Piper Sandler将Figma的目标价从85美元下调至70美元，维持"增持"评级。(格隆汇) ...

Summary of Figma Inc. (FIG) Conference Call Company Overview - **Company**: Figma Inc. (FIG) - **Market Cap**: $25.9 billion - **Enterprise Value**: $24.2 billion - **Industry**: Americas Software Key Financial Results - **F3Q25 Performance**: - Revenue exceeded consensus by 4% - Gross Margin improved by 150 basis points - Operating Margin increased by 590 basis points - Free Cash Flow Margin (FCFM) at 18% compared to 5% guidance - **Stock Performance**: Indicated +4% after-hours trading, reflecting solid outperformance and a 2% increase in F25 revenue guidance [1][19][23] Customer Metrics - **Total Paid Customers**: Increased to 540K from 450K in 1Q - **High-Value Customers**: 30% of customers with $100K+ ARR are using Figma Make weekly, indicating potential for upsell and seat expansion - **Net Revenue Retention (NRR)**: Improved to 131% from 129% in F2Q25, despite a tough comparison from 131% in F3Q24 - **Product Usage**: Over 70% of customers are using 3+ products, validating Figma's platform strategy [1][19][24] Product Development and AI Integration - **Figma Make**: Emerging as a significant growth driver, with strong initial adoption - **Integration of Design Systems**: Enhancing product velocity and potential enterprise adoption - **Future Revenue Contribution**: Expected to scale more meaningfully in F26, though still in early stages [1][15][19] Long-Term Outlook - **Market Position**: Figma is well-positioned in the digital design industry, with a total addressable market (TAM) of $33 billion - **Growth Opportunities**: Multi-year potential to expand wallet share through seat expansion and multi-product adoption - **AI Capabilities**: Introduction of consumption-based revenue streams through Figma Make [15][16][19] Valuation and Risks - **Valuation**: Current levels viewed as relatively full; target price raised to $54 from $49 - **Key Risks**: - Pricing pressure and competition - Misalignment in product/market fit - Increased AI investments impacting margins without sufficient revenue contribution - Competition from AI-native players - **Key Upside Risks**: - Better-than-expected pricing power - Momentum from new product adoption - Earlier-than-expected AI monetization [23][24] Financial Projections - **Revenue Forecasts**: - FY24: $749 million - FY25: $1,046 million - FY26: $1,312.5 million - FY27: $1,568.4 million - **EBITDA and EPS**: - EBITDA for FY25 estimated at $131.2 million - EPS for FY25 projected at $0.46 [3][12][19] Conclusion - **Investment Rating**: Neutral, with a focus on balanced risk/reward given current valuation levels - **Long-Term Fundamentals**: Compelling, with potential for Figma to scale into a robust SaaS business generating over $10 billion in revenue [15][23]

Core Insights - Figma, Inc. reported $274.17 million in revenue for the quarter ended September 2025, showing no year-over-year change, with an EPS of $0.10 compared to $0 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $263.91 million by 3.89%, and the EPS surprised by 150% against the consensus estimate of $0.04 [1] Financial Performance - Figma's stock has returned -24.7% over the past month, contrasting with the Zacks S&P 500 composite's +1% change, and currently holds a Zacks Rank 3 (Hold) [3] - The company had 12,910 paid customers with more than $10,000 in ARR, surpassing the average estimate of 12,500 [4] - For customers with more than $100,000 in ARR, Figma reported 1,262, exceeding the average estimate of 1,192 [4] - The Net Dollar Retention Rate was 131%, higher than the estimated 124.5% [4]

