Snap Inc. – Snap Inc. Declares Fourth Quarter and Full 12 months 2021 Monetary Outcomes


Every day Energetic Customers elevated 20% year-over-year to 319 million

Fourth quarter income elevated 42% and full yr income elevated 64% year-over-year

First quarter of optimistic web revenue as a public firm

First full yr of optimistic working money move and Free Money Circulation

SANTA MONICA, Calif.–(BUSINESS WIRE)–
Snap Inc. (NYSE: SNAP) right now introduced monetary outcomes for the quarter and full yr ended December 31, 2021.

“2021 was an thrilling yr for Snap and we made important progress rising our enterprise and serving our world group,” stated Evan Spiegel, CEO. “The power of our core enterprise has enabled us to speed up our investments in augmented actuality, reworking the best way that the Snapchat group experiences the world via our digicam.”

Annual Monetary Highlights

  • Income elevated 64% to $4.1 billion in 2021, in comparison with the prior yr.
  • Internet loss improved 48% to $488 million in 2021, in comparison with the prior yr.
  • Second consecutive yr of optimistic Adjusted EBITDA with $617 million in 2021.
  • First full yr of optimistic working money move and Free Money Circulation of $293 million and $223 million.

Quarterly Monetary Highlights

  • Income elevated 42% to $1.3 billion in This fall 2021, in comparison with the prior yr.
  • First quarter of optimistic web revenue as a public firm of $23 million in This fall 2021.
  • Adjusted EBITDA improved 97% to $327 million in This fall 2021, in comparison with the prior yr.
  • Working money move was $186 million in This fall 2021, in comparison with $(53) million within the prior yr.
  • Free Money Circulation was $161 million in This fall 2021, in comparison with $(69) million within the prior yr.

 

Three Months Ended December 31,

 

 

P.c

 

 

Twelve Months Ended December 31,

 

 

P.c

 

 

2021

 

 

2020

 

 

Change

 

 

2021

 

 

2020

 

 

Change

 

(Unaudited)

(in hundreds, besides per share quantities)

 

Income

$

1,297,885

 

 

$

911,322

 

 

 

42

%

 

$

4,117,048

 

 

$

2,506,626

 

 

 

64

%

Working loss

$

(25,127

)

 

$

(97,236

)

 

 

74

%

 

$

(702,069

)

 

$

(862,072

)

 

 

19

%

Internet revenue (loss)

$

22,550

 

 

$

(113,099

)

 

 

120

%

 

$

(487,955

)

 

$

(944,839

)

 

 

48

%

Adjusted EBITDA(1)

$

326,793

 

 

$

165,609

 

 

 

97

%

 

$

616,686

 

 

$

45,163

 

 

 

1,265

%

Internet money offered by (utilized in) working actions

$

185,528

 

 

$

(52,545

)

 

 

453

%

 

$

292,880

 

 

$

(167,644

)

 

 

275

%

Free Money Circulation(2)

$

160,963

 

 

$

(68,992

)

 

 

333

%

 

$

223,005

 

 

$

(225,476

)

 

 

199

%

Diluted web revenue (loss) per share attributable to frequent stockholders

$

0.01

 

 

$

(0.08

)

 

 

118

%

 

$

(0.31

)

 

$

(0.65

)

 

 

52

%

Non-GAAP diluted web revenue (loss) per share(3)

$

0.22

 

 

$

0.09

 

 

 

135

%

 

$

0.50

 

 

$

(0.06

)

 

 

895

%

(1)

See web page 10 for reconciliation of web revenue (loss) to Adjusted EBITDA.

(2)

See web page 10 for reconciliation of web money offered by (utilized in) working actions to Free Money Circulation.

(3)

See web page 11 for reconciliation of GAAP diluted web revenue (loss) per share to non-GAAP diluted web revenue (loss) per share.

This fall 2021 Abstract & Key Highlights

The Snapchat group is lively, engaged, and rising:

  • DAUs had been 319 million in This fall 2021, a rise of 54 million, or 20%, year-over-year.
  • 12 months-over-year progress in DAUs has been 20% or extra for 5 consecutive quarters.
  • DAUs elevated sequentially and year-over-year in every of North America, Europe, and Remainder of World.

We invested and innovated in our augmented actuality platform:

  • Our 18 New 12 months’s Eve Lenses generated greater than 7 billion impressions.
  • We launched a number of enhancements and new options to Lens Studio, together with a brand new Sounds Library, real-world physics, world mesh, and an API library for real-time information.
  • Lens Creators can now embrace a Name-to-Motion hyperlink inside a Lens, making it simpler for Lens Creators to develop their companies.
  • We partnered with the Nice Barrier Reef Basis to launch a brand new Water Segmentation Lens, which exhibits a digital reconstruction of the Nice Barrier Reef and its ongoing degradation to encourage individuals to guard the world’s delicate reef system.
  • We rolled out Meals Scan, the most recent enchancment to our Digital camera that makes use of the highly effective visible recognition capabilities of Scan to know completely different meals and substances and supply recipe suggestions.

