v3.25.4
Loans and Merchant Cash Advances (Tables)
12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans and Merchant Cash Advances
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Unbilled revenues, net229 175 132 
Indirect taxes receivable109 49 46 
Trade receivables, net98 77 62 
Accrued interest39 19 15 
Other receivables25 22 27 
 500 342 282 
Activity in the allowance for credit losses was as follows:
December 31, 2025

December 31, 2024
(in US $ millions)
Balance, beginning of the year16 13 
Provision for credit losses related to uncollectible receivables28 15 
Write-offs(27)(12)
Balance, end of the year17 16 
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Loans receivable, gross(1)
1,621 1,131 732 
Allowance for credit losses related to uncollectible loans receivable(160)(110)(60)
Merchant cash advances receivable, gross358 234 180 
Allowance for credit losses related to uncollectible merchant cash advances receivable(35)(31)(36)
Loans and merchant cash advances, net1,784 1,224 816 
(1) Included in the loans receivable gross balance as of December 31, 2025 is $24 million of interest receivable (December 31, 2024 - $15 million, December 31, 2023- $10 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:
December 31, 2025December 31, 2024
(in US $ millions)
Allowance, beginning of the year110 60 
Provision for credit losses related to uncollectible loans receivable153 108 
Loans receivable charged off, net of recoveries(103)(58)
Allowance, end of the year160 110 
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible merchant cash advances receivable:
December 31, 2025December 31, 2024
(in US $ millions)
Allowance, beginning of the year31 36 
Provision for credit losses related to uncollectible merchant cash advances receivable32 13 
Merchant cash advances receivable charged off, net of recoveries(28)(18)
Allowance, end of the year35 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.
December 31, 2025
Year of origination
20252024TotalPercent
(in US $ millions)
Current1,473 17 1,490 91.9 %
30-89 Days14 19 1.2 %
90-179 Days14 20 1.2 %
180+ Days63 29 92 5.7 %
Total1,564 57 1,621 100.0 %
December 31, 2024
Year of origination
20242023TotalPercent
(in US $ millions)
Current1,051 1,059 93.7 %
30-89 Days
12 1.0 %
90-179 Days10 0.9 %
180+ Days34 16 50 4.4 %
Total1,101 30 1,131 100.0 %