Snap Inc. Announces First Quarter 2019 Financial Results

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

SANTA MONICA, Calif.–(BUSINESS WIRE)–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 )

Contacts

Investors and Analysts:
ir@snap.com

Press:
press@snap.com

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