- Earnings call transcript Q3 2022

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Operator

Good afternoon, everyone, and welcome to Snap Inc.’s Third Quarter 2022 Earnings Conference Call. At this time, participants are in a listen-only mode. I would now like to turn the call over to David Ometer, Head of Investor Relations.

David Ometer

Thank you, and good afternoon, everyone. Welcome to Snap’s third quarter 2022 earnings conference call. Evan Operating Executive Chief Officer; are Jerry and Financial today Chief Hunter, and us Spiegel, Officer Chief Co-Founder; Officer. With Derek Andersen, to slides, to today’s presentation. refer our Relations at Please Investor press letter investor investor.snap.com release, and investor website find forward-looking call are which of includes assumptions based This our as statements, conference on today. materially expressed no may in update to Actual obligation statements, disclosures. forward-looking differ our results these from those make and we

refer may to For forward-looking cause today’s press about more the that actual from today refer both, factors can differ most press recent release. compensation on as Please exclude and issued nonrecurring risks statements, over found will to we in all note Form today’s please as discuss as turn how between XX-Q, metrics Factors. two be the well that, like the we taxes Risk GAAP call. Please will described the any we to our that Today’s expenses, titled our results release to and of include depreciation call materially discussed I’d calculate non-GAAP well of it our and particularly in Reconciliations information as the Evan. SEC section to call when the to and in measures. amortization filings understand payroll With with related stock-based charges.

Evan Spiegel

Hi, everyone, and us. all for thank you joining

with be in significant this We quarter, their our our effects. community long-term growth, took that increases products, but we our deepening rigorously driving augmented investing engagement and this continue to headwinds and our action strengthens to focus to revenue our community While in can priorities strategic believe is our environment, our three our of on Growing and advertising success network community investments reaccelerating our of prioritize our and important because with operating reality. revenue most inputs overall we further face our products business must continued opportunity growing for and successful success business while engagement diversifying one and to our delight partners. we our our new it

our engagement community, focused Our million to users. expanding active year-over-year which team daily reach on offering our remains with XXX and increased global product XX% deepening

$X.XX adjusted $XX revenue free million. we grew billion, flow EBITDA and of to of million cash generated year-over-year X% and Our $XX

investing focused are growth environment. so by returns strong this, wallet We Dynamics driving slows can digital and economic believe scalable, are the most working segment challenged platform return advertising increasing we ad as performance continue to our our we the to for that lower achieve to on response the increase on delivered To share spend as of these in we advertising advertising our are on budgets making Auction advertising in direct funnel a platform and partners defensible in by overall improvements our spend. deliver advertising advertising

Our evolved reality. for camera has into augmented a platform leading

products are already major AR and explore services services to our play, scale themselves. entertain learn, and today impact as Our use at Snapchatters shop, driving a

This Lens building of Studio. Snapchat a Snapchat we term, us differentiated reality increasingly over durable innovative valuable growing makes people comes energy difficult creative the and Accelerating is sophisticated and XXX and from and about investing helps future excited new the augmented of a in our augmented momentum and augmented Over that in and features us long community partnerships, incredibly replicate. quarter, build experiences This competitive on platform tools AR capabilities that new capabilities million day. several lead with engage advantage reality. the reality the AR technical announced every to

this that in most rebuild challenging challenges particular, of environment as we sales opportunity through an our integrity investments in as monetization scale, platform, as improve regions, promoted advertising Officer. our and our to the to that, to growth, well is teams. leads our efforts product the Chief meet coordination our infrastructure Jerry we build-out our realize optimizations and much across Operating several the reorganized introduce Hunter Jerry across including product, have engineering, excited I’m teams. business as demonstrated AR SMB are we EMEA, and of In significant engineering, and to effort our business operational control. repeatedly APAC there of team With platform and better and able partnerships our possible team. In opportunity, operating and quickly prioritization our progress efforts, As part rigor to transitions, Jerry as three a as of to Americas our current possible content, our areas enterprise make the of reprioritization has recently, Android at to leading Jerry. the significant our

