Delaware | 001-38017 | 45-5452795 | |||||||||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number) |
(IRS Employer
Identification No.)
|
|||||||||
3000 31st Street |
|||||||||||
Santa Monica, | California | 90405 | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||||
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||||
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
||||
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class |
Trading
Symbol(s)
|
Name of each exchange on which registered | ||||||||||||
Class A Common Stock, par value $0.00001 per share | SNAP | New York Stock Exchange |
Exhibit
Number
|
Description | |||||||
99.1 |
||||||||
99.2 |
||||||||
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SNAP INC. | ||||||||
Date: July 25, 2023 |
By: | /s/ Derek Andersen | ||||||
Derek Andersen | ||||||||
Chief Financial Officer |
Three Months Ended
June 30,
|
Percent Change |
Six Months Ended
June 30,
|
Percent Change |
||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||
(Unaudited) | (NM = Not Meaningful) | ||||||||||||||||||||||||||||||||||
Revenue | $ | 1,067,669 | $ | 1,110,909 | (4) | % | $ | 2,056,277 | $ | 2,173,636 | (5) | % | |||||||||||||||||||||||
Operating loss | $ | (404,339) | $ | (400,940) | (1) | % | $ | (769,603) | $ | (672,467) | (14) | % | |||||||||||||||||||||||
Net loss | $ | (377,308) | $ | (422,067) | 11 | % | $ | (705,982) | $ | (781,691) | 10 | % | |||||||||||||||||||||||
Adjusted EBITDA(1) |
$ | (38,479) | $ | 7,190 | (635) | % | $ | (37,666) | $ | 71,658 | (153) | % | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (81,936) | $ | (124,081) | 34 | % | $ | 69,166 | $ | 3,378 | NM | ||||||||||||||||||||||||
Free Cash Flow(2) |
$ | (118,879) | $ | (147,451) | 19 | % | $ | (15,407) | $ | (41,167) | 63 | % | |||||||||||||||||||||||
Diluted net loss per share attributable to common stockholders | $ | (0.24) | $ | (0.26) | 8 | % | $ | (0.44) | $ | (0.48) | 8 | % | |||||||||||||||||||||||
Non-GAAP diluted net income (loss) per share(3) |
$ | (0.02) | $ | (0.02) | — | % | $ | (0.01) | $ | (0.04) | 75 | % | |||||||||||||||||||||||
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net loss | $ | (377,308) | $ | (422,067) | $ | (705,982) | $ | (781,691) | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 39,688 | 79,291 | 74,908 | 117,391 | |||||||||||||||||||
Stock-based compensation | 317,943 | 318,810 | 632,874 | 594,254 | |||||||||||||||||||
Amortization of debt issuance costs | 1,839 | 1,780 | 3,675 | 3,193 | |||||||||||||||||||
Losses (gains) on debt and equity securities, net | (4,434) | 12,210 | (15,267) | 91,337 | |||||||||||||||||||
Other | (16,307) | 3,079 | (26,703) | 4,204 | |||||||||||||||||||
Change in operating assets and liabilities, net of effect of acquisitions: | |||||||||||||||||||||||
Accounts receivable, net of allowance | (103,629) | (81,001) | 184,744 | 45,026 | |||||||||||||||||||
Prepaid expenses and other current assets | (1,098) | (11,980) | (14,302) | (39,158) | |||||||||||||||||||
Operating lease right-of-use assets | 17,817 | 18,299 | 35,475 | 35,283 | |||||||||||||||||||
Other assets | (1,275) | (7,230) | (425) | (7,538) | |||||||||||||||||||
Accounts payable | 8,426 | (3,919) | (28,546) | 51,061 | |||||||||||||||||||
Accrued expenses and other current liabilities | 52,981 | (14,392) | (37,210) | (77,220) | |||||||||||||||||||
Operating lease liabilities | (17,792) | (16,499) | (36,342) | (34,315) | |||||||||||||||||||
Other liabilities | 1,213 | (462) | 2,267 | 1,551 | |||||||||||||||||||
