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$SNAP
Compare buybacks vs. dilution from stock comp over the last 3 years. State whether the share count is actually shrinking. Include stock issued to employees.

Based on the available data for Snap Inc. (SNAP), here's a comparison of share buybacks versus dilution from stock compensation over the last 3 years:

Share Buybacks vs. Stock-Based Dilution Analysis

MetricFY 2022FY 2023FY 2024
Shares Repurchased (Millions)105.2 [1564408_0001564408-25-000019_snap-20241231.htm:126]18.4 [1564408_0001564408-25-000019_snap-20241231.htm:126]27.9 [1564408_0001564408-25-000019_snap-20241231.htm:126]
Stock Options Exercised (Millions)0.4 [1564408_0001564408-25-000019_snap-20241231.htm:126]1.2 [1564408_0001564408-25-000019_snap-20241231.htm:126]0.9 [1564408_0001564408-25-000019_snap-20241231.htm:126]
RSU/RSA Vesting (Millions)58.3 [1564408_0001564408-25-000019_snap-20241231.htm:126]86.6 [1564408_0001564408-25-000019_snap-20241231.htm:126]70.2 [1564408_0001564408-25-000019_snap-20241231.htm:126]
Total Employee Stock Issuance (Millions)58.787.871.1
Net Impact (Repurchases - Issuance)+46.5-69.4-43.2
Stock-Based Compensation Expense ($USD Millions)$1,369.4 [1564408_0001564408-25-000019_snap-20241231.htm:126]$1,323.1 [1564408_0001564408-25-000019_snap-20241231.htm:126]$1,041.0 [1564408_0001564408-25-000019_snap-20241231.htm:126]

Actual Share Count Changes

MetricFY 2022FY 2023FY 2024
Common Shares Outstanding (Millions)1,638.9 [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12]1,645.5 [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12]1,690.6 [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12]
Year-over-Year Change+2% [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12]+5% [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12]+3% [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12]
Weighted Average Shares Outstanding (Millions)1,608.3 [fmp-database-26888904887518543]1,612.5 [fmp-database-26888904887518543]1,659.1 [fmp-database-26888904887518543]

Key Findings:

The share count is NOT actually shrinking. Despite significant buybacks, dilution from employee stock compensation has outpaced repurchases in 2023 and 2024:

  • 2022: Net share reduction of 46.5 million due to aggressive $1 billion buyback program [1564408_0001564408-25-000019_snap-20241231.htm:126]
  • 2023: Net share increase of 69.4 million as buybacks slowed significantly while employee equity grants remained high
  • 2024: Net share increase of 43.2 million, with moderate buybacks insufficient to offset continued dilution

The company's share count has grown from 1,638.9 million to 1,690.6 million over the three-year period, representing a 51.7 million share increase despite spending substantial amounts on buybacks. [1564408_0001564408-25-000016_snap-202524xexx991pressrel.htm:12] Stock-based compensation expense has remained elevated, totaling over $3.7 billion across the three years, driving continued dilution through employee stock issuance. [1564408_0001564408-25-000019_snap-20241231.htm:126]