Daily Active Users increased 2% sequentially to
190 million
First quarter revenue increased 39% to $320
million
Year over year revenue growth accelerated to
39%, from 36% in the prior quarter
Snap Inc. (NYSE: SNAP) today announced financial results for the
quarter ended March 31, 2019.
Financial Highlights
- Operating cash flow improved by $166
million to $(66) million in Q1 2019, compared to the prior
year.
- Free Cash Flow improved by $190 million
to $(78) million in Q1 2019, compared to the prior year.
- Common shares outstanding plus shares
underlying stock-based awards totaled 1,544 million at March 31,
2019, compared with 1,457 million one year ago.
- Revenue increased 39% to $320 million
in Q1 2019, compared to the prior year.
- Operating loss improved $76 million to
$(316) million in Q1 2019, compared to the prior year.
- Net loss improved $75 million to $(310)
million in Q1 2019, compared to the prior year.
- Adjusted EBITDA loss improved $94
million to $(123) million in Q1 2019, compared to the prior
year.
“In the first quarter we delivered strong results across our
business with growth in daily active users and revenue,” said Evan
Spiegel, CEO. “Our new Android application is available to
everyone, with promising early results. This month we announced
several new products that we believe will drive further engagement
and monetization. As we look towards the future, we see many
opportunities to increase our investments, and will continue to
manage our business for long-term growth.”
Three Months Ended March 31,
Percent
2019 2018 Change
(Unaudited)
(in thousands, except per share amounts) Cash
used in operating activities $ (66,178 ) $ (231,981 ) (71 )%
Free Cash Flow $ (77,992 ) $ (268,296 ) 71 % Common shares
outstanding plus shares underlying stock-based awards 1,543,986
1,456,613 6 % Operating loss $ (316,061 ) $ (392,530 ) (19 )%
Revenue $ 320,426 $ 230,666 39 % Net loss $ (310,407 ) $ (385,785 )
(20 )% Adjusted EBITDA $ (123,449 ) $ (217,867 ) 43 % Diluted net
loss per share attributable to common shareholders $ (0.23 ) $
(0.30 ) (24 )% Non-GAAP diluted net loss per share $ (0.10 ) $
(0.17 ) (44 )%
Q1 2019 Summary & Key Highlights
We started the year increasing Daily Active Users and
enhancing engagement across key metrics:
- DAUs were 190 million in Q1 2019,
compared to 186 million in Q4 2018 and 191 million in Q1 2018.
- As of March, Snapchat reaches 90% of
all 13-24 year-olds and 75% of all 13-34 year-olds in the U.S.
We fully rolled out the new build of our Android
application:
- As of the end of Q1, our new Android
application is available to everyone.
- The new app is 25% smaller, opens 20%
faster on average, and is modularized for more efficient ongoing
innovation.
- On lower-performing devices, this
resulted in a 6% increase in the number of users sending Snaps
within the first week of upgrading to the new Android build.
On April 4th, we hosted the first ever Snap Partner Summit to
celebrate our partners and to come together in person to share some
of the latest innovations we brought to our platform. These
include:
- Games – We unveiled Snap Games –
an all-new live, multi-player gaming experience featuring our
original game Bitmoji Party and select third-party games.
- Augmented Reality – We
introduced a number of augmented reality (AR) innovations,
including Landmarkers, AR Bar, and Scan.
- Snap Kit – We added new features
to Snap Kit, enabling our app partners to utilize the best features
in Snapchat, including App Stories, Creative Kit Web, and Snap
Audience Network.
- Discover – We announced a new
slate of ten Snap Original Shows, our premium, mobile shows created
exclusively for Snapchat’s audience, which will begin airing in May
2019, and renewed three of our most popular Snap Original Shows,
including “The Dead Girls Detective Agency,” “Endless Summer,” and
“Deep Creek.”
