Snap Inc. S-1
sec.gov
Snap Inc. S-1
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Re: Snap Inc. S-1
#2Interesting DAU-growth plateau around the 150M user mark mid-2016. Maybe there is truth to the theories that Instagram is successfully slowing the drain of users to Snapchat?
Re: Snap Inc. S-1
#3Snap Inc. is a camera company.
Re: Snap Inc. S-1
#4Very interesting to see what they think of their competition:
> We face significant competition in almost every aspect of our business both domestically and internationally. This includes larger, more established companies such as Apple, Facebook (including Instagram and WhatsApp), Google (including YouTube), Twitter, Kakao, LINE, Naver (including Snow), and Tencent, which provide their users with a variety of products, services, content, and online advertising offerings, and smaller companies that offer products and services that may compete with specific Snapchat features.
> For example, Instagram, a subsidiary of Facebook, recently introduced a “stories” feature that largely mimics our Stories feature and may be directly competitive. We may also lose users to small companies that offer products and services that compete with specific Snapchat features because of the low cost for our users to switch to a different product or service.
> Many of our current and potential competitors have significantly greater resources and broader global recognition and occupy better competitive positions in certain markets than we do. These factors may allow our competitors to respond to new or emerging technologies and changes in market requirements better than we can.
> Our competitors may also develop products, features, or services that are similar to ours or that achieve greater market acceptance. These products, features, and services may undertake more far-reaching and successful product development efforts or marketing campaigns, or may adopt more aggressive pricing policies.
Re: Snap Inc. S-1
#5> Although other U.S.-based companies have publicly traded classes of non-voting stock, to our knowledge, no other company has completed an initial public offering of non-voting stock on a U.S. stock exchange. We cannot predict whether this structure and the concentrated control it affords Mr. Spiegel and Mr. Murphy will result in a lower trading price or greater fluctuations in the trading price of our Class A common stock as compared to the trading price if the Class A common stock had voting rights. Nor can we predict whether this structure will result in adverse publicity or other adverse consequences.
Re: Snap Inc. S-1
#6Snap Inc. is a camera company.
Still don't use the native camera on Android.
Re: Snap Inc. S-1
#7> For the year ended December 31, 2016, we recorded revenue of $404.5 million... For the year ended December 31, 2016, we incurred a net loss of $514.6 million
> We have three classes of common stock: Class A, Class B, and Class C. Holders of our Class A common stock—the only class of stock being sold in this offering—are entitled to no vote on matters submitted to our stockholders
Re: Snap Inc. S-1
#8"We have committed to spend $2 billion with Google Cloud over the next five years and have built our software and computer systems to use computing, storage capabilities, bandwidth, and other services provided by Google, some of which do not have an alternative in the market."
There's some numbers for you that Google wouldn't have provided (as far as I have seen).
Re: Snap Inc. S-1
#9> For the year ended December 31, 2016, we recorded revenue of $404.5 million... For the year ended December 31, 2016, we incurred a net loss of $514.6 million > We have three classes of common stock: Class A, Class B, and Class C. Holders of our Class A common stock—the only class of stock being sold in this offering—are entitled to no vote on matters submitted to our stockholders
Is the monthly revenue growth rate in there? I can't find it. To me that tells the story of whether it's a buy or not (for the mid term).
Re: Snap Inc. S-1
#10> We rely on Google Cloud for the vast majority of our computing, storage, bandwidth, and other services. Any disruption of or interference with our use of the Google Cloud operation would negatively affect our operations and seriously harm our business.
Over-under on how much of their cost of revenue goes to Google App Engine?