Block (SQ) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37622
Entity Registrant Name	Square, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0429876
Entity Address, Address Line One	1455 Market Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94103
City Area Code	415
Local Phone Number	375-3176
Title of 12(b) Security	Class A common stock, $0.0000001 par value per share
Trading Symbol	SQ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class of Stock [Line Items]
Entity Central Index Key	0001512673
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		362,988,307
Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		76,362,944

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,962,316	$ 1,047,118
Investments in short-term debt securities	521,840	492,456
Settlements receivable	521,629	588,692
Customer funds	944,811	676,292
Loans held for sale	160,709	164,834
Other current assets	278,670	250,409
Total current assets	4,389,975	3,219,801
Property and equipment, net	150,659	149,194
Goodwill	288,533	266,345
Acquired intangible assets, net	81,936	69,079
Investments in long-term debt securities	529,460	537,303
Operating lease right-of-use assets	413,458	113,148
Other non-current assets	149,852	196,388
Total assets	6,003,873	4,551,258
Current liabilities:
Customers payable	1,485,439	1,273,135
Settlements payable	89,150	95,834
Accrued expenses and other current liabilities	392,734	297,841
Operating lease liabilities, current	37,335	27,275
Total current liabilities	2,004,658	1,694,085
Long-term debt	1,760,847	938,832
Operating lease liabilities, non-current	349,562	108,830
Other non-current liabilities	80,861	94,461
Total liabilities	4,195,928	2,836,208
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.0000001 par value: 100,000,000 shares authorized at March 31, 2020 and December 31, 2019. None issued and outstanding at March 31, 2020 and December 31, 2019.	0	0
Additional paid-in capital	2,427,596	2,223,749
Accumulated other comprehensive income (loss)	(3,432)	1,629
Accumulated deficit	(616,219)	(510,328)
Total stockholders’ equity	1,807,945	1,715,050
Total liabilities and stockholders’ equity	6,003,873	4,551,258
Class A
Stockholders’ equity:
Common stock	0	0
Class B
Stockholders’ equity:
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, par value (in USD per share)	$ 0.00	$ 0.00
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.00	$ 0.00
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	359,142,301	352,386,562
Common stock, shares outstanding (in shares)	359,142,301	352,386,562
Class B
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.00	$ 0.00
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	79,621,335	80,410,158
Common stock, shares outstanding (in shares)	79,621,335	80,410,158

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Revenue	$ 1,381,109	$ 959,359
Cost of revenue:
Total cost of revenue	842,608	562,605
Gross profit	538,501	396,754
Operating expenses:
Product development	194,986	154,350
Sales and marketing	194,535	133,713
General and administrative	129,495	101,598
Transaction and loan losses	108,883	27,841
Amortization of acquired customer assets	4,152	3,487
Total operating expenses	628,789	418,796
Operating loss	(90,288)	(22,042)
Interest expense, net	9,206	4,681
Other expense, net	5,862	11,299
Loss before income tax	(105,356)	(38,022)
Provision for income taxes	535	129
Net loss	$ (105,891)	$ (38,151)
Net loss per share
Basic (in USD per share)	$ (0.24)	$ (0.09)
Diluted (in USD per share)	$ (0.24)	$ (0.09)
Weighted-average shares used to compute net loss per share
Basic (in shares)	434,940	419,289
Diluted (in shares)	434,940	419,289
Technology assets
Cost of revenue:
Amortization of acquired technology	$ 2,320	$ 1,376
Customer assets
Operating expenses:
Amortization of acquired customer assets	890	1,294
Transaction-based revenue
Revenue:
Revenue	758,101	656,762
Cost of revenue:
Cost of revenue	465,779	409,069
Subscription and services-based revenue
Revenue:
Revenue	255,883	190,307
Revenue	296,235	218,857
Cost of revenue:
Cost of revenue	40,711	60,523
Hardware revenue
Revenue:
Revenue	20,675	18,212
Cost of revenue:
Cost of revenue	34,372	26,941
Bitcoin revenue
Revenue:
Revenue	306,098	65,528
Cost of revenue:
Cost of revenue	$ 299,426	$ 64,696

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (105,891)	$ (38,151)
Net foreign currency translation adjustments	(8,388)	266
Net unrealized gain on revaluation of intercompany loans	0	75
Net unrealized gain on marketable debt securities	3,327	2,288
Total comprehensive loss	$ (110,952)	$ (35,522)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (105,891)	$ (38,151)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	20,061	18,971
Non-cash interest and other	12,411	8,224
Loss on extinguishment of long-term debt	990	0
Share-based compensation	77,303	61,088
Loss on revaluation of equity investment	0	14,087
Non-cash lease expense	15,125	6,690
Recovery of common stock in connection with indemnification settlement agreement	0	(789)
Transaction and loan losses	108,883	27,841
Change in deferred income taxes	(984)	(754)
Changes in operating assets and liabilities:
Settlements receivable	60,248	(1,027,472)
Customer funds	(210,201)	(109,439)
Purchase of loans held for sale	(573,502)	(507,755)
Sales and principal payments of loans held for sale	555,584	467,518
Customers payable	212,929	912,749
Settlements payable	(6,684)	211,984
Charge-offs to accrued transaction losses	(17,413)	(17,443)
Other assets and liabilities	(27,563)	5,095
Net cash provided by operating activities	121,296	32,444
Cash flows from investing activities:
Purchase of marketable debt securities	(363,874)	(193,673)
Proceeds from maturities of marketable debt securities	98,146	111,505
Proceeds from sale of marketable debt securities	247,027	44,810
Purchase of marketable debt securities from customer funds	(144,494)	(34,613)
Proceeds from maturities of marketable debt securities from customer funds	65,000	33,000
Proceeds from sale of marketable debt securities from customer funds	22,457	0
Purchase of property and equipment	(26,137)	(18,168)
Payments for other investments	0	(2,000)
Business combinations, net of cash acquired	(12,742)	(11,248)
Net cash used in investing activities	(114,617)	(70,387)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net	986,241	0
Purchase of convertible senior note hedges	(149,200)	0
Proceeds from issuance of warrants	99,500	0
Payments for tax withholding related to vesting of restricted stock units	(48,772)	(50,801)
Proceeds from the exercise of stock options, net	31,406	25,328
Other financing activities	(1,055)	(1,379)
Net cash provided by (used in) financing activities	918,120	(26,852)
Effect of foreign exchange rate on cash and cash equivalents	(13,588)	1,277
Net increase (decrease) in cash, cash equivalents, and restricted cash	911,211	(63,518)
Cash, cash equivalents, and restricted cash, beginning of period	1,098,706	632,847
Cash, cash equivalents, and restricted cash, end of period	$ 2,009,917	$ 569,329

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Class A and B common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2018		417,048,006
Beginning balance at Dec. 31, 2018	$ 1,120,501	$ 0	$ 2,012,328	$ (6,053)	$ (885,774)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(38,151)				(38,151)
Shares issued in connection with employee stock plans (in shares)		5,582,633
Shares issued in connection with employee stock plans	25,364		25,364
Change in other comprehensive loss	2,629			2,629
Share-based compensation	62,835		62,835
Tax withholding related to vesting of restricted stock units (in shares)		(741,324)
Tax withholding related to vesting of restricted stock units	(50,801)		(50,801)
Issuance of common stock in conjunction with the conversion of senior notes, due 2022 (in shares)		43
Issuance of common stock in conjunction with the conversion of senior notes, due 2022	1		1
Exercise of bond hedges in conjunction with the conversion of senior notes, due 2022 (in shares)		(250,614)
Recovery of common stock in connection with indemnification settlement agreement (in shares)		(14,798)
Recovery of common stock in connection with indemnification settlement agreement	(789)		(789)
Ending balance (in shares) at Mar. 31, 2019		421,623,946
Ending balance at Mar. 31, 2019	1,121,589	$ 0	2,048,938	(3,424)	(923,925)
Beginning balance (in shares) at Dec. 31, 2019		432,796,720
Beginning balance at Dec. 31, 2019	1,715,050	$ 0	2,223,749	1,629	(510,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(105,891)				(105,891)
Shares issued in connection with employee stock plans (in shares)		5,222,525
Shares issued in connection with employee stock plans	31,406		31,406
Issuance of common stock in connection with business combination (in shares)		357,017
Issuance of common stock in connection with business combination	14,999		14,999
Change in other comprehensive loss	(5,061)			(5,061)
Share-based compensation	79,562		79,562
Tax withholding related to vesting of restricted stock units (in shares)		(722,606)
Tax withholding related to vesting of restricted stock units	(48,772)		(48,772)
Conversion feature of convertible senior notes, due 2025, net of allocated costs	152,258		152,258
Purchase of bond hedges in conjunction with issuance of convertible senior notes, due 2025	(149,200)		(149,200)
Sale of warrants in conjunction with issuance of convertible senior notes, due 2025	99,500		99,500
Issuance of common stock in conjunction with the conversion of senior notes, due 2022 (in shares)		1,109,980
Issuance of common stock in conjunction with the conversion of senior notes, due 2022	24,094		24,094
Ending balance (in shares) at Mar. 31, 2020		438,763,636
Ending balance at Mar. 31, 2020	$ 1,807,945	$ 0	$ 2,427,596	$ (3,432)	$ (616,219)

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Square, Inc. (together with its subsidiaries, Square or the Company) creates tools that empower businesses, sellers and individuals to participate in the economy. Square enables sellers to accept card payments and also provides reporting and analytics, and next-day settlement. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage buyers; build a website or online store; and grow sales. Cash App is an easy way to send, spend, and store money. Square was founded in 2009 and is headquartered in San Francisco, with offices in the United States, Canada, Japan, Australia, Ireland, and the United Kingdom. Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The December 31, 2019 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods. All intercompany transactions and balances have been eliminated in consolidation. The interim results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, as well as related disclosure of contingent assets and liabilities. Actual results could differ from the Company’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or operating results will be materially affected. Generally, the Company's estimates and assumptions consider current and past experience, to the extent that historical experience is predictive of future performance. Estimates, judgments, and assumptions in these consolidated financial statements include, but are not limited to, those related to revenue recognition, accrued transaction losses, credit loss allowances from marketable debt securities, contingencies, valuation of the debt component of convertible senior notes, valuation of loans held for sale, goodwill, acquired intangible assets, income and other taxes, operating and financing lease right-of-use assets and related liabilities, assessing the likelihood of adverse outcomes from claims and disputes, and share-based compensation. In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The Company operates in geographic locations that have been impacted by COVID-19 and that are subject to various mandated public health ordinances, which have negatively impacted the business operations of the Company and its customers. As a consequence of the pandemic and related public health orders, the Company’s customers are now exposed to a variety of uncertainties that could negatively impact their ability to repay outstanding amounts, or even continue in business. As of the date of issuance of the financial statements, the Company has revised or updated the carrying values of its assets or liabilities based on estimates, judgments and circumstances we are aware of, particularly, the expected impact of COVID-19. Due to the impact of the COVID-19 outbreak, the Company’s estimates of accrued transaction losses and valuation of loans held for sale were subject to greater uncertainty. The Company's estimates were based on historical experience, adjusted for market data relevant to the current economic environment. Additionally, the Company incorporated market data for similar historical periods of recessionary economic conditions and uncertainty in developing such estimates and assumptions. The Company evaluates these estimates and assumptions on an ongoing basis and will make adjustments as appropriate. In the three months ended March 31, 2020, the provision for transaction losses increased to $79.3 million, compared to $19.8 million for the three months ended March 31, 2019 — See Note 10, Other Consolidated Balance Sheet Components (Current) , for further details on transaction losses. In the three months ended March 31, 2020, the charge for the excess of amortized costs over the fair value of loans increased to $22.0 million, compared to $6.7 million for the three months ended March 31, 2019 — See Note 5, Fair Value of Financial Instruments , for further details on amortized cost over fair value of the loans. These estimates may change, as new events develop and additional information is obtained. Actual results could differ from these estimates, and such differences may be material to the Company's financial statements. The extent of the impact of COVID-19 on the Company's operational and financial performance will depend on certain developments, including, but not limited to, the duration and spread of the outbreak, duration of local, state and federal issued public health orders, impact on our customers and our sales cycles, impact on our employees, and impact on regional and worldwide economies and financial markets in genera l, all of which are uncertain and cannot be predicted. Concentration of Credit Risk For the three months ended March 31, 2020 and March 31, 2019, the Company had no customer that accounted for greater than 10% of total net revenue. The Company had two third-party payment processors that represented approximately 45% and 28% of settlements receivable as of March 31, 2020. As of December 31, 2019, the Company had three parties that represented approximately 48%, 29%, and 9% of settlements receivable. All other third-party processors were insignificant. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable debt securities, settlements receivables, customer funds, and loans held for sale. The associated risk of concentration for cash and cash equivalents and restricted cash is mitigated by banking with creditworthy institutions. At certain times, amounts on deposit exceed federal deposit insurance limits. The associated risk of concentration for marketable debt securities is mitigated by holding a diversified portfolio of highly rated investments. Settlements receivable are amounts due from well-established payment processing companies and normally take one two Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses , which requires the measurement and recognition of expected credit losses for financial assets held. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2020 and has applied the guidance prospectively. The Company has concluded that the adoption of the guidance did not have a material impact on the balances reported in its consolidated financial statements and has included disclosures under the guidance. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment . The new guidance eliminates the requirement to calculate the implied fair value of goodwill assuming a hypothetical purchase price allocation (i.e., Step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, not to exceed the carrying amount of goodwill. This standard should be adopted when the Company performs its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments should be applied on a prospective basis. The Company adopted this guidance effective January 1, 2020 and will apply the guidance during its annual goodwill impairment test for the year ending December 31, 2020. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, which will remove, modify, and add disclosure requirements for fair value measurements to improve the overall usefulness of such disclosures. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any removed or modified disclosure requirements. Transition is on a prospective basis for the new and modified disclosures, and on a retrospective basis for disclosures that have been eliminated. The Company adopted this guidance effective January 1, 2020 and has applied the guidance prospectively, and included additional disclosures required by the new guidance relating to significant unobservable inputs used to develop Level 3 fair value measurements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which is intended to align the requirements for capitalization of implementation costs incurred in a cloud computing arrangement that is a service contract with the existing guidance for internal-use software. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The guidance provides flexibility in adoption, allowing for either retrospective adjustment or prospective adjustment for all implementation costs incurred after the date of adoption. The Company adopted this guidance effective January 1, 2020 and has applied the guidance prospectively. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments clarify the scope of the credit losses standard and hedge accounting among other things. The Company adopted ASC 326 on January 1, 2020 for credit losses. With respect to hedge accounting, the amendments address partial-term fair value hedges and fair value hedge basis adjustments, among other things. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted as long an entity has also adopted the amendments in ASU 2016-13. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures. For entities which have already adopted ASU 2017-12, they are permitted to elect either retrospectively or prospectively adopt the amendments. The Company had previously adopted ASU 2017-12 on January 1, 2019 and therefore is eligible to and has prospectively adopted the amendments. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes , as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other things, the new guidance simplifies intraperiod tax allocation and reduces the complexity in accounting for income taxes with year-to-date losses in interim periods. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company early adopted this guidance effective January 1, 2020 and has applied the guidance prospectively. The adoption did not have a material impact on the consolidated financial statements and related disclosures.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table presents the Company's revenue disaggregated by revenue source (in thousands): Three Months Ended 2020 2019 Revenue from Contracts with Customers: Transaction-based revenue $ 758,101 $ 656,762 Subscription and services-based revenue 255,883 190,307 Hardware revenue 20,675 18,212 Bitcoin revenue 306,098 65,528 Revenue from other sources: Subscription and services-based revenue $ 40,352 $ 28,550 The deferred revenue balances were as follows (in thousands): Three Months Ended 2020 2019 Deferred revenue, beginning of the period $ 44,331 $ 36,451 Deferred revenue, end of the period 47,046 42,160 Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period $ 15,570 $ 12,306

