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Snap Inc. Announces First Quarter 2020 Financial Results

April 21, 2020 4:10 PM

Daily Active Users increased 20% year-over-year to 229 million

First quarter revenue increased 44% year-over-year to $462 million

First quarter operating cash flow improved 109% year-over-year to $6 million

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended March 31, 2020.

Financial Highlights

“We are grateful for the opportunity to serve our community and partners during this difficult time,” said Evan Spiegel, CEO. “Snapchat is helping people stay close to their friends and family while they are separated physically, and I am proud of our team for overcoming the many challenges of working from home during this time while we continue to grow our business and support those who are impacted by COVID-19.”

Three Months Ended March 31,

Percent

2020

2019

Change

(Unaudited)

(in thousands, except per share amounts)

Cash provided by (used in) operating activities

$

6,283

$

(66,178

)

109

%

Free Cash Flow

$

(4,608

)

$

(77,992

)

94

%

Common shares outstanding plus shares underlying stock-based awards

1,588,593

1,543,986

3

%

Operating loss

$

(286,364

)

$

(316,061

)

(9

)%

Revenue

$

462,478

$

320,426

44

%

Net loss

$

(305,936

)

$

(310,407

)

(1

)%

Adjusted EBITDA

$

(81,237

)

$

(123,449

)

34

%

Diluted net loss per share attributable to common stockholders

$

(0.21

)

$

(0.23

)

(7

)%

Non-GAAP diluted net loss per share

$

(0.08

)

$

(0.10

)

(18

)%

Q1 2020 Summary & Key Highlights

Daily Active User growth accelerated to 20% year-over-year and we saw increased engagement across key metrics:

We continue to invest in our Discover platform as a destination for content that entertains and informs:

We continue to invest in our camera and augmented reality platforms:

We strengthened our ad platform to drive improved outcomes for advertisers:

We continue to innovate to better serve our large and engaged community:

We are grateful for the opportunity to help Snapchatters communicate with their loved ones amid the COVID-19 pandemic:

Financial Guidance

Given the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions, we are not providing our expectations for revenue or Adjusted EBITDA for the second quarter of 2020.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses the investor.snap.com and snap.com/news websites as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense) net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense and related payroll tax expense; and certain other non-cash or non-recurring items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered Snapchat user who opens the Snapchat application at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered Snapchat user who opens the Snapchat application at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Addressable reach is defined as the approximate number of Snapchat users that an ad could reach over a 28-day period in a given locality. When we calculate the percentage of a demographic group that can be reached, we do so by dividing addressable reach by relevant census figures. Addressable reach and age data are subject to limitations. For more information, see Snap’s SEC filings and businesshelp.snapchat.com.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.”

About Snap Inc.

Snap Inc. is a camera company. We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, business strategy and plans, user growth and engagement, product initiatives, and objectives of management for future operations, and the impact of COVID-19 on our business and the economy as a whole, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including the ongoing COVID-19 pandemic that we believe may affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our lack of profitability to date; our ability to generate and sustain positive cash flow; our ability to attract and retain users, publishers, and advertisers; competition and new market entrants; managing our international expansion and our growth and future expenses; compliance with new laws and regulations; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified and key personnel; our ability to repay outstanding debt; and future acquisitions or investments, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent annual report on Form 10-K filed with the SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in Snap Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2020 and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to the COVID-19 pandemic, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss); excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense and related payroll tax expense; and certain other non-cash or non-recurring items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

We use the non-GAAP financial measure of non-GAAP net loss, which is defined as net income (loss); excluding amortization of intangible assets; stock-based compensation expense and related payroll tax expense; certain other non-cash or non-recurring items impacting net income (loss) from time to time; and related income tax adjustments. Non-GAAP net loss and weighted average diluted shares are then used to calculate non-GAAP diluted net loss per share. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses we exclude in the measure.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.”

Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

Three Months Ended March 31,

2020

2019

Cash flows from operating activities

Net loss

$

(305,936

)

$

(310,407

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

21,204

23,319

Stock-based compensation

172,049

162,556

Deferred income taxes

(394

)

(266

)

Amortization of debt discount and issuance costs

11,563

—

Other

10,424

(1,917

)

Change in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable, net of allowance

92,892

71,870

Prepaid expenses and other current assets

(12,867

)

271

Operating lease right-of-use assets

8,716

9,812

Other assets

(1,155

)

(368

)

Accounts payable

5,734

3,090

Accrued expenses and other current liabilities

17,910

(14,323

)

Operating lease liabilities

(13,994

)

(10,470

)

Other liabilities

137

655

Net cash provided by (used in) operating activities

6,283

(66,178

)

