Quarterly Report (10-q)

Fecha : 23/10/2019 @ 05:01
Fuente : Edgar (US Regulatory)
Emisora : Snap Inc (SNAP)
Cotización : 15.09  0.64 (4.43%) @ 19:00
Snap Cotización de acciones Gráfica
Último Operacion
no Posventa
Último $ 15.15 ▲ 0.06 (0.40%)

Quarterly Report (10-q)

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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, 2019

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)

 

2772 Donald Douglas Loop North

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

 

1,138,349,322 shares outstanding as of October 17, 2019

Class B common stock, $0.00001 par value

 

32,056,088 shares outstanding as of October 17, 2019

Class C common stock, $0.00001 par value

 

229,564,537 shares outstanding as of October 17, 2019

 

 

 

 


 

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

 

24

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

38

Item 4.

 

Controls and Procedures

 

39

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

40

Item 1A.

 

Risk Factors

 

40

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

69

Item 3.

 

Defaults Upon Senior Securities

 

69

Item 4.

 

Mine Safety Disclosures

 

69

Item 5.

 

Other Information

 

69

Item 6.

 

Exhibits

 

70

Signatures

 

 

 

71

 

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

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 that we believe may 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 publishers;

 

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 and regulations 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; and

 

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

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 Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q 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, mergers, dispositions, joint ventures, 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 Daily Active Users 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. We also break out Daily Active Users by geography because certain markets have a greater revenue opportunity and lower bandwidth costs. We define average revenue per user, or ARPU, as quarterly revenue divided by the average Daily Active Users. 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 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. Our user metrics are also affected by technology on certain mobile devices that automatically runs in the background of our Snapchat application when another phone function is used, and this activity can cause our system to miscount the user metrics associated with such account. 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 believe that we don’t capture all data regarding all our active users. For example, technical issues may result in data not being recorded from every user’s application. While we believe this underreporting is generally immaterial, we are unable to precisely determine the level of underreporting and for some periods the underreporting may be material. We continually seek to address these technical issues and improve our accuracy, but given the complexity of the systems involved and the rapidly changing nature of mobile devices and systems, we expect underreporting to continue. We do not adjust our reported metrics to reflect this underreporting.

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 exclude those users and estimate their ages based on a sample of the self-reported ages 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 now use an analytics platform that we developed and operate and we count a Daily Active User 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 thus is a Daily Active User. 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 Daily Active Users or other metrics may not be comparable to those in prior periods. Our measures of Daily Active Users 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,

 

 

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

 

 

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,

 

 

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 (Note 3):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

$

(227,375

)

 

$

(325,148

)

 

$

(792,956

)

 

$

(1,064,243

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(12

)

 

 

71

 

 

 

609

 

 

 

564

 

Foreign currency translation

 

(9,263

)

 

 

(1,808

)

 

 

(10,929

)

 

 

(8,251

)

Total other comprehensive income (loss), net of tax

 

(9,275

)

 

 

(1,737

)

 

 

(10,320

)

 

 

(7,687

)

Total comprehensive income (loss)

$

(236,650

)

 

$

(326,885

)

 

$

(803,276

)

 

$

(1,071,930

)

 

See Notes to Consolidated Financial Statements.

7


 

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 (Note 8)

 

 

 

 

 

 

 

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

 

 

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,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Class A non-voting common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

1,096,653

 

 

 

11

 

 

 

958,801

 

 

 

10

 

 

 

999,304

 

 

$

10

 

 

 

883,022

 

 

$

9

 

Shares issued in connection with exercise of stock options under stock-based compensation plans

 

1,300

 

 

 

 

 

 

262

 

 

 

 

 

 

3,024

 

 

 

 

 

 

15,511

 

 

 

 

Issuance of Class A non-voting common stock for vesting of restricted stock units and restricted stock awards, net

 

19,055

 

 

 

(1

)

 

 

15,252

 

 

 

(1

)

 

 

67,336

 

 

 

 

 

 

42,538

 

 

 

 

Conversion of Class B voting common stock to Class A non-voting common stock

 

15,907

 

 

 

1

 

 

 

1,751

 

 

 

 

 

 

63,251

 

 

 

1

 

 

 

34,995

 

 

 

 

Balance, end of period

 

1,132,915

 

 

$

11

 

 

 

976,066

 

 

$

9

 

 

 

1,132,915

 

 

$

11

 

 

 

976,066

 

 

$

9

 

Class B voting common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

47,582

 

 

 

 

 

 

94,471

 

 

 

1

 

 

 

93,846

 

 

 

1

 

 

 

122,564

 

 

 

1

 

Shares issued in connection with exercise of stock options under stock-based compensation plans

 

373

 

 

 

 

 

 

224

 

 

 

 

 

 

1,162

 

 

 

 

 

 

3,201

 

 

 

 

Issuance of Class B voting common stock for vesting of restricted stock units, net

 

9

 

 

 

 

 

 

717

 

 

 

 

 

 

300

 

 

 

 

 

 

2,891

 

 

 

 

Conversion of Class B voting common stock to Class A non-voting common stock

 

(15,907

)

 

 

 

 

 

(1,751

)

 

 

 

 

 

(63,251

)

 

 

(1

)

 

 

(34,995

)

 

 

 

Balance, end of period

 

32,057

 

 

 

 

 

 

93,661

 

 

 

1

 

 

 

32,057

 

 

 

 

 

 

93,661

 

 

 

1

 

Class C voting common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

227,914

 

 

 

2

 

 

 

219,891

 

 

 

2

 

 

 

224,611

 

 

 

2

 

 

 

216,616

 

 

 

2

 

Issuance of Class C voting common stock for settlement of restricted stock units, net

 

1,650

 

 

 

 

 

 

1,600

 

 

 

 

 

 

4,953

 

 

 

 

 

 

4,875

 

 

 

 

Balance, end of period

 

229,564

 

 

 

2

 

 

 

221,491

 

 

 

2

 

 

 

229,564

 

 

 

2

 

 

 

221,491

 

 

 

2

 

Additional paid-in capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

 

8,592,434

 

 

 

 

 

 

7,971,610

 

 

 

 

 

 

8,220,417

 

 

 

 

 

 

7,634,825

 

Stock-based compensation expense

 

 

 

 

161,228

 

 

 

 

 

 

126,809

 

 

 

 

 

 

519,358

 

 

 

 

 

 

416,439

 

Shares issued in connection with exercise of stock options under stock-based compensation plans

 

 

 

 

7,794

 

 

 

 

 

 

100

 

 

 

 

 

 

14,768

 

 

 

 

 

 

47,806

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,913

 

 

 

 

 

 

 

Conversion of Class B voting common stock to Class A non-voting common stock

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

Stock repurchases from employees for tax

   withholdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(551

)

Equity component of convertible senior notes, net

 

 

 

 

377,432