Second quarter revenue increased 16%
year-over-year to $1,237 million
Daily Active Users increased 9% year-over-year
to 432 million
Net loss improved 34% year-over-year to $249
million
Adjusted EBITDA improved 243% year-over-year to
$55 million
Snap Inc. (NYSE: SNAP) today announced financial results for the
quarter ended June 30, 2024.
“Our community grew to reach more than 850 million monthly
active users in Q2, with more than 11 million Snapchat+
subscribers,” said Evan Spiegel, CEO. “We continued to scale our
advertising platform with active advertisers more than doubling
year-over-year. We are looking forward to hosting our upcoming Snap
Partner Summit on September 17th, where we will announce new
updates to our service.”
Q2 2024 Financial Summary
- Revenue was $1,237 million, compared to $1,068 million in the
prior year, an increase of 16% year-over-year.
- Net loss was $249 million, compared to $377 million in the
prior year.
- Adjusted EBITDA was $55 million, compared to $(38) million in
the prior year.
- Operating cash flow was $(21) million, compared to $(82)
million in the prior year.
- Free Cash Flow was $(73) million, compared to $(119) million in
the prior year.
- On a trailing twelve month basis, operating cash flow was $244
million and Free Cash Flow was $15 million.
Three Months Ended June
30,
Percent Change
Six Months Ended June
30,
Percent Change
2024
2023
2024
2023
(Unaudited)
(in thousands, except per
share amounts)
Revenue
$
1,236,768
$
1,067,669
16
%
$
2,431,541
$
2,056,277
18
%
Operating loss
$
(253,975
)
$
(404,339
)
37
%
$
(587,207
)
$
(769,603
)
24
%
Net loss
$
(248,620
)
$
(377,308
)
34
%
$
(553,710
)
$
(705,982
)
22
%
Adjusted EBITDA (1)
$
54,977
$
(38,479
)
243
%
$
100,636
$
(37,666
)
367
%
Net cash provided by (used in) operating
activities
$
(21,377
)
$
(81,936
)
74
%
$
66,975
$
69,166
(3
)%
Free Cash Flow (2)
$
(73,439
)
$
(118,879
)
38
%
$
(35,535
)
$
(15,407
)
(131
)%
Diluted net loss per share attributable to
common stockholders
$
(0.15
)
$
(0.24
)
38
%
$
(0.34
)
$
(0.44
)
23
%
Non-GAAP diluted net income (loss) per
share (3)
$
0.02
$
(0.02
)
200
%
$
0.05
$
(0.01
)
600
%
(1)
See page 9 for a reconciliation of net loss to Adjusted EBITDA.
Total restructuring charges included in our consolidated statements
of operations for the three and six months ended June 30, 2024, and
excluded from Adjusted EBITDA, were $1.9 million and $72.0 million,
respectively.
(2)
See page 9 for a reconciliation of net cash provided by (used in)
operating activities to Free Cash Flow.
(3)
See page 10 for a reconciliation of diluted net loss per share to
non-GAAP diluted net income (loss) per share.
Q2 2024 Summary & Key Highlights
We grew and deepened our engagement with our
community:
- DAUs were 432 million in Q2 2024, an increase of 36 million, or
9% year-over-year.
- Q2 marked an important milestone for Snap, as we reached more
than 850 million monthly active users (MAU).
- We recently announced new communication features for
Snapchatters to stay connected with friends and family and the
world, including editable chats, Map emoji reactions, and My AI
reminders.
- We renewed our longstanding sports partnerships with the NFL,
NBA, and WNBA, to provide official content across Stories and
Spotlight for our community.
- We announced Snap Nation, an exciting evolution of our
partnership with Live Nation that gives Snapchatters access to tour
and festival experiences that only Live Nation can offer.
- We partnered with Ensemble, a branded entertainment company
founded by Issa Rae to help brands produce content with our 523
creator accelerator program that is focused on growing and building
diverse voices.
- We selected members of our first-ever Council for Digital
Well-Being, in which we’ll hear from teens on their perspectives on
the states of their digital lives today and hopes for the
future.
