0001564408FALSE00015644082024-10-292024-10-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________
FORM 8-K
________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2024
________________________
SNAP INC.
(Exact name of Registrant as Specified in Its Charter)
________________________
| | | | | | | | | | | |
| 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) |
Registrant’s Telephone Number, Including Area Code: (310) 399-3339
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
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)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| 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 |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On October 29, 2024, Snap Inc. reported financial results for the three and nine months ended September 30, 2024. A copy of the press release and the investor letter are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and incorporated by reference.
The press release and investor letter are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by Snap Inc., whether made before or after today’s date, regardless of any general incorporation language in such filing.
Item 8.01 Other Events.
On October 29, 2024, Snap Inc. announced its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| | | | | | | | |
Exhibit Number |
| Description |
99.1 |
| |
99.2 |
| |
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| SNAP INC. |
| | |
Date: October 29, 2024 | By: | /s/ Derek Andersen |
| | Derek Andersen |
| | Chief Financial Officer |
Exhibit 99.1
Snap Inc. Announces Third Quarter 2024 Financial Results
Third quarter revenue increased 15% year-over-year to $1,373 million
Daily Active Users increased 9% year-over-year to 443 million
Net loss improved 58% year-over-year to $153 million
Adjusted EBITDA improved 229% year-over-year to $132 million
SANTA MONICA, Calif. – October 29, 2024 – Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2024.
“I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,” said Evan Spiegel, CEO. “Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long-term growth opportunity.”
Snap Inc. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period.
The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.
Repurchases under this program will be funded from existing cash and cash equivalents. As of September 30, 2024, Snap had $3.2 billion in cash, cash equivalents, and marketable securities.
Q3 2024 Financial Summary
•Revenue was $1,373 million, compared to $1,189 million in the prior year, an increase of 15% year-over-year.
•Net loss was $153 million, compared to $368 million in the prior year.
•Adjusted EBITDA was $132 million, compared to $40 million in the prior year.
•Operating cash flow was $116 million, compared to $13 million in the prior year.
•Free Cash Flow was $72 million, compared to $(61) million in the prior year.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Percent
Change | | Nine Months Ended September 30, | | Percent
Change |
| 2024 | | 2023 | | | 2024 | | 2023 | |
| | | | | | | | | | | |
| (in thousands, except per share amounts) |
| (Unaudited) | (NM = Not Meaningful) |
| Revenue | $ | 1,372,574 | | | $ | 1,188,551 | | | 15 | % | | $ | 3,804,115 | | | $ | 3,244,828 | | | 17 | % |
| Operating loss | $ | (173,210) | | | $ | (380,063) | | | 54 | % | | $ | (760,417) | | | $ | (1,149,666) | | | 34 | % |
| Net loss | $ | (153,247) | | | $ | (368,256) | | | 58 | % | | $ | (706,957) | | | $ | (1,074,238) | | | 34 | % |
Adjusted EBITDA (1) | $ | 131,962 | | | $ | 40,094 | | | 229 | % | | $ | 232,598 | | | $ | 2,428 | | | NM |
| Net cash provided by (used in) operating activities | $ | 115,872 | | | $ | 12,781 | | | NM | | $ | 182,847 | | | $ | 81,947 | | | 123 | % |
Free Cash Flow (2) | $ | 71,831 | | | $ | (60,654) | | | 218 | % | | $ | 36,296 | | | $ | (76,061) | | | 148 | % |
| Diluted net loss per share attributable to common stockholders | $ | (0.09) | | | $ | (0.23) | | | 61 | % | | $ | (0.43) | | | $ | (0.67) | | | 36 | % |
Non-GAAP diluted net income (loss) per share (3) | $ | 0.08 | | | $ | 0.02 | | | 300 | % | | $ | 0.13 | | | $ | 0.01 | | | NM |
(1)See page 10 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the nine months ended September 30, 2024, and excluded from Adjusted EBITDA, were $72.0 million. No restructuring charges were incurred during the three months ended September 30, 2024. Total restructuring charges for the three and nine months ended September 30, 2023, and excluded from Adjusted EBITDA, were $18.6 million. (2)See page 10 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow. (3)See page 11 for a reconciliation of diluted net loss per share to non-GAAP diluted net income (loss) per share.
Q3 2024 Summary & Key Highlights
We deepened engagement with our community:
•DAUs were 443 million in Q3 2024, an increase of 37 million, or 9% year-over-year.
•Total time spent watching content increased 25% year-over-year.
•Spotlight reached more than 500 million monthly active users on average in Q3, an increase of 21% year-over-year.
•Over a billion Snaps were shared publicly on Snapchat every month in Q3 from our community, creators, and media partners.
•We announced an expanded strategic partnership with Google Cloud to power additional generative AI experiences within My AI, our AI-powered chatbot.
•We introduced new AI-enabled features to spark conversations, make great Snaps, and discover new things, like bringing AI to Memories and improving My AI’s ability to problem solve.
•We launched new safety tools and resources designed to help educators and school administrators understand how their students use Snapchat, the key protections available to them, and resources to assist in their efforts to create safe and supportive environments for students.
We are focused on accelerating and diversifying our revenue growth:
•Snapchat+ reached 12 million subscribers in Q3, more than doubling year-over-year.
•Ongoing momentum with our direct response products and growth in small- and medium-size businesses contributed to total active advertisers more than doubling year-over-year in Q3.
•We are in the early stages of experimenting with two new ad formats, Sponsored Snaps and Promoted Places, to help businesses reach Snapchatters in engaging ways across our differentiated service.
•We launched First Lens Unlimited, which offers advertisers the first impression of the day in the first slot of the Lens Carousel, allowing them to reach our community at greater scale.
•We launched State-specific First Story, which allows US advertisers to target First Story takeover campaigns to individual states or to reach the entire country with different creative for each state, as selected by the advertiser.
We invested in our augmented reality platform:
•We introduced the fifth generation of Spectacles, our new see-through, standalone AR glasses that enable developers to use Lenses and experience the world together with friends, powered by Snap OS.
•Snap OS is our brand new and groundbreaking operating system with a natural interface that uses hands and voice, with no controller required. The Snap Spatial Engine understands the world around you so that Lenses appear realistically in three dimensions.
•More than 375,000 AR creators, developers, and teams from nearly every country in the world have built over 4 million Lenses.
•Over 150 million Spotlight videos have been created this year featuring Lenses made by our talented community of Lens Creators.
•Over 225 million Snapchatters engaged with more than 25 custom Olympic-related AR experiences globally during the Paris 2024 Games.
•We’re rolling out a slate of new GenAI Suite features in Lens Studio that make it faster and easier to bring your creativity to life, including Animation Blending, Body Morph, and Icon Generation.
•We’re making AR creation simpler with Easy Lens, a new tool that makes it possible to build Lenses in a matter of minutes, just by typing into a text prompt.
