展示99.1
スナップは、2024年第3四半期の財務結果を発表しました
第3四半期の売上高は、前年比15%増の137300万ドルに増加しました
デイリーアクティブユーザーは、前年比9％増の4億4300万人に増加しました
純損失は前年比で58%改善し、15300万ドルになりました
調整後のEBITDAは前年比229％改善し、1億3200万ドルになりました
カリフォルニア州サンタモニカ- 2024年10月29日- スナップ（nyse: SNAP）は、2024年9月30日に終了した四半期の財務結果を発表しました。
「今四半期のチームの進捗に誇りを持っています。強力なコミュニティの成長と関与の深化を達成しながら、改善された財務パフォーマンスを遂げました」とEvan Spiegel、CEOは述べました。人工知能（AI）と拡張現実（AR）への投資は、新しい創造的な体験を私たちのコミュニティにもたらし、広告プラットフォーム全体でのイノベーションを促進し、長期成長の機会を支えています。
スナップ社は本日、取締役会が最大50000万ドル相当の普通株式を対象とした株式の自己株式取得プログラムを承認したことも発表しました。普通株式の自己株式取得は、時折、オープンマーケット取引（Rule 10b5-1取引計画を通じて）または適用される証券法に従っての非公開交渉取引を通じて行われる可能性があります。自己株式取得のタイミングや実際の取得株数は、株価、取引の出来高、市場および経済状況、その他一般的なビジネス上の考慮事項を含むさまざまな要因に依存します。プログラムの下での自己株式取得は12か月間認可されていますが、そのプログラムはその期間中にいつでも開始、変更、一時停止、または終了される可能性があります。
プログラムの目標は、従業員に対する全体的な補償プログラムの一環として発行された制限株式ユニットに関連する薄められてしまった部分を計算するために会社の強力な財務基盤を積極的に活用することです。これは所有文化を促進するために設計された全体の補償プログラムの一環です。
このプログラムによる自己株式取得は、既存の現金及び現金同等物から資金調達されます。2024年9月30日時点で、Snapは現金、現金同等物、および有価証券で32億ドルを有していました。
Q3 2024年の財務サマリー
•売上高は137300万ドルで、前年の118900万ドルと比較して、前年比15％増加しました。
•前年に比べて、純損失は$15,300万であり、前年は$36,800万でした。
•調整後のEBITDAは1億3200万ドルで、前年の4000万ドルと比べています。
•当期の運転キャッシュフローは1億1600万ドルで、前年の1億300万ドルと比較しています。
•フリーキャッシュフローは7,200万ドルで、前年比6,100万ドルのマイナスだった。
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年度第3四半期が終了した時点での 9月30日 | パーセント 変化 | 終了した9か月間 9月30日 | パーセント 変化 | ||||||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| (千ドル、1株当たりの金額を除く) | |||||||||||||||||||||||||||||||||||
| （未確定） | （NM = 意義なし） | ||||||||||||||||||||||||||||||||||
| 売上高 | $ | 1,372,574 | $ | 1,188,551 | 15 | % | $ | 3,804,115 | $ | 3,244,828 | 17 | % | |||||||||||||||||||||||
| 営業損失 | $ | (173,210) | $ | (380,063) | 54 | % | $ | (760,417) | $ | (1,149,666) | 34 | % | |||||||||||||||||||||||
| 純損失 | $ | (153,247) | $ | (368,256) | 58 | % | $ | (706,957) | $ | (1,074,238) | 34 | % | |||||||||||||||||||||||
売上高 調整後 EBITDA の貢献度(1) | $ | 131,962 | $ | 40,094 | 229 | % | $ | 232,598 | $ | 2,428 | NM | ||||||||||||||||||||||||
| 営業活動による正味現金流入金額 | $ | 115,872 | $ | 12,781 | NM | $ | 182,847 | $ | 81,947 | 123 | % | ||||||||||||||||||||||||
フリーキャッシュフロー(2) | $ | 71,831 | $ | (60,654) | 218 | % | $ | 36,296 | $ | (76,061) | 148 | % | |||||||||||||||||||||||
| 希薄化後1株当たりの普通株式に帰属する当期純損失 | $ | (0.09) | $ | (0.23) | 61 | % | $ | (0.43) | $ | (0.67) | 36 | % | |||||||||||||||||||||||
