Daily Active Users increased 20% year-over-year
to 229 million
First quarter revenue increased 44%
year-over-year to $462 million
First quarter operating cash flow improved 109%
year-over-year to $6 million
Snap Inc. (NYSE: SNAP) today announced financial results for the
quarter ended March 31, 2020.
Financial Highlights
- Operating cash flow improved by $72 million to $6 million in Q1
2020, compared to the prior year.
- Free Cash Flow improved by $73 million to $(5) million in Q1
2020, compared to the prior year.
- Common shares outstanding plus shares underlying stock-based
awards totaled 1,589 million at March 31, 2020, compared to 1,544
million one year ago.
- Revenue increased 44% to $462 million in Q1 2020, compared to
the prior year.
- Net loss improved $4 million to $(306) million in Q1 2020,
compared to the prior year.
- Adjusted EBITDA improved $42 million to $(81) million in Q1
2020, compared to the prior year.
“We are grateful for the opportunity to serve our community and
partners during this difficult time,” said Evan Spiegel, CEO.
“Snapchat is helping people stay close to their friends and family
while they are separated physically, and I am proud of our team for
overcoming the many challenges of working from home during this
time while we continue to grow our business and support those who
are impacted by COVID-19.”
Three Months Ended March
31,
Percent
2020
2019
Change
(Unaudited)
(in thousands, except per
share amounts)
Cash provided by (used in) operating
activities
$
6,283
$
(66,178
)
109
%
Free Cash Flow
$
(4,608
)
$
(77,992
)
94
%
Common shares outstanding plus shares
underlying stock-based awards
1,588,593
1,543,986
3
%
Operating loss
$
(286,364
)
$
(316,061
)
(9
)%
Revenue
$
462,478
$
320,426
44
%
Net loss
$
(305,936
)
$
(310,407
)
(1
)%
Adjusted EBITDA
$
(81,237
)
$
(123,449
)
34
%
Diluted net loss per share attributable to
common stockholders
$
(0.21
)
$
(0.23
)
(7
)%
Non-GAAP diluted net loss per share
$
(0.08
)
$
(0.10
)
(18
)%
Q1 2020 Summary & Key Highlights
Daily Active User growth accelerated to 20% year-over-year
and we saw increased engagement across key metrics:
- DAUs were 229 million in Q1 2020, an increase of 39 million or
20% year-over-year.
- DAUs increased sequentially and year-over-year in each of North
America, Europe, and Rest of World.
- DAUs increased sequentially and year-over-year on each of iOS
and Android platforms.
- On average, more than 4 billion Snaps were created each day in
Q1 2020.
We continue to invest in our Discover platform as a
destination for content that entertains and informs:
- Total daily time spent by Snapchatters watching Discover
content increased by over 35% year-over-year in Q1 2020.
- Total daily time spent by Snapchatters watching Shows more than
doubled compared to Q1 2019.
- In Q1 2020, over 60 Shows reached a monthly audience of over 10
million viewers, up from 50 Shows in Q4 2019.
- Over 20 million Snapchatters have watched our new Snap Original
“Nikita Unfiltered” since its launch in March 2020.
- We announced “Will From Home”, our new Snap Original that
features Will Smith hanging out in his garage as he shares his own
shelter-in-place experience along with his friends.
We continue to invest in our camera and augmented reality
platforms:
- Over 75% of our daily active users engage with augmented
reality every day on average.
- At the end of Q1 2020, over 900,000 Lenses had been created by
our community through Lens Studio, up from over 700,000 at the end
of Q4 2019.
- On average, Lenses made by our community via Lens Studio now
make up over 30% of the total Snaps sent every day with a Lens,
with top-performing Community Lenses reaching billions of views on
Snapchat.
- We launched Ground Transformation Lenses, which use machine
learning to understand the geometry of land and transform the
ground into lava or water.
- As people turn to videoconferencing and livestreaming to
connect with friends and family, we have seen more than a 30x
increase in the daily downloads of Snap Camera, a desktop app which
allows people to add our entire suite of Lenses to whichever video
service they use.
We strengthened our ad platform to drive improved outcomes
for advertisers:
- We have doubled the amount of money committed via upfronts from
advertisers in 2020 vs. 2019.
