Toast, Inc.(NYSE:TOST) 
Toast, Inc. is a cloud-based restaurant software company based in Boston, Massachusetts. The company provides a restaurant management and point of sale system built on the Android operating system. Toast was founded in Cambridge, Massachusetts in 2012 by Steve Fredette, Aman Narang, and Jonathan Gri...
Website: https://pos.toasttab.com/
Founded: 2012
IPO Price: $40 (Sep 22, 2021)
Full Time Employees: 4,500
Co-Founder: Steve Fredette
CEO: Chris Comparato
Sector: Technology
Industry: Software - Infrastructure
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Payments-Led Revenue Growth Continues: Toast’s revenue trajectory remains driven primarily by payment processing volume and continued expansion of its customer base across restaurants and food-service operators.
- Improving Profitability and Operating Leverage: Margins have been trending upward as the company scales, with operating expense discipline and a higher mix of software/services contributing to better profitability.
- Subscription and SaaS Attach Rates Support Higher-Margin Mix: Broader adoption of add-on modules (e.g., payroll, inventory, marketing, delivery integrations) increases recurring software revenue and can lift gross margin over time.
- Restaurant End-Market Sensitivity Remains a Key Risk: Toast’s performance is tied to restaurant transaction volumes; consumer demand softness, restaurant closures, or pricing pressure can impact GPV growth and retention.
- Competitive POS Landscape Requires Continued Innovation: Competition from other POS and payments platforms keeps pricing and feature innovation in focus, making product differentiation and customer support critical to sustaining growth.
Bull Thesis:
- Dominant Market Position & High Switching Costs: Toast has established a strong foothold as a leading technology platform for restaurants, particularly within the SMB segment. Its integrated hardware and software solutions create high switching costs for customers, leading to strong retention rates once adopted.
- Expanding Product Ecosystem & ARPU Growth: Beyond its core POS system, Toast continues to expand its suite of integrated solutions, including payroll, lending, online ordering, marketing, and supply chain management. This strategy increases the average revenue per user (ARPU) and further embeds Toast into its customers' operations, enhancing stickiness.
- Large Untapped Market & International Potential: The restaurant industry globally is vast and still largely underserved by modern, integrated technology solutions. Toast has significant room for growth by penetrating more of the existing market and has nascent opportunities for international expansion, broadening its total addressable market (TAM).
- Recurring Revenue Model & Operational Leverage: Toast operates on a subscription-based SaaS model, providing predictable and recurring revenue streams. As the company scales its customer base, it stands to benefit from increasing operational leverage, where fixed costs are spread across more customers, leading to improving gross margins and a clearer path to profitability.
Bear Thesis:
- Intense Competition & Pricing Pressure: The restaurant technology market is highly competitive, with well-funded players like Square (Block), Lightspeed, Clover, and Oracle, as well as numerous niche solutions. This intense competition can lead to pricing pressure, higher customer acquisition costs, and potential market share erosion.
- Persistent Unprofitability & Cash Burn: Despite strong revenue growth, Toast continues to report significant net losses and negative free cash flow. Investors may grow impatient if the company does not demonstrate a clear and accelerated path to sustainable profitability and positive cash generation, especially in a higher interest rate environment.
- Macroeconomic Headwinds for Restaurants: The restaurant industry is highly sensitive to economic downturns, inflation, labor shortages, and changes in consumer spending habits. These macroeconomic factors can lead to increased restaurant closures, reduced spending on new technology, and higher churn rates for Toast's customer base.
- High Customer Acquisition Costs (CAC): Toast's sales-led model, particularly when targeting smaller independent restaurants, can be expensive. Maintaining high growth rates while simultaneously managing and reducing customer acquisition costs remains a significant challenge, impacting the company's overall profitability timeline.
Main Competitors:
- Block, Inc. ($SQ) (Square for Restaurants), Directly competes with Toast by offering a comprehensive cloud-based POS system, integrated payment processing, online ordering, and various business management tools specifically tailored for restaurants, particularly small to medium-sized establishments. Square leverages its broader ecosystem of financial services and hardware.
- Lightspeed Commerce Inc. ($LSPD) (Lightspeed Restaurant), Provides an all-in-one cloud-based POS and restaurant management platform, including payments, inventory management, analytics, and online ordering. Lightspeed targets a similar range of restaurants as Toast, from independent eateries to multi-location businesses, often through strategic acquisitions of other restaurant tech companies.
- Fiserv, Inc. (Clover) ($FI) (Clover POS systems), Clover, a subsidiary of Fiserv, offers a popular suite of Android-based POS hardware and software solutions, integrated with payment processing. It competes with Toast by providing flexible, user-friendly systems often distributed through banks and payment processors, appealing to a wide array of small businesses, including restaurants.
- Shift4 Payments, Inc. ($FOUR) (Harbortouch POS, Shift4 Payments), Primarily a payment processing giant, Shift4 also offers its own POS systems like Harbortouch and integrates with many third-party POS providers. It competes with Toast on payment processing fees and by offering bundled POS solutions, often with aggressive pricing models, targeting various restaurant sizes.
