First quarter revenue increased 21%
year-over-year to $1,195 million
Daily Active Users increased 10% year-over-year
to 422 million
First quarter operating cash flow of $88
million and Free Cash Flow of $38 million
Snap Inc. (NYSE: SNAP) today announced financial results for the
quarter ended March 31, 2024.
“The value we provide our community and advertising partners has
translated into improved financial performance,” said Evan Spiegel,
CEO. “Our large, growing, and hard-to-reach community, brand-safe
environment, and full-funnel advertising solutions have made us an
increasingly important partner for businesses of all sizes.”
Q1 2024 Financial Summary
- Revenue was $1,195 million, compared to $989 million in the
prior year, an increase of 21% year-over-year.
- Net loss was $305 million, compared to $329 million in the
prior year.
- Adjusted EBITDA was $46 million, compared to $1 million in the
prior year.
- Operating cash flow was $88 million, compared to $151 million
in the prior year.
- Free Cash Flow was $38 million, compared to $103 million in the
prior year.
Three Months Ended
March 31,
Percent Change
2024
2023
(in thousands, except
per share amounts)
(Unaudited)
(NM = Not Meaningful)
Revenue
$
1,194,773
$
988,608
21%
Operating loss
$
(333,232
)
$
(365,264
)
9%
Net loss
$
(305,090
)
$
(328,674
)
7%
Adjusted EBITDA (1)
$
45,659
$
813
NM
Net cash provided by (used in) operating
activities
$
88,352
$
151,102
(42)%
Free Cash Flow (2)
$
37,904
$
103,472
(63)%
Diluted net loss per share attributable to
common stockholders
$
(0.19
)
$
(0.21
)
10%
Non-GAAP diluted net income (loss) per
share (3)
$
0.03
$
0.01
200%
(1)
See page 10 for a reconciliation
of net loss to Adjusted EBITDA. Total restructuring charges
included in our consolidated statement of operations for the three
months ended March 31, 2024 and excluded from Adjusted EBITDA were
$70.1 million.
(2)
See page 10 for a reconciliation
of net cash provided by (used in) operating activities to Free Cash
Flow.
(3)
See page 11 for a reconciliation
of diluted net loss per share to non-GAAP diluted net income (loss)
per share.
Q1 2024 Summary & Key Highlights
We grew and deepened our engagement with our
community:
- DAUs were 422 million in Q1 2024, an increase of 39 million, or
10%, year-over-year.
- Total time spent watching Spotlight content increased more than
125% year-over-year.
- The growth in the Snap Star program has been an important
driver of engagement in North America, with total time spent
watching Stories from Snap Stars growing more than 55%
year-over-year in North America.
- We onboarded over 1,500 Snap Stars in Q1, which has helped
generate quarter-over-quarter growth in Story posts, Spotlight
posts, and Stories time spent for Snap Stars globally.
- We introduced new tools to help our community make more
creative Snaps, including new Creative Templates, the ability to
post longer videos, and access to AI-powered AR Lens creation.
We are focused on accelerating and diversifying our revenue
growth:
- Snapchat+ subscribers more than tripled year-over-year,
surpassing 9 million subscribers in Q1.
- The number of small and medium sized advertisers on Snapchat
increased 85% year-over-year.
- Ongoing momentum with our 7-0 Pixel Purchase optimization model
led to a more than 75% increase in purchase related conversions
year-over-year.
- We launched a new and improved version of Conversions API
(CAPI) available to all advertisers that offers easier set up with
reduced integration times.
- We partnered with Snowflake to enable advertisers to easily
implement our CAPI solutions without needing to build a bespoke
back-end integration.
- Our improvements to CAPI and improved collaboration with
advertisers has resulted in CAPI integrations growing approximately
300% year-over-year in Q1 2024.
- We launched Sponsored AR Filters, our new AR ad offering that
expands advertisers’ reach via the Snapchat Camera and enables
Snapchatters to overlay sponsored AR content on their Snaps after a
photo or video is captured.
