Snap Inc. Announces Third Quarter 2024 Financial Results

Business Wire04:10

Third quarter revenue increased 15% year-over-year to $1,373 million Daily Active Users increased 9% year-over-year to 443 million Net loss improved 58% year-over-year to $153 million Adjusted EBITDA ...

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Announces Third Quarter 2024 Financial Results","media":"Business Wire","content":"<div>\n<p>Third quarter revenue increased 15% year-over-year to $1,373 million\nDaily Active Users increased 9% year-over-year to 443 million\nNet loss improved 58% year-over-year to $153 million\nAdjusted EBITDA ...</p>\n\n<a href=\"https://finance.yahoo.com/news/snap-inc-announces-third-quarter-201000252.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Snap Inc. Announces Third Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSnap Inc. Announces Third Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-30 04:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/snap-inc-announces-third-quarter-201000252.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Third quarter revenue increased 15% year-over-year to $1,373 million\nDaily Active Users increased 9% year-over-year to 443 million\nNet loss improved 58% year-over-year to $153 million\nAdjusted EBITDA ...</p>\n\n<a href=\"https://finance.yahoo.com/news/snap-inc-announces-third-quarter-201000252.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4576","symbol_name":"AR","start_time":0,"source_url":"https://finance.yahoo.com/news/snap-inc-announces-third-quarter-201000252.html","article_id":"2479425429","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/nebFizxs26J.a1wj4AaiiQ--~B/aD00OTQ7dz0yMDAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/81bc7f499ed75fe517f1519b598ae566"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479425429","pubTimestamp":1730232600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Third quarter revenue increased 15% year-over-year to $1,373 million. Daily Active Users increased 9% year-over-year to 443 million. Net loss improved 58% year-over-year to $153 million. Adjusted EBITDA improved 229% year-over-year to $132 million. SANTA MONICA, Calif., October 29, 2024----Snap Inc.  today announced financial results for the quarter ended September 30, 2024.\"I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,\" said Evan Spiegel, CEO. \"Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long-term growth opportunity.\". The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4576":"AR","BK4077":"互动媒体与服务","BK4551":"寇图资本持仓","SNAP":"Snap Inc","BK4554":"元宇宙及AR概念","BK4508":"社交媒体"},"translate_title":"Snap公司公布2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SNAP":0.9},"content_text":"Third quarter revenue increased 15% year-over-year to $1,373 million\nDaily Active Users increased 9% year-over-year to 443 million\nNet loss improved 58% year-over-year to $153 million\nAdjusted EBITDA improved 229% year-over-year to $132 million\nSANTA MONICA, Calif., October 29, 2024--(BUSINESS WIRE)--Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2024.\n\"I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,\" said Evan Spiegel, CEO. \"Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long-term growth opportunity.\"\nSnap Inc. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period.\nThe goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.\nRepurchases under this program will be funded from existing cash and cash equivalents. As of September 30, 2024, Snap had $3.2 billion in cash, cash equivalents, and marketable securities.\nQ3 2024 Financial Summary\n\nRevenue was $1,373 million, compared to $1,189 million in the prior year, an increase of 15% year-over-year.\nNet loss was $153 million, compared to $368 million in the prior year.\nAdjusted EBITDA was $132 million, compared to $40 million in the prior year.\nOperating cash flow was $116 million, compared to $13 million in the prior year.\nFree Cash Flow was $72 million, compared to $(61) million in the prior year.