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Press Release: Snap Inc. Announces Fourth Quarter -3-

· 02/04/2021 16:10
Change in operating assets and liabilities, net of effect of acquisitions: Accounts receivable, net of allowance (212,508) (117,126) (255,818) (147,862) Prepaid expenses and other current assets 4,765 (4,869) (14,587) (9,849) Operating lease right-of-use assets 10,633 945 38,940 58,199 Other assets (13,785) (3,371) (11,442) 1,169 Accounts payable 8,926 (7,645) 20,374 20,674 Accrued expenses and other current liabilities 14,233 129,408 108,601 146,063 Operating lease liabilities (8,991) 2,415 (49,730) (60,844) Other liabilities 8,623 145 9,817 (954) -------- -------- ---------- ---------- Net cash used in operating activities (52,545) (66,842) (167,644) (304,958) -------- -------- ---------- ---------- Cash flows from investing activities Purchases of property and equipment (16,447) (9,093) (57,832) (36,478) Proceeds from divestiture, net -- -- -- 73,796 Cash paid for acquisitions, net of cash acquired (115,138) (77,119) (168,850) (77,119) Non-marketable investments (16,245) (1,731) (111,586) (5,481) Purchases of marketable securities (947,707) (552,990) (3,524,599) (2,477,388) Sales of marketable securities 16,117 81,742 389,974 184,179 Maturities of marketable securities 839,347 415,115 2,737,523 1,608,854 Other 6,006 -- 5,506 1,029 -------- -------- ---------- ---------- Net cash used in investing activities (234,067) (144,076) (729,864) (728,608) -------- -------- ---------- ---------- Cash flows from financing activities Proceeds from issuance of convertible notes, net of issuance costs -- (437) 988,582 1,251,411 Purchase of capped calls -- -- (100,000) (102,086) Proceeds from the exercise of stock options 8,168 1,801 34,209 16,527 -------- -------- ---------- ---------- Net cash provided by financing activities 8,168 1,364 922,791 1,165,852 -------- -------- ---------- ---------- Change in cash, cash equivalents, and restricted cash (278,444) (209,554) 25,283 132,286 Cash, cash equivalents, and restricted cash, beginning of period 824,987 730,814 521,260 388,974 -------- -------- ---------- ---------- Cash, cash equivalents, and restricted cash, end of period 546,543 $ 521,260 546,543 $ 521,260 ======== ======== ========== ========== Supplemental disclosures Cash paid for income taxes, net $ 1,013 $ 56 $ 3,692 $ 156 Cash paid for interest $ 1,641 $ 370 $ 12,019 $ 1,546 Supplemental disclosures of non-cash activities Net change in accounts payable and accrued expenses and other current liabilities related to property and equipment additions $ 1,584 $ 951 $ 2,732 $ (6,027) SNAP INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts, unaudited) Three Months Ended December Twelve Months Ended December 31, 31, --------------------------- ------------------------------ 2020 2019 2020 2019 -------------- ----------- -------------- -------------- Revenue $ 911,322 $ 560,888 $2,506,626 $ 1,715,534 Costs and expenses: Cost of revenue 385,546 253,439 1,182,505 895,838 Research and development 318,446 219,526 1,101,561 883,509 Sales and marketing 157,634 125,972 555,468 458,598 General and administrative 146,932 215,547 529,164 580,917 --------- --------- --------- ---------- Total costs and expenses 1,008,558 814,484 3,368,698 2,818,862 --------- --------- --------- ---------- Operating loss (97,236) (253,596) (862,072) (1,103,328) Interest income 1,969 10,463 18,127 36,042 Interest expense (29,176) (14,775) (97,228) (24,994) Other income (expense), net 29,471 17,536 14,988 59,013 --------- --------- --------- ---------- Loss before income taxes (94,972) (240,372) (926,185) (1,033,267) Income tax benefit (expense) (18,127) (332) (18,654) (393) --------- --------- --------- ---------- Net loss $ (113,099) $ (240,704) $ (944,839) $(1,033,660) ========= ========= ========= ========== Net loss per share attributable to Class A, Class B, and Class C common stockholders: Basic $ (0.08) $ (0.17) $ (0.65) $ (0.75) ========= ========= ========= ========== Diluted $ (0.08) $ (0.17) $ (0.65) $ (0.75) ========= ========= ========= ========== Weighted average shares used in computation of net loss per share: Basic 1,484,277 1,409,519 1,455,693 1,375,462 ========= ========= ========= ========== Diluted 1,484,277 1,409,519 1,455,693 1,375,462 ========= ========= ========= ========== SNAP INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value) December 31, September December 31, 2020 30, 2020 2019 ------------ ------------ -------------- (unaudited) (unaudited) Assets Current assets Cash and cash equivalents $ 545,618 $ 824,070 $ 520,317 Marketable securities 1,991,922 1,900,935 1,592,488 Accounts receivable, net of allowance 744,288 529,872 492,194 Prepaid expenses and other current assets 56,147 60,837 38,987 ---------- ---------- ---------- Total current assets 3,337,975 3,315,714 2,643,986 Property and equipment, net 178,709 175,199 173,667 Operating lease right-of-use assets 269,728 269,141 275,447 Intangible assets, net 105,929 91,796 92,121 Goodwill 939,259 816,113 761,153 Other assets 192,638 149,811 65,550 ---------- ---------- ---------- Total assets $ 5,024,238 $ 4,817,774 $ 4,011,924 ========== ========== ========== Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 71,908 $ 61,978 $ 46,886 Operating lease liabilities 41,077 40,994 42,179 Accrued expenses and other current liabilities 554,342 507,134 410,610 ---------- ---------- ---------- Total current liabilities 667,327 610,106 499,675 Convertible senior notes, net 1,675,169 1,650,246 891,776 Operating lease liabilities, noncurrent 287,292 287,105 303,178 Other liabilities 64,474 71,546 57,382 ---------- ---------- ---------- Total liabilities 2,694,262 2,619,003 1,752,011 ---------- ---------- ---------- Commitments and contingencies Stockholders' equity Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,248,010,

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February 04, 2021 16:10 ET (21:10 GMT)