Snap Inc. (NYSE:SNAP) Q3 2020 Earnings Conference Call - Final Transcript

Oct 20, 2020 • 05:00 pm ET

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Snap Inc. (NYSE:SNAP) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, everyone, and welcome to Snap Inc.'s Third Quarter 2020 Earnings Conference Call. [Operator Instructions]

Thank you very much. Betsy Frank, Senior Director of Investor Relations, you may begin.

Executive
Betsy Miller Frank

Thank you, and good afternoon, everyone. Welcome to Snap's third quarter 2020 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 third quarter 2020, 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 third quarter 2020 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, future market conditions, or the impact of COVID-19 on our business and on the economy as a whole, 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 June 30, 2020, particularly in the section titled Risk Factors. This 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 may be 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 thank you for joining our call.

We added 11 million daily active users this quarter for a total of 249 million, up 4% quarter-over-quarter and 18% year-over-year, demonstrating the benefits of years of investment in our product and partnerships across a