0001564590-20-003264.txt : 20200204 0001564590-20-003264.hdr.sgml : 20200204 20200204162924 ACCESSION NUMBER: 0001564590-20-003264 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200204 DATE AS OF CHANGE: 20200204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Snap Inc CENTRAL INDEX KEY: 0001564408 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 455452795 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38017 FILM NUMBER: 20574138 BUSINESS ADDRESS: STREET 1: 2772 DONALD DOUGLAS STREET 2: LOOP NORTH CITY: SANTA MONICA STATE: CA ZIP: 90405 BUSINESS PHONE: (310) 399-3339 MAIL ADDRESS: STREET 1: 2772 DONALD DOUGLAS STREET 2: LOOP NORTH CITY: SANTA MONICA STATE: CA ZIP: 90405 FORMER COMPANY: FORMER CONFORMED NAME: Snapchat Inc DATE OF NAME CHANGE: 20121211 8-K 1 snap-8k_20200204.htm 8-K snap-8k_20200204.htm
false 0001564408 0001564408 2020-02-04 2020-02-04

 

 

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): February 4, 2020

 

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.)

 

 

 

2772 Donald Douglas Loop North,

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:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

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 ☐

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. ☐

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On February 4, 2020, Snap Inc. reported financial results for the three months and full year ended December 31, 2019. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated by reference.

The press release is 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 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

 

Description

99.1

 

Press release dated February 4, 2020.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

1

 

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 thereunto duly authorized.

 

 

 

SNAP INC.

 

 

 

 

Date: February 4, 2020

 

By:

/s/ Derek Andersen

 

 

 

Derek Andersen

 

 

 

Chief Financial Officer

 

2

 EX-99.1 2 snap-ex991_6.htm EX-99.1 snap-ex991_6.htm

Exhibit 99.1

Snap Inc. Announces Fourth Quarter and Full Year 2019 Financial Results

Daily Active Users increased 17% year-over-year to 218 million

Fourth quarter revenue increased 44% year-over-year to $561 million

Fourth quarter operating cash flow improved 47% year-over-year to $(67) million

SANTA MONICA, Calif. – February 4, 2020 – Snap Inc. (NYSE: SNAP) today announced financial results for the quarter and full year ended December 31, 2019.

Financial Highlights

 

•

Operating cash flow improved by $59 million to $(67) million in Q4 2019, compared to the prior year.

 

•

Free Cash Flow improved by $73 million to $(76) million in Q4 2019, compared to the prior year.

 

•

Common shares outstanding plus shares underlying stock-based awards totaled 1,576 million at December 31, 2019, compared to 1,507 million one year ago.

 

•

Revenue increased 44% to $561 million in Q4 2019, compared to the prior year.

 

•

Net loss increased $49 million to $(241) million in Q4 2019, compared to the prior year.

 

•

Adjusted EBITDA improved $93 million to $42 million in Q4 2019, compared to the prior year.

“In 2019 we saw momentum across the board. We grew our community by 31 million daily active users, accelerated our revenue growth, and progressed towards profitability by improving full-year Adjusted EBITDA by 65% year-over-year,” said Evan Spiegel, CEO. “The strength in our core business gives us confidence in our long term growth and profitability and we’re excited to build on these results in 2020 and beyond.”

Three Months Ended December 31,

 

 

Percent

 

 

Twelve Months Ended December 31,

 

 

Percent

 

 

2019

 

 

2018

 

 

Change

 

 

2019

 

 

2018

 

 

Change

 

(Unaudited)

(in thousands, except per share amounts)

 

Cash used in operating activities

$

(66,842

)

 

$

(126,054

)

 

 

(47

)%

 

$

(304,958

)

 

$

(689,924

)

 

 

(56

)%

Free Cash Flow

$

(75,935

)

 

$

(148,795

)

 

 

49

%

 

$

(341,436

)

 

$

(810,166

)

 

 

58

%

Common shares outstanding plus shares underlying stock-based awards

 

1,576,035

 

 

 

1,506,623

 

 

 

5

%

 

 

1,576,035

 

 

 

1,506,623

 

 

 

5

%

Operating loss

$

(253,596

)

 

$

(194,707

)

 

 

30

%

 

$

(1,103,328

)

 

$

(1,268,450

)

 

 

(13

)%

Revenue

$

560,888

 

 

$

389,822

 

 

 

44

%

 

$

1,715,534

 

 

$

1,180,446

 

 

 

45

%

Net loss(1)

$

(240,704

)

 

$

(191,668

)

 

 

26

%

 

$

(1,033,660

)

 

$

(1,255,911

)

 

 

(18

)%

Adjusted EBITDA

$

42,307

 

 

$

(50,363

)

 

 

184

%

 

$

(202,230

)

 

$

(575,637

)

 

 

65

%

Diluted net loss per share attributable to common stockholders

$

(0.17

)

 

$

(0.14

)

 

 

21

%

 

$

(0.75

)

 

$

(0.97

)

 

 

(23

)%

Non-GAAP diluted net income (loss) per share

$

0.03

 

 

$

(0.04

)

 

 

175

%

 

$

(0.16

)

 

$

(0.47

)

 

 

66

%

 

(1)

Net loss for the three and twelve months ended December 31, 2019 includes $100 million of non-recurring legal charges. See page 10 for reconciliation of net loss to Adjusted EBITDA.