非GAAP希薄化後当期純利益（損失）シェア当たり (3) | $ | 0.08 | $ | 0.02 | 300 | % | $ | 0.13 | $ | 0.01 | NM | ||||||||||||||||||||||||
(1)ページをご覧ください 10 2024年9月30日までの9か月間の純損失を調整後のEBITDAに調整するための調整額は、7200万ドルでした。2024年9月30日までの3か月間には、再編成費用は発生していませんでした。2023年9月30日までの3か月間および9か月間の総再編成費用は、調整後のEBITDAから除外され、1860万ドルでした。
(2)ページを参照してください 10 営業活動によって提供された（使用された）純現金とフリーキャッシュフローの調整のため。
(3)ページをご覧ください 11 希薄化後１株当たりの最終損失を非GAAP希薄化後１株当たりの当期純利益（損失）に調整した内容については、を参照してください。
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Q3 2024サマリー＆主要ハイライト
私たちはコミュニティとの関係を深めました:
•2024年第3四半期のDAUは44300万人であり、前年同期比で3700万人、または9％増加しました。
•コンテンツを見るために費やされた総時間は、前年比で25％増加しました。
•Spotlightは平均してQ3に50,000万人以上の月間アクティブユーザー（MAU）を獲得し、前年比21％増加しました。
•コミュニティ、クリエイター、およびメディアパートナーから、Snapchatで毎月Q3には10億以上のスナップが公開されました。
•私たちは、私たちの人工知能搭載チャットボット『My AI』内でさらなる生成型人工知能体験を実現するために、Google Cloud との戦略的パートナーシップを拡大することを発表しました。
•私たちは新しい人工知能機能を導入し、会話を促進し、素晴らしいスナップを作成し、人工知能を思い出にもたらし、私の人工知能の問題解決能力を向上させることなど、新しいことを発見するための取り組んでいます。
•私たちは、教育関係者や学校管理者が、生徒たちがどのようにSnapchatを利用しているかを理解し、彼らに利用可能な主要な保護機能、生徒たちの安全で支援的な環境を作る取り組みをサポートするために設計された新しい安全ツールやリソースを発表しました。
私たちは売上高の成長を加速し多様化することに焦点を当てています:
•Snapchat+は第3四半期に1,200万の登録者数を達成し、前年同期比で倍増しました。
•直接応答製品の好調な動向と中小企業の成長が、第3四半期において、総アクティブ広告主数が前年比倍増以上に貢献しました。
•私たちは、新しい広告フォーマットであるSponsored SnapsとPromoted Placesの実験初期段階にあり、ビジネスがスナップチャッターに差別化されたサービス全体で魅力的な方法で到達するのを支援しています。
•当社はFirst Lens Unlimitedを立ち上げました。これは広告主に一日の最初の印象を提供し、Lens Carouselの最初のスロットでコミュニティにより大きなスケールで到達できるようにします。
•私たちは、州ごとに異なるFirst Storyを立ち上げました。これにより、米国の広告主は個々の州にFirst Storyテイクオーバーキャンペーンをターゲット設定したり、広告主が選択した各州ごとに異なるクリエイティブで米国全体にリーチすることが可能です。
私たちは拡張現実プラットフォームに投資しました：
•当社は、新しい透過型のスタンドアロンARメガネであるSpectacles第5世代を発表しました。これにより、開発者はレンズを使用したり、Snap OSによって友達と一緒に世界を体験することができます。
•Snap OSは、コントローラー不要で手と声を使用する自然なインターフェースを備えた画期的な新しいオペレーティングシステムです。Snap Spatial Engineは、周囲の世界を理解しているので、レンズが3次元でリアルに表示されます。
•世界中のほぼすべての国から37万5千以上のARクリエイター、開発者、チームが、400万以上のレンズを作成しました。
•今年は、私たちの有能なLens Creatorsによって作成されたレンズをフィーチャーした15,000以上のSpotlightビデオが作成されました。
•パリ2024ゲーム中、世界中で25以上のカスタムオリンピック関連AR体験に関わったSnapchattersが22500万人以上いました。
•私たちは、Lens Studioで新しいGenAI Suiteの機能群を展開し、アニメーションのブレンディング、ボディモーフィング、アイコンの生成など、あなたの創造性を実現するのがより早く簡単になるようにしました。
•Easy Lensを使用して、AR作成をより簡単にしました。この新しいツールを使用すると、数分でレンズを構築することが可能で、単にテキストプロンプトに入力するだけです。
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Q4 2024 Outlook
Snap Inc. will discuss its Q4 2024 outlook during its Q3 2024 Earnings Call (details below) and in its investor letter available at investor.snap.com.
