Pinterest Announces Fourth Quarter and Full Year 2023 Results, Delivers Record High Users and Robust Margin Expansion

February 8, 2024

Q4 Revenue of $981 million grew 12%, marking continued double-digit revenue growth in the second half of 2023

Global monthly active users reached an all-time high of 498 million

Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter and year ended December 31, 2023.

  • Q4 revenue grew 12% year over year to $981 million. 2023 revenue increased 9% year over year to $3,055 million.
  • Global Monthly Active Users (MAUs) increased 11% year over year to 498 million.
  • GAAP net income was $201 million for Q4. GAAP net loss was $36 million for 2023. Adjusted EBITDA was $365 million and $683 million for Q4 and 2023, respectively.
  • Total costs and expenses were $785 million and $3,181 million for Q4 and 2023, respectively.

“We had a strong Q4, bookending a transformative year for Pinterest,” said Bill Ready, CEO of Pinterest. “2023 was our most productive year yet as we accelerated our product velocity and launched more solutions than ever before. Brands are responding by using our full suite of products to drive even better campaign performance. Pinterest is the rare business where the interests of users and advertisers are aligned. It’s proven to be true as we continue to post double-digit revenue growth and have achieved an all-time high for global MAU. The changes we made have set us up to be a stronger and more efficient company as we double down on our momentum in 2024.”

Q4 and Full Year 2023 Financial Highlights

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

 

Three Months Ended

December 31,

 

% Change

 

Year Ended

D ecember 31,

 

% Change

 

2023

 

2022

 

 

2023

 

2022

 

Revenue

$

981,262

 

 

$

877,209

 

 

12

%

 

$

3,055,071

 

 

$

2,802,574

 

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

201,178

 

 

$

17,491

 

 

1,050

%

 

$

(35,610

)

 

$

(96,047

)

 

63

%

Net income (loss) margin

 

21

%

 

 

2

%

 

 

 

 

(1

)%

 

 

(3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income*

$

366,245

 

 

$

203,109

 

 

80

%

 

$

759,382

 

 

$

425,988

 

 

78

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA*

$

364,801

 

 

$

195,785

 

 

86

%

 

$

683,463

 

 

$

441,935

 

 

55

%

Adjusted EBITDA margin*

 

37

%

 

 

22

%

 

 

 

 

22

%

 

 

16

%

 

 

_______________

* 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 2023 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

D ecember 31,

 

% Change

 

2023

 

2022

 

 

2023

 

2022

 

Revenue - Global

$

981

 

$

877

 

12

%

 

$

3,055

 

$

2,803

 

9

%

Revenue - U.S. and Canada

$

779

 

 

$

722

 

 

8

%

 

$

2,448

 

 

$

2,309

 

 

6

%

Revenue - Europe

$

162

 

 

$

123

 

 

32

%

 

$

483

 

 

$

398

 

 

21

%

Revenue - Rest of World

$

41

 

 

$

32

 

 

27

%

 

$

125

 

 

$

95

 

 

31

%

 

 

 

 

 

 

 

 

 

 

 

 

MAUs - Global

 

498

 

 

 

450

 

 

11

%

 

 

498

 

 

 

450

 

 

11

%

MAUs - U.S. and Canada

 

97

 

 

 

95

 

 

2

%

 

 

97

 

 

 

95

 

 

2

%

MAUs - Europe

 

135

 

 

 

124

 

 

8

%

 

 

135

 

 

 

124

 

 

8

%

MAUs - Rest of World

 

266

 

 

 

231

 

 

15

%

 

 

266

 

 

 

231

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

ARPU - Global

$

2.00

 

 

$

1.96

 

 

2

%

 

$

6.44

 

 

$

6.36

 

 

1

%

ARPU - U.S. and Canada

$

8.07

 

 

$

7.60

 

 

6

%

 

$

25.52

 

 

$

24.38

 

 

5

%

ARPU - Europe

$

1.23

 

 

$

1.01

 

 

23

%

 

$

3.73

 

 

$

3.23

 

 

15

%

ARPU - Rest of World

$

0.15

 

 

$

0.14

 

 

11

%

 

$

0.50

 

 

$

0.43

 

 

17

%

Guidance

For Q1 2024, we expect revenue to be in the range of $690 million to $705 million, representing 15-17% growth year over year. We expect Q1 2024 Non-GAAP operating expenses* to be in the range of $450 million to $465 million, representing 9-13% growth year over year. Please note that our operating expense guidance does not include cost of revenue.