Cash flows from investing activities

Purchases of property and equipment

(10,891

)

(11,814

)

Non-marketable investments

(35,500

)

(2,250

)

Purchases of marketable securities

(552,675

)

(525,520

)

Sales of marketable securities

217,958

—

Maturities of marketable securities

752,685

458,627

Other

—

29

Net cash provided by (used in) investing activities

371,577

(80,928

)

Cash flows from financing activities

Proceeds from the exercise of stock options

3,130

5,596

Net cash provided by financing activities

3,130

5,596

Change in cash, cash equivalents, and restricted cash

380,990

(141,510

)

Cash, cash equivalents, and restricted cash, beginning of period

521,260

388,974

Cash, cash equivalents, and restricted cash, end of period

$

902,250

$

247,464

Supplemental disclosures

Cash paid for income taxes, net

$

808

$

320

Cash paid for interest

4,899

358

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

Three Months Ended March 31,

2020

2019

Revenue

$

462,478

$

320,426

Costs and expenses:

Cost of revenue

253,410

203,767

Research and development

238,613

216,185

Sales and marketing

122,205

97,882

General and administrative

134,614

118,653

Total costs and expenses

748,842

636,487

Operating loss

(286,364

)

(316,061

)

Interest income

8,589

7,816

Interest expense

(15,113

)

(756

)

Other income (expense), net

(12,389

)

(1,127

)

Loss before income taxes

(305,277

)

(310,128

)

Income tax benefit (expense)

(659

)

(279

)

Net loss

$

(305,936

)

$

(310,407

)

Net loss per share attributable to Class A, Class B, and Class C common stockholders:

Basic

$

(0.21

)

$

(0.23

)

Diluted

$

(0.21

)

$

(0.23

)

Weighted average shares used in computation of net loss per share:

Basic

1,426,305

1,340,615

Diluted

1,426,305

1,340,615

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

March 31, 2020

December 31, 2019

(unaudited)

Assets

Current assets

Cash and cash equivalents

$

901,342

$

520,317

Marketable securities

1,180,533

1,592,488

Accounts receivable, net of allowance

394,053

492,194

Prepaid expenses and other current assets

51,943

38,987

Total current assets

2,527,871

2,643,986

Property and equipment, net

173,751

173,667

Operating lease right-of-use assets

267,479

275,447

Intangible assets, net

83,900

92,121

Goodwill

756,389

761,153

Other assets

89,120

65,550

Total assets

$

3,898,510

$

4,011,924

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

54,068

$

46,886

Operating lease liabilities

40,189

42,179

Accrued expenses and other current liabilities

428,934

410,610

Total current liabilities

523,191

499,675

Convertible senior notes, net

903,339

891,776

Operating lease liabilities, noncurrent

289,754

303,178

Other liabilities

57,319

57,382

Total liabilities

1,773,603

1,752,011

Commitments and contingencies

Stockholders’ equity

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares

authorized, 1,160,127 shares issued and outstanding at December 31, 2019, and

3,000,000 shares authorized, 1,182,527 shares issued and outstanding

at March 31, 2020.

12

12

Class B voting common stock, $0.00001 par value. 700,000 shares authorized,

24,522 shares issued and outstanding at December 31, 2019, and 700,000 shares

authorized, 24,279 shares issued and outstanding at March 31, 2020.

—

—

Class C voting common stock, $0.00001 par value. 260,888 shares authorized,

231,147 shares issued and outstanding at December 31, 2019, and 260,888 shares

authorized, 232,783 shares issued and outstanding at March 31, 2020.

2

2

Additional paid-in capital

9,380,435

9,205,256

Accumulated other comprehensive income (loss)

(2,896

)

573

Accumulated deficit

(7,252,646

)

(6,945,930

)

Total stockholders’ equity

2,124,907

2,259,913

Total liabilities and stockholders’ equity

$

3,898,510

$

4,011,924

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

Three Months Ended March 31,

2020

2019

Free Cash Flow reconciliation:

Net cash provided by (used) in operating activities

$

6,283

$

(66,178

)

Less:

Purchases of property and equipment

(10,891

)

(11,814

)

Free Cash Flow

$

(4,608

)

$

(77,992

)

Three Months Ended March 31,

2020

2019

Adjusted EBITDA reconciliation:

Net loss

$

(305,936

)

$

(310,407

)

Add (deduct):

Interest income

(8,589

)

(7,816

)

Interest expense

15,113

756

Other (income) expense, net

12,389

1,127

Income tax (benefit) expense

659

279

Depreciation and amortization

21,204

23,319

Stock-based compensation expense

172,049

162,556

Payroll tax expense related to stock-based compensation

11,874

6,737

Adjusted EBITDA

$

(81,237

)

