Q4 Revenue of $1.15 billion, an increase of
18%
Global monthly active users reached an all-time
high of 553 million, an increase of 11%
Pinterest, Inc. (NYSE: PINS) today announced financial results
for the quarter and year ended December 31, 2024.
- Revenue was $1,154 million for Q4 and $3,646 million for 2024,
growing 18% and 19%, respectively, year over year. On a constant
currency basis, revenue would have grown 18% and 19%, respectively,
year over year.
- Global Monthly Active Users (MAUs) increased 11% year over year
to 553 million.
- GAAP net income was $1,847 million for Q4 and $1,862 million
for 2024 including a benefit of $1,597 million due to the release
of our valuation allowance on certain deferred tax assets during
Q4. Adjusted EBITDA was $471 million and $1,032 million for Q4 and
2024, respectively.
- Net cash provided by operating activities was $254 million for
Q4 and $965 million for 2024. Free cash flow was $250 million for
Q4 and $940 million for 2024.
“2024 was a banner year for Pinterest, capped off by a milestone
Q4 – achieving the company’s first billion-dollar revenue quarter
and a record 553 million monthly active users, as we continue to
drive profitable growth and free cash flow," said Bill Ready, CEO
of Pinterest. “Our strategy is paying off. People are coming to
Pinterest more often, the platform has never been more actionable,
and our lower funnel focus is driving results for users and
advertisers. Looking ahead, I’m confident that our focus on being a
positive platform is a competitive advantage in driving long-term
success for the business and value for our advertisers and
users."
Q4 and Full Year 2024 Financial Highlights
The following table summarizes our consolidated financial
results (in thousands, except percentages, unaudited):
Three Months Ended December
31,
% Change
Year Ended December
31,
% Change
2024
2023
2024
2023
Revenue
$
1,154,130
$
981,262
18
%
$
3,646,166
$
3,055,071
19
%
Constant currency % growth(1)(2)
18
%
19
%
Net income (loss)
$
1,847,475
$
201,178
818
%
$
1,862,106
$
(35,610
)
NM
Net income (loss) margin
160
%
21
%
51
%
(1
)%
Non-GAAP net income(2)
$
385,575
$
370,726
4
%
$
900,958
$
783,513
15
%
Adjusted EBITDA(2)
$
470,943
$
369,282
28
%
$
1,032,315
$
707,594
46
%
Adjusted EBITDA margin(2)
41
%
38
%
28
%
23
%
Net cash provided by operating
activities
$
253,995
$
258,280
(2
)%
$
964,594
$
612,961
57
%
Free cash flow(2)
$
250,202
$
253,997
(1
)%
$
939,988
$
604,898
55
%
_______________
NM = not meaningful
(1)
On a constant currency basis,
revenue for the three months and year ended December 31, 2024 was
$1,153.9 million and $3,649.0 million due to $0.3 million favorable
and $2.8 million unfavorable impacts of changes in foreign exchange
rates.
(2)
For more information on these
non-GAAP financial measures, please see "―About non-GAAP financial
measures" and the tables under "―Reconciliation of GAAP to non-GAAP
financial results" included at the end of this release.
Q4 and Full Year 2024 Other Highlights
The following table sets forth our revenue, MAUs and average
revenue per user (ARPU) based on the geographic location of our
users (in millions, except ARPU and percentages, unaudited):
Three Months Ended December
31,
% Change
Year Ended December
31,
% Change
2024
2023
2024
2023
Revenue - Global
$
1,154
$
981
18
%
$
3,646
$
3,055
19
%
Revenue - U.S. and Canada
$
900
$
779
16
%
$
2,884
$
2,448
18
%
Revenue - Europe
$
196
$
162
21
%
$
593
$
483
23
%
Revenue - Rest of World
$
58
$
41
44
%
$
169
$
125
36
%
MAUs - Global
553
498
11
%
553
498
11
%
MAUs - U.S. and Canada
101
97
4
%
101
97
4
%
MAUs - Europe
145
135
7
%
145
135
7
%
MAUs - Rest of World
307
266
15
%
307
266
15
%
ARPU - Global
$
2.12
$
2.00
6
%
$
6.94
$
6.44
8
%
ARPU - U.S. and Canada
$
9.00
$
8.07
12
%
$
29.15
$
25.52
14
%
ARPU - Europe
$
1.38
$
1.23
12
%
$
4.24
$
3.73
14
%
ARPU - Rest of World
$
0.19
$
0.15
24
%
$
0.59
$
0.50
18
%
Guidance
For Q1 2025, we expect revenue to be in the range of $837
million to $852 million, representing 13-15% growth year over year,
or 15-17% on a constant currency basis as our guidance assumes the
impact of foreign exchange to be approximately 2 points of
headwind, based on current spot rates. We expect Q1 2025 Adjusted
EBITDA* to be in the range of $155 million to $170 million.
