Day by day Energetic Customers elevated 19% year-over-year to 363 million
Income elevated 6% year-over-year to $1,128 million
Working money circulate was $56 million and Free Money Circulation was $18 million
SANTA MONICA, Calif.–(BUSINESS WIRE)–
Snap Inc. (NYSE: SNAP) as we speak introduced monetary outcomes for the quarter ended September 30, 2022.
“This quarter we took motion to additional focus our enterprise on our three strategic priorities: rising our neighborhood and deepening their engagement with our merchandise, reaccelerating and diversifying our income development, and investing in augmented actuality,” mentioned Evan Spiegel, CEO. “The expansion of our neighborhood to 363 million day by day lively customers, a rise of 19% year-over-year, continues to increase our long-term alternative as we navigate this unstable macroeconomic surroundings.”
Snap Inc. additionally introduced as we speak its board of administrators has approved a inventory repurchase program of as much as $500 million of its Class A standard inventory. Repurchases of the Class A standard inventory could also be made on a discretionary foundation every now and then, both via open market transactions (together with via Rule 10b5-1 buying and selling plans) or via privately negotiated transactions in accordance with relevant securities legal guidelines. The timing and precise variety of shares repurchased will rely upon quite a lot of components, together with inventory value, buying and selling quantity, market and financial circumstances, and different basic enterprise concerns. Repurchases beneath this system have been approved for the subsequent 12 months however this system could also be modified, suspended, or terminated at any time.
The objective of this system is to make the most of the corporate’s sturdy steadiness sheet to opportunistically offset a portion of the dilution associated to the issuance of restricted inventory items to workers as a part of the general compensation program designed to foster an possession tradition.
Repurchases beneath this program will likely be funded from present money and money equivalents. As of September 30, 2022, Snap had $4.4 billion in money, money equivalents, and marketable securities.
Q3 2022 Monetary Abstract
- Income elevated 6% to $1,128 million, in comparison with the prior yr.
- Web loss was $360 million, together with restructuring prices of $155 million, in comparison with $72 million within the prior yr.
- Adjusted EBITDA was $73 million, in comparison with $174 million within the prior yr.
- Working money circulate was $56 million, in comparison with $72 million within the prior yr.
- Free Money Circulation was $18 million, in comparison with $52 million within the prior yr.
|
|
Three Months Ended |
|
|
P.c |
|
|
9 Months Ended |
|
|
P.c |
|
||||||||||||
|
|
2022 |
|
|
2021 |
|
|
Change |
|
|
2022 |
|
|
2021 |
|
|
Change |
|
||||||
|
(Unaudited) |
(in 1000’s, besides per share quantities) |
|
|
|
|
|
|||||||||||||||||
|
Income |
$ |
1,128,476 |
|
|
$ |
1,067,471 |
|
|
|
6 |
% |
|
$ |
3,302,112 |
|
|
$ |
2,819,163 |
|
|
|
17 |
% |
|
Working loss |
$ |
(435,242 |
) |
|
$ |
(180,824 |
) |
|
|
(141 |
)% |
|
$ |
(1,107,709 |
) |
|
$ |
(676,942 |
) |
|
|
(64 |
)% |
|
Web loss |
$ |
(359,502 |
) |
|
$ |
(71,959 |
) |
|
|
(400 |
)% |
|
$ |
(1,141,193 |
) |
|
$ |
(510,505 |
) |
|
|
(124 |
)% |
|
Adjusted EBITDA(1) |
$ |
72,640 |
|
|
$ |
174,199 |
|
|
|
(58 |
)% |
|
$ |
144,298 |
|
|
$ |
289,893 |
|
|
|
(50 |
)% |
|
Web money offered by (utilized in) working actions |
$ |
55,945 |
|
|
$ |
71,552 |
|
|
|
(22 |
)% |
|
$ |
59,323 |
|
|
$ |
107,352 |
|
|
|
(45 |
)% |
|
Free Money Circulation(2) |
$ |
18,109 |
|
|
$ |
51,716 |
|
|
|
(65 |
)% |
|
$ |
(23,058 |
) |
|
$ |
62,042 |
|
|
|
(137 |
)% |
|
Diluted internet loss per share attributable to frequent stockholders |
$ |
(0.22 |
) |
|
$ |
(0.05 |
) |
|
|
(347 |
)% |
|
$ |
(0.70 |
) |
|
$ |
(0.33 |
) |
|
|
(113 |
)% |
|
Non-GAAP diluted internet earnings (loss) per share(3) |
$ |
0.08 |
|
|
$ |
0.17 |
|
|
|
(52 |
)% |
|
$ |
0.04 |
|
|
$ |
0.27 |
|
|
|
(86 |
)% |
|
Frequent shares excellent plus shares underlying stock-based awards |
|
1,700,640 |
|
|
|
1,697,879 |
|
|
|
0 |
% |
|
|
1,700,640 |
|
|
|
1,697,879 |
|
|
|
0 |
% |
|
(1) |
See web page 11 for reconciliation of internet loss to Adjusted EBITDA. Within the third quarter of 2022, we initiated a strategic reprioritization plan, which included a discount of our international worker headcount by roughly 20%. Restructuring prices within the third quarter of 2022 had been $154.6 million, composed primarily of severance and associated prices, stock-based compensation expense, lease exit and associated prices, impairment prices, and contract termination prices. |
|
|
(2) |
See web page 11 for reconciliation of internet money offered by (utilized in) working actions to Free Money Circulation. |
|
|
(3) |
See web page 12 for reconciliation of diluted internet loss per share to non-GAAP diluted internet earnings (loss) per share.
|
Q3 2022 Abstract & Key Highlights
We grew and deepened our engagement with our neighborhood:
- DAUs had been 363 million in Q3 2022, a rise of 57 million, or 19% year-over-year.
- DAUs elevated sequentially and year-over-year in every of North America, Europe, and Remainder of World.
- Complete time spent watching Highlight content material grew 55% year-over-year.
- Day by day common time spent for Snapchatters 35 and older watching Exhibits and writer content material elevated by greater than 40% year-over-year.
- We expanded Snapchat for Net, making it accessible to our complete neighborhood to remain linked with family and friends after they’re at their computer systems.
- We launched Snapchat’s Household Heart, a brand new instrument to assist mother and father acquire perception into who their teenagers are chatting with on Snapchat whereas defending their privateness.
- We launched our new Lock Display screen Widget, accessible now with iOS16, which makes conversations with mates accessible with one faucet from the lock display screen.
- We launched Snapchat Sounds Creator Fund, offering month-to-month grants designed to acknowledge rising, impartial artists for the vital position they play in driving video creations, inspiring web tendencies, and defining cultural moments.