Q4 2019 Summary & Key Highlights

In 2019, we added 31 million Daily Active Users and saw increased engagement across key metrics: 

 

•

DAUs were 218 million in Q4 2019, an increase of 31 million or 17% year-over-year.

 

•

DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.

 

•

DAUs increased sequentially and year-over-year on each of iOS and Android platforms.

We continue to invest in our Discover platform, with a particular focus on building a sustainable content ecosystem and increasing engagement: 

 

•

Total daily time spent by Snapchatters watching Discover increased by 35% year-over-year in Q4 2019.

 

•

Total daily time spent by Snapchatters over the age of 25 watching Discover increased by 60% year-over-year in Q4 2019.

 

•

In Q4 2019, over 50 Shows reached a monthly audience of over 10 million viewers.

 

•

We launched 78 new international Discover channels in Q4 2019, up from 53 in Q3 2019, to bring locally relevant content to our global community.

 

•

Since their debut in November 2018, more than 125 million Snapchatters have watched Bitmoji Stories, our personalized comics starring Snapchatters and their friends.

 

•

We introduced Bitmoji TV, a fully animated, regularly updated cartoon series that will star users’ self-styled Bitmojis and their friends.

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

 

•

Over 75% of our community engages with augmented reality every day on average. 

 

•

At the end of Q4 2019, over 735,000 Lenses had been created by our community through Lens Studio, up from over 600,000 at the end of Q3 2019.

 

•

Lenses made by our community via Lens Studio now make up over 20% of the total Snaps sent every day with a Lens, with top-performing Community Lenses reaching billions of views on Snapchat.  

 

•

On New Year’s Eve, more than 200 million people engaged with augmented reality on Snapchat over 13 billion times, up from 9 billion last year.

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

 

•

Revenue from Commercials more than tripled year-over-year in Q4 2019.

 

•

Revenue from Story Ads doubled year-over-year in Q4 2019.

 

•

We announced that McDonald’s and Coca-Cola are our first brand partners to utilize our Scan camera technology, which combines visual search and augmented reality by recognizing a logo through the Snap camera and providing related AR experiences.

 

•

Any brand can now create a marker Lens for free via Lens Studio and submit it for the Snapchat community to use.

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

 

•

We launched Cameos, our new creative tool that makes Snapchatters the star of their own videos that they can send to friends in Chat. 

 

•

In Q4 2019, we released three new leaderboard games – Find My Friends, Slide the Shakes, and Ready Chef Go – which allow Snapchatters to compete against their friends for the highest score.

 

•

We added over 150 partner app integrations with Snap Kit in Q4 2019.

 

•

14 apps created by our partners are currently in the top 100 free apps of the US iOS App Store.

2

Financial Guidance

The following forward-looking statements reflect our expectations for the first quarter of 2020 as of February 4, 2020, and are subject to substantial uncertainty. This guidance assumes constant foreign currency rates, and among other things, that no business acquisitions, investments, restructurings, or legal settlements are concluded in the quarter. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

Q1 2020 Outlook

 

•

Revenue is expected to be between $450 million and $470 million, compared to $320 million in Q1 2019.

 

•

Adjusted EBITDA is expected to be between $(90) and $(70) million, compared to $(123) million in Q1 2019.

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.”

3

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.

Contact

Investors and Analysts:

ir@snap.com

Press:

press@snap.com

4

Forward-Looking Statements

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

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our lack of profitability to date; our ability to generate and sustain positive cash flow; our ability to attract and retain users, publishers, and advertisers; competition and new market entrants; managing our international expansion and our growth and future expenses; compliance with new laws and regulations; our ability to maintain, protect, and enhance our intellectual property; our ability to 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 quarterly report on Form 10-Q 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 annual report on Form 10-K for the year ended December 31, 2019 and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Non-GAAP Financial Measures

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

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

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

We use the non-GAAP financial measure of non-GAAP net loss, which is defined as net income (loss); excluding amortization of intangible assets; stock-based compensation expense and related payroll tax expense; certain other

5

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.

