Snap

2024 Annual Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
______________________________________________________
FORM 10-K 
______________________________________________________
(Mark One) 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934 
For the fiscal year ended December 31, 2024
OR 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO 
Commission File Number 001-38017
______________________________________________________
SNAP INC.
(Exact name of registrant as specified in its charter) 
______________________________________________________
Delaware
45-5452795
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3000 31st Street, Santa Monica, California 90405
(Address of principal executive offices, including zip code)
(310) 399-3339
(Registrant’s telephone number, including area code) 
______________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.00001 per 
share
SNAP
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), 
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant 
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant 
was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” 
and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of 
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public 
accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing 
price of the shares of Class A common stock on the New York Stock Exchange on June 28, 2024, the last business day of the 
Registrant’s most recently completed second fiscal quarter, was approximately $21.5 billion.
As of January 31, 2025, the Registrant had 1,442,210,767 shares of Class A common stock, 22,523,290 shares of Class B common stock, 
and 231,626,943 shares of Class C common stock outstanding.
Auditor Firm Id: 42 
Auditor Name: Ernst & Young LLP 
Auditor Location: Los Angeles, CA, United States
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TABLE OF CONTENTS
Page
Note Regarding Forward-Looking Statements
1
Risk Factor Summary
3
Note Regarding User Metrics and Other Data
5
PART I
Item 1.
Business
6
Item 1A.
Risk Factors
13
Item 1B.
Unresolved Staff Comments
52
Item 1C.
Cybersecurity
52
Item 2.
Properties
53
Item 3.
Legal Proceedings
53
Item 4.
Mine Safety Disclosures
54
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities
55
Item 6.
Reserved
56
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
57
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
75
Item 8.
Financial Statements and Supplementary Data
77
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
116
Item 9A.
Controls and Procedures
116
Item 9B.
Other Information
117
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
117
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
118
Item 11.
Executive Compensation
124
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters
140
Item 13.
Certain Relationships and Related Transactions, and Director Independence
143
Item 14.
Principal Accountant Fees and Services
146
PART IV
Item 15.
Exhibit and Financial Statement Schedules
147
Item 16.
Form 10-K Summary
150
Signatures
151
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ii

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 events and 
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, including among 
other things:
•
our financial performance, including our revenues, cost of revenues, operating expenses, and our ability to attain 
and sustain profitability;
•
our ability to generate and sustain positive cash flow;
•
our ability to attract and retain users and partners;
•
our ability to attract and retain advertisers;
•
our ability to compete effectively with existing competitors and new market entrants;
•
our ability to effectively manage our growth and future expenses;
•
our ability to comply with modified or new laws, regulations, and executive actions applying to our business;
•
our ability to maintain, protect, and enhance our intellectual property;
•
our ability to successfully expand in our existing market segments and penetrate new market segments;
•
our ability to attract and retain qualified team members and key personnel;
•
our ability to repay or refinance outstanding debt, or to access additional financing;
•
future acquisitions of or investments in complementary companies, products, services, or technologies; and
•
the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, 
and war or other armed conflict on our business, operations, and the markets and communities in which we and 
our partners, advertisers, and users operate.
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties 
emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the 
forward-looking statements contained in this Annual Report on Form 10-K. The results, events, and circumstances 
reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could 
differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant 
subject. These statements are based on information available to us as of the date of this Annual Report on Form 10-K. And 
while we believe that information provides a reasonable basis for these statements, that information may be limited or 
incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, 
all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these 
statements.
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1

The forward-looking statements made in this Annual Report on Form 10-K relate only to events as of the date on 
which the statements are made. We undertake no obligation to update any forward-looking statements made in this report 
to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of 
unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic 
conditions, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our 
forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-
looking statements do not reflect the potential impact of any future acquisitions, dispositions, joint ventures, restructurings, 
legal settlements, or investments.
Investors and others should note that we may announce material business and financial information to our 
investors using our websites (including investor.snap.com), filings with the U.S. Securities and Exchange Commission, or 
SEC, webcasts, press releases, investor letters, and conference calls. We use these mediums, including Snapchat and our 
website, to communicate with our members and the public about our company, our products, and other issues. It is possible 
that the information that we make available may be deemed to be material information. We therefore encourage investors 
and others interested in our company to review the information that we make available on our websites.
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2

Risk Factor Summary
Our business is subject to significant risks and uncertainties that make an investment in us speculative and risky. 
Below we summarize what we believe are the principal risk factors but these risks are not the only ones we face, and you 
should carefully review and consider the full discussion of our risk factors in the section titled “Risk Factors,” together 
with the other information in this Annual Report on Form 10-K. 
1. 
Our Strategy and Advertising Business
We operate in a highly competitive and rapidly changing environment so we must continually innovate our 
products and evolve our business model for us to succeed. 
We emphasize rapid innovation and prioritize long-term user engagement over short-term financial conditions or 
results if we believe that it will benefit the aggregate user experience and improve our financial performance over the long 
term. Although we have achieved profitability in certain periods, we have a history of operating losses and, as a result of 
our long-term focus, we may prioritize investments and expenses we believe are necessary for our long-term growth over 
achieving short-term profitability. Investments in our future, including through new products or acquisitions, are inherently 
risky and may not pay off, which would adversely affect our ability to settle the principal and interest payments on our 
outstanding convertible senior notes or other indebtedness when due, and further delay or hinder our ability to sustain 
profitability. This in turn would hinder our ability to secure additional financing to meet our current and future financial 
needs on favorable terms, or at all.
We generate substantially all of our revenue from advertising. Our advertising business is most effective when our 
advertisers succeed. Driving their success requires continual investment in our advertising products and may be hindered 
by competitive challenges and various legal, regulatory, and operating system changes that make it more difficult for us to 
achieve and demonstrate a meaningful return for our advertisers. For example, on-going changes to privacy and data 
protection laws and mobile operating systems continue to present issues for us in measuring the effectiveness of 
advertisements on our services. Additionally, individuals are becoming increasingly resistant to the processing of personal 
data to deliver behavioral, interest-based, or targeted advertisements, and regulators are likewise scrutinizing such data 
processing activities, which could reduce the demand for our products and services and threaten our primary revenue 
stream. Alternative methods, to the extent we can develop such methods in compliance with current or future privacy and 
data protection laws, mobile operating system requirements, and other requirements, may take time to develop and be 
adopted by our advertisers and users, and may not be as effective as prior methods. 
We believe that this impact on our targeting, measurement, and optimization capabilities has negatively affected 
and may continue to negatively affect our operating results. In addition, our advertising business is seasonal, volatile, and 
cyclical, which could result in fluctuations in our quarterly revenues and operating results, including the expectations of our 
business prospects.
Our business and operations have been, and in the future could be, adversely affected by events beyond our 
control, such as health epidemics and geo-political events and conflicts. In addition, macroeconomic factors like labor 
shortages and disruptions, supply chain disruptions, banking instability, tariffs, and inflation have in the past and may 
continue to cause logistical challenges, increased input costs, and inventory constraints for our advertisers, which in turn 
may also halt or decrease advertising spending, and harm our business.
2. 
Our Community and Competition
We need to continually innovate and create new products, and enhance our existing products, to attract, retain, and 
grow our global community. Products that we create may fail to attract or retain users or partners, or to generate 
meaningful revenue, if any. In addition, we have and expect to continue to expand organically and through acquisitions, 
including in international markets, which we may not be able to effectively manage or scale. If our community does not see 
the value in our products or brand, or if competitors offer better alternatives, our community could easily switch to other 
services. Although we have experienced rapid growth in our community over the last few years, we have also experienced 
declines and there can be no assurance that declines won’t happen again. 
Many of our competitors have significantly more resources and larger market shares than we do, which gives them 
advantages over us that can make it more difficult for us to succeed.
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3

3. 
Our Partners
We primarily rely on Google, Apple, and Amazon to provide their mobile operating systems and other services for 
our applications and other core services, including our platform. If these partners do not provide their services as we 
expect, terminate their services, or change the terms, or their interpretation of the terms, of our agreements, or change the 
functionality of their mobile operating systems in ways that are adverse to us, our service may be interrupted and our 
product experience could be degraded, which may harm our reputation, increase our costs, or make it harder for us to 
sustain profitability. Many other parts of our business depend on partners, including content partners and advertising 
partners, so our success depends on our ability to attract and retain these partners.
4. 
Our Technology and Regulation
Our business is complex and success depends on our ability to rapidly innovate, the interoperability of our service 
on many different smartphones and mobile operating systems, and our ability to safeguard sensitive user data. Because our 
systems and our products are constantly changing, we are susceptible to data breaches, cyberattacks, security incidents, 
bugs, and other vulnerabilities and errors in how our products work and are measured. We may also fail to maintain 
effective processes that report our metrics or financial results. Given the complexity of the systems involved and the 
rapidly changing nature of mobile devices and operating systems, we expect to encounter issues, particularly if we continue 
to expand in parts of the world where mobile data systems and connections are less stable.
We are also subject to complex and evolving federal, state, local, and foreign laws and regulations regarding 
privacy, data protection, biometric processing, content regulation, artificial intelligence, or AI, taxes, and other matters, 
which are subject to change and have uncertain interpretations. Given the nature of our business, we are particularly 
susceptible to changes in such laws regarding privacy and data protection, which may require us to change our products 
and may impact our revenue stream. Any actual or perceived failure to comply with such legal and regulatory obligations, 
including in connection with our consent decree with the U.S. Federal Trade Commission, may lead to costly litigation or 
otherwise adversely impact our business.
We also must actively protect our intellectual property. We are subject to various legal proceedings, claims, class 
actions, inquiries, and investigations related to our intellectual property, which may be costly or distract management. We 
also rely on a variety of statutory and common-law frameworks for the content we provide our users, including the Digital 
Millennium Copyright Act, the Communications Decency Act, and the fair-use doctrine, each of which has been subject to 
adverse judicial, political, and regulatory scrutiny in recent times.
5. 
Our Team and Capital Structure
We need to attract and retain a high caliber team to maintain our competitive position. We may incur significant 
costs and expenses in maintaining and growing our team, and may lose valuable members of our team as we compete 
globally, including with our competitors, for key talent. A substantial portion of our employment costs is paid in our 
common stock, the price of which has been volatile, and our ability to attract and retain talent may be adversely affected if 
our shares decline in value.
Our two co-founders, who serve as our Chief Executive Officer and Chief Technology Officer, control over 99% 
of the voting power of our outstanding capital stock, which means they control substantially all outcomes submitted to 
stockholders. Class A common stockholders have no voting rights, unless required by Delaware law. This concentrated 
control may result in our co-founders voting their shares in their best interest, which might not always be in the interest of 
our stockholders generally.
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4

NOTE REGARDING USER METRICS AND OTHER DATA
We define a Daily Active User, or DAU, as a registered and logged-in Snapchat user who visits Snapchat through 
our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular 
quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that 
quarter. DAUs are broken out by geography because markets have different characteristics. We define average revenue per 
user, or ARPU, as quarterly revenue divided by the average DAUs. For purposes of calculating ARPU, revenue by user 
geography is apportioned to each region based on our determination of the geographic location in which advertising 
impressions are delivered, as this approximates revenue based on user activity. This allocation differs from our components 
of revenue disclosure in the notes to our consolidated financial statements, where revenue is based on the billing address of 
the advertising customer. For information concerning these metrics as measured by us, see “Management’s Discussion and 
Analysis of Financial Condition and Results of Operations.” 
Unless otherwise stated, statistical information regarding our users and their activities is determined by calculating 
the daily average of the selected activity for the most recently completed quarter included in this report.
While these metrics are determined based on what we believe to be reasonable estimates of our user base for the 
applicable period of measurement, there are inherent challenges in measuring how our products are used across large 
populations globally. For example, there may be individuals who attempt to create accounts for malicious purposes, 
including at scale, even though we forbid that in our Terms of Service and Community Guidelines. We implement 
measures in our user registration process and through other technical measures to prevent, detect, and suppress that 
behavior, although we have not determined the number of such accounts. 
Changes in our products, infrastructure, mobile operating systems, or metric tracking system, or the introduction 
of new products, may impact our ability to accurately determine active users or other metrics and we may not determine 
such inaccuracies promptly. We also believe that we don’t capture all data regarding each of our active users. Technical 
issues may result in data not being recorded from every user’s application. For example, because some Snapchat features 
can be used without internet connectivity, we may not count a DAU because we don’t receive timely notice that a user has 
opened the Snapchat application. This undercounting may increase as we grow in Rest of World markets where users may 
have poor connectivity. We do not adjust our reported metrics to reflect this underreporting. We believe that we have 
adequate controls to collect user metrics, however, there is no uniform industry standard. We continually seek to identify 
these technical issues and improve both our accuracy and precision, including ensuring that our investors and others can 
understand the factors impacting our business, but these technical issues and new issues may continue in the future, 
including if there continues to be no uniform industry standard. 
Some of our demographic data may be incomplete or inaccurate. For example, because users self-report their dates 
of birth, our age-demographic data may differ from our users’ actual ages. And because users who signed up for Snapchat 
before June 2013 were not asked to supply their date of birth, we may exclude those users from our age demographics or 
estimate their ages based on a sample of the self-reported ages that we do have. If our active users provide us with incorrect 
or incomplete information regarding their age or other attributes, then our estimates may prove inaccurate and fail to meet 
investor expectations.
We count a DAU only when a user visits Snapchat through our applications or websites and only once per user 
per day. We believe this methodology more accurately measures our user engagement. We have multiple pipelines of user 
data that we use to determine whether a user has visited Snapchat through our applications or websites during a particular 
day. This provides redundancy in the event one pipeline of data were to become unavailable for technical reasons, and also 
gives us redundant data to help measure how users interact with our application.
If we fail to maintain an effective analytics platform, our metrics calculations may be inaccurate. We regularly 
review, have adjusted in the past, and are likely in the future to adjust our processes for calculating our internal metrics to 
improve their accuracy. As a result of such adjustments, our DAUs or other metrics may not be comparable to those in 
prior periods. Our measures of DAUs may differ from estimates published by third parties or from similarly titled metrics 
of our competitors due to differences in methodology or data used.
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5