Net cash provided by (used in) operating activities | (81,936) | (124,081) | 69,166 | 3,378 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchases of property and equipment | (36,943) | (23,370) | (84,573) | (44,545) | |||||||||||||||||||
Purchases of strategic investments | (3,290) | (6,200) | (7,770) | (6,350) | |||||||||||||||||||
Sales of strategic investments | — | 63,276 | — | 63,276 | |||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | (50,254) | (11,220) | (50,254) | (12,008) | |||||||||||||||||||
Purchases of marketable securities | (631,218) | (568,055) | (1,505,271) | (1,910,436) | |||||||||||||||||||
Sales of marketable securities | 85,922 | 2,982 | 91,273 | 12,759 | |||||||||||||||||||
Maturities of marketable securities | 611,835 | 554,026 | 1,536,158 | 896,571 | |||||||||||||||||||
Other | (2,451) | — | (124) | (5,493) | |||||||||||||||||||
Net cash provided by (used in) investing activities | (26,399) | 11,439 | (20,561) | (1,006,226) | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from issuance of convertible notes, net of issuance costs | — | — | — | 1,483,500 | |||||||||||||||||||
Purchase of capped calls | — | — | — | (177,000) | |||||||||||||||||||
Proceeds from the exercise of stock options | 382 | 1,388 | 411 | 3,654 | |||||||||||||||||||
Payments of debt issuance costs | — | (3,006) | — | (3,006) | |||||||||||||||||||
Deferred payments for acquisitions | (242,088) | — | (244,116) | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | (241,706) | (1,618) | (243,705) | 1,307,148 | |||||||||||||||||||
Change in cash, cash equivalents, and restricted cash | (350,041) | (114,260) | (195,100) | 304,300 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 1,578,717 | 2,413,283 | 1,423,776 | 1,994,723 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 1,228,676 | $ | 2,299,023 | $ | 1,228,676 | $ | 2,299,023 | |||||||||||||||
Supplemental disclosures | |||||||||||||||||||||||
Cash paid for income taxes, net | $ | 6,062 | $ | 4,848 | $ | 23,065 | $ | 7,484 | |||||||||||||||
Cash paid for interest | $ | 732 | $ | 551 | $ | 5,153 | $ | 4,005 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 1,067,669 | $ | 1,110,909 | $ | 2,056,277 | $ | 2,173,636 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue | 496,874 | 446,377 | 936,860 | 867,274 | |||||||||||||||||||
Research and development | 477,663 | 505,037 | 932,775 | 960,600 | |||||||||||||||||||
Sales and marketing | 280,597 | 311,374 | 549,030 | 553,260 | |||||||||||||||||||
General and administrative | 216,874 | 249,061 | 407,215 | 464,969 | |||||||||||||||||||
Total costs and expenses | 1,472,008 | 1,511,849 | 2,825,880 | 2,846,103 | |||||||||||||||||||
Operating loss | (404,339) | (400,940) | (769,603) | (672,467) | |||||||||||||||||||
Interest income | 43,144 | 8,331 | 81,092 | 11,454 | |||||||||||||||||||
Interest expense | (5,343) | (5,549) | (11,228) | (10,722) | |||||||||||||||||||
Other income (expense), net | 1,323 | (16,910) | 12,695 | (94,447) | |||||||||||||||||||
Loss before income taxes | (365,215) | (415,068) | (687,044) | (766,182) | |||||||||||||||||||
Income tax benefit (expense) | (12,093) | (6,999) | (18,938) | (15,509) | |||||||||||||||||||
Net loss | $ | (377,308) | $ | (422,067) | $ | (705,982) | $ | (781,691) | |||||||||||||||
Net loss per share attributable to Class A, Class B, and Class C common stockholders: | |||||||||||||||||||||||
Basic | $ | (0.24) | $ | (0.26) | $ | (0.44) | $ | (0.48) | |||||||||||||||
Diluted | $ | (0.24) | $ | (0.26) | $ | (0.44) | $ | (0.48) | |||||||||||||||
Weighted average shares used in computation of net loss per share: | |||||||||||||||||||||||
