What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-02-01 compared with 2022-02-04 · 45 added, 40 removed, 161 unchanged (35% of the section changed)

is a camera company.

We believe that reinventing the camera represents our greatest opportunity to improve the way that people live and communicate.

is a technology company.

We believe the camera presents the greatest opportunity to improve the way people live and communicate.

We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together.

Our flagship product, Snapchat, is a camera application that helps people communicate visually with friends and family through short videos and images called Snaps.

By opening directly to the camera, we empower users to express themselves instantly.

Snaps are deleted by default, so there is less pressure to look pretty or perfect when creating and sending images on Snapchat.

Our flagship product, Snapchat, is a visual messaging application that enhances your relationships with friends, family, and the world.

Visual messaging is a fast, fun way to communicate with friends and family using augmented reality, video, voice, messaging, and creative tools.

Snaps are deleted by default to mimic real-life conversations, so there is less pressure to look popular or perfect when creating and sending images on Snapchat.

By reducing the friction typically associated with creating and sharing content, Snapchat has become one of the most used cameras in the world.

The camera is a powerful tool for communication and the entry point for augmented reality experiences.

By opening directly to the camera, Snapchat empowers our community to express themselves instantly and offers millions of augmented reality Lenses for self expression, learning, and play.

In the way that the flashing cursor became the starting point for most products on desktop computers, we believe the camera screen will be the starting point for most products on smartphones.

This is because images created by smartphone cameras contain more context and richer information than other forms of input like text entered on a keyboard.

Given the magnitude of this opportunity, we invest heavily and take big risks in an attempt to create innovative and differentiated camera products that are better able to reflect and improve our life experiences.

Given the magnitude of this opportunity, we are investing and innovating to continue to deliver products and services that are differentiated and that are better able to reflect and improve our life experiences.

Snapchat is our core mobile device application and contains five distinct tabs, complemented by additional tools that function outside of the application.

With a breadth of visual communication and content experiences available within the application, Snapchatters can interact with all five, or a subset of those five tabs.

The Camera is the starting point for creation in Snapchat.

With a breadth of visual messaging and content experiences available within the application, Snapchatters can interact with all five, or a subset of those five tabs.

The Camera is a powerful tool for communication and the entry point for augmented reality experiences in Snapchat.

Snapchat opens directly to the Camera, making it easy to create a Snap and send it to friends.

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We also offer voice and scanning technology within our Camera.

While Snaps are deleted by default, users can save their creativity through a searchable collection of Memories stored on both their Snapchat account and their mobile device.

While Snaps are deleted by default to mimic real-life conversations, users can save their creativity through a searchable collection of Memories stored on both their Snapchat account and their mobile device.

A user can also create Snaps on our wearable devices, Spectacles.

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Our latest version of Spectacles, designed for creators, overlays AR Lenses directly onto the world.

Communication :

Communication allows users to send Snaps to friends collectively or individually, through our ephemeral, efficient messaging architecture.

Within Communication, users can send messages through text, Snaps, and voice or video calling.

Visual Messaging :

Visual Messaging is a fast, fun way to communicate with friends and family using augmented reality, video, voice, messaging and creative tools.

They can also communicate with our proprietary personalized avatar tool, Bitmoji, and its associated contextual stickers and images, which integrate seamlessly into both mobile devices and desktop browsers.

Further, users can communicate by playing one of our Games together, many of which allow a user’s avatar to be their Bitmoji, and through Minis, which bring bite-sized utility experiences to our community inside Snapchat.

Snap Map is a live and highly personalized map that allows Snapchatters to connect with friends and explore what is going on in their local area.

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Places, rich profiles of local businesses that include information such as store hours and reviews, overlay specialized experiences from select partners on top of Snap Map, and allow Snapchatters to take direct actions from Snap Map, such as sharing a favorite store, ordering takeout, or making a reservation.

Stories are a fun way to stay connected with people you care most about.

Stories feature content from a Snapchatter’s friends, our community, and our content partners.

Friends Stories allow our community to express themselves in narrative form through photos and videos, shown in chronological order, to their friends.

The Discover section of this tab displays curated content based on a Snapchatter’s subscriptions and interests, and features news and entertainment from both our creator community and publisher partners, as well as original content in Snap Originals.

We also offer Public Profiles, as a way for our creator community and our advertising partners to memorialize and scale their content and AR Lenses on our platform.

Spotlight is a way to broadly share user-generated content with the entire Snapchat community.

Spotlight showcases the best of Snapchat, helping people discover new creators and content in a personalized way.