- We announced partnerships with Traackr, Lumen Research, OMD,
Amplified Intelligence, and Fospha to empower advertisers with more
campaign tools and insights.
- We announced two new brand safety solutions for advertisers: a
third-party measurement product in partnership with Integral Ad
Science, a leading global media measurement and optimization
platform, to provide advertisers with increased transparency across
their Snapchat campaigns, and a first-party tool that allows
advertisers greater control over where their ads appear.
We invested in our augmented reality platform:
- We continue to invest in Generative AI models and automation
for the creation of ML and AI Lenses, which contributed to the
number of ML and AI Lenses viewed by Snapchatters increasing by
more than 50% year-over-year.
- We invested in relationship-centered AR Formats that drove
outsized sharing among US Snapchatters including “Friend Lenses”
that feature friends in Quizzes and other experiences, and “Q&A
Lenses” that prompt Snapchatters to send fun text and image
responses to their Friends.
- We implemented an improved AR Carousel ranking model that
refreshes AR lenses more frequently, making it easier to discover
new Lenses, driving a more than 50% increase in the number of new
Lenses seen in the carousel by Snapchatters since launch.
- We integrated a new AI Assistant in Lens Studio that answers
developer questions based on our documentation and tutorials to
guide developers and help build Lenses more easily.
- We launched a new Compression tool in Lens Studio to easily
reduce the size of assets and optimize Lenses in order to improve
the Lens creation experience on Snapchat.
- We launched an Animation Curve Editor in Lens Studio, a new
interface for developers to edit animations inside Lens Studio —
the first of many foundational animation tools coming soon.
- At Super Bowl LVIII, the NFL integrated Snapchat's Camera Kit
technology at Allegiant Stadium in Las Vegas — the first time a
Super Bowl host stadium has integrated our technology.
Q2 2024 Outlook
As we enter Q2, we anticipate continued growth of our global
community, and as a result, our Q2 guidance is built on the
assumption that DAU will be approximately 431 million in Q2. We are
focused on executing against our roadmap to deliver improvements to
our DR advertising platform to drive improved results for our
advertising partners and accelerate topline growth. Our Q2 guidance
range for revenue is $1,225 million to $1,255 million, implying
year-over-year revenue growth of 15% to 18%. Given the revenue
range above, and our investment plans for the quarter ahead, we
estimate that Adjusted EBITDA will be between $15 million and $45
million in Q2.
Conference Call Information
Snap Inc. will host a conference call to discuss the results at
2:30 p.m. Pacific / 5:30 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; payroll and other tax expense
related to stock-based compensation; and certain other items
impacting net income (loss) from time to time.
A Daily Active User (DAU) is defined as a registered and
logged-in Snapchat user who visits Snapchat through our
applications or websites 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. At the beginning of
the first quarter of 2024, we updated the definition of DAU to
include web platform use. Incremental DAU from web platform use has
not been material prior to this update or in the first quarter of
2024.
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 and
logged-in Snapchat user who visits Snapchat through our
applications or websites 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. At the
beginning of the first quarter of 2024, we updated the definition
of MAU to include web platform use. Incremental MAU from web
platform use has not been material prior to this update or in the
first quarter of 2024.