We’ve enhanced Discover’s high quality, made-for-mobile video
offering across the Snapchat platform:
- In Q1 2019, nearly half of our daily
Discover viewers watched Discover every day of the week.
- We now offer more than 450 premium
content channels worldwide.
- In the past six months, we’ve more than
doubled the number of localized media partners outside of the
U.S.
- In Q1 2019 alone, we launched over 50
new Shows and Publisher Stories in international markets.
- In March, our partners increased their
total mobile monthly audience in the U.S. by an average of more
than 30% just by publishing to Discover, as measured by
ComScore.
We have made major strides in building our platform
capabilities to drive improved outcomes for advertisers:
- We made several updates to our
self-serve tool, Ads Manager, including enhancing advanced features
such as target cost bidding, new bulk uploading capabilities, bulk
editing and cloning, and the expansion of location categories to
the UK, Canada, and France.
- We continue to invest in brand-focused
buying tools; our Reach & Frequency product now allows for
one-day buys (the previous minimum was three) and has been expanded
to the UK, Canada, and France.
- Toyota ran a sophisticated campaign
across our various video and AR products to promote the Corolla
Hatchback among Millennials. Snapchatters engaged with the ads,
watching more than 90% of their Commercials on average, and playing
with their Lenses for more than 10 seconds each on average.
Financial Guidance
The following forward-looking statements reflect our
expectations for the second quarter of 2019 as of April 23, 2019,
and are subject to substantial uncertainty. This guidance assumes,
among other things, that no business acquisitions, investments,
restructurings, or legal settlements are concluded in the quarter.
Our results are based on assumptions that we believe to be
reasonable as of this date, but may be materially affected by many
factors, as discussed below in “Forward-Looking Statements.”
Q2 2019 Outlook
- Revenue is expected to be between $335
million and $360 million, or grow between 28% and 37% compared to
Q2 2018.
- Adjusted EBITDA is expected to be
between $(150) million and $(125) million, compared to $(169)
million in Q2 2018.
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 the investor.snap.com and snap.com/news websites
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 and related payroll tax expense;
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.
Addressable reach is defined as the approximate number of
Snapchat users that an ad could reach over a 28-day period in a
given locality. When we calculate the percentage of a demographic
group that can be reached, we do so by dividing addressable reach
by relevant census figures. Addressable reach and age data are
subject to limitations. For more information, see Snap’s SEC
filings and businesshelp.snapchat.com.
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 camera company. We believe that reinventing the
camera represents our 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, business
strategy and plans, user growth and engagement, product
initiatives, and objectives of management for future operations,
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 that we
believe may 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 lack of profitability to date; our ability to
generate and sustain positive cash flow; our ability to attract and
retain users, publishers, and advertisers; competition and new
market entrants; managing our international expansion and our
growth and future expenses; compliance with new laws and
regulations; our ability to maintain, protect, and enhance our
intellectual property; our ability to attract and retain qualified
and key personnel; and future acquisitions or investments, as well
as risks, uncertainties, and other factors described in “Risk
Factors” and elsewhere in our annual report on Form 10-K for the
fiscal year ended December 31, 2018 filed with the SEC, which is
available on the SEC’s website at www.sec.gov. Additional
information will be made available in Snap Inc.’s quarterly report
on Form 10-Q for the quarter ended March 31, 2019 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, 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 and related payroll tax expense; 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 loss,