PART I
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 
application, Snapchatters can interact with any or all of the five tabs.
Camera: The Camera is a powerful tool for communication and the entry point for augmented reality experiences 
in Snapchat. Snapchat opens directly to the Camera, making it easy to create a Snap and send it to friends. Our augmented 
reality, or AR, capabilities within our Camera allow for creativity and self-expression. We offer millions of Lenses, created 
by both us and our community, along with creative tools and licensed music and audio clips, which make it easy for people 
to personalize and contextualize their Snaps. We also offer voice and scanning technology within our Camera. While Snaps 
are deleted by default to mimic real-life conversations, Snapchatters can save their creativity through a searchable 
collection of Memories stored on both their Snapchat account and their mobile device.
Visual Messaging: Visual Messaging is a fast, fun way to communicate with friends and family using AR, video, 
voice, messaging, and creative tools. We also offer My AI, our AI-powered chatbot, which helps our community foster 
creativity and connection with friends, receive real-world recommendations, and learn more about their interests and 
favorite subjects. They can also communicate through our proprietary personalized avatar tool, Bitmoji, and its associated 
contextual stickers and images, which integrate seamlessly into both mobile devices and desktop browsers.
Snap Map: Snap Map is a live and highly personalized map that allows Snapchatters to connect with friends and 
explore what is going on in their local area. Snap Map makes it easy to locate nearby friends who choose to share their 
location, view a heatmap of recent Snaps posted to Our Story by location, and locate local businesses. Places, rich profiles 
of local businesses that include information such as store hours and reviews, overlay specialized experiences from select 
partners on top of Snap Map, and allow Snapchatters to take direct actions from Snap Map, such as sharing a favorite store, 
ordering takeout, or making a reservation.
Stories: Stories are a fun way to stay connected, and feature content from friends, our community, and our content 
partners. Friends Stories allow Snapchatters to express themselves in narrative form through photos and videos, shown in 
chronological order, to their friends. The Discover section of this tab displays curated content based on a Snapchatter’s 
subscriptions and interests, and features news and entertainment from both our creator community and publisher partners. 
We also offer Public Profiles as a way for our creator community and our advertising partners to memorialize and scale 
their content and AR Lenses on our platform.
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Spotlight: Spotlight showcases the best of Snapchat, helping people discover new creators and content in a 
personalized way. Here we surface the most entertaining Snaps from our community all in one place, which becomes 
tailored to each Snapchatter over time based on their preferences and favorites. The Trending page allows Snapchatters to 
discover and engage with popular topics and genres.
We are currently testing a new and simplified version of Snapchat referred to as Simple Snapchat, which 
organizes the tabs into three core experiences focused on communicating with friends, using the camera, and watching 
entertaining content.
In addition to our core Snapchat product, we offer Snapchat+, our subscription service that provides subscribers 
access to exclusive, experimental, and pre-release features. Snapchat+ offers a variety of features from allowing 
Snapchatters to customize the look and feel of their app to giving special insights into their friendships. We also offer 
Snapchat for Web, a browser-based product that brings Snapchat’s signature capabilities to the web.
Spectacles are our wearable AR glasses, which overlay computing over the world and extend the immersive AR 
Lenses experience beyond Snapchat. Spectacles are powered by Snap OS, a new purpose-built operating system with a 
natural interface that uses your hands and voice without the need for physical controllers. Spectacles are available to 
professional and hobbyist developers through our Spectacle Developer Program to create AR experiences through Lens 
Studio, our free AR development and distribution tool.
Our Partner Ecosystem
Many elements and features of Snapchat are enhanced by our expansive partner ecosystem that includes 
developers, creators, publishers, and advertisers, among others. We help them create and bring diverse content and 
experiences into Snapchat, leverage Snapchat capabilities in their own applications and websites, and use advertising to 
promote these and other experiences to our large, engaged, and differentiated user base. We seek to reward our partner 
ecosystem for their creativity, and continue to support them as they grow their audience and build their business on 
Snapchat.
Developers are able to integrate with Snapchat and its core technologies, like Snap’s AR Camera and Bitmoji, 
through a variety of tools. Creative Kit gives developers and their communities a seamless sharing experience from their 
app directly to Snapchat. Through Camera Kit, our partners can embed Snap’s AR platform directly into their application, 
extending the use of AR beyond self-expression and communication use cases. We also provide developers a turnkey suite 
of tools and services that enable them to create AR Lenses and track the performance of those through analytics. Finally, 
developers can bring an inclusive mode of identity and expression to their apps and games with our Bitmoji for Developers 
APIs.
AR creators can use Lens Studio, our powerful desktop application designed for creators and developers, to build 
Lenses and AR experiences for Snapchatters. Spotlight creators can utilize our content creation tools to reach millions of 
Snapchatters and build their businesses through various monetization opportunities. Our Creator Marketplace connects 
both AR and Spotlight creators directly with our advertising partners. We provide monetizable opportunities through 
programs like the Snap Lens Network and Spectacles Lens Fund, which provide grants to support AR product development 
across many industries. We recognize and reward top performing Lenses through our Lens Creator Rewards program. We 
also support our content creator community through a number of programs, including advertising revenue sharing on our 
mid-roll advertisements in Snap Stars’ Stories and Spotlight.
Publisher partners can expand their audiences and monetize content through our Discover section. In addition, we 
work with various telecommunications providers and original equipment manufacturers, particularly as we build our 
presence in new markets.
Our Advertising Products
We connect both brand and direct response advertisers to Snapchatters globally. Our ad products are built on the 
same foundation that makes our consumer products successful. This means that we can take the things we learn while 
creating our consumer products and apply them to building innovative and engaging advertising products familiar to our 
community.
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AR Ads: Advertising through Snap’s AR tools unlocks the ability to reach a unique audience in a highly 
differentiated way through AR Lenses. AR Lenses are designed through our camera to take advantage of the reach and 
scale of our augmented reality platform to create visually engaging 3D experiences, including the ability to visualize and 
try on products such as beauty, apparel, accessories, and footwear. AR Lenses can be memorialized on Snapchat, through 
Public Profiles that aggregate content and lenses in a single, easy to find place.
Snap Ads: We let advertisers tell their stories the same way our users do, using full screen videos with sound. 
These also allow advertisers to integrate additional experiences and actions directly within these advertisements, including 
watching a long-form video, visiting a website, or installing an app. Snap Ads include the following:
•
Single Image or Video Ads: These are full screen ads that are skippable, and can contain an attachment to enable 
Snapchatters to swipe up and take action. 
•
Story Ads: Story Ads are branded tiles that live within the Discover section of the Stories tab that can be either 
video ads or a series of 3 to 20 images. 
•
Collection Ads: Collection Ads feature four tappable tiles to showcase multiple products, giving Snapchatters a 
frictionless way to browse and buy. 
•
Dynamic Ads: Dynamic ads leverage our machine learning algorithm to match a product catalog to serve the right 
ad to the right Snapchatter at the right time. 
•
Commercials: Commercials are non-skippable for six seconds, but can last up to three minutes. These ads appear 
within Snapchat’s curated content.
•
Sponsored Snaps: Sponsored Snaps allow advertisers to communicate visually with the Snapchat community 
through sponsored messages within the chat tab.
•
Promoted Places: Promoted Places allow businesses to use the Snap Map to suggest sponsored places of interest to 
Snapchatters by highlighting the brand’s locations on the Snap Map with a promoted pin.
Campaign Management and Delivery: We aim to continually improve the way these ad formats are purchased and 
delivered. We have invested heavily to build our self-serve advertising platform, which provides automated, sophisticated, 
and scalable ad buying and campaign management.
We offer the ability to bid for advertisements that are designated to drive Snapchatters to: visit a website, make a 
purchase, visit a local business, call or text a business, watch a story or video, download an app, or return to an app, among 
others. Additionally, our delivery framework continues to optimize relevance of ads across the entire platform by 
determining the best ad to show to any given user based on their real-time and historical attributes and activity. This 
decreases the number of wasted impressions while improving the effectiveness of the ads that are shown to our community. 
This helps advertisers increase their return on investment by providing more refined targeting, the ability to test and learn 
with different creatives or campaign attributes in real time, and the dynamics of our self-serve pricing.
Measuring Advertising Effectiveness: We offer first-party measurement solutions and we support our advertising 
partners preferred third-party measurement solutions to provide a vast array of analytics on campaign attributes like reach, 
frequency, demographics, and viewability; changes in perceptions like brand favorability or purchase intent; and lifts in 
actual behavior like purchases, foot traffic, app installs, and online purchases.
Technology
Our research and development efforts focus on product development, advertising technology, and large-scale 
infrastructure.
Product Development: We work relentlessly and invest deliberately to create and improve products for our 
community and our partners. We develop a wide range of products related to visual messaging and storytelling that are 
powered by a variety of new technologies.
Advertising Technology: We constantly develop and expand our advertising products and technology. In an effort 
to provide a strong and scalable return on investment to our advertisers, our advertising technology roadmap centers around 
improving our delivery framework, measurement capabilities, and self-serve tools.
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Large-scale Infrastructure: We spend considerable resources and investment on the underlying architecture that 
powers our products, such as optimizing the delivery of billions of videos to hundreds of millions of people around the 
world every day. We currently partner with third party providers to support the infrastructure for our growing needs. These 
partnerships have allowed us to scale quickly without upfront physical infrastructure costs, allowing us to focus our efforts 
on product innovation.
Employees and Culture
We seek to be a force for good through our products, our work to strengthen our communities, our efforts to make 
a positive impact on the planet, and our inclusive workplace.
Supporting Our Team: Our values at Snap are being kind, smart, and creative, and we put those values into action 
through how we support our team and how our team supports one another. Council, which is a practice of active listening 
that promotes open-mindedness and cultivates empathy and compassion among participants, helps us build and sustain a 
community steeped in integrity, connection, collaboration, creativity, and kindness. Our talent development programs seek 
to unlock potential by helping team members advance, learn, and grow in a fair and equitable way at Snap. We focus on the 
health and well-being of our employees through programs and benefits that support their physical, emotional, and financial 
fitness. To attract and retain the best talent, we offer challenging work in an environment that enables our employees to 
have a direct meaningful contribution to new and exciting projects. Underlying these values is our commitment to ethical 
conduct where we work to instill in our team that acting with integrity means being your whole self, being honest, and 
doing the right thing.
Diversity, Equity, and Inclusion: Snap has long supported Diversity, Equity and Inclusion, or DEI, so that every 
team member uses their unique backgrounds, experiences, and abilities to build products that uplift the lived experiences of 
Snapchatters globally. To aid in our mission, we publish a Diversity Annual Report that discusses our diversity, equity, and 
inclusion strategy. This report outlines our beliefs around the idea that an inclusive workplace and inclusive products are 
central to achieving that purpose. This report is excerpted in our broader CitizenSnap Report that details the work we’re 
doing to support our communities, our planet, and our team, and is available on our website at www.snap.com.
Human Capital: As part of our human capital resource objectives, we seek to recruit, retain, and incentivize our 
highly talented existing and future employees. We believe that creating an inclusive environment where team members can 
grow, develop, and be their true selves is critical to attracting and retaining talent. Our compensation philosophies also 
align to that belief.
Our compensation philosophy is based around building a culture of ownership and high performance by putting 
both impact and our values at the center of our performance feedback process and pay outcomes. We utilize equity as part 
of our compensation practices to drive a long-term orientation and have committed to paying a minimum living wage for 
all employees globally.
As of December 31, 2024, we had 4,911 full-time employees, of whom approximately 52% are in engineering 
roles involved in the design, development, support, and manufacture of new and existing products and processes.
Climate Change: Our commitment to combating climate change remains unchanged. In 2021, we adopted a set of 
science-based emissions reduction targets which were validated by the Science Based Targets Initiative. Additionally, in 
2021, we achieved carbon neutrality with the purchase of carbon offsets for our historical operations from our founding in 
2011 through 2020. Since then, we’ve maintained our carbon-neutral status each year through the purchase of carbon 
offsets for emissions attributable to us.
Our Commitment to Privacy
Our approach to privacy is simple: Be upfront, offer choices, and never forget that our community comes first.
We built Snapchat as an antidote to the context-less communication that has plagued “social media.” Not so long 
ago, a conversation among friends would be just that: a private communication in which you knew exactly who you were 
talking to, what you were talking about, and whether what you were saying was being memorialized for eternity. 
Somewhere along the way, social media—by prioritizing virality and permanence—sapped conversations of this valuable 
context and choice. When we began to communicate online, we lost some of what made communication great: spontaneity, 
emotion, honesty—the full range of human expression that makes us human in the first place.
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We don’t think digital communication has to be this way. That’s why choice matters. We build products and 
services that emphasize the context of a conversation—who, when, what, and where something is being said. If you don’t 
have the autonomy to shape the context of a conversation, the conversation will simply be shaped by the permanent feeds 
that homogenize online conversations.
When you read our Privacy Policy, we hope that you’ll notice how much we care about the integrity of personal 
communication. For starters, we’ve written our Privacy Policy in plain language because we think it’s important that 
everyone understands exactly how we handle their information. Otherwise, it’s hard to make informed choices about how 
you communicate. We’ve also created a robust Privacy, Safety, and Policy Hub where we show that context and choice are 
more than talking points. There, we point out the many ways that users can control who sees their Snaps and Stories, and 
explain how long content will remain on our servers, how users can manage the information that we do have about them, 
and much more. This is where you’ll also find our Transparency Report in which we provide insight into these efforts and 
visibility into the nature and volume of content reported on our platform.
We also understand that privacy policies—no matter how ambitious—are only as good as the people and practices 
behind those policies. When someone trusts us to transmit or store their information, we know we have a responsibility to 
protect that information and we work hard to keep it secure. New features go through an intense privacy-review process—
we debate pros and cons, and we work hard to build products we’re proud of and that we’ll want to use. We handle user 
information with the same care that we want for our family, our friends, and ourselves.
Competition
We compete with other companies in every aspect of our business, particularly with companies that focus on 
mobile engagement and advertising. Many of these companies, such as Alphabet (including Google and YouTube), Apple, 
ByteDance (including TikTok), Meta (including Facebook, Instagram, Threads, and WhatsApp), Pinterest, and X (formerly 
Twitter), may have greater financial and human resources and, in some cases, larger user bases. Given the breadth of our 
product offerings, we also compete with companies that develop products or otherwise operate in the mobile, camera, 
communication, content, and advertising industries that offer, or will offer, products and services that may compete with 
Snapchat features or offerings. Our competitors span from internet technology companies and digital platforms, to 
traditional companies in print, radio, and television sectors to underlying technologies like default smartphone cameras and 
messaging. Additionally, our competition for engagement varies by region. For instance, we face competition from 
companies like Kakao, LINE, Naver (including Snow), and Tencent in Asia.
We compete to attract and retain our users’ attention, both in terms of reach and engagement. Since our products 
and those of our competitors are typically free, we compete based on our brand and the quality and nature of our product 
offerings rather than on price. As such, we invest heavily in constantly improving and expanding our product lines.
We also compete with other companies to attract and retain partners and advertisers, which depends primarily on 
our reach and ability to deliver a strong return on investment.
Finally, we compete to attract and retain highly talented individuals, including software engineers, designers, and 
product managers. In addition to providing competitive compensation packages, we compete for talent by fostering a 
culture of working hard to create great products and experiences and allowing our employees to have a direct meaningful 
contribution to new and exciting projects.
Seasonality in Our Business
We have historically seen seasonality in our business. Overall advertising spend tends to be strongest in the fourth 
quarter of the calendar year, and we have observed a similar pattern in our historical revenue. We have also experienced 
seasonality in our user engagement, generally seeing lower engagement during summer months and higher engagement in 
December.
Intellectual Property
Our success depends in part on our ability to protect our intellectual property and proprietary technologies. To 
protect our proprietary rights, we rely on a combination of intellectual property rights in the United States and other 
jurisdictions, including patents, trademarks, copyrights, trade secret laws, license agreements, internal procedures, and 
contractual provisions. We also enter into confidentiality and invention assignment agreements with our employees and 
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contractors and sign confidentiality agreements with third parties. Our internal controls are designed to restrict access to 
proprietary technology.
As of December 31, 2024, we had approximately 4,169 issued patents and approximately 3,263 filed patent 
applications in the United States and foreign countries relating to our Snapchat, Lens Studio, Spectacles and Snap OS 
products, augmented reality, AI and machine learning, and other technologies. Our issued patents will expire between 2025 
and 2047. We may not be able to obtain protection for our intellectual property, and our existing and future patents, 
trademarks, and other intellectual property rights may not provide us with competitive advantages or distinguish our 
products and services from those of our competitors.
We license content, trademarks, technology, and other intellectual property from our partners, and rely on our 
license agreements with those partners to use the intellectual property. We also enter into licensing agreements with third 
parties to receive rights to patents and other know-how. Third parties may assert claims related to intellectual property 
rights against our partners or us.
Other companies and “non-practicing entities” that own patents, copyrights, trademarks, trade secrets, and other 
intellectual property rights related to the mobile, camera, communication, content, internet, and other technology-related 
industries frequently enter into litigation based on allegations of infringement, misappropriation, and other violations of 
intellectual property or other rights. As our business continues to grow and competition increases, we will likely face more 
claims related to intellectual property and litigation matters.
Government Regulation
We are subject to many federal, state, local, and foreign laws and regulations, including those related to 
advertising, algorithms, anti-money laundering, competition, consumer protection, content regulation, data protection, 
electronic funds transfers, employment, encryption, gift cards, health and safety, import and export restrictions, intellectual 
property, communication, money transmission, privacy, protection of minors, rights of publicity, and taxation. These laws 
and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that could harm 
our business. Like other companies in our industry, we face increasingly heightened scrutiny from both the United States 
and foreign governments with respect to our compliance with laws and regulations. Compliance with these laws and 
regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations, and 
competitive position as compared to prior periods, and we do not currently anticipate material capital expenditures for 
environmental control facilities.
We are also currently, and may in the future be, subject to regulatory orders or consent decrees, including the 
consent order that we entered into with the U.S. Federal Trade Commission, or FTC, in December 2014, which resolved an 
investigation into some of our early practices. That order requires, among other things, that we establish a robust privacy 
program to govern how we treat user data. During the 20-year lifespan of the order, we must complete biennial independent 
privacy audits. The FTC has continued to review our practices and in January 2025, announced the referral of a complaint 
to the Department of Justice, or the DOJ, pertaining to our deployment of our My AI feature and the allegedly resulting risk 
of harm to young users. Any enforcement action related to this matter, or any violation of existing or future regulatory 
orders or consent decrees could subject us to substantial monetary fines and other penalties that could negatively affect our 
financial condition and results of operations.
Furthermore, foreign data protection, privacy, consumer protection, content regulation, and other laws and 
regulations are often more restrictive than those in the United States. It is possible that certain governments may seek to 
block or limit our products or otherwise impose other restrictions that may affect the accessibility or usability of any or all 
our products for an extended period of time or indefinitely. Due to such laws and regulations, our products may not be 
available in all locations. Our public policy team monitors legal and regulatory developments in the United States, as well 
as many foreign countries, and communicates with policymakers and regulators in the United States and internationally.
For additional information about government regulation applicable to our business, see “Risk Factors” in Part I, 
Item 1A and “Legal Proceedings” in Part I, Item 3 in this Annual Report on Form 10-K.
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Information about Geographic Revenue and Segments
Information about geographic revenue and segments is set forth in Notes 2 and 19, respectively, of the notes to our 
consolidated financial statements included in “Financial Statements and Supplementary Data” in Part II, Item 8 in this 
Annual Report on Form 10-K.
Available Information
Our website address is www.snap.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, 
Current Reports on Form 8-K, and amendments to these reports filed pursuant to Sections 13(a) and 15(d) of the Exchange 
Act are filed with the SEC. Such reports and other information filed or furnished by us with the SEC are available free of 
charge on our website at investor.snap.com when such reports are available on the SEC’s website. We use our website, 
including investor.snap.com, as a means of disclosing material non-public information and for complying with our 
disclosure obligations under Regulation FD.
Information contained in, or accessible through, the websites referred to in this Annual Report on Form 10-K is 
not incorporated into this filing. Further, our references to website addresses are only as inactive textual references.
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Item 1A. Risk Factors.
You should carefully consider the risks and uncertainties described below, together with all the other information 
in this Annual Report on Form 10-K, including “Management’s Discussion and Analysis of Financial Condition and 
Results of Operations” and the consolidated financial statements and the related notes. If any of the following risks 
actually occurs (or if any of those discussed elsewhere in this Annual Report on Form 10-K occurs), our business, 
reputation, financial condition, results of operations, revenue, and future prospects could be seriously harmed. The risks 
and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, 
or that we currently believe are not material, may also become important factors that adversely affect our business. Unless 
otherwise indicated, references to our business being seriously harmed in these risk factors will include harm to our 
business, reputation, financial condition, results of operations, revenue, and future prospects. In that event, the market 
price of our Class A common stock could decline, and you could lose part or all of your investment.
Risks Related to Our Business and Industry
Our ecosystem of users, advertisers, and partners depends on the engagement of our user base. Our user base growth 
rate has declined in the past and it may do so again in the future. If we fail to retain current users or add new users, or 
if our users engage less with Snapchat, our business would be seriously harmed.
We had 453 million daily active users, or DAUs, on average in the quarter ended December 31, 2024. We view 
DAUs as a critical measure of our user engagement, and adding, maintaining, and engaging DAUs have been and will 
continue to be necessary. Our DAUs and DAU growth rate have declined in the past and they may decline in the future due 
to various factors, including as the size of our active user base increases, as we achieve higher market penetration rates, as 
we face continued competition for our users and their time, or if there are performance issues with our service. In addition, 
as we achieve maximum market penetration rates among younger users in developed markets, future growth in DAUs will 
need to come from older users in those markets or from developing markets, which may not be possible or may be more 
difficult, expensive, or time-consuming for us to achieve. While we may experience periods when our DAUs increase due 
to products and services with short-term popularity, we may not always be able to attract new users, retain existing users, 
or maintain or increase the frequency and duration of their engagement if current or potential new users do not perceive our 
products to be fun, engaging, or useful. In addition, because our products typically require high bandwidth data capabilities 
for users to benefit from all of the features and capabilities of our application, many of our users live in countries with 
high-end mobile device penetration and high bandwidth capacity cellular networks with large coverage areas. We therefore 
do not expect to experience rapid user growth or engagement in regions with either low smartphone penetration or a lack of 
well-established and high bandwidth capacity cellular networks. As our DAU growth rate continues to slow or if the 
number of DAUs becomes stagnant, or we have a decline in DAUs, our financial performance will increasingly depend on 
our ability to elevate user activity or increase the monetization of our users.
Snapchat is free and easy to join, the barrier to entry for new entrants in our business is low, and the switching 
costs to another platform are also low. Moreover, the majority of our users are 18-34 years old. This demographic may be 
less brand loyal and more likely to follow trends, including viral trends, than other demographics. These factors may lead 
users to switch to another product, which would negatively affect our user retention, growth, and engagement. Snapchat 
also may not be able to penetrate other demographics in a meaningful manner. Falling user retention, growth, or 
engagement could make Snapchat less attractive to advertisers and partners, which may seriously harm our business. In 
addition, we continue to compete with other companies to attract and retain our users’ attention. There are many factors 
that could negatively affect user retention, growth, and engagement, including if:
•
users engage more with competing products instead of ours;
•
our competitors continue to mimic our products or improve on them;
•
we fail to introduce new and exciting products and services or those we introduce or modify are poorly received;
•
our products fail to operate effectively or compatibly on the iOS or Android mobile operating systems;
•
we are unable to continue to develop products that work with a variety of mobile operating systems, networks, and 
smartphones;
•
we do not provide a compelling user experience because of the decisions we make regarding the type and 
frequency of advertisements that we display or the structure and design of our products;
•
we are unable to combat bad actors, spam, or other hostile or inappropriate usage on our products;
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•
there are changes in user sentiment about the quality or usefulness of our products in the short-term, long-term, or 
both;
•
there are concerns about the privacy implications, safety, or security of our products and our processing of 
personal data;
•
our content partners do not create content that is engaging, useful, or relevant to users;
•
our content partners decide not to renew agreements or devote the resources to create engaging content, or do not 
provide content exclusively to us;
•
advertisers and partners display ads that are untrue, offensive, or otherwise fail to follow our guidelines;
•
our products are subject to increased regulatory scrutiny or approvals, including from foreign privacy regulators, 
or there are changes in our products that are mandated or prompted by legislation, regulatory authorities, executive 
actions, or litigation, including settlements or consent decrees, that adversely affect the user experience;
•
technical or other problems frustrate the user experience or negatively impact users’ trust in our service, including 
by providers that host our platforms, particularly if those problems prevent us from delivering our product 
experience in a fast and reliable manner, or cyberattacks, breaches, or other security incidents that compromise 
our sensitive user data;
•
we fail to provide adequate service to users, advertisers, or partners;
•
we do not provide a compelling user experience to entice users to use the Snapchat application on a daily basis, or 
our users don’t have the ability to make new friends to maximize the user experience; 
•
we, our partners, or other companies in our industry segment are the subject of adverse media reports or other 
negative publicity, some of which may be inaccurate or include confidential information that we are unable to 
correct or retract;
•
we do not maintain our brand image or our reputation is damaged; or
•
our current or future products reduce user activity on Snapchat by making it easier for our users to interact directly 
with our partners.
Any decrease to user retention, growth, or engagement could render our products less attractive to users, 
advertisers, or partners, and would seriously harm our business.
We generate substantially all of our revenue from advertising. The failure to attract new advertisers, the loss of 
advertisers, or a reduction in how much they spend could seriously harm our business.
Substantially all of our revenue is generated from third parties advertising on Snapchat. For the years ended 
December 31, 2024, 2023, and 2022, advertising revenue accounted for approximately 91%, 96%, and 99% of our total 
revenue, respectively. Even though we have introduced other revenue streams, including subscription models, we still 
expect advertising revenue to account for substantially all of our revenue in the foreseeable future. Most advertisers do not 
have long-term advertising commitments with us, and our efforts to establish long-term commitments may not succeed. 
Our advertising customers range from small businesses to well-known brands, including advertising resellers. 
Many of our customers spend a relatively small portion of their overall advertising budget with us, but some customers 
have devoted meaningful budgets that contribute more significantly to our total revenue. In addition, advertisers may view 
some of our advertising solutions as experimental and unproven, or prefer certain of our products over others. Advertisers, 
including our customers who have devoted meaningful advertising budgets to our product, will not continue to do business 
with us if we do not deliver advertisements in an effective manner, or if they do not believe that their investment in 
advertising with us will generate a competitive return relative to other alternatives. As our business continues to develop, 
there may be new or existing customers, including from different geographic regions, that contribute more significantly to 
our total revenue, and a loss of such customers or a significant reduction in how much they spend with us could adversely 
impact our business. Any economic or political instability, whether as a result of the macroeconomic climate or the 
implementation of tariffs by the United States or other governments, war or other armed conflict, terrorism, or otherwise, in 
a specific country or region, may negatively impact the global or local economy, advertising ecosystem, our customers and 
their budgets with us, or our ability to forecast our advertising revenue, and could seriously harm our business.
Moreover, we rely heavily on our ability to collect, process, and disclose data and metrics to our customers so we 
can attract new customers and retain existing customers. Any restriction, whether by law, regulation, policy, or other 
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reason, on our ability to collect, process, and disclose data and metrics that our customers find useful would impede our 
ability to attract and retain advertisers. Regulators in many countries in which we operate or have users are increasingly 
scrutinizing and regulating the collection, use, and sharing of personal data related to advertising, which could materially 
impact our revenue and seriously harm our business. Many of these laws and regulations expand the rights of individuals to 
control how their personal data is collected and processed, and place restrictions on the use of personal data of teens. The 
processing of personal data for personalized advertising continues to be under increased scrutiny from regulators, which 
includes ongoing regulatory action against large technology companies like ours, the outcomes of which may be uncertain 
and subject to appeal. These laws may prohibit us and our customers from advertising to teens, including based on the 
profiling of personal data. Other legislative proposals and present laws and regulations may also apply to our or our 
advertisers’ activities and require significant operational changes to our business. These laws and regulations could have a 
material impact on the development and deployment of AI and machine learning in the context of our targeted advertising 
activities. Other laws to which we are or may become subject further regulate contextual, behavioral, interest-based, or 
targeted advertising, making certain online advertising activities more difficult and subject to additional scrutiny. These 
laws grant users the right to opt-out of sharing of their personal data for certain advertising purposes in exchange for 
money or other valuable consideration, or require parental consent to be obtained for the processing of personal data of 
users under a certain age and restrict tracking and use of teens’ data, including for advertising. Regulators have issued 
significant monetary fines in certain circumstances where the regulators alleged that appropriate consent was not obtained 
in connection with targeted advertising activities. In addition, legislative proposals and present laws and regulations in 
countries where we operate regulate the use of cookies and other tracking technologies, electronic communications, and 
marketing.
Furthermore, in April 2021, Apple issued an iOS update that imposed heightened restrictions on our access and 
use of user data by allowing users to more easily opt-out of tracking of activity across devices. Additionally, Google has in 
the past implemented privacy controls on its Android devices and may in the future make changes to those privacy controls 
similar to Apple’s prior iOS update. The changes implemented by Apple have had, and similar changes, if implemented by 
Google or major web browsers, like Firefox, Safari, and Chrome, would have an adverse effect on our targeting, 
measurement, and optimization capabilities, and in turn our ability to target advertisements and measure the effectiveness 
of advertisements on our services. This has resulted in, and in the future is likely to continue to result in, reduced demand 
and pricing for our advertising products and could seriously harm our business. The longer-term impact of these changes 
on the overall mobile advertising ecosystem, our competitors, our business, and the developers, partners, and advertisers 
within our community remains uncertain, and depending on how we, our competitors, and the overall mobile advertising 
ecosystem adjusts, and how our partners, advertisers, and users respond, our business could be seriously harmed. Any 
alternative solutions we implement are subject to rules and standards set by the owners of such mobile operating systems 
which may be unclear, change, or be interpreted in a manner adverse to us and require us to halt or change our solutions, 
any of which could seriously harm our business. In addition, if we are unable to mitigate or respond to these and future 
developments, and alternative solutions do not become widely adopted by our advertisers, then our targeting, measurement, 
and optimization capabilities will be materially and adversely affected, which would in turn continue to negatively impact 
our advertising revenue. Our advertising revenue could also be seriously harmed by many other factors, including:
•
diminished or stagnant growth, or a decline, in the total or regional number of DAUs on Snapchat; 
•
our inability to deliver advertisements to all of our users due to legal restrictions or hardware, software, or network 
limitations; 
•
a decrease in the amount of time spent on Snapchat, a decrease in the amount of content that our users share, or 
decreases in usage of our Camera, Visual Messaging, Map, Stories, and Spotlight platforms;
•
our inability to create new products that sustain or increase the value of our advertisements;
•
changes in our user demographics that make us less attractive to advertisers;
•
lack of ad creative availability by our advertising partners;
•
a decline in our available content, including if our content partners do not renew agreements, devote the resources 
to create engaging content, or provide content exclusively to us;
•
decreases in the perceived quantity, quality, usefulness, or relevance of the content provided by us, our 
community, or partners;
•
decreases in user response rate to application notifications received from Snapchat, whether due to decreased user 
appreciation for notifications generally or changes in the manner notifications are delivered by mobile operating 
systems, which may decrease user engagement;
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•
increases in resistance by users to our collecting, using, and sharing their personal data for advertising-related 
purposes;
•
changes in our analytics and measurement solutions, including what we are permitted to collect and disclose under 
the terms of Apple’s and Google’s mobile operating systems, that demonstrate the value of our advertisements and 
other commercial content;
•
competitive developments or advertiser perception of the value of our products that change the rates we can 
charge for advertising or the volume of advertising on Snapchat;
•
product changes or advertising inventory management decisions we may make that change the type, size, 
frequency, or effectiveness of advertisements displayed on Snapchat or the method used by advertisers to purchase 
advertisements;
•
adverse legal developments relating to advertising, including changes mandated or prompted by legislation, 
regulation, executive actions, or litigation regarding the collection, use, and sharing of personal data for certain 
advertising-related purposes;
•
adverse media reports or other negative publicity involving us, our founders, our partners, or other companies in 
our industry;
•
advertiser or user perception that content published by us, our users, or our partners is objectionable;
•
the degree to which users skip advertisements and therefore diminish the value of those advertisements to 
advertisers;
•
changes in the way advertising is priced or its effectiveness is measured;
•
our inability, or perceived inability, to achieve an advertiser’s intended performance metric, measure the 
effectiveness of our advertising, or target the appropriate audience for advertisements, including due to metric 
estimates published by third parties that may differ from our own metrics; 
•
our inability to access, collect, and disclose user’s personal data, including advertising or similar deterministic 
identifiers that new and existing advertisers may find useful;
•
difficulty and frustration from advertisers who may need to reformat or change their advertisements to comply 
with our guidelines; 
•
volatility in the equity markets, which may reduce our advertisers’ capacity or desire for aggressive advertising 
spending towards growth; and
•
the political, economic, and macroeconomic climate and the status of the advertising industry in general, including 
impacts related to labor shortages and disruptions, supply chain disruptions, banking instability, tariffs 
implemented by the United States or other governments, inflation, and as a result of war, terrorism, or armed 
conflict.
Moreover, individuals are also increasingly aware of and resistant to the collection, use, and sharing of personal 
data in connection with advertising. Individuals are more aware of options and certain rights related to consent and other 
options to opt-out of such data processing, including through media attention about privacy and data protection. Some users 
have opted out of allowing us to combine certain data from third-party apps and websites with certain data from Snapchat 
for advertising purposes, which has negatively impacted our ability to collect or use certain user data and our advertising 
partners’ ability to deliver relevant content, all of which have in the past and could again in the future negatively impact our 
business.
These and other factors could reduce demand for our advertising products, which may lower the prices we receive, 
or cause advertisers to stop advertising with us altogether. Either of these would seriously harm our business.
Snapchat depends on effectively operating with mobile operating systems, hardware, networks, regulations, and 
standards that we do not control. Changes in our products or to those mobile operating systems, hardware, networks, 
regulations, or standards may seriously harm our user retention, growth, and engagement.
Because Snapchat is used primarily on mobile devices, the application must remain interoperable with popular 
mobile operating systems, primarily Android and iOS, application stores, and related hardware, including mobile-device 
cameras. The owners and operators of such mobile operating systems and application stores, primarily Google and Apple, 
each have approval authority over whether to feature our core products on their application stores and make available to 
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consumers third-party products that compete with ours. Furthermore, there is no guarantee that any approval previously 
provided by such owner or operator will not be rescinded in the future. Additionally, mobile devices and mobile-device 
cameras are manufactured by a wide array of companies. Those companies have no obligation to test the interoperability of 
new mobile devices, mobile-device cameras, or related devices with Snapchat, and may produce new products that are 
incompatible with or not optimal for Snapchat. We have no control over these mobile operating systems, application stores, 
or hardware, and any changes may degrade our products’ functionality, or give preferential treatment to competitive 
products. For instance, Apple’s iOS 18, introduced in September 2024, makes it more difficult for us to access a 
Snapchatter’s contact book, which in turn could make it more difficult for us to connect Snapchatters with their close 
friends, potentially reducing engagement on our platform. Because these changes do not apply to Apple’s iMessage app, it 
may put us at a competitive disadvantage. Actions by government authorities may also impact our access to these systems 
or hardware and could seriously harm Snapchat usage. Our competitors that control the mobile operating systems and 
related hardware could make interoperability of our products more difficult or display their competitive offerings more 
prominently than ours. Additionally, our competitors that control the standards for the application stores could make 
Snapchat, or certain features of Snapchat, inaccessible for a potentially significant period of time or require us to make 
changes to maintain access. We plan to continue to introduce new products and features regularly, including some features 
that may only work on the latest systems and hardware, and have experienced that it takes significant time to optimize new 
products and features to function with the variety of existing mobile operating systems, hardware, and standards, impacting 
the popularity of such products, and we expect this trend to continue.
Moreover, our products require high-bandwidth data capabilities. If the costs of data usage increase or access to 
cellular networks is limited, our user retention, growth, and engagement may be seriously harmed. Additionally, to deliver 
high-quality video and other content over mobile cellular networks, our products must work well with a range of mobile 
technologies, systems, networks, regulations, and standards that we do not control and which may be subject to future 
changes. In addition, the proposal or adoption of any laws, regulations, or initiatives that adversely affect the growth, 
popularity, or use of the internet, including laws governing internet neutrality, could decrease the demand for our products, 
including by impairing our ability to retain existing users or attract new users, make Snapchat a less attractive alternative to 
our competitors’ applications, and increase our cost of doing business.
We may not successfully cultivate relationships with key industry participants or develop products that operate 
effectively with these technologies, systems, networks, regulations, or standards. If it becomes more difficult for our users 
to access and use Snapchat, if our users choose not to access or use Snapchat, or if our users choose to use products that do 
not offer access to Snapchat, our business and user retention, growth, and engagement could be seriously harmed.
We rely on Google Cloud and Amazon Web Services, or AWS, for the vast majority of our computing, storage, 
bandwidth, and other services. Any disruption of or interference with our use of either platform would negatively affect 
our operations and seriously harm our business.
Google and Amazon provide distributed computing infrastructure platforms for business operations, commonly 
referred to as a “cloud” computing service. We currently run the vast majority of our computing on Google Cloud and 
AWS and have built our software and computer systems to use computing, storage capabilities, bandwidth, and other 
services provided by Google Cloud and AWS. Our systems are not fully redundant on the two platforms. Any transition of 
the cloud services currently provided by either Google Cloud or AWS to the other platform or to another cloud provider 
would be difficult to implement and would cause us to incur significant time and expense. Given this, any significant 
disruption of or interference with Google Cloud or AWS, whether temporary, regular, or prolonged, would negatively 
impact our operations and our business would be seriously harmed. If our users or partners are not able to access Snapchat 
or specific Snapchat features, or encounter difficulties in doing so, due to issues or disruptions with Google Cloud or AWS, 
we may lose users, partners, or advertising revenue. The level of service provided by Google Cloud and AWS or similar 
providers may also impact our users’, advertisers’, and partners’ usage of and satisfaction with Snapchat and could 
seriously harm our business and reputation if the level of service decreases. Hosting costs also have and will continue to 
increase as our user base and user engagement grows and may seriously harm our business if we are unable to grow our 
revenues faster than the cost of utilizing the services of Google Cloud, AWS, or similar providers.
In addition, Google or Amazon may take actions beyond our control that could seriously harm our business, 
including:
•
discontinuing or limiting our access to its cloud platform;
•
increasing pricing terms;
•
terminating or seeking to terminate our contractual relationship altogether;
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•
establishing more favorable relationships or pricing terms with one or more of our competitors; or
•
modifying or interpreting its terms of service or other policies in a manner that impacts our ability to run our 
business and operations.
If we are unable to protect our intellectual property, the value of our brand and other intangible assets may be 
diminished, and our business may be seriously harmed. If we need to license or acquire new intellectual property, we 
may incur substantial costs.
We aim to protect our confidential proprietary information, in part, by entering into confidentiality agreements 
and invention assignment agreements with our employees, consultants, advisors, and third parties who access or contribute 
to our proprietary know-how, information, or technology. We, however, cannot assure you that these agreements will be 
effective in controlling access to, or preventing unauthorized distribution, use, misuse, misappropriation, reverse 
engineering, or disclosure of our proprietary information, know-how, and trade secrets. These agreements may be 
breached, and we may not have adequate remedies for any such breach. Enforcing a claim that a party illegally disclosed or 
misappropriated a trade secret or know-how can be difficult, expensive, and time-consuming, and the outcome can be 
unpredictable. Furthermore, these agreements do not prevent our competitors or partners from independently developing 
offerings that are substantially equivalent or superior to ours.
We also rely on trademark, copyright, patent, trade secret, and domain-name protection laws to protect our 
proprietary rights. In the United States and internationally, we have filed various applications to protect aspects of our 
intellectual property, and we currently hold a number of issued patents, trademarks, and copyrights in multiple 
jurisdictions. In the future, we may acquire additional patents or patent portfolios in the future, which could require 
significant cash expenditures. However, third parties may knowingly or unknowingly infringe our proprietary rights, third 
parties may challenge proprietary rights held by us, third parties may design around our proprietary rights or independently 
develop competing technology, and pending and future trademark, copyright, and patent applications may not be approved. 
Moreover, we cannot ensure that the claims of any granted patents will be sufficiently broad to protect our technology or 
platform and provide us with competitive advantages. Additionally, failure to comply with applicable procedural, 
documentary, fee payment, and other similar requirements could result in abandonment or lapse of the affected patent, 
trademark, or copyright application or registration.
Moreover, a portion of our intellectual property has been acquired or licensed from one or more third parties. 
While we have conducted diligence with respect to such acquisitions and licenses, because we did not participate in the 
development or prosecution of much of the acquired intellectual property, we cannot guarantee that our diligence efforts 
identified and remedied all issues related to such intellectual property, including potential ownership errors, potential errors 
during prosecution of such intellectual property, and potential encumbrances that could limit our ability to enforce such 
intellectual property rights.
Further, the laws of certain foreign countries do not provide the same level of protection of corporate proprietary 
information and assets such as intellectual property, trade secrets, know-how, and records as the laws of the United States. 
For instance, the legal systems of certain countries, particularly certain developing countries, do not favor the enforcement 
of patents and other intellectual property protection. As a result, we may be exposed to material risks of theft of our 
proprietary information and other intellectual property, including technical data, manufacturing processes, data sets, or 
other sensitive information, and we may also encounter significant problems in protecting and defending our intellectual 
property or proprietary rights abroad. In any of these cases, we may be required to expend significant time and expense to 
prevent infringement or to enforce our rights. Our efforts to enforce our intellectual property rights may be met with 
defenses, counterclaims, and countersuits attacking the validity and enforceability of our intellectual property rights, and, if 
such defenses, counterclaims, and countersuits are successful, we could lose valuable intellectual property rights. Our 
inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or 
diversion of our management’s attention and resources, could impair the functionality of our platform, delay introductions 
of enhancements to our platform, result in our substituting inferior or more costly technologies into our platform, or harm 
our reputation and brand. In addition, we may be required to license additional technology from third parties to develop and 
market new platform features, which may not be on commercially reasonable terms, or at all, and would adversely affect 
our ability to compete. Although we have taken measures to protect our proprietary rights, there can be no assurance that 
others will not offer products, brands, content, or concepts that are substantially similar to ours and compete with our 
business. If we are unable to protect our proprietary rights or prevent unauthorized use or appropriation by third parties, the 
value of our brand and other intangible assets may be diminished, and competitors may be able to more effectively mimic 
our service and methods of operations. Any of these events could seriously harm our business.
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Our two co-founders have control over all stockholder decisions because they control a substantial majority of our 
voting stock.
Our two co-founders, Evan Spiegel and Robert Murphy, control over 99% of the voting power of our outstanding 
capital stock as of December 31, 2024, and Mr. Spiegel alone can exercise voting control over a majority of our 
outstanding capital stock. As a result, Mr. Spiegel and Mr. Murphy, or in many instances Mr. Spiegel acting alone, have the 
ability to control the outcome of all matters submitted to our stockholders for approval, including the election, removal, and 
replacement of our directors and any merger, consolidation, or sale of all or substantially all of our assets. 
If Mr. Spiegel’s or Mr. Murphy’s employment with us is terminated, they will continue to have the ability to 
exercise the same significant voting power and potentially control the outcome of all matters submitted to our stockholders 
for approval. Either of our co-founders’ shares of Class C common stock will automatically convert into Class B common 
stock, on a one-to-one basis, nine months following his death or on the date on which the number of outstanding shares of 
Class C common stock held by such holder represents less than 30% of the Class C common stock held by such holder on 
the closing of our IPO, or 32,383,178 shares of Class C common stock. Should either of our co-founders’ Class C common 
stock be converted to Class B common stock, the remaining co-founder will be able to exercise voting control over our 
outstanding capital stock. Moreover, Mr. Spiegel and Mr. Murphy have entered into a proxy agreement under which each 
has granted to the other a voting proxy with respect to all shares of our Class B common stock and Class C common stock 
that each may beneficially own from time to time or have voting control over. The proxy would become effective on either 
founder’s death or disability. Accordingly, on the death or incapacity of either Mr. Spiegel or Mr. Murphy, the other could 
individually control nearly all of the voting power of our outstanding capital stock.
In addition, in October 2016, we issued a dividend of one share of non-voting Class A common stock to all our 
equity holders, which will prolong our co-founders’ voting control because our co-founders are able to liquidate their 
holdings of non-voting Class A common stock without diminishing their voting control. Furthermore, in July 2022, our 
board of directors approved the future declaration and payment of a special dividend of one share of Class A common 
stock on each outstanding share of Snap’s common stock, subject to certain triggering conditions, which triggering 
conditions were modified in connection with the effectiveness the settlement of a class action lawsuit in February 2024. In 
the future, our board of directors may, from time to time, decide to issue additional special or regular stock dividends in the 
form of Class A common stock, and if we do so our co-founders’ control could be further prolonged. This concentrated 
control could delay, defer, or prevent a change of control, merger, consolidation, or sale of all or substantially all of our 
assets that our other stockholders support. Conversely, this concentrated control could allow our co-founders to 
consummate such a transaction that our other stockholders do not support. In addition, our co-founders may make long-
term strategic investment decisions for the company and take risks that may not be successful and may seriously harm our 
business.
As our Chief Executive Officer, Mr. Spiegel has control over our day-to-day management and the implementation 
of major strategic investments of our company, subject to authorization and oversight by our board of directors. As board 
members and officers, Mr. Spiegel and Mr. Murphy owe a fiduciary duty to our stockholders and must act in good faith in 
a manner they reasonably believe to be in the best interests of our stockholders. As stockholders, even controlling 
stockholders, Mr. Spiegel and Mr. Murphy are entitled to vote their shares, and shares over which they have voting control, 
in their own interests, which may not always be in the interests of our stockholders generally. We have not elected to take 
advantage of the “controlled company” exemption to the corporate governance rules for companies listed on the New York 
Stock Exchange, or NYSE.
Macroeconomic uncertainties, including labor shortages and disruptions, supply chain disruptions, banking instability, 
inflation, and recession risks, have in the past and may continue to adversely impact our business. 
Global economic and business activities have in the past and may continue to face widespread macroeconomic 
uncertainties, including labor shortages and disruptions, supply chain disruptions, banking instability, tariffs, inflation, and 
recession risks, which may continue for an extended period, and some of which have adversely impacted, and may 
continue to adversely impact, many aspects of our business.
As some of our advertisers experienced downturns or uncertainty in their own business operations and revenue, 
they halted or decreased or may halt, decrease, or continue to decrease, temporarily or permanently, their advertising 
spending or may focus their advertising spending more on other platforms, all of which may result in decreased advertising 
revenue. Labor shortages and disruptions, supply chain disruptions, banking instability, and inflation have in the past and 
may continue to cause logistical challenges, increased input costs, inventory constraints, and liquidity uncertainty for our 
advertisers, which in turn may also halt or decrease advertising spending and may make it difficult to forecast our 
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advertising revenue. Any decline in advertising revenue or the collectability of our receivables could seriously harm our 
business.
As a result of macroeconomic uncertainties, our partners and community who provide content or services to us 
may experience delays or interruptions in their ability to create content or provide services, if they are able to do so at all. 
Members of our community may also alter their usage of our products and services, particularly relative to prior periods 
when travel restrictions were in place. A decrease in the amount or quality of content available on Snapchat, or an 
interruption in the services provided to us, could lead to a decline in user engagement, which could seriously harm our 
business.
To the extent that macroeconomic uncertainties continue to impact our business, many of the other risks described 
in these risk factors may be exacerbated.
Exposure to geo-political conflicts and events could put our employees and partners at substantial risk, interrupt our 
operations, increase costs, create additional regulatory burdens, and have significant negative macroeconomic effects, 
any of which could seriously harm our business.
Significant geo-political conflicts and events have had, and will likely continue to have, a substantial effect on our 
business and operations. We have had, and will likely continue to have, team members and their families in impacted 
regions who face substantial personal risk, unprecedented disruption of their lives, and uncertainty as to the future. We 
have provided emergency assistance and support to these team members and their families, and we expect to continue this 
support in the future. In addition, we have offices, hardware, and other assets in impacted regions that may be at risk of 
destruction or theft. We have incurred, and will likely continue to incur, costs to support our team members and reorganize 
our operations to address these ongoing challenges. In addition, our management has spent significant time and attention on 
these and related events. The ongoing disruptions to our team members, our management, and our operations could 
seriously harm our business.
Generally, during times of war and other major conflicts, we, the third parties on which we rely, and our partners 
are vulnerable to a heightened risk of cyberattacks, including retaliatory cyberattacks, that could seriously disrupt our 
business. We have experienced, and may continue to experience, attempted cyberattacks on our products, systems, and 
networks, which we believe are related to conflicts. We may also face retaliatory attacks by governments, entities, or 
individuals who do not agree with our public expressions with regards to any conflicts or support for team members. Any 
such attack could cause disruption to our platform, systems, and networks, result in security breaches or data loss, damage 
our brand, or reduce demand for our services or advertising products. In addition, we may face significant costs (including 
legal and litigation costs) to prevent, correct, or remediate any such breaches. We may also be forced to expend additional 
resources monitoring our platform for evidence of disinformation or misuse in connection with the ongoing conflict.
Geo-political conflicts and events are inherently unpredictable, evolve quickly, and may have negative long-term 
impacts. On a macroeconomic level, geo-political conflicts may disrupt trade, intensify problems in the global supply 
chain, and contribute to inflationary pressures. All of these factors may negatively impact the demand for advertising as 
companies face limited product availability, restricted sales opportunities, and condensed margins. Any pause or reduction 
in advertising spending in connection with geo-political conflicts or events could negatively impact our revenue and harm 
our business.
If we do not develop successful new products or improve existing ones, our business will suffer. We may also invest in 
new lines of business that could fail to attract or retain users or generate revenue.
Our ability to engage, retain, and increase our user base and to increase our revenue will depend heavily on our 
ability to successfully create new products, both independently and together with third parties. We may introduce 
significant changes to, or discontinue, our existing products or develop and introduce new and unproven products and 
services, including technologies with which we have little or no prior development or operating experience. These new 
products and updates may fail to increase the engagement of our users, advertisers, or partners, may subject us to increased 
regulatory requirements or scrutiny, and may even result in short-term or long-term decreases in such engagement by 
disrupting existing user, advertiser, or partner behavior or by introducing performance and quality issues. For example, in 
January 2023, we made changes to our advertising platform, which we believe will lay the foundation for future growth, 
but which have been disruptive to our customers and how some of them utilized our platform. The short- and long-term 
impact of any major change, or even a less significant change such as a refresh of the application or a feature change, is 
difficult to predict. Although we believe that these decisions will benefit the aggregate user experience and improve our 
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financial performance over the long term, we may experience disruptions or declines in our DAUs or user activity broadly 
or concentrated on certain portions of our application. Product innovation is inherently volatile, and if new or enhanced 
products fail to engage our users, advertisers, or partners, or if we fail to give our users meaningful reasons to return to our 
application, we may fail to attract or retain users or to generate sufficient revenue, operating margin, or other value to 
justify our investments, any of which may seriously harm our business in the short-term, long-term, or both. 
Because our products created new ways of communicating, they have often required users to learn new behaviors 
to use our products, or to use our products repeatedly to receive the most benefit. These new behaviors, such as swiping 
and tapping in the Snapchat application, are not always intuitive to users. This can create a lag in adoption of new products 
and new user additions related to new products. We believe this has not hindered our user growth or engagement, but that 
may be the result of a large portion of our user base being in a younger demographic and more willing to invest the time to 
learn to use our products most effectively. To the extent that future users, including those in older demographics, are less 
willing to invest the time to learn to use our products, and if we are unable to make our products easier to learn to use, our 
user growth or engagement could be affected, and our business could be harmed. We may also develop new products or 
initiatives that increase user engagement and costs without increasing revenue in the short- or long-term.
In addition, we have invested, and expect to continue to invest, in new lines of business, new products, evolving 
the user experience, and other initiatives to increase our user base and user activity, and attempt to monetize the platform. 
For example, in 2022, we launched Snapchat+, a subscription product that gives subscribers access to exclusive, 
experimental, and pre-release features, and Snapchat for Web, a browser-based product that brings Snapchat’s signature 
capabilities to the web, in 2023, we launched My AI, an artificial intelligence powered chatbot, and in 2024, we began 
testing Simple Snapchat, a new and simplified version of our service. Such new lines of business, new products, evolving 
user experiences, and other initiatives may be costly, difficult to operate and monetize, increase regulatory scrutiny and 
product liability and litigation risk, and divert management’s attention, and there is no guarantee that they will be positively 
received by our community, attract or retain users, generate sufficient revenue or operating margin, or provide positive 
returns on our investment. For example, Simple Snapchat offers several new features, such as reducing the number of tabs 
in the application and creating a unified content feed. Although we believe these changes will create an improved user 
experience, we are still testing and do not know how users or advertisers will adapt or respond to these changes, and 
whether these changes will ultimately improve our business. Any adverse response to these changes by users or advertisers 
could seriously harm our business. We frequently launch new products and the products that we launch may have technical 
issues that diminish the performance of our application, experience product failures, or become subject to product recalls. 
These performance issues or issues that we encounter in the future could impact our user engagement. In addition, new 
products or features that we launch may ultimately prove unsuccessful or no longer fit with our priorities, and may be 
eliminated in the future. Such eliminations may require us to reduce our workforce and incur significant expenses. In 
certain cases, new products that we develop may require regulatory approval prior to launch or may require us to comply 
with additional regulations or legislation, including laws that are rapidly changing. There is no guarantee that we will be 
able to obtain such regulatory approval, and our efforts to comply with these laws and regulations could be costly and 
divert management’s time and effort and may still not guarantee compliance. If we do not successfully develop new 
approaches to monetization or meet the expectations of our users or partners, we may not be able to maintain or grow our 
revenue as anticipated or recover any associated development costs, and our business could be seriously harmed. 
Our business is highly competitive. We face significant competition that we anticipate will continue to intensify. If we 
are not able to maintain or improve our market share, our business could suffer.
We face significant competition in almost every aspect of our business both domestically and internationally, 
especially because our products and services operate across a broad list of categories, including camera, visual messaging, 
content, and augmented reality. Our competitors range from smaller or newer companies to larger, more established 
companies such as Alphabet (including Google and YouTube), Apple, ByteDance (including TikTok), Kakao, LINE, Meta 
(including Facebook, Instagram, Threads, and WhatsApp), Naver (including Snow), Pinterest, Tencent, and X (formerly 
Twitter). Our competitors also include platforms that offer, or will offer, a variety of products, services, content, and online 
advertising offerings that compete or may compete with Snapchat features or offerings. For example, Instagram, a 
competing application owned by Meta, has incorporated many of our features, including a “stories” feature that largely 
mimics our Stories feature and may be directly competitive. Meta has introduced, and likely will continue to introduce, 
more private ephemeral products into its various platforms which mimic other aspects of Snapchat’s core use case. We also 
compete for users and their time, so we may lose users or their attention not only to companies that offer products and 
services that specifically compete with Snapchat features or offerings, but to companies with products or services that 
target or otherwise appeal to certain demographics, such as Discord or Roblox. Moreover, in emerging international 
markets, where mobile devices often lack large storage capabilities, we may compete with other applications for the limited 
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space available on a user’s mobile device. We also face competition from traditional and online media businesses for 
advertising budgets. We compete broadly with the products and services of Alphabet, Apple, ByteDance, Meta, Pinterest, 
and X (formerly Twitter), and with other, largely regional, social media platforms that have strong positions in particular 
countries. As we introduce new products, as our existing products evolve, or as other companies introduce new products 
and services, we may become subject to additional competition. 
Many of our current and potential competitors have significantly greater resources and broader global recognition, 
and occupy stronger competitive positions in certain market segments, than we do. These factors may allow our 
competitors to respond to new or emerging technologies and changes in market requirements better than we can, undertake 
more far-reaching and successful product development efforts or marketing campaigns, or adopt more aggressive pricing 
policies. In addition, ongoing changes to privacy and data protection laws and mobile operating systems have made it more 
difficult for us to target and measure advertisements effectively, and advertisers may prioritize the solutions of larger, more 
established companies. As a result, our competitors may, and in some cases will, acquire and engage users or generate 
advertising or other revenue at the expense of our own efforts, which would negatively affect our business. Advertisers 
may use information that our users share through Snapchat to develop or work with competitors to develop products or 
features that compete with us. Certain competitors, including Alphabet, Apple, and Meta, could use strong or dominant 
positions in one or more market segments to gain competitive advantages against us in areas where we operate, including 
by:
•
integrating competing social media platforms or features into products they control such as search engines, web 
browsers, artificial intelligence services, advertising networks, or mobile operating systems;
•
making acquisitions for similar or complementary products or services; or
•
impeding Snapchat’s accessibility and usability by modifying existing hardware and software on which the 
Snapchat application operates.
Certain acquisitions by our competitors may result in reduced functionality of our products and services, provide 
our competitors with valuable insight into the performance of our and our partners’ businesses, and provide our 
competitors with a pipeline of future acquisitions to maintain a dominant position. As a result, our competitors may acquire 
and engage users at the expense of our user base, growth, or engagement, which may seriously harm our business.
We believe that our ability to compete effectively depends on many factors, many of which are beyond our 
control, including:
•
the usefulness, novelty, performance, and reliability of our products compared to our competitors’ products;
•
the number and demographics of our DAUs;
•
the timing and market acceptance of our products, including developments and enhancements of our competitors’ 
products;
•
our ability to monetize our products and services, including new products and services;
•
the availability of our products to users;
•
the effectiveness of our advertising and sales teams;
•
the effectiveness of our advertising products;
•
our ability to establish and maintain advertisers’ and partners’ interest in using Snapchat;
•
the frequency, relative prominence, and type of advertisements displayed on our application or by our 
competitors;
•
the effectiveness of our customer service and support efforts;
•
the effectiveness of our marketing activities;
•
actual or proposed legislation, regulation, executive actions, or litigation, including settlements and consent 
decrees, some of which may have a disproportionate effect on us;
•
acquisitions or consolidation within our industry segment;
•
our ability to attract, retain, and motivate talented team members, particularly engineers, designers, and sales 
personnel;
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•
our ability to successfully acquire and integrate companies and assets;
•
the security, or perceived security, of our products and data protection measures compared to our competitors’ 
products;
•
our ability to cost-effectively manage and scale our operations; and
•
our reputation and brand strength relative to our competitors.
If we cannot effectively compete, our user engagement may decrease, which could make us less attractive to users, 
advertisers, and partners and seriously harm our business.
We have incurred operating losses in the past, and may not be able to attain and sustain profitability.
We began commercial operations in 2011 and we have historically experienced net losses and negative cash flows 
from operations. As of December 31, 2024, we had an accumulated deficit of $12.7 billion and for the year ended 
December 31, 2024, we had a net loss of $697.9 million. We expect our operating expenses to increase in the future as we 
expand our operations. We may incur significant losses in the future for many reasons, including due to the other risks and 
uncertainties described in this report. Additionally, we may encounter unforeseen expenses, operating delays, or other 
unknown factors that may result in losses in future periods. If our revenue does not grow at a greater rate than our 
expenses, our business may be seriously harmed and we may not be able to attain and sustain profitability.
The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the 
future, could seriously harm our business.
We depend on the continued services and performance of our key personnel, including Mr. Spiegel and Mr. 
Murphy. Although we have entered into employment agreements with Mr. Spiegel and Mr. Murphy, the agreements are at-
will, which means that they may resign or could be terminated for any reason at any time. Mr. Spiegel and Mr. Murphy are 
high profile individuals who have received threats in the past and are likely to continue to receive threats in the future. Mr. 
Spiegel, as Chief Executive Officer, has been responsible for our company’s strategic vision and Mr. Murphy, as Chief 
Technology Officer, developed the Snapchat application’s technical foundation. Should either of them stop working for us 
for any reason, it is unlikely that the other co-founder would be able to fulfill all of the responsibilities of the departing co-
founder nor is it likely that we would be able to immediately find a suitable replacement. The loss of key personnel, 
including members of management and key engineering, product development, marketing, and sales personnel, could 
disrupt our operations, adversely impact employee retention and morale, and seriously harm our business.
We cannot guarantee we will continue to attract and retain the personnel we need to maintain our competitive 
position. We face significant competition in hiring and attracting qualified engineers, designers, and sales personnel, and 
the change by companies to offer a remote or hybrid work environment may increase the competition for such employees 
from employers outside of our traditional office locations. In February 2023, we implemented our return to office plan that 
requires greater in-office attendance. While we intend to continue offering flexible work arrangements based on the 
different needs of teams across our company on a case-by-case basis, we may face difficulty in hiring and retaining our 
workforce as a result of this shift to have greater in-office attendance. Further, labor is subject to external factors that are 
beyond our control, including our industry’s highly competitive market for skilled workers and leaders, inflation, other 
macroeconomic uncertainties, and workforce participation rates. In addition, if our reputation were to be harmed, whether 
as a result of our strategic decisions or media, legislative, or regulatory scrutiny or otherwise, it could make it more 
difficult to attract and retain personnel that are critical to the success of our business. Further, negative perception of our 
DEI strategy, whether due to our perceived over- or under-pursuit of such initiatives, may result in issues hiring or 
retaining employees, as well as potential litigation or other adverse impacts.
As we continue to adapt and update our business model and priorities, or if our stock price declines, our equity 
awards may not be as effective an incentive to attract, retain, and motivate team members. Stock price declines may also 
cause us to offer additional equity awards to our existing team members to aid in retention. Furthermore, if we issue 
significant equity to attract and retain team members, we would incur substantial additional stock-based compensation 
expense and the ownership of our existing stockholders would be further diluted. If we do not succeed in attracting, hiring, 
and integrating excellent personnel, or retaining and motivating existing personnel, we may be unable to grow or 
effectively manage our business and our business could be seriously harmed.
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We have a continually evolving business model, which makes it difficult to evaluate our prospects and future financial 
results and increases the risk that we will not be successful.
We began commercial operations in 2011, began meaningfully monetizing Snapchat in 2015, and we launched 
Snapchat+, a paid subscription product, in 2022. We have a continually evolving business model, which makes it difficult 
to effectively assess our future prospects. Accordingly, we believe that investors’ future perceptions and expectations, 
which can be idiosyncratic and vary widely, and which we do not control, will affect our stock price. For example, 
investors may believe our timing and path to increased monetization will be faster or more effective than our current plans 
or than actually takes place. You should consider our business and prospects in light of the many challenges we face, 
including the ones discussed in this report.
If the security of our information technology systems or data is compromised or if our platform is subjected to cyber or 
other attacks that compromise user or partner accounts or frustrate or thwart our users’, partners’, or advertisers’ 
ability to access our products and services, our reputation and business could be seriously harmed.
In the ordinary course of business, we collect, store, use, and share personal data and other sensitive information, 
including proprietary and confidential business data, trade secrets, third-party sensitive information, and intellectual 
property (collectively, sensitive information). Our efforts to protect our sensitive information, including information that 
our users, advertisers, and partners have shared with us, may be unsuccessful due to the actions of third parties, including 
traditional “black hat” hackers, nation states, nation-state supported groups, organized criminal enterprises, hacktivists, and 
our personnel and contractors (through theft, misuse, or other risk). We and the third parties on which we rely are subject to 
a variety of evolving threats, including social-engineering attacks (for example by fraudulently inducing employees, users, 
or advertisers to disclose information to gain access to our sensitive information, including data or our users’ or advertisers’ 
data, such as through the use of deep fakes, which may be increasingly more difficult to identify as fake), malware, 
malicious code, hacking, credential stuffing, denial of service, and other threats, including attacks enhanced or facilitated 
by artificial intelligence. While certain of these threats have occurred in the past, they have become more prevalent and 
sophisticated in our industry, and may occur in the future. Because of our prominence and value of our sensitive 
information, we believe that we are an attractive target for these sorts of attacks. 
In particular, severe cyber extortion incidents, including ransomware attacks, are becoming increasingly prevalent. 
To alleviate the financial, operational, and reputational impact of these incidents, it may be preferable to make extortion 
payments, but we may be unwilling or unable to do so, including, for example, if applicable laws or regulations prohibit 
such payments. And, even if we make such payments, cyber threat actors may still disclose data, engage in further 
extortion, or otherwise harm our systems or data. Moreover, for certain employees we permit a hybrid work environment, 
which has increased risks to our information technology systems and data, as our employees utilize network connections, 
computers, and devices outside our premises or network, including working at home, while in transit and in public 
locations.
In addition, cyber threat actors have also increased the complexity of their attempts to compromise user and 
advertiser accounts, despite our defenses and detection mechanisms designed to prevent these account takeovers. User 
credentials may be obtained on- or off-platform, including through breaches of third-party platforms and services, 
password stealing malware, social engineering, or other tactics and techniques like credential harvesting, and used to 
launch individual, group, or coordinated enterprise-wide attacks. Some of these attacks may be hard to detect, including if 
they are at scale, and may result in cyber threat actors using our service to spam or abuse other users, access personal data, 
further compromise additional accounts, or engage in fraudulent advertising. Some of these attacks could also compromise 
employee credentials or involve socially engineering employees into granting access to systems or otherwise enabling or 
assisting in the cyber threat actors’ goals. Because of our global and varied user base, we may also be the target of 
commercial exploits and other internal and external attack methodologies by commercial spyware vendors, nation states, or 
nation-state supported groups, which have targeted users and the data we process about them and sought to use insiders to 
obtain user or employee data at peer technology companies.
We rely on third parties and technologies to operate critical business systems to process sensitive information in a 
variety of contexts, including cloud-based infrastructure, data center facilities, AI, encryption and authentication 
technology, employee email, content delivery, and other functions. We also rely on third parties to provide other products 
or services to operate our business or enable features in our platform. Additionally, some advertisers and partners store 
sensitive information that we share with them. Our ability to monitor these third parties’ information security practices is 
limited, and these third parties may not have adequate information security measures in place despite their contractual 
representations to implement such measures and our third-party provider vetting process. If these third parties fail to 
implement adequate data security practices or fail to comply with our terms, policies, or contractual obligations, our 
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sensitive information may be compromised, and we may experience adverse consequences. And even if these third parties 
implement data security practices and comply with various obligations, their networks may still suffer a breach, which 
could compromise our sensitive information. We or our third-party providers may also experience failures or malfunctions 
of hardware or software, the loss of technology assets, or the loss of data that, while not caused by threat actors, may have a 
similar impact and risk to our business. While we may be entitled to damages if the third parties on whom we rely fail to 
satisfy their privacy or security-related obligations to us, or cause the loss of our data or prolonged downtime, any award 
may be insufficient to cover our damages, or we may be unable to recover such award.
Moreover, our products and services, and the internal systems that support them and our business, rely on 
software, hardware, and other systems developed or maintained by our engineering teams and third parties (including open 
source software), and all of these have contained and will contain vulnerabilities, errors, bugs, or defects, which may or 
may not be detected by our teams or the respective third parties prior to our or their release, usage, or reliance on them. 
Supply chain attacks have also increased in frequency and severity, and we cannot guarantee that third parties in our supply 
chain have not been compromised or that their systems, networks, or code are free from exploitable vulnerabilities, errors, 
bugs, or defects. We take steps designed to detect and remediate vulnerabilities in our software, hardware, and information 
systems (including that of third parties upon which we rely), and we work with security researchers through our bug bounty 
program and our third party providers to help us identify vulnerabilities. We and our third party providers may not, 
however, detect, become aware of, and remediate all such vulnerabilities, or other bugs, errors, or defects, including on a 
timely basis, and there is no guarantee security researchers will disclose all vulnerabilities they become aware of or do so 
responsibly. Further, we and our third party providers may experience delays in developing or deploying remedial 
measures and patches designed to address identified vulnerabilities, bugs, errors, and defects. These could be exploited and 
result in a security or privacy incident, cause us to fail in our commitments to our users, advertisers, or partners, or cause a 
breach of or disruption of our platform, systems, networks, products, or services.
While we have implemented security measures designed to protect against cyberattacks and other security 
incidents, there can be no assurance that these measures will be effective. If any of these or similar events occur, our or our 
third-party partners’ sensitive information and information technology systems could be accessed, acquired, modified, 
destroyed, lost, altered, encrypted, or disclosed in an unauthorized, unlawful, accidental, or other improper manner, 
resulting in a security incident or other interruption. It may be difficult and costly to detect, investigate, mitigate, contain, 
and remediate a security incident. Our efforts to do so may not be successful. Actions taken by us or the third parties with 
whom we work to detect, investigate, mitigate, contain, and remediate a security incident could result in outages, data 
losses, and disruptions of our business. Threat actors may also gain access to other networks and systems after a 
compromise of our networks and systems.
We have and may continue to expend significant resources or modify our business activities to adopt additional 
measures designed to protect against cyberattacks and other security incidents. Certain data privacy and security 
obligations may require us to implement and maintain specific security measures or industry-standard or reasonable 
security measures to protect our systems and sensitive information. 
We have in the past experienced, and may in the future experience, actual and attempted cyberattacks and other 
security incidents that impact the confidentiality, availability, or integrity of sensitive information, including as a result of 
insider threats, employee error, vendor breaches, and other causes. Any cyberattack or other security incident experienced 
by us or our third-party partners could damage our reputation and our brand, and diminish our competitive position. 
Applicable privacy and security obligations may require us, or we may choose, to notify relevant stakeholders, including 
affected individuals, customers, regulators, and investors, of security incidents, or take other actions. Such disclosures and 
related actions are costly and the failure to comply with applicable legal requirements could lead to adverse consequences. 
Governments and regulatory agencies (including the Securities and Exchange Commission, or the SEC) have and may 
continue to enact new disclosure requirements for cybersecurity events. In addition, affected users or government 
authorities could initiate legal or regulatory action against us, including class-action claims, mass arbitration demands, 
investigations, penalties, and audits, which could be time-consuming and cause us to incur significant expense and liability 
or result in orders or consent decrees forcing us to modify our business practices. We could also experience loss of user or 
advertiser confidence in the security of our platform, additional reporting requirements or oversight, restrictions on 
processing sensitive information, claims by our partners or other relevant parties that we have failed to comply with 
contractual obligations or our policies, and indemnification obligations. We could also spend material resources to 
investigate or correct the incident and to prevent future incidents. Maintaining the trust of our users is important to sustain 
our growth, retention, and user engagement. Concerns over our privacy and security practices, whether actual or 
unfounded, could damage our reputation and brand and deter users, advertisers, and partners from using our products and 
services. Any of these occurrences could seriously harm our business. 
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Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that 
limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data 
privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us 
from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be 
available on commercially reasonable terms or at all, or that such coverage will pay future claims. 
In addition to experiencing a security incident, third parties may gather, collect, or infer sensitive information 
about us from public sources, data brokers, or other means that reveals competitively sensitive details about our 
organization and could be used to undermine our competitive advantage or market position. 
Our user metrics and other estimates are subject to inherent challenges in measurement, and real or perceived 
inaccuracies in those metrics may seriously harm and negatively affect our reputation and our business.
We regularly review and share metrics, including our DAUs and ARPU metrics, with our investors, advertisers, 
and partners to evaluate growth trends, measure our performance, and make strategic decisions. These metrics are 
calculated using internal company data gathered on an analytics platform that we developed and operate and our 
methodologies have not in all instances been validated by an independent third party. In addition, we may change the way 
we measure and report metrics from time to time in connection with changes to our products, making comparisons to prior 
periods more difficult. While these metrics are based on what we believe to be reasonable estimates for the applicable 
period of measurement, there are inherent challenges in measuring how our products are used across large populations 
globally that may require significant judgment and are subject to technical errors. For example, there may be individuals 
who attempt to create accounts for malicious purposes, including at scale, even though we forbid that in our Terms of 
Service and Community Guidelines. We implement measures in our user registration process and through other technical 
measures to prevent, detect, and suppress that behavior, although we have not determined the number of such accounts, or 
the effectiveness of such measures. Our user metrics are also affected by technology on certain mobile devices that 
automatically runs in the background of our Snapchat application when another phone function is used, and this activity 
can cause our system to miscount the user metrics associated with such account. 
Some of our demographic data may be incomplete or inaccurate. For example, because users self-report their dates 
of birth, our age-demographic data may differ from our users’ actual ages. And because users who signed up for Snapchat 
before June 2013 were not asked to supply their date of birth, we may exclude those users from age demographics or 
estimate their ages based on a sample of the self-reported ages we do have. If our users provide us with incorrect or 
incomplete information regarding their age or other attributes, then our estimates may prove inaccurate and fail to meet 
investor or advertiser expectations. In addition, our estimates for revenue by user location may also be affected by data 
limitations and other challenges in measuring user locations. Our data regarding the geographic location of our users is 
estimated based on a number of factors, such as the user’s IP address. If a user utilizes a proxy server or if there are other 
data limitations, we may not be able to accurately reflect the user’s actual location. 
Errors or inaccuracies in our metrics or data could also result in incorrect business decisions and inefficiencies. 
For instance, if a significant understatement or overstatement of active users were to occur, we may expend resources to 
implement unnecessary business measures or fail to take required actions to attract a sufficient number of users to satisfy 
our growth strategies. We count a DAU when a user visits Snapchat through our applications or websites, and only once 
per user per day. We have multiple pipelines of user data that we use to determine whether a user has visited Snapchat 
through our applications or websites during a particular day. This provides redundancy in the event one pipeline of data 
were to become unavailable for technical reasons, and also gives us redundant data to help measure how users interact with 
our application. However, we believe that we do not capture all data regarding our active users, which has in the past and 
may in the future result in understated metrics. This generally occurs because of technical issues, for instance when our 
systems do not record data from a user’s application or when a user opens the Snapchat application and contacts our 
servers but is not recorded as an active user. We continually seek to address these technical issues and improve our 
measurement processes and accuracy, such as comparing our active users and other metrics with data received from other 
pipelines, including data recorded by our servers and systems. But given the complexity of the systems involved and the 
rapidly changing nature of mobile devices and systems, we expect these issues to continue, particularly if we continue to 
expand in parts of the world where mobile data systems and connections are less stable. If we fail to maintain an effective 
analytics platform, our metrics calculations may be inaccurate. We regularly review, have adjusted in the past, and are 
likely to adjust in the future our processes for calculating our internal metrics to improve their accuracy. As a result of such 
adjustments, our DAUs or other metrics may not be comparable to those in prior periods. Our measures of DAU and other 
metrics may also differ from estimates published by third parties or from similarly titled metrics of our competitors due to 
differences in methodology, data used, data limitations, or other challenges in measuring large online and mobile 
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populations. If advertisers, partners, or investors do not perceive our user, geographic, other demographic metrics, or 
measurements of advertising effectiveness to be accurate, or if we discover material inaccuracies in our metrics, our 
reputation may be seriously harmed. Our advertisers and partners may also be less willing to allocate their budgets or 
resources to Snapchat, which could seriously harm our business. In addition, we calculate average DAUs for a particular 
quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that 
quarter. This calculation may mask any individual days or months within the quarter that are significantly higher or lower 
than the quarterly average.
Improper or illegal use of Snapchat could seriously harm our business and reputation.
We cannot be certain that the technologies that we have developed to repel spamming attacks will be able to 
eliminate all spam messages from our products. Spammers attempt to use our products to send targeted and untargeted 
spam messages to users, which may embarrass, offend, threaten, or annoy users and make our products less user friendly. 
Our actions to combat spam may also divert significant time and focus from improving our products. As a result of 
spamming activities, our users may use our products less or stop using them altogether, and result in continuing operational 
cost to us.
Similarly, terrorists, criminals, and other bad actors may use our products to promote their goals and encourage 
users to engage in terror and other illegal activities discussed in our Transparency Report. We expect that as more people 
use our products, these bad actors will increasingly seek to misuse our products. Although we invest resources to combat 
these activities, including by suspending or terminating accounts we believe are violating our Terms of Service and 
Community Guidelines, we expect these bad actors will continue to seek ways to act inappropriately and illegally on 
Snapchat. Maintaining a safe platform, including by combating these bad actors, requires us to incur costs, which may be 
significant. In addition, we may not be able to control or stop Snapchat from becoming the preferred application of use by 
these bad actors, which may seriously harm our reputation or lead to lawsuits or attention from regulators. If these activities 
continue on Snapchat, our reputation, user growth and user engagement, and operational cost structure could be seriously 
harmed.
Because we store, process, and use data, some of which contains personal data, we are subject to complex and evolving 
federal, state, local and foreign laws, regulations, executive actions, rules, contractual obligations, policies, and other 
obligations regarding privacy, data protection, content regulation, and other matters. Many of these obligations are 
subject to change and to uncertain interpretation, and our actual or perceived failure to comply with such obligations 
could result in investigations, claims (including class actions), mass arbitration demands, changes to our business 
practices, increased cost of operations, and declines in user growth, retention, or engagement, or other adverse 
consequences, any of which could seriously harm our business.
In the ordinary course of business, we collect, store, use, and share personal data and other sensitive information, 
including proprietary and confidential business data, trade secrets, third-party sensitive information, and intellectual 
property. Accordingly, we are subject to a variety of laws, regulations, industry standards, policies, contractual 
requirements, executive actions, and other obligations relating to privacy, security, and data protection. We also are and 
may in the future be subject to many federal, state, local, and foreign laws and regulations, including those related to 
privacy, rights of publicity, content, data protection, AI, intellectual property, health and safety, competition, protection of 
minors, consumer protection, employment, money transmission, import and export restrictions, gift cards, electronic funds 
transfers, anti-money laundering, advertising, algorithms, encryption, and taxation.
Under certain of these laws, we could face temporary or definitive bans on data processing and other corrective 
actions, substantial monetary fines, or private litigation related to processing of personal data brought by classes of data 
subjects or consumer protection organizations authorized to represent their interests. The transfer of personal data continues 
to be under increased regulatory attention and scrutiny, and certain jurisdictions in which we operate have significantly 
limited the lawful basis on which personal data can be transferred to other jurisdictions and increased the assessments 
required to do so. We have attempted to structure our operations, and the cross-border transfer mechanisms we rely on, in a 
manner designed to help us partially avoid some of these concerns. Some of these mechanisms are, or may in the future be, 
subject to legal challenges, and there is no assurance that we can satisfy or rely on these mechanisms to lawfully transfer 
personal data in the future. If there is no lawful manner for us to transfer personal data, or if the requirements for a legally 
compliant transfer are too onerous, we could face significant adverse consequences, including the interruption or 
degradation of our operations, the need to relocate part of or all of our business or data processing activities to other 
jurisdictions at significant expense, increased exposure to regulatory actions, substantial fines and penalties, the inability to 
transfer data and work with partners, vendors, and other third parties, and injunctions against our processing or transferring 
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of personal data necessary to operate our business. Regulators may seek to restrict our data processing activities if they 
believe we have violated cross-border data transfer limitations, which would seriously harm our business. Additionally, 
companies like us that transfer personal data between jurisdictions, particularly to the United States, are subject to 
increased scrutiny from regulators, individual litigants, and activist groups. 
Legislation in certain of the countries in which we operate has imposed extensive obligations, and potential 
monetary fines, on entities like us that are categorized in various contexts as online service providers (including, as the case 
may be, social media platforms, electronic communications providers, or other similar categorizations) who enable the 
sharing of user-generated content, to identify, mitigate, and manage the risks of harm to users from illegal and harmful 
content, such as terrorism, child sexual exploitation and abuse, and harassment or stalking. In addition, the privacy of 
teens’ personal data collected online, and use of commercial websites, applications, online services, or other interactive 
platforms, generally, are also becoming increasingly scrutinized. Regulations focused on online safety and protection of 
teens’ privacy online have and may in the future require us to change our services and incur costs to do so. Moreover, 
various laws to restrict or govern the use of commercial websites, applications, online services, or other interactive 
platforms by teens have passed or have been proposed, including laws prohibiting certain teen age groups from accessing 
social media, restricting advertising to teens, requiring age verification, requiring default teen safeguards, requiring 
warning labels, limiting the use of minors’ personal data, and requiring parental consent or providing for other parental 
controls or rights. These laws may be, or in some cases already have been, subject to legal challenges and changing 
interpretations, which may further complicate our efforts to comply with laws applicable to us. These new laws may result 
in restrictions on the use of certain of our products or services by teens, the inability to offer certain products and services 
to teens, decrease DAUs or user engagement in those jurisdictions, require changes to our products and services to achieve 
compliance, decrease our advertising and subscription revenue, and increase legal risk and compliance costs for us and our 
third-party partners, any of which could seriously harm our business. 
Laws and regulations focused on privacy, security, and data protection, including data breach notification laws, 
personal data privacy laws, consumer protection laws, wiretapping laws, invasion of privacy laws, and other similar laws 
have imposed obligations on companies that collect personal data from users, including providing specific disclosures in 
privacy notices, expanding the requirements for handling personal data, requiring consents to process personal data in 
certain circumstances, and affording residents with certain rights concerning their personal data. Such rights include the 
right to access, correct, or delete certain personal data, and to opt-out of certain data processing activities, such as targeted 
advertising, profiling, and automated decision-making. The exercise of these rights impact our business and ability to 
provide our products and services, and our inability or failure to obtain consent or otherwise identify a lawful basis for data 
processing that is acceptable to a regulator, where required, could result in adverse consequences, including class-action 
litigation, regulatory enforcement, and mass arbitration demands. Certain of these laws also impose stricter requirements 
for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. 
These laws also allow for statutory fines for noncompliance and, in some instances, provide for civil penalties for 
violations and a private right of action for data breaches, which may increase the likelihood and cost of data breach 
litigation, and could seriously harm our business.
Additionally, several jurisdictions in which we operate have enacted statutes banning or restricting the collection 
of biometric information. Certain of these laws provide for substantial penalties and statutory damages and have generated 
significant class-action activity. Although we maintain the position that our technologies do not collect any biometric 
information, we have in the past, and may in the future, settle these disputes to avoid potentially costly litigation and have 
in certain instances made changes to our products in an abundance of caution. 
Privacy advocates and industry groups have proposed, and may propose in the future, standards with which we are 
legally or contractually obligated to comply. Moreover, we are also bound by contractual obligations related to data privacy 
and security, and our efforts to comply with such obligations may not be successful. We also publish privacy policies, 
marketing materials, and other statements regarding data privacy and security, including statements relied on by our users, 
advertisers, and business partners. If these policies, materials, or statements are found to be deficient, lacking in 
transparency, deceptive, unfair, or misrepresentative of our practices, we may be subject to investigation, enforcement 
actions by regulators, or other adverse consequences, including class-action litigation or mass arbitration demands.
The implementation and enforcement, including through private rights of action, of these increasingly complex, 
onerous, or divergent laws and regulations, and the introduction, interpretation, or revision of any new such laws or 
regulations, with respect to privacy, security, data protection, and our industry are uncertain and may further complicate 
compliance efforts, lead to fragmentation of the service, increase legal risk and compliance costs for us and our third-party 
partners, or decrease the perceived usefulness of our service to our users and advertisers. For example, some federal 
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privacy laws are currently being challenged, and litigation in this space could impact the privacy rights of our community, 
including modifying the ability of third parties (such as government agencies and civil litigants) to obtain private 
communications between users, which in turn may negatively impact users’ experience, trust, and satisfaction and decrease 
their engagement with our products. Many of these obligations are becoming increasingly stringent and subject to rapid 
change and uncertain interpretation. Preparing for and complying with these obligations requires us to devote significant 
resources, and there is no guarantee that our compliance efforts to date, or in the future, will be deemed compliant or 
sufficient. These obligations may necessitate changes to our products and services, information technologies, systems, and 
practices and to those of any third parties that process personal data on our behalf. In addition, these obligations may 
require us to change our business model. Our business model materially depends on our ability to process personal data in 
connection with our advertising offerings, so we are particularly exposed to the risks associated with the rapidly changing 
legal landscape regarding privacy, security, and data protection. For example, privacy regulators have targeted us and some 
of our competitors, including by investigating data processing activities and in the past have issued large fines to our 
competitors. Such enforcement actions may cause us to revise our business plans and operations. Moreover, we believe a 
number of investigations into other technology companies are currently being conducted by federal, state, and foreign 
legislative and regulatory bodies. We therefore are at heightened risk of regulatory scrutiny, as regulators focus their 
attention on data processing activities of companies like us, and any changes in the regulatory framework or enforcement 
actions, whether against us or our competitors, could require us to fundamentally change our business model, and seriously 
harm our business.
We may at times fail, or be perceived to have failed, in our efforts to comply with our privacy, security, and data 
protection obligations. Moreover, despite our efforts, our personnel or third parties on whom we rely may fail to comply 
with such obligations, which could negatively impact our business operations. If we or the third parties on which we rely 
fail, or are perceived to have failed, to address or comply with applicable privacy, security, or data protection obligations, 
we could face significant consequences, including government enforcement actions (such as investigations, claims, audits, 
and penalties), litigation (including class-action litigation) and mass arbitration demands, additional reporting requirements 
or oversight, bans on processing personal data, negative publicity, and orders to destroy or not use or transfer personal data. 
Certain regulators may prohibit our use of certain personal data as a result of enforcement actions or similar proceedings. 
Plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class 
claims and mass arbitration demands. Some of these claims allow for the recovery of statutory damages on a per violation 
basis, and, if viable, carry the potential for monumental statutory damages, depending on the volume of data and the 
number of violations. Any of these events could have a material adverse effect on our business, including loss of users and 
advertisers, inability to process personal data or operate in certain jurisdictions, changes to our business practices, increased 
cost of operations, and declines in user growth, retention, or engagement, any of which could seriously harm our business.
We have in the past been subject to enforcement actions, investigations, proceedings, orders, or various 
government inquiries regarding our data privacy and security practices and processing. For example, in December 2014, 
the FTC resolved an investigation into some of our early practices by issuing a final order. That order requires, among 
other things, that we establish a robust privacy program to govern how we treat user data. During the 20-year term of the 
order, we must complete biennial independent privacy audits. The FTC has continued to review our practices and in 
January 2025, announced the referral of a complaint to the DOJ pertaining to our deployment of our My AI feature and the 
allegedly resulting risk of harm to young users. While we believe we have meritorious defenses to any legal proceedings 
that may arise out of this complaint, we will continue to cooperate with regulatory authorities. Any enforcement action 
related to this matter, or any violation of existing or future regulatory orders or consent decrees could subject us to 
substantial monetary fines and other penalties that could seriously harm our business.
We use AI, including generative AI, in consumer-facing features of our products and services and in the operation of 
our business, which may result in legal liability and privacy and security risks which may adversely impact our business.
We use AI, including generative AI, in consumer-facing features of our products and services, such as My AI, and 
in the operation of our business. The development, deployment, training, use, safety, and personal data processing of AI 
presents various AI, privacy, and security risks that impact our business. 
AI development, deployment, training, use, safety, and personal data processing is subject to new and evolving 
privacy and data security laws, as well as increasing AI laws and review by various governmental and regulatory agencies. 
We are, have been, and could in the future be subject to regulatory inquiries relating to the use and operation of AI. While 
such regulatory inquiries have not adversely impacted our business to date, given the current unsettled nature of the legal 
and regulatory environment surrounding AI, our or our partners’ AI development, deployment, training, use, safety, and 
personal data processing of AI could subject us to further regulatory inquiries or actions, which could result in product 
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restrictions, fines and penalties, equitable remedies such as requirements to retrain or disgorge our AI, as well as litigation 
and reputational harm, any of which could seriously harm our business and require us to expend significant resources. Such 
consequences, if imposed, may also make it harder for us to use AI in our product and services, or internally in our 
business operations, which could seriously harm our business. Furthermore, certain enacted and proposed regulations 
related to AI could impose onerous obligations on our business, products, and services, including restrictions on or 
transparency obligations with respect to the training and use of AI-related systems, and obligations relating to labeling and 
provenance of AI-generated content. If applicable, such obligations may require us to change our products or business 
practices in order to comply. Additionally, if our AI products fail to perform as intended, or produce outputs that are 
harmful, misleading, inaccurate, or biased, in addition to the risks above, our business may be harmed.
Our financial condition and results of operations will fluctuate from quarter to quarter, which makes them difficult to 
predict.
Our quarterly results of operations have fluctuated in the past and will fluctuate in the future. Additionally, we 
have a limited operating history with the current scale of our business, which makes it difficult to forecast our future 
results. As a result, you should not rely on our past quarterly results of operations as indicators of future performance. You 
should take into account the risks and uncertainties frequently encountered by companies in rapidly evolving market 
segments. Our financial condition and results of operations in any given quarter can be influenced by numerous factors, 
many of which we are unable to predict or are outside of our control, including:
•
our ability to maintain and grow our user base and user engagement;
•
the development and introduction of new or redesigned products or services by us or our competitors;
•
the ability of our cloud service providers to scale effectively and timely provide the necessary technical 
infrastructure to offer our service;
•
our ability to attract and retain advertisers in a particular period;
•
seasonal or other fluctuations in spending by our advertisers and product usage by our users, each of which may 
change as our product offerings evolve or as our business grows or as a result of unpredictable events such as 
labor shortages and disruptions, supply chain disruptions, banking instability, inflationary pressures, or geo-
political conflicts;
•
restructuring or other charges and unexpected costs or other operating expenses; 
•
the number of advertisements shown to users;
•
the pricing of our advertisements and other products;
•
the effectiveness, and our ability to demonstrate to advertisers the effectiveness, of our advertisements;
•
the diversification and growth of revenue sources beyond current advertising;
•
increases in marketing, sales, research and development, and other operating expenses that we may incur to grow 
and expand our operations and to remain competitive;
•
our ability to maintain operating margins, cash provided by operating activities, and Free Cash Flow;
•
our ability to accurately forecast consumer demand for our physical products and adequately manage inventory;
•
system failures or security incidents, and the costs associated with such incidents and remediations;
•
inaccessibility of Snapchat, or certain features within Snapchat, due to third-party or governmental actions;
•
stock-based compensation expense;
•
our ability to effectively incentivize our workforce;
•
adverse litigation judgments, settlements, or other litigation-related costs, or product recalls;
•
changes in the legislative or regulatory environment, including with respect to privacy, rights of publicity, content, 
data protection, intellectual property, communication, health and safety, competition, protection of minors, 
consumer protection, employment, money transmission, import and export restrictions, gift cards, electronic funds 
transfers, anti-money laundering, advertising, algorithms, encryption, and taxation, enforcement by government 
regulators, including fines, orders, sanctions, tariffs, or consent decrees, or the issuance of executive orders or 
other similar executive actions that may adversely affect our revenues or restrict our business;
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•
new privacy, data protection, and security laws and other obligations and increased regulatory scrutiny on our or 
our competitors’ data processing activities and privacy and information security practices, including through 
enforcement actions potentially resulting in large penalties or other severe sanctions and increased restrictions on 
the data processing activities and personal data transfers critical to the operation of our current business model;
•
fluctuations in currency exchange rates and changes in the proportion of our revenue and expenses denominated in 
foreign currencies;
•
fluctuations in the market values of our portfolio investments and interest rates or impairments of any assets on 
our consolidated balance sheet;
•
changes in our effective tax rate;
•
announcements by competitors of significant new products, licenses, or acquisitions;
•
our ability to make accurate accounting estimates and appropriately recognize revenue for our products;
•
our ability to meet minimum spending commitments in agreements with our infrastructure providers;
•
changes in accounting standards, policies, guidance, interpretations, or principles;
•
the effect of war or other armed conflict on our workforce, operations, or the global economy; and
•
changes in domestic and global business or macroeconomic conditions, including as a result of inflationary 
pressures, banking instability, geo-political conflicts, tariffs, terrorism, or responses to these events.
If we are unable to continue to maintain or successfully grow our user base and further monetize our products, our 
business will suffer.
We have made, and are continuing to make, investments to enable users, partners, and advertisers to create 
compelling content and deliver advertising to our users. Existing and prospective Snapchat users and advertisers may not 
be successful in creating content that leads to and maintains user engagement. We are continuously seeking to balance the 
objectives of our users and advertisers with our desire to provide an optimal user experience. We do not seek to monetize 
all of our products nor do we solely focus our efforts on users with higher ARPU, and we may not be successful in 
achieving a balance that continues to attract and retain users and advertisers. We focus on growing engagement across our 
service, and from time to time our efforts may reduce user activity with certain monetizable products in favor of other 
products we do not currently monetize. If we are not successful in our efforts to grow or effectively and timely monetize 
our user base, or if we are unable to build and maintain good relations with our advertisers, our user growth and user 
engagement and our business may be seriously harmed. In addition, we may expend significant resources to launch new 
products that we are unable to monetize, which may seriously harm our business.
Additionally, we may not succeed in further monetizing Snapchat. We currently primarily monetize Snapchat by 
displaying advertisements sold by us and our partners. As a result, our financial performance and ability to grow revenue 
could be seriously harmed if:
•
we fail to increase or maintain DAUs, especially in regions where we have higher monetization;
•
our user growth outpaces our ability to monetize our users, including if we don’t attract sufficient advertisers or if 
our user growth occurs in markets that are not as monetizable; 
•
we fail to increase or maintain the amount of time spent on Snapchat, the amount of content that our users share, 
or the usage of our Camera, Visual Messaging, Map, Stories, and Spotlight platforms;
•
partners and users do not create sufficient engaging content for users or partners do not renew their agreements 
with us;
•
we fail to attract sufficient advertisers to utilize our self-serve platform to make the best use of our advertising 
inventory;
•
advertisers do not continue to introduce engaging advertisements;
•
advertisers reduce their advertising on Snapchat;
•
we fail to maintain good relationships with advertisers or attract new advertisers, or demonstrate to advertisers the 
effectiveness of advertising on Snapchat; 
•
the content on Snapchat does not maintain or gain popularity; or
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•
we fail to attract prospective subscribers to Snapchat+, retain existing subscribers, or effectively continue to 
monetize Snapchat+.
We cannot assure you that we will effectively manage our growth or changes to our business.
The growth and expansion of our business, headcount, and products create significant challenges for our 
management, including managing multiple relationships with users, advertisers, partners, and other third parties, and 
constrain operational and financial resources. If our operations or the number of third-party relationships continues to 
grow, our information-technology systems and our internal controls and procedures may not adequately support our 
operations and may require significant investments of time and capital to improve. In addition, some members of our 
management do not have significant experience managing large global business operations, so our management may not be 
able to manage such growth effectively. To effectively manage our growth, we must continue to improve our operational, 
financial, and management processes and systems and effectively expand, train, and manage our employee base. However, 
the actions we take to achieve such improvements may not have the intended effect and may instead result in disruptions, 
delays in new products, employee turnover, declines in revenue, and other adverse effects.
As we continue to adapt and update our business model and priorities and we are required to implement more 
complex organizational management structures, we may also find it increasingly difficult to maintain the benefits of our 
corporate culture, including our ability to quickly develop and launch new and innovative products. This could negatively 
affect our business performance and seriously harm our business. 
We periodically make changes to our business and priorities. For example, in the first quarter of 2024, we 
undertook a restructuring of our business to focus on our top priorities, improve cost efficiencies, and drive toward 