Conference Call Information
Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.
Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.
Definitions
Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.
Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.
Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; 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.
Contact
Investors and Analysts:
ir@snap.com
Press:
press@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,
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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 events and 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 events and 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
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(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.
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SNAP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||
| Net loss | $ | (153,247) | $ | (368,256) | $ | (706,957) | $ | (1,074,238) | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
| Depreciation and amortization | 38,850 | 41,209 | 118,493 | 116,117 | |||||||||||||||||||
| Stock-based compensation | 260,229 | 357,933 | 783,292 | 990,807 | |||||||||||||||||||
| Amortization of debt issuance costs | 2,717 | 1,842 | 6,667 | 5,517 | |||||||||||||||||||
| Losses (gains) on debt and equity securities, net | 536 | 21,155 | 12,166 | 5,888 | |||||||||||||||||||
| Other | 2,200 | (4,395) | (3,829) | (31,098) | |||||||||||||||||||
| Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||||
| Accounts receivable, net of allowance | (51,941) | (128,972) | 73,350 | 55,772 | |||||||||||||||||||
| Prepaid expenses and other current assets | 11,914 | (837) | (36,241) | (15,139) | |||||||||||||||||||
| Operating lease right-of-use assets | 12,731 | 17,904 | 41,235 | 53,379 | |||||||||||||||||||
| Other assets | 3,090 | (2,767) | (3,007) | (3,192) | |||||||||||||||||||
| Accounts payable | (16,642) | (16,951) | (112,287) | (45,497) | |||||||||||||||||||
| Accrued expenses and other current liabilities | 19,331 | 105,907 | 46,771 | 68,697 | |||||||||||||||||||
| Operating lease liabilities | (16,384) | (16,181) | (44,254) | (52,523) | |||||||||||||||||||
| Other liabilities | 2,488 | 5,190 | 7,448 | 7,457 | |||||||||||||||||||
| Net cash provided by (used in) operating activities | 115,872 | 12,781 | 182,847 | 81,947 | |||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Purchases of property and equipment | (44,041) | (73,435) | (146,551) | (158,008) | |||||||||||||||||||
| Purchases of strategic investments | — | — | (2,000) | (7,770) | |||||||||||||||||||
| Sales of strategic investments | 557 | 5,151 | 1,572 | 5,151 | |||||||||||||||||||
| Cash paid for acquisitions, net of cash acquired | — | — | — | (50,254) | |||||||||||||||||||
| Purchases of marketable securities | (705,066) | (537,046) | (1,945,590) | (2,042,317) | |||||||||||||||||||
| Sales of marketable securities | 187,754 | 16,451 | 354,311 | 107,724 | |||||||||||||||||||
| Maturities of marketable securities | 337,985 | 557,579 | 1,170,066 | 2,093,737 | |||||||||||||||||||
| Other | — | (308) | (100) | (432) | |||||||||||||||||||
| Net cash provided by (used in) investing activities | (222,811) | (31,608) | (568,292) | (52,169) | |||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Proceeds from issuance of convertible notes, net of issuance costs | — | — | 740,350 | — | |||||||||||||||||||
| Purchase of capped calls | — | — | (68,850) | — | |||||||||||||||||||
| Proceeds from termination of capped calls | — | — | 62,683 | — | |||||||||||||||||||
| Proceeds from the exercise of stock options | 10,304 | 5 | 12,798 | 416 | |||||||||||||||||||
| Repurchases of Class A non-voting common stock | — | — | (311,069) | — | |||||||||||||||||||
| Deferred payments for acquisitions | — | (10,441) | (3,695) | (254,557) | |||||||||||||||||||
| Repurchases of convertible notes | — | — | (859,042) | — | |||||||||||||||||||
| Other | — | — | (1,799) | — | |||||||||||||||||||
| Net cash provided by (used in) financing activities | 10,304 | (10,436) | (428,624) | (254,141) | |||||||||||||||||||
| Change in cash, cash equivalents, and restricted cash | (96,635) | (29,263) | (814,069) | (224,363) | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 1,065,028 | 1,228,676 | 1,782,462 | 1,423,776 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 968,393 | $ | 1,199,413 | $ | 968,393 | $ | 1,199,413 | |||||||||||||||