- We introduced the inaugural class of our Black Creator Accelerator, our first accelerator program designed to help and highlight rising Black creators on their journey to make content material creation a full-time profession.
We’re targeted on increasing and diversifying our income development:
- Snapchat+, our subscription service for unique, experimental, and pre-release options, reached over 1.5 million paying subscribers in Q3 and is now supplied in over 170 nations.
- We joined Walmart Join as an Innovation Accomplice, enabling advertisers to succeed in our massive and engaged viewers via our video and augmented actuality advert codecs.
- Clothes retailer American Eagle, leveraged catalog-powered Procuring Lenses that allowed Snapchatters to interact with and even buy particular person objects in augmented actuality, driving greater than 11 million impressions with a mean playtime of practically 30 seconds.
- Furnishings retailer Skeidar developed a Lens the place Snapchatters may discover various kinds of out of doors backyard furnishings in AR, leading to a rise of +21 factors in model favorability and +14 factors in motion intent, which in flip drove a 14x improve in return on advert spend.
- We continued investing in Dynamic Advertisements for Commerce and Journey, specializing in catalog onboarding expertise enhancements, machine studying enhancements in rating and supply, and advert format updates that enhance outcomes for advertisers.
- We continued investments in rating and optimization to ship measurable enterprise outcomes to advertisers. We rolled out greater than 15 new machine studying fashions, which improved efficiency, pricing, and conversion charge of App and Net-related bidding targets.
- We improved Snap Pixel efficiency and Conversions API (CAPI) protection and the standard of server-to-server integrations by collaborating carefully with clients and beginning a program targeted on our enterprise shoppers.
- We launched the aptitude to execute 2-layered Elevate checks, which allows advertisers to measure combination ROI whereas concurrently operating A/B testing. We additionally improved in-app survey pattern assortment, which allows model advertisers to extra confidently measure the returns of their model campaigns.
- We invested in our cross-border options which allow international advertisers to enhance the personalization of advertisements for Snapchatters via multi-language advert units and new first get together location concentrating on choices.
We invested in our augmented actuality platform:
- We unveiled a number of new options and capabilities in our newest Lens Studio launch, together with Spatial Persistence, Two Fingers Monitoring, Voice ML’s Query Answering Service, and Face Occlusion.
- We made vital strides within the enlargement and testing of our AR creation suite, and we’ve now onboarded over 15 new beta companions who’re already designing Procuring Lenses created with our AR Picture expertise.
- To kick off the LA Rams season, we partnered with the LA Rams and SoFi Stadium to carry Snapchat Lenses to enviornment screens via a novel Digicam Equipment integration that applies AR experiences inside the venue and broadcast environments, in 4K and actual time.
- In celebration of Vogue’s one hundred and thirtieth anniversary, we collaborated on a number of custom-built AR experiences for Snapchat x Vogue World in New York, leveraging our newest Snap AR expertise, together with sky segmentation and floor monitoring, to intensify the realism of the results.
- To have fun HBO’s premiere of Home of the Dragon, we labored with Lens Creators world wide to construct {custom} Landmarkers that introduced the present’s dragons off the TV and into the sky.
- We partnered with the German authorities to lift consciousness in regards to the local weather disaster and the overwhelming quantity of plastic waste produced annually by launching two new AR Lenses that assist give the Snapchat neighborhood a voice on this necessary subject.
Monetary Steering
Given uncertainties associated to the working surroundings, we aren’t offering our expectations for income or adjusted EBITDA for the fourth quarter of 2022.
Convention Name Info
Snap Inc. will host a convention name to debate the outcomes at 2:30 p.m. Pacific / 5:30 p.m. Japanese as we speak. The reside audio webcast together with supplemental data will likely be accessible at investor.snap.com. A recording of the webcast may also be accessible following the convention name.
Snap Inc. makes use of its web sites (together with snap.com and investor.snap.com) as means of exposing materials private data and for complying with its disclosure obligation beneath Regulation FD.
Definitions
Free Money Circulation is outlined as internet money offered by (utilized in) working actions, decreased by purchases of property and tools.
Frequent shares excellent plus shares underlying stock-based awards consists of frequent shares excellent, restricted inventory items, restricted inventory awards, and excellent inventory choices.
Adjusted EBITDA is outlined as internet earnings (loss), excluding curiosity earnings; curiosity expense, different earnings (expense), internet; earnings tax profit (expense); depreciation and amortization; stock-based compensation expense; payroll and different tax expense associated to stock-based compensation; and sure different non-cash or non-recurring objects impacting internet earnings (loss) every now and then.
A Day by day Energetic Person (DAU) is outlined as a registered Snapchat consumer who opens the Snapchat utility at the very least as soon as throughout an outlined 24-hour interval. We calculate common DAUs for a selected quarter by including the variety of DAUs on every day of that quarter and dividing that sum by the variety of days in that quarter.
Common income per consumer (ARPU) is outlined as quarterly income divided by the common DAUs.
A Month-to-month Energetic Person (MAU) is outlined as a registered Snapchat consumer who opens the Snapchat utility at the very least as soon as in the course of the 30-day interval ending on the calendar month-end. We calculate common Month-to-month Energetic Customers for a selected quarter by calculating the common of the MAUs as of every calendar month-end in that quarter.
Word: For changes and extra data relating to the non-GAAP monetary measures and different objects mentioned, please see “Non-GAAP Monetary Measures,” “Reconciliation of GAAP to Non-GAAP Monetary Measures,” and “Supplemental Monetary Info and Enterprise Metrics.”
About Snap Inc.
Snap Inc. is a digital camera firm. We consider that reinventing the digital camera represents our best alternative to enhance the best way individuals reside and talk. We contribute to human progress by empowering individuals to precise themselves, reside within the second, study in regards to the world, and have enjoyable collectively. For extra data, go to snap.com.
Ahead-Wanting Statements
This press launch accommodates forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, or the Securities Act, and Part 21E of the Securities Trade Act of 1934, as amended, or the Trade Act, about us and our business that contain substantial dangers and uncertainties. All statements apart from statements of historic details contained on this press launch, together with statements relating to steerage, our future outcomes of operations or monetary situation, our inventory repurchase program, future inventory dividends, enterprise technique and plans, consumer development and engagement, product initiatives, goals of administration for future operations, and advertiser and companion choices, are forward-looking statements. In some circumstances, you’ll be able to establish forward-looking statements as a result of they include phrases akin to “anticipate,” “consider,” “ponder,” “proceed,” “may,” “estimate,” “anticipate,” “going to,” “intend,” “could,” “plan,” “potential,” “predict,” “mission,” “ought to,” “goal,” “will,” or “would” or the detrimental of those phrases or different comparable phrases or expressions. We warning you that the foregoing could not embrace the entire forward-looking statements made on this press launch.
