Daily Active Users increased 18% year-over-year
to 332 million
Revenue increased 38% year-over-year to $1,063
million
Operating cash flow was $127 million and Free
Cash Flow was $106 million
Snap Inc. (NYSE: SNAP) today announced financial results for the
quarter ended March 31, 2022.
“Our first quarter results reflect the underlying momentum in
our business through a challenging operating environment, as we
grew our community 18% year-over-year to reach 332 million, and
grew our revenue 38% year-over-year to reach $1.06 billion for the
quarter,” said Evan Spiegel, CEO. “We remain focused on providing
value for our growing community, delivering ROI for our advertising
partners, and investing against our enormous opportunity in
augmented reality. We’re excited to share many new products and
services at our annual Snap Partner Summit next week.”
Q1 2022 Financial Highlights
- Revenue increased 38% to $1,063 million, compared to the prior
year.
- Net loss was $360 million, compared to $287 million in the
prior year.
- Adjusted EBITDA was $64 million, compared to $(2) million in
the prior year.
- Operating cash flow was $127 million, compared to $137 million
in the prior year.
- Free Cash Flow was $106 million, compared to $126 million in
the prior year.
Three Months Ended March
31,
Percent
2022
2021
Change
(Unaudited)
(in thousands, except per
share amounts)
Revenue
$
1,062,727
$
769,584
38
%
Operating loss
$
(271,527
)
$
(303,606
)
11
%
Net loss
$
(359,624
)
$
(286,882
)
(25
)%
Adjusted EBITDA(1)
$
64,468
$
(1,709
)
3872
%
Net cash provided by operating
activities
$
127,459
$
136,886
(7
)%
Free Cash Flow(2)
$
106,284
$
126,035
(16
)%
Diluted net loss per share attributable to
common stockholders
$
(0.22
)
$
(0.19
)
(16
)%
Non-GAAP diluted net (loss) income per
share(3)
$
(0.02
)
$
0.00
(1528
)%
Common shares outstanding plus shares
underlying stock-based awards
1,707,629
1,629,191
5
%
- See page 10 for reconciliation of net loss to Adjusted
EBITDA.
- See page 10 for reconciliation of net cash provided by
operating activities to Free Cash Flow.
- See page 11 for reconciliation of diluted net (loss) income per
share to non-GAAP diluted net (loss) income per share.
Q1 2022 Summary & Key Highlights
The Snapchat community is active, engaged, and
growing:
- DAUs were 332 million in Q1 2022, an increase of 52 million, or
18%, year-over-year.
- DAUs increased sequentially and year-over-year in each of North
America, Europe, and Rest of World.
We invested and innovated in our augmented reality
platform:
- Over 250 million Snapchatters engaged with augmented reality
every day on average.
- Snapchatters engaged with Valentine’s Day Lenses over 9 billion
times, which is more than twice as much as last year.
- Snapchatters played with Lenses created by our community more
than twice as much compared with Q1 2021.
- We launched Custom Landmarkers in Lens Studio, allowing
creators to build location-based Lenses to anchor Lenses to local
places they care about–from statues to storefronts–to tell richer
stories about their communities through AR.
- In partnership with Tukwini Mandela and Black Cultural
Archives, we released our “Hidden Black Stories” Local Lens,
transforming Trafalgar Square into an AR experience that showcases
key moments, figures, and stories from Black British History.
- To celebrate Lunar New Year, we released an AR Lens showcasing
the first independent Asian-American bookshop in New York City as
well as a Lens using our Sky Segmentation technology to overlay a
tiger jumping through the clouds.
We grew our content offerings:
- Total daily time spent by Snapchatters aged 25 and older
engaging with shows and publisher content increased by more than
25% year-over-year.
- We expanded our global content offering by partnering with News
UK, TF1 and Le Monde in France, and MBC and Al Arabiya in the
Middle East.
- We recently announced Dynamic Stories, a new Discover format
that allows publishers to automatically create Stories based on
news they publish online to help Snapchatters learn about the world
as it happens–early partners include GQ, Vogue, CNN, ESPN, and The
Wall Street Journal.
- Six Discover partners reached over 100 million global viewers
each in Q1 2022.