\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nPercentChange\n\nNine Months EndedSeptember 30,\n\nPercentChange\n\n\n\n2024\n\n2023\n\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in thousands, except per share amounts)\n\n\n(Unaudited)\n(NM = Not Meaningful)\n\n\nRevenue\n$\n1,372,574\n\n\n$\n1,188,551\n\n\n15\n%\n\n$\n3,804,115\n\n\n$\n3,244,828\n\n\n17\n%\n\n\nOperating loss\n$\n(173,210\n)\n\n$\n(380,063\n)\n\n54\n%\n\n$\n(760,417\n)\n\n$\n(1,149,666\n)\n\n34\n%\n\n\nNet loss\n$\n(153,247\n)\n\n$\n(368,256\n)\n\n58\n%\n\n$\n(706,957\n)\n\n$\n(1,074,238\n)\n\n34\n%\n\n\nAdjusted EBITDA (1)\n$\n131,962\n\n\n$\n40,094\n\n\n229\n%\n\n$\n232,598\n\n\n$\n2,428\n\n\nNM\n\n\n\nNet cash provided by (used in) operating activities\n$\n115,872\n\n\n$\n12,781\n\n\nNM\n\n\n$\n182,847\n\n\n$\n81,947\n\n\n123\n%\n\n\nFree Cash Flow (2)\n$\n71,831\n\n\n$\n(60,654\n)\n\n218\n%\n\n$\n36,296\n\n\n$\n(76,061\n)\n\n148\n%\n\n\nDiluted net loss per share attributable to common stockholders\n$\n(0.09\n)\n\n$\n(0.23\n)\n\n61\n%\n\n$\n(0.43\n)\n\n$\n(0.67\n)\n\n36\n%\n\n\nNon-GAAP diluted net income (loss) per share (3)\n$\n0.08\n\n\n$\n0.02\n\n\n300\n%\n\n$\n0.13\n\n\n$\n0.01\n\n\nNM\n\n\n\n\n\n\n\n(1)\n\nSee page 10 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the nine months ended September 30, 2024, and excluded from Adjusted EBITDA, were $72.0 million. No restructuring charges were incurred during the three months ended September 30, 2024. Total restructuring charges for the three and nine months ended September 30, 2023, and excluded from Adjusted EBITDA, were $18.6 million.\n\n\n(2)\n\nSee page 10 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.\n\n\n(3)\n\nSee page 11 for a reconciliation of diluted net loss per share to non-GAAP diluted net income (loss) per share.\n\n\n\nQ3 2024 Summary & Key Highlights\nWe deepened engagement with our community:\n\nDAUs were 443 million in Q3 2024, an increase of 37 million, or 9% year-over-year.\nTotal time spent watching content increased 25% year-over-year.\nSpotlight reached more than 500 million monthly active users on average in Q3, an increase of 21% year-over-year.\nOver a billion Snaps were shared publicly on Snapchat every month in Q3 from our community, creators, and media partners.\nWe announced an expanded strategic partnership with Google Cloud to power additional generative AI experiences within My AI, our AI-powered chatbot.\nWe introduced new AI-enabled features to spark conversations, make great Snaps, and discover new things, like bringing AI to Memories and improving My AI’s ability to problem solve.\nWe launched new safety tools and resources designed to help educators and school administrators understand how their students use Snapchat, the key protections available to them, and resources to assist in their efforts to create safe and supportive environments for students.\n\nWe are focused on accelerating and diversifying our revenue growth:\n\nSnapchat+ reached 12 million subscribers in Q3, more than doubling year-over-year.\nOngoing momentum with our direct response products and growth in small- and medium-size businesses contributed to total active advertisers more than doubling year-over-year in Q3.\nWe are in the early stages of experimenting with two new ad formats, Sponsored Snaps and Promoted Places, to help businesses reach Snapchatters in engaging ways across our differentiated service.\nWe launched First Lens Unlimited, which offers advertisers the first impression of the day in the first slot of the Lens Carousel, allowing them to reach our community at greater scale.\nWe launched State-specific First Story, which allows US advertisers to target First Story takeover campaigns to individual states or to reach the entire country with different creative for each state, as selected by the advertiser.\n\nWe invested in our augmented reality platform:\n\nWe introduced the fifth generation of Spectacles, our new see-through, standalone AR glasses that enable developers to use Lenses and experience the world together with friends, powered by Snap OS.