Basic | 1,603,172 | 1,632,140 | 1,592,365 | 1,625,663 | |||||||||||||||||||
Diluted | 1,603,172 | 1,632,140 | 1,592,365 | 1,625,663 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,228,629 | $ | 1,423,121 | |||||||
Marketable securities | 2,460,649 | 2,516,003 | |||||||||
Accounts receivable, net of allowance | 996,082 | 1,183,092 | |||||||||
Prepaid expenses and other current assets | 154,178 | 134,431 | |||||||||
Total current assets | 4,839,538 | 5,256,647 | |||||||||
Property and equipment, net | 330,010 | 271,777 | |||||||||
Operating lease right-of-use assets | 348,970 | 370,952 | |||||||||
Intangible assets, net | 202,671 | 204,480 | |||||||||
Goodwill | 1,692,061 | 1,646,120 | |||||||||
Other assets | 252,973 | 279,562 | |||||||||
Total assets | $ | 7,666,223 | $ | 8,029,538 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 163,604 | $ | 181,774 | |||||||
Operating lease liabilities | 57,893 | 46,485 | |||||||||
Accrued expenses and other current liabilities | 716,167 | 987,340 | |||||||||
Total current liabilities | 937,664 | 1,215,599 | |||||||||
Convertible senior notes, net | 3,745,956 | 3,742,520 | |||||||||
Operating lease liabilities, noncurrent | 356,929 | 386,271 | |||||||||
Other liabilities | 120,714 | 104,450 | |||||||||
Total liabilities | 5,161,263 | 5,448,840 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,412,444 shares issued, 1,361,953 shares outstanding at June 30, 2023, and 3,000,000 shares authorized, 1,371,242 shares issued, 1,319,930 shares outstanding at December 31, 2022. | 14 | 13 | |||||||||
Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,539 shares issued and outstanding at June 30, 2023, and 700,000 shares authorized, 22,529 shares issued and outstanding at December 31, 2022. | — | — | |||||||||
Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at June 30, 2023 and December 31, 2022. | 2 | 2 | |||||||||
Treasury stock, at cost. 50,491 and 51,312 shares of Class A non-voting common stock at June 30, 2023 and December 31, 2022, respectively. | (492,500) | (500,514) | |||||||||
Additional paid-in capital | 13,934,244 | 13,309,828 | |||||||||
Accumulated deficit | (10,920,639) | (10,214,657) | |||||||||
Accumulated other comprehensive income (loss) | (16,161) | (13,974) | |||||||||
Total stockholders’ equity | 2,504,960 | 2,580,698 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,666,223 | $ | 8,029,538 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Free Cash Flow reconciliation: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (81,936) | $ | (124,081) | $ | 69,166 | $ | 3,378 | |||||||||||||||
Less: | |||||||||||||||||||||||
Purchases of property and equipment | (36,943) | (23,370) | (84,573) | (44,545) | |||||||||||||||||||
Free Cash Flow | $ | (118,879) | $ | (147,451) | $ | (15,407) | $ | (41,167) |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Adjusted EBITDA reconciliation: | |||||||||||||||||||||||
Net loss | $ | (377,308) | $ | (422,067) | $ | (705,982) | $ | (781,691) | |||||||||||||||
Add (deduct): | |||||||||||||||||||||||
Interest income | (43,144) | (8,331) | (81,092) | (11,454) | |||||||||||||||||||
Interest expense | 5,343 | 5,549 | 11,228 | 10,722 | |||||||||||||||||||
Other (income) expense, net | (1,323) | 16,910 | (12,695) | 94,447 | |||||||||||||||||||
Income tax (benefit) expense | 12,093 | 6,999 | 18,938 | 15,509 | |||||||||||||||||||
Depreciation and amortization | 39,688 | 79,291 | 74,908 | 117,391 | |||||||||||||||||||
Stock-based compensation expense | 317,943 | 318,810 | 632,874 | 594,254 | |||||||||||||||||||
Payroll and other tax expense related to stock-based compensation | 8,229 | 10,029 | 24,155 | 32,480 | |||||||||||||||||||