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN DEBT SECURITIES	INVESTMENTS IN DEBT SECURITIES The Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 173,424 $ 912 $ (208) $ 174,128 Corporate bonds 75,440 50 (627) 74,863 Commercial paper 2,996 — — 2,996 Municipal securities 8,837 44 (5) 8,876 U.S. government securities 238,012 1,722 (114) 239,620 Foreign securities 21,308 52 (3) 21,357 Total $ 520,017 $ 2,780 $ (957) $ 521,840 Long-term debt securities: U.S. agency securities $ 166,075 $ 704 $ (466) $ 166,313 Corporate bonds 141,920 216 (2,161) 139,975 Municipal securities 8,464 32 (40) 8,456 U.S. government securities 177,308 2,648 (587) 179,369 Foreign securities 35,031 334 (18) 35,347 Total $ 528,798 $ 3,934 $ (3,272) $ 529,460 The Company's short-term and long-term investments as of December 31, 2019 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 131,124 $ 409 $ (11) $ 131,522 Corporate bonds 67,169 580 (28) 67,721 Municipal securities 6,667 109 — 6,776 U.S. government securities 264,069 1,083 (17) 265,135 Foreign securities 21,270 48 (16) 21,302 Total $ 490,299 $ 2,229 $ (72) $ 492,456 Long-term debt securities: U.S. agency securities $ 63,645 $ 612 $ (189) $ 64,068 Corporate bonds 141,307 1,832 (61) 143,078 Municipal securities 9,594 151 (39) 9,706 U.S. government securities 294,682 1,287 (190) 295,779 Foreign securities 24,625 86 (39) 24,672 Total $ 533,853 $ 3,968 $ (518) $ 537,303 The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 26,172 $ (208) $ — $ — $ 26,172 $ (208) Corporate bonds 61,012 (627) — — 61,012 (627) Municipal securities 5,342 (5) — — 5,342 (5) U.S. government securities 24,028 (114) — — 24,028 (114) Foreign securities 4,209 (3) — — 4,209 (3) Total $ 120,763 $ (957) $ — $ — $ 120,763 $ (957) Long-term debt securities: U.S. agency securities $ 23,037 $ (466) $ — $ — $ 23,037 $ (466) Corporate bonds 106,455 (2,161) — — 106,455 (2,161) Municipal securities 489 (40) — — 489 (40) U.S. government securities 9,061 (587) — — 9,061 (587) Foreign securities 2,003 (18) — — 2,003 (18) Total $ 141,045 $ (3,272) $ — $ — $ 141,045 $ (3,272) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 23,896 $ (9) $ 4,996 $ (2) $ 28,892 $ (11) Corporate bonds 5,507 (27) 2,502 (1) 8,009 (28) U.S. government securities 21,481 (8) 14,984 (9) 36,465 (17) Foreign securities 13,499 (16) — — 13,499 (16) Total $ 64,383 $ (60) $ 22,482 $ (12) $ 86,865 $ (72) Long-term debt securities: U.S. agency securities $ 16,740 $ (189) $ — $ — $ 16,740 $ (189) Corporate bonds 16,708 (61) — — 16,708 (61) Municipal securities 1,005 (39) — — 1,005 (39) U.S. government securities 42,210 (162) — (28) 42,210 (190) Foreign securities 16,383 (39) — — 16,383 (39) Total $ 93,046 $ (490) $ — $ (28) $ 93,046 $ (518) The unrealized losses above were as a consequence of interest rate changes. The U.S. government and U.S. agency securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The corporate bonds are issued by highly rated entities. The non-US government securities are issued by highly rated international entities. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net. The Company does not have any available for sale debt securities for which the Company has recorded credit related losses. The contractual maturities of the Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 520,017 $ 521,840 Due in one to five years 528,798 529,460 Total $ 1,048,815 $ 1,051,300 The following table presents the assets underlying customer funds (in thousands): March 31, 2020 December 31, 2019 Cash $ 132,908 $ 422,459 Cash Equivalents: Money market funds 505,553 233 U.S. agency securities 9,999 8,585 U.S. government securities — 6,984 Short-term debt securities: U.S. agency securities 118,835 — U.S. government securities 177,516 238,031 Total $ 944,811 $ 676,292 The Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 118,750 $ 100 $ (15) $ 118,835 U.S. government securities 176,750 821 (55) 177,516 Total $ 295,500 $ 921 $ (70) $ 296,351 The Company's investments within customer funds as of December 31, 2019 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. government securities $ 237,909 $ 144 $ (22) $ 238,031 Total $ 237,909 $ 144 $ (22) $ 238,031 The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 39,934 $ (15) $ — $ — $ 39,934 $ (15) U.S. government securities 3,999 (55) — — 3,999 (55) Total $ 43,933 $ (70) $ — $ — $ 43,933 $ (70) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. government securities $ 56,984 $ (22) $ — $ — $ 56,984 $ (22) Total $ 56,984 $ (22) $ — $ — $ 56,984 $ (22) The unrealized losses above were caused by interest rate changes. The U.S. government securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net. The Company does not have any available for sale debt securities for which the Company has recorded credit related losses. The contractual maturities of the Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 295,500 $ 296,351 Due in one to five years — — Total $ 295,500 $ 296,351

CUSTOMER FUNDS

CUSTOMER FUNDS	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
CUSTOMER FUNDS	INVESTMENTS IN DEBT SECURITIES The Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 173,424 $ 912 $ (208) $ 174,128 Corporate bonds 75,440 50 (627) 74,863 Commercial paper 2,996 — — 2,996 Municipal securities 8,837 44 (5) 8,876 U.S. government securities 238,012 1,722 (114) 239,620 Foreign securities 21,308 52 (3) 21,357 Total $ 520,017 $ 2,780 $ (957) $ 521,840 Long-term debt securities: U.S. agency securities $ 166,075 $ 704 $ (466) $ 166,313 Corporate bonds 141,920 216 (2,161) 139,975 Municipal securities 8,464 32 (40) 8,456 U.S. government securities 177,308 2,648 (587) 179,369 Foreign securities 35,031 334 (18) 35,347 Total $ 528,798 $ 3,934 $ (3,272) $ 529,460 The Company's short-term and long-term investments as of December 31, 2019 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 131,124 $ 409 $ (11) $ 131,522 Corporate bonds 67,169 580 (28) 67,721 Municipal securities 6,667 109 — 6,776 U.S. government securities 264,069 1,083 (17) 265,135 Foreign securities 21,270 48 (16) 21,302 Total $ 490,299 $ 2,229 $ (72) $ 492,456 Long-term debt securities: U.S. agency securities $ 63,645 $ 612 $ (189) $ 64,068 Corporate bonds 141,307 1,832 (61) 143,078 Municipal securities 9,594 151 (39) 9,706 U.S. government securities 294,682 1,287 (190) 295,779 Foreign securities 24,625 86 (39) 24,672 Total $ 533,853 $ 3,968 $ (518) $ 537,303 The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 26,172 $ (208) $ — $ — $ 26,172 $ (208) Corporate bonds 61,012 (627) — — 61,012 (627) Municipal securities 5,342 (5) — — 5,342 (5) U.S. government securities 24,028 (114) — — 24,028 (114) Foreign securities 4,209 (3) — — 4,209 (3) Total $ 120,763 $ (957) $ — $ — $ 120,763 $ (957) Long-term debt securities: U.S. agency securities $ 23,037 $ (466) $ — $ — $ 23,037 $ (466) Corporate bonds 106,455 (2,161) — — 106,455 (2,161) Municipal securities 489 (40) — — 489 (40) U.S. government securities 9,061 (587) — — 9,061 (587) Foreign securities 2,003 (18) — — 2,003 (18) Total $ 141,045 $ (3,272) $ — $ — $ 141,045 $ (3,272) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 23,896 $ (9) $ 4,996 $ (2) $ 28,892 $ (11) Corporate bonds 5,507 (27) 2,502 (1) 8,009 (28) U.S. government securities 21,481 (8) 14,984 (9) 36,465 (17) Foreign securities 13,499 (16) — — 13,499 (16) Total $ 64,383 $ (60) $ 22,482 $ (12) $ 86,865 $ (72) Long-term debt securities: U.S. agency securities $ 16,740 $ (189) $ — $ — $ 16,740 $ (189) Corporate bonds 16,708 (61) — — 16,708 (61) Municipal securities 1,005 (39) — — 1,005 (39) U.S. government securities 42,210 (162) — (28) 42,210 (190) Foreign securities 16,383 (39) — — 16,383 (39) Total $ 93,046 $ (490) $ — $ (28) $ 93,046 $ (518) The unrealized losses above were as a consequence of interest rate changes. The U.S. government and U.S. agency securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The corporate bonds are issued by highly rated entities. The non-US government securities are issued by highly rated international entities. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net. The Company does not have any available for sale debt securities for which the Company has recorded credit related losses. The contractual maturities of the Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 520,017 $ 521,840 Due in one to five years 528,798 529,460 Total $ 1,048,815 $ 1,051,300 The following table presents the assets underlying customer funds (in thousands): March 31, 2020 December 31, 2019 Cash $ 132,908 $ 422,459 Cash Equivalents: Money market funds 505,553 233 U.S. agency securities 9,999 8,585 U.S. government securities — 6,984 Short-term debt securities: U.S. agency securities 118,835 — U.S. government securities 177,516 238,031 Total $ 944,811 $ 676,292 The Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 118,750 $ 100 $ (15) $ 118,835 U.S. government securities 176,750 821 (55) 177,516 Total $ 295,500 $ 921 $ (70) $ 296,351 The Company's investments within customer funds as of December 31, 2019 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. government securities $ 237,909 $ 144 $ (22) $ 238,031 Total $ 237,909 $ 144 $ (22) $ 238,031 The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments. The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 39,934 $ (15) $ — $ — $ 39,934 $ (15) U.S. government securities 3,999 (55) — — 3,999 (55) Total $ 43,933 $ (70) $ — $ — $ 43,933 $ (70) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. government securities $ 56,984 $ (22) $ — $ — $ 56,984 $ (22) Total $ 56,984 $ (22) $ — $ — $ 56,984 $ (22) The unrealized losses above were caused by interest rate changes. The U.S. government securities are either explicitly or implicitly guaranteed by the U.S. government and are highly rated by major rating agencies. The Company has the ability and intent to hold these investments with unrealized losses for a reasonable period of time sufficient for the recovery of their amortized cost bases, which may be at maturity. The Company determines any realized gains or losses on the sale of marketable debt securities on a specific identification method, and records such gains and losses as a component of other expense, net. The Company does not have any available for sale debt securities for which the Company has recorded credit related losses. The contractual maturities of the Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 295,500 $ 296,351 Due in one to five years — — Total $ 295,500 $ 296,351

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, and marketable equity investments at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are classified as follows (in thousands): March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash Equivalents: Money market funds $ 696,587 $ — $ — $ 213,576 $ — $ — U.S. agency securities — 14,999 — — 19,976 — Commercial paper — 12,999 — — — — Time deposits 100,296 — — — — — U.S. government securities 5,637 — — 46,914 — — Foreign securities — 5,000 — — — — Customer funds: Money market funds 505,553 — — 233 — — U.S. agency securities — 128,834 — — 8,585 — U.S. government securities 177,516 — — 245,015 — — Short-term debt securities: U.S. agency securities — 174,128 — — 131,522 — Corporate bonds — 74,863 — — 67,721 — Commercial paper — 2,996 — — — — Municipal securities — 8,876 — — 6,776 — U.S. government securities 239,620 — — 265,135 — — Foreign securities — 21,357 — — 21,302 — Long-term debt securities: U.S. agency securities — 166,313 — — 64,068 — Corporate bonds — 139,975 — — 143,078 — Municipal securities — 8,456 — — 9,706 — U.S. government securities 179,369 — — 295,779 — — Foreign securities — 35,347 — — 24,672 — Total $ 1,904,578 $ 794,143 $ — $ 1,066,652 $ 497,406 $ — The carrying amounts of certain financial instruments, including settlements receivable, accounts payable, customers payable, accrued expenses and settlements payable, approximate their fair values due to their short-term nature. The Company estimates the fair value of its convertible senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible senior notes were as follows (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) 2025 Notes $ 835,130 $ 866,330 $ — $ — 2023 Notes 756,298 890,143 748,564 962,516 2022 Notes 169,419 427,335 190,268 578,817 Total $ 1,760,847 $ 2,183,808 $ 938,832 $ 1,541,333 The estimated fair value and carrying value of loans held for sale is as follows (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 160,709 $ 165,572 $ 164,834 $ 173,360 Total $ 160,709 $ 165,572 $ 164,834 $ 173,360 For the three months ended March 31, 2020 and 2019, the Company recorded a charge for the excess of amortized cost over fair value of the loans of $22.0 million and $6.7 million, respectively. To determine the fair value of the loans held for sale, the Company utilizes industry-standard valuation modeling, such as discounted cash flow models, taking into account the estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding as of March 31, 2020, the Company considered other relevant market data in developing such estimates and assumptions, including the impact of the COVID-19 outbreak, as well as the conditions and uncertainty experienced during similar historical periods of recessionary economic conditions. If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. During the three months ended March 31, 2020 and 2019, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET The following is a summary of property and equipment, less accumulated depreciation and amortization (in thousands): March 31, 2020 December 31, 2019 Leasehold improvements $ 116,407 $ 111,942 Computer equipment 111,010 106,469 Capitalized software 89,218 81,984 Office furniture and equipment 27,846 27,328 Total 344,481 327,723 Less: Accumulated depreciation and amortization (193,822) (178,529) Property and equipment, net $ 150,659 $ 149,194 Depreciation and amortization expense on property and equipment was $15.9 million and $15.5 million for the three months ended March 31, 2020 and 2019, respectively.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONSIn the quarter ended March 31, 2020, the Company acquired 100% of the outstanding shares of a technology company for $36.6 million comprised of $21.6 million in cash and $15.0 million in common stock. Of the total purchase consideration, $22.2 million was allocated to goodwill which was primarily attributable to the value of expected synergies created by incorporating the acquired technology into the Company's technology platform and the value of the assembled workforce, while $17.0 million was allocated to intangible assets. None of the goodwill generated from the acquisition or the acquired intangible assets are expected to be deductible for tax purposes.

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL Goodwill is recorded when the consideration paid for an acquisition of a business exceeds the fair value of identifiable net tangible and intangible assets acquired. The change in carrying value of goodwill in the period was as follows (in thousands): Balance at December 31, 2019 $ 266,345 Acquisitions 22,188 Balance at March 31, 2020 $ 288,533 The Company performs an annual goodwill impairment test on December 31 and more frequently if events and circumstances indicate that the asset might be impaired. As a result of the COVID-19 pandemic, the Company performed a goodwill impairment assessment as of March 31, 2020 and concluded that no impairment charges were required. The Company recorded no impairment charges for the periods presented.

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
ACQUIRED INTANGIBLE ASSETS	ACQUIRED INTANGIBLE ASSETS The following table presents the detail of acquired intangible assets as of the periods presented (in thousands): Balance at March 31, 2020 Estimated Useful Life Cost Accumulated Amortization Net Technology assets 5 years $ 70,081 $ (34,193) $ 35,888 Customer assets 12 years 44,000 (7,824) 36,176 Trade name 4 years 12,128 (5,248) 6,880 Other 5,299 (2,307) 2,992 Total $ 131,508 $ (49,572) $ 81,936 Balance at December 31, 2019 Estimated Useful Life Cost Accumulated Amortization Net Technology assets 5 years $ 53,900 $ (31,873) $ 22,027 Customer assets 12 years 44,000 (6,934) 37,066 Trade name 4 years 11,300 (4,473) 6,827 Other 5,299 (2,140) 3,159 Total $ 114,499 $ (45,420) $ 69,079 All intangible assets are amortized over their estimated useful lives. As a result of the COVID-19 pandemic, the Company performed an impairment assessment of its intangible assets as of March 31, 2020, and concluded that no impairment charges were required. The changes to the carrying value of intangible assets were as follows (in thousands): Three Months Ended 2020 2019 Acquired intangible assets, net, beginning of the period $ 69,079 $ 77,102 Acquisitions 17,009 6,082 Amortization expense (4,152) (3,487) Acquired intangible assets, net, end of the period $ 81,936 $ 79,697 The estimated future amortization expense of intangible assets in future periods as of March 31, 2020 is as follows (in thousands): Remainder of 2020 $ 11,994 2021 15,479 2022 13,405 2023 12,153 2024 9,176 Thereafter 19,729 Total $ 81,936

OTHER CONSOLIDATED BALANCE SHEE

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT)	OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) Other Current Assets The following table presents the detail of other current assets (in thousands): March 31, 2020 December 31, 2019 Inventory, net $ 54,719 $ 47,683 Restricted cash 34,315 38,873 Processing costs receivable 84,045 67,281 Prepaid expenses 31,433 22,758 Accounts receivable, net 31,515 33,863 Other 42,643 39,951 Total $ 278,670 $ 250,409 Accrued Expenses and Other Current Liabilities The following table presents the detail of accrued expenses and other current liabilities (in thousands): March 31, 2020 December 31, 2019 Accrued expenses $ 126,911 $ 128,387 Accrued transaction losses (i) 96,661 34,771 Accounts payable 29,831 42,116 Deferred revenue, current 40,392 38,104 Square Payroll payable (ii) 29,618 27,969 Other 69,321 26,494 Total $ 392,734 $ 297,841 (i) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations. In estimating the accrued transaction losses as of March 31, 2020, the Company has revised its estimates to reflect expected increased chargebacks from non-delivery of goods and services as well as increased failure rates of its sellers due to the COVID-19 outbreak. Additionally, the Company has also incorporated market related data to credit losses for similar historical periods of recessionary economic conditions and uncertainty in developing such estimates and assumptions . Given that substantially all the chargebacks are reported within a short time period after the transaction is processed, a reversion method was not considered to be necessary. The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands): Three Months Ended 2020 2019 Accrued transaction losses, beginning of the period $ 34,771 $ 33,682 Provision for transaction losses 79,303 19,808 Charge-offs to accrued transaction losses (17,413) (17,443) Accrued transaction losses, end of the period $ 96,661 $ 36,047 (ii) Square Payroll payable represents amounts received from Square Payroll product customers that will be utilized to settle the customers' employee payroll and related obligations. Other Non-Current Assets The following table presents the detail of other non-current assets (in thousands): March 31, 2020 December 31, 2019 Investment in non-marketable equity securities $ 110,000 $ 110,000 Non-current lease prepayments (i) — 45,738 Restricted cash 13,286 12,715 Other 26,566 27,935 Total $ 149,852 $ 196,388 (i) The non-current lease prepayments as of December 31, 2019, have been reclassified to the operating lease right-of-use assets upon lease commencement during the quarter ended March 31, 2020. Other Non-Current Liabilities The following table presents the detail of other non-current liabilities (in thousands): March 31, 2020 December 31, 2019 Statutory liabilities (i) $ 56,371 $ 54,762 Deferred revenue, non-current 6,654 6,227 Other 17,836 33,472 Total $ 80,861 $ 94,461 (i) Statutory liabilities represent loss contingencies that may arise from the Company's interpretation and application of certain guidelines and rules issued by various federal, state, local, and foreign regulatory authorities.

