Snap Inc.

Good afternoon, everyone, and welcome to Snap Inc's second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. I would now like to turn the call over to David Ometer, head of investor relations.

Thank you, and good afternoon, everyone. Welcome to Snap's second quarter 2022 earnings conference call. With us today are Evan Spiegel, chief executive officer and co-founder, Jeremy Gorman, chief business officer, and Derek Anderson. Chief Financial Officer. Today, we published our inaugural investor letter on our investor relations website and with the SEC shortly after market close. The investor letter includes full details of our results, and we hope that you had a chance to read it. Please also refer to our investor relations website at investor.snap.com to find today's press release, slides, and our updated investor presentation. This conference call includes forward-looking statements, which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks described in our most recent Form 10-Q, particularly in the section titled Risk Factors. Today's call will include both GAAP and non-GAAP measures. Reconciliations between the two can be found in today's press release. Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes, as well as depreciation and amortization and non-recurring charges. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call. With that, I'd like to turn the call back over to the operator, who will begin our analyst Q&A session.

Thank you. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2. In the interest of time, we ask that you please limit yourself to one question. After your initial question is asked, your line will be muted. At this time, we will pause momentarily to assemble our roster. The first question is from the line of Ross Sandler with Barclays. Please proceed.