6

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(240,704

)

 

$

(191,668

)

 

$

(1,033,660

)

 

$

(1,255,911

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

20,620

 

 

 

22,682

 

 

 

87,245

 

 

 

91,648

 

Stock-based compensation

 

166,655

 

 

 

121,772

 

 

 

686,013

 

 

 

538,211

 

Deferred income taxes

 

(686

)

 

 

(512

)

 

 

(491

)

 

 

(383

)

Gain on divestiture

 

—

 

 

 

—

 

 

 

(39,883

)

 

 

—

 

Amortization of debt discount and issuance costs

 

11,385

 

 

 

—

 

 

 

17,797

 

 

 

—

 

Lease exit charges

 

—

 

 

 

(235

)

 

 

—

 

 

 

33,033

 

Other

 

(24,014

)

 

 

(224

)

 

 

(28,575

)

 

 

(903

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

(117,126

)

 

 

(93,443

)

 

 

(147,862

)

 

 

(77,506

)

Prepaid expenses and other current assets

 

(4,869

)

 

 

4,653

 

 

 

(9,849

)

 

 

1,594

 

Operating lease right-of-use assets

 

945

 

 

 

—

 

 

 

58,199

 

 

 

—

 

Other assets

 

(3,371

)

 

 

1,471

 

 

 

1,169

 

 

 

21,785

 

Accounts payable

 

(7,645

)

 

 

11,106

 

 

 

20,674

 

 

 

(33,532

)

Accrued expenses and other current liabilities

 

129,408

 

 

 

339

 

 

 

146,063

 

 

 

(14,325

)

Operating lease liabilities

 

2,415

 

 

 

—

 

 

 

(60,844

)

 

 

—

 

Other liabilities

 

145

 

 

 

(1,995

)

 

 

(954

)

 

 

6,365

 

Net cash used in operating activities

 

(66,842

)

 

 

(126,054

)

 

 

(304,958

)

 

 

(689,924

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(9,093

)

 

 

(22,741

)

 

 

(36,478

)

 

 

(120,242

)

Sales of property and equipment

 

—

 

 

 

11,276

 

 

 

—

 

 

 

11,276

 

Proceeds from divestiture, net

 

—

 

 

 

—

 

 

 

73,796

 

 

 

—

 

Cash paid for acquisitions, net of cash acquired

 

(77,119

)

 

 

(815

)

 

 

(77,119

)

 

 

(815

)

Non-marketable investments

 

(1,731

)

 

 

(1,235

)

 

 

(5,481

)

 

 

(22,495

)

Purchases of marketable securities

 

(552,990

)

 

 

(335,451

)

 

 

(2,477,388

)

 

 

(1,653,918

)

Sales of marketable securities

 

81,742

 

 

 

—

 

 

 

184,179

 

 

 

45,007

 

Maturities of marketable securities

 

415,115

 

 

 

511,404

 

 

 

1,608,854

 

 

 

2,438,206

 

Other

 

—

 

 

 

—

 

 

 

1,029

 

 

 

(2,565

)

Net cash provided by (used in) investing activities

 

(144,076

)

 

 

162,438

 

 

 

(728,608

)

 

 

694,454

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net of issuance costs

 

(437

)

 

 

—

 

 

 

1,251,411

 

 

 

—

 

Purchase of capped calls

 

—

 

 

 

—

 

 

 

(102,086

)

 

 

—

 

Proceeds from the exercise of stock options

 

1,801

 

 

 

123

 

 

 

16,527

 

 

 

47,988

 

Stock repurchases from employees for tax withholdings

 

—

 

 

 

—

 

 

 

—

 

 

 

(551

)

Net cash provided by financing activities

 

1,364

 

 

 

123

 

 

 

1,165,852

 

 

 

47,437

 

Change in cash, cash equivalents, and restricted cash

 

(209,554

)

 

 

36,507

 

 

 

132,286

 

 

 

51,967

 

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

 

730,814

 

 

 

352,467

 

 

 

388,974

 

 

 

337,007

 

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

$

521,260

 

 

$

388,974

 

 

$

521,260

 

 

$

388,974

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes, net

$

56

 

 

$

443

 

 

$

156

 

 

$

3,598

 

Supplemental disclosures of non-cash activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in accounts payable and accrued expenses and other current liabilities related to property and equipment additions

$

951

 

 

$

(2,074

)

 

$

(6,027

)

 

$

(7,764

)

 

7

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

 

  

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

$

560,888

 

 

$

389,822

 

 

$

1,715,534

 

 

$

1,180,446

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

253,439

 

 

 

212,948

 

 

 

895,838

 

 

 

798,865

 

Research and development

 

219,526

 

 

 

164,443

 

 

 

883,509

 

 

 

772,185

 

Sales and marketing

 

125,972

 

 

 

99,474

 

 

 

458,598

 

 

 

400,824

 

General and administrative

 

215,547

 

 

 

107,664

 

 

 

580,917

 

 

 

477,022

 

Total costs and expenses

 

814,484

 

 

 

584,529

 

 

 

2,818,862

 

 

 

2,448,896

 

Operating loss

 

(253,596

)

 

 

(194,707

)

 

 

(1,103,328

)

 

 

(1,268,450

)

Interest income

 

10,463

 

 

 

7,513

 

 

 

36,042

 

 

 

27,228

 

Interest expense

 

(14,775

)

 

 

(1,111

)

 

 

(24,994

)

 

 

(3,894

)

Other income (expense), net

 

17,536

 

 

 

(3,715

)

 

 

59,013

 

 

 

(8,248

)

Loss before income taxes

 

(240,372

)

