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Reddit Announces Second Quarter 2024 Results

Strong Q2 results, including both revenue and users each growing over 50% year-over-year

Daily Active Uniques (“DAUq”) increased 51% year-over-year to 91.2 million

Revenue increased 54% to $281.2 million, more than doubling growth rate from prior year

Net loss reduced to $10.1 million. Positive Adjusted EBITDA1 of $39.5 million, up $74.9 million, with 14% Adjusted EBITDA margin, up over 3000 basis points from prior year

Operating cash flow of $28.4 million and Free Cash Flow1 $27.2 million, up $82.1 million from prior year

Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended June 30, 2024. Reddit’s complete financial results and management commentary can be found in its shareholder letter on Reddit’s Investor Relations website at https://investor.redditinc.com.

“We had a strong quarter across the board and more people are visiting Reddit than ever before,” said Steve Huffman, Co-Founder and CEO of Reddit. “Our work to improve the platform is driving results and we are well positioned to continue to grow and deliver on our long term mission.”

  • Weekly Active Uniques (“WAUq”) increased 57% year-over-year to 342.3 million
  • Revenue increased 54% year-over-year to $281.2 million, Ad revenue increased 41% year-over-year to $253.1 million, and Other revenue increased 691% year-over-year to $28.1 million
  • Gross margin was 89.5%, an improvement of 530 basis points from the prior year
  • Net loss was $10.1 million, as compared to net loss of $41.1 million in the prior year
  • Adjusted EBITDA1 was $39.5 million, as compared to $(35.4) million in the prior year
  • Operating cash flow was $28.4 million, an improvement of $82.5 million from the prior year
  • Free Cash Flow1 was $27.2 million, capital expenditures were $1.2 million

Second Quarter 2024 Financial Highlights

 

 

Three months ended June 30,

 

 

(in millions, except percentages; unaudited)

 

2024

 

 

 

2023

 

 

% Change

Revenue

$

281.2

 

 

$

183.1

 

 

54%

U.S.

$

228.1

 

 

$

147.4

 

 

55%

International

$

53.1

 

 

$

35.7

 

 

49%

 

 

 

 

 

 

GAAP gross margin

 

89.5

%

 

 

84.2

%

 

 

 

 

 

 

 

 

Net income (loss)

$

(10.1

)

 

$

(41.1

)

 

NM

Adjusted EBITDA*

$

39.5

 

 

$

(35.4

)

 

NM

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

28.4

 

 

$

(54.1

)

 

NM

Free Cash Flow*

$

27.2

 

 

$

(54.9

)

 

NM

 

 

 

 

 

 

Cash, cash equivalents, and marketable securities

$

1,699.1

 

 

 

 

 

NM - not meaningful

*The definitions of Adjusted EBITDA and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 11-12.

Financial Outlook

The guidance provided below is based on Reddit’s current estimates and is not a guarantee of future performance. This guidance is subject to significant risks and uncertainties that could cause actual results to differ materially, including the risk factors discussed in Reddit’s reports on file with the Securities and Exchange Commission. Reddit undertakes no duty to update any forward-looking statements or estimates, except as required by applicable law.

As we look ahead, we will share our internal thoughts on revenue and Adjusted EBITDA for the third quarter.

In the third quarter of 2024, we estimate:

  • Revenue in the range of $290 million to $310 million
  • Adjusted EBITDA2 in the range of $40 million to $60 million

Earnings Conference Call Information and Community Update

Reddit will host a conference call to discuss the results for the second quarter of 2024 on August 6, 2024, at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast of the call can be accessed on Reddit’s Investor Relations website at https://investor.redditinc.com and investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/. A replay of the webcast and transcript will be available following the conclusion of the conference call on the same websites.

Reddit will solicit questions from the community in the investor relations subreddit, r/RDDT, at https://www.reddit.com/r/RDDT/ on Tuesday, August 6, 2024, and post responses following the earnings call at Reddit’s Investor Relations website at https://investor.redditinc.com and r/RDDT at https://www.reddit.com/r/RDDT/.