- Over 10 million viewers have watched “Breakwater,” our new Snap
Original about a dystopian future caused by climate change that
featured episodic AR Lenses in partnership with Verizon, helping
Snapchatters to immerse themselves in the show.
- We observed a 350% increase in the number of Spotlight
submissions using creative tools or Lenses compared with Q1
2021.
We expanded our product and partner ecosystem:
- In Q1 2022, Snapchatters opened Places from the Snap Map more
than twice as much as Q1 2021.
- We released Live Location, a new safety feature for our Snap
Map that allows users to share their precise location with a chosen
list of friends and family for a specified duration.
- We added several new features to our Communications platform,
including Chat Replies, Bitmoji Reactions, and Poll Stickers.
- We partnered with Discover publisher Wave Sports +
Entertainment to launch their Gym Heroes Mini, a social fitness
experience on Snapchat that offers original daily fitness
challenges and full workouts curated by experts.
- We introduced Outfit Sharing, making it easier for Snapchatters
to share their Bitmoji outfits with friends directly from their
Profile.
We expanded our offering for advertisers:
- Online retail platform GOAT uploaded two AR shoe try-on Lenses
to its Public Profile, and saw over 1 million plays in the first
week alone.
- Revenue from Dynamic Ads more than tripled year-over-year, as
we have increasingly seen advertisers leverage their product
catalogs to automatically create ads in real time.
- We launched our first AR certification on Snap Focus, a
five-part online course teaching advertisers how to build, scale,
optimize, and measure AR Lens campaigns for a variety of marketing
objectives.
- We announced mid-roll ads in Snap Star Public Stories, allowing
select Creators to participate in a mid-roll ad revenue sharing
program in Stories.
- We published our latest Snapchat Generation Report, providing
advertisers with key insights into how Snapchatters are using the
app, what makes them happy, and their shopping habits.
Financial Guidance
The following forward-looking statements reflect our
expectations for the second quarter of 2022 as of April 21, 2022,
and are subject to substantial uncertainty. This guidance assumes
constant foreign currency rates, and among other things, that no
business acquisitions, divestitures, investments, exits,
restructurings, or legal settlements are concluded in the quarter.
Our results are based on assumptions that we believe to be
reasonable as of this date, but may be materially affected by many
factors, as discussed below in “Forward-Looking Statements.”
Q2 2022 Outlook
- Revenue growth year-over-year is estimated to be between 20%
and 25%.
- Adjusted EBITDA is estimated to be between breakeven and $50
million.
Conference Call Information
Snap Inc. will host a conference call to discuss the results at
2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast
along with supplemental information will be accessible at
investor.snap.com. A recording of the webcast will also be
available following the conference call.
Snap Inc. uses its websites (including snap.com and
investor.snap.com) as means of disclosing material non-public
information and for complying with its disclosure obligation under
Regulation FD.
Definitions
Free Cash Flow is defined as net cash provided by (used in)
operating activities, reduced by purchases of property and
equipment.
Common shares outstanding plus shares underlying stock-based
awards includes common shares outstanding, restricted stock units,
restricted stock awards, and outstanding stock options.
Adjusted EBITDA is defined as net income (loss), excluding
interest income; interest expense, other income (expense) net;
income tax benefit (expense); depreciation and amortization;
stock-based compensation expense and other payroll related tax
expense; and certain other non-cash or non-recurring items
impacting net income (loss) from time to time.
A Daily Active User (DAU) is defined as a registered Snapchat
user who opens the Snapchat application at least once during a
defined 24-hour period. We calculate average DAUs for a particular
quarter by adding the number of DAUs on each day of that quarter
and dividing that sum by the number of days in that quarter.
Average revenue per user (ARPU) is defined as quarterly revenue
divided by the average DAUs.
A Monthly Active User (MAU) is defined as a registered Snapchat
user who opens the Snapchat application at least once during the
30-day period ending on the calendar month-end. We calculate
average Monthly Active Users for a particular quarter by
calculating the average of the MAUs as of each calendar month-end
in that quarter.
