Snap(SNAP)2024-08-01 20:15Revenue Growth - Q2 2024 revenue increased 16% year-over-year to $1,237 million[1][2] - Revenue for Q2 2024 was $1.07 billion, compared to $1.07 billion in Q2 2023[25] - Revenue in Q2 2024 reached $1.236768 billion, a 16% increase YoY[40] - North America revenue in Q2 2024 was $767.560 million, up 12% YoY[40] - Europe revenue in Q2 2024 grew 26% YoY to $229.835 million[40] - Rest of World revenue in Q2 2024 increased 20% YoY to $239.373 million[40] User Metrics - Daily Active Users (DAUs) grew 9% year-over-year to 432 million in Q2 2024[1][4] - Monthly Active Users (MAUs) surpassed 850 million in Q2 2024[1][4] - Snapchat+ subscribers reached 11 million in Q2 2024[1][6] - DAU increased to 432 million in Q2 2024, up 9% YoY[41] - North America DAU remained flat at 100 million in Q2 2024, with a YoY decline of 1%[41] - Europe DAU grew to 97 million in Q2 2024, up 3% YoY[41] - Rest of World DAU reached 235 million in Q2 2024, up 16% YoY[41] Financial Performance - Net loss improved 34% year-over-year to $249 million[1][2] - Adjusted EBITDA improved 243% year-over-year to $55 million[1][2] - Net loss for Q2 2024 was $248.62 million, compared to $377.31 million in Q2 2023[22] - Operating loss for Q2 2024 was $253.98 million, compared to $404.34 million in Q2 2023[25] - Adjusted EBITDA in Q2 2024 was $54.977 million, a 243% increase YoY[40] - Operating loss in Q2 2024 improved by 37% YoY to $253.975 million[40] - Net loss for the six months ended June 30, 2024, was $(553,710), compared to $(705,982) in the same period in 2023[33] - Non-GAAP net income for the six months ended June 30, 2024, was $82,479, compared to a Non-GAAP net loss of $(13,030) in the same period in 2023[38] - Non-GAAP diluted net income per share for the six months ended June 30, 2024, was $0.05, compared to $(0.01) in the same period in 2023[38] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q2 2024 were $1.06 billion, down from $1.78 billion at the end of 2023[28] - Marketable securities at the end of Q2 2024 were $2.02 billion, up from $1.76 billion at the end of 2023[28] - Net cash provided by operating activities for Q2 2024 was -$21.38 million, compared to -$81.94 million in Q2 2023[22] - Free Cash Flow for the six months ended June 30, 2024, was $(35,535), compared to $(15,407) for the same period in 2023[33] - Free Cash Flow in Q2 2024 was negative $73.439 million, a 38% improvement YoY[40] - Net cash provided by operating activities in Q1 2024 was $88.352 million, a decrease of 21.377% YoY[40] Balance Sheet and Equity - Total current assets at the end of Q2 2024 were $4.42 billion, down from $4.98 billion at the end of 2023[28] - Total liabilities at the end of Q2 2024 were $5.35 billion, down from $5.55 billion at the end of 2023[29] - Total stockholders' equity decreased to $2,066,722 at June 30, 2024, from $2,414,112 at December 31, 2023[30] - Total liabilities and stockholders' equity decreased to $7,420,039 at June 30, 2024, from $7,967,758 at December 31, 2023[30] Expenses and Compensation - Stock-based compensation for Q2 2024 was $259.31 million, compared to $317.94 million in Q2 2023[22] - Purchases of property and equipment for Q2 2024 were $52.06 million, compared to $36.94 million in Q2 2023[22] - Total stock-based compensation expense for the six months ended June 30, 2024, was $523,063, down from $632,874 in the same period in 2023[37] - Research and development stock-based compensation expense for the six months ended June 30, 2024, was $345,984, down from $437,415 in the same period in 2023[37] - Total depreciation and amortization expense for the six months ended June 30, 2024, was $79,643, up from $74,908 in the same period in 2023[34] - Purchases of property and equipment in Q2 2024 were $52.062 million, a 41% increase YoY[40] - Total stock-based compensation expense was $259.31 million in Q2 2024, down 18% YoY[41] ARPU and Employee Metrics - ARPU increased to $2.86 in Q2 2024, up 6% YoY[41] - North America ARPU rose to $7.67 in Q2 2024, up 12% YoY[41] - Europe ARPU grew to $2.36 in Q2 2024, up 22% YoY[41] - Rest of World ARPU was $1.02 in Q2 2024, up 4% YoY[41] - Total employees decreased to 4,719 in Q2 2024, down 11% YoY[41] Future Guidance - Q3 2024 revenue guidance is projected to be between $1,335 million and $1,375 million, implying 12% to 16% year-over-year growth[8] - Q3 2024 Adjusted EBITDA is estimated to be between $70 million and $100 million[8] Marketing and Technology - Snapchat campaigns including AR drove 5x more active attention compared to industry peers[7] - Conversions API (CAPI) integrations grew over 300% year-over-year[6] Share Metrics - Total common shares outstanding plus shares underlying stock-based awards in Q2 2024 was 1.798135 billion, a 2% increase YoY[40]