Snap fourth-quarter revenue up 62% to $911 million
Snap Inc. reported fourth-quarter revenue jumped 62% to $911 million, while the net loss declined from $241 million to $113 million. For the year, the company shaved its loss to $945 million from $1 billion, on sales of $2.5 billion.
“We’re grateful for the opportunity to serve our community and partners through this challenging period of time,” said Evan Spiegel, CEO. “Our team has worked tirelessly to help people stay close with their friends and family even while they are physically apart, and we’re proud of the strong results we delivered for our advertising partners this quarter and over the full year. We delivered our first full year of Adjusted EBITDA profitability and, as we look towards the future, we’re excited to build on our investments in augmented reality, mapping, and content to drive our ongoing growth.”
|
|
Three Months Ended December 31, |
|
|
Percent |
|
|
Twelve Months Ended December 31, |
|
|
Percent |
|
||||||||||||
|
|
2020 |
|
|
2019 |
|
|
Change |
|
|
2020 |
|
|
2019 |
|
|
Change |
|
||||||
|
(Unaudited) |
(in thousands, except per share amounts) |
|
|||||||||||||||||||||
|
Cash used in operating activities(1) |
$ |
(52,545 |
) |
|
$ |
(66,842 |
) |
|
|
(21 |
)% |
|
$ |
(167,644 |
) |
|
$ |
(304,958 |
) |
|
|
(45 |
)% |
|
Free Cash Flow(1) |
$ |
(68,992 |
) |
|
$ |
(75,935 |
) |
|
|
9 |
% |
|
$ |
(225,476 |
) |
|
$ |
(341,436 |
) |
|
|
34 |
% |
|
Common shares outstanding plus shares underlying stock-based awards |
|
1,629,620 |
|
|
|
1,576,035 |
|
|
|
3 |
% |
|
|
1,629,620 |
|
|
|
1,576,035 |
|
|
|
3 |
% |
|
Operating loss |
$ |
(97,236 |
) |
|
$ |
(253,596 |
) |
|
|
(62 |
)% |
|
$ |
(862,072 |
) |
|
$ |
(1,103,328 |
) |
|
|
(22 |
)% |
|
Revenue |
$ |
911,322 |
|
|
$ |
560,888 |
|
|
|
62 |
% |
|
$ |
2,506,626 |
|
|
$ |
1,715,534 |
|
|
|
46 |
% |
|
Net loss(2) |
$ |
(113,099 |
) |
|
$ |
(240,704 |
) |
|
|
(53 |
)% |
|
$ |
(944,839 |
) |
|
$ |
(1,033,660 |
) |
|
|
(9 |
)% |
|
Adjusted EBITDA |
$ |
165,609 |
|
|
$ |
42,307 |
|
|
|
291 |
% |
|
$ |
45,163 |
|
|
$ |
(202,230 |
) |
|
|
122 |
% |
|
Diluted net loss per share attributable to common stockholders |
$ |
(0.08 |
) |
|
$ |
(0.17 |
) |
|
|
(53 |
)% |
|
$ |
(0.65 |
) |
|
$ |
(0.75 |
) |
|
|
(13 |
)% |
|
Non-GAAP diluted net income (loss) per share |
$ |
0.09 |
|
|
$ |
0.03 |
|
|
|
200 |
% |
|
$ |
(0.06 |
) |
|
$ |
(0.16 |
) |
|
|
63 |
% |
| (1) |
Cash used in operating activities and free cash flow for the three and twelve months ended December 31, 2020 includes a $98 million payment from non-recurring legal charges related to the securities class action in 2019. See page 10 for reconciliation of net loss to Adjusted EBITDA. |
| (2) |
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. |