\nSnap OS is our brand new and groundbreaking operating system with a natural interface that uses hands and voice, with no controller required. The Snap Spatial Engine understands the world around you so that Lenses appear realistically in three dimensions.\nMore than 375,000 AR creators, developers, and teams from nearly every country in the world have built over 4 million Lenses.\nOver 150 million Spotlight videos have been created this year featuring Lenses made by our talented community of Lens Creators.\nOver 225 million Snapchatters engaged with more than 25 custom Olympic-related AR experiences globally during the Paris 2024 Games.\nWe’re rolling out a slate of new GenAI Suite features in Lens Studio that make it faster and easier to bring your creativity to life, including Animation Blending, Body Morph, and Icon Generation.\nWe’re making AR creation simpler with Easy Lens, a new tool that makes it possible to build Lenses in a matter of minutes, just by typing into a text prompt.\n\nQ4 2024 Outlook\nSnap 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.\nConference Call Information\nSnap 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.\nSnap 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.\nDefinitions\nFree Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.\nCommon shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.\nAdjusted 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.\nA 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.\nAverage revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.\nA 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.\nNote: 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.\"\nAbout Snap Inc.\nSnap 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.\nForward-Looking Statements\nThis 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.\nYou 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.\nNon-GAAP Financial Measures\nTo 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.\nWe 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.\nWe 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.\nWe 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.\nWe 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.\nFor 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.\"\nSnap Inc., \"Snapchat,\" and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.\n\n\n\nSNAP INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands, unaudited)\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nCash flows from operating activities\n\n\n\n\n\n\n\n\n\nNet loss\n$\n(153,247\n)\n\n$\n(368,256\n)\n\n$\n(706,957\n)\n\n$\n(1,074,238\n)\n\n\nAdjustments to reconcile net loss to net cash provided by (used in) operating activities:\n\n\n\n\n\n\n\n\n\nDepreciation and amortization\n\n38,850\n\n\n\n41,209\n\n\n\n118,493\n\n\n\n116,117\n\n\n\nStock-based compensation\n\n260,229\n\n\n\n357,933\n\n\n\n783,292\n\n\n\n990,807\n\n\n\nAmortization of debt issuance costs\n\n2,717\n\n\n\n1,842\n\n\n\n6,667\n\n\n\n5,517\n\n\n\nLosses (gains) on debt and equity securities, net\n\n536\n\n\n\n21,155\n\n\n\n12,166\n\n\n\n5,888\n\n\n\nOther\n\n2,200\n\n\n\n(4,395\n)\n\n\n(3,829\n)\n\n\n(31,098\n)\n\n\nChange in operating assets and liabilities, net of effect of acquisitions:\n\n\n\n\n\n\n\n\n\nAccounts receivable, net of allowance\n\n(51,941\n)\n\n\n(128,972\n)\n\n\n73,350\n\n\n\n55,772\n\n\n\nPrepaid expenses and other current assets\n\n11,914\n\n\n\n(837\n)\n\n\n(36,241\n)\n\n\n(15,139\n)\n\n\nOperating lease right-of-use assets\n\n12,731\n\n\n\n17,904\n\n\n\n41,235\n\n\n\n53,379\n\n\n\nOther assets\n\n3,090\n\n\n\n(2,767\n)\n\n\n(3,007\n)\n\n\n(3,192\n)\n\n\nAccounts payable\n\n(16,642\n)\n\n\n(16,951\n)\n\n\n(112,287\n)\n\n\n(45,497\n)\n\n\nAccrued expenses and other current liabilities\n\n19,331\n\n\n\n105,907\n\n\n\n46,771\n\n\n\n68,697\n\n\n\nOperating lease liabilities\n\n(16,384\n)\n\n\n(16,181\n)\n\n\n(44,254\n)\n\n\n(52,523\n)\n\n\nOther liabilities\n\n2,488\n\n\n\n5,190\n\n\n\n7,448\n\n\n\n7,457\n\n\n\nNet