Here we surface the most entertaining Snaps from our community all in one place, which becomes tailored to each Snapchatter over time based on their preferences and favorites.

The Trending page allows Snapchatters to discover and engage with popular topics and genres.

Additionally, we offer Snapchat+, our subscription product that provides subscribers access to exclusive, experimental, and pre-release features.

Snapchat+ offers a variety of features from allowing Snapchatters to customize the look and feel of their app, to giving special insights into their friendships.

We also offer Snapchat for Web, a browser-based product that brings Snapchat’s signature calling and ephemeral messaging capabilities to the web.

Our Partner Ecosystem

Many elements and features of Snapchat are enhanced by our expansive partner ecosystem that includes developers, creators, publishers, and advertisers, among others.

We help them create and bring content and experiences into Snapchat, leverage Snapchat capabilities in their own applications and websites, and use advertising to promote these and other experiences to our large, engaged, and differentiated user base.

Developers are able to integrate with Snapchat in many ways, including through Games, Minis, and Snap Kit.

Snap Kit invites developers to easily build with Snapchat, bringing the best of Snapchat’s technology to grow their businesses and create engaging experiences.

Through Camera Kit, our partners can embed Snap’s AR platform directly into their application, extending our reach and expanding our opportunity to learn through new AR use cases.

Partners can access a turnkey suite of tools and services, from Lenses AR experiences creation to Lens carousel management and analytics, to enable AR technology for their community.

Snap Kit products include Camera Kit, Creative Kit, Login Kit, Bitmoji Kit, Story Kit, Ad Kit, and Sticker Kit.

We help them create and bring diverse content and experiences into Snapchat, leverage Snapchat capabilities in their own applications and websites, and use advertising to promote these and other experiences to our large, engaged, and differentiated user base.

We seek to reward our partner ecosystem for their creativity, and continue to support them as they grow their audience and build their business on Snapchat.

Developers are able to integrate with Snapchat and its core technologies, like Snap ’ s AR Camera and Bitmoji, through a variety of tools.

Creative Kit gives developers and their communities a seamless sharing experience from their app directly to Snapchat.

Through Camera Kit, our partners can embed Snap’s AR platform directly into their application, extending the use of AR beyond self-expression and communication use cases.

We also provide developers a turnkey suite of tools and services that enable them to create AR Lenses and track the performance of those through analytics.

Finally, developers can bring an inclusive mode of identity and expression to their apps and games with our Bitmoji for Developers APIs and SDKs.

AR creators can use Lens Studio, our powerful desktop application designed for creators and developers, to build augmented reality experiences for Snapchatters.

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Our Creator Marketplace connects both AR and Spotlight creators directly with our advertising partners.

We provide monetizable opportunities through programs like the Snap Lens Network and Ghost, which provide grants to support AR product development across many industries.

We also support our content creator community through a number of programs, including advertising revenue sharing on our mid-roll advertisements in Snap Stars ’ Stories.

Publisher partners can expand their audiences and monetize content through our Discover platform.

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This means that we can take the things we learn while creating our consumer products and apply them to building innovative and engaging advertising products familiar to our community.

Advertising through Snap’s AR tools unlocks the ability to reach a unique audience in a highly differentiated way.

Ads can be served as Sponsored Lenses or Sponsored Filters.

Lenses are designed through our camera to take advantage of the reach and scale of our augmented reality platform to create visually engaging 3D experiences, including the ability to sample and try on products such as beauty, apparel, accessories, and footwear.

Filters are entertaining, artistic overlays that appear after you take a Snap.

These Lenses and Filters can be memorialized on Snapchat, through Public Profiles that aggregate content, filters, and lenses in a single, easy to find place.

Advertising through Snap’s AR tools unlocks the ability to reach a unique audience in a highly differentiated way through AR Lenses.

AR Lenses are designed through our camera to take advantage of the reach and scale of our augmented reality platform to create visually engaging 3D experiences, including the ability to visualize and try on products such as beauty, apparel, accessories, and footwear.

AR Lenses can be memorialized on Snapchat, through Public Profiles that aggregate content and lenses in a single, easy to find place.

We let advertisers tell their stories the same way our users do, using full screen videos with sound.

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Collection Ads feature four tappable tiles to showcase multiple products, giving Snapchatters a frictionless way to browse and buy.

• Dynamic Ads:

Dynamic ads leverage our machine learning algorithm to match a product catalog to serve the right ad to the right Snapchatter at the right time.

• Commercials:

Commercials are non-skippable for six seconds, but can last up to three minutes.