Moat:
Toast operates in a highly competitive and fragmented restaurant technology market. Its primary moat lies in its deeply integrated, cloud-native, end-to-end platform specifically designed for restaurants, encompassing POS, payments, online ordering, labor, and inventory management. This specialization allows for tailored features and workflows that generalist POS systems may lack. Competition comes from various angles: other all-in-one cloud POS providers (like Square and Lightspeed), legacy on-premise systems (like NCR Aloha), payment processors bundling basic POS (like Clover and Shift4), and specialized software providers for specific restaurant functions. Toast's challenge is to continue innovating its ecosystem, maintaining its restaurant-centric focus, and demonstrating superior value and customer support to justify its pricing model against competitors who may offer lower-cost alternatives or niche solutions.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | ||||||||||||||||||
subscription services | 256,000,000 | 244,000,000 | 227,000,000 | 209,000,000 | 200,000,000 | 189,000,000 | 166,000,000 | 151,000,000 | 142,000,000 | 131,000,000 | 121,000,000 | 107,000,000 | 94,000,000 | 90,000,000 | 76,000,000 | 63,000,000 | 55,156,000 | 45,803,000 |
financial technology solutions | 1,334,000,000 | 1,345,000,000 | 1,276,000,000 | 1,082,000,000 | 1,090,000,000 | 1,067,000,000 | 1,023,000,000 | 873,000,000 | 851,000,000 | 856,000,000 | 808,000,000 | 673,000,000 | 640,000,000 | 628,000,000 | 562,000,000 | 438,000,000 | 422,301,000 | 404,224,000 |
hardware and professional services | 43,000,000 | 44,000,000 | 47,000,000 | 46,000,000 | 48,000,000 | 49,000,000 | 53,000,000 | 51,000,000 | ||||||||||
total revenue | 1,633,000,000 | 1,633,000,000 | 1,550,000,000 | 1,337,000,000 | 1,338,000,000 | 1,305,000,000 | 1,242,000,000 | 1,075,000,000 | 1,036,000,000 | 1,032,000,000 | 978,000,000 | 819,000,000 | 768,000,000 | 752,000,000 | 675,000,000 | 535,000,000 | 514,873,000 | 486,379,000 |
yoy | 22.05% | 25.13% | 24.80% | 24.37% | 29.15% | 26.45% | 26.99% | 31.26% | 34.90% | 37.23% | 44.89% | 53.08% | 49.16% | 54.61% | ||||
qoq | 0.00% | 5.35% | 15.93% | -0.07% | 2.53% | 5.07% | 15.53% | 3.76% | 0.39% | 5.52% | 19.41% | 6.64% | 2.13% | 11.41% | 26.17% | 3.91% | 5.86% | |
costs of revenue: | ||||||||||||||||||
amortization of acquired intangible assets | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||
total costs of revenue | 1,210,000,000 | 1,201,000,000 | 1,158,000,000 | 991,000,000 | 1,005,000,000 | 983,000,000 | 956,000,000 | 826,000,000 | 810,000,000 | 806,000,000 | 770,000,000 | 645,000,000 | 610,000,000 | 601,000,000 | 562,000,000 | 446,000,000 | 438,901,000 | 403,125,000 |
gross profit | 423,000,000 | 432,000,000 | 392,000,000 | 346,000,000 | 333,000,000 | 322,000,000 | 286,000,000 | 249,000,000 | 226,000,000 | 226,000,000 | 208,000,000 | 174,000,000 | 158,000,000 | 151,000,000 | 113,000,000 | 89,000,000 | 75,972,000 | 83,254,000 |
yoy | 27.03% | 34.16% | 37.06% | 38.96% | 47.35% | 42.48% | 37.50% | 43.10% | 43.04% | 49.67% | 84.07% | 95.51% | 107.97% | 81.37% | ||||
qoq | -2.08% | 10.20% | 13.29% | 3.90% | 3.42% | 12.59% | 14.86% | 10.18% | 0.00% | 8.65% | 19.54% | 10.13% | 4.64% | 33.63% | 26.97% | 17.15% | -8.75% | |
gross margin % | 25.90% | 26.45% | 25.29% | 25.88% | 24.89% | 24.67% | 23.03% | 23.16% | 21.81% | 21.90% | 21.27% | 21.25% | 20.57% | 20.08% | 16.74% | 16.64% | 14.76% | 17.12% |
operating expenses: | ||||||||||||||||||
sales and marketing | 153,000,000 | 144,000,000 | 141,000,000 | 133,000,000 | 130,000,000 | 119,000,000 | 115,000,000 | 107,000,000 | 102,000,000 | 100,000,000 | 100,000,000 | 99,000,000 | 87,000,000 | 84,000,000 | 77,000,000 | 71,000,000 | 59,520,000 | 56,622,000 |
research and development | 97,000,000 | 102,000,000 | 91,000,000 | 84,000,000 | 93,000,000 | 89,000,000 | 87,000,000 | 83,000,000 | 94,000,000 | 87,000,000 | 92,000,000 | 85,000,000 | 79,000,000 | 74,000,000 | 67,000,000 | 62,000,000 | 50,022,000 | 39,700,000 |
general and administrative | 84,000,000 | 102,000,000 | 79,000,000 | 79,000,000 | 78,000,000 | 80,000,000 | 75,000,000 | 74,000,000 | 86,000,000 | 98,000,000 | 96,000,000 | 82,000,000 | 91,000,000 | 78,000,000 | 68,000,000 | 57,000,000 | 83,905,000 | 40,633,000 |
restructuring expenses | 4,000,000 | 1,000,000 | 7,000,000 | 4,000,000 | 41,000,000 | |||||||||||||
total operating expenses | 338,000,000 | 348,000,000 | 312,000,000 | 303,000,000 | 301,000,000 | 288,000,000 | 281,000,000 | 305,000,000 | 282,000,000 | 285,000,000 | 288,000,000 | 266,000,000 | 257,000,000 | 236,000,000 | 212,000,000 | 190,000,000 | 193,447,000 | 136,955,000 |
income from operations | 85,000,000 | 84,000,000 | 80,000,000 | 43,000,000 | 32,000,000 | 34,000,000 | 5,000,000 | -56,000,000 | -56,000,000 | -59,000,000 | -80,000,000 | -92,000,000 | -99,000,000 | -85,000,000 | -99,000,000 | -101,000,000 | -117,475,000 | -53,701,000 |
