Daily Active Users increased 17% year-over-year to 375 million
Full year revenue of $4.6 billion and fourth quarter revenue of $1.3 billion
Fourth quarter operating cash flow of $125 million and Free Cash Flow of $78 million
Second full year of positive operating cash flow and Free Cash Flow
SANTA MONICA, Calif.–(BUSINESS WIRE)–
Snap Inc. (NYSE: SNAP) today announced financial results for the quarter and full year ended December 31, 2022.
“We ended a challenging 2022 with 375 million Daily Active Users, 12% year-over-year annual revenue growth, and positive full year Free Cash Flow,” said Evan Spiegel, CEO. “We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating to deepen the engagement of our community.”
Annual Financial Summary
- Revenue increased 12% to $4.6 billion in 2022, compared to the prior year.
- Net loss was $1,430 million in 2022, including restructuring charges of $189 million, compared to $488 million in 2021.
- Third consecutive year of positive Adjusted EBITDA with $378 million in 2022.
- Second full year of positive operating cash flow and Free Cash Flow of $185 million and $55 million, respectively.
Q4 2022 Financial Summary
- Revenue was $1,300 million, compared to $1,298 million in the prior year.
- Net loss was $288 million, including restructuring charges of $34 million, compared to net income of $23 million in the prior year.
- Adjusted EBITDA was $233 million, compared to $327 million in the prior year.
- Operating cash flow was $125 million, compared to $186 million in the prior year.
- Free Cash Flow was $78 million, compared to $161 million in the prior year.
|
|
Three Months Ended December 31, |
|
Percent |
|
Twelve Months Ended December 31, |
|
Percent |
||||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
||||
|
(Unaudited) |
(in thousands, except per share amounts) |
||||||||||||||||||||
|
|
(NM = Not Meaningful) |
||||||||||||||||||||
|
Revenue |
$ |
1,299,735 |
|
|
$ |
1,297,885 |
|
|
0.1 |
% |
|
$ |
4,601,847 |
|
|
$ |
4,117,048 |
|
|
12 |
% |
|
Operating loss |
$ |
(287,597 |
) |
|
$ |
(25,127 |
) |
|
NM |
|
|
$ |
(1,395,306 |
) |
|
$ |
(702,069 |
) |
|
(99 |
)% |
|
Net income (loss) |
$ |
(288,460 |
) |
|
$ |
22,550 |
|
|
NM |
|
|
$ |
(1,429,653 |
) |
|
$ |
(487,955 |
) |
|
(193 |
)% |
|
Adjusted EBITDA(1) |
$ |
233,275 |
|
|
$ |
326,793 |
|
|
(29 |
)% |
|
$ |
377,573 |
|
|
$ |
616,686 |
|
|
(39 |
)% |
|
Net cash provided by (used in) operating activities |
$ |
125,291 |
|
|
$ |
185,528 |
|
|
(32 |
)% |
|
$ |
184,614 |
|
|
$ |
292,880 |
|
|
(37 |
)% |
|
Free Cash Flow(2) |
$ |
78,366 |
|
|
$ |
160,963 |
|
|
(51 |
)% |
|
$ |
55,308 |
|
|
$ |
223,005 |
|
|
(75 |
)% |
|
Diluted net income (loss) per share attributable to common stockholders |
$ |
(0.18 |
) |
|
$ |
0.01 |
|
|
NM |
|
|
$ |
(0.89 |
) |
|
$ |
(0.31 |
) |
|
(187 |
)% |
|
Non-GAAP diluted net income (loss) per share(3) |
$ |
0.14 |
|
|
$ |
0.22 |
|
|
(38 |
)% |
|
$ |
0.17 |
|
|
$ |
0.50 |
|
|
(65 |
)% |
|
(1) |
See page 10 for reconciliation of net income (loss) to Adjusted EBITDA. In the third quarter of 2022, we initiated a strategic reprioritization plan, which included a reduction of our global employee headcount by approximately 20%. Total restructuring charges… |
Read More: Snap Inc. Announces Fourth Quarter and Full Year 2022 Financial Results
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