Daily Active Users increased 14% year-over-year
to 397 million
Second quarter revenue was $1,068 million
Trailing twelve months operating cash flow was
$250 million
Trailing twelve months Free Cash Flow was $81
million
Snap Inc. (NYSE: SNAP) today announced financial results for the
quarter ended June 30, 2023.
“We are excited by the progress we have made delivering
increased return on investment for our advertising partners,
growing our community to 397 million daily active users, and
reaching more than 4 million Snapchat+ subscribers,” said Evan
Spiegel, CEO.
Q2 2023 Financial Summary
- Revenue was $1,068 million, compared to $1,111 million in the
prior year.
- Net loss was $377 million, compared to $422 million in the
prior year.
- Adjusted EBITDA was $(38) million, compared to $7 million in
the prior year.
- Operating cash flow was $(82) million, compared to $(124)
million in the prior year.
- Free Cash Flow was $(119) million, compared to $(147) million
in the prior year.
Three Months Ended
June 30,
Percent
Change
Six Months Ended
June 30,
Percent
Change
2023
2022
2023
2022
(in thousands, except per
share amounts)
(Unaudited)
(NM = Not Meaningful)
Revenue
$
1,067,669
$
1,110,909
(4
)%
$
2,056,277
$
2,173,636
(5
)%
Operating loss
$
(404,339
)
$
(400,940
)
(1
)%
$
(769,603
)
$
(672,467
)
(14
)%
Net loss
$
(377,308
)
$
(422,067
)
11
%
$
(705,982
)
$
(781,691
)
10
%
Adjusted EBITDA(1)
$
(38,479
)
$
7,190
(635
)%
$
(37,666
)
$
71,658
(153
)%
Net cash provided by (used in) operating
activities
$
(81,936
)
$
(124,081
)
34
%
$
69,166
$
3,378
NM
Free Cash Flow(2)
$
(118,879
)
$
(147,451
)
19
%
$
(15,407
)
$
(41,167
)
63
%
Diluted net loss per share attributable to
common stockholders
$
(0.24
)
$
(0.26
)
8
%
$
(0.44
)
$
(0.48
)
8
%
Non-GAAP diluted net income (loss) per
share(3)
$
(0.02
)
$
(0.02
)
—
%
$
(0.01
)
$
(0.04
)
75
%
(1)
See page 10 for reconciliation of net loss
to Adjusted EBITDA.
(2)
See page 10 for reconciliation of net cash
provided by (used in) operating activities to Free Cash Flow.
(3)
See page 11 for reconciliation of diluted
net loss per share to non-GAAP diluted net income (loss) per
share.
Q2 2023 Summary & Key Highlights
We grew and deepened our engagement with our
community:
- DAUs were 397 million in Q2 2023, an increase of 50 million, or
14% year-over-year.
- DAUs increased sequentially and year-over-year in each of North
America, Europe, and Rest of World.
- Total time spent watching Spotlight content more than tripled
year-over-year, and Spotlight reached more than 400 million monthly
active users on average in Q2, an increase of 51%
year-over-year.
- Since launching My AI, our AI-powered chatbot, over 150 million
people have sent over 10 billion messages, which we believe makes
My AI among the largest consumer chatbots available today.
- We introduced My AI Snaps for Snapchat+ subscribers, allowing
subscribers to send Snaps to My AI and receive an AI-generated Snap
back that keeps the conversation going.
- We expanded our Stories revenue share program to more creators,
helping more people build businesses on Snapchat and enabling them
to create content for our community.
- We onboarded new media partners and renewed agreements globally
as we continue to grow our local content offering, including ITV in
the UK, ProSieben in Germany, Network 18 in India, and ESPN in the
Netherlands.
We are focused on accelerating and diversifying our revenue
growth:
- We are seeing significant adoption of our new 7/0 Pixel
Purchase optimization model, which contributed to a more than 40%
quarter-over-quarter increase in 7/0 Pixel Purchase
conversions.
- The combination of improvements to our machine learning (ML)
infrastructure and systems for ad ranking and optimization have led
to more relevant ads and a more than 30% increase in purchase
related conversions quarter-over-quarter.