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SNAP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue | $ | 1,372,574 | $ | 1,188,551 | $ | 3,804,115 | $ | 3,244,828 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue | 638,907 | 555,753 | 1,802,577 | 1,492,613 | |||||||||||||||||||
| Research and development | 412,791 | 494,559 | 1,268,746 | 1,427,334 | |||||||||||||||||||
| Sales and marketing | 273,107 | 297,251 | 815,461 | 846,281 | |||||||||||||||||||
| General and administrative | 220,979 | 221,051 | 677,748 | 628,266 | |||||||||||||||||||
| Total costs and expenses | 1,545,784 | 1,568,614 | 4,564,532 | 4,394,494 | |||||||||||||||||||
| Operating loss | (173,210) | (380,063) | (760,417) | (1,149,666) | |||||||||||||||||||
| Interest income | 38,533 | 43,839 | 114,893 | 124,931 | |||||||||||||||||||
| Interest expense | (5,883) | (5,521) | (15,739) | (16,749) | |||||||||||||||||||
| Other income (expense), net | (4,355) | (20,662) | (25,228) | (7,967) | |||||||||||||||||||
| Loss before income taxes | (144,915) | (362,407) | (686,491) | (1,049,451) | |||||||||||||||||||
| Income tax benefit (expense) | (8,332) | (5,849) | (20,466) | (24,787) | |||||||||||||||||||
| Net loss | $ | (153,247) | $ | (368,256) | $ | (706,957) | $ | (1,074,238) | |||||||||||||||
| Net loss per share attributable to Class A, Class B, and Class C common stockholders: | |||||||||||||||||||||||
| Basic | $ | (0.09) | $ | (0.23) | $ | (0.43) | $ | (0.67) | |||||||||||||||
| Diluted | $ | (0.09) | $ | (0.23) | $ | (0.43) | $ | (0.67) | |||||||||||||||
| Weighted average shares used in computation of net loss per share: | |||||||||||||||||||||||
| Basic | 1,663,011 | 1,625,917 | 1,651,756 | 1,603,672 | |||||||||||||||||||
| Diluted | 1,663,011 | 1,625,917 | 1,651,756 | 1,603,672 | |||||||||||||||||||
8
SNAP INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
| September 30, 2024 | December 31, 2023 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 964,967 | $ | 1,780,400 | |||||||
| Marketable securities | 2,227,162 | 1,763,680 | |||||||||
| Accounts receivable, net of allowance | 1,195,701 | 1,278,176 | |||||||||
| Prepaid expenses and other current assets | 200,902 | 153,587 | |||||||||
| Total current assets | 4,588,732 | 4,975,843 | |||||||||
| Property and equipment, net | 466,397 | 410,326 | |||||||||
| Operating lease right-of-use assets | 516,959 | 516,862 | |||||||||
| Intangible assets, net | 98,920 | 146,303 | |||||||||
| Goodwill | 1,693,946 | 1,691,827 | |||||||||
| Other assets | 226,463 | 226,597 | |||||||||
| Total assets | $ | 7,591,417 | $ | 7,967,758 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 157,471 | $ | 278,961 | |||||||
| Operating lease liabilities | 21,311 | 49,321 | |||||||||
| Accrued expenses and other current liabilities | 921,393 | 805,836 | |||||||||
| Convertible senior notes, net | 36,191 | — | |||||||||
| Total current liabilities | 1,136,366 | 1,134,118 | |||||||||
| Long-term convertible senior notes, net | 3,605,137 | 3,749,400 | |||||||||
| Operating lease liabilities, noncurrent | 577,912 | 546,279 | |||||||||
| Other liabilities | 61,927 | 123,849 | |||||||||
| Total liabilities | 5,381,342 | 5,553,646 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity | |||||||||||
| Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,465,785 shares issued, 1,418,062 shares outstanding at September 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, 22,523 shares issued and outstanding at September 30, 2024, and 700,000 shares authorized, 22,528 shares issued and outstanding at December 31, 2023. | — | — | |||||||||
| Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at September 30, 2024 and December 31, 2023. | 2 | 2 | |||||||||
| Treasury stock, at cost. 47,723 and 49,200 shares of Class A non-voting common stock at September 30, 2024 and December 31, 2023, respectively. | (465,502) | (479,903) | |||||||||
| Additional paid-in capital | 15,391,284 | 14,613,404 | |||||||||
| Accumulated deficit | (12,744,562) | (11,726,536) | |||||||||
| Accumulated other comprehensive income (loss) | 28,839 | 7,131 | |||||||||
| Total stockholders’ equity | 2,210,075 | 2,414,112 | |||||||||
| Total liabilities and stockholders’ equity | $ | 7,591,417 | $ | 7,967,758 | |||||||
