Snap(US:SNAP)2025-02-05 00:53Financial Position - As of December 31, 2024, the company had cash and cash equivalents totaling $1.0 billion and marketable securities totaling $2.3 billion[426]. - The company had cash and cash equivalents of $1.8 billion as of December 31, 2023, indicating a decrease of approximately 44.4% year-over-year[426]. - The company ended the year with cash, cash equivalents, and restricted cash totaling $1,050,234,000, a decrease from $1,782,462,000 at the end of 2023[468]. - Total assets decreased slightly to $7,936,348 thousand in 2024 from $7,967,758 thousand in 2023, representing a decline of approximately 0.39%[476]. - Cash and cash equivalents decreased significantly from $1,780,400 thousand in 2023 to $1,046,534 thousand in 2024, a reduction of about 41.1%[476]. - Total liabilities decreased to $5,485,587 thousand in 2024 from $5,553,646 thousand in 2023, a decrease of approximately 1.22%[476]. - Stockholders' equity increased to $2,450,761 thousand in 2024 from $2,414,112 thousand in 2023, an increase of about 1.51%[476]. - The accumulated deficit increased from $11,726,536 thousand in 2023 to $12,735,461 thousand in 2024, reflecting a loss of $1,008,925 thousand[478]. Revenue and Expenses - Total revenue for 2024 was $5,361,398,000, an increase of 16.4% compared to $4,606,115,000 in 2023[470]. - The company incurred total costs and expenses of $6,148,692,000 in 2024, up from $6,004,494,000 in 2023, marking a 2.4% increase[470]. - Operating loss decreased to $787,294,000 in 2024 from $1,398,379,000 in 2023, reflecting a 43.6% reduction in operating losses[470]. - Cash flows from operating activities generated $413,480,000 in 2024, compared to $246,521,000 in 2023, indicating a 67.6% increase[468]. - Research and development expenses were $1,691,683,000 in 2024, down 11.5% from $1,910,862,000 in 2023[470]. - Advertising costs rose significantly to $57.7 million in 2024 from $24.9 million in 2023, marking an increase of approximately 131.3%[489]. Net Loss and Earnings Per Share - The company reported a net loss of $697,856,000 for the year ended December 31, 2024, a decrease from a net loss of $1,322,485,000 in 2023, representing a 47.3% improvement year-over-year[470]. - The net loss attributable to common stockholders for the year ended December 31, 2024, was $590.96 million, compared to a net loss of $1.11 billion in 2023[540]. - Basic net loss per share for 2024 was $(0.42), consistent with the previous year[540]. - The weighted average shares used in the computation of net loss per share increased to 1,659,147,000 in 2024 from 1,612,504,000 in 2023[470]. Investments and Securities - The company reported total strategic investments with carrying values of $188.3 million as of December 31, 2024, down from $195.3 million in 2023[437]. - The company’s investments in publicly traded equity securities had carrying values of $12.4 million as of December 31, 2024, down from $13.6 million in 2023[437]. - The total fair value of RSUs and RSAs vested in 2024 was $0.9 billion, down from $1.0 billion in 2023[547]. - The total net gains (losses) on publicly traded equity securities for 2024 were $(1.185) million, a decrease from $(6.685) million in 2023[615]. Debt and Financing - The company issued the 2030 Notes with an aggregate principal amount of $750.0 million, fully outstanding as of December 31, 2024[427]. - The company’s total outstanding 2028 Notes amounted to $1.5 billion as of December 31, 2024[428]. - The company’s total outstanding 2027 Notes amounted to $1.15 billion as of December 31, 2024[429]. - The company issued $1.50 billion principal amount of convertible senior notes due in 2028, with net proceeds of $1.31 billion after costs[573]. - The 2028 Notes have an interest rate of 0.125% per year, payable semi-annually, and mature on March 1, 2028[574]. - The company has a five-year senior unsecured revolving credit facility allowing borrowing up to $1.05 billion for working capital and general corporate purposes[596]. Stock and Equity - The board of directors approved a future stock split in the form of a special dividend of one share of Class A common stock for each outstanding share, contingent on specific conditions being met[491]. - The conditions for the future stock split include the Class A common stock's average volume weighted average price (VWAP) reaching or exceeding $40 per share for 90 consecutive trading days[491]. - The company did not declare any dividends for the year ended December 31, 2024[541]. - The additional paid-in capital increased to $15,644,132 thousand in 2024 from $14,613,404 thousand in 2023, an increase of approximately 7.03%[478]. Accounting and Reporting - The company adopted ASU 2023-07 effective January 1, 2024, which enhances segment reporting disclosures[528]. - Recent accounting pronouncements include new guidance on income tax disclosures and expense disaggregation, effective for annual periods beginning after December 15, 2024[526]. - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations, with no impairment charges recorded in the periods presented[519]. - Intangible assets are amortized on a straight-line basis over their estimated useful lives, which vary from 2 to 14 years depending on the asset type[521].