“General and administrative expenses increased for the nine months ended September 30, 2025 compared to the same period in 2024, due to a reversal of a previously recorded estimated legal liability of $55 million in the second quarter of 2024 and an increase of $13 million for impairment related costs associated with right-of-use assets and leasehold improvements, offset by a decrease of $17 million in indirect taxes.”
“This decrease for the three months ended March 31, 2026 compared to the same period in 2025 was largely driven by the shift of borrowing from the Credit Facility to the 2030 Convertible Notes during the first quarter of 2026.”
“The largest component of the period-over-period change was an increase in subscription fees of $101 million driven by an increase in MRR, which was a result of a higher number of merchants using our platform and by a larger percentage of subscriptions coming from higher priced plans, such as Plus.”