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3D Without Glasses: psHolix Announces Opportunity to Invest When It Goes Public Soon

0

psHolix, the award-winning, cutting-edge Swiss display technology company, is now raising funds and is going public



BASEL, Switzerland--(BUSINESS WIRE)--Exciting news just in for investors, gamers, and everyone interested in revolutionary cutting-edge 3D technology. Everyone wants to experience high quality 3D without glasses, and now patented breakthrough technology by psHolix, has made this a reality.

Transforming the Hugely Popular Gaming Market

The global demand for spatial displays is colossal. For example, the gaming market, which is predicted to be worth over $180 billion by 2021, is rapidly becoming stronger than ever. But in order to give users the best possible experience, it needs holographic displays, and psHolix has the tech to transform any game into a 3D game. Indeed, all video games should have the capacity to be played holographically, and in the future, consumers are unlikely to want anything less.

Next Generation AI-Driven Display Technology

Based on its state-of-the-art technology behind its eyewear-less 3D displays, psHolix has also built a Virtual Reality Headset Software and an autonomous car software technology. All their demo products are ready to implement. psHolix is garnering the interest of people and companies all over the world and was recently awarded the “Korean Information Display Society” Award for its highly innovative Super-Multiview display.

Other Advantages

psHolix is compatible with all contents. Moreover, the software is well-matched for all technologies (4K, 8K, Retina, etc.). The technology has the advantage that it can be applied on all resolutions and sizes. Simultaneous 2D and 3D is possible in just one window, without any loss of quality.

psHolix also offers a multi-viewer solution, so that everyone can see the same spatial content in front of the screen. There is a far better depth perception with stereo based extension (the image seems deeper), and a cool walk around effect. There is no limit in screen sizes, and it works on mobile phones, tablets, laptop, monitors, TVs, etc.

The fundraising starts on the 28th of October, and anyone interested can register now on www.psholix.com/ibo.

Company Overview

psHolix owns more than 57 global patents. The inventor of the technology, Dr. Naske worked for 10 solid years on this project, before it was merged into psHolix AG. psHolix AG was founded in 2015 and is based in Basel, Switzerland.


Contacts

psHolix AG
Dr. Rolf-Dieter Naske
+41616382020
info@psholix.com
www.psholix.com

Snap Inc. Announces Third Quarter 2019 Financial Results

0

Daily Active Users increased 13% year-over-year to 210 million

Revenue increased 50% year-over-year to $446 million

Operating cash flow improved 43% year-over-year to $(76) million

SANTA MONICA, Calif.--(BUSINESS WIRE)--Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2019.


Financial Highlights

  • Operating cash flow improved by $56 million to $(76) million in Q3 2019, compared to the prior year.
  • Free Cash Flow improved by $75 million to $(84) million in Q3 2019, compared to the prior year.
  • Common shares outstanding plus shares underlying stock-based awards totaled 1,565 million at September 30, 2019, compared with 1,476 million one year ago.
  • Revenue increased 50% to $446 million in Q3 2019, compared to the prior year.
  • Net loss improved $98 million to $(227) million in Q3 2019, compared to the prior year.
  • Adjusted EBITDA improved $96 million to $(42) million in Q3 2019, compared to the prior year.

We delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and our business,” said Evan Spiegel, CEO. “We are a high growth business, with strong operating leverage, a clear path to profitability, a distinct vision for the future, and the ability to invest over the long term. We are excited about executing on the many opportunities in front of us.”