We intend to provide further details on our outlook during the
conference call.
_______________
*We have not provided the forward-looking
GAAP equivalent for forward-looking Adjusted EBITDA or a GAAP
reconciliation as a result of the uncertainty regarding, and the
potential variability of, reconciling items such as share-based
compensation expense and income taxes. Accordingly, a
reconciliation of these non-GAAP guidance metrics to their
corresponding GAAP equivalents is not available without
unreasonable effort. However, it is important to note that material
changes to reconciling items could have a significant effect on
future GAAP results and, as such, we also believe that any
reconciliations provided would imply a degree of precision that
could be confusing or misleading to investors.
Webcast and conference call information
A live audio webcast of our fourth quarter and full year 2024
earnings release call will be available at
investor.pinterestinc.com. The call begins today at 1:30 PM (PT) /
4:30 PM (ET). This press release, including the reconciliations of
certain non-GAAP measures to their nearest comparable GAAP measures
and slide presentation are also available. A recording of the
webcast will be available at investor.pinterestinc.com for 90
days.
We have used, and intend to continue to use, our investor
relations website at investor.pinterestinc.com as a means of
disclosing material nonpublic information and for complying with
our disclosure obligations under Regulation FD.
Forward-looking statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act of 1934, as amended,
about us and our industry that involve substantial risks and
uncertainties. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts and are often characterized by the use of words such as
"believes," "estimates," "expect," "projects," "may," "will,"
"can," "intends," "plans," "targets," "forecasts," "anticipates,"
"looking ahead," "long-term" or and similar expressions, or by
discussions of strategy, plans or intentions. Such forward-looking
statements involve known and unknown risks, uncertainties,
assumptions and other important factors that could cause our actual
results, performance or achievements, or industry results, to
differ materially from historical results or any future results,
performance or achievements expressed, suggested or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, statements about: general economic
uncertainty in global markets and a worsening of global economic
conditions or low levels of economic growth, including inflation,
stress in the banking industry, foreign exchange fluctuations and
supply-chain issues; the effect of general economic and political
conditions; our financial performance, including revenue, cost and
expenses and cash flows; our ability to attract, retain and recover
users and maintain and grow their level of engagement; our ability
to provide content that is useful and relevant to users' personal
taste and interests; our ability to develop successful new products
or improve existing ones; our ability to maintain and enhance our
brand and reputation; potential harm caused by compromises in
security, including our cybersecurity protections and resources and
costs required to prevent, detect and remediate potential security
breaches; potential harm caused by changes in online application
stores or internet search engines' methodologies, particularly
search engine optimization methodologies and policies;
discontinuation, disruptions or outages in third-party single
sign-on access; our ability to compete effectively in our industry;
our ability to scale our business, including our monetization
efforts; our ability to attract and retain advertisers and scale
our revenue model; our ability to attract and retain creators and
publishers that create relevant and engaging content; our ability
to develop effective products and tools for advertisers, including
measurement tools; our ability to expand and monetize our platform
internationally; our ability to effectively manage the growth of
our business; our ability to continue to use and develop artificial
intelligence ("AI") as well as managing the challenges and risks
posed by AI; our ability to successfully manage our flexible work
model with a more distributed workforce; our ability to sustain
profitability; decisions that reduce short-term revenue or
profitability or do not produce the long-term benefits we expect;
fluctuations in our operating results; our ability to raise
additional capital on favorable terms or at all; our ability to
realize anticipated benefits from mergers and acquisitions, joint
ventures, strategic partnerships and other investments; our ability
to protect our intellectual property; our ability to receive,
process, store, use and share data, and compliance with laws and
regulations related to data privacy and content; current or
potential litigation and regulatory actions involving us; our
ability to comply with modified or new laws and regulations
applying to our business, and potential harm to our business as a
result of those laws and regulations; real or perceived
inaccuracies in metrics related to our business; disruption of,
degradation in or interference with our use of Amazon Web Services
and our infrastructure; and our ability to attract and retain
personnel. These and other potential risks and uncertainties that
could cause actual results to differ from the results predicted are
more fully detailed in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2024, which is available on our
investor relations website at investor.pinterestinc.com and on the
SEC website at www.sec.gov. All information provided in this
release and in the earnings materials is as of February 6, 2025.
