Slide 1: Q1 2025 Earnings Slides
Q1 2025 Earnings Slides April 29, 2025
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements reg
Slide 3: First Quarter 2025 Financial Summary
First Quarter 2025 Financial Summary • Revenue was $1,363 million, compared to $1,195 million in the prior year, an increase of 14%1 year-over-year. Revenue • Average revenue per user was $2.96, compared to $2.83 in the prior year. • GAAP gross margin was 53%, compared to 52% in the prior year. • Ad
Slide 4: Business Highlights
Business Highlights We deepened engagement with our community: • Q1 marked an important milestone for Snap, as we reached more than 900 million monthly active users (MAU), on the way to our goal of 1 billion MAU. • Daily active users (DAU) were 460 million in Q1 2025, an increase of 38 million, or 9
Slide 5: Business Highlights (Continued)
Business Highlights (Continued) We invested in our augmented reality platform: • We introduced new advanced AI video Lenses, powered by our in-house generative video model. • Easy Lens, an AI-powered tool that simplifies Lens creation, went into early testing in mid-December and has already been use
Slide 6: Average Daily Active Users (DAU)
Average Daily Active Users (DAU) (in millions, unaudited) GLOBAL NORTH AMERICA1 + 9% - 1% 443 453 460 414 422 432 100 100 100 100 100 99 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 EUROPE2 REST OF WORLD + 3% + 16% 254 262 96 97 99 99 99 235 244 96 218 226 Q4'23 Q1'24 Q2'2
Slide 7: Revenue by Geography
Revenue by Geography (in millions, unaudited) GLOBAL NORTH AMERICA1 + 14% + 12% $1,557 $969 $1,361 $1,373 $1,363 $900 $858 $832 $1,195 $1,237 $743 $768 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 EUROPE2 REST OF WORLD + 14% + 20% $287 $301 $308 $238 $249 $230 $224 $256 $2
Slide 8: Average Revenue Per User (ARPU)
Average Revenue Per User (ARPU) (unaudited) GLOBAL NORTH AMERICA1 + 5% + 13% $3.29 $3.44 $3.10 $2.96 $9.73 $2.83 $2.86 $8.96 $8.54 $8.41 $7.44 $7.67 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 EUROPE2 REST OF WORLD + 11% + 4% $1.19 $1.17 $1.13 $1.09 $2.89 $1.03 $1.02 $2.4
Slide 9: Adjusted Gross Margin and Adjusted Cost of Revenue
1 Adjusted Gross Margin and Adjusted Cost of Revenue (dollars in millions, unaudited) ADJUSTED GROSS MARGIN1 ADJUSTED COST OF REVENUE1 COMPOSITION Infrastructure Costs Advertising Partner & Other Costs Content & Developer Partner Costs + 1 PPT + 12% $669 $637 $637 $615 $570 $586 57% $180 55% $162 $1
Slide 10: Adjusted Operating Expense Margin and Adjusted Operating Expenses
1 Adjusted Operating Expense Margin and Adjusted Operating Expenses (dollars in millions, unaudited) ADJUSTED OPERATING EXPENSE MARGIN1 ADJUSTED OPERATING EXPENSES1 COMPOSITION Research & Development Sales & Marketing General & Administrative + 3 PPT + 7% 61% 57% 56% $604 $612 $618 55% $587 $579 $59
Slide 11: Net Income (Loss) & Adjusted EBITDA
1 Net Income (Loss) & Adjusted EBITDA (dollars in millions, unaudited) NET INCOME (LOSS) ADJUSTED EBITDA1 Net Income (Loss) Margin Adjusted EBITDA Margin2 $9 1% $276 (11)% (10)% (18)% (20)% $(140) (26)% $(153) $159 $(248) $(249) $132 18% $108 $(305) 12% 8% $55 $46 10% 4% 4% Q4'23 Q1'24 Q2'24 Q3'24 Q
Slide 12: Diluted Net Income (Loss) Per Share & Common Shares Outstanding
Diluted Net Income (Loss) Per Share & Common Shares Outstanding Plus Shares Underlying Stock-Based Awards (in millions, except per share data, unaudited) DILUTED NET INCOME (LOSS) PER SHARE1 COMMON SHARES OUTSTANDING PLUS SHARES UNDERLYING STOCK-BASED AWARDS Common Shares Outstanding $0.01 Shares Un
Slide 13: Operating Cash Flow and Free Cash Flow
1 Operating Cash Flow and Free Cash Flow (in millions, unaudited) OPERATING CASH FLOW FREE CASH FLOW1 $231 $182 $165 $111 $114 $152 $116 $72 $88 $38 $(21) $(73) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Capex $(54) $(50) $(52) $(44) $(48) $(37) YoY Change 41% (63)% 38%
Slide 14: Capital Resources and Liquidity
Capital Resources and Liquidity (in millions, unaudited) CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES OUTSTANDING DEBT Maturity of Outstanding Principal $3,544 $3,376 $3,192 $3,207 $3,081 $2,911 $1,500 $700 $750 $353 $204 $36 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 2025 2026 2027 2028 2029 2030 203
Slide 15: Appendix
Appendix
Slide 16: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Adjusted Cost of Revenue reconciliation GAAP Cost of Revenue $ 621,504 $ 574,749 $ 588,921 $ 638,907
Slide 17: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Adjusted Research and Development Expenses reconciliation GAAP Research and Development Expenses $ 48
Slide 18: Non-GAAP Financial Measures Reconciliation – Quarterly
Non-GAAP Financial Measures Reconciliation – Quarterly (in thousands, unaudited) Three Months Ended December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Adjusted EBITDA reconciliation Net income (loss) $ (248,247) $ (305,090) $ (248,620) $ (153,247) $ 9,
Slide 19: Non-GAAP Measures
Non-GAAP Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be
Slide 20: Note Regarding User Metrics and Other Data
Note Regarding User Metrics and Other Data We define a Daily Active User, or DAU, as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the numbe
Slide 21: Note Regarding User Metrics and Other Data (Continued)
Note Regarding User Metrics and Other Data (Continued) Some of our demographic data may be incomplete or inaccurate. For example, because users self-report their dates of birth, our age-demographic data may differ from our users’ actual ages. And because users who signed up for Snapchat before June