Adjusted EBITDA | $ | (38,479) | $ | 7,190 | $ | (37,666) | $ | 71,658 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Depreciation and amortization expense: |
|||||||||||||||||||||||
Cost of revenue | $ | 3,170 | $ | 5,061 | $ | 6,396 | $ | 10,573 | |||||||||||||||
Research and development | 24,847 | 22,362 | 48,986 | 44,485 | |||||||||||||||||||
Sales and marketing | 5,605 | 49,061 | 10,678 | 56,453 | |||||||||||||||||||
General and administrative | 6,066 | 2,807 | 8,848 | 5,880 | |||||||||||||||||||
Total | $ | 39,688 | $ | 79,291 | $ | 74,908 | $ | 117,391 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock-based compensation expense: |
|||||||||||||||||||||||
Cost of revenue | $ | 2,365 | $ | 2,849 | $ | 4,250 | $ | 5,295 | |||||||||||||||
Research and development | 217,565 | 221,650 | 437,415 | 404,516 | |||||||||||||||||||
Sales and marketing | 57,597 | 48,577 | 112,536 | 90,648 | |||||||||||||||||||
General and administrative | 40,416 | 45,734 | 78,673 | 93,795 | |||||||||||||||||||
Total | $ | 317,943 | $ | 318,810 | $ | 632,874 | $ | 594,254 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Non-GAAP net income (loss) reconciliation: | |||||||||||||||||||||||
Net loss | $ | (377,308) | $ | (422,067) | $ | (705,982) | $ | (781,691) | |||||||||||||||
Amortization of intangible assets | 18,405 | 64,134 | 36,160 | 86,639 | |||||||||||||||||||
Stock-based compensation expense | 317,943 | 318,810 | 632,874 | 594,254 | |||||||||||||||||||
Payroll and other tax expense related to stock-based compensation | 8,229 | 10,029 | 24,155 | 32,480 | |||||||||||||||||||
Income tax adjustments | (269) | (504) | (237) | (565) | |||||||||||||||||||
Non-GAAP net income (loss) | $ | (33,000) | $ | (29,598) | $ | (13,030) | $ | (68,883) | |||||||||||||||
Weighted-average common shares - Diluted | 1,603,172 | 1,632,140 | 1,592,365 | 1,625,663 | |||||||||||||||||||
Non-GAAP diluted net income (loss) per share reconciliation: | |||||||||||||||||||||||
Diluted net loss per share | $ | (0.24) | $ | (0.26) | $ | (0.44) | $ | (0.48) | |||||||||||||||
Non-GAAP adjustment to net loss | 0.22 | 0.24 | 0.43 | 0.44 | |||||||||||||||||||
Non-GAAP diluted net income (loss) per share | $ | (0.02) | $ | (0.02) | $ | (0.01) | $ | (0.04) |
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | ||||||||||||||||||||||||||||||
(NM = Not Meaningful) | |||||||||||||||||||||||||||||||||||
Cash Flows and Shares | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 127,459 | $ | (124,081) | $ | 55,945 | $ | 125,291 | $ | 151,102 | $ | (81,936) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities - YoY (year-over-year) | (7) | % | 23 | % | (22) | % | (32) | % | 19 | % | 34 | % | |||||||||||||||||||||||
Net cash provided by (used in) operating activities - TTM (trailing twelve months) | $ | 283,453 | $ | 260,458 | $ | 244,851 | $ | 184,614 | $ | 208,257 | $ | 250,402 | |||||||||||||||||||||||
Purchases of property and equipment | $ | (21,175) | $ | (23,370) | $ | (37,836) | $ | (46,925) | $ | (47,630) | $ | (36,943) | |||||||||||||||||||||||
Purchases of property and equipment - YoY | 95 | % | 60 | % | 91 | % | 91 | % | (125) | % | (58) | % | |||||||||||||||||||||||
Purchases of property and equipment - TTM | $ | (80,199) | $ | (88,946) | $ | (106,946) | $ | (129,306) | $ | (155,761) | $ | (169,334) | |||||||||||||||||||||||
Free Cash Flow | $ | 106,284 | $ | (147,451) | $ | 18,109 | $ | 78,366 | $ | 103,472 | $ | (118,879) | |||||||||||||||||||||||
Free Cash Flow - YoY | (16) | % | (27) | % | (65) | % | (51) | % | (3) | % | 19 | % | |||||||||||||||||||||||
