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Pinterest Announces Fourth Quarter and Full Year 2020 Results

first_img $ 1,423,629 ARPU – International (in thousands, except per share amounts) $ Pinterest WhatsApp SAN FRANCISCO–(BUSINESS WIRE)–Feb 4, 2021– Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter and year ended December 31, 2020.Q4 revenue grew 76% year over year to $706 million. 2020 revenue grew 48% year over year to $1,693 million.Global Monthly Active Users (MAUs) grew 37% year over year to 459 million.GAAP net income (loss) was $208 million and $(128) million for Q4 and 2020, respectively. Adjusted EBITDA was $299 million and $305 million for Q4 and 2020, respectively. “We welcomed over 100 million additional monthly active users to Pinterest in 2020, more than any other year in our history, and now we reach more than 450 million monthly active users around the world. I’m proud of our company and the inspiration we’ve been able to bring to so many lives during a trying year,” said Ben Silbermann, CEO and co-founder, Pinterest. “As we look to the future, our focus will continue to be delivering more inspiring and shoppable content and helping advertisers realize the value and positivity of our platform.” “Q4 capped a remarkable year of growth for Pinterest. Continued product innovation, execution and an earlier and longer holiday season helped us deliver 76% year-over-year revenue growth,” said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest. “As we start 2021, we’ll be building on this momentum by continuing to invest in the success of our advertisers as well as a first-class Pinner experience around the globe.” Q4 and Full Year 2020 Financial Highlights The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited): 500,468 920,300 Year Ended December 31, 1,091,076 $ 335 Total current liabilities 2019 Revenue — Revenue (1,361,371) 98 Other investing activities 10,464 Investing activities Sales of marketable securities 361 1,142,761 1,495 420,473 (43,187) $ (321,020) 563,733 1,377,781 % 0.35 2,531,627 76,866 Diluted $ 19,638 2020 17,905 188,251 294,312 37 Total non-GAAP costs and expenses 283 571 4,772 361 Non-GAAP net income (loss)* % $ 86,219 Net cash provided by financing activities Basic $ Total costs and expenses $ Commitments and contingencies (0.06) $ 305,004 $ $ 1,063,679 Accounts payable Adjusted EBITDA margin* 49 294,312 19 % (1,377,781) 1 $ Total current assets ∗ 2,738 Q4 and Full Year 2020 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): Non-GAAP net income 247 $ 0.88 239,315 $ Total amortization of acquired intangible assets 1,303 Revenue – Global Basic weighted-average shares used in computing net income (loss) per share attributable to common stockholders 500,468 $ 400 33,502 1,726 $ 305,004 $ 4,128 (2) Pinterest Cost of revenue 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. $ $ $ — $ Revenue – International 1,425 $ 36,988 PINTEREST, INC. $ (128,323) Financing activities 321,020 265,422 $ 2020 443,085 399,898 14,576 25,339 $ 117 % 127,537 459 2019 67 $ $ 2019 (1,854) % MAUs – United States Property and equipment, net $ (17,905) Changes in assets and liabilities: 76 Payment of deferred offering costs and other financing activities 252 4.26 $ 204,831 207,841 $ % 27,791 399,898 (89,500) 539 $ $ (0.06) (1,509) 1.22 Costs and expenses: % 5.94 316,367 46 $ (1,361,371) 542,453 677,743 (35,718) 618,214 Provision for income taxes 350 — 283,210 $ 15.34 $ 12.07 129 367,088 Total liabilities and stockholders’ equity Total liabilities % 2019 0.21 (253,173) $ $ Restricted cash included in prepaid expenses and other current assets $ 2019 120,766 Total assets 669,230 0.54 $ 32,378 Year Ended December 31, $ 4.00 Goodwill and intangible assets, net % 39 Cash and cash equivalents $ Represents assumed noncumulative dividends on undistributed earnings that, if declared, would have been distributed to holders of our redeemable convertible preferred stock. $ 449,358 Effect of exchange rate changes on cash, cash equivalents, and restricted cash Three Months EndedDecember 31, 23,647 31,890 $ 689,194 155,340 420,473 37,522 $ 1,835,162 $ 420,473 2020 — 657 283,210 91,992 — 13,562 158 December 31, 9,110 Prepaid expenses and other assets % (384) 5,925 (1,361,371) 155,916 Other assets $ (33,783) 1,573,200 Current liabilities: $ 208,512 49,491 2020 WhatsApp Accrued expenses and other current liabilities 0.12 618,214 — 76,866 $ $ 0.30 (1,361,371) Other liabilities 22,936 11 1,128,198 (17,401) 1,013 (35,718) $ 596,264 321,020 7,814 $ 689,194 4,229,778 Accumulated other comprehensive income 252 647 1,013 Net cash provided by operating activities 17,905 Twitter 62,097 $ % (56,894) Maturities of marketable securities 7,161 Non-GAAP net income per share 91 88 (28,395) (unaudited) 618,214 Amortization of acquired intangible assets 16,706 $ 283,210 2019 62 1,207,059 General and administrative Cost of revenue Accounts receivable, net of allowances of $8,811 and $2,851 as of December 31, 2020 and 2019, respectively CONDENSED CONSOLIDATED BALANCE SHEETS PINTEREST, INC. 9,110 $ 76 1,152,351 1,377,781 $ — 2020 Research and development 682 1,835,162 606,194 $ $ 139,321 77,165 Share-based compensation 596,264 Three Months EndedDecember 31, $ Revenue – United States 336,803 671 2,480 $ Basic 2,357,541 $ 207,841 Supplemental cash flow information MAUs – International (1,388,866) ASSETS % Accrued property and equipment Facebook (1,360,839) Diluted % 1,509 $ 54,241 $ Cash and cash equivalents Additional paid-in capital (0.22) $ (2,206,726) $ 112,200 Restricted cash 2,609,459 Net cash used in investing activities 135,290 % Change % Change $ $ $ $ Reconciliation of total costs and expenses to non-GAAP costs and expenses: $ $ General and administrative 50 0.43 165,033 1.57 420,473 $ Operating activities 145 Diluted 2020 669,230 283,210 668,965 2,393,317 % $ % 77,308 % Purchases of property and equipment and intangible assets $ 369,612 1,026 69,375 173,392 Prepaid expenses and other current assets Restricted cash $ $ — $ $ Year Ended December 31, Three Months EndedDecember 31,center_img — (475,015) 99 294,312 Operating lease liabilities 27,791 (1,361,371) (127,020) Net income (loss) $ (86,219) Share-based compensation 1,166 ARPU – United States $ % (3,990) 70,980 Interest expense and other income (expense), net Current assets: Twitter 532 360,959 $ 299,182 Stockholders’ equity: 689,194 562,396 Cash, cash equivalents, and restricted cash, beginning of period 1,693 (unaudited) (128,323) Total costs and expenses $ (128,323) (in thousands, except per share amounts) Termination of future lease contract 28,826 $ (3.24) Net income (loss) per share attributable to common stockholders: (30,164) Gives effect to potential common stock instruments such as stock options, unvested restricted stock units and unvested restricted stock awards. Purchases of marketable securities — $ 867,191 (in thousands) Operating lease right-of-use assets obtained in exchange for operating lease liabilities 2,067,234 % Change Net income (loss) (11,331) Income (loss) from operations $ $ $ 2019 0.34 67 $ (unaudited) 86,969 78,282 Marketable securities Shares repurchased for tax withholdings on release of restricted stock units Total share-based compensation 89,500 Net income (loss) Diluted weighted-average shares used in computing non-GAAP net income per share 2019 1,692,658 Operating lease right-of-use assets 316 207,841 329 321,020 636 (35,718) % (1) — Net income (loss) 2,393,317 $ 678,911 Income (loss) before provision for income taxes 2020 $ 46 $ (in thousands, except par value) 2020 205,149 162,198 (44,160) 671 Basic Non-GAAP net income attributable to common stockholders Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets 239,517 Proceeds from initial public offering, net of underwriters’ discounts and commissions (unaudited) (in thousands) RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS $ 31,758 15,915 611,590 $ $ Total cash, cash equivalents, and restricted cash 1,168 678,911 6 LIABILITIES AND STOCKHOLDERS’ EQUITY 649,666 Sales and marketing (2,335,049) $ (112,200) Provision for income taxes (586,501) 6 Cash, cash equivalents, and restricted cash, end of period 2020 2,023,705 (0.06) View source version on businesswire.com:https://www.businesswire.com/news/home/20210204006034/en/ CONTACT: Investor relations: Doug Clark [email protected] Media: Mike Mayzel [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: ONLINE RETAIL TECHNOLOGY GENERAL ENTERTAINMENT ADVERTISING ENTERTAINMENT COMMUNICATIONS SOCIAL MEDIA RETAIL SOFTWARE INTERNET MOBILE/WIRELESS SOURCE: Pinterest, Inc. Copyright Business Wire 2021. PUB: 02/04/2021 04:05 PM/DISC: 02/04/2021 04:06 PM http://www.businesswire.com/news/home/20210204006034/en $ (635) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS % 176,157 $ 2,531,627 2,242,371 596,264 2020 129,023 Sales and marketing 96,274 Facebook 3.81 112,200 General and administrative 35,645 % 58,792 % Year Ended December 31, 36,988 677,743 Non-GAAP net income 1,854 $ Three Months EndedDecember 31, (16,119) 1,377,781 Amortization of acquired intangible assets by function: $ $ $ $ 94 2019 15,089 649,666 (0.22) 294,312 $ 4,574,934 420,473 Accounts payable 413,997 21,237 48 $ $ Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: $ % 2019 582 (unaudited) $ $ 532 (1,216,260) Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: 706 (1,075,875) % Share-based compensation 77,308 287 Research and development Local News 327 Adjustments to reconcile net loss to net cash provided by operating activities: Accumulated deficit — (1,495) Pinterest Announces Fourth Quarter and Full Year 2020 Results 2019 443,085 88 94 562,396 15,721 Less: non-GAAP net income allocated to participating securities (1) — 330,501 $ 73,030 $ Operating lease right-of-use assets MAUs – Global Three Months EndedDecember 31, 1,303 377 $ CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 1,142,761 76,866 $ 42 Reconciliation of net income (loss) to Adjusted EBITDA: Guidance We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors. Our current expectation is that Q1 revenue will grow in the low-70% range year over year. We intend to provide further detail on our outlook during the conference call. Our strategic priorities for 2021 include content, the Pinner experience, advertiser success and shopping. We plan to invest in these in the coming year. We expect R&D efforts to continue to focus on Pinner product, ad product and measurement investments. We intend to grow our headcount further, in particular to support our international expansion efforts. We also intend to scale our comprehension and brand marketing efforts in 2021. We think these investments will support long-term growth and continue to build the foundations for a scaled business over time. Webcast and conference call information A live audio webcast of our fourth quarter and full year 2020 earnings release call will be available at investor.pinterestinc.com. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). We have also posted to our investor relations website a letter to shareholders. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, letter to shareholders 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 may contain 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, including, among other things, statements about our future operational and financial performance. Words such as “believe,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: uncertainty regarding the duration and scope of the coronavirus referred to as COVID-19 pandemic; actions governments and businesses take in response to the pandemic, including actions that could affect levels of advertising activity; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the scope and impact of the recent outbreak of COVID-19 on our planned investments, operations, expenses, revenue, cash flow, liquidity and users; our ability to attract and retain Pinners and engagement levels; our ability to provide useful and relevant content; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on internet search engines’ methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to attain and sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; our ability to protect our intellectual property; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with the hosting services we use and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. 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 year ended December 31, 2020, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. Additional information will be made available in our Annual Report on Form 10-K and other future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. All information provided in this release and in the earnings materials is as of February 4, 2021. 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 (loss) from operations, non-GAAP net income and non-GAAP net income per share. 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, interest income, interest expense and other income (expense), net, provision for income taxes and, for the third quarter of 2020, a one-time payment for the termination of a future lease contract. 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 and, for the third quarter of 2020, a one-time payment for the termination of a future lease contract. Non-GAAP income (loss) 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 use Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income (loss) from operations, non-GAAP net income and non-GAAP net income per share to evaluate our operating results and for financial and operational decision-making purposes. We believe these non-GAAP financial 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 non-GAAP financial 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 financial 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 Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income (loss) from operations, non-GAAP net income and non-GAAP net income per share rather than net income (loss), net margin, total costs and expenses, income (loss) from operations, net income (loss) and net income (loss) per share, respectively, the nearest GAAP equivalents. For example, Adjusted EBITDA excludes 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 share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense and an important part of our compensation strategy. 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 a monthly active user 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. We present MAUs based on the number of MAUs measured on the last day of the current period. 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 between 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. 1,143 $ 677,743 86,219 Proceeds from exercise of stock options, net $ ARPU – Global 562,396 $ 596,264 (8,141) Depreciation and amortization TAGS  Interest expense and other (income) expense, net 1,482 133 1,377,781 2,137 48 354,075 Interest income 218,718 1,692,658 Termination of future lease contract 820 $ $ 384 Other 2019 $ Adjusted EBITDA $ 596,264 442,807 $ 16,706 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS 18 Accrued expenses and other liabilities — — Year Ended December 31, 705,617 41,898 112,200 Reconciliation of net income (loss) to non-GAAP net income: $ Share-based compensation by function: 11,080 % 163,710 Accounts receivable 11,842 562,396 0.30 37 86,219 Share-based compensation Amortization of acquired intangible assets Operating lease liabilities $ 705,617 (252) $ 1,495 7,865 (128,323) Depreciation and amortization 335 (3.24) Year Ended December 31, $ (47,623) $ 76,866 (2,137) $ Diluted 20,063 207,841 Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 530,140 and 360,850 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 96,232 and 209,054 shares issued and outstanding as of December 31, 2020 and 2019, respectively 321,020 539 % 2020 $ Net increase in cash, cash equivalents, and restricted cash $ 3,955 — 11 11,636 76,387 % (133) 8,295 30,164 Adjusted EBITDA* % Change $ By Digital AIM Web Support – March 4, 2021 — % 0.34 16,119 (1,750) 0.42 420,473 29 (35,179) $ 384 (35,718) $ Basic $ Total stockholders’ equity (3.24) (0.06) (0.22) (0.22) 247 Termination of future lease contract 123 (142,504) 8,141 Cost of revenue 639,561 1,816 459 % (3.24) 635 141,823 $ Net loss $ Weighted-average dilutive securities (2) (1,013) Net income (loss) per share attributable to common stockholders: 72,701 89,500 $ PINTEREST, INC. 27 % 290 $ 358,903 % 268 Interest income 25,339 17,905 34,334 41,344 2,018 299,182 98 (94,224) 2020 2,609,459 $ 12 (128,323) 562,396 Previous articleNexa3D Expands Partnership with Henkel to Fast-Track New Class of Photoplastics for Higher Performance 3D PrintingNext articleBio-soluble Fiber Market to grow by $1.56 bn in 2021, ALFISO and Beijing SUPER International Trade Co. 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