- We introduced our Event Quality Score system to advertisers to
measure the quality and integrity of their data, which we expect
will lead to improvement in attribution and advertiser
performance.
- We made fundamental improvements to our privacy-preserving
identity graph and modeled conversions, which will strengthen the
connection between identity, attribution, and optimization.
- Snapchat+, our subscription service that offers exclusive,
experimental, and pre-release features, reached over 4 million
paying subscribers in Q2, one year after launch.
- We introduced new Snapchat+ features like app icons, custom
themes, and Bitmoji pets & cars on the Snap Map.
- We launched ads in Spotlight for all advertisers globally,
allowing brands to reach the Snapchat audience on our newest
surface.
- We are testing My AI monetization with sponsored links that
connect our community with partners relevant to their conversation
in that moment, while helping brands reach Snapchatters who have
indicated potential interest in their offerings.
- We launched First Story, which enables advertisers to reserve
the first video ad between Friend Stories, making First Story the
latest offering in our takeover lineup, following First Commercial
and First Lens.
- We made it easier for brands and creators to work together with
the US launch of the Snap Star Collab Studio for brands to source,
partner, and drive results with Snap Stars.
We invested in our augmented reality platform:
- We launched Lens Performance Toolkit in Lens Studio, which
offers developers a dashboard view of performance-related metrics
for Lenses that are in development.
- We introduced ML Retouch, our newest retouch feature powered by
ML in Lens Studio, which enables Creators to easily switch on the
feature for realistic skin retouch and accurate texture.
- We announced a partnership with Roboflow that enables Lens
Studio developers to utilize Roboflow’s ML tools to easily train
and bring models directly into SnapML.
- We launched our first Snap AR Learn Hub, which includes AR
courses to teach different AR development concepts in Lens Studio,
along with a library of live streams and product tutorials.
- We partnered with OPI, a beauty brand, on a Lens featuring
first-of-its-kind Snap AR tech called Nails Segmentation, which
makes the digital nail try-on experience more realistic than ever
before.
- Snapchat and Disney came together in a groundbreaking
collaboration at the 2023 Cannes Lions International Festival of
Creativity that illustrated how Augmented Reality can enhance
storytelling, and brought to life legendary characters and tales in
celebration of Disney100.
- Snapchat’s AR Studio in Paris teamed up with Daft Punk to
celebrate the release of Random Access Memories 10th Anniversary
Edition by bringing to life “Daft Punk: Memories Unlocked,” a
series of new augmented reality experiences for fans around the
world.
- Camera Kit Live was launched to additional venues and music
tours, including Duran Duran’s successful arena tour, the Barclays
Center in Brooklyn, New York, and the NBA draft.
- We introduced new advanced Snapchat Lenses built by teams from
the Snap AR community including Brick.it which used SnapML to
integrate Brick.it’s custom-built ML model, letting Snapchatters
scan a pile of toy bricks, identify pieces, and suggest ideas for
what can be built.
- In honor of Juneteenth, Snap Lens Network developer, Andre
Elijah Immersive, and Santa Monica History Museum collaborated to
show the city’s history in AR – bringing stories out of the museum
and into the neighborhood.
Q3 Outlook
As we enter Q3, we anticipate continued robust growth in our
global community and, as a result, our financial guidance for Q3 is
built on the assumption that DAU will reach 405 million to 406
million in Q3. From a revenue perspective, our business remains in
a period of rapid transition as we work to improve our advertising
platform, while forward visibility of advertising demand remains
limited. Our guidance range for Q3 revenue reflects our best
estimate of these factors, with total revenue estimated to be
between $1,070 to $1,130 million implying negative 5% to flat
year-over-year growth. At this level of revenue, we estimate that
Adjusted EBITDA will be between negative $50 million and negative
$100 million reflecting estimated infrastructure costs per DAU of
$0.79 to $0.84 in Q3, as we continue to invest in ML, AI, and other
infrastructure to improve the performance of our ad platform, drive
deeper content engagement, and bring innovative product experiences
to our community. This forecast also assumes modest sequential
headcount growth as we continue to carefully calibrate our
operating investments to focus on the inputs most essential to the
acceleration of topline growth.
