Day by day Energetic Customers elevated 17% year-over-year to 375 million
Full 12 months income of $4.6 billion and fourth quarter income of $1.3 billion
Fourth quarter working money stream of $125 million and Free Money Move of $78 million
Second full 12 months of constructive working money stream and Free Money Move
SANTA MONICA, Calif.–(BUSINESS WIRE)–
Snap Inc. (NYSE: SNAP) right now introduced monetary outcomes for the quarter and full 12 months ended December 31, 2022.
“We ended a difficult 2022 with 375 million Day by day Energetic Customers, 12% year-over-year annual income progress, and constructive full 12 months Free Money Move,” stated Evan Spiegel, CEO. “We proceed to face important headwinds as we glance to speed up income progress, and we’re making progress driving improved return on funding for advertisers and innovating to deepen the engagement of our neighborhood.”
Annual Monetary Abstract
- Income elevated 12% to $4.6 billion in 2022, in comparison with the prior 12 months.
- Internet loss was $1,430 million in 2022, together with restructuring fees of $189 million, in comparison with $488 million in 2021.
- Third consecutive 12 months of constructive Adjusted EBITDA with $378 million in 2022.
- Second full 12 months of constructive working money stream and Free Money Move of $185 million and $55 million, respectively.
This fall 2022 Monetary Abstract
- Income was $1,300 million, in comparison with $1,298 million within the prior 12 months.
- Internet loss was $288 million, together with restructuring fees of $34 million, in comparison with internet earnings of $23 million within the prior 12 months.
- Adjusted EBITDA was $233 million, in comparison with $327 million within the prior 12 months.
- Working money stream was $125 million, in comparison with $186 million within the prior 12 months.
- Free Money Move was $78 million, in comparison with $161 million within the prior 12 months.
|
|
Three Months Ended December 31, |
|
P.c |
|
Twelve Months Ended December 31, |
|
P.c |
||||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
||||
|
(Unaudited) |
(in 1000’s, besides per share quantities) |
||||||||||||||||||||
|
|
(NM = Not Significant) |
||||||||||||||||||||
|
Income |
$ |
1,299,735 |
|
|
$ |
1,297,885 |
|
|
0.1 |
% |
|
$ |
4,601,847 |
|
|
$ |
4,117,048 |
|
|
12 |
% |
|
Working loss |
$ |
(287,597 |
) |
|
$ |
(25,127 |
) |
|
NM |
|
|
$ |
(1,395,306 |
) |
|
$ |
(702,069 |
) |
|
(99 |
)% |
|
Internet earnings (loss) |
$ |
(288,460 |
) |
|
$ |
22,550 |
|
|
NM |
|
|
$ |
(1,429,653 |
) |
|
$ |
(487,955 |
) |
|
(193 |
)% |
|
Adjusted EBITDA(1) |
$ |
233,275 |
|
|
$ |
326,793 |
|
|
(29 |
)% |
|
$ |
377,573 |
|
|
$ |
616,686 |
|
|
(39 |
)% |
|
Internet money supplied by (utilized in) working actions |
$ |
125,291 |
|
|
$ |
185,528 |
|
|
(32 |
)% |
|
$ |
184,614 |
|
|
$ |
292,880 |
|
|
(37 |
)% |
|
Free Money Move(2) |
$ |
78,366 |
|
|
$ |
160,963 |
|
|
(51 |
)% |
|
$ |
55,308 |
|
|
$ |
223,005 |
|
|
(75 |
)% |
|
Diluted internet earnings (loss) per share attributable to frequent stockholders |
$ |
(0.18 |
) |
|
$ |
0.01 |
|
|
NM |
|
|
$ |
(0.89 |
) |
|
$ |
(0.31 |
) |
|
(187 |
)% |
|
Non-GAAP diluted internet earnings (loss) per share(3) |
$ |
0.14 |
|
|
$ |
0.22 |
|
|
(38 |
)% |
|
$ |
0.17 |
|
|
$ |
0.50 |
|
|
(65 |
)% |
|
(1) |
See web page 10 for reconciliation of internet earnings (loss) to Adjusted EBITDA. Within the third quarter of 2022, we initiated a strategic reprioritization plan, which included a discount of our world worker headcount by roughly 20%. Complete restructuring fees included in our consolidated statements of operations for the three and twelve months ended December 31, 2022 have been $34.3 million and $188.9 million, respectively. |
|
(2) |
See web page 10 for reconciliation of internet money supplied by (utilized in) working actions to Free Money Move. |
|
(3) |
See web page 11 for reconciliation of diluted internet earnings (loss) per share to non-GAAP diluted internet earnings (loss) per share. |
This fall 2022 Abstract & Key Highlights
We grew and deepened our engagement with our neighborhood:
- DAUs have been 375 million in This fall 2022, a rise of 56 million, or 17% year-over-year.
- DAUs elevated sequentially and year-over-year in every of North America, Europe, and Remainder of World.
- Complete time spent watching Highlight content material grew over 100% year-over-year.
- 17 content material companions reached over 50 million world viewers every in This fall 2022.
- By means of our broadcast partnerships with beIN SPORTS in Qatar and France, ITV within the UK, MediaPro in Spain, and Bell in Canada, amongst others, over 60 million Snapchatters watched World Cup Tales content material on Snapchat and over 285 million Snapchatters engaged with World Cup AR.
- We renewed our partnerships with UFC and the Washington Publish within the US. Internationally, we expanded our partnership with Groupe M6 in France and signed new agreements with BBC Studios within the UK, G+J Medien (RTL) in Germany, and Totem International in Australia.
We’re targeted on increasing and diversifying our income progress:
- In This fall, our subscription service Snapchat+ reached over 2.0 million paying subscribers. Snapchat+ affords unique, experimental, and pre-release options, and in This fall we launched new options comparable to Customized Story Expiration and Customized Notification Sounds, offering subscribers with over 12 unique options.
- We have improved the accessibility of Conversions API (CAPI) by enabling entry via 4 new third-party companions, closing the 12 months with 12 complete, making CAPI extra accessible to all advertisers on our platform.
- We’ve accelerated our commerce integrations via the launch of our partnership with BigCommerce, enabling tens of 1000’s of retailers to seamlessly sync catalogs and run Dynamic Advertisements.
- We have partnered with Neatly.io to unlock progress and drive efficiency via actual time automation. By means of Neatly.io’s artistic and marketing campaign administration instruments, manufacturers can faucet into their automated advertisements by scaling 1000’s of focused variations.
- 1000’s of manufacturers continued investing of their natural presence on Snapchat by way of Public Profiles for Companies to construct deeper connections, and develop their viewers and natural engagements.