OTHER CONSOLIDATED BALANCE SH_2

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT)	OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) Other Current Assets The following table presents the detail of other current assets (in thousands): March 31, 2020 December 31, 2019 Inventory, net $ 54,719 $ 47,683 Restricted cash 34,315 38,873 Processing costs receivable 84,045 67,281 Prepaid expenses 31,433 22,758 Accounts receivable, net 31,515 33,863 Other 42,643 39,951 Total $ 278,670 $ 250,409 Accrued Expenses and Other Current Liabilities The following table presents the detail of accrued expenses and other current liabilities (in thousands): March 31, 2020 December 31, 2019 Accrued expenses $ 126,911 $ 128,387 Accrued transaction losses (i) 96,661 34,771 Accounts payable 29,831 42,116 Deferred revenue, current 40,392 38,104 Square Payroll payable (ii) 29,618 27,969 Other 69,321 26,494 Total $ 392,734 $ 297,841 (i) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations. In estimating the accrued transaction losses as of March 31, 2020, the Company has revised its estimates to reflect expected increased chargebacks from non-delivery of goods and services as well as increased failure rates of its sellers due to the COVID-19 outbreak. Additionally, the Company has also incorporated market related data to credit losses for similar historical periods of recessionary economic conditions and uncertainty in developing such estimates and assumptions . Given that substantially all the chargebacks are reported within a short time period after the transaction is processed, a reversion method was not considered to be necessary. The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands): Three Months Ended 2020 2019 Accrued transaction losses, beginning of the period $ 34,771 $ 33,682 Provision for transaction losses 79,303 19,808 Charge-offs to accrued transaction losses (17,413) (17,443) Accrued transaction losses, end of the period $ 96,661 $ 36,047 (ii) Square Payroll payable represents amounts received from Square Payroll product customers that will be utilized to settle the customers' employee payroll and related obligations. Other Non-Current Assets The following table presents the detail of other non-current assets (in thousands): March 31, 2020 December 31, 2019 Investment in non-marketable equity securities $ 110,000 $ 110,000 Non-current lease prepayments (i) — 45,738 Restricted cash 13,286 12,715 Other 26,566 27,935 Total $ 149,852 $ 196,388 (i) The non-current lease prepayments as of December 31, 2019, have been reclassified to the operating lease right-of-use assets upon lease commencement during the quarter ended March 31, 2020. Other Non-Current Liabilities The following table presents the detail of other non-current liabilities (in thousands): March 31, 2020 December 31, 2019 Statutory liabilities (i) $ 56,371 $ 54,762 Deferred revenue, non-current 6,654 6,227 Other 17,836 33,472 Total $ 80,861 $ 94,461 (i) Statutory liabilities represent loss contingencies that may arise from the Company's interpretation and application of certain guidelines and rules issued by various federal, state, local, and foreign regulatory authorities.

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
INDEBTEDNESS	INDEBTEDNESS Revolving Credit Facility In November 2015, the Company entered into a revolving credit agreement with certain lenders, which provided for a $375.0 million revolving credit facility maturing in November 2020 (the "2015 Credit Facility"). In May 2020, the Company entered into a new revolving credit agreement with certain lenders, which extinguished the 2015 Credit Facility and provides a $500.0 million senior unsecured revolving credit facility (the "2020 Credit Facility") maturing in May 2023. To date, no funds have been drawn and no letters of credit have been issued under the 2020 Credit Facility. Loans under the 2015 Credit Facility bear interest at the Company’s option of (i) a base rate based on the highest of the prime rate, the federal funds rate plus 0.50%, and an adjusted LIBOR rate for a one-month interest period, in each case plus a margin ranging from 0.00% to 1.00%, or (ii) an adjusted LIBOR rate plus a margin ranging from 1.00% to 2.00%. This margin is determined based on the Company’s total net leverage ratio, as defined in the agreement, for the preceding four fiscal quarters. The Company is obligated to pay other customary fees for a credit facility of this size and type including an annual administrative agent fee of $0.1 million and an unused commitment fee of 0.15%. To date no funds have been drawn under the 2015 Credit Facility. The Company incurred $0.1 million in unused commitment fees for both the three months ended March 31, 2020 and March 31, 2019, respectively. As of March 31, 2020, the Company was in compliance with all financial covenants associated with the 2015 Credit Facility. Loans under the 2020 Credit Facility bear interest at the Company's option of (i) a base rate based on the highest of the prime rate, the federal funds rate plus 0.50%, and the adjusted LIBOR rate plus 1.00%, in each case, plus a margin ranging from 0.25% to 0.75% or (ii) an adjusted LIBOR rate plus a margin ranging from 1.25% to 1.75%. The margin is determined based on the Company’s total net leverage ratio, as defined in the agreement. The Company is obligated to pay other customary fees for a credit facility of this size and type including an unused commitment fee of 0.15%. Convertible Senior Notes due in 2025 On March 5, 2020, the Company issued an aggregate principal amount of $1.0 billion of convertible senior notes (2025 Notes). The 2025 Notes mature on March 1, 2025, unless earlier converted or repurchased, and bear interest at a rate of 0.1250% payable semi-annually on March 1 and September 1 of each year. The 2025 Notes are convertible at an initial conversion rate of 8.2641 shares of the Company's Class A common stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately $121.01 per share of Class A common stock. Holders may convert their 2025 Notes at any time prior to the close of business on the business day immediately preceding December 1, 2024 only under the following circumstances: (1) during any calendar quarter, commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2025 Notes) per $1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; (3) if the Company calls any or all of the 2025 Notes for redemption, such 2025 Notes called for redemption may be converted at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events, including certain distributions, the occurrence of a fundamental change (as defined in the indenture governing the 2025 Notes) or a transaction resulting in the Company’s Class A common stock converting into other securities or property or assets. In addition, upon occurrence of the specified corporate events prior to the maturity date, the Company would increase the conversion rate for a holder who elects to convert their notes in connection with such an event in certain circumstances. On or after December 1, 2024, up until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2025 Notes regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its Class A common stock, or a combination of cash and shares of its Class A common stock, at the Company’s election. The circumstances required to allow the holders to convert their 2025 Notes were not met during the three months ended March 31, 2020. The Company may redeem for cash all or any part of the 2025 notes, at its option, on or after March 5, 2023, if the last reported sale price of the Company's Class A common stock has been at least 130% of the conversion price for the 2025 notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In accounting for the issuance of the 2025 Notes, the Company separated the 2025 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $154.6 million and was determined by deducting the fair value of the liability component from the par value of the 2025 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount ("debt discount") is amortized to interest expense over the term of the 2025 Notes at an effective interest rate of 3.81% over the contractual terms of the 2025 Notes. Debt issuance costs related to the 2025 Notes were comprised of discounts and commissions payable to the initial purchasers of $14.3 million and third party offering costs of $0.9 million. The Company allocated the total amount incurred to the liability and equity components of the 2025 Notes based on their relative values. Issuance costs attributable to the liability component were $12.8 million and will be amortized to interest expense using the effective interest method over the contractual term. Issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. As of March 31, 2020, the if-converted value of the 2025 Notes did not exceed the outstanding principal amount. Convertible Senior Notes due in 2023 On May 25, 2018, the Company issued an aggregate principal amount of $862.5 million of convertible senior notes (2023 Notes). The 2023 Notes mature on May 15, 2023, unless earlier converted or repurchased, and bear interest at a rate of 0.50% payable semi-annually on May 15 and November 15 of each year. The 2023 Notes are convertible at an initial conversion rate of 12.8456 shares of the Company's Class A common stock per $1,000 principal amount of 2023 Notes, which is equivalent to an initial conversion price of approximately $77.85 per share of Class A common stock. Holders may convert their 2023 Notes at any time prior to the close of business on the business day immediately preceding February 15, 2023 only under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2023 Notes) per $1,000 principal amount of 2023 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events, including certain distributions, the occurrence of a fundamental change (as defined in the indenture governing the 2023 Notes) or a transaction resulting in the Company’s Class A common stock converting into other securities or property or assets. In addition, following specified corporate events that occur prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert their notes in connection with such an event. On or after February 15, 2023, up until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2023 Notes regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its Class A common stock, or a combination of cash and shares of its Class A common stock, at the Company’s election. The Company's current policy is to settle conversions entirely in shares of the Company's Class A common stock. The Company will reevaluate this policy from time to time as conversion notices are received from holders of the 2023 Notes. The circumstances required to allow the holders to convert their 2023 Notes were not met during the three months ended March 31, 2020. In accounting for the issuance of the 2023 Notes, the Company separated the 2023 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $155.3 million and was determined by deducting the fair value of the liability component from the par value of the 2023 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount ("debt discount") is amortized to interest expense over the term of the 2023 Notes at an effective interest rate of 4.69% over the contractual terms of the 2023 Notes. Debt issuance costs related to the 2023 Notes were comprised of discounts and commissions payable to the initial purchasers of $6.0 million and third party offering costs of $0.8 million. The Company allocated the total amount incurred to the liability and equity components of the 2023 Notes based on their relative values. Issuance costs attributable to the liability component were $5.6 million and will be amortized to interest expense using the effective interest method over the contractual term. Issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. As of March 31, 2020, the if-converted value of the 2023 Notes did not exceed the outstanding principal amount. Convertible Senior Notes due in 2022 On March 6, 2017, the Company issued an aggregate principal amount of $440.0 million of convertible senior notes (2022 Notes). The 2022 Notes mature on March 1, 2022, unless earlier converted or repurchased, and bear interest at a rate of 0.375% payable semi-annually on March 1 and September 1 of each year. The 2022 Notes are convertible at an initial conversion rate of 43.5749 shares of the Company's Class A common stock per $1,000 principal amount of 2022 Notes, which is equivalent to an initial conversion price of approximately $22.95 per share of Class A common stock. Holders may convert their 2022 Notes at any time prior to the close of business on the business day immediately preceding December 1, 2021 only under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company’s Class A common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price (as defined in the indenture governing the 2022 Notes) per $1,000 principal amount of 2022 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events, including certain distributions, the occurrence of a fundamental change (as defined in the indenture governing the 2022 Notes) or a transaction resulting in the Company’s Class A common stock converting into other securities or property or assets. In addition, upon occurrence of the specified corporate events prior to the maturity date, the Company would increase the conversion rate for a holder who elects to convert their notes in connection with such an event in certain circumstances. On or after December 1, 2021, up until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2022 Notes regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its Class A common stock, or a combination of cash and shares of its Class A common stock, at the Company’s election. The circumstances required to allow the holders to convert their 2022 Notes were met starting January 1, 2018 and continued to be met through March 31, 2020. As of March 31, 2020, certain holders of the 2022 Notes have converted an aggregate principal amount of $253.7 million of their Notes, of which $25.5 million was converted during the quarter ended March 31, 2020. The Company has settled the conversions through a combination of $219.4 million in cash and issuance of 8.4 million shares of the Company's Class A common stock. The conversions during the quarter ended March 31, 2020 were settled entirely in shares of the Company's Class A common stock. The Company currently expects to settle future conversions entirely in shares of the Company's Class A common stock. The Company will reevaluate this policy from time to time as conversion notices are received from holders of the 2022 Notes. In accounting for the issuance of the 2022 Notes, the Company separated the 2022 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was $86.2 million and was determined by deducting the fair value of the liability component from the par value of the 2022 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The debt discount is amortized to interest expense over the term of the 2022 Notes at an effective interest rate of 5.34% over the contractual terms of the 2022 Notes. Debt issuance costs related to the 2022 Notes were comprised of discounts and commissions payable to the initial purchasers of $11.0 million and third party offering costs of $0.8 million. The Company allocated the total amount incurred to the liability and equity components of the 2022 Notes based on their relative values. Issuance costs attributable to the liability component were $9.4 million and will be amortized to interest expense using the effective interest method over the contractual term. Issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. The debt component associated with the 2022 Notes that were converted was accounted for as an extinguishment of debt, with the Company recording loss on extinguishment of $6.0 million, of which $1.0 million was recorded during the three months ended March 31, 2020, as the difference between the estimated fair value and the carrying value of such 2022 Notes. The equity component associated with the 2022 Notes that were converted was accounted for as a reacquisition of equity upon the conversion of such 2022 Notes. As of March 31, 2020, the if-converted value of the 2022 Notes exceeded the outstanding principal amount by $238.9 million. The net carrying amount of the Notes were as follows (in thousands): Principal outstanding Unamortized debt discount Unamortized debt issuance costs Net carrying value March 31, 2020 2025 Notes $ 1,000,000 $ (151,680) $ (13,190) $ 835,130 2023 Notes 862,500 (103,016) (3,186) 756,298 2022 Notes 186,251 (15,149) (1,683) 169,419 Total $ 2,048,751 $ (269,845) $ (18,059) $ 1,760,847 December 31, 2019 2023 Notes $ 862,500 $ (110,518) $ (3,418) $ 748,564 2022 Notes 211,726 (19,312) (2,146) 190,268 Total $ 1,074,226 $ (129,830) $ (5,564) $ 938,832 The net carrying amount of the equity component of the Notes were as follows (in thousands): Amount allocated to conversion option Less: allocated issuance costs Equity component, net March 31, 2020 2025 Notes $ 154,600 $ (2,342) $ 152,258 2023 Notes 155,250 (1,231) 154,019 2022 Notes 36,490 (974) 35,516 Total $ 346,340 $ (4,547) $ 341,793 December 31, 2019 2023 Notes $ 155,250 $ (1,231) $ 154,019 2022 Notes 41,481 (1,108) 40,373 Total $ 196,731 $ (2,339) $ 194,392 The Company recognized interest expense on the Notes as follows (in thousands, except for percentages): Three Months Ended 2020 2019 Contractual interest expense $ 1,373 $ 1,277 Amortization of debt discount and issuance costs 12,528 9,608 Total $ 13,901 $ 10,885 The effective interest rate of the liability component is 3.81%, 4.69%, and 5.34% for the 2025 Notes, 2023 Notes, and 2022 Notes, respectively. Convertible Note Hedge and Warrant Transactions In connection with the offering of the 2025 Notes, the Company entered into convertible note hedge transactions (2025 convertible note hedges) with certain financial institution counterparties (2020 Counterparties) whereby the Company has the option to purchase a total of approximately 8.26 million shares of its Class A common stock at a price of approximately $121.01 per share. The total cost of the 2025 convertible note hedge transactions was $149.2 million. In addition, the Company sold warrants (2025 warrants) to the 2020 Counterparties whereby the 2020 Counterparties have the option to purchase a total of 8.26 million shares of the Company’s Class A common stock at a price of approximately $161.34 per share. The Company received $99.5 million in cash proceeds from the sale of the 2025 warrants. Taken together, the purchase of the 2025 convertible note hedges and sale of the 2025 warrants are intended to reduce dilution from the conversion of the 2025 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 2025 Notes, as the case may be, and to effectively increase the overall conversion price from approximately $121.01 per share to approximately $161.34 per share. As these instruments are considered indexed to the Company's own stock and are considered equity classified, the 2025 convertible note hedges and 2025 warrants are recorded in stockholders’ equity, are not accounted for as derivatives and are not remeasured each reporting period. The net costs incurred in connection with the 2025 convertible note hedge and 2025 warrant transactions were recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets. In connection with the offering of the 2023 Notes, the Company entered into convertible note hedge transactions (2023 convertible note hedges) with certain financial institution counterparties (2018 Counterparties) whereby the Company has the option to purchase a total of approximately 11.1 million shares of its Class A common stock at a price of approximately $77.85 per share. The total cost of the 2023 convertible note hedge transactions was $172.6 million. In addition, the Company sold warrants (2023 warrants) to the 2018 Counterparties whereby the 2018 Counterparties have the option to purchase a total of 11.1 million shares of the Company’s Class A common stock at a price of approximately $109.26 per share. The Company received $112.1 million in cash proceeds from the sale of the 2023 warrants. Taken together, the purchase of the 2023 convertible note hedges and sale of the 2023 warrants are intended to reduce dilution from the conversion of the 2023 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 2023 Notes, as the case may be, and to effectively increase the overall conversion price from approximately $77.85 per share to approximately $109.26 per share. As these instruments are considered indexed to the Company's own stock and are considered equity classified, the 2023 convertible note hedges and 2023 warrants are recorded in stockholders’ equity, are not accounted for as derivatives and are not remeasured each reporting period. The net costs incurred in connection with the 2023 convertible note hedge and 2023 warrant transactions were recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets. In connection with the offering of the 2022 Notes, the Company entered into convertible note hedge transactions (2022 convertible note hedges) with certain financial institution counterparties (2017 Counterparties) whereby the Company has the option to purchase a total of approximately 19.2 million shares of its Class A common stock at a price of approximately $22.95 per share. The total cost of the 2022 convertible note hedge transactions was $92.1 million. In addition, the Company sold warrants (2022 warrants) to the 2017 Counterparties whereby the 2017 Counterparties have the option to purchase a total of 19.2 million shares of the Company’s Class A common stock at a price of approximately $31.18 per share. The Company received $57.2 million in cash proceeds from the sale of the 2022 warrants. Taken together, the purchase of the 2022 convertible note hedges and sale of the 2022 warrants are intended to reduce dilution from the conversion of the 2022 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the converted 2022 Notes, as the case may be, and to effectively increase the overall conversion price from approximately $22.95 per share to approximately $31.18 per share. As these instruments are considered indexed to the Company's own stock and are considered equity classified, the 2022 convertible note hedges and 2022 warrants are recorded in stockholders’ equity, are not accounted for as derivatives and are not remeasured each reporting period. The net costs incurred in connection with the 2022 convertible note hedge and 2022 warrant transactions were recorded as a reduction to additional paid-in capital on the condensed consolidated balance sheets. The Company exercised a pro-rata portion of the 2022 convertible note hedges to offset the shares of the Company's Class A common stock issued to settle the conversion of the 2022 Notes discussed above. The 2022 convertible note hedges were net share settled, and the Company received 7.2 million shares of the Company's Class A common stock from the 2017 Counterparties as of March 31, 2020.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded an income tax expense of $0.5 million for the three months ended March 31, 2020 compared to an income tax expense of $0.1 million for the three months ended March 31, 2019. The income tax expense recorded for the three months ended March 31, 2020 is primarily due to income taxes from profitable foreign jurisdictions. The Company’s effective tax rate is (0.5)% for the three months ended March 31, 2020 compared to an effective tax rate of (0.3)% for the three months ended March 31, 2019. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2020 and March 31, 2019 primarily relates to changes in the valuation allowance for tax losses in the U.S. and certain foreign jurisdictions for which no benefit can be taken. The Company’s effective tax rate may be subject to fluctuation during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, valuation allowances against deferred tax assets, the recognition and de-recognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. As of March 31, 2020, the Company retains a full valuation allowance on its deferred tax assets in the U.S. and certain foreign jurisdictions. The realization of the Company’s deferred tax assets depends primarily on its ability to generate taxable income in future periods. The amount of deferred tax assets considered realizable in future periods may change as management continues to reassess the underlying factors it uses in estimating future taxable income. The tax provision for the three months ended March 31, 2020 and March 31, 2019, is calculated on a jurisdictional basis. The Company estimated the foreign income tax provision using the effective income tax rate expected to be applicable for the full year. The Company also considered recent tax law changes in response to the COVID-19 pandemic, including the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was enacted in the U.S. on March 27, 2020. The tax benefits and other changes provided under the CARES Act do not materially impact the Company’s income tax provision, and does not change the Company’s evaluation of the need for a valuation allowance against deferred tax assets in the U.S. or expectations on the permanent reinvestment of undistributed earnings for certain foreign subsidiaries.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Common Stock The Company has authorized the issuance of Class A common stock and Class B common stock. Holders of shares of Class A common stock are entitled to one vote per share, while holders of shares of Class B common stock are entitled to ten votes per share. Shares of the Company's Class B common stock are convertible into an equivalent number of shares of its Class A common stock and generally convert into shares of its Class A common stock upon transfer. The holders of Class A common stock and Class B common stock have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. Class A common stock and Class B common stock are referred to as "common stock" throughout these Notes to the Condensed Consolidated Financial Statements, unless otherwise noted. As of March 31, 2020, the Company was authorized to issue 1,000,000,000 shares of Class A common stock and 500,000,000 shares of Class B common stock, each with a par value of $0.0000001 per share. As of March 31, 2020, there were 359,142,301 shares of Class A common stock and 79,621,335 shares of Class B common stock outstanding. Options and awards granted following the Company's initial public offering are related to underlying Class A common stock. Warrants In conjunction with the 2025 Notes offering, the Company sold the 2025 warrants whereby the 2020 Counterparties have the option to purchase a total of approximately 8.26 million shares of the Company’s Class A common stock at a price of $161.34 per share. None of the 2025 warrants were exercised as of March 31, 2020 and expire on June 1, 2025. In conjunction with the 2023 Notes offering, the Company sold the 2023 warrants whereby the 2018 Counterparties have the option to purchase a total of approximately 11.1 million shares of the Company’s Class A common stock at a price of $109.26 per share. None of the 2023 warrants were exercised as of March 31, 2020 and expire on August 15, 2023. In conjunction with the 2022 Notes offering, the Company sold the 2022 warrants whereby the 2017 Counterparties have the option to purchase a total of approximately 19.2 million shares of the Company’s Class A common stock at a price of $31.18 per share. None of the 2022 warrants were exercised as of March 31, 2020 and expire on June 1, 2022. Conversion of 2022 Notes In connection with the conversion of certain of the 2022 Notes, the Company issued 1.1 million shares of Class A common stock in the three months ended March 31, 2020. Stock Plans The Company maintains two share-based employee compensation plans: the 2009 Stock Plan (2009 Plan) and the 2015 Equity Incentive Plan (2015 Plan). The 2015 Plan serves as the successor to the 2009 Plan. The 2015 Plan became effective as of November 17, 2015. Outstanding awards under the 2009 Plan continue to be subject to the terms and conditions of the 2009 Plan. Since November 17, 2015, no additional awards have been nor will be granted in the future under the 2009 Plan. Under the 2015 Plan, shares of the Company's Class A common stock are reserved for the issuance of incentive and nonstatutory stock options (ISOs and NSOs, respectively), restricted stock awards (RSAs), restricted stock units (RSUs), performance shares, and stock bonuses to qualified employees, directors, and consultants. The awards must be granted at a price per share not less than the fair market value at the date of grant. Initially, 30,000,000 shares were reserved under the 2015 Plan and any shares subject to options or other similar awards granted under the 2009 Plan that expire, are forfeited, are repurchased by the Company or otherwise terminate unexercised, will become available under the 2015 Plan. The number of shares available for issuance under the 2015 Plan will be increased on the first day of each fiscal year, in an amount equal to the least of (i) 40,000,000 shares, (ii) 5% of the outstanding shares on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the administrator of the Plan. The administrator consists of the Board of Directors who then assigns the responsibilities to the Compensation Committee. As of March 31, 2020, the total number of shares subject to stock options, RSAs and RSUs outstanding under the 2015 Plan was 17,632,872, and 105,944,646 shares were available for future issuance. As of March 31, 2020, the total number of shares subject to stock options, RSAs and RSUs outstanding under the 2009 Plan was 15,171,723. A summary of stock option activity for the three months ended March 31, 2020 is as follows (in thousands, except share and per share data): Number of Stock Options Outstanding Weighted Weighted Aggregate Balance at December 31, 2019 23,619,804 $ 12.66 4.89 $ 1,191,746 Exercised (3,396,568) 9.09 Forfeited (20,135) 71.99 Balance at March 31, 2020 20,203,101 $ 10.25 4.88 $ 811,454 Options exercisable as of March 31, 2020 18,862,499 $ 10.25 4.40 $ 799,553 Restricted Stock Activity Activity related to RSAs and RSUs during the three months ended March 31, 2020 is set forth below: Number of Weighted Unvested as of December 31, 2019 13,917,461 $ 49.90 Granted 863,415 69.78 Vested (1,829,201) 35.56 Forfeited (350,181) 46.05 Unvested as of March 31, 2020 12,601,494 $ 53.43 Share-Based Compensation The fair value of stock options and employee stock purchase plan rights are estimated on the date of grant using the Black-Scholes-Merton option valuation model. The fair value of RSAs and RSUs is determined by the closing price of the Company’s common stock on each grant date. The following table summarizes the effects of share-based compensation on the Company's condensed consolidated statements of operations (in thousands): Three Months Ended 2020 2019 Cost of revenue $ 76 $ 21 Product development 57,400 42,649 Sales and marketing 6,407 6,202 General and administrative 13,420 12,216 Total $ 77,303 $ 61,088 The Company recorded $4.7 million and $4.3 million of share-based compensation expense related to the Company's 2015 Employee Stock Purchase Plan during the three months ended March 31, 2020 and 2019, respectively, which are included in the table above. The Company capitalized $2.3 million and $1.7 million of share-based compensation expense related to capitalized software costs during the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was $657.3 million of total unrecognized compensation cost related to outstanding stock options and restricted stock awards that are expected to be recognized over a weighted-average period of 2.7 years.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive. The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended 2020 2019 Numerator: Net loss $ (105,891) $ (38,151) Denominator: Weighted-average shares used to compute basic and diluted net loss per share 434,940 419,289 Net loss per share: Basic $ (0.24) $ (0.09) Diluted $ (0.24) $ (0.09) The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended 2020 2019 Stock options and restricted stock units 35,033 47,833 Common stock warrants 32,613 30,252 Convertible senior notes 22,478 20,305 Unvested shares 740 571 Employee stock purchase plan 269 212 Total anti-dilutive securities 91,133 99,173

