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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, 2020

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

 

1,234,707,741 shares outstanding as of October 16, 2020

Class B common stock, $0.00001 par value

 

23,645,960 shares outstanding as of October 16, 2020

Class C common stock, $0.00001 par value

 

231,626,943 shares outstanding as of October 16, 2020

 

 

 

 


 

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

 

71

Item 3.

 

Defaults Upon Senior Securities

 

71

Item 4.

 

Mine Safety Disclosures

 

71

Item 5.

 

Other Information

 

71

Item 6.

 

Exhibits

 

72

Signatures

 

 

 

73

 

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 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, 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 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 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 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 thus is 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,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(199,853

)

 

$

(227,375

)

 

$

(831,740

)

 

$

(792,956

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

21,804

 

 

 

20,646

 

 

 

63,933

 

 

 

66,625

 

Stock-based compensation

 

192,080

 

 

 

161,228

 

 

 

550,300

 

 

 

519,358

 

Deferred income taxes

 

(1,186

)

 

 

170

 

 

 

(3,698

)

 

 

195

 

Gain on divestiture

 

 

 

 

 

 

 

 

 

 

(39,883

)

Amortization of debt discount and issuance costs

 

24,503

 

 

 

6,412

 

 

 

56,478

 

 

 

6,412

 

Other

 

7,252

 

 

 

(1,245

)

 

 

15,369

 

 

 

(4,561

)

Change in operating assets and liabilities, net of effect of

   acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

(151,856

)

 

 

(62,855

)

 

 

(43,310

)

 

 

(30,736

)

Prepaid expenses and other current assets

 

(10,608

)

 

 

(490

)

 

 

(19,352

)

 

 

(4,980

)

Operating lease right-of-use assets

 

10,054

 

 

 

35,633

 

 

 

28,307

 

 

 

57,254

 

Other assets

 

3,390

 

 

 

2,139

 

 

 

2,343

 

 

 

4,540

 

Accounts payable

 

3,435

 

 

 

4,220

 

 

 

11,448

 

 

 

28,319

 

Accrued expenses and other current liabilities

 

61,595

 

 

 

23,243

 

 

 

94,368

 

 

 

16,655

 

Operating lease liabilities

 

(15,760

)

 

 

(36,008

)

 

 

(40,739

)

 

 

(63,259

)

Other liabilities

 

322

 

 

 

(1,867

)

 

 

1,194

 

 

 

(1,099

)

Net cash used in operating activities

 

(54,828

)

 

 

(76,149

)

 

 

(115,099

)

 

 

(238,116

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

(14,727

)

 

 

(7,938

)

 

 

(41,385

)

 

 

(27,385

)

Proceeds from divestiture, net

 

 

 

 

 

 

 

 

 

 

73,796

 

Non-marketable investments

 

(3,500

)

 

 

(1,050

)

 

 

(95,341

)

 

 

(3,750

)

Cash paid for acquisitions, net of cash acquired

 

(33,508

)

 

 

 

 

 

(53,712

)

 

 

 

Purchases of marketable securities

 

(1,148,344

)

 

 

(1,115,358

)

 

 

(2,576,892

)

 

 

(1,924,398

)

Sales of marketable securities

 

155,899

 

 

 

24,948

 

 

 

373,857

 

 

 

102,437

 

Maturities of marketable securities

 

668,930

 

 

 

411,079

 

 

 

1,898,176

 

 

 

1,193,739

 

Other

 

 

 

 

 

 

 

(500

)

 

 

1,029

 

Net cash used in investing activities

 

(375,250

)

 

 

(688,319

)

 

 

(495,797

)

 

 

(584,532

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net of issuance costs

 

 

 

 

1,251,848

 

 

 

988,582

 

 

 

1,251,848

 

Purchase of capped calls

 

 

 

 

(102,086

)

 

 

(100,000

)

 

 

(102,086

)

Proceeds from the exercise of stock options

 

2,434

 

 

 

7,788

 

 

 

26,041

 

 

 

14,726

 

Net cash provided by financing activities

 

2,434

 

 

 

1,157,550

 

 

 

914,623

 

 

 

1,164,488

 

Change in cash, cash equivalents, and restricted cash

 

(427,644

)

 

 

393,082

 

 

 

303,727

 

 

 

341,840

 

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

 

1,252,631

 

 

 

337,732

 

 

 

521,260

 

 

 

388,974

 

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

$

824,987

 

 

$

730,814

 

 

$

824,987

 

 

$

730,814

 

Supplemental disclosures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes, net

$

1,309

 

 

$

643

 

 

$

2,679

 

 

$

564

 

Cash paid for interest

 

5,113

 

 

 

380

 

 

 

10,378

 

 

 

1,176

 

 

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,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

$

678,668

 

 

$

446,199

 

 

$

1,595,304

 

 

$

1,154,646

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

293,095

 

 

 

223,140

 

 

 

796,959

 

 

 

642,399

 

Research and development

 

283,639

 

 

 

211,599

 

 

 

783,115

 

 

 

663,983

 

Sales and marketing

 

143,511

 

 

 

123,240

 

 

 

397,834

 

 

 

332,626

 

General and administrative

 

126,287

 

 

 

117,073

 

 

 

382,232

 

 

 

365,370

 

Total costs and expenses

 

846,532

 

 

 

675,052

 

 

 

2,360,140

 

 

 

2,004,378

 

Operating loss

 

(167,864

)

 

 

(228,853

)

 

 

(764,836

)

 

 

(849,732

)

Interest income

 

2,801

 

 

 

10,317

 

 

 

16,158

 

 

 

25,579

 

Interest expense

 

(28,212

)

 

 

(8,654

)

 

 

(68,052

)

 

 

(10,219

)

Other income (expense), net

 

(5,669

)