We invested in our augmented actuality platform:
- Over 300,000 AR creators and builders have constructed greater than 3 million AR Lenses.
- In our newest Lens Studio launch, we unveiled a number of new options together with garment, earring, and wrist put on attempt‑on.
- We powered greater than 161 million product trials by over 35 million Snapchatters for Walmart, leveraging Catalog-Powered Purchasing Lenses at-scale.
- We launched a brand new Digicam Equipment integration with H&M enabling an AR try-on expertise of their assortment of immersive AR style, co-designed by H&M and the Institute of Digital Vogue.
- Luxottica Sunglass Hut drove over 14 million try-ons via Catalog-powered Purchasing Lenses.
- In celebration of the movie Avatar: The Means of Water, we teamed up with Disney to create an augmented actuality Lens that turns any Snapchatter right into a Na’vi. That is the primary ever sponsored AR Lens integration into the SoFi Stadium infinity display shocking and delighting attendees.
- In partnership with New Stability, we created a Vacation Gifting Concierge Lens to supply Snapchatters gifting inspiration utilizing augmented actuality and speech recognition by way of voiceML.
- We introduced a first-of-its-kind Bitmoji Drop in partnership with adidas that enables Snapchatters to make use of Snap Tokens to assert an unique adidas monitor jacket. Snapchatters considered the Bitmoji Drop banner over 280 million occasions.
Monetary Steerage
Given uncertainties associated to the working setting, we’re not offering our expectations for income or adjusted EBITDA for the primary quarter of 2023.
Convention Name Data
Snap Inc. will host a convention name to debate the outcomes at 2:30 p.m. Pacific / 5:30 p.m. Jap right now. The stay audio webcast together with supplemental info will likely be accessible at investor.snap.com. A recording of the webcast may also be out there following the convention name.
Snap Inc. makes use of its web sites (together with snap.com and investor.snap.com) as means of revealing materials private info and for complying with its disclosure obligation beneath Regulation FD.
Definitions
Free Money Move is outlined as internet money supplied by (utilized in) working actions, diminished by purchases of property and gear.
Widespread shares excellent plus shares underlying stock-based awards consists of frequent shares excellent, restricted inventory models, restricted inventory awards, and excellent inventory choices.
Adjusted EBITDA is outlined as internet earnings (loss), excluding curiosity earnings; curiosity expense, different earnings (expense), internet; earnings tax profit (expense); depreciation and amortization; stock-based compensation expense; payroll and different tax expense associated to stock-based compensation; and sure different non-cash or non-recurring gadgets impacting internet earnings (loss) now and again.
A Day by day Energetic Person (DAU) is outlined as a registered Snapchat consumer who opens the Snapchat software at the least as soon as throughout an outlined 24-hour interval. We calculate common DAUs for a specific quarter by including the variety of DAUs on every day of that quarter and dividing that sum by the variety of days in that quarter.
Common income per consumer (ARPU) is outlined as quarterly income divided by the common DAUs.
A Month-to-month Energetic Person (MAU) is outlined as a registered Snapchat consumer who opens the Snapchat software at the least as soon as through the 30-day interval ending on the calendar month-end. We calculate common Month-to-month Energetic Customers for a specific quarter by calculating the common of the MAUs as of every calendar month-end in that quarter.
Word: For changes and extra info concerning the non-GAAP monetary measures and different gadgets mentioned, please see “Non-GAAP Monetary Measures,” “Reconciliation of GAAP to Non-GAAP Monetary Measures,” and “Supplemental Monetary Data and Enterprise Metrics.”
About Snap Inc.
Snap Inc. is a expertise firm. We consider the digital camera presents the best alternative to enhance the way in which individuals stay and talk. We contribute to human progress by empowering individuals to precise themselves, stay within the second, study concerning the world, and have enjoyable collectively. For extra info, go to snap.com.
Ahead-Trying Statements
This press launch comprises forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, or the Securities Act, and Part 21E of the Securities Alternate Act of 1934, as amended, or the Alternate Act, about us and our trade that contain substantial dangers and uncertainties. All statements apart from statements of historic details contained on this press launch, together with statements concerning steerage, our future outcomes of operations or monetary situation, our future inventory repurchase packages or inventory dividends, enterprise technique and plans, consumer progress and engagement, product initiatives, goals of administration for future operations, and advertiser and companion choices, are forward-looking statements. In some circumstances, you possibly can determine forward-looking statements as a result of they include phrases comparable to “anticipate,” “consider,” “ponder,” “proceed,” “might,” “estimate,” “anticipate,” “going to,” “intend,” “might,” “plan,” “potential,” “predict,” “mission,” “ought to,” “goal,” “will,” or “would” or the damaging of those phrases or different comparable phrases or expressions. We warning you that the foregoing might not embody all the forward-looking statements made on this press launch.
You shouldn’t depend on forward-looking statements as predictions of future occasions. We have now primarily based the forward-looking statements contained on this press launch totally on our present expectations and projections about future occasions and developments, together with our monetary outlook, macroeconomic uncertainty, geo-political conflicts, and the COVID-19 pandemic, that we consider might proceed to have an effect on our enterprise, monetary situation, outcomes of operations, and prospects. These forward-looking statements are topic to dangers and uncertainties associated to: our monetary efficiency; our skill to realize and maintain profitability; our skill to generate and maintain constructive money stream; our skill to draw and retain customers, publishers, and advertisers; competitors and new market entrants; managing our progress and future bills; compliance with new legal guidelines, rules, and government actions; our skill to keep up, shield, and improve our mental property; our skill to reach current and new market segments; our skill to draw and retain certified staff members and key personnel; our skill to repay excellent debt; future acquisitions, divestitures, or investments; and the potential adversarial affect of local weather change, pure disasters, well being epidemics, macroeconomic circumstances, and conflict or different armed battle, in addition to dangers, uncertainties, and different elements described in “Danger Elements” and elsewhere in our most up-to-date periodic report filed with the U.S. Securities and Alternate Fee, or SEC, which is on the market on the SEC’s web site at www.sec.gov. Further info will likely be made out there in Snap Inc.’s periodic report that will likely be filed with the SEC for the interval lined by this press launch and different filings that we make now and again with the SEC. As well as, any forward-looking statements contained on this press launch are primarily based on assumptions that we consider to be cheap as of this date. We undertake no obligation to replace any forward-looking statements to mirror occasions or circumstances after the date of this press launch or to mirror new info or the incidence of unanticipated occasions, together with future developments associated to geo-political conflicts, the COVID-19 pandemic, and macroeconomic circumstances, besides as required by regulation.
