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The regular session still closed down","session":"2026-09-17"}],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-3.263,"p50":0.183,"p90":3.518,"p_up":0.537},"5d":{"p10":-8.191,"p50":0.524,"p90":10.34,"p_up":0.547},"10d":{"p10":-11.673,"p50":0.438,"p90":15.748,"p_up":0.523}},"state":"up/below/off/stuck/quiet/weak/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Other-product growth improves diversification, but a stronger EBITDA figure does not by itself establish GAAP profitability or cash retained after dilution management. The model tests revenue against hosting and operating budgets before subtracting compensation, cash costs and optional repurchases.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare advertising growth, other revenue and infrastructure cost with the outlook; require actual shipped-product economics before giving SPECS a distinct revenue forecast."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm","title":"August 4 10-Q and restructuring/debt details","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/snap-20260803xexx991pressr.htm","title":"Q2 results and non-GAAP reconciliation","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm","title":"Q3 guidance and full-year cost budgets","retrieved":"2026-09-19"},{"url":"https://newsroom.snap.com/making-computing-more-human-with-specs","title":"September SPECS preorder, demo and expected shipping terms","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1564408/000119312526385199/d129201d8k.htm","title":"September filing on planned chief business officer departure","retrieved":"2026-09-19"}],"business":{"drivers":["Advertising demand and other-product monetization","Infrastructure, partner costs and consolidated Specs investment","Equity compensation, buybacks and debt service"],"description":"Snap earns advertising revenue on Snapchat and other revenue from paid products and services. Specs Inc. remains a wholly owned subsidiary developing augmented reality glasses and related computing services. Advertising yield, subscription adoption and infrastructure spending determine operating economics; equity compensation and repurchases determine how much cash remains for shareholders."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/snap-specs-2195-launch-20260917): SPECS First Look October 1; next earnings listed around November 4","next_report_date":null},"identity":{"cik":1564408,"sic":"7370","name":"Snap Inc","symbol":"SNAP","cluster":"Software & internet","exchange":"NYSE"},"research":{"risks":["Advertising budgets and platform competition affect monetization.","Infrastructure and content/partner cost can outgrow sales.","SPECS shipment timing, demand and product margins remain uncertain.","Equity grants and payroll taxes remain economic costs.","Repurchase timing can exceed internally generated cash.","The chief business officer plans to leave December 31, adding execution transition risk."],"title":"Growth beyond ads, with the cost of dilution visible","question":"Can faster other-product revenue and advertising recovery fund infrastructure, Specs and shareholder cash claims?","economics":"H1 revenue was $3.128B, including $2.526B advertising and $601.8M other revenue. Adjusted EBITDA $482.9M contrasts with GAAP operating loss $245.2M. CFO $503.0M less PP&E $96.4M produced $406.5M FCF, below $601.0M repurchase cash including tax, before acquisitions. June cash and securities totaled $2.660B against $3.468B debt face. H1 SBC $513.2M includes $26.5M restructuring SBC, and D&A includes $1.3M restructuring depreciation; the GAAP bridge prevents duplication. Q3 outlook is $1.70B-$1.74B revenue and $300M-$350M adjusted EBITDA. FY2026 infrastructure cost is $1.65B-$1.70B, adjusted operating expense about $2.75B and SBC about $1.05B. Specs investment is already inside operating guidance. The September product announcement offers $2,195 preorders with $200 refundable deposits and expects fall shipping; these terms do not establish recognized sales. August $47.0M note repayment and May 2027 $106.3M maturity sit below CFO.","change_note":"Completed revenue/cost/cash scenarios with September SPECS terms, non-duplicated restructuring and separate repurchase/principal cash.","checkpoints":[{"event":"Q3 earnings and FY2026 budgets","watch":"Check revenue, EBITDA, hosting costs and any change to the consolidated Specs budget.","timing":"Next quarterly release; date unconfirmed","date_status":"estimated"},{"event":"SPECS product conversion","watch":"Check actual shipments, recognized revenue, returns and margin rather than refundable deposits.","timing":"October 1 demos; shipping expected later in fall","date_status":"estimated"},{"event":"Capital allocation and leadership","watch":"Track repurchase cash, share count and transition responsibilities.","timing":"Each quarter; CBO departure December 31","date_status":"estimated"}],"countercase":"Paid-product momentum may mask weaker ad monetization or low-margin product mix. Hardware adoption may require sustained spending, while buybacks can consume the cash reported as FCF without materially reducing share count.","limitations":["Q3 revenue/EBITDA and FY2026 cost outlook are management guidance. Q4 revenue, quarterly timing and all FY2027 amounts are desk scenarios, not external consensus.","Other revenue is not all subscription revenue. No DAU times total-company ARPU plus subscriptions double count. No forecast paid subscriber count is implied.","SPECS launch article is dated September 16; the newsroom index shows September 17. Reviewed September 19. $2,195 preorder price and $200 refundable deposit are not recognized sales; shipping is expected later in fall. No separately invented hardware revenue is added to the other-revenue scenario.","Specs Inc. remains wholly owned and consolidated. Its investment was included in management operating expense outlook. A standalone unit is not a financial deconsolidation.","FY2026 SBC outlook of approximately $1.05B is treated as full-year total expense for this bridge; payroll taxes are additional. H1 restructuring SBC and D&A are removed from the incremental restructuring deduction.","Future repurchases are optional desk assumptions, not guaranteed authorization use. FCF does not measure cash retained after offsetting equity dilution. No EPS, valuation or share-count roll-forward.","Cash after repurchases/principal excludes acquisitions, strategic investments and other financing uses. Holiday quote freshness and news review are required separately before any promotional post."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":1720000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":2050000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1760000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":1960000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":1,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":3127.784,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm","source_date":"2026-08-04"},{"id":"h1_ad_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 ad revenue","value":2525.984,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm","source_date":"2026-08-04"},{"id":"h1_other_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 other 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