 

Three Months Ended September 30,

 

 

Percent

 

 

Nine Months Ended September 30,

 

 

Percent

 

 

2019

 

 

2018

 

 

Change

 

 

2019

 

 

2018

 

 

Change

 

(Unaudited)

(in thousands, except per share amounts)

 

Cash used in operating activities

$

(76,149

)

 

$

(132,543

)

 

 

(43

)%

 

$

(238,116

)

 

$

(563,870

)

 

 

(58

)%

Free Cash Flow

$

(84,087

)

 

$

(158,828

)

 

 

47

%

 

$

(265,501

)

 

$

(661,371

)

 

 

60

%

Common shares outstanding plus shares underlying stock-based awards

 

1,565,208

 

 

 

1,476,019

 

 

 

6

%

 

 

1,565,208

 

 

 

1,476,019

 

 

 

6

%

Operating loss

$

(228,853

)

 

$

(323,371

)

 

 

(29

)%

 

$

(849,732

)

 

$

(1,073,743

)

 

 

(21

)%

Revenue

$

446,199

 

 

$

297,695

 

 

 

50

%

 

$

1,154,646

 

 

$

790,624

 

 

 

46

%

Net loss

$

(227,375

)

 

$

(325,148

)

 

 

(30

)%

 

$

(792,956

)

 

$

(1,064,243

)

 

 

(25

)%

Adjusted EBITDA

$

(42,375

)

 

$

(138,377

)

 

 

69

%

 

$

(244,537

)

 

$

(525,274

)

 

 

53

%

Diluted net loss per share attributable to common shareholders

$

(0.16

)

 

$

(0.25

)

 

 

(34

)%

 

$

(0.58

)

 

$

(0.83

)

 

 

(30

)%

Non-GAAP diluted net loss per share

$

(0.04

)

 

$

(0.12

)

 

 

(67

)%

 

$

(0.20

)

 

$

(0.43

)

 

 

(55

)%

Q3 2019 Summary & Key Highlights

We added 7 million Daily Active Users in the third quarter and saw increased engagement across key metrics:

  • DAUs were 210 million in Q3 2019, compared to 203 million in Q2 2019 and 186 million in Q3 2018.
  • DAUs were up sequentially and year-over-year in each of North America, Europe, and Rest of World.
  • DAUs were up 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 premium content ecosystem:

  • Total daily time spent by Snapchatters watching Discover increased by 40% year-over-year.
  • In Q3 2019, more than 100 Discover channels reached a monthly audience of over 10 million viewers.
  • Our new horror-thriller Snap Original “Dead of Night” has reached over 14 million unique viewers since its premiere in September.
  • In Q3 2019, we added over 50 new channels internationally across 8 markets, and time spent on premium content internationally increased by more than 55% year-over-year.

We continue to invest in our augmented reality platform:

  • At the end of Q3 2019, over 600,000 Lenses had been created by our community through Lens Studio, up from 500,000 at the end of Q2 2019.
  • Now more than 15% of the Snaps sent every day with Lenses feature Lenses made by Snapchatters using Lens Studio, with top-performing Community Lenses reaching billions of views on Snapchat.

We continue to build on our Snap Games platform to better enhance the gaming experience for our large and engaged community:

  • In Q3 2019, we partnered with SYBO Games and launched a new multiplayer game called Subway Surfers Airtime, which was an exclusive release on Snapchat and an expansion of their hit franchise, Subway Surfers.

We continue to build and improve Snap Kit, our set of developer tools that allow our partners to bring Snapchat features into their services:

  • In September, over 100 million Snapchatters interacted with Snaps generated by our Creative Kit partner platforms.
  • We doubled the number of apps integrated with Snap Kit since Q1 2019.

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

  • We announced Dynamic Ads, which allows advertisers to automatically create ads in real-time based on product catalogs that can contain hundreds of thousands of products.
  • We announced that advertisers can now add swipe actions to their Commercials campaigns, allowing Snapchatters to swipe up to access a web page, view a long-form video, or view a Lens.
  • The maximum duration of Snap Ads has been extended to enable advertisers to tell more detailed brand stories through our video ad products.

Financial Guidance

The following forward-looking statements reflect our expectations for the fourth quarter of 2019 as of October 22, 2019, and are subject to substantial uncertainty. This guidance assumes, 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.”

