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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                 to                

Commission File Number: 001-38017

 

SNAP INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

45-5452795

(State or other jurisdiction of

incorporation or organizations)

 

(I.R.S. Employer

Identification Number)

 

3000 31st Street

Santa Monica, California 90405

(Address of principal executive offices, including zip code)

(310) 399-3339

(Registrant's telephone, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.00001 per share

SNAP

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class

 

Number of Shares Outstanding

Class A common stock, $0.00001 par value

 

1,355,494,143 shares outstanding as of October 19, 2021

Class B common stock, $0.00001 par value

 

22,676,420 shares outstanding as of October 19, 2021

Class C common stock, $0.00001 par value

 

231,626,943 shares outstanding as of October 19, 2021

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

Note Regarding Forward-Looking Statements

 

3

Note Regarding User Metrics and Other Data

 

4

 

 

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

5

 

 

Consolidated Statements of Cash Flows

 

5

 

 

Consolidated Statements of Operations

 

6

 

 

Consolidated Statements of Comprehensive Income (Loss)

 

7

 

 

Consolidated Balance Sheets

 

8

 

 

Consolidated Statements of Stockholders’ Equity

 

9

 

 

Notes to Consolidated Financial Statements

 

10

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

39

Item 4.

 

Controls and Procedures

 

41

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

42

Item 1A.

 

Risk Factors

 

42

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

74

Item 3.

 

Defaults Upon Senior Securities

 

74

Item 4.

 

Mine Safety Disclosures

 

74

Item 5.

 

Other Information

 

74

Item 6.

 

Exhibits

 

75

Signatures

 

 

 

76

 

Snap Inc., “Snapchat,” and our other registered and common-law trade names, trademarks, and service marks appearing in this Quarterly Report on Form 10-Q are the property of Snap Inc. or our subsidiaries.

 

2


 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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 report, 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 report.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends, including our financial outlook and the ongoing COVID-19 pandemic, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, including among other things:

 

our financial performance, including our revenues, cost of revenues, operating expenses, and our ability to attain and sustain profitability;

 

our ability to generate and sustain positive cash flow;

 

our ability to attract and retain users and partners;

 

our ability to attract and retain advertisers;

 

our ability to compete effectively with existing competitors and new market entrants;

 

our ability to effectively manage our growth and future expenses;

 

our ability to comply with modified or new laws, regulations, and executive actions applying to our business;

 

our ability to maintain, protect, and enhance our intellectual property;

 

our ability to successfully expand in our existing market segments and penetrate new market segments;

 

our ability to attract and retain qualified employees and key personnel;

 

our ability to repay outstanding debt;

 

future acquisitions of or investments in complementary companies, products, services, or technologies; and

 

the potential adverse impact of climate change, natural disasters, and health epidemics, including the COVID-19 pandemic, on our business, operations, and the markets and communities in which we and our partners, advertisers, and users operate.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, dispositions, joint ventures, restructurings, legal settlements, or investments.

Investors and others should note that we may announce material business and financial information to our investors using our investor relations website (investor.snap.com), filings with the U.S. Securities and Exchange Commission, or SEC, webcasts, press releases, and conference calls. We use these mediums, including Snapchat and our website, to communicate with our members and the public about our company, our products, and other issues. It is possible that the information that we make available may be deemed to be material information. We therefore encourage investors and others interested in our company to review the information that we make available on our website.

3


NOTE REGARDING USER METRICS AND OTHER DATA

We define a Daily Active User, or DAU, 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. DAUs are broken out by geography because markets have different characteristics. We define average revenue per user, or ARPU, as quarterly revenue divided by the average DAUs. For purposes of calculating ARPU, revenue by user geography is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation differs from our components of revenue disclosure in the notes to our consolidated financial statements, where revenue is based on the billing address of the advertising customer. For information concerning these metrics as measured by us, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Unless otherwise stated, statistical information regarding our users and their activities is determined by calculating the daily average of the selected activity for the most recently completed quarter included in this report.

While these metrics are determined based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring how our products are used across large populations globally. For example, there may be individuals who have unauthorized or multiple Snapchat accounts, even though we forbid that in our Terms of Service and implement measures to detect and suppress that behavior. We have not determined the number of such multiple accounts.