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSIn July 2019, the Company entered into a lease agreement to lease certain office space located in St. Louis, Missouri, from an affiliate of one of the Company’s co-founders and current member of its board and directors, Mr. Jim McKelvey, under an operating lease agreement as discussed in Note 17, Commitments and Contingencies. The lease commencement date is expected to be in July 2020. The term of the agreement is 15.5 years with total future minimum lease payments over the term of approximately $42.7 million. The Company has not yet recognized a right-of-use asset and lease obligation under this agreement as of March 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating and Finance Leases The Company’s operating leases are primarily comprised of office facilities, with the most significant leases relating to corporate headquarters in San Francisco, and offices in Oakland and New York. The Company's leases have remaining lease terms of 1 to 12 years, some of which include options to extend for 5 year terms, or include options to terminate the leases within 1 year. None of the options to extend the leases have been included in the measurement of the right-of-use asset or the associated lease liability. The Company elected to apply the short-term lease measurement and recognition exemption to its leases where applicable. Generally, operating lease right-of-use assets and operating lease liabilities are recognized at the present value of the future lease payments, generally for the base non-cancellable lease term on the lease commencement date of each lease. The interest rate used to determine the present value of the future lease payments is the Company's incremental borrowing rate because the interest rate implicit in most of the Company's leases is not readily determinable. The Company's incremental borrowing rate is estimated to approximate the interest rate that the Company would pay to borrow on a collateralized basis with similar terms and payments as the lease, and in economic environments where the leased asset is located. Operating lease right-of-use assets also include any prepaid lease payments and lease incentives. The Company's lease agreements generally contain lease and non-lease components. Non-lease components, which primarily include payments for maintenance and utilities, are combined with lease payments and accounted for as a single lease component. The Company includes the fixed non-lease components in the determination of the right-of-use assets and operating lease liabilities. The Company records the amortization of the right-of-use asset and the accretion of lease liability as a component of rent expense in the consolidated statement of operations. In December 2018, the Company entered into a lease arrangement for 355,762 square feet of office space in Oakland, California for a term of 12 years with options to extend the lease term for two 5 year terms. The lease commencement date was January 15, 2020. In July 2019, the Company entered into a lease arrangement for 226,158 square feet of office space in St Louis, Missouri, with an affiliate of one of the Company’s co-founders, Mr. Jim McKelvey, who is also a Company stockholder and a member of its board of directors, for a term of 15.5 years with options to extend the lease term for two 5 year terms. The Company also has an option to terminate the lease for up to 50% of the leased space any time between January 1, 2024 and December 31, 2026, as well as an option to terminate the lease for the entire property on January 1, 2034. Termination penalties specified in the lease agreement will apply if the Company exercises any of the options to terminate the lease. The lease commencement date is expected to be in July 2020 with total future minimum lease payments over the term of approximately $42.7 million. Additionally, the Company has finance leases for data center equipment, with remaining lease terms of approximately 0.8 years. The components of lease expense for the periods presented are follows (in thousands): Three Months Ended 2020 2019 Fixed operating lease costs $ 15,125 $ 6,690 Variable operating lease costs 5,724 637 Short term lease costs 1,856 441 Sublease income (1,437) — Finance lease costs Amortization of finance right-of-use assets 1,054 1,293 Interest on finance lease liabilities — — Total lease costs $ 22,322 $ 9,061 Other information related to leases was as follows: March 31, 2020 Weighted Average Remaining Lease Term: Operating leases 8.8 years Finance leases 0.5 years Weighted Average Discount Rate: Operating leases 4 % Finance leases — % Cash flows related to leases were as follows (in thousands): Three Months Ended 2020 2019 Cash flows from operating activities: Payments for operating lease liabilities $ (9,570) $ (9,293) Cash flows from financing activities: Principal payments on finance lease obligation $ (1,054) $ (1,284) Supplemental Cash Flow Data: Right-of-use assets obtained in exchange for operating lease obligations $ 255,553 $ 19,918 Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows (in thousands): Finance Operating Year: Remainder of 2020 $ 1,391 $ 39,616 2021 — 67,683 2022 — 70,409 2023 — 65,056 2024 — 45,520 Thereafter — 269,229 Total $ 1,391 $ 557,513 Less: amount representing interest — 78,640 Less: leases executed but not yet commenced — 82,692 Less: lease incentives — 9,284 Total $ 1,391 $ 386,897 The current portion of the finance lease liability is included within other current liabilities while the non-current portion is included within other non-current liabilities on the condensed consolidated balance sheets. The associated finance lease assets are included in property and equipment, net on the condensed consolidated balance sheets. Litigation The Company is currently subject to, and may in the future be involved in, various litigation matters, legal claims, and investigations. The Treasurer & Tax Collector of the City and County of San Francisco (Tax Collector) has issued decisions for fiscal years 2014, 2015, 2016, and 2017 that the Tax Collector believes the Company’s primary business activity is financial services rather than information, and accordingly, the Company would be liable for the Gross Receipts Tax and Payroll Expense Tax under the rules for financial services business activities. The Company is required to pay tax assessments prior to contesting any such assessments. This requirement is commonly referred to as “pay-to-play.” In connection with the tax audits, the Company paid an additional $1.3 million for fiscal years 2014 and 2015 in the first quarter of 2018, and an additional $8.4 million for fiscal years 2016 and 2017 in the fourth quarter of 2019, as assessed by the Tax Collector, even though the Company strongly disagrees with the Tax Collector’s assessment of the Company’s primary business activity. On September 6, 2019, the Company filed a lawsuit against the Tax Collector and the City and County of San Francisco in the San Francisco County Superior Court for a refund of the $1.3 million paid for the fiscal years of 2014 and 2015. On November 14, 2019, the Company also filed a petition for redetermination with the Tax Collector for fiscal years 2016 and 2017. The Company has been in discussions with the City and County of San Francisco to resolve the matter and on May 4, 2020, entered into a settlement agreement that is subject to approval by the Mayor, Controller, and the Board of Supervisors of the City and County of San Francisco. Should the agreement not be approved or should the Company not prevail in its legal challenge against the application of San Francisco’s Gross Receipts Tax to its business, the Company estimates that it could incur additional losses associated with taxes, interest, and penalties in the range of approximately $0 to $66 million in the aggregate for the fiscal years 2016, 2017, 2018, 2019, and for the three months ended on March 31, 2020, over and above the taxes the Company has already paid under the information classification. Additional taxes, interest, and penalties for future periods could be material as well. The Company regularly assesses the likelihood of adverse outcomes resulting from tax disputes such as this and examinations for all open years to determine the necessity and adequacy of any tax reserves. The eventual outcome could differ materially from the estimates we have made in the financial statements. From time to time, the Company is also subject to various legal matters and disputes arising in the ordinary course of business. The Company cannot at this time fairly estimate a reasonable range of exposure, if any, of the potential liability with respect to these other matters. Although occasional adverse decisions or settlements may occur, the Company does not believe that the final disposition of any of these matters will have a material adverse effect on its results of operations, financial position, or liquidity. The Company cannot give any assurance regarding the ultimate outcome of these other matters, and their resolution could be material to the Company's operating results for any particular period.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHIC INFORMATION	SEGMENT AND GEOGRAPHICAL INFORMATION Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (CODM) for purposes of allocating resources and evaluating financial performance. The Company’s CODM is the chief executive officer who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company’s operations constitute a single operating segment and one reportable segment. The Company anticipates changing its operating and reportable segments from one segment to two segments in subsequent quarters of 2020. These two segments will represent the Seller and Cash App businesses and will reflect the way the Company anticipates evaluating its business performance and managing its operations. Revenue Revenue by geography is based on the billing addresses of the sellers or customers. The following table sets forth revenue by geographic area (in thousands): Three Months Ended 2020 2019 Revenue United States $ 1,313,586 $ 914,656 International 67,523 44,703 Total net revenue $ 1,381,109 $ 959,359 No individual country from the international markets contributed in excess of 10% of total revenue for the three months ended March 31, 2020 and March 31, 2019. Long-Lived Assets The following table sets forth long-lived assets by geographic area (in thousands): March 31, 2020 December 31, 2019 Long-lived assets United States $ 918,351 $ 586,702 International 16,235 11,064 Total long-lived assets $ 934,586 $ 597,766