Financial Data and Key Metrics Changes - Figma reported Q3 revenue of $274 million, representing a 38% year-over-year growth and crossing a $1 billion annual revenue run rate, marking the best quarter in the company's history [5][21][30] - The non-GAAP operating margin was 12%, with an adjusted free cash flow margin of 18% for the quarter [6][28] - The gross profit for Q3 was $237 million, resulting in a gross margin of 86% [25] Business Line Data and Key Metrics Changes - The net dollar retention rate increased by two percentage points to 131%, driven by faster customer adoption of new products [6][24] - Figma ended Q3 with 540,000 total paid customers, up from nearly 450,000 at the end of Q1, adding over 90,000 paid teams in just two quarters [23] - More than 70% of customers were using three or more products, indicating strong multi-product adoption [23] Market Data and Key Metrics Changes - International revenue grew approximately 42% during Q3, outpacing domestic growth [80] - The company is seeing broader interest in its Governance Plus add-on across various sectors, indicating a growing market presence [24] Company Strategy and Development Direction - Figma is focused on building AI-native workflows and investing in product innovation to maintain long-term market leadership [22][29] - The company aims to enhance interoperability across its products, making it easier for users to transition between different stages of the design process [63] - The acquisition of Weavy is expected to enhance Figma's platform by integrating AI model outputs with professional editing tools [19][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, raising revenue and operating income guidance for Q4 and the full fiscal year due to strong business performance [30] - The company is committed to investing in AI and product development, even at the cost of near-term margins, to build a robust long-term platform [10][29] Other Important Information - Figma launched over 50 new features in Q3, enhancing product capabilities and customer workflows [7][8] - The company is actively integrating with other platforms, including ChatGPT, to expand its functionality and user engagement [17][74] Q&A Session Summary Question: Insights on Weavy's integration and its impact on user base - Management highlighted that Weavy allows for a modular approach to using AI model outputs, enhancing the creative process and potentially expanding the user base [36][38] Question: Tangible results from Figma Make and its adoption - Figma Make is driving high engagement among new personas, allowing for faster validation of ideas and increased production capabilities [42][45] Question: Strength in new paid customers and market dynamics - The growth in new paid customers is balanced across international and domestic markets, with international revenue growing slightly faster [80][81] Question: Future expectations for net dollar retention - Management expects continued strength in net dollar retention due to the platform's appeal and the successful rollout of new products [75][76] Question: Impact of OpenAI integration on Figma's business - The integration with OpenAI is still in early stages, but management is optimistic about its potential to enhance user experience and drive engagement [73][74]

Financial Data and Key Metrics Changes - Figma reported Q3 revenue of $274 million, representing a record 38% year-over-year growth and exceeding guidance [5][22][30] - The annual revenue run rate surpassed $1 billion, marking a significant milestone for the company [5][22] - Non-GAAP operating margin was 12%, with adjusted free cash flow margin at 18% for the quarter [6][28][30] - Gross profit for Q3 was $237 million, resulting in a gross margin of 86% [25] Business Line Data and Key Metrics Changes - Figma Make adoption contributed to a total of 540,000 paid customers, up from nearly 450,000 at the end of Q1, adding over 90,000 paid teams in just two quarters [23] - Net dollar retention increased by 2 percentage points to 131%, driven by faster customer adoption of new products [6][24] - Over 70% of customers are using three or more products, indicating strong multi-product adoption [23][49] Market Data and Key Metrics Changes - International revenue grew approximately 42% during Q3, outpacing domestic growth [81] - The company is strategically investing in international markets to enhance growth [81] Company Strategy and Development Direction - Figma is focused on long-term growth, emphasizing product innovation and differentiation, particularly in AI-native workflows [22][30] - The company aims to enhance interoperability across its products, positioning itself as the system of record for design and product development [6][30] - The acquisition of Weavy is expected to expand Figma's capabilities in AI and creative production [19][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of design as a differentiator in the market, especially with the rise of AI [5][20] - The company raised its revenue and operating income outlook for Q4 and the full fiscal year, reflecting strong business momentum [30] Other Important Information - Figma launched over 50 new features in Q3, enhancing product velocity and customer engagement [7][8] - The company is investing heavily in AI, with a focus on building AI-native workflows and partnerships [10][19] Q&A Session Summary Question: Insights on Weavy's integration and its impact on the design platform - Management expressed excitement about Weavy's integration, emphasizing its potential to enhance the design process and expand the user base [34][36] Question: Tangible results from Figma Make and its adoption trajectory - Management noted high engagement with Figma Make, with 30% of customers spending over $100,000 in ARR using it weekly, and anticipated continued growth in adoption [42][48] Question: Customer acquisition trends and geographic performance - Management indicated balanced growth across international and domestic markets, with international revenue growing faster [80][81] Question: Future impact of OpenAI integration and net dollar retention outlook - Management acknowledged the early stages of the OpenAI integration, with positive user feedback, and expressed confidence in maintaining strong net dollar retention [71][75] Question: Strength in new paid customers and product traction - Management confirmed strong growth in new paid customers across various sectors, with notable traction in new product offerings like Buzz and Draw [82][84]