We invested in our content material choices:

  • The variety of Highlight viewers subscribing to a Creator greater than doubled relative to the prior quarter.
  • Over 20 Highlight creators are additionally syndicating Exhibits on Uncover, together with magnificence entrepreneur Patrick Starrr and crafting professional Lauren Riihimäki, who every reached 5 million Snapchatters with their Exhibits.
  • We renewed our partnerships with three of the highest premium broadcasters on the planet: NBCUniversal, ViacomCBS, and Disney, who’re accountable for widespread exhibits on Uncover together with The Rundown, MTV Presents, and ESPN GameDay, respectively.
  • In This fall 2021, 25 completely different Uncover companions every reached over 50 million distinctive Snapchatters globally, together with Common Music’s Insurgent Labs, social writer Jungle Creations’ way of life content material, and Group Whistle’s sports activities content material.
  • In This fall 2021, we added greater than 160 new worldwide Uncover channels and onboarded new companions together with Seven.One Leisure Group in Germany and Canal+ in France.
  • We partnered with Kim Kardashian West and Kris Jenner to launch the Kindness Highlight Problem, which generated essentially the most submissions for a problem to this point; we partnered with Mariah Carey to launch her hit track “All I Need for Christmas is You” by way of Sounds on Snapchat and as a Highlight Problem, which impressed the creation of over 3.5 million movies that includes the track and over 300 million views.
  • Our new Snap Unique “The Me and You Present”, which stars Snapchatters and their mates utilizing our Cameos function, reached over 50 million viewers.

We expanded our product and accomplice ecosystem:

  • We launched our first two Snap Map Layers, Reminiscences and Discover, which permit customers to view their saved Snaps by location and discover new ones world wide and have been used over 100 million instances since launch.
  • We partnered with e-commerce firm Flipkart and cosmetics corporations Sugar Cosmetics and MyGlamm to convey extra AR buying and digital try-on experiences to Snapchatters in India.
  • We launched new Lenses with our Digital camera Package accomplice Disney’s PhotoPass service that includes iconic Disney characters like Elsa from Frozen and Timon from The Lion King.
  • We launched “Fast Faucet to Snap” for Google’s Pixel 6 and Pixel 6 Professional telephones, enabling customers to entry the Snapchat Digital camera immediately from the lockscreen with two faucets.
  • We partnered with Sony Music Leisure, increasing the library of songs for Snapchatters to make use of in Sounds, Lenses, and extra to all main publishers.
  • We partnered with NBCUniversal so Snapchatters can add audio clips from widespread TV exhibits and films similar to The Workplace, Saturday Night time Stay, and Bridesmaids to their Snaps.

We expanded our providing for advertisers:

  • Our first celebration measurement options at the moment are enabled for advertisers that signify greater than 75% of our Direct Response income.
  • We rolled out multi-format supply of advert creatives, permitting advertisers to make the most of a single advert set throughout a number of advert codecs, and for Snap to optimize supply.
  • We launched seven new programs in Snap Focus, our studying portal for entrepreneurs, overlaying matters from normal marketing campaign optimization and model security to privacy-centric measurement options similar to Superior Conversions.
  • We launched Catalog-powered Purchasing Lenses, which give real-time outcomes for manufacturers on SKU-level augmented actuality product engagement, and launched a brand new AR try-on buying interface for Snapchatters.
  • Cosmetics firm MAC utilized our self-service Lens Internet Builder software, which is now broadly accessible to all magnificence manufacturers, to construct a number of AR try-on make-up Lenses. The marketing campaign in the end drove 1.3 million try-ons, a 2.4x larger raise in Model Consciousness, a 9x larger raise in Intent, and amongst feminine Snapchatters, a 17x larger raise in Purchases.

Monetary Steerage

The next forward-looking statements mirror our expectations for the primary quarter of 2022 as of February 3, 2022, and are topic to substantial uncertainty. This steerage assumes fixed overseas foreign money charges, and amongst different issues, that no enterprise acquisitions, divestitures, investments, exits, restructurings, or authorized settlements are concluded within the quarter. Our outcomes are primarily based on assumptions that we consider to be affordable as of this date, however could also be materially affected by many elements, as mentioned under in “Ahead-Wanting Statements.”

Q1 2022 Outlook

  • Income is estimated to be between $1,030 million and $1,080 million.
  • Adjusted EBITDA is estimated to be roughly breakeven.

Convention Name Info

Snap Inc. will host a convention name to debate the outcomes at 2:00 p.m. Pacific / 5:00 p.m. Jap right now. The stay audio webcast together with supplemental info can be accessible at investor.snap.com. A recording of the webcast may also be accessible following the convention name.

Snap Inc. makes use of its web sites (together with snap.com and investor.snap.com) as means of revealing materials personal info and for complying with its disclosure obligation beneath Regulation FD.

Definitions

Free Money Circulation is outlined as web money offered by (utilized in) working actions, lowered by purchases of property and gear.

Frequent shares excellent plus shares underlying stock-based awards contains frequent shares excellent, restricted inventory items, restricted inventory awards, and excellent inventory choices.

Adjusted EBITDA is outlined as web revenue (loss), excluding curiosity revenue; curiosity expense; different revenue (expense) web; revenue tax profit (expense); depreciation and amortization; stock-based compensation expense and different payroll associated tax expense; and sure different non-cash or non-recurring gadgets impacting web revenue (loss) now and again.

A Every day Energetic Person (DAU) is outlined as a registered Snapchat consumer who opens the Snapchat utility no less than as soon as throughout an outlined 24-hour interval. We calculate common DAUs for a specific quarter by including the variety of DAUs on every day of that quarter and dividing that sum by the variety of days in that quarter.

Common income per consumer (ARPU) is outlined as quarterly income divided by the common DAUs.

A Month-to-month Energetic Person (MAU) is outlined as a registered Snapchat consumer who opens the Snapchat utility no less than as soon as throughout the 30-day interval ending on the calendar month-end. We calculate common Month-to-month Energetic Customers for a specific quarter by calculating the common of the MAUs as of every calendar month-end in that quarter.

