SALE OF ASSET GROUP

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

On October 31, 2019, the Company completed the sale of certain assets that comprised its Caviar business to DoorDash, Inc. (DoorDash) for $410 million in gross proceeds comprised of $310 million in cash and $100 million of DoorDash, Inc.'s preferred stock. The Company agreed to indemnify DoorDash for potential losses and costs that may arise from certain legal and other matters. The Caviar business, which offered food ordering and delivery services to customers, was a small component of the Company's overall business comprising less than 5% of the Company's consolidated total assets and revenues. The sale was in line with the Company's strategy of focusing investment on its larger and growing seller and Cash App businesses. Accordingly the sale of the Caviar business did not represent a strategic shift that will have a major effect on the Company's operations and financial results, and did not therefore qualify for reporting as a discontinued operation.

The following table summarizes the calculation of the gain on the sale of Caviar business (in thousands):


Consideration received:
Cash	$	310,000
Preferred Stock	100,000
	$	410,000

Net assets sold:
Intangible and other assets, net	$	8,659
Goodwill	4,221
Disposal costs and other adjustments	23,675
	$	36,555

Gain on sale of asset group	$	373,445