TMTB SNAP First Take
SNAP +8%: Roughly in-line Q4 revs and guide; EBITDA Q4 better / Q1 EBITDA guide weaker
Expectations very low on this one so should be ok although nothing too special. EBITDA beat the bright spot: Q4 EBITDA $276M vs street $248M but Q1 guide weaker:
Q1 EBITDA guide a bit weaker at $40-$75M vs street at $80M
Q1 Rev guide $1.33B - $1.36B, slightly ahead of street/bogeys $1.33B
MAUs better at 459M vs 458M
SNAP GUIDANCE: Q1
- Guides revenue $1.33B to $1.36B, EST $1.33B
- Guides ADJ EBITDA $40M to $75M, EST $79.9M
- Guides daily active users about 459M, EST 458.16M
F/Y GUIDANCE
- Guides ADJ operating expenses $2.7B to $2.75B
RESULTS: Q4
- Revenue $1.56B, +14% y/y, EST $1.55B
- North America revenue $968.9M, +7.7% y/y, EST $964.2M
- Europe revenue $287.0M, +20% y/y, EST $286.9M
- Rest of the world revenue $301.3M, +35% y/y, EST $292.7M
- ADJ EPS $0.16 vs. $0.08 y/y, EST $0.14
- ADJ EBITDA $276.0M, +73% y/y, EST $248.1M
- Daily active users 453M, +9.4% y/y, EST 451.17M
- North America daily active users 100M vs. 100M y/y, EST 100.37M
- Europe daily active users 99M, +3.1% y/y, EST 100.1M
- Rest of world daily active users 254M, +17% y/y, EST 251.01M
- Average rev. per user $3.44, +4.6% y/y, EST $3.43
- North America average revenue per user $9.73, +8.6% y/y, EST $9.62
- Europe average revenue per user $2.89, +16% y/y, EST $2.87
- Rest of world average revenue per user $1.19, +16% y/y, EST $1.19
- Free cash flow $182.4M, +65% y/y, EST $181.9M
- Number of employees 4,911, -7.1% y/y, EST 4,99