Non-GAAP Monetary Measures
To complement our consolidated monetary statements, that are ready and offered in accordance with GAAP, we use sure non-GAAP monetary measures, as described beneath, to grasp and consider our core working efficiency. These non-GAAP monetary measures, which can be completely different than equally titled measures utilized by different firms, are offered to boost buyers’ general understanding of our monetary efficiency and shouldn’t be thought of an alternative choice to, or superior to, the monetary info ready and offered in accordance with GAAP.
We use the non-GAAP monetary measure of Free Money Move, which is outlined as internet money supplied by (utilized in) working actions, diminished by purchases of property and gear. We consider Free Money Move is a crucial liquidity measure of the money that’s out there, after capital expenditures, for operational bills and funding in our enterprise and is a key monetary indicator utilized by administration. Moreover, we consider that Free Money Move is a crucial measure since we use third-party infrastructure companions to host our providers and due to this fact we don’t incur important capital expenditures to assist income producing actions. Free Money Move is helpful to buyers as a liquidity measure as a result of it measures our skill to generate or use money. As soon as our enterprise wants and obligations are met, money can be utilized to keep up a robust stability sheet and spend money on future progress.
We use the non-GAAP monetary measure of Adjusted EBITDA, which is outlined as internet earnings (loss); excluding curiosity earnings; curiosity expense; different earnings (expense), internet; earnings tax profit (expense); depreciation and amortization; stock-based compensation expense; payroll and different tax expense associated to stock-based compensation; and sure different non-cash or non-recurring gadgets impacting internet earnings (loss) now and again. We consider that Adjusted EBITDA helps determine underlying developments in our enterprise that would in any other case be masked by the impact of the bills that we exclude in Adjusted EBITDA.
We use the non-GAAP monetary measure of non-GAAP internet earnings (loss), which is outlined as internet earnings (loss); excluding amortization of intangible property; stock-based compensation expense; payroll and different tax expense associated to stock-based compensation; sure different non-cash or non-recurring gadgets impacting internet earnings (loss) now and again; and associated earnings tax changes. Non-GAAP internet earnings (loss) and weighted common diluted shares are then used to calculate non-GAAP diluted internet earnings (loss) per share. Much like Adjusted EBITDA, we consider these measures assist determine underlying developments in our enterprise that would in any other case be masked by the impact of the bills we exclude within the measure.
We consider that these non-GAAP monetary measures present helpful details about our monetary efficiency, improve the general understanding of our previous efficiency and future prospects, and permit for larger transparency with respect to key metrics utilized by our administration for monetary and operational decision-making. We’re presenting these non-GAAP measures to help buyers in seeing our monetary efficiency via the eyes of administration, and since we consider that these measures present an extra instrument for buyers to make use of in evaluating our core monetary efficiency over a number of durations with different firms in our trade.
For a reconciliation of those non-GAAP monetary measures to essentially the most instantly comparable GAAP monetary measure, please see “Reconciliation of GAAP to Non-GAAP Monetary Measures.”
Snap Inc., “Snapchat,” and our different registered and customary regulation commerce names, emblems, and repair marks are the property of Snap Inc. or our subsidiaries.
|
SNAP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in 1000’s, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Money flows from working actions |
|
|
|
|
|
|
|
||||||||
|
Internet earnings (loss) |
$ |
(288,460 |
) |
|
$ |
22,550 |
|
|
$ |
(1,429,653 |
) |
|
$ |
(487,955 |
) |
|
Changes to reconcile internet earnings (loss) to internet money supplied by (utilized in) working actions: |
|
|
|
|
|
|
|
||||||||
|
Depreciation and amortization |
|
48,491 |
|
|
|
34,863 |
|
|
|
202,173 |
|
|
|
119,141 |
|
|
Inventory-based compensation |
|
450,574 |
|
|
|
297,564 |
|
|
|
1,387,787 |
|
|
|
1,092,135 |
|
|
Amortization of debt issuance prices |
|
1,837 |
|
|
|
1,010 |
|
|
|
6,865 |
|
|
|
4,311 |
|
|
Losses (positive factors) on debt and fairness securities, internet |
|
21,279 |
|
|
|
(65,525 |
) |
|
|
36,838 |
|
|
|
(289,052 |
) |
|
Induced conversion expense associated to convertible notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,538 |