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION The supplemental disclosures of cash flow information consist of the following (in thousands): Three Months Ended 2020 2019 Analysis of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,962,316 $ 521,676 Short-term restricted cash 34,315 33,220 Long-term restricted cash 13,286 14,433 Cash, cash equivalents, and restricted cash $ 2,009,917 $ 569,329 Three Months Ended 2020 2019 Supplemental Cash Flow Data: Cash paid for interest $ 397 $ 538 Cash paid for income taxes 2,599 1,342 Supplemental disclosures of non-cash investing and financing activities: Right-of-use assets obtained in exchange for operating lease obligations 255,553 19,918 Change in purchases of property and equipment in accounts payable and accrued expenses 10,354 13,114 Unpaid business combination purchase price 7,338 6,447 Fair value of common stock issued related to business combination (14,999) — Recovery of common stock in connection with indemnification settlement agreement — 789 Fair value of common stock issued to settle the conversion of senior notes, due 2022 (77,614) —

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements of the Company are unaudited. These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The December 31, 2019 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods. All intercompany transactions and balances have been eliminated in consolidation. The interim results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, as well as related disclosure of contingent assets and liabilities. Actual results could differ from the Company’s estimates. To the extent that there are material differences between these estimates and actual results, the Company’s financial condition or operating results will be materially affected. Generally, the Company's estimates and assumptions consider current and past experience, to the extent that historical experience is predictive of future performance. Estimates, judgments, and assumptions in these consolidated financial statements include, but are not limited to, those related to revenue recognition, accrued transaction losses, credit loss allowances from marketable debt securities, contingencies, valuation of the debt component of convertible senior notes, valuation of loans held for sale, goodwill, acquired intangible assets, income and other taxes, operating and financing lease right-of-use assets and related liabilities, assessing the likelihood of adverse outcomes from claims and disputes, and share-based compensation.
Concentration of Credit Risk	Concentration of Credit Risk For the three months ended March 31, 2020 and March 31, 2019, the Company had no customer that accounted for greater than 10% of total net revenue. The Company had two third-party payment processors that represented approximately 45% and 28% of settlements receivable as of March 31, 2020. As of December 31, 2019, the Company had three parties that represented approximately 48%, 29%, and 9% of settlements receivable. All other third-party processors were insignificant. one two
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses , which requires the measurement and recognition of expected credit losses for financial assets held. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2020 and has applied the guidance prospectively. The Company has concluded that the adoption of the guidance did not have a material impact on the balances reported in its consolidated financial statements and has included disclosures under the guidance. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment . The new guidance eliminates the requirement to calculate the implied fair value of goodwill assuming a hypothetical purchase price allocation (i.e., Step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, not to exceed the carrying amount of goodwill. This standard should be adopted when the Company performs its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The amendments should be applied on a prospective basis. The Company adopted this guidance effective January 1, 2020 and will apply the guidance during its annual goodwill impairment test for the year ending December 31, 2020. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures. In July 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, which will remove, modify, and add disclosure requirements for fair value measurements to improve the overall usefulness of such disclosures. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for any removed or modified disclosure requirements. Transition is on a prospective basis for the new and modified disclosures, and on a retrospective basis for disclosures that have been eliminated. The Company adopted this guidance effective January 1, 2020 and has applied the guidance prospectively, and included additional disclosures required by the new guidance relating to significant unobservable inputs used to develop Level 3 fair value measurements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which is intended to align the requirements for capitalization of implementation costs incurred in a cloud computing arrangement that is a service contract with the existing guidance for internal-use software. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The guidance provides flexibility in adoption, allowing for either retrospective adjustment or prospective adjustment for all implementation costs incurred after the date of adoption. The Company adopted this guidance effective January 1, 2020 and has applied the guidance prospectively. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The amendments clarify the scope of the credit losses standard and hedge accounting among other things. The Company adopted ASC 326 on January 1, 2020 for credit losses. With respect to hedge accounting, the amendments address partial-term fair value hedges and fair value hedge basis adjustments, among other things. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted as long an entity has also adopted the amendments in ASU 2016-13. The adoption of this guidance did not have a material impact on the consolidated financial statements and related disclosures. For entities which have already adopted ASU 2017-12, they are permitted to elect either retrospectively or prospectively adopt the amendments. The Company had previously adopted ASU 2017-12 on January 1, 2019 and therefore is eligible to and has prospectively adopted the amendments. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes , as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other things, the new guidance simplifies intraperiod tax allocation and reduces the complexity in accounting for income taxes with year-to-date losses in interim periods. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company early adopted this guidance effective January 1, 2020 and has applied the guidance prospectively. The adoption did not have a material impact on the consolidated financial statements and related disclosures.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company's revenue disaggregated by revenue source (in thousands): Three Months Ended 2020 2019 Revenue from Contracts with Customers: Transaction-based revenue $ 758,101 $ 656,762 Subscription and services-based revenue 255,883 190,307 Hardware revenue 20,675 18,212 Bitcoin revenue 306,098 65,528 Revenue from other sources: Subscription and services-based revenue $ 40,352 $ 28,550
Schedule of Deferred Revenue	The deferred revenue balances were as follows (in thousands): Three Months Ended 2020 2019 Deferred revenue, beginning of the period $ 44,331 $ 36,451 Deferred revenue, end of the period 47,046 42,160 Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period $ 15,570 $ 12,306

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Short-term and Long-term Investments	The Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 173,424 $ 912 $ (208) $ 174,128 Corporate bonds 75,440 50 (627) 74,863 Commercial paper 2,996 — — 2,996 Municipal securities 8,837 44 (5) 8,876 U.S. government securities 238,012 1,722 (114) 239,620 Foreign securities 21,308 52 (3) 21,357 Total $ 520,017 $ 2,780 $ (957) $ 521,840 Long-term debt securities: U.S. agency securities $ 166,075 $ 704 $ (466) $ 166,313 Corporate bonds 141,920 216 (2,161) 139,975 Municipal securities 8,464 32 (40) 8,456 U.S. government securities 177,308 2,648 (587) 179,369 Foreign securities 35,031 334 (18) 35,347 Total $ 528,798 $ 3,934 $ (3,272) $ 529,460 The Company's short-term and long-term investments as of December 31, 2019 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 131,124 $ 409 $ (11) $ 131,522 Corporate bonds 67,169 580 (28) 67,721 Municipal securities 6,667 109 — 6,776 U.S. government securities 264,069 1,083 (17) 265,135 Foreign securities 21,270 48 (16) 21,302 Total $ 490,299 $ 2,229 $ (72) $ 492,456 Long-term debt securities: U.S. agency securities $ 63,645 $ 612 $ (189) $ 64,068 Corporate bonds 141,307 1,832 (61) 143,078 Municipal securities 9,594 151 (39) 9,706 U.S. government securities 294,682 1,287 (190) 295,779 Foreign securities 24,625 86 (39) 24,672 Total $ 533,853 $ 3,968 $ (518) $ 537,303
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 26,172 $ (208) $ — $ — $ 26,172 $ (208) Corporate bonds 61,012 (627) — — 61,012 (627) Municipal securities 5,342 (5) — — 5,342 (5) U.S. government securities 24,028 (114) — — 24,028 (114) Foreign securities 4,209 (3) — — 4,209 (3) Total $ 120,763 $ (957) $ — $ — $ 120,763 $ (957) Long-term debt securities: U.S. agency securities $ 23,037 $ (466) $ — $ — $ 23,037 $ (466) Corporate bonds 106,455 (2,161) — — 106,455 (2,161) Municipal securities 489 (40) — — 489 (40) U.S. government securities 9,061 (587) — — 9,061 (587) Foreign securities 2,003 (18) — — 2,003 (18) Total $ 141,045 $ (3,272) $ — $ — $ 141,045 $ (3,272) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 23,896 $ (9) $ 4,996 $ (2) $ 28,892 $ (11) Corporate bonds 5,507 (27) 2,502 (1) 8,009 (28) U.S. government securities 21,481 (8) 14,984 (9) 36,465 (17) Foreign securities 13,499 (16) — — 13,499 (16) Total $ 64,383 $ (60) $ 22,482 $ (12) $ 86,865 $ (72) Long-term debt securities: U.S. agency securities $ 16,740 $ (189) $ — $ — $ 16,740 $ (189) Corporate bonds 16,708 (61) — — 16,708 (61) Municipal securities 1,005 (39) — — 1,005 (39) U.S. government securities 42,210 (162) — (28) 42,210 (190) Foreign securities 16,383 (39) — — 16,383 (39) Total $ 93,046 $ (490) $ — $ (28) $ 93,046 $ (518) The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 39,934 $ (15) $ — $ — $ 39,934 $ (15) U.S. government securities 3,999 (55) — — 3,999 (55) Total $ 43,933 $ (70) $ — $ — $ 43,933 $ (70) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. government securities $ 56,984 $ (22) $ — $ — $ 56,984 $ (22) Total $ 56,984 $ (22) $ — $ — $ 56,984 $ (22)
Contractual Maturities of Short-Term and Long-Term Investments	The contractual maturities of the Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 520,017 $ 521,840 Due in one to five years 528,798 529,460 Total $ 1,048,815 $ 1,051,300 The contractual maturities of the Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 295,500 $ 296,351 Due in one to five years — — Total $ 295,500 $ 296,351

CUSTOMER FUNDS (Tables)

CUSTOMER FUNDS (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Assets Underlying Customer Funds	The following table presents the assets underlying customer funds (in thousands): March 31, 2020 December 31, 2019 Cash $ 132,908 $ 422,459 Cash Equivalents: Money market funds 505,553 233 U.S. agency securities 9,999 8,585 U.S. government securities — 6,984 Short-term debt securities: U.S. agency securities 118,835 — U.S. government securities 177,516 238,031 Total $ 944,811 $ 676,292
Investments within Customer Funds	The Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. agency securities $ 118,750 $ 100 $ (15) $ 118,835 U.S. government securities 176,750 821 (55) 177,516 Total $ 295,500 $ 921 $ (70) $ 296,351 The Company's investments within customer funds as of December 31, 2019 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term debt securities: U.S. government securities $ 237,909 $ 144 $ (22) $ 238,031 Total $ 237,909 $ 144 $ (22) $ 238,031
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 26,172 $ (208) $ — $ — $ 26,172 $ (208) Corporate bonds 61,012 (627) — — 61,012 (627) Municipal securities 5,342 (5) — — 5,342 (5) U.S. government securities 24,028 (114) — — 24,028 (114) Foreign securities 4,209 (3) — — 4,209 (3) Total $ 120,763 $ (957) $ — $ — $ 120,763 $ (957) Long-term debt securities: U.S. agency securities $ 23,037 $ (466) $ — $ — $ 23,037 $ (466) Corporate bonds 106,455 (2,161) — — 106,455 (2,161) Municipal securities 489 (40) — — 489 (40) U.S. government securities 9,061 (587) — — 9,061 (587) Foreign securities 2,003 (18) — — 2,003 (18) Total $ 141,045 $ (3,272) $ — $ — $ 141,045 $ (3,272) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 23,896 $ (9) $ 4,996 $ (2) $ 28,892 $ (11) Corporate bonds 5,507 (27) 2,502 (1) 8,009 (28) U.S. government securities 21,481 (8) 14,984 (9) 36,465 (17) Foreign securities 13,499 (16) — — 13,499 (16) Total $ 64,383 $ (60) $ 22,482 $ (12) $ 86,865 $ (72) Long-term debt securities: U.S. agency securities $ 16,740 $ (189) $ — $ — $ 16,740 $ (189) Corporate bonds 16,708 (61) — — 16,708 (61) Municipal securities 1,005 (39) — — 1,005 (39) U.S. government securities 42,210 (162) — (28) 42,210 (190) Foreign securities 16,383 (39) — — 16,383 (39) Total $ 93,046 $ (490) $ — $ (28) $ 93,046 $ (518) The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows (in thousands): March 31, 2020 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. agency securities $ 39,934 $ (15) $ — $ — $ 39,934 $ (15) U.S. government securities 3,999 (55) — — 3,999 (55) Total $ 43,933 $ (70) $ — $ — $ 43,933 $ (70) December 31, 2019 Less than 12 months Greater than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term debt securities: U.S. government securities $ 56,984 $ (22) $ — $ — $ 56,984 $ (22) Total $ 56,984 $ (22) $ — $ — $ 56,984 $ (22)
Contractual Maturities of Investments within Customer Funds	The contractual maturities of the Company's short-term and long-term investments as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 520,017 $ 521,840 Due in one to five years 528,798 529,460 Total $ 1,048,815 $ 1,051,300 The contractual maturities of the Company's investments within customer funds as of March 31, 2020 are as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 295,500 $ 296,351 Due in one to five years — — Total $ 295,500 $ 296,351

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities that are measured at fair value on a recurring basis are classified as follows (in thousands): March 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash Equivalents: Money market funds $ 696,587 $ — $ — $ 213,576 $ — $ — U.S. agency securities — 14,999 — — 19,976 — Commercial paper — 12,999 — — — — Time deposits 100,296 — — — — — U.S. government securities 5,637 — — 46,914 — — Foreign securities — 5,000 — — — — Customer funds: Money market funds 505,553 — — 233 — — U.S. agency securities — 128,834 — — 8,585 — U.S. government securities 177,516 — — 245,015 — — Short-term debt securities: U.S. agency securities — 174,128 — — 131,522 — Corporate bonds — 74,863 — — 67,721 — Commercial paper — 2,996 — — — — Municipal securities — 8,876 — — 6,776 — U.S. government securities 239,620 — — 265,135 — — Foreign securities — 21,357 — — 21,302 — Long-term debt securities: U.S. agency securities — 166,313 — — 64,068 — Corporate bonds — 139,975 — — 143,078 — Municipal securities — 8,456 — — 9,706 — U.S. government securities 179,369 — — 295,779 — — Foreign securities — 35,347 — — 24,672 — Total $ 1,904,578 $ 794,143 $ — $ 1,066,652 $ 497,406 $ — March 31, 2020 December 31, 2019 Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) 2025 Notes $ 835,130 $ 866,330 $ — $ — 2023 Notes 756,298 890,143 748,564 962,516 2022 Notes 169,419 427,335 190,268 578,817 Total $ 1,760,847 $ 2,183,808 $ 938,832 $ 1,541,333 The estimated fair value and carrying value of loans held for sale is as follows (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value (Level 3) Carrying Value Fair Value (Level 3) Loans held for sale $ 160,709 $ 165,572 $ 164,834 $ 173,360 Total $ 160,709 $ 165,572 $ 164,834 $ 173,360