- We announced several new features to further safeguard our
community from online harms, including expanded in-app warnings,
enhanced friending protections, simplified location-sharing, and
blocking improvements.
We are focused on accelerating and diversifying our revenue
growth:
- Ongoing momentum with our direct response products and growth
in small- and medium-size businesses (SMB) contributed to total
active advertisers more than doubling year-over-year in Q2.
- Our improvements to Conversions API (CAPI), improved
collaboration with advertisers, and growth in partner integrations
resulted in CAPI integrations growing over 300%
year-over-year.
- Snapchat+ reached 11 million subscribers in Q2.
- We announced AR Extensions, which enable advertisers to
integrate AR Lenses and Filters directly into all Snapchat ad
formats.
- We announced that brands can now leverage Generative AI
technology such as our ML Face Effects to create custom sponsored
AR Lenses.
- To help entertainment advertisers understand Snapchat’s impact
on theatrical releases, we partnered with Samba TV, which found
that exposure to campaigns on Snapchat delivered a 91% lift in
ticket sales.
- We launched the Snap Advanced Partner Program, offering
qualifying agencies and partners the opportunity to work closely
with Snapchat to create innovative solutions that build stronger
full funnel campaigns and drive results.
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, such as our Gen AI lens
Scribble World which was viewed over 1 billion times and our 90’s
AI lens, which was viewed by more than 20% of US Snapchaters.
- We launched Lens Studio 5.0, which features our new Gen AI
Suite that makes Lens Studio easier to use by enabling creators to
generate a variety of Lens-ready assets with a prompt and no coding
required.
- In partnership with Live Nation and Ocesa, our AR technology
enhanced for the first time Tecate Emblema, a major music festival
in Mexico City, powered by CameraKit Live.
- Our partnership with OMD and Amplified Intelligence found that
Snapchat campaigns that include AR in their mix drive 5x more
active attention compared to industry peers.
- We partnered with Cartier on a first-of-its-kind AR experience
celebrating the 100th anniversary of The Trinity Collection,
allowing Snapchatters to try-on and shop the Classic Trinity
Ring.
Q3 2024 Outlook
As we enter Q3, we anticipate continued growth of our global
community, and as a result, our Q3 guidance is built on the
assumption that DAU will be approximately 441 million in Q3. We are
focused on executing against our roadmap to deliver improvements to
our advertising platform to drive strong performance for our
advertising partners and accelerate topline growth. Our Q3 guidance
range for revenue is $1,335 million to $1,375 million, implying
year-over-year revenue growth of 12% to 16%. Given the revenue
range above, and our investment plans for the quarter ahead, we
estimate that Adjusted EBITDA will be between $70 million and $100
million in Q3.
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.
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.
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cash flows from operating
activities
Net loss
$
(248,620
)
$
(377,308
)
$
(553,710
)
$
(705,982
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
37,930
39,688
79,643
74,908
Stock-based compensation
259,311
317,943
523,063
632,874
Amortization of debt issuance costs
2,208
1,839
3,950
3,675
Losses (gains) on debt and equity
securities, net
2,662
(4,434
)
11,630
(15,267
)
Other
10,583
(16,307
)
(6,029
)
(26,703
)
Change in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance
(36,916
)
(103,629
)
125,291
184,744
Prepaid expenses and other current
assets
(34,526
)
(1,098
)
(48,155
)
(14,302
)
Operating lease right-of-use assets
14,929
17,817
28,504
35,475
Other assets
(955
)
(1,275
)
(6,097
)
(425
)
Accounts payable
(61,556
)
8,426
(95,645
)
(28,546
)
Accrued expenses and other current
liabilities
45,821
52,981
27,440
(37,210
)
Operating lease liabilities
(13,940
)
(17,792
)
(27,870
)
(36,342
)
Other liabilities
1,692
1,213
4,960
2,267
Net cash provided by (used in) operating
activities
(21,377
)
