Reddit Files Q3 2024 10-Q

Ticker: RDDT · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1713445

Sentiment: neutral

Topics: 10-Q, financials, SEC filing

TL;DR

Reddit's Q3 2024 10-Q is in. Check financials.

AI Summary

Reddit, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position as of Q3 2024. Key financial data and operational updates are provided for investors and stakeholders.

Why It Matters

This filing provides crucial financial insights into Reddit's performance for the third quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks or opportunities.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is for the period ending September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 30, 2024.

What is Reddit, Inc.'s primary business address?

Reddit, Inc.'s business address is 303 2ND STREET, SOUTH TOWER, 5TH FLOOR, SAN FRANCISCO, CA 94104.

What is the fiscal year end for Reddit, Inc.?

The fiscal year end for Reddit, Inc. is December 31.

What is the SEC file number for Reddit, Inc.?

The SEC file number for Reddit, Inc. is 001-41983.

Filing Stats: 4,766 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-10-29 18:23:08

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information

Financial Statement s (unaudited)

Item 1. Financial Statement s (unaudited) 6 Consolidated Balance Sheets 6 Consolidated Statements of Operations 7 Consolidated Statements of Comprehensive Income (Loss) 8 Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity ( Deficit ) 9 Consolidated Statements of Cash Flows 11 Notes to the Consolidated Financial Statements 12

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

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 81

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 82

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 82

Other Information

Item 5. Other Information 82

Exhibits

Item 6. Exhibits 83

Signatures

Signatures NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our strategies to increase awareness of Reddit, including through search engine optimization, partnerships, and investment in full-funnel marketing; our strategies to increase user growth and engagement; our expectations regarding the growth and availability of valuable and appealing user-generated content on our platform; our ability to develop new products and services and bring them to market in a timely manner and make enhancements to our platform; our ability to implement artificial intelligence and machine learning to increase user growth and engagement and support advertising growth; user and advertiser growth strategies in geographies outside of the United States and in languages besides English; strategies to increase revenue from new and existing advertisers, including by (i) evolving our service model to more types of advertisers and building deeper advertiser relationships

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements Reddit, Inc. Consolidated Balance Sheets (in thousands, except share and per share amounts) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 515,895 $ 401,176 Marketable securities 1,229,072 811,946 Accounts receivable, net 283,890 245,279 Prepaid expenses and other current assets 31,974 21,286 Total current assets 2,060,831 1,479,687 Property and equipment, net 13,775 14,946 Operating lease right-of-use assets, net 23,872 24,008 Intangible assets, net 27,904 32,147 Goodwill 42,174 26,299 Other noncurrent assets 3,152 19,380 Total assets $ 2,171,708 $ 1,596,467 LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 62,042 $ 46,514 Operating lease liabilities 5,398 3,707 Accrued expenses and other current liabilities 104,844 83,349 Total current liabilities 172,284 133,570 Operating lease liabilities, noncurrent 21,567 22,040 Other noncurrent liabilities 249 287 Total liabilities 194,100 155,897 Commitments and contingencies (Note 10) Convertible preferred stock, par value $ 0.0001 per share; no and 86,864,781 shares authorized as of September 30, 2024 and December 31, 2023, respectively; no and 73,021,449 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $0 and $ 1,847,993 as of September 30, 2024 and December 31, 2023, respectively — 1,853,492 Stockholders' equity (deficit): Preferred stock, par value $ 0.0001 per share; 100,000,000 and no shares authorized as of September 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Class A common stock, par value $ 0.0001 per share; 2,000,000,000 and 189,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 116,913,495 and 7,099,700 shares issued and outstanding

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