We intend to provide further details on our outlook during the conference call.

_______________

*We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP operating expenses or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as share-based compensation expense, which is impacted by, among other things, employee retention and decisions around future equity grants to employees. 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 2023 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," "expects," "projects," "may," "will," "can," "intends," "plans," "targets," "forecasts," "anticipates," 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 lack of operating history and 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, 2023, 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 8, 2024. 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 and constant currency revenue growth rates. 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 (expense), net, other income (expense), net, provision for income taxes, restructuring charges and non-cash charitable contributions. 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, restructuring charges and non-cash charitable contributions. 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 use these measures 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 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 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 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 do 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,

 

2023

 

2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,361,936

 

 

$

1,611,063

 

Marketable securities

 

1,149,148

 

 

 

1,087,164

 

Accounts receivable, net of allowances of $10,635 and $12,672 as of December 31, 2023 and 2022, respectively

 

763,159

 

 

 

681,532

 

Prepaid expenses and other current assets

 

64,316

 

 

 

74,918

 

Total current assets

 

3,338,559

 

 

 

3,454,677

 

Property and equipment, net

 

32,225

 

 

 

59,575

 

Operating lease right-of-use assets

 

92,119

 

 

 

206,253

 

Goodwill and intangible assets, net

 

117,462

 

 

 

124,822

 

Other assets

 

14,040

 

 

 

17,403

 

Total assets

$

3,594,405

 

 

$

3,862,730

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 

 

 

Accounts payable

$

79,058

 

 

$

87,920

 

Accrued expenses and other current liabilities

 

238,032

 

 

 

292,611

 

Total current liabilities

 

317,090

 

 

 

380,531

 

Operating lease liabilities

 

160,616

 

 

 

178,694

 

Other liabilities

 

26,019

 

 

 

21,851

 

Total liabilities

 

503,725

 

 

 

581,076

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 591,663 and 593,918 shares issued and outstanding as of December 31, 2023 and 2022, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 86,355 and 89,284 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

7

 

 

 

7

 

Additional paid-in capital

 

5,241,954

 

 

 

5,407,724

 

Accumulated other comprehensive loss

 

(1,013

)

 

 

(11,419

)

Accumulated deficit

 

(2,150,268

)

 

 

(2,114,658

)

Total stockholders’ equity

 

3,090,680

 

 

 

3,281,654

 

Total liabilities and stockholders’ equity

$

3,594,405

 

 

$

3,862,730

 

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended

December 31,

 

Year Ended

D ecember 31,

 

2023

 

2022

 

2023

 

2022

Revenue

$

981,262

 

$

877,209

 

$

3,055,071

 

 

$

2,802,574

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of revenue

 

178,096

 

 

 

185,028

 

 

 

688,760

 

 

 

678,597

 

Research and development

 

267,981

 

 

 

265,240

 

 

 

1,068,416

 

 

 

948,980

 

Sales and marketing

 

240,867

 

 

 

317,270

 

 

 

911,166

 

 

 

933,133

 

General and administrative

 

98,068

 

 

 

103,803

 

 

 

512,407

 

 

 

343,541

 

Total costs and expenses

 

785,012

 

 

 

871,341

 

 

 

3,180,749

 

 

 

2,904,251

 

Income (loss) from operations

 

196,250

 

 

 

5,868

 

 

 

(125,678

)

 

 

(101,677

)

Interest income (expense), net

 

28,959

 

 

 

16,586

 

 

 

105,439

 

 

 

30,235

 

Other income (expense), net

 

5,893

 

 

 

6,320

 

 

 

3,799

 

 

 

(14,502

)

Income (loss) before provision for income taxes

 

231,102

 

 

 

28,774

 

 

 

(16,440

)

 

 

(85,944

)

Provision for income taxes

 

29,924

 

 

 

11,283

 

 

 

19,170

 

 

 

10,103

 

Net income (loss)