yoy | 165.63% | 147.06% | 1500.00% | -176.79% | -157.14% | -157.63% | -106.25% | -39.13% | -43.43% | -30.59% | -19.19% | -8.91% | -15.73% | 58.28% | ||||
qoq | 1.19% | 5.00% | 86.05% | 34.38% | -5.88% | 580.00% | -108.93% | 0.00% | -5.08% | -26.25% | -13.04% | -7.07% | 16.47% | -14.14% | -1.98% | -14.02% | 118.76% | |
operating margin % | 5.21% | 5.14% | 5.16% | 3.22% | 2.39% | 2.61% | 0.40% | -5.21% | -5.41% | -5.72% | -8.18% | -11.23% | -12.89% | -11.30% | -14.67% | -18.88% | -22.82% | -11.04% |
other income: | ||||||||||||||||||
interest income | 15,000,000 | 13,000,000 | 11,000,000 | 12,000,000 | 12,000,000 | 9,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 9,000,000 | 8,000,000 | 6,000,000 | 3,000,000 | 1,000,000 | 15,250 | 8,000 | |
change in fair value of warrant liability | 1,000,000 | 7,000,000 | -8,000,000 | 3,000,000 | -12,000,000 | -1,000,000 | -1,000,000 | -36,000,000 | 8,000,000 | 18,000,000 | -26,000,000 | 3,000,000 | ||||||
other income | 15,000,000 | 2,000,000 | 1,000,000 | -1,000,000 | 10,500 | -39,000 | ||||||||||||
income before taxes | 61,250,000 | 104,000,000 | 83,000,000 | 58,000,000 | -2,500,000 | 57,000,000 | 14,000,000 | |||||||||||
income tax benefit | 1,000,000 | -3,000,000 | -2,000,000 | |||||||||||||||
net income | 101,000,000 | 105,000,000 | 80,000,000 | 56,000,000 | 32,000,000 | 56,000,000 | 14,000,000 | -83,000,000 | -36,000,000 | -31,000,000 | -98,000,000 | -81,000,000 | -100,000,000 | -98,000,000 | -54,000,000 | -23,000,000 | 147,000 | -252,497,000 |
yoy | 215.63% | 87.50% | 471.43% | -167.47% | -188.89% | -280.65% | -114.29% | 2.47% | -64.00% | -68.37% | 81.48% | 252.17% | -68127.21% | -61.19% | ||||
qoq | -3.81% | 31.25% | 42.86% | 75.00% | -42.86% | 300.00% | -116.87% | 130.56% | 16.13% | -68.37% | 20.99% | -19.00% | 2.04% | 81.48% | 134.78% | -15746.26% | -100.06% | |
net income margin % | 6.18% | 6.43% | 5.16% | 4.19% | 2.39% | 4.29% | 1.13% | -7.72% | -3.47% | -3.00% | -10.02% | -9.89% | -13.02% | -13.03% | -8.00% | -4.30% | 0.03% | -51.91% |
net income per share | 0.54 | -1.05 | ||||||||||||||||
basic | 0.17 | 0.18 | 0.14 | 0.1 | -0.15 | -0.06 | -0.06 | -0.19 | -0.15 | -0.2 | -0.19 | -0.11 | -0.05 | |||||
diluted | 0.17 | 0.16 | 0.13 | 0.09 | -0.15 | -0.07 | -0.09 | -0.19 | -0.16 | -0.18 | -0.19 | -0.11 | -0.2 | |||||
weighted-average shares used for eps calculation | 289,584,001 | 239,358,805 | ||||||||||||||||
basic | 582 | 585 | 580 | 575 | 559 | 563 | 556 | 547 | 532 | 535,219,532 | 529,226,266 | 524,099,376 | 511,754,986 | 513,719,867 | 509,532,418 | 505,378,195 | ||
diluted | 607 | 609 | 605 | 603 | 591 | 590 | 587 | 547 | 533 | 536,534,932 | 529,226,266 | 524,876,023 | 512,243,106 | 513,719,867 | 509,532,418 | 507,037,246 | ||
income tax expense | -750,000 | -1,000,000 | -1,000,000 | |||||||||||||||
earnings per share attributable to common stockholders: | ||||||||||||||||||
basic | -0.005 | 0.1 | 0.03 | |||||||||||||||
diluted | -0.005 | 0.07 | 0.02 | |||||||||||||||
income before income taxes | -82,000,000 | |||||||||||||||||
hardware | 26,500,000 | 34,000,000 | 41,000,000 | 31,000,000 | 27,000,000 | 27,000,000 | 30,000,000 | 29,000,000 | 31,995,000 | 31,051,000 | ||||||||
professional services | 6,750,000 | 11,000,000 | 8,000,000 | 8,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 5,000,000 | 5,421,000 | 5,301,000 | ||||||||
loss before benefit for income taxes | -52,250,000 | -31,000,000 | ||||||||||||||||
benefit for income taxes | -250,000 | |||||||||||||||||
income before provision for income taxes | -97,000,000 | -81,000,000 | -23,000,000 | |||||||||||||||
provision for income taxes | -1,000,000 | |||||||||||||||||
amortization of acquired technology and customer assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 853,000 | 1,180,000 | ||||||||||||
change in fair value of warrant liabilities | 25,500,000 | -21,000,000 | 44,000,000 | 79,000,000 | -53,720,250 | -198,389,000 | ||||||||||||
change in fair value of derivative liability | 281,000 | |||||||||||||||||
loss on debt extinguishment | -217,000 | |||||||||||||||||
loss before benefit from income taxes | -98,000,000 | -102,000,000 | -54,000,000 | -122,692,500 | -252,368,000 | |||||||||||||
benefit from income taxes | -2,000,000 | 4,000,000 | -623,000 | -129,000 | ||||||||||||||
interest expense | 403,000 | -247,000 | ||||||||||||||||
net income per share | 0.54 | -1.05 | ||||||||||||||||
weighted-average shares used for eps calculation | 289,584,001 | 239,358,805 | ||||||||||||||||
other comprehensive income: | ||||||||||||||||||
foreign currency translation | -45.75 | -69 | ||||||||||||||||
comprehensive loss | -121,832.5 | -252,566 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets: | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 1,353,000,000 | 1,357,000,000 | 1,194,000,000 | 1,005,000,000 | 903,000,000 | 761,000,000 | 691,000,000 | 578,000,000 | 605,000,000 | 514,000,000 | 488,000,000 | 451,000,000 | 547,000,000 | 644,000,000 | 697,000,000 | 757,000,000 | 809,000,000 | 1,301,619,000 |