Reddit uses the investor relations page on its website https://investor.redditinc.com, as well as the subreddits r/RDDT and r/reddit, available at https://www.reddit.com/r/RDDT/ and https://www.reddit.com/r/reddit/, respectively, as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Notes

1 The definitions of Adjusted EBITDA and Free Cash Flow can be found in the Use of Non-GAAP Financial Measures section of this release. A reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measure can be found on pages 10-11.

2 We have not provided a reconciliation to the forward-looking U.S. GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding U.S. GAAP guidance measures is not available without unreasonable effort.

About Reddit

Reddit is a community of communities. It’s built on shared interests, passion, and trust and is home to the most open and authentic conversations on the internet. Every day, Reddit users submit, vote, and comment on the topics they care most about. With 100,000+ active communities and approximately 91+ million daily active unique visitors, Reddit is one of the internet’s largest sources of information. For more information, visit www.redditinc.com.

Forward Looking Statements

This letter contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Reddit's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Reddit's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Reddit’s priorities, future financial and operating performance, including headcount strategy, breakeven performance objective, capitalization of training data, evolution of AI, international growth strategies to increase content consumption and improve local user experience, consumer product strategy with respect to growth and engagement, GAAP and non-GAAP guidance, strategies, and expectations of growth. Reddit's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in documents that Reddit files with the Securities and Exchange Commission (the “SEC”) from time to time, including Reddit’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which is being filed with the SEC at or around the date hereof. The forward-looking statements in this release are based on information available to Reddit as of the date hereof, and Reddit undertakes no obligation to update any forward-looking statements, except as required by law.

A Note About Metrics

We define a daily active unique (“DAUq”) as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a 24-hour period. Average DAUq for a particular period is calculated by adding the number of DAUq on each day of that period and dividing that sum by the number of days in that period.

We define a weekly active unique (“WAUq”) as a user whom we can identify with a unique identifier who has visited a page on the Reddit website, www.reddit.com, or opened a Reddit application at least once during a trailing seven-day period. Average quarterly WAUq for a particular period is calculated by adding the number of WAUq on each day of that period and dividing that sum by the number of days in that period.

We define average revenue per unique (“ARPU”) as quarterly revenue in a given geography divided by the average DAUq in that geography. For the purposes of calculating ARPU, advertising revenue in a given geography is based on the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity, while other revenue in a given geography is based on the billing address of the customer.

Use of Non-GAAP Financial Measures

We use certain non-GAAP financial measures to supplement our consolidated financial statements, which are presented in accordance with U.S. GAAP, to evaluate our core operating performance. These non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow. We use these non-GAAP financial measures to facilitate reviews of our operational performance and as a basis for strategic planning. By excluding certain items that are non-recurring or not reflective of the performance of our normal course of business, we believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow investors to supplement their understanding of our financial trends and evaluate our ongoing and future performance in the same manner as management. However, there are a number of limitations related to the use of non-GAAP financial measures as they reflect the exercise of judgment by our management about which expenses are included or excluded in determining these non-GAAP measures. These non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with U.S. GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

A reconciliation is provided in the Appendix for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. Reddit encourages investors to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate Reddit’s business. We have not provided a reconciliation to the forward-looking GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding, and the potential variability of, reconciling items. Therefore, a reconciliation of these non-GAAP guidance measures to their corresponding GAAP guidance measures is not available without unreasonable effort.

Adjusted EBITDA is defined as net income (loss) excluding interest (income) expense, net, income tax expense (benefit), depreciation and amortization, stock-based compensation expense and related taxes, other (income) expense, net, and certain other non-recurring or non-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance. Other (income) expense, net consists primarily of realized gains and losses on sales of marketable securities, foreign currency transaction gains and losses, and other income and expense that are not indicative of our core operating performance. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. We consider the exclusion of certain non-recurring or non-cash items in calculating Adjusted EBITDA to provide a useful measure for investors and others to evaluate our operating results in the same manner as management.

Free Cash Flow represents net cash provided by (used in) operating activities less purchases of property and equipment. We believe that Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities.

Reddit, Inc.