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 technology company. We believe the camera
presents the 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, future stock
repurchase programs or stock dividends, 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, macroeconomic uncertainty, and
geo-political conflicts, 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
ability to attain and sustain profitability; our ability to
generate and sustain positive cash flow; our ability to attract and
retain users, partners, and advertisers; competition and new market
entrants; managing 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 team members and key personnel; our
ability to repay or refinance outstanding debt, or to access
additional financing; future acquisitions, divestitures, or
investments; and the potential adverse impact of climate change,
natural disasters, health epidemics, macroeconomic conditions, 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 our
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 geo-political conflicts
and macroeconomic conditions, 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; payroll and other tax expense related to stock-based
compensation; and certain other 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; payroll and other tax expense related to stock-based
compensation; certain other 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,
2024
2023
Cash flows from operating
activities
Net loss
$
(305,090
)
$
(328,674
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
41,713
35,220
Stock-based compensation
263,752
314,931
Amortization of debt issuance costs
1,742
1,836
Losses (gains) on debt and equity
securities, net
8,968
(10,833
)
Other
(16,612
)
(10,396
)
Change in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance
162,207
288,373
Prepaid expenses and other current
assets
(13,629
)
(13,204
)
Operating lease right-of-use assets
13,575
17,658
Other assets
(5,142
)
850
Accounts payable
(34,089
)
(36,972
)
Accrued expenses and other current
liabilities
(18,381
)
(90,191
)
Operating lease liabilities
(13,930
)
(18,550
)
Other liabilities
3,268
1,054
Net cash provided by (used in) operating
activities
88,352
151,102
Cash flows from investing
activities
Purchases of property and equipment
(50,448
)
(47,630
)
Purchases of strategic investments
—
(4,480
)
Purchases of marketable securities
(465,672
)
(874,053
)
Sales of marketable securities
—
5,351
Maturities of marketable securities
384,928
924,323
Other
9
2,327
Net cash provided by (used in) investing
activities
(131,183
)
5,838
Cash flows from financing
activities
Proceeds from the exercise of stock
options
69
29
Repurchases of Class A non-voting common
stock
(235,114
)
—
Deferred payments for acquisitions
—
(2,028
)
Repurchases of convertible notes
(440,706
)
—
Net cash provided by (used in) financing
activities
(675,751
)
(1,999
)
Change in cash, cash equivalents, and
restricted cash
(718,582
)
154,941
Cash, cash equivalents, and restricted
cash, beginning of period
1,782,462
1,423,776
Cash, cash equivalents, and restricted
cash, end of period
$
1,063,880
$
1,578,717
SNAP INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts, unaudited)
Three Months Ended March
31,
2024
2023
Revenue
$
1,194,773
$
988,608
Costs and expenses:
Cost of revenue
574,749
439,986
Research and development
449,759
455,112
Sales and marketing
276,034
268,433
General and administrative
227,463
190,341
Total costs and expenses
1,528,005
1,353,872
Operating loss
(333,232
)
(365,264
)
Interest income
39,898
37,948
Interest expense
(4,743
)
(5,885
)
Other income (expense), net
(81
)
11,372
Loss before income taxes
(298,158
)
(321,829
)
Income tax benefit (expense)
(6,932
)
(6,845
)
Net loss
$
(305,090
)
$
(328,674
)
Net loss per share attributable to Class
A, Class B, and Class C common stockholders:
Basic
$
(0.19
)
$
(0.21
)
Diluted
$
(0.19
)
$
(0.21
)
Weighted average shares used in
computation of net loss per share:
Basic
1,647,387
1,581,370
Diluted
1,647,387
1,581,370
SNAP INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except par
value)
March 31, 2024
December 31,
2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
1,060,393
$
1,780,400
Marketable securities
1,850,622
1,763,680
Accounts receivable, net of allowance
1,108,357
1,278,176
Prepaid expenses and other current
assets
167,385
153,587
Total current assets
4,186,757
4,975,843
Property and equipment, net
426,363
410,326
Operating lease right-of-use assets
511,117
516,862
Intangible assets, net
127,658
146,303
Goodwill
1,691,524
1,691,827
Other assets
223,982
226,597
Total assets
$
7,167,401
$
7,967,758
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
246,217
$
278,961
Operating lease liabilities
36,649
49,321
Accrued expenses and other current
liabilities
829,579
805,836
Total current liabilities
1,112,445
1,134,118
Convertible senior notes, net
3,301,466
3,749,400
Operating lease liabilities,
noncurrent
553,741
546,279
Other liabilities
68,401
123,849
Total liabilities
5,036,053
5,553,646
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001
par value. 3,000,000 shares authorized, 1,437,758 shares issued,
1,388,965 shares outstanding at March 31, 2024, and 3,000,000
shares authorized, 1,440,541 shares issued, 1,391,341 shares
outstanding at December 31, 2023.
