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$TMO's adjusted SG&A in 4Q15 was 20.6% of revenue, a 150BPs favorable to 4Q14 driven primarily by FX, cost synergies, and productivity actions. For the full year, adjusted SG&A was 21.7%, a 120BP favorable to 2014. R&D expense came in at 3.9% of revenue in 4Q15, 20BPs favorable to 4Q14 & full year R&D expense was 4.1%, flat to full year 2014.
$TWTR mentions Snap as one of its fiercest rivals in its 10K filing. Great head start for Snap ahead of IPO!