Key Operating Metrics by Geography

(in millions, except ARPU)

(unaudited)

 

 

Three months ended June 30,

 

 

 

Six months ended June 30,

 

 

 

 

2024

 

 

2023

 

% Change

 

 

2024

 

 

2023

 

% Change

Revenue: Global

$

281.2

 

$

183.1

 

54

%

 

$

524.1

 

$

346.8

 

51

%

Revenue: U.S.

$

228.1

 

$

147.4

 

55

%

 

$

427.8

 

$

278.0

 

54

%

Revenue: International

$

53.1

 

$

35.7

 

49

%

 

$

96.3

 

$

68.8

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

% Change

 

 

 

 

 

 

DAUq: Global

 

91.2

 

 

60.4

 

51

%

 

 

 

 

 

 

DAUq: U.S.

 

45.5

 

 

28.7

 

59

%

 

 

 

 

 

 

DAUq: International

 

45.7

 

 

31.7

 

44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Logged-in DAUq: Global

 

42.0

 

 

32.1

 

31

%

 

 

 

 

 

 

Logged-in DAUq: U.S.

 

20.4

 

 

15.5

 

32

%

 

 

 

 

 

 

Logged-in DAUq: International

 

21.6

 

 

16.6

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Logged-out DAUq: Global

 

49.2

 

 

28.3

 

74

%

 

 

 

 

 

 

Logged-out DAUq: U.S.

 

25.1

 

 

13.2

 

90

%

 

 

 

 

 

 

Logged-out DAUq: International

 

24.1

 

 

15.1

 

60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WAUq: Global

 

342.3

 

 

218.1

 

57

%

 

 

 

 

 

 

WAUq: U.S.

 

167.5

 

 

99.6

 

68

%

 

 

 

 

 

 

WAUq: International

 

174.8

 

 

118.5

 

48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ARPU: Global

$

3.08

 

$

3.03

 

2

%

 

 

 

 

 

 

ARPU: U.S.

$

4.94

 

$

5.21

 

(5

)%

 

 

 

 

 

 

ARPU: International

$

1.24

 

$

1.06

 

17

%

 

 

 

 

 

 

Reddit, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 
 

 

June 30,

2024

 

December 31,

2023

 

(unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

467,952

 

 

$

401,176

 

Marketable securities

 

1,231,099

 

 

 

811,946

 

Accounts receivable, net

 

240,093

 

 

 

245,279

 

Prepaid expenses and other current assets

 

41,599

 

 

 

21,286

 

Total current assets

 

1,980,743

 

 

 

1,479,687

 

Property and equipment, net

 

14,168

 

 

 

14,946

 

Operating lease right-of-use assets, net

 

25,107

 

 

 

24,008

 

Intangible assets, net

 

27,772

 

 

 

32,147

 

Goodwill

 

26,299

 

 

 

26,299

 

Other noncurrent assets

 

2,273

 

 

 

19,380

 

Total assets

$

2,076,362

 

 

$

1,596,467

 

 

 

 

 

Liabilities, convertible preferred stock, and stockholders’ equity (deficit)

 

 

 

Current liabilities

 

 

 

Accounts payable

$

64,329

 

 

$

46,514

 

Operating lease liabilities

 

5,368

 

 

 

3,707

 

Accrued expenses and other current liabilities

 

89,818

 

 

 

83,349

 

Total current liabilities

 

159,515

 

 

 

133,570

 

Operating lease liabilities, noncurrent

 

22,757

 

 

 

22,040

 

Other noncurrent liabilities

 

255

 

 

 

287

 

Total liabilities

 

182,527

 

 

 

155,897

 

Commitments and contingencies

 

 

 

Convertible preferred stock, par value $0.0001 per share; no and 86,864,781 shares authorized as of June 30, 2024 and December 31, 2023, respectively; no and 73,021,449 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $0 and $1,847,993 as of June 30, 2024 and December 31, 2023, respectively

 

 

 

 

1,853,492

 

Stockholders’ equity (deficit):

 

 

 

Preferred stock, par value $0.0001 per share; 100,000,000 and no shares authorized as of June 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of June 30, 2024 and December 31, 2023

 

 

 

 