Note: For adjustments and additional information regarding the
non-GAAP financial measures and other items discussed, please see
“Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP
Financial Measures,” and “Supplemental Financial Information and
Business Metrics.”
About Snap Inc.
Snap Inc. is a camera company. We believe that reinventing the
camera represents our greatest opportunity to improve the way
people live and communicate. We contribute to human progress by
empowering people to express themselves, live in the moment, learn
about the world, and have fun together. For more information, visit
snap.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act, about us and
our industry that involve substantial risks and uncertainties. All
statements other than statements of historical facts contained in
this press release, including statements regarding guidance, our
future results of operations or financial condition, business
strategy and plans, user growth and engagement, product
initiatives, objectives of management for future operations, and
advertiser and partner offerings, are forward-looking statements.
In some cases, you can identify forward-looking statements because
they contain words such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “going to,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” “should,”
“target,” “will,” or “would” or the negative of these words or
other similar terms or expressions. We caution you that the
foregoing may not include all of the forward-looking statements
made in this press release.
You should not rely on forward-looking statements as predictions
of future events. We have based the forward-looking statements
contained in this press release primarily on our current
expectations and projections about future events and trends,
including our financial outlook, geo-political conflicts, and the
COVID-19 pandemic, that we believe may continue to affect our
business, financial condition, results of operations, and
prospects. These forward-looking statements are subject to risks
and uncertainties related to: our financial performance; our lack
of historical profitability; our ability to generate and sustain
positive cash flow; our ability to attract and retain users,
publishers, and advertisers; competition and new market entrants;
managing our international expansion and our growth and future
expenses; compliance with new laws, regulations, and executive
actions; our ability to maintain, protect, and enhance our
intellectual property; our ability to succeed in existing and new
market segments; our ability to attract and retain qualified and
key personnel; our ability to repay outstanding debt; future
acquisitions, divestitures or investments; and the potential
adverse impact of climate change, natural disasters, health
epidemics, and war or other armed conflict, as well as risks,
uncertainties, and other factors described in “Risk Factors” and
elsewhere in our most recent periodic report filed with the U.S.
Securities and Exchange Commission, or SEC, which is available on
the SEC’s website at www.sec.gov. Additional information will be
made available in Snap Inc.’s periodic report that will be filed
with the SEC for the period covered by this press release and other
filings that we make from time to time with the SEC. In addition,
any forward-looking statements contained in this press release are
based on assumptions that we believe to be reasonable as of this
date. We undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
this press release or to reflect new information or the occurrence
of unanticipated events, including future developments related to
the geo-political conflicts and the COVID-19 pandemic, except as
required by law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use certain
non-GAAP financial measures, as described below, to understand and
evaluate our core operating performance. These non-GAAP financial
measures, which may be different than similarly titled measures
used by other companies, are presented to enhance investors’
overall understanding of our financial performance and should not
be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
We use the non-GAAP financial measure of Free Cash Flow, which
is defined as net cash provided by (used in) operating activities,
reduced by purchases of property and equipment. We believe Free
Cash Flow is an important liquidity measure of the cash that is
available, after capital expenditures, for operational expenses and
investment in our business and is a key financial indicator used by
management. Additionally, we believe that Free Cash Flow is an
important measure since we use third-party infrastructure partners
to host our services and therefore we do not incur significant
capital expenditures to support revenue generating activities. Free
Cash Flow is useful to investors as a liquidity measure because it
measures our ability to generate or use cash. Once our business
needs and obligations are met, cash can be used to maintain a
strong balance sheet and invest in future growth.
We use the non-GAAP financial measure of Adjusted EBITDA, which
is defined as net income (loss); excluding interest income;
interest expense; other income (expense), net; income tax benefit
(expense); depreciation and amortization; stock-based compensation
expense and other payroll related tax expense; and certain other
non-cash or non-recurring items impacting net income (loss) from
time to time. We believe that Adjusted EBITDA helps identify
underlying trends in our business that could otherwise be masked by
the effect of the expenses that we exclude in Adjusted EBITDA.