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following is a summary of property and equipment, less accumulated depreciation and amortization (in thousands): March 31, 2020 December 31, 2019 Leasehold improvements $ 116,407 $ 111,942 Computer equipment 111,010 106,469 Capitalized software 89,218 81,984 Office furniture and equipment 27,846 27,328 Total 344,481 327,723 Less: Accumulated depreciation and amortization (193,822) (178,529) Property and equipment, net $ 150,659 $ 149,194

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Change in Carrying Value of Goodwill	The change in carrying value of goodwill in the period was as follows (in thousands): Balance at December 31, 2019 $ 266,345 Acquisitions 22,188 Balance at March 31, 2020 $ 288,533

ACQUIRED INTANGIBLE ASSETS (Tab

ACQUIRED INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite Lived Intangible Assets	The following table presents the detail of acquired intangible assets as of the periods presented (in thousands): Balance at March 31, 2020 Estimated Useful Life Cost Accumulated Amortization Net Technology assets 5 years $ 70,081 $ (34,193) $ 35,888 Customer assets 12 years 44,000 (7,824) 36,176 Trade name 4 years 12,128 (5,248) 6,880 Other 5,299 (2,307) 2,992 Total $ 131,508 $ (49,572) $ 81,936 Balance at December 31, 2019 Estimated Useful Life Cost Accumulated Amortization Net Technology assets 5 years $ 53,900 $ (31,873) $ 22,027 Customer assets 12 years 44,000 (6,934) 37,066 Trade name 4 years 11,300 (4,473) 6,827 Other 5,299 (2,140) 3,159 Total $ 114,499 $ (45,420) $ 69,079 The changes to the carrying value of intangible assets were as follows (in thousands): Three Months Ended 2020 2019 Acquired intangible assets, net, beginning of the period $ 69,079 $ 77,102 Acquisitions 17,009 6,082 Amortization expense (4,152) (3,487) Acquired intangible assets, net, end of the period $ 81,936 $ 79,697
Schedule of Future Amortization Expense of Intangible Assets	The estimated future amortization expense of intangible assets in future periods as of March 31, 2020 is as follows (in thousands): Remainder of 2020 $ 11,994 2021 15,479 2022 13,405 2023 12,153 2024 9,176 Thereafter 19,729 Total $ 81,936

OTHER CONSOLIDATED BALANCE SH_3

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Current Assets	The following table presents the detail of other current assets (in thousands): March 31, 2020 December 31, 2019 Inventory, net $ 54,719 $ 47,683 Restricted cash 34,315 38,873 Processing costs receivable 84,045 67,281 Prepaid expenses 31,433 22,758 Accounts receivable, net 31,515 33,863 Other 42,643 39,951 Total $ 278,670 $ 250,409
Schedule of Accrued Expenses and Other Current Liabilities	The following table presents the detail of accrued expenses and other current liabilities (in thousands): March 31, 2020 December 31, 2019 Accrued expenses $ 126,911 $ 128,387 Accrued transaction losses (i) 96,661 34,771 Accounts payable 29,831 42,116 Deferred revenue, current 40,392 38,104 Square Payroll payable (ii) 29,618 27,969 Other 69,321 26,494 Total $ 392,734 $ 297,841 (i) The Company is exposed to potential credit losses related to transactions processed by sellers that are subsequently subject to chargebacks when the Company is unable to collect from the sellers primarily due to insolvency. Generally, the Company estimates the potential loss rates based on historical experience that is continuously adjusted for new information and incorporates, where applicable, reasonable and supportable forecasts about future expectations. In estimating the accrued transaction losses as of March 31, 2020, the Company has revised its estimates to reflect expected increased chargebacks from non-delivery of goods and services as well as increased failure rates of its sellers due to the COVID-19 outbreak. Additionally, the Company has also incorporated market related data to credit losses for similar historical periods of recessionary economic conditions and uncertainty in developing such estimates and assumptions . Given that substantially all the chargebacks are reported within a short time period after the transaction is processed, a reversion method was not considered to be necessary. The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands): Three Months Ended 2020 2019 Accrued transaction losses, beginning of the period $ 34,771 $ 33,682 Provision for transaction losses 79,303 19,808 Charge-offs to accrued transaction losses (17,413) (17,443) Accrued transaction losses, end of the period $ 96,661 $ 36,047 (ii) Square Payroll payable represents amounts received from Square Payroll product customers that will be utilized to settle the customers' employee payroll and related obligations.
Schedule of Reserve for Transaction Losses	The following table summarizes the activities of the Company’s reserve for transaction losses (in thousands): Three Months Ended 2020 2019 Accrued transaction losses, beginning of the period $ 34,771 $ 33,682 Provision for transaction losses 79,303 19,808 Charge-offs to accrued transaction losses (17,413) (17,443) Accrued transaction losses, end of the period $ 96,661 $ 36,047

OTHER CONSOLIDATED BALANCE SH_4

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Non-Current Assets	The following table presents the detail of other non-current assets (in thousands): March 31, 2020 December 31, 2019 Investment in non-marketable equity securities $ 110,000 $ 110,000 Non-current lease prepayments (i) — 45,738 Restricted cash 13,286 12,715 Other 26,566 27,935 Total $ 149,852 $ 196,388
Schedule of Other Non-Current Liabilities	The following table presents the detail of other non-current liabilities (in thousands): March 31, 2020 December 31, 2019 Statutory liabilities (i) $ 56,371 $ 54,762 Deferred revenue, non-current 6,654 6,227 Other 17,836 33,472 Total $ 80,861 $ 94,461 (i) Statutory liabilities represent loss contingencies that may arise from the Company's interpretation and application of certain guidelines and rules issued by various federal, state, local, and foreign regulatory authorities.

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Net Carrying Amount of Convertible Notes	The net carrying amount of the Notes were as follows (in thousands): Principal outstanding Unamortized debt discount Unamortized debt issuance costs Net carrying value March 31, 2020 2025 Notes $ 1,000,000 $ (151,680) $ (13,190) $ 835,130 2023 Notes 862,500 (103,016) (3,186) 756,298 2022 Notes 186,251 (15,149) (1,683) 169,419 Total $ 2,048,751 $ (269,845) $ (18,059) $ 1,760,847 December 31, 2019 2023 Notes $ 862,500 $ (110,518) $ (3,418) $ 748,564 2022 Notes 211,726 (19,312) (2,146) 190,268 Total $ 1,074,226 $ (129,830) $ (5,564) $ 938,832 The net carrying amount of the equity component of the Notes were as follows (in thousands): Amount allocated to conversion option Less: allocated issuance costs Equity component, net March 31, 2020 2025 Notes $ 154,600 $ (2,342) $ 152,258 2023 Notes 155,250 (1,231) 154,019 2022 Notes 36,490 (974) 35,516 Total $ 346,340 $ (4,547) $ 341,793 December 31, 2019 2023 Notes $ 155,250 $ (1,231) $ 154,019 2022 Notes 41,481 (1,108) 40,373 Total $ 196,731 $ (2,339) $ 194,392
Interest Expense on Convertible Notes	The Company recognized interest expense on the Notes as follows (in thousands, except for percentages): Three Months Ended 2020 2019 Contractual interest expense $ 1,373 $ 1,277 Amortization of debt discount and issuance costs 12,528 9,608 Total $ 13,901 $ 10,885

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2020 is as follows (in thousands, except share and per share data): Number of Stock Options Outstanding Weighted Weighted Aggregate Balance at December 31, 2019 23,619,804 $ 12.66 4.89 $ 1,191,746 Exercised (3,396,568) 9.09 Forfeited (20,135) 71.99 Balance at March 31, 2020 20,203,101 $ 10.25 4.88 $ 811,454 Options exercisable as of March 31, 2020 18,862,499 $ 10.25 4.40 $ 799,553
Schedule of Restricted Stock Awards and Restricted Stock Units Activity	Activity related to RSAs and RSUs during the three months ended March 31, 2020 is set forth below: Number of Weighted Unvested as of December 31, 2019 13,917,461 $ 49.90 Granted 863,415 69.78 Vested (1,829,201) 35.56 Forfeited (350,181) 46.05 Unvested as of March 31, 2020 12,601,494 $ 53.43
Summary of the Effect of Share-Based Compensation on the Condensed Consolidated Statements of Operations	The following table summarizes the effects of share-based compensation on the Company's condensed consolidated statements of operations (in thousands): Three Months Ended 2020 2019 Cost of revenue $ 76 $ 21 Product development 57,400 42,649 Sales and marketing 6,407 6,202 General and administrative 13,420 12,216 Total $ 77,303 $ 61,088

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): Three Months Ended 2020 2019 Numerator: Net loss $ (105,891) $ (38,151) Denominator: Weighted-average shares used to compute basic and diluted net loss per share 434,940 419,289 Net loss per share: Basic $ (0.24) $ (0.09) Diluted $ (0.24) $ (0.09)
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Income (Loss) Per Share	The following potential common shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented (in thousands): Three Months Ended 2020 2019 Stock options and restricted stock units 35,033 47,833 Common stock warrants 32,613 30,252 Convertible senior notes 22,478 20,305 Unvested shares 740 571 Employee stock purchase plan 269 212 Total anti-dilutive securities 91,133 99,173

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Expense Components and Other Information Related to Leases	The components of lease expense for the periods presented are follows (in thousands): Three Months Ended 2020 2019 Fixed operating lease costs $ 15,125 $ 6,690 Variable operating lease costs 5,724 637 Short term lease costs 1,856 441 Sublease income (1,437) — Finance lease costs Amortization of finance right-of-use assets 1,054 1,293 Interest on finance lease liabilities — — Total lease costs $ 22,322 $ 9,061 Other information related to leases was as follows: March 31, 2020 Weighted Average Remaining Lease Term: Operating leases 8.8 years Finance leases 0.5 years Weighted Average Discount Rate: Operating leases 4 % Finance leases — % Cash flows related to leases were as follows (in thousands): Three Months Ended 2020 2019 Cash flows from operating activities: Payments for operating lease liabilities $ (9,570) $ (9,293) Cash flows from financing activities: Principal payments on finance lease obligation $ (1,054) $ (1,284) Supplemental Cash Flow Data: Right-of-use assets obtained in exchange for operating lease obligations $ 255,553 $ 19,918
Future Minimum Lease Payments under Non-Cancelable Operating Leases	Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows (in thousands): Finance Operating Year: Remainder of 2020 $ 1,391 $ 39,616 2021 — 67,683 2022 — 70,409 2023 — 65,056 2024 — 45,520 Thereafter — 269,229 Total $ 1,391 $ 557,513 Less: amount representing interest — 78,640 Less: leases executed but not yet commenced — 82,692 Less: lease incentives — 9,284 Total $ 1,391 $ 386,897
Future Minimum Finance Lease Payments	Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) and future minimum finance lease payments as of March 31, 2020 are as follows (in thousands): Finance Operating Year: Remainder of 2020 $ 1,391 $ 39,616 2021 — 67,683 2022 — 70,409 2023 — 65,056 2024 — 45,520 Thereafter — 269,229 Total $ 1,391 $ 557,513 Less: amount representing interest — 78,640 Less: leases executed but not yet commenced — 82,692 Less: lease incentives — 9,284 Total $ 1,391 $ 386,897

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Revenue by Geographic Area	Revenue by geography is based on the billing addresses of the sellers or customers. The following table sets forth revenue by geographic area (in thousands): Three Months Ended 2020 2019 Revenue United States $ 1,313,586 $ 914,656 International 67,523 44,703 Total net revenue $ 1,381,109 $ 959,359
Long-lived Assets by Geographic Area	The following table sets forth long-lived assets by geographic area (in thousands): March 31, 2020 December 31, 2019 Long-lived assets United States $ 918,351 $ 586,702 International 16,235 11,064 Total long-lived assets $ 934,586 $ 597,766

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash and Cash Equivalents	The supplemental disclosures of cash flow information consist of the following (in thousands): Three Months Ended 2020 2019 Analysis of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,962,316 $ 521,676 Short-term restricted cash 34,315 33,220 Long-term restricted cash 13,286 14,433 Cash, cash equivalents, and restricted cash $ 2,009,917 $ 569,329
Restrictions on Cash and Cash Equivalents	The supplemental disclosures of cash flow information consist of the following (in thousands): Three Months Ended 2020 2019 Analysis of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,962,316 $ 521,676 Short-term restricted cash 34,315 33,220 Long-term restricted cash 13,286 14,433 Cash, cash equivalents, and restricted cash $ 2,009,917 $ 569,329
Schedule of Cash Flow, Supplemental Disclosures	Three Months Ended 2020 2019 Supplemental Cash Flow Data: Cash paid for interest $ 397 $ 538 Cash paid for income taxes 2,599 1,342 Supplemental disclosures of non-cash investing and financing activities: Right-of-use assets obtained in exchange for operating lease obligations 255,553 19,918 Change in purchases of property and equipment in accounts payable and accrued expenses 10,354 13,114 Unpaid business combination purchase price 7,338 6,447 Fair value of common stock issued related to business combination (14,999) — Recovery of common stock in connection with indemnification settlement agreement — 789 Fair value of common stock issued to settle the conversion of senior notes, due 2022 (77,614) —

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)third_party_processorcustomer	Mar. 31, 2019USD ($)customer	Dec. 31, 2019third_party_processor
Minimum
Concentration Risk [Line Items]
Settlements receivable period	1 day
Maximum
Concentration Risk [Line Items]
Settlements receivable period	2 days
Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Number of customers accounting for greater than 10% of total net revenue | customer	0	0
Settlements Receivable | Credit Concentration Risk
Concentration Risk [Line Items]
Number of third party processors | third_party_processor	2		3
Settlements Receivable | Credit Concentration Risk | Third Party Processor One
Concentration Risk [Line Items]
Concentration risk, settlements receivable	45.00%		48.00%
Settlements Receivable | Credit Concentration Risk | Third Party Processor Two
Concentration Risk [Line Items]
Concentration risk, settlements receivable	28.00%		29.00%
Settlements Receivable | Credit Concentration Risk | Third Party Processor Three
Concentration Risk [Line Items]
Concentration risk, settlements receivable			9.00%
Transaction Losses
Concentration Risk [Line Items]
Provision for transaction losses	$ 79,303	$ 19,808
Loans Receivable Held-For-Sale
Concentration Risk [Line Items]
Excess amortized cost over fair value of loans	$ 22,000	$ 6,700

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Transaction-based revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 758,101	$ 656,762
Subscription and services-based revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	255,883	190,307
Revenues from other sources	40,352	28,550
Hardware revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	20,675	18,212
Bitcoin revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 306,098	$ 65,528

REVENUE - Deferred Revenue (Det

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning of the period	$ 44,331	$ 36,451
Deferred revenue, end of the period	47,046	42,160
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 15,570	$ 12,306

INVESTMENTS IN DEBT SECURITIE_2

INVESTMENTS IN DEBT SECURITIES - Short-Term and Long-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,048,815
Fair Value	1,051,300
Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	520,017	$ 490,299
Gross Unrealized Gains	2,780	2,229
Gross Unrealized Losses	(957)	(72)
Fair Value	521,840	492,456
Long-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	528,798	533,853
Gross Unrealized Gains	3,934	3,968
Gross Unrealized Losses	(3,272)	(518)
Fair Value	529,460	537,303
U.S. agency securities | Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173,424	131,124
Gross Unrealized Gains	912	409
Gross Unrealized Losses	(208)	(11)
Fair Value	174,128	131,522
U.S. agency securities | Long-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	166,075	63,645
Gross Unrealized Gains	704	612
Gross Unrealized Losses	(466)	(189)
Fair Value	166,313	64,068
Corporate bonds | Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	75,440	67,169
Gross Unrealized Gains	50	580
Gross Unrealized Losses	(627)	(28)
Fair Value	74,863	67,721
Corporate bonds | Long-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	141,920	141,307
Gross Unrealized Gains	216	1,832
Gross Unrealized Losses	(2,161)	(61)
Fair Value	139,975	143,078
Commercial paper | Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,996
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	2,996
Municipal securities | Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,837	6,667
Gross Unrealized Gains	44	109
Gross Unrealized Losses	(5)	0
Fair Value	8,876	6,776
Municipal securities | Long-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,464	9,594
Gross Unrealized Gains	32	151
Gross Unrealized Losses	(40)	(39)
Fair Value	8,456	9,706
U.S. government securities | Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	238,012	264,069
Gross Unrealized Gains	1,722	1,083
Gross Unrealized Losses	(114)	(17)
Fair Value	239,620	265,135
U.S. government securities | Long-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	177,308	294,682
Gross Unrealized Gains	2,648	1,287
Gross Unrealized Losses	(587)	(190)
Fair Value	179,369	295,779
Foreign securities | Short-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,308	21,270
Gross Unrealized Gains	52	48
Gross Unrealized Losses	(3)	(16)
Fair Value	21,357	21,302
Foreign securities | Long-term debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,031	24,625
Gross Unrealized Gains	334	86
Gross Unrealized Losses	(18)	(39)
Fair Value	$ 35,347	$ 24,672

