Snap Inc. Announces Fourth Quarter and Full Year 2019 Financial Results

Daily Active Users increased 17% year-over-year to 218 million

Fourth quarter revenue increased 44% year-over-year to $561 million

Fourth quarter operating cash flow improved 47% year-over-year to $(67) million

SANTA MONICA, Calif.--(BUSINESS WIRE)--Snap Inc. (NYSE: SNAP) today announced financial results for the quarter and full year ended December 31, 2019.


Financial Highlights

  • Operating cash flow improved by $59 million to $(67) million in Q4 2019, compared to the prior year.
  • Free Cash Flow improved by $73 million to $(76) million in Q4 2019, compared to the prior year.
  • Common shares outstanding plus shares underlying stock-based awards totaled 1,576 million at December 31, 2019, compared to 1,507 million one year ago.
  • Revenue increased 44% to $561 million in Q4 2019, compared to the prior year.
  • Net loss increased $49 million to $(241) million in Q4 2019, compared to the prior year.
  • Adjusted EBITDA improved $93 million to $42 million in Q4 2019, compared to the prior year.

In 2019 we saw momentum across the board. We grew our community by 31 million daily active users, accelerated our revenue growth, and progressed towards profitability by improving full-year Adjusted EBITDA by 65% year-over-year,” said Evan Spiegel, CEO. “The strength in our core business gives us confidence in our long term growth and profitability and we’re excited to build on these results in 2020 and beyond.”

 

Three Months Ended
December 31,

 

 

Percent

 

 

Twelve Months Ended
December 31,

 

 

Percent

 

 

2019

 

 

2018

 

 

Change

 

 

2019

 

 

2018

 

 

Change

 

(Unaudited)

(in thousands, except per share amounts)

 

Cash used in operating activities

$

(66,842

)

 

$

(126,054

)

 

 

(47

)%

 

$

(304,958

)

 

$

(689,924

)

 

 

(56

)%

Free Cash Flow

$

(75,935

)

 

$

(148,795

)

 

 

49

%

 

$

(341,436

)

 

$

(810,166

)

 

 

58

%

Common shares outstanding plus shares underlying stock-based awards

 

1,576,035

 

 

 

1,506,623

 

 

 

5

%

 

 

1,576,035

 

 

 

1,506,623

 

 

 

5

%

Operating loss

$

(253,596

)

 

$

(194,707

)

 

 

30

%

 

$

(1,103,328

)

 

$

(1,268,450

)

 

 

(13

)%

Revenue

$

560,888

 

 

$

389,822

 

 

 

44

%

 

$

1,715,534

 

 

$

1,180,446

 

 

 

45

%

Net loss(1)

$

(240,704

)

 

$

(191,668

)

 

 

26

%

 

$

(1,033,660

)

 

$

(1,255,911

)

 

 

(18

)%

Adjusted EBITDA

$

42,307

 

 

$

(50,363

)

 

 

184

%

 

$

(202,230

)

 

$

(575,637

)

 

 

65

%

Diluted net loss per share attributable to common stockholders

$

(0.17

)

 

$

(0.14

)

 

 

21

%

 

$

(0.75

)

 

$

(0.97

)

 

 

(23

)%

Non-GAAP diluted net income (loss) per share

$

0.03

 

 

$

(0.04

)

 

 

175

%

 

$

(0.16

)

 

$

(0.47

)

 

 

66

%

(1) Net loss for the three and twelve months ended December 31, 2019 includes $100 million of non-recurring legal charges. See page 10 for reconciliation of net loss to Adjusted EBITDA.

Q4 2019 Summary & Key Highlights

In 2019, we added 31 million Daily Active Users and saw increased engagement across key metrics:

  • DAUs were 218 million in Q4 2019, an increase of 31 million or 17% year-over-year.
  • DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
  • DAUs increased sequentially and year-over-year on each of iOS and Android platforms.

We continue to invest in our Discover platform, with a particular focus on building a sustainable content ecosystem and increasing engagement:

  • Total daily time spent by Snapchatters watching Discover increased by 35% year-over-year in Q4 2019.
  • Total daily time spent by Snapchatters over the age of 25 watching Discover increased by 60% year-over-year in Q4 2019.
  • In Q4 2019, over 50 Shows reached a monthly audience of over 10 million viewers.
  • We launched 78 new international Discover channels in Q4 2019, up from 53 in Q3 2019, to bring locally relevant content to our global community.
  • Since their debut in November 2018, more than 125 million Snapchatters have watched Bitmoji Stories, our personalized comics starring Snapchatters and their friends.
  • We introduced Bitmoji TV, a fully animated, regularly updated cartoon series that will star users’ self-styled Bitmojis and their friends.