We use the non-GAAP financial measure of non-GAAP net income
(loss), which is defined as net income (loss); excluding
amortization of intangible assets; stock-based compensation expense
and other payroll related tax expense; certain other non-cash or
non-recurring items impacting net income (loss) from time to time;
and related income tax adjustments. Non-GAAP net income (loss) and
weighted average diluted shares are then used to calculate non-GAAP
diluted net income (loss) per share. Similar to Adjusted EBITDA, we
believe these measures help identify underlying trends in our
business that could otherwise be masked by the effect of the
expenses we exclude in the measure.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and
allow for greater transparency with respect to key metrics used by
our management for financial and operational decision-making. We
are presenting these non-GAAP measures to assist investors in
seeing our financial performance through the eyes of management,
and because we believe that these measures provide an additional
tool for investors to use in comparing our core financial
performance over multiple periods with other companies in our
industry.
For a reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measure, please see
“Reconciliation of GAAP to Non-GAAP Financial Measures.”
Snap Inc., “Snapchat,” and our other registered and common law
trade names, trademarks, and service marks are the property of Snap
Inc. or our subsidiaries.
SNAP INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands, unaudited)
Three Months Ended March
31,
2022
2021
Cash flows from operating
activities
Net loss
$
(359,624
)
$
(286,882
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
38,100
23,498
Stock-based compensation
275,444
237,073
Amortization of debt issuance costs
1,413
1,044
Losses (gains) on debt and equity
securities, net
79,127
(22,518
)
Other
1,125
6,836
Change in operating assets and
liabilities, net of effect of
acquisitions:
Accounts receivable, net of allowance
126,027
129,316
Prepaid expenses and other current
assets
(27,178
)
(12,436
)
Operating lease right-of-use assets
16,984
11,198
Other assets
(308
)
(898
)
Accounts payable
54,980
56,505
Accrued expenses and other current
liabilities
(62,828
)
5,349
Operating lease liabilities
(17,816
)
(13,295
)
Other liabilities
2,013
2,096
Net cash provided by operating
activities
127,459
136,886
Cash flows from investing
activities
Purchases of property and equipment
(21,175
)
(10,851
)
Purchases of strategic investments
(150
)
(1,350
)
Cash paid for acquisitions, net of cash
acquired
(788
)
(108,912
)
Purchases of marketable securities
(1,342,381
)
(523,219
)
Sales of marketable securities
9,777
108,056
Maturities of marketable securities
342,545
816,931
Other
(5,493
)
(100
)
Net cash (used in) provided by investing
activities
(1,017,665
)
280,555
Cash flows from financing
activities
Proceeds from issuance of convertible
notes, net of issuance costs
1,483,500
—
Purchase of capped calls
(177,000
)
—
Proceeds from the exercise of stock
options
2,266
4,453
Net cash provided by financing
activities
1,308,766
4,453
Change in cash, cash equivalents, and
restricted cash
418,560
421,894
Cash, cash equivalents, and restricted
cash, beginning of period
1,994,723
546,543
Cash, cash equivalents, and restricted
cash, end of period
$
2,413,283
$
968,437
Supplemental disclosures
Cash paid for income taxes, net
$
2,636
$
11,008
Cash paid for interest
3,454
5,127
SNAP INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts, unaudited)
Three Months Ended March
31,
2022
2021
Revenue
$
1,062,727
$
769,584
Costs and expenses:
Cost of revenue
420,897
412,601
Research and development
455,563
348,580
Sales and marketing
241,886
150,286
General and administrative
215,908
161,723
Total costs and expenses
1,334,254
1,073,190
Operating loss
(271,527
)
(303,606
)
Interest income
3,123
1,137
Interest expense
(5,173
)
(5,031
)
Other (expense) income, net
(77,537
)
22,058
Loss before income taxes
(351,114
)
(285,442
)
Income tax expense
(8,510
)
(1,440
)
Net loss
$
(359,624
)
$
(286,882
)
Net loss per share attributable to Class
A, Class B, and Class C common stockholders:
Basic
$
(0.22
)
$
(0.19
)
Diluted
$
(0.22
)
$
(0.19
)
Weighted average shares used in
computation of net loss per share:
Basic
1,619,113
1,501,636
Diluted
1,619,113
1,501,636
SNAP INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except par
value)
March 31,
2022
December 31,
2021
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
2,412,372
$
1,993,809
Marketable securities
2,588,619
1,699,076
Accounts receivable, net of allowance
941,715
1,068,873
Prepaid expenses and other current
assets
117,102
92,244
Total current assets
6,059,808
4,854,002
Property and equipment, net
214,441
202,644
Operating lease right-of-use assets
426,027
322,252
Intangible assets, net
292,310
277,654
Goodwill
1,645,284
1,588,452
Other assets
307,067
291,302
Total assets
$
8,944,937
$
7,536,306
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
180,387
$
125,282
Operating lease liabilities
51,684
52,396
Accrued expenses and other current
liabilities
610,728
674,108
Total current liabilities
842,799
851,786
Convertible senior notes, net
3,736,843
2,253,087
Operating lease liabilities,
noncurrent
426,834
325,509
Other liabilities
375,425
315,756
Total liabilities
5,381,901
3,746,138
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001
par value. 3,000,000 shares
authorized, 1,378,259 shares issued and
outstanding at March 31, 2022, and
3,000,000 shares authorized, 1,364,887
shares issued and outstanding
at December 31, 2021.
