TWELVE MONT June 30,2024 $ 702,029 (26,289,190) 27,035,307 (159,731) 2,141,605 (2,313,079) 322,862 (8,760) $ 1,431,043 $ 971,716 $ 1,654,220	HS ENDED (i) June 30,2023
		$ 468,825 (21,364,376) 21,438,004 (147,170) 866,369 (543,464) (58,261) (54,334)
Adjusted Free Cash Flow		$ 605,593
Net cash provided by investing activities Net cashprovided byfinancingactivities		$ 464,312 $ 616,769

(i) The twelve months ended information presented in this table is comprised of financial data from the years ended December 31, 2023 and 2022, excluding the first and second quarters of 2023 and 2022, and including the first and second quarters of 2024 and 2023, amounts, respectively.

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BLOCK Q2 2024 35

Select Financial Results Excluding Bitcoin and PPP

UNAUDITED

In thousands

Bitcoin revenue Bitcoin costs	THREE MON June 30,2024 $ 2,611,743 2,544,329 $ 67,414 THREE MON June 30,2024 $ 6,155,563 2,611,743 $ 3,543,820 THREE MON June 30,2024 $ 4,128,827 2,611,743 $ 1,517,084 June 30,2024 $ 922,584 150 $ 922,434 June 30,2024 $ 210,651 150 $ 210,501	THS ENDED June 30,2023 $ 2,390,884 2,346,633 $ 44,251 THS ENDED June 30,2023 $ 5,534,957 2,390,884 $ 3,144,073 THS ENDED June 30,2023 $ 3,673,165 2,390,884 $ 1,282,281 THREE MON June 30,2023 $ 804,033 388 $ 803,645 THREE MON June 30,2023 $ 166,526 388 $ 166,138	SIX MONT June 30,2024 $ 5,342,867 5,195,339 $ 147,528 SIX MONT June 30,2024 $ 12,112,691 5,342,867 $ 6,769,824 SIX MONT June 30,2024 $ 8,301,730 5,342,867 $ 2,958,863 THS ENDED June 30,2022 $ 680,615 9,146 $ 671,469 THS ENDED June 30,2022 $ 134,255 9,146 $ 125,109	HS ENDED June 30,2023
				$ 4,554,635 4,460,008
Bitcoingrossprofit				$ 94,627
Total net revenue (GAAP) Less: Bitcoin revenue				HS ENDED June 30,2023
				$ 10,525,088 4,554,635
Total net revenue,excludingBitcoin				$ 5,970,453
Cash App revenue (GAAP) Less: Bitcoin contribution to Cash Apprevenue				HS ENDED June 30,2023
				$ 7,057,327 4,554,635
Total Cash Apprevenue,excludingBitcoin				$ 2,502,692
Square gross profit (GAAP) Less:grossprofit from Paycheck Protection Program(PPP)loan forgiveness				June 30,2021
				$ 585,137 14,880
Squaregrossprofit excludingPPP loan forgiveness				$ 570,257
Square gross profit from Banking Less: gross profit from PPP loan forgiveness				June 30,2021
				$ 86,617 14,880
Square banking grossprofit excludingPPP loan forgiveness				$ 71,737

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BLOCK Q2 2024 36

Adjusted Net Income and Adjusted EPS UNAUDITED

In thousands, except per share data

Net income (loss) attributable to common stockholders Net loss attributable to noncontrollinginterests	THREE MON June 30,2024 $ 195,268 (5,396) 189,872 320,368 — 15,350 18,804 58,402 3,432 (3,594) 70,116 1,471 18 (85,518) $ 588,721 674 $ 589,395 617,666 634,221 $ 0.32 $ 0.31 617,666 636,143 $ 0.95 $ 0.93	THS ENDED June 30,2023 $ (102,042) (3,336) (105,378) 319,248 — 1,434 100,915 55,257 2,885 1,370 (16,014) 343 24 (109,647) $ 250,437 958 $ 251,395 606,692 606,692 $ (0.17) $ (0.17) 606,692 626,669 $ 0.41 $ 0.40	SIX MONT June 30,2024 $ 667,273 (6,581) 660,692 624,899 6,637 47,862 32,867 119,711 6,503 (2,483) (163,288) 1,400 37 (203,854) $ 1,130,983 1,347 $ 1,132,330 617,033 636,751 $ 1.08 $ 1.05 617,033 636,751 $ 1.83 $ 1.78	HS ENDED June 30,2023
				$ (3,726) (5,824)
Net income (loss) Share-based compensation expense Restructuring share-based compensation expense Acquisition-related and integration costs Restructuring and other charges Amortization of intangible assets Amortization of debt discount and issuance costs Loss (gain) on revaluation of equity investments Bitcoin remeasurement Loss on disposal of property and equipment Acquired deferred revenue and cost adjustment Tax effect of non-GAAP net income adjustments				(9,550) 598,839 — 2,913 100,987 110,852 5,834 16,255 (112,102) 534 57 (194,254)
Adjusted Net Income - basic Cash interest expense on convertible notes				$ 520,365 2,194
Adjusted Net Income - diluted				$ 522,559
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders: Basic				604,476
Diluted				604,476
Net income (loss) per share attributable to common stockholders: Basic				$ (0.01)
Diluted				$ (0.01)
Weighted-average shares used to compute Adjusted Net Income Per Share: Basic				604,476
Diluted				627,153
Adjusted Net Income Per Share: Basic				$ 0.86
Diluted				$ 0.83