Free Cash Flow - TTM | $ | 203,254 | $ | 171,512 | $ | 137,905 | $ | 55,308 | $ | 52,496 | $ | 81,068 | |||||||||||||||||||||||
Common shares outstanding | 1,632,563 | 1,644,974 | 1,605,868 | 1,574,086 | 1,595,205 | 1,616,119 | |||||||||||||||||||||||||||||
Common shares outstanding - YoY | 7 | % | 4 | % | — | % | (3) | % | (2) | % | (2) | % | |||||||||||||||||||||||
Shares underlying stock-based awards | 75,066 | 92,105 | 94,772 | 131,718 | 128,218 | 149,065 | |||||||||||||||||||||||||||||
Shares underlying stock-based awards - YoY | (32) | % | (12) | % | 2 | % | 59 | % | 71 | % | 62 | % | |||||||||||||||||||||||
Total common shares outstanding plus shares underlying stock-based awards | 1,707,629 | 1,737,079 | 1,700,640 | 1,705,804 | 1,723,423 | 1,765,184 | |||||||||||||||||||||||||||||
Total common shares outstanding plus shares underlying stock-based awards - YoY | 5 | % | 3 | % | — | % | — | % | 1 | % | 2 | % | |||||||||||||||||||||||
Results of Operations | |||||||||||||||||||||||||||||||||||
Revenue | $ | 1,062,727 | $ | 1,110,909 | $ | 1,128,476 | $ | 1,299,735 | $ | 988,608 | $ | 1,067,669 | |||||||||||||||||||||||
Revenue - YoY | 38 | % | 13 | % | 6 | % | 0.1 | % | (7) | % | (4) | % | |||||||||||||||||||||||
Revenue - TTM | $ | 4,410,191 | $ | 4,538,992 | $ | 4,599,997 | $ | 4,601,847 | $ | 4,527,728 | $ | 4,484,488 | |||||||||||||||||||||||
Revenue by region (1) |
|||||||||||||||||||||||||||||||||||
North America | $ | 758,261 | $ | 785,681 | $ | 811,602 | $ | 880,310 | $ | 639,896 | $ | 686,829 | |||||||||||||||||||||||
North America - YoY | 37 | % | 12 | % | 3 | % | (6) | % | (16) | % | (13) | % | |||||||||||||||||||||||
North America - TTM | $ | 3,178,990 | $ | 3,262,936 | $ | 3,287,621 | $ | 3,235,854 | $ | 3,117,489 | $ | 3,018,637 | |||||||||||||||||||||||
Europe | $ | 162,132 | $ | 170,097 | $ | 161,396 | $ | 218,552 | $ | 157,760 | $ | 182,109 | |||||||||||||||||||||||
Europe - YoY | 43 | % | 12 | % | 5 | % | 5 | % | (3) | % | 7 | % | |||||||||||||||||||||||
Europe - TTM | $ | 676,433 | $ | 694,262 | $ | 702,537 | $ | 712,177 | $ | 707,805 | $ | 719,817 | |||||||||||||||||||||||
Rest of World | $ | 142,334 | $ | 155,131 | $ | 155,478 | $ | 200,873 | $ | 190,952 | $ | 198,731 | |||||||||||||||||||||||
Rest of World - YoY | 38 | % | 21 | % | 22 | % | 28 | % | 34 | % | 28 | % | |||||||||||||||||||||||
Rest of World - TTM | $ | 554,768 | $ | 581,794 | $ | 609,839 | $ | 653,816 | $ | 702,434 | $ | 746,034 | |||||||||||||||||||||||
Operating loss | $ | (271,527) | $ | (400,940) | $ | (435,242) | $ | (287,597) | $ | (365,264) | $ | (404,339) | |||||||||||||||||||||||
Operating loss - YoY | 11 | % | (108) | % | (141) | % | NM | (35) | % | (1) | % | ||||||||||||||||||||||||
Operating loss - Margin | (26) | % | (36) | % | (39) | % | (22) | % | (37) | % | (38) | % | |||||||||||||||||||||||
Operating loss - TTM | $ | (669,990) | $ | (878,418) | $ | (1,132,836) | $ | (1,395,306) | $ | (1,489,043) | $ | (1,492,442) | |||||||||||||||||||||||
Net income (loss) | $ | (359,624) | $ | (422,067) | $ | (359,502) | $ | (288,460) | $ | (328,674) | $ | (377,308) | |||||||||||||||||||||||
Net income (loss) - YoY | (25) | % | (178) | % | (400) | % | NM | 9 | % | 11 | % | ||||||||||||||||||||||||
Net income (loss) - TTM | $ | (560,697) | $ | (831,100) | $ | (1,118,643) | $ | (1,429,653) | $ | (1,398,703) | $ | (1,353,944) | |||||||||||||||||||||||
Adjusted EBITDA | $ | 64,468 | $ | 7,190 | $ | 72,640 | $ | 233,275 | $ | 813 | $ | (38,479) | |||||||||||||||||||||||
Adjusted EBITDA - YoY | 3872 | % | (94) | % | (58) | % | (29) | % | (99) | % | (635) | % | |||||||||||||||||||||||