profitability and positive free cash flow. As we continue to adapt and update our business model and priorities, we may 
make additional restructurings, reprioritizations, or workforce reductions in the future. Any such changes could disrupt our 
operations, increase costs, make it harder to service our users or customers, adversely impact employee retention, hiring, 
and morale, negatively impact our reputation, or distract management, any of which could seriously harm our business.
Our costs may increase faster than our revenue, which could seriously harm our business or increase our losses.
Providing our products to our users is costly, and we expect our expenses, including those related to people, 
research and development, and hosting, to grow in the future. This expense growth will continue as we broaden our user 
base, as users increase the number of connections and amount of content they consume and share, as we develop and 
implement new product features that require more computing infrastructure or products that are not revenue generating, 
and as we grow our business. Historically, our costs have increased each year due to these factors, and we expect to 
continue to incur increasing costs. Our costs are based on development and release of new products and the addition of 
users and may not be offset by a corresponding growth in our revenue. We will continue to invest in our global 
infrastructure to provide our products quickly and reliably to all users around the world, including in countries where we do 
not expect significant short-term monetization, if any. Our expenses may be greater than we anticipate, and our investments 
to make our business and our technical infrastructure more efficient may not succeed and may outpace monetization 
efforts. In addition, we expect to increase marketing, sales, and other operating expenses, such as legal and insurance 
expenses, to grow and expand our operations, remain competitive, and respond to increasing litigation and regulatory 
matters. Increases in our costs without a corresponding increase in our revenue would increase our losses and could 
seriously harm our business and financial performance.
Our business depends on our ability to maintain and scale our technology infrastructure. Any significant disruption to 
our service could damage our reputation, result in a potential loss of users and decrease in user engagement, and 
seriously harm our business.
Our reputation and ability to attract, retain, and serve users depends on the reliable performance of Snapchat and 
our underlying technology infrastructure. We have in the past experienced, and may in the future experience, interruptions 
in the availability or performance of our products and services from time to time. Our systems may not be adequately 
designed with the necessary reliability and redundancy to avoid performance delays or outages caused by us or other 
service providers that could seriously harm our business. If Snapchat is unavailable when users attempt to access it, or if it 
does not load as quickly as they expect, users may not return to Snapchat as often in the future, or at all. As our user base 
and the volume and types of information shared on Snapchat grow, we will need an increasing amount of technology 
infrastructure, including network capacity and computing power, to continue to satisfy our users’ needs which could 
significantly increase our costs. It is possible that we may fail to effectively scale and grow our technology infrastructure to 
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accommodate these increased demands, or that improving our current technology infrastructure will require significant 
resources and delay or hinder the development of other products or services. In addition, our business is subject to 
interruptions, delays, and failures resulting from earthquakes, other natural disasters, geo-political conflicts, terrorism, 
pandemics, and other catastrophic events. Global climate change could also result in natural disasters occurring more 
frequently or with more intense effects, which could cause business interruptions. Wars or other armed conflicts could 
damage or diminish our access to our technology infrastructure or regional networks and disrupt our services, which could 
seriously harm our business and financial performance.
As discussed in these risk factors, substantially all of our network infrastructure is provided by third parties, 
including Google Cloud and AWS. We also rely on third parties for other technology related services, including certain AI 
functions. Any disruption or failure in the services we receive from these providers could harm our ability to handle 
existing or increased traffic and could seriously harm our business. Any financial or other difficulties these providers face 
may seriously harm our business. And because we exercise little control over these providers, we are vulnerable to 
problems with the services they provide and increases in the costs of these services.
We periodically augment and enhance our financial systems and we may experience difficulties in managing our 
systems and processes, which could disrupt our operations, the management of our finances, and the reporting of our 
financial results, which in turn, may result in our inability to manage the growth of our business and to accurately forecast 
and report our results, each of which could seriously harm our business. 
Our business emphasizes rapid innovation and prioritizes long-term user engagement over short-term financial 
condition or results of operations. That strategy may yield results that sometimes don’t align with the market’s 
expectations. If that happens, our stock price may be negatively affected.
Our business is growing and becoming more complex, and our success depends on our ability to quickly develop 
and launch new and innovative products. We believe our culture fosters this goal. Our focus on innovations and quick 
reactions could result in unintended outcomes or decisions that are poorly received by our users, advertisers, or partners. 
We have made, and expect to continue to make, significant investments to develop and launch new products and services 
and we cannot assure you that users will purchase or use such new products and services in the future. We will also 
continue to attempt to find effective ways to show our community new and existing products and alert them to events, 
holidays, relevant content, and meaningful opportunities to connect with their friends. These methods may provide 
temporary increases in engagement that may ultimately fail to attract and retain users. Our culture also prioritizes our long-
term user engagement over short-term financial condition or results of operations. We frequently make decisions that may 
reduce our short-term revenue or profitability if we believe that the decisions benefit the aggregate user experience and 
improve our financial performance over the long term. For example, we monitor how advertising on Snapchat affects our 
users’ experiences to attempt to ensure we do not deliver too many advertisements to our users, and we may decide to 
decrease the number of advertisements to increase our users’ satisfaction in the product. In addition, we improve Snapchat 
based on feedback provided by our users, advertisers, and partners. These decisions may not produce the long-term benefits 
that we expect, in which case our user growth, retention and engagement on our service or on certain platforms, our 
relationships with advertisers and partners, and our business could be seriously harmed.
Some of our software and systems contain open source software, which may pose particular risks to our proprietary 
applications. 
We use software licensed to us by third-party developers under “open source” licenses in connection with the 
development or deployment of our products and expect to continue to use open source software in the future. Some open 
source licenses contain express requirements or impose conditions, which may be triggered under certain circumstances, 
with respect to the exploitation of proprietary source code or other intellectual property by users of open source software. 
While we employ practices designed to monitor our compliance with the licenses of third-party open source software and 
to avoid using the open source software in a manner that would put our valuable proprietary source code at risk, there is a 
risk that we could have used, or may in the future use, open source software in a manner which could require us to release 
our proprietary source code to users of our software or to the public, require us to license our proprietary software for 
purposes of making modifications or derivative works, or prohibit us from charging fees for the use of our proprietary 
software. This could result in loss of revenue, and allow our competitors to create similar offerings with lower development 
costs, and ultimately could result in a loss of our competitive advantages. Furthermore, there is an increasing number of 
open source software license types, almost none of which have been tested in a court of law, resulting in guidance 
regarding the proper legal interpretation of such licenses and there is a risk that these licenses could be construed in a way 
that could impose unanticipated conditions or restrictions on our ability to provide or distribute our products. If we were to 
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receive a claim of non-compliance with the terms of any of our open source licenses, we may be required to publicly 
release certain portions of our proprietary source code or expend substantial time and resources to re-engineer some or all 
of our software, which may divert resources away from our product development efforts and, as a result, adversely affect 
our business. In addition, we could be required to seek licenses from third parties to continue offering our products for 
certain uses, or cease offering the products associated with such software, which may be costly.
In addition, our use of open source software may present greater risks than use of other third-party commercial 
software, as open source licensors generally do not provide support, warranties, indemnification or other contractual 
protections regarding infringement claims or the quality of the code. To the extent that our e-commerce capabilities and 
other business operations depend on the successful and secure operation of open source software, any undetected or 
unremediated vulnerabilities, errors, or defects in open source software that we use could prevent the deployment or impair 
the functionality of our systems and injure our reputation. In addition, the public availability of such software may make it 
easier for others to compromise our systems. Any of these risks could be difficult to eliminate or manage and, if not 
addressed, could have an adverse effect on our business.
If our users do not continue to contribute content or their contributions are not perceived as valuable to other users, we 
may experience a decline in user growth, retention, and engagement on Snapchat, which could result in the loss of 
advertisers and revenue.
Our success depends on our ability to provide Snapchat users with engaging content, which in part depends on the 
content contributed by our users. If users, including influential users such as world leaders, government officials, 
celebrities, athletes, journalists, sports teams, media outlets, and brands, do not continue to contribute engaging content to 
Snapchat, our user growth, retention, and engagement may decline. That, in turn, may impair our ability to maintain good 
relationships with our advertisers or attract new advertisers, which may seriously harm our business.
Differing government initiatives and restrictions in regions in which our products and services are offered could 
seriously harm our business.
Foreign data protection, privacy, consumer protection, content regulation, and other laws and regulations are often 
more restrictive than those in the United States. In addition, federal, state, and local governments in the United States have 
taken increasingly divergent approaches to legislating, regulating, and taking enforcement action with respect to 
technologies that are related to our products and services, including considering or passing laws and regulations that are 
different than those applicable to other regions in the United States. Foreign governments may censor Snapchat in their 
countries, restrict access to Snapchat from their countries entirely, impose age-based restrictions on access to Snapchat, 
impose other restrictions that may affect their citizens’ ability to access Snapchat for an extended period of time or even 
indefinitely, require data localization, or impose other laws or regulations that we cannot comply with, would be difficult 
for us to comply with, or would require us to rebuild our products or the infrastructure for our products. Federal, state, or 
local governments in the United States have taken and may continue to take similar steps. Such restrictions may also be 
implemented or lifted selectively to target or benefit other companies or products, which may result in sudden or 
unexpected fluctuations in competition in regions where we operate. In addition, geo-political conflicts may cause 
countries to target and restrict our operations, or to promote other companies’ products in place of ours. Any restriction on 
access to Snapchat due to government actions or initiatives, or any withdrawal by us from certain countries or regions 
because of such actions or initiatives, or any increased competition due to actions and initiatives of governments would 
adversely affect our DAUs, including by giving our competitors an opportunity to penetrate geographic markets that we 
cannot access or to which they previously did not have access. As a result, our user growth, retention, and engagement may 
be seriously harmed, and we may not be able to maintain or grow our revenue as anticipated and our business could be 
seriously harmed.
Our users may increasingly engage directly with our partners and advertisers instead of through Snapchat, which may 
negatively affect our revenue and seriously harm our business.
Using our products, some partners and advertisers not only can interact directly with our users but can also direct 
our users to content on third-party websites or downloads of third-party applications. In addition, our users may generate 
content by using Snapchat features, but then share, use, or post the content on a different platform. The more our users 
engage with third-party websites and applications, the less engagement we may get from them, which would adversely 
affect the revenue we could earn from them. Although we believe that Snapchat reaps significant long-term benefits from 
increased user engagement with content on Snapchat provided by our partners, these benefits may not offset the possible 
loss of advertising revenue, in which case our business could be seriously harmed.
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If events occur that damage our brand or reputation, our business may be seriously harmed.
We have developed a brand that we believe has contributed to our success. We also believe that maintaining and 
enhancing our brand is critical to expanding our user base, advertisers, and partners. Because many of our users join 
Snapchat on the invitation or recommendation of a friend or family member, one of our primary focuses is on ensuring that 
our users continue to view Snapchat and our brand favorably so that these referrals continue. Maintaining and enhancing 
our brand will depend largely on our ability to continue to provide useful, novel, fun, reliable, trustworthy, and innovative 
products, which we may not do successfully. We may introduce new products, make changes to existing products and 
services, or require our users to agree to new terms of service related to new and existing products that users do not like, 
which may negatively affect our brand in the short-term, long-term, or both. Additionally, our partners’ actions may affect 
our brand if users do not appreciate what those partners do on Snapchat. We may also fail to adequately support the needs 
of our users, advertisers, or partners, which could erode confidence in our brand. Maintaining and enhancing our brand 
may require us to make substantial investments and these investments may not be successful. If we fail to successfully 
promote and maintain our brand or if we incur excessive expenses in this effort, our business may be seriously harmed.
In the past, we have experienced, and we expect that we will continue to experience, media, legislative, and 
regulatory scrutiny. Negative public perception regarding us (including regarding our privacy or security practices, 
products, corporate viewpoints, illicit use of our products, litigation, or employee matters, or regarding the actions of our 
founders, our partners, our users, or other companies in our industry) or unfavorable legislative, litigation, or regulatory 
actions could seriously harm our reputation and brand, and result in decreased revenue, fewer application installs (or 
increased application un-installs), or declining engagement or growth rates. For example, new laws may increase the 
minimum age at which individuals are able to access our products or require parental consent for the use of our products. In 
addition, parental or general public perception of our industry or Snapchat in particular could adversely affect the size, 
demographics, engagement, and loyalty of our user base, any of which could seriously harm our business.
Expanding and operating in international markets requires significant resources and management attention. If we are 
not successful in expanding and operating our business in international markets, we may incur significant costs, 
damage our brand, or need to lay off team members in those markets, any of which may seriously harm our business.
We have expanded to new international markets and are growing our operations in existing international markets, 
which may have very different cultures and commercial, legal, and regulatory systems than where we predominantly 
operate. In connection with our international expansion and growth, we also hire new team members in many of these 
markets. This international expansion may:
•
impede our ability to continuously monitor the performance of all of our team members;
•
result in hiring of team members who may not yet fully understand our business, products, and culture; or
•
cause us to expand in markets that may lack the culture and infrastructure needed to adopt our products.
These issues may eventually lead to turnover or layoffs of team members in these markets and may harm our 
ability to grow our business in these markets. In addition, scaling our business to international markets imposes complexity 
on our business, and requires additional financial, legal, and management resources. We may not be able to manage growth 
and expansion effectively, which could damage our brand, result in significant costs, and seriously harm our business. For 
example, in recent years we undertook a broad strategic reprioritization to focus on our top priorities, improve cost 
efficiencies, and drive toward profitability and positive free cash flow. As we continue to adapt and update our business 
model and priorities, we may make additional restructurings, reprioritizations, or workforce reductions in the future. Any 
such changes could disrupt our operations, increase costs, make it harder to service our users or customers, adversely 
impact employee retention, hiring and morale, negatively impact our reputation, or distract management, any of which 
could seriously harm our business.
Additionally, because we have team members internationally, we are exposed to political, social, and economic 
instability in additional countries and regions. 
Our products are highly technical and may contain undetected software vulnerabilities, bugs, hardware errors, or 
defects, which could manifest in ways that could seriously harm our reputation and our business.
Our products are highly technical and complex. Snapchat, our other products, or products we may introduce in the 
future, may contain undetected software bugs, hardware errors, and other vulnerabilities. These bugs and errors can 
manifest in any number of ways in our products, including through diminished performance, security vulnerabilities, 
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malfunctions, or even permanently disabled products. We have a practice of updating our products, but some errors in our 
products may be discovered only after a product has been released or shipped and used by users, and may in some cases be 
detected only under certain circumstances or after extended use. Any errors, bugs, or vulnerabilities discovered in our 
products or code (particularly after release) could damage our reputation, result in a security incident (and attendant 
consequences), drive away users, lower revenue, and expose us to litigation claims or regulatory investigations or 
enforcement actions, any of which could seriously harm our business. We may also experience delays in developing and 
deploying remedial measures and patches designed to address identified vulnerabilities.
Spectacles, as an eyewear product, is regulated by the U.S. Food and Drug Administration, or the FDA, and may 
malfunction in a way that results in physical harm to a user or others around the user. We offer a limited one-year warranty 
in the United States and a limited two-year warranty in Europe, and any such defects discovered in our products after 
commercial release could result in a loss of sales and users, which could seriously harm our business. Moreover, certain 
jurisdictions in which we operate require manufacturers of connected devices to comply with legal and contractual 
obligations that govern the way data generated by such connected devices is shared and used. If we are unable to comply 
with these requirements in a timely manner, or if we face technical difficulties in the implementation of some requirements, 
we could become subject to investigations and enforcement actions, which could require additional financial and 
management resources.
We may face claims for product liability, tort, or breach of warranty, or experience product recalls. For example, 
in the first quarter of 2024, we voluntarily decided to recall our Pixy drone product and refund consumers after determining 
that, in a very small number of cases, the batteries overheated. The product had been discontinued in August 2022. Our 
product contracts with users contain provisions relating to warranty disclaimers and liability limitations, which may not be 
upheld. In addition, our liability insurance coverage may prove inadequate or future coverage may be unavailable on 
acceptable terms or at all. The occurrence of any of these events could increase our costs, divert management attention, and 
seriously harm our reputation and our business.
We have been, are currently, and may in the future be subject to regulatory inquiries, investigations, and proceedings 
which could cause us to incur substantial costs or require us to change our business practices in a way that could 
seriously harm our business.
We have been, are currently, and may in the future be subject to inquiries, investigations, and proceedings 
instituted by government entities on a variety of topics, including data privacy, AI, safety, law enforcement, consumer 
protection, civil rights, content moderation, and the use of our platform for illegal purposes. We regularly report 
information about our business to federal, state, and foreign regulators in the ordinary course of operations and have, and 
may in the future, receive additional requests for information regarding our business practices. These actions, including any 
potential unfavorable outcomes, and our compliance with any associated regulatory orders, consent decrees, or settlements, 
may require us to change our products, product offerings and features, policies or practices, subject us to substantial 
monetary fines or other penalties or sanctions, result in increased operating costs, divert management’s attention, harm our 
reputation, and require us to incur significant legal and other expenses, any of which could seriously harm our business. 
For example, in January 2025, the FTC referred a complaint against us to the DOJ that pertains to our deployment of our 
My AI feature and the allegedly resulting risk of harm to young users. While we believe we have meritorious defenses to 
any legal proceedings that may arise out of this complaint, we will continue to cooperate with regulatory authorities. Any 
enforcement action related to this matter, or any violation of existing or future regulatory orders or consent decrees could 
subject us to substantial monetary fines and other penalties that could seriously harm our business.
We are currently, and expect to be in the future, party to patent lawsuits and other intellectual property claims that are 
expensive and time-consuming. If resolved adversely, these lawsuits and claims could seriously harm our business.
Companies in the mobile, camera, communication, media, internet, artificial intelligence, augmented reality, and 
other technology-related industries own large numbers of patents, copyrights, trademarks, trade secrets, and other 
intellectual property rights, and frequently enter into litigation based on allegations of infringement, misappropriation, or 
other violations of intellectual property or other rights. In addition, various “non-practicing entities” and other entities that 
own patents, copyrights, trademarks, trade secrets, and other intellectual property rights often attempt to aggressively assert 
their rights to extract value from technology companies. Furthermore, from time to time we may introduce new products or 
make other business changes, including in areas where we currently do not compete, which could increase our exposure to 
patent, copyright, trademark, trade secret, and other intellectual property rights claims from competitors and non-practicing 
entities. We have been subject to, and expect to continue to be subject to, claims and legal proceedings from holders of 
patents, trademarks, copyrights, trade secrets, and other intellectual property rights alleging that some of our products or 
content infringe their rights. An unfavorable outcome in any of these lawsuits could seriously harm our business. If these or 
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other matters continue in the future or we need to enter into licensing arrangements, which may not be available to us or on 
terms favorable to us, it may increase our costs and decrease the value of our products, and our business could be seriously 
harmed. If a third party does not offer us a license to its intellectual property on commercially reasonable terms, or at all, 
we may be required to develop, acquire or license alternative, non-infringing technology, which could require significant 
time, effort, and expense, and may ultimately not be successful. Any of these events would adversely affect our business.
Moreover, we may not be aware if our platform is infringing, misappropriating, or otherwise violating third-party 
intellectual property rights, and third parties may bring claims alleging such infringement, misappropriation, or violation. 
Because patent applications can take years to issue and are often afforded confidentiality for some period of time, there 
may currently be pending applications, unknown to us, that later result in issued patents that could cover one or more of our 
products and there is also a risk that we could adopt a technology without knowledge of a pending patent application, 
which technology would infringe a third-party patent once that patent is issued. Moreover, the law continues to evolve and 
be applied and interpreted by courts in novel ways that we may not be able to adequately anticipate, and such changes may 
subject us to additional claims and liabilities. In a patent infringement claim against us, we may assert, as a defense, that we 
do not infringe the relevant patent claims, that the patent is invalid or both. The strength of our defenses will depend on the 
patents asserted, the interpretation of these patents and our ability to invalidate the asserted patents. However, we could be 
unsuccessful in advancing non-infringement or invalidity arguments in our defense. In the United States, issued patents 
enjoy a presumption of validity, and the party challenging the validity of a patent claim must present clear and convincing 
evidence of invalidity, which is a high burden of proof. Conversely, the patent owner need only prove infringement by a 
preponderance of the evidence, which is a lower burden of proof. Intellectual property claims, whether or not successful, 
could divert management time and attention away from our business and harm our reputation and financial condition. 
Moreover, there could be public announcements of the results of hearings, motions or other interim proceedings or 
developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse 
effect on our business.
We are currently, and expect to be in the future, party to lawsuits contending that we should be legally responsible for 
content created by our users or harms experienced by our users. These lawsuits can be expensive and time-consuming. 
If resolved adversely, these lawsuits and claims could seriously harm our business.
We rely on a variety of Constitutional, statutory, and common-law frameworks that provide that we are not legally 
responsible for content created by our users, including the Digital Millennium Copyright Act, the Communications 
Decency Act, or CDA, the First Amendment, and the fair-use doctrine. However, these provisions, statutes, and doctrines 
are subject to uncertain judicial interpretation and regulatory and legislative amendments. For example, the U.S. Congress 
amended the CDA in 2018 in ways that could expose some Internet platforms to an increased risk of litigation. In addition, 
the U.S. Congress and the Executive branch have proposed further changes or amendments to the CDA each year since 
2019 including, among other things, proposals that would narrow the scope of CDA protection, expand government 
enforcement power relating to content moderation concerns, or repeal the CDA altogether. Some U.S. states have also 
enacted or proposed legislation that would undercut, or conflict with, the CDA’s protections and implicate U.S. 
constitutional protections. Some of these state-specific laws grant individuals a private right of action to sue to enforce 
these laws, with statutory damages. Although such state laws have been or can be expected to be challenged in court, if 
these laws were upheld or if additional similar laws or the changes or amendments to the CDA proposed by the U.S. 
Congress and the Executive branch were enacted, such changes may decrease the protections provided by the CDA or 
previously accepted U.S. constitutional protections and expose us to lawsuits, penalties, and additional compliance 
obligations. If courts begin to interpret the CDA more narrowly than they have historically done, this could expose us to 
additional lawsuits and potential judgments and seriously harm our business. Moreover, some of these statutes and 
doctrines that we rely on provide protection only or primarily in the United States. If the rules around these doctrines 
change, if international jurisdictions refuse to apply similar protections, or if a court were to disagree with our application 
of those rules to our service, we could incur liability or be required to make significant changes to our products, business 
practices, or operations, and our business could be seriously harmed.
Notwithstanding these Constitutional, statutory, and common-law protections, we have faced, currently face, and 
will continue to face claims relating to information that is published or made available on our products, including Snapchat. 
In particular, the nature of our business exposes us to claims related to defamation, intellectual property rights, rights of 
publicity and privacy, and personal injury torts. For example, we do not monitor or edit the vast majority of content that is 
communicated through Snapchat, and such content has, and may in the future, expose us to lawsuits. Specifically, we are 
currently facing several lawsuits alleging that we are liable for allowing users to communicate with each other, and that 
those communications sometimes result in harm. In addition, other lawsuits allege that the design of our platform and those 
of our competitors is addictive and harmful to minor users’ mental health. Other plaintiffs have argued that we should be 
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legally responsible for fentanyl overdoses or poisoning if communications about a drug transaction occurred on our 
platform. We believe we have meritorious defenses to these lawsuits, but litigation is inherently uncertain. Unfavorable 
outcomes could seriously harm our business. These actions, including any potential unfavorable outcomes, and our 
compliance with any associated court orders or settlements, may require us to change our policies or practices, subject us to 
substantial monetary judgments, fines, penalties, or sanctions, result in increased operating costs, divert management’s 
attention, harm our reputation, and require us to incur significant legal and other expenses, any of which could seriously 
harm our business. Even if the outcome of any such litigation or claim is favorable, defending against such lawsuits is 
costly and can impose a significant burden on management and employees. We may also receive unfavorable preliminary, 
interim, or final rulings in the course of litigation.
This risk is enhanced in certain jurisdictions outside the United States where our protection from liability for third-
party actions may be less than the protection that exists in the United States. For example, in April 2019, the European 
Union passed a directive expanding online platform liability for copyright infringement and regulating certain uses of news 
content online, which member states were required to implement by June 2021. In addition, legislation in Germany may 
impose significant fines for failure to comply with certain content removal and disclosure obligations. Numerous other 
countries in Europe, the Middle East, Asia-Pacific, and Latin America are considering or have implemented similar 
legislation imposing penalties for failure to remove certain types of content or follow certain processes.
We could incur significant costs investigating and defending such claims and, if we are found liable, significant 
damages, or license costs. We could also face fines or orders restricting or blocking our services in particular geographies 
as a result of content hosted on our services. If any of these events occur, we may incur significant costs or be required to 
make significant changes to our products, business practices, or operations and our business could be seriously harmed.
From time to time, we are involved in class-action lawsuits and other litigation matters that are expensive and time-
consuming and could seriously harm our business.
We are involved in numerous lawsuits, including putative class-action lawsuits brought by users and investors, 
some of which may claim statutory damages. We anticipate that we will continue to be a target for lawsuits in the future. 
Because we have millions of users, class-action lawsuits against us that are purportedly filed by or on behalf of users 
typically claim enormous monetary damages in the aggregate even if the alleged per-user harm is small or non-existent. 
Similarly, because we have a large number of stockholders, class-action lawsuits on securities theories typically 
claim enormous monetary damages in the aggregate even if the alleged loss per stockholder is small. For example, in 
November 2021, we, and certain of our officers, were named as defendants in a securities class-action lawsuit in federal 
court purportedly brought on behalf of purchasers of our Class A common stock. The lawsuit alleges that we and certain of 
our officers made false or misleading statements and omissions concerning the impact that Apple’s App Tracking 
Transparency, or ATT, framework would have on our business.
We believe we have meritorious defenses to these lawsuits, but litigation is inherently uncertain and an 
unfavorable outcome could seriously harm our business. Any litigation to which we are a party may result in an onerous or 
unfavorable judgment that might not be reversed on appeal, or we may decide to settle lawsuits on adverse terms. Any such 
negative outcome could result in payments of substantial monetary damages or fines, or changes to our products or 
business practices, and seriously harm our business. Even if the outcome of any such litigation or claim is favorable, 
defending against such lawsuits is costly and can impose a significant burden on management and employees. We may also 
receive unfavorable preliminary, interim, or final rulings in the course of litigation.
We plan to continue expanding our international operations, including in markets where we have limited operating 
experience and may be subject to increased business and economic risks that could seriously harm our business.
We plan to continue expanding our business operations abroad and to enter new international markets and expand 
our operations in existing international markets, where in some cases we have limited or no experience in marketing, 
selling, and deploying our products and advertisements. Our limited experience and infrastructure in such markets, or the 
lack of a critical mass of users in such markets, may make it more difficult for us to effectively monetize any increase in 
DAUs in those markets, and may increase our costs without a corresponding increase in revenue. If we fail to deploy or 
manage our operations in international markets successfully, our business may suffer. We do not currently enter into 
foreign currency exchange contracts, which means our business, financial condition, and operating results may be impacted 
by fluctuations in the exchange rates of the currencies in which we do business. In the future, as our international 
operations increase, or more of our revenue agreements or operating expenses are denominated in currencies other than the 
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U.S. dollar, these impacts may become material. In addition, as our international operations and sales continue to grow, we 
are subject to a variety of risks inherent in doing business internationally, including:
•
political, social, and economic instability, including war and other armed conflict, and significant political 
developments or disruptions in foreign jurisdictions;
•
risks related to the legal and regulatory environment in foreign jurisdictions, including with respect to privacy, 
rights of publicity, content, data protection, cybersecurity, intellectual property, communication, health and safety, 
competition, protection of minors, consumer protection, employment, money transmission, import and export 
restrictions, gift cards, electronic funds transfers, anti-money laundering, advertising, algorithms, encryption, and 
taxation, and unexpected changes in laws, regulatory requirements, and enforcement;
•
potential damage to our brand and reputation due to compliance with local laws, including potential censorship 
and requirements to provide user information to local authorities;
•
fluctuations in currency exchange rates;
•
higher levels of credit risk and payment fraud;
•
complying with tax requirements of multiple jurisdictions;
•
enhanced difficulties of integrating any foreign acquisitions;
•
complying with a variety of foreign laws, including certain employment laws requiring national collective 
bargaining agreements that set minimum salaries, benefits, working conditions, and termination requirements;
•
complying with a variety of foreign disclosure and reporting obligations, including those related to environmental, 
social, and corporate governance impacts and security breaches; 
•
reduced protection for intellectual-property rights in some countries;
•
difficulties in staffing and managing global operations and the increased travel, infrastructure, and compliance 
costs associated with multiple international locations;
•
regulations that might add difficulties in repatriating cash earned outside the United States and otherwise 
preventing us from freely moving cash;
•
import and export restrictions and changes in trade regulation;
•
complying with statutory equity requirements;
•
complying with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar laws in other 
jurisdictions; and
•
export controls and economic sanctions administered by the Department of Commerce Bureau of Industry and 
Security, the Treasury Department’s Office of Foreign Assets Control, or other similar foreign regulatory bodies.
If we are unable to expand internationally and manage the complexity of our global operations successfully, our 
business could be seriously harmed.
We plan to continue to make acquisitions and strategic investments in other companies, which could require significant 
management attention, disrupt our business, dilute our stockholders, and seriously harm our business.
As part of our business strategy, we have made and intend to make acquisitions to add specialized team members 
and complementary companies, products, and technologies, as well as investments in public and private companies in 
furtherance of our strategic objectives. Our ability to acquire and successfully integrate larger or more complex companies, 
products, and technologies is unproven. In the future, we may not be able to find other suitable acquisition or investment 
candidates, and we may not be able to complete acquisitions or investments on favorable terms, if at all. Our previous and 
future acquisitions and investments may not achieve our goals, and any future acquisitions or investments we complete 
could be viewed negatively by users, advertisers, partners, or investors. In addition, if we fail to successfully close 
transactions, integrate new teams, or integrate the products, technologies, and systems associated with these acquisitions 
into our company, our business could be seriously harmed. Any integration process may require significant time and 
resources, and we may not be able to manage the process successfully. For example, future or past business transactions 
could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by 
vulnerabilities present in acquired or integrated entities’ systems and technologies. We may not successfully evaluate or 
use the acquired products, technology, and personnel, or accurately forecast the financial impact of an acquisition or 
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investment transaction, including accounting charges. We may also incur unanticipated liabilities and litigation exposure 
that we assume as a result of acquiring companies. We may have to pay cash, incur debt, or issue equity securities to pay 
for any acquisition or investment, any of which could seriously harm our business. Selling or issuing equity to finance or 
carry out any such acquisition or investment would also dilute our existing stockholders. Incurring debt would increase our 
fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our 
operations.
In addition, it generally takes several months after the closing of an acquisition to finalize the purchase price 
allocation. Therefore, it is possible that our valuation of an acquisition may change and result in unanticipated write-offs or 
charges, impairment of our goodwill, or a material change to the fair value of the assets and liabilities associated with a 
particular acquisition, any of which could seriously harm our business. 
The strategic investments we make in public and private companies around the world range from early-stage 
companies still defining their strategic direction to mature companies with established revenue streams and business 
models. Many of the instruments in which we invest are non-marketable and illiquid at the time of our initial investment, 
and our ability to realize a return on our investment, if any, is typically dependent on the issuer participating in a liquidity 
event, such as a public offering or acquisition. We are not always able to achieve a return on our investments in a timely 
fashion, if at all, even for those companies that have achieved a liquidity event. To the extent any of the companies in 
which we invest are not successful, which can include failures to achieve business objectives as well as bankruptcy, we 
could recognize an impairment or lose all or part of our investment. 
Our acquisition and investment strategy may not succeed if we are unable to remain attractive to target companies 
or expeditiously close transactions. For example, if we develop a reputation for being a difficult acquirer or having an 
unfavorable work environment, or target companies view our non-voting Class A common stock unfavorably, we may be 
unable to source and close acquisition targets. In addition, members of the U.S. administration and Congress have proposed 
new legislation, and the FTC and Department of Justice have adopted new procedures, that could limit, hinder, or delay the 
acquisition process and target opportunities. If we are unable to consummate key acquisition transactions essential to our 
corporate strategy, it may limit our ability to grow or compete effectively and our business may be seriously harmed. 
If our goodwill or intangible assets become impaired, we may be required to record a significant charge to earnings, 
which could seriously harm our business.
Under U.S. generally accepted accounting principles, or GAAP, we review our intangible assets for impairment 
when events or changes in circumstances indicate the carrying value may not be recoverable. Goodwill is required to be 
tested for impairment at least annually. As of December 31, 2024, we had recorded a total of $1.8 billion of goodwill and 
intangible assets, net related to our acquisitions. An adverse change in market conditions, particularly if such change has 
the effect of changing one of our critical assumptions or estimates, could result in a change to the estimation of fair value 
that could result in an impairment charge to our goodwill or intangible assets. Any such material charges may seriously 
harm our business.
Our use of equity awards to compensate and motivate our employees causes dilution to existing stockholders. Efforts to 
manage this dilution are likely to reduce the amount of cash we have available for other purposes.
We use equity awards that vest over multiple years to compensate and motivate our employees. When our 
employee equity awards vest, we typically withhold taxes and remit them, along with any employee and employer social 
security contributions, to relevant taxing authorities on behalf of team members and, where applicable, their employers. 
While the issuance of stock-based compensation to our employees does not deplete our cash balance, it is dilutive 
to existing stockholders. To help manage and mitigate this dilution, we can choose to use our existing cash to fund the 
withholding and remittance obligations on equity awards when they vest (instead of selling a portion of the vested equity 
award on behalf of our employees), or engage in stock repurchases. However, doing so would reduce the amount of cash 
we have available to fund working capital, capital expenditures, strategic acquisitions or business opportunities, and other 
general corporate purposes and may increase stock price volatility. If we were to elect to satisfy tax withholding and 
remittance obligations in whole or in part by drawing on our revolving credit facility, or Credit Facility, our interest 
expense and principal repayment requirements could increase significantly, which could seriously harm our business.
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There are numerous risks associated with our internal and contract manufacturing of our physical products and 
components. If we encounter problems with either our internal or contract manufacturing, we may not deliver our 
products within specifications or on time, which may seriously harm our business.
Manufacturing processes are highly complex, require advanced and costly equipment, and must be continuously 
modified to improve yields and performance. We largely rely on third-party suppliers and contract manufacturers in 
connection with the production of our own physical products and components. We and our contract manufacturers are all 
vulnerable to capacity constraints and reduced component availability, and have limited control over delivery schedules, 
manufacturing yields, and costs, particularly when components are in short supply, or if we introduce a new product or 
feature. In addition, we have limited control over our suppliers’ and manufacturers’ quality systems and controls, and 
therefore must rely on them to meet our quality and performance standards and specifications. Delays, component 
shortages, including custom components that are manufactured for us at our direction, global trade conditions and 
agreements, and other manufacturing and supply problems could impair the distribution of our products and ultimately our 
brand. For example, the United States has threatened tougher trade terms with China and other countries, leading to the 
imposition, or potential future imposition, of substantially higher U.S. Section 301 tariffs on certain imports from China, 
which may adversely affect our products and seriously harm our business.
Furthermore, any adverse change in our suppliers’ or contract manufacturers’ financial or business condition or 
our relationship with them could disrupt our ability to supply our products. If we change our suppliers or contract 
manufacturers, or shift to more internal manufacturing operations, we may lose revenue, incur increased costs, and damage 
our reputation and brand. Qualifying and commencing operations with a new supplier or contract manufacturer is 
expensive and time-consuming. In addition, if we experience increased demand for our products, we may need to increase 
our material or component purchases, internal or contract-manufacturing capacity, and internal test and quality functions. 
The inability of our suppliers or contract manufacturers to provide us with adequate high-quality materials and products 
could delay our order fulfillment, and may require us to change the design of our products to meet this increased demand. 
Any redesign may require us to re-qualify our products with any applicable regulatory bodies or customers, which would 
be costly and time-consuming. This may lead to unsatisfied customers and users and increase costs to us, which could 
seriously harm our business. As we increase or acquire additional manufacturing capacity, we are subject to many complex 
and evolving environmental, health, and safety laws, regulations, and rules in each jurisdiction in which we operate. If we 
fail to comply with any such laws and regulations, then we could incur regulatory penalties, fines, and legal liabilities, 
suspension of production, significant compliance requirements, alteration of our manufacturing processes, or restrictions on 
our ability to modify or expand our facilities, any of which could seriously harm our business. 
In addition, any errors or defects in any parts or technology incorporated into our products could result in product 
failures or recalls that could seriously harm our business. Further, any defect in manufacturing, design, or other could cause 
our products to fail or render them permanently inoperable. As a result of such product failures or recalls, we may have to 
replace or offer refunds for these products at our sole cost and expense, face litigation, including class-action lawsuits, or 
be subject to other liabilities. Should we have a widespread problem of this kind, the reputational damage and the cost of 
replacing these products, or other liabilities, could seriously harm our business.
Some of our products are in regulated industries. Clearances to market regulated products can be costly and time-
consuming, and we may not be able to obtain these clearances or approvals on a timely basis, or at all, for future 
products.
The FDA and other state and foreign regulatory agencies regulate Spectacles. We may develop future products 
that are regulated as medical devices by the FDA or regulated by other governmental agencies. Government authorities, 
primarily the FDA and corresponding regulatory agencies, regulate the medical device industry. Unless there is an 
exemption, we must obtain regulatory approval from the FDA and corresponding agencies, or other applicable 
governmental authorities, before we can market or sell a new regulated product or make a significant modification to an 
existing product. Obtaining regulatory clearances to market a medical device or other regulated products can be costly and 
time-consuming, and we may not be able to obtain these clearances or approvals on a timely basis, or at all, for future 
products. Any delay in, or failure to receive or maintain, clearance or approval for any products under development could 
prevent us from launching new products. We could seriously harm our business and the ability to sell our products if we 
experience any product problems requiring reporting to governmental authorities, if we fail to comply with applicable 
federal, state, or foreign agency regulations, or if we are subject to enforcement actions such as fines, civil penalties, 
injunctions, product recalls, or failure to obtain regulatory clearances or approvals.
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We have faced inventory risk with respect to our physical products.
We have been and may in the future be exposed to inventory risks related to our physical products as a result of 
rapid changes in product cycles and pricing, defective merchandise, changes in consumer demand and consumer spending 
patterns, changes in consumer tastes with respect to our products, and other factors. We try to accurately predict these 
trends and avoid overstocking or understocking inventory. Demand for products, however, can change significantly 
between the time inventory or components are ordered and the date of sale. The acquisition of certain types of inventory or 
components may require significant lead-time and prepayment and they may not be returnable. Failure to manage our 
inventory, supplier commitments, or customer expectations could seriously harm our business.
Risks Related to Credit and Financing
We have offered and may continue to offer credit to our partners to stay competitive, and as a result we may be exposed 
to credit risk of some of our partners, which may seriously harm our business.
We engage in business with some of our partners on an open credit basis. While we attempt to monitor individual 
partner payment capability when we grant open credit arrangements and maintain allowances we believe are adequate to 
cover exposure for doubtful accounts, we cannot assure investors these programs will be effective in managing our credit 
risks in the future. This may be especially true as our business grows and expands, we engage with partners that have 
limited operating history, or we engage with partners that we may not be familiar with. If we are unable to adequately 
control these risks, our business could be seriously harmed.
Operating our business requires a significant amount of cash, and we may not have sufficient cash flow from our 
business to pay the Convertible Notes, and any other debt when due, which may seriously harm our business.
Our ability to make principal or interest payments on, or to refinance, the Convertible Notes or other indebtedness 
depends on our future performance, which is subject to many factors beyond our control. Our business may not generate 
sufficient cash flow from operations in the future to service our debt and business. If we are unable to generate such cash 
flow, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt, obtaining additional 
debt financing, or issuing additional equity securities, any of which may be on terms that are not favorable to us or, in the 
case of equity securities, highly dilutive to our stockholders. The Convertible Notes will mature beginning in May 2025, 
unless earlier converted, redeemed, or repurchased. Our ability to repay or refinance the Convertible Notes or our other 
indebtedness will depend on various factors, including the accessibility of capital markets, our business, and our financial 
condition at such time. We may not be able to engage in any of these activities or on desirable terms, which could result in 
a default on our debt obligations. In addition, our existing and future debt agreements, including the Convertible Notes and 
Credit Facility, may contain restrictive covenants that may prohibit us from adopting any of these alternatives. Our failure 
to comply with these covenants could result in an event of default which, if not cured or waived, could result in the 
acceleration of our debt, and would seriously harm our business.
In addition, holders of the Convertible Notes have the right to require us to repurchase all or a portion of the 
Convertible Notes on the occurrence of a fundamental change at a repurchase price equal to 100% of the principal amount 
of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental 
change repurchase date. Further, if a make-whole fundamental change as defined in each of the indentures governing the 
Convertible Notes, or the Indentures, occurs prior to the maturity date of the Convertible Notes, we will in some cases be 
required to increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such 
make-whole fundamental change. On the conversion of the Convertible Notes, unless we elect to deliver solely shares of 
our Class A common stock to settle such conversion (other than paying cash in lieu of delivering any fractional share), we 
will be required to make cash payments for the Convertible Notes being converted. However, we may not have enough 
available cash or be able to obtain financing at the time we are required to make such repurchases of the Convertible Notes 
surrendered or pay cash with respect to the Convertible Notes being converted.
If we default on our credit obligations, our operations may be interrupted and our business could be seriously harmed.
We have a Credit Facility that we may draw on to finance our operations, acquisitions, and other corporate 
purposes. If we default on these credit obligations, our lenders may:
•
require repayment of any outstanding amounts drawn on our Credit Facility;
•
terminate our Credit Facility; or
•
require us to pay significant damages.
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If any of these events occur, our operations may be interrupted and our ability to fund our operations or 
obligations, as well as our business, could be seriously harmed. In addition, our Credit Facility contains operating 
covenants, including customary limitations on the incurrence of certain indebtedness and liens, restrictions on certain 
intercompany transactions, and limitations on the amount of dividends and stock repurchases. Our ability to comply with 
these covenants may be affected by events beyond our control, and breaches of these covenants could result in a default 
under our Credit Facility and any future financial agreements into which we may enter. If not waived, defaults could cause 
our outstanding indebtedness under our outstanding Convertible Notes or our Credit Facility, including any future 
financing agreements that we may enter into, to become immediately due and payable. For more information on our Credit 
Facility, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and 
Capital Resources.”
We cannot be certain that additional financing will be available on reasonable terms when needed, or at all, which 
could seriously harm our business.
We have historically incurred net losses and negative cash flow from operations, and we may not attain and 
sustain profitability in future periods. As a result, we may need additional financing. Our ability to obtain additional 
financing, if and when required, will depend on investor demand, our operating performance, our credit rating, the 
condition of the capital markets, and other factors. To the extent we use available funds or draw on our Credit Facility, we 
may need to raise additional funds and we cannot assure investors that additional financing will be available to us on 
favorable terms when required, or at all. If we raise additional funds through the issuance of equity, equity-linked, or debt 
securities, those securities may have rights, preferences, or privileges senior to the rights of our Class A common stock, and 
our existing stockholders may experience dilution. In the event that we are unable to obtain additional financing on 
favorable terms, our interest expense and principal repayment requirements could increase significantly, which could 
seriously harm our business. In addition, our ability to draw on our Credit Facility relies on our lenders under that facility’s 
continued operation and ability to fund.
Risks Related to Taxes
Existing, new, and proposed tax laws and regulations that would affect the U.S. or foreign taxation of business 
activities, including the imposition of, or increase in, tax based on gross revenue, could seriously harm our business, the 
financial markets, and the market price of our Class A common stock.
Reforming the taxation of international businesses has been a priority for politicians at a global level, and a wide 
variety of changes have been proposed or enacted. Due to the large and expanding scale of our international business 
activities, any changes in the taxation of such activities may increase our tax expense, the amount of taxes we pay, or both, 
and seriously harm our business. For example, legislation commonly referred to as the Tax Cuts and Jobs Act, which was 
enacted in December 2017, significantly reformed the U.S. Internal Revenue Code of 1986, as amended, or the Code. The 
Tax Cuts and Jobs Act put into effect significant changes to U.S. taxation of international business activities, including 
lowering U.S. federal corporate income tax rates, changing the utilization of future net operating loss carryforwards, 
allowing certain capital expenditures to be expensed, eliminating the option to currently deduct research and development 
expenditures and requiring taxpayers to capitalize and amortize U.S.-based and non-U.S.-based research and development 
expenditures over five and fifteen years, respectively. In August 2022, the Inflation Reduction Act, or the IRA, was 
enacted, the provisions of which include a minimum tax equal to 15% of the adjusted financial statement income of certain 
large corporations, as well as a 1% excise tax on certain share buybacks by public corporations that would be imposed on 
such corporations. It is possible that changes or interpretations under the Tax Cuts and Jobs Act, the IRA, or other tax 
legislation, or the enactment of new tax legislation, could increase our future tax liability, which could in turn adversely 
impact our business and future profitability. 
In addition, many jurisdictions and intergovernmental organizations have implemented or are in the process of 
implementing proposals that have changed (or are likely to change) various aspects of the existing framework under which 
our tax obligations are determined in many of the jurisdictions in which we do business and in which our users are located. 
Some jurisdictions have enacted, in some cases with retroactive effect, and others have proposed, taxes on digital services 
that are based on gross receipts generated from users or customers in those jurisdictions, regardless of profitability. In 
addition, the Organisation for Economic Co-operation and Development, or the OECD, has led international efforts to 
devise, and to implement on a permanent basis, a two-pillar solution to address the tax challenges arising from the 
digitalization of the economy. Pillar One focuses on nexus and profit allocation, and Pillar Two provides for a global 
minimum effective corporate tax rate of 15%. Pillar One would apply to multinational enterprises with annual global 
revenue above 20 billion euros and profitability above 10%, with the revenue threshold potentially reduced to 10 billion 
euros in the future. While it remains uncertain whether Pillar One will be adopted, based on these thresholds, we currently 
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expect to be outside the scope of the Pillar One proposals, though we anticipate that we will be subject to Pillar One in the 
future if it is ultimately adopted and if our global revenue exceeds the Pillar One thresholds. A number of countries, 
including the United Kingdom, have enacted legislation to implement core elements of the Pillar Two proposal from the 
start of 2024, and further implementation is ongoing. While such legislation did not result in a material change to our 
income tax provision for the current year, such implementation could impact the amount of tax we have to pay and cause us 
to incur additional material costs and expenditures in the future to ensure compliance with any such rules in each of the 
relevant jurisdictions within which we carry on our business.
We continue to examine the impact these and other tax reforms may have on our business. The impact of these 
and other tax reforms is uncertain and one or more of these or similar measures could seriously harm our business.
We may have exposure to greater-than-anticipated tax liabilities, which could seriously harm our business.
Our income tax obligations are based on our corporate operating structure and third-party and intercompany 
arrangements, including the manner in which we develop, value, and use our intellectual property and the valuations of our 
intercompany transactions. The tax laws applicable to our international business activities, including the laws of the United 
States and other jurisdictions, are subject to change and uncertain interpretation. The taxing authorities of the jurisdictions 
in which we operate may challenge our methodologies for valuing developed technology, intercompany arrangements, or 
transfer pricing, which could increase our worldwide effective tax rate and the amount of taxes we pay and seriously harm 
our business. Taxing authorities may also determine that the manner in which we operate our business is not consistent 
with how we report our income, which could increase our effective tax rate and the amount of taxes we pay and seriously 
harm our business. In addition, our future income taxes could fluctuate because of earnings being lower than anticipated in 
jurisdictions that have lower statutory tax rates and higher than anticipated in jurisdictions that have higher statutory tax 
rates, by changes in the valuation of our deferred tax assets and liabilities, or by changes in tax laws, regulations, or 
accounting principles. We are subject to regular review and audit by U.S. federal and state and foreign tax authorities. Any 
adverse outcome from a review or audit could seriously harm our business. In addition, determining our worldwide 
provision for income taxes and other tax liabilities requires significant judgment by management, and there are many 
transactions where the ultimate tax determination is uncertain. Although we believe that our estimates are reasonable, the 
ultimate tax outcome may differ from the amounts recorded in our financial statements for such periods and may seriously 
harm our business.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited, each of which 
could seriously harm our business.
As of December 31, 2024, we had U.S. federal net operating loss carryforwards of approximately $6.1 billion, 
state net operating loss carryforwards of approximately $4.4 billion, U.K. net operating loss carryforwards of 
approximately $4.7 billion, and Singapore net operating loss carryforwards of approximately $214.0 million. We also 
accumulated U.S. federal and state research tax credits of $916.5 million and $523.7 million, respectively, as of December 
31, 2024. Under Sections 382 and 383 of the Code, if a corporation undergoes an “ownership change,” the corporation’s 
ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes, such as research tax 
credits, to offset its post-change income and taxes may be limited. In general, an “ownership change” occurs if there is a 
cumulative change in our ownership by “5% shareholders” that exceeds 50 percentage points over a rolling three-year 
period. Similar ownership change rules may apply under U.S. state tax laws, as well as in the United Kingdom and other 
jurisdictions where we have loss carryforwards. In the event that we experience one or more ownership changes as a result 
of transactions in our stock, then we may be limited in our ability to use our net operating loss carryforwards and other tax 
assets to reduce taxes owed on the net taxable income that we earn.
For U.S. federal income tax purposes, net operating losses arising in tax years beginning before January 1, 2018 
can be carried forward to the earlier of the next subsequent twenty tax years or until such losses are fully utilized. Net 
operating losses arising in tax years beginning after December 31, 2017 are not subject to the twenty-year limitation, but 
our use of such net operating losses in a tax year may not exceed 80% of such year’s taxable income. Certain U.S. states 
have imposed additional limitations on the use of state net operating loss carryforwards. U.S. federal research tax credits 
can be carried forward to the earlier of the next subsequent twenty tax years or until such credits are fully utilized, and use 
of those credits generally cannot exceed 75% of the net income tax liability for such tax year. In the United Kingdom, net 
operating loss carryforwards can be carried forward indefinitely; however, use of such carryforwards in a given year is 
generally limited to 50% of such year’s taxable income and may be subject to ownership change rules that restrict the use 
of net operating loss carryforwards. In Singapore, net operating loss carryforwards can also be carried forward indefinitely 
and are not subject to any taxable income limitation.
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Any limitations on the ability to use our net operating loss carryforwards and other tax assets, as well as the timing 
of any such use, could seriously harm our business.
Our operating results may be negatively affected if we are required to pay additional sales and use tax, value added tax, 
digital services tax, or other transaction taxes, and we could be subject to liability with respect to all or a portion of past 
or future sales.
We currently collect and remit sales and use, value added and other transaction taxes in certain of the jurisdictions 
where we do business based on our assessment of the amount of taxes owed by us in such jurisdictions. However, in some 
jurisdictions in which we do business, we do not believe that we owe such taxes, and therefore we currently do not collect 
and remit such taxes in those jurisdictions or record contingent tax liabilities in respect of those jurisdictions. A successful 
assertion that we are required to pay additional taxes in connection with sales of our products and solutions, or the 
imposition of new laws or regulations or the interpretation of existing laws and regulations requiring the payment of 
additional taxes, would result in increased costs and administrative burdens for us. If we are subject to additional taxes, 
including digital services taxes, and determine to offset such increased costs by collecting and remitting such taxes from 
our customers, or otherwise passing those costs through to our customers, companies may be discouraged from purchasing 
our products and solutions. Any increased tax burden may decrease our ability or willingness to compete in relatively 
burdensome tax jurisdictions, result in substantial tax liabilities related to past or future sales or otherwise seriously harm 
our business.
Risks Related to Ownership of Our Class A Common Stock
Holders of Class A common stock have no voting rights. As a result, holders of Class A common stock will not have any 
ability to influence stockholder decisions.
Class A common stockholders have no voting rights, unless required by Delaware law. As a result, all matters 
submitted to stockholders will be decided by the vote of holders of Class B common stock and Class C common stock. As 
of December 31, 2024, Mr. Spiegel and Mr. Murphy control over 99% of the voting power of our capital stock, and Mr. 
Spiegel alone may exercise voting control over our outstanding capital stock. Mr. Spiegel and Mr. Murphy voting together, 
or in many instances, Mr. Spiegel acting alone, will have control over all matters submitted to our stockholders for 
approval. In addition, because our Class A common stock carries no voting rights (except as required by Delaware law), 
the issuance of the Class A common stock in future offerings, in future stock-based acquisition transactions, or to fund 
employee equity incentive programs could prolong the duration of Mr. Spiegel’s and Mr. Murphy’s current relative 
ownership of our voting power and their ability to elect certain directors and to determine the outcome of all matters 
submitted to a vote of our stockholders. This concentrated control eliminates other stockholders’ ability to influence 
corporate matters and, as a result, we may take actions that our stockholders do not view as beneficial. As a result, the 
market price of our Class A common stock could be adversely affected.
Our capital structure may adversely impact our stock price. 
Although other U.S.-based companies have publicly traded classes of non-voting stock, to our knowledge, we 
were the first company to only list non-voting stock on a U.S. stock exchange. Some indexes have since determined that 
they will exclude non-voting stock, like our Class A common stock, from their membership. For example, FTSE Russell, a 
provider of widely followed stock indexes, requires new constituents of its indexes to have at least five percent of their 
voting rights in the hands of public stockholders. As a result, our Class A common stock is not eligible for FTSE Russell or 
other stock indexes with these or similar restrictions. We cannot assure you that other stock indexes will not take a similar 
approach to FTSE Russell in the future. Exclusion from indexes could make our Class A common stock less attractive to 
investors and, as a result, the market price of our Class A common stock could be adversely affected. Additionally, the 
exclusion of our Class A common stock from these indexes may limit the types of investors who invest in our Class A 
common stock and could make the trading price of our Class A common stock more volatile.
Because our Class A common stock is non-voting, we and our stockholders are exempt from certain provisions of U.S. 
securities laws. This may limit the information available to holders of our Class A common stock.
Because our Class A common stock is non-voting, significant holders of our common stock are exempt from the 
obligation to file reports under Sections 13(d), 13(g), and 16 of the Exchange Act. These provisions generally require 
periodic reporting of beneficial ownership by significant stockholders, including changes in that ownership. For example, 
we believe that Tencent Holdings Limited, together with its affiliates, may hold greater than 10% of our Class A common 
stock based in part on Tencent Holdings Limited’s public reporting. As a result of our capital structure, holders are not 
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obligated to disclose changes in ownership of our Class A common stock, so there can be no assurance that you, or we, will 
be notified of any such changes. Our directors and officers are required to file reports under Section 16 of the Exchange 
Act. Our significant stockholders, other than directors and officers, are exempt from the “short-swing” profit recovery 
provisions of Section 16 of the Exchange Act and related rules with respect to their purchases and sales of our securities. 
As such, stockholders will be unable to bring derivative claims for disgorgement of profits for trades by significant 
stockholders under Section 16(b) of the Exchange Act unless the significant stockholders are also directors or officers. 
Since our Class A common stock is our only class of stock registered under Section 12 of the Exchange Act and 
that class is non-voting, we are not required to file proxy statements or information statements under Section 14 of the 
Exchange Act, unless a vote of the Class A common stock is required by applicable law. Accordingly, legal causes of 
action and remedies under Section 14 of the Exchange Act for inadequate or misleading information in proxy statements 
may not be available to holders of our Class A common stock. If we do not deliver any proxy statements, information 
statements, annual reports, and other information and reports to the holders of our Class B common stock and Class C 
common stock, then we will similarly not provide any of this information to holders of our Class A common stock. 
Because we are not required to file proxy statements or information statements under Section 14 of the Exchange Act, any 
proxy statement, information statement, or notice of our annual meeting may not include all information under Section 14 
of the Exchange Act that a public company with voting securities registered under Section 12 of the Exchange Act would 
be required to provide to its stockholders. Most of that information, however, will be reported in other public filings. For 
example, any disclosures required by Part III of Form 10-K as well as disclosures required by the NYSE for the year ended 
December 31, 2024 that are customarily included in a proxy statement are instead included in our Annual Report. But some 
information required in a proxy statement or information statement is not required in any other public filing. For example, 
we are not required to comply with the proxy access rules or the “pay versus performance” disclosure rules under Section 
14 of the Exchange Act. If we take any action in an extraordinary meeting of stockholders where the holders of Class A 
common stock are not entitled to vote, we will not be required to provide the information required under Section 14 of the 
Exchange Act. Nor will we be required to file a preliminary proxy statement under Section 14 of the Exchange Act. Since 
that information is also not required in a Form 10-K, holders of Class A common stock may not receive the information 
required under Section 14 of the Exchange Act with respect to extraordinary meetings of stockholders. In addition, we are 
not subject to the “say-on-pay” and “say-on-frequency” provisions of the Dodd–Frank Act. As a result, our stockholders do 
not have an opportunity to provide a non-binding vote on the compensation of our executive officers. Moreover, holders of 
our Class A common stock will be unable to bring matters before our annual meeting of stockholders or nominate directors 
at such meeting, nor can they submit stockholder proposals under Rule 14a-8 of the Exchange Act.
The trading price of our Class A common stock has been and will likely continue to be volatile. 
The trading price of our Class A common stock has been and is likely to continue to be volatile. From January 1, 
2023 to December 31, 2024, the trading price of our Class A common stock ranged from $7.86 to $17.90. Declines or 
volatility in our trading price could make it more difficult to attract and retain talent, adversely impact employee retention 
and morale, and has required, and may continue to require, us to issue more equity to incentivize team members which is 
likely to dilute stockholders. The market price of our Class A common stock may fluctuate or decline significantly in 
response to numerous factors, many of which are beyond our control, including:
•
actual or anticipated fluctuations in our user growth, retention, engagement, revenue, or other operating results;
•
variations between our actual operating results and the expectations of investors and the financial community;
•
the accuracy of our financial guidance or projections;
•
any forward-looking financial or operating information we may provide, any changes in this information, or our 
failure to meet expectations based on this information;
•
actions of investors who initiate or maintain coverage of us, changes in financial estimates by any investors who 
follow our company, or our failure to meet these estimates or the expectations of investors;
•
significant acquisitions or divestitures of our stock by investors, whether voluntarily or to comply with regulatory 
or other requirements;
•
whether our capital structure is viewed unfavorably, particularly our non-voting Class A common stock and the 
significant voting control of our co-founders;
•
additional shares of our common stock being sold into the market by us or our existing stockholders, or the 
anticipation of such sales, including if we issue shares to satisfy equity-related tax obligations;
•
stock repurchase programs, or repurchases of the Convertible Notes, undertaken by us;
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•
announcements by us or our competitors of significant products or features, technical innovations, acquisitions, 
strategic partnerships, joint ventures, or capital commitments;
•
announcements by us or estimates by third parties of actual or anticipated changes in the size of our user base or 
the level of user engagement;
•
changes in operating performance and stock market valuations of technology companies in our industry segment, 
including our partners and competitors;
•
price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a 
whole, inflationary pressures, banking instability, war or other armed conflict, terrorism, or responses to these 
events;
•
lawsuits threatened or filed against us;
•
developments in new legislation and pending lawsuits, executive actions, or regulatory actions, including interim 
or final rulings by judicial or regulatory bodies, whether such developments may impact us or our competitors; 
and
•
other events or factors, including those resulting from war, incidents of terrorism, pandemics, or responses to these 
events.
In addition, extreme price and volume fluctuations in the stock markets have affected and continue to affect many 
technology companies’ stock prices, including ours. Often, their stock prices have fluctuated in ways unrelated or 
disproportionate to the companies’ operating performance. In the past, stockholders have filed securities class-action 
litigation following periods of market volatility. For example, in November 2021, we, and certain of our officers, were 
named as defendants in a securities class-action lawsuit in federal court purportedly brought on behalf of purchasers of our 
Class A common stock. The lawsuit alleges that we and certain of our officers made false or misleading statements and 
omissions concerning the impact that Apple’s ATT framework would have on our business. We believe we have 
meritorious defenses to this lawsuit, but an unfavorable outcome could seriously harm our business. Any litigation could 
subject us to substantial costs, divert resources and the attention of management from our business, and seriously harm our 
business.
We may not realize the anticipated long-term stockholder value of any stock repurchase program undertaken by us and 
any failure to repurchase our Class A common stock after we have announced our intention to do so may negatively 
impact our stock price.
Our board of directors has in the past and may from time to time in the future authorize stock repurchase 
programs, pursuant to which repurchases of Class A common stock may be made either through open market transactions 
(including pre-set trading plans) or through other transactions in accordance with applicable securities laws. Any 
repurchase programs may be modified, suspended, or terminated at any time. Any failure to repurchase stock after we have 
announced our intention to do so may negatively impact our reputation and investor confidence in us and may negatively 
impact our stock price.
The existence of a stock repurchase program could cause our stock price to trade higher than it otherwise would 
be and could potentially reduce the market liquidity for our stock. Although stock repurchase programs are intended to 
enhance long-term stockholder value, there is no assurance they will do so because the market price of our Class A 
common stock may decline below the levels at which we repurchased shares and short-term stock price fluctuations could 
reduce the effectiveness of any such program.
Repurchasing our Class A common stock reduces the amount of cash we have available to fund working capital, 
capital expenditures, strategic acquisitions or business opportunities, and other general corporate purposes, and we may fail 
to realize the anticipated long-term stockholder value of any stock repurchase program.
Conversions or exchanges of the Convertible Notes may dilute the ownership interest of our stockholders or may 
otherwise affect the market price of our Class A common stock.
The conversion of some or all of the Convertible Notes may dilute the ownership interests of our stockholders. On 
conversion of the Convertible Notes, we have the option to pay or deliver, as the case may be, cash, shares of our Class A 
common stock, or a combination of cash and shares of our Class A common stock. If we elect to settle our conversion 
obligation in shares of our Class A common stock or a combination of cash and shares of our Class A common stock, any 
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sales in the public market of our Class A common stock issuable on such conversion could adversely affect prevailing 
market prices of our Class A common stock. In addition, the existence of the Convertible Notes may encourage short 
selling by market participants because the conversion of the Convertible Notes could be used to satisfy short positions, or 
anticipated conversion of the Convertible Notes into shares of our Class A common stock, any of which could depress the 
market price of our Class A common stock.
We have in the past and may continue to engage in exchanges, repurchases, or induced conversions of the 
Convertible Notes. Holders of the Convertible Notes that participate in any of these exchanges, repurchases, or induced 
conversions may enter into or unwind various derivatives with respect to our Class A common stock or sell shares of our 
Class A common stock in the open market to hedge their exposure in connection with these transactions. These activities 
could decrease (or reduce the size of any increase in) the market price of our Class A common stock or the Convertible 
Notes, or dilute the ownership interests of our stockholders. In addition, the market price of our Class A common stock is 
likely to be affected by short sales of our Class A common stock or the entry into or unwind of economically equivalent 
derivative transactions with respect to our Class A common stock by investors that do not participate in the exchange 
transactions and by the hedging activity of the counterparties to our Capped Call Transactions or their respective affiliates. 
Furthermore, repurchases of the Convertible Notes reduce the amount of cash we have available to fund working capital, 
capital expenditures, strategic acquisitions or business opportunities, and other general corporate purposes.
We may still incur substantially more debt or take other actions that would diminish our ability to make payments on the 
Convertible Notes when due. Our ability to repay our debt depends on our future performance, which is subject to 
economic, financial, competitive, and other factors beyond our control. 
We and our subsidiaries may incur substantial additional debt in the future, subject to the restrictions contained in 
our current and future debt instruments. We are not restricted under the terms of the Indentures governing the Convertible 
Notes from incurring additional debt, securing existing or future debt, repurchasing our stock, making investments, paying 
dividends, recapitalizing our debt, or taking a number of other actions that could have the effect of diminishing our ability 
to make payments on the Convertible Notes when due. 
Our ability to pay our debt when due or to refinance our indebtedness, including the Convertible Notes, depends 
on our financial condition at such time, the condition of capital markets, and our future performance, which is subject to 
economic, financial, competitive, and other factors beyond our control.
The conditional conversion feature of the Convertible Notes, if triggered, may adversely affect our financial condition 
and operating results.
The Convertible Notes are convertible at the option of the holder. In the event the conditions for optional 
conversion of the 2025 Notes, 2026 Notes, 2027 Notes, 2028 Notes, or 2030 Notes by holders are met before the close of 
business on the business day immediately preceding February 1, 2025, May 1, 2026, February 1, 2027, December 1, 2027, 
or May 1, 2030, respectively, holders of the applicable Convertible Notes will be entitled to convert the Convertible Notes 
at any time during specified periods at their option. If one or more holders elect to convert their Convertible Notes, unless 
we elect to satisfy our conversion obligation by delivering solely shares of our Class A common stock (other than paying 
cash in lieu of delivering any fractional share), we may settle all or a portion of our conversion obligation in cash, which 
could adversely affect our liquidity. In addition, even if holders do not elect to convert their Convertible Notes, we could be 
required under applicable accounting rules to reclassify all or a portion of the outstanding principal of the Convertible 
Notes as a current rather than long-term liability, which would result in a material reduction of our net working capital and 
may seriously harm our business.
We entered into certain hedging positions that may affect the value of the Convertible Notes and the volatility and value 
of our Class A common stock.
In connection with the issuance of the Convertible Notes, we entered into certain hedging positions with certain 
financial institutions. These hedging positions are expected generally to reduce potential dilution of our Class A common 
stock on any conversion of the Convertible Notes or offset any cash payments we are required to make in excess of the 
principal amount of such converted Convertible Notes, as the case may be, with such reduction or offset subject to a cap. 
The counterparties to these hedging positions or their respective affiliates may modify their hedge positions by 
entering into or unwinding various derivatives with respect to our Class A common stock or purchasing or selling our Class 
A common stock in secondary market transactions prior to the maturity of the Convertible Notes (and are likely to do so 
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during any observation period related to a conversion of Convertible Notes or following any repurchase of Convertible 
Notes by us on any fundamental change repurchase date or otherwise). This activity could cause or avoid an increase or a 
decrease in the market price of our Class A common stock or the Convertible Notes. In addition, if any such hedging 
positions fail to become effective, the counterparties to these hedging positions or their respective affiliates may unwind 
their hedge positions, which could adversely affect the value of our Class A common stock. 
Delaware law and provisions in our certificate of incorporation and bylaws, as well as our Indentures, could make a 
merger, tender offer, or proxy contest difficult or more expensive, thereby depressing the trading price of our Class A 
common stock.
Our certificate of incorporation and bylaws contain provisions that could depress the trading price of our Class A 
common stock by acting to discourage, delay, or prevent a change of control of our company or changes in our 
management that the stockholders of our company may deem advantageous. These provisions include the following:
•
our certificate of incorporation provides for a tri-class capital structure. As a result of this structure, Mr. Spiegel 
and Mr. Murphy control all stockholder decisions, and Mr. Spiegel alone may exercise voting control over our 
outstanding capital stock. This includes the election of directors and significant corporate transactions, such as a 
merger or other sale of our company or our assets. This concentrated control could discourage others from 
initiating any potential merger, takeover, or other change-of-control transaction that other stockholders may view 
as beneficial. As noted above, the issuance of the Class A common stock dividend, and any future issuances of 
Class A common stock dividends, could have the effect of prolonging the influence of Mr. Spiegel and Mr. 
Murphy on the company;
•
our board of directors has the right to elect directors to fill a vacancy created by the expansion of our board of 
directors or the resignation, death, or removal of a director, which prevents stockholders from being able to fill 
vacancies on our board of directors;
•
our certificate of incorporation prohibits cumulative voting in the election of directors. This limits the ability of 
minority stockholders to elect directors; and
•
our board of directors may issue, without stockholder approval, shares of undesignated preferred stock. The ability 
to issue undesignated preferred stock makes it possible for our board of directors to issue preferred stock with 
voting or other rights or preferences that could impede the success of any attempt to acquire us.
Any provision of our certificate of incorporation, bylaws, or Delaware law that has the effect of delaying or 
deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our 
common stock, and could also affect the price that some investors are willing to pay for our Class A common stock.
Furthermore, certain provisions in the Indentures governing the Convertible Notes may make it more difficult or 
expensive for a third party to acquire us. For example, the Indentures require us, at the holders’ election, to repurchase the 
Convertible Notes for cash on the occurrence of a fundamental change and, in certain circumstances, to increase the 
conversion rate for a holder that converts its Convertible Notes in connection with a make-whole fundamental change. A 
takeover of us may trigger the requirement that we repurchase the Convertible Notes or increase the conversion rate, which 
could make it more costly for a third party to acquire us. The Indentures also prohibit us from engaging in a merger or 
acquisition unless, among other things, the surviving entity assumes our obligations under the Convertible Notes and the 
Indentures. These and other provisions in the Indentures could deter or prevent a third party from acquiring us even when 
the acquisition may be favorable to holders of the Convertible Notes or our stockholders.
Future sales of shares by existing stockholders could cause our stock price to decline.
If our existing stockholders, including employees and service providers who obtain equity, sell, or indicate an 
intention to sell, substantial amounts of our Class A common stock in the public market, the trading price of our Class A 
common stock could decline. As a result of our capital structure, holders who are not required to file reports under Section 
16 of the Exchange Act are not obligated to disclose changes in ownership of our Class A common stock, so there can be 
no assurance that you, or we, will be notified of any such changes. All of our outstanding shares are eligible for sale in the 
public market, except shares held by directors, executive officers, and other affiliates that are subject to volume limitations 
under Rule 144 of the Securities Act. Our employees, other service providers, and directors are subject to our quarterly 
trading window closures. In addition, we have reserved shares for issuance under our equity incentive plans. We may also 
issue shares of our Class A common stock or securities convertible into our Class A common stock from time to time in 
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connection with a financing, acquisition, investment, or otherwise. When these shares are issued and subsequently sold, it 
would be dilutive to existing stockholders and the trading price of our Class A common stock could decline.
If securities or industry analysts either do not publish research about us, or publish inaccurate or unfavorable research 
about us, our business, or our market, or if they change their recommendations regarding our common stock adversely, 
the trading price or trading volume of our Class A common stock could decline.
The trading market for our Class A common stock is influenced in part by the research and reports that securities 
or industry analysts may publish about us, our business, our market, or our competitors. If one or more of the analysts 
initiate research with an unfavorable rating or downgrade our Class A common stock, provide a more favorable 
recommendation about our competitors, or publish inaccurate or unfavorable research about our business, our Class A 
common stock price would likely decline. If any analyst who may cover us were to cease coverage of us or fail to regularly 
publish reports on us, we could lose visibility in the financial markets, which in turn could cause the trading price or 
trading volume to decline. Since we provide only limited financial guidance, this may increase the probability that our 
financial results are perceived as not in line with analysts’ expectations, and could cause volatility to our Class A common 
stock price.
We do not intend to pay cash dividends for the foreseeable future.
We have never declared or paid cash dividends on our capital stock. We currently intend to retain any future 
earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any cash dividends 
in the foreseeable future. As a result, you may only receive a return on your investment in our Class A common stock if the 
market price of our Class A common stock increases. In addition, our Credit Facility includes restrictions on our ability to 
pay cash dividends.
If we are unable to maintain effective internal control over financial reporting in the future, investors may lose 
confidence in the accuracy and completeness of our financial reports, and the market price of our Class A common 
stock may be seriously harmed.
We are required to maintain adequate internal control over financial reporting, perform system and process 
evaluation and testing of those internal controls to allow management to report on their effectiveness, report any material 
weaknesses in such internal controls, and obtain an opinion from our independent registered public accounting firm 
regarding the effectiveness of such internal controls as required by Section 404 of the Sarbanes-Oxley Act, all of which is 
time-consuming, costly, and complicated. If we are unable to comply with these requirements in a timely manner, if we 
assert that our internal control over financial reporting is ineffective, if we identify material weaknesses in our internal 
control over financial reporting, or if our independent registered public accounting firm is unable to express an opinion or 
expresses a qualified or adverse opinion about the effectiveness of our internal control over financial reporting, investors 
may lose confidence in the accuracy and completeness of our financial reports and the market price of our Class A common 
stock could be negatively affected. In addition, we could become subject to investigations by the NYSE, the SEC, and 
other regulatory authorities, which could require additional financial and management resources.
The requirements of being a public company have and may continue to strain our resources, result in more litigation, 
and divert management’s attention.
We are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, 
the listing requirements of the NYSE, and other applicable securities rules and regulations. Complying with these rules and 
regulations have caused and will continue to cause us to incur additional legal and financial compliance costs, make some 
activities more difficult, be time-consuming or costly, and continue to increase demand on our systems and resources. The 
Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business 
and operating results, and that our independent registered public accounting firm provide an attestation report on the 
effectiveness of our internal control over financial reporting. Failure to comply with these rules might also make it more 
difficult for us to obtain certain types of insurance, including director and officer liability insurance, and we might be 
forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar 
coverage. As a public company we are required to publicly disclose additional details about our business and financial 
condition information, which may result in threatened or actual litigation, including by competitors, regulators, and other 
third parties. If those claims are successful, our business could be harmed. Even if the claims do not result in litigation or 
are resolved in our favor, the time and resources needed to resolve them could divert our management’s resources and harm 
our business.
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Our certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district 
courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, 
which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, 
officers, or employees.
Our certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive 
forum for:
•
any derivative action or proceeding brought on our behalf;
•
any action asserting a breach of fiduciary duty;
•
any action asserting a claim against us arising under the Delaware General Corporation Law, our certificate of 
incorporation, or our bylaws; and
•
any action asserting a claim against us that is governed by the internal-affairs doctrine.
This provision would not apply to actions brought to enforce a duty or liability created by the Exchange Act or 
any other claim for which the federal courts have exclusive jurisdiction. Furthermore, Section 22 of the Securities Act 
creates concurrent jurisdiction for federal and state courts over all Securities Act claims, which means both courts have 
jurisdiction to entertain such claims. To prevent having to litigate claims in multiple jurisdictions and the threat of 
inconsistent or contrary rulings by different courts, among other considerations, our certificate of incorporation provides 
that the federal district courts of the United States will be the exclusive forum for resolving any complaint asserting a cause 
of action arising under the Securities Act.
These exclusive forum provisions may limit a stockholder’s ability to bring an action in a judicial forum that it 
finds favorable for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us 
and our directors, officers, and other employees. While the Delaware courts have determined that such choice of forum 
provisions are facially valid, federal courts have been split on the issue, and a stockholder may seek to bring an action in a 
venue other than those designated in the exclusive forum provisions. In such an instance, we would expect to vigorously 
assert the validity and enforceability of our exclusive forum provisions, which may require significant additional costs 
associated with resolving such action in other jurisdictions, and there can be no assurance that the provisions will be 
enforced by a court in those other jurisdictions. If a court were to find either exclusive forum provision in our certificate of 
incorporation to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated 
with resolving the dispute in other jurisdictions, all of which could seriously harm our business.
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Item 1B. Unresolved Staff Comments.
None.
Item 1C. Cybersecurity.
Risk Management and Strategy
Our engineering security team, led by our Chief Information Security Officer, or CISO, uses a multi-pronged 
approach to assessing, identifying, and managing material risks from cybersecurity threats. This approach includes 
identifying and assessing risks through: (1) an enterprise risk management program, which is periodically refreshed and 
includes an identification of our top risks, including cybersecurity risks; (2) formalized security and privacy reviews 
designed to identify risks from many new features, software, and vendors; (3) a vulnerability management program 
designed to identify hardware and software vulnerabilities; (4) an internal “red team” program, which simulates cyber 
threats, intended to allow us to fix vulnerabilities before threat actors identify them; (5) a threat intelligence program 
designed to model and research our adversaries; and (6) a privacy and security incident response program designed to 
investigate, respond to, and remediate known incidents. These processes vary in scope and maturity across the business and 
are processes we work to improve. 
Our risk management approach is supplemented by external and internal enterprise risk management audits, which 
are designed to test the effectiveness of our controls. We conduct penetration testing or other application security testing on 
a periodic basis, and have established an external bug bounty program to allow security researchers to help identify 
vulnerabilities and weaknesses in our controls and configurations in our systems. We also maintain a vendor risk 
management program designed to identify and mitigate potential risks associated with third-party suppliers and business 
partners. This program includes pre-engagement diligence, use of contractual cybersecurity and incident notification 
provisions, and ongoing monitoring of vendors, as appropriate. We also conduct employee training on data protection, 
including cybersecurity, among other topics.
We use third-party service providers to assist us from time to time to identify, assess, and manage material risks 
from cybersecurity threats, including for example professional service firms (including legal counsel), threat intelligence 
services, and cybersecurity consultants. The material cybersecurity threats identified through these processes are managed 
by our CISO and are escalated to senior management and our risk and compliance committee, in each case where 
appropriate. Together, they identify responsive actions for inclusion in our annual strategic planning, or earlier resolution 
depending on the nature of the risk.
For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see 
“Risk Factors” in Part I, Item 1A in this Annual Report on Form 10-K.
Governance
Our board of directors maintains oversight of risks from cybersecurity threats by meeting with and receiving 
periodic updates from our CISO, via our audit committee, which is assigned oversight of cybersecurity risks. In addition, 
the chair of our audit committee meets with our CISO periodically to discuss cybersecurity threats and incidents, as well as 
the business’s approach to responding to them. Our incident response plans also provide that our board of directors and 
audit committee will be notified in the event of certain cybersecurity incidents. 
Our CISO, Jim Higgins, has over 30 years of experience in the technology sector, including senior leadership roles 
in product security, information security engineering, and cloud enterprise. Mr. Higgins assisted the Linux Foundation in 
starting the Open Source Security Foundation to help increase awareness and promote technical solutions to address 
validation of Open Source software. Mr. Higgins has worked in information security at Chevron, Eastman Kodak, and 
Google, and, mostly recently, spent two years as the CISO of Block, Inc. (formerly Square). 
Our CISO also regularly meets with our CEO and other senior management, including as part of the cybersecurity 
incident response process.
Our CISO, and where appropriate our management team and risk and compliance committee, are informed about 
and monitor the prevention, detection, mitigation, and remediation of identified cybersecurity incidents, through our 
security incident response process. We maintain internal and external channels and signals to receive reports of 
cybersecurity or privacy threats or incidents. A reported incident triggers our Security Incident Response Policy or 
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associated plans, which has defined roles for our cross-functional incident response team to investigate, contain, eradicate, 
and remediate the incident. The incident response team assesses the severity and priority of reported incidents on a rolling 
basis, with escalations of cybersecurity incidents provided to our management team by our CISO and General Counsel (or 
their designees) and escalations of certain cybersecurity incidents as appropriate to our board of directors. If a cybersecurity 
incident is determined to be a material cybersecurity incident, our Security Incident Response Policy and associated plans 
define the process to file a report regarding the incident with the SEC.
Mr. Higgins recently announced his intention to depart our company effective February 21, 2025 and, as a result, 
Eric Young, our Senior Vice President of Engineering, will act as our interim CISO while we conduct a search for a 
permanent replacement. Mr. Young has more than 25 years of experience working in the technology industry across a 
diverse range of business sectors and since June 2023 has overseen Mr. Higgins and our engineering security team, which 
comprises personnel with a broad range of experience in cybersecurity, information technology, and risk management. 
During Mr. Young’s tenure at Snap, Mr. Young has been involved in our approach in assessing, identifying, and managing 
security incidents.
Item 2. Properties.
Our corporate headquarters are located in Santa Monica, California, where we occupy approximately 718,000 
square feet. As of December 31, 2024, our global facilities totaled an aggregate of approximately 1.9 million square feet of 
leased office space. We also maintain offices in multiple locations in North America and internationally in Europe, Asia, 
and Australia. We may add additional offices as we expand our business to other continents and countries. We believe that 
our facilities are sufficient for our current needs and that, should it be needed, additional facilities will be available to 
accommodate the expansion of our business.
Item 3. Legal Proceedings.
On November 11, 2021, we, and certain of our officers, were named as defendants in a federal securities class-
action lawsuit filed in the U.S. District Court Central District of California. The lawsuit was purportedly brought on behalf 
of purchasers of our Class A common stock. The lawsuit alleges that we and certain of our officers made false or 
misleading statements and omissions concerning the impact that Apple’s App Tracking Transparency framework would 
have on our business. Defendants seek monetary damages and other relief. We believe we have meritorious defenses to the 
lawsuit, and continue to defend it vigorously, but litigation is inherently uncertain and an unfavorable outcome could 
seriously harm our business.
Beginning on January 20, 2022, we were named as defendants in various federal and state courts by plaintiffs 
alleging that the design and use of our platform, and those of our competitors, is addictive and harmful to minor users’ 
mental health. The majority of cases have been consolidated in either a federal Multi-District Litigation pending in the U.S. 
District Court for the Northern District of California, or MDL, or a California Judicial Council Coordinated Proceeding, or 
JCCP, pending in the Complex Division of the Los Angeles County Superior Court. Numerous school districts and other 
municipalities have filed public nuisance claims based on similar allegations, which also have been consolidated in either 
the MDL or JCCP, and we have received similar claims in Canada and Israel. The Nevada Attorney General and New 
Mexico Attorney General have also filed lawsuits against us in their respective state courts making similar allegations. We 
are also subject to government investigations and inquiries from multiple regulators concerning the use of our products and 
features, and the alleged mental and physical health and safety impacts on teen users in particular. We believe we have 
meritorious defenses to these lawsuits, and continue to defend them vigorously, but litigation is inherently uncertain and an 
unfavorable outcome could seriously harm our business.
On October 13, 2022, we were named as a defendant in a lawsuit in Los Angeles Superior Court alleging that we 
should be responsible for the deaths of young people who died from ingesting fatal doses of fentanyl after communicating 
on Snapchat with drug dealers concerning drug transactions. Other similar lawsuits were filed on behalf of other families, 
which were coordinated with the first-filed case and assigned to the same judge. On January 2, 2024, the judge granted in 
part and overruled in part our demurrer to the lawsuit, allowing several of the claims to proceed. We believe we have 
meritorious defenses to these lawsuits, and plan to continue to defend them vigorously, but litigation is inherently uncertain 
and an unfavorable outcome could seriously harm our business.
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On January 16, 2025, the FTC referred a complaint against us to the DOJ that pertains to our deployment of our 
My AI feature and the allegedly resulting risks of harm to young users. We believe we have meritorious defenses to any 
legal proceedings that may arise out of this complaint, and plan to continue to defend them vigorously, but any legal 
proceedings that may arise out of this complaint are inherently uncertain and an unfavorable outcome could seriously harm 
our business.
We are currently involved in, and may in the future be involved in, legal proceedings, claims, inquiries, and 
investigations in the ordinary course of our business, including claims for infringing intellectual property rights related to 
our products and the content contributed by our users and partners. Although the results of these proceedings, claims, 
inquiries, and investigations cannot be predicted with certainty, we do not believe that the final outcome of these matters is 
reasonably likely to have a material adverse effect on our business, financial condition, or results of operations. Regardless 
of final outcomes, however, any such proceedings, claims, inquiries, and investigations may nonetheless impose a 
significant burden on management and employees and may come with costly defense costs or unfavorable preliminary and 
interim rulings.
Item 4. Mine Safety Disclosures.
Not applicable.
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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities. 
Market Information for Common Stock
Our Class A common stock has been listed on the NYSE under the symbol “SNAP” since March 2, 2017. Our 
Class B common stock and Class C common stock are not listed or traded on any stock exchange.
Holders of Record
As of December 31, 2024, there were 902 stockholders of record of our Class A common stock. Because many of 
our shares of Class A common stock are held by brokers and other institutions on behalf of stockholders, we are unable to 
estimate the total number of stockholders represented by these record holders. The closing price of our Class A common 
stock as of December 31, 2024 was $10.77 per share as reported on the NYSE. As of December 31, 2024, there were 73 
stockholders of record of our Class B common stock and two stockholders of record of our Class C common stock.
Dividend Policy
We have never declared or paid cash dividends on our capital stock. We intend to retain all available funds and 
future earnings, if any, to fund the development and expansion of our business, and we do not anticipate paying any cash 
dividends in the foreseeable future. The terms of our Credit Facility also restrict our ability to pay dividends, and we may 
also enter into credit agreements or other borrowing arrangements in the future that will restrict our ability to declare or pay 
cash dividends on our capital stock.
We have paid a stock dividend of our Class A common stock on our capital stock in the past and from time to time 
in the future may pay special or regular stock dividends in the form of Class A common stock, which per the terms of our 
certificate of incorporation must be paid equally to all stockholders. Any future determination regarding the declaration and 
payment of dividends, if any, will be at the discretion of our board of directors and will depend on then-existing conditions, 
including our financial condition, operating results, contractual restrictions, capital requirements, business prospects, and 
other factors that our board of directors may deem relevant.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
There were no purchases of equity securities by the issuer or any “affiliated purchasers” (as defined in Rule 
10b-18(a)(3) the Exchange Act) during the three months ended December 31, 2024.
Recent Sale of Unregistered Securities and Use of Proceeds
None.
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Stock Performance Graph
This performance graph shall not be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act, 
or incorporated by reference into any filing of Snap Inc. under the Securities Act.
The following graph shows a comparison, for the five years ended December 31, 2024, of the cumulative total 
return for our Class A common stock, the Standard & Poor’s 500 Stock Index (“S&P 500 Index”), and the NYSE 
Composite. The graph assumes that $100 was invested at the market close on December 31, 2019 in our Class A common 
stock, the S&P 500 Index, and the NYSE Composite, and data for the S&P 500 Index and the NYSE Composite assumes 
reinvestment of any dividends. The stock price performance of the following graph is not necessarily indicative of future 
stock price performance.
Item 6. Reserved.
Not required.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in 
conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on 
Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking 
statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results 
could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to 
those differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in “Risk 
Factors,” “Note Regarding Forward-Looking Statements,” and “Note Regarding User Metrics and Other Data.”
The following generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. 
Discussion of historical items and year-to-year comparisons between 2023 and 2022 that are not included in this 
discussion can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in 
our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 7, 2024.
Overview of Full Year 2024 Results
Our key user metrics and financial results for fiscal year 2024 are as follows:
User Metrics
•
Daily Active Users, or DAUs, increased 9% year-over-year to 453 million in Q4 2024.
•
Average revenue per user, or ARPU, was $3.44 in Q4 2024 compared to $3.29 in Q4 2023.
Financial Results 
•
Revenue was $5.4 billion, compared to $4.6 billion in the prior year, an increase of 16% year-over-year.
•
Total costs and expenses were $6.1 billion, compared to $6.0 billion in the prior year.
•
Net loss was $0.7 billion, compared to $1.3 billion in the prior year.
•
Adjusted EBITDA was $508.6 million, compared to $161.6 million in the prior year.
•
Diluted net loss per share was $(0.42), compared to $(0.82) in the prior year.
•
Cash provided by operating activities was $413.5 million, compared to $246.5 million in the prior year.
•
Free Cash Flow was $218.7 million, compared to $34.8 million in the prior year.
•
Cash, cash equivalents, and marketable securities were $3.4 billion as of December 31, 2024.
Business and Macroeconomic Conditions
We periodically make changes to our business and priorities. In recent years, we conducted a strategic 
reprioritization to realign our focus on three strategic priorities: growing our community and deepening their engagement 
with our products, accelerating and diversifying our revenue growth, and investing in the future of augmented reality. We 
believe that we can be successful in our current operating environment, with various macroeconomic factors impacting our 
business, by rigorously prioritizing our investments and continuing to engage our community with our products while 
driving success for our advertising partners. However, the impact of our strategic reprioritization and recent restructurings 
is difficult to predict.
Macroeconomic factors such as labor shortages and disruptions, supply chain disruptions, inflation, changes in 
interest and foreign currency exchange rates, banking instability, tariffs, war and other armed conflict, and other risks and 
uncertainties have in the past and may continue to cause logistical challenges, increased input costs, and inventory 
constraints for our advertisers, which in turn may cause our advertisers to halt or decrease advertising spending on our 
platform. Such macroeconomic factors may also negatively impact, in the short-term or long-term, the global economy, 
advertising ecosystem, our customers and their budgets with us, user engagement, other user metrics, and our business, 
financial condition, and results of operations. 
In addition, competition for advertising dollars has increased and demand growth on our advertising platform has 
slowed. We expect to continue to experience increased competition, which may result in reduced advertising demand, and 
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could adversely affect our revenue growth, pricing, business, financial condition, and results of operations. Demand has 
also been disrupted by recent changes we made to our advertising platform, and, in the future, we may continue to 
experience adverse impacts to our revenue growth as a result of these changes.
Our revenue, particularly in North America, has further been impacted by platform policy changes and restrictions 
that affected our targeting, measurement, and optimization capabilities, and in turn our ability to measure the effectiveness 
of advertisements on our services. This has resulted in, and in the future is likely to continue to result in, reduced 
advertising revenue, especially if we are unable to mitigate these developments.
We compete with other companies in every aspect of our business. We must compete effectively for users and 
advertisers to grow our business and increase our revenue. These and other risks and uncertainties are further described in 
the sections titled “Competition” in Part I, Item 1. Business, and “Risk Factors” in Part I, Item 1A in this Annual Report on 
Form 10-K.
Trends in User Metrics
We define a DAU as a registered and logged-in Snapchat user who visits Snapchat through our applications or 
websites at least once during a defined 24-hour period. We define ARPU as quarterly revenue divided by the average 
DAUs. We assess the health of our business by measuring DAUs and ARPU because we believe that these metrics are 
important ways for both management and investors to understand engagement and monitor the performance of our 
platform. We also measure ARPU because we believe that this metric helps our management and investors to assess the 
extent to which we are monetizing our service.
User Engagement
We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter 
and dividing that sum by the number of days in that quarter. DAUs are broken out by geography because markets have 
different characteristics. We had 453 million DAUs on average in the fourth quarter of 2024, an increase of 39 million, or 
9%, from the fourth quarter of 2023.
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Quarterly Average Daily Active Users (1)
(in millions)
Global
375
383
397
406
414
422
432
443
453
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
0
50
100
150
200
250
300
350
400
450
YoY 
growth:
17%
15%
14%
12%
10%
10%
9%
9%
9%
(1)
Numbers may not foot due to rounding.
North America (2)
Europe (3)
100
100
101
101
100
100
100
100
100
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
0
10
20
30
40
50
60
70
80
90
100
110
120
92
93
94
95
96
96
97
99
99
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
YoY 
growth:
3%
3%
2%
1%
—%
(1)%
—%
—%
(1)%
12%
10%
9%
7%
4%
4%
3%
4%
4%
(2)
North America includes Mexico, the Caribbean, and Central America.
(3)
Europe includes Russia and Turkey. 
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Rest of World
183
190
202
211
218
226
235
244
254
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
0
20
40
60
80
100
120
140
160
180
200
220
240
260
YoY 
growth:
 31 %
 27 %
 25 %
 21 %
 19 %
 19 %
 16 %
 16 %
 17 %
Monetization
We recorded revenue of $5.4 billion for the year ended December 31, 2024, compared to revenue of $4.6 billion 
for the year ended December 31, 2023, an increase of 16% year-over-year. We monetize our business primarily through 
advertising. Our advertising products include Snap Ads and AR Ads.
We measure our business using ARPU because it helps us understand the rate at which we are monetizing our 
daily user base. ARPU was $3.44 in the fourth quarter of 2024, compared to $3.29 in the fourth quarter of 2023. For 
purposes of calculating ARPU, revenue by user geography is apportioned to each region based on a determination of the 
geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. 
This differs from the presentation of our revenue by geography in the notes to our consolidated financial statements, where 
revenue is based on the billing address of the advertising customer.
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Quarterly Average Revenue per User
Global
$3.47
$2.58
$2.69
$2.93
$3.29
$2.83
$2.86
$3.10
$3.44
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
0.00
1.00
2.00
3.00
4.00
5.00
North America (1)
Europe (2)
$8.77
$6.37
$6.83
$7.82
$8.96
$7.44
$7.67
$8.54
$9.73
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
$2.38
$1.70
$1.93
$2.11
$2.49
$2.04
$2.36
$2.52
$2.89
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
(1)
North America includes Mexico, the Caribbean, and Central America.
(2)
Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian 
entities.
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Rest of World
$1.10
$1.00
$0.98
$0.96
$1.03
$1.13
$1.02
$1.09
$1.19
Q4'22
Q1'23
Q2'23
Q3'23
Q4'23
Q1'24
Q2'24
Q3'24
Q4'24
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
Results of Operations
Components of Results of Operations
Revenue
We generate substantially all of our revenue through the sale of our advertising products, which primarily include 
Snap Ads and AR Ads, referred to as advertising revenue. Snap Ads may be subject to revenue sharing arrangements 
between us and the content partner. We also generate revenue from subscriptions and sales of hardware products. Sales of 
hardware products are reported net of allowances for returns.
Cost of Revenue
Cost of revenue includes payments for infrastructure, content and developer partner costs, and advertiser partner 
and other costs. Infrastructure costs primarily consist of payments to third-party infrastructure partners for hosting our 
products, which include expenses related to storage, computing, and bandwidth. Content and developer partner costs 
primarily consist of fees paid to our content creators and publisher partners who share content on our platform through 
revenue sharing arrangements. Under these arrangements, we pay a portion of the fees we receive from advertisers for Snap 
Ads that are displayed within partner content on Snapchat. Advertising partner and other costs primarily consist of 
payments to third-party partners for fulfillment services, credit card and other transaction processing fees, and other 
expenses directly related to providing our services. Cost of revenue includes personnel-related costs, including salaries, 
benefits, and stock-based compensation expense for our employees engaged in the delivery of our services. Cost of revenue 
also includes facilities and other supporting overhead costs, including depreciation and amortization, and inventory costs. 
Research and Development Expenses
Research and development expenses primarily consist of personnel-related costs, including salaries, benefits, and 
stock-based compensation expense for our engineers, designers, and other employees engaged in the research and 
development of our products. Research and development expenses also include facilities and other supporting overhead 
costs, including depreciation and amortization. Research and development costs are expensed as incurred.
Sales and Marketing Expenses
Sales and marketing expenses primarily consist of personnel-related costs, including salaries, benefits, 
commissions, and stock-based compensation expense for our employees engaged in sales and sales support, business 
development, media, marketing, corporate partnerships, and customer service functions. Sales and marketing expenses also 
include costs incurred for advertising, market research, tradeshows, branding, marketing, promotional expense, and public 
relations, as well as facilities and other supporting overhead costs, including depreciation and amortization.
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General and Administrative Expenses
General and administrative expenses primarily consist of personnel-related costs, including salaries, benefits, and 
stock-based compensation expense for our finance, legal, information technology, human resources, and other 
administrative teams. General and administrative expenses also include facilities and supporting overhead costs, including 
depreciation and amortization, and external professional services.
Interest Income
Interest income primarily consists of interest earned on our cash, cash equivalents, and marketable securities.
Interest Expense
Interest expense primarily consists of interest expense associated with convertible notes and commitment fees 
related to our revolving credit facility.
Other Income (Expense), Net
Other income (expense), net primarily consists of gains and losses on strategic investments, marketable securities, 
and foreign currency transactions.
Income Tax Benefit (Expense)
We are subject to income taxes in the United States and numerous foreign jurisdictions. Our effective tax rates 
will vary depending on changes in the valuation of our deferred tax assets and liabilities, the relative proportion of foreign 
to domestic income, use of tax credits, and changes in tax laws.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss), excluding interest income; interest expense; other income 
(expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll 
and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time 
to time. We consider the exclusion of these items in calculating Adjusted EBITDA to provide a useful measure for period-
to-period comparisons of our business and for investors and others to evaluate our operating results in the same manner as 
does our management. See “Non-GAAP Financial Measures” for additional information and a reconciliation of net loss to 
Adjusted EBITDA.
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Discussion of Results of Operations
The following table sets forth our consolidated statements of operations data:
Year Ended December 31,
2024
2023
2022
(in thousands) 
Consolidated Statements of Operations Data:
Revenue
$ 
5,361,398 $ 
4,606,115 $ 
4,601,847 
Costs and expenses (1) (2):
 