Q4 2019 Outlook

  • Revenue is expected to be between $540 million and $560 million, compared to $390 million in Q4 2018.
  • Adjusted EBITDA is expected to be between breakeven and $20 million, compared to $(50) million in Q4 2018.

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 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 quarterly report on Form 10-Q for the quarter ended June 30, 2019 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 quarterly report on Form 10-Q for the quarter ended September 30, 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(227,375

)

 

$

(325,148

)

 

$

(792,956

)

 

$

(1,064,243

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

20,646

 

 

 

24,898

 

 

 

66,625

 

 

 

68,966

 

Stock-based compensation

 

161,228

 

 

 

126,809

 

 

 

519,358

 

 

 

416,439

 

Deferred income taxes

 

170

 

 

 

(124

)

 

 

195

 

 

 

129

 

Lease exit charges

 

 

 

 

29,340

 

 

 

 

 

 

33,268

 

Gain on divestiture

 

 

 

 

 

 

 

(39,883

)

 

 

 

Amortization of debt discount and issuance costs

 

6,412

 

 

 

 

 

 

6,412

 

 

 

 

Other

 

(1,245

)

 

 

8,608

 

 

 

(4,561

)

 

 

(679

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

(62,855

)

 

 

(18,834

)

 

 

(30,736

)

 

 

15,937

 

Prepaid expenses and other current assets

 

(490

)

 

 

(435

)

 

 

(4,980

)

 

 

(3,059

)

Operating lease right-of-use asset

 

35,633

 

 

 

 

 

 

57,254

 

 

 

 

Other assets

 

2,139

 

 

 

7,089

 

 

 

4,540

 

 

 

20,314

 

Accounts payable

 

4,220

 

 

 

2,084

 

 

 

28,319

 

 

 

(44,638

)

Accrued expenses and other current liabilities

 

23,243

 

 

 

14,841

 

 

 

16,655

 

 

 

(14,664

)

Operating lease liabilities

 

(36,008

)

 

 

 

 

 

(63,259

)

 

 

 

Other liabilities

 

(1,867

)

 

 

(1,671

)

 

 

(1,099

)

 

 

8,360

 

Net cash used in operating activities

 

(76,149

)

 

 

(132,543

)

 

 

(238,116

)

 

 

(563,870

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(7,938

)

 

 

(26,285

)

 

 

(27,385

)

 

 

(97,501

)

Sales of property and equipment

 

 

 

 

 

 

 

29

 

 

 

 

Proceeds from divestiture, net

 

 

 

 

 

 

 

73,796

 

 

 

 

Non-marketable investments

 

(1,050

)

 

 

(250

)

 

 

(3,750

)

 

 

(21,260

)

Purchases of marketable securities

 

(1,115,358

)

 

 

(444,369

)

 

 

(1,924,398

)

 

 

(1,318,467

)

Sales of marketable securities

 

24,948

 

 

 

 

 

 

102,437

 

 

 

45,007

 

Maturities of marketable securities

 

411,079

 

 

 

560,465

 

 

 

1,193,739

 

 

 

1,926,802

 

Other

 

 

 

 

 

 

 

1,000

 

 

 

(2,565

)

Net cash provided by (used in) investing activities

 

(688,319

)

 

 

89,561

 

 

 

(584,532

)

 

 

532,016

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net of issuance costs

 

1,251,848

 

 

 

 

 

 

1,251,848

 

 

 

 

Purchase of capped calls

 

(102,086

)

 

 

 

 

 

(102,086

)

 

 

 

Proceeds from the exercise of stock options

 

7,788

 

 

 

142

 

 

 

14,726

 

 

 

47,865

 

Stock repurchases from employees for tax withholdings

 

 

 

 

 

 

 

 

 

 

(551

)

Net cash provided by financing activities

 

1,157,550

 

 

 

142

 

 

 

1,164,488

 

 

 

47,314

 

Change in cash, cash equivalents, and restricted cash

 