- Direct response advertising has nearly doubled as a share of
our revenue over the past two years, and represents more than half
of our total revenue.
- We launched ROAS bidding, which allows advertisers to bid in
our auction based on their specified return on ad spend.
- We launched Lens Web Builder, a web-based, augmented reality
Lens production tool, which enables advertisers to create augmented
reality Lenses easily and instantly.
We continue to innovate to better serve our large and engaged
community:
- We launched App Stories, which brings our popular Stories
feature to apps created by third-party software developers.
- We launched five new games globally, the most in any quarter
since launch. Many of our existing partners are developing
additional games just for Snap, demonstrating their excitement for
our gaming platform.
- We added over 120 partner app integrations with Snap Kit in Q1
2020.
- The number of Snapchatters using Snap Kit on a monthly basis
grew by 75% in Q1 2020 compared to Q4 2019.
We are grateful for the opportunity to help Snapchatters
communicate with their loved ones amid the COVID-19
pandemic:
- Communication with friends increased by over 30% in the last
week of March compared to the last week of January, with more than
a 50% increase in some of the geographies that were most
impacted.
- In honor of World Health Day, we launched a Lens in 11
languages and 33 countries to encourage people to donate to the
World Health Organization’s relief efforts.
- We have published over 700 Discover editions featuring
up-to-the-minute coverage on COVID-19 from our content partners,
our in-house news teams, and agencies like the CDC and WHO.
Financial Guidance
Given the uncertainties related to the ongoing COVID-19 pandemic
and the rapidly shifting macro conditions, we are not providing our
expectations for revenue or Adjusted EBITDA for the second quarter
of 2020.
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,
and the impact of COVID-19 on our business and the economy as a
whole, 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 the ongoing COVID-19 pandemic 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 succeed in existing and new market segments; our ability
to attract and retain qualified and key personnel; our ability to
repay outstanding debt; and future acquisitions or investments, as
well as risks, uncertainties, and other factors described in “Risk
Factors” and elsewhere in our most recent annual report on Form
10-K 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, 2020 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 the COVID-19 pandemic, 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,
2020
2019
Cash flows from operating
activities
Net loss
$
(305,936
)
$
(310,407
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
21,204
23,319
Stock-based compensation
172,049
162,556
Deferred income taxes
(394
)
(266
)
Amortization of debt discount and issuance
costs
11,563
—
Other
10,424
(1,917
)
Change in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance
92,892
71,870
Prepaid expenses and other current
assets
(12,867
)
271
Operating lease right-of-use assets
8,716
9,812
Other assets
(1,155
)
(368
)
Accounts payable
5,734
3,090
Accrued expenses and other current
liabilities
17,910
(14,323
)
Operating lease liabilities
(13,994
)
(10,470
)
Other liabilities
137
655
Net cash provided by (used in) operating
activities
6,283
(66,178
)
Cash flows from investing
activities
Purchases of property and equipment
(10,891
)
(11,814
)
Non-marketable investments
(35,500
)
(2,250
)
Purchases of marketable securities
(552,675
)
(525,520
)
Sales of marketable securities
217,958
—
Maturities of marketable securities
752,685
458,627
Other
—
29
Net cash provided by (used in) investing
activities
371,577
(80,928
)
Cash flows from financing
activities
Proceeds from the exercise of stock
options
3,130
5,596
Net cash provided by financing
activities
3,130
5,596
Change in cash, cash equivalents, and
restricted cash
380,990
(141,510
)
Cash, cash equivalents, and restricted
cash, beginning of period
521,260
388,974
Cash, cash equivalents, and restricted
cash, end of period
$
902,250
$
247,464
Supplemental disclosures
Cash paid for income taxes, net
$
808
$
320
Cash paid for interest
4,899
358
SNAP INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts, unaudited)
Three Months Ended March
31,
2020
2019
Revenue
$
462,478
$
320,426
Costs and expenses:
Cost of revenue
253,410
203,767
Research and development
238,613
216,185
Sales and marketing
122,205
97,882
General and administrative
134,614
118,653
