EX-99.1 2 d816072dex991.htm EX-99.1 EX-99.1

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 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 for the last seven quarters. 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, 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. These quarterly operating results are not necessarily indicative of the results that Caviar may achieve in future periods.

 

     March 31,
2018
    June 30,
2018
    September 30,
2018
    December 31,
2018
    March 31,
2019
    June 30,
2019
    September 30,
2019
 

Revenue:

              

Subscription and services-based revenue

   $ 27,469     $ 36,927     $ 39,583     $ 44,283     $ 46,530     $ 43,390     $ 40,948  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenue

     27,469       36,927       39,583       44,283       46,530       43,390       40,948  

Cost of revenue:

              

Subscription and services-based costs

     21,223       27,569       29,820       33,549       35,061       30,063       28,275  

Amortization of acquired technology

     —         —         —         —         29       31       30  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

     21,223       27,569       29,820       33,549       35,090       30,094       28,305  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     6,246       9,358       9,763       10,734       11,440       13,296       12,643  

Operating expenses:

              

Product development

     3,095       2,759       3,709       4,100       4,711       5,413       5,591  

Sales and marketing

     4,165       3,883       3,428       4,533       5,229       5,593       6,205  

General and administrative

     6,338       3,983       7,540       8,976       8,108       8,908       8,949  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     13,598       10,625       14,677       17,609       18,048       19,914       20,745  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit/(loss)

     (7,352     (1,267     (4,914     (6,875     (6,608     (6,618     (8,102
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax

   $ (7,352   $ (1,267   $ (4,914   $ (6,875   $ (6,608   $ (6,618   $ (8,102
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of loss before income tax to Adjusted EBITDA

              

Share-based compensation expense

   $ 1,734     $ 1,837     $ 2,254     $ 2,293     $ 2,592     $ 3,483     $ 3,729  

Depreciation and amortization

     387       539       547       659       657       644       842  

Other (income) expense, net

     152       (83     (50     96       18       336       104  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ (5,079   $ 1,026     $ (2,163   $ (3,827   $ (3,341   $ (2,155   $ (3,427