9
SNAP INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Free Cash Flow reconciliation: | |||||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 115,872 | $ | 12,781 | $ | 182,847 | $ | 81,947 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Purchases of property and equipment | (44,041) | (73,435) | (146,551) | (158,008) | |||||||||||||||||||
| Free Cash Flow | $ | 71,831 | $ | (60,654) | $ | 36,296 | $ | (76,061) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Adjusted EBITDA reconciliation: | |||||||||||||||||||||||
| Net loss | $ | (153,247) | $ | (368,256) | $ | (706,957) | $ | (1,074,238) | |||||||||||||||
| Add (deduct): | |||||||||||||||||||||||
| Interest income | (38,533) | (43,839) | (114,893) | (124,931) | |||||||||||||||||||
| Interest expense | 5,883 | 5,521 | 15,739 | 16,749 | |||||||||||||||||||
| Other (income) expense, net | 4,355 | 20,662 | 25,228 | 7,967 | |||||||||||||||||||
| Income tax (benefit) expense | 8,332 | 5,849 | 20,466 | 24,787 | |||||||||||||||||||
| Depreciation and amortization | 38,850 | 41,209 | 114,878 | 116,117 | |||||||||||||||||||
| Stock-based compensation expense | 260,229 | 353,846 | 773,890 | 986,720 | |||||||||||||||||||
| Payroll and other tax expense related to stock-based compensation | 6,093 | 6,463 | 32,196 | 30,618 | |||||||||||||||||||
Restructuring charges (1) | — | 18,639 | 72,051 | 18,639 | |||||||||||||||||||
| Adjusted EBITDA | $ | 131,962 | $ | 40,094 | $ | 232,598 | $ | 2,428 | |||||||||||||||
(1)Restructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.
Total depreciation and amortization expense by function:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Depreciation and amortization expense (1): | |||||||||||||||||||||||
| Cost of revenue | $ | 965 | $ | 3,184 | $ | 4,987 | $ | 9,580 | |||||||||||||||
| Research and development | 24,798 | 26,252 | 75,305 | 75,238 | |||||||||||||||||||
| Sales and marketing | 4,953 | 5,466 | 14,614 | 16,144 | |||||||||||||||||||
| General and administrative | 8,134 | 6,307 | 23,587 | 15,155 | |||||||||||||||||||
| Total | $ | 38,850 | $ | 41,209 | $ | 118,493 | $ | 116,117 | |||||||||||||||
(1)Depreciation and amortization expense for the nine months ended September 30, 2024 includes restructuring charges.
10
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Stock-based compensation expense (1): | |||||||||||||||||||||||
| Cost of revenue | $ | 1,333 | $ | 2,640 | $ | 4,408 | $ | 6,890 | |||||||||||||||
| Research and development | 172,516 | 234,615 | 518,500 | 672,030 | |||||||||||||||||||
| Sales and marketing | 53,345 | 72,783 | 160,209 | 185,319 | |||||||||||||||||||
| General and administrative | 33,035 | 47,895 | 100,175 | 126,568 | |||||||||||||||||||
| Total | $ | 260,229 | $ | 357,933 | $ | 783,292 | $ | 990,807 | |||||||||||||||
(1)Stock-based compensation expense for the nine months ended September 30, 2024 as well as the three and nine months ended September 30, 2023 includes restructuring charges.
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Non-GAAP net income (loss) reconciliation: | |||||||||||||||||||||||
| Net loss | $ | (153,247) | $ | (368,256) | $ | (706,957) | $ | (1,074,238) | |||||||||||||||
| Amortization of intangible assets | 13,889 | 19,134 | 44,282 | 55,294 | |||||||||||||||||||
| Stock-based compensation expense | 260,229 | 353,846 | 773,890 | 986,720 | |||||||||||||||||||
| Payroll and other tax expense related to stock-based compensation | 6,093 | 6,463 | 32,196 | 30,618 | |||||||||||||||||||
Restructuring charges (1) | — | 18,639 | 72,051 | 18,639 | |||||||||||||||||||
| Income tax adjustments | (1,858) | (573) | (7,877) | (810) | |||||||||||||||||||
| Non-GAAP net income (loss) | $ | 125,106 | $ | 29,253 | $ | 207,585 | $ | 16,223 | |||||||||||||||
| Weighted-average common shares - Diluted | 1,663,011 | 1,625,917 | 1,651,756 | 1,603,672 | |||||||||||||||||||
| Non-GAAP diluted net income (loss) per share reconciliation: | |||||||||||||||||||||||
| Diluted net loss per share | $ | (0.09) | $ | (0.23) | $ | (0.43) | $ | (0.67) | |||||||||||||||
| Non-GAAP adjustment to net loss | 0.17 | 0.25 | 0.56 | 0.68 | |||||||||||||||||||
| Non-GAAP diluted net income (loss) per share | $ | 0.08 | $ | 0.02 | $ | 0.13 | $ | 0.01 | |||||||||||||||
(1)Restructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.