Be aware: For changes and extra info concerning the non-GAAP monetary measures and different gadgets mentioned, please see “Non-GAAP Monetary Measures,” “Reconciliation of GAAP to Non-GAAP Monetary Measures,” and “Supplemental Monetary Info and Enterprise Metrics.”

About Snap Inc.

Snap Inc. is a digicam firm. We consider that reinventing the digicam represents our best alternative to enhance the best way individuals stay and talk. We contribute to human progress by empowering individuals to precise themselves, stay within the second, study concerning the world, and have enjoyable collectively. For extra info, go to snap.com.

Ahead-Wanting Statements

This press launch incorporates forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, or the Securities Act, and Part 21E of the Securities Alternate Act of 1934, as amended, or the Alternate Act, about us and our trade that contain substantial dangers and uncertainties. All statements aside from statements of historic info contained on this press launch, together with statements concerning steerage, our future outcomes of operations or monetary situation, enterprise technique and plans, consumer progress and engagement, product initiatives, targets of administration for future operations, and advertiser and accomplice choices, are forward-looking statements. In some circumstances, you possibly can determine forward-looking statements as a result of they comprise phrases similar to “anticipate,” “consider,” “ponder,” “proceed,” “may,” “estimate,” “count on,” “going to,” “intend,” “could,” “plan,” “potential,” “predict,” “challenge,” “ought to,” “goal,” “will,” or “would” or the unfavorable of those phrases or different comparable phrases or expressions. We warning you that the foregoing could not embrace the entire forward-looking statements made on this press launch.

You shouldn’t depend on forward-looking statements as predictions of future occasions. We’ve primarily based the forward-looking statements contained on this press launch totally on our present expectations and projections about future occasions and tendencies, together with our monetary outlook and the continued COVID-19 pandemic, that we consider could proceed to have an effect on our enterprise, monetary situation, outcomes of operations, and prospects. These forward-looking statements are topic to dangers and uncertainties associated to: our monetary efficiency; our lack of historic profitability; our capacity to generate and maintain optimistic money move; our capacity to draw and retain customers, publishers, and advertisers; competitors and new market entrants; managing our worldwide enlargement and our progress and future bills; compliance with new legal guidelines, laws, and govt actions; our capacity to take care of, shield, and improve our mental property; our capacity to reach present and new market segments; our capacity to draw and retain certified and key personnel; our capacity to repay excellent debt; future acquisitions, divestitures or investments; and the potential opposed influence of local weather change, pure disasters, and well being epidemics, in addition to dangers, uncertainties, and different elements described in “Danger Components” and elsewhere in our most up-to-date periodic report filed with the SEC, which is offered on the SEC’s web site at www.sec.gov. Extra info can be made accessible in Snap Inc.’s periodic report that can be filed with the SEC for the interval coated by this press launch and different filings that we make now and again with the SEC. As well as, any forward-looking statements contained on this press launch are primarily based on assumptions that we consider to be affordable as of this date. We undertake no obligation to replace any forward-looking statements to mirror occasions or circumstances after the date of this press launch or to mirror new info or the incidence of unanticipated occasions, together with future developments associated to the COVID-19 pandemic, besides as required by regulation.

Non-GAAP Monetary Measures

To complement our consolidated monetary statements, that are ready and introduced in accordance with GAAP, we use sure non-GAAP monetary measures, as described under, to know and consider our core working efficiency. These non-GAAP monetary measures, which can be completely different than equally titled measures utilized by different corporations, are introduced to reinforce buyers’ total understanding of our monetary efficiency and shouldn’t be thought-about an alternative to, or superior to, the monetary info ready and introduced in accordance with GAAP.

We use the non-GAAP monetary measure of Free Money Circulation, which is outlined as web money offered by (utilized in) working actions, lowered by purchases of property and gear. We consider Free Money Circulation is a crucial liquidity measure of the money that’s accessible, after capital expenditures, for operational bills and funding in our enterprise and is a key monetary indicator utilized by administration. Moreover, we consider that Free Money Circulation is a crucial measure since we use third-party infrastructure companions to host our providers and due to this fact we don’t incur important capital expenditures to assist income producing actions. Free Money Circulation is beneficial to buyers as a liquidity measure as a result of it measures our capacity to generate or use money. As soon as our enterprise wants and obligations are met, money can be utilized to take care of a robust steadiness sheet and spend money on future progress.

We use the non-GAAP monetary measure of Adjusted EBITDA, which is outlined as web revenue (loss); excluding curiosity revenue; curiosity expense; different revenue (expense), web; revenue tax profit (expense); depreciation and amortization; stock-based compensation expense and different payroll associated tax expense; and sure different non-cash or non-recurring gadgets impacting web revenue (loss) now and again. We consider that Adjusted EBITDA helps determine underlying tendencies in our enterprise that would in any other case be masked by the impact of the bills that we exclude in Adjusted EBITDA.

We use the non-GAAP monetary measure of non-GAAP web revenue (loss), which is outlined as web revenue (loss); excluding amortization of intangible property; stock-based compensation expense and different payroll associated tax expense; sure different non-cash or non-recurring gadgets impacting web revenue (loss) now and again; and associated revenue tax changes. Non-GAAP web revenue (loss) and weighted common diluted shares are then used to calculate non-GAAP diluted web revenue (loss) per share. Much like Adjusted EBITDA, we consider these measures assist determine underlying tendencies in our enterprise that would in any other case be masked by the impact of the bills we exclude within the measure.