$

(123,449

)

Total depreciation and amortization expense by function:

Three Months Ended March 31,

2020

2019

Depreciation and amortization expense:

Cost of revenue

$

5,525

$

6,146

Research and development

8,915

8,650

Sales and marketing

3,166

4,015

General and administrative

3,598

4,508

Total

$

21,204

$

23,319

Total stock-based compensation expense by function:

Three Months Ended March 31,

2020

2019

Stock-based compensation expense:

Cost of revenue

$

1,782

$

1,849

Research and development

118,317

112,242

Sales and marketing

24,806

17,760

General and administrative

27,144

30,705

Total

$

172,049

$

162,556

SNAP INC.

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

(in thousands, except per share amounts, unaudited)

Three Months Ended March 31,

2020

2019

Non-GAAP net loss reconciliation:

Net loss

$

(305,936

)

$

(310,407

)

Amortization of intangible assets

7,980

10,369

Stock-based compensation expense

172,049

162,556

Payroll tax expense related to stock-based compensation

11,873

6,737

Income tax adjustments

(59

)

(115

)

Non-GAAP net loss

$

(114,093

)

$

(130,860

)

Weighted-average common shares - Diluted

1,426,305

1,340,615

Non-GAAP diluted net loss per share reconciliation:

Diluted net loss per share

$

(0.21

)

$

(0.23

)

Non-GAAP adjustment to net loss

0.13

0.13

Non-GAAP diluted net loss per share

$

(0.08

)

$

(0.10

)

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

(dollars and shares in thousands, except as noted below, unaudited)

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Cash Flows and Shares

Net cash provided by (used in) operating activities

$

(126,054

)

$

(66,178

)

$

(95,789

)

$

(76,149

)

$

(66,842

)

$

6,283

Net cash provided by (used in) operating activities - YoY (year-over-year)

28

%

71

%

52

%

43

%

(47

)%

109

%

Net cash provided by (used in) operating activities - TTM (trailing twelve months)

$

(689,924

)

$

(524,121

)

$

(420,564

)

$

(364,170

)

$

(304,958

)

$

(232,497

)

Purchases of property and equipment

$

(22,741

)

$

(11,814

)

$

(7,633

)

$

(7,938

)

$

(9,093

)

$

(10,891

)

Purchases of property and equipment - YoY

(7

)%

67

%

78

%

70

%

60

%

8

%

Purchases of property and equipment - TTM

$

(120,242

)

$

(95,741

)

$

(68,473

)

$

(50,126

)

$

(36,478

)

$

(35,555

)

Free Cash Flow

$

(148,795

)

$

(77,992

)

$

(103,422

)

$

(84,087

)

$

(75,935

)

$

(4,608

)

Free Cash Flow - YoY

25

%

71

%

56

%

47

%

49

%

94

%

Free Cash Flow - TTM

$

(810,166

)

$

(619,862

)

$

(489,037

)

$

(414,296

)

$

(341,436

)

$

(268,052

)

Common shares outstanding

1,317,760

1,334,931

1,372,149

1,389,395

1,415,796

1,439,589

Common shares outstanding - YoY

8

%

6

%

8

%

8

%

7

%

8

%

Shares underlying stock-based awards

188,863

209,055

180,585

175,813

160,239

149,004

Shares underlying stock-based awards - YoY

(18

)%

3

%

(12

)%

(5

)%

(15

)%

(29

)%

Total common shares outstanding plus shares underlying stock-based awards

1,506,623

1,543,986

1,552,734

1,565,208

1,576,035

1,588,593

Total common shares outstanding plus shares underlying stock-based awards - YoY

4

%

6

%

5

%

6

%

5

%

3

%

Results of Operations

Revenue

$

389,822

$

320,426

$

388,021

$

446,199

$

560,889

$

462,477

Revenue - YoY

36

%

39

%

48

%

50

%

44

%

44

%

Revenue - TTM

$

1,180,446

$

1,270,206

$

1,395,964

$

1,544,468

$

1,715,535

$

1,857,586

Revenue by region(1)

North America

$

268,858

$

225,705

$

260,017

$

316,028

$

382,029

$

315,650

North America - YoY

23

%

32

%

47

%

52

%

42

%

40

%

North America - TTM

$

824,233

$

879,450

$

962,057

$

1,070,608

$

1,183,779

$

1,273,724

Europe

$

62,470

$

47,448

$

60,633

$

68,553

$

91,873

$

76,498

Europe - YoY

56

%

45

%

51

%

36

%

47

%

61

%

Europe - TTM

$

185,910

$

200,637

$

221,029

$

239,104

$

268,507

$

297,557

Rest of World

$

58,495

$

47,273

$

67,374

$

61,618

$

86,987

$

70,329

Rest of World - YoY

122

%

72

%

51

%

55

%

49

%

49

%

Rest of World - TTM

$

170,305

$

190,120

$

212,882

$

234,760

$

263,252

$

286,308

Operating loss

$

(194,707

)

