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Snap(SNAP) - 2024 Q2 - Quarterly Results
SNAPSnap(SNAP)2024-08-01 20:15

Revenue Growth - Q2 2024 revenue increased 16% year-over-year to 1,237million[1][2]−RevenueforQ22024was1,237 million[1][2] - Revenue for Q2 2024 was 1.07 billion, compared to 1.07billioninQ22023[25]−RevenueinQ22024reached1.07 billion in Q2 2023[25] - Revenue in Q2 2024 reached 1.236768 billion, a 16% increase YoY[40] - North America revenue in Q2 2024 was 767.560million,up12767.560 million, up 12% YoY[40] - Europe revenue in Q2 2024 grew 26% YoY to 229.835 million[40] - Rest of World revenue in Q2 2024 increased 20% YoY to 239.373million[40]UserMetrics−DailyActiveUsers(DAUs)grew9239.373 million[40] User Metrics - Daily Active Users (DAUs) grew 9% year-over-year to 432 million in Q2 2024[1][4] - Monthly Active Users (MAUs) surpassed 850 million in Q2 2024[1][4] - Snapchat+ subscribers reached 11 million in Q2 2024[1][6] - DAU increased to 432 million in Q2 2024, up 9% YoY[41] - North America DAU remained flat at 100 million in Q2 2024, with a YoY decline of 1%[41] - Europe DAU grew to 97 million in Q2 2024, up 3% YoY[41] - Rest of World DAU reached 235 million in Q2 2024, up 16% YoY[41] Financial Performance - Net loss improved 34% year-over-year to 249 million[1][2] - Adjusted EBITDA improved 243% year-over-year to 55million[1][2]−NetlossforQ22024was55 million[1][2] - Net loss for Q2 2024 was 248.62 million, compared to 377.31millioninQ22023[22]−OperatinglossforQ22024was377.31 million in Q2 2023[22] - Operating loss for Q2 2024 was 253.98 million, compared to 404.34millioninQ22023[25]−AdjustedEBITDAinQ22024was404.34 million in Q2 2023[25] - Adjusted EBITDA in Q2 2024 was 54.977 million, a 243% increase YoY[40] - Operating loss in Q2 2024 improved by 37% YoY to 253.975million[40]−NetlossforthesixmonthsendedJune30,2024,was253.975 million[40] - Net loss for the six months ended June 30, 2024, was (553,710), compared to (705,982)inthesameperiodin2023[33]−Non−GAAPnetincomeforthesixmonthsendedJune30,2024,was(705,982) in the same period in 2023[33] - Non-GAAP net income for the six months ended June 30, 2024, was 82,479, compared to a Non-GAAP net loss of (13,030)inthesameperiodin2023[38]−Non−GAAPdilutednetincomepershareforthesixmonthsendedJune30,2024,was(13,030) in the same period in 2023[38] - Non-GAAP diluted net income per share for the six months ended June 30, 2024, was 0.05, compared to (0.01)inthesameperiodin2023[38]CashFlowandLiquidity−CashandcashequivalentsattheendofQ22024were(0.01) in the same period in 2023[38] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q2 2024 were 1.06 billion, down from 1.78billionattheendof2023[28]−MarketablesecuritiesattheendofQ22024were1.78 billion at the end of 2023[28] - Marketable securities at the end of Q2 2024 were 2.02 billion, up from 1.76billionattheendof2023[28]−NetcashprovidedbyoperatingactivitiesforQ22024was−1.76 billion at the end of 2023[28] - Net cash provided by operating activities for Q2 2024 was -21.38 million, compared to -81.94millioninQ22023[22]−FreeCashFlowforthesixmonthsendedJune30,2024,was81.94 million in Q2 2023[22] - Free Cash Flow for the six months ended June 30, 2024, was (35,535), compared to (15,407)forthesameperiodin2023[33]−FreeCashFlowinQ22024wasnegative(15,407) for the same period in 2023[33] - Free Cash Flow in Q2 2024 was negative 73.439 million, a 38% improvement YoY[40] - Net cash provided by operating activities in Q1 2024 was 88.352million,adecreaseof21.37788.352 million, a decrease of 21.377% YoY[40] Balance Sheet and Equity - Total current assets at the end of Q2 2024 were 4.42 billion, down from 4.98billionattheendof2023[28]−TotalliabilitiesattheendofQ22024were4.98 billion at the end of 2023[28] - Total liabilities at the end of Q2 2024 were 5.35 billion, down from 5.55billionattheendof2023[29]−Totalstockholders′equitydecreasedto5.55 billion at the end of 2023[29] - Total stockholders' equity decreased to 2,066,722 at June 30, 2024, from 2,414,112atDecember31,2023[30]−Totalliabilitiesandstockholders′equitydecreasedto2,414,112 at December 31, 2023[30] - Total liabilities and stockholders' equity decreased to 7,420,039 at June 30, 2024, from 7,967,758atDecember31,2023[30]ExpensesandCompensation−Stock−basedcompensationforQ22024was7,967,758 at December 31, 2023[30] Expenses and Compensation - Stock-based compensation for Q2 2024 was 259.31 million, compared to 317.94millioninQ22023[22]−PurchasesofpropertyandequipmentforQ22024were317.94 million in Q2 2023[22] - Purchases of property and equipment for Q2 2024 were 52.06 million, compared to 36.94millioninQ22023[22]−Totalstock−basedcompensationexpenseforthesixmonthsendedJune30,2024,was36.94 million in Q2 2023[22] - Total stock-based compensation expense for the six months ended June 30, 2024, was 523,063, down from 632,874inthesameperiodin2023[37]−Researchanddevelopmentstock−basedcompensationexpenseforthesixmonthsendedJune30,2024,was632,874 in the same period in 2023[37] - Research and development stock-based compensation expense for the six months ended June 30, 2024, was 345,984, down from 437,415inthesameperiodin2023[37]−TotaldepreciationandamortizationexpenseforthesixmonthsendedJune30,2024,was437,415 in the same period in 2023[37] - Total depreciation and amortization expense for the six months ended June 30, 2024, was 79,643, up from 74,908inthesameperiodin2023[34]−PurchasesofpropertyandequipmentinQ22024were74,908 in the same period in 2023[34] - Purchases of property and equipment in Q2 2024 were 52.062 million, a 41% increase YoY[40] - Total stock-based compensation expense was 259.31millioninQ22024,down18259.31 million in Q2 2024, down 18% YoY[41] ARPU and Employee Metrics - ARPU increased to 2.86 in Q2 2024, up 6% YoY[41] - North America ARPU rose to 7.67inQ22024,up127.67 in Q2 2024, up 12% YoY[41] - Europe ARPU grew to 2.36 in Q2 2024, up 22% YoY[41] - Rest of World ARPU was 1.02inQ22024,up41.02 in Q2 2024, up 4% YoY[41] - Total employees decreased to 4,719 in Q2 2024, down 11% YoY[41] Future Guidance - Q3 2024 revenue guidance is projected to be between 1,335 million and 1,375million,implying121,375 million, implying 12% to 16% year-over-year growth[8] - Q3 2024 Adjusted EBITDA is estimated to be between 70 million and $100 million[8] Marketing and Technology - Snapchat campaigns including AR drove 5x more active attention compared to industry peers[7] - Conversions API (CAPI) integrations grew over 300% year-over-year[6] Share Metrics - Total common shares outstanding plus shares underlying stock-based awards in Q2 2024 was 1.798135 billion, a 2% increase YoY[40]