 

 

(192,020

)

 

 

(1,033,267

)

 

 

(1,253,364

)

Income tax benefit (expense)

 

(332

)

 

 

353

 

 

 

(393

)

 

 

(2,547

)

Net loss

$

(240,704

)

 

$

(191,668

)

 

$

(1,033,660

)

 

$

(1,255,911

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.17

)

 

$

(0.14

)

 

$

(0.75

)

 

$

(0.97

)

Diluted

$

(0.17

)

 

$

(0.14

)

 

$

(0.75

)

 

$

(0.97

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,409,519

 

 

 

1,324,858

 

 

 

1,375,462

 

 

 

1,300,568

 

Diluted

 

1,409,519

 

 

 

1,324,858

 

 

 

1,375,462

 

 

 

1,300,568

 

 

8

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

 

December 31,

2019

 

 

September 30,

2019

 

 

December 31, 2018

 

 

(unaudited)

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

520,317

 

 

$

728,828

 

 

$

387,149

 

Marketable securities

 

1,592,488

 

 

 

1,531,902

 

 

 

891,914

 

Accounts receivable, net of allowance

 

492,194

 

 

 

374,090

 

 

 

354,965

 

Prepaid expenses and other current assets

 

38,987

 

 

 

42,243

 

 

 

41,900

 

Total current assets

 

2,643,986

 

 

 

2,677,063

 

 

 

1,675,928

 

Property and equipment, net

 

173,667

 

 

 

177,073

 

 

 

212,560

 

Operating lease right-of-use assets

 

275,447

 

 

 

250,225

 

 

 

—

 

Intangible assets, net

 

92,121

 

 

 

72,371

 

 

 

126,054

 

Goodwill

 

761,153

 

 

 

621,758

 

 

 

632,370

 

Other assets

 

65,550

 

 

 

65,882

 

 

 

67,194

 

Total assets

$

4,011,924

 

 

$

3,864,372

 

 

$

2,714,106

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

46,886

 

 

$

56,572

 

 

$

30,876

 

Operating lease liabilities

 

42,179

 

 

 

49,725

 

 

 

—

 

Accrued expenses and other current liabilities

 

410,610

 

 

 

262,766

 

 

 

261,815

 

Total current liabilities

 

499,675

 

 

 

369,063

 

 

 

292,691

 

Convertible senior notes, net

 

891,776

 

 

 

880,391

 

 

 

—

 

Operating lease liabilities, noncurrent

 

303,178

 

 

 

284,798

 

 

 

—

 

Other liabilities

 

57,382

 

 

 

5,705

 

 

 

110,416

 

Total liabilities

 

1,752,011

 

 

 

1,539,957

 

 

 

403,107

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,160,127, 1,132,915, and 999,304 shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

 

12

 

 

 

11

 

 

 

10

 

Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 24,522, 32,057, and 93,845 shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

 

—

 

 

 

—

 

 

 

1

 

Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,147, 229,564, and 224,611 shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

 

2

 

 

 

2

 

 

 

2

 

Additional paid-in capital

 

9,205,256

 

 

 

9,036,801

 

 

 

8,220,417

 

Accumulated other comprehensive income

 

573

 

 

 

(7,173

)

 

 

3,147

 

Accumulated deficit

 

(6,945,930

)

 

 

(6,705,226

)

 

 

(5,912,578

)

Total stockholders’ equity

 

2,259,913

 

 

 

2,324,415

 

 

 

2,310,999

 

Total liabilities and stockholders’ equity

$

4,011,924

 

 

$

3,864,372

 

 

$

2,714,106

 

 

9

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

 

  

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Free Cash Flow reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

$

(66,842

)

 

$

(126,054

)

 

$

(304,958

)

 

$

(689,924

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(9,093

)

 

 

(22,741

)

 

 

(36,478

)

 

 

(120,242

)

Free Cash Flow

$

(75,935

)

 

$

(148,795

)

 

$

(341,436

)

 

$

(810,166

)

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(240,704

)

 

$

(191,668

)

 

$

(1,033,660

)

 

$

(1,255,911

)

Add (deduct):

 

 

 

 

 

—

 

 

 

 

 

 

 

—

 

Interest income

 

(10,463

)

 

 

(7,513

)

 

 

(36,042

)

 

 

(27,228

)

Interest expense

 

14,775

 

 

 

1,111

 

 

 

24,994

 

 

 

3,894

 

Other (income) expense, net

 

(17,536

)

 

 

3,715

 

 

 

(59,013

)

 

 

8,248

 

Income tax (benefit) expense

 

332

 

 

 

(352

)

 

 

393

 

 

 

2,547

 

Depreciation and amortization

 

20,620

 

 

 

22,682

 

 

 

87,245

 

 

 

91,648

 

Stock-based compensation expense

 

166,655

 

 

 

121,772

 

 

 

686,013

 

 

 

538,211

 

Payroll tax expense related to stock-based compensation

 

8,628

 

 

 

2,015

 

 

 

27,840

 

 