Undue reliance should not be placed on the forward-looking
statements in this press release, which are based on information
available to us on the date hereof. We undertake no duty to update
this information unless required by law.
About non-GAAP financial measures
To supplement our condensed consolidated financial statements,
which are prepared and presented in accordance with generally
accepted accounting principles in the United States ("GAAP"), we
use the following non-GAAP financial measures: Adjusted EBITDA,
Adjusted EBITDA margin, non-GAAP costs and expenses (including
non-GAAP cost of revenue, research and development, sales and
marketing, and general and administrative), non-GAAP income from
operations, non-GAAP net income, non-GAAP net income per share,
constant currency revenue and free cash flow. The presentation of
these financial measures is not intended to be considered in
isolation, as a substitute for or superior to the financial
information prepared and presented in accordance with GAAP.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In addition, these measures may be different from
non-GAAP financial measures used by other companies, limiting their
usefulness for comparative purposes. We compensate for these
limitations by providing specific information regarding GAAP
amounts excluded from these non-GAAP financial measures.
We define Adjusted EBITDA as net income (loss) adjusted to
exclude depreciation and amortization expense, share-based
compensation expense, payroll tax expense related to share-based
compensation, interest income (expense), net, other income
(expense), net, provision for (benefit from) income taxes and
certain other non-recurring or non-cash items impacting net income
(loss) that we do not consider indicative of our ongoing business
performance. Adjusted EBITDA margin is calculated by dividing
Adjusted EBITDA by revenue. Non-GAAP costs and expenses (including
non-GAAP cost of revenue, research and development, sales and
marketing, and general and administrative) and non-GAAP net income
exclude amortization of acquired intangible assets, share-based
compensation expense, payroll tax expense related to share-based
compensation, restructuring charges and non-cash charitable
contributions. In addition to these exclusions, we also subtract an
assumed provision for income taxes to calculate non-GAAP net
income. We calculate the non-GAAP income tax provision using a
fixed long-term projected tax rate in order to provide better
consistency across reporting periods. The fixed long-term projected
tax rate uses a financial projection that excludes the direct
impact of our non-GAAP adjustments and eliminates the effects of
items that can vary in size and frequency. For 2024, we used a
long-term projected tax rate of 20%, which reflects currently
available information, as well as other factors and assumptions.
The non-GAAP tax rate could be subject to change for a variety of
reasons, including significant changes in the geographic earnings
mix or changes in tax laws and regulations. We re-evaluate this
long-term rate on an annual basis or if any significant events that
may materially affect this long-term rate occur. Non-GAAP income
from operations is calculated by subtracting non-GAAP costs and
expenses from revenue. Non-GAAP net income per share is calculated
by dividing non-GAAP net income by diluted weighted-average shares
outstanding. We calculate constant currency revenue by translating
our current period revenue using the corresponding prior period’s
monthly exchange rates for currencies other than the U.S. dollar.
We define free cash flow as net cash provided by operating
activities less purchases of property and equipment. Free cash flow
is not intended to represent our residual cash flow available for
discretionary expenditures. We use these non-GAAP financial
measures to evaluate our operating results and for financial and
operational decision-making purposes. We believe these measures
help identify underlying trends in our business that could
otherwise be masked by the effect of the income and expenses they
exclude. We also believe these measures provide useful information
about our operating results, enhance the overall understanding of
our past performance and future prospects and allow for greater
transparency with respect to key metrics we use for financial and
operational decision-making. We present these non-GAAP measures to
assist potential investors in seeing our operating results through
the eyes of management and because we believe these measures
provide an additional tool for investors to use in comparing our
operating results over multiple periods with other companies in our
industry. There are a number of limitations related to the use of
non-GAAP financial measures rather than the nearest GAAP
equivalents. For example, Adjusted EBITDA excludes: (i) certain
recurring, non-cash charges such as depreciation of fixed assets
and amortization of acquired intangible assets, although these
assets may have to be replaced in the future. and (ii) share-based
compensation expense and payroll tax expense related to share-based
compensation, which have been, and will continue to be for the
foreseeable future, significant recurring expenses and an important
part of our compensation strategy. In addition, constant currency
revenue excludes the effect of changes in foreign currency exchange
rates, which have an actual effect on our operating results, and
free cash flow does not reflect our future contractual commitments
arising from purchases of property and equipment.