14
14
Class B voting common stock, $0.00001 par
value. 700,000 shares authorized,
22,677 shares issued and outstanding at
March 31, 2022, and 700,000 shares
authorized, 22,769 shares issued and
outstanding at December 31, 2021.
—
—
Class C voting common stock, $0.00001 par
value. 260,888 shares authorized,
231,627 shares issued and outstanding at
March 31, 2022, and 260,888 shares
authorized, 231,627 shares issued and
outstanding at December 31, 2021.
2
2
Additional paid-in capital
12,211,123
12,069,097
Accumulated other comprehensive income
(loss)
(4,013
)
5,521
Accumulated deficit
(8,644,090
)
(8,284,466
)
Total stockholders’ equity
3,563,036
3,790,168
Total liabilities and stockholders’
equity
$
8,944,937
$
7,536,306
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended March
31,
2022
2021
Free Cash Flow reconciliation:
Net cash provided by operating
activities
$
127,459
$
136,886
Less:
Purchases of property and equipment
(21,175
)
(10,851
)
Free Cash Flow
$
106,284
$
126,035
Three Months Ended March
31,
2022
2021
Adjusted EBITDA reconciliation:
Net loss
$
(359,624
)
$
(286,882
)
Add (deduct):
Interest income
(3,123
)
(1,137
)
Interest expense
5,173
5,031
Other expense (income), net
77,537
(22,058
)
Income tax expense
8,510
1,440
Depreciation and amortization
38,100
23,498
Stock-based compensation expense
275,444
237,073
Payroll and other tax expense related to
stock-based compensation
22,451
41,326
Adjusted EBITDA
$
64,468
$
(1,709
)
Total depreciation and amortization expense by function:
Three Months Ended March
31,
2022
2021
Depreciation and amortization expense:
Cost of revenue
$
5,512
$
5,276
Research and development
22,123
11,036
Sales and marketing
7,392
3,186
General and administrative
3,073
4,000
Total
$
38,100
$
23,498
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (continued)
(in thousands, except per share
amounts, unaudited)
Total stock-based compensation expense by
function:
Three Months Ended March
31,
2022
2021
Stock-based compensation expense:
Cost of revenue
$
2,446
$
2,656
Research and development
182,866
163,793
Sales and marketing
42,071
29,084
General and administrative
48,061
41,540
Total
$
275,444
$
237,073
Three Months Ended March
31,
2022
2021
Non-GAAP net (loss) income
reconciliation:
Net loss
$
(359,624
)
$
(286,882
)
Amortization of intangible assets
22,505
10,445
Stock-based compensation expense
275,444
237,073
Payroll and other tax expense related to
stock-based compensation
22,451
41,326
Income tax adjustments
(61
)
589
Non-GAAP net (loss) income
$
(39,285
)
$
2,551
Weighted-average common shares -
Diluted
1,619,113
1,501,636
Non-GAAP diluted net (loss) income per
share reconciliation:
Diluted net loss per share
$
(0.22
)
$
(0.19
)
Non-GAAP adjustment to net loss
0.20
0.19
Non-GAAP diluted net (loss) income per
share
$
(0.02
)
$
0.00
SNAP INC.