11
SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands, except per user amounts, unaudited)
| Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | ||||||||||||||||||||||||||||||
| (NM = Not Meaningful) | |||||||||||||||||||||||||||||||||||
| Cash Flows and Shares | |||||||||||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | (81,936) | $ | 12,781 | $ | 164,574 | $ | 88,352 | $ | (21,377) | $ | 115,872 | |||||||||||||||||||||||
| Net cash provided by (used in) operating activities - YoY (year-over-year) | 34 | % | (77) | % | 31 | % | (42) | % | 74 | % | NM | ||||||||||||||||||||||||
| Net cash provided by (used in) operating activities - TTM (trailing twelve months) | $ | 250,402 | $ | 207,238 | $ | 246,521 | $ | 183,771 | $ | 244,330 | $ | 347,421 | |||||||||||||||||||||||
| Purchases of property and equipment | $ | (36,943) | $ | (73,435) | $ | (53,719) | $ | (50,448) | $ | (52,062) | $ | (44,041) | |||||||||||||||||||||||
| Purchases of property and equipment - YoY | 58 | % | 94 | % | 14 | % | 6 | % | 41 | % | (40) | % | |||||||||||||||||||||||
| Purchases of property and equipment - TTM | $ | (169,334) | $ | (204,933) | $ | (211,727) | $ | (214,545) | $ | (229,664) | $ | (200,270) | |||||||||||||||||||||||
| Free Cash Flow | $ | (118,879) | $ | (60,654) | $ | 110,855 | $ | 37,904 | $ | (73,439) | $ | 71,831 | |||||||||||||||||||||||
| Free Cash Flow - YoY | 19 | % | (435) | % | 41 | % | (63) | % | 38 | % | 218 | % | |||||||||||||||||||||||
| Free Cash Flow - TTM | $ | 81,068 | $ | 2,305 | $ | 34,794 | $ | (30,774) | $ | 14,666 | $ | 147,151 | |||||||||||||||||||||||
| Common shares outstanding | 1,616,119 | 1,638,905 | 1,645,496 | 1,643,120 | 1,653,820 | 1,672,212 | |||||||||||||||||||||||||||||
| Common shares outstanding - YoY | (2) | % | 2 | % | 5 | % | 3 | % | 2 | % | 2 | % | |||||||||||||||||||||||
| Shares underlying stock-based awards | 149,065 | 154,525 | 157,981 | 146,240 | 144,315 | 132,783 | |||||||||||||||||||||||||||||
| Shares underlying stock-based awards - YoY | 62 | % | 63 | % | 20 | % | 14 | % | (3) | % | (14) | % | |||||||||||||||||||||||
| Total common shares outstanding plus shares underlying stock-based awards | 1,765,184 | 1,793,430 | 1,803,477 | 1,789,360 | 1,798,135 | 1,804,995 | |||||||||||||||||||||||||||||
| Total common shares outstanding plus shares underlying stock-based awards - YoY | 2 | % | 5 | % | 6 | % | 4 | % | 2 | % | 1 | % | |||||||||||||||||||||||
| Results of Operations | |||||||||||||||||||||||||||||||||||
| Revenue | $ | 1,067,669 | $ | 1,188,551 | $ | 1,361,287 | $ | 1,194,773 | $ | 1,236,768 | $ | 1,372,574 | |||||||||||||||||||||||
| Revenue - YoY | (4) | % | 5 | % | 5 | % | 21 | % | 16 | % | 15 | % | |||||||||||||||||||||||