|
|
Different |
|
(741 |
) |
|
|
4,624 |
|
|
|
15,596 |
|
|
|
8,643 |
|
|
Change in working property and liabilities, internet of impact of acquisitions: |
|
|
|
|
|
|
|
||||||||
|
Accounts receivable, internet of allowance |
|
(182,216 |
) |
|
|
(154,923 |
) |
|
|
(119,780 |
) |
|
|
(332,967 |
) |
|
Pay as you go bills and different present property |
|
(8,803 |
) |
|
|
(11,045 |
) |
|
|
(40,917 |
) |
|
|
(26,607 |
) |
|
Working lease right-of-use property |
|
18,236 |
|
|
|
12,041 |
|
|
|
71,441 |
|
|
|
47,258 |
|
|
Different property |
|
12,129 |
|
|
|
(5,476 |
) |
|
|
(504 |
) |
|
|
(10,916 |
) |
|
Accounts payable |
|
(13,950 |
) |
|
|
36,149 |
|
|
|
46,492 |
|
|
|
53,579 |
|
|
Accrued bills and different present liabilities |
|
88,890 |
|
|
|
27,366 |
|
|
|
71,706 |
|
|
|
117,092 |
|
|
Working lease liabilities |
|
(22,455 |
) |
|
|
(14,029 |
) |
|
|
(68,886 |
) |
|
|
(49,294 |
) |
|
Different liabilities |
|
480 |
|
|
|
359 |
|
|
|
5,456 |
|
|
|
5,974 |
|
|
Internet money supplied by (utilized in) working actions |
|
125,291 |
|
|
|
185,528 |
|
|
|
184,614 |
|
|
|
292,880 |
|
|
Money flows from investing actions |
|
|
|
|
|
|
|
||||||||
|
Purchases of property and gear |
|
(46,925 |
) |
|
|
(24,565 |
) |
|
|
(129,306 |
) |
|
|
(69,875 |
) |
|
Purchases of strategic investments |
|
(13,996 |
) |
|
|
(7,650 |
) |
|
|
(26,346 |
) |
|
|
(41,160 |
) |
|
Gross sales of strategic investments |
|
— |
|
|
|
342 |
|
|
|
63,276 |
|
|
|
36,777 |
|
|
Money paid for acquisitions, internet of money acquired |
|
(35,409 |
) |
|
|
(134,324 |
) |
|
|
(67,067 |
) |
|
|
(310,915 |
) |
|
Purchases of marketable securities |
|
(753,372 |
) |
|
|
(542,217 |
) |
|
|
(3,485,638 |
) |
|
|
(2,438,983 |
) |
|
Gross sales of marketable securities |
|
23,799 |
|
|
|
12,000 |
|
|
|
75,716 |
|
|
|
379,555 |
|
|
Maturities of marketable securities |
|
704,773 |
|
|
|
529,981 |
|
|
|
2,525,215 |
|
|
|
2,536,725 |
|
|
Different |
|
16 |
|
|
|
(562 |
) |
|
|
(18,125 |
) |
|
|
(1,897 |
) |
|
Internet money supplied by (utilized in) investing actions |
|
(121,114 |
) |
|
|
(166,995 |
) |
|
|
(1,062,275 |
) |
|
|
90,227 |
|
|
Money flows from financing actions |
|
|
|
|
|
|
|
||||||||
|
Proceeds from issuance of convertible notes, internet of issuance prices |
|
— |
|
|
|
— |
|
|
|
1,483,500 |
|
|
|
1,137,227 |
|
|
Buy of capped calls |
|
— |
|
|
|
— |
|
|
|
(177,000 |
) |
|
|
(86,825 |
) |
|
Proceeds from the train of inventory choices |
|
401 |
|
|
|
2,916 |
|
|
|
4,272 |
|
|
|
14,671 |
|
|
Funds of debt issuance prices |
|
— |
|
|
|
— |
|
|
|
(3,006 |
) |
|
|
— |
|
|
Repurchases of Class A non-voting frequent inventory |
|
(500,539 |
) |
|
|
— |
|
|
|
(1,001,052 |
) |
|
|
— |
|
|
Internet money supplied by (utilized in) financing actions |
|
(500,138 |
) |
|
|
2,916 |
|
|
|
306,714 |
|
|
|
1,065,073 |
|
|
Change in money, money equivalents, and restricted money |
|
(495,961 |
) |
|
|
21,449 |
|
|
|
(570,947 |
) |
|
|
1,448,180 |
|
|
Money, money equivalents, and restricted money, starting of interval |
|
1,919,737 |
|
|
|
1,973,274 |
|
|
|
1,994,723 |
|
|
|
546,543 |
|
|
Money, money equivalents, and restricted money, finish of interval |
$ |
1,423,776 |
|
|
$ |
1,994,723 |
|
|
$ |
1,423,776 |
|
|
$ |
1,994,723 |
|
|
Supplemental disclosures |
|
|
|
|
|
|
|
||||||||
|
Money paid for earnings taxes, internet |
$ |
3,121 |
|
|
$ |
9,105 |
|
|
$ |
12,087 |
|
|
$ |
25,333 |
|
|
Money paid for curiosity |
$ |
682 |
|
|
$ |
638 |
|
|
$ |
8,873 |
|
|
$ |
10,887 |
|
|
SNAP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in 1000’s, besides per share quantities, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Income |
$ |
1,299,735 |
|
|
$ |
1,297,885 |
|
|
$ |
4,601,847 |
|
|
$ |
4,117,048 |
|
|
Prices and bills: |
|
|
|
|
|
|
|
||||||||
|
Value of income |
|
481,311 |
|
|
|
449,151 |
|
|
|
1,815,342 |
|
|
|
1,750,246 |
|
|
Analysis and improvement |
|
584,942 |
|
|
|
434,195 |
|
|
|
2,109,800 |
|
|
|
1,565,467 |
|
|
Gross sales and advertising |
|
295,150 |
|
|
|
245,228 |
|
|
|
1,118,746 |
|
|
|
792,764 |
|
|
Basic and administrative |
|
225,929 |
|
|
|
194,438 |
|
|
|
953,265 |
|
|
|
710,640 |
|
|
Complete prices and bills |
|
1,587,332 |
|
|
|
1,323,012 |
|
|
|
5,997,153 |
|
|
|
4,819,117 |
|
|
Working loss |
|
(287,597 |
) |
|
|
(25,127 |
) |
|
|
(1,395,306 |
) |
|
|
(702,069 |
) |
|
Curiosity earnings |
|
28,698 |
|
|
|
1,554 |
|
|
|
58,597 |
|
|
|
5,199 |
|
|
Curiosity expense |
|
(5,312 |
) |
|
|
(4,050 |
) |
|
|
(21,459 |
) |
|
|
(17,676 |
) |
|
Different earnings (expense), internet |
|
(20,043 |
) |
|
|
63,204 |
|
|
|
(42,529 |
) |
|
|
240,175 |
|
|
Loss earlier than earnings taxes |
|
(284,254 |
) |
|
|
35,581 |
|
|
|
(1,400,697 |
) |
|
|
(474,371 |
) |
|
Earnings tax profit (expense) |
|
(4,206 |
) |
|
|
(13,031 |
) |
|
|
(28,956 |
) |
|
|
(13,584 |
) |
|
Internet earnings (loss) |
$ |
(288,460 |
) |
|
$ |
22,550 |