marketable securities | 638,000,000 | 500,000,000 | 508,000,000 | 484,000,000 | 514,000,000 | 511,000,000 | 528,000,000 | 537,000,000 | 519,000,000 | 516,000,000 | 502,000,000 | 499,000,000 | 474,000,000 | 409,000,000 | 482,000,000 | 453,000,000 | 457,000,000 | |
accounts receivable | 127,000,000 | 121,000,000 | 121,000,000 | 118,000,000 | 115,000,000 | 105,000,000 | 101,000,000 | 86,000,000 | 69,000,000 | 95,000,000 | 115,000,000 | 97,000,000 | 77,000,000 | 78,000,000 | 68,000,000 | 56,000,000 | 55,000,000 | 52,730,000 |
inventories | 114,000,000 | 104,000,000 | 103,000,000 | 111,000,000 | 118,000,000 | 106,000,000 | 110,000,000 | 120,000,000 | 118,000,000 | 98,000,000 | 107,000,000 | 112,000,000 | 110,000,000 | 95,000,000 | 62,000,000 | 44,000,000 | 42,000,000 | 38,665,000 |
other current assets | 437,000,000 | 413,000,000 | 391,000,000 | 404,000,000 | 325,000,000 | 319,000,000 | 309,000,000 | 330,000,000 | 259,000,000 | |||||||||
total current assets | 2,669,000,000 | 2,495,000,000 | 2,317,000,000 | 2,122,000,000 | 1,975,000,000 | 1,802,000,000 | 1,739,000,000 | 1,651,000,000 | 1,570,000,000 | 1,480,000,000 | 1,455,000,000 | 1,408,000,000 | 1,407,000,000 | 1,402,000,000 | 1,486,000,000 | 1,477,000,000 | 1,485,000,000 | 1,496,915,000 |
property and equipment | 105,000,000 | 100,000,000 | 96,000,000 | 93,000,000 | 98,000,000 | 95,000,000 | 90,000,000 | 82,000,000 | 75,000,000 | 69,000,000 | 61,000,000 | 70,000,000 | 61,000,000 | 54,000,000 | 45,000,000 | 42,000,000 | 41,000,000 | 42,381,000 |
operating lease right-of-use assets | 27,000,000 | 23,000,000 | 22,000,000 | 23,000,000 | 25,000,000 | 31,000,000 | 33,000,000 | 34,000,000 | 36,000,000 | 23,000,000 | 25,000,000 | 75,000,000 | 77,000,000 | 74,000,000 | 74,000,000 | 79,000,000 | 79,000,000 | |
intangible assets | 14,000,000 | 16,000,000 | 17,000,000 | 19,000,000 | 20,000,000 | 22,000,000 | 23,000,000 | 25,000,000 | 26,000,000 | 28,000,000 | 30,000,000 | 31,000,000 | 29,000,000 | 31,000,000 | 13,000,000 | 15,000,000 | 16,000,000 | 17,188,000 |
goodwill | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 113,000,000 | 107,000,000 | 107,000,000 | 74,000,000 | 74,000,000 | 74,000,000 | 74,738,000 |
restricted cash | 71,000,000 | 76,000,000 | 63,000,000 | 67,000,000 | 59,000,000 | 56,000,000 | 58,000,000 | 57,000,000 | 55,000,000 | 49,000,000 | 43,000,000 | 36,000,000 | 28,000,000 | 8,000,000 | 2,694,000 | |||
other non-current assets | 146,000,000 | 148,000,000 | 139,000,000 | 127,000,000 | 118,000,000 | 108,000,000 | 99,000,000 | 90,000,000 | 83,000,000 | 13,000,000 | 16,000,000 | 18,000,000 | 14,000,000 | 37,000,000 | 24,000,000 | 17,000,000 | 6,000,000 | 3,776,000 |
total non-current assets | 476,000,000 | 476,000,000 | 450,000,000 | 442,000,000 | 433,000,000 | 425,000,000 | 416,000,000 | 401,000,000 | 388,000,000 | 354,000,000 | 340,000,000 | 387,000,000 | 354,000,000 | 339,000,000 | 264,000,000 | 257,000,000 | 250,000,000 | 160,338,000 |
total assets | 3,145,000,000 | 2,971,000,000 | 2,767,000,000 | 2,564,000,000 | 2,408,000,000 | 2,227,000,000 | 2,155,000,000 | 2,052,000,000 | 1,958,000,000 | 1,834,000,000 | 1,795,000,000 | 1,795,000,000 | 1,761,000,000 | 1,741,000,000 | 1,750,000,000 | 1,734,000,000 | 1,735,000,000 | 1,657,253,000 |
liabilities and stockholders' equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 47,000,000 | 50,000,000 | 49,000,000 | 48,000,000 | 37,000,000 | 30,000,000 | 33,000,000 | 49,000,000 | 32,000,000 | 27,000,000 | 42,000,000 | 36,000,000 | 30,000,000 | 28,000,000 | 37,000,000 | 29,000,000 | 40,000,000 | 33,696,000 |
deferred revenue | 68,000,000 | 63,000,000 | 60,000,000 | 58,000,000 | 59,000,000 | 62,000,000 | 62,000,000 | 50,000,000 | 39,000,000 | 38,000,000 | 41,000,000 | 43,000,000 | 39,000,000 | 40,000,000 | 43,000,000 | 42,000,000 | 44,000,000 | |
accrued expenses and other current liabilities | 854,000,000 | 798,000,000 | 785,000,000 | 738,000,000 | 715,000,000 | 656,000,000 | 641,000,000 | 614,000,000 | 592,000,000 | 499,000,000 | 493,000,000 | 444,000,000 | 413,000,000 | 376,000,000 | 363,000,000 | 315,000,000 | 246,000,000 | 206,218,000 |
total current liabilities | 969,000,000 | 911,000,000 | 894,000,000 | 844,000,000 | 811,000,000 | 748,000,000 | 736,000,000 | 713,000,000 | 663,000,000 | 574,000,000 | 584,000,000 | 538,000,000 | 496,000,000 | 457,000,000 | 457,000,000 | 404,000,000 | 352,000,000 | 286,779,000 |
warrants to purchase common stock | 19,000,000 | 20,000,000 | 27,000,000 | 19,000,000 | 22,000,000 | 27,000,000 | 101,000,000 | 100,000,000 | 64,000,000 | 72,000,000 | 90,000,000 | 65,000,000 | 68,000,000 | 61,000,000 | 40,000,000 | 84,000,000 | 181,000,000 | 308,195,000 |
operating lease liabilities, non-current | 20,000,000 | 18,000,000 | 19,000,000 | 22,000,000 | 24,000,000 | 33,000,000 | 22,000,000 | 25,000,000 | 77,000,000 | 80,000,000 | 81,000,000 | 78,000,000 | 77,000,000 | 77,000,000 | ||||