Conference Call Information
Snap Inc. will host a conference call to discuss the results at
2:30 p.m. Pacific / 5:30 p.m. Eastern today. The live audio webcast
along with supplemental information will be accessible at
investor.snap.com. A recording of the webcast will also be
available following the conference call.
Snap Inc. uses its websites (including snap.com and
investor.snap.com) as means of disclosing material non-public
information and for complying with its disclosure obligation under
Regulation FD.
Definitions
Free Cash Flow is defined as net cash provided by (used in)
operating activities, reduced by purchases of property and
equipment.
Common shares outstanding plus shares underlying stock-based
awards includes common shares outstanding, restricted stock units,
restricted stock awards, and outstanding stock options.
Adjusted EBITDA is defined as net income (loss), excluding
interest income; interest expense, other income (expense), net;
income tax benefit (expense); depreciation and amortization;
stock-based compensation expense; payroll and other tax expense
related to stock-based compensation; and certain other non-cash or
non-recurring items impacting net income (loss) from time to
time.
A Daily Active User (DAU) is defined as a registered Snapchat
user who opens the Snapchat application 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 Snapchat
user who opens the Snapchat application at least once during the
30-day period ending on the calendar month-end. We calculate
average Monthly Active Users for a particular quarter by
calculating the average of the MAUs as of each calendar month-end
in that quarter.
Note: For adjustments and additional information regarding the
non-GAAP financial measures and other items discussed, please see
“Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP
Financial Measures,” and “Supplemental Financial Information and
Business Metrics.”
About Snap Inc.
Snap Inc. is a technology company. We believe the camera
presents the greatest opportunity to improve the way people live
and communicate. We contribute to human progress by empowering
people to express themselves, live in the moment, learn about the
world, and have fun together. For more information, visit
snap.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act, about us and
our industry that involve substantial risks and uncertainties. All
statements other than statements of historical facts contained in
this press release, including statements regarding guidance, our
future results of operations or financial condition, future stock
repurchase programs or stock dividends, business strategy and
plans, user growth and engagement, product initiatives, objectives
of management for future operations, and advertiser and partner
offerings, are forward-looking statements. In some cases, you can
identify forward-looking statements because they contain words such
as “anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “going to,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,” or
“would” or the negative of these words or other similar terms or
expressions. We caution you that the foregoing may not include all
of the forward-looking statements made in this press release.
You should not rely on forward-looking statements as predictions
of future events. We have based the forward-looking statements
contained in this press release primarily on our current
expectations and projections about future events and trends,
including our financial outlook, macroeconomic uncertainty, and
geo-political conflicts, that we believe may continue to affect our
business, financial condition, results of operations, and
prospects. These forward-looking statements are subject to risks
and uncertainties related to: our financial performance; our
ability to attain and sustain profitability; our ability to
generate and sustain positive cash flow; our ability to attract and
retain users, partners, and advertisers; competition and new market
entrants; managing our growth and future expenses; compliance with
new laws, regulations, and executive actions; our ability to
maintain, protect, and enhance our intellectual property; our
ability to succeed in existing and new market segments; our ability
to attract and retain qualified team members and key personnel; our
ability to repay or refinance outstanding debt, or to access
additional financing; future acquisitions, divestitures, or
investments; and the potential adverse impact of climate change,
natural disasters, health epidemics, macroeconomic conditions, and
war or other armed conflict, as well as risks, uncertainties, and
other factors described in “Risk Factors” and elsewhere in our most
recent periodic report filed with the U.S. Securities and Exchange
Commission, or SEC, which is available on the SEC’s website at
www.sec.gov. Additional information will be made available in our
periodic report that will be filed with the SEC for the period
covered by this press release and other filings that we make from
time to time with the SEC. In addition, any forward-looking
statements contained in this press release are based on assumptions
that we believe to be reasonable as of this date. We undertake no
obligation to update any forward-looking statements to reflect
events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events,
including future developments related to geo-political conflicts
and macroeconomic conditions, except as required by law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use certain
non-GAAP financial measures, as described below, to understand and
evaluate our core operating performance. These non-GAAP financial
measures, which may be different than similarly titled measures
used by other companies, are presented to enhance investors’
overall understanding of our financial performance and should not
be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
We use the non-GAAP financial measure of Free Cash Flow, which
is defined as net cash provided by (used in) operating activities,
reduced by purchases of property and equipment. We believe Free
Cash Flow is an important liquidity measure of the cash that is
available, after capital expenditures, for operational expenses and
investment in our business and is a key financial indicator used by
management. Additionally, we believe that Free Cash Flow is an
important measure since we use third-party infrastructure partners
to host our services and therefore we do not incur significant
capital expenditures to support revenue generating activities. Free
Cash Flow is useful to investors as a liquidity measure because it
measures our ability to generate or use cash. Once our business
needs and obligations are met, cash can be used to maintain a
strong balance sheet and invest in future growth.
