Snap Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Snap Inc. has filed its 2023 Form 10-K detailing its fiscal year performance.</b>

AI Summary

Snap Inc (SNAP) filed a Annual Report (10-K) with the SEC on February 7, 2024. Snap Inc. filed its 2023 Form 10-K on February 7, 2024. The filing covers the fiscal year ending December 31, 2023. Snap Inc. is incorporated in Delaware. The company's principal business address is 3000 31st Street, Santa Monica, CA 90405. The filing includes data for fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Snap Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Snap Inc.'s financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. The detailed financial data and disclosures within the 10-K are essential for understanding Snap Inc.'s revenue streams, profitability, and overall financial health, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Snap Inc shows moderate risk based on this filing. The company operates in the highly competitive social media and digital advertising market, facing significant challenges from established players and emerging platforms, which could impact its growth and profitability.

Analyst Insight

Investors should review Snap Inc.'s detailed financial statements and risk factors in the 10-K to assess its competitive position and growth strategies in the evolving digital landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-07 — Filing Date (FILED AS OF DATE)
• 2023 — Reporting Year (2023 FY)
• 2022 — Previous Year (2022 FY)
• 2021 — Prior Year (2021 FY)

Key Players & Entities

• Snap Inc. (company) — FILER
• SNAP (company) — tk
• 2024-02-07 (date) — FILED AS OF DATE
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 3000 31ST STREET (address) — BUSINESS ADDRESS
• SANTA MONICA (city) — BUSINESS ADDRESS
• DE (state) — STATE OF INCORPORATION
• 2023 (date) — Fiscal Year

Forward-Looking Statements

• Snap Inc. will continue to operate with its multi-class stock structure, maintaining founder control. (Snap Inc.) — high confidence, target: 2025-12-31

FAQ

Industry Context

Snap Inc. operates in the social media and augmented reality technology sector, competing in the digital advertising market.

Regulatory Implications

The company is subject to various regulations concerning data privacy, content moderation, and digital advertising practices.

What Investors Should Do

1. Analyze Snap Inc.'s revenue growth and profitability trends from the 2023 10-K.
2. Review the competitive landscape and market risks outlined in the filing.
3. Assess Snap Inc.'s strategic initiatives and future outlook based on the 10-K disclosures.

Key Dates

• 2024-02-07: 10-K Filing — Official filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This filing is the annual report for fiscal year 2023, following previous quarterly and annual filings.

Key Financial Figures

• $0.00001 — stered Class A Common Stock, par value $0.00001 per share SNAP New York Stock Exchange

Filing Documents

• snap-20231231.htm (10-K) — 2823KB
• ex-44xsnapincdescriptionof.htm (EX-4.4) — 45KB
• ex-1026xsnapincincentiveco.htm (EX-10.26) — 40KB
• ex-1027x2024bonusprogrampr.htm (EX-10.27) — 12KB
• snap-20231231xexx231.htm (EX-23.1) — 2KB
• snap-20231231xexx311.htm (EX-31.1) — 10KB
• snap-20231231xexx312.htm (EX-31.2) — 10KB
• snap-20231231xex321.htm (EX-32.1) — 6KB
• snap-20231231_g1.jpg (GRAPHIC) — 29KB
• snap-20231231_g2.jpg (GRAPHIC) — 73KB
• snap-20231231_g3.jpg (GRAPHIC) — 40KB
• snap-20231231_g4.jpg (GRAPHIC) — 32KB
• snap-20231231_g5.jpg (GRAPHIC) — 39KB
• snap-20231231_g6.jpg (GRAPHIC) — 76KB
• snap-20231231_g7.jpg (GRAPHIC) — 43KB
• snap-20231231_g8.jpg (GRAPHIC) — 25KB
• snap-20231231_g9.jpg (GRAPHIC) — 36KB
• 0001564408-24-000019.txt (&nbsp;) — 12679KB
• snap-20231231.xsd (EX-101.SCH) — 72KB
• snap-20231231_cal.xml (EX-101.CAL) — 107KB
• snap-20231231_def.xml (EX-101.DEF) — 408KB
• snap-20231231_lab.xml (EX-101.LAB) — 991KB
• snap-20231231_pre.xml (EX-101.PRE) — 657KB
• snap-20231231_htm.xml (XML) — 1534KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 52 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 6. Reserved 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 109 Item 9A.

Controls and Procedures

Controls and Procedures 109 Item 9B. Other Information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 110 PART III Item 10. Directors, Executive Officers and Corporate Governance 111 Item 11.

Executive Compensation

Executive Compensation 117 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136 Item 13. Certain Relationships and Related Transactions, and Director Independence 139 Item 14. Principal Accountant Fees and Services 142 PART IV Item 15. Exhibit and Financial Statement Schedules 143 Item 16. Form 10-K Summary 146

Signatures

Signatures 147 ii Table of Contents NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding guidance, our future results of operations or financial condition, our future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "going to," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this report. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report on Form 10-K primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks, uncertainties, and other factors described under "Risk Factor Summary" below, "Risk Factors" in Part I, Item 1A, and elsewhere in this Annual Report on Form 10-K, i

Business

Item 1. Business. Overview Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. Our flagship product, Snapchat, is a visual messaging application that enhances your relationships with friends, family, and the world. Visual messaging is a fast, fun way to communicate with friends and family using augmented reality, video, voice, messaging, and creative tools. Snaps are deleted by default to mimic real-life conversations, so there is less pressure to look popular or perfect when creating and sending images on Snapchat. By reducing the friction typically associated with creating and sharing content, Snapchat has become one of the most used cameras in the world. The camera is a powerful tool for communication and the entry point for augmented reality experiences. By opening directly to the camera, Snapchat empowers our community to express themselves instantly and offers millions of augmented reality Lenses for self expression, learning, and play. In the way that the flashing cursor became the starting point for most products on desktop computers, we believe the camera screen will be the starting point for most products on smartphones. This is because images created by smartphone cameras contain more context and richer information than other forms of input like text entered on a keyboard. Given the magnitude of this opportunity, we are investing and innovating to continue to deliver products and services that are differentiated and that are better able to reflect and improve our life experiences. Snapchat Snapchat is our core mobile device application and contains five distinct tabs, complemented by additional tools that function outside of the application. With a breadth of visual messaging and content experiences available within the appl

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View this 10-K filing on SEC EDGAR