other long-term liabilities | 13,000,000 | 8,000,000 | 9,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | 6,000,000 | 6,000,000 | 4,000,000 | 3,000,000 | 5,000,000 | 11,000,000 | 12,000,000 | 15,000,000 | 16,000,000 | 18,000,000 | 22,000,000 | 23,867,000 |
total liabilities | 1,021,000,000 | 957,000,000 | 949,000,000 | 891,000,000 | 863,000,000 | 807,000,000 | 872,000,000 | 849,000,000 | 764,000,000 | 685,000,000 | 716,000,000 | 697,000,000 | 663,000,000 | 622,000,000 | 600,000,000 | 591,000,000 | 644,000,000 | 647,779,000 |
commitments & contingencies | ||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||
preferred stock - par value 0.000001; 100 million shares authorized, no shares issued or outstanding | ||||||||||||||||||
common stock | ||||||||||||||||||
accumulated other comprehensive income | 2,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 45,000 | |||||||||||||
additional paid-in capital | 3,384,000,000 | 3,374,000,000 | 3,284,000,000 | 3,221,000,000 | 3,150,000,000 | 3,053,000,000 | 2,976,000,000 | 2,910,000,000 | 2,817,000,000 | 2,738,000,000 | 2,637,000,000 | 2,556,000,000 | 2,477,000,000 | 2,400,000,000 | 2,334,000,000 | 2,271,000,000 | 2,113,107,000 | |
accumulated deficit | -1,262,000,000 | -1,363,000,000 | -1,468,000,000 | -1,548,000,000 | -1,604,000,000 | -1,636,000,000 | -1,692,000,000 | -1,706,000,000 | -1,623,000,000 | -1,587,000,000 | -1,556,000,000 | -1,458,000,000 | -1,377,000,000 | -1,277,000,000 | -1,179,000,000 | -1,125,000,000 | -1,103,013,000 | |
total stockholders’ equity | 2,124,000,000 | 2,014,000,000 | 1,818,000,000 | 1,673,000,000 | 1,545,000,000 | 1,420,000,000 | 1,283,000,000 | 1,203,000,000 | 1,194,000,000 | 1,149,000,000 | 1,079,000,000 | 1,098,000,000 | 1,098,000,000 | 1,119,000,000 | 1,150,000,000 | 1,143,000,000 | 1,009,474,000 | |
total liabilities and stockholders’ equity | 3,145,000,000 | 2,971,000,000 | 2,767,000,000 | 2,564,000,000 | 2,408,000,000 | 2,227,000,000 | 2,155,000,000 | 2,052,000,000 | 1,958,000,000 | 1,834,000,000 | 1,795,000,000 | 1,795,000,000 | 1,761,000,000 | 1,741,000,000 | 1,750,000,000 | 1,734,000,000 | ||
liabilities and stockholders’ equity: | ||||||||||||||||||
commitments and contingencies | ||||||||||||||||||
preferred stock, par value 0.000001 per share; 100 million shares authorized; no shares issued or outstanding | ||||||||||||||||||
preferred stock, par value 0.000001 per share; 100 million shares authorized, no shares issued or outstanding | ||||||||||||||||||
accumulated other comprehensive loss | -1,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -4,000,000 | -5,000,000 | -3,000,000 | |||||||||
operating lease liabilities | 27,000,000 | 29,000,000 | 30,000,000 | 10,000,000 | 8,000,000 | 15,000,000 | 14,000,000 | 13,000,000 | 14,000,000 | 18,000,000 | 22,000,000 | |||||||
preferred stock - par value 0.000001; 100 shares authorized, no shares issued or outstanding | ||||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||
treasury stock | -665,000 | |||||||||||||||||
deferred costs | 56,000,000 | 52,000,000 | 47,000,000 | 44,000,000 | 40,000,000 | 36,000,000 | 32,000,000 | 30,000,000 | ||||||||||
prepaid expenses and other current assets | 201,000,000 | 191,000,000 | 202,000,000 | 155,000,000 | 136,000,000 | 141,000,000 | 135,000,000 | 92,000,000 | 79,561,000 | |||||||||
deferred costs, non-current | 59,000,000 | 52,000,000 | 44,000,000 | 38,000,000 | 36,000,000 | 34,000,000 | 30,000,000 | 25,000,000 | ||||||||||
deferred revenue, non-current | 14,000,000 | 12,000,000 | 6,000,000 | 7,000,000 | 8,000,000 | 9,000,000 | 8,000,000 | 12,000,000 | ||||||||||
preferred stock- par value 0.000001; 100,000,000 shares authorized, no shares issued or outstanding | ||||||||||||||||||
class a common stock, 0.000001 par value... | ||||||||||||||||||
class b common stock, 0.000001 par value... | ||||||||||||||||||
class a common stock | ||||||||||||||||||
class b common stock | ||||||||||||||||||
security deposits | 1,000,000 | 806,000 | ||||||||||||||||
liabilities, convertible preferred stock and stockholders’ deficit | ||||||||||||||||||
long-term debt | ||||||||||||||||||
derivative liabilities | ||||||||||||||||||
warrants to purchase preferred stock | ||||||||||||||||||
deferred rent, non-current | ||||||||||||||||||
convertible preferred stock, 0.000001 par value— 0 and 257,245,680 shares authorized, 0 and 253,832,025 shares issued and outstanding at december 31, 2021 and 2020, respectively; total liquidation value of 0 and 850 at december 31, 2021 and 2020, respectively | ||||||||||||||||||
stockholders’ equity | ||||||||||||||||||
merchant cash advances and loans receivable, net of allowance for uncollectible loans of 3,668 and 4,454, respectively, at september 30, 2021 and december 31, 2020 | 409,000 | |||||||||||||||||
costs capitalized to obtain revenue contracts | 23,931,000 | |||||||||||||||||
non-current costs capitalized to obtain revenue contracts | 18,755,000 | |||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | ||||||||||||||||||