We use the non-GAAP financial measure of Adjusted EBITDA, which
is defined as net income (loss); excluding interest income;
interest expense; other income (expense), net; income tax benefit
(expense); depreciation and amortization; stock-based compensation
expense; payroll and other tax expense related to stock-based
compensation; and certain other non-cash or non-recurring 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 non-cash or non-recurring items
impacting net income (loss) from time to time; and related income
tax adjustments. Non-GAAP net income (loss) and weighted average
diluted shares are then used to calculate non-GAAP diluted net
income (loss) per share. Similar to Adjusted EBITDA, we believe
these measures help identify underlying trends in our business that
could otherwise be masked by the effect of the expenses we exclude
in the measure.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and
allow for greater transparency with respect to key metrics used by
our management for financial and operational decision-making. We
are presenting these non-GAAP measures to assist investors in
seeing our financial performance through the eyes of management,
and because we believe that these measures provide an additional
tool for investors to use in comparing our core financial
performance over multiple periods with other companies in our
industry.
For a reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measure, please see
“Reconciliation of GAAP to Non-GAAP Financial Measures.”
Snap Inc., “Snapchat,” and our other registered and common law
trade names, trademarks, and service marks are the property of Snap
Inc. or our subsidiaries.
SNAP INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Cash flows from operating
activities
Net loss
$
(377,308
)
$
(422,067
)
$
(705,982
)
$
(781,691
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
39,688
79,291
74,908
117,391
Stock-based compensation
317,943
318,810
632,874
594,254
Amortization of debt issuance costs
1,839
1,780
3,675
3,193
Losses (gains) on debt and equity
securities, net
(4,434
)
12,210
(15,267
)
91,337
Other
(16,307
)
3,079
(26,703
)
4,204
Change in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance
(103,629
)
(81,001
)
184,744
45,026
Prepaid expenses and other current
assets
(1,098
)
(11,980
)
(14,302
)
(39,158
)
Operating lease right-of-use assets
17,817
18,299
35,475
35,283
Other assets
(1,275
)
(7,230
)
(425
)
(7,538
)
Accounts payable
8,426
(3,919
)
(28,546
)
51,061
Accrued expenses and other current
liabilities
52,981
(14,392
)
(37,210
)
(77,220
)
Operating lease liabilities
(17,792
)
(16,499
)
(36,342
)
(34,315
)
Other liabilities
1,213
(462
)
2,267
1,551
Net cash provided by (used in) operating
activities
(81,936
)
(124,081
)
69,166
3,378
Cash flows from investing
activities
Purchases of property and equipment
(36,943
)
(23,370
)
(84,573
)
(44,545
)
Purchases of strategic investments
(3,290
)
(6,200
)
(7,770
)
(6,350
)
Sales of strategic investments
—
63,276
—
63,276
Cash paid for acquisitions, net of cash
acquired
(50,254
)
(11,220
)
(50,254
)
(12,008
)
Purchases of marketable securities
(631,218
)
(568,055
)
(1,505,271
)
(1,910,436
)
Sales of marketable securities
85,922
2,982
91,273
12,759
Maturities of marketable securities
611,835
554,026
1,536,158
896,571
Other
(2,451
)
—
(124
)
(5,493
)
Net cash provided by (used in) investing
activities
(26,399
)
11,439
(20,561
)
(1,006,226
)
Cash flows from financing
activities
Proceeds from issuance of convertible