You shouldn’t depend on forward-looking statements as predictions of future occasions. Now we have primarily based the forward-looking statements contained on this press launch totally on our present expectations and projections about future occasions and tendencies, together with our monetary outlook, geo-political conflicts, and the COVID-19 pandemic, that we consider could proceed to have an effect on our enterprise, monetary situation, outcomes of operations, and prospects. These forward-looking statements are topic to dangers and uncertainties associated to: our monetary efficiency; our skill to achieve and maintain profitability; our skill to generate and maintain constructive money circulate; our skill to draw and retain customers, publishers, and advertisers; competitors and new market entrants; managing our worldwide enlargement and our development and future bills; compliance with new legal guidelines, laws, and govt actions; our skill to keep up, defend, and improve our mental property; our skill to reach present and new market segments; our skill to draw and retain certified and key personnel; our skill to repay excellent debt; future acquisitions, divestitures, or investments; and the potential hostile influence of local weather change, pure disasters, well being epidemics, macroeconomic circumstances, and struggle or different armed battle, in addition to dangers, uncertainties, and different components described in “Threat Components” and elsewhere in our most up-to-date periodic report filed with the U.S. Securities and Trade Fee, or SEC, which is obtainable on the SEC’s web site at www.sec.gov. Extra data will likely be made accessible in Snap Inc.’s periodic report that will likely be filed with the SEC for the interval coated by this press launch and different filings that we make every now and then with the SEC. As well as, any forward-looking statements contained on this press launch are primarily based on assumptions that we consider to be affordable as of this date. We undertake no obligation to replace any forward-looking statements to replicate occasions or circumstances after the date of this press launch or to replicate new data or the incidence of unanticipated occasions, together with future developments associated to geo-political conflicts, the COVID-19 pandemic, and macroeconomic circumstances, besides as required by regulation.
Non-GAAP Monetary Measures
To complement our consolidated monetary statements, that are ready and introduced in accordance with GAAP, we use sure non-GAAP monetary measures, as described beneath, to know and consider our core working efficiency. These non-GAAP monetary measures, which can be completely different than equally titled measures utilized by different firms, are introduced to reinforce traders’ general understanding of our monetary efficiency and shouldn’t be thought-about an alternative choice to, or superior to, the monetary data ready and introduced in accordance with GAAP.
We use the non-GAAP monetary measure of Free Money Circulation, which is outlined as internet money offered by (utilized in) working actions, decreased by purchases of property and tools. We consider Free Money Circulation is a crucial liquidity measure of the money that’s accessible, after capital expenditures, for operational bills and funding in our enterprise and is a key monetary indicator utilized by administration. Moreover, we consider that Free Money Circulation is a crucial measure since we use third-party infrastructure companions to host our providers and due to this fact we don’t incur vital capital expenditures to help income producing actions. Free Money Circulation is helpful to traders as a liquidity measure as a result of it measures our skill to generate or use money. As soon as our enterprise wants and obligations are met, money can be utilized to keep up a robust steadiness sheet and put money into future development.
We use the non-GAAP monetary measure of Adjusted EBITDA, which is outlined as internet earnings (loss); excluding curiosity earnings; curiosity expense; different earnings (expense), internet; earnings tax profit (expense); depreciation and amortization; stock-based compensation expense; payroll and different tax expense associated to stock-based compensation; and sure different non-cash or non-recurring objects impacting internet earnings (loss) every now and then. We consider that Adjusted EBITDA helps establish underlying tendencies in our enterprise that would in any other case be masked by the impact of the bills that we exclude in Adjusted EBITDA.
We use the non-GAAP monetary measure of non-GAAP internet earnings (loss), which is outlined as internet earnings (loss); excluding amortization of intangible belongings; stock-based compensation expense; payroll and different tax expense associated to stock-based compensation; sure different non-cash or non-recurring objects impacting internet earnings (loss) every now and then; and associated earnings tax changes. Non-GAAP internet earnings (loss) and weighted common diluted shares are then used to calculate non-GAAP diluted internet earnings (loss) per share. Just like Adjusted EBITDA, we consider these measures assist establish underlying tendencies in our enterprise that would in any other case be masked by the impact of the bills we exclude within the measure.
We consider that these non-GAAP monetary measures present helpful details about our monetary efficiency, improve the general understanding of our previous efficiency and future prospects, and permit for higher transparency with respect to key metrics utilized by our administration for monetary and operational decision-making. We’re presenting these non-GAAP measures to help traders in seeing our monetary efficiency via the eyes of administration, and since we consider that these measures present a further instrument for traders to make use of in evaluating our core monetary efficiency over a number of intervals with different firms in our business.
For a reconciliation of those non-GAAP monetary measures to essentially the most instantly comparable GAAP monetary measure, please see “Reconciliation of GAAP to Non-GAAP Monetary Measures.”
Snap Inc., “Snapchat,” and our different registered and customary regulation commerce names, logos, and repair marks are the property of Snap Inc. or our subsidiaries.
