![]() Total time spent watching Spotlight increased over 200% year-over-year. We grew and deepened our engagement with our community:ĭAUs were 406 million in Q3 2023, an increase of 43 million, or 12%, year-over-year. See page 11 for reconciliation of diluted net loss per share to non-GAAP diluted net income (loss) per share. See page 10 for reconciliation of net cash provided by (used in) operating activities to Free Cash Flow. Restructuring charges in the third quarter of 2022 were $154.6 million, composed primarily of severance and related charges, stock-based compensation expense, lease exit and related charges, impairment charges, and contract termination charges. In the third quarter of 2022, we initiated a strategic reprioritization plan, which included a reduction of our global employee headcount by approximately 20%. Restructuring charges in the third quarter of 2023 were $18.6 million, composed primarily of cash severance and stock-based compensation expenses. In the third quarter of 2023, we initiated a wind down of our AR Enterprise business, which included a reduction of our global employee headcount by approximately 3%. See page 10 for reconciliation of net loss to Adjusted EBITDA. Trailing twelve months operating cash flow was $207 million and trailing twelve months Free Cash Flow was $2 million. Operating cash flow was $13 million, compared to $56 million in the prior year.įree Cash Flow was $(61) million, compared to $18 million in the prior year. Net loss was $368 million, compared to $360 million in the prior year.Īdjusted EBITDA was $40 million, compared to $73 million in the prior year. Revenue was $1,189 million, compared to $1,128 million in the prior year, an increase of 5% year-over-year. As of September 30, 2023, Snap had $3.6 billion in cash, cash equivalents, and marketable securities. Repurchases under this program will be funded from existing cash and cash equivalents. The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture. Repurchases under the program have been authorized for 12 months but the program may be modified, suspended, or terminated at any time. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. “His work to improve our advertising platform, serve our community, and build a strong team has helped lay the foundation for our future growth.” “I am deeply grateful to Jerry for the meaningful contributions he has made over his many years at Snap,” said Evan Spiegel. Hunter’s duties and responsibilities will be transitioned by the end of the month and he will continue to support Snap through Jto help ensure this transition is effective. Hunter joined Snap seven years ago and served an important role in building the company’s engineering and business structures. Jerry Hunter, Chief Operating Officer, has notified Snap that he will retire. “We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success.” “Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted EBITDA as our reprioritized cost structure demonstrated the leverage in our business model,” said Evan Spiegel, CEO. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2023. SANTA MONICA, Calif.-( BUSINESS WIRE)-Snap Inc.
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