We consider that these non-GAAP monetary measures present helpful details about our monetary efficiency, improve the general understanding of our previous efficiency and future prospects, and permit for better transparency with respect to key metrics utilized by our administration for monetary and operational decision-making. We’re presenting these non-GAAP measures to help buyers in seeing our monetary efficiency via the eyes of administration, and since we consider that these measures present a further software for buyers to make use of in evaluating our core monetary efficiency over a number of durations with different corporations in our trade.

For a reconciliation of those non-GAAP monetary measures to essentially the most immediately comparable GAAP monetary measure, please see “Reconciliation of GAAP to Non-GAAP Monetary Measures.”

Snap Inc., “Snapchat,” and our different registered and customary regulation commerce names, emblems, and repair marks are the property of Snap Inc. or our subsidiaries.

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in hundreds, unaudited)

 

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Money flows from working actions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet revenue (loss)

$

22,550

 

 

$

(113,099

)

 

$

(487,955

)

 

$

(944,839

)

Changes to reconcile web revenue (loss) to web money offered by (utilized in) working actions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

34,863

 

 

 

22,811

 

 

 

119,141

 

 

 

86,744

 

Inventory-based compensation

 

297,564

 

 

 

219,882

 

 

 

1,092,135

 

 

 

770,182

 

Amortization of debt low cost and issuance prices

 

1,010

 

 

 

24,923

 

 

 

4,311

 

 

 

81,401

 

(Positive aspects) losses on debt and fairness securities, web

 

(65,525

)

 

 

 

 

 

(289,052

)

 

 

(10,250

)

Induced conversion expense associated to convertible notes

 

 

 

 

 

 

 

41,538

 

 

 

 

Different

 

4,624

 

 

 

(18,958

)

 

 

8,643

 

 

 

2,963

 

Change in working property and liabilities, web of impact of acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, web of allowance

 

(154,923

)

 

 

(212,508

)

 

 

(332,967

)

 

 

(255,818

)

Pay as you go bills and different present property

 

(11,045

)

 

 

4,765

 

 

 

(26,607

)

 

 

(14,587

)

Working lease right-of-use property

 

12,041

 

 

 

10,633

 

 

 

47,258

 

 

 

38,940

 

Different property

 

(5,476

)

 

 

(13,785

)

 

 

(10,916

)

 

 

(11,442

)

Accounts payable

 

36,149

 

 

 

8,926

 

 

 

53,579

 

 

 

20,374

 

Accrued bills and different present liabilities

 

27,366

 

 

 

14,233

 

 

 

117,092

 

 

 

108,601

 

Working lease liabilities

 

(14,029

)

 

 

(8,991

)

 

 

(49,294

)

 

 

(49,730

)

Different liabilities

 

359

 

 

 

8,623

 

 

 

5,974

 

 

 

9,817

 

Internet money offered by (utilized in) working actions

 

185,528

 

 

 

(52,545

)

 

 

292,880

 

 

 

(167,644

)

Money flows from investing actions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and gear

 

(24,565

)

 

 

(16,447

)

 

 

(69,875

)

 

 

(57,832

)

Purchases of strategic investments

 

(7,650

)

 

 

(16,245

)

 

 

(41,160

)

 

 

(111,586

)

Money paid for acquisitions, web of money acquired

 

(134,324

)

 

 

(115,138

)

 

 

(310,915

)

 

 

(168,850

)

Purchases of marketable securities

 

(542,217

)

 

 

(947,707

)

 

 

(2,438,983

)

 

 

(3,524,599

)

Gross sales of marketable securities

 

12,000

 

 

 

16,117

 

 

 

379,555

 

 

 

389,974

 

Maturities of marketable securities

 

529,981

 

 

 

839,347

 

 

 

2,536,725

 

 

 

2,737,523

 

Different

 

(220

)

 

 

6,006

 

 

 

34,880

 

 

 

5,506

 

Internet money offered by (utilized in) investing actions

 

(166,995

)

 

 

(234,067

)

 

 

90,227

 

 

 

(729,864

)

Money flows from financing actions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, web of issuance prices

 

 

 

 

8,168

 

 

 

1,137,227

 

 

 

988,582

 

Buy of capped calls

 

 

 

 

 

 

 

(86,825

)

 

 

(100,000

)

Proceeds from the train of inventory choices

 

2,916

 

 

 

 

 

 

14,671

 

 

 

34,209

 

Internet money offered by financing actions

 

2,916

 

 

 

8,168

 

 

 

1,065,073

 

 

 

922,791

 

Change in money, money equivalents, and restricted money

 

21,449

 

 

 

(278,444

)

 

 

1,448,180

 

 

 

25,283

 

Money, money equivalents, and restricted money, starting of interval

 

1,973,274

 

 

 

824,987

 

 

 

546,543

 

 

 

521,260

 

Money, money equivalents, and restricted money, finish of interval

$

1,994,723

 

 

$

546,543

 

 

$

1,994,723

 

 

$

546,543

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money paid for revenue taxes, web

$

9,105

 

 

$

1,013

 

 

$

25,333

 

 

$

3,692

 

Money paid for curiosity

$

638

 

 

$

1,641

 

 

$

10,887

 

 

$

12,019

 

Supplemental disclosures of non-cash actions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet change in accounts payable and accrued bills and different present liabilities associated to property and gear additions

$

2,370

 

 

$

1,584

 

 

$

6,498

 

 

$

2,732

 

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in hundreds, besides per share quantities, unaudited)

 

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Income

$

1,297,885

 

 

$

911,322

 

 

$

4,117,048

 

 

$

2,506,626

 

Prices and bills:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price of income

 

449,151

 

 

 

385,546

 

 

 

1,750,246

 

 

 

1,182,505

 

Analysis and improvement

 

434,195

 

 

 