cash provided by (used in) operating activities\n\n115,872\n\n\n\n12,781\n\n\n\n182,847\n\n\n\n81,947\n\n\n\nCash flows from investing activities\n\n\n\n\n\n\n\n\n\nPurchases of property and equipment\n\n(44,041\n)\n\n\n(73,435\n)\n\n\n(146,551\n)\n\n\n(158,008\n)\n\n\nPurchases of strategic investments\n\n—\n\n\n\n—\n\n\n\n(2,000\n)\n\n\n(7,770\n)\n\n\nSales of strategic investments\n\n557\n\n\n\n5,151\n\n\n\n1,572\n\n\n\n5,151\n\n\n\nCash paid for acquisitions, net of cash acquired\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(50,254\n)\n\n\nPurchases of marketable securities\n\n(705,066\n)\n\n\n(537,046\n)\n\n\n(1,945,590\n)\n\n\n(2,042,317\n)\n\n\nSales of marketable securities\n\n187,754\n\n\n\n16,451\n\n\n\n354,311\n\n\n\n107,724\n\n\n\nMaturities of marketable securities\n\n337,985\n\n\n\n557,579\n\n\n\n1,170,066\n\n\n\n2,093,737\n\n\n\nOther\n\n—\n\n\n\n(308\n)\n\n\n(100\n)\n\n\n(432\n)\n\n\nNet cash provided by (used in) investing activities\n\n(222,811\n)\n\n\n(31,608\n)\n\n\n(568,292\n)\n\n\n(52,169\n)\n\n\nCash flows from financing activities\n\n\n\n\n\n\n\n\n\nProceeds from issuance of convertible notes, net of issuance costs\n\n—\n\n\n\n—\n\n\n\n740,350\n\n\n\n—\n\n\n\nPurchase of capped calls\n\n—\n\n\n\n—\n\n\n\n(68,850\n)\n\n\n—\n\n\n\nProceeds from termination of capped calls\n\n—\n\n\n\n—\n\n\n\n62,683\n\n\n\n—\n\n\n\nProceeds from the exercise of stock options\n\n10,304\n\n\n\n5\n\n\n\n12,798\n\n\n\n416\n\n\n\nRepurchases of Class A non-voting common stock\n\n—\n\n\n\n—\n\n\n\n(311,069\n)\n\n\n—\n\n\n\nDeferred payments for acquisitions\n\n—\n\n\n\n(10,441\n)\n\n\n(3,695\n)\n\n\n(254,557\n)\n\n\nRepurchases of convertible notes\n\n—\n\n\n\n—\n\n\n\n(859,042\n)\n\n\n—\n\n\n\nOther\n\n—\n\n\n\n—\n\n\n\n(1,799\n)\n\n\n—\n\n\n\nNet cash provided by (used in) financing activities\n\n10,304\n\n\n\n(10,436\n)\n\n\n(428,624\n)\n\n\n(254,141\n)\n\n\nChange in cash, cash equivalents, and restricted cash\n\n(96,635\n)\n\n\n(29,263\n)\n\n\n(814,069\n)\n\n\n(224,363\n)\n\n\nCash, cash equivalents, and restricted cash, beginning of period\n\n1,065,028\n\n\n\n1,228,676\n\n\n\n1,782,462\n\n\n\n1,423,776\n\n\n\nCash, cash equivalents, and restricted cash, end of period\n$\n968,393\n\n\n$\n1,199,413\n\n\n$\n968,393\n\n\n$\n1,199,413\n\n\n\n\n\n\n\nSNAP INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts, unaudited)\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nRevenue\n$\n1,372,574\n\n\n$\n1,188,551\n\n\n$\n3,804,115\n\n\n$\n3,244,828\n\n\n\nCosts and expenses:\n\n\n\n\n\n\n\n\n\nCost of revenue\n\n638,907\n\n\n\n555,753\n\n\n\n1,802,577\n\n\n\n1,492,613\n\n\n\nResearch and development\n\n412,791\n\n\n\n494,559\n\n\n\n1,268,746\n\n\n\n1,427,334\n\n\n\nSales and marketing\n\n273,107...\n   \n\n\n297,251\n\n\n\n815,461\n\n\n\n846,281\n\n\n\nGeneral and administrative\n\n220,979\n\n\n\n221,051\n\n\n\n677,748\n\n\n\n628,266\n\n\n\nTotal costs and expenses\n\n1,545,784\n\n\n\n1,568,614\n\n\n\n4,564,532\n\n\n\n4,394,494\n\n\n\nOperating loss\n\n(173,210\n)\n\n\n(380,063\n)\n\n\n(760,417\n)\n\n\n(1,149,666\n)\n\n\nInterest income\n\n38,533\n\n\n\n43,839\n\n\n\n114,893\n\n\n\n124,931\n\n\n\nInterest expense\n\n(5,883\n)\n\n\n(5,521\n)\n\n\n(15,739\n)\n\n\n(16,749\n)\n\n\nOther income (expense), net\n\n(4,355\n)\n\n\n(20,662\n)\n\n\n(25,228\n)\n\n\n(7,967\n)\n\n\nLoss before income taxes\n\n(144,915\n)\n\n\n(362,407\n)\n\n\n(686,491\n)\n\n\n(1,049,451\n)\n\n\nIncome tax benefit (expense)\n\n(8,332\n)\n\n\n(5,849\n)\n\n\n(20,466\n)\n\n\n(24,787\n)\n\n\nNet loss\n$\n(153,247\n)\n\n$\n(368,256\n)\n\n$\n(706,957\n)\n\n$\n(1,074,238\n)\n\n\nNet loss per share attributable to Class A, Class B, and Class C common stockholders:\n\n\n\n\n\n\n\n\n\nBasic\n$\n(0.09\n)\n\n$\n(0.23\n)\n\n$\n(0.43\n)\n\n$\n(0.67\n)\n\n\nDiluted\n$\n(0.09\n)\n\n$\n(0.23\n)\n\n$\n(0.43\n)\n\n$\n(0.67\n)\n\n\nWeighted average shares used in computation of net loss per share:\n\n\n\n\n\n\n\n\n\nBasic\n\n1,663,011\n\n\n\n1,625,917\n\n\n\n1,651,756\n\n\n\n1,603,672\n\n\n\nDiluted\n\n1,663,011\n\n\n\n1,625,917\n\n\n\n1,651,756\n\n\n\n1,603,672\n\n\n\n\n\n\n\nSNAP