Total costs and expenses
748,842
636,487
Operating loss
(286,364
)
(316,061
)
Interest income
8,589
7,816
Interest expense
(15,113
)
(756
)
Other income (expense), net
(12,389
)
(1,127
)
Loss before income taxes
(305,277
)
(310,128
)
Income tax benefit (expense)
(659
)
(279
)
Net loss
$
(305,936
)
$
(310,407
)
Net loss per share attributable to Class
A, Class B, and Class C common stockholders:
Basic
$
(0.21
)
$
(0.23
)
Diluted
$
(0.21
)
$
(0.23
)
Weighted average shares used in
computation of net loss per share:
Basic
1,426,305
1,340,615
Diluted
1,426,305
1,340,615
SNAP INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except par
value)
March 31, 2020
December 31, 2019
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
901,342
$
520,317
Marketable securities
1,180,533
1,592,488
Accounts receivable, net of allowance
394,053
492,194
Prepaid expenses and other current
assets
51,943
38,987
Total current assets
2,527,871
2,643,986
Property and equipment, net
173,751
173,667
Operating lease right-of-use assets
267,479
275,447
Intangible assets, net
83,900
92,121
Goodwill
756,389
761,153
Other assets
89,120
65,550
Total assets
$
3,898,510
$
4,011,924
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
54,068
$
46,886
Operating lease liabilities
40,189
42,179
Accrued expenses and other current
liabilities
428,934
410,610
Total current liabilities
523,191
499,675
Convertible senior notes, net
903,339
891,776
Operating lease liabilities,
noncurrent
289,754
303,178
Other liabilities
57,319
57,382
Total liabilities
1,773,603
1,752,011
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001
par value. 3,000,000 shares
authorized, 1,160,127 shares issued and
outstanding at December 31, 2019, and
3,000,000 shares authorized, 1,182,527
shares issued and outstanding
at March 31, 2020.
12
12
Class B voting common stock, $0.00001 par
value. 700,000 shares authorized,
24,522 shares issued and outstanding at
December 31, 2019, and 700,000 shares
authorized, 24,279 shares issued and
outstanding at March 31, 2020.
—
—
Class C voting common stock, $0.00001 par
value. 260,888 shares authorized,
231,147 shares issued and outstanding at
December 31, 2019, and 260,888 shares
authorized, 232,783 shares issued and
outstanding at March 31, 2020.
2
2
Additional paid-in capital
9,380,435
9,205,256
Accumulated other comprehensive income
(loss)
(2,896
)
573
Accumulated deficit
(7,252,646
)
(6,945,930
)
Total stockholders’ equity
2,124,907
2,259,913
Total liabilities and stockholders’
equity
$
3,898,510
$
4,011,924
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three Months Ended March
31,
2020
2019
Free Cash Flow reconciliation:
Net cash provided by (used) in operating
activities
$
6,283
$
(66,178
)
Less:
Purchases of property and equipment
(10,891
)
(11,814
)
Free Cash Flow
$
(4,608
)
$
(77,992
)
Three Months Ended March
31,
2020
2019
Adjusted EBITDA reconciliation:
Net loss
$
(305,936
)
$
(310,407
)
Add (deduct):
Interest income
(8,589
)
(7,816
)
Interest expense
15,113
756
Other (income) expense, net
12,389
1,127
Income tax (benefit) expense
659
279
Depreciation and amortization
21,204
23,319
Stock-based compensation expense
172,049
162,556
Payroll tax expense related to stock-based
compensation
11,874
6,737
Adjusted EBITDA
$
(81,237
)
$
(123,449
)
Total depreciation and amortization
expense by function:
Three Months Ended March
31,
2020
2019
Depreciation and amortization expense:
Cost of revenue
$
5,525
$
6,146
Research and development
8,915
8,650
Sales and marketing
3,166
4,015
General and administrative
3,598
4,508
Total
$
21,204
$
23,319
Total stock-based compensation expense by
function:
Three Months Ended March
31,
2020
2019
Stock-based compensation expense:
Cost of revenue
$
1,782
$
1,849
Research and development
118,317
112,242
Sales and marketing
24,806
17,760
General and administrative
27,144
30,705
Total
$
172,049
$
162,556
SNAP INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (continued)
(in thousands, except per share
amounts, unaudited)
Three Months Ended March
31,
2020
2019
Non-GAAP net loss
reconciliation:
Net loss
$
(305,936
)
$
(310,407
)
Amortization of intangible assets
7,980
10,369
Stock-based compensation expense
172,049
162,556
Payroll tax expense related to stock-based
compensation
11,873
6,737
Income tax adjustments
(59
)
(115
)
Non-GAAP net loss
$
(114,093
)
$
(130,860
)
Weighted-average common shares -
Diluted
1,426,305
1,340,615
Non-GAAP diluted net loss per share
reconciliation:
Diluted net loss per share
$
(0.21
)
$
(0.23
)
Non-GAAP adjustment to net loss
0.13
0.13
Non-GAAP diluted net loss per share
$
(0.08
)
$
(0.10
)
SNAP INC.