 

21,927

 

Securities class actions legal charges(1)

 

100,000

 

 

 

—

 

 

 

100,000

 

 

 

—

 

Lease exit charges(2)

 

—

 

 

 

(2,125

)

 

 

—

 

 

 

31,143

 

Reduction in force charges(3)

 

—

 

 

 

—

 

 

 

—

 

 

 

9,884

 

Adjusted EBITDA

$

42,307

 

 

$

(50,363

)

 

$

(202,230

)

 

$

(575,637

)

 

(1)

Securities class actions legal charges in the fourth quarter of 2019 were related to a preliminary agreement to settle the securities class actions that arose following our IPO. The preliminary settlement agreement was signed in January 2020 and provided for a resolution of all of the pending claims in the shareholder class actions for $187.5 million. We recorded legal settlement expense, net of amounts directly covered by insurance, of $100.0 million. These charges are non-recurring and not reflective of underlying trends in our business.

 

(2)

We exited various operating leases prior to the end of the contractual lease term, primarily as a result of moving to a centralized corporate office located in Santa Monica, California. In the year ended December 31, 2018, we recorded lease exit charges of $33.0 million. The charges primarily included the present value of our remaining lease obligation on the cease use dates that occurred during the quarter, net of estimated sublease income. As of December 31, 2018, we have exited all properties associated with this event. Changes to our estimated sublease income, including actual contracted sublease income, may result in incremental lease exit charge activity in the period determined. Additionally, we recognized a gain on the sale of buildings sold as a result of moving to our centralized corporate office, which is included in lease exit charges above for the year ended December 31, 2018. These charges are non-recurring and not reflective of underlying trends in our business.

 

(3)

Reduction in force charges in the first quarter of 2018 were related to a reduction in force plan impacting approximately 7% of our global headcount, primarily in engineering and sales. The charges are composed primarily of severance expense and related payroll tax expense. These charges are non-recurring and not reflective of underlying trends in our business. Additionally, we recognized a stock-based compensation forfeiture benefit of $31.5 million, which is included in the stock-based compensation expense line item above.

 

 

 

 

10

SNAP INC.

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

(in thousands, except per share amounts, unaudited)

 

Total depreciation and amortization expense by function:

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Depreciation and amortization expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

4,903

 

 

$

9,888

 

 

$

21,271

 

 

$

26,282

 

Research and development

 

8,738

 

 

 

4,547

 

 

 

33,208

 

 

 

33,001

 

Sales and marketing

 

3,087

 

 

 

3,475

 

 

 

13,256

 

 

 

15,089

 

General and administrative

 

3,892

 

 

 

4,772

 

 

 

19,510

 

 

 

17,276

 

Total

$

20,620

 

 

$

22,682

 

 

$

87,245

 

 

$

91,648

 

 

Total stock-based compensation expense by function:

 

  

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Stock-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

1,398

 

 

$

1,283

 

 

$

6,365

 

 

$

4,393

 

Research and development

 

111,611

 

 

 

75,086

 

 

 

464,639

 

 

 

340,533

 

Sales and marketing

 

25,788

 

 

 

20,795

 

 

 

93,355

 

 

 

84,059

 

General and administrative

 

27,858

 

 

 

24,608

 

 

 

121,654

 

 

 

109,226

 

Total

$

166,655

 

 

$

121,772

 

 

$

686,013

 

 

$

538,211

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Non-GAAP net income (loss) reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(240,704

)

 

$

(191,668

)

 

$

(1,033,660

)

 

$

(1,255,911

)

Amortization of intangible assets

 

7,067

 

 

 

10,441

 

 

 

33,399

 

 

 

42,629

 

Stock-based compensation expense

 

166,655

 

 

 

121,772

 

 

 

686,013

 

 

 

538,211

 

Payroll tax expense related to stock-based compensation

 

8,628

 

 

 

2,015

 

 

 

27,840

 

 

 

21,927

 

Securities class actions legal charges

 

100,000

 

 

 

—

 

 

 

100,000

 

 

 

—

 

Gain on divestiture

 

—

 

 

 

—

 

 

 

(39,883

)

 

 

—

 

Lease exit charges

 

—

 

 

 

(2,125

)

 

 

—

 

 

 

31,143

 

Reduction in force charges

 

—

 

 

 

—

 

 

 

—

 

 

 

9,884

 

Income tax adjustments

 

289

 

 

 

84

 

 

 

750

 

 

 

(288

)

Non-GAAP net income (loss)

$

41,935

 

 

$

(59,481

)

 

$

(225,541

)

 

$

(612,405

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares - Diluted

 

1,409,519

 

 

 

1,324,858

 

 

 

1,375,462

 

 

 

1,300,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP diluted net income (loss) per share reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net loss per share

$

(0.17

)

 

$

(0.14

)

 

$

(0.75

)

 

$

(0.97

)

Non-GAAP adjustment to net loss

 

0.20

 

 

 

0.10

 

 

 

0.59

 

 

 

0.50

 