INC.CONSOLIDATED BALANCE SHEETS(in thousands, except par value)\n\n\n\n\n\n \n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n(unaudited)\n\n\n\n\nAssets\n\n\n\n\n\nCurrent assets\n\n\n\n\n\nCash and cash equivalents\n$\n964,967\n\n\n$\n1,780,400\n\n\n\nMarketable securities\n\n2,227,162\n\n\n\n1,763,680\n\n\n\nAccounts receivable, net of allowance\n\n1,195,701\n\n\n\n1,278,176\n\n\n\nPrepaid expenses and other current assets\n\n200,902\n\n\n\n153,587\n\n\n\nTotal current assets\n\n4,588,732\n\n\n\n4,975,843\n\n\n\nProperty and equipment, net\n\n466,397\n\n\n\n410,326\n\n\n\nOperating lease right-of-use assets\n\n516,959\n\n\n\n516,862\n\n\n\nIntangible assets, net\n\n98,920\n\n\n\n146,303\n\n\n\nGoodwill\n\n1,693,946\n\n\n\n1,691,827\n\n\n\nOther assets\n\n226,463\n\n\n\n226,597\n\n\n\nTotal assets\n$\n7,591,417\n\n\n$\n7,967,758\n\n\n\nLiabilities and Stockholders’ Equity\n\n\n\n\n\nCurrent liabilities\n\n\n\n\n\nAccounts payable\n$\n157,471\n\n\n$\n278,961\n\n\n\nOperating lease liabilities\n\n21,311\n\n\n\n49,321\n\n\n\nAccrued expenses and other current liabilities\n\n921,393\n\n\n\n805,836\n\n\n\nConvertible senior notes, net\n\n36,191\n\n\n\n—\n\n\n\nTotal current liabilities\n\n1,136,366\n\n\n\n1,134,118\n\n\n\nLong-term convertible senior notes, net\n\n3,605,137\n\n\n\n3,749,400\n\n\n\nOperating lease liabilities, noncurrent\n\n577,912\n\n\n\n546,279\n\n\n\nOther liabilities\n\n61,927\n\n\n\n123,849\n\n\n\nTotal liabilities\n\n5,381,342\n\n\n\n5,553,646\n\n\n\nCommitments and contingencies\n\n\n\n\n\nStockholders’ equity\n\n\n\n\n\nClass 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.\n\n14\n\n\n\n14\n\n\n\nClass 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.\n\n—\n\n\n\n—\n\n\n\nClass C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at September 30, 2024 and December 31, 2023.\n\n2\n\n\n\n2\n\n\n\nTreasury stock, at cost. 47,723 and 49,200 shares of Class A non-voting common stock at September 30, 2024 and December 31, 2023, respectively.\n\n(465,502\n)\n\n\n(479,903\n)\n\n\nAdditional paid-in capital\n\n15,391,284\n\n\n\n14,613,404\n\n\n\nAccumulated deficit\n\n(12,744,562\n)\n\n\n(11,726,536\n)\n\n\nAccumulated other comprehensive income (loss)\n\n28,839\n\n\n\n7,131\n\n\n\nTotal stockholders’ equity\n\n2,210,075\n\n\n\n2,414,112\n\n\n\nTotal liabilities and stockholders’ equity\n$\n7,591,417\n\n\n$\n7,967,758\n\n\n\n\n\n\n\nSNAP INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(in thousands, unaudited)\n\n\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nFree Cash Flow reconciliation:\n\n\n\n\n\n\n\n\n\nNet cash provided by (used in) operating activities\n$\n115,872\n\n\n$\n12,781\n\n\n$\n182,847\n\n\n$\n81,947\n\n\n\nLess:\n\n\n\n\n\n\n\n\n\nPurchases of property and equipment\n\n(44,041\n)\n\n\n(73,435\n)\n\n\n(146,551\n)\n\n\n(158,008\n)\n\n\nFree Cash Flow\n$\n71,831\n\n\n$\n(60,654\n)\n\n$\n36,296\n\n\n$\n(76,061\n)\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nAdjusted EBITDA reconciliation:\n\n\n\n\n\n\n\n\n\nNet loss\n$\n(153,247\n)\n\n$\n(368,256\n)\n\n$\n(706,957\n)\n\n$\n(1,074,238\n)\n\n\nAdd (deduct):\n\n\n\n\n\n\n\n\n\nInterest income\n\n(38,533\n)\n\n\n(43,839\n)\n\n\n(114,893\n)\n\n\n(124,931\n)\n\n\nInterest expense\n\n5,883\n\n\n\n5,521\n\n\n\n15,739\n\n\n\n16,749\n\n\n\nOther (income) expense, net\n\n4,355\n\n\n\n20,662\n\n\n\n25,228\n\n\n\n7,967\n\n\n\nIncome tax (benefit) expense\n\n8,332\n\n\n\n5,849\n\n\n\n20,466\n\n\n\n24,787\n\n\n\nDepreciation and amortization\n\n38,850\n\n\n\n41,209\n\n\n\n114,878\n\n\n\n116,117\n\n\n\nStock-based compensation expense\n\n260,229\n\n\n\n353,846\n\n\n\n773,890\n\n\n\n986,720\n\n\n\nPayroll and other tax expense related to stock-based compensation\n\n6,093\n\n\n\n6,463\n\n\n\n32,196\n\n\n\n30,618\n\n\n\nRestructuring charges (1)\n\n—\n\n\n\n18,639\n\n\n\n72,051\n\n\n\n18,639\n\n\n\nAdjusted EBITDA\n$\n131,962\n\n\n$\n40,094\n\n\n$\n232,598\n\n\n$\n2,428\n\n\n\n\n\n\n\n(1)\n\nRestructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.