We continue to invest in our camera and augmented reality platforms:

  • Over 75% of our community engages with augmented reality every day on average.
  • At the end of Q4 2019, over 735,000 Lenses had been created by our community through Lens Studio, up from over 600,000 at the end of Q3 2019.
  • Lenses made by our community via Lens Studio now make up over 20% of the total Snaps sent every day with a Lens, with top-performing Community Lenses reaching billions of views on Snapchat.
  • On New Year’s Eve, more than 200 million people engaged with augmented reality on Snapchat over 13 billion times, up from 9 billion last year.

We strengthened our ad platform to drive improved outcomes for advertisers:

  • Revenue from Commercials more than tripled year-over-year in Q4 2019.
  • Revenue from Story Ads doubled year-over-year in Q4 2019.
  • We announced that McDonald’s and Coca-Cola are our first brand partners to utilize our Scan camera technology, which combines visual search and augmented reality by recognizing a logo through the Snap camera and providing related AR experiences.
  • Any brand can now create a marker Lens for free via Lens Studio and submit it for the Snapchat community to use.

We continue to innovate to better serve our large and engaged community:

  • We launched Cameos, our new creative tool that makes Snapchatters the star of their own videos that they can send to friends in Chat.
  • In Q4 2019, we released three new leaderboard games – Find My Friends, Slide the Shakes, and Ready Chef Go – which allow Snapchatters to compete against their friends for the highest score.
  • We added over 150 partner app integrations with Snap Kit in Q4 2019.
  • 14 apps created by our partners are currently in the top 100 free apps of the US iOS App Store.

Financial Guidance

The following forward-looking statements reflect our expectations for the first quarter of 2020 as of February 4, 2020, and are subject to substantial uncertainty. This guidance assumes constant foreign currency rates, and among other things, that no business acquisitions, investments, restructurings, or legal settlements are concluded in the quarter. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

Q1 2020 Outlook

  • Revenue is expected to be between $450 million and $470 million, compared to $320 million in Q1 2019.
  • Adjusted EBITDA is expected to be between $(90) and $(70) million, compared to $(123) million in Q1 2019.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses the investor.snap.com and snap.com/news websites as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA 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 and related payroll tax expense; and certain other non-cash or non-recurring items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered Snapchat user who opens the Snapchat application 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.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered Snapchat user who opens the Snapchat application at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Addressable reach is defined as the approximate number of Snapchat users that an ad could reach over a 28-day period in a given locality. When we calculate the percentage of a demographic group that can be reached, we do so by dividing addressable reach by relevant census figures. Addressable reach and age data are subject to limitations. For more information, see Snap’s SEC filings and businesshelp.snapchat.com.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.”

About Snap Inc.

Snap Inc. is a camera company. We believe that reinventing the camera represents our 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. For more information, visit snap.com.

Forward-Looking Statements

This press release 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 press release, including statements regarding guidance, our future results of operations or financial condition, business strategy and plans, user growth and engagement, product initiatives, and objectives of management for future operations, 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 press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our lack of profitability to date; our ability to generate and sustain positive cash flow; our ability to attract and retain users, publishers, and advertisers; competition and new market entrants; managing our international expansion and our growth and future expenses; compliance with new laws and regulations; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified and key personnel; our ability to repay outstanding debt; and future acquisitions or investments, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent quarterly report on Form 10-Q filed with the SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in Snap Inc.’s annual report on Form 10-K for the year ended December 31, 2019 and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

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 and related payroll tax expense; and certain other non-cash or non-recurring 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 use the non-GAAP financial measure of non-GAAP net loss, which is defined as net income (loss); excluding amortization of intangible assets; stock-based compensation expense and related payroll tax expense; certain other non-cash or non-recurring items impacting net income (loss) from time to time; and related income tax adjustments. Non-GAAP net loss and weighted average diluted shares are then used to calculate non-GAAP diluted net loss per share. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses we exclude in the measure.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures 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.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.”

Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

 

Twelve Months Ended
December 31,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(240,704

)

 

$

(191,668

)

 

$

(1,033,660

)

 

$

(1,255,911

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

20,620

 

 

 

22,682

 

 

 

87,245

 

 

 

91,648

 

Stock-based compensation

 

166,655

 

 

 

121,772

 

 

 

686,013

 

 

 

538,211

 

Deferred income taxes

 

(686

)

 

 

(512

)

 

 

(491

)

 

 

(383

)

Gain on divestiture

 

 

 

 

 

 

 

(39,883

)

 

 

 

Amortization of debt discount and issuance costs

 

11,385

 

 

 

 

 

 

17,797

 

 

 

 

Lease exit charges

 

 

 

 

(235

)

 

 

 

 

 

33,033

 

Other

 

(24,014

)

 

 

(224

)

 

 

(28,575

)

 

 

(903

)

Change in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

(117,126

)

 

 

(93,443

)

 

 

(147,862

)

 

 

(77,506

)

Prepaid expenses and other current assets

 

(4,869

)

 

 

4,653

 

 

 

(9,849

)

 

 

1,594

 

Operating lease right-of-use assets

 

945

 

 

 

 

 

 

58,199

 

 

 

 

Other assets

 

(3,371

)

 

 

1,471

 

 

 

1,169

 

 

 

21,785

 

Accounts payable

 

(7,645

)

 

 

11,106

 

 

 

20,674

 

 

 

(33,532

)

Accrued expenses and other current liabilities

 

129,408

 

 

 

339

 

 

 

146,063

 

 

 

(14,325

)

Operating lease liabilities

 

2,415

 

 

 

 

 

 

(60,844

)

 

 

 

Other liabilities

 

145

 

 

 

(1,995

)

 

 

(954

)

 

 

6,365

 

Net cash used in operating activities

 

(66,842

)

 

 

(126,054

)

 

 

(304,958

)

 

 

(689,924

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(9,093

)

 

 

(22,741

)

 

 

(36,478

)

 

 

(120,242

)

Sales of property and equipment

 

 

 

 

11,276

 

 

 

 

 

 

11,276

 

Proceeds from divestiture, net

 

 

 

 

 

 

 

73,796

 

 

 

 

Cash paid for acquisitions, net of cash acquired

 

(77,119

)

 

 

(815

)

 

 

(77,119

)

 

 

(815

)

Non-marketable investments

 

(1,731

)

 

 

(1,235

)

 

 

(5,481

)

 

 

(22,495

)

Purchases of marketable securities

 

(552,990

)

 

 

(335,451

)

 

 

(2,477,388

)

 

 

(1,653,918

)

Sales of marketable securities

 

81,742

 

 

 

 

 

 

184,179

 

 

 

45,007

 

Maturities of marketable securities

 

415,115

 

 

 

511,404

 

 

 

1,608,854

 

 

 

2,438,206

 

Other

 

 

 

 

 

 

 

1,029

 

 

 

(2,565

)

Net cash provided by (used in) investing activities

 

(144,076

)

 

 

162,438

 

 

 

(728,608

)

 

 

694,454

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net of issuance costs

 

(437

)

 

 

 

 

 

1,251,411

 

 

 

 

Purchase of capped calls

 

 

 

 

 

 

 

(102,086

)

 

 

 

Proceeds from the exercise of stock options

 

1,801

 

 

 

123

 

 

 

16,527

 

 

 

47,988

 

Stock repurchases from employees for tax withholdings

 

 

 

 

 

 

 

 

 

 

(551

)

Net cash provided by financing activities

 

1,364

 

 

 

123

 

 

 

1,165,852

 

 

 

47,437

 

Change in cash, cash equivalents, and restricted cash

 

(209,554

)

 

 

36,507

 

 

 

132,286

 

 

 

51,967

 

Cash, cash equivalents, and restricted cash, beginning of period

 

730,814

 

 

 

352,467

 

 

 

388,974

 

 

 

337,007

 

Cash, cash equivalents, and restricted cash, end of period

$

521,260

 

 

$

388,974

 

 

$

521,260

 

 

$

388,974

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes, net

$

56

 

 

$

443

 

 

$

156

 

 

$

3,598

 

Supplemental disclosures of non-cash activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in accounts payable and accrued expenses and other current liabilities related to property and equipment additions

$

951

 

 

$

(2,074

)

 

$

(6,027

)

 

$

(7,764

)

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

 

 

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

$

560,888

 

 

$

389,822

 

 

$

1,715,534

 

 

$

1,180,446

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

253,439

 

 

 

212,948

 

 

 

895,838

 

 

 

798,865

 

Research and development

 

219,526

 

 

 

164,443

 

 

 

883,509

 

 

 

772,185

 

Sales and marketing

 

125,972

 

 

 

99,474

 

 

 

458,598

 

 

 

400,824

 