|
SNAP INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in 1000’s, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Money flows from working actions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web loss |
$ |
(359,502 |
) |
|
$ |
(71,959 |
) |
|
$ |
(1,141,193 |
) |
|
$ |
(510,505 |
) |
|
Changes to reconcile internet loss to internet money offered by (utilized in) working actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
36,291 |
|
|
|
32,510 |
|
|
|
153,682 |
|
|
|
84,278 |
|
|
Inventory-based compensation |
|
342,959 |
|
|
|
300,898 |
|
|
|
937,213 |
|
|
|
794,571 |
|
|
Amortization of debt issuance prices |
|
1,835 |
|
|
|
1,109 |
|
|
|
5,028 |
|
|
|
3,301 |
|
|
Losses (features) on debt and fairness securities, internet |
|
(75,778 |
) |
|
|
(121,007 |
) |
|
|
15,559 |
|
|
|
(223,527 |
) |
|
Induced conversion expense associated to convertible notes |
|
— |
|
|
|
4,536 |
|
|
|
— |
|
|
|
41,538 |
|
|
Different |
|
12,133 |
|
|
|
(732 |
) |
|
|
16,337 |
|
|
|
4,019 |
|
|
Change in working belongings and liabilities, internet of impact of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, internet of allowance |
|
17,410 |
|
|
|
(132,908 |
) |
|
|
62,436 |
|
|
|
(178,044 |
) |
|
Pay as you go bills and different present belongings |
|
7,044 |
|
|
|
(4,191 |
) |
|
|
(32,114 |
) |
|
|
(15,562 |
) |
|
Working lease right-of-use belongings |
|
17,922 |
|
|
|
11,470 |
|
|
|
53,205 |
|
|
|
35,217 |
|
|
Different belongings |
|
(5,095 |
) |
|
|
(4,204 |
) |
|
|
(12,633 |
) |
|
|
(5,440 |
) |
|
Accounts payable |
|
9,381 |
|
|
|
11,084 |
|
|
|
60,442 |
|
|
|
17,430 |
|
|
Accrued bills and different present liabilities |
|
60,036 |
|
|
|
56,687 |
|
|
|
(17,184 |
) |
|
|
89,726 |
|
|
Working lease liabilities |
|
(12,116 |
) |
|
|
(13,911 |
) |
|
|
(46,431 |
) |
|
|
(35,265 |
) |
|
Different liabilities |
|
3,425 |
|
|
|
2,170 |
|
|
|
4,976 |
|
|
|
5,615 |
|
|
Web money offered by (utilized in) working actions |
|
55,945 |
|
|
|
71,552 |
|
|
|
59,323 |
|
|
|
107,352 |
|
|
Money flows from investing actions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and tools |
|
(37,836 |
) |
|
|
(19,836 |
) |
|
|
(82,381 |
) |
|
|
(45,310 |
) |
|
Purchases of strategic investments |
|
(6,000 |
) |
|
|
(735 |
) |
|
|
(12,350 |
) |
|
|
(33,510 |
) |
|
Gross sales of strategic investments |
|
— |
|
|
|
— |
|
|
|
63,276 |
|
|
|
36,435 |
|
|
Money paid for acquisitions, internet of money acquired |
|
(19,650 |
) |
|
|
(37,375 |
) |
|
|
(31,658 |
) |
|
|
(176,591 |
) |
|
Purchases of marketable securities |
|
(821,830 |
) |
|
|
(609,176 |
) |
|
|
(2,732,266 |
) |
|
|
(1,896,766 |
) |
|
Gross sales of marketable securities |
|
39,158 |
|
|
|
19,999 |
|
|
|
51,917 |
|
|
|
367,555 |
|
|
Maturities of marketable securities |
|
923,871 |
|
|
|
492,921 |
|
|
|
1,820,442 |
|
|
|
2,006,744 |
|
|
Different |
|
(12,648 |
) |
|
|
(1,000 |
) |
|
|
(18,141 |
) |
|
|
(1,335 |
) |
|
Web money offered by (utilized in) investing actions |
|
65,065 |
|
|
|
(155,202 |
) |
|
|
(941,161 |
) |
|
|
257,222 |
|
|
Money flows from financing actions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible notes, internet of issuance prices |
|
— |
|
|
|
— |
|
|
|
1,483,500 |
|
|
|
1,137,227 |
|
|
Buy of capped calls |
|
— |
|
|
|
— |
|
|
|
(177,000 |
) |
|
|
(86,825 |
) |
|
Proceeds from the train of inventory choices |
|
217 |
|
|
|
4,045 |
|
|
|
3,871 |
|
|
|
11,755 |
|
|
Funds of debt issuance prices |
|
— |
|
|
|
— |
|
|
|
(3,006 |
) |
|
|
— |
|
|
Repurchases of Class A non-voting frequent inventory |
|
(500,513 |
) |
|
|
— |
|
|
|
(500,513 |
) |
|
|
— |
|
|
Web money offered by (utilized in) financing actions |
|
(500,296 |
) |
|
|
4,045 |
|
|
|
806,852 |
|
|
|
1,062,157 |
|
|
Change in money, money equivalents, and restricted money |
|
(379,286 |
) |
|
|
(79,605 |
) |
|
|
(74,986 |
) |
|
|
1,426,731 |
|
|
Money, money equivalents, and restricted money, starting of interval |
|
2,299,023 |
|
|
|
2,052,879 |
|
|
|
1,994,723 |
|
|
|
546,543 |
|
|
Money, money equivalents, and restricted money, finish of interval |
$ |
1,919,737 |
|
|
$ |
1,973,274 |
|
|
$ |
1,919,737 |
|
|
$ |
1,973,274 |
|
|
Supplemental disclosures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money paid for earnings taxes, internet |
$ |
1,482 |
|
|
$ |
1,940 |
|
|
$ |
8,966 |
|
|
$ |
16,228 |
|
|
Money paid for curiosity |
$ |
4,186 |
|
|
$ |
3,508 |
|
|
$ |
8,191 |
|
|
$ |
10,249 |
|
|
SNAP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in 1000’s, besides per share quantities, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Income |
$ |
1,128,476 |
|
|
$ |
1,067,471 |
|
|
$ |
3,302,112 |
|
|
$ |
2,819,163 |
|
|
Prices and bills: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of income |
|
466,757 |
|
|
|
443,473 |
|
|
|
1,334,031 |
|
|
|
1,301,095 |
|
|
Analysis and improvement |
|
564,258 |
|
|
|
412,021 |
|
|
|
1,524,858 |
|
|
|
1,131,272 |
|
|