| Revenue - TTM | $ | 4,484,488 | $ | 4,544,563 | $ | 4,606,115 | $ | 4,812,280 | $ | 4,981,379 | $ | 5,165,402 | |||||||||||||||||||||||
Revenue by region (1) | |||||||||||||||||||||||||||||||||||
| North America | $ | 686,829 | $ | 786,154 | $ | 899,542 | $ | 743,131 | $ | 767,560 | $ | 857,621 | |||||||||||||||||||||||
| North America - YoY | (13) | % | (3) | % | 2 | % | 16 | % | 12 | % | 9 | % | |||||||||||||||||||||||
| North America - TTM | $ | 3,018,637 | $ | 2,993,189 | $ | 3,012,421 | $ | 3,115,656 | $ | 3,196,387 | $ | 3,267,854 | |||||||||||||||||||||||
| Europe | $ | 182,109 | $ | 200,272 | $ | 238,253 | $ | 195,844 | $ | 229,835 | $ | 248,902 | |||||||||||||||||||||||
| Europe - YoY | 7 | % | 24 | % | 9 | % | 24 | % | 26 | % | 24 | % | |||||||||||||||||||||||
| Europe - TTM | $ | 719,817 | $ | 758,693 | $ | 778,394 | $ | 816,478 | $ | 864,204 | $ | 912,834 | |||||||||||||||||||||||
| Rest of World | $ | 198,731 | $ | 202,125 | $ | 223,492 | $ | 255,798 | $ | 239,373 | $ | 266,051 | |||||||||||||||||||||||
| Rest of World - YoY | 28 | % | 30 | % | 11 | % | 34 | % | 20 | % | 32 | % | |||||||||||||||||||||||
| Rest of World - TTM | $ | 746,034 | $ | 792,681 | $ | 815,300 | $ | 880,146 | $ | 920,788 | $ | 984,714 | |||||||||||||||||||||||
| Operating loss | $ | (404,339) | $ | (380,063) | $ | (248,713) | $ | (333,232) | $ | (253,975) | $ | (173,210) | |||||||||||||||||||||||
| Operating loss - YoY | (1) | % | 13 | % | 14 | % | 9 | % | 37 | % | 54 | % | |||||||||||||||||||||||
| Operating loss - Margin | (38) | % | (32) | % | (18) | % | (28) | % | (21) | % | (13) | % | |||||||||||||||||||||||
| Operating loss - TTM | $ | (1,492,442) | $ | (1,437,263) | $ | (1,398,379) | $ | (1,366,347) | $ | (1,215,983) | $ | (1,009,130) | |||||||||||||||||||||||
| Net income (loss) | $ | (377,308) | $ | (368,256) | $ | (248,247) | $ | (305,090) | $ | (248,620) | $ | (153,247) | |||||||||||||||||||||||
| Net income (loss) - YoY | 11 | % | (2) | % | 14 | % | 7 | % | 34 | % | 58 | % | |||||||||||||||||||||||
| Net income (loss) - Margin | (35) | % | (31) | % | (18) | % | (26) | % | (20) | % | (11) | % | |||||||||||||||||||||||
| Net income (loss) - TTM | $ | (1,353,944) | $ | (1,362,698) | $ | (1,322,485) | $ | (1,298,901) | $ | (1,170,213) | $ | (955,204) | |||||||||||||||||||||||
| Adjusted EBITDA | $ | (38,479) | $ | 40,094 | $ | 159,149 | $ | 45,659 | $ | 54,977 | $ | 131,962 | |||||||||||||||||||||||
| Adjusted EBITDA - YoY | (635) | % | (45) | % | (32) | % | NM | 243 | % | 229 | % | ||||||||||||||||||||||||
Adjusted EBITDA - Margin (2) | (4) | % | 3 | % | 12 | % | 4 | % | 4 | % | 10 | % | |||||||||||||||||||||||
| Adjusted EBITDA - TTM | $ | 268,249 | $ | 235,703 | $ | 161,577 | $ | 206,423 | $ | 299,879 | $ | 391,747 | |||||||||||||||||||||||
(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.