For a reconciliation of these non-GAAP financial measures to the
most directly comparable GAAP financial measures, please see the
tables under "―Reconciliation of GAAP to non-GAAP financial
results" included at the end of this release.
Limitation of key metrics and other data
The numbers for our key metrics, which include our MAUs and
ARPU, are calculated using internal company data based on the
activity of user accounts. We define an MAU as an authenticated
Pinterest user who visits our website, opens our mobile application
or interacts with Pinterest through one of our browser or site
extensions, such as the Save button, at least once during the
30-day period ending on the date of measurement. The number of MAUs
does not include Shuffles users unless they would otherwise qualify
as MAUs. Unless otherwise indicated, we present MAUs based on the
number of MAUs measured on the last day of the current period. We
measure monetization of our platform through our ARPU metric. We
define ARPU as our total revenue in a given geography during a
period divided by the average of the number of MAUs in that
geography during the period. We calculate average MAUs based on the
average of the number of MAUs measured on the last day of the
current period and the last day prior to the beginning of the
current period. We calculate ARPU by geography based on our
estimate of the geography in which revenue-generating activities
occur. We use these metrics to assess the growth and health of the
overall business and believe that MAUs and ARPU best reflect our
ability to attract, retain, engage and monetize our users, and
thereby drive revenue. While these numbers are based on what we
believe to be reasonable estimates of our user base for the
applicable period of measurement, there are inherent challenges in
measuring usage of our products across large online and mobile
populations around the world. In addition, we are continually
seeking to improve our estimates of our user base, and such
estimates may change due to improvements or changes in technology
or our methodology.
PINTEREST, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except par
value)
(unaudited)
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,136,460
$
1,361,936
Marketable securities
1,376,409
1,149,148
Accounts receivable, net of allowances of
$7,839 and $10,635 as of December 31, 2024 and 2023,
respectively
893,403
763,159
Prepaid expenses and other current
assets
78,435
64,316
Total current assets
3,484,707
3,338,559
Property and equipment, net
45,624
32,225
Operating lease right-of-use assets
85,867
92,119
Goodwill and intangible assets, net
110,103
117,462
Deferred tax assets
1,602,539
3,067
Other assets
13,820
10,973
Total assets
$
5,342,660
$
3,594,405
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
84,026
$
79,058
Accrued expenses and other current
liabilities
314,107
238,032
Total current liabilities
398,133
317,090
Operating lease liabilities
151,364
160,616
Other liabilities
42,009
26,019
Total liabilities
591,506
503,725
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.00001 par value,
6,666,667 shares authorized, 593,462 and 591,663 shares issued and
outstanding as of December 31, 2024 and 2023, respectively; Class B
common stock, $0.00001 par value, 1,333,333 shares authorized,
82,471 and 86,355 shares issued and outstanding as of December 31,
2024 and 2023, respectively
7
7
Additional paid-in capital
5,039,439
5,241,954
Accumulated other comprehensive loss
(130
)
(1,013
)
Accumulated deficit
(288,162
)
(2,150,268
)
Total stockholders’ equity
4,751,154
3,090,680
Total liabilities and stockholders’
equity
$
5,342,660
$
3,594,405
PINTEREST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Revenue
$
1,154,130
$
981,262
$
3,646,166
$
3,055,071
Costs and expenses:
Cost of revenue
196,955
178,096
750,355
688,760
Research and development
320,773
267,981
1,240,564
1,068,416
Sales and marketing
271,096
240,867
1,011,772
911,166
General and administrative
103,716
98,068
463,658
512,407
Total costs and expenses
892,540
785,012
3,466,349
3,180,749
Income (loss) from operations
261,590
196,250
179,817
(125,678
)
Interest income (expense), net
28,580
28,959
127,003
105,439
Other income (expense), net
(13,330
)
5,893
(19,215
)
3,799
Income (loss) before provision for
(benefit from) income taxes
276,840
231,102
287,605
(16,440
)
Provision for (benefit from) income
taxes
(1,570,635
)
29,924
(1,574,501
)