Q4 2024 Outlook
Snap Inc. will discuss its Q4 2024 outlook during its Q3 2024 Earnings Call (details below) and in its investor letter available at investor.snap.com.
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 its websites (including snap.com and investor.snap.com) 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; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.
A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites 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 and logged-in Snapchat user who visits Snapchat through our applications or websites 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.
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 technology company. We believe the camera presents the 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.
Contact
Investors and Analysts:
ir@snap.com
Press:
press@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, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to 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 ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, 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; payroll and other tax expense related to stock-based compensation; and certain other 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 income (loss), which is defined as net income (loss), excluding amortization of intangible assets; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; certain other items impacting net income (loss) from time to time; and related income tax adjustments. Non-GAAP net income (loss) and weighted average diluted shares are then used to calculate non-GAAP diluted net income
(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 September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Cash flows from operating activities | | | | | | | |
| Net loss | $ | (153,247) | | | $ | (368,256) | | | $ | (706,957) | | | $ | (1,074,238) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | |
| Depreciation and amortization | 38,850 | | | 41,209 | | | 118,493 | | | 116,117 | |
| Stock-based compensation | 260,229 | | | 357,933 | | | 783,292 | | | 990,807 | |
| Amortization of debt issuance costs | 2,717 | | | 1,842 | | | 6,667 | | | 5,517 | |
| | | | | | | |
| Losses (gains) on debt and equity securities, net | 536 | | | 21,155 | | | 12,166 | | | 5,888 | |
| | | | | | | |
| Other | 2,200 | | | (4,395) | | | (3,829) | | | (31,098) | |
| Change in operating assets and liabilities, net of effect of acquisitions: | | | | | | | |
| Accounts receivable, net of allowance | (51,941) | | | (128,972) | | | 73,350 | | | 55,772 | |
| Prepaid expenses and other current assets | 11,914 | | | (837) | | | (36,241) | | | (15,139) | |
| Operating lease right-of-use assets | 12,731 | | | 17,904 | | | 41,235 | | | 53,379 | |
| Other assets | 3,090 | | | (2,767) | | | (3,007) | | | (3,192) | |
| Accounts payable | (16,642) | | | (16,951) | | | (112,287) | | | (45,497) | |
| Accrued expenses and other current liabilities | 19,331 | | | 105,907 | | | 46,771 | | | 68,697 | |
| Operating lease liabilities | (16,384) | | | (16,181) | | | (44,254) | | | (52,523) | |
| Other liabilities | 2,488 | | | 5,190 | | | 7,448 | | | 7,457 | |
| Net cash provided by (used in) operating activities | 115,872 | | | 12,781 | | | 182,847 | | | 81,947 | |
| Cash flows from investing activities | | | | | | | |
| Purchases of property and equipment | (44,041) | | | (73,435) | | | (146,551) | | | (158,008) | |
| Purchases of strategic investments | — | | | — | | | (2,000) | | | (7,770) | |
| Sales of strategic investments | 557 | | | 5,151 | | | 1,572 | | | 5,151 | |
| Cash paid for acquisitions, net of cash acquired | — | | | — | | | — | | | (50,254) | |
| Purchases of marketable securities | (705,066) | | | (537,046) | | | (1,945,590) | | | (2,042,317) | |
| Sales of marketable securities | 187,754 | | | 16,451 | | | 354,311 | | | 107,724 | |
| Maturities of marketable securities | 337,985 | | | 557,579 | | | 1,170,066 | | | 2,093,737 | |
| Other | — | | | (308) | | | (100) | | | (432) | |
| Net cash provided by (used in) investing activities | (222,811) | | | (31,608) | | | (568,292) | | | (52,169) | |
| Cash flows from financing activities | | | | | | | |
| Proceeds from issuance of convertible notes, net of issuance costs | — | | | — | | | 740,350 | | | — | |
| Purchase of capped calls | — | | | — | | | (68,850) | | | — | |
| Proceeds from termination of capped calls | — | | | — | | | 62,683 | | | — | |
| Proceeds from the exercise of stock options | 10,304 | | | 5 | | | 12,798 | | | 416 | |
| Repurchases of Class A non-voting common stock | — | | | — | | | (311,069) | | | — | |
| Deferred payments for acquisitions | — | | | (10,441) | | | (3,695) | | | (254,557) | |
| Repurchases of convertible notes | — | | | — | | | (859,042) | | | — | |
| Other | — | | | — | | | (1,799) | | | — | |
| Net cash provided by (used in) financing activities | 10,304 | | | (10,436) | | | (428,624) | | | (254,141) | |
| Change in cash, cash equivalents, and restricted cash | (96,635) | | | (29,263) | | | (814,069) | | | (224,363) | |
| Cash, cash equivalents, and restricted cash, beginning of period | 1,065,028 | | | 1,228,676 | | | 1,782,462 | | | 1,423,776 | |
| Cash, cash equivalents, and restricted cash, end of period | $ | 968,393 | | | $ | 1,199,413 | | | $ | 968,393 | | | $ | 1,199,413 | |
SNAP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | $ | 1,372,574 | | | $ | 1,188,551 | | | $ | 3,804,115 | | | $ | 3,244,828 | |
| Costs and expenses: | | | | | | | |
| Cost of revenue | 638,907 | | | 555,753 | | | 1,802,577 | | | 1,492,613 | |
| Research and development | 412,791 | | | 494,559 | | | 1,268,746 | | | 1,427,334 | |
| Sales and marketing | 273,107 | | | 297,251 | | | 815,461 | | | 846,281 | |
| General and administrative | 220,979 | | | 221,051 | | | 677,748 | | | 628,266 | |
| Total costs and expenses | 1,545,784 | | | 1,568,614 | | | 4,564,532 | | | 4,394,494 | |
| Operating loss | (173,210) | | | (380,063) | | | (760,417) | | | (1,149,666) | |
| Interest income | 38,533 | | | 43,839 | | | 114,893 | | | 124,931 | |
| Interest expense | (5,883) | | | (5,521) | | | (15,739) | | | (16,749) | |
| Other income (expense), net | (4,355) | | | (20,662) | | | (25,228) | | | (7,967) | |
| Loss before income taxes | (144,915) | | | (362,407) | | | (686,491) | | | (1,049,451) | |
| Income tax benefit (expense) | (8,332) | | | (5,849) | | | (20,466) | | | (24,787) | |
| Net loss | $ | (153,247) | | | $ | (368,256) | | | $ | (706,957) | | | $ | (1,074,238) | |
| Net loss per share attributable to Class A, Class B, and Class C common stockholders: | | | | | | | |
| Basic | $ | (0.09) | | | $ | (0.23) | | | $ | (0.43) | | | $ | (0.67) | |
| Diluted | $ | (0.09) | | | $ | (0.23) | | | $ | (0.43) | | | $ | (0.67) | |
| Weighted average shares used in computation of net loss per share: | | | | | | | |
| Basic | 1,663,011 | | 1,625,917 | | 1,651,756 | | 1,603,672 |