(81,936
)
66,975
69,166
Cash flows from investing
activities
Purchases of property and equipment
(52,062
)
(36,943
)
(102,510
)
(84,573
)
Purchases of strategic investments
(2,000
)
(3,290
)
(2,000
)
(7,770
)
Sales of strategic investments
1,006
—
1,015
—
Cash paid for acquisitions, net of cash
acquired
—
(50,254
)
—
(50,254
)
Purchases of marketable securities
(774,852
)
(631,218
)
(1,240,524
)
(1,505,271
)
Sales of marketable securities
166,557
85,922
166,557
91,273
Maturities of marketable securities
447,153
611,835
832,081
1,536,158
Other
(100
)
(2,451
)
(100
)
(124
)
Net cash provided by (used in) investing
activities
(214,298
)
(26,399
)
(345,481
)
(20,561
)
Cash flows from financing
activities
Proceeds from issuance of convertible
notes, net of issuance costs
740,350
—
740,350
—
Purchase of capped calls
(68,850
)
—
(68,850
)
—
Proceeds from termination of capped
calls
62,683
—
62,683
—
Proceeds from the exercise of stock
options
2,425
382
2,494
411
Repurchases of Class A non-voting common
stock
(75,955
)
—
(311,069
)
—
Deferred payments for acquisitions
(3,695
)
(242,088
)
(3,695
)
(244,116
)
Repurchases of convertible notes
(418,336
)
—
(859,042
)
—
Other
(1,799
)
—
(1,799
)
—
Net cash provided by (used in) financing
activities
236,823
(241,706
)
(438,928
)
(243,705
)
Change in cash, cash equivalents, and
restricted cash
1,148
(350,041
)
(717,434
)
(195,100
)
Cash, cash equivalents, and restricted
cash, beginning of period
1,063,880
1,578,717
1,782,462
1,423,776
Cash, cash equivalents, and restricted
cash, end of period
$
1,065,028
$
1,228,676
$
1,065,028
$
1,228,676
SNAP INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts, unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue
$
1,236,768
$
1,067,669
$
2,431,541
$
2,056,277
Costs and expenses:
Cost of revenue
588,921
496,874
1,163,670
936,860
Research and development
406,196
477,663
855,955
932,775
Sales and marketing
266,320
280,597
542,354
549,030
General and administrative
229,306
216,874
456,769
407,215
Total costs and expenses
1,490,743
1,472,008
3,018,748
2,825,880
Operating loss
(253,975
)
(404,339
)
(587,207
)
(769,603
)
Interest income
36,462
43,144
76,360
81,092
Interest expense
(5,113
)
(5,343
)
(9,856
)
(11,228
)
Other income (expense), net
(20,792
)
1,323
(20,873
)
12,695
Loss before income taxes
(243,418
)
(365,215
)
(541,576
)
(687,044
)
Income tax benefit (expense)
(5,202
)
(12,093
)
(12,134
)
(18,938
)
Net loss
$
(248,620
)
$
(377,308
)
$
(553,710
)
$
(705,982
)
Net loss per share attributable to Class
A, Class B, and Class C common stockholders:
Basic
$
(0.15
)
$
(0.24
)
$
(0.34
)
$
(0.44
)
Diluted
$
(0.15
)
$
(0.24
)
$
(0.34
)
$
(0.44
)
Weighted average shares used in
computation of net loss per share:
Basic
1,644,736
1,603,172
1,646,064
1,592,365
Diluted
1,644,736
1,603,172
1,646,064
1,592,365
SNAP INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except par
value)
June 30, 2024
December 31,
2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
1,060,551
$
1,780,400
Marketable securities
2,020,723
1,763,680
Accounts receivable, net of allowance
1,141,849
1,278,176
Prepaid expenses and other current
assets
198,074
153,587
Total current assets
4,421,197
4,975,843
Property and equipment, net
444,485
410,326
Operating lease right-of-use assets
521,101
516,862
Intangible assets, net
112,808
146,303
Goodwill
1,691,317
1,691,827
Other assets
229,131
226,597
Total assets
$
7,420,039
$
7,967,758
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
179,586
$
278,961
Operating lease liabilities
21,279
49,321
Accrued expenses and other current
liabilities
875,119
805,836
Convertible senior notes, net
36,170
—
Total current liabilities
1,112,154
1,134,118
Long-term convertible senior notes,
net
3,602,563
3,749,400
Operating lease liabilities,
noncurrent
579,896
546,279
Other liabilities
58,704
123,849
Total liabilities
5,353,317
5,553,646
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001
par value. 3,000,000 shares authorized, 1,447,952 shares issued,
1,399,665 shares outstanding at June 30, 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 June 30, 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 June 30, 2024 and December 31, 2023.