318,446

 

 

 

1,565,467

 

 

 

1,101,561

 

Gross sales and advertising

 

245,228

 

 

 

157,634

 

 

 

792,764

 

 

 

555,468

 

Normal and administrative

 

194,438

 

 

 

146,932

 

 

 

710,640

 

 

 

529,164

 

Whole prices and bills

 

1,323,012

 

 

 

1,008,558

 

 

 

4,819,117

 

 

 

3,368,698

 

Working loss

 

(25,127

)

 

 

(97,236

)

 

 

(702,069

)

 

 

(862,072

)

Curiosity revenue

 

1,554

 

 

 

1,969

 

 

 

5,199

 

 

 

18,127

 

Curiosity expense

 

(4,050

)

 

 

(29,176

)

 

 

(17,676

)

 

 

(97,228

)

Different revenue (expense), web

 

63,204

 

 

 

29,471

 

 

 

240,175

 

 

 

14,988

 

Acquire (loss) earlier than revenue taxes

 

35,581

 

 

 

(94,972

)

 

 

(474,371

)

 

 

(926,185

)

Revenue tax profit (expense)

 

(13,031

)

 

 

(18,127

)

 

 

(13,584

)

 

 

(18,654

)

Internet revenue (loss)

$

22,550

 

 

$

(113,099

)

 

$

(487,955

)

 

$

(944,839

)

Internet revenue (loss) per share attributable to Class A, Class B, and Class C frequent stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary

$

0.01

 

 

$

(0.08

)

 

$

(0.31

)

 

$

(0.65

)

Diluted

$

0.01

 

 

$

(0.08

)

 

$

(0.31

)

 

$

(0.65

)

Weighted common shares utilized in computation of web revenue (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary

 

1,604,778

 

 

 

1,484,277

 

 

 

1,558,997

 

 

 

1,455,693

 

Diluted

 

1,668,879

 

 

 

1,484,277

 

 

 

1,558,997

 

 

 

1,455,693

 

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in hundreds, besides par worth)

 

 

December 31,

2021

 

 

September 30,

2021

 

December 31,

2020

 

 

(unaudited)

 

 

(unaudited)

 

 

 

 

Belongings

 

 

 

 

 

 

 

 

 

 

 

Present property

 

 

 

 

 

 

 

 

 

 

 

Money and money equivalents

$

1,993,809

 

 

$

1,972,358

 

 

$

545,618

 

Marketable securities

 

1,699,076

 

 

 

1,509,463

 

 

 

1,991,922

 

Accounts receivable, web of allowance

 

1,068,873

 

 

 

913,539

 

 

 

744,288

 

Pay as you go bills and different present property

 

92,244

 

 

 

76,669

 

 

 

56,147

 

Whole present property

 

4,854,002

 

 

 

4,472,029

 

 

 

3,337,975

 

Property and gear, web

 

202,644

 

 

 

189,946

 

 

 

178,709

 

Working lease right-of-use property

 

322,252

 

 

 

291,181

 

 

 

269,728

 

Intangible property, web

 

277,654

 

 

 

261,131

 

 

 

105,929

 

Goodwill

 

1,588,452

 

 

 

1,484,108

 

 

 

939,259

 

Different property

 

291,302

 

 

 

412,770

 

 

 

192,638

 

Whole property

$

7,536,306

 

 

$

7,111,165

 

 

$

5,024,238

 

Liabilities and Stockholders’ Fairness

 

 

 

 

 

 

 

 

 

 

 

Present liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

125,282

 

 

$

91,769

 

 

$

71,908

 

Working lease liabilities

 

52,396

 

 

 

56,191

 

 

 

41,077

 

Accrued bills and different present liabilities

 

674,108

 

 

 

660,536

 

 

 

554,342

 

Whole present liabilities

 

851,786

 

 

 

808,496

 

 

 

667,327

 

Convertible senior notes, web

 

2,253,087

 

 

 

2,252,079

 

 

 

1,675,169

 

Working lease liabilities, noncurrent

 

325,509

 

 

 

292,506

 

 

 

287,292

 

Different liabilities

 

315,756

 

 

 

317,968

 

 

 

64,474

 

Whole liabilities

 

3,746,138

 

 

 

3,671,049

 

 

 

2,694,262

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ fairness

 

 

 

 

 

 

 

 

 

 

 

Class A non-voting frequent inventory, $0.00001 par worth. 3,000,000 shares approved, 1,364,887, 1,349,890, and 1,248,010 shares issued and excellent at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

 

14

 

 

 

13

 

 

 

12

 

Class B voting frequent inventory, $0.00001 par worth. 700,000 shares approved, 22,769, 23,636, and 23,696 shares issued and excellent at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

 

 

 

 

 

 

 

 

Class C voting frequent inventory, $0.00001 par worth. 260,888 shares approved, 231,627, 231,627, and 231,627 shares issued and excellent at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

 

2

 

 

 

2

 

 

 

2

 

Extra paid-in capital

 

12,069,097

 

 

 

11,737,338

 

 

 

10,200,141

 

Amassed different complete revenue (loss)

 

5,521

 

 

 

9,779

 

 

 

21,363

 

Amassed deficit

 

(8,284,466

)

 

 

(8,307,016

)

 

 

(7,891,542

)

Whole stockholders’ fairness

 

3,790,168

 

 

 

3,440,116

 

 

 

2,329,976

 

Whole liabilities and stockholders’ fairness

$

7,536,306

 

 

$

7,111,165

 

 

$

5,024,238

 

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in hundreds, unaudited)

 

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Free Money Circulation reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet money offered by (utilized in) working actions