 
 
Cost of revenue
 
2,474,237  
2,114,117  
1,815,342 
Research and development
 
1,691,683  
1,910,862  
2,109,800 
Sales and marketing
 
1,063,675  
1,122,092  
1,118,746 
General and administrative
 
919,097  
857,423  
953,265 
Total costs and expenses
 
6,148,692  
6,004,494  
5,997,153 
Operating loss
 
(787,294)  
(1,398,379)  
(1,395,306) 
Interest income
 
153,466  
168,394  
58,597 
Interest expense
 
(21,552)  
(22,024)  
(21,459) 
Other income (expense), net
 
(16,846)  
(42,414)  
(42,529) 
Loss before income taxes
 
(672,226)  
(1,294,423)  
(1,400,697) 
Income tax benefit (expense)
 
(25,630)  
(28,062)  
(28,956) 
Net loss
$ 
(697,856) $ (1,322,485) $ (1,429,653) 
Adjusted EBITDA (3)
$ 
508,605 $ 
161,577 $ 
377,573 
(1)
Stock-based compensation expense included in the above line items:
Year Ended December 31,
2024
2023
2022
(in thousands)
Stock-based compensation expense:
 
 
 
Cost of revenue
$ 
6,034 $ 
9,555 $ 
12,288 
Research and development
 
683,830  
893,026  
970,746 
Sales and marketing
 
216,672  
255,688  
203,092 
General and administrative
 
134,487  
165,735  
201,661 
Total
$ 
1,041,023 $ 
1,324,004 $ 
1,387,787 
(2)
Depreciation and amortization expense included in the above line items:
Year Ended December 31,
2024
2023
2022
(in thousands)
Depreciation and amortization expense:
Cost of revenue
$ 
6,110 $ 
12,751 $ 
24,235 
Research and development
 
99,656  
106,278  
98,041 
Sales and marketing
 
19,947  
26,161  
67,169 
General and administrative
 
32,361  
23,251  
12,728 
Total
$ 
158,074 $ 
168,441 $ 
202,173 
(3)
See “Non-GAAP Financial Measures” in this Annual Report on Form 10-K for more information and for a 
reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and 
presented in accordance with GAAP.
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The following table sets forth the components of our consolidated statements of operations data for each of the 
periods presented as a percentage of revenue:
Year Ended December 31,
2024
2023
2022
Consolidated Statements of Operations Data:
Revenue
 100 %
 100 %
 100 %
Costs and expenses:
Cost of revenue
 46 
 46 
 39 
Research and development
 32 
 41 
 46 
Sales and marketing
 20 
 24 
 24 
General and administrative
 17 
 19 
 21 
Total costs and expenses
 115 
 130 
 130 
Operating loss
 (15) 
 (30) 
 (30) 
Interest income
 3 
 4 
 1 
Interest expense
 (1) 
 (1) 
 — 
Other income (expense), net
 — 
 (1) 
 (1) 
Loss before income taxes
 (13) 
 (28) 
 (30) 
Income tax benefit (expense)
 — 
 (1) 
 (1) 
Net loss
 (13) %
 (29) %
 (31) %
Revenue
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Revenue
$ 5,361,398 $ 4,606,115 $ 4,601,847 $ 
755,283 
 16 % $ 
4,268 
 — %
2024 compared to 2023
Revenue for the year ended December 31, 2024 increased $755.3 million compared to the same period in 2023. 
The increase in advertising revenue was primarily driven by an increase in global advertising impressions volume of 
approximately 16% compared to the prior year, partially offset by a decrease in the cost per advertising impression of 
approximately 4%. The increase in global advertising impressions volume was driven by expanded advertising delivery 
within Spotlight and Creator Stories and the decrease in the cost per advertising impression was due to inventory growth 
exceeding advertising demand growth. The increase in revenue was also driven by higher subscription revenue due to an 
increase in the number of subscribers.
Cost of Revenue
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Cost of Revenue
$ 2,474,237 $ 2,114,117 $ 1,815,342 $ 
360,120 
 17 % $ 
298,775 
 16 %
2024 compared to 2023
Cost of revenue for the year ended December 31, 2024 increased $360.1 million compared to the same period in 
2023. The increase was primarily driven by a $269.1 million increase in infrastructure costs, attributable to DAU growth of 
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9% compared to the prior year as well as investments in machine learning and AI. The increase in infrastructure costs was 
partially offset by improvements to our cloud infrastructure unit costs resulting from engineering efficiencies and pricing 
improvements.
Research and Development Expenses
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Research and 
Development 
Expenses
$ 1,691,683 $ 1,910,862 $ 2,109,800 $ (219,179) 
 (11) % $ (198,938) 
 (9) %
2024 compared to 2023
Research and development expenses for the year ended December 31, 2024 decreased $219.2 million compared to 
the same period in 2023. The decrease was primarily driven by lower employee compensation, which included a 
$209.2 million decrease in stock-based compensation expenses. The lower employee compensation was due to a decrease 
in research and development headcount compared to the prior year as well as the diminished impact of refresh equity grants 
relative to the prior year. The decrease was partially offset by $38.8 million in restructuring charges related to the 2024 
restructuring.
Sales and Marketing Expenses
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Sales and Marketing 
Expenses
$ 1,063,675 $ 1,122,092 $ 1,118,746 $ 
(58,417) 
 (5) % $ 
3,346 
 — %
2024 compared to 2023
Sales and marketing expenses for the year ended December 31, 2024 decreased $58.4 million compared to the 
same period in 2023. The decrease was primarily driven by lower employee compensation, which included a $39.0 million 
decrease in stock-based compensation expenses. The lower employee compensation was primarily due to a decrease in 
sales and marketing headcount compared to the prior year. The decrease was partially offset by increased marketing 
investments, which included a $32.8 million increase in advertising costs, and $19.9 million in restructuring charges related 
to the 2024 restructuring.
General and Administrative Expenses
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
General and 
Administrative 
Expenses
$ 
919,097 $ 
857,423 $ 
953,265 $ 
61,674 
 7 % $ 
(95,842) 
 (10) %
2024 compared to 2023
General and administrative expenses for the year ended December 31, 2024 increased $61.7 million compared to 
the same period in 2023. The increase was primarily driven by higher spend on external professional services, increased 
facilities costs, and $10.3 million in restructuring charges related to the 2024 restructuring. The increase was partially offset 
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by a $31.2 million decrease in stock-based compensation expenses, driven by a decrease in general and administrative 
headcount compared to the prior year.
Interest Income
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Interest Income
$ 
153,466 $ 
168,394 $ 
58,597 $ 
(14,928) 
 (9) % $ 
109,797 
 187 %
2024 compared to 2023
Interest income for the year ended December 31, 2024 decreased $14.9 million compared to the same period in 
2023, primarily driven by lower invested cash balances throughout the year and lower interest rates from macroeconomic 
events.
Interest Expense
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Interest Expense
$ 
(21,552) $ 
(22,024) $ 
(21,459) $ 
472 
 (2) % $ 
(565) 
 3 %
2024 compared to 2023
Interest expense for the year ended December 31, 2024 decreased $0.5 million compared to the same period in 
2023. Interest expense for all periods primarily consists of amortization of debt issuance costs and contractual interest 
expense.
Other Income (Expense), Net 
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Other Income 
(Expense), Net
$ 
(16,846) $ 
(42,414) $ 
(42,529) $ 
25,568 
 60 % $ 
115 
 — %
2024 compared to 2023
Other expense, net for the year ended December 31, 2024 was $16.8 million, compared to other expense, net of 
$42.4 million for the same period in 2023. Other expense, net for the current year was primarily the result of $7.4 million 
in net losses on strategic investments and a $6.7 million net loss on extinguishment associated with the Note Repurchases, 
which is discussed within Note 7 to our consolidated financial statements included elsewhere in this Annual Report on 
Form 10-K. Other expense, net in the prior year was primarily the result of $27.1 million in net losses on strategic 
investments and $6.7 million in net losses on publicly traded securities classified as marketable securities.
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Income Tax Benefit (Expense)
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands) 
Income Tax Benefit 
(Expense)
$ (25,630) 
$ (28,062) 
$ (28,956) 
$ 
2,432 
 9 % $ 
894 
 3 %
Effective Tax Rate
 (3.8) %
 (2.2) %
 (2.1) %
2024 compared to 2023
Income tax expense was $25.6 million for the year ended December 31, 2024, compared to $28.1 million for the 
same period in 2023. Our effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on 
our deferred tax assets as it is more likely than not that some or all of our deferred tax assets will not be realized.
For additional discussion, see Note 12 to our consolidated financial statements included in “Financial Statements 
and Supplementary Data” in this Annual Report on Form 10-K.
Net Loss and Adjusted EBITDA
Year Ended December 31,
2024 vs 2023
Change 
2023 vs 2022
Change 
2024
2023
2022
$
%
$
%
(dollars in thousands)
Net Loss
$ (697,856) $ (1,322,485) $ (1,429,653) $ 
624,629 
 47 % $ 
107,168 
 7 %
Adjusted EBITDA
$ 
508,605 $ 
161,577 $ 
377,573 $ 
347,028 
 215 % $ (215,996) 
 (57) %
2024 compared to 2023
Net loss for the year ended December 31, 2024 was $697.9 million, compared to $1,322.5 million for the same 
period in 2023. The decrease in net loss was primarily the result of the changes in revenues and expenses discussed above.
Adjusted EBITDA for the year ended December 31, 2024 was $508.6 million, compared to $161.6 million for the 
same period in 2023. The increase in Adjusted EBITDA was attributable to increased revenue, lower research and 
development expenses, and lower sales and marketing expenses, partially offset by higher cost of revenue and general and 
administrative expenses.
For a discussion of the limitations associated with using Adjusted EBITDA rather than GAAP measures, and a 
reconciliation of this measure to net loss, see “Non-GAAP Financial Measures.”
Liquidity and Capital Resources
Capital Resources
Cash, cash equivalents, and marketable securities were $3.4 billion as of December 31, 2024, primarily consisting 
of cash on deposit with banks and highly liquid investments in U.S. government and agency securities, money market 
funds, corporate debt securities, certificates of deposit, commercial paper, and publicly traded equity securities. Our 
primary source of liquidity is cash generated through financing activities. Our primary uses of cash include operating costs 
such as personnel-related costs and the infrastructure costs of the Snapchat application, facility-related capital spending, 
and acquisitions and investments. There are no known material subsequent events that could have a material impact on our 
cash or liquidity. We may contemplate and engage in merger and acquisition activity that could materially impact our 
liquidity and capital resource position.
As of December 31, 2024, approximately 3% of our cash, cash equivalents, and marketable securities was held 
outside the United States. These amounts were primarily held in Canada and the United Kingdom and are utilized to fund 
our international operations. Cash held outside the United States may be repatriated, subject to certain limitations, and 
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would be available to be used to fund our domestic operations. However, repatriation of funds may result in additional tax 
liabilities. We believe our existing cash balance in the United States is sufficient to fund our working capital needs. 
In May 2022, we entered into a five-year senior unsecured revolving credit facility, or Credit Facility, with certain 
lenders that allows us to borrow up to $1.05 billion to fund working capital and general corporate-purpose expenditures. 
Loans bear interest, at our option, at a rate equal to (i) a term secured overnight financing rate, or SOFR, plus 0.75% or the 
base rate, if selected by us, for loans made in U.S. dollars, (ii) the Sterling overnight index average plus 0.7826% for loans 
made in Sterling, or (iii) foreign indices as stated in the credit agreement plus 0.75% for loans made in other permitted 
foreign currencies. The base rate is defined as the greatest of (i) the Wall Street Journal prime rate, (ii) the greater of the (a) 
federal funds rate and (b) the overnight bank funding rate, plus 0.50%, and (iii) the applicable SOFR for a period of one 
month (but not less than zero) plus 1.00. The Credit Facility also contains an annual commitment fee of 0.10% on the daily 
undrawn balance of the facility. As of December 31, 2024, we had $80.7 million in the form of outstanding standby letters 
of credit, with no amounts outstanding under the Credit Facility.
Material Cash Requirements
Convertible Notes
In May 2024, we entered into a purchase agreement for the sale of an aggregate of $750.0 million principal 
amount of convertible senior notes due in 2030. The net proceeds from the issuance of the 2030 Notes were $671.5 million, 
net of debt issuance costs and the 2030 Capped Call Transactions discussed further in Note 7 in our consolidated financial 
statements. The 2030 Notes mature on May 1, 2030 unless repurchased, redeemed, or converted in accordance with their 
terms prior to such date. The sale price requirement for conversion was not satisfied as of December 31, 2024 and as a 
result, the 2030 Notes will not be eligible for optional conversion during the first quarter of 2025. As of December 31, 
2024, the outstanding principal of the 2030 Notes was $750.0 million.
In February 2022, we entered into a purchase agreement for the sale of an aggregate of $1.50 billion principal 
amount of convertible senior notes due in 2028. The net proceeds from the issuance of the 2028 Notes were $1.31 billion, 
net of debt issuance costs and the 2028 Capped Call Transactions discussed further in Note 7 in our consolidated financial 
statements. The 2028 Notes mature on March 1, 2028 unless repurchased, redeemed, or converted in accordance with their 
terms prior to such date. The sale price requirement for conversion was not satisfied as of December 31, 2024 and as a 
result, the 2028 Notes will not be eligible for optional conversion during the first quarter of 2025. As of December 31, 
2024, the outstanding principal of the 2028 Notes was $1.50 billion.
In April 2021, we entered into a purchase agreement for the sale of an aggregate of $1.15 billion principal amount 
of convertible senior notes due in 2027. The net proceeds from the issuance of the 2027 Notes were $1.05 billion, net of 
debt issuance costs and the 2027 Capped Call Transactions discussed further in Note 7 in our consolidated financial 
statements. The 2027 Notes mature on May 1, 2027 unless repurchased, redeemed, or converted in accordance with their 
terms prior to such date. The sale price requirement for conversion was not satisfied as of December 31, 2024 and as a 
result, the 2027 Notes will not be eligible for optional conversion during the first quarter of 2025. As of December 31, 
2024, the outstanding principal of the 2027 Notes was $1.15 billion.
In April 2020, we entered into a purchase agreement for the sale of an aggregate of $1.0 billion principal amount 
of convertible senior notes due in 2025. The net proceeds from the issuance of the 2025 Notes were $888.6 million, net of 
debt issuance costs and the 2025 Capped Call Transactions discussed further in Note 7 in our consolidated financial 
statements. The 2025 Notes mature on May 1, 2025 unless repurchased, redeemed, or converted in accordance with their 
terms prior to such date. The sale price requirement for conversion was not satisfied as of December 31, 2024 and as a 
result, the 2025 Notes will not be eligible for optional conversion until February 1, 2025. On or after February 1, 2025, the 
2025 Notes are convertible at any time until the close of business on the second scheduled trading day immediately 
preceding the maturity date. The 2025 Notes are convertible at a conversion rate of 46.1233 shares of Class A common 
stock per $1,000 principal amount of 2025 Notes, which is equivalent to a conversion price of approximately $21.68 per 
share of our Class A common stock. As of December 31, 2024, the outstanding principal of the 2025 Notes was 
$36.2 million.
In August 2019, we entered into a purchase agreement for the sale of an aggregate of $1.265 billion principal 
amount of convertible senior notes due in 2026. The net proceeds from the issuance of the 2026 Notes were $1.15 billion, 
net of debt issuance costs and the 2026 Capped Call Transactions discussed further in Note 7 in our consolidated financial 
statements. The 2026 Notes mature on August 1, 2026 unless repurchased, redeemed, or converted in accordance with their 
terms prior to such date. The sale price requirement for conversion was not satisfied as of December 31, 2024 and as a 
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result, the 2026 Notes will not be eligible for optional conversion during the first quarter of 2025. As of December 31, 
2024, the outstanding principal of the 2026 Notes was $249.8 million.
Contractual Commitments
We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, 
and other computing services, as well as lease, content and developer partner, and other commitments. We had $4.9 billion 
in commitments as of December 31, 2024, primarily due within three years. For additional discussion on our leases, see 
Note 9 to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.
Stock Repurchases
In October 2024, our board of directors authorized a stock repurchase program of up to $500.0 million of our 
Class A common stock. We did not repurchase any shares under this program in the fourth quarter of 2024. Accordingly, as 
of December 31, 2024, the remaining availability under the stock repurchase authorization was $500.0 million.
Contingencies
We are involved in claims, lawsuits, tax matters, government investigations, and proceedings arising in the 
ordinary course of our business. We record a provision for a liability when we believe that it is both probable that a liability 
has been incurred and the amount can be reasonably estimated. We also disclose material contingencies when we believe 
that a loss is not probable but reasonably possible. Significant judgment is required to determine both probability and the 
estimated amount. Such claims, suits, and proceedings are inherently unpredictable and subject to significant uncertainties, 
some of which are beyond our control. Many of these legal and tax contingencies can take years to resolve. Should any of 
these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of 
operations, financial position, and cash flows.
We believe our existing cash balance is sufficient to fund our ongoing working capital, investing, and financing 
requirements for at least the next 12 months. Our future capital requirements will depend on many factors including our 
growth rate, headcount, sales and marketing activities, research and development efforts, the introduction of new features, 
products, and acquisitions, and continued user engagement. We continually evaluate opportunities to issue or repurchase 
equity or debt securities, obtain, retire, or restructure credit facilities or financing arrangements, or declare dividends for 
strategic reasons or to further strengthen our financial position.
Sources and Uses of Cash and Related Trends
The following table sets forth the major components of our consolidated statements of cash flows for the periods 
presented: 
Year Ended December 31,
2024
2023
2022
(in thousands) 
Net cash provided by (used in) operating activities
$ 
413,480 $ 
246,521 $ 
184,614 
Net cash provided by (used in) investing activities
 