Gross sales and advertising and marketing |
|
270,336 |
|
|
|
217,526 |
|
|
|
823,596 |
|
|
|
547,536 |
|
|
Common and administrative |
|
262,367 |
|
|
|
175,275 |
|
|
|
727,336 |
|
|
|
516,202 |
|
|
Complete prices and bills |
|
1,563,718 |
|
|
|
1,248,295 |
|
|
|
4,409,821 |
|
|
|
3,496,105 |
|
|
Working loss |
|
(435,242 |
) |
|
|
(180,824 |
) |
|
|
(1,107,709 |
) |
|
|
(676,942 |
) |
|
Curiosity earnings |
|
18,445 |
|
|
|
1,257 |
|
|
|
29,899 |
|
|
|
3,645 |
|
|
Curiosity expense |
|
(5,425 |
) |
|
|
(4,031 |
) |
|
|
(16,147 |
) |
|
|
(13,626 |
) |
|
Different earnings (expense), internet |
|
71,961 |
|
|
|
112,631 |
|
|
|
(22,486 |
) |
|
|
176,971 |
|
|
Loss earlier than earnings taxes |
|
(350,261 |
) |
|
|
(70,967 |
) |
|
|
(1,116,443 |
) |
|
|
(509,952 |
) |
|
Earnings tax profit (expense) |
|
(9,241 |
) |
|
|
(992 |
) |
|
|
(24,750 |
) |
|
|
(553 |
) |
|
Web loss |
$ |
(359,502 |
) |
|
$ |
(71,959 |
) |
|
$ |
(1,141,193 |
) |
|
$ |
(510,505 |
) |
|
Web loss per share attributable to Class A, Class B, and Class C frequent stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental |
$ |
(0.22 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.33 |
) |
|
Diluted |
$ |
(0.22 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.33 |
) |
|
Weighted common shares utilized in computation of internet loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fundamental |
|
1,608,523 |
|
|
|
1,580,966 |
|
|
|
1,619,885 |
|
|
|
1,543,568 |
|
|
Diluted |
|
1,608,523 |
|
|
|
1,580,966 |
|
|
|
1,619,885 |
|
|
|
1,543,568 |
|
|
SNAP INC. CONSOLIDATED BALANCE SHEETS (in 1000’s, besides par worth) |
||||||||
|
|
September 30, |
|
|
December 31, |
|
|
||
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Belongings |
|
|
|
|
|
|
|
|
|
Present belongings |
|
|
|
|
|
|
|
|
|
Money and money equivalents |
$ |
1,918,845 |
|
|
$ |
1,993,809 |
|
|
|
Marketable securities |
|
2,510,107 |
|
|
|
1,699,076 |
|
|
|
Accounts receivable, internet of allowance |
|
992,747 |
|
|
|
1,068,873 |
|
|
|
Pay as you go bills and different present belongings |
|
115,973 |
|
|
|
92,244 |
|
|
|
Complete present belongings |
|
5,537,672 |
|
|
|
4,854,002 |
|
|
|
Property and tools, internet |
|
240,752 |
|
|
|
202,644 |
|
|
|
Working lease right-of-use belongings |
|
383,037 |
|
|
|
322,252 |
|
|
|
Intangible belongings, internet |
|
229,128 |
|
|
|
277,654 |
|
|
|
Goodwill |
|
1,632,796 |
|
|
|
1,588,452 |
|
|
|
Different belongings |
|
261,809 |
|
|
|
291,302 |
|
|
|
Complete belongings |
$ |
8,285,194 |
|
|
$ |
7,536,306 |
|
|
|
Liabilities and Stockholders’ Fairness |
|
|
|
|
|
|
|
|
|
Present liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
188,605 |
|
|
$ |
125,282 |
|
|
|
Working lease liabilities |
|
57,913 |
|
|
|
52,396 |
|
|
|
Accrued bills and different present liabilities |
|
893,414 |
|
|
|
674,108 |
|
|
|
Complete present liabilities |
|
1,139,932 |
|
|
|
851,786 |
|
|
|
Convertible senior notes, internet |
|
3,740,804 |
|
|
|
2,253,087 |
|
|
|
Working lease liabilities, noncurrent |
|
384,495 |
|
|
|
325,509 |
|
|
|
Different liabilities |
|
119,701 |
|
|
|
315,756 |
|
|
|
Complete liabilities |
|
5,384,932 |
|
|
|
3,746,138 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ fairness |
|
|
|
|
|
|
|
|
|
Class A non-voting frequent inventory, $0.00001 par worth. 3,000,000 shares approved, 1,402,916 shares issued, 1,351,604 shares excellent at September 30, 2022, and three,000,000 shares approved, 1,364,887 shares issued and excellent at December 31, 2021. |
|
14 |
|
|
|
14 |
|
|
|
Class B voting frequent inventory, $0.00001 par worth. 700,000 shares approved, 22,638 shares issued and excellent at September 30, 2022, and 700,000 shares approved, 22,769 shares issued and excellent at December 31, 2021. |
|
— |
|
|
|
— |
|
|
|
Class C voting frequent inventory, $0.00001 par worth. 260,888 shares approved, 231,627 shares issued and excellent at September 30, 2022, and 260,888 shares approved, 231,627 shares issued and excellent at December 31, 2021. |
|
2 |
|
|
|
2 |
|
|
|
Treasury inventory, at value. 51,312 shares of Class A non-voting frequent inventory at September 30, 2022. |
|
(500,513 |
) |
|
|
— |
|
|
|
Extra paid-in capital |
|
12,859,689 |
|
|
|
12,069,097 |
|
|
|
Accrued deficit |
|
(9,425,659 |
) |
|
|
(8,284,466 |
) |
|
|
Accrued different complete earnings (loss) |
|
(33,271 |
) |
|
|
5,521 |
|
|
|
Complete stockholders’ fairness |
|
2,900,262 |
|
|
|
3,790,168 |
|
|
|
Complete liabilities and stockholders’ fairness |
$ |
8,285,194 |
|
|
$ |
7,536,306 |
|
|
|
SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in 1000’s, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Free Money Circulation reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web money offered by (utilized in) working actions |
$ |
55,945 |
|
|
$ |
71,552 |
|
|
$ |
59,323 |
|
|
$ |
107,352 |
|
|
Much less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and tools |