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BLOCK Q2 2024 37

Non-GAAP Operating Expenses

UNAUDITED

In thousands

Operating expenses Share-based compensation Restructuring share-based compensation Depreciation and amortization Loss on disposal of property and equipment Acquisition-related and integration costs Restructuringand other charges	THREE MON June 30,2024 $ (1,926,918) 320,187 — 78,836 1,471 15,350 18,804 $ (1,492,270) THREE MON June 30,2024 $ (713,163) 229,330 — 38,809 1,516 $ (443,508) THREE MON June 30,2024 $ (507,562) 32,176 — 1,198 — $ (474,188) THREE MON June 30,2024 $ (473,568) 58,681 — 9,733 (45) 15,350 18,804 $ (371,045)	THS ENDED June 30,2023 $ (1,998,208) 319,106 — 74,961 343 1,434 100,915 $ (1,501,449) THS ENDED June 30,2023 $ (694,672) 223,411 — 41,829 (12) $ (429,444) THS ENDED June 30,2023 $ (537,607) 32,790 — 1,970 — $ (502,847) THS ENDED June 30,2023 $ (549,293) 62,905 — 6,228 355 1,434 100,915 $ (377,456)	SIX MONTH June 30,2024 $ (3,771,648) 624,545 6,637 157,971 1,400 47,862 32,867 $ (2,900,366) SIX MONTH June 30,2024 $ (1,433,737) 446,780 4,504 75,910 1,561 $ (904,982) SIX MONTH June 30,2024 $ (951,447) 62,466 1,078 2,204 (8) $ (885,707) SIX MONTH June 30,2024 $ (944,828) 115,299 1,055 19,189 (153) 47,862 32,867 $ (728,709)	S ENDED June 30,2023
				$ (3,718,964) 598,555 — 148,912 534 2,913 100,987
Non-GAAP operatingexpenses				$ (2,867,063)
Product development Share-based compensation Restructuring share-based compensation Depreciation and amortization Loss(gain)on disposal ofpropertyand equipment				S ENDED June 30,2023
				$ (1,321,609) 421,268 — 72,366 312
Non-GAAPproduct development				$ (827,663)
Sales and marketing Share-based compensation Restructuring share-based compensation Depreciation and amortization Gain on disposal ofpropertyand equipment				S ENDED June 30,2023
				$ (1,033,618) 62,155 — 3,428 —
Non-GAAP sales and marketing				$ (968,035)
General and administrative Share-based compensation Restructuring share-based compensation Depreciation and amortization Loss (gain) on disposal of property and equipment Acquisition-related and integration costs Restructuringand other charges				S ENDED June 30,2023
				$ (982,118) 115,132 — 23,107 222 2,913 100,987
Non-GAAPgeneral and administrative				$ (739,757)

Depreciation and Amortization by Function

UNAUDITED

In thousands

Cost of revenue Product development Sales and marketing General and administrative Amortization of acquired customer assets	THREE MON June 30,2024 $ 18,067 38,809 1,198 9,733 29,096 $ 96,903	THS ENDED June 30,2023 $ 19,584 41,829 1,970 6,228 24,934 $ 94,545	SIX MONTH June 30,2024 $ 36,572 75,910 2,204 19,189 60,668 $ 194,543	S ENDED June 30,2023
				$ 38,806 72,366 3,428 23,107 50,011
Total depreciation and amortization				$ 187,718

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BLOCK Q2 2024 38

AI assistant

Block, Inc. — Earnings Release 2024

30034_rns_2024-08-01_14a89d47-d5b4-41b0-87b3-850736bb4fa5.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

Block, Inc.

Emerging growth company ☐

Item 2.02 Results of Operations and Financial Condition.

Item 8.01 Other Events.

Item 9.01 Financial Statements and Exhibits.

SIGNATURES

BLOCK, INC.

To Our Shareholders

Q2’24 Highlights

Square

Square is executing on four priorities: offering a rock-solid and flexible platform, providing a “local” experience to sellers of all sizes, growing with AI, and banking on Square.

Cash App

Financial Discussion

BLOCK TOTAL REVENUE AND GROSS PROFIT

SQUARE REVENUE AND GROSS PROFIT

CASH APP REVENUE AND GROSS PROFIT

CORPORATE AND OTHER REVENUE AND GROSS PROFIT

OPERATING EXPENSES

EARNINGS

BALANCE SHEET/CASH FLOW

Guidance

Earnings Webcast

SAFE HARBOR STATEMENT

KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES

KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES

Condensed Consolidated Statements of Operations

UNAUDITED

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

UNAUDITED

Reportable Segment Disclosures

UNAUDITED

Operating Segment Disclosures

UNAUDITED

Key Operating Metrics and Non-GAAP Financial Measures

UNAUDITED

Key Metric Margins

UNAUDITED

Adjusted Operating Income (Loss)

UNAUDITED

Adjusted EBITDA

Adjusted Free Cash Flow

UNAUDITED

Select Financial Results Excluding Bitcoin and PPP

UNAUDITED

Adjusted Net Income and Adjusted EPS UNAUDITED

Non-GAAP Operating Expenses

UNAUDITED

Depreciation and Amortization by Function

UNAUDITED

More from Block, Inc.

Block, Inc. Earnings Release 2024