|
|
$ |
(1,429,653 |
) |
|
$ |
(487,955 |
) |
|
Internet earnings (loss) per share attributable to Class A, Class B, and Class C frequent stockholders: |
|
|
|
|
|
|
|
||||||||
|
Primary |
$ |
(0.18 |
) |
|
$ |
0.01 |
|
|
$ |
(0.89 |
) |
|
$ |
(0.31 |
) |
|
Diluted |
$ |
(0.18 |
) |
|
$ |
0.01 |
|
|
$ |
(0.89 |
) |
|
$ |
(0.31 |
) |
|
Weighted common shares utilized in computation of internet earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
|
Primary |
|
1,573,883 |
|
|
|
1,604,778 |
|
|
|
1,608,304 |
|
|
|
1,558,997 |
|
|
Diluted |
|
1,573,883 |
|
|
|
1,668,879 |
|
|
|
1,608,304 |
|
|
|
1,558,997 |
|
|
SNAP INC. CONSOLIDATED BALANCE SHEETS (in 1000’s, besides par worth, unaudited) |
|||||||
|
|
December 31, |
|
December 31, |
||||
|
Belongings |
|
|
|
||||
|
Present property |
|
|
|
||||
|
Money and money equivalents |
$ |
1,423,121 |
|
|
$ |
1,993,809 |
|
|
Marketable securities |
|
2,516,003 |
|
|
|
1,699,076 |
|
|
Accounts receivable, internet of allowance |
|
1,183,092 |
|
|
|
1,068,873 |
|
|
Pay as you go bills and different present property |
|
134,431 |
|
|
|
92,244 |
|
|
Complete present property |
|
5,256,647 |
|
|
|
4,854,002 |
|
|
Property and gear, internet |
|
271,777 |
|
|
|
202,644 |
|
|
Working lease right-of-use property |
|
370,952 |
|
|
|
322,252 |
|
|
Intangible property, internet |
|
204,480 |
|
|
|
277,654 |
|
|
Goodwill |
|
1,646,120 |
|
|
|
1,588,452 |
|
|
Different property |
|
279,562 |
|
|
|
291,302 |
|
|
Complete property |
$ |
8,029,538 |
|
|
$ |
7,536,306 |
|
|
Liabilities and Stockholders’ Fairness |
|
|
|
||||
|
Present liabilities |
|
|
|
||||
|
Accounts payable |
$ |
181,774 |
|
|
$ |
125,282 |
|
|
Working lease liabilities |
|
46,485 |
|
|
|
52,396 |
|
|
Accrued bills and different present liabilities |
|
987,340 |
|
|
|
674,108 |
|
|
Complete present liabilities |
|
1,215,599 |
|
|
|
851,786 |
|
|
Convertible senior notes, internet |
|
3,742,520 |
|
|
|
2,253,087 |
|
|
Working lease liabilities, noncurrent |
|
386,271 |
|
|
|
325,509 |
|
|
Different liabilities |
|
104,450 |
|
|
|
315,756 |
|
|
Complete liabilities |
|
5,448,840 |
|
|
|
3,746,138 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Stockholders’ fairness |
|
|
|
||||
|
Class A non-voting frequent inventory, $0.00001 par worth. 3,000,000 shares licensed, 1,371,242 shares issued, 1,319,930 shares excellent at December 31, 2022 and three,000,000 shares licensed, 1,364,887 shares issued and excellent at December 31, 2021. |
|
13 |
|
|
|
14 |
|
|
Class B voting frequent inventory, $0.00001 par worth. 700,000 shares licensed, 22,529, shares issued and excellent at December 31, 2022 and 700,000 shares licensed, 22,769 shares issued and excellent at December 31, 2021. |
|
— |
|
|
|
— |
|
|
Class C voting frequent inventory, $0.00001 par worth. 260,888 shares licensed, 231,627 shares issued and excellent at December 31, 2022 and 260,888 shares licensed, 231,627 shares issued and excellent at December 31, 2021. |
|
2 |
|
|
|
2 |
|
|
Treasury inventory, at value. 51,312 shares of Class A non-voting frequent inventory at December 31, 2022. |
|
(500,514 |
) |
|
|
— |
|
|
Further paid-in capital |
|
13,309,828 |
|
|
|
12,069,097 |
|
|
Amassed deficit |
|
(10,214,657 |
) |
|
|
(8,284,466 |
) |
|
Amassed different complete earnings (loss) |
|
(13,974 |
) |
|
|
5,521 |
|
|
Complete stockholders’ fairness |
|
2,580,698 |
|
|
|
3,790,168 |
|
|
Complete liabilities and stockholders’ fairness |
$ |
8,029,538 |
|
|
$ |
7,536,306 |
|
|
SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in 1000’s, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Free Money Move reconciliation: |
|
|
|
|
|
|
|
||||||||
|
Internet money supplied by (utilized in) working actions |
$ |
125,291 |
|
|
$ |
185,528 |
|
|
$ |
184,614 |
|
|
$ |
292,880 |
|
|
Much less: |
|
|
|
|
|
|
|
||||||||
|
Purchases of property and gear |
|
(46,925 |
) |
|
|
(24,565 |
) |
|
|
(129,306 |
) |
|
|
(69,875 |
) |
|
Free Money Move |
$ |
78,366 |
|
|
$ |
160,963 |
|
|
$ |
55,308 |
|
|
$ |
223,005 |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
||||||||
|
Internet earnings (loss) |
$ |
(288,460 |
) |
|
$ |
22,550 |
|
|
$ |
(1,429,653 |
) |
|
$ |
(487,955 |
) |
|
Add (deduct): |
|
|
|
|
|
|
|
||||||||
|
Curiosity earnings |
|
(28,698 |
) |
|
|
(1,554 |
) |
|
|
(58,597 |
) |
|
|
(5,199 |
) |
|
Curiosity expense |
|
5,312 |
|
|
|
4,050 |
|
|
|
21,459 |
|
|
|
17,676 |
|
|
Different (earnings) expense, internet |
|
20,043 |
|
|
|
(63,204 |
) |
|
|
42,529 |
|
|
|
(240,175 |
) |
|
Earnings tax (profit) expense |
|
4,206 |
|
|
|
13,031 |
|
|
|
28,956 |
|
|
|
13,584 |
|
|
Depreciation and amortization |
|
34,975 |
|
|
|
34,863 |
|
|
|
186,434 |
|
|
|
119,141 |
|
|
Inventory-based compensation expense |
|
446,339 |
|
|
|
297,564 |
|
|
|
1,353,283 |
|
|
|
1,092,135 |
|
|
Payroll and different tax expense associated to stock-based compensation |
|
5,172 |
|
|
|