14
14
Class B voting common stock, $0.00001 par
value. 700,000 shares authorized, 22,528 shares issued and
outstanding at March 31, 2024 and December 31, 2023.
—
—
Class C voting common stock, $0.00001 par
value. 260,888 shares authorized, 231,627 shares issued and
outstanding at March 31, 2024 and December 31, 2023.
2
2
Treasury stock, at cost. 48,793 and 49,200
shares of Class A non-voting common stock at March 31, 2024 and
December 31, 2023, respectively.
(475,939
)
(479,903
)
Additional paid-in capital
14,873,261
14,613,404
Accumulated deficit
(12,266,740
)
(11,726,536
)
Accumulated other comprehensive income
(loss)
750
7,131
Total stockholders’ equity
2,131,348
2,414,112
Total liabilities and stockholders’
equity
$
7,167,401
$
7,967,758
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended
March 31,
2024
2023
Free Cash Flow reconciliation:
Net cash provided by (used in) operating
activities
$
88,352
$
151,102
Less:
Purchases of property and equipment
(50,448
)
(47,630
)
Free Cash Flow
$
37,904
$
103,472
Three Months Ended
March 31,
2024
2023
Adjusted EBITDA reconciliation:
Net loss
$
(305,090
)
$
(328,674
)
Add (deduct):
Interest income
(39,898
)
(37,948
)
Interest expense
4,743
5,885
Other (income) expense, net
81
(11,372
)
Income tax (benefit) expense
6,932
6,845
Depreciation and amortization
38,098
35,220
Stock-based compensation expense
254,715
314,931
Payroll and other tax expense related to
stock-based compensation
15,970
15,926
Restructuring charges (1)
70,108
—
Adjusted EBITDA
$
45,659
$
813
(1)
Restructuring charges primarily
include $68.2 million of cash severance, stock-based compensation
expense, and other charges associated with the 2024 restructuring.
These charges are not reflective of underlying trends in our
business.
Total depreciation and amortization expense by function:
Three Months Ended
March 31,
2024
2023
Depreciation and amortization expense
(1):
Cost of revenue
$
2,150
$
3,226
Research and development
27,598
24,139
Sales and marketing
4,577
5,073
General and administrative
7,388
2,782
Total
$
41,713
$
35,220
(1)
Depreciation and amortization
expense for the three months ended March 31, 2024 includes
restructuring charges.
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,
2024
2023
Stock-based compensation expense
(1):
Cost of revenue
$
1,815
$
1,885
Research and development
174,519
219,850
Sales and marketing
54,656
54,939
General and administrative
32,762
38,257
Total
$
263,752
$
314,931
(1)
Stock-based compensation expense
for the three months ended March 31, 2024 includes restructuring
charges.
Three Months Ended
March 31,
2024
2023
Non-GAAP net income (loss)
reconciliation:
Net loss
$
(305,090
)
$
(328,674
)
Amortization of intangible assets
15,443
17,755
Stock-based compensation expense
254,715
314,931
Payroll and other tax expense related to
stock-based compensation
15,970
15,926
Restructuring charges (1)
70,108
—
Income tax adjustments
(2,000
)
32
Non-GAAP net income (loss)
$
49,147
$
19,970
Weighted-average common shares -
Diluted
1,647,387
1,581,370
Non-GAAP diluted net income (loss) per
share reconciliation:
Diluted net loss per share
$
(0.19
)
$
(0.21
)
Non-GAAP adjustment to net loss
0.22
0.22
Non-GAAP diluted net income (loss) per
share
$
0.03
$
0.01
(1)
Restructuring charges primarily
include $68.2 million of cash severance, stock-based compensation
expense, and other charges associated with the 2024 restructuring.
These charges are not reflective of underlying trends in our
business.
SNAP INC.