393,082

 

 

 

(42,840

)

 

 

341,840

 

 

 

15,460

 

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

 

337,732

 

 

 

395,307

 

 

 

388,974

 

 

 

337,007

 

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

$

730,814

 

 

$

352,467

 

 

$

730,814

 

 

$

352,467

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes, net

$

643

 

 

$

758

 

 

$

564

 

 

$

3,155

 

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

$

446,199

 

 

$

297,695

 

 

$

1,154,646

 

 

$

790,624

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

223,140

 

 

 

197,554

 

 

 

642,399

 

 

 

585,917

 

Research and development

 

211,599

 

 

 

203,510

 

 

 

663,983

 

 

 

607,742

 

Sales and marketing

 

123,240

 

 

 

97,552

 

 

 

332,626

 

 

 

301,350

 

General and administrative

 

117,073

 

 

 

122,450

 

 

 

365,370

 

 

 

369,358

 

Total costs and expenses

 

675,052

 

 

 

621,066

 

 

 

2,004,378

 

 

 

1,864,367

 

Operating loss

 

(228,853

)

 

 

(323,371

)

 

 

(849,732

)

 

 

(1,073,743

)

Interest income

 

10,317

 

 

 

7,011

 

 

 

25,579

 

 

 

19,715

 

Interest expense

 

(8,654

)

 

 

(919

)

 

 

(10,219

)

 

 

(2,783

)

Other income (expense), net

 

(1,481

)

 

 

(7,625

)

 

 

41,477

 

 

 

(4,533

)

Loss before income taxes

 

(228,671

)

 

 

(324,904

)

 

 

(792,895

)

 

 

(1,061,344

)

Income tax benefit (expense)

 

1,296

 

 

 

(244

)

 

 

(61

)

 

 

(2,899

)

Net loss

$

(227,375

)

 

$

(325,148

)

 

$

(792,956

)

 

$

(1,064,243

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.16

)

 

$

(0.25

)

 

$

(0.58

)

 

$

(0.83

)

Diluted

$

(0.16

)

 

$

(0.25

)

 

$

(0.58

)

 

$

(0.83

)

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

 

 

 

 

 

 

 

 

 

 

 

 

$

 

Basic

 

1,393,358

 

 

 

1,309,918

 

 

 

1,364,327

 

 

 

1,277,293

 

Diluted

 

1,393,358

 

 

 

1,309,918

 

 

 

1,364,327

 

 

 

1,277,293

 

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

 

 

September 30,

2019

 

 

December 31, 2018

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

728,828

 

 

$

387,149

 

Marketable securities

 

1,531,902

 

 

 

891,914

 

Accounts receivable, net of allowance

 

374,090

 

 

 

354,965

 

Prepaid expenses and other current assets

 

42,243

 

 

 

41,900

 

Total current assets

 

2,677,063

 

 

 

1,675,928

 

Property and equipment, net

 

177,073

 

 

 

212,560

 

Operating lease right-of-use assets

 

250,225

 

 

 

 

Intangible assets, net

 

72,371

 

 

 

126,054

 

Goodwill

 

621,758

 

 

 

632,370

 

Other assets

 

65,882

 

 

 

67,194

 

Total assets

$

3,864,372

 

 

$

2,714,106

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

56,572

 

 

$

30,876

 

Operating lease liabilities

 

49,725

 

 

 

 

Accrued expenses and other current liabilities

 

262,766

 

 

 

261,815

 

Total current liabilities

 

369,063

 

 

 

292,691

 

Convertible senior notes, net

 

880,391

 

 

 

 

Operating lease liabilities, noncurrent

 

284,798

 

 

 

 

Other liabilities

 

5,705

 

 

 

110,416

 

Total liabilities

 

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, 999,304 shares issued and outstanding at December 31, 2018, and

3,000,000 shares authorized, 1,132,915 shares issued and outstanding

at September 30, 2019.

