Snap announces 2021 revenues up 64%
Snap Inc. reported financial results for the quarter and full-year ended Dec. 31, 2021. Fourth-quarter daily active users increased 20% year-over-year to 319 million and revenue increased 42% and full-year revenue increased 64% year-over-year
“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community,” said Evan Spiegel, CEO. “The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera.”
Annual Financial Highlights
- Revenue increased 64% to $4.1 billion in 2021, compared to the prior year.
- Net loss improved 48% to $488 million in 2021, compared to the prior year.
- Second consecutive year of positive Adjusted EBITDA with $617 million in 2021.
- First full year of positive operating cash flow and Free Cash Flow of $293 million and $223 million.
Quarterly Financial Highlights
- Revenue increased 42% to $1.3 billion in Q4 2021, compared to the prior year.
- First-quarter of positive net income as a public company of $23 million in Q4 2021.
- Adjusted EBITDA improved 97% to $327 million in Q4 2021, compared to the prior year.
- Operating cash flow was $186 million in Q4 2021, compared to $(53) million in the prior year.
- Free Cash Flow was $161 million in Q4 2021, compared to $(69) million in the prior year.
|
|
Three Months Ended December 31, |
|
|
Percent |
|
|
Twelve Months Ended December 31, |
|
|
Percent |
|
||||||||||||
|
|
2021 |
|
|
2020 |
|
|
Change |
|
|
2021 |
|
|
2020 |
|
|
Change |
|
||||||
|
(Unaudited) |
(in thousands, except per share amounts) |
|
|||||||||||||||||||||
|
Revenue |
$ |
1,297,885 |
|
|
$ |
911,322 |
|
|
|
42 |
% |
|
$ |
4,117,048 |
|
|
$ |
2,506,626 |
|
|
|
64 |
% |
|
Operating loss |
$ |
(25,127 |
) |
|
$ |
(97,236 |
) |
|
|
74 |
% |
|
$ |
(702,069 |
) |
|
$ |
(862,072 |
) |
|
|
19 |
% |
|
Net income (loss) |
$ |
22,550 |
|
|
$ |
(113,099 |
) |
|
|
120 |
% |
|
$ |
(487,955 |
) |
|
$ |
(944,839 |
) |
|
|
48 |
% |
|
Adjusted EBITDA(1) |
$ |
326,793 |
|
|
$ |
165,609 |
|
|
|
97 |
% |
|
$ |
616,686 |
|
|
$ |
45,163 |
|
|
|
1,265 |
% |
|
Net cash provided by (used in) operating activities |
$ |
185,528 |
|
|
$ |
(52,545 |
) |
|
|
453 |
% |
|
$ |
292,880 |
|
|
$ |
(167,644 |
) |
|
|
275 |
% |
|
Free Cash Flow(2) |
$ |
160,963 |
|
|
$ |
(68,992 |
) |
|
|
333 |
% |
|
$ |
223,005 |
|
|
$ |
(225,476 |
) |
|
|
199 |
% |
|
Diluted net income (loss) per share attributable to common stockholders |
$ |
0.01 |
|
|
$ |
(0.08 |
) |
|
|
118 |
% |
|
$ |
(0.31 |
) |
|
$ |
(0.65 |
) |
|
|
52 |
% |
|
Non-GAAP diluted net income (loss) per share(3) |
$ |
0.22 |
|
|
$ |
0.09 |
|
|
|
135 |
% |
|
$ |
0.50 |
|
|
$ |
(0.06 |
) |
|
|
895 |
% |
| (1) |
See page 10 for reconciliation of net income (loss) to Adjusted EBITDA. |
|
| (2) |
See page 10 for reconciliation of net cash provided by (used in) operating activities to Free Cash Flow. |
|
| (3) |
See page 11 for reconciliation of GAAP diluted net income (loss) per share to non-GAAP diluted net income (loss) per share. |
Recent augmented reality platform enhancements:
- Our 18 New Year’s Eve Lenses generated more than 7 billion impressions.
- We released several enhancements and new features to Lens Studio, including a new Sounds Library, real-world physics, world mesh, and an API library for real-time data.
- Lens Creators can now include a Call-to-Action link within a Lens, making it easier for Lens Creators to grow their businesses.
- We partnered with the Great Barrier Reef Foundation to launch a new Water Segmentation Lens, which shows a virtual reconstruction of the Great Barrier Reef and its ongoing degradation to inspire people to protect the world’s delicate reef system.
- We rolled out Food Scan, the newest improvement to our Camera that uses the powerful visual recognition capabilities of Scan to understand different food and ingredients and provide recipe recommendations.