$

(316,061

)

$

(304,818

)

$

(228,853

)

$

(253,596

)

$

(286,364

)

Operating loss - YoY

46

%

19

%

15

%

29

%

(30

)%

9

%

Operating loss - Margin

(50

)%

(99

)%

(79

)%

(51

)%

(45

)%

(62

)%

Operating loss - TTM

$

(1,268,450

)

$

(1,191,981

)

$

(1,138,957

)

$

(1,044,439

)

$

(1,103,328

)

$

(1,073,631

)

Net loss

$

(191,668

)

$

(310,407

)

$

(255,174

)

$

(227,375

)

$

(240,704

)

$

(305,936

)

Net loss - YoY

45

%

20

%

28

%

30

%

(26

)%

1

%

Net loss - TTM

$

(1,255,911

)

$

(1,180,533

)

$

(1,082,397

)

$

(984,624

)

$

(1,033,660

)

$

(1,029,189

)

Adjusted EBITDA

(50,363

)

(123,449

)

(78,713

)

(42,375

)

42,307

(81,237

)

Adjusted EBITDA - YoY

68

%

43

%

53

%

69

%

184

%

34

%

Adjusted EBITDA - Margin(2)

(13

)%

(39

)%

(20

)%

(9

)%

8

%

(18

)%

Adjusted EBITDA - TTM

$

(575,637

)

$

(481,221

)

$

(390,902

)

$

(294,900

)

$

(202,230

)

$

(160,018

)

(1)

Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.

(2)

We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

(dollars and shares in thousands, except as noted below, unaudited)

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Other

DAU (in millions)

186

190

203

210

218

229

DAU - YoY

(0

)%

(0

)%

8

%

13

%

17

%

20

%

DAU by region (in millions)

North America

79

80

83

84

86

88

North America - YoY

(1

)%

(1

)%

3

%

6

%

9

%

10

%

Europe

60

61

64

65

67

70

Europe - YoY

(1

)%

(2

)%

5

%

9

%

12

%

14

%

Rest of World

47

49

56

61

64

71

Rest of World - YoY

1

%

2

%

21

%

28

%

36

%

45

%

ARPU

$

2.09

$

1.68

$

1.91

$

2.12

$

2.58

$

2.02

ARPU - YoY

37

%

39

%

37

%

33

%

23

%

20

%

ARPU by region

North America

$

3.38

$

2.81

$

3.14

$

3.75

$

4.42

$

3.57

North America - YoY

23

%

34

%

42

%

43

%

31

%

27

%

Europe

$

1.04

$

0.77

$

0.95

$

1.05

$

1.37

$

1.09

Europe - YoY

57

%

47

%

43

%

24

%

31

%

41

%

Rest of World

$

1.24

$

0.97

$

1.20

$

1.01

$

1.35

$

1.00

Rest of World - YoY

120

%

68

%

25

%

21

%

9

%

3

%

Employees (full-time; excludes part-time, contractors, and temporary personnel)

2,884

2,818

2,734

2,908

3,195

3,427

Employees - YoY

(6

)%

(6

)%

(5

)%

0

%

11

%

22

%

Depreciation and amortization expense

Cost of revenue

$

9,888

$

6,146

$

5,642

$

4,580

$

4,903

$

5,525

Research and development

4,547

8,650

7,188

8,632

8,738

8,915

Sales and marketing

3,475

4,015

3,045

3,109

3,087

3,166

General and administrative

4,772

4,508

6,785

4,325

3,892

3,598

Total

$

22,682

$

23,319

$

22,660

$

20,646

$

20,620

$

21,204

Depreciation and amortization expense - YoY

21

%

8

%

1

%

(17

)%

(9

)%

(9

)%

Stock-based compensation expense

Cost of revenue

$

1,283

$

1,849

$

1,786

$

1,332

$

1,398

$

1,782

Research and development

75,086

112,242

132,610

108,176

111,611

118,317

Sales and marketing

20,795

17,760

26,474

23,333

25,788

24,806

General and administrative

24,608

30,705

34,704

28,387

27,858

27,144

Total

$

121,772

$

162,556

$

195,574

$

161,228

$

166,655

$

172,049

Stock-based compensation expense - YoY

(33

)%

22

%

25

%

27

%

37

%

6

%

Investors and Analysts:

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Source: Snap Inc.

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