| Diluted | 1,663,011 | | 1,625,917 | | 1,651,756 | | 1,603,672 |
SNAP INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
| | | | | | | | | | | |
| September 30,
2024 | | December 31,
2023 |
| (unaudited) | | |
| Assets | | | |
| Current assets | | | |
| Cash and cash equivalents | $ | 964,967 | | | $ | 1,780,400 | |
| Marketable securities | 2,227,162 | | | 1,763,680 | |
| Accounts receivable, net of allowance | 1,195,701 | | | 1,278,176 | |
| Prepaid expenses and other current assets | 200,902 | | | 153,587 | |
| Total current assets | 4,588,732 | | | 4,975,843 | |
| Property and equipment, net | 466,397 | | | 410,326 | |
| Operating lease right-of-use assets | 516,959 | | | 516,862 | |
| Intangible assets, net | 98,920 | | | 146,303 | |
| Goodwill | 1,693,946 | | | 1,691,827 | |
| Other assets | 226,463 | | | 226,597 | |
| Total assets | $ | 7,591,417 | | | $ | 7,967,758 | |
| Liabilities and Stockholders’ Equity | | | |
| Current liabilities | | | |
| Accounts payable | $ | 157,471 | | | $ | 278,961 | |
| Operating lease liabilities | 21,311 | | | 49,321 | |
| Accrued expenses and other current liabilities | 921,393 | | | 805,836 | |
| Convertible senior notes, net | 36,191 | | | — | |
| Total current liabilities | 1,136,366 | | | 1,134,118 | |
| Long-term convertible senior notes, net | 3,605,137 | | | 3,749,400 | |
| Operating lease liabilities, noncurrent | 577,912 | | | 546,279 | |
| Other liabilities | 61,927 | | | 123,849 | |
| Total liabilities | 5,381,342 | | | 5,553,646 | |
| Commitments and contingencies | | | |
| Stockholders’ equity | | | |
| Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,465,785 shares issued, 1,418,062 shares outstanding at September 30, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at December 31, 2023. | 14 | | | 14 | |
| Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at September 30, 2024, and 700,000 shares authorized, 22,528 shares issued and outstanding at December 31, 2023. | — | | | — | |
| Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at September 30, 2024 and December 31, 2023. | 2 | | | 2 | |
| Treasury stock, at cost. 47,723 and 49,200 shares of Class A non-voting common stock at September 30, 2024 and December 31, 2023, respectively. | (465,502) | | | (479,903) | |
| Additional paid-in capital | 15,391,284 | | | 14,613,404 | |
| Accumulated deficit | (12,744,562) | | | (11,726,536) | |
| Accumulated other comprehensive income (loss) | 28,839 | | | 7,131 | |
| Total stockholders’ equity | 2,210,075 | | | 2,414,112 | |
| Total liabilities and stockholders’ equity | $ | 7,591,417 | | | $ | 7,967,758 | |
SNAP INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Free Cash Flow reconciliation: | | | | | | | |
| Net cash provided by (used in) operating activities | $ | 115,872 | | | $ | 12,781 | | | $ | 182,847 | | | $ | 81,947 | |
| Less: | | | | | | | |
| Purchases of property and equipment | (44,041) | | | (73,435) | | | (146,551) | | | (158,008) | |
| Free Cash Flow | $ | 71,831 | | | $ | (60,654) | | | $ | 36,296 | | | $ | (76,061) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Adjusted EBITDA reconciliation: | | | | | | | |
| Net loss | $ | (153,247) | | | $ | (368,256) | | | $ | (706,957) | | | $ | (1,074,238) | |
| Add (deduct): | | | | | | | |
| Interest income | (38,533) | | | (43,839) | | | (114,893) | | | (124,931) | |
| Interest expense | 5,883 | | | 5,521 | | | 15,739 | | | 16,749 | |
| Other (income) expense, net | 4,355 | | | 20,662 | | | 25,228 | | | 7,967 | |
| Income tax (benefit) expense | 8,332 | | | 5,849 | | | 20,466 | | | 24,787 | |
| Depreciation and amortization | 38,850 | | | 41,209 | | | 114,878 | | | 116,117 | |
| Stock-based compensation expense | 260,229 | | | 353,846 | | | 773,890 | | | 986,720 | |
| Payroll and other tax expense related to stock-based compensation | 6,093 | | | 6,463 | | | 32,196 | | | 30,618 | |
Restructuring charges (1) | — | | | 18,639 | | | 72,051 | | | 18,639 | |
| Adjusted EBITDA | $ | 131,962 | | | $ | 40,094 | | | $ | 232,598 | | | $ | 2,428 | |
(1)Restructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.
Total depreciation and amortization expense by function:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Depreciation and amortization expense (1): | | | | | | | |
| Cost of revenue | $ | 965 | | | $ | 3,184 | | | $ | 4,987 | | | $ | 9,580 | |
| Research and development | 24,798 | | | 26,252 | | | 75,305 | | | 75,238 | |
| Sales and marketing | 4,953 | | | 5,466 | | | 14,614 | | | 16,144 | |
| General and administrative | 8,134 | | | 6,307 | | | 23,587 | | | 15,155 | |
| Total | $ | 38,850 | | | $ | 41,209 | | | $ | 118,493 | | | $ | 116,117 | |
(1)Depreciation and amortization expense for the nine months ended September 30, 2024 includes restructuring charges.
SNAP INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)
(in thousands, except per share amounts, unaudited)
Total stock-based compensation expense by function:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Stock-based compensation expense (1): | | | | | | | |
| Cost of revenue | $ | 1,333 | | | $ | 2,640 | | | $ | 4,408 | | | $ | 6,890 | |
| Research and development | 172,516 | | | 234,615 | | | 518,500 | | | 672,030 | |
| Sales and marketing | 53,345 | | | 72,783 | | | 160,209 | | | 185,319 | |
| General and administrative | 33,035 | | | 47,895 | | | 100,175 | | | 126,568 | |
| Total | $ | 260,229 | | | $ | 357,933 | | | $ | 783,292 | | | $ | 990,807 | |
(1)Stock-based compensation expense for the nine months ended September 30, 2024 as well as the three and nine months ended September 30, 2023 includes restructuring charges.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Non-GAAP net income (loss) reconciliation: | | | | | | | |
| Net loss | $ | (153,247) | | | $ | (368,256) | | | $ | (706,957) | | | $ | (1,074,238) | |
| Amortization of intangible assets | 13,889 | | | 19,134 | | | 44,282 | | | 55,294 | |
| Stock-based compensation expense | 260,229 | | | 353,846 | | | 773,890 | | | 986,720 | |
| Payroll and other tax expense related to stock-based compensation | 6,093 | | | 6,463 | | | 32,196 | | | 30,618 | |
Restructuring charges (1) | — | | | 18,639 | | | 72,051 | | | 18,639 | |
| Income tax adjustments | (1,858) | | | (573) | | | (7,877) | | | (810) | |
| Non-GAAP net income (loss) | $ | 125,106 | | | $ | 29,253 | | | $ | 207,585 | | | $ | 16,223 | |
| | | | | | | |
| Weighted-average common shares - Diluted | 1,663,011 | | 1,625,917 | | 1,651,756 | | 1,603,672 |
| | | | | | | |
| Non-GAAP diluted net income (loss) per share reconciliation: | | | | | | | |
| Diluted net loss per share | $ | (0.09) | | | $ | (0.23) | | | $ | (0.43) | | | $ | (0.67) | |
| Non-GAAP adjustment to net loss | 0.17 | | | 0.25 | | | 0.56 | | | 0.68 | |
| Non-GAAP diluted net income (loss) per share | $ | 0.08 | | | $ | 0.02 | | | $ | 0.13 | | | $ | 0.01 | |
(1)Restructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.
SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS
(dollars and shares in thousands, except per user amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q2 2023 | | Q3 2023 | | Q4 2023 | | Q1 2024 | | Q2 2024 | | Q3 2024 |
| | | | | | | | | | | |
| (NM = Not Meaningful) |
| Cash Flows and Shares | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | $ | (81,936) | | | $ | 12,781 | | | $ | 164,574 | | | $ | 88,352 | | | $ | (21,377) | | | $ | 115,872 | |
| Net cash provided by (used in) operating activities - YoY (year-over-year) | 34 | % | | (77) | % | | 31 | % | | (42) | % | | 74 | % | | NM |
| Net cash provided by (used in) operating activities - TTM (trailing twelve months) | $ | 250,402 | | | $ | 207,238 | | | $ | 246,521 | | | $ | 183,771 | | | $ | 244,330 | | | $ | 347,421 | |
| Purchases of property and equipment | $ | (36,943) | | | $ | (73,435) | | | $ | (53,719) | | | $ | (50,448) | | | $ | (52,062) | | | $ | (44,041) | |
| Purchases of property and equipment - YoY | 58 | % | | 94 | % | | 14 | % | | 6 | % | | 41 | % | | (40) | % |
| Purchases of property and equipment - TTM | $ | (169,334) | | | $ | (204,933) | | | $ | (211,727) | | | $ | (214,545) | | | $ | (229,664) | | | $ | (200,270) | |
| Free Cash Flow | $ | (118,879) | | | $ | (60,654) | | | $ | 110,855 | | | $ | 37,904 | | | $ | (73,439) | | | $ | 71,831 | |
| Free Cash Flow - YoY | 19 | % | | (435) | % | | 41 | % | | (63) | % | | 38 | % | | 218 | % |
| Free Cash Flow - TTM | $ | 81,068 | | | $ | 2,305 | | | $ | 34,794 | | | $ | (30,774) | | | $ | 14,666 | | | $ | 147,151 | |
| Common shares outstanding | 1,616,119 | | | 1,638,905 | | | 1,645,496 | | | 1,643,120 | | | 1,653,820 | | | 1,672,212 | |
| Common shares outstanding - YoY | (2) | % | | 2 | % | | 5 | % | | 3 | % | | 2 | % | | 2 | % |
| Shares underlying stock-based awards | 149,065 | | | 154,525 | | | 157,981 | | | 146,240 | | | 144,315 | | | 132,783 | |
| Shares underlying stock-based awards - YoY | 62 | % | | 63 | % | | 20 | % | | 14 | % | | (3) | % | | (14) | % |
| Total common shares outstanding plus shares underlying stock-based awards | 1,765,184 | | | 1,793,430 | | | 1,803,477 | | | 1,789,360 | | | 1,798,135 | | | 1,804,995 | |
| Total common shares outstanding plus shares underlying stock-based awards - YoY | 2 | % | | 5 | % | | 6 | % | | 4 | % | | 2 | % | | 1 | % |
| | | | | | | | | | | |
| Results of Operations | | | | | | | | | | | |
| Revenue | $ | 1,067,669 | | | $ | 1,188,551 | | | $ | 1,361,287 | | | $ | 1,194,773 | | | $ | 1,236,768 | | | $ | 1,372,574 | |
| Revenue - YoY | (4) | % | | 5 | % | | 5 | % | | 21 | % | | 16 | % | | 15 | % |
| Revenue - TTM | $ | 4,484,488 | | | $ | 4,544,563 | | | $ | 4,606,115 | | | $ | 4,812,280 | | | $ | 4,981,379 | | | $ | 5,165,402 | |
Revenue by region (1) | | | | | | | | | | | |
| North America | $ | 686,829 | | | $ | 786,154 | | | $ | 899,542 | | | $ | 743,131 | | | $ | 767,560 | | | $ | 857,621 | |
| North America - YoY | (13) | % | | (3) | % | | 2 | % | | 16 | % | | 12 | % | | 9 | % |
| North America - TTM | $ | 3,018,637 | | | $ | 2,993,189 | | | $ | 3,012,421 | | | $ | 3,115,656 | | | $ | 3,196,387 | | | $ | 3,267,854 | |
| Europe | $ | 182,109 | | | $ | 200,272 | | | $ | 238,253 | | | $ | 195,844 | | | $ | 229,835 | | | $ | 248,902 | |
| Europe - YoY | 7 | % | | 24 | % | | 9 | % | | 24 | % | | 26 | % | | 24 | % |
| Europe - TTM | $ | 719,817 | | | $ | 758,693 | | | $ | 778,394 | | | $ | 816,478 | | | $ | 864,204 | | | $ | 912,834 | |
| Rest of World | $ | 198,731 | | | $ | 202,125 | | | $ | 223,492 | | | $ | 255,798 | | | $ | 239,373 | | | $ | 266,051 | |
| Rest of World - YoY | 28 | % | | 30 | % | | 11 | % | | 34 | % | | 20 | % | | 32 | % |
| Rest of World - TTM | $ | 746,034 | | | $ | 792,681 | | | $ | 815,300 | | | $ | 880,146 | | | $ | 920,788 | | | $ | 984,714 | |
| Operating loss | $ | (404,339) | | | $ | (380,063) | | | $ | (248,713) | | | $ | (333,232) | | | $ | (253,975) | | | $ | (173,210) | |
| Operating loss - YoY | (1) | % | | 13 | % | | 14 | % | | 9 | % | | 37 | % | | 54 | % |
| Operating loss - Margin | (38) | % | | (32) | % | | (18) | % | | (28) | % | | (21) | % | | (13) | % |
| Operating loss - TTM | $ | (1,492,442) | | | $ | (1,437,263) | | | $ | (1,398,379) | | | $ | (1,366,347) | | | $ | (1,215,983) | | | $ | (1,009,130) | |
| Net income (loss) | $ | (377,308) | | | $ | (368,256) | | | $ | (248,247) | | | $ | (305,090) | | | $ | (248,620) | | | $ | (153,247) | |
| Net income (loss) - YoY | 11 | % | | (2) | % | | 14 | % | | 7 | % | | 34 | % | | 58 | % |
| Net income (loss) - Margin | (35) | % | | (31) | % | | (18) | % | | (26) | % | | (20) | % | | (11) | % |
| Net income (loss) - TTM | $ | (1,353,944) | | | $ | (1,362,698) | | | $ | (1,322,485) | | | $ | (1,298,901) | | | $ | (1,170,213) | | | $ | (955,204) | |
| Adjusted EBITDA | $ | (38,479) | | | $ | 40,094 | | | $ | 159,149 | | | $ | 45,659 | | | $ | 54,977 | | | $ | 131,962 | |
| Adjusted EBITDA - YoY | (635) | % | | (45) | % | | (32) | % | | NM | | 243 | % | | 229 | % |
Adjusted EBITDA - Margin (2) | (4) | % | | 3 | % | | 12 | % | | 4 | % | | 4 | % | | 10 | % |
| Adjusted EBITDA - TTM | $ | 268,249 | | | $ | 235,703 | | | $ | 161,577 | | | $ | 206,423 | | | $ | 299,879 | | | $ | 391,747 | |
(1) Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.