Changes in our products, infrastructure, mobile operating systems, or metric tracking system, or the introduction of new products, may impact our ability to accurately determine active users or other metrics and we may not determine such inaccuracies promptly. We also believe that we don’t capture all data regarding each of our active users. Technical issues may result in data not being recorded from every user’s application. For example, because some Snapchat features can be used without internet connectivity, we may not count a DAU because we don’t receive timely notice that a user has opened the Snapchat application. This undercounting may increase as we grow in Rest of World markets where users may have poor connectivity. We do not adjust our reported metrics to reflect this underreporting. We believe that we have adequate controls to collect user metrics, however, there is no uniform industry standard. We continually seek to identify these technical issues and improve both our accuracy and precision, including ensuring that our investors and others can understand the factors impacting our business, but these and new issues may continue in the future, including if there continues to be no uniform industry standard.

Some of our demographic data may be incomplete or inaccurate. For example, because users self-report their dates of birth, our age-demographic data may differ from our users’ actual ages. And because users who signed up for Snapchat before June 2013 were not asked to supply their date of birth, we may exclude those users from our age demographics or estimate their ages based on a sample of the self-reported ages that we do have. If our active users provide us with incorrect or incomplete information regarding their age or other attributes, then our estimates may prove inaccurate and fail to meet investor expectations.

In the past we have relied on third-party analytics providers to calculate our metrics, but today we rely primarily on our analytics platform that we developed and operate. We count a DAU only when a user opens the application and only once per user per day. We believe this methodology more accurately measures our user engagement. We have multiple pipelines of user data that we use to determine whether a user has opened the application during a particular day, and becoming a DAU. This provides redundancy in the event one pipeline of data were to become unavailable for technical reasons, and also gives us redundant data to help measure how users interact with our application.

If we fail to maintain an effective analytics platform, our metrics calculations may be inaccurate. We regularly review, have adjusted in the past, and are likely in the future to adjust our processes for calculating our internal metrics to improve their accuracy. As a result of such adjustments, our DAUs or other metrics may not be comparable to those in prior periods. Our measures of DAUs may differ from estimates published by third parties or from similarly titled metrics of our competitors due to differences in methodology or data used.

4


PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

Snap Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(71,959

)

 

$

(199,853

)

 

$

(510,505

)

 

$

(831,740

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

32,510

 

 

 

21,804

 

 

 

84,278

 

 

 

63,933

 

Stock-based compensation

 

300,898

 

 

 

192,080

 

 

 

794,571

 

 

 

550,300

 

Amortization of debt discount and issuance costs

 

1,109

 

 

 

24,503

 

 

 

3,301

 

 

 

56,478

 

(Gains) losses on debt and equity securities, net

 

(121,007

)

 

 

4,142

 

 

 

(223,527

)

 

 

12,114

 

Induced conversion expense related to convertible notes

 

4,536

 

 

 

 

 

 

41,538

 

 

 

 

Other

 

(732

)

 

 

1,924

 

 

 

4,019

 

 

 

(443

)

Change in operating assets and liabilities, net of effect of

   acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

(132,908

)

 

 

(151,856

)

 

 

(178,044

)

 

 

(43,310

)

Prepaid expenses and other current assets

 

(4,191

)

 

 

(10,608

)

 

 

(15,562

)

 

 

(19,352

)

Operating lease right-of-use assets

 

11,470

 

 

 

10,054

 

 

 

35,217

 

 

 

28,307

 

Other assets

 

(4,204

)

 

 

3,390

 

 

 

(5,440

)

 

 

2,343

 

Accounts payable

 

11,084

 

 

 

3,435

 

 

 

17,430

 

 

 

11,448

 

Accrued expenses and other current liabilities

 

56,687

 

 

 

61,595

 

 

 

89,726

 

 

 

94,368

 

Operating lease liabilities

 

(13,911

)

 

 

(15,760

)

 

 

(35,265

)

 

 

(40,739

)

Other liabilities

 

2,170

 

 

 

322

 

 

 

5,615

 

 

 

1,194

 

Net cash provided by (used in) operating activities

 

71,552

 

 

 

(54,828

)

 

 

107,352

 

 

 

(115,099

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(19,836

)

 

 

(14,727

)

 

 

(45,310

)

 

 

(41,385

)

Strategic investments

 

(735

)

 

 

(3,500

)