Non-GAAP diluted net income (loss) per share

$

0.03

 

 

$

(0.04

)

 

$

(0.16

)

 

$

(0.47

)

 

11

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

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

 

Q3 2018

 

 

Q4 2018

 

 

Q1 2019

 

 

Q2 2019

 

 

Q3 2019

 

 

Q4 2019

 

Cash Flows and Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

$

(132,543

)

 

$

(126,054

)

 

$

(66,178

)

 

$

(95,789

)

 

$

(76,149

)

 

$

(66,842

)

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

 

(32

)%

 

 

(28

)%

 

 

(71

)%

 

 

(52

)%

 

 

(43

)%

 

 

(47

)%

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

$

(739,953

)

 

$

(689,924

)

 

$

(524,121

)

 

$

(420,564

)

 

$

(364,170

)

 

$

(304,958

)

Purchases of property and equipment

$

(26,285

)

 

$

(22,741

)

 

$

(11,814

)

 

$

(7,633

)

 

$

(7,938

)

 

$

(9,093

)

Purchases of property and equipment - YoY

 

1

%

 

 

7

%

 

 

(67

)%

 

 

(78

)%

 

 

(70

)%

 

 

(60

)%

Purchases of property and equipment - TTM

$

(118,713

)

 

$

(120,242

)

 

$

(95,741

)

 

$

(68,473

)

 

$

(50,126

)

 

$

(36,478

)

Free Cash Flow

$

(158,828

)

 

$

(148,795

)

 

$

(77,992

)

 

$

(103,422

)

 

$

(84,087

)

 

$

(75,935

)

Free Cash Flow - YoY

 

28

%

 

 

25

%

 

 

71

%

 

 

56

%

 

 

47

%

 

 

49

%

Free Cash Flow - TTM

$

(858,666

)

 

$

(810,166

)

 

$

(619,862

)

 

$

(489,037

)

 

$

(414,296

)

 

$

(341,436

)

Common shares outstanding

 

1,291,217

 

 

 

1,317,760

 

 

 

1,334,931

 

 

 

1,372,149

 

 

 

1,389,395

 

 

 

1,415,796

 

Common shares outstanding - YoY

 

7

%

 

 

8

%

 

 

6

%

 

 

8

%

 

 

8

%

 

 

7

%

Shares underlying stock-based awards

 

184,802

 

 

 

188,863

 

 

 

209,055

 

 

 

180,585

 

 

 

175,813

 

 

 

160,239

 

Shares underlying stock-based awards - YoY

 

(23

)%

 

 

(18

)%

 

 

3

%

 

 

(12

)%

 

 

(5

)%

 

 

(15

)%

Total common shares outstanding plus shares underlying stock-based awards

 

1,476,019

 

 

 

1,506,623

 

 

 

1,543,986

 

 

 

1,552,734

 

 

 

1,565,208

 

 

 

1,576,035

 

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

 

2

%

 

 

4

%

 

 

6

%

 

 

5

%

 

 

6

%

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

297,695

 

 

$

389,822

 

 

$

320,426

 

 

$

388,021

 

 

$

446,199

 

 

$

560,888

 

Revenue - YoY

 

43

%

 

 

36

%

 

 

39

%

 

 

48

%

 

 

50

%

 

 

44

%

Revenue - TTM

$

1,076,317

 

 

$

1,180,446

 

 

$

1,270,206

 

 

$

1,395,964

 

 

$

1,544,468

 

 

$

1,715,534

 

Revenue by region(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

$

207,477

 

 

$

268,858

 

 

$

225,705

 

 

$

260,017

 

 

$

316,028

 

 

$

382,025

 

North America - YoY

 

24

%

 

 

23

%

 

 

32

%

 

 

47

%

 

 

52

%

 

 

42

%

North America - TTM

$

774,769

 

 

$

824,233

 

 

$

879,450

 

 

$

962,057

 

 

$

1,070,608

 

 

$

1,183,775

 

Europe

$

50,478

 

 

$

62,470

 

 

$

47,448

 

 

$

60,633

 

 

$

68,553

 

 

$

91,873

 

Europe - YoY

 

85

%

 

 

56

%

 

 

45

%

 

 

51

%

 

 

36

%

 

 

47

%

Europe - TTM

$

163,416

 

 

$

185,910

 

 

$

200,637

 

 

$

221,029

 

 

$

239,104

 

 

$

268,507

 

Rest of World

$

39,740

 

 

$

58,495

 

 

$

47,273

 

 

$

67,374

 

 

$

61,618

 

 

$

86,987

 

Rest of World - YoY

 

197

%

 

 

122

%

 

 

72

%

 

 

51

%

 

 

55

%

 

 

49

%

Rest of World - TTM

$

138,133

 

 

$

170,305

 

 

$

190,120

 

 

$

212,882

 

 

$

234,760

 

 

$

263,252

 

Operating loss

$

(323,371

)

 

$

(194,707

)

 

$

(316,061

)

 

$

(304,818

)

 

$

(228,853

)