 

 

(1,481

)

 

 

(14,483

)

 

 

41,477

 

Loss before income taxes

 

(198,944

)

 

 

(228,671

)

 

 

(831,213

)

 

 

(792,895

)

Income tax benefit (expense)

 

(909

)

 

 

1,296

 

 

 

(527

)

 

 

(61

)

Net loss

$

(199,853

)

 

$

(227,375

)

 

$

(831,740

)

 

$

(792,956

)

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

   common stockholders (Note 3):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.14

)

 

$

(0.16

)

 

$

(0.58

)

 

$

(0.58

)

Diluted

$

(0.14

)

 

$

(0.16

)

 

$

(0.58

)

 

$

(0.58

)

Weighted average shares used in computation of net loss per

   share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,466,420

 

 

 

1,393,358

 

 

 

1,446,040

 

 

 

1,364,327

 

Diluted

 

1,466,420

 

 

 

1,393,358

 

 

 

1,446,040

 

 

 

1,364,327

 

 

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,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

$

(199,853

)

 

$

(227,375

)

 

$

(831,740

)

 

$

(792,956

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(1,210

)

 

 

(12

)

 

 

(43

)

 

 

609

 

Foreign currency translation

 

10,318

 

 

 

(9,263

)

 

 

7,969

 

 

 

(10,929

)

Total other comprehensive income (loss), net of tax

 

9,108

 

 

 

(9,275

)

 

 

7,926

 

 

 

(10,320

)

Total comprehensive income (loss)

$

(190,745

)

 

$

(236,650

)

 

$

(823,814

)

 

$

(803,276

)

 

See Notes to Consolidated Financial Statements.

7


 

Snap Inc.

Consolidated Balance Sheets

(in thousands, except par value)

 

 

September 30,

2020

 

 

December 31,

2019

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

824,070

 

 

$

520,317

 

Marketable securities

 

1,900,935

 

 

 

1,592,488

 

Accounts receivable, net of allowance

 

529,872

 

 

 

492,194

 

Prepaid expenses and other current assets

 

60,837

 

 

 

38,987

 

Total current assets

 

3,315,714

 

 

 

2,643,986

 

Property and equipment, net

 

175,199

 

 

 

173,667

 

Operating lease right-of-use assets

 

269,141

 

 

 

275,447

 

Intangible assets, net

 

91,796

 

 

 

92,121

 

Goodwill

 

816,113

 

 

 

761,153

 

Other assets

 

149,811

 

 

 

65,550

 

Total assets

$

4,817,774

 

 

$

4,011,924

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

61,978

 

 

$

46,886

 

Operating lease liabilities

 

40,994

 

 

 

42,179

 

Accrued expenses and other current liabilities

 

507,134

 

 

 

410,610

 

Total current liabilities

 

610,106

 

 

 

499,675

 

Convertible senior notes, net

 

1,650,246

 

 

 

891,776

 

Operating lease liabilities, noncurrent

 

287,105

 

 

 

303,178

 

Other liabilities

 

71,546

 

 

 

57,382

 

Total liabilities

 

2,619,003

 

 

 

1,752,011

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

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

   authorized, 1,160,127 shares issued and outstanding at December 31, 2019, and

   3,000,000 shares authorized, 1,229,446 shares issued and outstanding

   at September 30, 2020.

 

12

 

 

 

12

 

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

   24,522 shares issued and outstanding at December 31, 2019, and 700,000 shares

   authorized, 23,643 shares issued and outstanding at September 30, 2020.

 

 

 

 

 

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

   231,147 shares issued and outstanding at December 31, 2019, and 260,888 shares

   authorized, 231,627 shares issued and outstanding at September 30, 2020.

 

2

 

 

 

2

 

Additional paid-in capital

 

9,968,707

 

 

 

9,205,256

 

Accumulated other comprehensive income (loss)

 

8,499

 

 

 

573

 

Accumulated deficit

 

(7,778,449

)

 

 

(6,945,930

)

Total stockholders’ equity

 

2,198,771

 

 

 

2,259,913

 

Total liabilities and stockholders’ equity

$

4,817,774

 

 

$

4,011,924

 

 

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,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Class A non-voting common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

1,204,957

 

 

 

12

 

 

 

1,096,653

 

 

 

11

 

 

 

1,160,127

 

 

$

12

 

 

 

999,304

 

 

$

10

 

Shares issued in connection with exercise

   of stock options under stock-based

   compensation plans

 

292

 

 

 

 

 

 

1,300

 

 

 

 

 

 

3,036

 

 

 

 

 

 

3,024

 

 

 

 

Issuance of Class A non-voting common

   stock for vesting of restricted stock

   units and restricted stock awards, net

 

19,060

 

 

 

 

 

 

19,055

 

 

 

(1

)

 

 

60,446

 

 

 

 

 

 

67,336

 

 

 

 

Conversion of Class B voting common

   stock to Class A non-voting common

   stock

 

5,137

 

 

 

 

 

 

15,907

 

 

 

1

 

 

 

5,837

 

 

 

 

 

 

63,251

 

 

 

1

 

Balance, end of period

 

1,229,446

 

 

$

12

 

 

 

1,132,915

 

 

$

11

 

 

 

1,229,446

 

 

 

12

 

 

 

1,132,915

 

 

 

11

 

Class B voting common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

24,215

 

 

 

 

 

 

47,582

 

 

 

 

 

 

24,522

 

 

 

 

 

 

93,846

 

 

 

1

 

Shares issued in connection with exercise

   of stock options under stock-based

   compensation plans

 

128

 

 

 

 

 

 

373

 

 

 

 

 

 

521

 

 

 

 

 

 

1,162

 

 

 

 

Issuance of Class B voting common stock

   for vesting of restricted stock units, net