Square (SQ) Financials

$22.1 B

Mkt cap, 23-May-2018

$668.6 M

Revenue Q1, 2018
Gross profit (Q1, 2018)255.2 M
Gross profit margin (Q1, 2018), %38.2%
Net income (Q1, 2018)-24 M
EBIT (Q1, 2018)-21 M
Cash, 31-Mar-2018738.6 M
EV21.7 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

850.2 m1.3 b1.7 b252.7 m

Revenue growth, %

54%49%35%

Cost of goods sold

624.1 m897.1 m1.1 b1.4 b

Gross profit

226.1 m370 m576 m(1.1 b)

Gross profit Margin, %

27%29%34%(444%)

Sales and marketing expense

112.6 m145.6 m173.9 m253.2 m

R&D expense

144.6 m199.6 m268.5 m321.9 m

General and administrative expense

94.2 m143.5 m252 m250.6 m

Operating expense total

351.4 m488.7 m694.4 m893.5 m

Depreciation and amortization

1.1 m1.8 m850 k

EBIT

(150.5 m)(174.5 m)(170.5 m)(54.2 m)

EBIT margin, %

(18%)(14%)(10%)(21%)

Interest expense

2.2 m1.6 m780 k

Pre tax profit

(152.7 m)(176.5 m)(32.3 m)(62.7 m)

Income tax expense

1.4 m3.7 m1.9 m149 k

Net Income

(154.1 m)(179.8 m)(171.6 m)(62.8 m)

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

225.3 m470.8 m452 m696.5 m

Accounts Receivable

144.8 m179.2 m325.3 m

Current Assets

409.9 m705.6 m1 b1.8 b

PP&E

63.7 m87.2 m88.3 m91.5 m

Goodwill

40.3 m56.7 m57.2 m58.3 m

Total Assets

541.9 m894.8 m1.2 b2.2 b

Accounts Payable

5.4 m18.9 m12.6 m16.8 m

Current Liabilities

191.1 m334.2 m577.5 m972.8 m

Long-term debt

30 m358.6 m

Non-Current Liabilities

77.1 m52.5 m77.7 m

Total Debt

30 m358.6 m

Total Liabilities

268.2 m386.7 m635.2 m1.4 b

Additional Paid-in Capital

155.2 m1.1 b1.4 b1.6 b

Retained Earnings

(395.6 m)(607.6 m)(779.2 m)(842.7 m)

Total Equity

273.7 m508 m576.2 m786.3 m

EPS

(1.1 )(1.2 )(0.5 )

Debt to Equity Ratio

0.1 x

Debt to Assets Ratio

0.1 x

Financial Leverage

2 x1.8 x2.1 x2.8 x

Quarterly

USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

370.6 m342.4 m437.9 m704.5 m717 m658.4 m738.6 m

Accounts Receivable

237.2 m225.8 m242.1 m266.1 m309 m587.6 m

Current Assets

720.1 m721 m843 m1.3 b1.4 b1.7 b2 b

PP&E

89 m86.3 m90 m91 m87.4 m88.7 m98.2 m

Goodwill

56.7 m56.7 m56.7 m58.1 m58 m58 m58.3 m

Total Assets

945.1 m933.3 m1.1 b1.6 b1.7 b2.1 b2.4 b

Accounts Payable

19.6 m16.2 m13.7 m9.8 m11.4 m13.5 m19.6 m

Current Liabilities

449.9 m411.5 m486 m554.9 m624.9 m930.7 m1.1 b

Long-term debt

345.7 m350 m354.2 m363 m

Non-Current Liabilities

50.3 m50.4 m55.8 m408.3 m413 m420.3 m

Total Debt

345.7 m350 m354.2 m363 m

Total Liabilities

500.2 m461.8 m541.8 m963.2 m1 b1.4 b1.6 b

Additional Paid-in Capital

1.1 b1.2 b1.3 b1.4 b1.5 b1.6 b1.7 b

Retained Earnings

(704.4 m)(731.7 m)(764.1 m)(795 m)(811 m)(827.1 m)(871.3 m)