(2) We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.
SNAP INC.
SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)
(dollars and shares in thousands, except per user amounts, unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q2 2023 | | Q3 2023 | | Q4 2023 | | Q1 2024 | | Q2 2024 | | Q3 2024 |
| Other | | | | | | | | | | | |
DAU (in millions) (1) | 397 | | | 406 | | | 414 | | | 422 | | | 432 | | | 443 | |
| DAU - YoY | 14 | % | | 12 | % | | 10 | % | | 10 | % | | 9 | % | | 9 | % |
| DAU by region (in millions) | | | | | | | | | | | |
| North America | 101 | | | 101 | | | 100 | | | 100 | | | 100 | | | 100 | |
| North America - YoY | 2 | % | | 1 | % | | — | % | | (1) | % | | — | % | | — | % |
| Europe | 94 | | | 95 | | | 96 | | | 96 | | | 97 | | | 99 | |
| Europe - YoY | 9 | % | | 7 | % | | 4 | % | | 4 | % | | 3 | % | | 4 | % |
| Rest of World | 202 | | | 211 | | | 218 | | | 226 | | | 235 | | | 244 | |
| Rest of World - YoY | 25 | % | | 21 | % | | 19 | % | | 19 | % | | 16 | % | | 16 | % |
| ARPU | $ | 2.69 | | | $ | 2.93 | | | $ | 3.29 | | | $ | 2.83 | | | $ | 2.86 | | | $ | 3.10 | |
| ARPU - YoY | (16) | % | | (6) | % | | (5) | % | | 10 | % | | 6 | % | | 6 | % |
| ARPU by region | | | | | | | | | | | |
| North America | $ | 6.83 | | | $ | 7.82 | | | $ | 8.96 | | | $ | 7.44 | | | $ | 7.67 | | | $ | 8.54 | |
| North America - YoY | (14) | % | | (4) | % | | 2 | % | | 17 | % | | 12 | % | | 9 | % |
| Europe | $ | 1.93 | | | $ | 2.11 | | | $ | 2.49 | | | $ | 2.04 | | | $ | 2.36 | | | $ | 2.52 | |
| Europe - YoY | (2) | % | | 15 | % | | 5 | % | | 20 | % | | 22 | % | | 19 | % |
| Rest of World | $ | 0.98 | | | $ | 0.96 | | | $ | 1.03 | | | $ | 1.13 | | | $ | 1.02 | | | $ | 1.09 | |
| Rest of World - YoY | 3 | % | | 8 | % | | (7) | % | | 13 | % | | 4 | % | | 14 | % |
| Employees (full-time; excludes part-time, contractors, and temporary personnel) | 5,286 | | 5,367 | | 5,289 | | 4,835 | | 4,719 | | 4,800 |
| Employees - YoY | (18) | % | | (6) | % | | — | % | | (7) | % | | (11) | % | | (11) | % |
| | | | | | | | | | | |
| Depreciation and amortization expense | | | | | | | | | | | |
| Cost of revenue | $ | 3,170 | | | $ | 3,184 | | | $ | 3,171 | | | $ | 2,150 | | | $ | 1,872 | | | $ | 965 | |
| Research and development | 24,847 | | | 26,252 | | | 31,040 | | | 27,598 | | | 22,909 | | | 24,798 | |
| Sales and marketing | 5,605 | | | 5,466 | | | 10,017 | | | 4,577 | | | 5,084 | | | 4,953 | |
| General and administrative | 6,066 | | | 6,307 | | | 8,096 | | | 7,388 | | | 8,065 | | | 8,134 | |
| Total | $ | 39,688 | | | $ | 41,209 | | | $ | 52,324 | | | $ | 41,713 | | | $ | 37,930 | | | $ | 38,850 | |
| Depreciation and amortization expense - YoY | (50) | % | | 14 | % | | 8 | % | | 18 | % | | (4) | % | | (6) | % |
| | | | | | | | | | | |
| Stock-based compensation expense | | | | | | | | | | | |
| Cost of revenue | $ | 2,365 | | | $ | 2,640 | | | $ | 2,665 | | | $ | 1,815 | | | $ | 1,260 | | | $ | 1,333 | |
| Research and development | 217,565 | | | 234,615 | | | 220,996 | | | 174,519 | | | 171,465 | | | 172,516 | |
| Sales and marketing | 57,597 | | | 72,783 | | | 70,369 | | | 54,656 | | | 52,208 | | | 53,345 | |
| General and administrative | 40,416 | | | 47,895 | | | 39,167 | | | 32,762 | | | 34,378 | | | 33,035 | |
| Total | $ | 317,943 | | | $ | 357,933 | | | $ | 333,197 | | | $ | 263,752 | | | $ | 259,311 | | | $ | 260,229 | |
| Stock-based compensation expense - YoY | — | % | | 4 | % | | (26) | % | | (16) | % | | (18) | % | | (27) | % |
(1)Numbers may not foot due to rounding.