 

11

 

 

 

10

 

Class B voting common stock, $0.00001 par value. 700,000 shares authorized,

93,846 shares issued and outstanding at December 31, 2018, and 700,000 shares

authorized, 32,057 shares issued and outstanding at September 30, 2019.

 

 

 

 

1

 

Class C voting common stock, $0.00001 par value. 260,888 shares authorized,

224,611 shares issued and outstanding at December 31, 2018, and 260,888 shares

authorized, 229,564 shares issued and outstanding at September 30, 2019.

 

2

 

 

 

2

 

Additional paid-in capital

 

9,036,801

 

 

 

8,220,417

 

Accumulated other comprehensive income (loss)

 

(7,173

)

 

 

3,147

 

Accumulated deficit

 

(6,705,226

)

 

 

(5,912,578

)

Total stockholders’ equity

 

2,324,415

 

 

 

2,310,999

 

Total liabilities and stockholders’ equity

$

3,864,372

 

 

$

2,714,106

 

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Free Cash Flow reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

$

(76,149

)

 

$

(132,543

)

 

$

(238,116

)

 

$

(563,870

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(7,938

)

 

 

(26,285

)

 

 

(27,385

)

 

 

(97,501

)

Free Cash Flow

$

(84,087

)

 

$

(158,828

)

 

$

(265,501

)

 

$

(661,371

)

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(227,375

)

 

$

(325,148

)

 

$

(792,956

)

 

$

(1,064,243

)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(10,317

)

 

 

(7,011

)

 

 

(25,579

)

 

 

(19,715

)

Interest expense

 

8,654

 

 

 

919

 

 

 

10,219

 

 

 

2,783

 

Other (income) expense, net

 

1,481

 

 

 

7,625

 

 

 

(41,477

)

 

 

4,533

 

Income tax (benefit) expense

 

(1,296

)

 

 

244

 

 

 

61

 

 

 

2,899

 

Depreciation and amortization

 

20,646

 

 

 

24,898

 

 

 

66,625

 

 

 

68,966

 

Stock-based compensation expense

 

161,228

 

 

 

126,809

 

 

 

519,358

 

 

 

416,439

 

Payroll tax expense related to stock-based compensation

 

4,604

 

 

 

3,947

 

 

 

19,212

 

 

 

19,912

 

Reduction in force charges(1)

 

 

 

 

 

 

 

 

 

 

9,884

 

Lease exit charges(2)

 

 

 

 

29,340

 

 

 

 

 

 

33,268

 

Adjusted EBITDA

$

(42,375

)

 

$

(138,377

)

 

$

(244,537

)

 

$

(525,274

)


Contacts

Investors and Analysts:
ir@snap.com

Press:
press@snap.com


Read full story here

CORRECTING and REPLACING AppliedVR Receives NIDA Grants to Study Virtual Reality as an Opioid-Sparing Tool for Pain

0

More than $2.9 million in funding will support clinical trials to study virtual reality platforms as a therapeutic alternative for acute and chronic pain

LOS ANGELES--(BUSINESS WIRE)--Headline of release should read: "...Grants" instead of "...Grant." Second paragraph, first sentence should include "Dr." before Beth Darnall's name.


The corrected release reads:

APPLIEDVR RECEIVES NIDA GRANTS TO STUDY VIRTUAL REALITY AS AN OPIOID-SPARING TOOL FOR PAIN

More than $2.9 million in funding will support clinical trials to study virtual reality platforms as a therapeutic alternative for acute and chronic pain

AppliedVR, a leading pioneer of the next generation of digital medicine, today announced that it has been awarded two multi-year grants totaling more than $2.9 million from the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH), to study virtual reality as an opioid-sparing tool for acute and chronic pain. The grants will enable the company to advance two clinical trial programs respectively with Geisinger and Cleveland Clinic, studying two of its virtual reality therapeutic platforms, RelieVRx™ and EaseVRx™. The NIDA funded trials will help inform the Company's regulatory pathway with the U.S. Food and Drug Administration (FDA).