INVESTMENTS IN DEBT SECURITIE_3

INVESTMENTS IN DEBT SECURITIES - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Short-term debt securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 120,763	$ 64,383
Less than 12 Months, Gross Unrealized Losses	(957)	(60)
Greater than 12 months, Fair Value	0	22,482
Greater than 12 months, Gross Unrealized Losses	0	(12)
Total, Fair Value	120,763	86,865
Total, Gross Unrealized Losses	(957)	(72)
Short-term debt securities | U.S. agency securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	26,172	23,896
Less than 12 Months, Gross Unrealized Losses	(208)	(9)
Greater than 12 months, Fair Value	0	4,996
Greater than 12 months, Gross Unrealized Losses	0	(2)
Total, Fair Value	26,172	28,892
Total, Gross Unrealized Losses	(208)	(11)
Short-term debt securities | Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	61,012	5,507
Less than 12 Months, Gross Unrealized Losses	(627)	(27)
Greater than 12 months, Fair Value	0	2,502
Greater than 12 months, Gross Unrealized Losses	0	(1)
Total, Fair Value	61,012	8,009
Total, Gross Unrealized Losses	(627)	(28)
Short-term debt securities | Municipal securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	5,342
Less than 12 Months, Gross Unrealized Losses	(5)
Greater than 12 months, Fair Value	0
Greater than 12 months, Gross Unrealized Losses	0
Total, Fair Value	5,342
Total, Gross Unrealized Losses	(5)
Short-term debt securities | U.S. government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	24,028	21,481
Less than 12 Months, Gross Unrealized Losses	(114)	(8)
Greater than 12 months, Fair Value	0	14,984
Greater than 12 months, Gross Unrealized Losses	0	(9)
Total, Fair Value	24,028	36,465
Total, Gross Unrealized Losses	(114)	(17)
Short-term debt securities | Foreign securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	4,209	13,499
Less than 12 Months, Gross Unrealized Losses	(3)	(16)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	4,209	13,499
Total, Gross Unrealized Losses	(3)	(16)
Long-term debt securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	141,045	93,046
Less than 12 Months, Gross Unrealized Losses	(3,272)	(490)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	(28)
Total, Fair Value	141,045	93,046
Total, Gross Unrealized Losses	(3,272)	(518)
Long-term debt securities | U.S. agency securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	23,037	16,740
Less than 12 Months, Gross Unrealized Losses	(466)	(189)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	23,037	16,740
Total, Gross Unrealized Losses	(466)	(189)
Long-term debt securities | Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	106,455	16,708
Less than 12 Months, Gross Unrealized Losses	(2,161)	(61)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	106,455	16,708
Total, Gross Unrealized Losses	(2,161)	(61)
Long-term debt securities | Municipal securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	489	1,005
Less than 12 Months, Gross Unrealized Losses	(40)	(39)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	489	1,005
Total, Gross Unrealized Losses	(40)	(39)
Long-term debt securities | U.S. government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	9,061	42,210
Less than 12 Months, Gross Unrealized Losses	(587)	(162)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	(28)
Total, Fair Value	9,061	42,210
Total, Gross Unrealized Losses	(587)	(190)
Long-term debt securities | Foreign securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	2,003	16,383
Less than 12 Months, Gross Unrealized Losses	(18)	(39)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	2,003	16,383
Total, Gross Unrealized Losses	$ (18)	$ (39)

INVESTMENTS IN DEBT SECURITIE_4

INVESTMENTS IN DEBT SECURITIES - Contractual Maturities of Short-Term and Long-Term Investments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Amortized Cost
Due in one year or less	$ 520,017
Due in one to five years	528,798
Amortized Cost	1,048,815
Fair Value
Due in one year or less	521,840
Due in one to five years	529,460
Fair Value	$ 1,051,300

CUSTOMER FUNDS - Assets Underly

CUSTOMER FUNDS - Assets Underlying Customer Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Customer funds	$ 944,811	$ 676,292
U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Customer funds	118,835	0
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Customer funds	177,516	238,031
Cash
Debt Securities, Available-for-sale [Line Items]
Customer funds	132,908	422,459
Cash Equivalents | Money market funds
Debt Securities, Available-for-sale [Line Items]
Customer funds	505,553	233
Cash Equivalents | U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Customer funds	9,999	8,585
Cash Equivalents | U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Customer funds	$ 0	$ 6,984

CUSTOMER FUNDS - Investments wi

CUSTOMER FUNDS - Investments within Customer Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,048,815
Fair Value	1,051,300
Customer funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	295,500	$ 237,909
Gross Unrealized Gains	921	144
Gross Unrealized Losses	(70)	(22)
Fair Value	296,351	238,031
Customer funds | U.S. agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	118,750
Gross Unrealized Gains	100
Gross Unrealized Losses	(15)
Fair Value	118,835
Customer funds | U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	176,750	237,909
Gross Unrealized Gains	821	144
Gross Unrealized Losses	(55)	(22)
Fair Value	$ 177,516	$ 238,031

CUSTOMER FUNDS - Debt Securitie

CUSTOMER FUNDS - Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value (Details) - Customer funds - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 43,933	$ 56,984
Less than 12 Months, Gross Unrealized Losses	(70)	(22)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	43,933	56,984
Total, Gross Unrealized Losses	(70)	(22)
U.S. agency securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	39,934
Less than 12 Months, Gross Unrealized Losses	(15)
Greater than 12 months, Fair Value	0
Greater than 12 months, Gross Unrealized Losses	0
Total, Fair Value	39,934
Total, Gross Unrealized Losses	(15)
U.S. government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	3,999	56,984
Less than 12 Months, Gross Unrealized Losses	(55)	(22)
Greater than 12 months, Fair Value	0	0
Greater than 12 months, Gross Unrealized Losses	0	0
Total, Fair Value	3,999	56,984
Total, Gross Unrealized Losses	$ (55)	$ (22)

CUSTOMER FUNDS - Contractual Ma

CUSTOMER FUNDS - Contractual Maturities of Investments within Customer Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 520,017
Due in one to five years	528,798
Amortized Cost	1,048,815
Fair Value
Due in one year or less	521,840
Due in one to five years	529,460
Fair Value	1,051,300
Customer funds
Amortized Cost
Due in one year or less	295,500
Due in one to five years	0
Amortized Cost	295,500	$ 237,909
Fair Value
Due in one year or less	296,351
Due in one to five years	0
Fair Value	$ 296,351	$ 238,031

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Customer funds	$ 944,811	$ 676,292
Short-term debt securities	521,840	492,456
Long-term debt securities	529,460	537,303
U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Customer funds	118,835	0
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Customer funds	177,516	238,031
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	1,904,578	1,066,652
Fair Value, Measurements, Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	696,587	213,576
Customer funds	505,553	233
Fair Value, Measurements, Recurring | Level 1 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Customer funds	0	0
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Level 1 | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	100,296	0
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,637	46,914
Customer funds	177,516	245,015
Short-term debt securities	239,620	265,135
Long-term debt securities	179,369	295,779
Fair Value, Measurements, Recurring | Level 1 | Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	794,143	497,406
Fair Value, Measurements, Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Customer funds	0	0
Fair Value, Measurements, Recurring | Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	14,999	19,976
Customer funds	128,834	8,585
Short-term debt securities	174,128	131,522
Long-term debt securities	166,313	64,068
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,999	0
Fair Value, Measurements, Recurring | Level 2 | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	74,863	67,721
Long-term debt securities	139,975	143,078
Fair Value, Measurements, Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	2,996	0
Fair Value, Measurements, Recurring | Level 2 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	8,876	6,776
Long-term debt securities	8,456	9,706
Fair Value, Measurements, Recurring | Level 2 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Customer funds	0	0
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 2 | Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	5,000	0
Short-term debt securities	21,357	21,302
Long-term debt securities	35,347	24,672
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fair Value, Measurements, Recurring | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Customer funds	0	0
Fair Value, Measurements, Recurring | Level 3 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Customer funds	0	0
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Level 3 | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Customer funds	0	0
Short-term debt securities	0	0
Long-term debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Foreign securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term debt securities	0	0
Long-term debt securities	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Convertible Senior Notes (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 1,760,847	$ 938,832
Fair Value (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	2,183,808	1,541,333
2025 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	835,130	0
2025 Notes | Fair Value (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	866,330	0
2023 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	756,298	748,564
2023 Notes | Fair Value (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	890,143	962,516
2022 Notes | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	169,419	190,268
2022 Notes | Fair Value (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 427,335	$ 578,817

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Carrying Value | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 160,709		$ 164,834
Fair Value (Level 3) | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	165,572		$ 173,360
Loans Receivable Held-For-Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Excess amortized cost over fair value of loans	$ 22,000	$ 6,700

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 344,481		$ 327,723
Less: Accumulated depreciation and amortization	(193,822)		(178,529)
Property and equipment, net	150,659		149,194
Depreciation and amortization expense	15,900	$ 15,500
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	116,407		111,942
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	111,010		106,469
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89,218		81,984
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 27,846		$ 27,328

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 288,533,000	$ 266,345,000
Technology Company
Business Acquisition [Line Items]
Percent of outstanding shares acquired	100.00%
Fair value of consideration transferred	$ 36,600,000
Cash consideration	21,600,000
Equity consideration	15,000,000
Goodwill	22,200,000
Intangible assets, other than goodwill	17,000,000
Goodwill amount expected to be tax deductible	0
Intangible assets (excluding goodwill) amount expected to be tax deductible	$ 0

GOODWILL (Details)

GOODWILL (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 266,345,000
Acquisitions	22,188,000
Goodwill, ending balance	288,533,000	$ 266,345,000
Goodwill, impairment charges	$ 0	$ 0

ACQUIRED INTANGIBLE ASSETS - Sc

ACQUIRED INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 131,508	$ 114,499
Accumulated Amortization	(49,572)	(45,420)
Net	81,936	69,079	$ 79,697	$ 77,102
Technology assets
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	70,081	53,900
Accumulated Amortization	(34,193)	(31,873)
Net	$ 35,888	$ 22,027
Amortization period	5 years	5 years
Customer assets
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 44,000	$ 44,000
Accumulated Amortization	(7,824)	(6,934)
Net	$ 36,176	$ 37,066
Amortization period	12 years	12 years
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 12,128	$ 11,300
Accumulated Amortization	(5,248)	(4,473)
Net	$ 6,880	$ 6,827
Amortization period	4 years	4 years
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 5,299	$ 5,299
Accumulated Amortization	(2,307)	(2,140)
Net	$ 2,992	$ 3,159

ACQUIRED INTANGIBLE ASSETS - Na

ACQUIRED INTANGIBLE ASSETS - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets impairment	$ 0

ACQUIRED INTANGIBLE ASSETS - Ch

ACQUIRED INTANGIBLE ASSETS - Change in Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite-lived Intangible Assets [Roll Forward]
Acquired intangible assets, net, beginning of the period	$ 69,079	$ 77,102
Acquisitions	17,009	6,082
Amortization expense	(4,152)	(3,487)
Acquired intangible assets, net, end of the period	$ 81,936	$ 79,697

ACQUIRED INTANGIBLE ASSETS - Fu

ACQUIRED INTANGIBLE ASSETS - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 11,994
2021	15,479
2022	13,405
2023	12,153
2024	9,176
Thereafter	19,729
Net	$ 81,936	$ 69,079	$ 79,697	$ 77,102

OTHER CONSOLIDATED BALANCE SH_5

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory, net	$ 54,719	$ 47,683
Restricted cash	34,315	38,873	$ 33,220
Processing costs receivable	84,045	67,281
Prepaid expenses	31,433	22,758
Accounts receivable, net	31,515	33,863
Other	42,643	39,951
Total	$ 278,670	$ 250,409

OTHER CONSOLIDATED BALANCE SH_6

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 126,911	$ 128,387
Accrued transaction losses	96,661	34,771
Accounts payable	29,831	42,116
Deferred revenue, current	40,392	38,104
Square Payroll payable	29,618	27,969
Other	69,321	26,494
Total	$ 392,734	$ 297,841

OTHER CONSOLIDATED BALANCE SH_7

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (CURRENT) - Schedule of Reserve for Transaction Losses (Details) - Transaction Losses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Loss Contingency Accrual [Roll Forward]
Accrued transaction losses, beginning of the period	$ 34,771	$ 33,682
Provision for transaction losses	79,303	19,808
Charge-offs to accrued transaction losses	(17,413)	(17,443)
Accrued transaction losses, end of the period	$ 96,661	$ 36,047

OTHER CONSOLIDATED BALANCE SH_8

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Other Non-Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment in non-marketable equity securities	$ 110,000	$ 110,000
Non-current lease prepayments	0	45,738
Restricted cash	13,286	12,715	$ 14,433
Other	26,566	27,935
Total	$ 149,852	$ 196,388

OTHER CONSOLIDATED BALANCE SH_9

OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Statutory liabilities	$ 56,371	$ 54,762
Deferred revenue, non-current	6,654	6,227
Other	17,836	33,472
Total	$ 80,861	$ 94,461

INDEBTEDNESS - Revolving Credit

INDEBTEDNESS - Revolving Credit Facility Narrative (Details) - Revolving Credit Facility - Line of Credit - USD ($)	May 06, 2020	Nov. 30, 2015	Mar. 31, 2020	Mar. 31, 2019
2015 Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 375,000,000
Amounts drawn to date			$ 0
Administrative agent fee		$ 100,000
Unused commitment fee percentage		0.15%
Unused commitment fees			$ 100,000	$ 100,000
2020 Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000
Amounts drawn to date	0
Letters of credit outstanding	$ 0
Unused commitment fee percentage	0.15%
Federal Funds Rate | 2015 Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Federal Funds Rate | 2020 Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
One Month LIBOR | Minimum | 2015 Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
One Month LIBOR | Maximum | 2015 Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
LIBOR | 2020 Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
LIBOR | Minimum | 2015 Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
LIBOR | Minimum | 2020 Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Additional basis spread on variable rate	0.25%
LIBOR | Maximum | 2015 Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
LIBOR | Maximum | 2020 Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Additional basis spread on variable rate	0.75%