$

185,528

 

 

$

(52,545

)

 

$

292,880

 

 

$

(167,644

)

Much less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and gear

 

(24,565

)

 

 

(16,447

)

 

 

(69,875

)

 

 

(57,832

)

Free Money Circulation

$

160,963

 

 

$

(68,992

)

 

$

223,005

 

 

$

(225,476

)

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet revenue (loss)

$

22,550

 

 

$

(113,099

)

 

$

(487,955

)

 

$

(944,839

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Curiosity revenue

 

(1,554

)

 

 

(1,969

)

 

 

(5,199

)

 

 

(18,127

)

Curiosity expense

 

4,050

 

 

 

29,176

 

 

 

17,676

 

 

 

97,228

 

Different (revenue) expense, web

 

(63,204

)

 

 

(29,471

)

 

 

(240,175

)

 

 

(14,988

)

Revenue tax (profit) expense

 

13,031

 

 

 

18,127

 

 

 

13,584

 

 

 

18,654

 

Depreciation and amortization

 

34,863

 

 

 

22,811

 

 

 

119,141

 

 

 

86,744

 

Inventory-based compensation expense

 

297,564

 

 

 

219,882

 

 

 

1,092,135

 

 

 

770,182

 

Payroll tax expense associated to stock-based compensation

 

19,493

 

 

 

20,152

 

 

 

107,479

 

 

 

50,309

 

Adjusted EBITDA

$

326,793

 

 

$

165,609

 

 

$

616,686

 

 

$

45,163

 

Whole depreciation and amortization expense by perform:

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Depreciation and amortization expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price of income

$

4,832

 

 

$

5,533

 

 

$

19,711

 

 

$

22,205

 

Analysis and improvement

 

19,444

 

 

 

10,723

 

 

 

62,159

 

 

 

37,627

 

Gross sales and advertising

 

7,118

 

 

 

3,136

 

 

 

21,772

 

 

 

12,916

 

Normal and administrative

 

3,469

 

 

 

3,419

 

 

 

15,499

 

 

 

13,996

 

Whole

$

34,863

 

 

$

22,811

 

 

$

119,141

 

 

$

86,744

 

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)

(in hundreds, besides per share quantities, unaudited)

Whole stock-based compensation expense by perform:

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Inventory-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price of income

$

2,586

 

 

$

2,896

 

 

$

17,221

 

 

$

9,367

 

Analysis and improvement

 

202,953

 

 

 

155,436

 

 

 

740,130

 

 

 

533,272

 

Gross sales and advertising

 

45,991

 

 

 

28,964

 

 

 

164,241

 

 

 

108,270

 

Normal and administrative

 

46,034

 

 

 

32,586

 

 

 

170,543

 

 

 

119,273

 

Whole

$

297,564

 

 

$

219,882

 

 

$

1,092,135

 

 

$

770,182

 

 

Three Months Ended

December 31,

 

 

Twelve Months Ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Non-GAAP web revenue (loss) reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet revenue (loss)

$

22,550

 

 

$

(113,099

)

 

$

(487,955

)

 

$

(944,839

)

Amortization of intangible property

 

20,228

 

 

 

9,727

 

 

 

63,184

 

 

 

33,507

 

Inventory-based compensation expense

 

297,564

 

 

 

219,882

 

 

 

1,092,135

 

 

 

770,182

 

Payroll tax expense associated to stock-based compensation

 

19,493

 

 

 

20,152

 

 

 

107,479

 

 

 

50,309

 

Revenue tax changes

 

(374

)

 

 

(511

)

 

 

(192

)

 

 

(96

)

Non-GAAP web revenue (loss)

$

359,461

 

 

$

136,151

 

 

$

774,651

 

 

$

(90,937

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average frequent shares – Diluted(1)

 

1,668,879

 

 

 

1,484,277

 

 

 

1,558,997

 

 

 

1,455,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP diluted web revenue (loss) per share reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted web revenue (loss) per share

$

0.01

 

 

$

(0.08

)

 

$

(0.31

)

 

$

(0.65

)

Non-GAAP adjustment to web revenue (loss)

 

0.21

 

 

 

0.17

 

 

 

0.81

 

 

 

0.59

 

Non-GAAP diluted web revenue (loss) per share

$

0.22

 

 

$

0.09

 

 

$

0.50

 

 

$

(0.06

)

(1)

For the three months ended December 31, 2021, the weighted common frequent shares utilized in computation of diluted web revenue per share excludes shares underlying excellent convertible notes and capped calls as such shares had been anti-dilutive. For the twelve months ended December 31, 2021, and the three and twelve months ended December 31, 2020, the weighted common frequent shares utilized in computation of diluted web loss per share excludes shares underlying excellent stock-based awards, convertible notes, and capped calls as such shares had been anti-dilutive.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

({dollars} and shares in hundreds, besides per consumer quantities, unaudited)

 

 

Q3 2020

 

 

This fall 2020

 

 

Q1 2021

 

 

Q2 2021

 

 

Q3 2021

 

 

This fall 2021

 

Money Flows and Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet money offered by (utilized in) working actions

$

(54,828

)

 

$

(52,545

)

 

$

136,886

 

 

$

(101,086

)

 

$

71,552

 

 

$

185,528

 

Internet money offered by (utilized in) working actions – YoY (year-over-year)

 

28

%

 

 

21

%

 

 

(2,079

)%

 

 

(52

)%

 

 

231

%

 

 

453

%

Internet money offered by (utilized in) working actions – TTM (trailing twelve months)

$

(181,941

)

 

$

(167,644

)

 