Jerry Hunter

thank for the see in ahead. business opportunities and Evan, you, Thanks, our years call. everybody, I our joining for significant

inventory As a partners. driving yield for business, our our funnel primary is improving performance of focus lower advertising and on

to product requires lower improve more on performance sales, across product teamwork of objectives make our and We’re tight order technical formats and native collaboration and advertising drive innovating Improving optimization funnel engaging. and our working our to more advertising against and to in engineering. conversions them platform

clients success. of in the of the is will inform road that advertiser our in our help in role more map rapid of our accountable about growth plays clarity and size focused renewed each with of more focus our years that community alignment on go-to-market Our After grow. we’re how teams can organization sales lives directly Snapchat to the our improving team, for productivity we and teams businesses across driving ensure creating our on that from and our helps be feedback product

their clearly their Snapchat can driving understand demonstrate a to role meaningful will in We and how play our challenges opportunities clients, listen success. and

augmented subscription advertising service. We’re opportunities, also revenue-generating working Snapchat+ new to hard deliver including Spotlight, our and reality

we streams millions day, to and businesses a reach of have With I to expanding opportunity customers can people reality advertising especially Snap, exciting outside opportunities And driving formats have viewing within of to of with more with you. look to XXXX at see ability increase subscribers opportunity advertising. plans that, revenue our and product We’re AR and content in QX, with introduce with begin more couldn’t be help hundreds direct Snapchat+ offering. here augmented test well by subscription our every I their be we advertising that immersive and Thank diversify we our our our new huge forward engaging for to beyond. awareness excited many experiences. as Spotlight represents using features align about of new this sharing an experience. a to Q&A. we And

Operator

the Instructions] with Sheridan Thank you. comes line Goldman [Operator Sachs. Eric The first of from question

Eric Sheridan

taking a do I if much for the question. Thanks can. I’ll Maybe so X-parter,

mode term. think, plan last is quarters well of first, of key is some where should the laid have are forward policy headwinds want I ad from And to Apple timetable, what product what standpoint? you the the Can over a Evan, four, standpoint? did ad thinking like medium the long we five And we process tailwinds investment you of sort to an pathway over the still maybe from happened out they sort changes terms the obviously and what the repositioning this positioned industry Thanks. made of of a the turning learnings where last what’s as back sense in has the sort reposition get months, in better people versus to about industry the in of the and hear you’ve for in been platform of found been XX-plus the be the infrastructure for to terms the of less an how product transformative monetization of ad long term? shift looking

Evan Spiegel

Eric. Thanks, Yes.

few moment, by high to about and that learn at that really express in the we this the past So at the that term. quarters. do, center level, our community long-term macro we what to empowering navigating value advertising difficult people’s on to the products business we’re our really for building long themselves, our that of world a everything we the informs that them And and as put strategy together. And over think innovate has focused add means about perspective fun offer we business that our is environment have impacted live lives

We across more or have allows the advertising advertisers three our to environment need means diversifying Spotlight engineering years in our everything observable are That leading and the pleased augmented we’re sales, incremental while is value working then, already increase growth we’ve make where mean, significant our are that reality. product the grow ad to that’s active this capital revenue; in to conversions, as across users conversions change business to focus optimize an make to that the is has together, our investments Snapchat+ so community opportunity growth, growing teams improvements, delivering improvements, we the to excited our our daily our reprioritize complex drive platform, more gives I and optimization priorities tried revenue their platform There’s that’s flexibility even up an saw and future, cash And or of through our of reasons Jerry that mentioned, engagement; click-through on growth. become we’re really, We’ve our revenue the partnerships, way And long tactically, engagement COO. format whether working the X% how on the challenging in Operationally, measure working teams, looking to us community first-party platform community those to really service, as a strategic and that allow lot the to function AR and which these with tooling a that tooling, changes really their these continued focus that’s in flow ML inventory. be engagements. that the free low one subscription of easier which impressions have service. third-party sure better as our is technically of focus And in levels been cost a to campaigns. of our platform, and reaccelerating priorities: So, on more on and we working to year-over-year that really our us I continuing that our all three quite course, our driving customers more advertising lot generate do. in which to are across also I’m see community against past lot improvements of to environment. of whether way about and term that investing coordination our observed to few decision means the really I’m levels growing and And over we made dramatically. AR. drive us and increased and to has on I’ve and and revenue to we a high another and going growth investments a our our measure, lined of increased Map. they teams our strategic should quarter, deliver monetize to our