$

201,178

 

 

$

17,491

 

 

$

(35,610

)

 

$

(96,047

)

Net income (loss) per share:

 

 

 

 

 

 

 

Basic

$

0.30

 

 

$

0.03

 

 

$

(0.05

)

 

$

(0.14

)

Diluted

$

0.29

 

 

$

0.03

 

 

$

(0.05

)

 

$

(0.14

)

Weighted-average shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

Basic

 

674,000

 

 

 

674,385

 

 

 

674,641

 

 

 

665,732

 

Diluted

 

695,031

 

 

 

696,932

 

 

 

674,641

 

 

 

665,732

 

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Year Ended December 31,

 

2023

 

2022

Operating activities

 

 

 

Net loss

$

(35,610

)

 

$

(96,047

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

21,509

 

 

 

46,489

 

Share-based compensation

 

647,860

 

 

 

497,123

 

Non-cash charitable contributions

 

12,890

 

 

 

 

Impairment and abandonment charges for leases and leasehold improvements

 

117,315

 

 

 

 

Amortization (accretion) of investment premiums discount

 

(21,897

)

 

 

(638

)

Other

 

(2,438

)

 

 

(13,251

)

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

(80,782

)

 

 

(28,856

)

Prepaid expenses and other assets

 

18,102

 

 

 

(30,214

)

Operating lease right-of-use assets

 

55,324

 

 

 

56,024

 

Accounts payable

 

(9,261

)

 

 

70,777

 

Accrued expenses and other liabilities

 

(43,544

)

 

 

20,627

 

Operating lease liabilities

 

(66,507

)

 

 

(52,832

)

Net cash provided by operating activities

 

612,961

 

 

 

469,202

 

Investing activities

 

 

 

Purchases of property and equipment and intangible assets

 

(8,063

)

 

 

(28,984

)

Purchases of marketable securities

 

(1,308,020

)

 

 

(1,028,480

)

Sales of marketable securities

 

35,850

 

 

 

7,417

 

Maturities of marketable securities

 

1,243,240

 

 

 

1,007,861

 

Acquisition of business, net of cash acquired

 

 

 

 

(86,059

)

Net cash used in investing activities

 

(36,993

)

 

 

(128,245

)

Financing activities

 

 

 

Proceeds from exercise of stock options, net

 

8,256

 

 

 

12,882

 

Repurchases of Class A common stock

 

(500,000

)

 

 

 

Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards

 

(335,019

)

 

 

(161,809

)

Net cash used in financing activities

 

(826,763

)

 

 

(148,927

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

1,667

 

 

 

(1,434

)

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

 

(249,128

)

 

 

190,596

 

Cash, cash equivalents and restricted cash, beginning of period

 

1,617,660

 

 

 

1,427,064

 

Cash, cash equivalents and restricted cash, end of period

$

1,368,532

 

 

$

1,617,660

 

Supplemental cash flow information

 

 

 

Cash paid for income taxes, net

$

19,173

 

 

$

10,008

 

Non-cash investing and financing activities:

 

 

 

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

$

32,784

 

 

$

31,515

 

Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets

Cash and cash equivalents

$

1,361,936

 

$

1,611,063

Restricted cash included in prepaid expenses and other current assets

 

2,542

 

 

 

1,067

 

Restricted cash included in other assets

 

4,054

 

 

 

5,530

 

Total cash, cash equivalents and restricted cash

$

1,368,532

 

 

$

1,617,660

 

PINTEREST, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands)

(unaudited)

 

 

Three Months Ended

December 31,

 

Year Ended

D ecember 31,

 

2023

 

2022

 

2023

 

2022

Share-based compensation by function:

 

 

 

 

 

 

 

Cost of revenue

$

3,079

 

 

$

2,829

 

 

$

11,117

 

 

$

7,629

 

Research and development

 

107,240

 

 

 

100,166

 

 

 

422,964

 

 

 

324,161

 

Sales and marketing

 

25,354

 

 

 

45,903

 

 

 

96,798

 

 

 

99,467

 

General and administrative

 

27,554

 

 

 

21,414

 

 

 

116,981

 

 

 

65,866

 

Total share-based compensation

$

163,227

 

 