(717,084)  
570,954  
(1,062,275) 
Net cash provided by (used in) financing activities
 
(428,624)  
(458,789)  
306,714 
Change in cash, cash equivalents, and restricted cash
$ 
(732,228) $ 
358,686 $ 
(570,947) 
Free Cash Flow (1)
$ 
218,654 $ 
34,794 $ 
55,308 
(1)
For information on how we define and calculate Free Cash Flow, and a reconciliation to net cash provided by 
(used in) operating activities to Free Cash Flow, see “Non-GAAP Financial Measures.”
Net Cash Provided by (Used in) Operating Activities
Net cash provided by operating activities was $413.5 million for the year ended December 31, 2024, compared to 
net cash provided by operating activities of $246.5 million for the year ended December 31, 2023, resulting primarily from 
our net loss, adjusted for non-cash items, including stock-based compensation expense of $1,041.0 million and depreciation 
and amortization expense of $158.1 million. Net cash provided by operating activities for the year ended December 31, 
2024 was also driven by a $150.4 million increase in accrued expenses and other current liabilities, offset by a 
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$100.7 million decrease in accounts payable and a $94.0 million increase in accounts receivables due to the timing of 
collections and an increase in billings in the period.
Net Cash Provided by (Used in) Investing Activities
Net cash used in investing activities was $717.1 million for the year ended December 31, 2024, compared to net 
cash provided by investing activities of $571.0 million for the year ended December 31, 2023. Our investing activities for 
the year ended December 31, 2024 primarily consisted of purchases of marketable securities of $2.3 billion and purchases 
of property and equipment of $194.8 million, partially offset by maturities of marketable securities of $1.4 billion and sales 
of marketable securities of $354.3 million. Our investing activities for the year ended December 31, 2023 primarily 
consisted of maturities of marketable securities of $2.4 billion and sales of marketable securities of $459.5 million, partially 
offset by purchases of marketable securities of $2.0 billion and purchases of property and equipment of $211.7 million.
Net Cash Provided by (Used in) Financing Activities
Net cash used in financing activities was $428.6 million for the year ended December 31, 2024, compared to net 
cash used in financing activities of $458.8 million for the year ended December 31, 2023. Our financing activities for the 
year ended December 31, 2024 primarily consisted of the Note Repurchases for $859.0 million, repurchases of our Class A 
common stock for $311.1 million, and the purchase of the 2030 Capped Call Transactions for $68.9 million, partially offset 
by the issuance of the 2030 Notes for net proceeds of $740.4 million and the termination of the 2025 Capped Call 
Transactions for proceeds of $62.7 million. Our financing activities for the year ended December 31, 2023 primarily 
consisted of $189.4 million of repurchases of our Class A common stock and $270.4 million of deferred payments for 
acquisitions completed in prior periods.
Free Cash Flow
Free Cash Flow was $218.7 million for the year ended December 31, 2024, compared to $34.8 million for the year 
ended December 31, 2023. Free Cash Flow in all periods was composed of net cash provided by operating activities, 
resulting primarily from net loss, adjusted for non-cash items and changes in working capital. Free Cash Flow also 
included purchases of property and equipment of $194.8 million for the year ended December 31, 2024, compared to 
$211.7 million for the year ended December 31, 2023. See “Non-GAAP Financial Measures.”
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with 
GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating 
performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other 
companies, are presented to enhance investors’ overall understanding of our financial performance and should not be 
considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) 
operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity 
measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business 
and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure 
since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital 
expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because 
it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to 
maintain a strong balance sheet and invest in future growth.
We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding 
interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and 
amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and 
certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify 
underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted 
EBITDA.
We believe that both Free Cash Flow and Adjusted EBITDA provide useful information about our financial 
performance, enhance the overall understanding of our past performance and future prospects, and allow for greater 
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transparency with respect to key metrics used by our management for financial and operational decision-making. We are 
presenting the non-GAAP measures of Free Cash Flow and Adjusted EBITDA to assist investors in seeing our financial 
performance through the eyes of management, and because we believe that these measures provide an additional tool for 
investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial 
information prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP 
financial measures compared to the closest comparable GAAP measure. Some of these limitations are that:
•
Free Cash Flow does not reflect our future contractual commitments;
•
Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation of fixed assets and 
amortization of acquired intangible assets and, although these are non-cash charges, the assets being depreciated 
and amortized may have to be replaced in the future;
•
Adjusted EBITDA excludes stock-based compensation expense and payroll and other tax expense related to stock-
based compensation, which have been, and will continue to be for the foreseeable future, significant recurring 
expenses in our business and an important part of our compensation strategy; and
•
Adjusted EBITDA excludes income tax benefit (expense).
The following table presents a reconciliation of Free Cash Flow to net cash provided by (used in) operating 
activities, the most comparable GAAP financial measure, for each of the periods presented:
Year Ended December 31,
2024
2023
2022
(in thousands) 
Free Cash Flow reconciliation:
Net cash provided by (used in) operating activities
$ 
413,480 $ 
246,521 $ 
184,614 
Less:
Purchases of property and equipment
 
(194,826)  
(211,727)  
(129,306) 
Free Cash Flow
$ 
218,654 $ 
34,794 $ 
55,308 
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The following table presents a reconciliation of Adjusted EBITDA to net loss, the most comparable GAAP 
financial measure, for each of the periods presented:
Year Ended December 31,
2024
2023
2022
(in thousands) 
Adjusted EBITDA reconciliation:
Net loss
$ 
(697,856) $ (1,322,485) $ (1,429,653) 
Add (deduct):
Interest income
 
(153,466)  
(168,394)  
(58,597) 
Interest expense
 
21,552  
22,024  
21,459 
Other (income) expense, net
 
16,846  
42,414  
42,529 
Income tax (benefit) expense
 
25,630  
28,062  
28,956 
Depreciation and amortization
 
154,459  
159,999  
186,434 
Stock-based compensation expense
 
1,031,621  
1,319,783  
1,353,283 
Payroll and other tax expense related to stock-based compensation
 
37,768  
39,324  
44,213 
Restructuring charges (1)
 
72,051  
40,850  
188,949 
Adjusted EBITDA
$ 
508,605 $ 
161,577 $ 
377,573 
(1)
Restructuring charges in 2024 are primarily related to cash severance, stock-based compensation expense, and 
other charges associated with the 2024 restructuring. Restructuring charges in 2023 relating to the wind down of 
our AR Enterprise business were composed primarily of cash severance, stock-based compensation expense, and 
charges related to the revision of the useful lives and disposal of certain acquired intangible assets. Additionally, 
we recognized an income tax benefit of $5.7 million relating to the wind down, which is included in the income 
tax (benefit) expense line item above. Restructuring charges in 2022 relating to the strategic reprioritization plan 
were composed primarily of severance and related charges of $97.1 million, stock-based compensation expense, 
lease exit and related charges, impairment charges, contract termination charges, and intangible asset 
amortization. These charges are not reflective of underlying trends in our business. See Note 18 to our 
consolidated financial statements included in the “Financial Statements and Supplementary Data” in this Annual 
Report on Form 10-K for more information.
Critical Accounting Estimates
We prepare our financial statements in accordance with GAAP. Preparing these financial statements requires us to 
make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related 
disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical 
experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results 
could differ from these estimates.
The critical accounting estimates, assumptions, and judgments that we believe to have the most significant impact 
on our consolidated financial statements are described below.
Revenue Recognition
We determine revenue recognition by first identifying the contract or contracts with a customer, identifying the 
performance obligations in the contract, determining the transaction price, allocating the transaction price to the 
performance obligations in the contract, and recognizing revenue when, or as, we satisfy a performance obligation.
Revenue is recognized when control of the promised goods or services is transferred to our customers, in an 
amount that reflects the consideration we expect to receive in exchange for those goods or services. We determine 
collectability by performing ongoing credit evaluations and monitoring customer accounts receivable balances. Sales tax, 
including value added tax, is excluded from reported revenue.
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We generate substantially all of our revenues by offering various advertising products on Snapchat, which include 
Snap Ads and AR Ads, referred to as advertising revenue. AR Ads include Sponsored Lenses, which allow users to interact 
with an advertiser’s brand by enabling branded augmented reality experiences.
The substantial majority of advertising revenue is generated from the display of advertisements on Snapchat 
through contractual agreements that are either based on the number of advertising impressions delivered or on a fixed fee 
basis over a period of time. Revenue related to agreements based on the number of impressions delivered is recognized 
when the advertisement is served. Revenue related to fixed fee arrangements is recognized ratably over the service period, 
typically less than 30 days in duration, and such arrangements do not contain minimum impression guarantees.
In arrangements where another party is involved in providing specified services to a customer, we evaluate 
whether we are the principal or agent. In this evaluation, we consider if we obtain control of the specified goods or services 
before they are transferred to the customer, as well as other indicators such as the party primarily responsible for 
fulfillment, inventory risk, and discretion in establishing price. For advertising revenue arrangements where we are not the 
principal, we recognize revenue on a net basis. For the periods presented, revenue for arrangements where we are the agent 
was not material.
Valuation of Assets
The valuation and impairment assessment of certain assets requires significant judgment and assumptions such as 
the estimation of future cash flows, discount rates, useful lives, and market data of comparable assets, among others.
We measure certain financial instruments at fair value on a nonrecurring basis, consisting primarily of our 
strategic investments in privately held equity securities without readily determinable fair values. We adjust the carrying 
value of these equity securities to fair value upon observable transactions for identical or similar investments of the same 
issuer or upon impairment. All strategic investments are reviewed periodically for impairment. When indicators of 
impairment exist, we prepare quantitative measurements of the fair value of our equity investments using a market 
approach or an income approach, which requires judgment and the use of unobservable inputs, including discount rates, 
investee revenues and costs, and comparable market data of private and public companies, among others.
We also evaluate the recoverability of our property and equipment, operating lease right-of-use assets, and 
intangible assets, excluding goodwill, when events or changes indicate the carrying amount of an asset may not be 
recoverable. Events and changes in circumstances considered in determining whether the carrying value of long-lived 
assets may not be recoverable include significant changes in performance relative to expected operating results, significant 
changes in asset use, and significant negative industry or economic trends and changes in our business strategy. 
Recoverability of these assets is measured by comparison of their carrying amount to future undiscounted cash flows to be 
generated. If impairment is indicated based on a comparison of the assets’ carrying values and the undiscounted cash flows, 
the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the 
assets.
Loss Contingencies
We are involved in claims, lawsuits, tax matters, government investigations, and proceedings arising in the 
ordinary course of our business. We record a provision for a liability when we believe that it is both probable that a liability 
has been incurred and the amount can be reasonably estimated. When there appears to be a range of possible costs with 
equal likelihood, a liability is recorded based on the low-end of such range. However, the likelihood of a loss is often 
difficult to predict and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the 
information available, the potential effect of future events, and decisions by third parties impacting the ultimate resolution 
of the contingency. It is also not uncommon for such matters to be resolved over multiple reporting periods. During this 
time, relevant developments and new information must be continuously evaluated to determine both the likelihood of 
potential loss and whether it is possible to reasonably estimate a range of potential loss. We also disclose material 
contingencies when we believe that a loss is reasonably possible. 
Significant judgment is required to determine both probability and the estimated amounts of loss contingencies. 
Such claims, suits, and proceedings are inherently unpredictable and subject to significant uncertainties, some of which are 
beyond our control. Should any of these estimates and assumptions change, it could have a material impact on our results 
of operations, financial position, and cash flows.
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Income Taxes
We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is 
required in determining our uncertain tax positions. 
We recognize tax benefits from uncertain tax positions only if we believe that it is more likely than not that the tax 
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although 
we believe that we have adequately reserved for our uncertain tax positions, we can provide no assurance that the final tax 
outcome of these matters will not be materially different. We make adjustments to these reserves when facts and 
circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax 
outcome of these matters is different than the amounts recorded, such differences may affect the provision for income taxes 
in the period in which such determination is made and could have a material impact on our financial condition and results 
of operations.
Recent Accounting Pronouncements
See Note 1 to our consolidated financial statements included in “Financial Statements and Supplementary Data” in 
this Annual Report on Form 10-K for recently adopted accounting pronouncements and recently issued accounting 
pronouncements not yet adopted as of the date of this Annual Report on Form 10-K.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
We are exposed to market risks in the ordinary course of our business. These risks primarily include interest rate 
risk, foreign currency risk and equity price risk as follows:
Interest Rate Risk
We had cash and cash equivalents totaling $1.0 billion and $1.8 billion as of December 31, 2024 and 
December 31, 2023, respectively. We had marketable securities totaling $2.3 billion and $1.8 billion as of December 31, 
2024 and December 31, 2023, respectively. Our cash and cash equivalents primarily consist of cash in bank accounts and 
money market funds, and our marketable securities consist of U.S. government debt and agency securities, publicly traded 
equity securities, corporate debt securities, certificates of deposit, and commercial paper. The primary objectives of our 
investment activities are to preserve principal and provide liquidity without significantly increasing risk. We do not enter 
into investments for trading or speculative purposes. Due to the relatively short-term nature of our investment portfolio, a 
hypothetical 100 basis point change in interest rates would not have a material effect on the fair value of our portfolio for 
the periods presented.
In May 2024, we issued the 2030 Notes with an aggregate principal amount of $750.0 million, the full amount of 
which is outstanding as of December 31, 2024. We carry the 2030 Notes at face value less the unamortized debt issuance 
costs on our consolidated balance sheets. The 2030 Notes have a fixed interest rate; therefore, we have no financial 
statement risk associated with changes in interest rates with respect to the 2030 Notes. The fair value of the 2030 Notes 
changes when the market price of our stock fluctuates or market interest rates change.
In February 2022, we issued the 2028 Notes with an aggregate principal amount of $1.5 billion, the full amount of 
which is outstanding as of December 31, 2024. We carry the 2028 Notes at face value less the unamortized debt issuance 
costs on our consolidated balance sheets. The 2028 Notes have a fixed interest rate; therefore, we have no financial 
statement risk associated with changes in interest rates with respect to the 2028 Notes. The fair value of the 2028 Notes 
changes when the market price of our stock fluctuates or market interest rates change.
In April 2021, we issued the 2027 Notes with an aggregate principal amount of $1.15 billion, the full amount of 
which is outstanding as of December 31, 2024. We carry the 2027 Notes at face value less the unamortized debt issuance 
costs on our consolidated balance sheets. The 2027 Notes do not bear regular interest; therefore, we have no financial 
statement risk associated with changes in interest rates with respect to the 2027 Notes. The fair value of the 2027 Notes 
changes when the market price of our stock fluctuates or market interest rates change.
In April 2020, we issued the 2025 Notes with an aggregate principal amount of $1.0 billion, of which 
$36.2 million remains outstanding as of December 31, 2024. We carry the 2025 Notes at face value less the unamortized 
debt issuance costs on our consolidated balance sheets. The 2025 Notes have a fixed interest rate; therefore, we have no 
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75

financial statement risk associated with changes in interest rates with respect to the 2025 Notes. The fair value of the 2025 
Notes changes when the market price of our stock fluctuates or market interest rates change.
In August 2019, we issued the 2026 Notes with an aggregate principal amount of $1.265 billion, of which 
$249.8 million remains outstanding as of December 31, 2024. We carry the 2026 Notes at face value less the unamortized 
debt issuance costs on our consolidated balance sheets. The 2026 Notes have a fixed interest rate; therefore, we have no 
financial statement risk associated with changes in interest rates with respect to the 2026 Notes. The fair value of the 2026 
Notes changes when the market price of our stock fluctuates or market interest rates change.
Foreign Currency Risk
For all periods presented, our revenue and operating expenses were predominately denominated in U.S. dollars. 
We therefore have not had material foreign currency risk associated with revenue and cost-based activities. However, due 
to fluctuations in exchange rates, we have experienced, and may in the future experience, negative impacts to our revenue 
and operating expenses denominated in currencies other than the U.S. dollar. The functional currency of our material 
operating entities is the U.S. dollar. 
For the periods presented, we believe the exposure to foreign currency fluctuation from operating expenses is 
immaterial as the related costs do not constitute a significant portion of our total expenses. As we grow operations, our 
exposure to foreign currency risk will likely become more significant.
For the periods presented, we did not enter into any forward foreign currency exchange contracts. We may, 
however, enter into forward foreign currency exchange contracts for purposes of hedging foreign exchange rate 
fluctuations on our business operations in future operating periods as our exposures are deemed to be material. For 
additional discussion on foreign currency risk, see “Risk Factors” elsewhere in this Annual Report on Form 10-K.
Equity Price Risk
We hold equity securities in privately held and publicly traded companies, which are subject to equity price risks 
that could have a material impact on the carrying value of our holdings.
Our strategic investments in privately held companies primarily consist of equity securities without readily 
determinable fair values. We adjust the carrying value of these equity securities to fair value upon observable transactions 
for identical or similar investments of the same issuer or upon impairment. All strategic investments are reviewed 
periodically for impairment. Our investments in publicly traded equity securities are recorded at fair value using quoted 
market prices. Uncertainties in the global economic climate and financial markets could adversely impact the valuation of 
these investments and result in a material impairment or downward adjustment of their carrying values. Our total strategic 
investments had carrying values of $188.3 million and $195.3 million as of December 31, 2024 and 2023, respectively. Our 
investments in publicly traded equity securities had carrying values of $12.4 million and $13.6 million as of December 31, 
2024 and 2023, respectively.
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76

Item 8. Financial Statements and Supplementary Data.
SNAP INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)
78
Consolidated Financial Statements:
Consolidated Statements of Cash Flows
81
Consolidated Statements of Operations
82
Consolidated Statements of Comprehensive Income (Loss)
83
Consolidated Balance Sheets
84
Consolidated Statements of Stockholders’ Equity
85
Notes to Consolidated Financial Statements
86
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77

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Snap Inc.
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of Snap Inc. (the Company) as of December 31, 2024 and 
2023, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows 
for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the 
“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material 
respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its 
cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted 
accounting principles. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria 
established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework), and our report dated February 4, 2025 expressed an unqualified opinion 
thereon.
Basis for Opinion 
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB 
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, 
whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the 
financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures 
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits 
also included evaluating the accounting principles used and significant estimates made by management, as well as 
evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our 
opinion. 
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements 
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or 
disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex 
judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated 
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a 
separate opinion on the critical audit matter or on the account or disclosure to which it relates.
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78

Revenue Recognition
Description of the 
Matter
As described in Note 2 to the consolidated financial statements, the Company generates 
substantially all of its revenues by offering various advertising products on Snapchat. The 
substantial majority of such advertising revenues is generated based upon contractual 
agreements with customers that are either based on the number of advertising impressions 
delivered or on a fixed fee basis for advertisements delivered over a period of time. Revenues 
related to agreements based on the number of advertising impressions delivered are recognized 
when the advertisements are served while fixed fee agreements are recognized ratably over the 
service period.
The Company’s advertising revenue recognition process utilizes proprietary systems for the 
initiation, processing, and recording of transactions which comprise a high volume of 
individually low monetary value transactions. This process is dependent on the effective design 
and operation of systems, data sources, and controls that required significant audit effort. 
How We Addressed the 
Matter in Our Audit
With the support of our information technology professionals, we identified and tested the 
relevant systems used for the determination of initiation, processing, recording, and billing of 
revenue, which included processes and controls related to access to the relevant systems and 
data, changes to the relevant systems and interfaces, and configuration of the relevant systems. 
To test the Company’s recognition of advertising revenue, our audit procedures included, among 
others, testing the completeness and accuracy of the underlying data within the Company’s 
billing systems by agreeing amounts recognized to contractual terms and conditions, and testing 
revenue recognized to accounts receivable and cash receipts. Additionally, we examined standard 
customer online terms and conditions to understand the distinct performance obligations and 
tested the timing of revenue recognition.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2016.
Los Angeles, California
February 4, 2025
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79

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Snap Inc. 
Opinion on Internal Control Over Financial Reporting 
We have audited Snap Inc.’s internal control over financial reporting as of December 31, 2024, based on criteria 
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Snap Inc. (the Company) maintained, in all 
material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related 
consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for each of the 
three years in the period ended December 31, 2024, and the related notes and our report dated February 4, 2025 expressed 
an unqualified opinion thereon.
Basis for Opinion 
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s 
Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s 
internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB 
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in 
all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, 
and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides 
a reasonable basis for our opinion. 
Definition and Limitations of Internal Control Over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with 
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and 
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded 
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and 
that receipts and expenditures of the company are being made only in accordance with authorizations of management and 
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized 
acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
/s/ Ernst & Young LLP
Los Angeles, California
February 4, 2025
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80

Snap Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2024
2023
2022
Cash flows from operating activities
Net loss
$ 
(697,856) $ 
(1,322,485) $ 
(1,429,653) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
 
158,074 
 
168,441 
 
202,173 
Stock-based compensation
 
1,041,023 
 
1,324,004 
 
1,387,787 
Amortization of debt issuance costs
 
9,388 
 
7,361 
 
6,865 
Losses (gains) on debt and equity securities, net
 
8,460 
 
33,027 
 
36,838 
Other
 
(14,153)  
(26,958)  
15,596 
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance
 
(94,005)  
(98,127)  
(119,780) 
Prepaid expenses and other current assets
 
(36,544)  
(9,920)  
(40,917) 
Operating lease right-of-use assets
 
54,127 
 
70,674 
 
71,441 
Other assets
 
(9,952)  
2,238 
 
(504) 
Accounts payable
 
(100,728)  
94,988 
 
46,492 
Accrued expenses and other current liabilities
 
150,391 
 
62,130 
 
71,706 
Operating lease liabilities
 
(62,663)  
(68,007)  
(68,886) 
Other liabilities
 
7,918 
 
9,155 
 
5,456 
Net cash provided by (used in) operating activities
 
413,480 
 
246,521 
 
184,614 
Cash flows from investing activities
Purchases of property and equipment
 
(194,826)  
(211,727)  
(129,306) 
Purchases of strategic investments
 
(2,000)  
(7,770)  
(26,346) 
Sales of strategic investments
 
1,755 
 
7,559 
 
63,276 
Cash paid for acquisitions, net of cash acquired
 
— 
 
(50,254)  
(67,067) 
Purchases of marketable securities
 
(2,287,668)  
(2,048,273)  
(3,485,638) 
Sales of marketable securities
 
354,311 
 
459,481 
 
75,716 
Maturities of marketable securities
 
1,411,444 
 
2,424,717 
 
2,525,215 
Other
 
(100)  
(2,779)  
(18,125) 
Net cash provided by (used in) investing activities
 
(717,084)  
570,954 
 
(1,062,275) 
Cash flows from financing activities
Proceeds from issuance of convertible notes, net of issuance costs
 
740,350 
 
— 
 
1,483,500 
Purchase of capped calls
 
(68,850)  
— 
 
(177,000) 
Proceeds from termination of capped calls
 
62,683 
 
— 
 
— 
Proceeds from the exercise of stock options
 
12,798 
 
1,038 
 
4,272 
Payments of debt issuance costs
 
— 
 
— 
 
(3,006) 
Repurchases of Class A non-voting common stock
 
(311,069)  
(189,394)  
(1,001,052) 
Deferred payments for acquisitions
 
(3,695)  
(270,433)  
— 
Repurchases of convertible notes
 
(859,042)  
— 
 
— 
Other
 
(1,799)  
— 
 
— 
Net cash provided by (used in) financing activities
 
(428,624)  
(458,789)  
306,714 
Change in cash, cash equivalents, and restricted cash
 
(732,228)  
358,686 
 
(570,947) 
Cash, cash equivalents, and restricted cash, beginning of period
 
1,782,462 
 
1,423,776 
 
1,994,723 
Cash, cash equivalents, and restricted cash, end of period
$ 
1,050,234 
$ 
1,782,462 
$ 
1,423,776 
Supplemental disclosures
Cash paid for income taxes, net
$ 
24,686 
$ 
30,924 
$ 
12,087 
Cash paid for interest
$ 
10,284 
$ 
10,244 
$ 
8,873 
See Notes to Consolidated Financial Statements.
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81

Snap Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
Year Ended December 31,
2024
2023
2022
Revenue
$ 
5,361,398 $ 
4,606,115 $ 
4,601,847 
Costs and expenses:
Cost of revenue
 
2,474,237  
2,114,117  
1,815,342 
Research and development
 
1,691,683  
1,910,862  
2,109,800 
Sales and marketing
 
1,063,675  
1,122,092  
1,118,746 
General and administrative
 
919,097  
857,423  
953,265 
Total costs and expenses
 
6,148,692  
6,004,494  
5,997,153 
Operating loss
 
(787,294)  
(1,398,379)  
(1,395,306) 
Interest income
 
153,466  
168,394  
58,597 
Interest expense
 
(21,552)  
(22,024)  
(21,459) 
Other income (expense), net
 
(16,846)  
(42,414)  
(42,529) 
Loss before income taxes
 
(672,226)  
(1,294,423)  
(1,400,697) 
Income tax benefit (expense)
 
(25,630)  
(28,062)  
(28,956) 
Net loss
$ 
(697,856) $ (1,322,485) $ (1,429,653) 
Net loss per share attributable to Class A, Class B, and Class C 
common stockholders (Note 3):
Basic
$ 
(0.42) $ 
(0.82) $ 
(0.89) 
Diluted
$ 
(0.42) $ 
(0.82) $ 
(0.89) 
Weighted average shares used in computation of net loss per share:
Basic
1,659,147
1,612,504
1,608,304
Diluted
1,659,147
1,612,504
1,608,304
See Notes to Consolidated Financial Statements.
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82

Snap Inc.
Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
Year Ended December 31,
2024
2023
2022
Net loss
$ 
(697,856) $ (1,322,485) $ (1,429,653) 
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on marketable securities, net of tax
 
4,590  
8,269  
(9,307) 
Foreign currency translation
 
(9,027)  
12,836  
(10,188) 
Total other comprehensive income (loss), net of tax
 
(4,437)  
21,105  
(19,495) 
Total comprehensive loss
$ 
(702,293) $ (1,301,380) $ (1,449,148) 
See Notes to Consolidated Financial Statements.
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Snap Inc.
Consolidated Balance Sheets
(in thousands, except par value)
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$ 
1,046,534 $ 
1,780,400 
Marketable securities
 
2,329,745  
1,763,680 
Accounts receivable, net of allowance
 
1,348,472  
1,278,176 
Prepaid expenses and other current assets
 
182,006  
153,587 
Total current assets
 
4,906,757  
4,975,843 
Property and equipment, net
 
489,088  
410,326 
Operating lease right-of-use assets
 
530,441  
516,862 
Intangible assets, net
 
86,363  
146,303 
Goodwill
 
1,689,785  
1,691,827 
Other assets
 
233,914  
226,597 
Total assets
$ 
7,936,348 $ 
7,967,758 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 
173,197 $ 
278,961 
Operating lease liabilities
 
24,885  
49,321 
Accrued expenses and other current liabilities
 
1,009,254  
805,836 
Convertible senior notes, net
 
36,212  
— 
Total current liabilities
 
1,243,548  
1,134,118 
Long-term convertible senior notes, net
 
3,607,717  
3,749,400 
Operating lease liabilities, noncurrent
 
575,082  
546,279 
Other liabilities
 
59,240  
123,849 
Total liabilities
 
5,485,587  
5,553,646 
Commitments and contingencies (Note 8)
Stockholders’ equity
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 
1,483,718 shares issued, 1,436,495 shares outstanding at December 31, 2024, and 
3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding 
at December 31, 2023.
 
14  
14 
Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 
shares issued and outstanding at December 31, 2024, and 700,000 shares 
authorized, 22,528 shares issued and outstanding at December 31, 2023.
 
—  
— 
Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 
231,627 shares issued and outstanding at December 31, 2024 and December 31, 
2023.
 
2  
2 
Treasury stock, at cost. 47,222 and 49,200 shares of Class A non-voting common 
stock at December 31, 2024 and December 31, 2023, respectively.
 
(460,620)  
(479,903) 
Additional paid-in capital
 
15,644,132  
14,613,404 
Accumulated deficit
 (12,735,461)  (11,726,536) 
Accumulated other comprehensive income (loss)
 
2,694  
7,131 
Total stockholders’ equity
 
2,450,761  
2,414,112 
Total liabilities and stockholders’ equity
$ 
7,936,348 $ 
7,967,758 
See Notes to Consolidated Financial Statements.
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84

Snap Inc.
Consolidated Statements of Stockholders’ Equity
(in thousands)
Year Ended December 31,
2024
2023
2022
Shares 
Amount 
Shares 
Amount 
Shares 
Amount 
Class A non-voting common stock
Balance, beginning of period
1,391,341
$ 
14 
1,319,930
$ 
13 
1,364,887
$ 
14 
Shares issued in connection with exercise of stock options under stock-
based compensation plans
884
—
599
—
334
—
Issuance of Class A non-voting common stock in connection with 
acquisitions
—
—
—
—
1,277
—
Issuance of Class A non-voting common stock for vesting of restricted 
stock units and restricted stock awards, net
70,167
—
86,557
1
58,342
—
Conversion of Class B voting common stock to Class A non-voting 
common stock
10
—
566
—
298
—
Repurchases of Class A non-voting common stock
(27,885)
—
(18,423)
—
(105,208)
(1)
Reissuances of Class A non-voting common stock for vesting of 
restricted stock units
1,978
—
2,112
—
—
—
Balance, end of period
1,436,495
14
1,391,341
14
1,319,930
13
Class B voting common stock
 
 
 
 
 
 
Balance, beginning of period
22,528
—
22,529
—
22,769
—
Shares issued in connection with exercise of stock options under stock-
based compensation plans
5
—
565
—
58
—
Conversion of Class B voting common stock to Class A non-voting 
common stock
(10)
—
(566)
—
(298)
—
Balance, end of period
22,523
—
22,528
—
22,529
—
Class C voting common stock
 
 
 
 
 
 
Balance, beginning of period
231,627
2
231,627
2
231,627
2
Balance, end of period
231,627
2
231,627
2
231,627
2
Treasury stock
Balance, beginning of period
49,200
(479,903)
51,312
(500,514)
—
—
Repurchases of Class A non-voting common stock
27,885
(311,069)
18,423
(189,394)
105,208
(1,001,052)
Retirement of Class A non-voting common stock
(27,885)
311,069
(18,423)
189,394
(53,896)
500,538
Reissuances of Class A non-voting common stock for vesting of 
restricted stock units
(1,978)
19,283
(2,112)
20,611
—
—
Balance, end of period
47,222
(460,620)
49,200
(479,903)
51,312
(500,514)
Additional paid-in capital
 
 
 
 
 
 
Balance, beginning of period
—
14,613,404
—
13,309,828
—
12,069,097
Stock-based compensation expense
—
1,041,023
—
1,323,149
—
1,369,407
Shares issued in connection with exercise of stock options under stock-
based compensation plans
—
12,798
—
1,038
—
4,285
Issuance of Class A non-voting common stock in connection with 
acquisitions and divestitures
—
—
—
—
—
44,039
Purchase of capped calls
—
(68,850)
—
—
—
(177,000)
Termination of capped calls
—
62,683
—
—
—
—
Reissuances of Class A non-voting common stock for vesting of 
restricted stock units
—
(19,283)
—
(20,611)
—
—
Other
—
2,357
—
—
—
—
Balance, end of period
—
15,644,132
—
14,613,404
—
13,309,828
Accumulated deficit
 
 
 
 
 
 
Balance, beginning of period
—
(11,726,536)
—
(10,214,657)
—
(8,284,466)
Net loss
—
(697,856)
—
(1,322,485)
—
(1,429,653)
Retirement of Class A non-voting common stock
—
(311,069)
—
(189,394)
—
(500,538)
Balance, end of period
—
(12,735,461)
—
(11,726,536)
—
(10,214,657)
Accumulated other comprehensive income (loss)
 
 
 
 
 
 
Balance, beginning of period
—
7,131
—
(13,974)
—
5,521
Other comprehensive income (loss), net of tax
—
(4,437)
—
21,105
—
(19,495)
Balance, end of period
—
2,694
—
7,131
—
(13,974)
Total stockholders’ equity
1,737,867
$ 
2,450,761 
1,694,696
$ 
2,414,112 
1,625,398
$ 
2,580,698 
See Notes to Consolidated Financial Statements.
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85

Snap Inc.
Notes to Consolidated Financial Statements
1. Description of Business and Summary of Significant Accounting Policies
Snap Inc. is a technology company.
Snap Inc. (“we,” “our,” or “us”), a Delaware corporation, is headquartered in Santa Monica, California. Our 
flagship product, Snapchat, is a visual messaging application that was created to help people communicate through short 
videos and images called “Snaps.”
Basis of Presentation
Our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting 
principles (“GAAP”). Our consolidated financial statements include the accounts of Snap Inc. and our wholly owned 
subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Our fiscal year ends on 
December 31. Certain reclassifications have been made in the prior periods to conform to the current year’s presentation. 
None of these reclassifications had a material impact on our consolidated financial statements.
Use of Estimates
The preparation of our consolidated financial statements in conformity with GAAP requires management to make 
estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management’s 
estimates are based on historical information available as of the date of the consolidated financial statements and various 
other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates.
Key estimates relate primarily to determining the fair value of assets and liabilities assumed in business 
combinations, evaluation of contingencies, uncertain tax positions, and the fair value of strategic investments. On an 
ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for 
making judgments about the carrying value of assets and liabilities.
Concentrations of Business Risk
We currently use both Google Cloud and Amazon Web Services for our hosting requirements. A disruption or 
loss of service from one or both of these partners could seriously harm our ability to operate. Although we believe there are 
other qualified providers that can provide these services, a transition to a new provider could create a significant disruption 
to our business and negatively impact our consolidated financial statements.
Concentrations of Credit Risk
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of 
cash, cash equivalents, marketable securities, and accounts receivable. We maintain cash deposits, cash equivalent 
balances, and marketable securities with several financial institutions. Cash and cash equivalents may be withdrawn or 
redeemed on demand. We believe that the financial institutions that hold our cash and cash equivalents are financially 
sound and, accordingly, minimal credit risk exists with respect to these balances. We also maintain investments in U.S. 
government debt and agency securities, publicly traded equity securities, corporate debt securities, certificates of deposit, 
money market funds, and commercial paper that carry high credit ratings and accordingly, minimal credit risk exists with 
respect to these balances.
We extend credit to our customers based on an evaluation of their ability to pay amounts due under contractual 
arrangement and generally do not obtain or require collateral.
Revenue Recognition
Revenue is recognized when control of the promised goods or services is transferred to our customers, in an 
amount that reflects the consideration we expect to receive in exchange for those goods or services. See Note 2 for 
additional information.
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Cost of Revenue
Cost of revenue includes payments for infrastructure, content and developer partner costs, and advertiser partner 
and other costs. Infrastructure costs primarily consist of payments to third-party infrastructure partners for hosting our 
products, which include expenses related to storage, computing, and bandwidth. Content and developer partner costs 
primarily consist of fees paid to our content creators and publisher partners who share content on our platform through 
revenue sharing arrangements. Under these arrangements, we pay a portion of the fees we receive from advertisers for Snap 
Ads that are displayed within partner content on Snapchat. Advertising partner and other costs primarily consist of 
payments to third-party partners for fulfillment services, credit card and other transaction processing fees, and other 
expenses directly related to providing our services.
Cost of revenue includes personnel-related costs, including salaries, benefits, and stock-based compensation 
expense for our employees engaged in the delivery of our services. Cost of revenue also includes facilities and other 
supporting overhead costs, including depreciation and amortization, and inventory costs. 
Advertising
Advertising costs are expensed as incurred and recorded within sales and marketing expenses in our consolidated 
statements of operations. For the years ended December 31, 2024, 2023, and 2022, advertising costs were $57.7 million, 
$24.9 million, and $42.7 million, respectively.
Capital Structure
We have three classes of authorized common stock – Class A common stock, Class B common stock, and Class C 
common stock. Class A common stockholders have no voting rights, Class B common stockholders are entitled to one vote 
per share, and Class C common stockholders are entitled to ten votes per share. Shares of our Class B common stock are 
convertible into an equivalent number of shares of our Class A common stock and generally convert into shares of our 
Class A common stock upon transfer. Shares of our Class C common stock are convertible into an equivalent number of 
shares of our Class B common stock and generally convert into shares of our Class B common stock upon transfer. 
Future Stock Split to be Effected in the Form of a Stock Dividend
In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock 
split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of 
our common stock at a future date (the “Future Stock Split”). In connection with the Future Stock Split, we entered into 
certain agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of 
their respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C 
common stock into Class A common stock under certain circumstances. In May 2024, the conditions for the declaration of 
such dividends were modified and the Co-Founder Agreements were amended to reflect such modifications. As modified, 
the Future Stock Split will not be declared and paid until the first business day following the date on which (i) the average 
of the volume weighted average price (the “VWAP”) per share of Class A common stock equals or exceeds $40 per share 
for 90 consecutive trading days (the “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or exceeds 
the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 90-Day 
VWAP was calculated to 8,862.85. If this does not occur by July 21, 2032, the Future Stock Split will not be declared and 
paid, and the Co-Founder Agreements will terminate.
No adjustments have been made to share or per share amounts for Class A common stock in the accompanying 
consolidated financial statements for the effects of the Future Stock Split as these triggering conditions have not been met.
Stock-based Compensation
We measure and recognize compensation expense for stock-based payment awards, including stock options, 
restricted stock units (“RSUs”), and restricted stock awards (“RSAs”) granted to employees, directors, and advisors, based 
on the grant date fair value of the awards. The grant date fair value of stock options is estimated using a Black-Scholes 
option pricing model. The fair value of stock-based compensation for stock options is recognized on a straight-line basis, 
net of estimated forfeitures, over the period during which services are provided in exchange for the award. The grant date 
fair value of RSUs and RSAs is estimated based on the fair value of our underlying common stock.
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RSUs and RSAs vest on the satisfaction of a service-based condition. The service condition for RSUs and RSAs is 
generally satisfied in equal monthly or quarterly installments over three or four years. For these awards, we recognize 
stock-based compensation expense on a straight-line basis over the requisite service period.
Stock-based compensation expense recognized for all periods presented is based on awards that are expected to 
vest, including an estimate of forfeitures. We estimate the forfeiture rate using historical forfeitures of equity awards and 
other expected changes in facts and circumstances, if any. A modification of the terms of a stock-based award is treated as 
an exchange of the original award for a new award with total compensation cost equal to the grant-date fair value of the 
original award plus the incremental value of the modification to the award.
The total recognized tax benefit related to stock-based compensation expense for all periods presented was 
immaterial as we have established valuation allowances to reduce our net deferred tax assets to the amount that is more 
likely than not to be realized. The majority of the future tax benefits that arise on settlement of RSUs, RSAs and stock 
options are in jurisdictions for which our net deferred tax assets have a full valuation allowance.
Income Taxes
We are subject to income taxes in the United States and numerous foreign jurisdictions. Deferred tax assets and 
liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are 
measured using the enacted tax rates and laws that will be in effect when the deferred tax asset or liability is expected to be 
realized or settled.
In evaluating our ability to recover deferred tax assets, we consider all available positive and negative evidence, 
including historical operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-
jurisdiction basis. Based on the level of historical losses, we have established a valuation allowance to reduce our net 
deferred tax assets to the amount that is more likely than not to be realized.
We recognize a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will 
be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits 
recognized in our consolidated financial statements from such positions are measured based on the largest benefit that has a 
greater than 50% likelihood of being realized. We recognize interest and penalties associated with tax matters as part of the 
income tax provision and include accrued interest and penalties with the related income tax liability on our consolidated 
balance sheets.
Currency Translation and Remeasurement
The functional currency of the majority of our foreign subsidiaries is the U.S. dollar. Monetary assets and 
liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on the balance sheet 
date. Revenue and expenses are remeasured at the average exchange rates during the period. Equity transactions and other 
non-monetary assets are remeasured using historical exchange rates. Foreign currency transaction gains and losses are 
recorded in other income (expense), net on our consolidated statement of operations. For those foreign subsidiaries where 
the local currency is the functional currency, adjustments to translate those statements into U.S. dollars are recorded in 
accumulated other comprehensive income (loss) in stockholders’ equity.
Cash and Cash Equivalents
Cash and cash equivalents consist of highly liquid investments with maturities of 90 days or less from the date of 
purchase.
Restricted Cash
Restricted cash primarily includes cash and cash equivalents that are legally restricted as to withdrawal or use in 
our operations. Restricted cash balances are included in other assets on our consolidated balance sheets.
Marketable Securities
We hold investments in marketable securities consisting of U.S. government securities, U.S. government agency 
securities, corporate debt securities, certificates of deposit, commercial paper, and publicly traded equity securities. We 
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classify marketable investments in debt securities as available-for-sale investments in our current assets because they 
represent investments available for current operations. 
Our available-for-sale investments in debt securities are carried at fair value with any unrealized gains and losses 
included in accumulated other comprehensive income (loss) in stockholders’ equity. Available-for-sale debt securities with 
an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is 
caused by expected credit losses, with any allowance for credit losses recognized as a charge in other income (expense), net 
on our consolidated statements of income. We did not record any credit losses on our available-for-sale debt securities in 
any of the periods presented. We determine gains or losses on the sale or maturities of marketable securities using the 
specific identification method and these gains or losses are recorded in other income (expense), net in our consolidated 
statements of operations.
Publicly traded equity securities are carried at fair value with any unrealized gains and losses recorded in other 
income (expense), net in our consolidated statements of operations.
Strategic Investments
We hold strategic investments primarily in privately held companies, consisting primarily of equity securities 
without readily determinable fair values, and to a lesser extent, debt securities. We adjust the carrying value of these equity 
securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon 
impairment. All strategic investments are reviewed periodically for impairment. Any adjustments to carrying value of these 
investments are recorded in other income (expense), net in our consolidated statements of operations. Strategic investments 
are included within other assets in our consolidated balance sheets. 
When we exercise significant influence over, but do not control the investee, such strategic investments are 
accounted for using the equity method. Under the equity method of accounting, we record our share of the results of the 
investments within other income (expense), net in our consolidated statements of operations.
Fair Value Measurements
Certain financial instruments are required to be recorded at fair value. Other financial instruments, including cash 
and cash equivalents and restricted cash, are recorded at cost, which approximates fair value. Additionally, accounts 
receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these 
financial instruments.
Accounts Receivable and Allowance for Doubtful Accounts
Accounts receivable are recorded at the invoiced amount less any allowance for doubtful accounts to reserve for 
potentially uncollectible receivables. To determine the amount of the allowance, we make judgments about the 
creditworthiness of customers based on ongoing credit evaluation and historical experience. As of December 31, 2024 and 
2023, the allowance for doubtful accounts was immaterial.
Property and Equipment
Property and equipment are stated at cost, less accumulated depreciation. We compute depreciation using the 
straight-line method over the estimated useful lives of the assets, which is generally three years for computer hardware, 
software, and equipment, five years for furniture, and over the shorter of lease term or useful life of the assets for leasehold 
improvements. Buildings are generally depreciated over a useful life ranging from 20 to 45 years. Maintenance and repairs 
are expensed as incurred.
Leases 
We have non-cancelable lease agreements, primarily for offices, that are recorded as operating lease right-of-use 
assets and operating lease liabilities in our consolidated balance sheets. We account for lease and non-lease components as 
a single lease component and do not record leases with an initial term of twelve months or less in our consolidated balance 
sheets. We use our incremental borrowing rate based on the information available at the lease commencement date to 
determine the present value of lease payments over the lease term. Our lease terms may include options to extend or 
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terminate the lease when it is reasonably certain we will exercise that option. Certain agreements have free rent periods or 
escalating rent payment provisions. Rent expense is recognized on a straight-line basis over the lease term.
Software Development Costs
Software development costs include costs to develop software to be used to meet internal needs and applications 
used to deliver our services. We capitalize development costs related to these software applications once the preliminary 
project stage is complete and it is probable that the project will be completed and the software will be used to perform the 
function intended. Costs capitalized for developing such software applications were not material for the periods presented.
Segments
Our CEO is our chief operating decision maker (“CODM”). Our CEO evaluates performance and makes operating 
decisions about allocating resources based on financial data presented on a consolidated basis, accompanied by information 
about revenue disaggregated by geographic region. Because our CODM evaluates financial performance on a consolidated 
basis, we have determined that we have a single reportable segment composed of the consolidated financial results of Snap 
Inc.
Business Combinations
We include the results of operations of the businesses that we acquire from the date of acquisition. We determine 
the fair value of the assets acquired and liabilities assumed based on their estimated fair values as of the respective date of 
acquisition. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. 
Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and 
estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, 
and selection of comparable companies. Our estimates of fair value are based on assumptions believed to be reasonable, but 
which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the 
measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired 
and liabilities assumed, with a corresponding offset to goodwill. At the conclusion of the measurement period, any 
subsequent adjustments are reflected in our consolidated statements of operations.
When we issue payments or grants of equity to selling stockholders in connection with an acquisition, we evaluate 
whether the payments or awards are compensatory. This evaluation includes whether cash payments or stock award vesting 
is contingent on the continued employment of the selling stockholder beyond the acquisition date. If continued employment 
is required for the cash to be paid or stock awards to vest, the award is treated as compensation for post-acquisition services 
and is recognized as compensation expense.
Transaction costs associated with business combinations are expensed as incurred, and are included in general and 
administrative expenses in our consolidated statements of operations.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business 
combination. We test goodwill for impairment at least annually, in the fourth quarter, or whenever events or changes in 
circumstances indicate that goodwill might be impaired. For all periods presented, we had a single operating segment and 
reporting unit structure. There were no impairment charges in any of the periods presented.
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Intangible Assets
Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. We 
determine the appropriate useful life of our intangible assets by measuring the expected cash flows of acquired assets. The 
estimated useful lives of intangible assets are generally as follows:
Intangible Asset
Estimated Useful
Life
Domain names
5 years
Trademarks
3 years
Acquired developed technology
3 to 7 years
Customer relationships
2 to 8 years
Patents
4 to 14 years
Impairment of Long-Lived Assets
We evaluate recoverability of our property and equipment, operating lease right-of-use assets, and intangible 
assets, excluding goodwill, when events or changes indicate the carrying amount of an asset may not be recoverable. 
Events and changes in circumstances considered in determining whether the carrying value of long-lived assets may not be 
recoverable include significant changes in performance relative to expected operating results, significant changes in asset 
use, and significant negative industry or economic trends and changes in our business strategy. Recoverability of these 
assets is measured by comparison of their carrying amount to future undiscounted cash flows to be generated. If 
impairment is indicated based on a comparison of the assets’ carrying values and the undiscounted cash flows, the 
impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Legal Contingencies
For legal contingencies, we accrue a liability for an estimated loss if the potential loss from any claim or legal 
proceeding is considered probable, and the amount can be reasonably estimated. Legal fees and expenses are expensed as 
incurred. Note 8 provides additional information regarding our legal contingencies.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 
(“ASU”) 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of 
Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible 
debt instruments should be accounted for as an induced conversion. The guidance is effective for annual reporting periods, 
and interim reporting periods within those annual reporting periods, beginning after December 15, 2025. The guidance is 
applied on a prospective basis, with a retrospective option, and early adoption is permitted. We are currently evaluating the 
impact of adoption of this standard on our consolidated financial statements and disclosures. 
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—
Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires 
public entities to provide a disclosure within the financial statement footnotes showing the disaggregation of certain 
expenses included in relevant expense captions on the consolidated income statement, with a qualitative description of the 
amounts that are not separately disaggregated quantitatively. The guidance also requires disclosure of the total amount of 
selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The guidance is effective for 
annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The guidance 
is applied on a prospective basis, with a retrospective option, and early adoption is permitted. We are currently evaluating 
the impact of adoption of this standard on our consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures, which requires public entities to provide greater disaggregation within their annual rate reconciliation, 
including new requirements to present reconciling items on a gross basis in specified categories, disclose both percentages 
and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect of the items 
meet a quantitative threshold. The guidance also requires disaggregating the annual disclosure of income taxes paid, net of 
refunds received, by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that 
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meet a quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024 on a 
prospective basis, with a retrospective option, and early adoption is permitted. We are currently evaluating the impact of 
adoption of this standard on our consolidated financial statements and disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable 
Segment Disclosures, which requires public entities with a single reportable segment to provide all the disclosures required 
by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis, including new 
requirements to disclose significant segment expenses that are regularly provided to the CODM and included within the 
reported measure(s) of a segment’s profit or loss, the amount and composition of any other segment items, the title and 
position of the CODM, and how the CODM uses the reported measure(s) of a segment’s profit or loss to assess 
performance and decide how to allocate resources. The guidance is effective for annual periods beginning after 
December 15, 2023, and interim periods beginning after December 15, 2024, applied retrospectively with early adoption 
permitted. Effective January 1, 2024, we adopted ASU 2023-07. Refer to Note 19 of these consolidated financial 
statements.
2. Revenue
We determine revenue recognition by first identifying the contract or contracts with a customer, identifying the 
performance obligations in the contract, determining the transaction price, allocating the transaction price to the 
performance obligations in the contract, and recognizing revenue when, or as, we satisfy a performance obligation.
Revenue is recognized when control of the promised goods or services is transferred to our customers, in an 
amount that reflects the consideration we expect to receive in exchange for those goods or services. We determine 
collectability by performing ongoing credit evaluations and monitoring customer accounts receivable balances. Sales tax, 
including value added tax, is excluded from reported revenue.
We generate substantially all of our revenues by offering various advertising products on Snapchat, which include 
Snap Ads and AR Ads, referred to as advertising revenue. AR Ads include Sponsored Lenses, which allow users to interact 
with an advertiser’s brand by enabling branded augmented reality experiences.
The substantial majority of advertising revenue is generated from the display of advertisements on Snapchat 
through contractual agreements that are either based on the number of advertising impressions delivered or on a fixed fee 
basis over a period of time. Revenue related to agreements based on the number of impressions delivered is recognized 
when the advertisement is served. Revenue related to fixed fee arrangements is recognized ratably over the service period, 
typically less than 30 days in duration, and such arrangements do not contain minimum impression guarantees.
In arrangements where another party is involved in providing specified services to a customer, we evaluate 
whether we are the principal or agent. In this evaluation, we consider if we obtain control of the specified goods or services 
before they are transferred to the customer, as well as other indicators such as the party primarily responsible for 
fulfillment, inventory risk, and discretion in establishing price. For advertising revenue arrangements where we are not the 
principal, we recognize revenue on a net basis. For the periods presented, revenue for arrangements where we are the agent 
was not material.
We also generate revenue from subscriptions and sales of hardware products. Sales of hardware products are 
reported net of allowances for returns. For the periods presented, all such revenue was not material.
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The following table represents our revenue disaggregated by geographic region based on the billing address of the 
customer:
Year Ended December 31,
2024
2023
2022
(in thousands)
North America (1) (2)
$ 
3,236,217 $ 
2,952,301 $ 
3,205,554 
Europe (3)
 
957,075  
772,078  
712,764 
Rest of world
 
1,168,106  
881,736  
683,529 
Total revenue
$ 
5,361,398 $ 
4,606,115 $ 
4,601,847 
(1)
North America includes Mexico, the Caribbean, and Central America.
(2)
United States revenue was $3.1 billion, $2.9 billion, and $3.1 billion for the years ended December 31, 2024, 
2023, and 2022, respectively.
(3)
Europe includes Russia and Turkey. Effective March 2022, we halted advertising sales to Russian and Belarusian 
entities.
3. Net Loss per Share
We compute net loss per share using the two-class method required for multiple classes of common stock. We 
have three classes of authorized common stock for which voting rights differ by class.
Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the 
weighted-average number of shares of stock outstanding during the period, adjusted for RSAs for which the risk of 
forfeiture has not yet lapsed.
For the calculation of diluted net loss per share, net loss per share attributable to common stockholders for basic 
net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. 
Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to 
common stockholders by the weighted-average number of fully diluted common shares outstanding. We use the if-
converted method for calculating any potential dilutive effect of the convertible senior notes due in 2025, 2026, 2027, 
2028, and 2030 (collectively, the “Convertible Notes”) on diluted net loss per share. The Convertible Notes would have a 
dilutive impact on net income per share when the average market price of Class A common stock for a given period 
exceeds the respective conversion price of the Convertible Notes. For the periods presented, our potentially dilutive shares 
relating to stock options, RSUs, RSAs, and Convertible Notes were not included in the computation of diluted net loss per 
share as the effect of including these shares in the calculation would have been anti-dilutive.
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The numerators and denominators of the basic and diluted net loss per share computations for our common stock 
are calculated as follows for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
2024
2023
2022
(in thousands, except per share data) 
Class A
Class B
Class C
Class A
Class B
Class C
Class A
Class B
Class C
Numerator:
Net loss
$ 
(590,956) $ 
(9,475) $ 
(97,425) $ (1,114,039) $ 
(18,479) $ (189,967) $ (1,203,614) $ 
(20,141) $ (205,898) 
Net loss attributable to common 
stockholders
$ 
(590,956) $ 
(9,475) $ 
(97,425) $ (1,114,039) $ 
(18,479) $ (189,967) $ (1,203,614) $ 
(20,141) $ (205,898) 
Denominator:
 
 
 
 
 
 
 
 
 
Basic shares:
 
 
 
 
 
 
 
 
 
Weighted-average common 
shares - Basic
1,404,994
22,526
231,627
1,358,345
22,532
231,627
1,354,019
22,658
231,627
Diluted shares:
 
 
 
 
 
 
 
 
 
Weighted-average common 
shares - Diluted
1,404,994
22,526
231,627
1,358,345
22,532
231,627
1,354,019
22,658
231,627
Net loss per share attributable to 
common stockholders:
 
 
 