SUPPLEMENTAL FINANCIAL
INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands,
except per user amounts, unaudited)
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Cash Flows and Shares
Net cash provided by (used in) operating
activities
$
(52,545
)
$
136,886
$
(101,086
)
$
71,552
$
185,528
$
127,459
Net cash provided by (used in) operating
activities - YoY (year-over-year)
21
%
(2079
)%
(52
)%
231
%
453
%
(7
)%
Net cash provided by (used in) operating
activities - TTM (trailing twelve months)
$
(167,644
)
$
(37,041
)
$
(71,573
)
$
54,807
$
292,880
$
283,453
Purchases of property and equipment
$
(16,447
)
$
(10,851
)
$
(14,623
)
$
(19,836
)
$
(24,565
)
$
(21,175
)
Purchases of property and equipment -
YoY
81
%
—
(7
)%
35
%
49
%
95
%
Purchases of property and equipment -
TTM
$
(57,832
)
$
(57,792
)
$
(56,648
)
$
(61,757
)
$
(69,875
)
$
(80,199
)
Free Cash Flow
$
(68,992
)
$
126,035
$
(115,709
)
$
51,716
$
160,963
$
106,284
Free Cash Flow - YoY
9
%
2835
%
(41
)%
174
%
333
%
(16
)%
Free Cash Flow - TTM
$
(225,476
)
$
(94,833
)
$
(128,221
)
$
(6,950
)
$
223,005
$
203,254
Common shares outstanding
1,503,333
1,519,001
1,576,744
1,605,153
1,619,283
1,632,563
Common shares outstanding - YoY
6
%
6
%
8
%
8
%
8
%
7
%
Shares underlying stock-based awards
126,287
110,190
104,516
92,726
82,814
75,066
Shares underlying stock-based awards -
YoY
(21
)%
(26
)%
(31
)%
(33
)%
(34
)%
(32
)%
Total common shares outstanding plus
shares underlying stock-based awards
1,629,620
1,629,191
1,681,260
1,697,879
1,702,097
1,707,629
Total common shares outstanding plus
shares underlying stock-based awards - YoY
3
%
3
%
4
%
5
%
4
%
5
%
Results of Operations
Revenue
$
911,322
$
769,584
$
982,108
$
1,067,471
$
1,297,885
$
1,062,727
Revenue - YoY
62
%
66
%
116
%
57
%
42
%
38
%
Revenue - TTM
$
2,506,626
$
2,813,732
$
3,341,682
$
3,730,485
$
4,117,048
$
4,410,191
Revenue by region(1)
North America
$
659,163
$
552,972
$
701,735
$
786,917
$
932,077
$
758,261
North America - YoY
73
%
75
%
129
%
60
%
41
%
37
%
North America - TTM
$
1,774,481
$
2,011,803
$
2,406,798
$
2,700,787
$
2,973,701
$
3,178,990
Europe
$
141,608
$
113,619
$
152,268
$
153,121
$
208,912
$
162,132
Europe - YoY
54
%
49
%
94
%
49
%
48
%
43
%
Europe - TTM
$
399,221
$
436,342
$
509,975
$
560,616
$
627,920
$
676,433
Rest of World
$
110,551
$
102,993
$
128,105
$
127,433
$
156,896
$
142,334
Rest of World - YoY
27
%
46
%
86
%
53
%
42
%
38
%
Rest of World - TTM
$
332,924
$
365,587
$
424,909
$
469,082
$
515,427
$
554,768
Operating loss
$
(97,236
)
$
(303,606
)
$
(192,512
)
$
(180,824
)
$
(25,127
)
$
(271,527
)
Operating loss - YoY
62
%
(6
)%
38
%
(8
)%
74
%
11
%
Operating loss - Margin
(11
)%
(39
)%
(20
)%
(17
)%
(2
)%
(26
)%
Operating loss - TTM
$
(862,072
)
$
(879,314
)
$
(761,218
)
$
(774,178
)
$
(702,069
)
$
(669,990
)
Net (loss) income
$
(113,099
)
$
(286,882
)
$
(151,664
)
$
(71,959
)
$
22,550
$
(359,624
)
Net (loss) income - YoY
53
%
6
%
53
%
64
%
120
%
(25
)%
Net (loss) income - TTM
$
(944,839
)
$
(925,785
)
$
(751,498
)
$
(623,604
)
$
(487,955
)
$
(560,697
)
Adjusted EBITDA
$
165,609
$
(1,709
)
$
117,403
$
174,199
$
326,793
$
64,468
Adjusted EBITDA - YoY
291
%
98
%
223
%
209
%
97
%
3872
%
Adjusted EBITDA - Margin(2)
18
%
—
12
%
16
%
25
%
6
%
Adjusted EBITDA - TTM
$
45,163
$
124,691
$
337,664
$
455,502
$
616,686
$
682,863
- Total revenue for geographic reporting is apportioned to each
region based on our determination of the geographic location in
which advertising impressions are delivered, as this approximates
revenue based on user activity. This allocation is consistent with
how we determine ARPU.