19,493 |
|
|
|
44,213 |
|
|
|
107,479 |
|
|
Restructuring fees (1) |
|
34,386 |
|
|
|
— |
|
|
|
188,949 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
233,275 |
|
|
$ |
326,793 |
|
|
$ |
377,573 |
|
|
$ |
616,686 |
|
|
(1) |
Restructuring fees in 2022 have been composed primarily of severance and associated fees of $6.0 million and $97.1 million for the three and twelve months ended December 31, 2022, respectively, stock-based compensation expense, lease exit and associated fees, impairment fees, contract termination fees, and intangible asset amortization. These fees are non-recurring and never reflective of underlying developments in our enterprise. |
Complete depreciation and amortization expense by perform:
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
||||
|
Depreciation and amortization expense: (1) |
|
|
|
|
|
|
|
||||||||
|
Value of income |
$ |
8,114 |
|
$ |
4,832 |
|
$ |
24,235 |
|
$ |
19,711 |
||||
|
Analysis and improvement |
|
29,834 |
|
|
19,444 |
|
|
98,041 |
|
|
62,159 |
||||
|
Gross sales and advertising |
|
6,130 |
|
|
7,118 |
|
|
67,169 |
|
|
21,772 |
||||
|
Basic and administrative |
|
4,413 |
|
|
3,469 |
|
|
12,728 |
|
|
15,499 |
||||
|
Complete |
$ |
48,491 |
|
$ |
34,863 |
|
$ |
202,173 |
|
$ |
119,141 |
||||
| (1) |
Depreciation and amortization expense in 2022 consists of restructuring fees. |
|
SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in 1000’s, besides per share quantities, unaudited) |
|||||||||||||||
|
Complete stock-based compensation expense by perform: |
|||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Inventory-based compensation expense: (1) |
|
|
|
|
|
|
|
||||||||
|
Value of income |
$ |
4,248 |
|
$ |
2,586 |
|
$ |
12,288 |
|
$ |
17,221 |
||||
|
Analysis and improvement |
|
319,447 |
|
|
202,953 |
|
|
970,746 |
|
|
740,130 |
||||
|
Gross sales and advertising |
|
69,346 |
|
|
45,991 |
|
|
203,092 |
|
|
164,241 |
||||
|
Basic and administrative |
|
57,533 |
|
|
46,034 |
|
|
201,661 |
|
|
170,543 |
||||
|
Complete |
$ |
450,574 |
|
$ |
297,564 |
|
$ |
1,387,787 |
|
$ |
1,092,135 |
||||
|
(1) |
Inventory-based compensation expense in 2022 consists of restructuring fees. |
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
Non-GAAP internet earnings (loss) reconciliation: |
|
|
|
|
|
|
|
||||||||
|
Internet earnings (loss) |
$ |
(288,460 |
) |
|
$ |
22,550 |
|
|
$ |
(1,429,653 |
) |
|
$ |
(487,955 |
) |
|
Amortization of intangible property |
|
18,073 |
|
|
|
20,228 |
|
|
|
123,413 |
|
|
|
63,184 |
|
|
Inventory-based compensation expense |
|
446,339 |
|
|
|
297,564 |
|
|
|
1,353,283 |
|
|
|
1,092,135 |
|
|
Payroll and different tax expense associated to stock-based compensation |
|
5,172 |
|
|
|
19,493 |
|
|
|
44,213 |
|
|
|
107,479 |
|
|
Restructuring fees (1) |
|
34,386 |
|
|
|
— |
|
|
|
188,949 |
|
|
|
— |
|
|
Earnings tax changes |
|
(988 |
) |
|
|
(374 |
) |
|
|
(2,507 |
) |
|
|
(192 |
) |
|
Non-GAAP internet earnings (loss) |
$ |
214,522 |
|
|
$ |
359,461 |
|
|
$ |
277,698 |
|
|
$ |
774,651 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average frequent shares – Diluted (2) |
|
1,573,883 |
|
|
|
1,668,879 |
|
|
|
1,608,304 |
|
|
|
1,558,997 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP diluted internet earnings (loss) per share reconciliation: |
|
|
|
|
|
|
|
||||||||
|
Diluted internet earnings (loss) per share |
$ |
(0.18 |
) |
|
$ |
0.01 |
|
|
$ |
(0.89 |
) |
|
$ |
(0.31 |
) |
|
Non-GAAP adjustment to internet earnings (loss) |
|
0.32 |
|
|
|
0.21 |
|
|
|
1.06 |
|
|
|
0.81 |
|
|
Non-GAAP diluted internet earnings (loss) per share |
$ |
0.14 |
|
|
$ |
0.22 |
|
|
$ |
0.17 |
|
|
$ |
0.50 |
|
|
(1) |
Restructuring fees in 2022 have been composed primarily of severance and associated fees of $6.0 million and $97.1 million for the three and twelve months ended December 31, 2022, respectively, stock-based compensation expense, lease exit and associated fees, impairment fees, contract termination fees, and intangible asset amortization. These fees are non-recurring and never reflective of underlying developments in our enterprise. |
|
(2) |
For the three months ended December 31, 2021, the weighted common frequent shares utilized in computation of diluted internet earnings per share excludes shares underlying excellent convertible notes and capped calls as such shares have been antidilutive. For the three and twelve months ended December 31, 2022 and the twelve months ended December 31, 2021, the weighted common frequent shares utilized in computation of diluted internet loss per share excludes shares underlying excellent stock-based awards, convertible notes, and capped calls as such shares have been anti-dilutive. |
|
SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS ({dollars} and shares in 1000’s, besides per consumer quantities, unaudited) |
|||||||||||||||||||||||
|
|
Q3 2021 |
|
This fall 2021 |
|
Q1 2022 |
|