12
SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)
(dollars and shares in thousands, except per user amounts, unaudited)
| Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | ||||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||
DAU (in millions) (1) | 397 | 406 | 414 | 422 | 432 | 443 | |||||||||||||||||||||||||||||
| DAU - YoY | 14 | % | 12 | % | 10 | % | 10 | % | 9 | % | 9 | % | |||||||||||||||||||||||
| DAU by region (in millions) | |||||||||||||||||||||||||||||||||||
| North America | 101 | 101 | 100 | 100 | 100 | 100 | |||||||||||||||||||||||||||||
| North America - YoY | 2 | % | 1 | % | — | % | (1) | % | — | % | — | % | |||||||||||||||||||||||
| Europe | 94 | 95 | 96 | 96 | 97 | 99 | |||||||||||||||||||||||||||||
| Europe - YoY | 9 | % | 7 | % | 4 | % | 4 | % | 3 | % | 4 | % | |||||||||||||||||||||||
| Rest of World | 202 | 211 | 218 | 226 | 235 | 244 | |||||||||||||||||||||||||||||
| Rest of World - YoY | 25 | % | 21 | % | 19 | % | 19 | % | 16 | % | 16 | % | |||||||||||||||||||||||
| ARPU | $ | 2.69 | $ | 2.93 | $ | 3.29 | $ | 2.83 | $ | 2.86 | $ | 3.10 | |||||||||||||||||||||||
| ARPU - YoY | (16) | % | (6) | % | (5) | % | 10 | % | 6 | % | 6 | % | |||||||||||||||||||||||
| ARPU by region | |||||||||||||||||||||||||||||||||||
| North America | $ | 6.83 | $ | 7.82 | $ | 8.96 | $ | 7.44 | $ | 7.67 | $ | 8.54 | |||||||||||||||||||||||
| North America - YoY | (14) | % | (4) | % | 2 | % | 17 | % | 12 | % | 9 | % | |||||||||||||||||||||||
| Europe | $ | 1.93 | $ | 2.11 | $ | 2.49 | $ | 2.04 | $ | 2.36 | $ | 2.52 | |||||||||||||||||||||||
| Europe - YoY | (2) | % | 15 | % | 5 | % | 20 | % | 22 | % | 19 | % | |||||||||||||||||||||||
| Rest of World | $ | 0.98 | $ | 0.96 | $ | 1.03 | $ | 1.13 | $ | 1.02 | $ | 1.09 | |||||||||||||||||||||||
| Rest of World - YoY | 3 | % | 8 | % | (7) | % | 13 | % | 4 | % | 14 | % | |||||||||||||||||||||||
| Employees (full-time; excludes part-time, contractors, and temporary personnel) | 5,286 | 5,367 | 5,289 | 4,835 | 4,719 | 4,800 | |||||||||||||||||||||||||||||
| Employees - YoY | (18) | % | (6) | % | — | % | (7) | % | (11) | % | (11) | % | |||||||||||||||||||||||
| Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||
| Cost of revenue | $ | 3,170 | $ | 3,184 | $ | 3,171 | $ | 2,150 | $ | 1,872 | $ | 965 | |||||||||||||||||||||||
| Research and development | 24,847 | 26,252 | 31,040 | 27,598 | 22,909 | 24,798 | |||||||||||||||||||||||||||||
| Sales and marketing | 5,605 | 5,466 | 10,017 | 4,577 | 5,084 | 4,953 | |||||||||||||||||||||||||||||
| General and administrative | 6,066 | 6,307 | 8,096 | 7,388 | 8,065 | 8,134 | |||||||||||||||||||||||||||||
| Total | $ | 39,688 | $ | 41,209 | $ | 52,324 | $ | 41,713 | $ | 37,930 | $ | 38,850 | |||||||||||||||||||||||
| Depreciation and amortization expense - YoY | (50) | % | 14 | % | 8 | % | 18 | % | (4) | % | (6) | % | |||||||||||||||||||||||
| Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
| Cost of revenue | $ | 2,365 | $ | 2,640 | $ | 2,665 | $ | 1,815 | $ | 1,260 | $ | 1,333 | |||||||||||||||||||||||
| Research and development | 217,565 | 234,615 | 220,996 | 174,519 | 171,465 | 172,516 | |||||||||||||||||||||||||||||
| Sales and marketing | 57,597 | 72,783 | 70,369 | 54,656 | 52,208 | 53,345 | |||||||||||||||||||||||||||||
| General and administrative | 40,416 | 47,895 | 39,167 | 32,762 | 34,378 | 33,035 | |||||||||||||||||||||||||||||
| Total | $ | 317,943 | $ | 357,933 | $ | 333,197 | $ | 263,752 | $ | 259,311 | $ | 260,229 | |||||||||||||||||||||||
| Stock-based compensation expense - YoY | — | % | 4 | % | (26) | % | (16) | % | (18) | % | (27) | % | |||||||||||||||||||||||
(1)Numbers may not foot due to rounding.
13