Financial Data and Key Metrics Changes - Figma reported Q3 revenue of $274 million, representing a record 38% year-over-year growth and surpassing the high end of guidance [4][22] - The annual revenue run rate crossed $1 billion, marking the best sequential net revenue added quarter in the company's history [4][22] - Non-GAAP operating margin was 12%, with adjusted free cash flow margin at 18% for the quarter [5][27] - The company ended Q3 with $1.6 billion in cash, cash equivalents, and marketable securities [5] Business Line Data and Key Metrics Changes - Net dollar retention increased by two percentage points to 131%, driven by faster customer adoption of new products [5][24] - The total number of paid customers rose to 540,000, up from nearly 450,000 at the end of Q1, adding over 90,000 paid teams in just two quarters [23] - More than 70% of customers were using three or more products, indicating strong cross-product engagement [23] Market Data and Key Metrics Changes - International revenue grew approximately 42% during Q3, outpacing domestic growth [53] - The company is seeing broader interest in its Governance Plus add-on across various sectors, not just highly regulated industries [24] Company Strategy and Development Direction - Figma is focusing on building AI-native workflows and investing in product innovation, particularly in AI and M&A [5][22] - The company aims to become the system of record for design and product development, with a strong emphasis on interoperability across its products [8][24] - The acquisition of Weavy is expected to enhance Figma's platform by combining AI models with professional editing tools [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, raising revenue and operating income guidance for the year due to strong business performance [29][30] - The company is committed to long-term growth, balancing investments in innovation with operational efficiency [22][30] Other Important Information - Figma launched over 50 new features in Q3, enhancing product velocity and customer capabilities [7][8] - The company is actively integrating with other platforms, including ChatGPT, to enhance user experience and functionality [19][51] Q&A Session Summary Question: Insights on Weavy's integration and its impact on user base - Management highlighted that Weavy allows for a modular approach to AI model outputs, enhancing the creative process and expanding the user base [32][34] Question: Tangible results from Figma Make and its adoption - Management noted that Figma Make is driving faster design and deployment, with 30% of customers spending over $100,000 in ARR using it weekly [36][40] Question: Strength in new paid customers and market dynamics - The company reported balanced growth across international and domestic markets, with a slight edge in international revenue growth [53] Question: Future expectations for net dollar retention - Management expressed confidence in maintaining strong net dollar retention due to the platform's appeal and new product functionalities [52] Question: Impact of OpenAI integration on business - Management acknowledged early excitement around the ChatGPT integration, particularly for diagramming and flowcharting, but noted that monetization discussions are ongoing [49][50]

Core Insights - Figma, Inc. reported strong third-quarter earnings, surpassing both revenue and earnings estimates, leading to a rise in stock price [1][2] Financial Performance - Quarterly earnings were ten cents per share, exceeding the consensus estimate of five cents [2] - Quarterly revenue reached $274.17 million, beating the Street estimate of $265.21 million by 3.38% [2] Company Highlights - The third quarter was described as the best in Figma's history, achieving an annual revenue run rate of over $1 billion and record revenue [4] - The growth was attributed to investments in AI products, particularly Figma Make and the MCP server, which expanded the customer base [4] Future Outlook - Figma anticipates fourth-quarter revenue between $292 million and $294 million, above the analyst estimate of $282.85 million [5] - The fiscal 2025 revenue outlook has been raised to between $1.044 billion and $1.046 billion, compared to the previous estimate of $1.025 billion [5] Customer Metrics - The Net Dollar Retention Rate for customers with an Annual Recurring Revenue (ARR) of $10,000 or more was 131%, an increase of two percentage points quarter-over-quarter [6] - Figma had 12,910 paid customers with more than $10,000 in ARR as of September 30, 2025, adding over 1,000 in the third quarter [6] - There were 1,262 paid customers with more than $100,000 in ARR, with an addition of over 140 in the third quarter [6]