SUPPLEMENTAL FINANCIAL
INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands,
except as noted below, unaudited)
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Cash Flows and Shares
Net cash provided by (used in) operating
activities
$
(126,054
)
$
(66,178
)
$
(95,789
)
$
(76,149
)
$
(66,842
)
$
6,283
Net cash provided by (used in) operating
activities - YoY (year-over-year)
28
%
71
%
52
%
43
%
(47
)%
109
%
Net cash provided by (used in) operating
activities - TTM (trailing twelve months)
$
(689,924
)
$
(524,121
)
$
(420,564
)
$
(364,170
)
$
(304,958
)
$
(232,497
)
Purchases of property and equipment
$
(22,741
)
$
(11,814
)
$
(7,633
)
$
(7,938
)
$
(9,093
)
$
(10,891
)
Purchases of property and equipment -
YoY
(7
)%
67
%
78
%
70
%
60
%
8
%
Purchases of property and equipment -
TTM
$
(120,242
)
$
(95,741
)
$
(68,473
)
$
(50,126
)
$
(36,478
)
$
(35,555
)
Free Cash Flow
$
(148,795
)
$
(77,992
)
$
(103,422
)
$
(84,087
)
$
(75,935
)
$
(4,608
)
Free Cash Flow - YoY
25
%
71
%
56
%
47
%
49
%
94
%
Free Cash Flow - TTM
$
(810,166
)
$
(619,862
)
$
(489,037
)
$
(414,296
)
$
(341,436
)
$
(268,052
)
Common shares outstanding
1,317,760
1,334,931
1,372,149
1,389,395
1,415,796
1,439,589
Common shares outstanding - YoY
8
%
6
%
8
%
8
%
7
%
8
%
Shares underlying stock-based awards
188,863
209,055
180,585
175,813
160,239
149,004
Shares underlying stock-based awards -
YoY
(18
)%
3
%
(12
)%
(5
)%
(15
)%
(29
)%
Total common shares outstanding plus
shares underlying stock-based awards
1,506,623
1,543,986
1,552,734
1,565,208
1,576,035
1,588,593
Total common shares outstanding plus
shares underlying stock-based awards - YoY
4
%
6
%
5
%
6
%
5
%
3
%
Results of Operations
Revenue
$
389,822
$
320,426
$
388,021
$
446,199
$
560,889
$
462,477
Revenue - YoY
36
%
39
%
48
%
50
%
44
%
44
%
Revenue - TTM
$
1,180,446
$
1,270,206
$
1,395,964
$
1,544,468
$
1,715,535
$
1,857,586
Revenue by region(1)
North America
$
268,858
$
225,705
$
260,017
$
316,028
$
382,029
$
315,650
North America - YoY
23
%
32
%
47
%
52
%
42
%
40
%
North America - TTM
$
824,233
$
879,450
$
962,057
$
1,070,608
$
1,183,779
$
1,273,724
Europe
$
62,470
$
47,448
$
60,633
$
68,553
$
91,873
$
76,498
Europe - YoY
56
%
45
%
51
%
36
%
47
%
61
%
Europe - TTM
$
185,910
$
200,637
$
221,029
$
239,104
$
268,507
$
297,557
Rest of World
$
58,495
$
47,273
$
67,374
$
61,618
$
86,987
$
70,329
Rest of World - YoY
122
%
72
%
51
%
55
%
49
%
49
%
Rest of World - TTM
$
170,305
$
190,120
$
212,882
$
234,760
$
263,252
$
286,308
Operating loss
$
(194,707
)
$
(316,061
)
$
(304,818
)
$
(228,853
)
$
(253,596
)
$
(286,364
)
Operating loss - YoY
46
%
19
%
15
%
29
%
(30
)%
9
%
Operating loss - Margin
(50
)%
(99
)%
(79
)%
(51
)%
(45
)%
(62
)%
Operating loss - TTM