Operator

The from Brian Nowak, next comes of the Morgan question Stanley. line

Brian Nowak

let couple. ask maybe. me you I Jerry, two a have

So is users really and with sort Then even be how long-form can quickly one to How think one, of are to just down some the you on driven most can as do important pitch your overall core about you the you and focusing the the seem the give differentiating steps really video what and that U.S. of yourself Story the business of decline. Thanks. video? blocking tackling? within time two advertisers engagement by business X% short-form in or and spent and increasingly us to improve this Snap ramp see mix, examples second that performance-driven

Jerry Hunter

we measurement for the for I I’m have want opportunities has tell signals become things Actually, I as three and question, to Advertising about. to business. you more Thanks about evolve. Brian. our technical the have excited continue

good and is to connective We’ll and DR and adoption feedback know ensures the our three Americas, strong the and which First engineering top the bringing That continuing improve seeing this continuing third And and our EMEA. more and includes both customer up to defensible, times. making is is talent we to mechanisms strengthen our thing success in better planning our sales by first-party optimization. sales, product. our better work measurement, challenging with go-to-market platform. the to product top building tissue Analytics for is in from advertisers, do customers Two measurement and that business, and in APAC systems third-party we’re Google president roles personalization systems continuing drive our by between like

to closer customers is and focus them on us of to next in One customers’ that getting improving our will we’re Harris Ronan week. going the join region every This ensure needs.

I think successful set be up Snap current to will this these priorities in environment.

Evan Spiegel

we’re and to little seeing more speak trends in Yes, U.S. that I broadly. the the a content can bit

high at up. U.S. the level, a is viewership very So, and in both globally,

expanding that so we really we provide. our that depth of advertisers reach that if that’s continue And really value And folks’ opportunity is engagement. can course, means overall who to the important, for of increase

Looking depth friends that important to is from that more are content to or engaging of on what while maybe to specifically something is XXXth more especially that, at close at some people them, Discover or that engagement finding with people really really interesting. friend get Stories, high engage we’re at more their Stories story stories, from you or levels private Spotlight point, your or like continue

funnel really and do drives and that. Discover. Spotlight, is And are growing help to we’re rapidly course, healthy year-over-year very trying from to excited both content about of and content of Spotlight growing of nicely. what in is viewership top friend people transition we’re funnel And that and that that so, those story

is it business we and think mentioned, on I our in time, as period making to but reach looking advertisers, response which focus return of delivering why this I partners. for they’re ad we’re pertains heavily performance, sure so on looking especially that our spend as direct for they’re evolving really also really for

our with some get with there they our advertising performs. want through a they unit where unique content, can things seeing it from and and some are feedback response opportunities to then, to Spotlight, how content experiment to may Spotlight, example, And turn be community, think there for that submitting platform. manage smaller into get I if traction direct going ad like advertisers

unique to reach but really, So performance. in for the and I do on opportunities investments content going think be some making is new of especially environment, advertisers, the we’re this provide and focus

Operator

from is with the Rich Partners. question LightShed next of The Greenfield line

Richard Greenfield

spent side that per apps messaging, engagement losing I want you of on is one more on people anchored day for the turn sort Snapchat to plan on stock demos. important how? spent for I But Thanks sticky I on most core camera the the Snapchat? impacting your spend that than have other and your specifically -- question. for for that’s sort question time about Hi. for the TikTok Like, how as on especially And like like do are it’s time I time overall they a taking utility this especially monetization. to obvious going photo-based ‘XX guess next you’re what monetizable you, think in the of pretty especially Evan. over get even scene guess, spent that product clearly more investors the because you’re user is Curious year. in what on to come time BeReal really the per think be maybe to among and

Evan Spiegel

Thanks, Rich. Yes.

the valuable our things utility or like Map level, high also mentioned. out, of with an So, of but AR extremely platform, you also messaging and visual course, at across as a as you in content, provides service Snapchat pointed terms our

really in service across our products. seeing to so application which that got remains it’s opens growth camera, believe And our engagement our year-over-year augmented to communication with hard users. that the differentiated to million revenue the that and so, a there. active nature the user contributing in we’ve worked visual is more augmented why real engagement we’re we’ve active that And XX% focused XXX so of is daily undermonetized, we daily diversify the which really growth reality commensurate And grew what’s our accelerating to on strength reality we’ve

to of the headroom, course, grow I a to engagement. of of terms content lot content continue there’s specifically, think In

continuing growing expanded, lot and which has for we’re demand content and a Discover As and I mentioned, is on to our of nicely see platform. Spotlight, viewership

to grew working to increase a so of impressions Overall, I people diversity lot personalization time think or a those to we X% And from opportunity. where we engagement, and are content. can stories relative year-over-year. transition of into of realize helping do other to stories friend of improve that lot have watching a better services we types believe job headroom content private content, people spending content course,

So, we progress some are seeing there.