current portion of deferred revenue | 46,865,000 | |||||||||||||||||
deferred revenue, net of current portion | 12,832,000 | |||||||||||||||||
deferred rent, net of current portion | 16,106,000 | |||||||||||||||||
total long-term liabilities | 361,000,000 | |||||||||||||||||
convertible preferred stock, 0.000001 par value—no shares authorized, issued or outstanding as of september 30, 2021; 257,245,680 authorized and 253,832,025 shares issued and outstanding at december 31, 2020; total liquidation value of 849,970 at december 31, 2020. | ||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 1,657,253,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net income | 101,000,000 | 105,000,000 | 80,000,000 | 56,000,000 | |||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 16,000,000 | 13,000,000 | 16,000,000 | 19,000,000 | 11,000,000 | 12,000,000 | 12,000,000 | 11,000,000 | 10,000,000 | 8,000,000 | 8,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 5,383,000 |
stock-based compensation expense | 56,000,000 | 66,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 67,000,000 | 66,000,000 | 71,000,000 | 71,000,000 | 72,000,000 | 63,000,000 | 61,000,000 | 57,000,000 | |||
amortization of deferred contract acquisition costs | 26,000,000 | 25,000,000 | 25,000,000 | 23,000,000 | 23,000,000 | 21,000,000 | 19,000,000 | 19,000,000 | |||||||||
change in fair value of warrant liability | -1,000,000 | -7,000,000 | 8,000,000 | -3,000,000 | 12,000,000 | 0 | 1,000,000 | 36,000,000 | -8,000,000 | -18,000,000 | 26,000,000 | -3,000,000 | |||||
credit loss expense | 25,000,000 | 26,000,000 | 18,000,000 | 22,000,000 | 20,000,000 | 18,000,000 | 17,000,000 | 15,000,000 | 20,000,000 | 19,000,000 | 12,000,000 | 13,000,000 | 16,000,000 | 11,000,000 | 4,000,000 | 3,000,000 | |
stock-based charitable contribution expense | 0 | 0 | 0 | ||||||||||||||
asset impairments | 1,000,000 | 3,000,000 | 1,000,000 | 0 | 0 | ||||||||||||
gain on warrant extinguishment | 0 | ||||||||||||||||
other non-cash items | 3,000,000 | -2,000,000 | -2,000,000 | -1,000,000 | -2,000,000 | 1,000,000 | 3,000,000 | ||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | -13,000,000 | -4,000,000 | -7,000,000 | -9,000,000 | -18,000,000 | -9,000,000 | -23,000,000 | -22,000,000 | 18,000,000 | -22,000,000 | -20,000,000 | -15,000,000 | -13,000,000 | -2,000,000 | |||
other current assets | -30,000,000 | -12,000,000 | 2,000,000 | -12,000,000 | -4,000,000 | 3,000,000 | 5,000,000 | -19,000,000 | |||||||||
deferred contract acquisition costs | -38,000,000 | -36,000,000 | -40,000,000 | -33,000,000 | -35,000,000 | -32,000,000 | -33,000,000 | -30,000,000 | |||||||||
inventories | -10,000,000 | -1,000,000 | 8,000,000 | 7,000,000 | 4,000,000 | 10,000,000 | -2,000,000 | -20,000,000 | 9,000,000 | 5,000,000 | -1,000,000 | -15,000,000 | -33,000,000 | -18,000,000 | -2,000,000 | -3,664,000 | |
accounts payable | 0 | -2,000,000 | 3,000,000 | 10,000,000 | 6,000,000 | -3,000,000 | -14,000,000 | 16,000,000 | 4,000,000 | -15,000,000 | 6,000,000 | 6,000,000 | 1,000,000 | -8,000,000 | 8,000,000 | -12,000,000 | 6,793,000 |
accrued expenses and other current liabilities | 44,000,000 | -20,000,000 | 53,000,000 | -56,000,000 | 55,000,000 | -8,000,000 | 38,000,000 | -37,000,000 | 64,000,000 | -7,000,000 | 44,000,000 | -20,000,000 | 25,000,000 | 15,000,000 | 37,000,000 | 39,000,000 | 38,694,000 |
deferred revenue | 0 | 4,000,000 | 3,000,000 | -1,000,000 | 0 | -1,000,000 | 13,000,000 | 11,000,000 | -11,000,000 | -1,000,000 | 4,000,000 | 3,000,000 | -2,000,000 | -5,000,000 | 2,000,000 | -6,000,000 | -3,484,000 |
operating lease right-of-use assets and operating lease liabilities | 0 | -5,000,000 | -3,000,000 | ||||||||||||||
other assets and liabilities | 14,000,000 | 0 | -5,000,000 | -4,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | 1,000,000 | -4,000,000 | 2,000,000 | -2,000,000 | -4,000,000 | 0 | -6,000,000 | -4,000,000 | -3,000,000 | -3,068,000 |
net cash from operating activities | 194,000,000 | 165,000,000 | 223,000,000 | 79,000,000 | 147,000,000 | 109,000,000 | 124,000,000 | -20,000,000 | 92,000,000 | 48,000,000 | 50,000,000 | -55,000,000 | -19,000,000 | -69,000,000 | -21,000,000 | -47,000,000 | -31,970,000 |
cash flows from investing activities: | |||||||||||||||||
cash paid for acquisition, net of cash acquired | 0 | 0 | 0 | -9,000,000 | 0 | ||||||||||||
capital expenditures | -16,000,000 | -12,000,000 | -15,000,000 | -10,000,000 | -13,000,000 | -12,000,000 | -16,000,000 | -13,000,000 | 0 | -10,000,000 | -11,000,000 | -10,000,000 | -10,000,000 | -11,000,000 | -9,000,000 | -3,000,000 | -1,866,000 |
free cash flows | 178,000,000 | 153,000,000 | 208,000,000 | 69,000,000 | 134,000,000 | 97,000,000 | 108,000,000 | -33,000,000 | 92,000,000 | 38,000,000 | 39,000,000 | -65,000,000 | -29,000,000 | -80,000,000 | -30,000,000 | -50,000,000 | -33,836,000 |