notes, net of issuance costs
—
—
—
1,483,500
Purchase of capped calls
—
—
—
(177,000
)
Proceeds from the exercise of stock
options
382
1,388
411
3,654
Payments of debt issuance costs
—
(3,006
)
—
(3,006
)
Deferred payments for acquisitions
(242,088
)
—
(244,116
)
—
Net cash provided by (used in) financing
activities
(241,706
)
(1,618
)
(243,705
)
1,307,148
Change in cash, cash equivalents, and
restricted cash
(350,041
)
(114,260
)
(195,100
)
304,300
Cash, cash equivalents, and restricted
cash, beginning of period
1,578,717
2,413,283
1,423,776
1,994,723
Cash, cash equivalents, and restricted
cash, end of period
$
1,228,676
$
2,299,023
$
1,228,676
$
2,299,023
Supplemental disclosures
Cash paid for income taxes, net
$
6,062
$
4,848
$
23,065
$
7,484
Cash paid for interest
$
732
$
551
$
5,153
$
4,005
SNAP INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Revenue
$
1,067,669
$
1,110,909
$
2,056,277
$
2,173,636
Costs and expenses:
Cost of revenue
496,874
446,377
936,860
867,274
Research and development
477,663
505,037
932,775
960,600
Sales and marketing
280,597
311,374
549,030
553,260
General and administrative
216,874
249,061
407,215
464,969
Total costs and expenses
1,472,008
1,511,849
2,825,880
2,846,103
Operating loss
(404,339
)
(400,940
)
(769,603
)
(672,467
)
Interest income
43,144
8,331
81,092
11,454
Interest expense
(5,343
)
(5,549
)
(11,228
)
(10,722
)
Other income (expense), net
1,323
(16,910
)
12,695
(94,447
)
Loss before income taxes
(365,215
)
(415,068
)
(687,044
)
(766,182
)
Income tax benefit (expense)
(12,093
)
(6,999
)
(18,938
)
(15,509
)
Net loss
$
(377,308
)
$
(422,067
)
$
(705,982
)
$
(781,691
)
Net loss per share attributable to Class
A, Class B, and Class C common stockholders:
Basic
$
(0.24
)
$
(0.26
)
$
(0.44
)
$
(0.48
)
Diluted
$
(0.24
)
$
(0.26
)
$
(0.44
)
$
(0.48
)
Weighted average shares used in
computation of net loss per share:
Basic
1,603,172
1,632,140
1,592,365
1,625,663
Diluted
1,603,172
1,632,140
1,592,365
1,625,663
SNAP INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except par value,
unaudited)
June 30, 2023
December 31,
2022
Assets
Current assets
Cash and cash equivalents
$
1,228,629
$
1,423,121
Marketable securities
2,460,649
2,516,003
Accounts receivable, net of allowance
996,082
1,183,092
Prepaid expenses and other current
assets
154,178
134,431
Total current assets
4,839,538
5,256,647
Property and equipment, net
330,010
271,777
Operating lease right-of-use assets
348,970
370,952
Intangible assets, net
202,671
204,480
Goodwill
1,692,061
1,646,120
Other assets
252,973
279,562
Total assets
$
7,666,223
$
8,029,538
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
163,604
$
181,774
Operating lease liabilities
57,893
46,485
Accrued expenses and other current
liabilities
716,167
987,340
Total current liabilities
937,664
1,215,599
Convertible senior notes, net
3,745,956
3,742,520
Operating lease liabilities,
noncurrent
356,929
386,271
Other liabilities
120,714
104,450
Total liabilities
5,161,263
5,448,840
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001
par value. 3,000,000 shares authorized, 1,412,444 shares issued,
1,361,953 shares outstanding at June 30, 2023, and 3,000,000 shares
authorized, 1,371,242 shares issued, 1,319,930 shares outstanding
at December 31, 2022.
14
13
Class B voting common stock, $0.00001 par
value. 700,000 shares authorized, 22,539 shares issued and
outstanding at June 30, 2023, and 700,000 shares authorized, 22,529
shares issued and outstanding at December 31, 2022.