Exhibit 99.2
Introduction In Q3, we continued to make progress on our core priorities of growing our community and improving depth of engagement, driving top line revenue growth and diversifying our revenue sources, and building toward our long term vision for augmented reality (AR). Daily active users (DAU) reached 443 million in Q3, an increase of 37 million year-over-year. We continued to deepen engagement with our content platform, with the number of content viewers and total time spent watching content growing year-over-year. The progress we have made with our direct-response (DR) advertising business, and the growth of our Snapchat+ subscription business, contributed to total revenue increasing 15% year-over-year to $1.37 billion. We continued to make meaningful progress with our lower funnel DR business, as total active advertisers more than doubled year-over-year in Q3. In an effort to grow our lower funnel DR business faster, we are innovating on our advertising products, investing in machine learning (ML), and evolving the way that we go to market to better serve our advertising partners. We hosted our annual Snap Partner Summit in Q3, bringing together partners, creators, and Lens developers to introduce a number of new initiatives. We announced a new and simplified version of Snapchat that we believe will further our initiative to grow our community and deepen engagement. We also announced two new ad placements, Sponsored Snaps and Promoted Places, that will provide incremental reach to our advertising partners as they engage with Snapchatters across our service. To further our vision for augmented reality computing, we launched the fifth generation of Spectacles, our AR glasses powered by Snap OS, and introduced a series of generative AI (GenAI) innovations for our AR developer platform. Developers are already building amazing Lenses, and we can’t wait to see the new experiences they create for our community. We believe the rapid pace of innovation set by our team demonstrates the impact of a leaner organizational structure that is more focused on our core strategic priorities. The benefits of our more focused set of priorities is also evident in our financial results where we have cleared a path to generate meaningful Adjusted EBITDA profitability and positive Free Cash Flow, both of which are critical stepping stones to future GAAP profitability. In Q3 specifically, the combination of topline progress and expense discipline translated to $132 million of Adjusted EBITDA and $72 million of Free Cash Flow. Moving forward, we will continue to calibrate our investments carefully to build on our topline momentum, while realizing the operating leverage necessary to drive improved financial performance. Community In Q3 we introduced a new and simplified version of Snapchat organized into three core experiences focused on communicating with friends, using the camera, and watching entertaining content. For Snapchatters, this updated layout offers a more personal, relevant, and easy to use interface. For creators, Simple Snapchat unlocks greater discovery and enhances the ability for content to reach new audiences. Currently, there are approximately 10 million Snapchatters using Simple Snapchat across dozens of countries. Broadly speaking, Simple Snapchat is driving the greatest content SNAP INC. | Q3 2024 | INVESTOR LETTER 1
engagement gains among more casual users, which is an important input to community growth and advertising inventory. We are seeing particularly positive impacts on Android devices, including increased time spent with content, increased story views, and more replies to friends’ stories, which is an important conversation starter that helps foster close relationships. We are also seeing an increase in content active days on iOS, but the impacts to other top engagement metrics are not yet as broadly positive as on Android due in part to the differences in engagement across these platforms. We are encouraged by this early progress as it reinforces our conviction that this user experience will further our goals of inspiring creation, enhancing communication, and delivering a more engaging content experience. We recognize that any significant change in user experience brings risk of disruption to our community and advertising business. Further, the impact on engagement may vary as we expand our testing to new cohorts. As a result, we will be intently focused on testing and iterating in the months ahead to optimize the experience for our community and our business. We continued to make meaningful progress in growing our global community, reaching 443 million DAU in Q3, an increase of 11 million quarter-over-quarter. DAU in North America was 100 million, approximately flat year-over-year, but up quarter-over-quarter as our initiatives to increase user engagement begin to show early signs of progress. DAU in Europe was 99 million, compared to 97 million in the prior quarter and 95 million in the prior year. DAU in Rest of World was 244 million, compared to 235 million in the prior quarter and 211 million in the prior year. Snapping with friends and family is the core of our service and the primary driver of the continued growth and long-term retention of our global community. In Q3, we introduced new AI-enabled features to inspire creation, spark conversations, and help our community strengthen their relationships through Snapping. For example, we introduced AI in Snapchat Memories, which enables Snapchatters to share AI-generated collages and video mashups with friends. In addition, we announced an expanded strategic partnership with Google Cloud to leverage the multimodal capabilities of Gemini on Vertex AI to power Snapping with My AI, our AI-powered chatbot. In Q3, the number of Snaps sent to My AI in the US more than tripled quarter-over-quarter. Our content platform continues to strengthen relationships on Snapchat with the number of people sharing Spotlight content with friends up more than 60% year-over-year in Q3. To further deepen content engagement, we are investing in our ML models to improve ranking and personalization. In Q3, we enhanced our Spotlight recommendation system to better represent each Snapchatter’s interests and preferences based on historical signals, launched models optimized for new Snapchatters, and deployed multi-modal ML models to improve recognition of video, text, and audio in content submitted by creators. To expand our content supply, we are focused on growing our creator community by supporting them with content creation tools and monetization opportunities. In Q3, we began testing a new AI video generation tool that enables creators to generate engaging videos with a simple text or image prompt. Our efforts to support creators have contributed to the number of creators posting content growing approximately 50% year-over-year in Q3. The combined impact of these initiatives have helped to drive improvements in global time spent watching content, which increased 25% year-over-year SNAP INC. | Q3 2024 | INVESTOR LETTER 2
and 6% quarter-over-quarter in Q3. In North America, time spent watching content was relatively stable, down 1% year-over-year while increasing 2% quarter-over-quarter. The relatively higher rate of growth outside North America is due in part to the greater mix of content viewing being driven by Spotlight in these regions, as Spotlight reach and depth of engagement continues to grow rapidly across all regions. Augmented reality continues to inspire creation and drive engagement on Snapchat. More than 375,000 AR creators, developers, and teams from nearly every country in the world have built over 4 million Lenses. For example, our Past and Future Me AI Lens, which enables Snapchatters to transform into their younger and older self, was viewed over 650 million times in Q3. To build on this momentum, we created a number of generative AI capabilities in Lens Studio, including Easy Lens, a new GenAI tool that makes it possible to create an AR experience within minutes. We are also rolling out a slate of new GenAI Suite features in Lens Studio, including new animation tools that automatically blend different animations together to easily generate full 3D characters. The response to our new tools in Lens Studio has been inspiring and reinforces our belief that long-term success in AR requires a vibrant developer and creator ecosystem. We believe our efforts to build a global AR ecosystem are critical to enabling new experiences brought to life through Spectacles. In Q3, we introduced the fifth generation of Spectacles, our see-through, standalone AR glasses that enable developers to use AR Lenses and experience the world together with friends in new ways. Spectacles are powered by Snap OS, our new operating system designed to reflect how people naturally interact – with their hands and voice. Spectacles enable developers to create immersive AR experiences, interact with My AI, browse the internet, or lay out multiple screens to get work done anywhere. AR developers and partners are