2
2
Treasury stock, at cost. 48,287 and 49,200
shares of Class A non-voting common stock at June 30, 2024 and
December 31, 2023, respectively.
(470,999
)
(479,903
)
Additional paid-in capital
15,126,248
14,613,404
Accumulated deficit
(12,591,315
)
(11,726,536
)
Accumulated other comprehensive income
(loss)
2,772
7,131
Total stockholders’ equity
2,066,722
2,414,112
Total liabilities and stockholders’
equity
$
7,420,039
$
7,967,758
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Free Cash Flow reconciliation:
Net cash provided by (used in) operating
activities
$
(21,377
)
$
(81,936
)
$
66,975
$
69,166
Less:
Purchases of property and equipment
(52,062
)
(36,943
)
(102,510
)
(84,573
)
Free Cash Flow
$
(73,439
)
$
(118,879
)
$
(35,535
)
$
(15,407
)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Adjusted EBITDA reconciliation:
Net loss
$
(248,620
)
$
(377,308
)
$
(553,710
)
$
(705,982
)
Add (deduct):
Interest income
(36,462
)
(43,144
)
(76,360
)
(81,092
)
Interest expense
5,113
5,343
9,856
11,228
Other (income) expense, net
20,792
(1,323
)
20,873
(12,695
)
Income tax (benefit) expense
5,202
12,093
12,134
18,938
Depreciation and amortization
37,930
39,688
76,028
74,908
Stock-based compensation expense
258,946
317,943
513,661
632,874
Payroll and other tax expense related to
stock-based compensation
10,133
8,229
26,103
24,155
Restructuring charges (1)
1,943
—
72,051
—
Adjusted EBITDA
$
54,977
$
(38,479
)
$
100,636
$
(37,666
)
(1)
Restructuring charges primarily related to 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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Depreciation and amortization expense
(1):
Cost of revenue
$
1,872
$
3,170
$
4,022
$
6,396
Research and development
22,909
24,847
50,507
48,986
Sales and marketing
5,084
5,605
9,661
10,678
General and administrative
8,065
6,066
15,453
8,848
Total
$
37,930
$
39,688
$
79,643
$
74,908
(1)
Depreciation and amortization expense for the six months ended June
30, 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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Stock-based compensation expense
(1):
Cost of revenue
$
1,260
$
2,365
$
3,075
$
4,250
Research and development
171,465
217,565
345,984
437,415
Sales and marketing
52,208
57,597
106,864
112,536
General and administrative
34,378
40,416
67,140
78,673
Total
$
259,311
$
317,943
$
523,063
$
632,874
(1)
Stock-based compensation expense for the three and six months ended
June 30, 2024 includes restructuring charges.