$

(37,041

)

 

$

(71,573

)

 

$

54,807

 

 

$

292,880

 

Purchases of property and gear

$

(14,727

)

 

$

(16,447

)

 

$

(10,851

)

 

$

(14,623

)

 

$

(19,836

)

 

$

(24,565

)

Purchases of property and gear – YoY

 

86

%

 

 

81

%

 

 

 

 

 

(7

)%

 

 

35

%

 

 

49

%

Purchases of property and gear – TTM

$

(50,478

)

 

$

(57,832

)

 

$

(57,792

)

 

$

(56,648

)

 

$

(61,757

)

 

$

(69,875

)

Free Money Circulation

$

(69,555

)

 

$

(68,992

)

 

$

126,035

 

 

$

(115,709

)

 

$

51,716

 

 

$

160,963

 

Free Money Circulation – YoY

 

17

%

 

 

9

%

 

 

2,835

%

 

 

(41

)%

 

 

174

%

 

 

333

%

Free Money Circulation – TTM

$

(232,419

)

 

$

(225,476

)

 

$

(94,833

)

 

$

(128,221

)

 

$

(6,950

)

 

$

223,005

 

Frequent shares excellent

 

1,484,716

 

 

 

1,503,333

 

 

 

1,519,001

 

 

 

1,576,744

 

 

 

1,605,153

 

 

 

1,619,283

 

Frequent shares excellent – YoY

 

7

%

 

 

6

%

 

 

6

%

 

 

8

%

 

 

8

%

 

 

8

%

Shares underlying stock-based awards

 

138,914

 

 

 

126,287

 

 

 

110,190

 

 

 

104,516

 

 

 

92,726

 

 

 

82,814

 

Shares underlying stock-based awards – YoY

 

(21

)%

 

 

(21

)%

 

 

(26

)%

 

 

(31

)%

 

 

(33

)%

 

 

(34

)%

Whole frequent shares excellent plus shares underlying stock-based awards

 

1,623,630

 

 

 

1,629,620

 

 

 

1,629,191

 

 

 

1,681,260

 

 

 

1,697,879

 

 

 

1,702,097

 

Whole frequent shares excellent plus shares underlying stock-based awards – YoY

 

4

%

 

 

3

%

 

 

3

%

 

 

4

%

 

 

5

%

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outcomes of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

$

678,668

 

 

$

911,322

 

 

$

769,584

 

 

$

982,108

 

 

$

1,067,471

 

 

$

1,297,885

 

Income – YoY

 

52

%

 

 

62

%

 

 

66

%

 

 

116

%

 

 

57

%

 

 

42

%

Income – TTM

$

2,156,193

 

 

$

2,506,626

 

 

$

2,813,732

 

 

$

3,341,682

 

 

$

3,730,485

 

 

$

4,117,048

 

Income by area(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

$

492,928

 

 

$

659,163

 

 

$

552,972

 

 

$

701,735

 

 

$

786,917

 

 

$

932,077

 

North America – YoY

 

56

%

 

 

73

%

 

 

75

%

 

 

129

%

 

 

60

%

 

 

41

%

North America – TTM

$

1,497,347

 

 

$

1,774,481

 

 

$

2,011,803

 

 

$

2,406,798

 

 

$

2,700,787

 

 

$

2,973,701

 

Europe

$

102,480

 

 

$

141,608

 

 

$

113,619

 

 

$

152,268

 

 

$

153,121

 

 

$

208,912

 

Europe – YoY

 

49

%

 

 

54

%

 

 

49

%

 

 

94

%

 

 

49

%

 

 

48

%

Europe – TTM

$

349,486

 

 

$

399,221

 

 

$

436,342

 

 

$

509,975

 

 

$

560,616

 

 

$

627,920

 

Remainder of World

$

83,260

 

 

$

110,551

 

 

$

102,993

 

 

$

128,105

 

 

$

127,433

 

 

$

156,896

 

Remainder of World – YoY

 

35

%

 

 

27

%

 

 

46

%

 

 

86

%

 

 

53

%

 

 

42

%

Remainder of World – TTM

$

309,360

 

 

$

332,924

 

 

$

365,587

 

 

$

424,909

 

 

$

469,082

 

 

$

515,427

 

Working loss

$

(167,864

)

 

$

(97,236

)

 

$

(303,606

)

 

$

(192,512

)

 

$

(180,824

)

 

$

(25,127

)

Working loss – YoY

 

27

%

 

 

62

%

 

 

(6

)%

 

 

38

%

 

 

(8

)%

 

 

74

%

Working loss – Margin

 

(25

)%

 

 

(11

)%

 

 

(39

)%

 

 

(20

)%

 

 

(17

)%

 

 

(2

)%

Working loss – TTM

$

(1,018,432

)

 

$

(862,072

)

 

$

(879,314

)

 

$

(761,218

)

 

$

(774,178

)

 

$

(702,069

)

Internet revenue (loss)

$

(199,853

)

 

$

(113,099

)

 

$

(286,882

)

 

$

(151,664

)

 

$

(71,959

)

 

$

22,550

 

Internet revenue (loss) – YoY

 

12

%

 

 

53

%

 

 

6

%

 

 

53

%

 

 

64

%

 

 

120

%

Internet revenue (loss) – TTM

$

(1,072,444

)

 

$

(944,839

)

 

$

(925,785

)

 

$

(751,498

)

 

$

(623,604

)

 

$

(487,955

)

Adjusted EBITDA

$

56,361

 

 

$

165,609

 

 

$

(1,709

)

 

$

117,403

 

 

$

174,199

 

 

$

326,793

 

Adjusted EBITDA – YoY

 

233

%

 

 

291

%

 

 

98

%

 

 

223

%

 

 

209

%

 

 

97

%

Adjusted EBITDA – Margin(2)

 

8

%

 

 

18

%

 

 

 

 

 

12

%

 

 

16

%

 

 

25

%

Adjusted EBITDA – TTM

$

(78,139

)

 

$

45,163

 

 

$

124,691

 

 

$

337,664

 

 

$

455,502

 

 

$

616,686

 

(1)

Whole income for geographic reporting is apportioned to every area primarily based on our willpower of the geographic location wherein promoting impressions are delivered, as this approximates income primarily based on consumer exercise. This allocation is in line with how we decide ARPU.