19,170
Net income (loss)
$
1,847,475
$
201,178
$
1,862,106
$
(35,610
)
Net income (loss) per share:
Basic
$
2.74
$
0.30
$
2.74
$
(0.05
)
Diluted
$
2.68
$
0.29
$
2.67
$
(0.05
)
Weighted-average shares used in computing
net income (loss) per share:
Basic
674,880
674,000
678,831
674,641
Diluted
688,226
695,031
698,376
674,641
PINTEREST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Operating activities
Net income (loss)
$
1,847,475
$
201,178
$
1,862,106
$
(35,610
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
6,064
5,324
21,266
21,509
Share-based compensation
198,913
163,227
765,795
647,860
Deferred income taxes
(1,596,467
)
(801
)
(1,600,434
)
(1,838
)
Non-cash charitable contributions
—
—
—
12,890
Impairment and abandonment charges for
leases and leasehold improvements
—
—
—
117,315
Net amortization of investment premium and
discount
(7,893
)
(7,083
)
(29,017
)
(21,897
)
Other
(2,544
)
(2,020
)
2,320
(2,654
)
Changes in assets and liabilities:
Accounts receivable
(217,395
)
(140,085
)
(128,946
)
(80,782
)
Prepaid expenses and other assets
32,776
21,422
(17,187
)
19,861
Operating lease right-of-use assets
8,350
11,539
32,711
55,324
Accounts payable
(6,105
)
7,450
3,828
(9,261
)
Accrued expenses and other liabilities
2,016
11,263
91,632
(43,249
)
Operating lease liabilities
(11,195
)
(13,134
)
(39,480
)
(66,507
)
Net cash provided by operating
activities
253,995
258,280
964,594
612,961
Investing activities
Purchases of property and equipment
(3,793
)
(4,283
)
(24,606
)
(8,063
)
Purchases of marketable securities
(313,456
)
(242,575
)
(1,510,013
)
(1,308,020
)
Sales of marketable securities
12,322
4,141
22,040
35,850
Maturities of marketable securities
336,718
264,436
1,291,562
1,243,240
Net cash provided by (used in) investing
activities
31,791
21,719
(221,017
)
(36,993
)
Financing activities
Proceeds from exercise of stock options,
net
1,867
3,592
22,133
8,256
Repurchases of Class A common stock
(100,198
)
—
(600,198
)
(500,000
)
Shares repurchased for tax withholdings on
release of restricted stock units and restricted stock awards
(84,735
)
(91,093
)
(390,254
)
(335,019
)
Net cash used in financing activities
(183,066
)
(87,501
)
(968,319
)
(826,763
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(1,901
)
1,019
(2,569
)
1,667
Net increase (decrease) in cash, cash
equivalents and restricted cash
100,819
193,517
(227,311
)
(249,128
)
Cash, cash equivalents and restricted
cash, beginning of period
1,040,402
1,175,015
1,368,532
1,617,660
Cash, cash equivalents and restricted
cash, end of period
$
1,141,221
$
1,368,532
$
1,141,221
$
1,368,532
PINTEREST, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL RESULTS
(in thousands)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Share-based compensation by
function:
Cost of revenue
$
4,168
$
3,079
$
14,836
$
11,117
Research and development
127,996
107,240
497,442
422,964
Sales and marketing
33,865
25,354
122,149
96,798
General and administrative
32,884
27,554
131,368
116,981
Total share-based compensation
$
198,913
$
163,227
$
765,795
$
647,860
Payroll tax expense related to
share-based compensation by function:
Cost of revenue
$
75
$
72
$
554
$
474
Research and development
2,702
2,800
19,384
14,836
Sales and marketing
993
904
6,113
4,877
General and administrative
606
705
4,736
3,944
Total payroll tax expense related to
share-based compensation(1)
$
4,376
$
4,481
$
30,787
$
24,131
Amortization of acquired intangible
assets by function:
Cost of revenue
$
1,508
$
1,508
$
6,031
$
6,031
Sales and marketing
135
135
540
540
General and administrative
197
197
789
789
Total amortization of acquired intangible
assets
$
1,840
$
1,840
$
7,360
$
7,360
Restructuring charges by
function:
Research and development
$
—
$
—
$
—
$
4,696
Sales and marketing
—
—
—
2,749
General and administrative
—
—
—
119,437
Total restructuring charges
$
—
$
—
$
—
$
126,882
Reconciliation of total costs and
expenses to non-GAAP costs and expenses:
Total costs and expenses
$
892,540
$
785,012
$
3,466,349
$
3,180,749
Share-based compensation
(198,913
)
(163,227
)
(765,795
)
(647,860
)
Payroll tax expense related to share-based
compensation(1)
(4,376
)
(4,481
)
(30,787
)
(24,131
)
Amortization of acquired intangible
assets
(1,840
)
(1,840
)
(7,360
)
(7,360
)
Legal settlement(3)
—
—
(34,650
)
—
Restructuring charges
—
—
—
(126,882
)
Non-cash charitable contributions
—
—
—
(12,890
)
Total non-GAAP costs and expenses
$
687,411
$
615,464
$
