Block Inc. filed SEC Form 8-K: Results of Operations and Financial Condition
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| 1 | We have adopted a distributed work model and, therefore, have no formal headquarters. This address represents our “principal executive office,” which we are required to identify under Securities and Exchange Commission rules. |
| Item 2.02 | Results of Operations and Financial Condition. |
On August 1, 2024, Block, Inc. (the “Company”) issued a Shareholder Letter (the “Letter”) announcing its financial results for the second quarter ended June 30, 2024. In the Letter, the Company also announced that it would be holding a conference call and earnings webcast on August 1, 2024 at 2:00 p.m. Pacific Time to discuss its financial results for the second quarter ended June 30, 2024. The Letter is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
The Company is making reference to non-GAAP financial information in both the Letter and the conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the Letter.
The information furnished pursuant to Item 2.02 on this Report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 8.01 | Other Events. |
On August 1, 2024, the Company announced that its board of directors approved an increase to the Company’s previously announced $1.0 billion share repurchase program, which has been completed, authorizing the repurchase of up to an additional $3.0 billion of the Company’s Class A common stock.
Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company’s discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. The goal of the program is to return capital to stockholders as part of the Company’s overall capital allocation strategy.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Shareholder Letter, dated August 1, 2024. | |
| 104 | Cover Page Interactive Data File, formatted in inline XBRL. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLOCK, INC. | ||||||
| Date: August 1, 2024 | By: | /s/ Chrysty Esperanza | ||||
| Chrysty Esperanza Chief Legal Officer and Corporate Secretary | ||||||