$
(1,268,450
)
$
(1,191,981
)
$
(1,138,957
)
$
(1,044,439
)
$
(1,103,328
)
$
(1,073,631
)
Net loss
$
(191,668
)
$
(310,407
)
$
(255,174
)
$
(227,375
)
$
(240,704
)
$
(305,936
)
Net loss - YoY
45
%
20
%
28
%
30
%
(26
)%
1
%
Net loss - TTM
$
(1,255,911
)
$
(1,180,533
)
$
(1,082,397
)
$
(984,624
)
$
(1,033,660
)
$
(1,029,189
)
Adjusted EBITDA
(50,363
)
(123,449
)
(78,713
)
(42,375
)
42,307
(81,237
)
Adjusted EBITDA - YoY
68
%
43
%
53
%
69
%
184
%
34
%
Adjusted EBITDA - Margin(2)
(13
)%
(39
)%
(20
)%
(9
)%
8
%
(18
)%
Adjusted EBITDA - TTM
$
(575,637
)
$
(481,221
)
$
(390,902
)
$
(294,900
)
$
(202,230
)
$
(160,018
)
(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 as noted below, unaudited)
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Other
DAU (in millions)
186
190
203
210
218
229
DAU - YoY
(0
)%
(0
)%
8
%
13
%
17
%
20
%
DAU by region (in millions)
North America
79
80
83
84
86
88
North America - YoY
(1
)%
(1
)%
3
%
6
%
9
%
10
%
Europe
60
61
64
65
67
70
Europe - YoY
(1
)%
(2
)%
5
%
9
%
12
%
14
%
Rest of World
47
49
56
61
64
71
Rest of World - YoY
1
%
2
%
21
%
28
%
36
%
45
%
ARPU
$
2.09
$
1.68
$
1.91
$
2.12
$
2.58
$
2.02
ARPU - YoY
37
%
39
%
37
%
33
%
23
%
20
%
ARPU by region
North America
$
3.38
$
2.81
$
3.14
$
3.75
$
4.42
$
3.57
North America - YoY
23
%
34
%
42
%
43
%
31
%
27
%
Europe
$
1.04
$
0.77
$
0.95
$
1.05
$
1.37
$
1.09
Europe - YoY
57
%
47
%
43
%
24
%
31
%
41
%
Rest of World
$
1.24
$
0.97
$
1.20
$
1.01
$
1.35
$
1.00
Rest of World - YoY
120
%
68
%
25
%
21
%
9
%
3
%
Employees (full-time; excludes part-time,
contractors, and temporary personnel)
2,884
2,818
2,734
2,908
3,195
3,427
Employees - YoY
(6
)%
(6
)%
(5
)%
0
%
11
%
22
%
Depreciation and amortization
expense
Cost of revenue
$
9,888
$
6,146
$
5,642
$
4,580
$
4,903
$
5,525
Research and development
4,547
8,650
7,188
8,632
8,738
8,915
Sales and marketing
3,475
4,015
3,045
3,109
3,087
3,166
General and administrative
4,772
4,508
6,785
4,325
3,892
3,598
Total
$
22,682
$
23,319
$
22,660
$
20,646
$
20,620
$
21,204
Depreciation and amortization expense -
YoY
21
%
8
%
1
%
(17
)%
(9
)%
(9
)%
Stock-based compensation
expense
Cost of revenue
$
1,283
$
1,849
$
1,786
$
1,332
$
1,398
$
1,782
Research and development
75,086
112,242
132,610
108,176
111,611
118,317
Sales and marketing
20,795
17,760
26,474
23,333
25,788
24,806
General and administrative
24,608
30,705
34,704
28,387
27,858
27,144
Total
$
121,772
$
162,556
$
195,574
$
161,228
$
166,655
$
172,049
Stock-based compensation expense - YoY
(33
)%
22
%
25
%
27
%
37
%
6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200421005795/en/
Investors and Analysts: ir@snap.com
Press: press@snap.com
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