Attached files
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| 8-K - 8-K - Square, Inc. | d844580d8k.htm |
Exhibit 99.1
SQUARE, INC.
ADDITIONAL INFORMATION
CAVIAR UNAUDITED QUARTERLY CONDENSED STATEMENTS OF OPERATIONS
(In thousands)
On October 31, 2019, Square, Inc. (“Square”) completed the sale (the “Sale”) of its food ordering business, Caviar (“Caviar”), to DoorDash, Inc. (“DoorDash”) for an aggregate purchase price of $410 million in the form of cash and DoorDash preferred stock.
The following tables set forth selected Caviar unaudited quarterly condensed statements of operations data through the completion of the Sale for the eight fiscal quarters from the quarterly period ended March 31, 2018. The information for each of these quarters has been derived from Square’s historical consolidated financial statements included in Square’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K and, in the opinion of management, includes all adjustments, which consist only of normal recurring adjustments, necessary for the fair presentation of the results of operations for these periods. This data should be read in conjunction with Square’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. These quarterly operating results are not necessarily indicative of the results that Caviar may achieve in future periods.
| For the quarter ended | ||||||||||||||||||||||||||||||||
| March 31, 2018 |
June 30, 2018 |
September 30, 2018 |
December 31, 2018 |
March 31, 2019 |
June 30, 2019 |
September 30, 2019 |
December 31, 2019 * |
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| Revenue: |
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| Subscription and services-based revenue |
$ | 27,469 | $ | 36,927 | $ | 39,583 | $ | 44,283 | $ | 46,530 | $ | 43,390 | $ | 40,948 | $ | 15,046 | ||||||||||||||||
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| Total net revenue |
27,469 | 36,927 | 39,583 | 44,283 | 46,530 | 43,390 | 40,948 | 15,046 | ||||||||||||||||||||||||
| Cost of revenue: |
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| Subscription and services-based costs |
21,223 | 27,569 | 29,820 | 33,549 | 35,061 | 30,063 | 28,275 | 10,667 | ||||||||||||||||||||||||
| Amortization of acquired technology |
— | — | — | — | 29 | 31 | 30 | (1 | ) | |||||||||||||||||||||||
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| Total cost of revenue |
21,223 | 27,569 | 29,820 | 33,549 | 35,090 | 30,094 | 28,305 | 10,666 | ||||||||||||||||||||||||
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| Gross profit |
6,246 | 9,358 | 9,763 | 10,734 | 11,440 | 13,296 | 12,643 | 4,380 | ||||||||||||||||||||||||
| Operating expenses: |
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| Product development |
3,095 | 2,759 | 3,709 | 4,100 | 4,711 | 5,413 | 5,591 | 950 | ||||||||||||||||||||||||
| Sales and marketing |
4,165 | 3,883 | 3,428 | 4,533 | 5,229 | 5,593 | 6,205 | 1,893 | ||||||||||||||||||||||||
| General and administrative |
6,338 | 3,983 | 7,540 | 8,976 | 8,108 | 8,908 | 8,949 | 3,980 | ||||||||||||||||||||||||
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| Total operating expenses |
13,598 | 10,625 | 14,677 | 17,609 | 18,048 | 19,914 | 20,745 | 6,823 | ||||||||||||||||||||||||
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| Operating loss |
(7,352 | ) | (1,267 | ) | (4,914 | ) | (6,875 | ) | (6,608 | ) | (6,618 | ) | (8,102 | ) | (2,443 | ) | ||||||||||||||||
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| Loss before income tax |
$ | (7,352 | ) | $ | (1,267 | ) | $ | (4,914 | ) | $ | (6,875 | ) | $ | (6,608 | ) | $ | (6,618 | ) | $ | (8,102 | ) | $ | (2,443 | ) | ||||||||
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| Reconciliation of loss before income tax to Adjusted EBITDA |
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| Share-based compensation expense |
$ | 1,734 | $ | 1,837 | $ | 2,254 | $ | 2,293 | $ | 2,592 | $ | 3,483 | $ | 3,729 | $ | (685 | ) | |||||||||||||||
| Depreciation and amortization |
387 | 539 | 547 | 659 | 657 | 644 | 842 | — | ||||||||||||||||||||||||
| Other (income) expense, net |
152 | (83 | ) | (50 | ) | 96 | 18 | 336 | 104 | 1,018 | ||||||||||||||||||||||
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| Adjusted EBITDA |
$ | (5,079 | ) | $ | 1,026 | $ | (2,163 | ) | $ | (3,827 | ) | $ | (3,341 | ) | $ | (2,155 | ) | $ | (3,427 | ) | $ | (2,110 | ) | |||||||||
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| * | Includes results through the completion of the Sale on October 31, 2019 |