$

170,312

 

 

$

647,860

 

 

$

497,123

 

 

 

 

 

 

 

 

 

Amortization of acquired intangible assets by function:

 

 

 

 

 

 

 

Cost of revenue

$

1,508

 

 

$

4,974

 

 

$

6,031

 

 

$

8,583

 

Sales and marketing

 

135

 

 

 

10,135

 

 

 

540

 

 

 

15,540

 

General and administrative

 

197

 

 

 

197

 

 

 

789

 

 

 

789

 

Total amortization of acquired intangible assets

$

1,840

 

 

$

15,306

 

 

$

7,360

 

 

$

24,912

 

 

 

 

 

 

 

 

 

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

$

785,012

 

 

$

871,341

 

 

$

3,180,749

 

 

$

2,904,251

 

Share-based compensation

 

(163,227

)

 

 

(170,312

)

 

 

(647,860

)

 

 

(497,123

)

Amortization of acquired intangible assets

 

(1,840

)

 

 

(15,306

)

 

 

(7,360

)

 

 

(24,912

)

Non-cash charitable contributions

 

 

 

 

 

 

 

(12,890

)

 

 

 

Restructuring charges

 

 

 

 

 

 

 

(126,882

)

 

 

 

Total non-GAAP costs and expenses

$

619,945

 

 

$

685,723

 

 

$

2,385,757

 

 

$

2,382,216

 

 

 

 

 

 

 

 

 

Reconciliation of net income (loss) to Adjusted EBITDA:

 

 

 

 

 

Net income (loss)

$

201,178

 

 

$

17,491

 

 

$

(35,610

)

 

$

(96,047

)

Depreciation and amortization

 

5,324

 

 

 

19,605

 

 

 

21,509

 

 

 

46,489

 

Share-based compensation

 

163,227

 

 

 

170,312

 

 

 

647,860

 

 

 

497,123

 

Interest (income) expense, net

 

(28,959

)

 

 

(16,586

)

 

 

(105,439

)

 

 

(30,235

)

Other (income) expense, net

 

(5,893

)

 

 

(6,320

)

 

 

(3,799

)

 

 

14,502

 

Provision for income taxes

 

29,924

 

 

 

11,283

 

 

 

19,170

 

 

 

10,103

 

Restructuring charges

 

 

 

 

 

 

 

126,882

 

 

 

 

Non-cash charitable contributions

 

 

 

 

 

 

 

12,890

 

 

 

 

Adjusted EBITDA

$

364,801

 

 

$

195,785

 

 

$

683,463

 

 

$

441,935

 

PINTEREST, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended

December 31,

 

Year Ended

D ecember 31,

 

2023

 

2022

 

2023

 

2022

Reconciliation of net income (loss) to non-GAAP net income:

Net income (loss)

$

201,178

 

$

17,491

 

$

(35,610

)

 

$

(96,047

)

Share-based compensation

 

163,227

 

 

 

170,312

 

 

 

647,860

 

 

 

497,123

 

Amortization of acquired intangible assets

 

1,840

 

 

 

15,306

 

 

 

7,360

 

 

 

24,912

 

Restructuring charges

 

 

 

 

 

 

 

126,882

 

 

 

 

Non-cash charitable contributions

 

 

 

 

 

 

 

12,890

 

 

 

 

Non-GAAP net income

$

366,245

 

 

$

203,109

 

 

$

759,382

 

 

$

425,988

 

 

 

 

 

 

 

 

 

Basic weighted-average shares used in computing net income (loss) per share

 

674,000

 

 

 

674,385

 

 

 

674,641

 

 

 

665,732

 

Weighted-average dilutive securities(1)

 

21,031

 

 

 

22,547

 

 

 

18,927

 

 

 

25,200

 

Diluted weighted-average shares used in computing non-GAAP net income per share

 

695,031

 

 

 

696,932

 

 

 

693,568

 

 

 

690,932

 

Non-GAAP net income per share

$

0.53

 

 

$

0.29

 

 

$

1.09

 

 

$

0.62

 

_______________

(1) Gives effect to potential common stock instruments such as stock options, unvested restricted stock units and unvested restricted stock awards.

 

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Source: Pinterest, Inc.