INDEBTEDNESS - Convertible Seni

INDEBTEDNESS - Convertible Senior Notes Narrative (Details) $ / shares in Units, shares in Millions	Mar. 05, 2020USD ($)day$ / shares	May 25, 2018USD ($)day$ / shares	Mar. 06, 2017USD ($)day$ / shares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of long-term debt				$ 990,000	$ 0
Convertible Debt
Debt Instrument [Line Items]
Conversion price (in USD per share) | $ / shares	$ 121.01	$ 77.85	$ 22.95
Carrying amount of equity component				341,793,000		$ 341,793,000	$ 194,392,000
Issuance costs attributable to the liability component				18,059,000		18,059,000	5,564,000
Convertible Debt | 2025 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000
Interest rate	0.125%
Conversion rate	0.0082641
Conversion price (in USD per share) | $ / shares	$ 121.01
Redemption price, percentage	100.00%
Carrying amount of equity component	$ 154,600,000			$ 152,258,000		$ 152,258,000
Effective interest rate of the liability component	3.81%			3.81%		3.81%
Discounts and commissions payable	$ 14,300,000
Third party offering costs	900,000
Issuance costs attributable to the liability component	$ 12,800,000			$ 13,190,000		$ 13,190,000
Amount of if-converted value in excess of outstanding principal amount				0
Convertible Debt | 2025 Notes | Debt Instrument, Conversion Term One
Debt Instrument [Line Items]
Threshold trading days | day	20
Threshold consecutive trading days | day	30
Threshold percentage of stock price trigger	130.00%
Convertible Debt | 2025 Notes | Debt Instrument Conversion Term Two
Debt Instrument [Line Items]
Threshold trading days | day	5
Threshold consecutive trading days | day	5
Threshold percentage of stock price trigger	98.00%
Convertible Debt | 2023 Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 862,500,000
Interest rate		0.50%
Conversion rate		0.0128456
Conversion price (in USD per share) | $ / shares		$ 77.85
Carrying amount of equity component		$ 155,300,000		$ 154,019,000		$ 154,019,000	154,019,000
Effective interest rate of the liability component		4.69%		4.69%		4.69%
Discounts and commissions payable		$ 6,000,000
Third party offering costs		800,000
Issuance costs attributable to the liability component		$ 5,600,000		$ 3,186,000		$ 3,186,000	3,418,000
Amount of if-converted value in excess of outstanding principal amount				0
Convertible Debt | 2023 Notes | Debt Instrument, Conversion Term One
Debt Instrument [Line Items]
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Threshold percentage of stock price trigger		130.00%
Convertible Debt | 2023 Notes | Debt Instrument Conversion Term Two
Debt Instrument [Line Items]
Threshold trading days | day		5
Threshold consecutive trading days | day		5
Threshold percentage of stock price trigger		98.00%
Convertible Debt | 2022 Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 440,000,000
Interest rate			0.375%
Conversion rate			0.0435749
Conversion price (in USD per share) | $ / shares			$ 22.95
Carrying amount of equity component			$ 86,200,000	$ 35,516,000		$ 35,516,000	40,373,000
Effective interest rate of the liability component			5.34%	5.34%		5.34%
Discounts and commissions payable			$ 11,000,000
Third party offering costs			800,000
Issuance costs attributable to the liability component			$ 9,400,000	$ 1,683,000		$ 1,683,000	$ 2,146,000
Notes converted				$ 25,500,000		253,700,000
Principal payment on conversion of senior notes						$ 219,400,000
Shares issued upon conversion (in shares) | shares				1.1		8.4
Loss on extinguishment of long-term debt				$ 1,000,000		$ 6,000,000
Amount of if-converted value in excess of outstanding principal amount				$ 238,900,000
Convertible Debt | 2022 Notes | Debt Instrument, Conversion Term One
Debt Instrument [Line Items]
Threshold trading days | day			20
Threshold consecutive trading days | day			30
Threshold percentage of stock price trigger			130.00%
Convertible Debt | 2022 Notes | Debt Instrument Conversion Term Two
Debt Instrument [Line Items]
Threshold trading days | day			5
Threshold consecutive trading days | day			5
Threshold percentage of stock price trigger			98.00%

INDEBTEDNESS - Net Carrying Amo

INDEBTEDNESS - Net Carrying Amount of Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 05, 2020	Dec. 31, 2019	May 25, 2018	Mar. 06, 2017
Debt Instrument [Line Items]
Principal outstanding	$ 2,048,751		$ 1,074,226
Unamortized debt discount	(269,845)		(129,830)
Unamortized debt issuance costs	(18,059)		(5,564)
Net carrying value	1,760,847		938,832
2025 Notes
Debt Instrument [Line Items]
Principal outstanding	1,000,000
Unamortized debt discount	(151,680)
Unamortized debt issuance costs	(13,190)	$ (12,800)
Net carrying value	835,130
2023 Notes
Debt Instrument [Line Items]
Principal outstanding	862,500		862,500
Unamortized debt discount	(103,016)		(110,518)
Unamortized debt issuance costs	(3,186)		(3,418)	$ (5,600)
Net carrying value	756,298		748,564
2022 Notes
Debt Instrument [Line Items]
Principal outstanding	186,251		211,726
Unamortized debt discount	(15,149)		(19,312)
Unamortized debt issuance costs	(1,683)		(2,146)		$ (9,400)
Net carrying value	$ 169,419		$ 190,268

INDEBTEDNESS - Net Carrying A_2

INDEBTEDNESS - Net Carrying Amount of Equity Component of Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 05, 2020	Dec. 31, 2019	May 25, 2018	Mar. 06, 2017
Debt Instrument [Line Items]
Amount allocated to conversion option	$ 346,340		$ 196,731
Less: allocated issuance costs	(4,547)		(2,339)
Equity component, net	341,793		194,392
2025 Notes
Debt Instrument [Line Items]
Amount allocated to conversion option	154,600
Less: allocated issuance costs	(2,342)
Equity component, net	152,258	$ 154,600
2023 Notes
Debt Instrument [Line Items]
Amount allocated to conversion option	155,250		155,250
Less: allocated issuance costs	(1,231)		(1,231)
Equity component, net	154,019		154,019	$ 155,300
2022 Notes
Debt Instrument [Line Items]
Amount allocated to conversion option	36,490		41,481
Less: allocated issuance costs	(974)		(1,108)
Equity component, net	$ 35,516		$ 40,373		$ 86,200

INDEBTEDNESS - Interest Expense

INDEBTEDNESS - Interest Expense on Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Contractual interest expense	$ 1,373	$ 1,277
Amortization of debt discount and issuance costs	12,528	9,608
Total	$ 13,901	$ 10,885

INDEBTEDNESS - Convertible Note

INDEBTEDNESS - Convertible Note Hedge and Warrant Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 05, 2020	May 25, 2018	Mar. 06, 2017	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Proceeds from issuance of warrants				$ 99,500	$ 0
Convertible Debt
Debt Instrument [Line Items]
Conversion price of convertible debt (in USD per share)	$ 121.01	$ 77.85	$ 22.95
Conversion price of convertible debt after effect of warrants and note hedge (in USD per share)	$ 161.34	$ 109.26	$ 31.18
Common Stock Warrant, 2025 Notes
Debt Instrument [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)	8,260
Warrants, weighted average exercise price (in USD per share)	$ 161.34
Proceeds from issuance of warrants	$ 99,500
Common Stock Warrant, 2023 Notes
Debt Instrument [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)		11,100
Warrants, weighted average exercise price (in USD per share)		$ 109.26
Proceeds from issuance of warrants		$ 112,100
Common Stock Warrant, 2022 Notes
Debt Instrument [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)			19,200
Warrants, weighted average exercise price (in USD per share)			$ 31.18
Proceeds from issuance of warrants			$ 57,200
Shares of common stock received due to exercise of note hedges (in shares)				7,200
Options
Debt Instrument [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)	8,260	11,100	19,200
Convertible note hedge, option to purchase common stock, price (in USD per share)	$ 121.01	$ 77.85	$ 22.95
Cost of convertible note hedge	$ 149,200	$ 172,600	$ 92,100

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 535	$ 129
Effective tax rate	(0.50%)	(0.30%)

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock, Warrants and Conversion of 2022 Notes Narrative (Details)	3 Months Ended	27 Months Ended
	Mar. 31, 2020vote$ / sharesshares	Mar. 31, 2020$ / sharesshares	Mar. 05, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	May 25, 2018$ / sharesshares	Mar. 06, 2017$ / sharesshares
2022 Notes | Convertible Debt
Class of Stock [Line Items]
Shares issued upon conversion (in shares)	1,100,000	8,400,000
Common Stock Warrant, 2025 Notes
Class of Stock [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)			8,260,000
Warrants, weighted average exercise price (in USD per share) | $ / shares			$ 161.34
Number of warrants exercised (in shares)	0	0
Common Stock Warrant, 2023 Notes
Class of Stock [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)					11,100,000
Warrants, weighted average exercise price (in USD per share) | $ / shares					$ 109.26
Number of warrants exercised (in shares)	0	0
Common Stock Warrant, 2022 Notes
Class of Stock [Line Items]
Warrants to purchase aggregate shares of capital stock (in shares)						19,200,000
Warrants, weighted average exercise price (in USD per share) | $ / shares						$ 31.18
Number of warrants exercised (in shares)	0	0
Class A
Class of Stock [Line Items]
Common stock, number of votes entitled for each share held (in votes) | vote	1
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000		1,000,000,000
Common stock, par value (in USD per share) | $ / shares	$ 0.00	$ 0.00		$ 0.00
Common stock, shares outstanding (in shares)	359,142,301	359,142,301		352,386,562
Class B
Class of Stock [Line Items]
Common stock, number of votes entitled for each share held (in votes) | vote	10
Common stock, shares authorized (in shares)	500,000,000	500,000,000		500,000,000
Common stock, par value (in USD per share) | $ / shares	$ 0.00	$ 0.00		$ 0.00
Common stock, shares outstanding (in shares)	79,621,335	79,621,335		80,410,158

STOCKHOLDERS' EQUITY - Stock Pl

STOCKHOLDERS' EQUITY - Stock Plans and Share Based Compensation Narrative (Details) $ in Thousands	Nov. 17, 2015shares	Mar. 31, 2020USD ($)planshares	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share based compensation plans | plan		2
Employee stock purchase plan, compensation expense | $		$ 77,303	$ 61,088
Capitalized share-based compensation expense | $		2,300	1,700
Unrecognized compensation cost, options | $		$ 657,300
Unrecognized compensation cost, period for recognition		2 years 8 months 12 days
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, compensation expense | $		$ 4,700	$ 4,300
2009 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)		0
2009 Stock Option Plan | Stock options, RSAs, and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments outstanding (in shares)		15,171,723
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)		105,944,646
Shares reserved for future issuance (in shares)	30,000,000
Shares reserved for future issuance, percentage of annual increase	5.00%
2015 Equity Incentive Plan | Stock options, RSAs, and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments outstanding (in shares)		17,632,872
2015 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance, amount of annual increase (in shares)	40,000,000

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Number of Stock Options Outstanding
Beginning balance (in shares)	23,619,804
Exercised (in shares)	(3,396,568)
Forfeited (in shares)	(20,135)
Ending balance (in shares)	20,203,101	23,619,804
Weighted Average Exercise Price
Beginning balance (in USD per share)	$ 12.66
Exercised (in USD per share)	9.09
Forfeited (in USD per share)	71.99
Ending balance (in USD per share)	$ 12.66	$ 12.66	$ 10.25
Options Exercisable
Options exercisable (in shares)			18,862,499
Options exercisable (in USD per share)			$ 10.25
Additional Disclosures
Weighted average remaining contractual term, options outstanding	4 years 10 months 17 days	4 years 10 months 20 days
Weighted average remaining contractual term, options exercisable	4 years 4 months 24 days
Aggregate intrinsic value, options outstanding		$ 1,191,746	$ 811,454
Aggregate intrinsic value, options exercisable			$ 799,553

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock Awards and Restricted Stock Units Activity (Details) - RSAs and RSUs	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of shares
Beginning balance (in shares) | shares	13,917,461
Granted (in shares) | shares	863,415
Vested (in shares) | shares	(1,829,201)
Forfeited (in shares) | shares	(350,181)
Ending balance (in shares) | shares	12,601,494
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share) | $ / shares	$ 49.90
Granted (in USD per share) | $ / shares	69.78
Vested (in USD per share) | $ / shares	35.56
Forfeited (in USD per share) | $ / shares	46.05
Ending balance (in USD per share) | $ / shares	$ 53.43

STOCKHOLDERS' EQUITY - Effects

STOCKHOLDERS' EQUITY - Effects of Share-Based Compensation on Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 77,303	$ 61,088
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	76	21
Product development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	57,400	42,649
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	6,407	6,202
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 13,420	$ 12,216

NET LOSS PER SHARE - Calculatio

NET LOSS PER SHARE - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (105,891)	$ (38,151)
Denominator:
Weighted-average shares used to compute basic and diluted net loss per share (in shares)	434,940	419,289
Net loss per share:
Basic (in USD per share)	$ (0.24)	$ (0.09)
Diluted (in USD per share)	$ (0.24)	$ (0.09)

NET LOSS PER SHARE - Antidiluti

NET LOSS PER SHARE - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net income (loss) per share (in shares)	91,133	99,173
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net income (loss) per share (in shares)	35,033	47,833
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net income (loss) per share (in shares)	32,613	30,252
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net income (loss) per share (in shares)	22,478	20,305
Unvested shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net income (loss) per share (in shares)	740	571
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net income (loss) per share (in shares)	269	212

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jul. 31, 2019
Related Party Transaction [Line Items]
Lease executed but not yet commenced, term		15 years 6 months
Lease executed but not yet commenced	$ 82,692	$ 42,700
Affiliated Entity
Related Party Transaction [Line Items]
Lease executed but not yet commenced, term		15 years 6 months
Lease executed but not yet commenced		$ 42,700

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Operating and Finance Leases Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Jul. 31, 2019USD ($)ft²renewal_option	Dec. 31, 2018ft²renewal_option	Mar. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Operating lease renewal term			5 years
Operating lease option to terminate term			1 year
Leased area of office space executed but not yet commenced (in sq ft) | ft²	226,158
Lease executed but not yet commenced, term	15 years 6 months
Lease executed but not yet commenced, number of renewal options | renewal_option	2
Lease executed but not yet commenced renewal term	5 years
Lease executed but not yet commenced | $	$ 42,700		$ 82,692
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term			1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term			12 years
Lease executed but not yet commenced, option to terminate leased space (up to)	50.00%
Equipment
Lessee, Lease, Description [Line Items]
Finance lease, remaining lease term			9 months 18 days
Oakland, California | Building
Lessee, Lease, Description [Line Items]
Operating lease term		12 years
Operating lease renewal term		5 years
Leased area of office space (in sq ft) | ft²		355,762
Operating lease, number of renewal options | renewal_option		2

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Fixed operating lease costs	$ 15,125	$ 6,690
Variable operating lease costs	5,724	637
Short term lease costs	1,856	441
Sublease income	(1,437)	0
Finance lease costs
Amortization of finance right-of-use assets	1,054	1,293
Interest on finance lease liabilities	0	0
Total lease costs	$ 22,322	$ 9,061

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Other Information Related to Leases (Details)	Mar. 31, 2020
Weighted Average Remaining Lease Term:
Operating leases	8 years 9 months 18 days
Finance leases	6 months
Weighted Average Discount Rate:
Operating leases	4.00%
Finance leases	0.00%

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Payments for operating lease liabilities	$ (9,570)	$ (9,293)
Cash flows from financing activities:
Principal payments on finance lease obligation	(1,054)	(1,284)
Supplemental Cash Flow Data:
Right-of-use assets obtained in exchange for operating lease obligations	$ 255,553	$ 19,918

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jul. 31, 2019
Finance
Remainder of 2020	$ 1,391
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total	1,391
Less: amount representing interest	0
Less: leases executed but not yet commenced	0
Less: lease incentives	0
Total	1,391
Operating
Remainder of 2020	39,616
2021	67,683
2022	70,409
2023	65,056
2024	45,520
Thereafter	269,229
Total	557,513
Less: amount representing interest	78,640
Less: leases executed but not yet commenced	82,692	$ 42,700
Less: lease incentives	9,284
Total	$ 386,897

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Litigation (Details) - USD ($)	Sep. 06, 2019	Dec. 31, 2019	Mar. 31, 2018
Income Tax Examination [Line Items]
Gross receipts tax and payroll expense tax paid		$ 8,400,000	$ 1,300,000
Minimum
Income Tax Examination [Line Items]
Estimate of possible liability for additional taxes, interest and penalties	$ 0
Maximum
Income Tax Examination [Line Items]
Estimate of possible liability for additional taxes, interest and penalties	$ 66,000,000

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details) - segment	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Subsequent Event [Line Items]
Number of reportable segments	1
Number of operating segments	1
Forecast [Member]
Subsequent Event [Line Items]
Number of reportable segments		2
Number of operating segments		2

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,381,109	$ 959,359
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,313,586	914,656
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 67,523	$ 44,703

SEGMENT AND GEOGRAPHICAL INFO_5

SEGMENT AND GEOGRAPHICAL INFORMATION - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 934,586	$ 597,766
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	918,351	586,702
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 16,235	$ 11,064

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Analysis of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,962,316	$ 1,047,118	$ 521,676
Short-term restricted cash	34,315	38,873	33,220
Long-term restricted cash	13,286	12,715	14,433
Cash, cash equivalents, and restricted cash	$ 2,009,917	$ 1,098,706	$ 569,329	$ 632,847

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Cash Flow Data:
Cash paid for interest	$ 397	$ 538
Cash paid for income taxes	2,599	1,342
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease obligations	255,553	19,918
Change in purchases of property and equipment in accounts payable and accrued expenses	10,354	13,114
Unpaid business combination purchase price	7,338	6,447
Fair value of common stock issued related to business combination	(14,999)	0
Recovery of common stock in connection with indemnification settlement agreement	0	789
Fair value of common stock issued to settle the conversion of senior notes, due 2022	$ (77,614)	$ 0