already creating AR experiences for Spectacles, including BRICKTACULAR BY The LEGO Group, and Peridot, a friendly and unique AR pet from Niantic. We aspire to be the most developer-friendly platform in the world, and we are excited to offer our new generation of Spectacles to developers as an invitation and inspiration to create new experiences. Looking ahead, we are focused on innovating and enhancing our core product experience while continuing to invest in the future of augmented reality. We believe continued progress on these initiatives is a critical input to serving our community and expanding our long-term monetization opportunity. Advertising Platform We continued to make progress on three foundational advertising platform initiatives, including better and larger ML models, improved privacy-safe signals, and more performant ad formats in order to deliver improved campaign performance for our advertising partners. The expansion of 7-0 Optimization to app install and app purchase is driving better performance for advertisers with early results showing cost-per-install decreasing 24% and cost-per-purchase decreasing 27% compared to 28-1 optimization. For example, Nexters, an international game development company and creator of hit title "Hero Wars”, leveraged 7-0 optimization for app install and app purchase and saw a 19% increase in installs with an 18% lower cost-per-install and 56% increase in purchases at a 36% lower cost-per-purchase. SNAP INC. | Q3 2024 | INVESTOR LETTER 3
Recently, we introduced our new Landing Page View optimization goal to help advertisers drive high-quality traffic to their websites. Through improvements in our ML models that optimize for this specific objective, we observed lower cost for some advertisers versus traditional click engagement models. For example, with the guidance of their digital agency Tinuiti, Wrangler leveraged Landing Page View optimization and saw a 34% increase in CPM efficiency and a 380% increase in conversions, leading to a 212% higher ROAS compared to previous benchmarks. The combination of more performant DR products, go-to-market operations optimized for SMB customers, and easier onboarding and integration tools are helping to rapidly expand our SMB customer base. As a result of these efforts, total active advertisers more than doubled year-over-year in Q3. Today, with our Snap Promote offering, SMBs and creators alike can promote their services, content, or products, reach new audiences, and measure ad performance, all within Snapchat on their mobile devices. We also continue to enhance the advertiser onboarding experience by personalizing and automating the buying process from end-to-end so that SMB’s can optimize their campaigns faster and enhance performance. Recently, we launched automated in-flight campaign recommendations, adaptive templates for campaign set-up, and scaled creative editing to further improve our go-to-market strategy for SMBs. For example, US-based cookie franchise Crumbl leveraged our new 7-0 optimization for app install and app purchase and completed their CAPI integration, resulting in a 32% quarter-over-quarter increase in ROAS and a 242% quarter-over-quarter increase in purchases. We are also focused on reaccelerating upper funnel Brand revenue growth by delivering innovative and performant advertising products, while supporting Brands and Agencies with resources and unique insights. In Q3, we launched First Lens Unlimited, which offers advertisers the first impression of the day in the first slot of the AR Lens Carousel, allowing them to reach our community at greater scale. During testing, First Lens Unlimited drove an average increase of over 35% in incremental impressions for advertising partners. We also launched State-specific First Story, which allows US advertisers to target First Story takeover campaigns to individual states or to reach the entire country with different creative for each state. We are also experimenting with two new ad placements: Sponsored Snaps and Promoted Places. Importantly, both of these placements are designed to leverage our existing full-screen vertical video Snap Ad format so that advertisers can automate placement across our service without having to develop bespoke creatives. Sponsored Snaps will empower advertisers to communicate visually with the Snapchat community, SNAP INC. | Q3 2024 | INVESTOR LETTER 4
making the core functionality of Snapchat accessible to advertisers. Promoted Places enables businesses to use the Snap Map to suggest sponsored places of interest to Snapchatters. Sponsored Snaps and Promoted Places will help businesses reach Snapchatters in engaging ways across our differentiated service and we believe these new ad placements will contribute meaningful incremental advertising inventory over time. We are on track to launch Sponsored Snaps and Promoted Places in certain geographies in Q4. Financials In Q3, total revenue was $1.37 billion, up 15% year-over-year and 11% quarter-over-quarter. Advertising revenue was $1.25 billion, up 10% year-over-year, driven primarily by growth from DR advertising revenue, which increased 16% year-over-year. DR ad revenue growth was driven by continued strong demand for our 7-0 Pixel Purchase optimization that was up more than 160% year-over-year, as well as a growing contribution from App Purchase optimization. Brand-oriented advertising revenue was down 1% year-over-year as we continued to see weak demand from certain consumer discretionary verticals including technology, entertainment, and retail. We continued to make progress toward diversifying our revenue sources, with Other Revenue more than doubling year-over-year to reach $123 million in Q3. Other Revenue includes all non-advertising revenue, the majority of which is Snapchat+ subscription revenue, and Snapchat+ subscribers more than doubled year-over-year to exceed 12 million in Q3. In Q3, North America revenue grew 9% year-over-year, with the relatively lower rate of growth in this region due to the impact of weaker Brand-oriented demand being relatively concentrated in North America. Europe revenue grew 24% year-over-year, as continued progress on our DR ad platform fully offset the impact of more challenging prior year comparisons. Rest of World revenue grew 32% year-over-year, driven by the continued progress with our DR ad platform. Global impression volume grew approximately 19% year-over-year, driven in large part by expanded advertising delivery within Spotlight and Creator Stories. Total eCPMs were down approximately 7% year-over-year as inventory growth exceeded advertising demand growth in Q3. Adjusted Cost of Revenue was $637 million in Q3, up 16% year-over-year. Infrastructure costs were the largest driver of the year-over-year increase, due in large part to the ramp in ML and AI investments over the past year. Infrastructure cost per DAU was $0.84 in Q3, which is up from $0.81 in the prior quarter, and within our expected range of $0.83 to $0.85. The remaining components of Adjusted Cost of Revenue were $263 million in Q3, or 19% of revenue, which is in line with the prior quarter and at the lower end of our full year cost structure guidance range of 19% to 21%. Adjusted Gross Margin was relatively stable at 54% in Q3, up from 53% in the prior quarter, but in line with 54% in the prior year. Adjusted Operating Expenses were $604 million in Q3, up 1% year-over-year. Personnel costs decreased 9% year-over-year driven by an 11% year-over-year decline in full time headcount. This was partially offset by higher marketing costs SNAP INC. | Q3 2024 | INVESTOR LETTER 5
related to our ongoing More Snapchat campaign as well as the impact of our Snap Partner Summit, which occurred in Q3 this year compared to Q2 in the prior year. Increases in legal related costs year-over-year, including the impact of complying with an increasingly complex global regulatory environment, were also a key factor in offsetting lower personnel costs in Q3. Adjusted EBITDA was $132 million in Q3, up from $40 million in Q3 of the prior year, reflecting higher revenue and operating expense discipline. Adjusted EBITDA flow through — or the share of incremental year-over-year revenue that flowed through to Adjusted EBITDA — was 50% in Q3, as we continue to carefully prioritize our investments to drive topline growth and deliver improved financial performance. Net loss was $153 million in Q3, compared to a net loss of $368 million in Q3 of the prior year. The $215 million or 58% improvement in net loss year-over-year largely reflects the flow-through of a $92 million improvement in Adjusted EBITDA, a $94 million or 26% reduction in Stock Based Compensation (SBC) and related expenses, and the impact of $19 million of restructuring costs in the prior year. The reduction in SBC, to $266 million in the current quarter, reflects reduced headcount and the diminished impact of refresh equity grants relative to the prior year. Free Cash Flow was $72 million in Q3 while Operating Cash Flow was $116 million. Over the trailing twelve months, Free