 

$

(253,596

)

Operating loss - YoY

 

30

%

 

 

46

%

 

 

19

%

 

 

15

%

 

 

29

%

 

 

(30

)%

Operating loss - Margin

 

(109

)%

 

 

(50

)%

 

 

(99

)%

 

 

(79

)%

 

 

(51

)%

 

 

(45

)%

Operating loss - TTM

$

(1,434,707

)

 

$

(1,268,450

)

 

$

(1,191,981

)

 

$

(1,138,957

)

 

$

(1,044,439

)

 

$

(1,103,328

)

Net loss

$

(325,148

)

 

$

(191,668

)

 

$

(310,407

)

 

$

(255,174

)

 

$

(227,375

)

 

$

(240,704

)

Net loss - YoY

 

(27

)%

 

 

(45

)%

 

 

(20

)%

 

 

(28

)%

 

 

(30

)%

 

 

26

%

Net loss - TTM

$

(1,414,220

)

 

$

(1,255,911

)

 

$

(1,180,533

)

 

$

(1,082,397

)

 

$

(984,624

)

 

$

(1,033,660

)

Adjusted EBITDA

$

(138,377

)

 

 

(50,363

)

 

 

(123,449

)

 

 

(78,713

)

 

 

(42,375

)

 

 

42,307

 

Adjusted EBITDA - YoY

 

23

%

 

 

68

%

 

 

43

%

 

 

53

%

 

 

69

%

 

 

184

%

Adjusted EBITDA - Margin(2)

 

(46

)%

 

 

(13

)%

 

 

(39

)%

 

 

(20

)%

 

 

(9

)%

 

 

8

%

Adjusted EBITDA - TTM

$

(684,198

)

 

$

(575,637

)

 

$

(481,221

)

 

$

(390,902

)

 

$

(294,900

)

 

$

(202,230

)

 

(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.

12

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

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

 

Q3 2018

 

 

Q4 2018

 

 

Q1 2019

 

 

Q2 2019

 

 

Q3 2019

 

 

Q4 2019

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAU (in millions)

 

186

 

 

 

186

 

 

 

190

 

 

 

203

 

 

 

210

 

 

 

218

 

DAU - YoY

 

5

%

 

 

(0

)%

 

 

(0

)%

 

 

8

%

 

 

13

%

 

 

17

%

DAU by region (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

79

 

 

 

79

 

 

 

80

 

 

 

83

 

 

 

84

 

 

 

86

 

North America - YoY

 

3

%

 

 

(1

)%

 

 

(1

)%

 

 

3

%

 

 

6

%

 

 

9

%

Europe

 

59

 

 

 

60

 

 

 

61

 

 

 

64

 

 

 

65

 

 

 

67

 

Europe - YoY

 

4

%

 

 

(1

)%

 

 

(2

)%

 

 

5

%

 

 

9

%

 

 

12

%

Rest of World

 

47

 

 

 

47

 

 

 

49

 

 

 

56

 

 

 

61

 

 

 

64

 

Rest of World - YoY

 

8

%

 

 

1

%

 

 

2

%

 

 

21

%

 

 

28

%

 

 

36

%

ARPU

$

1.60

 

 

$

2.09

 

 

$

1.68

 

 

$

1.91

 

 

$

2.12

 

 

$

2.58

 

ARPU - YoY

 

37

%

 

 

37

%

 

 

39

%

 

 

37

%

 

 

33

%

 

 

23

%

ARPU by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

$

2.62

 

 

$

3.38

 

 

$

2.81

 

 

$

3.14

 

 

$

3.75

 

 

$

4.42

 

North America - YoY

 

20

%

 

 

23

%

 

 

34

%

 

 

42

%

 

 

43

%

 

 

31

%

Europe

$

0.85

 

 

$

1.04

 

 

$

0.77

 

 

$

0.95

 

 

$

1.05

 

 

$

1.37

 

Europe - YoY

 

78

%

 

 

57

%

 

 

47

%

 

 

43

%

 

 

24

%

 

 

31

%

Rest of World

$

0.84

 

 

$

1.24

 

 

$

0.97

 

 

$

1.20

 

 

$

1.01

 

 

$

1.35

 

Rest of World - YoY

 

175

%

 

 

120

%

 

 

68

%

 

 

25

%

 

 

21

%

 

 

9

%

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

 

2,903

 

 

 

2,884

 

 

 

2,818

 

 

 

2,734

 

 

 

2,908

 

 

 

3,195

 

Employees - YoY

 

(2

)%

 

 

(6

)%

 

 

(6

)%

 

 

(5

)%

 

 

0

%

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

5,582

 

 

$

9,888

 

 

$

6,146

 

 

$

5,642

 

 

$

4,580

 

 

$

4,903

 

Research and development

 

10,174

 

 

 

4,547

 

 

 

8,650

 

 

 

7,188

 

 

 

8,632

 

 

 

8,738

 

Sales and marketing

 

4,054

 

 

 

3,475

 

 

 

4,015

 

 