which is defined as net income (loss); excluding amortization of
intangible assets; stock-based compensation expense and related
payroll tax expense; certain other non-cash or non-recurring items
impacting net income (loss) from time to time; and related income
tax adjustments. Non-GAAP net loss and weighted average diluted
shares are then used to calculate non-GAAP diluted net 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 March 31, 2019
2018 Cash flows from operating activities Net loss $
(310,407 ) $ (385,785 ) Adjustments to reconcile net loss to net
cash used in operating activities: Depreciation and amortization
23,319 21,553 Stock-based compensation 162,556 133,258 Deferred
income taxes (266 ) 236 Other (1,917 ) (3,392 ) Change in operating
assets and liabilities, net of effect of acquisitions: Accounts
receivable, net of allowance 71,870 48,697 Prepaid expenses and
other current assets 271 (10,439 ) Operating lease right-of-use
asset 9,812 — Other assets (368 ) 4,204 Accounts payable 3,090
(37,069 ) Accrued expenses and other current liabilities (14,323 )
(10,149 ) Operating lease liabilities (10,470 ) — Other liabilities
655 6,905 Net cash used in operating activities
(66,178 ) (231,981 )
Cash flows from investing
activities Purchases of property and equipment (11,814 )
(36,315 ) Sales of property and equipment 29 — Purchases of
intangible assets — (60 ) Non-marketable investments (2,250 ) —
Purchases of marketable securities (525,520 ) (477,213 ) Sales of
marketable securities — 45,007 Maturities of marketable securities
458,627 787,828 Net cash provided by (used in)
investing activities (80,928 ) 319,247
Cash flows
from financing activities Proceeds from the exercise of stock
options 5,596 45,809 Stock repurchases from employees for tax
withholdings — (551 ) Net cash provided by financing
activities 5,596 45,258 Change in cash, cash
equivalents, and restricted cash (141,510 ) 132,524 Cash, cash
equivalents, and restricted cash, beginning of period
388,974 337,007 Cash, cash equivalents, and restricted cash,
end of period $ 247,464 $ 469,531
Supplemental disclosures
Cash paid for income taxes $ 320 $ 991
SNAP INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share amounts,
unaudited)
Three Months Ended March 31, 2019
2018 Revenue $ 320,426 $ 230,666 Costs and expenses:
Cost of revenue 203,767 196,798 Research and development 216,185
200,986 Sales and marketing 97,882 102,113 General and
administrative 118,653 123,299 Total costs and
expenses 636,487 623,196 Operating loss (316,061 )
(392,530 ) Interest income 7,816 6,104 Interest expense (756 ) (934
) Other income (expense), net (1,127 ) 3,153 Loss
before income taxes (310,128 ) (384,207 ) Income tax benefit
(expense) (279 ) (1,578 ) Net loss $ (310,407 ) $
(385,785 ) Net loss per share attributable to Class A, Class B, and
Class C common stockholders: Basic $ (0.23 ) $ (0.30 ) Diluted $
(0.23 ) $ (0.30 ) Weighted average shares used in computation of
net loss per share: Basic 1,340,615 1,270,998 Diluted
1,340,615 1,270,998
SNAP INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
March 31,
2019
December 31, 2018
(unaudited) Assets Current assets Cash and cash
equivalents $ 245,639 $ 387,149 Marketable securities 963,093
891,914 Accounts receivable, net of allowance 282,407 354,965
Prepaid expenses and other current assets 41,701
41,900 Total current assets 1,532,840 1,675,928 Property and
equipment, net 195,302 212,560 Operating lease right-of-use assets
284,486 — Intangible assets, net 115,386 126,054 Goodwill 629,596
632,370 Other assets 68,133 67,194 Total assets $
2,825,743 $ 2,714,106
Liabilities and Stockholders’ Equity
Current liabilities Accounts payable $ 31,827 $ 30,876 Operating
lease liabilities 46,078 — Accrued expenses and other current
liabilities 244,999 261,815 Total current liabilities
322,904 292,691 Operating lease liabilities, noncurrent 329,293 —
Other liabilities 7,669 110,416 Total liabilities
659,866 403,107 Commitments and contingencies
Stockholders’ equity Class A non-voting common stock, $0.00001 par
value. 3,000,000 shares
authorized, 999,304 shares issued and
outstanding at December 31, 2018, and
3,000,000 shares authorized, 1,057,135
shares issued and outstanding
at March 31, 2019.