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Measuring Advertising Effectiveness :

We offer first-party and third-party solutions to provide a vast array of analytics on campaign attributes like reach, frequency, demographics, and viewability;

We offer first-party measurement solutions and we support our advertising partners preferred third-party measurement solutions to provide a vast array of analytics on campaign attributes like reach, frequency, demographics, and viewability;

changes in perceptions like brand favorability or purchase intent;

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We work relentlessly and invest heavily to create and improve products for our community and our partners.

We develop a wide range of products related to visual communication and storytelling that are powered by a variety of new technologies.

We develop a wide range of products related to visual messaging and storytelling that are powered by a variety of new technologies.

Advertising Technology :

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We focus on the health and well-being of our employees through programs and benefits that support their physical, emotional, and financial fitness.

To attract and retain the best talent, we aim to offer challenging work in an environment that enables our employees to have a direct meaningful contribution to new and exciting projects.

To attract and retain the best talent, we aim to offer challenging work in an environment that enables our employees

to have a direct meaningful contribution to new and exciting projects.

Underlying these values is our commitment to ethical conduct where we work to instill in our team that acting with integrity means being your whole self, being honest, and doing the right thing.

Diversity, Equity, and Inclusion :

Snap has long supported a Diversity, Equity and Inclusion, or DEI, program, and we have made progress on a number of fronts, including diversifying our board of directors and executive leadership, introducing new accountability around DEI outcomes, rolling out an allyship program to inspire a more inclusive culture, and enhancing our recruiting process to continue driving diverse hiring.

Snap has long supported a Diversity, Equity and Inclusion, or DEI, program, and we have made progress on a number of fronts, including diversifying our board of directors and executive leadership, introducing new accountability around DEI outcomes, maintaining an allyship program to inspire a more inclusive culture, and enhancing our recruiting process to continue driving diverse hiring.

To aid in our mission, we publish a Diversity Annual Report that discusses our goals with respect to diversity, equity, and inclusion efforts.

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Climate Change:

We are deepening our commitment to help combat climate change.

In 2021, we adopted science-based emissions reduction targets approved by the Science Based Targets Initiative.

We became historically carbon neutral in 2021 by purchasing offsets to balance emissions attributable to Snap from our founding in 2011 through December 31, 2020.

We also purchased renewable energy certificates in 2021 sufficient to cover all of the electricity consumed in our U.S.

operations for the year ended December 31, 2020.

We continue to deepen our commitment to help combat climate change.

In 2021, we adopted science-based emissions reduction targets approved by the Science Based Targets Initiative and became historically carbon neutral from our founding in 2011 through 2020.

In 2022, we remained carbon neutral by purchasing offsets to balance emissions attributable to Snap through December 31, 2021 and are committed to achieving net negative carbon emissions by 2030.

We also purchased renewable energy certificates in 2022 sufficient to cover all of the electricity consumed in our global operations for the year ended December 31, 2021.

Our Commitment to Privacy

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Otherwise, it’s hard to make informed choices about how you communicate.

We’ve also created a robust Privacy Center where we show that context and choice are more than talking points.

We’ve also created a robust Privacy and Safety Hub where we show that context and choice are more than talking points.

There, we point out the many ways that users can control who sees their Snaps and Stories, and explain how long content will remain on our servers, how users can manage the information that we do have about them, and much more.

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Many of these companies, such as Alphabet (including Google and YouTube), Apple, ByteDance (including TikTok), Meta (including Facebook, Instagram, and WhatsApp), Pinterest, and Twitter, may have greater financial and human resources and, in some cases, larger user bases.

Given the breadth of our product offerings, we also compete with

companies that develop products or otherwise operate in the mobile, camera, communication, content, and advertising industries that offer, or will offer, products and services that may compete with Snapchat features or offerings.

Given the breadth of our product offerings, we also compete with companies that develop products or otherwise operate in the mobile, camera, communication, content, and advertising industries that offer, or will offer, products and services that may compete with Snapchat features or offerings.

Our competitors span from internet technology companies and digital platforms, to traditional companies in print, radio, and television sectors to underlying technologies like default smartphone cameras and messaging.

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These laws and regulations are constantly evolving and may be interpreted, applied, created, or amended in a manner that could harm our business.

Compliance with these laws

and regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations, and competitive position as compared to prior periods, and we do not currently anticipate material capital expenditures for environmental control facilities.

Compliance with these laws and regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations, and competitive position as compared to prior periods, and we do not currently anticipate material capital expenditures for environmental control facilities.

In December 2014, the Federal Trade Commission resolved an investigation into some of our early practices by handing down a final order.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business