"We are grateful to NIDA for its confidence in our vision and ability to execute a novel opioid-sparing treatment option," said Dr. Beth Darnall, Chief Science Advisor to AppliedVR. "Novel opioid-sparing treatment options are necessary in addressing the opioid epidemic, and we plan to leverage these grants and our existing expertise to address this unmet need in pain management."

The grants are a result of AppliedVR’s following applications, both of which were respectively awarded in September 2019.

Matthew Stoudt, AppliedVR Chief Executive Officer, stated, “We are honored to receive these awards from NIDA/NIH, which we believe will not only help forge clinical and regulatory pathways to approval, but more importantly, offer new tools that address the major opioid epidemic. Beyond advancing this novel intervention, this represents an important milestone in advancing therapeutic virtual reality as a new standard of care.”

About AppliedVR

AppliedVR is pioneering the next generation of digital medicines to deliver safe and effective virtual reality therapeutics (VRx) that address unmet needs and improve clinical outcomes for patients with serious health conditions. Its evidence-based, non-invasive treatments immerse and engage patients to help drive measurable clinical outcomes. As the most widely used and deeply researched therapeutic VR platform, AppliedVR is the first company to make VR therapeutics widely available in clinical care, having immersed more than 30,000 patients in over 200 hospitals. AppliedVR has established world-class research and commercial partnerships and continues to build the infrastructure to accelerate the mass adoption of VRx. To learn more about AppliedVR, Inc., visit: https://appliedvr.io/

About Geisinger

One of the nation’s most innovative health services organizations, Geisinger serves more than 1.5 million patients in Pennsylvania and New Jersey. The system includes 13 hospital campuses, a nearly 600,000-member health plan, two research centers and the Geisinger Commonwealth School of Medicine. A physician-led organization, with approximately 32,000 employees and more than 1,800 employed physicians, Geisinger leverages an estimated $12.7 billion positive annual impact on the Pennsylvania and New Jersey economies. Repeatedly recognized nationally for integration, quality and service, Geisinger has a long-standing commitment to patient care, medical education, research and community service. For more information, visit geisinger.org or connect with us on Facebook, Instagram, LinkedIn and Twitter.


Contacts

May Xiong
612.808.5799
MXiong@W2OGroup.com

CES Unveiled in Paris Highlights Emerging Tech and Artificial Intelligence

0

Chairman of the Board of Management of Daimler AG & Head of Mercedes-Benz Cars to keynote at CES; Official CES 2020 preview event announces 33 French Innovation Honorees

PARIS--(BUSINESS WIRE)--The Consumer Technology Association (CTA)® today made several announcements at CES Unveiled in Paris, an official CES® 2020 preview event. Executives, influential media and prominent industry influencers gathered to celebrate the latest European innovations and experience a preview of CES 2020.


As part of wider updates ahead of CES 2020, CTA announced that Daimler’s Ola Källenius, Chairman of the Board of Management of Daimler AG & Head of Mercedes-Benz Cars, will give a CES 2020 keynote on Monday, Jan. 6 at 8:30 PM at the Park Theater at the Park MGM Hotel in Las Vegas, NV.

The event, which showcased leaders in artificial intelligence (AI) technologies, allowed attendees to see and interact with the latest innovations in AI through exhibitor displays and conference programming. AI technologies will feature prominently at CES 2020 where it will be core to solutions such as smart cities, sports tech and digital health.

CTA also recognized 33 French companies announced as CES 2020 Innovation Award Honorees. Selected Best of Innovation includes French company Outsight in the Smart Cities category.

“The products honored at CES Unveiled in Paris demonstrate French technology leadership,” said Karen Chupka, EVP, CES. “These honorees have shown their commitment to improving lives through technology that will make our world a better place, which will be on full display at CES 2020.”