11 10 Class B voting common stock, $0.00001 par value. 700,000
shares authorized,
93,846 shares issued and outstanding at
December 31, 2018, and 700,000 shares
authorized, 51,510 shares issued and
outstanding at March 31, 2019.
1 1 Class C voting common stock, $0.00001 par value. 260,888 shares
authorized,
224,611 shares issued and outstanding at
December 31, 2018, and 260,888 shares
authorized, 226,287 shares issued and
outstanding at March 31, 2019.
2 2 Additional paid-in capital 8,388,608 8,220,417 Accumulated
other comprehensive income (68 ) 3,147 Accumulated deficit
(6,222,677 ) (5,912,578 ) Total stockholders’ equity
2,165,877 2,310,999 Total liabilities and stockholders’
equity $ 2,825,743 $ 2,714,106
SNAP INC.
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended March 31, 2019
2018 Free Cash Flow reconciliation: Net cash used in
operating activities $ (66,178 ) $ (231,981 ) Less: Purchases of
property and equipment (11,814 ) (36,315 ) Free Cash
Flow $ (77,992 ) $ (268,296 )
Three Months Ended March
31, 2019 2018 Adjusted EBITDA
reconciliation: Net loss $ (310,407 ) $ (385,785 ) Add
(deduct): Interest income (7,816 ) (6,104 ) Interest expense 756
934 Other (income) expense, net 1,127 (3,153 ) Income tax (benefit)
expense 279 1,578 Depreciation and amortization 23,319 21,553
Stock-based compensation expense 162,556 133,258 Payroll tax
expense related to stock-based compensation 6,737 9,968 Reduction
in force charges(1) — 9,884 Adjusted EBITDA $
(123,449 ) $ (217,867 )
(1) Reduction in force charges in the first quarter of 2018 were
related to a reduction in force plan impacting approximately 7% of
our global headcount, primarily in engineering and sales. The
charges are composed primarily of severance expense and related
payroll tax expense. These charges are non-recurring and not
reflective of underlying trends in our business. Additionally, we
recognized a stock-based compensation forfeiture benefit of $31.5
million, which is included in the stock-based compensation expense
line item above.
SNAP INC.
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (continued)
(in thousands, except per share amounts,
unaudited)
Total depreciation and amortization
expense by function:
Three Months Ended March 31, 2019
2018 Depreciation and amortization expense: Cost of revenue
$ 6,146 $ 5,202 Research and development 8,650 8,791 Sales and
marketing 4,015 3,569 General and administrative 4,508
3,991 Total $ 23,319 $ 21,553
Total stock-based compensation expense by
function:
Three Months Ended March 31, 2019 2018
Stock-based compensation expense: Cost of revenue $ 1,849 $ 276
Research and development 112,242 77,815 Sales and marketing 17,760
16,185 General and administrative 30,705 38,982 Total
$ 162,556 $ 133,258
Three Months Ended March
31, 2019 2018 Non-GAAP net loss
reconciliation: Net loss $ (310,407 ) $ (385,785 ) Amortization
of intangible assets 10,369 10,824 Stock-based compensation expense
162,556 133,258 Payroll tax expense related to stock-based
compensation 6,737 9,968 Reduction in force charges — 9,884 Income
tax adjustments (115 ) 220 Non-GAAP net loss $
(130,860 ) $ (221,631 ) Weighted-average common shares -
Diluted 1,340,615 1,270,998
Non-GAAP diluted net loss per
share reconciliation: Diluted net loss per share $ (0.23 ) $
(0.30 ) Non-GAAP adjustment to net loss 0.13 0.13
Non-GAAP diluted net loss per share $ (0.10 ) $ (0.17 )
SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND
BUSINESS METRICS
(dollars and shares in thousands, except
as noted below, unaudited)
Q4 2017 Q1
2018 Q2 2018 Q3 2018 Q4 2018 Q1
2019 Cash Flows and Shares Net cash used in operating
activities $ (176,083 ) $ (231,981 ) $ (199,346 ) $ (132,543 ) $
(126,054 ) $ (66,178 ) Net cash used in operating activities - YoY
(year-over-year) (5 )% (50 )% 5 % 32 % 28 % 71 % Net cash used in
operating activities - TTM (trailing twelve months) $ (734,667 ) $
(811,651 ) $ (801,423 ) $ (739,953 ) $ (689,924 ) $ (524,121 )
Purchases of property and equipment $ (21,212 ) $ (36,315 ) $
(34,901 ) $ (26,285 ) $ (22,741 ) $ (11,814 ) Purchases of property
and equipment - YoY 4 % 102 % 80 % 1 % 7 % (67 )% Purchases of
property and equipment - TTM $ (84,518 ) $ (102,840 ) $ (118,376 )
$ (118,713 ) $ (120,242 ) $ (95,741 ) Free Cash Flow $ (197,295 ) $
(268,296 ) $ (234,247 ) $ (158,828 ) $ (148,795 ) $ (77,992 ) Free
Cash Flow - YoY (5 )% (55 )% (2 )% 28 % 25 % 71 % Free Cash Flow -
TTM $ (819,185 ) $ (914,491 ) $ (919,799 ) $ (858,666 ) $ (810,166
) $ (619,862 ) Common shares outstanding 1,222,202 1,254,439
1,273,163 1,291,217 1,317,760 1,334,931 Common shares outstanding -
YoY NM 6 % 8 % 7 % 8 % 6 % Shares underlying stock-based awards
230,802 202,175 205,595 184,802 188,863 209,055 Shares underlying
stock-based awards - YoY NM (20 )% (19 )% (23 )% (18 )% 3 % Total
common shares outstanding plus shares underlying stock-based awards
1,453,004 1,456,613 1,478,758 1,476,019 1,506,623 1,543,986 Total
common shares outstanding plus shares underlying stock-based awards
- YoY NM 2 % 3 % 2 % 4 % 6 %
Results of Operations
Revenue $ 285,693 $ 230,666 $ 262,263 $ 297,695 $ 389,822 $ 320,426
Revenue - YoY 72 % 54 % 44 % 43 % 36 % 39 % Revenue - TTM $ 824,949
$ 905,967 $ 986,559 $ 1,076,317 $ 1,180,446 $ 1,270,206 Revenue by
region(1) North America $ 219,394 $ 170,488 $ 177,410 $ 207,477 $
268,858 $ 225,705 North America - YoY 51 % 32 % 20 % 24 % 23 % 32 %
North America - TTM $ 663,057 $ 704,827 $ 734,599 $ 774,769 $
824,233 $ 879,450 Europe $ 39,976 $ 32,721 $ 40,241 $ 50,478 $
62,470 $ 47,448 Europe - YoY 173 % 150 % 82 % 85 % 56 % 45 % Europe
- TTM $ 102,392 $ 122,011 $ 140,200 $ 163,416 $ 185,910 $ 200,637
Rest of World $ 26,323 $ 27,458 $ 44,612 $ 39,740 $ 58,495 $ 47,273
Rest of World - YoY NM 251 % 272 % 197 % 122 % 72 % Rest of World -
TTM $ 59,501 $ 79,130 $ 111,761 $ 138,133 $ 170,305 $ 190,120
Operating loss $ (360,964 ) $ (392,530 ) $ (357,842 ) $ (323,371 )
$ (194,707 ) $ (316,061 ) Operating loss - YoY (113 )% 82 % 20 % 30
% 46 % 19 % Operating loss - Margin (126 )% (170 )% (136 )% (109 )%
(50 )% (99 )% Operating loss - TTM $ (3,485,576 ) $ (1,664,339 ) $
(1,573,163 ) $ (1,434,707 ) $ (1,268,450 ) $ (1,191,981 ) Net loss
$ (349,977 ) $ (385,785 ) $ (353,310 ) $ (325,148 ) $ (191,668 ) $
(310,407 ) Net loss - YoY 106 % (83 )% (20 )% (27 )% (45 )% (20 )%
Net loss - TTM $ (3,445,066 ) $ (1,622,014 ) $ (1,532,231 ) $
(1,414,220 ) $ (1,255,911 ) $ (1,180,533 ) Adjusted EBITDA $
(158,922 ) $ (217,867 ) $ (169,032 ) $ (138,377 ) (50,363 )
(123,449 ) Adjusted EBITDA - YoY (4 )% (16 )% 13 % 23 % 68 % 43 %
Adjusted EBITDA - Margin (56 )% (94 )% (64 )% (46 )% (13 )% (39 )%
Adjusted EBITDA - TTM $ (720,056 ) $ (749,680 ) $ (724,722 ) $
(684,198 ) $ (575,637 ) $ (481,221 )
(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.
SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND
BUSINESS METRICS (continued)
(dollars and shares in thousands, except
as noted below, unaudited)
Q4 2017 Q1
2018 Q2 2018 Q3 2018 Q4 2018 Q1
2019 Other DAU (in millions) 187 191 188 186 186 190 DAU
- YoY 18 % 15 % 8 % 5 % (0 )% (0 )% DAU by region (in millions)
North America 80 81 80 79 79 80 North America - YoY 18 % 14 % 7 % 3
% (1 )% (1 )% Europe 60 62 61 59 60 61 Europe - YoY 17 % 13 % 7 % 4
% (1 )% (2 )% Rest of World 47 48 47 47 47 49 Rest of World - YoY
21 % 18 % 12 % 8 % 1 % 2 % ARPU $ 1.53 $ 1.21 $ 1.40 $ 1.60 $ 2.09
$ 1.68 ARPU - YoY 46 % 34 % 34 % 37 % 37 % 39 % ARPU by region
North America $ 2.75 $ 2.10 $ 2.21 $ 2.62 $ 3.38 $ 2.81 North
America - YoY 28 % 16 % 12 % 20 % 23 % 34 % Europe $ 0.66 $ 0.53 $
0.66 $ 0.85 $ 1.04 $ 0.77 Europe - YoY 133 % 120 % 70 % 78 % 57 %
47 % Rest of World $ 0.56 $ 0.58 $ 0.96 $ 0.84 $ 1.24 $ 0.97 Rest
of World - YoY 284 % 198 % 233 % 175 % 120 % 68 % Employees
(full-time; excludes part-time, contractors, and temporary
personnel) 3,069 2,989 2,879 2,903 2,884 2,818 Employees - YoY 65 %
27 % 10 % (2 )% (6 )% (6 )%
Depreciation and amortization
expense Cost of revenue $ 5,179 $ 5,202 $ 5,610 $ 5,582 $ 9,888
$ 6,146 Research and development 6,937 8,791 9,489 10,174 4,547
8,650 Sales and marketing 3,441 3,569 3,991 4,054 3,475 4,015
General and administrative 3,229 3,991 3,424
5,088 4,772 4,508 Total $ 18,786 $ 21,553 $
22,514 $ 24,898 $ 22,682 $ 23,319 Depreciation and amortization
expense - YoY 77 % 73 % 79 % 43 % 21 % 8 %
Stock-based
compensation expense Cost of revenue $ 2,189 $ 276 $ 1,467 $
1,368 $ 1,283 $ 1,849 Research and development 129,199 77,815
92,303 95,329 75,086 112,242 Sales and marketing 28,936 16,185
21,996 25,082 20,795 17,760 General and administrative
20,720 38,982 40,605 5,030 24,608
30,705 Total $ 181,044 $ 133,258 $ 156,371 $ 126,809 $
121,772 $ 162,556 Stock-based compensation expense - YoY NM (93 )%
(36 )% (43 )% (33 )% 22 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190423005881/en/
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