—
—
Class C voting common stock, $0.00001 par
value. 260,888 shares authorized, 231,627 shares issued and
outstanding at June 30, 2023 and December 31, 2022.
2
2
Treasury stock, at cost. 50,491 and 51,312
shares of Class A non-voting common stock at June 30, 2023 and
December 31, 2022, respectively.
(492,500
)
(500,514
)
Additional paid-in capital
13,934,244
13,309,828
Accumulated deficit
(10,920,639
)
(10,214,657
)
Accumulated other comprehensive income
(loss)
(16,161
)
(13,974
)
Total stockholders’ equity
2,504,960
2,580,698
Total liabilities and stockholders’
equity
$
7,666,223
$
8,029,538
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Free Cash Flow reconciliation:
Net cash provided by (used in) operating
activities
$
(81,936
)
$
(124,081
)
$
69,166
$
3,378
Less:
Purchases of property and equipment
(36,943
)
(23,370
)
(84,573
)
(44,545
)
Free Cash Flow
$
(118,879
)
$
(147,451
)
$
(15,407
)
$
(41,167
)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Adjusted EBITDA reconciliation:
Net loss
$
(377,308
)
$
(422,067
)
$
(705,982
)
$
(781,691
)
Add (deduct):
Interest income
(43,144
)
(8,331
)
(81,092
)
(11,454
)
Interest expense
5,343
5,549
11,228
10,722
Other (income) expense, net
(1,323
)
16,910
(12,695
)
94,447
Income tax (benefit) expense
12,093
6,999
18,938
15,509
Depreciation and amortization
39,688
79,291
74,908
117,391
Stock-based compensation expense
317,943
318,810
632,874
594,254
Payroll and other tax expense related to
stock-based compensation
8,229
10,029
24,155
32,480
Adjusted EBITDA
$
(38,479
)
$
7,190
$
(37,666
)
$
71,658
Total depreciation and amortization
expense by function:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Depreciation and amortization expense:
Cost of revenue
$
3,170
$
5,061
$
6,396
$
10,573
Research and development
24,847
22,362
48,986
44,485
Sales and marketing
5,605
49,061
10,678
56,453
General and administrative
6,066
2,807
8,848
5,880
Total
$
39,688
$
79,291
$
74,908
$
117,391
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (continued)
(in thousands, except per share
amounts, unaudited)
Total stock-based compensation expense by
function:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Stock-based compensation expense:
Cost of revenue
$
2,365
$
2,849
$
4,250
$
5,295
Research and development
217,565
221,650
437,415
404,516
Sales and marketing
57,597
48,577
112,536
90,648
General and administrative
40,416
45,734
78,673
93,795
Total
$
317,943
$
318,810
$
632,874
$
594,254
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Non-GAAP net income (loss)
reconciliation:
Net loss
$
(377,308
)
$
(422,067
)
$
(705,982
)
$
(781,691
)
Amortization of intangible assets
18,405
64,134
36,160
86,639
Stock-based compensation expense
317,943
318,810
632,874
594,254
Payroll and other tax expense related to
stock-based compensation
8,229
10,029
24,155
32,480
Income tax adjustments
(269
)
(504
)
(237
)
(565
)
Non-GAAP net income (loss)
$
(33,000
)
$
(29,598
)
$
(13,030
)
$
(68,883
)
Weighted-average common shares -
Diluted
1,603,172
1,632,140
1,592,365
1,625,663
Non-GAAP diluted net income (loss) per
share reconciliation:
Diluted net loss per share
$
(0.24
)
$
(0.26
)
$
(0.44
)
$
(0.48
)
Non-GAAP adjustment to net loss
0.22
0.24
0.43
0.44
Non-GAAP diluted net income (loss) per
share
$
(0.02
)
$
(0.02
)
$
(0.01
)
$
(0.04
)
SNAP INC.