purchases of marketable securities | -262,000,000 | -90,000,000 | -171,000,000 | -110,000,000 | -120,000,000 | -77,000,000 | -131,000,000 | -145,000,000 | -144,000,000 | -128,000,000 | -175,000,000 | -176,000,000 | -247,000,000 | -47,000,000 | -110,000,000 | -30,000,000 | |
proceeds from the sale of marketable securities | 43,000,000 | 38,000,000 | 57,000,000 | 40,000,000 | 46,000,000 | 27,000,000 | 35,000,000 | 18,000,000 | 12,000,000 | 10,000,000 | 6,000,000 | 7,000,000 | 5,000,000 | 9,000,000 | 14,000,000 | 18,000,000 | |
maturities of marketable securities | 83,000,000 | 60,000,000 | 91,000,000 | 102,000,000 | 72,000,000 | 71,000,000 | 108,000,000 | 111,000,000 | 142,000,000 | 99,000,000 | 168,000,000 | 147,000,000 | 179,000,000 | 112,000,000 | 66,000,000 | 12,000,000 | |
other investing activities | 0 | -2,000,000 | 0 | -1,000,000 | |||||||||||||
net cash from investing activities | -152,000,000 | -4,000,000 | -38,000,000 | 22,000,000 | -15,000,000 | 9,000,000 | -4,000,000 | -29,000,000 | -1,000,000 | -31,000,000 | -12,000,000 | -42,000,000 | -73,000,000 | 17,000,000 | -39,000,000 | -3,000,000 | -460,576,000 |
cash flows from financing activities: | |||||||||||||||||
payments of issuance costs of the revolving credit facility | 0 | 0 | |||||||||||||||
proceeds from issuance of common stock | 3,000,000 | 38,000,000 | 14,000,000 | 26,000,000 | 15,000,000 | 29,000,000 | 27,000,000 | 28,000,000 | 5,000,000 | 16,000,000 | |||||||
change in customer funds obligations | -13,000,000 | 4,000,000 | -19,000,000 | 64,000,000 | -4,000,000 | 12,000,000 | -21,000,000 | 49,000,000 | 0 | -4,000,000 | -6,000,000 | 37,000,000 | 0 | -11,000,000 | 10,000,000 | 27,000,000 | -2,002,000 |
warrant repurchase | 0 | ||||||||||||||||
repurchases of class a common stock | -53,000,000 | -23,000,000 | -14,000,000 | -17,000,000 | 0 | -20,000,000 | -32,000,000 | -4,000,000 | |||||||||
net cash from financing activities | -63,000,000 | 19,000,000 | -22,000,000 | 73,000,000 | 11,000,000 | -40,000,000 | -26,000,000 | 73,000,000 | 5,000,000 | 12,000,000 | -2,000,000 | 48,000,000 | 2,000,000 | -6,000,000 | 13,000,000 | 29,000,000 | 3,086,000 |
effect of exchange rate changes on cash and cash equivalents and restricted cash | -1,000,000 | 0 | -2,000,000 | 2,000,000 | -817,000 | ||||||||||||
net increase in cash, cash equivalents, cash held on behalf of customers and restricted cash | -22,000,000 | 180,000,000 | 166,000,000 | 174,000,000 | 142,000,000 | 78,000,000 | 94,000,000 | 24,000,000 | 96,000,000 | 29,000,000 | -90,000,000 | -489,460,000 | |||||
cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period | 0 | 0 | 0 | 1,085,000,000 | 0 | 0 | 0 | 747,000,000 | 0 | 0 | 0 | 635,000,000 | 0 | 0 | 0 | 851,000,000 | 324,000 |
cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period | -22,000,000 | 180,000,000 | 166,000,000 | 1,259,000,000 | 141,000,000 | 80,000,000 | 93,000,000 | 771,000,000 | 28,000,000 | 36,000,000 | 586,000,000 | -59,000,000 | -47,000,000 | 830,000,000 | |||
reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash | |||||||||||||||||
cash and cash equivalents | -4,000,000 | 163,000,000 | 189,000,000 | 1,005,000,000 | 142,000,000 | 70,000,000 | 113,000,000 | 578,000,000 | 26,000,000 | 37,000,000 | 451,000,000 | -53,000,000 | -60,000,000 | 757,000,000 | -492,619,000 | ||
cash held on behalf of customers | -13,000,000 | 4,000,000 | -19,000,000 | 187,000,000 | -4,000,000 | 12,000,000 | -21,000,000 | 136,000,000 | -4,000,000 | -8,000,000 | 99,000,000 | -11,000,000 | 10,000,000 | 62,000,000 | -2,640,000 | ||
restricted cash | -5,000,000 | 13,000,000 | -4,000,000 | 67,000,000 | -2,000,000 | 1,000,000 | 57,000,000 | 6,000,000 | 7,000,000 | 36,000,000 | 5,000,000 | 3,000,000 | 11,000,000 | 5,306,000 | |||
total cash, cash equivalents, cash held on behalf of customers and restricted cash | 180,000,000 | 166,000,000 | 1,259,000,000 | 80,000,000 | 93,000,000 | 771,000,000 | 28,000,000 | 36,000,000 | 586,000,000 | -59,000,000 | -47,000,000 | 830,000,000 | -489,953,000 | ||||
supplemental disclosure of cash flow information: | |||||||||||||||||
stock-based compensation included in capitalized software | 3,000,000 | 3,000,000 | 2,000,000 | ||||||||||||||
cash paid for amounts included in the measurement of lease liabilities | 6,000,000 | 4,000,000 | 2,000,000 | ||||||||||||||
right-of-use assets obtained in exchange for new operating lease liabilities / (reduction) of lease liabilities from lease terminations and modifications | |||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||
other financing activities | |||||||||||||||||
net loss | 56,000,000 | 14,000,000 | -83,000,000 | -36,000,000 | -31,000,000 | -98,000,000 | -81,000,000 | -100,000,000 | -98,000,000 | -54,000,000 | -23,000,000 | 147,000 | |||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
change in fair value of derivative liability | -281,000 | ||||||||||||||||
loss on debt extinguishment | 217,000 | ||||||||||||||||
non-cash interest on convertible notes | |||||||||||||||||