Q2 2022 |
|
Q3 2022 |
|
This fall 2022 |
||||||||||||
|
|
(NM = Not Significant) |
||||||||||||||||||||||
|
Money Flows and Shares |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Internet money supplied by (utilized in) working actions |
$ |
71,552 |
|
|
$ |
185,528 |
|
|
$ |
127,459 |
|
|
$ |
(124,081 |
) |
|
$ |
55,945 |
|
|
$ |
125,291 |
|
|
Internet money supplied by (utilized in) working actions – YoY (year-over-year) |
|
231 |
% |
|
|
453 |
% |
|
|
(7 |
)% |
|
|
23 |
% |
|
|
(22 |
)% |
|
|
(32 |
)% |
|
Internet money supplied by (utilized in) working actions – TTM (trailing twelve months) |
$ |
54,807 |
|
|
$ |
292,880 |
|
|
$ |
283,453 |
|
|
$ |
260,458 |
|
|
$ |
244,851 |
|
|
$ |
184,614 |
|
|
Purchases of property and gear |
$ |
(19,836 |
) |
|
$ |
(24,565 |
) |
|
$ |
(21,175 |
) |
|
$ |
(23,370 |
) |
|
$ |
(37,836 |
) |
|
$ |
(46,925 |
) |
|
Purchases of property and gear – YoY |
|
35 |
% |
|
|
49 |
% |
|
|
95 |
% |
|
|
60 |
% |
|
|
91 |
% |
|
|
91 |
% |
|
Purchases of property and gear – TTM |
$ |
(61,757 |
) |
|
$ |
(69,875 |
) |
|
$ |
(80,199 |
) |
|
$ |
(88,946 |
) |
|
$ |
(106,946 |
) |
|
$ |
(129,306 |
) |
|
Free Money Move |
$ |
51,716 |
|
|
$ |
160,963 |
|
|
$ |
106,284 |
|
|
$ |
(147,451 |
) |
|
$ |
18,109 |
|
|
$ |
78,366 |
|
|
Free Money Move – YoY |
|
174 |
% |
|
|
333 |
% |
|
|
(16 |
)% |
|
|
(27 |
)% |
|
|
(65 |
)% |
|
|
(51 |
)% |
|
Free Money Move – TTM |
$ |
(6,950 |
) |
|
$ |
223,005 |
|
|
$ |
203,254 |
|
|
$ |
171,512 |
|
|
$ |
137,905 |
|
|
$ |
55,308 |
|
|
Widespread shares excellent |
|
1,605,153 |
|
|
|
1,619,283 |
|
|
|
1,632,563 |
|
|
|
1,644,974 |
|
|
|
1,605,868 |
|
|
|
1,574,086 |
|
|
Widespread shares excellent – YoY |
|
8 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
4 |
% |
|
|
— |
% |
|
|
(3 |
)% |
|
Shares underlying stock-based awards |
|
92,726 |
|
|
|
82,814 |
|
|
|
75,066 |
|
|
|
92,105 |
|
|
|
94,772 |
|
|
|
131,718 |
|
|
Shares underlying stock-based awards – YoY |
|
(33 |
)% |
|
|
(34 |
)% |
|
|
(32 |
)% |
|
|
(12 |
)% |
|
|
2 |
% |
|
|
59 |
% |
|
Complete frequent shares excellent plus shares underlying stock-based awards |
|
1,697,879 |
|
|
|
1,702,097 |
|
|
|
1,707,629 |
|
|
|
1,737,079 |
|
|
|
1,700,640 |
|
|
|
1,705,804 |
|
|
Complete frequent shares excellent plus shares underlying stock-based awards – YoY |
|
5 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
|
3 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Outcomes of Operations |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Income |
$ |
1,067,471 |
|
|
$ |
1,297,885 |
|
|
$ |
1,062,727 |
|
|
$ |
1,110,909 |
|
|
$ |
1,128,476 |
|
|
$ |
1,299,735 |
|
|
Income – YoY |
|
57 |
% |
|
|
42 |
% |
|
|
38 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
|
0.1 |
% |
|
Income – TTM |
$ |
3,730,485 |
|
|
$ |
4,117,048 |
|
|
$ |
4,410,191 |
|
|
$ |
4,538,992 |
|
|
$ |
4,599,997 |
|
|
$ |
4,601,847 |
|
|
Income by area (1) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
North America |
$ |
786,917 |
|
|
$ |
932,077 |
|
|
$ |
758,261 |
|
|
$ |
785,681 |
|
|
$ |
811,602 |
|
|
$ |
880,310 |
|
|
North America – YoY |
|
60 |
% |
|
|
41 |
% |
|
|
37 |
% |
|
|
12 |
% |
|
|
3 |
% |
|
|
(6 |
)% |
|
North America – TTM |
$ |
2,700,787 |
|
|
$ |
2,973,701 |
|
|
$ |
3,178,990 |
|
|
$ |
3,262,936 |
|
|
$ |
3,287,621 |
|
|
$ |
3,235,854 |
|
|
Europe |
$ |
153,121 |
|
|
$ |
208,912 |
|
|
$ |
162,132 |
|
|
$ |
170,097 |
|
|
$ |
161,396 |
|
|
$ |
218,552 |
|
|
Europe – YoY |
|
49 |
% |
|
|
48 |
% |
|
|
43 |
% |
|
|
12 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
Europe – TTM |
$ |
560,616 |
|
|
$ |
627,920 |
|
|
$ |
676,433 |
|
|
$ |
694,262 |
|
|
$ |
702,537 |
|
|
$ |
712,177 |
|
|
Remainder of World |
$ |
127,433 |
|
|
$ |
156,896 |
|
|
$ |
142,334 |
|
|
$ |
155,131 |
|
|
$ |
155,478 |
|
|
$ |
200,873 |
|
|
Remainder of World – YoY |
|
53 |
% |
|
|
42 |
% |
|
|
38 |
% |
|
|
21 |
% |
|
|
22 |
% |
|
|
28 |
% |
|
Remainder of World – TTM |
$ |
469,082 |
|
|
$ |
515,427 |
|
|
$ |
554,768 |
|
|
$ |
581,794 |
|
|
$ |
609,839 |
|
|
$ |
653,816 |
|
|
Working loss |
$ |
(180,824 |
) |
|
$ |
(25,127 |
) |
|
$ |
(271,527 |
) |
|
$ |
(400,940 |
) |
|
$ |
(435,242 |
) |
|
$ |
(287,597 |
) |
|
Working loss – YoY |
|
(8 |
)% |
|
|
74 |
% |
|
|
11 |
% |
|
|
(108 |
)% |
|
|
(141 |
)% |
|
|
NM |
|
|
Working loss – Margin |
|
(17 |
)% |
|
|
(2 |
)% |
|
|
(26 |
)% |
|
|
(36 |
)% |
|
|
(39 |
)% |
|
|
(22 |
)% |
|
Working loss – TTM |
$ |
(774,178 |
) |
|
$ |
(702,069 |
) |
|
$ |
(669,990 |
) |
|
$ |
(878,418 |
) |
|
$ |
(1,132,836 |
) |
|
$ |
(1,395,306 |
) |
|
Internet earnings (loss) |
$ |
(71,959 |
) |
|
$ |
22,550 |
|
|
$ |
(359,624 |
) |
|
$ |
(422,067 |
) |
|
$ |
(359,502 |
) |
|
$ |
(288,460 |
) |
|
Internet earnings (loss) – YoY |
|
64 |
% |
|
|
120 |
% |
|
|
(25 |
)% |
|
|
(178 |
)% |
|
|
(400 |
)% |
|
|
NM |
|
|
Internet earnings (loss) – TTM |
$ |
(623,604 |
) |
|
$ |
(487,955 |
) |
|
$ |