|
(37,836 |
) |
|
|
(19,836 |
) |
|
|
(82,381 |
) |
|
|
(45,310 |
) |
|
Free Money Circulation |
$ |
18,109 |
|
|
$ |
51,716 |
|
|
$ |
(23,058 |
) |
|
$ |
62,042 |
|
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Adjusted EBITDA reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web loss |
$ |
(359,502 |
) |
|
$ |
(71,959 |
) |
|
$ |
(1,141,193 |
) |
|
$ |
(510,505 |
) |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiosity earnings |
|
(18,445 |
) |
|
|
(1,257 |
) |
|
|
(29,899 |
) |
|
|
(3,645 |
) |
|
Curiosity expense |
|
5,425 |
|
|
|
4,031 |
|
|
|
16,147 |
|
|
|
13,626 |
|
|
Different (earnings) expense, internet |
|
(71,961 |
) |
|
|
(112,631 |
) |
|
|
22,486 |
|
|
|
(176,971 |
) |
|
Earnings tax (profit) expense |
|
9,241 |
|
|
|
992 |
|
|
|
24,750 |
|
|
|
553 |
|
|
Depreciation and amortization |
|
34,068 |
|
|
|
32,510 |
|
|
|
151,459 |
|
|
|
84,278 |
|
|
Inventory-based compensation expense |
|
312,690 |
|
|
|
300,898 |
|
|
|
906,944 |
|
|
|
794,571 |
|
|
Payroll and different tax expense associated to stock-based compensation |
|
6,561 |
|
|
|
21,615 |
|
|
|
39,041 |
|
|
|
87,986 |
|
|
Restructuring prices (1) |
|
154,563 |
|
|
|
— |
|
|
|
154,563 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
72,640 |
|
|
$ |
174,199 |
|
|
$ |
144,298 |
|
|
$ |
289,893 |
|
|
(1) |
Restructuring prices within the third quarter of 2022 had been composed primarily of severance and associated prices of $91.1 million, stock-based compensation expense, lease exit and associated prices, impairment prices, and contract termination prices. These prices are non-recurring and never reflective of underlying tendencies in our enterprise. |
Complete depreciation and amortization expense by operate:
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Depreciation and amortization expense: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of income |
$ |
5,548 |
|
|
$ |
4,876 |
|
|
$ |
16,121 |
|
|
$ |
14,879 |
|
|
Analysis and improvement |
|
23,722 |
|
|
|
17,321 |
|
|
|
68,207 |
|
|
|
42,715 |
|
|
Gross sales and advertising and marketing |
|
4,586 |
|
|
|
6,306 |
|
|
|
61,039 |
|
|
|
14,654 |
|
|
Common and administrative |
|
2,435 |
|
|
|
4,007 |
|
|
|
8,315 |
|
|
|
12,030 |
|
|
Complete |
$ |
36,291 |
|
|
$ |
32,510 |
|
|
$ |
153,682 |
|
|
$ |
84,278 |
|
|
(1) |
Depreciation and amortization expense for the three and 9 months ended September 30, 2022 consists of restructuring prices. |
|
SNAP INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in 1000’s, besides per share quantities, unaudited) |
|||||||||||||||
|
Complete stock-based compensation expense by operate: |
|||||||||||||||
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Inventory-based compensation expense: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of income |
$ |
2,745 |
|
|
$ |
9,132 |
|
|
$ |
8,040 |
|
|
$ |
14,635 |
|
|
Analysis and improvement |
|
246,783 |
|
|
|
198,893 |
|
|
|
651,299 |
|
|
|
537,177 |
|
|
Gross sales and advertising and marketing |
|
43,098 |
|
|
|
51,675 |
|
|
|
133,746 |
|
|
|
118,250 |
|
|
Common and administrative |
|
50,333 |
|
|
|
41,198 |
|
|
|
144,128 |
|
|
|
124,509 |
|
|
Complete |
$ |
342,959 |
|
|
$ |
300,898 |
|
|
$ |
937,213 |
|
|
$ |
794,571 |
|
|
(1) |
Inventory-based compensation expense for the three and 9 months ended September 30, 2022 consists of restructuring prices. |
|
|
Three Months Ended |
|
|
9 Months Ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
|
Non-GAAP internet earnings (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web loss |
$ |
(359,502 |
) |
|
$ |
(71,959 |
) |
|
$ |
(1,141,193 |
) |
|
$ |
(510,505 |
) |
|
Amortization of intangible belongings |
|
18,701 |
|
|
|
18,148 |
|
|
|
105,340 |
|
|
|
42,956 |
|
|
Inventory-based compensation expense |
|
312,690 |
|
|
|
300,898 |
|
|
|
906,944 |
|
|
|
794,571 |
|
|
Payroll and different tax expense associated to stock-based compensation |
|
6,561 |
|
|
|
21,615 |
|
|
|
39,041 |
|
|
|
87,986 |
|
|
Restructuring prices |
|
154,563 |
|
|
|
— |
|
|
|
154,563 |
|
|
|
— |
|
|
Earnings tax changes |
|
(954 |
) |
|
|
(208 |
) |
|
|
(1,519 |
) |
|
|
182 |
|
|
Non-GAAP internet earnings (loss) |
$ |
132,059 |
|
|
$ |
268,494 |
|
|
$ |
63,176 |
|
|
$ |
415,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average frequent shares – Diluted |
|
1,608,523 |
|
|
|
1,580,966 |
|
|
|
1,619,885 |
|
|
|
1,543,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted internet earnings (loss) per share reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted internet loss per share |
$ |
(0.22 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.33 |
) |
|
Non-GAAP adjustment to internet loss |
|
0.30 |
|
|
|
0.22 |
|
|
|
0.74 |
|
|
|
0.60 |
|
|
Non-GAAP diluted internet earnings (loss) per share |
$ |
0.08 |
|
|
$ |
0.17 |
|
|
$ |
0.04 |
|
|
$ |
0.27 |
|
|
SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS ({dollars} and shares in 1000’s, besides per consumer quantities, unaudited) |
|||||||||||||||||||||||
|
|
Q2 2021 |
|
|
Q3 2021 |
|
|
This autumn 2021 |
|
|
Q1 2022 |
|
|
Q2 2022 |
|
|
Q3 2022 |
|
||||||
|
Money Flows and Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Web money offered by (utilized in) working actions |
$ |
(101,086 |
) |
|
$ |
71,552 |
|
|
$ |
185,528 |
|
|
$ |
127,459 |
|
|
$ |
(124,081 |
) |
|
$ |
55,945 |
|
|
Web money offered by (utilized in) working actions – YoY (year-over-year) |
|
(52 |
)% |
|
|
231 |
% |
|
|
453 |
% |
|
|
(7 |
)% |
|
|
23 |
% |
|
|
(22 |
)% |
|
Web money offered by (utilized in) working actions – TTM (trailing twelve months) |
$ |
(71,573 |
) |
|
$ |
54,807 |
|
|
$ |
292,880 |
|
|
$ |
283,453 |
|
|
$ |
260,458 |
|
|
$ |
244,851 |
|
|
Purchases of property and tools |
$ |
(14,623 |
) |
|
$ |
(19,836 |
) |
|
$ |
(24,565 |
) |
|
$ |
(21,175 |
) |
|
$ |
(23,370 |
) |
|
$ |
(37,836 |
) |
|
Purchases of property and tools – YoY |
|
(7 |
)% |
|
|
35 |
% |
|
|
49 |
% |
|
|
95 |
% |
|
|
60 |
% |
|
|
91 |
% |
|
Purchases of property and tools – TTM |
$ |
(56,648 |
) |
|
$ |
(61,757 |
) |
|
$ |
(69,875 |
) |
|
$ |
(80,199 |
) |
|
$ |
(88,946 |
) |
|
$ |
(106,946 |
) |
|
Free Money Circulation |
$ |
(115,709 |
) |
|
$ |
51,716 |
|
|
$ |
160,963 |
|
|
$ |
106,284 |
|
|
$ |
(147,451 |
) |
|
$ |
18,109 |
|
|
Free Money Circulation – YoY |
|
(41 |
)% |
|
|
174 |
% |
|
|
333 |
% |
|
|
(16 |
)% |
|
|
27 |
% |
|
|
(65 |
)% |
|
Free Money Circulation – TTM |
$ |
(128,221 |
) |
|
$ |
(6,950 |
) |
|
$ |
223,005 |
|
|
$ |
203,254 |
|
|
$ |
171,512 |
|
|
$ |
137,905 |
|
|
Frequent shares excellent |
|
1,576,744 |
|
|
|
1,605,153 |
|
|
|
1,619,283 |
|
|
|
1,632,563 |
|
|
|
1,644,974 |
|
|
|
1,605,868 |
|
|
Frequent shares excellent – YoY |
|
8 |
% |
|
|
8 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
4 |
% |
|
|
0 |
% |
|
Shares underlying stock-based awards |
|
104,516 |
|
|
|
92,726 |
|
|
|
82,814 |
|
|
|
75,066 |
|
|
|
92,105 |
|
|
|
94,772 |
|
|
Shares underlying stock-based awards – YoY |
|
(31 |
)% |
|
|
(33 |
)% |
|
|
(34 |
)% |
|
|
(32 |
)% |
|
|
(12 |
)% |
|
|
2 |
% |
|
Complete frequent shares excellent plus shares underlying stock-based awards |
|
1,681,260 |
|
|
|
1,697,879 |
|
|
|
1,702,097 |
|
|
|
1,707,629 |
|
|
|
1,737,079 |
|
|
|
1,700,640 |
|
|
Complete frequent shares excellent plus shares underlying stock-based awards – YoY |
|
4 |
% |
|
|
5 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
|
3 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outcomes of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income |
$ |
982,108 |
|
|
$ |
1,067,471 |
|
|
$ |
1,297,885 |
|
|
$ |
1,062,727 |
|
|
$ |
1,110,909 |
|
|
$ |
1,128,476 |
|
|
Income – YoY |
|
116 |
% |
|
|
57 |
% |
|
|
42 |
% |
|
|
38 |
% |
|
|
13 |
% |
|
|
6 |
% |
|
Income – TTM |
$ |
3,341,682 |
|
|
$ |
3,730,485 |
|
|
$ |
4,117,048 |
|
|
$ |
4,410,191 |
|
|
$ |
4,538,992 |
|
|
$ |
4,599,997 |
|
|
Income by area(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
701,735 |
|
|
$ |
786,917 |
|
|
$ |
932,077 |
|
|
$ |
758,261 |
|
|
$ |
785,681 |
|
|
$ |
811,602 |
|
|
North America – YoY |
|
129 |
% |
|
|
60 |
% |
|
|
41 |
% |
|
|
37 |
% |
|
|
12 |
% |
|
|
3 |
% |
|
North America – TTM |
$ |
2,406,798 |
|
|
$ |
2,700,787 |
|
|
$ |
2,973,701 |
|
|
$ |
3,178,990 |
|
|
$ |
3,262,936 |
|
|
$ |
3,287,621 |
|
|
Europe |
$ |
152,268 |
|
|
$ |
153,121 |
|
|
$ |
208,912 |
|
|
$ |
162,132 |
|
|
$ |
170,097 |
|
|
$ |
161,396 |
|
|
Europe – YoY |
|
94 |
% |
|
|
49 |
% |
|
|
48 |
% |
|
|
43 |
% |
|
|
12 |
% |
|
|
5 |
% |
|
Europe – TTM |
$ |
509,975 |
|
|
$ |
560,616 |
|
|
$ |
627,920 |
|
|
$ |
676,433 |
|
|
$ |
694,262 |
|
|
$ |
702,537 |
|
|
Remainder of World |
$ |
128,105 |
|
|
$ |
127,433 |
|
|
$ |
156,896 |
|
|
$ |
142,334 |
|
|
$ |
155,131 |
|
|
$ |
155,478 |
|
|
Remainder of World – YoY |
|
86 |
% |
|
|
53 |
% |
|
|
42 |
% |
|
|
38 |
% |
|
|
21 |
% |
|
|
22 |
% |
|
Remainder of World – TTM |
$ |
424,909 |
|
|
$ |
469,082 |
|
|
$ |
515,427 |
|
|
$ |
554,768 |
|
|
$ |
581,794 |
|
|
$ |
609,839 |
|
|
Working loss |
$ |
(192,512 |
) |
|
$ |
(180,824 |
) |
|
$ |
(25,127 |
) |
|
$ |
(271,527 |
) |
|
$ |
(400,940 |
) |
|
$ |
(435,242 |
) |
|
Working loss – YoY |
|
38 |
% |
|
|
(8 |
)% |
|
|
74 |
% |
|
|
11 |
% |
|
|
(108 |
)% |
|
|
(141 |
)% |
|
Working loss – Margin |
|
(20 |
)% |
|
|
(17 |
)% |
|
|
(2 |
)% |
|
|
(26 |
)% |
|
|
(36 |
)% |
|
|
(39 |
)% |
|
Working loss – TTM |
$ |
(761,218 |
) |
|
$ |
(774,178 |
) |
|
$ |
(702,069 |
) |
|
$ |
(669,990 |
) |
|
$ |
(878,418 |
) |
|
$ |
(1,132,836 |
) |
|
Web earnings (loss) |
$ |
(151,664 |
) |
|
$ |
(71,959 |
) |
|
$ |
22,550 |
|
|
$ |
(359,624 |
) |
|
$ |
(422,067 |
) |
|
$ |
(359,502 |
) |
|
Web earnings (loss) – YoY |
|
53 |
% |
|
|
64 |
% |
|
|
120 |
% |
|
|
(25 |
)% |
|
|
(178 |
)% |
|
|
(400 |
)% |
|
Web earnings (loss) – TTM |
$ |
(751,498 |
) |
|
$ |