Operator

with line next Mark is Shmulik question from Bernstein. Alliance The the of

Mark Shmulik

if A couple, may. I

in Evan, secondly, macro a changed, market the on of and I you is Jerry, just Jerry with and like for of board And ads about just was fourth this share color Any else of there. X.X fast-evolving new there in of know kind quarter. kind Spotlight growth? share XXXX. can think of on kind plans of for of kind numbers levers here First coming a how memo, of given Samsung internal of is there out stats leaked place at revenue just expectations in color Snaps. kind with we’re you can talking what there then know really lot the phones, billion the And kind road changes new reaccelerate I executives board the I on kind like of that’s look monetization. kind map of the to Any I kind of about

think do And as and just well? so we how AR monetized the being Kit Camera about Kit

Evan Spiegel

team enormous on see we our that our reaccelerating improving us, by enormous see, amount better AR in in Thanks, obviously, really when and that an memo was we’re the publicly, time of we Mark. to a so team, that of especially the business, continuing important internal and business, growth to and restructuring refocusing had direct rally build response have the our it’s a opportunity at front weren’t to Yes, grow such, to revenue really as Snapchat+. that engagement our and intending we goals that’s designed aspirational number of whether for share monetizing our camera,

times of internally, low. really, our what helped team. revenue we that’s tried And remember average and year-over-year So, inspiring deliver last as goal I challenging expectations to see a the look XXXX, years past growth so. certainly our five is or us really some to we we when really there, really in opportunity the really, a team inspire on XX% were and lot the

So, steps is be are successful over I really sure to taken think the goals term, can we’ve necessary important. when and times, aspirational. internal those inspiring especially make the our business But critically challenging team long in the

Jerry Hunter

that the second part of take I’ll question.

engineering around In on, refocusing and Evan business and on you give work that a product AR how the realigning teams touched addition to of we’re accelerating sense I want sales just the to the customer. and

So, couple called the started of find a Program. product to aspect features from an bit every platform. getting and And with cases, engineering to the Customer higher our back of team, Reference and couple those let idea advertiser we how improve a already found several the through that team cases, their of example the that team were all SWAT you using we was program utilize from help that that included folks to implementation, able ROI they SWAT happy teams together, most the a a We brought of did months customers In expected account me we of customers were we work. review in ensure give The is a integration platform, the want the in platform. feature their better are had the than to teams this, little results.

who -- rolling teams of other of this of I And out process think the that, similar together. opportunities. customers bringing that’s the in a might we’re product just have these Now to successes

what take opportunity lot So it of of advantage out in already to there together things a think we’ve got way. a I and bring for have and us implemented better there’s just

Operator

Barclays. Ross next comes from Sandler question with The

Ross Sandler

macro I just question out. throw wanted the to

of really seems advertising in to area that’s we and brand mostly it’s it was XQ. weak XQ, like in that off sounds it forward go the drop as here kind like forecasted that’s So,

XX% then, into that would prior a to rates maybe questions, bit negative? just to almost obviously you with the one you’re what’s broadly, What’s -- could can see growth kind to commitments we X%. seeing? and rest what elaborate of on of of looking at going like specifically related your And you’re cause what the those this the macro on you’re DAUs So, little impressions but growing quarter, dip

demand So, bit? like problem to not a seems here, it that Can problem. just you a a supply just we’ve got you. talk Thank little