General and administrative

 

215,547

 

 

 

107,664

 

 

 

580,917

 

 

 

477,022

 

Total costs and expenses

 

814,484

 

 

 

584,529

 

 

 

2,818,862

 

 

 

2,448,896

 

Operating loss

 

(253,596

)

 

 

(194,707

)

 

 

(1,103,328

)

 

 

(1,268,450

)

Interest income

 

10,463

 

 

 

7,513

 

 

 

36,042

 

 

 

27,228

 

Interest expense

 

(14,775

)

 

 

(1,111

)

 

 

(24,994

)

 

 

(3,894

)

Other income (expense), net

 

17,536

 

 

 

(3,715

)

 

 

59,013

 

 

 

(8,248

)

Loss before income taxes

 

(240,372

)

 

 

(192,020

)

 

 

(1,033,267

)

 

 

(1,253,364

)

Income tax benefit (expense)

 

(332

)

 

 

353

 

 

 

(393

)

 

 

(2,547

)

Net loss

$

(240,704

)

 

$

(191,668

)

 

$

(1,033,660

)

 

$

(1,255,911

)

Net loss per share attributable to Class A, Class B, and Class C common stockholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.17

)

 

$

(0.14

)

 

$

(0.75

)

 

$

(0.97

)

Diluted

$

(0.17

)

 

$

(0.14

)

 

$

(0.75

)

 

$

(0.97

)

Weighted average shares used in computation of net loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,409,519

 

 

 

1,324,858

 

 

 

1,375,462

 

 

 

1,300,568

 

Diluted

 

1,409,519

 

 

 

1,324,858

 

 

 

1,375,462

 

 

 

1,300,568

 

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

 

 

December 31,

2019

 

 

September 30,

2019

 

 

December 31,
2018

 

 

(unaudited)

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

520,317

 

 

$

728,828

 

 

$

387,149

 

Marketable securities

 

1,592,488

 

 

 

1,531,902

 

 

 

891,914

 

Accounts receivable, net of allowance

 

492,194

 

 

 

374,090

 

 

 

354,965

 

Prepaid expenses and other current assets

 

38,987

 

 

 

42,243

 

 

 

41,900

 

Total current assets

 

2,643,986

 

 

 

2,677,063

 

 

 

1,675,928

 

Property and equipment, net

 

173,667

 

 

 

177,073

 

 

 

212,560

 

Operating lease right-of-use assets

 

275,447

 

 

 

250,225

 

 

 

 

Intangible assets, net

 

92,121

 

 

 

72,371

 

 

 

126,054

 

Goodwill

 

761,153

 

 

 

621,758

 

 

 

632,370

 

Other assets

 

65,550

 

 

 

65,882

 

 

 

67,194

 

Total assets

$

4,011,924

 

 

$

3,864,372

 

 

$

2,714,106

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

46,886

 

 

$

56,572

 

 

$

30,876

 

Operating lease liabilities

 

42,179

 

 

 

49,725

 

 

 

 

Accrued expenses and other current liabilities

 

410,610

 

 

 

262,766

 

 

 

261,815

 

Total current liabilities

 

499,675

 

 

 

369,063

 

 

 

292,691

 

Convertible senior notes, net

 

891,776

 

 

 

880,391

 

 

 

 

Operating lease liabilities, noncurrent

 

303,178

 

 

 

284,798

 

 

 

 

Other liabilities

 

57,382

 

 

 

5,705

 

 

 

110,416

 

Total liabilities

 

1,752,011

 

 

 

1,539,957

 

 

 

403,107

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,160,127, 1,132,915, and 999,304 shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

 

12

 

 

 

11

 

 

 

10

 

Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 24,522, 32,057, and 93,845 shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

 

 

 

 

 

 

 

1

 

Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,147, 229,564, and 224,611 shares issued and outstanding at December 31, 2019, September 30, 2019, and December 31, 2018, respectively.

 

2

 

 

 

2

 

 

 

2

 

Additional paid-in capital

 

9,205,256

 

 

 

9,036,801

 

 

 

8,220,417

 

Accumulated other comprehensive income

 

573

 

 

 

(7,173

)

 

 

3,147

 

Accumulated deficit

 

(6,945,930

)

 

 

(6,705,226

)

 

 

(5,912,578

)

Total stockholders’ equity

 

2,259,913

 

 

 

2,324,415

 

 

 

2,310,999

 

Total liabilities and stockholders’ equity

$

4,011,924

 

 

$

3,864,372

 

 

$

2,714,106

 


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