 
 
 
 
 
 
Basic
$ 
(0.42) $ 
(0.42) $ 
(0.42) $ 
(0.82) $ 
(0.82) $ 
(0.82) $ 
(0.89) $ 
(0.89) $ 
(0.89) 
Diluted
$ 
(0.42) $ 
(0.42) $ 
(0.42) $ 
(0.82) $ 
(0.82) $ 
(0.82) $ 
(0.89) $ 
(0.89) $ 
(0.89) 
The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because 
their effect would have been anti-dilutive:
As of December 31,
2024
2023
2022
(in thousands)
Stock options
680
1,697
3,159
Unvested RSUs and RSAs
134,253
157,130
132,392
Convertible Notes (if-converted)
85,945
89,379
89,379
4. Stockholders’ Equity
Common Stock
As of December 31, 2024, we are authorized to issue 3,000,000,000 shares of Class A non-voting common stock, 
700,000,000 shares of Class B voting common stock, and 260,887,848 shares of Class C voting common stock, each with a 
par value of $0.00001 per share. Class A common stockholders have no voting rights, Class B common stockholders are 
entitled to one vote per share, and Class C common stockholders are entitled to ten votes per share. Shares of our Class B 
common stock are convertible into an equivalent number of shares of our Class A common stock and generally convert into 
shares of our Class A common stock upon transfer. Shares of our Class C common stock are convertible into an equivalent 
number of shares of our Class B common stock and generally convert into shares of our Class B common stock upon 
transfer. Any dividends paid to the holders of the Class A common stock, Class B common stock, and Class C common 
stock will be paid on a pro rata basis. For the year ended December 31, 2024, we did not declare any dividends. On a 
liquidation event, as defined in our certificate of incorporation, any distribution to common stockholders is made on a pro 
rata basis to the holders of the Class A common stock, Class B common stock, and Class C common stock.
As of December 31, 2024, there were 1,483,717,717 shares issued and 1,436,495,296 shares outstanding of Class 
A common stock, and 22,523,290 shares and 231,626,943 shares issued and outstanding of Class B common stock and 
Class C common stock, respectively.
Stock-based Compensation Plans
We maintain one active share-based employee compensation plan, the 2017 Equity Incentive Plan (the “2017 
Plan”). In January 2017, our board of directors adopted the 2017 Plan, and in February 2017, our stockholders approved the 
2017 Plan, effective on March 1, 2017. The 2017 Plan provides for the grant of incentive stock options to employees, 
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including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, 
RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, 
directors, and consultants, including employees and consultants of our affiliates. The maximum term for stock options 
granted under the 2017 Plan may not exceed ten years from the date of grant. The 2017 Plan will terminate ten years from 
the date our board of directors approved the plan, unless it is terminated earlier by our board of directors. 
The number of shares reserved for issuance under the 2017 Plan will increase automatically on January 1st of each 
calendar year, beginning on January 1, 2018 through January 1, 2027, by the lesser of (i) 5.0% of the total number of shares 
of our capital stock outstanding on December 31st of the immediately preceding calendar year, and (ii) a number 
determined by our board of directors. As of December 31, 2024, there were 152,488,503 shares of our Class A common 
stock reserved for future issuance under the 2017 Plan.
2017 Employee Stock Purchase Plan
In January 2017, our board of directors adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Our 
stockholders approved the 2017 ESPP in February 2017. The 2017 ESPP became effective in connection with the IPO. A 
total of 16,484,690 shares of Class A common stock were initially reserved for issuance under the 2017 ESPP. No shares of 
our Class A common stock have been issued or offered under the 2017 ESPP. The number of shares of our Class A 
common stock reserved for issuance will automatically increase on January 1st of each calendar year, beginning on 
January 1, 2018 through January 1, 2027, by the lesser of (i) 1.0% of the total number of shares of our common stock 
outstanding on the last day of the calendar month before the date of the automatic increase, and (ii) 15,000,000 shares; 
provided that before the date of any such increase, our board of directors may determine that such increase will be less than 
the amount set forth in clauses (i) and (ii). As of December 31, 2024, there were 16,484,690 shares of our Class A common 
stock reserved for future issuance under the 2017 ESPP.
Restricted Stock Units and Restricted Stock Awards
The following table summarizes the RSU and RSA activity for the year ended December 31, 2024:
Number of 
Class A Shares
Weighted-
Average
Grant Date
Fair Value
(in thousands, except per share data)
Unvested as of December 31, 2023
157,130
$ 
12.82 
Granted
89,187
$ 
12.92 
Vested
(73,105)
$ 
14.90 
Forfeited
(38,959)
$ 
12.34 
Unvested as of December 31, 2024
134,253
$ 
11.90 
The weighted-average grant date fair value of RSUs and RSAs granted for the years ended December 31, 2024, 
2023 and 2022 was $12.92, $10.41, and $15.17, respectively. The total fair value of RSUs and RSAs vested for the years 
ended December 31, 2024, 2023, and 2022 was $0.9 billion, $1.0 billion, and $1.2 billion, respectively.
Total unrecognized compensation cost related to outstanding RSUs and RSAs was $1.3 billion as of December 31, 
2024 and is expected to be recognized over a weighted-average period of 2.0 years.
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Stock Options
The following table summarizes the stock option award activity under the 2017 Plan for the year ended 
December 31, 2024:
Number of 
Class A Shares
Number of 
Class B Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate 
Intrinsic Value (1)
(in thousands, except per share data)
Outstanding as of December 31, 2023
1,692
5
$ 
14.90 
4.41
$ 
5,225 
Granted
—
—
$ 
— 
Exercised
(884)
(5)
$ 
14.39 
Forfeited
(128)
—
$ 
12.58 
Outstanding as of December 31, 2024
680
—
$ 
16.01 
4.51
$ 
253 
Exercisable as of December 31, 2024
680
—
$ 
16.01 
4.51
$ 
253 
Vested and expected to vest as of 
December 31, 2024
680
—
$ 
16.01 
4.51
$ 
253 
(1)
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock 
option awards and the closing market price of our Class A common stock as of December 31, 2024 and 
December 31, 2023.
 There were no stock options granted for the years ended December 31, 2024 and 2023. The weighted-average 
grant date fair value of stock options granted for the year ended December 31, 2022 was $8.41 per share as calculated by 
the Black-Scholes option pricing model. Stock-based compensation expense for stock options was not material for the 
years ended December 31, 2024, 2023, and 2022.
As of December 31, 2024, there was no unrecognized compensation cost related to stock options granted under 
the 2017 Stock Plan.
There were no stock options that vested for the year ended December 31, 2024. The total grant date fair value of 
stock options that vested for the years ended December 31, 2023 and 2022 was $1.1 million and $3.2 million, respectively. 
The intrinsic value of stock options exercised for the years ended December 31, 2024, 2023, and 2022 was $1.4 million, 
$12.3 million, and $5.9 million, respectively.
Stock-Based Compensation Expense
Total stock-based compensation expense by function was as follows:
Year Ended December 31,
2024
2023
2022
(in thousands)
Cost of revenue
$ 
6,034 $ 
9,555 $ 
12,288 
Research and development
 
683,830  
893,026  
970,746 
Sales and marketing
 
216,672  
255,688  
203,092 
General and administrative
 
134,487  
165,735  
201,661 
Total
$ 
1,041,023 $ 
1,324,004 $ 
1,387,787 
Stock Repurchases
In October 2024, our board of directors authorized a stock repurchase program of up to $500.0 million of our 
Class A common stock. We did not repurchase any shares under this program in the fourth quarter of 2024. Accordingly, as 
of December 31, 2024, the remaining availability under the stock repurchase authorization was $500.0 million.
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In October 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our 
Class A common stock. The program was completed in the second quarter of 2024, during which we repurchased, and 
subsequently retired, 46.3 million shares of our Class A common stock for an aggregate of $500.5 million, representing the 
entire amount approved by our board of directors and including costs associated with the repurchases.
In October 2022, our board of directors authorized a stock repurchase program of up to $500.0 million of our 
Class A common stock. The program was completed in the fourth quarter of 2022, during which we repurchased, and 
subsequently retired, 53.9 million shares of our Class A common stock for an aggregate of $500.5 million, representing the 
entire amount approved by our board of directors and including costs associated with the repurchases.
In July 2022, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A 
common stock. The program was completed in the third quarter of 2022, during which we repurchased 51.3 million shares 
of our Class A common stock for an aggregate of $500.5 million, representing the entire amount approved by our board of 
directors and including costs associated with the repurchases. These shares are recorded as treasury stock on our 
consolidated balance sheets and remain available for re-issuance.
5. Business Acquisitions
2023 Acquisitions
In 2023, the aggregate purchase consideration for business acquisitions was $73.1 million, which primarily 
consisted of $56.3 million in cash and $12.6 million recorded in other liabilities in our consolidated balance sheet. Of the 
aggregate purchase consideration, $42.8 million was allocated to goodwill and the remainder primarily to identifiable 
intangible assets. The acquired assets are expected to enhance our existing platform, technology, and workforce. The 
goodwill amount represents synergies related to our existing platform expected to be realized from the business 
acquisitions and assembled workforce. The associated goodwill and intangible assets are not deductible for tax purposes.
2022 Acquisitions 
In 2022, we completed acquisitions to enhance our existing platform, technology, and workforce. The aggregate 
purchase consideration was $120.5 million, which included $17.7 million in cash, $44.0 million in shares of our Class A 
common stock, and $58.8 million recorded in other liabilities on our consolidated balance sheet. Of the aggregate purchase 
consideration, $69.3 million was allocated to goodwill and the remainder primarily to identifiable intangible assets. The 
goodwill amount represents synergies related to our existing platform expected to be realized from the business 
acquisitions and assembled workforce. Of the acquired goodwill and intangible assets, $101.7 million is deductible for tax 
purposes. 
Additional Information on 2023 and 2022 Acquisitions
The operating results of the above acquisitions were included in the results of our operations from the acquisition 
date and were not material to our consolidated revenue or consolidated operating loss. In addition, unaudited pro forma 
results of operations assuming the above acquisitions had taken place at the beginning of each period are not provided 
because the historical operating results of the acquired entities were not material and pro forma results would not be 
materially different from reported results for the periods presented.
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6. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as 
follows:
Goodwill 
(in thousands) 
Balance as of December 31, 2022
$ 
1,646,120 
Goodwill acquired
 
42,780 
Foreign currency translation
 
2,927 
Balance as of December 31, 2023
$ 
1,691,827 
Goodwill acquired
 
— 
Foreign currency translation
 
(2,042) 
Balance as of December 31, 2024
$ 
1,689,785 
Intangible assets consisted of the following:
As of December 31, 2024
Weighted-
Average
Remaining
Useful Life
(Years)
Gross
Carrying
Amount
Accumulated
Amortization
Net
(in thousands, except years)
Domain names
2.0
$ 
745 $ 
(613) $ 
132 
Technology
2.3
 
308,333  
(238,189)  
70,144 
Patents
8.8
 
39,373  
(23,286)  
16,087 
Other
—
 
6,000  
(6,000)  
— 
Total intangible assets
$ 
354,451 $ 
(268,088) $ 
86,363 
As of December 31, 2023
Weighted-
Average
Remaining
Useful Life
(Years)
Gross
Carrying
Amount
Accumulated
Amortization
Net
(in thousands, except years)
Domain names
3.0
$ 
745 $ 
(546) $ 
199 
Technology
2.8
 
323,313  
(197,608)  
125,705 
Patents
8.8
 
39,373  
(19,099)  
20,274 
Other
—
 
6,000  
(5,875)  
125 
Total intangible assets
$ 
369,431 $ 
(223,128) $ 
146,303 
Amortization of intangible assets for the years ended December 31, 2024, 2023, and 2022 was $60.0 million, 
$81.1 million, and $132.3 million, respectively. We revised the useful lives of certain customer relationships, trademarks, 
domain names, and technology for the years ended December 31, 2024, 2023 and 2022, which resulted in a $3.2 million, 
$19.9 million, and $49.3 million increase to amortization expense for the respective years.
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As of December 31, 2024, the estimated intangible asset amortization expense for the next five years and 
thereafter is as follows:
Estimated
Amortization
(in thousands)
Year ending December 31,
2025
$ 
41,513 
2026
 
20,299 
2027
 
12,124 
2028
 
4,343 
2029
 
1,335 
Thereafter
 
6,749 
Total
$ 
86,363 
7. Debt
Convertible Notes
2030 Notes
In May 2024, we entered into a purchase agreement with certain counterparties for the sale of an aggregate of 
$750.0 million principal amount of convertible senior notes due in 2030 (the “2030 Notes”) in a private offering to 
qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). 
The 2030 Notes consisted of a $650.0 million initial placement and an over-allotment option that provided the initial 
purchasers of the 2030 Notes with the option to purchase an additional $100.0 million aggregate principal amount of the 
2030 Notes, which was fully exercised. The 2030 Notes were issued pursuant to an indenture dated May 13, 2024. The net 
proceeds from the issuance of the 2030 Notes were $671.5 million, net of debt issuance costs and cash used to purchase the 
capped call transactions (“2030 Capped Call Transactions”) discussed below. The debt issuance costs are amortized to 
interest expense using the effective interest rate method.
The 2030 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears 
beginning on November 1, 2024 at a rate of 0.50% per year. The 2030 Notes mature on May 1, 2030 unless repurchased, 
redeemed, or converted in accordance with their terms prior to such date.
The 2030 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and 
shares of our Class A common stock, at our election, at an initial conversion rate of 45.0846 shares of Class A common 
stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately 
$22.18 per share of our Class A common stock. The conversion rate is subject to customary adjustments for certain events 
as described in the indenture governing the 2030 Notes.
We may redeem for cash all or any portion of the 2030 Notes, at our option, on or after May 5, 2027 if (i) the 
2030 Notes are “freely tradable” (as defined in the applicable indenture) and any accrued and unpaid additional interest has 
been paid as of the date we send the related redemption notice and (ii) the last reported sale price of our Class A common 
stock has been at least 130% of the conversion price then in effect for at least 20 trading days at a redemption price equal to 
100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any. 
Holders of the 2030 Notes may convert all or a portion of their 2030 Notes at their option prior to February 1, 
2030, in multiples of $1,000 principal amounts, only under the following circumstances:
•
if the last reported sale price of our Class A common stock for at least 20 trading days (whether or not 
consecutive) during the period of 30 consecutive trading days ending on the last trading day of the preceding 
calendar quarter is greater than or equal to 130% of the applicable conversion price of the 2030 Notes on each 
such trading day;
•
during the five consecutive business day period after any ten consecutive trading day period in which the trading 
price per $1,000 principal amount of the 2030 Notes for each day of that ten consecutive trading day period was 
less than 98% of the product of the last reported sale price of our Class A common stock and the applicable 
conversion rate of the 2030 Notes on such trading day;
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•
on a notice of redemption, at any time prior to the close of business on the scheduled trading day immediately 
preceding the redemption date, in which case we may be required to increase the conversion rate for the 2030 
Notes so surrendered for conversion in connection with such redemption notice; or
•
on the occurrence of specified corporate events.
On or after February 1, 2030, the 2030 Notes are convertible at any time until the close of business on the second 
scheduled trading day immediately preceding the maturity date.
Holders of the 2030 Notes who convert the 2030 Notes in connection with a make-whole fundamental change, as 
defined in the indenture governing the 2030 Notes, or in connection with a redemption are entitled to an increase in the 
conversion rate. Additionally, in the event of a fundamental change, holders of the 2030 Notes may require us to 
repurchase all or a portion of the 2030 Notes at a price equal to 100% of the principal amount of 2030 Notes, plus any 
accrued and unpaid interest, if any.
We accounted for the issuance of the 2030 Notes as a single liability measured at its amortized cost, as no other 
embedded features require bifurcation and recognition as derivatives.
2028 Notes
In February 2022, we entered into a purchase agreement for the sale of an aggregate of $1.50 billion principal 
amount of convertible senior notes due in 2028 (the “2028 Notes”) in a private offering to qualified institutional buyers 
pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2028 Notes were $1.31 billion, 
net of debt issuance costs and cash used to purchase the capped call transactions (the “2028 Capped Call Transactions”) 
discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2028 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears 
beginning on September 1, 2022 at a rate of 0.125% per year. The 2028 Notes mature on March 1, 2028 unless 
repurchased, redeemed, or converted in accordance with their terms prior to such date.
The 2028 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and 
shares of our Class A common stock, at our election, at an initial conversion rate of 17.7494 shares of Class A common 
stock per $1,000 principal amount of 2028 Notes, which is equivalent to an initial conversion price of approximately 
$56.34 per share of our Class A common stock. Holders of the 2028 Notes may convert all or a portion of their 2028 Notes 
at their option prior to December 1, 2027, in multiples of $1,000 principal amounts, under certain circumstances as 
described in the indenture governing the 2028 Notes. On or after December 1, 2027, the 2028 Notes are convertible at any 
time until the close of business on the second scheduled trading day immediately preceding the maturity date. We may 
redeem for cash all or any portion of the 2028 Notes, at our option, on or after March 5, 2025 based on certain 
circumstances.
2027 Notes
In April 2021, we entered into a purchase agreement for the sale of an aggregate of $1.15 billion principal amount 
of convertible senior notes due in 2027 (the “2027 Notes”) in a private offering to qualified institutional buyers pursuant to 
Rule 144A under the Securities Act. The net proceeds from the issuance of the 2027 Notes were $1.05 billion, net of debt 
issuance costs and cash used to purchase the capped call transactions (the “2027 Capped Call Transactions”) discussed 
below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2027 Notes are unsecured and unsubordinated obligations which do not bear regular interest and for which 
the principal balance will not accrete. The 2027 Notes will mature on May 1, 2027 unless repurchased, redeemed, or 
converted in accordance with their terms prior to such date.
The 2027 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and 
shares of our Class A common stock, at our election, at an initial conversion rate of 11.2042 shares of Class A common 
stock per $1,000 principal amount of 2027 Notes, which is equivalent to an initial conversion price of approximately 
$89.25 per share of our Class A common stock. Holders of the 2027 Notes may convert all or a portion of their 2027 Notes 
at their option prior to February 1, 2027, in multiples of $1,000 principal amounts, under certain circumstances as 
described in the indenture governing the 2027 Notes. On or after February 1, 2027, the 2027 Notes are convertible at any 
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time until the close of business on the second scheduled trading day immediately preceding the maturity date. We may 
redeem for cash all or portions of the 2027 Notes, at our option, on or after May 5, 2024 based on certain circumstances.
2026 Notes
In August 2019, we entered into a purchase agreement for the sale of an aggregate of $1.265 billion principal 
amount of convertible senior notes due in 2026 (the “2026 Notes”) in a private offering to qualified institutional buyers 
pursuant to Rule 144A under the Securities Act. The net proceeds from the issuance of the 2026 Notes were $1.15 billion, 
net of debt issuance costs and cash used to purchase the capped call transactions (the “2026 Capped Call Transactions”) 
discussed below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2026 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears 
beginning on February 1, 2020 at a rate of 0.75% per year. The 2026 Notes mature on August 1, 2026 unless repurchased, 
redeemed, or converted in accordance with the terms prior to such date. 
The 2026 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and 
shares of our Class A common stock, at our election, at an initial conversion rate of 43.8481 shares of Class A common 
stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately 
$22.81 per share of our Class A common stock. Holders of the 2026 Notes may convert all or a portion of their 2026 Notes 
at their option prior to May 1, 2016, in multiples of $1,000 principal amounts, under certain circumstances as described in 
the indenture governing the 2026 Notes. On or after May 1, 2026, the 2026 Notes are convertible at any time until the close 
of business on the second scheduled trading day immediately preceding the maturity date. We may redeem for cash all or 
portions of the 2026 Notes, at our option, on or after August 6, 2023 based on certain circumstances.
2025 Notes
In April 2020, we entered into a purchase agreement for the sale of an aggregate of $1.0 billion principal amount 
of convertible senior notes due in 2025 (the “2025 Notes”) in a private offering to qualified institutional buyers pursuant to 
Rule 144A under the Securities Act. The net proceeds from the issuance of the 2025 Notes were $888.6 million, net of debt 
issuance costs and cash used to purchase the capped call transactions (the “2025 Capped Call Transactions”) discussed 
below. The debt issuance costs are amortized to interest expense using the effective interest rate method.
The 2025 Notes are unsecured and unsubordinated obligations. Interest is payable in cash semi-annually in arrears 
beginning on November 1, 2020 at a rate of 0.25% per year. The 2025 Notes mature on May 1, 2025 unless repurchased, 
redeemed, or converted in accordance with their terms prior to such date. 
The 2025 Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and 
shares of our Class A common stock, at our election, at an initial conversion rate of 46.1233 shares of Class A common 
stock per $1,000 principal amount of 2025 Notes, which is equivalent to an initial conversion price of approximately 
$21.68 per share of our Class A common stock. Holders of the 2025 Notes may convert all or a portion of their 2025 Notes 
at their option prior to February 1, 2025, in multiples of $1,000 principal amounts, under certain circumstances as 
described in the indenture governing the 2025 Notes. On or after February 1, 2025, the 2025 Notes are convertible at any 
time until the close of business on the second scheduled trading day immediately preceding the maturity date. We may 
redeem for cash all or portions of the 2025 Notes, at our option, on or after May 6, 2023 based on certain circumstances.
Note Repurchases
In February 2024, we entered into various privately negotiated repurchase transactions with certain holders of the 
2025 Notes and 2026 Notes, pursuant to which we agreed to repurchase $100.0 million in aggregate principal of the 2025 
Notes and $351.2 million in aggregate principal of the 2026 Notes for a cash repurchase price of $440.7 million, including 
associated costs. The February 2024 repurchase transactions resulted in an $8.8 million gain on extinguishment in the first 
quarter of 2024.
In May 2024, we entered into various privately negotiated repurchase transactions (collectively with the February 
2024 repurchase transactions, the “Note Repurchases”) with certain holders of the 2025 Notes and 2026 Notes, pursuant to 
which we agreed to repurchase $147.9 million in aggregate principal of the 2025 Notes and approximately $237.5 million 
in aggregate principal of the 2026 Notes for a cash repurchase price of approximately $418.3 million, including associated 
costs. The May 2024 repurchase transactions were accounted for as both a debt modification and a partial debt 
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extinguishment, resulting in a $15.5 million loss on extinguishment during the second quarter of 2024 and $20.9 million in 
capitalized debt issuance costs amortized over the term of the 2030 Notes. The capitalized debt issuance costs are primarily 
related to repurchase premiums and debt issuance costs carried over from the 2025 Notes and 2026 Notes.
Gains and losses on extinguishment are included within other income (expense), net on our consolidated 
statements of operations and included within Other as an adjustment to reconcile net loss to net cash provided by (used in) 
operating activities in our consolidated statements of cash flows.
The Convertible Notes consisted of the following:
As of December 31,
2024
2023
Principal
Unamortized 
Debt Issuance 
Costs
Net Carrying 
Amount
Principal
Unamortized 
Debt Issuance 
Costs
Net Carrying 
Amount
(in thousands)
2025 Notes
$ 
36,240 $ 
(28) $ 
36,212 $ 
284,105 $ 
(871) $ 
283,234 
2026 Notes
 
249,754  
(624)  
249,130  
838,482  
(3,402)  
835,080 
2027 Notes
 
1,150,000  
(4,984)  
1,145,016  
1,150,000  
(7,114)  
1,142,886 
2028 Notes
 
1,500,000  
(8,982)  
1,491,018  
1,500,000  
(11,800)  
1,488,200 
2030 Notes
 
750,000  
(27,447)  
722,553 
—
—
—
Total
$ 
3,685,994 $ 
(42,065) $ 
3,643,929 $ 
3,772,587 $ 
(23,187) $ 
3,749,400 
Each of the notes in the table above rank equally with each other. The effective interest rates for the 2025 Notes, 
2026 Notes, 2027 Notes, 2028 Notes and 2030 Notes range between 0.19% and 1.21%. As of December 31, 2024, the debt 
issuance costs on the 2025 Notes, 2026 Notes, 2027 Notes, 2028 Notes, and 2030 Notes will be amortized over the 
remaining period of approximately 0.3 years, 1.6 years, 2.3 years, 3.2 years, and 5.3 years, respectively.
The following table summarizes interest expense related to the Convertible Notes:
Year Ended December 31,
2024
2023
2022
(in thousands)
Contractual interest expense
$ 
7,334 $ 
8,874 $ 
8,655 
Amortization of debt issuance costs
8,906
6,880
6,543
Total interest expense
$ 
16,240 $ 
15,754 $ 
15,198 
As of December 31, 2024, the if-converted value of the Convertible Notes did not exceed the principal amount. 
The sale price for conversion was not satisfied as of December 31, 2024 for the Convertible Notes, and as a result, the 
Convertible Notes will not be eligible for optional conversion during the first quarter of 2025, other than the 2025 Notes, 
which are eligible for optional conversion on or after February 1, 2025. No sinking fund is provided for the Convertible 
Notes, which means that we are not required to redeem or retire them periodically.
Capped Call Transactions
In connection with the pricing of the 2025 Notes, the 2026 Notes, the 2027 Notes, the 2028 Notes, and the 2030 
Notes, we entered into the 2025 Capped Call Transactions, the 2026 Capped Call Transactions, the 2027 Capped Call 
Transactions, the 2028 Capped Call Transactions, and the 2030 Capped Call Transactions (collectively, the “Capped Call 
Transactions”), respectively, with certain counterparties at a net cost of $100.0 million, $102.1 million, $86.8 million, 
$177.0 million, and $68.9 million respectively. The cap price of the 2025 Capped Call Transactions, the 2026 Capped Call 
Transactions, the 2027 Capped Call Transactions, the 2028 Capped Call Transactions, and the 2030 Capped Call 
Transactions is initially $32.12, $32.58, $121.02, $93.90, and $33.48 per share of our Class A common stock, respectively. 
All are subject to certain adjustments under the terms of the Capped Call Transactions. Conditions that cause adjustments 
to the initial strike price of the Capped Call Transactions mirror conditions that result in corresponding adjustments for the 
Convertible Notes.
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The Capped Call Transactions are intended to reduce potential dilution to holders of our Class A common stock 
beyond the conversion prices up to the cap prices on any conversion of the Convertible Notes or offset any cash payments 
we are required to make in excess of the principal amount, as the case may be, with such reduction or offset subject to a 
cap. The cost of the Capped Call Transactions was recorded as a reduction of our additional paid-in capital in our 
consolidated balance sheets. The Capped Call Transactions will not be remeasured as long as they continue to meet the 
conditions for equity classification. 
In May 2024, we entered into agreements to terminate all of the 2025 Capped Call Transactions, which resulted in 
$62.7 million recorded within additional paid-in capital in our consolidated balance sheets.
As of December 31, 2024, the remaining Capped Call Transactions were out-of-the-money.
Credit Facility
In May 2022, we entered into a five-year senior unsecured revolving credit facility (the “Credit Facility”) with 
certain lenders that allows us to borrow up to $1.05 billion to fund working capital and general corporate-purpose 
expenditures. Loans bear interest, at our option, at a rate equal to (i) a term secured overnight financing rate (“SOFR”) plus 
0.75% or the base rate, if selected by us, for loans made in U.S. dollars, (ii) the Sterling overnight index average plus 
0.7826% for loans made in Sterling, or (iii) foreign indices as stated in the credit agreement plus 0.75% for loans made in 
other permitted foreign currencies. The base rate is defined as the greatest of (i) the Wall Street Journal prime rate, (ii) the 
greater of the (a) federal funds rate and (b) the overnight bank funding rate, plus 0.50%, and (iii) the applicable SOFR for a 
period of one month (but not less than zero) plus 1.00. The Credit Facility also contains an annual commitment fee of 
0.10% on the daily undrawn balance of the facility. As of December 31, 2024, we had $80.7 million in the form of 
outstanding standby letters of credit, with no amounts outstanding under the Credit Facility.
8. Commitments and Contingencies
Commitments
We have non-cancelable contractual agreements primarily related to the hosting of our data processing, storage, 
and other computing services, as well as lease, content and developer partner, and other commitments. For additional 
discussion on leases, see Note 9 of these consolidated financial statements.
Our non-cancelable contractual commitments as of December 31, 2024 were as follows:
Non-Cancelable 
Commitments
(in thousands) 
Year ending December 31,
2025
$ 
1,458,829 
2026
 
1,835,591 
2027
 
1,051,169 
2028
 
87,229 
2029
 
84,288 
Thereafter
 
423,135 
Total non-cancelable contractual commitments
$ 
4,940,241 
Contingencies
We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can 
be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably 
possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate 
of the amount or range of loss. Many legal and tax contingencies can take years to be resolved.
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Pending Matters
In November 2021, we, and certain of our officers and directors, were named as defendants in a securities class- 
action lawsuit purportedly brought on behalf of purchasers of our Class A common stock, alleging that we and certain of 
our officers made false or misleading statements and omissions concerning the impact that Apple’s App Tracking 
Transparency framework would have on our business. We believe we have meritorious defenses to this lawsuit and 
continue to defend the lawsuit vigorously. Based on the proceedings in this case, the outcome of this matter remains 
uncertain.
The outcomes of our legal proceedings are inherently unpredictable, subject to significant uncertainties, and could 
be material to our financial condition, results of operations, and cash flows for a particular period. For the pending matter 
described above, it is not possible to estimate the reasonably possible loss or range of loss.
We are subject to various other legal proceedings and claims in the ordinary course of business, including certain 
patent, trademark, privacy, regulatory, and employment matters. Although occasional adverse decisions or settlements may 
occur, we do not believe that the final disposition of any of our other pending matters will seriously harm our business, 
financial condition, results of operations, and cash flows.
Indemnifications
In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, 
vendors, lessors, investors, directors, officers, employees, and other parties with respect to certain matters. Indemnification 
may include losses from our breach of such agreements, services we provide, or third-party intellectual property 
infringement claims. These indemnifications may survive termination of the underlying agreement and the maximum 
potential amount of future indemnification payments may not be subject to a cap. We have not incurred material costs to 
defend lawsuits or settle claims related to these indemnifications as of December 31, 2024. We believe the fair value of 
these liabilities is immaterial and accordingly have no liabilities recorded for these agreements as of December 31, 2024.
9. Leases
We have non-cancelable lease agreements for certain of our offices with original lease terms expiring between 
2025 and 2042. Total operating lease costs were $101.0 million, $101.0 million, and $109.5 million for the years ended 
December 31, 2024, 2023, and 2022, respectively. 
The weighted-average remaining lease term (in years) and discount rate related to our operating leases were as 
follows:
As of December 31,
2024
2023
Weighted-average remaining lease term
9.3
10.0
Weighted-average discount rate
 6.1 %
 6.1 %
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The maturities of our operating lease liabilities as of December 31, 2024 were as follows:
Operating Leases 
(in thousands) 
Year ending December 31,
2025
$ 
60,937 
2026
 
93,051 
2027
 
86,587 
2028
 
85,428 
2029
 
82,431 
Thereafter
 
410,487 
Total lease payments
 
818,921 
Less: imputed interest
 
(218,954) 
Present value of lease liabilities
$ 
599,967 
As of December 31, 2024, we had additional operating leases that have not yet commenced for facilities with lease 
obligations of $19.7 million. These operating leases will commence starting in 2025 with lease terms of approximately 10 
years to 11 years.
Cash payments included in the measurement of our operating lease liabilities, net of lease incentives received, 
were $101.4 million, $89.8 million, and $92.2 million for the years ended December 31, 2024, 2023, and 2022, 
respectively.
Lease liabilities arising from obtaining operating lease right-of-use assets were $71.0 million, $220.2 million, and 
$147.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
10. Strategic Investments
We hold strategic investments primarily in privately held companies, consisting primarily of equity securities 
without readily determinable fair values, and to a lesser extent, debt securities. These strategic investments are primarily 
recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments 
requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we 
deem these assets as Level 3 financial instruments within the fair value measurement framework.
The following table summarizes our strategic investments as of December 31, 2024 and 2023:
As of December 31,
2024
2023
(in thousands)
Initial cost
$ 
106,052 $ 
106,368 
Cumulative upward adjustments
 
146,201  
147,317 
Cumulative downward adjustments, including impairments
 
(63,910)  
(58,357) 
Carrying value
$ 
188,343 $ 
195,328 
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Gains and losses recognized during the periods presented were as follows:
Year Ended December 31,
2024
2023
2022
(in thousands)
Gains (losses) recognized on strategic investments sold during the period, 
net
$ 
(60) $ 
— $ 
45,935 
Unrealized gains on strategic investments still held at the reporting date
 
334  
1,368  
19,946 
Unrealized losses, including impairments, on strategic investments still 
held at the reporting date
 
(7,703)  
(28,423)  
(1,421) 
Gains (losses) on strategic investments, net
$ 
(7,429) $ 
(27,055) $ 
64,460 
Gains and losses on all strategic investments are included within other income (expense), net on our consolidated 
statements of operations and included as an adjustment to reconcile net loss to net cash provided by (used in) operating 
activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our 
consolidated balance sheets.
11. Fair Value Measurements
Assets and liabilities measured at fair value are classified into the following categories:
•
Level 1: Quoted market prices in active markets for identical assets or liabilities.
•
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
•
Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive 
markets.
We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted 
market prices or alternative pricing sources and models utilizing observable market-based inputs to determine their fair 
value.
The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding 
publicly traded equity securities, as of December 31, 2024 and 2023:
December 31, 2024
Fair Value 
Hierarchy
Cost or
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total Estimated
Fair Value
(in thousands)
Cash
$ 
348,251 $ 
— $ 
— $ 
348,251 
Cash equivalents:
Money market funds
Level 1
 
694,323  
—  
(30)  
694,293 
U.S. government securities
Level 1
 
3,991  
—  
(1)  
3,990 
Total cash and cash equivalents
 
1,046,565  
—  
(31)  
1,046,534 
Marketable debt securities:
U.S. government securities
Level 1
 
2,186,192  
4,984  
(3,292)  
2,187,884 
Corporate debt securities
Level 2
 
129,217  
229  
(5)  
129,441 
Total marketable debt securities
 
2,315,409  
5,213  
(3,297)  
2,317,325 
Total
$ 
3,361,974 $ 
5,213 $ 
(3,328) $ 
3,363,859 
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December 31, 2023
Fair Value 
Hierarchy
Cost or
Amortized Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total Estimated
Fair Value
(in thousands)
Cash
$ 
584,990 $ 
— $ 
— $ 
584,990 
Cash equivalents:
Money market funds
Level 1
 
1,195,410  
—  
—  
1,195,410 
Total cash and cash equivalents
 
1,780,400  
—  
—  
1,780,400 
Marketable debt securities:
U.S. government securities
Level 1
 
1,295,918  
894  
(3,919)  
1,292,893 
U.S. government agency securities
Level 1
 
138,420  
31  
(188)  
138,263 
Corporate debt securities
Level 2
 
234,336  
577  
(99)  
234,814 
Commercial paper
Level 2
 
65,380  
—  
—  
65,380 
Certificates of deposit
Level 2
 
18,725  
—  
—  
18,725 
Total marketable debt securities
 
1,752,779  
1,502  
(4,206)  
1,750,075 
Total
$ 
3,533,179 $ 
1,502 $ 
(4,206) $ 
3,530,475 
Gross unrealized losses on marketable debt securities were not material as of December 31, 2024 and 2023. As of 
December 31, 2024 and 2023, we considered any decreases in fair value on our marketable debt securities to be driven by 
factors other than credit risk, including market risk. As of December 31, 2024, $1.1 billion of our total $2.3 billion in 
marketable debt securities have contractual maturities between one and five years. All other marketable debt securities 
have contractual maturities less than one year.
We hold investments in publicly traded companies with an aggregate carrying value of $12.4 million and 
$13.6 million as of December 31, 2024 and 2023, respectively, recorded as marketable securities. We classify these 
publicly traded equity securities within Level 1 because we use quoted market prices to determine their fair value. Gains 
and losses recognized during the periods presented, which are included within other income (expense), net on our 
consolidated statements of operations, were as follows:
Year Ended December 31,
2024
2023
2022
(in thousands)
Gains (losses) recognized on publicly traded equity securities sold 
during the period, net
$ 
— $ 
11,046 $ 
(22,095) 
Unrealized gains (losses) on publicly traded equity securities still held 
at the reporting date, net
 
(1,185)  
(17,731)  
(79,214) 
Gains (losses) on publicly traded equity securities, net
$ 
(1,185) $ 
(6,685) $ 
(101,309) 
We carry the Convertible Notes at face value less the unamortized debt issuance costs on our consolidated balance 
sheets and present the fair value for disclosure purposes only. As of December 31, 2024, the fair value of the 2025 Notes, 
the 2026 Notes, the 2027 Notes, the 2028 Notes, and the 2030 Notes was $35.5 million, $242.7 million, $998.5 million, 
$1,226.6 million, and $635.6 million, respectively. As of December 31, 2023, the fair value of the 2025 Notes, the 2026 
Notes, the 2027 Notes, and the 2028 Notes was $300.9 million, $893.2 million, $921.5 million, and $1,181.7 million, 
respectively. The estimated fair value of the Convertible Notes, which are classified as Level 2 financial instruments, was 
determined based on the estimated or actual bid prices of the Convertible Notes in an over-the-counter market on the last 
business day of the period.
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Schedule of Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our 
consolidated balance sheet to the total of the amounts in the consolidated statements of cash flows.
As of December 31,
2024
2023
2022
(in thousands)
Cash and cash equivalents
$ 
1,046,534 $ 
1,780,400 $ 
1,423,121 
Restricted cash, included in other assets
 
3,700  
2,062  
655 
Total cash, cash equivalents, and restricted cash
$ 
1,050,234 $ 
1,782,462 $ 
1,423,776 
12. Income Taxes
The domestic and foreign components of pre-tax loss were as follows:
Year Ended December 31,
2024
2023
2022
(in thousands) 
Domestic (1)
$ 
(280,877) $ 
(285,330) $ 
(538,311) 
Foreign (1)
 
(391,349)  
(1,009,093)  
(862,386) 
Loss before income taxes
$ 
(672,226) $ (1,294,423) $ (1,400,697) 
(1)
Includes the impact of intercompany charges to foreign affiliates for financing, management fees, and research 
and development cost sharing, inclusive of stock-based compensation.
The components of our income tax (benefit) expense were as follows:
Year Ended December 31,
2024
2023
2022
(in thousands)
Current:
Federal
$ 
5,216 $ 
— $ 
— 
State
 
6,811  
8,585  
10,704 
Foreign
 
13,273  
26,727  
22,404 
Total current income tax expense (benefit)
 
25,300  
35,312  
33,108 
Deferred:
Federal
 
1,595  
1,267  
1,212 
State
 
1,027  
1,061  
837 
Foreign
 
(2,292)  
(9,578)  
(6,201) 
Total deferred income tax expense (benefit)
 
330  
(7,250)  
(4,152) 
Income tax expense (benefit)
$ 
25,630 $ 
28,062 $ 
28,956 
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The following is a reconciliation of the statutory federal income tax rate to our effective tax rate:
Year Ended December 31,
2024
2023
2022
Tax benefit (expense) computed at the federal statutory rate
 21.0 %
 21.0 %
 21.0 %
State tax benefit (expense), net of federal benefit (1)
 3.9 
 2.2 
 2.9 
Change in valuation allowance
 (31.0) 
 (31.5) 
 (32.0) 
Differences between U.S. and foreign tax rates on foreign income
 (0.3) 
 3.3 
 2.5 
Stock-based compensation
 (6.4) 
 (7.0) 
 (0.1) 
U.S. federal research & development credit benefit
 11.0 
 8.6 
 5.0 
Acquisitions and divestitures
 (1.0) 
 1.8 
 (0.7) 
Other benefits (expenses)
 (1.0) 
 (0.6) 
 (0.7) 
Total income tax benefit (expense)
 (3.8) %
 (2.2) %
 (2.1) %
(1) 
Inclusive of state research and development credits.
The significant components of net deferred tax balances were as follows:
Year Ended December 31,
2024
2023
(in thousands)
Deferred tax assets:
Accruals and reserves
$ 
16,413 $ 
22,475 
Intangible assets
 
139,612  
168,661 
IRC 174 capitalized R&D
 
598,669  
449,253 
Stock-based compensation
 
58,171  
70,563 
Loss carryforwards
 
2,757,814  
2,774,231 
Tax credit carryforwards
 
1,060,486  
969,368 
Lease liability
 
128,072  
126,637 
Other
 
67,958  
51,764 
Total deferred tax assets
 
4,827,195  
4,632,952 
Deferred tax liabilities:
Right-of-use asset
 
(112,907)  
(111,777) 
Investments
 
(18,333)  
(20,183) 
Other
 
(18,445)  
(28,416) 
Total deferred tax liabilities
 
(149,685)  
(160,376) 
Total net deferred tax assets before valuation allowance
 
4,677,510  
4,472,576 
Valuation allowance
 
(4,677,088)  
(4,471,571) 
Net deferred taxes
$ 
422 $ 
1,005 
On December 20, 2021, the Organisation for Economic Co-operation and Development (“OECD”) published 
Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum 
rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules around the 
implementation of the Pillar Two global minimum tax. A number of countries, including the United Kingdom, are 
currently proposing or have enacted legislation to implement core elements of the Pillar Two proposal. On February 1, 
2023, the FASB indicated that they believe the minimum tax imposed under Pillar Two is an alternative minimum tax, and, 
accordingly, deferred tax assets and liabilities associated with the minimum tax would not be recognized or adjusted for the 
estimated future effects of the minimum tax but would be recognized in the period incurred. We are closely monitoring 
developments and evaluating their potential impact. Enactments effective in 2024 did not have a significant impact on our 
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109

2024 financial results, nor do we anticipate a significant impact on our financial results during the transition period due to 
safe harbor relief.
As of December 31, 2024, we had an immaterial amount of unremitted earnings related to certain foreign 
subsidiaries. We intend to continue to reinvest these foreign earnings indefinitely and do not expect to incur any significant 
taxes related to such amounts.
As of December 31, 2024, we had accumulated U.S. federal and state net operating loss carryforwards of 
$6.1 billion and $4.4 billion, respectively. During 2024, we fully utilized all of our federal net operating loss carryforwards 
generated before January 1, 2018, which were subject to a 20-year carryforward period and no taxable income limitation. 
The remaining $6.1 billion can be carried forward indefinitely but is subject to an 80% taxable income limitation. Certain 
significant state net operating loss carryforwards will begin to expire in 2031. As of December 31, 2024, we had 
$4.7 billion of U.K. net operating loss carryforwards that can be carried forward indefinitely; however, use of such 
carryforwards in a given year is generally limited to 50% of such year’s taxable income. As of December 31, 2024, we had 
accumulated $214.0 million of Singapore net operating loss carryforwards, which can be carried forward indefinitely and 
are not subject to any taxable income limitation. As of December 31, 2024, we had accumulated U.S. federal and state 
research tax credits of $916.5 million and $523.7 million, respectively. The U.S. federal research tax credits will begin to 
expire in 2032. The U.S. state research tax credits do not expire.
Beginning January 1, 2022, the Tax Cuts and Jobs Act eliminated the option to currently deduct research and 
development expenditures in the period incurred and requires taxpayers to capitalize and amortize such expenditures over 
five or fifteen years, as applicable, pursuant to Section 174 of the Internal Revenue Code. In prior years, this tax law 
change did not result in any U.S. federal tax liability due to the availability of pre-2018 federal net operating loss 
carryforwards. However, as these pre-2018 carryforwards were fully utilized in 2024, the application of the 80% taxable 
income limitation on remaining federal net operating loss carryforwards resulted in incremental U.S. federal tax liability 
and expense for the year ended December 31, 2024. We continue to incur incremental state tax liability and expense due to 
limitations on the use of existing state net operating loss carryforwards.
We recognize valuation allowances on deferred tax assets if it is more likely than not that some or all of the 
deferred tax assets will not be realized. We had valuation allowances against net deferred tax assets of $4.7 billion and 
$4.5 billion as of December 31, 2024 and 2023, respectively. In 2024, the increase in the valuation allowance was 
primarily attributable to a net increase in our deferred tax assets resulting from the loss from operations.
Uncertain Tax Positions
The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended 
December 31, 2024, 2023, and 2022:
Year Ended December 31,
2024
2023
2022
(in thousands)
Beginning balance of unrecognized tax benefits
$ 
513,404 $ 
510,669 $ 
469,573 
Additions for current year tax positions
 
49,536  
46,188  
47,366 
Additions for prior year tax positions
 
1,163  
10,171  
115 
Reductions for prior year tax positions
 
(622)  
(16,736)  
(3,569) 
Changes due to lapse of statute of limitations
 
(99)  
(31,786)  
(1,887) 
Reductions for settlements with taxing authorities
 
—  
(4,927)  
— 
Changes due to foreign currency translation adjustments
 
(574)  
(175)  
(929) 
Ending balance of unrecognized tax benefits (excluding interest and 
penalties)
 
562,808  
513,404  
510,669 
Interest and penalties associated with unrecognized tax benefits
 
1,918  
967  
385 
Ending balance of unrecognized tax benefits (including interest and 
penalties)
$ 
564,726 $ 
514,371 $ 
511,054 
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110

Substantially all of the unrecognized tax benefit was recorded as a reduction in our gross deferred tax assets, offset 
by a corresponding reduction in our valuation allowance. We have net unrecognized tax benefits of $35.8 million and 
$27.3 million included in other liabilities on our consolidated balance sheet as of December 31, 2024 and 2023, 
respectively, which, if recognized, would result in a tax benefit. 
Our policy is to recognize interest and penalties associated with tax matters as part of the income tax provision 
and include accrued interest and penalties with the related income tax liability on our consolidated balance sheet. For the 
year ended December 31, 2024, interest expense recorded related to uncertain tax positions was not material.
The income taxes we pay are subject to potential review by taxing jurisdictions globally. Our estimate of the 
potential outcome of any uncertain tax position is subject to management’s assessment of relevant risks, facts, and 
circumstances existing at that time. We believe that our estimate has adequately provided for these matters. However, our 
future results may include adjustments to estimates in the period the audits are resolved, which may impact our effective 
tax rate. 
The material tax jurisdictions in which we are subject to potential examination include the United States for tax 
years ending on or after 2012, and the United Kingdom for tax years ending on or after 2020. We are currently under 
examination by the U.K. tax authorities for tax years 2020 through 2022, and also in various other jurisdictions covering 
multiple tax years. 
13. Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in accumulated other comprehensive income (loss) (“AOCI”) by component 
and the reclassifications out of AOCI:
Changes in Accumulated Other Comprehensive Income 
(Loss) by Component 
Marketable
Securities
Foreign 
Currency
Translation
Total 
(in thousands) 
Balance as of December 31, 2023
$ 
(2,860) $ 
9,991 $ 
7,131 
Other comprehensive income (loss) before reclassifications
 
4,811  
(9,027)  
(4,216) 
Amounts reclassified from AOCI (1)
 
(221)  
—  
(221) 
Net current period other comprehensive income (loss)
 
4,590  
(9,027)  
(4,437) 
Balance as of December 31, 2024
$ 
1,730 $ 
964 $ 
2,694 
(1)
Realized gains and losses on marketable securities are reclassified from AOCI into other income (expense), net in 
our consolidated statements of operations. 
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14. Property and Equipment, Net
Property and equipment, net, consisted of the following:
As of December 31,
2024
2023
(in thousands) 
Computer hardware and software
$ 
67,796 $ 
67,989 
Buildings
 
21,486  
21,486 
Leasehold improvements
 
450,826  
332,721 
Furniture and equipment
 
214,619  
162,476 
Construction in progress
 
63,284  
90,038 
Total
 
818,011  
674,710 
Less: accumulated depreciation
 
(328,923)  
(264,384) 
Property and equipment, net
$ 
489,088 $ 
410,326 
Depreciation on property and equipment was $98.0 million, $87.3 million, and $69.9 million for the years ended 
December 31, 2024, 2023, and 2022, respectively. Noncash property and equipment additions in accounts payable, accrued 
expenses and other current liabilities were $29.3 million, $44.5 million, and $28.0 million for the years ended 
December 31, 2024, 2023, and 2022, respectively.
15. Balance Sheet Components
Accrued expenses and other current liabilities as of December 31, 2024 and 2023 consisted of the following:
As of December 31,
2024
2023
(in thousands)
Accrued infrastructure costs
$ 
377,022 $ 
281,682 
Deferred revenue (1)
 
112,769  
93,706 
Accrued compensation and related expenses
 
85,416  
95,600 
Accrued revenue share
 
84,990  
81,936 
Deferred payments for acquisitions
 
76,434  
7,359 
Accrued professional fees
 
69,618  
33,267 
Accrued operating costs
 
62,375  
75,905 
Other
 
140,630  
136,381 
Total accrued expenses and other current liabilities
$ 
1,009,254 $ 
805,836 
(1)
We expect a substantial majority of our deferred revenue to be realized in less than one year.
16. Employee Benefit Plans
We have a defined contribution savings plan for U.S.-based employees under the provisions of the U.S. Internal 
Revenue Code Section 401(k) (the “401(k) Plan”). The 401(k) Plan is available for all full-time employees who meet 
certain eligibility requirements. Eligible employees may contribute up to 100% of their eligible compensation, but are 
limited to the maximum annual dollar amount allowable under the Code. We match 100% of each participant’s 
contribution up to a maximum of 3% of the participant’s eligible compensation paid during the period, and also match 50% 
of each participant’s contribution between 3% and 5% of the participant’s eligible compensation paid during the period. 
For the years ended December 31, 2024, 2023, and 2022, we recognized expense of $29.6 million, $34.0 million, and 
$33.6 million, respectively, related to matching contributions.
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17. Related Party Transactions
In November 2020, we entered into a ground sublease with an entity that is controlled by our CEO that allows us 
to build and operate a hangar to support our aviation program. This entity subleases the ground to us for $0 and in 
exchange may utilize a specified percentage of the hangar space. If the entity needs additional space within the hangar, it 
will pay rent to Snap at a fair market value rate determined at the time this arrangement was entered into. Any space 
utilized by this entity will be space that is not required for Snap’s aviation program. Subject to certain limited exceptions, 
neither party may terminate this sublease for at least six years. After this period, Snap or this entity may terminate the lease 
at any time on 24 months’ prior written notice. Upon termination of the sublease, this entity will purchase the hangar from 
Snap at its fair market value on the termination date. 
The value of these arrangements is not material to our consolidated financial statements for the periods presented 
or for the term of the agreement.
18. Restructuring
2024 Restructuring
In the first quarter of 2024, we announced a plan to reduce hierarchy and concentrate our team members in major 
hub locations to support in-person collaboration, resulting in the reduction of our global headcount by approximately 10%. 
We completed the 2024 restructuring in the second quarter of 2024. 
The following table summarizes the 2024 restructuring charges included in our consolidated statement of 
operations for the year ended December 31, 2024:
Severance and 
Related 
Charges (1)
Stock-Based 
Compensation 
Expense
Other (2)
Total
(in thousands)
Cost of revenue
$ 
932 $ 
189 $ 
— $ 
1,121 
Research and development
 
30,845  
4,801  
3,201  
38,847 
Sales and marketing
 
15,755  
4,176  
—  
19,931 
General and administrative
 
7,786  
236  
2,236  
10,258 
Total
$ 
55,318 $ 
9,402 $ 
5,437 $ 
70,157 
(1)
Severance and related charges include cash severance expenses and other termination benefits. The majority of 
cash paid for the restructuring was related to severance and benefits.
(2)
Other primarily includes intangible asset amortization and depreciation expense.
AR Enterprise Strategic Review
In the third quarter of 2023, we initiated the wind down of our AR Enterprise business, which included a reduction 
of our global employee headcount by approximately 3%. We substantially completed the program in the fourth quarter of 
2023.
During the year ended December 31, 2023, we recognized pre-tax restructuring charges of $40.8 million, 
primarily recorded in sales and marketing and general and administrative expenses in our consolidated statement of 
operations, and an income tax benefit of $5.7 million. The pre-tax restructuring charges primarily include cash severance, 
stock-based compensation expense, and charges related to the revision of the useful lives and disposal of certain acquired 
intangible assets.
Strategic Reprioritization
In the third quarter of 2022, we initiated a strategic reprioritization plan, which included a reduction of our global 
employee headcount by approximately 20%. We substantially completed the reprioritization plan in the fourth quarter of 
2022.
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The following table summarizes the restructuring charges (benefits) in our consolidated statements of operations 
for the year ended December 31, 2022:
Severance and 
Related Charges (1)
Stock-Based 
Compensation 
Expense (Benefit)
Lease Exit and 
Related Charges (2)
Other (3)
Total
(in thousands)
Cost of revenue
$ 
2,291 $ 
709 $ 
— $ 
17,585 $ 
20,585 
Research and development
 
46,994  
29,188  
—  
2,733  
78,915 
Sales and marketing
 
30,565  
(504)  
—  
730  
30,791 
General and administrative
 
17,211  
5,111  
31,227  
5,109  
58,658 
Total
$ 
97,061 $ 
34,504 $ 
31,227 $ 
26,157 $ 
188,949 
(1)
Severance and related charges include cash severance expense and other termination benefits. The majority of 
cash paid for restructuring in 2022 was related to severance and benefits.
(2)
Lease exit and related charges are non-cash and presented in other cash flows from operating activities in our 
consolidated statements of cash flows.
(3)
Other includes impairment charges, contract termination charges, and intangible asset amortization.
We had no liabilities related to the strategic reprioritization plan as of December 31, 2024. The liabilities were 
immaterial as of December 31, 2023 and 2022.
19. Segments and Geographic Information
Our CEO is our CODM. Our CODM evaluates performance and makes operating decisions about allocating 
resources based on financial data presented on a consolidated basis, accompanied by information about revenue 
disaggregated by geographic region. Because our CODM evaluates financial performance on a consolidated basis, we have 
determined that we have a single operating segment composed of the consolidated financial results of Snap Inc. 
The measure used by our CODM to assess performance and make operating decisions is net loss as reported on 
our consolidated statements of operations. Net loss is used by our CODM to identify underlying trends in the performance 
of our business and make comparisons with the financial performance of our competitors. Our CODM also reviews total 
assets, as reported on our consolidated balance sheets, and purchases of property and equipment, as reported on our 
consolidated statements of cash flows. 
Our CODM also utilizes expense information in order to assess our financial performance. Infrastructure costs 
primarily consist of payments to third-party infrastructure partners for hosting our products, which include expenses related 
to storage, computing, and bandwidth. Content and developer partner costs primarily consist of fees paid to our content 
creators and publisher partners who share content on our platform through revenue sharing arrangements. Advertising 
partner and other costs primarily consist of payments to third-party partners for fulfillment services, credit card and other 
transaction processing fees, and other expenses directly related to providing our services. Operating expenses include all 
remaining costs necessary to operate our business, which primarily include personnel expenses, facilities and related costs, 
promotional and marketing expenses, external professional services, and other administrative expenses. Operating expenses 
include charges recognized as research and development, selling and marketing, and general and administrative expenses 
within our consolidated statements of operations, but exclude stock-based compensation and related payroll and other tax 
expenses, depreciation and amortization, and restructuring charges, which are independently reviewed by our CODM.
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The following table presents the significant segment expenses and other segment items regularly reviewed by our 
CODM:
Year Ended December 31,
2024
2023
2022
(in thousands)
Revenue
$ 
5,361,398 $ 
4,606,115 $ 
4,601,847 
Less:
Infrastructure costs
 