Derek Andersen

in business, a the advertising response Derek speaking. slightly in was the QX, observed while growth advertising It’s really the the year-over-year advertising we response the our decel QX, bigger we also growth in business, QX. brand that, that faster look direct to brand-oriented And as the forward, the the overall we with fact that bigger declined the there. Hey a One, role Thanks the one, year across quarter. and were as And than yes, growing portion anticipate prior move being quarter. high we expect deceleration number then in the due business direct business revenue for brand both very modestly question. it’s through business the play but in rates the occur in to the to in of

around last I months several think relatively seen move the back, stepping tight we’ve revenue over growth within range. a but

when So, in but that accelerated decelerate about By sharing, implied improved quarter, end we to quarter-to-date August, X-K the when we us X%, of portion saw early we we bit. that this the QX, restructuring, last shared a the that the about and as had things about so was XX% revenue quarter. of flat growth to And we reported moved the quarter. that approximately the grew through led in

this slowed in with this With seen low at move the about then X% at quarter X%. single things digits being so. the full into early we’ve the obviously, quarter, down the beginning number in September, of a weeks And quarter things bit about up

and decelerated you low And we’re here is environment. easy navigate for we to so, their rates take or I we’ve really and here to we’re their around growth really recent thing and seeing I’d times. accelerated and business. and that’s they the in the couple times largely of of of the has month-to-month several And But advertisers in calibrate think what which incredibly something is performance their off the operating advertising between about the what seek investments share difficult moved as rate on fast experienced. decel been that’s to flat we’ve in this together, continue own with growth a teens digital sort that range-bound And important if talked is part start-stop we’ve as quarters, on the growth seeing that here and turn it’s accel that

it’s the focused earlier So, we important inputs to of control. course, about to that things the like Evan versus on incredibly course, improve lot Snapchat+, stay have the significant the that which room and we to And believe heard investments business this, are line community, grow helping to of as grow and, terms investments making And to business. of around then, the growth AR. our DR diversify we’re other future you from a advertising to continue in navigating demand, the Jerry we’re that your of question, we top a and supply the we

business as lot to earlier. impressions continue of And you’ve to as most growing compound a and at about platform certainly, on see been grow talked direct we the to do the we’ve through so, also demand-challenged, ranking, optimization, as can lot continue saw changes that personalization in a including but macro see last year, you seen some believe our and impressions opportunity challenges I our which Jerry with with the those get we of business, grow, better eCPMs response we recent quarter

with all agree on for bit a point. Hopefully, that of that your little I provides of So, you question. context

Operator

Lloyd with of line UBS. Walmsley is The next from question the

Lloyd Walmsley

Thanks.

expanding just about is talked quarter. one Spotlight this you test First

of demand-constrained. about kind just talked You just being

reducing out ROI How guys community if as in we the advertisers come CPMs one, creative that think plays down? about spotlight how is load And the think budget is ramps can. ad it from then ad see you How shift it since responsive and to that to for second and moving over I format? easy adding eCPM? curious So, if spotlight, inventory

taking of about the $XXX out million cost base. talked You

cost growth new an it or new inflation headcount you base about either expect this of what Can should XQ of in on on other that base of exit annualized Thanks. was heading think we into cost I talk kind just terms growth kind ‘XX? number.

Derek Andersen

speaking. for Derek It’s question. Thanks the

into our So, to to within see in as expand mechanisms QX, inform one addition, this community. a believe offers for from how will to in user how brands and to how tests our Spotlight, performs with to our their several already test are around Spotlight inspires and make example community, businesses way Spotlight, learn of We to Spotlight, submit terms is monetizing an and look receive base the of But content exciting it then first we good use so able direct businesses the feedback their spotlight. campaigns. content creative advertising have new within directly those experiment learnings within learn we that video that

ad We’re also then conversations working with their enable their will measure on managers. new drive Spotlight businesses engaging to promote success easily most tools that content, and

our advertising regardless and of a just I mentioned, Spotlight. grow at sorry. about business we’re level, So, room, high of how ramp ad excited really the have a lot to Spotlight when potential load, for But we we as also

testing the there that ramping we So, maximize we’re our judiciously value. long-term make sure to

Operator

Mark The line Mahaney Evercore. the next with from of is question

Mark Mahaney

Two questions, please.

thoughts the trying been thoughts you time, on that to -- First you’ve quarter, whether or will comes your you on signal. is, as you help At same think not? try X.X, to think sometime do this that out Scan recover I when

of to been You’ve to doing attribution, series a ad ad things try improve targeting.

are path that ago then, for back year Can to impaired like that the about getting versus to you the on campaigns, running just it is how of levels ROI campaigns, ROI letter. was a you quantify, running at where kind a lot. you you where the and had people talked that that? shareholder in Just And consistently time? Thanks