Total Equity

444.9 m471.5 m510.4 m627.9 m703.7 m732.9 m810 m

EPS

(0.3 )(0.1 )(0.1 )(0 )(0 )(0 )

Debt to Equity Ratio

0.6 x0.5 x0.5 x

Debt to Assets Ratio

0.2 x0.2 x0.2 x

Financial Leverage

2.1 x2 x2.1 x2.5 x2.5 x2.8 x2.9 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(154.1 m)(179.8 m)(171.6 m)(62.8 m)

Depreciation and Amortization

18.6 m27.6 m37.7 m37.3 m

Accounts Receivable

(82.1 m)(40.8 m)(147.3 m)

Accounts Payable

179 k7.8 m(2.1 m)4.5 m

Cash From Operating Activities

(112.4 m)21.1 m23.1 m127.7 m

Purchases of PP&E

(28.8 m)(37.4 m)(25.4 m)(26.1 m)

Cash From Investing Activities

(24.6 m)(45.1 m)(122.7 m)

Long-term Borrowings

(30 m)

Cash From Financing Activities

194.2 m264.8 m90.7 m454.9 m

Net Change in Cash

56.1 m239 m(9.3 m)

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

(48 m)(77.6 m)(131.5 m)(96.8 m)(124.1 m)(156.4 m)(15.1 m)(31.1 m)(47.2 m)(24 m)

Depreciation and Amortization

5.5 m12 m18.5 m9.1 m18.1 m27.8 m9.4 m18.6 m27.6 m10.2 m

Accounts Receivable

(34 m)(62.5 m)(59.5 m)(46.5 m)(64.2 m)(92.2 m)54.9 m8.9 m(271.2 m)

Accounts Payable

4.7 m3.4 m2 m2.6 m2.5 m(867 k)(1.5 m)143 k1.2 m2 m

Cash From Operating Activities

(11 m)(10.5 m)3.1 m(13.7 m)(32.5 m)23.2 m44 m90.6 m130.3 m52.1 m

Purchases of PP&E

(10.4 m)(20.8 m)(30.7 m)(7.5 m)(15.8 m)(19.7 m)(6.5 m)(13.9 m)(19.6 m)(8.1 m)

Cash From Investing Activities

(14.3 m)(24.6 m)(35.6 m)(81 m)(96.8 m)(111.9 m)(170.4 m)(255.7 m)(360.5 m)(15.5 m)

Long-term Borrowings

(30 m)

Cash From Financing Activities

1.7 m8.6 m(17.8 m)(4.9 m)10 m42.8 m377.6 m427.8 m431.1 m3 m

Net Change in Cash

(24.3 m)(27.4 m)(51.2 m)(98.1 m)(116.7 m)(43.4 m)252.2 m265 m204.8 m

Ratios

USDY, 2018

EV/EBIT

-1 k x

EV/CFO

416.9 x

Financial Leverage

2.9 x
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Operating Metrics

Square's Retail Stores (North America) was reported to be 30 k in FY, 2014.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Aug, 2017Sep, 2017Q3, 2017Dec, 2017FY, 2017May, 2018

Gross Payment Volume

$23.78 b$7.12 b$8.79 b$9.54 b$35.64 b$10.29 b$12.45 b$13.25 b$49.68 b$13.65 b$16.42 b$17.39 b$65.30 b

Transactions

712 m1 b1.40 b

Active Cards

190 m245 m287 m

Patents Issued

133 229 379

Patents Pending

493 588 605

App Downloads

28 m

Countries

10

Monthly Active Customers (Cash App)

3 m7 m

Retail Stores (North America)

30 k
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Human Capital

Square's employees are reported to be approximately 37% female and 63% male.

Ethnicity

Y, 2017Jun, 2017
White54.5 %57.3 %
Asian22.2 %25.1 %
Black5.1 %6.4 %
Other18.2 %5.4 %
Hispanic5.8 %

Gender

Y, 2017Jun, 2017
Female37 %36.7 %
Male63 %63.3 %
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