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Non-GAAP net income (loss)
reconciliation:
Net loss
$
(248,620
)
$
(377,308
)
$
(553,710
)
$
(705,982
)
Amortization of intangible assets
14,950
18,405
30,393
36,160
Stock-based compensation expense
258,946
317,943
513,661
632,874
Payroll and other tax expense related to
stock-based compensation
10,133
8,229
26,103
24,155
Restructuring charges (1)
1,943
—
72,051
—
Income tax adjustments
(4,020
)
(269
)
(6,019
)
(237
)
Non-GAAP net income (loss)
$
33,332
$
(33,000
)
$
82,479
$
(13,030
)
Weighted-average common shares -
Diluted
1,644,736
1,603,172
1,646,064
1,592,365
Non-GAAP diluted net income (loss) per
share reconciliation:
Diluted net loss per share
$
(0.15
)
$
(0.24
)
$
(0.34
)
$
(0.44
)
Non-GAAP adjustment to net loss
0.17
0.22
0.39
0.43
Non-GAAP diluted net income (loss) per
share
$
0.02
$
(0.02
)
$
0.05
$
(0.01
)
(1)
Restructuring charges primarily related to 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)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
(NM = Not Meaningful)
Cash Flows and Shares
Net cash provided by (used in) operating
activities
$
151,102
$
(81,936
)
$
12,781
$
164,574
$
88,352
$
(21,377
)
Net cash provided by (used in) operating
activities - YoY (year-over-year)
19
%
34
%
(77
)%
31
%
(42
)%
74
%
Net cash provided by (used in) operating
activities - TTM (trailing twelve months)
$
208,257
$
250,402
$
207,238
$
246,521
$
183,771
$
244,330
Purchases of property and equipment
$
(47,630
)
$
(36,943
)
$
(73,435
)
$
(53,719
)
$
(50,448
)
$
(52,062
)
Purchases of property and equipment -
YoY
125
%
58
%
94
%
14
%
6
%
41
%
Purchases of property and equipment -
TTM
$
(155,761
)
$
(169,334
)
$
(204,933
)
$
(211,727
)
$
(214,545
)
$
(229,664
)
Free Cash Flow
$
103,472
$
(118,879
)
$
(60,654
)
$
110,855
$
37,904
$
(73,439
)
Free Cash Flow - YoY
(3
)%
19
%
(435
)%
41
%
(63
)%
38
%
Free Cash Flow - TTM
$
52,496
$
81,068
$
2,305
$
34,794
$
(30,774
)
$
14,666
Common shares outstanding
1,595,205
1,616,119
1,638,905
1,645,496
1,643,120
1,653,820
Common shares outstanding - YoY
(2
)%
(2
)%
2
%
5
%
3
%
2
%
Shares underlying stock-based awards
128,218
149,065
154,525
157,981
146,240
144,315
Shares underlying stock-based awards -
YoY
71
%
62
%
63
%
20
%
14
%
(3
)%
Total common shares outstanding plus
shares underlying stock-based awards
1,723,423
1,765,184
1,793,430
1,803,477
1,789,360
1,798,135
Total common shares outstanding plus
shares underlying stock-based awards - YoY
1
%
2
%
5
%
6
%
4
%
2
%
Results of Operations
Revenue
$
988,608
$
1,067,669
$
1,188,551
$
1,361,287
$
1,194,773
$
1,236,768
Revenue - YoY
(7
)%
(4
)%
5
%
5
%
21
%
16
%
Revenue - TTM
$
4,527,728
$
4,484,488
$
4,544,563
$
4,606,115
$
4,812,280
$
4,981,379
Revenue by region (1)
North America
$
639,896
$
686,829
$
786,154
$
899,542
$
743,131
$
767,560
North America - YoY
(16
)%
(13
)%
(3
)%
2
%
16
%
12
%
North America - TTM
$
3,117,489
$
3,018,637
$
2,993,189
$
3,012,421
$
3,115,656
$
3,196,387
Europe
$
157,760
$
182,109
$
200,272
$
238,253
$
195,844
$
229,835
Europe - YoY
(3
)%
7
%
24
%
9
%
24
%
26
%
Europe - TTM
$
707,805
$
719,817
$
758,693
$
778,394
$
816,478
$
864,204
Rest of World
$
190,952
$
198,731
$