(2)

We outline Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP income.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

({dollars} and shares in hundreds, besides per consumer quantities, unaudited)

 

 

Q3 2020

 

 

This fall 2020

 

 

Q1 2021

 

 

Q2 2021

 

 

Q3 2021

 

 

This fall 2021

 

Different

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAU (in tens of millions)

 

249

 

 

 

265

 

 

 

280

 

 

 

293

 

 

 

306

 

 

 

319

 

DAU – YoY

 

18

%

 

 

22

%

 

 

22

%

 

 

23

%

 

 

23

%

 

 

20

%

DAU by area (in tens of millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

90

 

 

 

92

 

 

 

93

 

 

 

95

 

 

 

96

 

 

 

97

 

North America – YoY

 

7

%

 

 

6

%

 

 

5

%

 

 

6

%

 

 

7

%

 

 

6

%

Europe

 

72

 

 

 

74

 

 

 

77

 

 

 

78

 

 

 

80

 

 

 

82

 

Europe – YoY

 

10

%

 

 

10

%

 

 

9

%

 

 

10

%

 

 

11

%

 

 

11

%

Remainder of World

 

87

 

 

 

99

 

 

 

111

 

 

 

120

 

 

 

130

 

 

 

140

 

Remainder of World – YoY

 

43

%

 

 

55

%

 

 

57

%

 

 

55

%

 

 

49

%

 

 

41

%

ARPU

$

2.73

 

 

$

3.44

 

 

$

2.74

 

 

$

3.35

 

 

$

3.49

 

 

$

4.06

 

ARPU – YoY

 

28

%

 

 

33

%

 

 

36

%

 

 

76

%

 

 

28

%

 

 

18

%

ARPU by area

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

$

5.49

 

 

$

7.19

 

 

$

5.94

 

 

$

7.37

 

 

$

8.20

 

 

$

9.58

 

North America – YoY

 

46

%

 

 

63

%

 

 

66

%

 

 

116

%

 

 

49

%

 

 

33

%

Europe

$

1.43

 

 

$

1.91

 

 

$

1.48

 

 

$

1.95

 

 

$

1.92

 

 

$

2.54

 

Europe – YoY

 

36

%

 

 

39

%

 

 

36

%

 

 

76

%

 

 

34

%

 

 

33

%

Remainder of World

$

0.95

 

 

$

1.11

 

 

$

0.93

 

 

$

1.07

 

 

$

0.98

 

 

$

1.12

 

Remainder of World – YoY

 

(6

)%

 

 

(18

)%

 

 

(7

)%

 

 

20

%

 

 

3

%

 

 

1

%

Workers (full-time; excludes part-time, contractors, and momentary personnel)

 

3,713

 

 

 

3,863

 

 

 

4,043

 

 

 

4,667

 

 

 

5,190

 

 

 

5,661

 

Workers – YoY

 

28

%

 

 

21

%

 

 

18

%

 

 

31

%

 

 

40

%

 

 

47

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price of income

$

5,615

 

 

$

5,533

 

 

$

5,276

 

 

$

4,727

 

 

$

4,876

 

 

$

4,832

 

Analysis and improvement

 

9,526

 

 

 

10,723

 

 

 

11,036

 

 

 

14,358

 

 

 

17,321

 

 

 

19,444

 

Gross sales and advertising

 

3,233

 

 

 

3,136

 

 

 

3,186

 

 

 

5,162

 

 

 

6,306

 

 

 

7,118

 

Normal and administrative

 

3,430

 

 

 

3,419

 

 

 

4,000

 

 

 

4,023

 

 

 

4,007

 

 

 

3,469

 

Whole

$

21,804

 

 

$

22,811

 

 

$

23,498

 

 

$

28,270

 

 

$

32,510

 

 

$

34,863

 

Depreciation and amortization expense – YoY

 

6

%

 

 

11

%

 

 

11

%

 

 

35

%

 

 

49

%

 

 

53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price of income

$

2,623

 

 

$

2,896

 

 

$

2,656

 

 

$

2,847

 

 

$

9,132

 

 

$

2,586

 

Analysis and improvement

 

132,003

 

 

 

155,436

 

 

 

163,793

 

 

 

174,491

 

 

 

198,893

 

 

 

202,953

 

Gross sales and advertising

 

27,393

 

 

 

28,964

 

 

 

29,084

 

 

 

37,491

 

 

 

51,675

 

 

 

45,991

 

Normal and administrative

 

30,061

 

 

 

32,586

 

 

 

41,450

 

 

 

41,771

 

 

 

41,198

 

 

 

46,034

 

Whole

$

192,080

 

 

$

219,882

 

 

$

237,073

 

 

$

256,600

 

 

$

300,898

 

 

$

297,564

 

Inventory-based compensation expense – YoY

 

19

%

 

 

32

%

 

 

38

%

 

 

38

%

 

 

57

%

 

 

35

%

 


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