Cash Flow was $147 million and Operating Cash Flow was $347 million, as we continue to balance investments with topline growth to deliver sustained positive cash flow. Dilution, or the year-over-year growth in our share count, was 0.6% in Q3, down from 1.9% in the prior quarter. We ended Q3 with $3.2 billion in cash and marketable securities on hand and no debt maturing in the current year, which reflects our ongoing commitment to maintaining a conservative balance sheet with ample liquidity for our operations. Financial Outlook As we enter Q4, we anticipate continued growth of our global community and our Q4 guidance is built on the assumption that DAU will be approximately 451 million in Q4. We are excited about the potential for Simple Snapchat, Sponsored Snaps, and Promoted Places to contribute to top line growth over time. In particular, we are encouraged by early testing results that show content engagement gains among less frequently engaged users of Snapchat as we believe this can be an important input to impression growth and incremental reach for advertisers. While we believe growth in content engagement and demand for the new ad placements may build over time, many of the changes associated with Simple Snapchat occur immediately as Snapchatters transition to the new user experience, which presents the risk of near term disruption. While we do not currently anticipate a broad roll-out of Simple Snapchat in our most highly monetized markets until Q1 at the earliest, we have now begun limited testing in these markets and may further expand this testing as we move through Q4. In addition, upper funnel advertising from large enterprise clients has historically been an important component of demand in Q4, and this portion of the business has been underperforming our overall ads business in recent quarters. Given these factors, our Q4 guidance range for revenue is $1.510 billion to $1.560 billion, implying year-over-year revenue growth of 11% to 15%. SNAP INC. | Q3 2024 | INVESTOR LETTER 6
From a cost structure perspective, we are tracking well against our full year cost structure guidance. For Infrastructure, our guidance was for quarterly costs of $0.83 to $0.85 per DAU. We hit the mid-point of this range in Q3, and with growing ML and AI capacity utilization being partially offset by the benefit of recent pricing improvements, we anticipate being nearer the top end of this range in Q4. For all Other Cost of Revenue, our guidance range was 19% to 21% of revenue. We came in at the low end of this range in Q3, and anticipate being within the range again in Q4. For Adjusted Operating Expenses we provided full year guidance of $2.425 billion to $2.525 billion. In Q3 our annualized run rate was consistent with the low end of this range, and with modest sequential growth forecasted for Q4, we expect to be near the low end of the range for the full year. For SBC and related expenses, we guided for a range of $1.13 billion to $1.20 billion for the full year. In Q3, the annualized run rate of our SBC expense was below the low end of this range. We anticipate modest sequential growth in SBC expense in Q4 and therefore anticipate we will come in 4% to 5% below the low end of our guidance range for the full year. Given the revenue range above, and the progress we have made to optimize our cost structure, we estimate that Adjusted EBITDA will be between $210 million and $260 million in Q4. Given the strength of our balance sheet, our progress towards sustained free cash flow generation, and our desire to opportunistically manage our share count for the benefit of our long term shareholders, we have authorized a new share repurchase program in the amount of $500 million. As we move forward, we will remain focused on prioritizing our investments carefully to drive topline growth alongside improved financial performance. 1. Adjusted Gross Profit is a non-GAAP measure, which we define as GAAP revenue less Adjusted Cost of Revenue. Adjusted Gross Margin is a non-GAAP measure, which we define as GAAP revenue less Adjusted Cost of Revenue divided by GAAP revenue. Adjusted Cost of Revenue is a non-GAAP measure and excludes stock-based compensation expense, payroll and other tax expense related to stock-based compensation, depreciation and amortization, and certain other items impacting net income (loss) from time to time. 2. Adjusted Operating Expenses is a non-GAAP measure and excludes stock-based compensation expense, payroll and other tax expense related to stock-based compensation, depreciation and amortization, and certain other items impacting net income (loss) from time to time. 3. Adjusted EBITDA is a non-GAAP measure, which we define as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. See Appendix for reconciliation of net loss to Adjusted EBITDA. 4. Free Cash Flow is a non-GAAP measure, which we define as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. See Appendix for reconciliation of net cash provided by (used in) operating activities to Free Cash Flow. SNAP INC. | Q3 2024 | INVESTOR LETTER 7
SNAP INC. | Q3 2024 | INVESTOR LETTER 8
Forward Looking Statements This letter 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 letter, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, 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 letter. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this letter primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to 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 ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in Snap Inc.’s periodic report that will be filed with the SEC for the period covered by this letter and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this letter 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 letter or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events or conflicts and macroeconomic conditions, 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; payroll and other tax expense related to stock-based compensation; and certain other 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 other non-GAAP financial measures such as Adjusted Cost of Revenue and Adjusted Operating Expenses. These measures are defined as their respective GAAP expense line items, excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We use the non-GAAP financial measure of Adjusted Gross Profit, which we define as GAAP revenue less Adjusted Cost of Revenue. We use the non-GAAP financial measure of Adjusted Gross Margin, which we define as GAAP revenue less Adjusted Cost of Revenue divided by GAAP revenue. 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” included as an Appendix to this letter. 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. | Q3 2024 | INVESTOR LETTER 9
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, unaudited) 1. Adjusted Gross Profit is a non-GAAP measure, which we define as GAAP revenue less Adjusted Cost of Revenue. Adjusted Cost of Revenue is a non-GAAP measure and excludes stock-based compensation expense, payroll and other tax expense related to stock-based compensation, depreciation and amortization, and certain other items impacting net income (loss) from time to time. Adjusted Gross Margin is a non-GAAP measure, which we define as GAAP revenue less Adjusted Cost of Revenue divided by GAAP revenue. 2. GAAP Operating Expenses is defined as total costs and expenses, as reported on our consolidated statements of operations, minus GAAP cost of revenue. 3. Adjusted Operating Expenses is a non-GAAP measure and excludes stock-based compensation expense, payroll and other tax expense related to stock-based compensation, depreciation and amortization, and certain other items impacting net income (loss) from time to time. SNAP INC. | Q3 2024 | INVESTOR LETTER 10
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, unaudited) 1. For the three months ended September 30, 2023 and December 31, 2023, charges relating to the wind down of our AR Enterprise business were composed primarily of cash severance, stock-based compensation expense, and charges related to the revision of the useful lives and disposal of certain acquired intangible assets. Additionally, we recognized an income tax benefit of $6 million in the three months ended December 31, 2023 relating to the wind down, which is included in the income tax (benefit) expense line item above. For the three months ended March 31, 2024 and June 30, 2024, charges relating to the 2024 restructuring were composed primarily of cash severance and stock-based compensation expense. These charges are not reflective of underlying trends in our business. 2. Adjusted EBITDA is a non-GAAP measure, which we define as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. 3. Free Cash Flow is a non-GAAP measure, which we define as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. SNAP INC. | Q3 2024 | INVESTOR LETTER 11
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duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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