SUPPLEMENTAL FINANCIAL
INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands,
except per user amounts, unaudited)
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
(NM = Not Meaningful)
Cash Flows and Shares
Net cash provided by (used in) operating
activities
$
125,291
$
151,102
$
(81,936
)
$
12,781
$
164,574
$
88,352
Net cash provided by (used in) operating
activities - YoY (year-over-year)
(32
)%
19
%
34
%
(77
)%
31
%
(42
)%
Net cash provided by (used in) operating
activities - TTM (trailing twelve months)
$
184,614
$
208,257
$
250,402
$
207,238
$
246,521
$
183,771
Purchases of property and equipment
$
(46,925
)
$
(47,630
)
$
(36,943
)
$
(73,435
)
$
(53,719
)
$
(50,448
)
Purchases of property and equipment -
YoY
91
%
125
%
58
%
94
%
14
%
6
%
Purchases of property and equipment -
TTM
$
(129,306
)
$
(155,761
)
$
(169,334
)
$
(204,933
)
$
(211,727
)
$
(214,545
)
Free Cash Flow
$
78,366
$
103,472
$
(118,879
)
$
(60,654
)
$
110,855
$
37,904
Free Cash Flow - YoY
(51
)%
(3
)%
19
%
(435
)%
41
%
(63
)%
Free Cash Flow - TTM
$
55,308
$
52,496
$
81,068
$
2,305
$
34,794
$
(30,774
)
Common shares outstanding
1,574,086
1,595,205
1,616,119
1,638,905
1,645,496
1,643,120
Common shares outstanding - YoY
(3
)%
(2
)%
(2
)%
2
%
5
%
3
%
Shares underlying stock-based awards
131,718
128,218
149,065
154,525
157,981
146,240
Shares underlying stock-based awards -
YoY
59
%
71
%
62
%
63
%
20
%
14
%
Total common shares outstanding plus
shares underlying stock-based awards
1,705,804
1,723,423
1,765,184
1,793,430
1,803,477
1,789,360
Total common shares outstanding plus
shares underlying stock-based awards - YoY
—
%
1
%
2
%
5
%
6
%
4
%
Results of Operations
Revenue
$
1,299,735
$
988,608
$
1,067,669
$
1,188,551
$
1,361,287
$
1,194,773
Revenue - YoY
0.1
%
(7
)%
(4
)%
5
%
5
%
21
%
Revenue - TTM
$
4,601,847
$
4,527,728
$
4,484,488
$
4,544,563
$
4,606,115
$
4,812,280
Revenue by region (1)
North America
$
880,310
$
639,896
$
686,829
$
786,154
$
899,542
$
743,131
North America - YoY
(6
)%
(16
)%
(13
)%
(3
)%
2
%
16
%
North America - TTM
$
3,235,854
$
3,117,489
$
3,018,637
$
2,993,189
$
3,012,421
$
3,115,656
Europe
$
218,552
$
157,760
$
182,109
$
200,272
$
238,253
$
195,844
Europe - YoY
5
%
(3
)%
7
%
24
%
9
%
24
%
Europe - TTM
$
712,177
$
707,805
$
719,817
$
758,693
$
778,394
$
816,478
Rest of World
$
200,873
$
190,952
$
198,731
$
202,125
$
223,492
$
255,798
Rest of World - YoY
28
%
34
%
28
%
30
%
11
%
34
%
Rest of World - TTM
$
653,816
$
702,434
$
746,034
$
792,681
$
815,300
$
880,146
Operating loss
$
(287,597
)
$
(365,264
)
$
(404,339
)
$
(380,063
)
$
(248,713
)
$
(333,232
)
Operating loss - YoY
NM
(35
)%
(1
)%
13
%
14
%
9
%
Operating loss - Margin
(22
)%
(37
)%
(38
)%
(32
)%
(18
)%
(28
)%
Operating loss - TTM
$
(1,395,306
)
$
(1,489,043
)
$
(1,492,442
)
$
(1,437,263
)
$
(1,398,379
)
$
(1,366,347
)
Net income (loss)
$
(288,460
)
$
(328,674
)
$
(377,308
)
$
(368,256
)
$
(248,247
)
$
(305,090
)
Net income (loss) - YoY
NM
9
%
11
%
(2
)%
14
%
7
%
Net income (loss) - TTM
$
(1,429,653
)
$
(1,398,703
)
$
(1,353,944
)
$
(1,362,698
)
$
(1,322,485
)
$
(1,298,901
)
Adjusted EBITDA
$
233,275
$
813
$
(38,479
)
$
40,094
$
159,149
$
45,659
Adjusted EBITDA - YoY
(29
)%
(99
)%
(635
)%
(45
)%
(32
)%
NM
Adjusted EBITDA - Margin (2)
18
%
0.1
%
(4
)%
3
%
12
%
4
%
Adjusted EBITDA - TTM
$
377,573
$
313,918
$
268,249
$
235,703
$
161,577
$
206,423
(1)
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.