202,125
$
223,492
$
255,798
$
239,373
Rest of World - YoY
34
%
28
%
30
%
11
%
34
%
20
%
Rest of World - TTM
$
702,434
$
746,034
$
792,681
$
815,300
$
880,146
$
920,788
Operating loss
$
(365,264
)
$
(404,339
)
$
(380,063
)
$
(248,713
)
$
(333,232
)
$
(253,975
)
Operating loss - YoY
(35
)%
(1
)%
13
%
14
%
9
%
37
%
Operating loss - Margin
(37
)%
(38
)%
(32
)%
(18
)%
(28
)%
(21
)%
Operating loss - TTM
$
(1,489,043
)
$
(1,492,442
)
$
(1,437,263
)
$
(1,398,379
)
$
(1,366,347
)
$
(1,215,983
)
Net income (loss)
$
(328,674
)
$
(377,308
)
$
(368,256
)
$
(248,247
)
$
(305,090
)
$
(248,620
)
Net income (loss) - YoY
9
%
11
%
(2
)%
14
%
7
%
34
%
Net income (loss) - TTM
$
(1,398,703
)
$
(1,353,944
)
$
(1,362,698
)
$
(1,322,485
)
$
(1,298,901
)
$
(1,170,213
)
Adjusted EBITDA
$
813
$
(38,479
)
$
40,094
$
159,149
$
45,659
$
54,977
Adjusted EBITDA - YoY
(99
)%
(635
)%
(45
)%
(32
)%
NM
243
%
Adjusted EBITDA - Margin (2)
0.1
%
(4
)%
3
%
12
%
4
%
4
%
Adjusted EBITDA - TTM
$
313,918
$
268,249
$
235,703
$
161,577
$
206,423
$
299,879
(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)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Other
DAU (in millions) (1)
383
397
406
414
422
432
DAU - YoY
15
%
14
%
12
%
10
%
10
%
9
%
DAU by region (in millions)
North America
100
101
101
100
100
100
North America - YoY
3
%
2
%
1
%
—
%
(1
)%
—
%
Europe
93
94
95
96
96
97
Europe - YoY
10
%
9
%
7
%
4
%
4
%
3
%
Rest of World
190
202
211
218
226
235
Rest of World - YoY
27
%
25
%
21
%
19
%
19
%
16
%
ARPU
$
2.58
$
2.69
$
2.93
$
3.29
$
2.83
$
2.86
ARPU - YoY
(19
)%
(16
)%
(6
)%
(5
)%
10
%
6
%
ARPU by region
North America
$
6.37
$
6.83
$
7.82
$
8.96
$
7.44
$
7.67
North America - YoY
(18
)%
(14
)%
(4
)%
2
%
17
%
12
%
Europe
$
1.70
$
1.93
$
2.11
$
2.49
$
2.04
$
2.36
Europe - YoY
(12
)%
(2
)%
15
%
5
%
20
%
22
%
Rest of World
$
1.00
$
0.98
$
0.96
$
1.03
$
1.13
$
1.02
Rest of World - YoY
6
%
3
%
8
%
(7
)%
13
%
4
%
Employees (full-time; excludes part-time,
contractors, and temporary personnel)
5,201
5,286
5,367
5,289
4,835
4,719
Employees - YoY
(15
)%
(18
)%
(6
)%
—
%
(7
)%
(11
)%
Depreciation and amortization
expense
Cost of revenue
$
3,226
$
3,170
$
3,184
$
3,171
$
2,150
$
1,872
Research and development
24,139
24,847
26,252
31,040
27,598
22,909
Sales and marketing
5,073
5,605
5,466
10,017
4,577
5,084
General and administrative
2,782
6,066
6,307
8,096
7,388
8,065
Total
$
35,220
$
39,688
$
41,209
$
52,324
$
41,713
$
37,930
Depreciation and amortization expense -
YoY
(8
)%
(50
)%
14
%
8
%
18
%
(4
)%
Stock-based compensation
expense
Cost of revenue
$
1,885
$
2,365
$
2,640
$
2,665
$
1,815
$
1,260
Research and development
219,850
217,565
234,615
220,996
174,519
171,465
Sales and marketing
54,939
57,597
72,783
70,369
54,656
52,208
General and administrative
38,257
40,416
47,895
39,167
32,762
34,378
Total
$
314,931
$
317,943
$
357,933
$
333,197
$
263,752
$
259,311
Stock-based compensation expense - YoY
14
%
—
%
4
%
(26
)%
(16
)%
(18
)%
(1)
Numbers may not foot due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801762888/en/
Investors and Analysts: ir@snap.com
Press: press@snap.com
Snap (NYSE:SNAP)
過去 株価チャート
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過去 株価チャート
から 9 2023 まで 9 2024