Snap Inc. | Tables in SEC filings | Page 6

SNAP Snap Inc.

Quarterly report

Three Months Ended March 31,

2024

2023

Amount

Class A non-voting common stock

Balance, beginning of period

1,391,341

1,319,930

Shares issued in connection with exercise of stock options under stock-based compensation plans

—

Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net

18,232

—

20,745

—

Conversion of Class B voting common stock to Class A non-voting common stock

—

Repurchases of Class A non-voting common stock

(21,020)

—

Reissuances of Class A non-voting common stock for vesting of restricted stock units

407

—

370

—

Balance, end of period

1,388,965

1,341,056

Class B voting common stock

Balance, beginning of period

22,528

—

22,529

—

Shares issued in connection with exercise of stock options under stock-based compensation plans

—

Conversion of Class B voting common stock to Class A non-voting common stock

—

(8)

—

Balance, end of period

22,528

—

22,522

—

Class C voting common stock

Balance, beginning of period

231,627

Issuance of Class C voting common stock for settlement of restricted stock units, net

—

Balance, end of period

231,627

Treasury stock

Balance, beginning of period

49,200

(479,903)

51,312

(500,514)

Repurchases of Class A non-voting common stock

21,020

(235,114)

—

Retirement of Class A non-voting common stock

(21,020)

235,114

—

Reissuances of Class A non-voting common stock for vesting of restricted stock units

(407)

3,964

(370)

3,608

Balance, end of period

48,793

(475,939)

50,942

(496,906)

Additional paid-in capital

Balance, beginning of period

—

14,613,404

—

13,309,828

Stock-based compensation expense

—

263,752

—

314,077

Shares issued in connection with exercise of stock options under stock-based compensation plans

—

Reissuances of Class A non-voting common stock for vesting of restricted stock units

—

(3,963)

—

(3,608)

Balance, end of period

—

14,873,261

—

13,620,326

Accumulated deficit

Balance, beginning of period

—

(11,726,536)

—

(10,214,657)

Net loss

—

(305,090)

—

(328,674)

Retirement of Class A non-voting common stock

—

(235,114)

—

Balance, end of period

—

(12,266,740)

—

(10,543,331)

Accumulated other comprehensive income (loss)

Balance, beginning of period

—

7,131

—

(13,974)

Other comprehensive income (loss), net of tax

—

(6,381)

—

12,310

Balance, end of period

—

750

—

(1,664)

Total stockholders’ equity

1,691,913

2,131,348

1,646,147

2,578,440

Three Months Ended March 31,	2024			2023			(in thousands)
Consolidated Statements of Operations Data:			Revenue			$	1,194,773	$	988,608	Costs and expenses (1) (2):	Cost of revenue			574,749		439,986	Research and development	449,759		455,112	Sales and marketing	276,034		268,433	General and administrative	227,463		190,341	Total costs and expenses	1,528,005		1,353,872	Operating loss	(333,232)		(365,264)	Interest income	39,898		37,948	Interest expense	(4,743)		(5,885)	Other income (expense), net	(81)		11,372	Loss before income taxes	(298,158)		(321,829)	Income tax benefit (expense)	(6,932)		(6,845)	Net loss	$	(305,090)	$	(328,674)	Adjusted EBITDA (3)	$	45,659	$	813

Three Months Ended March 31,	2024			2023			(in thousands)
Stock-based compensation expense:			Cost of revenue			$	1,815	$	1,885	Research and development	174,519		219,850	Sales and marketing	54,656		54,939	General and administrative	32,762		38,257	Total	$	263,752	$	314,931

Three Months Ended March 31,	2024			2023			(dollars in thousands)
Interest Expense			$	(4,743)	$	(5,885)	Interest Expense as a dollar change	$			1,142	Interest Expense as a percentage change	(19)			%

Number of Class A Shares	Number of Class B Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (1)
(in thousands, except per share data)
Outstanding at December 31, 2023		1,692		5		$		14.90	4.41	$	5,225	Granted	—	—	$	—	—	$	—	Exercised	(5)	—	$	13.33	—	$	—	Forfeited	(112)	—	$	12.47	—	$	—	Outstanding at March 31, 2024	1,575	5	$	15.08	4.18	$	301

Three Months Ended March 31,	2024			2023			(in thousands)
Cost of revenue			$	1,815	$	1,885	Research and development	174,519		219,850	Sales and marketing	54,656		54,939	General and administrative	32,762		38,257	Total	$	263,752	$	314,931

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As of March 31, 2024	As of December 31, 2023
(in thousands)
Initial cost		$	106,218	$	106,368	Cumulative upward adjustments	147,499	147,317	Cumulative downward adjustments, including impairments	(64,656)	(58,357)	Carrying value	$	189,061	$	195,328

March 31, 2024	December 31, 2023
(unaudited)		Assets	Current assets		Cash and cash equivalents		$	1,060,393	$	1,780,400	Marketable securities	1,850,622		1,763,680	Accounts receivable, net of allowance	1,108,357		1,278,176	Prepaid expenses and other current assets	167,385		153,587	Total current assets	4,186,757		4,975,843	Property and equipment, net	426,363		410,326	Operating lease right-of-use assets	511,117		516,862	Intangible assets, net	127,658	146,303	Goodwill	1,691,524	1,691,827	Other assets	223,982	226,597	Total assets	$	7,167,401	$	7,967,758	Liabilities and Stockholders’ Equity	Current liabilities	Accounts payable	$	246,217	$	278,961	Operating lease liabilities	36,649	49,321	Accrued expenses and other current liabilities	829,579	805,836	Total current liabilities	1,112,445	1,134,118	Convertible senior notes, net	3,301,466	3,749,400	Operating lease liabilities, noncurrent	553,741	546,279	Other liabilities	68,401	123,849	Total liabilities	5,036,053	5,553,646	Commitments and contingencies (Note 8)
Stockholders’ equity		Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,437,758 shares issued, 1,388,965 shares outstanding at March 31, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at December 31, 2023.	14	14	Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,528 shares issued and outstanding at March 31, 2024 and December 31, 2023.	—	—	Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at March 31, 2024 and December 31, 2023.	2		2	Treasury stock, at cost. 48,793 and 49,200 shares of Class A non-voting common stock at March 31, 2024 and December 31, 2023, respectively.	(475,939)		(479,903)	Additional paid-in capital	14,873,261		14,613,404	Accumulated deficit	(12,266,740)		(11,726,536)	Accumulated other comprehensive income (loss)	750		7,131	Total stockholders’ equity	2,131,348		2,414,112	Total liabilities and stockholders’ equity	$	7,167,401	$	7,967,758

Three Months Ended March 31,
2024	2023
(in thousands)
Stock options	1,580	3,155
Unvested RSUs and RSAs	145,364	128,086
Convertible Notes (if-converted)	69,368	89,379

As of March 31, 2024	As of December 31, 2023
Principal		Unamortized Debt Issuance Costs			Net Carrying Amount			Principal			Unamortized Debt Issuance Costs			Net Carrying Amount
(in thousands)
2025 Notes		$	184,105	$	(459)	$	183,646	$	284,105	$	(871)	$	283,234	2026 Notes	487,286	(1,788)	485,498	838,482	(3,402)	835,080	2027 Notes	1,150,000	(6,582)	1,143,418	1,150,000	(7,114)	1,142,886	2028 Notes	1,500,000	(11,096)	1,488,904	1,500,000	(11,800)	1,488,200	Total	$	3,321,391	$	(19,925)	$	3,301,466	$	3,772,587	$	(23,187)	$	3,749,400