\n\n\n\n\n\n\nTotal depreciation and amortization expense by function:\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nDepreciation and amortization expense (1):\n\n\n\n\n\n\n\n\n\nCost of revenue\n$\n965\n\n$\n3,184\n\n$\n4,987\n\n$\n9,580\n\n\nResearch and development\n\n24,798\n\n\n26,252\n\n\n75,305\n\n\n75,238\n\n\nSales and marketing\n\n4,953\n\n\n5,466\n\n\n14,614\n\n\n16,144\n\n\nGeneral and administrative\n\n8,134\n\n\n6,307\n\n\n23,587\n\n\n15,155\n\n\nTotal\n$\n38,850\n\n$\n41,209\n\n$\n118,493\n\n$\n116,117\n\n\n\n\n\n\n(1)\n\nDepreciation and amortization expense for the nine months ended September 30, 2024 includes restructuring charges.\n\n\n\n\n\n\nSNAP INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)(in thousands, except per share amounts, unaudited)\n\n\nTotal stock-based compensation expense by function:\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nStock-based compensation expense (1):\n\n\n\n\n\n\n\n\n\nCost of revenue\n$\n1,333\n\n$\n2,640\n\n$\n4,408\n\n$\n6,890\n\n\nResearch and development\n\n172,516\n\n\n234,615\n\n\n518,500\n\n\n672,030\n\n\nSales and marketing\n\n53,345\n\n\n72,783\n\n\n160,209\n\n\n185,319\n\n\nGeneral and administrative\n\n33,035\n\n\n47,895\n\n\n100,175\n\n\n126,568\n\n\nTotal\n$\n260,229\n\n$\n357,933\n\n$\n783,292\n\n$\n990,807\n\n\n\n\n\n\n(1)\n\nStock-based compensation expense for the nine months ended September 30, 2024 as well as the three and nine months ended September 30, 2023 includes restructuring charges.\n\n\n\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nNon-GAAP net income (loss) reconciliation:\n\n\n\n\n\n\n\n\n\nNet loss\n$\n(153,247\n)\n\n$\n(368,256\n)\n\n$\n(706,957\n)\n\n$\n(1,074,238\n)\n\n\nAmortization of intangible assets\n\n13,889\n\n\n\n19,134\n\n\n\n44,282\n\n\n\n55,294\n\n\n\nStock-based compensation expense\n\n260,229\n\n\n\n353,846\n\n\n\n773,890\n\n\n\n986,720\n\n\n\nPayroll and other tax expense related to stock-based compensation\n\n6,093\n\n\n\n6,463\n\n\n\n32,196\n\n\n\n30,618\n\n\n\nRestructuring charges (1)\n\n—\n\n\n\n18,639\n\n\n\n72,051\n\n\n\n18,639\n\n\n\nIncome tax adjustments\n\n(1,858\n)\n\n\n(573\n)\n\n\n(7,877\n)\n\n\n(810\n)\n\n\nNon-GAAP net income (loss)\n$\n125,106\n\n\n$\n29,253\n\n\n$\n207,585\n\n\n$\n16,223\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average common shares - Diluted\n\n1,663,011\n\n\n\n1,625,917\n\n\n\n1,651,756\n\n\n\n1,603,672\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-GAAP diluted net income (loss) per share reconciliation:\n\n\n\n\n\n\n\n\n\nDiluted net loss per share\n$\n(0.09\n)\n\n$\n(0.23\n)\n\n$\n(0.43\n)\n\n$\n(0.67\n)\n\n\nNon-GAAP adjustment to net loss\n\n0.17\n\n\n\n0.25\n\n\n\n0.56\n\n\n\n0.68\n\n\n\nNon-GAAP diluted net income (loss) per share\n$\n0.08\n\n\n$\n0.02\n\n\n$\n0.13\n\n\n$\n0.01\n\n\n\n\n\n\n\n(1)\n\nRestructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.\n\n\n\n\n\n\nSNAP INC.SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS(dollars and shares in thousands, except per user amounts, unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nQ2 2023\n\nQ3 2023\n\nQ4 2023\n\nQ1 2024\n\nQ2 2024\n\nQ3 2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(NM = Not Meaningful)\n\n\nCash Flows and Shares\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet cash provided by (used in) operating activities\n$\n(81,936\n)\n\n$\n12,781\n\n\n$\n164,574\n\n\n$\n88,352\n\n\n$\n(21,377\n)\n\n$\n115,872\n\n\n\nNet cash provided by (used in) operating activities - YoY (year-over-year)\n\n34\n%\n\n\n(77\n)%\n\n\n31\n%\n\n\n(42\n)%\n\n\n74\n%\n\n\nNM\n\n\n\nNet cash provided by (used in) operating activities - TTM (trailing twelve months)\n$\n250,402\n\n\n$\n207,238\n\n\n$\n246,521\n\n\n$\n183,771\n\n\n$\n244,330\n\n\n$\n347,421\n\n\n\nPurchases of property and equipment\n$\n(36,943\n)\n\n$\n(73,435\n)\n\n$\n(53,719\n)\n\n$\n(50,448\n)\n\n$\n(52,062\n)\n\n$\n(44,041\n)\n\n\nPurchases of property and equipment - YoY\n\n58\n%\n\n\n94\n%\n\n\n14\n%\n\n\n6\n%\n\n\n41\n%\n\n\n(40\n)%\n\n\nPurchases