SUPPLEMENTAL FINANCIAL
INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands,
except per user amounts, unaudited)
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
(NM = Not Meaningful)
Cash Flows and Shares
Net cash provided by (used in) operating
activities
$
127,459
$
(124,081
)
$
55,945
$
125,291
$
151,102
$
(81,936
)
Net cash provided by (used in) operating
activities - YoY (year-over-year)
(7
)%
23
%
(22
)%
(32
)%
19
%
34
%
Net cash provided by (used in) operating
activities - TTM (trailing twelve months)
$
283,453
$
260,458
$
244,851
$
184,614
$
208,257
$
250,402
Purchases of property and equipment
$
(21,175
)
$
(23,370
)
$
(37,836
)
$
(46,925
)
$
(47,630
)
$
(36,943
)
Purchases of property and equipment -
YoY
95
%
60
%
91
%
91
%
(125
)%
(58
)%
Purchases of property and equipment -
TTM
$
(80,199
)
$
(88,946
)
$
(106,946
)
$
(129,306
)
$
(155,761
)
$
(169,334
)
Free Cash Flow
$
106,284
$
(147,451
)
$
18,109
$
78,366
$
103,472
$
(118,879
)
Free Cash Flow - YoY
(16
)%
(27
)%
(65
)%
(51
)%
(3
)%
19
%
Free Cash Flow - TTM
$
203,254
$
171,512
$
137,905
$
55,308
$
52,496
$
81,068
Common shares outstanding
1,632,563
1,644,974
1,605,868
1,574,086
1,595,205
1,616,119
Common shares outstanding - YoY
7
%
4
%
—
%
(3
)%
(2
)%
(2
)%
Shares underlying stock-based awards
75,066
92,105
94,772
131,718
128,218
149,065
Shares underlying stock-based awards -
YoY
(32
)%
(12
)%
2
%
59
%
71
%
62
%
Total common shares outstanding plus
shares underlying stock-based awards
1,707,629
1,737,079
1,700,640
1,705,804
1,723,423
1,765,184
Total common shares outstanding plus
shares underlying stock-based awards - YoY
5
%
3
%
—
%
—
%
1
%
2
%
Results of Operations
Revenue
$
1,062,727
$
1,110,909
$
1,128,476
$
1,299,735
$
988,608
$
1,067,669
Revenue - YoY
38
%
13
%
6
%
0.1
%
(7
)%
(4
)%
Revenue - TTM
$
4,410,191
$
4,538,992
$
4,599,997
$
4,601,847
$
4,527,728
$
4,484,488
Revenue by region (1)
North America
$
758,261
$
785,681
$
811,602
$
880,310
$
639,896
$
686,829
North America - YoY
37
%
12
%
3
%
(6
)%
(16
)%
(13
)%
North America - TTM
$
3,178,990
$
3,262,936
$
3,287,621
$
3,235,854
$
3,117,489
$
3,018,637
Europe
$
162,132
$
170,097
$
161,396
$
218,552
$
157,760
$
182,109
Europe - YoY
43
%
12
%
5
%
5
%
(3
)%
7
%
Europe - TTM
$
676,433
$
694,262
$
702,537
$
712,177
$
707,805
$
719,817
Rest of World
$
142,334
$
155,131
$
155,478
$
200,873
$
190,952
$
198,731
Rest of World - YoY
38
%
21
%
22
%
28
%
34
%
28
%
Rest of World - TTM
$
554,768
$
581,794
$
609,839
$
653,816
$
702,434
$
746,034
Operating loss
$
(271,527
)
$
(400,940
)
$
(435,242
)
$
(287,597
)
$
(365,264
)
$
(404,339
)
Operating loss - YoY
11
%
(108
)%
(141
)%
NM
(35
)%
(1
)%
Operating loss - Margin
(26
)%
(36
)%
(39
)%
(22
)%
(37
)%
(38
)%
Operating loss - TTM
$
(669,990
)
$
(878,418
)
$
(1,132,836
)
$
(1,395,306
)
$
(1,489,043
)
$
(1,492,442
)
Net income (loss)
$
(359,624
)
$
(422,067
)
$
(359,502
)
$
(288,460
)
$
(328,674
)
$
(377,308
)
Net income (loss) - YoY
(25
)%
(178
)%
(400
)%
NM
9
%
11
%
Net income (loss) - TTM
$
(560,697
)
$
(831,100
)
$
(1,118,643
)
$
(1,429,653
)
$
(1,398,703
)
$
(1,353,944
)
Adjusted EBITDA
$
64,468
$
7,190
$
72,640
$
233,275
$
813
$
(38,479
)
Adjusted EBITDA - YoY
3872
%
(94
)%
(58
)%
(29
)%
(99
)%
(635
)%
Adjusted EBITDA - Margin (2)
6
%
1
%
6
%
18
%
0.1
%
(4
)%
Adjusted EBITDA - TTM
$
682,863
$
572,650
$
471,091
$
377,573
$
313,918
$
268,249
(1)
Total revenue for geographic reporting is
apportioned to each region based on our determination of the
geographic location in which advertising impressions are delivered,
as this approximates revenue based on user activity. This
allocation is consistent with how we determine ARPU.
