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  "documentTitle": "Snap Inc | Results Presentation Deck | 30 slides",
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  "authorName": "Snap Inc.",
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  "presentationDate": "2025-02-01 00:00:00",
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  "notes": "Includes detailed footnotes regarding non-GAAP measures and definitions.",
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      "text": "On a constant currency basis, the impact of foreign exchange rates on revenue was not material at less than 1% in 2024. Constant currency revenue is a non-GAAP measure, see Appendix for further detail. ARPU is presented as an annual ARPU, calculated as the sum of each reported quarterly Global ARPU. Adjusted Gross Margin is a non-GAAP measure, which we define as GAAP revenue less Adjusted Cost of Revenue divided by GAAP revenue. Adjusted Cost of Revenue is a non-GAAP measure and excludes stock-based compensation, payroll and other tax expense related to stock-based compensation, depreciation and amortization, and certain other items impacting net income (loss) from time to time. Adjusted EBITDA Margin is a non-GAAP measure, which we define as Adjusted EBITDA divided by GAAP revenue. See Appendix for reconciliations of net loss to Adjusted EBITDA and net cash provided by (used in) operating activities to Free Cash Flow. Numbers throughout presentation may not foot due to rounding.",
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      "text": "Revenue was $5,361 million in 2024, compared to $4,606 million in the prior year. Average revenue per user was $12.23 in 2024, compared to $11.49 in the prior year.",
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      "text": "GAAP gross margin was 54% in 2024, compared to 54% in the prior year. Adjusted Gross Margin was 54% in 2024, compared to 55% in the prior year. Net loss was $698 million in 2024, compared to $1,322 million in the prior year. Adjusted EBITDA was $509 million in 2024, compared to $162 million in the prior year. Net loss margin was (13)% in 2024, compared to (29)% in the prior year. Adjusted EBITDA Margin was 9% in 2024, compared to 4% in the prior year.",
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      "text": "Operating cash flow was $413 million in 2024, compared to $247 million in the prior year. Free Cash Flow was $219 million in 2024, compared to $35 million in the prior year. Cash, cash equivalents, and marketable securities were $3.4 billion as of December 31, 2024.",
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