- We define Adjusted EBITDA margin as Adjusted EBITDA divided by
GAAP revenue.
SNAP INC.
SUPPLEMENTAL FINANCIAL
INFORMATION AND BUSINESS METRICS (continued)
(dollars and shares in thousands,
except per user amounts, unaudited)
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Other
DAU (in millions)
265
280
293
306
319
332
DAU - YoY
22
%
22
%
23
%
23
%
20
%
18
%
DAU by region (in millions)
North America
92
93
95
96
97
98
North America - YoY
6
%
5
%
6
%
7
%
6
%
5
%
Europe
74
77
78
80
82
84
Europe - YoY
10
%
9
%
10
%
11
%
11
%
10
%
Rest of World
99
111
120
130
140
150
Rest of World - YoY
55
%
57
%
55
%
49
%
41
%
36
%
ARPU
$
3.44
$
2.74
$
3.35
$
3.49
$
4.06
$
3.20
ARPU - YoY
33
%
36
%
76
%
28
%
18
%
17
%
ARPU by region
North America
$
7.19
$
5.94
$
7.37
$
8.20
$
9.58
$
7.77
North America - YoY
63
%
66
%
116
%
49
%
33
%
31
%
Europe
$
1.91
$
1.48
$
1.95
$
1.92
$
2.54
$
1.93
Europe - YoY
39
%
36
%
76
%
34
%
33
%
30
%
Rest of World
$
1.11
$
0.93
$
1.07
$
0.98
$
1.12
$
0.95
Rest of World - YoY
(18
)%
(7
)%
20
%
3
%
1
%
2
%
Employees (full-time; excludes part-time,
contractors, and temporary personnel)
3,863
4,043
4,667
5,190
5,661
6,131
Employees - YoY
21
%
18
%
31
%
40
%
47
%
52
%
Depreciation and amortization
expense
Cost of revenue
$
5,533
$
5,276
$
4,727
$
4,876
$
4,832
$
5,512
Research and development
10,723
11,036
14,358
17,321
19,444
22,123
Sales and marketing
3,136
3,186
5,162
6,306
7,118
7,392
General and administrative
3,419
4,000
4,023
4,007
3,469
3,073
Total
$
22,811
$
23,498
$
28,270
$
32,510
$
34,863
$
38,100
Depreciation and amortization expense -
YoY
11
%
11
%
35
%
49
%
53
%
62
%
Stock-based compensation
expense
Cost of revenue
$
2,896
$
2,656
$
2,847
$
9,132
$
2,586
$
2,446
Research and development
155,436
163,793
174,491
198,893
202,953
182,866
Sales and marketing
28,964
29,084
37,491
51,675
45,991
42,071
General and administrative
32,586
41,450
41,771
41,198
46,034
48,061
Total
$
219,882
$
237,073
$
256,600
$
300,898
$
297,564
$
275,444
Stock-based compensation expense - YoY
32
%
38
%
38
%
57
%
35
%
16
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220421005946/en/
Investors and Analysts: ir@snap.com
Press: press@snap.com
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