Short answer
Snap Inc (SNAP) filed its fiscal 2018 10-K annual report with the SEC on Feb 6, 2019. It reported revenue of $1.2B (+43.1% year over year) and net income of −$1.3B.
- Top risk flagged: FTC 20-year privacy order: bi-annual independent audits and penalties for violations
FY2018 key financial metrics · XBRL
- Revenue
- $1.2B
- +43.1% YoY
- Net income
- −$1.3B
- +63.5% YoY
- Operating margin
- -107.5%
- +315.1 pp YoY
- EPS (diluted)
- −$0.97
- +67.1% YoY
- ROE
- -54.3%
- +60.8 pp YoY
- Operating cash flow
- −$690M
- +6.1% YoY
Source: XBRL data from the Snap Inc (SNAP) FY2018 10-K on SEC EDGAR. USD.
Snap Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Camera-first Snapchat platform monetized primarily through mobile advertising and user engagement
- Expanded AR and local measurement capabilities through Sponsored Lenses and Placed acquisition, including omni-channel store-visit measurement
- Strategic emphasis on self-serve advertising, automated delivery, refined targeting, and lower-cost performance across emerging markets
- 2,884 employees at December 31, 2018; R&D expense $772.2 million
- Intellectual-property portfolio reached 436 issued patents and approximately 722 filed applications worldwide
Management Discussion & Analysis
- Revenue $1.18B, up $355.5M or 43% YoY, driven by increased advertisements delivered
- Operating margin (107.5%) vs (422.5%), net loss $1.26B vs $3.45B
- Best segment: advertising revenue, $1.18B; worst segment: Spectacles, $39.9M inventory charges in 2017
- Operating cash use $689.9M, free cash flow $(810.2)M, capex $120.2M, no buybacks or dividends
- Outlook: cash balance $1.3B funds at least 12 months; risks include DAU decline, Android performance, and competition for user attention
Risk Factors
- FTC 20-year privacy order: bi-annual independent audits and penalties for violations
- Brexit exposure: significant non-U.S. operations and intellectual-property licensing based in the United Kingdom
- Google Cloud concentration: $2.0 billion five-year commitment supporting the vast majority of computing and storage
- Instagram competition: Facebook’s Stories feature largely mimics Snapchat Stories
- Founder control: Spiegel and Murphy hold approximately 97% of voting power; $1.3 billion 2018 net loss
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