of property and equipment - TTM\n$\n(169,334\n)\n\n$\n(204,933\n)\n\n$\n(211,727\n)\n\n$\n(214,545\n)\n\n$\n(229,664\n)\n\n$\n(200,270\n)\n\n\nFree Cash Flow\n$\n(118,879\n)\n\n$\n(60,654\n)\n\n$\n110,855\n\n\n$\n37,904\n\n\n$\n(73,439\n)\n\n$\n71,831\n\n\n\nFree Cash Flow - YoY\n\n19\n%\n\n\n(435\n)%\n\n\n41\n%\n\n\n(63\n)%\n\n\n38\n%\n\n\n218\n%\n\n\nFree Cash Flow - TTM\n$\n81,068\n\n\n$\n2,305\n\n\n$\n34,794\n\n\n$\n(30,774\n)\n\n$\n14,666\n\n\n$\n147,151\n\n\n\nCommon shares outstanding\n\n1,616,119\n\n\n\n1,638,905\n\n\n\n1,645,496\n\n\n\n1,643,120\n\n\n\n1,653,820\n\n\n\n1,672,212\n\n\n\nCommon shares outstanding - YoY\n\n(2\n)%\n\n\n2\n%\n\n\n5\n%\n\n\n3\n%\n\n\n2\n%\n\n\n2\n%\n\n\nShares underlying stock-based awards\n\n149,065\n\n\n\n154,525\n\n\n\n157,981\n\n\n\n146,240\n\n\n\n144,315\n\n\n\n132,783\n\n\n\nShares underlying stock-based awards - YoY\n\n62\n%\n\n\n63\n%\n\n\n20\n%\n\n\n14\n%\n\n\n(3\n)%\n\n\n(14\n)%\n\n\nTotal common shares outstanding plus shares underlying stock-based awards\n\n1,765,184\n\n\n\n1,793,430\n\n\n\n1,803,477\n\n\n\n1,789,360\n\n\n\n1,798,135\n\n\n\n1,804,995\n\n\n\nTotal common shares outstanding plus shares underlying stock-based awards - YoY\n\n2\n%\n\n\n5\n%\n\n\n6\n%\n\n\n4\n%\n\n\n2\n%\n\n\n1\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nResults of Operations\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n$\n1,067,669\n\n\n$\n1,188,551\n\n\n$\n1,361,287\n\n\n$\n1,194,773\n\n\n$\n1,236,768\n\n\n$\n1,372,574\n\n\n\nRevenue - YoY\n\n(4\n)%\n\n\n5\n%\n\n\n5\n%\n\n\n21\n%\n\n\n16\n%\n\n\n15\n%\n\n\nRevenue - TTM\n$\n4,484,488\n\n\n$\n4,544,563\n\n\n$\n4,606,115\n\n\n$\n4,812,280\n\n\n$\n4,981,379\n\n\n$\n5,165,402\n\n\n\nRevenue by region (1)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNorth America\n$\n686,829\n\n\n$\n786,154\n\n\n$\n899,542\n\n\n$\n743,131\n\n\n$\n767,560\n\n\n$\n857,621\n\n\n\nNorth America - YoY\n\n(13\n)%\n\n\n(3\n)%\n\n\n2\n%\n\n\n16\n%\n\n\n12\n%\n\n\n9\n%\n\n\nNorth America - TTM\n$\n3,018,637\n\n\n$\n2,993,189\n\n\n$\n3,012,421\n\n\n$\n3,115,656\n\n\n$\n3,196,387\n\n\n$\n3,267,854\n\n\n\nEurope\n$\n182,109\n\n\n$\n200,272\n\n\n$\n238,253\n\n\n$\n195,844\n\n\n$\n229,835\n\n\n$\n248,902\n\n\n\nEurope - YoY\n\n7\n%\n\n\n24\n%\n\n\n9\n%\n\n\n24\n%\n\n\n26\n%\n\n\n24\n%\n\n\nEurope - TTM\n$\n719,817\n\n\n$\n758,693\n\n\n$\n778,394\n\n\n$\n816,478\n\n\n$\n864,204\n\n\n$\n912,834\n\n\n\nRest of World\n$\n198,731\n\n\n$\n202,125\n\n\n$\n223,492\n\n\n$\n255,798\n\n\n$\n239,373\n\n\n$\n266,051\n\n\n\nRest of World - YoY\n\n28\n%\n\n\n30\n%\n\n\n11\n%\n\n\n34\n%\n\n\n20\n%\n\n\n32\n%\n\n\nRest of World - TTM\n$\n746,034\n\n\n$\n792,681\n\n\n$\n815,300\n\n\n$\n880,146\n\n\n$\n920,788\n\n\n$\n984,714\n\n\n\nOperating loss\n$\n(404,339\n)\n\n$\n(380,063\n)\n\n$\n(248,713\n)\n\n$\n(333,232\n)\n\n$\n(253,975\n)\n\n$\n(173,210\n)\n\n\nOperating loss - YoY\n\n(1\n)%\n\n\n13\n%\n\n\n14\n%\n\n\n9\n%\n\n\n37\n%\n\n\n54\n%\n\n\nOperating loss - Margin\n\n(38\n)%\n\n\n(32\n)%\n\n\n(18\n)%\n\n\n(28\n)%\n\n\n(21\n)%\n\n\n(13\n)%\n\n\nOperating loss - TTM\n$\n(1,492,442\n)\n\n$\n(1,437,263\n)\n\n$\n(1,398,379\n)\n\n$\n(1,366,347\n)\n\n$\n(1,215,983\n)\n\n$\n(1,009,130\n)\n\n\nNet income (loss)\n$\n(377,308\n)\n\n$\n(368,256\n)\n\n$\n(248,247\n)\n\n$\n(305,090\n)\n\n$\n(248,620\n)\n\n$\n(153,247\n)\n\n\nNet income (loss) - YoY\n\n11\n%\n\n\n(2\n)%\n\n\n14\n%\n\n\n7\n%\n\n\n34\n%\n\n\n58\n%\n\n\nNet income (loss) - Margin\n\n(35\n)%\n\n\n(31\n)%\n\n\n(18\n)%\n\n\n(26\n)%\n\n\n(20\n)%\n\n\n(11\n)%\n\n\nNet income (loss) - TTM\n$\n(1,353,944\n)\n\n$\n(1,362,698\n)\n\n$\n(1,322,485\n)\n\n$\n(1,298,901\n)\n\n$\n(1,170,213\n)\n\n$\n(955,204\n)\n\n\nAdjusted EBITDA\n$\n(38,479\n)\n\n$\n40,094\n\n\n$\n159,149\n\n\n$\n45,659\n\n\n$\n54,977\n\n\n$\n131,962\n\n\n\nAdjusted EBITDA - YoY\n\n(635\n)%\n\n\n(45\n)%\n\n\n(32\n)%\n\n\nNM\n\n\n\n243\n%\n\n\n229\n%\n\n\nAdjusted EBITDA - Margin (2)\n\n(4\n)%\n\n\n3\n%\n\n\n12\n%\n\n\n4\n%\n\n\n4\n%\n\n\n10\n%\n\n\nAdjusted EBITDA - TTM\n$\n268,249\n\n\n$\n235,703\n\n\n$\n161,577\n\n\n$\n206,423\n\n\n$\n299,879\n\n\n$\n391,747\n\n\n\n\n\n\n\n(1)\n\nTotal revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.