Adjusted EBITDA - Margin (2) |
6 | % | 1 | % | 6 | % | 18 | % | 0.1 | % | (4) | % | |||||||||||||||||||||||
Adjusted EBITDA - TTM | $ | 682,863 | $ | 572,650 | $ | 471,091 | $ | 377,573 | $ | 313,918 | $ | 268,249 |
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | ||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
DAU (in millions) | 332 | 347 | 363 | 375 | 383 | 397 | |||||||||||||||||||||||||||||
DAU - YoY | 18 | % | 18 | % | 19 | % | 17 | % | 15 | % | 14 | % | |||||||||||||||||||||||
DAU by region (in millions) | |||||||||||||||||||||||||||||||||||
North America | 98 | 99 | 100 | 100 | 100 | 101 | |||||||||||||||||||||||||||||
North America - YoY | 5 | % | 4 | % | 4 | % | 3 | % | 3 | % | 2 | % | |||||||||||||||||||||||
Europe | 84 | 86 | 88 | 92 | 93 | 94 | |||||||||||||||||||||||||||||
Europe - YoY | 10 | % | 10 | % | 11 | % | 12 | % | 10 | % | 9 | % | |||||||||||||||||||||||
Rest of World | 150 | 162 | 175 | 183 | 190 | 202 | |||||||||||||||||||||||||||||
Rest of World - YoY | 36 | % | 35 | % | 34 | % | 31 | % | 27 | % | 25 | % | |||||||||||||||||||||||
ARPU | $ | 3.20 | $ | 3.20 | $ | 3.11 | $ | 3.47 | $ | 2.58 | $ | 2.69 | |||||||||||||||||||||||
ARPU - YoY | 17 | % | (4) | % | (11) | % | (15) | % | (19) | % | (16) | % | |||||||||||||||||||||||
ARPU by region | |||||||||||||||||||||||||||||||||||
North America | $ | 7.77 | $ | 7.93 | $ | 8.13 | $ | 8.77 | $ | 6.37 | $ | 6.83 | |||||||||||||||||||||||
North America - YoY | 31 | % | 8 | % | (1) | % | (9) | % | (18) | % | (14) | % | |||||||||||||||||||||||
Europe | $ | 1.93 | $ | 1.98 | $ | 1.83 | $ | 2.38 | $ | 1.70 | $ | 1.93 | |||||||||||||||||||||||
Europe - YoY | 30 | % | 2 | % | (5) | % | (6) | % | (12) | % | (2) | % | |||||||||||||||||||||||
Rest of World | $ | 0.95 | $ | 0.96 | $ | 0.89 | $ | 1.10 | $ | 1.00 | $ | 0.98 | |||||||||||||||||||||||
Rest of World - YoY | 2 | % | (11) | % | (9) | % | (2) | % | 6 | % | 3 | % | |||||||||||||||||||||||
Employees (full-time; excludes part-time, contractors, and temporary personnel) | 6,131 | 6,446 | 5,706 | 5,288 | 5,201 | 5,286 | |||||||||||||||||||||||||||||
Employees - YoY | 52 | % | 38 | % | 10 | % | (7) | % | (15) | % | (18) | % | |||||||||||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 5,512 | $ | 5,061 | $ | 5,548 | $ | 8,114 | $ | 3,226 | $ | 3,170 | |||||||||||||||||||||||
Research and development | 22,123 | 22,362 | 23,722 | 29,834 | 24,139 | 24,847 | |||||||||||||||||||||||||||||
Sales and marketing | 7,392 | 49,061 | 4,586 | 6,130 | 5,073 | 5,605 | |||||||||||||||||||||||||||||
General and administrative | 3,073 | 2,807 | 2,435 | 4,413 | 2,782 | 6,066 | |||||||||||||||||||||||||||||
Total | $ | 38,100 | $ | 79,291 | $ | 36,291 | $ | 48,491 | $ | 35,220 | $ | 39,688 | |||||||||||||||||||||||
Depreciation and amortization expense - YoY | 62 | % | 180 | % | 12 | % | 39 | % | (8) | % | (50) | % | |||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 2,446 | $ | 2,849 | $ | 2,745 | $ | 4,248 | $ | 1,885 | $ | 2,365 | |||||||||||||||||||||||
Research and development | 182,866 | 221,650 | 246,783 | 319,447 | 219,850 | 217,565 | |||||||||||||||||||||||||||||
Sales and marketing | 42,071 | 48,577 | 43,098 | 69,346 | 54,939 | 57,597 | |||||||||||||||||||||||||||||
General and administrative | 48,061 | 45,734 | 50,333 | 57,533 | 38,257 | 40,416 | |||||||||||||||||||||||||||||
Total | $ | 275,444 | $ | 318,810 | $ | 342,959 | $ | 450,574 | $ | 314,931 | $ | 317,943 | |||||||||||||||||||||||
Stock-based compensation expense - YoY | 16 | % | 24 | % | 14 | % | 51 | % | 14 | % | — | % |