 

3,045

 

 

 

3,109

 

 

 

3,087

 

General and administrative

 

5,088

 

 

 

4,772

 

 

 

4,508

 

 

 

6,785

 

 

 

4,325

 

 

 

3,892

 

Total

$

24,898

 

 

$

22,682

 

 

$

23,319

 

 

$

22,660

 

 

$

20,646

 

 

$

20,620

 

Depreciation and amortization expense - YoY

 

43

%

 

 

21

%

 

 

8

%

 

 

1

%

 

 

(17

)%

 

 

(9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

1,368

 

 

$

1,283

 

 

$

1,849

 

 

$

1,786

 

 

$

1,332

 

 

$

1,398

 

Research and development

 

95,329

 

 

 

75,086

 

 

 

112,242

 

 

 

132,610

 

 

 

108,176

 

 

 

111,611

 

Sales and marketing

 

25,082

 

 

 

20,795

 

 

 

17,760

 

 

 

26,474

 

 

 

23,333

 

 

 

25,788

 

General and administrative

 

5,030

 

 

 

24,608

 

 

 

30,705

 

 

 

34,704

 

 

 

28,387

 

 

 

27,858

 

Total

$

126,809

 

 

$

121,772

 

 

$

162,556

 

 

$

195,574

 

 

$

161,228

 

 

$

166,655

 

Stock-based compensation expense - YoY

 

(43

)%

 

 

(33

)%

 

 

22

%

 

 

25

%

 

 

27

%

 

 

37

%

 

13

 EX-101.SCH 3 snap-20200204.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000 - Document - Template Link link:presentationLink link:calculationLink link:definitionLink 100000 - Document - Document And Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 snap-20200204_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity Central Index Key Document and Entity Information. Document And Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Document Type Document Type Amendment Flag Amendment Flag Entity Central Index Key Document Period End Date Document Period End Date Entity Emerging Growth Company Entity Emerging Growth Company Entity File Number Entity File Number Entity Incorporation, State or Country Code Entity Incorporation State Country Code Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address Address Line1 Entity Address, City or Town Entity Address City Or Town Entity Address, State or Province Entity Address State Or Province Entity Address, Postal Zip Code Entity Address Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre Commencement Tender Offer Pre-commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Title of each class Security12b Title Trading Symbol Trading Symbol Name of each exchange on which registered Security Exchange Name EX-101.PRE 5 snap-20200204_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} JSON 7 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "snap-8k_20200204.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "definitionLink": { "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "snap-8k_20200204.htm" ] }, "labelLink": { "local": [ "snap-20200204_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "snap-20200204_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "snap-20200204.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "https://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "https://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "snap", "nsuri": "http://www.snap.com/20200204", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "body", "html" ], "baseRef": "snap-8k_20200204.htm", "contextRef": "C_0001564408_20200204_20200204", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityRegistrantName", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document And Entity Information", "role": "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "body", "html" ], "baseRef": "snap-8k_20200204.htm", "contextRef": "C_0001564408_20200204_20200204", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityRegistrantName", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address Address Line1", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address City Or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address State Or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission 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.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean 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.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean 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.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security12b Title", "terseLabel": "Title of each class" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Name of each exchange on which registered" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean 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.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean 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.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "snap_DocumentAndEntityInformationAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Document and Entity Information.", "label": "Document And Entity Information [Abstract]" } } }, "localname": "DocumentAndEntityInformationAbstract", "nsuri": "http://www.snap.com/20200204", "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } XML 9 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Document And Entity Information
Feb. 04, 2020
Document And Entity Information [Abstract]  
Entity Registrant Name SNAP INC
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0001564408
Document Period End Date Feb. 04, 2020
Entity Emerging Growth Company false
Entity File Number 001-38017
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 45-5452795
Entity Address, Address Line One 2772 Donald Douglas Loop North
Entity Address, City or Town Santa Monica
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90405
City Area Code (310)
Local Phone Number 399-3339
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Class A Common Stock, par value $0.00001 per share
Trading Symbol SNAP
Name of each exchange on which registered NYSE
XML 10 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 1 95 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document And Entity Information Sheet http://www.snap.com/20200204/taxonomy/role/DocumentDocumentAndEntityInformation Document And Entity Information Cover 1 false false All Reports Book All Reports snap-8k_20200204.htm snap-20200204.xsd snap-20200204_lab.xml snap-20200204_pre.xml snap-ex991_6.htm http://xbrl.sec.gov/dei/2019-01-31 true false XML 11 snap-8k_20200204_htm.xml IDEA: XBRL DOCUMENT 0001564408 2020-02-04 2020-02-04 false 0001564408 8-K 2020-02-04 SNAP INC DE 001-38017 45-5452795 2772 Donald Douglas Loop North Santa Monica CA 90405 (310) 399-3339 false false false false Class A Common Stock, par value $0.00001 per share SNAP NYSE false XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 13 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end ZIP 14 0001564590-20-003264-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001564590-20-003264-xbrl.zip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end