(2)
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 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Other
DAU (in millions) (1)
375
383
397
406
414
422
DAU - YoY
17
%
15
%
14
%
12
%
10
%
10
%
DAU by region (in millions)
North America
100
100
101
101
100
100
North America - YoY
3
%
3
%
2
%
1
%
—
%
(1
)%
Europe
92
93
94
95
96
96
Europe - YoY
12
%
10
%
9
%
7
%
4
%
4
%
Rest of World
183
190
202
211
218
226
Rest of World - YoY
31
%
27
%
25
%
21
%
19
%
19
%
ARPU
$
3.47
$
2.58
$
2.69
$
2.93
$
3.29
$
2.83
ARPU - YoY
(15
)%
(19
)%
(16
)%
(6
)%
(5
)%
10
%
ARPU by region
North America
$
8.77
$
6.37
$
6.83
$
7.82
$
8.96
$
7.44
North America - YoY
(9
)%
(18
)%
(14
)%
(4
)%
2
%
17
%
Europe
$
2.38
$
1.70
$
1.93
$
2.11
$
2.49
$
2.04
Europe - YoY
(6
)%
(12
)%
(2
)%
15
%
5
%
20
%
Rest of World
$
1.10
$
1.00
$
0.98
$
0.96
$
1.03
$
1.13
Rest of World - YoY
(2
)%
6
%
3
%
8
%
(7
)%
13
%
Employees (full-time; excludes part-time,
contractors, and temporary personnel)
5,288
5,201
5,286
5,367
5,289
4,835
Employees - YoY
(7
)%
(15
)%
(18
)%
(6
)%
—
%
(7
)%
Depreciation and amortization
expense
Cost of revenue
$
8,114
$
3,226
$
3,170
$
3,184
$
3,171
$
2,150
Research and development
29,834
24,139
24,847
26,252
31,040
27,598
Sales and marketing
6,130
5,073
5,605
5,466
10,017
4,577
General and administrative
4,413
2,782
6,066
6,307
8,096
7,388
Total
$
48,491
$
35,220
$
39,688
$
41,209
$
52,324
$
41,713
Depreciation and amortization expense -
YoY
39
%
(8
)%
(50
)%
14
%
8
%
18
%
Stock-based compensation
expense
Cost of revenue
$
4,248
$
1,885
$
2,365
$
2,640
$
2,665
$
1,815
Research and development
319,447
219,850
217,565
234,615
220,996
174,519
Sales and marketing
69,346
54,939
57,597
72,783
70,369
54,656
General and administrative
57,533
38,257
40,416
47,895
39,167
32,762
Total
$
450,574
$
314,931
$
317,943
$
357,933
$
333,197
$
263,752
Stock-based compensation expense - YoY
51
%
14
%
—
%
4
%
(26
)%
(16
)%
(1)
Numbers may not foot due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425227092/en/
Investors and Analysts: ir@snap.com
Press: press@snap.com
Snap (NYSE:SNAP)
Historical Stock Chart
From Nov 2024 to Dec 2024
Snap (NYSE:SNAP)
Historical Stock Chart
From Dec 2023 to Dec 2024
