Snap Inc. (NYSE:SNAP) Q2 2019 Earnings Conference Call Transcript

Jul 23, 2019 • 05:00 pm ET

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Snap Inc. (NYSE:SNAP) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, everyone and welcome to Snap Inc.'s Second Quarter 2019 Earnings Conference Call. [Operator Instructions] This call will be recorded.

Thank you very much, Mr. David Ometer of Investor Relations, you may begin.

Executive
David Ometer

Thank you, and good afternoon, everyone. Welcome to Snap's Second Quarter 2019 Earnings Conference Call. With us today are Evan Spiegel, Chief Executive Officer and Co-founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer. Earlier today, we made a slide presentation available that provides an overview of our user and financial metrics for the second quarter 2019, which can be found on our Investor Relations website at investor.snap.com.

Now, I will cover the Safe Harbor. Today's call is to provide you with information regarding our second quarter 2019 performance in addition to our financial outlook. This conference call includes forward-looking statements. Any statement that refers to expectations, projections, guidance or other characterizations of future events including financial projections or future market conditions is a forward-looking statement based on assumptions today. Actual results may differ materially from those expressed in these forward-looking statements and we make no obligation to update our disclosures.

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks described in our quarterly report on Form 10-Q for the quarter ended March 31, 2019 particularly in the section titled Risk Factors. Additional information can be found in our other filings with the SEC when available. Our commentary today will also include non-GAAP financial measures and we believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends.

These measures should not be considered in isolation from or as a substitute for, financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our press release issued today. A copy of which can be found on our Investor Relations website. Please note that when we discuss all of our expense figures they will exclude stock-based compensation and related payroll taxes, as well as depreciation and amortization and non-recurring charges. At times in our prepared remarks or in response to questions we may offer additional metrics to provide greater insight into our business or our quarterly and annual results. This additional detail maybe one-time in nature and we may or may not provide an update in the future on these metrics. Please refer to our filings with the SEC to understand how we calculate our metrics.

With that, I'd like to turn the call over to Evan.

Executive
Evan Spiegel

Hi, everyone, and welcome to our call. We're proud of the results that our team delivered this quarter. We added 13 million daily active users, our highest net adds since the second quarter of 2016, bringing our daily active users to 203 million. The average number of Snaps created every day grew to more than