account receivable | |||||||||||||||||
proceeds from initial public offering | |||||||||||||||||
extinguishment of convertible notes | -472,000 | ||||||||||||||||
cash, cash equivalents, cash held on behalf of customers and restricted cash at end period | |||||||||||||||||
amortization of deferred costs | 16,000,000 | 14,000,000 | 14,000,000 | 12,000,000 | 12,000,000 | 10,000,000 | 10,000,000 | ||||||||||
other | -2,000,000 | 695,000 | |||||||||||||||
prepaid expenses and other current assets | -4,000,000 | 3,000,000 | -6,000,000 | -20,000,000 | -7,000,000 | 2,000,000 | -15,000,000 | -13,133,000 | |||||||||
deferred costs | -27,000,000 | -26,000,000 | -24,000,000 | -18,000,000 | -18,000,000 | -18,000,000 | -17,000,000 | ||||||||||
capitalized software | -10,000,000 | -9,000,000 | -8,000,000 | -7,000,000 | -5,000,000 | -4,000,000 | -1,000,000 | -1,288,000 | |||||||||
purchases of property and equipment | 0 | -2,000,000 | -2,000,000 | -3,000,000 | -6,000,000 | -5,000,000 | -2,000,000 | -1,430,000 | |||||||||
payment of contingent consideration | 0 | 0 | 0 | -2,000,000 | |||||||||||||
issuance of class b common stock upon exercise of common stock warrants | 0 | 12,703,000 | |||||||||||||||
change in deferred income taxes | 0 | -1,000,000 | 0 | 920,000 | |||||||||||||
proceeds from exercise of stock options and issuance of common stock upon espp purchase | 11,000,000 | ||||||||||||||||
net decrease in cash, cash equivalents, cash held on behalf of customers and restricted cash | -49,000,000 | -47,000,000 | -21,000,000 | ||||||||||||||
charitable contribution stock-based expense | |||||||||||||||||
change in fair value of contingent consideration | 1,000,000 | 0 | 0 | 2,000,000 | |||||||||||||
acquired loans and merchant cash advances repaid | |||||||||||||||||
operating lease right-of-use assets | -2,000,000 | -1,000,000 | 5,000,000 | -6,000,000 | |||||||||||||
operating lease liabilities | 2,000,000 | 1,000,000 | -3,000,000 | 4,000,000 | |||||||||||||
payment of deferred offering costs | -956,000 | ||||||||||||||||
repayments of secured borrowings | |||||||||||||||||
proceeds from issuance of long-term debt | |||||||||||||||||
proceeds from exercise of stock options | 3,000,000 | 5,000,000 | 3,000,000 | 4,000,000 | 3,273,000 | ||||||||||||
proceeds from issuance of restricted stock | |||||||||||||||||
proceeds from issuance of series e and series f preferred | |||||||||||||||||
redemption of series b preferred | |||||||||||||||||
proceeds from exercise of common stock warrants | |||||||||||||||||
change in fair value of warrant liabilities | 21,000,000 | -44,000,000 | -79,000,000 | ||||||||||||||
non-cash interest expense on convertible notes | |||||||||||||||||
merchant cash advances and acquired loans repaid | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||
purchase of property and equipment included in accounts payable and accrued expenses | 852,000 | ||||||||||||||||
stock-based compensation | 53,000,000 | ||||||||||||||||
merchant cash advances made | |||||||||||||||||
merchant cash advances repaid | 463,000 | ||||||||||||||||
cash paid for acquisition, net of customer funds obligations assumed | |||||||||||||||||
customer funds obligations assumed in acquisition | |||||||||||||||||
purchase of marketable securities | |||||||||||||||||
proceeds from issuance of class a common stock upon initial public offering, net of underwriter discounts | -360,000 | ||||||||||||||||
proceeds from secured borrowings | |||||||||||||||||
other proceeds from financing activities | |||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||
cash paid for interest | -226,000 | ||||||||||||||||
common stock issued in acquisition | 143,000 | ||||||||||||||||
contingent consideration for acquisition included in purchase price | |||||||||||||||||
deferred payment included in purchase price | |||||||||||||||||
conversion of convertible preferred stock into class b common stock upon initial public offering | 107,000 | ||||||||||||||||
issuance of common stock warrants upon debt extinguishment | -111,000 | ||||||||||||||||
deferred offering costs included in accounts payable and accrued expenses | -1,298,000 | ||||||||||||||||
stock-based compensation expense included in capitalized software | |||||||||||||||||
amortization of costs capitalized to obtain revenue contracts | |||||||||||||||||
factor receivable | |||||||||||||||||
costs capitalized to obtain revenue contracts | |||||||||||||||||
proceeds from issuance of series f preferred stock | |||||||||||||||||
proceeds from exercise of restricted stock | |||||||||||||||||
repurchase of restricted stock | |||||||||||||||||
repurchase of common stock | |||||||||||||||||
supplemental disclosures of cash flow information | |||||||||||||||||
non-cash items in investing and financing activities | |||||||||||||||||
contingent consideration included in purchase price | |||||||||||||||||
deferred payments included in purchase price |