 

Class A common stock, par value $0.0001 per share; 2,000,000,000 and 189,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 62,479,462 and 7,099,700 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

6

 

 

 

 

Class B common stock, par value $0.0001 per share; 140,000,000 and 142,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 103,154,629 and 53,904,204 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

11

 

 

 

6

 

Class C common stock, par value $0.0001 per share; 100,000,000 and no shares authorized as of June 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of June 30, 2024 and December 31, 2023

 

 

 

 

 

Additional paid-in capital

 

3,196,549

 

 

 

302,820

 

Accumulated other comprehensive income (loss)

 

(1,004

)

 

 

814

 

Accumulated deficit

 

(1,301,727

)

 

 

(716,562

)

Total stockholders’ equity (deficit)

 

1,893,835

 

 

 

(412,922

)

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)

$

2,076,362

 

 

$

1,596,467

 

Reddit, Inc.

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

$

281,184

 

 

$

183,031

 

 

$

524,147

 

 

$

346,771

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of revenue

 

29,501

 

 

 

28,836

 

 

 

57,117

 

 

 

55,699

 

Research and development

 

142,777

 

 

 

109,726

 

 

 

579,807

 

 

 

218,493

 

Sales and marketing

 

71,458

 

 

 

59,225

 

 

 

195,553

 

 

 

117,136

 

General and administrative

 

68,487

 

 

 

38,233

 

 

 

311,964

 

 

 

79,034

 

Total costs and expenses

 

312,223

 

 

 

236,020

 

 

 

1,144,441

 

 

 

470,362

 

Income (loss) from operations

 

(31,039

)

 

 

(52,989

)

 

 

(620,294

)

 

 

(123,591

)

Other income (expense), net

 

20,724

 

 

 

13,306

 

 

 

35,278

 

 

 

24,030

 

Income (loss) before income taxes

 

(10,315

)

 

 

(39,683

)

 

 

(585,016

)

 

 

(99,561

)

Income tax expense (benefit)

 

(216

)

 

 

1,426

 

 

 

149

 

 

 

2,414

 

Net income (loss)

$

(10,099

)

 

$

(41,109

)

 

$

(585,165

)

 

$

(101,975

)

Net income (loss) per share attributable to Class A and Class B common stock, basic and diluted

$

(0.06

)

 

$

(0.70

)

 

$

(4.99

)

 

$

(1.75

)

Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

 

164,383

 

 

 

58,508

 

 

 

117,312

 

 

 

58,313

 

Diluted

 

164,383

 

 

 

58,508

 

 

 

117,312

 

 

 

58,313

 

Reddit, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income (loss)

$

(10,099

)

 

$

(41,109

)

 

$

(585,165

)

 

$

(101,975

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

3,770

 

 

 

3,321

 

 

 

7,513

 

 

 

6,659

 

Non-cash operating lease cost

 

1,335

 

 

 

3,415

 

 

 

2,588

 

 

 

6,684

 

Amortization of premium (accretion of discount) on marketable securities, net

 

(11,362

)

 

 

(6,150

)

 

 

(19,491

)

 

 

(11,282

)

Stock-based compensation

 

64,266

 

 

 

10,103

 

 

 

641,774

 

 

 

22,583

 

Other adjustments

 

141

 

 

 

150

 

 

 

626

 

 

 

166

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(24,793

)

 

 

(8,833

)

 

 

5,194

 

 

 

24,913

 

Prepaid expenses and other assets

 

(6,270

)

 

 

1,840

 

 

 

(20,182

)

 

 

828

 

Operating lease right-of-use assets and liabilities

 

(780

)

 

 

(2,211

)

 

 

(1,310

)

 

 

(3,082

)

Accounts payable

 

18,220

 

 

 

(6,323

)

 

 

16,042

 

 

 

383

 

Accrued expenses and other liabilities

 

(6,043

)

 

 

(8,256

)

 

 

12,860

 

 

 

4,145

 

Net cash provided by (used in) operating activities

$

28,385

 

 

$

(54,053

)

 

$

60,449

 

 

$

(49,978

)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchases of property and equipment

 