The remaining honorees will be revealed at CES Unveiled New York on Nov. 7, 2019 and posted online at CES.tech. Many will showcase their award-winning products at CES 2020, Jan. 7-10, in Las Vegas.

In its seventh year, CES Unveiled in Paris brought together some 650 attendees more than 25 countries, and included exhibitors like TransChain, Minelab and InnovHealth. The event also featured industry leaders from France and surrounding regions including, Laurence Lafont, Chief Operating Officer, Microsoft France; Guive Balooch, Head of L’Oreal's Technology Incubator; and Valerie Hoffenberg, President and Founder, Connecting Leaders Club.

Owned and produced by CTA, CES 2020, the world’s largest and most influential tech event, will run Jan. 7-10, 2020, in Las Vegas, NV and provide access to the most transformative tech across various marketplaces, such as 5G connectivity, artificial intelligence, augmented and virtual reality, smart home, smart cities, vehicles, digital health and more. Industry leaders and rising stars will come together again to pioneer future innovation driving the ever-evolving tech industry.

Registration for CES 2020 is now open. For the latest exhibitor news and show announcements, visit CES.tech.

About CES:

CES® is the largest, most influential tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world's biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA)®, CES features every aspect of the tech sector. Learn more at CES.tech and follow CES on social.

About Consumer Technology Association:

As North America’s largest technology trade association, CTA® is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the largest, most influential tech event on the planet. Find us at CTA.tech. Follow us @CTAtech.

UPCOMING EVENTS


Contacts

Justin Siraj
703-907-7415
jsiraj@CTA.tech

Squarespace Acquires Social Media Authoring Startup Unfold

0
Photo by Domenico Loia on Unsplash under the Creative Commons License

TechCrunch reports: “Over the past year or two, Squarespace has been expanding beyond website-building with new products like email marketing and its first acquisition (of an online scheduling tool).”

Read more

Big Run Studios Will Make Skillz-based Mobile Esports Games for Underrepresented Groups

0
Photo by eleven x on Unsplash under the Creative Commons License

VentureBeat reports: “Big Run Studios CEO Andrew Bell announced that his company will make new mobile games exclusively built for Skillz, the mobile esports platform.”

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Katy Perry, Justin Timberlake & More Invest Millions in Virtual Reality Startup Sandbox VR

0
Photo by jim gade on Unsplash under the Creative Commons License

Billboard reports: “Hong Kong-based virtual reality startup Sandbox VR has closed an $11 million funding round, bringing the company’s reported total to $83 million in 2019 following a Series A round earlier this year.”

Read more

Banijay Close to Securing $2.2 Billion Deal for Endemol Shine

0
Photo by Charles 🇵🇭 on Unsplash under the Creative Commons License

Variety reports: “Banijay Group is on the verge of sealing a deal for production and distribution powerhouse Endemol Shine, sources tell Variety. Vivendi-backed Banijay and Endemol Shine’s joint owners, Disney and Apollo, are understood to have scheduled a meeting for Thursday after talks accelerated in recent days, with Banijay now on the brink of finally closing a deal for a big asset it has been chasing.”

Read more

Marvel to Make Podcasts for SiriusXM

0
Photo by Hermes Rivera on Unsplash under the Creative Commons License

Hollywood Reporter reports: “Marvel has inked a deal with SiriusXM to create exclusive podcasts for the subscription radio platform and its Pandora music streaming subsidiary. The exclusive multiyear agreement includes both scripted and unscripted shows and live events and will kick off in 2020.”

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Roku to Acquire Video Ad Platform dataxu for $150 Million

0
Photo by Campaign Creators on Unsplash under the Creative Commons License

Hollywood Reporter reports: “Streaming media firm Roku said Tuesday that it has agreed to acquire Boston-based dataxu, a video advertising platform that enables marketers to plan and buy campaigns, for $150 million in cash and stock.”

Read more