v3.26.1
Loans and Merchant Cash Advances (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Loans and Merchant Cash Advances
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 March 31, 2026December 31, 2025
(in US $ millions)
Unbilled revenues, net219 229 
Trade receivables, net99 98 
Indirect taxes receivable71 109 
Accrued interest34 39 
Other receivables26 25 
449 500 
Activity in the allowance for credit losses was as follows for the three months ended:
Three months ended March 31,
20262025
(in US $ millions)
Balance, beginning of the period17 

16 
Provision for credit losses related to uncollectible receivables6 

7 
Write-offs(4)

(7)
Balance, end of the period19 

16 
March 31, 2026December 31, 2025
(in US $ millions)
Loans receivable, gross(1)
1,895 1,621 
Allowance for credit losses related to uncollectible loans receivable(182)(160)
Merchant cash advances receivable, gross422 358 
Allowance for credit losses related to uncollectible merchant cash advances receivable(38)(35)
Loans and merchant cash advances, net2,097 1,784 
(1) Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 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 months ended March 31, 2026 and 2025:
Three months ended
March 31, 2026March 31, 2025
(in US $ millions)
Allowance, beginning of the period160110
Provision for credit losses related to uncollectible loans receivable6340
Loans receivable charged off, net of recoveries(41)(21)
Allowance, end of the period182129
The following table summarizes the activities of the Company's allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2026 and 2025:
Three months ended
March 31, 2026March 31, 2025
(in US $ millions)
Allowance, beginning of the period3531
Provision for credit losses related to uncollectible merchant cash advances receivable106
Merchant cash advances receivable charged off, net of recoveries(7)(4)
Allowance, end of the period3833
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.
March 31, 2026
Year of origination
202620252024TotalPercent
(in US $ millions)
Current1,022 708 5 1,735 91.6 %
30-89 Days— 20 2 22 1.2 %
90-179 Days— 21 4 25 1.3 %
180+ Days— 91 22 113 5.9 %
Total1,022 840 33 1,895 100.0 %
December 31, 2025
Year of origination
20252024TotalPercent
(in US $ millions)
Current1,473 17 1,490 91.9 %
30-89 Days14 5 19 1.2 %
90-179 Days14 6 20 1.2 %
180+ Days63 29 92 5.7 %
Total1,564 57 1,621 100.0 %