(623,604 |
) |
|
$ |
(487,955 |
) |
|
$ |
(560,697 |
) |
|
$ |
(831,100 |
) |
|
$ |
(1,118,643 |
) |
|
Adjusted EBITDA |
$ |
117,403 |
|
|
$ |
174,199 |
|
|
$ |
326,793 |
|
|
$ |
64,468 |
|
|
$ |
7,190 |
|
|
$ |
72,640 |
|
|
Adjusted EBITDA – YoY |
|
223 |
% |
|
|
209 |
% |
|
|
97 |
% |
|
|
3872 |
% |
|
|
(94 |
)% |
|
|
(58 |
)% |
|
Adjusted EBITDA – Margin(2) |
|
12 |
% |
|
|
16 |
% |
|
|
25 |
% |
|
|
6 |
% |
|
|
1 |
% |
|
|
6 |
% |
|
Adjusted EBITDA – TTM |
$ |
337,664 |
|
|
$ |
455,502 |
|
|
$ |
616,686 |
|
|
$ |
682,863 |
|
|
$ |
572,650 |
|
|
$ |
471,091 |
|
|
(1) |
Complete income for geographic reporting is apportioned to every area primarily based on our dedication of the geographic location wherein promoting impressions are delivered, as this approximates income primarily based on consumer exercise. This allocation is in keeping with how we decide ARPU. |
|
|
(2) |
We outline Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP income. |
|
SNAP INC. SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued) ({dollars} and shares in 1000’s, besides per consumer quantities, unaudited) |
|||||||||||||||||||||||
|
|
Q2 2021 |
|
|
Q3 2021 |
|
|
This autumn 2021 |
|
|
Q1 2022 |
|
|
Q2 2022 |
|
|
Q3 2022 |
|
||||||
|
Different |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DAU (in tens of millions) |
|
293 |
|
|
|
306 |
|
|
|
319 |
|
|
|
332 |
|
|
|
347 |
|
|
|
363 |
|
|
DAU – YoY |
|
23 |
% |
|
|
23 |
% |
|
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
19 |
% |
|
DAU by area (in tens of millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
95 |
|
|
|
96 |
|
|
|
97 |
|
|
|
98 |
|
|
|
99 |
|
|
|
100 |
|
|
North America – YoY |
|
6 |
% |
|
|
7 |
% |
|
|
6 |
% |
|
|
5 |
% |
|
|
4 |
% |
|
|
4 |
% |
|
Europe |
|
78 |
|
|
|
80 |
|
|
|
82 |
|
|
|
84 |
|
|
|
86 |
|
|
|
88 |
|
|
Europe – YoY |
|
10 |
% |
|
|
11 |
% |
|
|
11 |
% |
|
|
10 |
% |
|
|
10 |
% |
|
|
11 |
% |
|
Remainder of World |
|
120 |
|
|
|
130 |
|
|
|
140 |
|
|
|
150 |
|
|
|
162 |
|
|
|
175 |
|
|
Remainder of World – YoY |
|
55 |
% |
|
|
49 |
% |
|
|
41 |
% |
|
|
36 |
% |
|
|
35 |
% |
|
|
34 |
% |
|
ARPU |
$ |
3.35 |
|
|
$ |
3.49 |
|
|
$ |
4.06 |
|
|
$ |
3.20 |
|
|
$ |
3.20 |
|
|
$ |
3.11 |
|
|
ARPU – YoY |
|
76 |
% |
|
|
28 |
% |
|
|
18 |
% |
|
|
17 |
% |
|
|
(4 |
)% |
|
|
(11 |
)% |
|
ARPU by area |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
7.37 |
|
|
$ |
8.20 |
|
|
$ |
9.58 |
|
|
$ |
7.77 |
|
|
$ |
7.93 |
|
|
$ |
8.13 |
|
|
North America – YoY |
|
116 |
% |
|
|
49 |
% |
|
|
33 |
% |
|
|
31 |
% |
|
|
8 |
% |
|
|
(1 |
)% |
|
Europe |
$ |
1.95 |
|
|
$ |
1.92 |
|
|
$ |
2.54 |
|
|
$ |
1.93 |
|
|
$ |
1.98 |
|
|
$ |
1.83 |
|
|
Europe – YoY |
|
76 |
% |
|
|
34 |
% |
|
|
33 |
% |
|
|
30 |
% |
|
|
2 |
% |
|
|
(5 |
)% |
|
Remainder of World |
$ |
1.07 |
|
|
$ |
0.98 |
|
|
$ |
1.12 |
|
|
$ |
0.95 |
|
|
$ |
0.96 |
|
|
$ |
0.89 |
|
|
Remainder of World – YoY |
|
20 |
% |
|
|
3 |
% |
|
|
1 |
% |
|
|
2 |
% |
|
|
(11 |
)% |
|
|
(9 |
)% |
|
Workers (full-time; excludes part-time, contractors, and non permanent personnel) |
|
4,667 |
|
|
|
5,190 |
|
|
|
5,661 |
|
|
|
6,131 |
|
|
|
6,446 |
|
|
|
5,706 |
|
|
Workers – YoY |
|
31 |
% |
|
|
40 |
% |
|
|
47 |
% |
|
|
52 |
% |
|
|
38 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of income |
$ |
4,727 |
|
|
$ |
4,876 |
|
|
$ |
4,832 |
|
|
$ |
5,512 |
|
|
$ |
5,061 |
|
|
$ |
5,548 |
|
|
Analysis and improvement |
|
14,358 |
|
|
|
17,321 |
|
|
|
19,444 |
|
|
|
22,123 |
|
|
|
22,362 |
|
|
|
23,722 |
|
|
Gross sales and advertising and marketing |
|
5,162 |
|
|
|
6,306 |
|
|
|
7,118 |
|
|
|
7,392 |
|
|
|
49,061 |
|
|
|
4,586 |
|
|
Common and administrative |
|
4,023 |
|
|
|
4,007 |
|
|
|
3,469 |
|
|
|
3,073 |
|
|
|
2,807 |
|
|
|
2,435 |
|
|
Complete |
$ |
28,270 |
|
|
$ |
32,510 |
|
|
$ |
34,863 |
|
|
$ |
38,100 |
|
|
$ |
79,291 |
|
|
$ |
36,291 |
|
|
Depreciation and amortization expense – YoY |
|
35 |
% |
|
|
49 |
% |
|
|
53 |
% |
|
|
62 |
% |
|
|
180 |
% |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of income |
$ |
2,847 |
|
|
$ |
9,132 |
|
|
$ |
2,586 |
|
|
$ |
2,446 |
|
|
$ |
2,849 |
|
|
$ |
2,745 |
|
|
Analysis and improvement |
|
174,491 |
|
|
|
198,893 |
|
|
|
202,953 |
|
|
|
182,866 |
|
|
|
221,650 |
|
|
|
246,783 |
|
|
Gross sales and advertising and marketing |
|
37,491 |
|
|
|
51,675 |
|
|
|
45,991 |
|
|
|
42,071 |
|
|
|
48,577 |
|
|
|
43,098 |
|
|
Common and administrative |
|
41,771 |
|
|
|
41,198 |
|
|
|
46,034 |
|
|
|
48,061 |
|
|
|
45,734 |
|
|
|
50,333 |
|
|
Complete |
$ |
256,600 |
|
|
$ |
300,898 |
|
|
$ |
297,564 |
|
|
$ |
275,444 |
|
|
$ |
318,810 |
|
|
$ |
342,959 |
|
|
Inventory-based compensation expense – YoY |
|
38 |
% |
|
|
57 |
% |
|
|
35 |
% |
|
|
16 |
% |
|
|
24 |
% |
|
|
14 |
% |
View supply model on businesswire.com:
https://www.businesswire.com/information/residence/20221020005994/en/
Buyers and Analysts:
[email protected]
Press:
[email protected]
Supply: Snap Inc.