(1,202

)

 

 

(830

)

 

 

(4,053

)

 

 

(1,186

)

Purchases of marketable securities

 

(861,827

)

 

 

(351,366

)

 

 

(997,512

)

 

 

(614,212

)

Maturities of marketable securities

 

343,404

 

 

 

319,512

 

 

 

596,059

 

 

 

634,877

 

Proceeds from sale of marketable securities

 

 

 

 

749

 

 

 

 

 

 

37,538

 

Other investing activities

 

(12

)

 

 

42

 

 

 

(27

)

 

 

112

 

Net cash provided by (used in) investing activities

$

(519,637

)

 

$

(31,893

)

 

$

(405,533

)

 

$

57,129

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions

 

 

 

 

 

 

 

600,022

 

 

 

 

Proceeds from exercise of employee stock options

 

1,843

 

 

 

830

 

 

 

24,932

 

 

 

1,791

 

Taxes paid related to net share settlement of restricted stock units

 

(7,569

)

 

 

 

 

 

(202,306

)

 

 

(4,229

)

Payments of initial public offering costs

 

(3,585

)

 

 

(496

)

 

 

(6,338

)

 

 

(858

)

Other financing activities

 

 

 

 

 

 

 

(4,450

)

 

 

 

Net cash provided by (used in) financing activities

$

(9,311

)

 

$

334

 

 

$

411,860

 

 

$

(3,296

)

 

 

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(500,563

)

 

 

(85,612

)

 

 

66,776

 

 

 

3,855

 

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

 

968,565

 

 

 

525,327

 

 

 

401,226

 

 

 

435,860

 

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

$

468,002

 

 

$

439,715

 

 

$

468,002

 

 

$

439,715

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

467,952

 

 

 

439,665

 

 

 

467,952

 

 

 

439,665

 

Restricted cash

 

50

 

 

 

50

 

 

 

50

 

 

 

50

 

Total cash, cash equivalents, and restricted cash

$

468,002

 

 

$

439,715

 

 

$

468,002

 

 

$

439,715

 

Reddit, Inc.

Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin

(in thousands)

(unaudited)

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net income (loss)

$

(10,099

)

 

$

(41,109

)

 

$

(585,165

)

 

$

(101,975

)

Add (deduct):

 

 

 

 

 

 

 

Interest (income) expense, net

 

(20,941

)

 

 

(13,061

)

 

 

(36,388

)

 

 

(23,673

)

Income tax expense (benefit)

 

(216

)

 

 

1,426

 

 

 

149

 

 

 

2,414

 

Depreciation and amortization

 

3,770

 

 

 

3,321

 

 

 

7,513

 

 

 

6,659

 

Stock-based compensation expense and related taxes

 

66,772

 

 

 

10,116

 

 

 

662,309

 

 

 

23,283

 

Restructuring costs(1)

 

 

 

 

4,182

 

 

 

 

 

 

8,098

 

Other (income) expense, net

 

217

 

 

 

(243

)

 

 

1,110

 

 

 

(357

)

Adjusted EBITDA

$

39,503

 

 

$

(35,368

)

 

$

49,528

 

 

$

(85,551

)

Net margin

 

(3.6

)%

 

 

(22.5

)%

 

 

(111.6

)%

 

 

(29.4

)%

Adjusted EBITDA margin

 

14.0

%

 

 

(19.3

)%

 

 

9.4

%

 

 

(24.7

)%

(1)

During the three and six months ended June 30, 2023, we incurred restructuring costs of $4.2 million and $8.1 million, respectively, primarily composed of severance and benefits expense. These charges are non-recurring and are not reflective of underlying trends in our business.

Reddit, Inc.

Reconciliation of Free Cash Flow

(in thousands)

(unaudited)

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net cash provided by (used in) operating activities

$

28,385

 

 

$

(54,053

)

 

$

60,449

 

 

$

(49,978

)

Less:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(1,202

)

 

 

(830

)

 

 

(4,053

)

 

 

(1,186

)

Free Cash Flow

$

27,183

 

 

$

(54,883

)

 

$

56,396

 

 

$

(51,164

)

 

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