Square Completes Sale of Caviar to DoorDash
01 11월 2019 - 10:00PM
Business Wire
Square, Inc. (NYSE: SQ) (the “Company”) today announced that it
has completed its sale of Caviar to DoorDash, Inc. on October 31,
2019, for $410 million in a mix of cash and DoorDash stock. In
connection with the closing, Square is providing details on
Caviar’s contribution to the Company’s previously announced
guidance.
Caviar will be included in Square’s financial results through
October 2019, but will no longer be included following the
completion of the sale. Accordingly, Square is providing the
following details on the amount Caviar had been projected to
contribute at the time of the guidance provided in the Company's
second quarter 2019 Shareholder Letter.
Full Year 2019
Remainder of 2019¹
Total net revenue
$190 million
$32 million
Adjusted Revenue
$190 million
$32 million
Adjusted EBITDA
$(9) million
$(1) million
¹ Represents forecasted Caviar
contribution for November and December 2019 at the time of the
guidance provided in the Company's second quarter 2019 Shareholder
Letter
Square is not otherwise updating or commenting on its previously
announced guidance at this time. As a reminder, on November 6,
2019, Square will release financial results for the third quarter
of 2019 and will discuss guidance for the full year of 2019 at that
time.
About Square
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with
Square Reader, making it possible for anyone to accept card
payments using a smartphone or tablet. Today, we build tools to
empower businesses and individuals to participate in the economy.
Sellers use Square to reach buyers online and in-person, manage
their business, and access financing. And individuals use Cash App
to spend, send, store, and invest money. Square has offices in the
United States, Canada, Japan, Australia, Ireland, and the UK.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding the future performance of the
Company and its consolidated subsidiaries; the Company’s expected
financial results for the full fiscal year 2019 and the Company’s
expectations regarding Caviar’s financial results in future
periods. Such statements are subject to a number of known and
unknown risks, uncertainties, assumptions and other factors that
may cause the Company’s actual results, performance or achievements
to differ materially from results expressed or implied in this
press release. Investors are cautioned not to place undue reliance
on these statements and reported results should not be considered
as an indication of future performance.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, the Company’s
ability to deal with the substantial and increasingly intense
competition in its industry; changes to the rules and practices of
payment card networks and acquiring processors; the impact of
acquisitions or divestitures, strategic investments or entries into
new businesses, including the divestiture of Caviar; the ability to
realize the expected benefits from the divestiture of Caviar in the
expected time period, or at all; as well as other risks listed or
described from time to time in the Company’s filings with the
Securities and Exchange Commission (the “SEC”), including the
Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended June 30, 2019 (the “Q2 10-Q”), which is on file with the SEC
and available on the investor relations page of the Company’s
website. Except as required by law, the Company assumes no
obligation to update any of the statements in this letter.
NON-GAAP FINANCIAL MEASURES
For a discussion of Non-GAAP financial measures and how the
Company uses them, please see the Q2 10-Q.
As a reminder, Adjusted Revenue is total net revenue, less
transaction-based costs and bitcoin costs, and excludes the effect
of deferred revenue adjustment related to purchase accounting. None
of those adjustments apply to our Caviar business. We therefore
have not reconciled Caviar contribution to Adjusted Revenue for the
periods presented above to Total Net Revenue because those metrics
for our Caviar business are the same.
We have not reconciled Caviar contribution to Adjusted EBITDA
for the periods presented above to its GAAP equivalent as a result
of the uncertainty regarding, and the potential variability of,
reconciling items such as share-based compensation expense and
weighted-average fully diluted shares outstanding. Accordingly, a
reconciliation of this non-GAAP guidance metric to its
corresponding GAAP equivalent is not available without unreasonable
effort. However, it is important to note that material changes to
these reconciling items could have a significant effect on our
Adjusted EBITDA guidance and future GAAP results.
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version on businesswire.com: https://www.businesswire.com/news/home/20191101005113/en/
Media Contact: press@squareup.com
Investor Relations Contact: ir@squareup.com
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