\n\n\n(2)\n\nWe define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.\n\n\n\n\n\n\nSNAP INC.SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)(dollars and shares in thousands, except per user amounts, unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nQ2 2023\n\nQ3 2023\n\nQ4 2023\n\nQ1 2024\n\nQ2 2024\n\nQ3 2024\n\n\nOther\n\n\n\n\n\n\n\n\n\n\n\n\n\nDAU (in millions) (1)\n\n397\n\n\n\n406\n\n\n\n414\n\n\n\n422\n\n\n\n432\n\n\n\n443\n\n\n\nDAU - YoY\n\n14\n%\n\n\n12\n%\n\n\n10\n%\n\n\n10\n%\n\n\n9\n%\n\n\n9\n%\n\n\nDAU by region (in millions)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNorth America\n\n101\n\n\n\n101\n\n\n\n100\n\n\n\n100\n\n\n\n100\n\n\n\n100\n\n\n\nNorth America - YoY\n\n2\n%\n\n\n1\n%\n\n\n—\n%\n\n\n(1\n)%\n\n\n—\n%\n\n\n—\n%\n\n\nEurope\n\n94\n\n\n\n95\n\n\n\n96\n\n\n\n96\n\n\n\n97\n\n\n\n99\n\n\n\nEurope - YoY\n\n9\n%\n\n\n7\n%\n\n\n4\n%\n\n\n4\n%\n\n\n3\n%\n\n\n4\n%\n\n\nRest of World\n\n202\n\n\n\n211\n\n\n\n218\n\n\n\n226\n\n\n\n235\n\n\n\n244\n\n\n\nRest of World - YoY\n\n25\n%\n\n\n21\n%\n\n\n19\n%\n\n\n19\n%\n\n\n16\n%\n\n\n16\n%\n\n\nARPU\n$\n2.69\n\n\n$\n2.93\n\n\n$\n3.29\n\n\n$\n2.83\n\n\n$\n2.86\n\n\n$\n3.10\n\n\n\nARPU - YoY\n\n(16\n)%\n\n\n(6\n)%\n\n\n(5\n)%\n\n\n10\n%\n\n\n6\n%\n\n\n6\n%\n\n\nARPU by region\n\n\n\n\n\n\n\n\n\n\n\n\n\nNorth America\n$\n6.83\n\n\n$\n7.82\n\n\n$\n8.96\n\n\n$\n7.44\n\n\n$\n7.67\n\n\n$\n8.54\n\n\n\nNorth America - YoY\n\n(14\n)%\n\n\n(4\n)%\n\n\n2\n%\n\n\n17\n%\n\n\n12\n%\n\n\n9\n%\n\n\nEurope\n$\n1.93\n\n\n$\n2.11\n\n\n$\n2.49\n\n\n$\n2.04\n\n\n$\n2.36\n\n\n$\n2.52\n\n\n\nEurope - YoY\n\n(2\n)%\n\n\n15\n%\n\n\n5\n%\n\n\n20\n%\n\n\n22\n%\n\n\n19\n%\n\n\nRest of World\n$\n0.98\n\n\n$\n0.96\n\n\n$\n1.03\n\n\n$\n1.13\n\n\n$\n1.02\n\n\n$\n1.09\n\n\n\nRest of World - YoY\n\n3\n%\n\n\n8\n%\n\n\n(7\n)%\n\n\n13\n%\n\n\n4\n%\n\n\n14\n%\n\n\nEmployees (full-time; excludes part-time, contractors, and temporary personnel)\n\n5,286\n\n\n\n5,367\n\n\n\n5,289\n\n\n\n4,835\n\n\n\n4,719\n\n\n\n4,800\n\n\n\nEmployees - YoY\n\n(18\n)%\n\n\n(6\n)%\n\n\n—\n%\n\n\n(7\n)%\n\n\n(11\n)%\n\n\n(11\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDepreciation and amortization expense\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of revenue\n$\n3,170\n\n\n$\n3,184\n\n\n$\n3,171\n\n\n$\n2,150\n\n\n$\n1,872\n\n\n$\n965\n\n\n\nResearch and development\n\n24,847\n\n\n\n26,252\n\n\n\n31,040\n\n\n\n27,598\n\n\n\n22,909\n\n\n\n24,798\n\n\n\nSales and marketing\n\n5,605\n\n\n\n5,466\n\n\n\n10,017\n\n\n\n4,577\n\n\n\n5,084\n\n\n\n4,953\n\n\n\nGeneral and administrative\n\n6,066\n\n\n\n6,307\n\n\n\n8,096\n\n\n\n7,388\n\n\n\n8,065\n\n\n\n8,134\n\n\n\nTotal\n$\n39,688\n\n\n$\n41,209\n\n\n$\n52,324\n\n\n$\n41,713\n\n\n$\n37,930\n\n\n$\n38,850\n\n\n\nDepreciation and amortization expense - YoY\n\n(50\n)%\n\n\n14\n%\n\n\n8\n%\n\n\n18\n%\n\n\n(4\n)%\n\n\n(6\n)%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStock-based compensation expense\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of revenue\n$\n2,365\n\n\n$\n2,640\n\n\n$\n2,665\n\n\n$\n1,815\n\n\n$\n1,260\n\n\n$\n1,333\n\n\n\nResearch and development\n\n217,565\n\n\n\n234,615\n\n\n\n220,996\n\n\n\n174,519\n\n\n\n171,465\n\n\n\n172,516\n\n\n\nSales and marketing\n\n57,597\n\n\n\n72,783\n\n\n\n70,369\n\n\n\n54,656\n\n\n\n52,208\n\n\n\n53,345\n\n\n\nGeneral and administrative\n\n40,416\n\n\n\n47,895\n\n\n\n39,167\n\n\n\n32,762\n\n\n\n34,378\n\n\n\n33,035\n\n\n\nTotal\n$\n317,943\n\n\n$\n357,933\n\n\n$\n333,197\n\n\n$\n263,752\n\n\n$\n259,311\n\n\n$\n260,229\n\n\n\nStock-based compensation expense - YoY\n\n—\n%\n\n\n4\n%\n\n\n(26\n)%\n\n\n(16\n)%\n\n\n(18\n)%\n\n\n(27\n)%\n\n\n\n\n\n\n(1)\n\nNumbers may not foot due to rounding.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241029506113/en/\nContacts\nInvestors and Analysts:ir@snap.com\nPress:press@snap.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479425429"}