v3.25.2
Loans and Merchant Cash Advances (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans and Merchant Cash Advances
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 June 30, 2025December 31, 2024
(in US $ millions)
Unbilled revenues, net175 175 
Trade receivables, net69 77 
Indirect taxes receivable41 49 
Accrued interest39 19 
Other receivables26 22 
 350 342 
Activity in the allowance for credit losses was as follows for the three and six months ended:
Three months ended June 30,Six months ended June 30,
2025202420252024
(in US $ millions)
Balance, beginning of the period16 

16 16 

13 
Provision for credit losses related to uncollectible receivables7 

2 14 

8 
Write-offs(7)

(3)(14)

(6)
Balance, end of the period16 

15 16 

15 
June 30, 2025December 31, 2024
(in US $ millions)
Loans receivable, gross(1)
1,444 1,131 
Allowance for credit losses related to uncollectible loans receivable(138)(110)
Merchant cash advances receivable, gross322 234 
Allowance for credit losses related to uncollectible merchant cash advances receivable(31)(31)
Loans and merchant cash advances, net1,597 1,224 
(1) Included in the loans receivable gross balance as of June 30, 2025 is $21 million of interest receivable (December 31, 2024 - $15 million).
Schedule of Allowance for Credit Losses
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30,Six months ended June 30,
2025202420252024
(in US $ millions)
Allowance, beginning of the period129 72 110 60 
Provision for credit losses related to uncollectible loans receivable32 24 72 46 
Loans receivable charged off, net of recoveries(23)(14)(44)(24)
Allowance, end of the period138 82 138 82 
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible merchant cash advances receivable for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30,Six months ended June 30,
2025202420252024
(in US $ millions)
Allowance, beginning of the period33 32 31 36 
Provision for credit losses related to uncollectible merchant cash advances receivable10 4 16 7 
Merchant cash advances receivable charged off, net of recoveries(12)(5)(16)(12)
Allowance, end of the period31 31 31 31 
Schedule of Delinquency Status
The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date.
June 30, 2025
Year of origination
20252024TotalPercent
(in US $ millions)
Current1,139 196 1,335 92.5 %
30-59 Days3 4 7 0.5 %
60-89 Days2 4 6 0.4 %
90-179 Days6 13 19 1.3 %
180+ Days20 57 77 5.3 %
Total1,170 274 1,444 100.0 %
December 31, 2024
Year of origination
20242023TotalPercent
(in US $ millions)
Current1,051 8 1,059 93.7 %
30-59 Days5 1 6 0.5 %
60-89 Days4 2 6 0.5 %
90-179 Days7 3 10 0.9 %
180+ Days34 16 50 4.4 %
Total1,101 30 1,131 100.0 %