Square, Inc. develops and provides payment processing, point-of-sale (POS), financial, and marketing services worldwide. It provides Square Register, a POS software application for iOS and Android, which enables sellers across a range of business types to itemize products or services for faster checkout; Square Analytics that shows its sellers how their businesses are performing; Instant Deposit service that sends funds from a sale immediately to a seller’s bank account; and Square Reader for magnetic stripe cards, EMV chip cards, and NFC, which connects wirelessly to mobile devices. The company also offers Square Stand that transforms an iPad into a POS terminal; Square Invoices and Square ...
1455 Market Street
San Francisco, CA 94103
Founded in 2009
Square, Inc. Announces Executive Changes
Aug 29 16
On August 29, 2016, Square, Inc. announced that Ajmere Dale, age 46, will join the Company as Chief Accounting Officer, effective August 29, 2016. Mr. Dale will assume the responsibility as Chief Accounting Officer from Sarah Friar, who will continue her role as the Company’s Chief Financial Officer. Prior to joining the Company, Mr. Dale served as Vice President and Corporate Controller for SolarCity Corporation, where he was responsible for financial accounting and reporting, from February 2009 to July 2016.
Dana R. Wagner Intends to Resign from Square, Inc. as General Counsel and Corporate Secretary
Aug 11 16
On August 8, 2016, Dana R. Wagner, the General Counsel and Corporate Secretary of Square, Inc. notified the company of his intention to resign from his position as General Counsel and Corporate Secretary of the company prior to the end of the third quarter of 2016. In order to ensure a smooth transition, Mr. Wagner may render transitional services as a consultant to the company after his resignation. The company's current Associate General Counsels, Sydney Schaub and Sivan Whiteley, have been appointed to serve as acting Co-General Counsels, effective upon Mr. Wagner's resignation.
Square, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for the Third Quarter and Full Year of 2016
Aug 3 16
Square, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported total net revenue of $438,533,000 against $310,013,000 a year ago. Operating loss was $27,360,000 against $28,074,000 a year ago. Loss before income tax was $27,033,000 against $28,468,000 a year ago. Net loss was $27,345,000 or $0.08 per basic and diluted share against $29,620,000 or $0.20 per basic and diluted share a year ago. Adjusted EBITDA was $12,554,000 against $859,000 a year ago. Adjusted revenue was $170,809,000 against $110,560,000 a year ago. This Adjusted EBITDA improvement reflects increased scale and operating leverage, positive dollar-based retention from existing sellers, and ability to drive new product adoption.
For the year, the company reported total net revenue of $817,802,000 against $560,570,000 a year ago. Operating loss was $124,493,000 against $74,424,000 a year ago. Loss before income tax was $123,449,000 against $76,028,000 a year ago. Net loss was $124,100,000 or $0.37 per basic and diluted share against $77,598,000 or $0.53 per basic and diluted share a year ago. Net cash used in operating activities was $35,771,000 against $10,499,000 a year ago. Purchase of property and equipment was $15,840,000 against $20,760,000 a year ago. Adjusted EBITDA was $3,471,000 against LBITDA of $19,270,000 a year ago. Adjusted revenue was $316,964,000 against $199,773,000 a year ago.
For 2016, the total net revenue is expected to be in the range of $1.63 billion to $1.67 billion. In light of strong execution in the second quarter, the company is raising its full year 2016 guidance for both adjusted revenue and adjusted EBITDA. The company expects adjusted revenue to be in the range of $655 million to $670 million, up 6% at the midpoint from previously guided range of $615 million to $635 million. The company also expects adjusted EBITDA to be in the range of $18 million to $24 million, up from previously guided range of $8 million to $14 million. At the midpoint, this is a 12 point year-over-year improvement in 2016 Adjusted EBITDA margin.
For the third quarter, the company expects total net revenue to be in the range of $410 million to $420 million, adjusted revenue to be in the range of $167 million to $171 million, and adjusted EBITDA to be in the range of $5 million to $6 million.