Jerry Hunter

Jerry. is This Hi.

we’ve is Scan take and first Measurement To we in Scan first- X.X. measurement. that step Let critical. think campaign it’s on critical. important. definitely back better me to a X.X should so one talk give And changes invested headroom are about help heavily achieve That’s third-party here, more attribution even need reporting And The us their coming and improvement. for business improvements granular goals. more is advertisers why

part way the evolving our serve the advertisers. of question, we we are ROI constantly best the For

are which seeing update to continuing result. measurement top as they’re adoption And seeing and continued We’re advertisers. on platform our a our of improve first-party solutions, success our

way to that Analytics continuing Google there, the systems too. also results third-party conversions systems, in like positive We’re measurement we’re our seeing and reflecting prove are

just our integrating that first-party want to ML effective. ads integration as through is space more important the and with ranking are lines faster driving better more our about on direct that and advertising responsiveness more opportunities of That -- product to I and personalization process, that also teams by are to We’re the cross-functional is ad between improvement talk privacy measurement that success solutions technical, challenges. back fact it’s so sales, data engineering our just and the to response their and that this tighter these protecting happening our communication our partners convert as I processes and and right come achieving to And experimentation ensure of rest from platform.

Operator

Our Thill last Brent of line with question comes from Jefferies. the

Brent Thill

Thanks.

on brand the side. Just

right the and do been I going having you know -- you’re are -- strong that kind some if follow that change. macro-related? a from this you that is hard you into think and Evan, up And to some given also a it the on kind through expect period. system the brand there’s Is you impact? lot many this activity? can restructuring, to so why that will more of that. I feel suffer flow on curious of When of stabilize I of restructuring foundation seasonally Is guess,

Derek Andersen

part that of hand speaking. up and then to take the Derek first it I’ll Evan. It’s

step-up stepping year-over-year think QX. on is about first, on back Even growth a revenue for context flattish just basis. quarter-over-quarter a XX% I

So, seasonally a we expecting at revenue grow good pretty are to clip.

if year of that the that over at year we impacts of year-over-year the in you prior back macro ago. we’re year really grew seeing a XX% issue business a the the impacting weren’t as So, we’ve look to many over year. seen were the as And that much significant is ago, here this course they nearly

of moved that So the onset seen growth we’ve war QX. as for we as example, on Ukraine but rates the well cycle year, Fed the rate the inflation as really had into persistent in impact ramp the this an in

more prior over the we half compounded through portion from bit quarter-over-quarter the making back that the rest up still the informs the sort fact is visibility macro And while from our on in other gives quarter, QX, and the -- the robust and pretty advertising And with little this of growth a a business in that year the course brand so, the quarter. one, approximately the point really the we’re decel number of this performance each QX built difficult have saw move certainly, of really to of year to impacts expecting view. comp of of XX% the expectation the of

little more a of I’ll hopefully, there. gives Evan second on that So the context it over things. portion you side to turn for that

Evan Spiegel

grateful to Hey. quickly I Thanks, I’m how worked they’ve the restructurings just And challenging. Brent, for in of focused make our team really always really adapt we’re are the question. to and key these of really changes on mean, Yes. sorts and priorities. sure proud

countries is concluding processes where a still longer. it’s certainly bit going but little in We require little take and regulations the take certain process some those bit to of time. think I a focus, that momentum regained have

So, say that there. complete I we’re wouldn’t

thing I these We’ve is EMEA. Harris our month Ronan watching joining is the this think president got as sales specifically a bit one side. of roles. on later President I’m

to in sales time we’re market QX to line We we’ll best will to way President, and organize that, sort thinking those the of And that better and go folks teams as an APAC Americas our in President about for addition also about have customers. as a thinking roles we into serves be soon an can. as And also our to putting we’re how that.

So, just more really our But the at way the this advertising done not thinking is team through how you and a managed partners. of improve if we see we’re because look to has work we’re know they’re the process I’m period Jerry serve I time, progress and streamline of lot proud making. certainly that’s something about. opportunity this overall, we with the doing

Operator

as This question-and-answer you for XXXX well Snap Thank third Inc.’s concludes attending session. quarter our conference call. session as today’s earnings

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Snap (SNAP) 21 Oct 222022 Q3 Earnings call transcript