1,441,134  
1,171,993  
818,554 
Content and developer partner costs
 
634,977  
621,971  
643,482 
Advertising partner and other costs
 
384,804  
297,262  
302,498 
Operating expenses
 
2,391,878  
2,353,312  
2,459,740 
Stock-based compensation and related payroll and other tax expense
 
1,069,389  
1,359,107  
1,397,496 
Depreciation and amortization
 
154,459  
159,999  
186,434 
Other segment items (1)
 
(17,387)  
(35,044)  
223,296 
Net loss
$ 
(697,856) $ (1,322,485) $ (1,429,653) 
(1)
Other segment items primarily include interest income; interest expense; other income (expense), net; and income 
tax benefit (expense) as reported in our consolidated statements of operations. Other segment items also include 
restructuring charges of $72.1 million, $40.8 million and $188.9 million for the year ended December 31, 2024, 
2023 and 2022, respectively.
The following table lists long-lived assets by geographic area, which includes property and equipment, net and 
operating lease right-of-use assets:
As of December 31,
2024
2023
(in thousands)
United States
$ 
682,173 $ 
646,546 
United Kingdom
 
248,243  
218,326 
Rest of world (1)
 
89,113  
62,316 
Total long-lived assets
$ 
1,019,529 $ 
927,188 
(1)
No individual country other than the United States and the United Kingdom exceeded 10% of our total long-lived 
assets for any period presented.
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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated 
the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the 
Exchange Act), as of the end of the period covered by this Annual Report on Form 10-K. Based on such evaluation, our 
Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2024, our disclosure controls 
and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in this 
Annual Report on Form 10-K was (a) reported within the time periods specified by SEC rules and regulations, and (b) 
communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely 
decisions regarding any required disclosure.
Changes in Internal Control
There were no changes in our internal control over financial reporting identified in management’s evaluation 
pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this Annual Report on Form 
10-K that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and 
procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired 
control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource 
constraints and that management is required to apply judgment in evaluating the benefits of possible controls and 
procedures relative to their costs.
Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting 
(as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an assessment of the effectiveness of our 
internal control over financial reporting based on the criteria set forth in Internal Control - Integrated Framework issued by 
the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on the assessment, 
management has concluded that its internal control over financial reporting was effective as of December 31, 2024 to 
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in 
accordance with U.S. GAAP. Our independent registered public accounting firm, Ernst & Young LLP, has issued an audit 
report with respect to our internal control over financial reporting, which appears in Part II, Item 8 in this Annual Report on 
Form 10-K.
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Item 9B. Other Information
Insider Trading Arrangements
During the fourth quarter ended December 31, 2024, our directors and officers (as defined in Rule 16a-1(f) under 
the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of our 
securities set forth in the table below:
Type of Trading Arrangement
Name and Position
Date
Action
Rule 
10b5-1 *
Expiration 
Date
Total Shares of Class A 
Common Stock to be Sold
Robert Murphy
Co-Founder, Chief Technology Officer, 
and Director
11/5/2024
Adoption (1)
X
3/10/2026
(2)
Michael O’Sullivan
General Counsel
11/21/2024
Adoption (1)
X
01/30/2026
Up to 288,000
* 
Contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) 
under the Exchange Act.
(1)
Plan adopted in accordance with Rule 10b5-1(c)(1)(ii)(D)(2).
(2)
Trading arrangement provides for the sale of up to 5,000,000 shares of Class A Common Stock by Mr. Murphy, 
individually and as a trustee of a revocable trust, plus such amount as necessary to attain a value equal to 30% of 
the gross sale proceeds for additional gifting transactions contemplated by this plan.
2025 Discretionary Bonus Program
On February 3, 2025, the compensation committee of our board of directors approved the 2025 Bonus Program. 
The 2025 Bonus Program provides executive officers and other eligible employees the opportunity to earn bonuses for the 
period from January 1, 2025 through December 31, 2025. Bonuses will be based on the achievement of certain company-
wide priorities and objectives and the contributions and efforts of the eligible participants, in each case as determined by 
the compensation committee.
After December 31, 2025, the compensation committee will evaluate the level of achievement of certain 
company-wide priorities and objectives, and the contributions and efforts of the eligible participants. Each eligible 
participant in the 2025 Bonus Program may receive a bonus, as determined by the compensation committee, in an amount 
up to 50% of such participant’s annual base salary as of December 31, 2025. All or any portion of an earned bonus may be 
paid in shares of Class A common stock granted under the Snap Inc. 2017 Equity Incentive Plan. The compensation 
committee also has the right to adjust the bonus target of any participant upward in the event of overachievement of the 
corporate objectives and key results.
There is no set formula for determining the bonus amount under the 2025 Bonus Program. Rather, the 
compensation committee will exercise its discretion in determining the bonus amount actually earned by each participant. 
Awards under the 2025 Bonus Program are expected to occur in the first quarter of 2026. A participant must remain an 
employee on the payment date under the 2025 Bonus Program to be eligible to earn a bonus.
The description of the 2025 Bonus Program does not purport to be complete and is qualified in its entirety by 
reference to the 2025 Bonus Program, a copy of which is filed with this Annual Report on Form 10-K as Exhibit 10.21 and 
incorporated by reference.
We are including this disclosure in Item 9B of this Form 10-K rather than filing a Form 8-K under Item 5.02 at a 
later date.
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.
Not applicable.
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PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The following table sets forth information for our directors and executive officers, and their ages as of 
December 31, 2024.
Name
Age
Position
Executive Officers
Evan Spiegel
34
Co-Founder, Chief Executive Officer, and Director
Robert Murphy
36
Co-Founder, Chief Technology Officer, and Director
Derek Andersen
46
Chief Financial Officer
Rebecca Morrow
51
Chief Accounting Officer
Michael O’Sullivan
59
General Counsel
Eric Young
48
Senior Vice President of Engineering
Non-Employee Directors
Michael Lynton (1)(2)(3)
65
Director and Chairperson of the Board
Kelly Coffey (3)
59
Director
Joanna Coles (2)
62
Director
Liz Jenkins (3)
47
Director
Jim Lanzone
53
Director
Scott D. Miller (1)(3)
72
Director
Patrick Spence
50
Director
Poppy Thorpe (1)(3)
40
Director
Fidel Vargas (2)
56
Director
(1)
Member of the compensation committee.
(2)
Member of the nominating and corporate governance committee.
(3)
Member of the audit committee.
Executive Officers
Evan Spiegel. Mr. Spiegel is our co-founder and has served as our Chief Executive Officer and a member of our 
board of directors since May 2012. Mr. Spiegel holds a B.S. in Engineering – Product Design from Stanford University. 
Mr. Spiegel has served on the board of directors of KKR & Co. Inc. since October 2021. We believe that Mr. Spiegel is 
qualified to serve as a member of our board of directors based on the perspective and experience he brings as our co-
founder and Chief Executive Officer.
Robert Murphy. Mr. Murphy is our co-founder and has served as our Chief Technology Officer and a member of 
our board of directors since May 2012. Mr. Murphy holds a B.S. in Mathematical and Computational Science from 
Stanford University. We believe that Mr. Murphy is qualified to serve as a member of our board of directors based on the 
perspective and experience he brings as our co-founder and Chief Technology Officer.
Derek Andersen. Mr. Andersen has served as our Chief Financial Officer since May 2019 and previously served 
as our Vice President of Finance since July 2018. Mr. Andersen was previously employed at Amazon.com, Inc. from 
March 2011 to June 2018, serving in a variety of roles, most recently as Vice President of Finance supporting Amazon’s 
digital video business. Mr. Andersen also previously served in roles at Fox Interactive Media, including as Senior Vice 
President, Finance and Business Operations for IGN, and as Vice President, Finance. Mr. Andersen holds a B.B.A. from 
Acadia University, an M.B.A. from the Haas School of Business at the University of California, Berkeley, and is a CFA 
Charter Holder.
Rebecca Morrow. Ms. Morrow has served as our Chief Accounting Officer since September 2019. From January 
2018 to August 2019, Ms. Morrow served as Chief Accounting Officer at GoDaddy Inc., and previously served as Vice 
President of Finance and Head of Technical Accounting and Reporting from March 2015 to January 2018. Prior to that, 
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Ms. Morrow served in various roles at Deloitte & Touche LLP, most recently serving as Managing Director in the 
Advisory Services practice from August 2013 to March 2015, and as Senior Manager in the Advisory Services practice 
from October 2008 to August 2013. Ms. Morrow holds a B.S. in Business and Accounting from the University of Idaho 
and a Masters of Accountancy degree from the David Eccles School of Business of the University of Utah.
Michael O’Sullivan. Mr. O’Sullivan has served as our General Counsel since July 2017. From 1992 to July 2017, 
Mr. O’Sullivan was a lawyer in private practice. He served since 1996 as a lawyer at the law firm of Munger, Tolles & 
Olson LLP in Los Angeles, California, where he focused his practice on advising companies, their boards of directors, and 
founders on corporate transactions, governance matters, and significant disputes. Mr. O’Sullivan holds a J.D. from 
University of Southern California’s Gould School of Law and a B.A. from University of Pennsylvania.
Eric Young. Mr. Young has served as our Senior Vice President of Engineering since June 2023. Mr. Young was 
previously employed at Alphabet Inc. from March 2016 to June 2023, serving in a variety of roles, most recently as Vice 
President of Engineering at Google. Prior to Google, Mr. Young served in a variety of roles at Amazon.com, Inc. Mr. 
Young holds a B.S. from Vanderbilt University and an M.B.A. from the Wharton School at the University of Pennsylvania.
Non-Employee Directors
Michael Lynton. Mr. Lynton has served on our board of directors since April 2013 and has been Chairperson of 
our board of directors since September 2016. Mr. Lynton served as Chief Executive Officer or Co-Chief Executive Officer 
of Sony Entertainment Inc., an international entertainment company, from April 2012 until August 2017, as Chairman and 
Chief Executive Officer of Sony Pictures Entertainment Inc. from January 2004 until May 2017, and as CEO of Sony 
Corporation of America from March 2012 to August 2017. Mr. Lynton currently serves as a member of the board of 
directors of Ares Management Corp., Warner Music Group Corp., and Schrodinger, Inc. Previously, Mr. Lynton served as 
a member of the board of directors of Pandora Media, Inc., Pearson plc, and The Boston Beer Company. Mr. Lynton holds 
a B.A. in History and Literature from Harvard College and an M.B.A. from Harvard Business School. We believe that Mr. 
Lynton is qualified to serve as a member of our board of directors and Chairperson due to his extensive leadership 
experience.
Kelly Coffey. Ms. Coffey has served on our board of directors since May 2020. Ms. Coffey has served as Chief 
Executive Officer at City National Entertainment, a unit of City National Bank, since November 2023. Ms. Coffey served 
as Chief Executive Officer of City National Bank, a subsidiary of the Royal Bank of Canada (RBC), from February 2019 to 
November 2023. Prior to joining City National Bank, Ms. Coffey served in various leadership positions with J.P. Morgan 
from 1989 to January 2019, most recently serving as the Chief Executive Officer of J.P. Morgan’s U.S. Private Bank. Ms. 
Coffey holds an M.S. in Foreign Service from Georgetown University and a B.A. in International Affairs & French from 
Lafayette College. We believe that Ms. Coffey is qualified to serve as a member of our board of directors due to her 
extensive leadership experience.
Joanna Coles. Ms. Coles has served on our board of directors since December 2015. Ms. Coles has served as 
Creative and Content Officer at the Daily Beast since April 2024. Previously, Ms. Coles served as chairperson and Chief 
Executive Officer of Northern Star Acquisition Corp. from July 2020 until its merger with Bark, Inc. in June 2021, Chief 
Content Officer of Hearst Magazines from September 2016 to August 2018, overseeing editorial for Hearst’s 300 titles 
globally, and as Editor-in-Chief of Cosmopolitan from September 2012 to September 2016. She edited Marie Claire 
magazine from April 2006 to September 2012. Ms. Coles worked for The Times of London from September 1998 to 
September 2001 and served as New York Bureau Chief for The Guardian from 1997 to 1998. She currently serves on the 
board of directors of Sonos, Inc. Previously, Ms. Coles served as a director of Bark Inc., Northern Star Investment Corp. II, 
Northern Star Investment Corp. III, Northern Star Investment Corp. IV, and the Fallen Journalist Memorial Fund. Ms. 
Coles holds a B.A. in English and American literature from the University of East Anglia. We believe that Ms. Coles is 
qualified to serve as a member of our board of directors due to her extensive experience working with content providers 
and advertisers.
Liz Jenkins. Ms. Jenkins has served on our board of directors since December 2020. Ms. Jenkins has served as 
Chief Business Officer at NBCUniversal Entertainment and Studios Group since September 2023. Ms. Jenkins served as 
Chief Operating Officer at Be Sunshine, LLC (Hello Sunshine) from January 2021 to September 2023, and served as Chief 
Financial Officer at Hello Sunshine from August 2018 to December 2020. Prior to joining Hello Sunshine, Ms. Jenkins 
worked at Sony Interactive Entertainment as the Head of Strategic Ventures for PlayStation from June 2017 to August 
2018, the Creative Cartel as interim Co-Chief Executive Officer from October 2015 to June 2016, and Media Rights 
Capital from October 2008 to May 2015, most recently serving as Senior Vice President of Corporate Development and 
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Strategy. She currently serves as Chair of the board of GLAAD. Ms. Jenkins holds an M.B.A. from The Wharton School at 
the University of Pennsylvania and a B.A. in Economics from Stanford University. We believe that Ms. Jenkins is qualified 
to serve as a member of our board of directors and chair of our audit committee due to her experience working with digital 
and technology companies and her financial and accounting expertise from her prior experience as Chief Financial Officer 
of Hello Sunshine.
Jim Lanzone. Mr. Lanzone has served on our board of directors since September 2024. Mr. Lanzone has served as 
the Chief Executive Officer and member of the board of directors of Yahoo Inc. since September 2021. Prior to joining 
Yahoo Inc., Mr. Lanzone served as Chief Executive Officer of Tinder, a geosocial networking and online dating 
application, from July 2020 to September 2021, as Executive-in-Residence at venture capital firm Benchmark Capital from 
January 2020 to July 2020, as Chief Digital Officer of CBS Corporation from January 2016 to December 2019, and as 
President and Chief Executive Officer of CBS Interactive, a division of CBS Corporation, from March 2011 to December 
2019. From January 2009 to March 2011, he was the founder and Chief Executive Officer of Clicker Media, Inc., an 
internet video search engine and navigation guide, which was acquired by CBS Corporation in 2011. Mr. Lanzone served 
on the board of directors of GoPro, Inc., a technology company, from 2018 to 2023, Edmunds.com Inc. from 2014 to 2020, 
Supernova Partners Acquisition Company, Inc. from October 2020 to September 2021, Supernova Partners Acquisition 
Company II, Ltd. from March 2021 to March 2022, Supernova Partners Acquisition Company III, Ltd. from March 2021 to 
March 2023, and Coliseum Acquisition Corp. from June 2021 to June 2023. Mr. Lanzone holds a J.D./M.B.A. from Emory 
University, and a B.A. from the University of California, Los Angeles. We believe that Mr. Lanzone is qualified to serve as 
a member of our board of directors due to his extensive leadership experience and working with digital and technology 
advertising companies.
Scott D. Miller. Mr. Miller has served on our board of directors since October 2016. Mr. Miller is a founder and 
Chief Executive Officer of Council Advisors (formerly known as G100 Companies), and is also a founder and chairman of 
G100 Network and SSA & Company. Before joining Council Advisors in March 2004, Mr. Miller was employed at Hyatt 
Hotels Corporation, a global hospitality company, where he served as non-executive vice chairman from August 2003 to 
December 2004, president from January 1999 to August 2003, and executive vice president from September 1997 to July 
2003. Mr. Miller served on the boards of QTS Realty Trust, Inc. from 2013 to 2021, Affinion Group, Inc. from 2011 to 
2013, AXA Equitable Life Insurance Company from 2002 to 2012, Orbitz Worldwide, Inc. from 2003 to 2004, and 
NAVTEQ corporation from 2002 to 2006. He also serves on several private company boards. Mr. Miller holds a B.S. in 
Human Biology from Stanford University and an M.B.A. from the University of Chicago. We believe that Mr. Miller is 
qualified to serve as a member of our board of directors due to his extensive leadership experience.
Patrick Spence. Mr. Spence has served on our board of directors since September 2023. Mr. Spence previously 
served as Chief Executive Officer and member of the board of directors of Sonos, Inc. from January 2017 to January 2025. 
Prior to joining Sonos, Mr. Spence spent 14 years at Research In Motion Limited, a consumer electronics company and the 
developer of the BlackBerry device, in a variety of senior roles, including most recently as the Senior Vice President and 
Managing Director of Global Sales and Regional Marketing. Mr. Spence holds a B.A. in business administration from the 
Ivey Business School at the University of Western Ontario. We believe that Mr. Spence is qualified to serve as a member 
of our board of directors due to his extensive leadership experience.
Poppy Thorpe. Ms. Thorpe has served on our board of directors since August 2018. Ms. Thorpe is the CEO of a 
marketing and strategy consultancy. Previously, Ms. Thorpe served as Chief Marketing Officer at Sesame Inc. from March 
2020 to May 2021, Head of Brand Marketing at Glossier Inc., a beauty brand, from April 2018 to February 2020, Head of 
Strategy at FNDR, a marketing and advertising agency, from August 2017 to April 2018, and Strategy Director at R/GA, a 
digital agency, from August 2014 to August 2017. Ms. Thorpe holds a B.A. in English and Film Studies from University of 
San Francisco. We believe that Ms. Thorpe is qualified to serve as a member of our board of directors due to her 
experience working with digital and technology companies and with advertisers.
Fidel Vargas. Mr. Vargas has served on our board of directors since July 2021. Mr. Vargas has served as Chief 
Executive Officer of HSF since January 2013. Prior to joining HSF, Mr. Vargas worked as a Partner at Centinela Capital 
Partners from June 2006 to December 2012, and from 1992 to 1997, Mr. Vargas served as Mayor for the City of Baldwin 
Park, California. Mr. Vargas has served on Presidential Commissions for Presidents Clinton, Bush, Obama, and Biden. Mr. 
Vargas holds an M.B.A. and an A.B. in Social Studies from Harvard University. We believe that Mr. Vargas is qualified to 
serve as a member of our board of directors due to his extensive leadership experience.
There are no family relationships among any of the directors or executive officers.
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Independent Chairperson
Our board of directors appointed Mr. Lynton to serve as our independent Chairperson of our board of directors in 
September 2016. As Chairperson of our board of directors, Mr. Lynton presides over meetings of our independent directors 
without management present. Mr. Lynton also performs such additional duties as our board of directors may otherwise 
determine and delegate. Mr. Lynton is an independent director and satisfies the independence requirements under NYSE 
listing standards.
Composition of Our Board of Directors
Our board of directors may establish the authorized number of directors from time to time by resolution. Our 
board of directors currently consists of eleven members.
No stockholder has any special rights regarding the election or designation of members of our board of directors. 
There is no contractual arrangement by which any of our directors are appointed to our board of directors. Our current 
directors will continue to serve as directors until our 2025 annual meeting of stockholders and until their successor is duly 
elected, or if sooner, until their earlier death, resignation, or removal.
So long as any shares of our Class C common stock are outstanding, we will not have a classified board of 
directors, and all directors will be elected for annual terms.
Following the conversion of all of our Class C common stock to Class B common stock, and subsequent 
conversion of all of our Class B common stock to Class A common stock, we will have a classified board of directors 
consisting of three classes. Each class will be approximately equal in size, with each director serving staggered three-year 
terms. Directors will be assigned to a class by the then-current board of directors.
When our board of directors is classified, we expect that any additional directorships resulting from an increase in 
the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of 
one-third of the directors. The division of our board of directors into three classes with staggered three-year terms may 
delay or prevent a change of our management or a change in control.
Our board of directors held five meetings during 2024. No member of our board of directors attended fewer than 
75% of the aggregate of (a) the total number of meetings of the board of directors (held during the period for which he or 
she was a director) and (b) the total number of meetings held by all committees of the board of directors on which such 
director served (held during the period that such director served). Members of our board of directors are invited and 
encouraged to attend our annual meeting of stockholders. In 2024, ten members of our board of directors attended our 
annual meeting of stockholders (at the time of the 2024 annual meeting of stockholders, our board of directors consisted of 
ten members).
Executive Sessions of Independent Directors
In order to promote open discussion among non-management directors, and as required under applicable NYSE 
rules, our board of directors conducts executive sessions of non-management directors during each regularly scheduled 
board meeting and at such other times if requested by a non-management director. In 2024, the non-management directors 
met in executive session at least once. The non-management directors provide feedback to executive management, as 
needed, promptly after the executive session. Neither Mr. Spiegel nor Mr. Murphy participates in such sessions. As 
Chairperson of our board of directors, Mr. Lynton presides over meetings of our independent directors without 
management present.
Committees of Our Board of Directors
Our board of directors has established an audit committee, a compensation committee, and a nominating and 
corporate governance committee. The composition and responsibilities of each of these committees of our board of 
directors are described below. Members serve on these committees until their resignation or until otherwise determined by 
our board of directors. Our board of directors may have or establish other committees as it deems necessary or appropriate 
from time to time.
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Audit Committee
Our audit committee consists of Ms. Coffey, Ms. Jenkins, Mr. Lynton, Mr. Miller, and Ms. Thorpe. Our board of 
directors has determined that each of Ms. Coffey, Ms. Jenkins, Mr. Lynton, Mr. Miller, and Ms. Thorpe satisfies the 
independence requirements under NYSE listing standards and Rule 10A-3(b)(1) of the Exchange Act. The chair of our 
audit committee is Ms. Jenkins, who our board of directors has determined is an “audit committee financial expert” within 
the meaning of SEC regulations. Each member of our audit committee can read and understand fundamental financial 
statements in accordance with applicable requirements. In arriving at these determinations, the board of directors has 
examined each audit committee member’s scope of experience and the nature of their employment in the corporate finance 
sector. No member of the audit committee simultaneously serves on the audit committees of more than three public 
companies. During 2024, the audit committee met seven times. Our board of directors has adopted a written charter for the 
audit committee, which is available on our website at www.snap.com.
The primary purpose of the audit committee is to discharge the responsibilities of our board of directors with 
respect to our corporate accounting and financial reporting processes, systems of internal control, and financial-statement 
audits, and to oversee our independent registered accounting firm.
Specific responsibilities of our audit committee include:
•
helping our board of directors oversee our corporate accounting and financial reporting processes;
•
managing the selection, engagement, qualifications, independence, and performance of a qualified firm to serve as 
the independent registered public accounting firm to audit our financial statements;
•
discussing the scope and results of the audit with the independent registered public accounting firm, and 
reviewing, with management and the independent accountants, our interim and year-end operating results;
•
developing procedures for employees to submit concerns anonymously about questionable accounting or audit 
matters;
•
reviewing related person transactions;
•
reviewing cybersecurity and data privacy risks;
•
obtaining and reviewing a report by the independent registered public accounting firm at least annually, that 
describes our internal quality control procedures, any material issues with such procedures, and any steps taken to 
deal with such issues when required by applicable law; and
•
approving, or, as permitted, pre-approving, audit and permissible non-audit services to be performed by the 
independent registered public accounting firm.
Compensation Committee
Our compensation committee consists of Mr. Lynton, Mr. Miller, and Ms. Thorpe, each of whom our board of 
directors has determined is independent under NYSE listing standards and a “non-employee director” as defined in Rule 
16b-3 promulgated under the Exchange Act. The chair of our compensation committee is Mr. Lynton. During 2024, the 
compensation committee met five times. Our board of directors has adopted a written charter for the compensation 
committee, which is available on our website at www.snap.com.
The primary purpose of our compensation committee is to discharge the responsibilities of our board of directors 
in overseeing our compensation policies, plans, and programs for directors and employees and to review and determine the 
compensation to be paid to our executive officers and other senior management, as appropriate.
Specific responsibilities of our compensation committee include:
•
reviewing and approving the compensation of our Chief Executive Officer, other executive officers, and senior 
management;
•
reviewing and recommending to our board of directors the compensation paid to our directors;
•
administering our equity incentive plans and other benefit programs;
•
reviewing, adopting, amending, and terminating incentive compensation and equity plans, severance agreements, 
profit sharing plans, bonus plans, change-of-control protections, and any other compensatory arrangements for our 
executive officers and other senior management;
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•
reviewing, evaluating, and recommending to our board of directors succession plans for our executive officers; 
•
reviewing and establishing general policies relating to compensation and benefits of our employees, including our 
overall compensation philosophy; and
•
reviewing and approving policies and procedures with respect to perquisites or other personal benefits provided to 
executive officers, directors, and other senior management.
See the sections titled “Item 11. Executive Compensation—Compensation Discussion and Analysis” and “—
Director Compensation” for a description of our processes and procedures for the consideration and determination of 
executive officer and director compensation.
Nominating and Corporate Governance Committee
Our nominating and corporate governance committee consists of Ms. Coles, Mr. Lynton, and Mr. Vargas, each of 
whom our board of directors has determined is independent under the NYSE listing standards, a non-employee director, 
and free from any relationship that would interfere with the exercise of his or her independent judgment. The chair of our 
nominating and corporate governance committee is Ms. Coles. During 2024, the nominating and corporate governance 
committee met three times. Our board of directors has adopted a written charter for the nominating and corporate 
governance committee, which is available on our website at www.snap.com.
Specific responsibilities of our nominating and corporate governance committee include:
•
identifying and evaluating candidates, including the nomination of incumbent directors for reelection and 
nominees recommended by stockholders, to serve on our board of directors;
•
considering and making recommendations to our board of directors regarding the composition and chairperson of 
the committees of our board of directors;
•
instituting plans or programs for the continuing education of our board of directors and orientation of new 
directors;
•
developing and making recommendations to our board of directors regarding corporate governance guidelines and 
matters; 
•
overseeing periodic evaluations of the board of directors’ performance, including committees of the board of 
directors; and
•
monitoring, reviewing, and making recommendations to our board of directors regarding its succession planning.
Code of Conduct
We have adopted a Code of Conduct that applies to all our employees, officers, and directors. This includes our 
principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing 
similar functions. The full text of our Code of Conduct is available on our website at www.snap.com. We intend to disclose 
on our website any future amendments of our Code of Conduct or waivers that exempt any principal executive officer, 
principal financial officer, principal accounting officer or controller, persons performing similar functions, or our directors 
from provisions in the Code of Conduct. You can request a copy of our Code of Conduct by writing to our Secretary at 
Snap Inc., 3000 31st Street, Santa Monica, CA 90405.
Our board of directors believes that good corporate governance is important to ensure that the company is 
managed for the long-term benefit of our stockholders. The full text of our corporate governance guidelines is also 
available on our website at www.snap.com.
Insider Trading Policy
We have adopted an Insider Trading Policy governing the purchase, sale and other disposition of our securities by 
directors, officers, and employees that is designed to promote compliance with insider trading laws, rules and regulations, 
and applicable NYSE listing standards, as well as procedures designed to further the foregoing purposes. In addition, it is 
our intent to comply with applicable laws and regulations relating to trading in our securities.
A copy of our Insider Trading Policy is filed with this Annual Report on Form 10-K as Exhibit 19.1.
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Procedures by Which Stockholders May Nominate Directors
The nominating and corporate governance committee and our board of directors will review and evaluate 
candidates proposed by stockholders. The nominating and corporate governance committee and our board of directors will 
apply the same criteria, and follow substantially the same process in considering the candidates, as they do in considering 
other candidates. The factors generally considered by the nominating and corporate governance committee and our board 
of directors are set out in our Corporate Governance Guidelines, which are available on our website at www.snap.com. If a 
stockholder who is eligible to vote at the 2025 annual meeting of stockholders wishes to nominate a candidate to be 
considered for election as a director, it must comply with the procedures set forth in our bylaws and give timely notice of 
the nomination in writing to our Secretary. All stockholder proposals should be marked for the attention of our Secretary at 
Snap Inc., 3000 31st Street, Santa Monica, CA 90405. 
Communications with the Board of Directors
Any stockholder, including a holder of Class A common stock, or any interested party may contact our board of 
directors regarding genuine issues or questions about us by sending a letter to the board of directors at: Snap Inc., c/o 
Secretary, 3000 31st Street, Santa Monica, CA 90405, Attention: Board of Directors. Each communication should specify 
the person sending the communication, the general topic of the communication, and the class and number of shares of our 
stock that are owned of record (if a record holder) or beneficially (if not a record holder). If any stockholder, including a 
holder of Class A common stock, wants to contact the independent members of the board of directors, the stockholder 
should address the communication to the attention of the Chairperson (c/o Secretary) of the board of directors at the 
address above. Our legal department will review communications before forwarding them to the recipient, and will not 
forward a communication that is unrelated to the duties and responsibilities of the board of directors, irrelevant, primarily 
commercial in nature, addressed already on our website or in other filings, or is unduly hostile, threatening, illegal, or 
similarly unsuitable. Any communication that is not forwarded will be made available to any director on request.
Delinquent Section 16(a) Reports
Section 16(a) of the Exchange Act requires our executive officers and directors to file initial reports of ownership 
and reports of changes in ownership with the SEC and to furnish us with copies of all Section 16(a) forms they file. 
Because our Class A common stock is non-voting, significant holders of our common stock are exempt from the obligation 
to file reports under Section 16 of the Exchange Act. For more information, see “Risk Factors—Because our Class A 
common stock is non-voting, we and our stockholders are exempt from certain provisions of U.S. securities laws. This may 
limit the information available to holders of our Class A common stock.”
To our knowledge, based solely on our review of the copies of such reports furnished to us or written 
representations from such persons, we believe that, with respect to the year ended December 31, 2024, such persons 
complied with all such filing requirements.
Item 11. Executive Compensation.
Compensation Discussion and Analysis
The compensation provided to our named executive officers is detailed in the Summary Compensation Table, 
other tables and the accompanying footnotes, and narrative following this section. This compensation discussion and 
analysis summarizes the material aspects of our compensation programs that we provide to our named executive officers. 
Our named executive officers for 2024 were:
•
Evan Spiegel, Co-Founder and Chief Executive Officer;
•
Derek Andersen, Chief Financial Officer;
•
Rebecca Morrow, Chief Accounting Officer;
•
Michael O’Sullivan, General Counsel; and
•
Eric Young, Senior Vice President of Engineering.
Our board of directors has delegated to the compensation committee the authority and responsibility for 
reviewing, evaluating, and determining the compensation to be paid to executive officers, overseeing our compensation 
policies, and administering the compensation plans and programs for our company.
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General Compensation Philosophy and Objectives
Philosophy
We seek kind, smart, and creative individuals to accomplish our business goals. Our compensation philosophy 
supports this objective by attracting the best people to join our company and incentivizing them to innovate, create, and 
drive long-term results. 
Today, we compensate our executive officers mostly with equity that vests over multiple years. Our focus on 
equity compensation encourages executives to operate like owners, linking their interests with the interests of our 
stockholders. We evaluate our compensation philosophy and programs annually to ensure they continue to meet our 
objectives. 
Objectives
We designed our compensation program for all employees, including our named executive officers, to support 
four main objectives:
•
recruit and retain the most talented people in a competitive market;
•
reinforce our values, which serve to motivate our employees to deliver the highest level of performance;
•
reward success when both our company and the individual succeed; and
•
align employee and stockholder interests to share in long-term success. 
Compensation-Setting Process
Compensation Committee’s Role
The compensation committee has overall responsibility for determining the compensation of our executive 
officers, including our Chief Executive Officer. Members of the compensation committee are appointed by our board of 
directors. The compensation committee consists of three members of our board of directors: Michael Lynton, Scott D. 
Miller, and Poppy Thorpe. No member of the compensation committee is, or was in 2024, an executive officer of Snap 
Inc., and each of them qualifies as an “independent director” under the NYSE rules. 
Compensation Consultant’s Role
The compensation committee has the authority to engage the services of outside consultants. In 2024, the 
compensation committee retained Semler Brossy Consulting Group, or Semler Brossy, a national compensation consulting 
firm, as its independent compensation consultant. Semler Brossy reports directly to the compensation committee. 
In January 2025, our compensation committee reviewed Semler Brossy’s independence under applicable SEC and 
NYSE rules. Our compensation committee concluded that Semler Brossy is independent within the meaning of such rules 
and that its engagement did not present any conflict of interest. 
Management’s Role
Management makes recommendations to the compensation committee regarding our compensation programs and 
policies, and implements the programs and policies approved by the compensation committee. Our Chief Executive Officer 
makes recommendations to the compensation committee with respect to compensation for our executive officers, including 
our named executive officers, other than himself. The compensation committee considers our Chief Executive Officer’s 
recommendations, but ultimately has final approval of all compensation for our executive officers, including the types of 
award and specific amounts. All such determinations by our compensation committee are discretionary. Our co-founders, 
who serve as Chief Executive Officer and Chief Technology Officer, respectively, each have base salaries of $1 per year 
and did not receive any equity awards in 2024.
No executive officer participated directly in the final deliberations or determinations regarding his or her own 
compensation package or was present during such determinations.
The compensation committee meets regularly in executive session. Our Chief Executive Officer is not present 
during compensation committee deliberations or votes on his compensation and also recuses himself from sessions of our 
board of directors where they act on his compensation.
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Peer Group
We analyze market data for executive compensation periodically using the most relevant published survey sources, 
information available from public filings, and input from our compensation consultants. The compensation committee used 
the peer group listed below to determine pay levels for 2024. The peer group was based on a detailed review by FW Cook, 
the compensation committee’s previous consultants, conducted in 2023, considering appropriateness of the then-existing 
peer companies and potential additions based on similarity in market capitalization, revenue, and industry. Following the 
review, the compensation committee approved removing Intuit and ServiceNow from the peer group due to a scale 
misalignment and replacing them with DoorDash and Roblox as they are relevant from a size and scope perspective. X 
(formerly Twitter) was removed as it was no longer a comparable public company. The peer group that the compensation 
committee considered to determine pay levels for 2024 consisted of the following companies:
Activision Blizzard
Match Group
Twilio
Autodesk
Pinterest
Uber
Block (formerly Square)
Roblox
Workday
DocuSign
Roku
Zillow Group
DoorDash
Shopify
Zoom Video
Etsy
Spotify
Publicly available pay data from this peer group is supplemented with third party survey data to inform the 
compensation committee of the market for executive talent. In addition to the peer group, we also rely on the knowledge 
and experience of our compensation committee members and our management in determining the appropriate 
compensation for our executive officers. 
Elements of Executive Compensation
Our current compensation program generally consists of the following components:
•
base salary;
•
equity-based awards; 
•
annual incentive compensation; and
•
other benefits.
We combine these elements to formulate compensation packages that provide competitive pay, reward 
achievement of financial, operational, and strategic objectives, and align the interests of our executive officers with those of 
our stockholders. The overall use and weight of each compensation element is based on our subjective determination of the 
importance of each element in meeting our overall objectives, including motivating executive officers with an owner’s 
mentality.
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Base Salary
We review the base salaries of our executive officers annually and may adjust them from time to time, if needed, 
to reflect changes in market conditions or other factors. The table below sets forth information regarding the year-end base 
salary amounts for 2024 for our named executive officers. 
Ms. Morrow is the only named executive officer that participates in the Company’s annual merit program for the 
adjustment of base salaries. Effective April 1, 2024, Ms. Morrow’s base salary increased from $500,000 to $515,000. All 
other base salaries for our named executive officers remained unchanged from 2023 to 2024.
Name
2024 Base Salary
Evan Spiegel
$ 
1 
Derek Andersen
 
1,000,000 
Rebecca Morrow
 
515,000 
Michael O’Sullivan
 
1,000,000 
Eric Young
 
1,000,000 
Equity-based Awards
The majority of the total compensation for our executive officers, including our named executive officers, is 
provided through equity awards. By having a significant portion of our executive officers’ total compensation payable in 
the form of equity awards that vest over a number of years and are thus subject to higher risk, our executive officers are 
motivated to align their long-term financial interests with those of our stockholders. 
We generally issue two forms of equity awards:
Restricted Stock Awards. RSAs represent one share of Class A common stock for each award granted, subject to a 
forfeiture condition, so the value of the RSAs is tied to the performance of our Class A common stock. The forfeiture 
condition will typically lapse over multiple years, subject to continued service through each lapse date.
Restricted Stock Units. RSUs represent the right to receive one share of Class A common stock for each unit 
granted, subject to a continued service requirement, so the value of the RSUs is tied to the performance of our Class A 
common stock. RSUs typically vest over multiple years, subject to continued service through each vesting date. 
RSAs and RSUs align the interests of our executive officers and other employees with those of our stockholders. 
Because RSAs and RSUs have value to the recipient even in the absence of stock price appreciation, these forms of equity 
awards help us retain and incentivize employees during periods of market volatility.
We generally grant larger, one-time new hire equity awards to our executive officers when they start employment 
with us or are promoted. These initial awards are intended to establish a meaningful equity stake and motivate long-term 
value creation. While these awards generally cover multiple years, we may also consider providing additional equity grants 
to our executive officers to ensure appropriate incentives are in place to promote our long-term strategic and financial 
objectives and help us retain key executive officers. The size of these awards is not determined based on a specific formula, 
but rather through the exercise of judgment after considering various factors, including compensation provided to other 
executives with similar responsibilities in our peer group and within our company, the current unvested equity held by such 
executive officer, the perceived retentive value of the proposed awards, and for new-hires, amounts forfeited when joining 
our company. We also consider each executive officer’s individual performance, including the results and contributions 
delivered during the year and how they align with our short-term and long-term goals, the executive’s leadership of his or 
her team, the cash compensation received by the executive officer, and feedback received from the executive officer’s 
peers and team. 
Annual Incentive Compensation
In February 2024, our board of directors approved the 2024 Bonus Program, which provided our named executive 
officers, with the exception of Ms. Morrow, and other eligible employees the opportunity to earn bonuses only on the 
achievement of outperformance against certain company-wide objectives and key results, or Corporate OKRs, from 
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January 1, 2024 through December 31, 2024. A participant must remain an employee through the payment date under the 
2024 Bonus Program to earn a bonus. 
The Corporate OKRs are recommended by the Chief Executive Officer, and reviewed and approved by the 
compensation committee. The Corporate OKRs were based on growing our community and engagement, growing revenue 
and earnings, and leading in augmented reality. 
Each eligible participant in the 2024 Bonus Program may receive a bonus in an amount up to 50% of such 
participant’s annual base salary as of December 31, 2024. The compensation committee also has the right, in its sole 
discretion, to adjust the bonus target of any participant upward in the event of over-achievement of the Corporate OKRs.
In January 2025, the compensation committee reviewed 2024 performance against its Corporate OKRs. It was 
determined that the Company did not outperform against the Corporate OKRs, and no payment would be made under this 
program.
In 2024, Ms. Morrow was eligible to earn equity awards, in the form of RSUs, under our discretionary equity 
program. Under this program, equity awards are granted at the Company’s discretion following a review of one’s 
performance in a given quarter. These equity awards generally vest in equal quarterly installments within a 12-month 
period. In 2024, Ms. Morrow was granted equity awards with a grant date fair value of $223,304 under this program.
Other Benefits
Like other employees, our executive officers, including our named executive officers, are able to participate in our 
employee benefit and welfare plans, including life and disability insurance, medical and dental care plans, and a 401(k) 
plan. In 2024, we matched contributions made to our 401(k) plan by our employees up to federal limits, including our 
named executive officers. All of the named executive officers, other than Mr. Spiegel, participated in our 401(k) plan. On 
occasion, we may provide new executives with sign-on compensation in the form of cash or equity as an inducement to 
join Snap. In 2023, Mr. Young received a cash sign-on bonus of $500,000 paid in four quarterly installments from June 
2023. Our executive officers, including our named executive officers, also receive access to an on-call medical service paid 
for by us and the ability to use certain of our office spaces and other facilities for personal matters, subject to availability. 
Mr. O’Sullivan participated in such on-call medical services in 2024, and we paid applicable tax gross ups related to such 
services. We generally do not provide our executive officers with additional retirement benefits, pensions, perquisites, or 
other personal benefits, except as further described herein, including in the section titled “—Summary Compensation 
Table.” In the future, we may provide perquisites or other personal benefits in limited circumstances, such as where we 
believe it is appropriate to assist an individual executive in the performance of his or her duties, to make our executive team 
more efficient and effective, and for recruitment, motivation, or retention purposes. All future practices with respect to 
perquisites or other personal benefits for executives will be subject to review and approval by the compensation committee.
Executive Security Policy
Based on our overall risk assessment, including the findings of security studies, we have approved an executive 
security policy that currently provides security for our Chief Executive Officer and Chief Technology Officer (who is not a 
named executive officer). The executive security policy may apply to other executive officers as needed. We believe that 
the personal safety of our executive officers is crucial to our success, and based on our risk assessment, we believe that the 
cost of the personal security measures for executive officers is an appropriate and necessary business expense. Although we 
do not consider personal security measures to be a perquisite for the covered executive officer’s benefit, we have included 
the aggregate incremental costs to us, if any, in the “All Other Compensation” column of the Summary Compensation 
Table, as applicable. Please see the section titled “—Summary Compensation Table” for additional detail. 
Change of Control Benefits
Our named executive officers are not entitled to any change of control benefits or post-employment payments with 
the limited exception of equity acceleration on a termination due to death. For more detail, please see the section titled “—
Potential Payments Upon Termination, Change in Control, or Death.” 
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Tax and Accounting Considerations 
Deductibility of Executive Compensation
Compensation paid to each of our “covered employees” under Section 162(m) of the Internal Revenue Code that 
exceeds $1 million per taxable year is generally non-deductible. Although our compensation committee will continue to 
consider tax implications as one factor in determining executive compensation, it also considers other factors in making its 
decisions and retains the flexibility to provide compensation to our executive officers in a manner that can best promote our 
corporate objectives. Therefore, we may approve compensation that is not deductible.
No Tax Reimbursement of Parachute Payments and Deferred Compensation
We did not provide any executive officer, including any named executive officer, with a “gross-up” or other 
reimbursement payment for any tax liability that he or she might owe as a result of the application of Sections 280G, 4999, 
or 409A of the Code during 2024, and we have not agreed and are not otherwise obligated to provide any named executive 
officer with such a “gross-up” or other reimbursement.
Accounting Treatment
We account for stock-based compensation in accordance with the authoritative guidance set forth in Accounting 
Standards Codification Topic 718, or ASC Topic 718, which requires companies to measure and recognize the 
compensation expense for all share-based awards made to employees and directors, including RSAs, RSUs, and stock 
options, over the period during which the award recipient is required to perform services in exchange for the award.
Compensation Policies and Practices as they Relate to Risk Management 
Our management team and our compensation committee, with the assistance of our independent compensation 
consultants, each play a role in evaluating and mitigating any risk that may exist relating to our compensation plans, 
practices, and policies for all employees, including our named executive officers. In 2024, we reviewed our compensation 
plans and philosophy and concluded that our compensation programs do not create risks that are reasonably likely to have a 
material adverse impact on our business or our financial condition. The objective of the review was to identify any 
compensation plans, practices, or policies that may encourage employees to take unnecessary risk that could threaten our 
company. No such plans, practices, or policies were identified. The risk assessment process included, among other things, a 
review of our cash and equity incentive-based compensation plans to ensure that they are aligned with our company 
performance goals and ensure an appropriate balance between fixed and variable pay components and between short-term 
and long-term incentives. The base salary component of our compensation program is designed to provide income 
independent of our stock price performance so that employees will not focus exclusively on stock price performance to the 
detriment of other important business metrics. The annual bonus component is scored with discretion by the compensation 
committee so that short-term outcomes are not over-weighted in the final results. The equity-based component of our 
compensation program is primarily designed to reward employees evenly throughout their tenure, which we believe 
discourages employees from taking actions that focus only on specific periods. Furthermore, our executive officers 
typically receive a substantial portion of their equity in the form of RSAs and RSUs, which does not require our stock price 
to be trading at a certain price for the executive officer to realize value. Executive officer compensation is not tied to any 
singular performance metric. Additional controls, such as our Code of Conduct and related training, help further mitigate 
the risks of unethical behavior and inappropriate risk-taking. In addition, in November 2023, we adopted the Snap Inc. 
Incentive Compensation Recoupment Policy to comply with listing standards adopted by the NYSE that implemented the  
SEC rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. This clawback policy applies to 
incentive compensation that is received by a covered individual (including our named executive officers) on or after 
October 2, 2023. 
Hedging and Pledging Prohibition
Our insider trading policy prohibits all employees (including our executive officers), members of our board of 
directors, and consultants from engaging in derivative securities transactions, including hedging, pledging company 
securities as collateral, holding company securities in a margin account, or other inherently speculative transactions with 
respect to our capital stock. 
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Rule 10b5-1 Sales Plans
Our executive officers and members of our board of directors may adopt written plans, known as Rule 10b5-1 
plans, in which they will contract with a broker to buy or sell shares of our capital stock on a periodic basis. Under a Rule 
10b5-1 plan, a broker executes trades under parameters established by the individual when entering into the plan, without 
further direction from them. Rule 10b5-1 plans may be amended or modified to change the amount, price, or timing of the 
purchase or sale of our common stock only when the individual does not possess material nonpublic information about us, 
and only during an open trading window. Rule 10b5-1 plans are subject to further rules adopted by the Securities and 
Exchange Commission, including the number of plans an individual may have at one time, cooling-off periods, and certain 
certification requirements.
Compensation Committee Report
The compensation committee has reviewed and discussed the compensation discussion and analysis included in 
this Annual Report on Form 10-K with management and, based on such review and discussions, the compensation 
committee recommended to our board of directors that the compensation discussion and analysis be included in this Annual 
Report on Form 10-K.
Snap Inc. compensation committee,
Michael Lynton (Chairperson)
Scott D. Miller
Poppy Thorpe 
Summary Compensation Table
The following table presents all of the compensation awarded to, earned by, or paid to our named executive 
officers during the fiscal years ended December 31, 2024, 2023, and 2022.
Name and Principal Position
Year
Salary
Bonus
Stock
Awards (1)
Non-Equity
Incentive Plan
Compensation
All Other
Compensation
Total
Evan Spiegel
2024
$ 
1 $ 
— 
$ 
— $ 
— $ 3,298,780 (2) $ 3,298,781 
Co-Founder and Chief
2023
 
1  
— 
 
—  
—  3,339,730 
 3,339,731 
Executive Officer
2022
 
1  
— 
 
—  
—  2,747,394 
 2,747,395 
Derek Andersen
2024
 1,000,000  
— 
 6,754,873  
—  
16,540 (3)  7,771,413 
Chief Financial Officer
2023
 
855,769  
— 
 16,532,384  
—  
15,941 
 17,404,094 
2022
 
500,000  
— 
 7,747,984  
100,000  
14,964 
 8,362,948 
Rebecca Morrow
2024
 
510,673  
— 
 3,349,335  
—  
14,340 (4)  3,874,348 
Chief Accounting Officer
2023
 
480,269  
215,800 
 
679,890  
—  
13,721 
 1,389,680 
2022
 
427,131  
259,375 
 
921,192  
—  
12,682 
 1,620,380 
Michael O’Sullivan
2024
 1,000,000  
— 
 9,999,871  
—  
24,947 (5)  11,024,818 
General Counsel
2023
 
855,769  
— 
 8,491,369  
—  
24,347 
 9,371,485 
2022
 
500,000  
— 
 4,018,740  
100,000  
22,173 
 4,640,913 
Eric Young (6)
2024
 1,000,000  
125,000 (7)  5,196,068  
—  
14,340 (8)  6,335,408 
Senior Vice President 
2023
 
538,462  
375,000 (7)  47,812,564  
—  
291 
 48,726,317 
of Engineering
(1)
Amounts reported represent the aggregate grant date fair value of the equity awards without regard to forfeitures, 
calculated in accordance with ASC Topic 718. These amounts do not reflect the actual economic value realized by 
the named executive officers. For a discussion of the valuation of the equity awards, including the assumptions 
used, see Notes 1 and 4 of the notes to our consolidated financial statements.
(2)
Amount reported includes (a) $2,793,215 for security for Mr. Spiegel, (b) $5,717 of imputed income relating to 
incremental costs of family or guests accompanying Mr. Spiegel on business flights that Mr. Spiegel cannot 
reimburse under the Federal Aviation Regulations, and (c) $499,848 in incremental costs for personal flights not 
reimbursed by Mr. Spiegel.
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(3)
Amount reported includes (a) $13,800 in 401(k) plan matching contributions by us, (b) life insurance premiums 
paid by us on behalf of Mr. Andersen, and (c) contributions by the Company to Mr. Andersen’s health savings 
account. Amounts not quantified above total less than $10,000 in aggregate.
(4)
Amount reported includes (a) $13,800 in 401(k) plan matching contributions by us, and (b) life insurance 
premiums paid by us on behalf of Ms. Morrow. Amounts not quantified above total less than $10,000 in 
aggregate.
(5)
Amount reported includes (a) $13,800 in 401(k) plan matching contributions by us, (b) life insurance premiums 
paid by us on behalf of Mr. O’Sullivan, (c) $5,000 in medical on-call services paid by us on behalf of Mr. 
O’Sullivan, and (d) $5,607 in tax “gross up” payments paid to Mr. O’Sullivan to cover the imputed income 
associated with the medical on-call services. Amounts not quantified above total less than $10,000 in aggregate.
(6)
Mr. Young joined the company in June 2023. 
(7)
Represents amounts paid as part of Mr. Young’s sign-on bonus of $500,000. The sign-on bonus was payable in 
four quarterly installments from June 2023.
(8)
Amount reported includes (a) $13,800 in 401(k) plan matching contributions by us, and (b) life insurance 
premiums paid by us on behalf of Mr. Young. Amounts not quantified above total less than $10,000.
Grants of Plan-Based Awards in Fiscal 2024
The following table provides information regarding grants of incentive plan-based awards made to each of our 
named executive officers during 2024 under our 2017 Plan. No named executive officer was granted options in 2024.
Name
Grant Date
All Other Stock
Awards: Number
of Shares of 
Stock or Units (1)
Grant Date Fair
Value of Stock
Awards (2)
Evan Spiegel
—
—
$ 
— 
Derek Andersen
2/5/2024
403,276
 
6,754,873 
Rebecca Morrow
1/22/2024
182,783
 
3,036,026 
2/5/2024
15,511
 
259,809 
9/9/2024
6,272
 
53,500 
Michael O’Sullivan
2/5/2024
341,234
 
5,715,670 
5/8/2024
255,926
 
4,284,201 
Eric Young
2/5/2024
310,213
 
5,196,068 
(1)
Except as indicated below, equity awards vest and the forfeiture condition lapses only on the satisfaction of a 
service-based vesting condition. If an employee dies while in service, the service-based vesting condition as to 
100% of his or her shares subject to the award will be satisfied.
(2)
The dollar amounts reflect the grant date fair value of the equity awards without regard to forfeitures, calculated in 
accordance with ASC Topic 718. These amounts do not reflect the actual economic value realized by the named 
executive officers. For a discussion of the valuation of the equity awards, see Notes 1 and 4 of the notes to our 
consolidated financial statements.
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131

Outstanding Equity Awards as of December 31, 2024
The following table presents information regarding outstanding equity awards held by our named executive officers 
as of December 31, 2024. All awards are for Class A common stock and were granted under our 2017 Plan.
Stock Awards
Name
Grant Date
Number of
Shares or
Units of
Stock That 
Have Not
Vested (#) (1)
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested ($) (2)
Evan Spiegel
—
—
$ 
— 
Derek Andersen
2/2/2022
114,942
(3)
 
1,237,925 
5/11/2022
36,254
(3)
 
390,456 
1/30/2023
820,956
(4)
 
8,841,696 
2/5/2024
403,276
(5)
 
4,343,283 
Rebecca Morrow
5/11/2022
27,491
(3)
 
296,078 
4/26/2023
22,928
(6)
 
246,935 
5/10/2023
13,359
(7)
 
143,876 
9/11/2023
23,402
(6)
 
252,040 
1/22/2024
99,911
(8)
 
1,076,042 
2/5/2024
15,511
(6)
 
167,053 
9/9/2024
4,704
(9)
 
50,662 
Michael O’Sullivan
2/2/2022
83,594
(3)
 
900,307 
5/11/2022
26,367
(3)
 
283,973 
1/30/2023
437,843 (10)  
4,715,569 
2/5/2024
341,234
(5)
 
3,675,090 
5/8/2024
186,128 (11)  
2,004,599 
Eric Young
7/25/2023
2,340,102 (12)  
25,202,899 
2/5/2024
310,213 (13)  
3,340,994 
(1)
Each of our named executive officers, other than Mr. Spiegel, holds equity awards that only vest, or the forfeiture 
condition only lapses, on the satisfaction of a service-based condition. The service-based condition for each of our 
named executive officers is further described below. If an executive officer dies while in our service, the service-
based condition as to 100% of his or her shares subject to the award will be satisfied.
(2)
The market value is based on the closing price of our Class A common stock on December 31, 2024, which was 
$10.77.
(3)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 12-month period following December 15, 2024.
(4)
The service-based condition for these RSUs is satisfied as follows (in each case subject to continued service 
through each vesting date): 109,461 of these RSUs in equal quarterly installments during the 12-month period 
following December 15, 2024 (218,922 shares underlying the original grant on January 30, 2023 already vested as 
of December 31, 2024); and 711,495 of these RSUs in equal quarterly installments during the 12-month period 
following December 15, 2025.
(5)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 12-month period following November 15, 2026. 
(6)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 12-month period following November 15, 2025. 
(7)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 18-month period following November 15, 2024 (13,359 shares underlying the 
original grant on May 10, 2023 already vested as of December 31, 2024). 
(8)
The service-based condition for these RSUs is satisfied as follows (in each case subject to continued service 
through each vesting date): 72,649 of these RSUs in equal quarterly installments during the 12-month period 
following November 15, 2024; and 27,262 of these RSUs in equal quarterly installments during the 12-month 
period following November 15, 2025.
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(9)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 9-month period following November 15, 2024 (1,568 shares underlying the original 
grant on September 9, 2024 already vested as of December 31, 2024).
(10)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 12-month period following December 15, 2025.
(11)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 24-month period following November 15, 2024 (69,798 shares underlying the 
original grant on May 8, 2024 already vested as of December 31, 2024).
(12)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 30-month period following November 15, 2024 (1,404,060 shares underlying the 
original grant on July 25, 2023 already vested as of December 31, 2024).
(13)
The service-based condition for these RSUs is satisfied in equal quarterly installments after each quarter of 
continuous service during the 6-month period following May 15, 2027.
Option Exercises and Stock Vested
The following table presents information regarding the vesting or lapse of the forfeiture condition during 2024 of 
RSUs and RSAs previously granted to the named executive officers. No named executive officer exercised options during 
2024.
Stock Awards
Name 
Number of
Shares
Acquired on
Vesting (#)
Value Realized
on Vesting ($) (1)
Evan Spiegel
—
$ 
— 
Derek Andersen
711,526
 