(2)
We define Adjusted EBITDA margin as
Adjusted EBITDA divided by GAAP revenue.
SNAP INC.
SUPPLEMENTAL FINANCIAL
INFORMATION AND BUSINESS METRICS (continued)
(dollars and shares in thousands,
except per user amounts, unaudited)
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Other
DAU (in millions)
332
347
363
375
383
397
DAU - YoY
18
%
18
%
19
%
17
%
15
%
14
%
DAU by region (in millions)
North America
98
99
100
100
100
101
North America - YoY
5
%
4
%
4
%
3
%
3
%
2
%
Europe
84
86
88
92
93
94
Europe - YoY
10
%
10
%
11
%
12
%
10
%
9
%
Rest of World
150
162
175
183
190
202
Rest of World - YoY
36
%
35
%
34
%
31
%
27
%
25
%
ARPU
$
3.20
$
3.20
$
3.11
$
3.47
$
2.58
$
2.69
ARPU - YoY
17
%
(4
)%
(11
)%
(15
)%
(19
)%
(16
)%
ARPU by region
North America
$
7.77
$
7.93
$
8.13
$
8.77
$
6.37
$
6.83
North America - YoY
31
%
8
%
(1
)%
(9
)%
(18
)%
(14
)%
Europe
$
1.93
$
1.98
$
1.83
$
2.38
$
1.70
$
1.93
Europe - YoY
30
%
2
%
(5
)%
(6
)%
(12
)%
(2
)%
Rest of World
$
0.95
$
0.96
$
0.89
$
1.10
$
1.00
$
0.98
Rest of World - YoY
2
%
(11
)%
(9
)%
(2
)%
6
%
3
%
Employees (full-time; excludes part-time,
contractors, and temporary personnel)
6,131
6,446
5,706
5,288
5,201
5,286
Employees - YoY
52
%
38
%
10
%
(7
)%
(15
)%
(18
)%
Depreciation and amortization
expense
Cost of revenue
$
5,512
$
5,061
$
5,548
$
8,114
$
3,226
$
3,170
Research and development
22,123
22,362
23,722
29,834
24,139
24,847
Sales and marketing
7,392
49,061
4,586
6,130
5,073
5,605
General and administrative
3,073
2,807
2,435
4,413
2,782
6,066
Total
$
38,100
$
79,291
$
36,291
$
48,491
$
35,220
$
39,688
Depreciation and amortization expense -
YoY
62
%
180
%
12
%
39
%
(8
)%
(50
)%
Stock-based compensation
expense
Cost of revenue
$
2,446
$
2,849
$
2,745
$
4,248
$
1,885
$
2,365
Research and development
182,866
221,650
246,783
319,447
219,850
217,565
Sales and marketing
42,071
48,577
43,098
69,346
54,939
57,597
General and administrative
48,061
45,734
50,333
57,533
38,257
40,416
Total
$
275,444
$
318,810
$
342,959
$
450,574
$
314,931
$
317,943
Stock-based compensation expense - YoY
16
%
24
%
14
%
51
%
14
%
—
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725146588/en/
Investors and Analysts: ir@snap.com
Press: press@snap.com
Snap (NYSE:SNAP)
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Snap (NYSE:SNAP)
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