 

 

(33,510

)

 

 

(95,341

)

Cash paid for acquisitions, net of cash acquired

 

(37,375

)

 

 

(33,508

)

 

 

(176,591

)

 

 

(53,712

)

Purchases of marketable securities

 

(609,176

)

 

 

(1,148,344

)

 

 

(1,896,766

)

 

 

(2,576,892

)

Sales of marketable securities

 

19,999

 

 

 

155,899

 

 

 

367,555

 

 

 

373,857

 

Maturities of marketable securities

 

492,921

 

 

 

668,930

 

 

 

2,006,744

 

 

 

1,898,176

 

Other

 

(1,000

)

 

 

 

 

 

35,100

 

 

 

(500

)

Net cash provided by (used in) investing activities

 

(155,202

)

 

 

(375,250

)

 

 

257,222

 

 

 

(495,797

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net of issuance costs

 

 

 

 

 

 

 

1,137,227

 

 

 

988,582

 

Purchase of capped calls

 

 

 

 

 

 

 

(86,825

)

 

 

(100,000

)

Proceeds from the exercise of stock options

 

4,045

 

 

 

2,434

 

 

 

11,755

 

 

 

26,041

 

Net cash provided by financing activities

 

4,045

 

 

 

2,434

 

 

 

1,062,157

 

 

 

914,623

 

Change in cash, cash equivalents, and restricted cash

 

(79,605

)

 

 

(427,644

)

 

 

1,426,731

 

 

 

303,727

 

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

 

2,052,879

 

 

 

1,252,631

 

 

 

546,543

 

 

 

521,260

 

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

$

1,973,274

 

 

$

824,987

 

 

$

1,973,274

 

 

$

824,987

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes, net

$

1,940

 

 

$

1,309

 

 

$

16,228

 

 

$

2,679

 

Cash paid for interest

 

3,508

 

 

$

5,113

 

 

$

10,249

 

 

$

10,378

 

 

See Notes to Consolidated Financial Statements.

 

5


 

Snap Inc.

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

$

1,067,471

 

 

$

678,668

 

 

$

2,819,163

 

 

$

1,595,304

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

443,473

 

 

 

293,095

 

 

 

1,301,095

 

 

 

796,959

 

Research and development

 

412,021

 

 

 

283,639

 

 

 

1,131,272

 

 

 

783,115

 

Sales and marketing

 

217,526

 

 

 

143,511

 

 

 

547,536

 

 

 

397,834

 

General and administrative

 

175,275

 

 

 

126,287

 

 

 

516,202

 

 

 

382,232

 

Total costs and expenses

 

1,248,295

 

 

 

846,532

 

 

 

3,496,105

 

 

 

2,360,140

 

Operating loss

 

(180,824

)

 

 

(167,864

)

 

 

(676,942

)

 

 

(764,836

)

Interest income

 

1,257

 

 

 

2,801

 

 

 

3,645

 

 

 

16,158

 

Interest expense

 

(4,031

)

 

 

(28,212

)

 

 

(13,626

)

 

 

(68,052

)

Other income (expense), net

 

112,631

 

 

 

(5,669

)

 

 

176,971

 

 

 

(14,483

)

Loss before income taxes

 

(70,967

)

 

 

(198,944

)

 

 

(509,952

)

 

 

(831,213

)

Income tax benefit (expense)

 

(992

)

 

 

(909

)

 

 

(553

)

 

 

(527

)

Net loss

$

(71,959

)

 

$

(199,853

)

 

$

(510,505

)

 

$

(831,740

)

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

   common stockholders (Note 3):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.05

)

 

$

(0.14

)

 

$

(0.33

)

 

$

(0.58

)

Diluted

$

(0.05

)

 

$

(0.14

)

 

$

(0.33

)

 

$

(0.58

)

Weighted average shares used in computation of net loss per

   share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,580,966

 

 

 

1,466,420

 

 

 

1,543,568

 

 

 

1,446,040

 

Diluted

 

1,580,966

 

 

 

1,466,420

 

 

 

1,543,568

 

 

 

1,446,040

 

 

See Notes to Consolidated Financial Statements.

6


Snap Inc.

Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

$

(71,959

)

 

$

(199,853

)

 

$

(510,505

)

 

$

(831,740

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities, net of tax

 

23

 

 

 

(1,210

)

 

 

(119

)

 

 

(43

)

Foreign currency translation

 

(4,091

)

 

 

10,318

 

 

 

(11,465

)

 

 

7,969

 

Total other comprehensive income (loss), net of tax

 

(4,068

)

 

 

9,108

 

 

 

(11,584

)

 

 

7,926

 

Total comprehensive loss

$

(76,027

)

 

$

(190,745

)

 

$

(522,089

)

 

$

(823,814

)

 

See Notes to Consolidated Financial Statements.

7


Snap Inc.

Consolidated Balance Sheets

(in thousands, except par value)

 

 

September 30,

2021

 

 

December 31,

2020

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

1,972,358

 

 

$

545,618

 

Marketable securities

 

1,509,463

 

 

 

1,991,922

 

Accounts receivable, net of allowance

 

913,539

 

 

 

744,288

 

Prepaid expenses and other current assets

 

76,669

 

 

 

56,147

 

Total current assets

 

4,472,029

 

 

 

3,337,975

 

Property and equipment, net

 

189,946

 

 

 

178,709

 

Operating lease right-of-use assets

 

291,181

 

 

 

269,728

 

Intangible assets, net

 

261,131

 

 

 

105,929

 

Goodwill

 

1,484,108

 

 

 

939,259

 

Other assets

 

412,770

 

 

 

192,638

 

Total assets

$

7,111,165

 

 

$

5,024,238

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

91,769

 

 

$

71,908

 

Operating lease liabilities

 

56,191

 

 

 

41,077

 

Accrued expenses and other current liabilities

 

660,536

 

 

 

554,342

 

Total current liabilities

 

808,496

 

 

 

667,327

 

Convertible senior notes, net

 

2,252,079

 

 

 

1,675,169

 

Operating lease liabilities, noncurrent

 

292,506

 

 

 

287,292

 

Other liabilities

 

317,968

 

 

 

64,474

 

Total liabilities

 

3,671,049

 

 

 

2,694,262

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares

   authorized, 1,349,890 shares issued and outstanding at September 30, 2021, and

   3,000,000 shares authorized, 1,248,010 shares issued and outstanding

   at December 31, 2020.

 

13

 

 

 

12

 

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

   23,636 shares issued and outstanding at September 30, 2021, and 700,000 shares

   authorized, 23,696 shares issued and outstanding at December 31, 2020.

 

 

 

 

 

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

   231,627 shares issued and outstanding at September 30, 2021, and 260,888 shares

   authorized, 231,627 shares issued and outstanding at December 31, 2020.

 

2

 

 

 

2

 

Additional paid-in capital

 

11,737,338

 

 

 

10,200,141

 

Accumulated other comprehensive income (loss)

 

9,779

 

 

 

21,363

 

Accumulated deficit

 

(8,307,016

)

 

 

(7,891,542

)

Total stockholders’ equity

 

3,440,116

 

 

 

2,329,976

 

Total liabilities and stockholders’ equity

$

7,111,165

 

 

$

5,024,238

 

 

See Notes to Consolidated Financial Statements.

 

8


 

Snap Inc.

Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

 

 

Amount

 

 

Shares

 

 

Amount

 

Class A non-voting common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

1,321,477

 

 

$

13

 

 

 

1,204,957

 

 

$

12

 

 

 

1,248,010

 

 

 

 

$

12

 

 

 

1,160,127

 

 

$

12

 

Shares issued in connection with exercise

   of stock options under stock-based

   compensation plans

 

342

 

 

 

 

 

 

292

 

 

 

 

 

 

890

 

 

 

 

 

 

 

 

3,036

 

 

 

 

Issuance of Class A non-voting common stock in connection with acquisitions

 

84

 

 

 

 

 

 

 

 

 

 

 

 

5,817

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Class A non-voting common

   stock for vesting of restricted stock

   units and restricted stock awards, net

 

13,912

 

 

 

 

 

 

19,060

 

 

 

 

 

 

42,636

 

 

 

 

 

 

 

 

60,446

 

 

 

 

Issuance of Class A non-voting common stock for the induced conversion related to convertible senior notes

 

14,012

 

 

 

 

 

 

 

 

 

 

 

 

52,410

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of Class B voting common

   stock to Class A non-voting common

   stock

 

63