2,627,757
$
2,361,626
PINTEREST, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL RESULTS
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Reconciliation of net income (loss) to
Adjusted EBITDA:
Net income (loss)
$
1,847,475
$
201,178
$
1,862,106
$
(35,610
)
Depreciation and amortization
6,064
5,324
21,266
21,509
Share-based compensation
198,913
163,227
765,795
647,860
Payroll tax expense related to share-based
compensation(1)
4,376
4,481
30,787
24,131
Interest (income) expense, net
(28,580
)
(28,959
)
(127,003
)
(105,439
)
Other (income) expense, net
13,330
(5,893
)
19,215
(3,799
)
Provision for (benefit from) income
taxes(2)
(1,570,635
)
29,924
(1,574,501
)
19,170
Legal settlement(3)
—
—
34,650
—
Restructuring charges
—
—
—
126,882
Non-cash charitable contributions
—
—
—
12,890
Adjusted EBITDA
$
470,943
$
369,282
$
1,032,315
$
707,594
Reconciliation of net income (loss) to
non-GAAP net income:
Net income (loss)
$
1,847,475
$
201,178
$
1,862,106
$
(35,610
)
Share-based compensation
198,913
163,227
765,795
647,860
Payroll tax expense related to share-based
compensation(1)
4,376
4,481
30,787
24,131
Amortization of acquired intangible
assets
1,840
1,840
7,360
7,360
Legal settlement(3)
—
—
34,650
—
Restructuring charges
—
—
—
126,882
Non-cash charitable contributions
—
—
—
12,890
Income tax effects and tax
adjustments(4)
(1,667,029
)
—
(1,799,740
)
—
Non-GAAP net income
$
385,575
$
370,726
$
900,958
$
783,513
Basic weighted-average shares used in
computing net income (loss) per share
674,880
674,000
678,831
674,641
Weighted-average dilutive
securities(5)
13,346
21,031
19,545
18,927
Diluted weighted-average shares used in
computing non-GAAP net income per share
688,226
695,031
698,376
693,568
Non-GAAP net income per share
$
0.56
$
0.53
$
1.29
$
1.13
_______________
(1)
Beginning in the fourth quarter of 2024,
we are excluding payroll tax expense related to share-based
compensation from Adjusted EBITDA because these taxes are variable
due to our stock price and other factors outside our control and
therefore are not reflective of our ongoing business operations or
the underlying trends in our business. Accordingly, although
payroll tax expense related to share-based compensation is a cash
expense that we will continue to incur in the future, we believe
excluding this expense provides investors with a better
understanding of the performance of our core business and serves as
a tool for investors to use in comparing our core business
operating results over multiple periods with other companies in our
industry. Prior period amounts have been restated to conform to
this presentation.
(2)
Includes a tax benefit of $1,597.0 million
related to the release of our valuation allowance on our U.S.
federal and state, excluding California, deferred tax assets during
the fourth quarter of 2024.
(3)
Includes legal settlement expense of $34.7
million, net of insurance proceeds, relating to allegations
concerning the early development of Pinterest, which we have
excluded from Adjusted EBITDA and non-GAAP net income because it is
non-recurring and not reflective of our ongoing business operations
or the underlying trends in our business.
(4)
Includes the income tax effect of our
non-GAAP adjustments using a long-term projected tax rate of 20%
and other tax adjustments. Other tax adjustments include a tax
benefit of $1,597.0 million related to the release of our valuation
allowance on our U.S. federal and state, excluding California,
deferred tax assets during the fourth quarter of 2024. The income
tax effect of non-GAAP adjustments would have been $50.2 million
and $141.4 million for the three months and year ended December 31,
2023, respectively.
(5)
Gives effect to potential common stock
instruments such as stock options, unvested restricted stock units
and unvested restricted stock awards.
PINTEREST, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL RESULTS
(in thousands)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Reconciliation of free cash
flow
Net cash provided by operating
activities
$
253,995
$
258,280
$
964,594
$
612,961
Less:
Purchases of property and equipment
(3,793
)
(4,283
)
(24,606
)
(8,063
)
Free cash flow
$
250,202
$
253,997
$
939,988
$
604,898
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250206083108/en/
Press: Tessa Chen press@pinterest.com
Investor relations: Andrew Somberg ir@pinterest.com
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