(560,697 |
) |
|
$ |
(831,100 |
) |
|
$ |
(1,118,643 |
) |
|
$ |
(1,429,653 |
) |
|
Adjusted EBITDA |
$ |
174,199 |
|
|
$ |
326,793 |
|
|
$ |
64,468 |
|
|
$ |
7,190 |
|
|
$ |
72,640 |
|
|
$ |
233,275 |
|
|
Adjusted EBITDA – YoY |
|
209 |
% |
|
|
97 |
% |
|
|
3872 |
% |
|
|
(94 |
)% |
|
|
(58 |
)% |
|
|
(29 |
)% |
|
Adjusted EBITDA – Margin (2) |
|
16 |
% |
|
|
25 |
% |
|
|
6 |
% |
|
|
1 |
% |
|
|
6 |
% |
|
|
18 |
% |
|
Adjusted EBITDA – TTM |
$ |
455,502 |
|
|
$ |
616,686 |
|
|
$ |
682,863 |
|
|
$ |
572,650 |
|
|
$ |
471,091 |
|
|
$ |
377,573 |
|
|
(1) |
Complete income for geographic reporting is apportioned to every area primarily based on our willpower of the geographic location wherein promoting impressions are delivered, as this approximates income primarily based on consumer exercise. This allocation is per how we decide ARPU. |
|
(2) |
We outline Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP income. |
|
SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued) ({dollars} and shares in 1000’s, besides per consumer quantities, unaudited) |
|||||||||||||||||||||||
|
|
Q3 2021 |
|
This fall 2021 |
|
Q1 2022 |
|
Q2 2022 |
|
Q3 2022 |
|
This fall 2022 |
||||||||||||
|
Different |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
DAU (in thousands and thousands) |
|
306 |
|
|
|
319 |
|
|
|
332 |
|
|
|
347 |
|
|
|
363 |
|
|
|
375 |
|
|
DAU – YoY |
|
23 |
% |
|
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
19 |
% |
|
|
17 |
% |
|
DAU by area (in thousands and thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
North America |
|
96 |
|
|
|
97 |
|
|
|
98 |
|
|
|
99 |
|
|
|
100 |
|
|
|
100 |
|
|
North America – YoY |
|
7 |
% |
|
|
6 |
% |
|
|
5 |
% |
|
|
4 |
% |
|
|
4 |
% |
|
|
3 |
% |
|
Europe |
|
80 |
|
|
|
82 |
|
|
|
84 |
|
|
|
86 |
|
|
|
88 |
|
|
|
92 |
|
|
Europe – YoY |
|
11 |
% |
|
|
11 |
% |
|
|
10 |
% |
|
|
10 |
% |
|
|
11 |
% |
|
|
12 |
% |
|
Remainder of World |
|
130 |
|
|
|
140 |
|
|
|
150 |
|
|
|
162 |
|
|
|
175 |
|
|
|
183 |
|
|
Remainder of World – YoY |
|
49 |
% |
|
|
41 |
% |
|
|
36 |
% |
|
|
35 |
% |
|
|
34 |
% |
|
|
31 |
% |
|
ARPU |
$ |
3.49 |
|
|
$ |
4.06 |
|
|
$ |
3.20 |
|
|
$ |
3.20 |
|
|
$ |
3.11 |
|
|
$ |
3.47 |
|
|
ARPU – YoY |
|
28 |
% |
|
|
18 |
% |
|
|
17 |
% |
|
|
(4 |
)% |
|
|
(11 |
)% |
|
|
(15 |
)% |
|
ARPU by area |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
North America |
$ |
8.20 |
|
|
$ |
9.58 |
|
|
$ |
7.77 |
|
|
$ |
7.93 |
|
|
$ |
8.13 |
|
|
$ |
8.77 |
|
|
North America – YoY |
|
49 |
% |
|
|
33 |
% |
|
|
31 |
% |
|
|
8 |
% |
|
|
(1 |
)% |
|
|
(9 |
)% |
|
Europe |
$ |
1.92 |
|
|
$ |
2.54 |
|
|
$ |
1.93 |
|
|
$ |
1.98 |
|
|
$ |
1.83 |
|
|
$ |
2.38 |
|
|
Europe – YoY |
|
34 |
% |
|
|
33 |
% |
|
|
30 |
% |
|
|
2 |
% |
|
|
(5 |
)% |
|
|
(6 |
)% |
|
Remainder of World |
$ |
0.98 |
|
|
$ |
1.12 |
|
|
$ |
0.95 |
|
|
$ |
0.96 |
|
|
$ |
0.89 |
|
|
$ |
1.10 |
|
|
Remainder of World – YoY |
|
3 |
% |
|
|
1 |
% |
|
|
2 |
% |
|
|
(11 |
)% |
|
|
(9 |
)% |
|
|
(2 |
)% |
|
Workers (full-time; excludes part-time, contractors, and non permanent personnel) |
|
5,190 |
|
|
|
5,661 |
|
|
|
6,131 |
|
|
|
6,446 |
|
|
|
5,706 |
|
|
|
5,288 |
|
|
Workers – YoY |
|
40 |
% |
|
|
47 |
% |
|
|
52 |
% |
|
|
38 |
% |
|
|
10 |
% |
|
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Depreciation and amortization expense |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Value of income |
$ |
4,876 |
|
|
$ |
4,832 |
|
|
$ |
5,512 |
|
|
$ |
5,061 |
|
|
$ |
5,548 |
|
|
$ |
8,114 |
|
|
Analysis and improvement |
|
17,321 |
|
|
|
19,444 |
|
|
|
22,123 |
|
|
|
22,362 |
|
|
|
23,722 |
|
|
|
29,834 |
|
|
Gross sales and advertising |
|
6,306 |
|
|
|
7,118 |
|
|
|
7,392 |
|
|
|
49,061 |
|
|
|
4,586 |
|
|
|
6,130 |
|
|
Basic and administrative |
|
4,007 |
|
|
|
3,469 |
|
|
|
3,073 |
|
|
|
2,807 |
|
|
|
2,435 |
|
|
|
4,413 |
|
|
Complete |
$ |
32,510 |
|
|
$ |
34,863 |
|
|
$ |
38,100 |
|
|
$ |
79,291 |
|
|
$ |
36,291 |
|
|
$ |
48,491 |
|
|
Depreciation and amortization expense – YoY |
|
49 |
% |
|
|
53 |
% |
|
|
62 |
% |
|
|
180 |
% |
|
|
12 |
% |
|
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Inventory-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Value of income |
$ |
9,132 |
|
|
$ |
2,586 |
|
|
$ |
2,446 |
|
|
$ |
2,849 |
|
|
$ |
2,745 |
|
|
$ |
4,248 |
|
|
Analysis and improvement |
|
198,893 |
|
|
|
202,953 |
|
|
|
182,866 |
|
|
|
221,650 |
|
|
|
246,783 |
|
|
|
319,447 |
|
|
Gross sales and advertising |
|
51,675 |
|
|
|
45,991 |
|
|
|
42,071 |
|
|
|
48,577 |
|
|
|
43,098 |
|
|
|
69,346 |
|
|
Basic and administrative |
|
41,198 |
|
|
|
46,034 |
|
|
|
48,061 |
|
|
|
45,734 |
|
|
|
50,333 |
|
|
|
57,533 |
|
|
Complete |
$ |
300,898 |
|
|
$ |
297,564 |
|
|
$ |
275,444 |
|
|
$ |
318,810 |
|
|
$ |
342,959 |
|
|
$ |
450,574 |
|
|
Inventory-based compensation expense – YoY |
|
57 |
% |
|
|
35 |
% |
|
|
16 |
% |
|
|
24 |
% |
|
|
14 |
% |
|
|
51 |
% |
Supply: Snap Inc.