8,468,943 
Rebecca Morrow
120,837
 
1,441,762 
Michael O’Sullivan
507,594
 
6,051,002 
Eric Young
1,011,009
 
12,058,809 
(1)
The value realized is based on the closing price of our Class A common stock on the vesting date.
Pension Benefits
Other than our 401(k) plan, our named executive officers did not participate in, or otherwise receive any benefits 
under, any pension or retirement plan sponsored by us during the year ended December 31, 2024.
Non-qualified Deferred Compensation
Our named executive officers did not participate in, or earn any benefits under, a non-qualified deferred 
compensation plan sponsored by us during the year ended December 31, 2024.
Employment, Severance, and Change in Control Agreements
Employment Agreements and Offer Letters
We have employment agreements or offer letters with each of our executive officers. Except as otherwise 
described below, the employment agreements and offer letters generally provide for at-will employment and set forth the 
executive officer’s initial base salary, eligibility for employee benefits, and confirmation of the terms of previously issued 
equity grants, if applicable, including in some cases severance benefits on a qualifying termination of employment. If an 
executive officer dies, all outstanding equity awards will be deemed to satisfy the service-based requirement. In addition, 
each of our named executive officers has executed our standard proprietary information and inventions agreement. The key 
terms of employment with our executive officers are described below.
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Evan Spiegel and Robert Murphy 
In July 2022, we entered into employment agreements with Evan Spiegel, our co-founder and Chief Executive 
Officer, and Robert Murphy, our co-founder and Chief Technology Officer, with respect to their continuing employment 
with us. The annual base salary for each of Messrs. Spiegel and Murphy as of December 31, 2024 was $1. The employment 
agreements are each effective as of January 1, 2022, and have an initial term of five years, subject to automatic renewals 
for successive five year periods unless earlier terminated as provided in their respective employment agreements.
In July 2022, our board of directors determined that it was advisable and in our best interest to approve a stock 
split to be effected in the form of a special dividend of one share of Class A common stock on each outstanding share of 
our common stock at a future date (the “Future Stock Split”). In connection with this transaction, we entered into certain 
agreements (the “Co-Founder Agreements”) with Evan Spiegel and Robert Murphy, our co-founders, and certain of their 
respective affiliates requiring them, among other things, to convert shares of Class B common stock and Class C common 
stock into Class A common stock under certain circumstances. In May 2024, the conditions for the declaration of such 
dividends were modified and the agreements with our co-founders were amended to reflect such modifications. As 
modified, the special dividend will not be declared and paid until the first business day following the date on which (i) the 
average of the volume weighted average price (the “VWAP”) per share of Class A common stock equals or exceeds $40 
per share for 90 consecutive trading days (the “90-Day VWAP”) and (ii) the ratio of the 90-Day VWAP to $8.70 equals or 
exceeds the ratio of the average closing price of the S&P 500 Total Return index for the same 90 trading days for which the 
90-Day VWAP was calculated to 8,862.85. If this does not occur by July 21, 2032, the Future Stock Split will not be 
declared and paid, and the Co-Founder Agreements will terminate.
Derek Andersen
In May 2019, we entered into an amended and restated offer letter agreement with Derek Andersen, our Chief 
Financial Officer, with respect to his continuing employment with us. Mr. Andersen’s annual base salary as of 
December 31, 2024 was $1,000,000.
Rebecca Morrow
In July 2019, we entered into an offer letter agreement with Rebecca Morrow, our Chief Accounting Officer, with 
respect to her employment with us. Ms. Morrow’s annual base salary as of December 31, 2024 was $515,000.
Michael O’Sullivan
In July 2017, we entered into an offer letter agreement with Michael O’Sullivan, our General Counsel, with 
respect to his employment with us. Mr. O’Sullivan’s annual base salary as of December 31, 2024 was $1,000,000.
Eric Young
In June 2023, we entered into an offer letter agreement with Eric Young, our Senior Vice President of 
Engineering, with respect to his employment with us. Mr. Young’s annual base salary as of December 31, 2024 was 
$1,000,000. Mr. Young’s offer letter agreement included a $500,000 sign-on bonus paid in four quarterly installments from 
June 2023, which has been fully paid.
Potential Payments upon Termination, Change in Control, or Death
Currently, no named executive officer is entitled to any payments upon a termination of employment or a 
resignation, in each case, following a change of control of our company.
No named executive officer is also entitled to any payments following a resignation for good reason, other than 
Mr. Spiegel. If Mr. Spiegel resigns for good reason as an employee and member of our board of directors, then Mr. Spiegel 
is entitled to continue receiving his existing aircraft usage and security benefits provided by us, in each case, subject to the 
terms of his employment agreement entered into with us in July 2022. 
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The table below reflects amounts that would have been received by each named executive officer assuming that 
his or her employment was terminated due to his or her death on December 31, 2024.
Name
Accelerated 
Vesting
of Stock Awards (1)
Evan Spiegel
$ 
— 
Derek Andersen
 
14,813,360 
Rebecca Morrow
 
2,232,686 
Michael O’Sullivan
 
11,579,538 
Eric Young
 
28,543,893 
(1)
The amount reported reflects the aggregate value, based on the closing price of our Class A common stock of 
$10.77 on December 31, 2024, of the unvested equity awards that would be accelerated.
Employee Benefit Plans
We believe that our ability to grant equity-based awards is a valuable and necessary compensation tool that aligns 
the long-term financial interests of our employees, consultants, and directors with the financial interests of our 
stockholders. In addition, we believe that our ability to grant equity-based awards helps us to attract, retain, and motivate 
employees, consultants, and directors, and encourages them to devote their best efforts to our business and financial 
success. The principal features of our equity incentive plans and our 401(k) plan are summarized below. These summaries 
are qualified in their entirety by reference to the actual text of the plans.
401(k) Plan and Similar Plans
We maintain a 401(k) plan that provides eligible U.S. employees with an opportunity to save for retirement on a 
tax advantaged basis. Eligible employees are able to defer eligible compensation up to certain Code limits, which are 
updated annually. We have the ability to make matching and discretionary contributions to the 401(k) plan. Currently, we 
match 100% of each participant’s contribution up to a maximum of 3% of the participant’s eligible compensation paid 
during the period, and also match 50% of each participant’s contribution between 3% and 5% of the participant’s eligible 
compensation paid during the period. Contributions are allocated to each participant’s individual account and are then 
invested in selected investment alternatives according to the participants’ directions. Employees are immediately and fully 
vested in their own contributions and our contributions. The 401(k) plan is intended to be qualified under Section 401(a) of 
the Code, with the related trust intended to be tax exempt under Section 501(a) of the Code. As a tax-qualified retirement 
plan, contributions to the 401(k) plan are deductible by us when made, and contributions and earnings on those amounts are 
not taxable to the employees until withdrawn or distributed from the 401(k) plan.
Similar plans outside the United States, some of which are government mandated, cover employees of certain of 
our international subsidiaries. Several of these plans allow us to match, on a voluntary basis, a portion of the employee 
contributions.
2017 Equity Incentive Plan
Our board of directors adopted our 2017 Equity Incentive Plan, or our 2017 Plan, in January 2017, and our 
stockholders approved our 2017 Plan in February 2017. Our 2017 Plan became effective once the registration statement in 
connection with our initial public offering was declared effective in March 2017. Our 2017 Plan provides for the grant of 
incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory 
stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, 
performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees 
and consultants of our affiliates.
Authorized Shares. The maximum number of shares of our Class A common stock available for future issuance 
under our 2017 Plan as of December 31, 2024 is 152,488,503. The number of shares of our Class A common stock 
reserved for issuance under our 2017 Plan will automatically increase on January 1st of each calendar year, starting on 
January 1, 2018 through January 1, 2027, in an amount equal to 5.0% of the total number of shares of our capital stock 
outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares 
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determined by our board of directors. The maximum number of shares of our Class A common stock that may be issued on 
the exercise of incentive stock options under our 2017 Plan is three times the share reserve under the 2017 Plan.
Shares subject to stock awards granted under our 2017 Plan that expire or terminate without being exercised in 
full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under our 
2017 Plan. Additionally, shares become available for future grant under our 2017 Plan if they were issued under stock 
awards under our 2017 Plan and if we repurchase them or they are forfeited. This includes shares used to pay the exercise 
price of a stock award or to satisfy the tax withholding obligations related to a stock award. 
Corporate Transactions. Our 2017 Plan provides that in the event of certain specified significant corporate 
transactions, including: (1) a sale of all or substantially all of our assets, (2) the sale or disposition of more than 50% of our 
outstanding securities, (3) the consummation of a merger or consolidation where we do not survive the transaction, and (4) 
the consummation of a merger or consolidation where we do survive the transaction but the shares of our common stock 
outstanding before such transaction are converted or exchanged into other property by virtue of the transaction, unless 
otherwise provided in an award agreement or other written agreement between us and the award holder, the administrator 
may take one or more of the following actions with respect to such stock awards:
•
arrange for the assumption, continuation, or substitution of a stock award by a successor corporation;
•
arrange for the assignment of any reacquisition or repurchase rights held by us to a successor corporation;
•
accelerate the vesting, in whole or in part, of the stock award and provide for its termination before the 
transaction;
•
arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by us;
•
cancel or arrange for the cancellation of the stock award before the transaction in exchange for a cash payment, or 
no payment, as determined by the board of directors; or
•
make a payment, in the form determined by our board of directors, equal to the excess, if any, of the value of the 
property the participant would have received on exercise of the awards before the transaction over any exercise 
price payable by the participant in connection with the exercise.
The plan administrator is not obligated to treat all stock awards or portions of stock awards, even those that are of 
the same type, in the same manner and is not obligated to treat all participants in the same manner.
In the event of a change in control, awards granted under the 2017 Plan will not receive automatic acceleration of 
vesting and exercisability, although this treatment may be provided for in an award agreement. Under the 2017 Plan, a 
change in control is defined to include: (1) the acquisition by any person or company of more than 50% of the combined 
voting power of our then outstanding stock, (2) a merger, consolidation, or similar transaction in which our stockholders 
immediately before the transaction do not own, directly or indirectly, more than 50% of the combined voting power of the 
surviving entity (or the parent of the surviving entity), (3) a sale, lease, exclusive license, or other disposition of all or 
substantially all of our assets other than to an entity more than 50% of the combined voting power of which is owned by 
our stockholders, and (4) an unapproved change in the majority of the board of directors.
Plan Amendment or Termination. Our board of directors has the authority to amend, suspend, or terminate our 
2017 Plan, provided that such action does not materially impair the existing rights of any participant without such 
participant’s written consent. Certain material amendments also require the approval of our stockholders. No incentive 
stock options may be granted after the tenth anniversary of the date our board of directors adopted our 2017 Plan. No stock 
awards may be granted under our 2017 Plan while it is suspended or after it is terminated.
2017 Employee Stock Purchase Plan
Our board of directors adopted our 2017 Employee Stock Purchase Plan, or ESPP, in January 2017 and our 
stockholders approved our ESPP in February 2017. Our ESPP became effective when the registration statement in 
connection with our initial public offering was declared effective in March 2017. The purpose of the ESPP is to secure the 
services of new employees, to retain the services of existing employees, and to provide incentives for such individuals to 
exert maximum efforts toward our success and that of our affiliates. The ESPP is intended to qualify as an “employee stock 
purchase plan” within the meaning of Section 423 of the Code for U.S. employees. In addition, the ESPP authorizes grants 
of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component. In particular, 
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where such purchase rights are granted to employees who are foreign nationals or employed or located outside the United 
States, our board of directors may adopt rules that are beyond the scope of Section 423 of the Code.
Share Reserve. The ESPP authorizes the issuance of 16,484,690 shares of our Class A common stock under 
purchase rights granted to our employees or to employees of any of our designated affiliates. The number of shares of our 
Class A common stock reserved for issuance will automatically increase on January 1st of each calendar year, beginning on 
January 1, 2018 through January 1, 2027, by the lesser of (1) 1.0% of the total number of shares of our common stock 
outstanding on the last day of the calendar month before the date of the automatic increase, and (2) 15,000,000 shares; 
provided that before the date of any such increase, our board of directors may determine that such increase will be less than 
the amount set forth in clauses (1) and (2). As of December 31, 2024, no shares of our Class A common stock have been 
purchased under the ESPP.
Corporate Transactions. In the event of certain significant corporate transactions, including: (1) a sale of all or 
substantially all of our assets, (2) the sale or disposition of 90% of our outstanding securities, (3) the consummation of a 
merger or consolidation where we do not survive the transaction, and (4) the consummation of a merger or consolidation 
where we do survive the transaction but the shares of our common stock outstanding immediately before such transaction 
are converted or exchanged into other property by virtue of the transaction, any then-outstanding rights to purchase our 
stock under the ESPP may be assumed, continued, or substituted for by any surviving or acquiring entity (or its parent 
company). If the surviving or acquiring entity (or its parent company) elects not to assume, continue, or substitute for such 
purchase rights, then the participants’ accumulated payroll contributions will be used to purchase shares of our common 
stock within ten business days before such corporate transaction, and such purchase rights will terminate immediately.
ESPP Amendment or Termination. Our board of directors has the authority to amend or terminate our ESPP, 
provided that except in certain circumstances such amendment or termination may not materially impair any outstanding 
purchase rights without the holder’s consent. We will obtain stockholder approval of any amendment to our ESPP as 
required by applicable law or listing requirements.
Limitations on Liability and Indemnification Matters
Our certificate of incorporation contains provisions that limit the liability of our current and former directors and 
officers for monetary damages to the fullest extent permitted by Delaware law. Delaware law provides that directors and 
officers of a corporation will not be personally liable for monetary damages for any breach of fiduciary duties as directors, 
except liability for: 
•
any breach of the director’s or officer’s duty of loyalty to the corporation or its stockholders;
•
any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
•
unlawful payments of dividends or unlawful stock repurchases or redemptions; or
•
any transaction from which the director derived an improper personal benefit.
Such limitation of liability does not apply to liabilities arising under federal securities laws and does not affect the 
availability of equitable remedies such as injunctive relief or rescission. In addition, Delaware courts could find certain of 
these limitations of liability in our certificate of incorporation to be inapplicable or unenforceable in an action.
Our certificate of incorporation authorizes us to indemnify our directors, officers, employees, and other agents to 
the fullest extent permitted by Delaware law. Our bylaws provide that we are required to indemnify our directors and 
officers to the fullest extent permitted by Delaware law and may indemnify our other employees and agents. Our bylaws 
also provide that, on satisfaction of certain conditions, we will advance expenses incurred by a director or officer in 
advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer, 
director, employee, or other agent for any liability arising out of his or her actions in that capacity regardless of whether we 
would otherwise be permitted to indemnify him or her under the provisions of Delaware law. We have entered into, and 
expect to continue to enter into agreements to indemnify our directors, executive officers, and other employees as 
determined by the board of directors. With certain exceptions, these agreements provide for indemnification for related 
expenses including attorneys’ fees, judgments, fines, and settlement amounts incurred by any of these individuals in any 
action or proceeding. We believe that these certificate of incorporation and bylaw provisions and indemnification 
agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain customary 
directors’ and officers’ liability insurance.
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The limitation of liability and indemnification provisions in our certificate of incorporation and bylaws, if 
permitted by applicable law, may discourage stockholders from bringing a lawsuit against our directors or officers for 
breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and 
officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder’s investment 
may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and 
officers as required by these indemnification provisions.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted for directors, executive 
officers, or persons controlling us, we have been informed that, in the opinion of the SEC, such indemnification is against 
public policy as expressed in the Securities Act and is therefore unenforceable. 
Director Compensation
Under our non-employee director compensation policy, our non-employee directors receive an annual retainer for 
service on our board of directors and an additional retainer is provided to individuals who serve as chair of a committee or 
the board of directors. We also currently reimburse our directors for their reasonable out-of-pocket expenses in connection 
with attending board of directors and committee meetings.
Our non-employee director compensation policy provides that each non-employee director receives the following 
compensation for board of directors and committee services:
•
an annual retainer for board of director membership of $75,000, paid in cash;
•
an annual retainer of $75,000 for chairing the board of directors, paid in cash;
•
an annual retainer of $25,000 for chairing the audit committee, $20,000 for chairing the compensation committee, 
and $10,000 for chairing the nominating and corporate governance committee, each paid in cash; and
•
an annual grant of equity with a fair market value as of the date of grant of $250,000, comprised of RSUs vesting 
after one year.
All annual cash retainers will be paid quarterly in arrears. Additionally, in the event of a change to the designated 
chair for a committee, the annual cash retainer for chairing such committee will be prorated based on the number of days 
the chair held the position. 
The annual grants of equity described above are subject to pro-rata acceleration on a director’s discontinued 
service on our board of directors and automatic full acceleration in the event of a change in control, as defined in the 2017 
Plan. Non-employee directors also have the option to elect to defer the settlement of their equity awards until the 
termination of their service on the Board.
Non-employee directors are also encouraged to accumulate stock ownership equal in value to five times the 
annual retainer for board of director membership within the later of five years from the effective date of the non-employee 
director compensation policy or each non-employee director’s initial election to serve on the board of directors. Previously 
owned and vested stock and shares held in trust for the benefit of the non-employee director or his or her immediate family 
members are counted for purposes of determining stock ownership.
Director Compensation Table
The following table sets forth information concerning the compensation paid to our directors who are not named 
executive officers during the year ended December 31, 2024. The compensation received by Mr. Spiegel as an employee of 
our company is presented in “Executive Compensation—Summary Compensation Table.”
In 2024, we paid fees and made equity awards to our non-employee directors. We granted each non-employee 
director serving as of July 23, 2024 RSUs for 15,891 shares of Class A common stock under our 2017 Plan, for which the 
service-based vesting condition will be fully satisfied on July 24, 2025. Mr. Lanzone, who joined the board in September 
2024, was granted RSUs for 22,315 shares of Class A common stock under our 2017 Plan, for which the service-based 
vesting condition will be fully satisfied on July 24, 2025. If a director’s service ceases before such director’s applicable 
service-based vesting date, vesting of the RSUs will be accelerated pro rata, based on the number of months of service 
provided by such director. In addition, in the event of a change in control, the service-based vesting condition of the RSUs 
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will be deemed satisfied for 100% of the RSUs that have not yet satisfied the service-based vesting condition, immediately 
before the closing of such change in control. 
Mr. Murphy did not receive compensation for his service as a director.
Name
Fees Earned or
Paid in Cash
Stock
Awards (1)
Total
Robert Murphy (2)
$ 
1,035,164 $ 
— $ 
1,035,164 
Michael Lynton
 
170,000  
227,718  
397,718 
Kelly Coffey
 
75,000  
227,718  
302,718 
Joanna Coles
 
85,000  
227,718  
312,718 
Liz Jenkins
 
100,000  
227,718  
327,718 
Scott D. Miller (3)
 
97,582  
227,718  
325,300 
Patrick Spence
 
75,000  
227,718  
302,718 
Poppy Thorpe (4)
 
135,000  
227,718  
362,718 
Fidel Vargas (4)
 
135,000  
227,718  
362,718 
Jim Lanzone (5)
 
22,622  
235,870  
258,492 
(1)
Amounts reported represent the aggregate grant date fair value of RSUs granted during 2024 under our 2017 Plan 
without regard to forfeitures, calculated in accordance with ASC Topic 718. These amounts do not reflect the 
actual economic value realized by the directors. For a discussion of the valuation of the equity awards, including 
the assumptions used, see Notes 1 and 4 of the notes to our consolidated financial statements.
(2)
Mr. Murphy does not receive any compensation for service as a director. Amounts reported represents (a) $1 for 
his annual base salary as an employee, (b) $751,419 for security for Mr. Murphy, (c) $5 for life insurance 
premiums paid by us on behalf of Mr. Murphy, (d) $35,883 of imputed income relating to incremental costs of 
family or guests accompanying Mr. Murphy on business flights that Mr. Murphy cannot reimburse under the 
Federal Aviation Regulations, and (e) $247,856 in incremental costs for personal flights not reimbursed by Mr. 
Murphy.
(3)
Amount reported includes a $5,000 per month retainer for services on a special committee until its dissolution in 
May 2024, for which Mr. Miller received a prorated amount commensurate with his period of service.
(4)
Amount reported includes a $5,000 per month retainer for services on a special committee.
(5)
Mr. Lanzone joined the board of directors on September 12, 2024.
As of December 31, 2024, the aggregate number of shares underlying stock awards and option awards for each of 
our non-employee directors was: 
Name
Unvested
Stock
Awards
Outstanding
Option
Awards (1)
Michael Lynton
15,891
65,553
Kelly Coffey
15,891
31,896
Joanna Coles
15,891
65,553
Liz Jenkins
15,891
21,896
Scott D. Miller
15,891
65,553
Patrick Spence
15,891
—
Poppy Thorpe 
15,891
63,553
Fidel Vargas
15,891
18,908
Jim Lanzone
22,315
—
(1)
Outstanding options awards are fully vested.
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In 2024, we also provided Mr. Lynton with an executive administrative assistant for his duties as Chairperson. The 
executive administrative assistant would occasionally assist Mr. Lynton with incidental personal matters, the cost of which 
to us is financially immaterial.
Compensation Committee Interlocks and Insider Participation
In 2024, the compensation committee consisted of Michael Lynton, Scott D. Miller, and Poppy Thorpe. None of 
the members of the compensation committee is currently, or has been at any time, one of our officers or employees. None 
of our executive officers currently serves, or has served during the last year, as a member of the board of directors or 
compensation committee of any entity that has one or more executive officers serving as a member of our board of 
directors or compensation committee.
Policies and Practices Related to the Grant of Certain Equity Awards
In 2024 we did not grant stock options, stock appreciation rights, or similar instruments with option-like features 
and have no policies or practices to disclose pursuant to Item 402(x)(1) of Regulation S-K.
Pay Ratio Disclosure
As disclosed in the Summary Compensation Table, for the year ended December 31, 2024, the annual total 
compensation of our Chief Executive Officer was $3,298,781. The annual total compensation of our median employee, 
excluding our Chief Executive Officer, for the same period, using the same methodology used to calculate our Chief 
Executive Officer’s annual total compensation, was $362,910. The ratio of these amounts is approximately 9.1 to 1. We 
believe such ratio is a reasonable estimate calculated in a manner consistent with Item 402 of Regulation S-K under the 
Exchange Act.
To determine our median employee, we used the total compensation of our employees from our company records, 
including salary and wages, bonuses, commissions, allowances, and grant date fair value of equity awards. We applied this 
measure to our global employee population as of October 1, 2024 and calculated total compensation for the 12 months 
prior to such date, annualizing all compensation other than equity awards for employees who did not work the full 12 
months. We selected the individual who represented our median employee based on this information. For employees who 
were not paid in U.S. dollars, we converted their compensation to U.S. dollars using the exchange rate as of October 1, 
2024.
The pay ratio above represents our reasonable estimate calculated in a manner consistent with the SEC rules, 
which allow for significant flexibility in how companies identify the median employee, and each company may use a 
different methodology and make different assumptions particular to that company. As a result, and as explained by the SEC 
when it adopted the pay ratio rules, the ratio was not designed to facilitate comparisons of pay ratios among different 
companies, even companies within the same industry, but rather to allow stockholders to better understand our 
compensation practices and pay ratio disclosures.
Additional Disclosure Considerations
We are not subject to the “say-on-pay” and “say-on-frequency” provisions of the Dodd–Frank Wall Street Reform 
Act, and such sections are not included in this Annual Report on Form 10-K.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The table below sets forth information, as of December 31, 2024, with respect to the beneficial ownership of: (a) 
our Class A common stock, Class B common stock, and Class C common stock by each named executive officer, each of 
our directors, and our directors and executive officers as a group; and (b) our Class B and Class C common stock by each 
person or entity known by us to own beneficially more than 5% of our Class B common stock or Class C common stock 
(by number or by voting power).
Because our Class A common stock is non-voting, significant holders of our Class A common stock are exempt 
from the obligation to file reports under Sections 13(d), 13(g), and 16 of the Exchange Act. These provisions generally 
require significant stockholders to publicly report their ownership, including changes in that ownership. As a result, those 
stockholders and we are not obligated to disclose ownership of our Class A common stock, so there can be no assurance 
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that you, or we, will be notified of such ownership or changes in such ownership. Furthermore, significant holders of our 
Class A common stock may hold our stock in nominee or “street name” with various brokers, such that we will not be able 
to identify their ownership.
We have determined beneficial ownership in accordance with the rules and regulations of the SEC, and the 
information is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the footnotes 
below, we believe, based on information furnished to us, that the persons and entities named in the table below have sole 
voting and sole investment power with respect to all shares that they beneficially own, subject to applicable community 
property laws.
Applicable percentage ownership is based on 1,436,495,296 shares of Class A common stock, 22,523,290 shares 
of Class B common stock, and 231,626,943 shares of Class C common stock outstanding as of December 31, 2024. In 
computing the number of shares beneficially owned by a person and the percentage ownership of such person, we deemed 
to be outstanding all shares subject to options and RSUs held by the person that are currently exercisable, or would become 
exercisable or would vest based on service-based vesting conditions within 60 days of December 31, 2024. However, 
except as described above, we did not deem such shares outstanding for the purpose of computing the percentage 
ownership of any other person.
Unless otherwise indicated, the address for each beneficial owner listed in the table below is c/o Snap Inc., 3000 
31st Street, Santa Monica, CA 90405.
Class A Common Stock 
Class B Common Stock 
Class C Common Stock 
% of
Total 
Voting
Power 
Name of Beneficial Owner
Shares
% 
Shares
% 
Shares
% 
Directors and Named Executive 
Officers:
Evan Spiegel (1)
39,063,540
 2.7 %
5,862,410
 26.0 %
123,683,019
 53.4 %
 53.1 %
Robert Murphy (2)
67,170,682
 4.7 
5,862,410
 26.0 
107,943,924
 46.6 
 46.4 
Derek Andersen
800,589
*
—
*
—
*
* 
Rebecca Morrow (3)
244,902
*
—
*
—
*
* 
Michael O’Sullivan (4)
521,764
*
—
*
—
*
* 
Eric Young (5)
986,120
*
—
*
—
* 
* 
Michael Lynton (6)
587,456
*
—
*
—
*
* 
Kelly Coffey (7)
73,661
*
—
*
—
*
* 
Joanna Coles (8)
102,454
*
—
*
—
*
* 
Liz Jenkins (9)
46,411
*
—
*
—
*
* 
Scott D. Miller (10)
189,357
*
—
*
—
*
* 
Patrick Spence (11)
22,718
*
—
*
—
*
*
Poppy Thorpe (12)
109,817
*
—
*
—
*
*
Fidel Vargas (13)
53,568
*
—
*
—
*
*
Jim Lanzone (14)
—
—
—
—
—
—
—
All directors and executive officers as 
a group (15 persons) (15)
109,973,039
 7.7 
11,724,820
 52.1 
231,626,943
 100.0 
 99.5 
5% Stockholders:
FMR LLC (16)
209,171,777
 14.6 
—
*
—
*
*
Entities affiliated with Tencent 
Holdings Limited (17)
232,655,030
 16.2 
10,344,970
 45.9 
—
*
* 
The Vanguard Group (18)
95,317,701
 6.6 
—
*
—
*
*
*
Represents beneficial ownership of less than 1%.
(1)
Includes 3,177,844 shares of Class A common stock and 5,862,410 shares of Class B common stock held in trust 
for which Mr. Spiegel is trustee and holds voting power.
(2)
Includes 10,307,526 shares of Class A common stock and 5,862,410 shares of Class B common stock held in trust 
for which Mr. Murphy is trustee and holds voting power.
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141

(3)
Includes 21,956 shares of Class A common stock for which the service-based vesting condition would be satisfied 
within 60 days of December 31, 2024.
(4)
Includes (a) 23,266 shares of Class A common stock for which the service-based vesting condition would be 
satisfied within 60 days of December 31, 2024, (b) 498,338 shares of Class A common stock held in trust for 
which Mr. O’Sullivan retains investment power, and (c) 160 shares of Class A common stock held by members of 
Mr. O’Sullivan’s immediate family for which Mr. O’Sullivan disclaims beneficial ownership except as to indirect 
pecuniary interest, if any. 
(5)
Includes RSUs for 234,010 shares of Class A common stock for which the service-based vesting condition would 
be satisfied within 60 days of December 31, 2024.
(6)
Includes (a) 65,553 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024, (b) 120,661 shares of Class A common stock held in trust for which Mr. Lynton is 
trustee, and (c) 300,133 shares held by members of Mr. Lynton’s immediate family for which Mr. Lynton 
disclaims beneficial ownership except as to indirect pecuniary interest, if any. 
(7)
Includes 31,896 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024.
(8)
Includes (a) 65,553 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024, and (b) 23,401 shares of Class A common stock issuable upon settlement of vested 
deferred RSUs. 
(9)
Includes 21,896 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024.
(10)
Includes (a) 65,553 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024, and (b) 23,401 shares of Class A common stock issuable upon settlement of vested 
deferred RSUs.
(11)
Includes 22,718 shares of Class A common stock issuable upon settlement of vested deferred RSUs.
(12)
Includes (a) 63,553 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024, and (b) 23,401 shares of Class A common stock issuable upon settlement of vested 
deferred RSUs.
(13)
Includes (a) 18,908 shares of Class A common stock issuable upon exercise of stock options exercisable within 60 
days of December 31, 2024, and (b) 23,401 shares of Class A common stock issuable upon settlement of vested 
deferred RSUs.
(14)
Mr. Lanzone joined the board of directors on September 12, 2024.
(15)
Consists of (a) 109,244,573 shares of Class A common stock, 11,724,820 shares of Class B common stock, and 
231,626,943 shares of Class C common stock held by our current directors and executive officers or for which 
they serve as trustees, (b) RSUs for 279,232 shares of Class A common stock for which the service-based vesting 
condition would be satisfied within 60 days of December 31, 2024, (c) 332,912 shares of Class A common stock 
issuable upon exercise of stock options exercisable within 60 days of December 31, 2024, and (d) 116,322 shares 
of Class A common stock issuable upon settlement of vested deferred RSUs.
(16)
Based on information reported by FMR LLC on Schedule 13G/A filed with the SEC on February 8, 2024. FMR 
LLC reported as a parent holding company that certain of its subsidiaries have sole dispositive power with respect 
to 209,171,777 shares of Class A common stock and sole voting power with respect to 201,486,770 shares of 
Class A common stock. FMR LLC reported that Fidelity Management & Research Company LLC beneficially 
owns 5% or greater of the outstanding shares of Class A common stock. FMR LLC listed its address as 245 
Summer Street, Boston, Massachusetts 02210.
(17)
Tencent Holdings Limited reported in its 2021 Interim Report that, as of June 30, 2021, it was interested in 
approximately 243 million shares of Snap Inc., and has not provided any update in subsequent reports. We 
believe, based on such reporting and our corporate and transfer agent records, that Tencent Holdings Limited and 
its affiliates beneficially own 10,344,970 shares of Class B Common Stock, and the balance of any remaining 
shares they hold are Class A Common Stock. As noted above, holders of our Class A common stock, other than 
our directors or officers, are exempt from the obligation to file reports under Sections 13(d), 13(g), and 16 of the 
Exchange Act and may hold the stock in nominee or “street name” such that we are not able to identify or confirm 
their ownership. Tencent Holdings Limited listed its registered address as Hutchins Drive, P.O. Box 2681, Grand 
Cayman KY1-1111 Cayman Islands.
(18)
Based on information reported by The Vanguard Group on Schedule 13G filed with the SEC on February 13, 
2024. The Vanguard Group reported that it has sole voting power with respect to 0 shares of Class A common 
stock, sole dispositive power with respect to 94,246,527 shares of Class A common stock, and shared dispositive 
power with respect to 1,071,174 shares of Class A common stock. The Vanguard Group listed its address as 100 
Vanguard Blvd., Malvern, Pennsylvania 19355.
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142

Securities Authorized for Issuance under Equity Incentive Plans
The table set forth below provides information concerning the awards that may be issued under our 2017 Plan as 
of December 31, 2024:
Plan Category
Number of
Securities to
be Issued
Upon Exercise
of Outstanding
Options, 
Warrants
and Rights (1)(2)
(a)
Weighted-
Average
Exercise Price of
Outstanding
Options,
Warrants and
Rights (3)
(b)
Number of
Securities
Remaining
Available for
Issuance
Under Equity
Compensation
Plans
(excluding
securities
reflected in
column (a))
(c)
Equity compensation plans approved by security holders
135,035,500
$ 
16.01 
152,488,503
Equity compensation plans not approved by security holders
—
 
— 
—
Total
135,035,500
$ 
16.01 
152,488,503
(1)
Excludes RSAs subject to forfeiture that are already included within issued and outstanding Class A common 
stock as of December 31, 2024.
(2)
Includes 116,322 shares of Class A common stock issuable upon settlement of vested deferred RSUs.
(3)
The weighted-average exercise price does not reflect shares that will be issued in connection with the settlement 
of RSUs, since RSUs have no exercise price.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Other than compensation arrangements for our directors and executive officers, which are described elsewhere in 
this Annual Report on Form 10-K, below we describe transactions since January 1, 2024 to which we were a party or will 
be a party, in which:
•
the amounts involved exceeded or will exceed $120,000; and
•
any of our directors, executive officers, or holders of more than 5% of our capital stock, or any member of the 
immediate family of, or person sharing the household with, the foregoing persons, had or will have a direct or 
indirect material interest.
Co-Founder Agreements and Related Agreements
We are party to a series of agreements with Mr. Spiegel and Mr. Murphy, and certain of their respective affiliates, 
as applicable, which include: (i) employment agreements pursuant to which each individual will continue to serve in their 
respective roles at Snap for an initial five-year term ending on January 1, 2027, subject to automatic renewals for 
successive five year periods unless earlier terminated as provided in their respective employment agreements, (ii) the 
Future Stock Split, as described above in “Employment, Severance, and Change in Control Agreements”, and (iii) the Co-
Founder Agreements, which include (a) the requirement under certain circumstances to convert an equal number of shares 
of Class B common stock or Class C common stock into Class A common stock in connection with sales by such 
individual of shares of Class A common stock received in the special dividend under the Future Stock Split, (b) conversion 
of such individual’s remaining shares of Class C common stock into Class B common stock at such time as such Class C 
common stock represents in the aggregate less than 60% of such individual’s Base Class C Common Stock (as such term is 
defined in our certification of incorporation), and (c) in the event of any sale or liquidation of Snap Inc. following the 
special dividend, shares of Class A common stock, Class B common stock, and Class C common stock are to be treated 
identically, equally, and ratably, on a per share basis, with respect to any consideration received.
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143

Munger, Tolles & Olson LLP
We have in the past engaged the law firm Munger, Tolles & Olson LLP, or Munger, to provide certain legal 
services to us, and may do so in the future. Mr. Spiegel’s father, John Spiegel, is a partner at Munger and has provided 
legal services to us. For the year ended December 31, 2024, total services provided by Munger were approximately 
$51.2 million. 
Our general counsel, Michael O’Sullivan, is a former attorney at Munger.
Gibson, Dunn & Crutcher LLP
We have in the past engaged the law firm Gibson, Dunn & Crutcher LLP, or Gibson, to provide certain legal 
services to us, and may do so in the future. Mr. Spiegel’s stepmother, Debra Wong Yang, is a partner at Gibson and has 
provided legal services to us. For the year ended December 31, 2024, total services provided by Gibson were 
approximately $11.6 million. 
Entities Affiliated with FMR LLC
In the ordinary course of business, FMR LLC and its affiliates, who hold 5% or more of our Class A common 
stock as of December 31, 2024, purchased approximately $2.8 million of our advertising products for the year ended 
December 31, 2024. In addition, we use affiliates of FMR LLC for certain services related to our 401(k) plan. For the year 
ended December 31, 2024 total services provided by affiliates of FMR LLC were approximately $0.5 million.
Entities Affiliated with Tencent
In the ordinary course of business, Tencent Holdings Limited and its affiliates (other than affiliates in which we 
do not believe Tencent Holdings Limited holds or held a material interest), who hold 5% or more of our Class B common 
stock as of December 31, 2024, purchased approximately $27.7 million of our advertising products for the year ended 
December 31, 2024.
Aviation Matters
Airplane Leases 
In June 2018, we entered into a lease of an aircraft from an entity controlled by Mr. Spiegel on terms that are 
advantageous to us, which was amended in December 2024. Under the terms of this amended lease, Mr. Spiegel’s entity 
leases an aircraft to us for $0. We cover all the operating, maintenance, and insurance costs, and property taxes associated 
with the aircraft. The lease has a one-year term, which is automatically extended for successive one-year periods unless 
terminated by either party. We or Mr. Spiegel’s entity may terminate the lease at any time on one year’s prior written 
notice. The audit and compensation committees of our board of directors approved this amended lease based on our overall 
security program for Mr. Spiegel and their assessment that such an arrangement is more efficient and flexible, and better 
ensures confidentiality, privacy, and safety.
Mr. Spiegel may use aircraft leased by us for personal use pursuant to a time sharing agreement between us and 
Mr. Spiegel in accordance with the provisions of Federal Aviation Regulations 91.501(c). On these flights, Mr. Spiegel and 
guests are flown by our pilots and crew members. Mr. Spiegel reimburses us for certain costs incurred by us in connection 
with these flights, up to the maximum permitted under the Federal Aviation Regulations 91.501(d). When Mr. Spiegel has 
family or guests accompanying him on business flights, Mr. Spiegel cannot reimburse the incremental cost to us for such 
family or guests under the Federal Aviation Regulations. In 2024, the amount that Mr. Spiegel could not reimburse was 
$5,717.
In January 2024, we entered into an agreement with Mr. Spiegel to provide flight crew, maintenance personnel, 
and limited administrative support for flights using Mr. Spiegel’s aircraft pursuant to an overall security program. Mr. 
Spiegel pays the additional operating costs for his aircraft and its flights. The agreement has a one-year term, which is 
automatically extended for successive one-year periods unless terminated by either party. The audit and compensation 
committees of our board of directors approved this arrangement as part of an overall security program because it provides 
confidentiality, privacy, and safety, in addition to reducing our aviation operating costs. 
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144

In September 2022, we entered into a lease of an aircraft from an entity controlled by Mr. Murphy on terms that 
are advantageous to us. Under the terms of this lease, Mr. Murphy’s entity leases the aircraft to us for $0. We cover all the 
operating, maintenance, and insurance costs, and property taxes associated with the aircraft. The lease has a one-year term, 
which is automatically extended for successive one-year periods unless terminated by either party. We or Mr. Murphy’s 
entity may terminate the lease at any time on one year’s prior written notice. The audit and compensation committees of 
our board of directors approved this lease based on our overall security program for Mr. Murphy and their assessment that 
such an arrangement is more efficient and flexible, and better ensures confidentiality, privacy, and safety.
Mr. Murphy may use aircraft leased by us for personal use pursuant to a time sharing agreement between us and 
Mr. Murphy in accordance with the provisions of Federal Aviation Regulations 91.501(c). On these flights, Mr. Murphy 
and guests are flown by our pilots and crew members. Mr. Murphy reimburses us for certain costs incurred by us in 
connection with these flights, up to the maximum permitted under the Federal Aviation Regulations 91.501(d). When Mr. 
Murphy has family or guests accompanying him on business flights, Mr. Murphy cannot reimburse the incremental cost to 
us for such family or guests under the Federal Aviation Regulations. In 2024, the amount that Mr. Murphy could not 
reimburse was $35,883. 
Hangar Leases
In November 2020, we and Mr. Spiegel’s entity entered into a twelve-year sublease for $0 allowing us to build 
and operate a new hangar on that site to support our aviation program, including the storage and operation of the aircraft 
that we lease from Mr. Spiegel and Mr. Murphy. Construction of this hangar was completed in 2022. Mr. Spiegel’s entity is 
solely responsible for the ground lease rental payments, certain airport fees, and taxes. In exchange for certain construction-
related costs and ground lease payments that Mr. Spiegel’s entity has incurred and will continue to incur, Mr. Spiegel’s 
entity has the right to occupy space at the hangar that Snap does not require for its aviation program at a market rate 
determined at the time this arrangement was entered into. As of December 31, 2024, Mr. Spiegel’s entity had a credit 
balance of approximately $2.1 million that can be used for future rent or, to the extent not utilized by the end of the term, to 
purchase the hangar from Snap under the terms of the sublease. No credit balance will be paid to Mr. Spiegel in cash.
Subject to certain limited exceptions, neither party may terminate this sublease for a minimum of six years. After 
this period, either party may terminate the sublease on 24 months’ notice to the other party. Upon termination of the 
sublease, Mr. Spiegel’s entity will purchase the hangar from Snap at its fair market value on the termination date. The audit 
and compensation committees of our board of directors approved this arrangement based on their assessment that it is fair 
and reasonable to us.
Indemnification Agreements
Our certificate of incorporation contains provisions limiting the liability of directors, and our bylaws provide that 
we will indemnify each of our directors and officers to the fullest extent permitted under Delaware law. Our certificate of 
incorporation and bylaws also provide our board of directors with discretion to indemnify our employees and other agents 
when determined appropriate by the board. In addition, we have entered into an indemnification agreement with each of 
our directors and executive officers, which requires us to indemnify them.
Policies and Procedures for Transactions with Related Persons
Our executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of any 
class of our voting common stock, and any members of the immediate family of any of the foregoing persons, are subject 
to our related person transaction policy. Under the policy such persons are not permitted to enter into a transaction with us 
in which the amount involved exceeds $120,000 and where such person would have a direct or indirect interest, subject to 
certain exceptions, without the approval or ratification of our board of directors, our audit committee, or any other 
independent board committee, as appropriate. Any request for us to enter into a related party transaction must be presented 
for review, consideration, and approval by our board of directors or the appropriate committee. In approving or rejecting 
any such proposal, the relevant approver is to consider the material facts of the transaction, including whether the 
transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or 
similar circumstances and the extent of the related person’s interest in the transaction. Finally, as part of the policy the 
board reviewed and pre-approved certain categories of related party transactions. There were no 2024 transactions where 
the applicable policy was not followed.
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145

Director Independence
Our board of directors has undertaken a review of the independence of each director. Based on information 
provided by each director concerning his or her background, employment, and affiliations, our board of directors has 
determined that Ms. Coffey, Ms. Coles, Ms. Jenkins, Mr. Lanzone, Mr. Lynton, Mr. Miller, Mr. Spence, Ms. Thorpe, and 
Mr. Vargas do not have relationships that would interfere with the exercise of independent judgment in carrying out the 
responsibilities of a director and that each of these directors is “independent” as that term is defined under the listing 
standards. In making these determinations, our board of directors considered the current and prior relationships that each 
non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant 
in determining their independence, including the beneficial ownership of our shares by each non-employee director and the 
transactions described above.
Item 14. Principal Accountant Fees and Services.
The following table sets forth the aggregate fees for professional service provided by our independent registered 
public accounting firm, Ernst & Young LLP, for the years ended December 31, 2024 and 2023:
Year Ended December 31,
2024
2023
(in thousands)
Audit Fees (1)
$ 
8,764 $ 
8,339 
Audit-Related Fees
 
—  
— 
Tax Fees (2)
 
1,746  
2,952 
All Other Fees (3)
 
1,797  
836 
Total
$ 
12,307 $ 
12,127 
(1)
Audit fees consist of the fees for professional services rendered for the audit of our financial statements, audit of 
our internal control over financial reporting, review of our quarterly financial statements, filing of our registration 
statements, accounting consultations, and audits provided in connection with statutory filings.
(2)
Tax fees consist of the fees for professional services rendered in connection with tax compliance, tax advisory, 
and tax planning.
(3)
All other fees consist of fees for professional services other than the services reported in audit fees, audit-related 
fees, and tax fees.
The audit committee has adopted a pre-approval policy under which the audit committee approves in advance all 
audit and permissible non-audit services to be performed by the independent accountants (subject to a de minimis 
exception). These services may include audit services, audit-related services, tax services, and other non-audit services. As 
part of its pre-approval policy, the audit committee considers whether the provision of any proposed non-audit services is 
consistent with the SEC’s rules on auditor independence. In accordance with its pre-approval policy, the audit committee 
has pre-approved certain specified audit and non-audit services to be provided by our independent auditor. If there are any 
additional services to be provided, a request for pre-approval must be submitted to the audit committee for its consideration 
under the policy. The audit committee generally pre-approves particular services or categories of services on a case-by-case 
basis. Finally, in accordance with the pre-approval policy, the audit committee has delegated pre-approval authority to the 
chair of the audit committee. The chair must report any pre-approval decisions to the audit committee at its next meeting.
All of the services of Ernst & Young LLP for 2024 and 2023 described above were in accordance with the audit 
committee pre-approval policy.
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146

PART IV
Item 15. Exhibit and Financial Statement Schedules.
We have filed the following documents as part of this Annual Report on Form 10-K:
1.
Consolidated Financial Statements
See Index to Financial Statements and Supplementary Data on page 77.
2.
Financial Statement Schedules
All schedules have been omitted because they are not required, not applicable, not present in amounts sufficient to 
require submission of the schedule, or the required information is otherwise included.
3.
Exhibits
The documents set forth below are filed herewith or incorporated herein by reference to the location indicated.
3.1
Amended and Restated Certificate of Incorporation of 
Snap Inc.
S-1
333-215866
3.2
February 2, 
2017
3.2
Amendment No. 1 to the Amended and Restated 
Certificate of Incorporation of Snap Inc.
8-K
001-38017
3.1
July 21, 2022
3.3
Certificate of Correction to Amendment No. 1 to the 
Amended and Restated Certificate of Incorporation of 
Snap Inc.
8-K/A
001-38017
3.1
August 8, 
2022
3.4
Amendment No. 2 to the Amended and Restated 
Certificate of Incorporation of Snap Inc.
8-K
001-38017
3.1
August 26, 
2022
3.5
Amendment No. 3 to the Amended and Restated 
Certificate of Incorporation of Snap Inc.
8-K
001-38017
3.1
May 17, 2024
3.6
Amended and Restated Bylaws of Snap Inc.
10-K
001-38017
3.2
February 5, 
2021
4.1
Form of Class A Common Stock Certificate
S-1
333-215866
4.1
February 2, 
2017
4.2
Form of Class B Common Stock Certificate
S-8
333-216495
4.6
March 7, 2017
4.3
Form of Class C Common Stock Certificate
S-8
333-216495
4.7
March 7, 2017
4.4
Description of Securities
4.5
Indenture, dated August 9, 2019, by and between Snap 
Inc. and U.S. Bank National Association, as Trustee
8-K
001-38017
4.1
August 9, 
2019
4.6
Form of Global Note, representing Snap Inc.’s 0.75% 
Convertible Senior Notes due 2026 (included as Exhibit 
A to the Indenture filed as Exhibit 4.5 to this Form 10-K)
8-K
001-38017
4.2
August 9, 
2019
4.7
Indenture, dated April 28, 2020, by and between Snap 
Inc. and U.S. Bank National Association, as Trustee
8-K
001-38017
4.1
April 28, 2020
4.8
Form of Global Note, representing Snap Inc.’s 0.25% 
Convertible Senior Notes due 2025 (included as Exhibit 
A to the Indenture filed as Exhibit 4.7 to this Form 10-K)
8.K
001-38017
4.2
April 28, 2020
Incorporated by Reference
Exhibit
Number
Description
Schedule
Form
File
Number
Exhibit
Filing Date
Table of Contents
147

4.9
Indenture, dated April 30, 2021, by and between Snap 
Inc. and U.S. Bank National Association, as Trustee
8-K
001-38017
4.1
April 30, 2021
4.10
Form of Global Note, representing Snap Inc.’s 0% 
Convertible Senior Notes due 2027 (included as Exhibit 
A to the Indenture filed as Exhibit 4.9 to this Form 10-K)
8-K
001-38017
4.2
April 30, 2021
4.11
Indenture, dated February 11, 2022, by and between Snap 
Inc. and U.S. Bank Trust Company, National Association, 
as Trustee.
8-K
001-38017
4.1
February 11, 
2022
4.12
Form of Global Note, representing Snap Inc.’s 0.125% 
Convertible Senior Notes due 2028 (included as Exhibit 
A to the Indenture filed as Exhibit 4.11 to this Form 10-
K)
8-K
001-38017
4.2
February 11, 
2022
4.13
Indenture, dated May 13, 2024, by and between Snap Inc. 
and U.S. Bank Trust Company, National Association, as 
Trustee
8-K
001-38017
4.1
May 13, 2024
4.14
Form of Global Note, representing Snap Inc.’s 0.50% 
Convertible Senior Notes due 2030 (included as Exhibit 
A to the Indenture filed as Exhibit 4.13 to this Form 10-
K)
8-K
001-38017
4.1
May 13, 2024
10.1+
Snap Inc. 2017 Equity Incentive Plan
S-8
333-216495
99.7
March 7, 2017
10.2+
Forms of global grant notice, stock option agreement and 
notice of exercise under the Snap Inc. 2017 Equity 
Incentive Plan
10-K
001-38017
10.8
February 4, 
2022
10.3+
Forms of restricted stock unit grant notice and award 
agreement under the Snap Inc. 2017 Equity Incentive 
Plan
10-Q
001-38017
10.1
April 26, 2024
10.4+
Forms of restricted stock award grant notice and award 
agreement under the Snap Inc. 2017 Equity Incentive 
Plan
10-Q
001-38017
10.4
October 26, 
2018
10.5+
Snap Inc. 2017 Employee Stock Purchase Plan
S-1
333-215866
10.11
February 2, 
2017
10.6+
Form of indemnification agreement
S-1
333-215866
10.12
February 2, 
2017
10.7
Co-Founder’s Agreement among Snap Inc., Evan Spiegel, 
and other Holders signatory thereto, made as of July 21, 
2022
8-K
001-38017
10.1
July 21, 2022
10.8
Amendment to Co-Founder Agreement among Snap Inc., 
Evan Spiegel, and the other Holders signatory thereto, 
made as of May 16, 2024
8-K
001-38017
10.1
May 17, 2024
10.9
Co-Founder’s Agreement among Snap Inc., Robert 
Murphy, and other Holders signatory thereto, made as of 
July 21, 2022
8-K
001-38017
10.2
July 21, 2022
10.10
Amendment to Co-Founder Agreement among Snap Inc., 
Robert Murphy, and the other Holders signatory thereto, 
made as of May 16, 2024
8-K
001-38017
10.2
May 17, 2024
10.11+
Employment Agreement by and between Snap Inc. and 
Evan Spiegel, dated July 21, 2022
8-K
001-38017
10.3
July 21, 2022
Incorporated by Reference
Exhibit
Number
Description
Schedule
Form
File
Number
Exhibit
Filing Date
Table of Contents
148

10.12+
Employment Agreement by and between Snap Inc. and 
Robert Murphy, dated July 21, 2022
8-K
001-38017
10.4
July 21, 2022
10.13+
Offer Letter, by and between Snap Inc. and Michael 
O’Sullivan, dated July 24, 2017
10-Q
001-38017
10.1
November 8, 
2017
10.14+
Offer Letter, by and between Snap Inc. and Derek 
Andersen, dated May 16, 2019
8-K
001-38017
10.1
May 20, 2019
10.15+
Offer Letter, by and between Snap Inc. and Rebecca 
Morrow, dated July 12, 2019
10-Q
001-38017
10.1
October 23, 
2019
10.16+
Offer Letter, by and between Snap Inc. and Eric Young, 
dated April 14, 2023
8-K
001-3817
10.1
June 5, 2023
10.17+
Snap Inc. 2024 Bonus Program
10-K
001-38017
10.27
February 7, 
2024
10.18
Revolving Credit Agreement by and among Snap Inc., the 
lenders party thereto, and JPMorgan Chase Bank, N.A., 
as administrative agent, dated May 6, 2022
10-Q
001-38017
10.2
July 22, 2022
10.19
Snap Inc. Non-Employee Director Compensation Policy
10-Q
001-38017
10.3
July 25, 2023
10.20+
Form of Time Share Agreement
10-Q
001-38017
10.3
October 26, 
2018
10.21+
Snap Inc. 2025 Bonus Program
19.1
Snap Inc. Insider Trading Policy
21.1
List of Subsidiaries
10-K
001-38017
21.1
February 1, 
2023
23.1
Consent of Ernst & Young, LLP, independent registered 
public accounting firm
31.1
Certification of the Chief Executive Officer of Snap Inc. 
pursuant to Rule 13a-14(a)/15d-14(a) under the Securities 
Exchange Act of 1934
31.2
Certification of the Chief Financial Officer of Snap Inc. 
pursuant to Rule 13a-14(a)/15d-14(a) under the Securities 
Exchange Act of 1934
32.1*
Certification of the Chief Executive Officer and Chief 
Financial Officer of Snap Inc. pursuant to 18 U.S.C. 
Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002
97.1+
Snap Inc. Incentive Compensation Recoupment Policy
10-K
001-38017
10.26
February 7, 
2024
101.INS
Inline XBRL Instance Document (the instance document 
does not appear in the Interactive Data File because its 
XBRL tags are embedded within the Inline XBRL 
document).
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase 
Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase 
Document.
Incorporated by Reference
Exhibit
Number
Description
Schedule
Form
File
Number
Exhibit
Filing Date
Table of Contents
149

101.LAB
Inline XBRL Taxonomy Extension Label Linkbase 
Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase 
Document.
104
Cover Page Interactive Data File (formatted as inline 
XBRL and contained in Exhibit 101).
Incorporated by Reference
Exhibit
Number
Description
Schedule
Form
File
Number
Exhibit
Filing Date
+ 
Indicates management contract or compensatory plan.
* 
The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Annual Report on Form 10-K 
and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, 
except to the extent that the Registrant specifically incorporates it by reference.
Item 16. Form 10-K Summary.
None.
Table of Contents
150

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 the Registrant has 
duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
SNAP INC.
Date: February 4, 2025
/s/ Derek Andersen
Derek Andersen
Chief Financial Officer
(Principal Financial Officer)
Date: February 4, 2025
/s/ Rebecca Morrow
Rebecca Morrow
Chief Accounting Officer
(Principal Accounting Officer)
Table of Contents
151

Pursuant to the requirements of the Securities Exchange Act of 1934 this Report has been signed below by the 
following persons on behalf of the Registrant in the capacities and on the dates indicated.
Name
Title
Date
/s/ Evan Spiegel
Chief Executive Officer and Director
February 4, 2025
Evan Spiegel
(Principal Executive Officer)
/s/ Robert Murphy
Director and Chief Technology Officer 
February 4, 2025
Robert Murphy
/s/ Derek Andersen
Chief Financial Officer 
February 4, 2025
Derek Andersen
(Principal Financial Officer) 
 
/s/ Rebecca Morrow
Chief Accounting Officer 
February 4, 2025
Rebecca Morrow
(Principal Accounting Officer) 
/s/ Kelly Coffey
Director
February 4, 2025
Kelly Coffey
/s/ Joanna Coles
Director
February 4, 2025
Joanna Coles
/s/ Elizabeth Jenkins
Director
February 4, 2025
Elizabeth Jenkins
/s/ Jim Lanzone
Director
February 4, 2025
Jim Lanzone
/s/ Michael Lynton
Director
February 4, 2025
Michael Lynton
/s/ Scott D. Miller
Director
February 4, 2025
Scott D. Miller
 
 
/s/ Patrick Spence
Director
February 4, 2025
Patrick Spence
 
 
/s/ Poppy Thorpe
Director
February 4, 2025
Poppy Thorpe
/s/ Fidel Vargas
Director
February 4, 2025
Fidel Vargas
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152