Financial Performance - Revenue for the three months ended September 30, 2025, was $274.2 million, a 38% increase from $198.6 million in the same period of 2024[207]. - Revenue for the nine months ended September 30, 2025, increased by $219.9 million, or 41%, to $752.0 million compared to $532.1 million in the same period of 2024[216]. - The net loss for the three months ended September 30, 2025, was $1,097.0 million, compared to a net loss of $15.6 million in the same period of 2024[205]. - For the nine months ended September 30, 2025, the company reported a net loss of $1.0 billion, adjusted for $1.1 billion in non-cash charges, resulting in cash provided from operating activities of $210.8 million[234]. - The cash used in operating activities for the nine months ended September 30, 2024, was $134.8 million, influenced by a net loss of $829.9 million[235]. Customer Growth - The number of paid customers with more than $10,000 in annual recurring revenue (ARR) increased to 12,910 as of September 30, 2025, up from 9,762 a year earlier, representing a growth of 32.8%[180]. - The number of paid customers with more than $100,000 in ARR rose to 1,262, an increase from 876, reflecting a growth of 43.9% year-over-year[181]. - The increase in revenue was primarily driven by a 32% increase in Paid Customers with more than $10,000 in ARR and a 44% increase in Paid Customers with more than $100,000 in ARR[207]. - The number of Paid Customers with more than $10,000 in ARR and more than $100,000 in ARR increased by 32% and 44%, respectively, as of September 30, 2025[216]. Expenses and Costs - Research and development expenses surged to $680.9 million for the three months ended September 30, 2025, a 554% increase from $104.2 million in 2024[210]. - Sales and marketing expenses increased by 247% to $274.8 million for the three months ended September 30, 2025, compared to $79.3 million in 2024[211]. - General and administrative expenses rose to $371.4 million, a 748% increase from $43.8 million in the same period of 2024[212]. - Cost of revenue rose by $60.2 million, or 85%, primarily due to higher technical infrastructure and hosting costs, which increased by $28.9 million[217]. - Research and development expenses increased by $141.3 million, or 20%, to $833.9 million, driven by a $125.3 million rise in employee-related costs[218]. - Sales and marketing expenses grew by $30.4 million, or 7%, to $441.3 million, attributed to higher technical infrastructure costs and increased marketing spend[219]. - General and administrative expenses surged by $153.9 million, or 54%, to $440.6 million, mainly due to a $138.3 million increase in employee-related costs[220]. Cash Flow and Liquidity - The net cash provided by operating activities for the nine months ended September 30, 2025, was $210,795, compared to a net cash used of $(134,808) in 2024[191]. - The company had cash and cash equivalents of $340.5 million, digital assets of $30.3 million, and marketable securities of $1.2 billion as of September 30, 2025[246]. - The company believes its current liquidity will be sufficient to fund operations for at least the next twelve months, with potential future investments in complementary businesses and technologies[224]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $294.4 million, primarily due to the purchase of marketable securities totaling $1.0 billion[237]. - Net cash used in financing activities during the nine months ended September 30, 2025, was $55.7 million, mainly due to $494.6 million for employee tax payments related to RSU awards[239]. Stock-Based Compensation - Figma recognized a one-time cumulative stock-based compensation expense of $975.7 million related to vested restricted stock units in connection with the IPO[172]. - Figma modified certain restricted stock units in May 2024, resulting in a stock-based compensation expense of $801.2 million during the nine months ended September 30, 2024[177]. - The company reported a $1.1 billion increase in stock-based compensation expense for the nine months ended September 30, 2025, net of amounts capitalized[234]. Other Financial Metrics - Non-GAAP operating income for the nine months ended September 30, 2025, was $85,530, up from $70,807 in 2024, reflecting a non-GAAP operating margin of 11%[187]. - Free Cash Flow for the three months ended September 30, 2025, was $49,047, compared to $60,419 in 2024, while Adjusted Free Cash Flow was $49,047 for 2025 versus $60,971 for 2024[191]. - The company expects Free Cash Flow to fluctuate in future periods as it invests in business growth initiatives[189]. - The gross margin may fluctuate due to the timing and amount of technical infrastructure costs and investments in AI technologies[197]. - The company has made significant investments in integrating AI into its platform, which is expected to impact operating results and financial condition[195]. IPO and Mergers - Figma completed its IPO on August 1, 2025, issuing 12.5 million shares at $33.00 per share, resulting in net proceeds of $393.1 million after underwriting discounts[170]. - Figma incurred transaction costs of $4.4 million and $13.6 million related to the abandoned merger with Adobe for the three and nine months ended September 30, 2024, respectively[175]. - The operating cash outflow associated with the transaction costs from the abandoned merger was $68.5 million for the three and nine months ended September 30, 2024[176]. - The company recorded transaction costs associated with the abandoned merger with Adobe, impacting both Free Cash Flow and Adjusted Free Cash Flow[189]. Tax and Valuation - The company maintains a full valuation allowance on its deferred tax assets, indicating uncertainty about their realization[203]. - The provision for income taxes recorded a benefit decrease of $56.4 million, or 105%, due to income tax expense related to foreign subsidiaries[222]. - The fair value of the company's investment in a Bitcoin exchange-traded fund was $96.4 million as of September 30, 2025, with a hypothetical 10% decrease in price potentially reducing its value by $9.6 million[251]. Future Outlook - The company expects general and administrative expenses to decrease as a percentage of revenue over time, despite absolute dollar increases as the business grows[201]. - The company does not currently engage in hedging activities to mitigate foreign currency exchange risks, although it may consider this in the future[249].

Financial Performance - Q3 2025 Revenue reached $274 million[15] - Year-over-year revenue growth was 38%[16] - Net Dollar Retention was 131%[18] - Non-GAAP Gross Margin was 86%[105, 106] - Non-GAAP Operating Margin was 12% of revenue[108, 109] - Adjusted Free Cash Flow Margin was 18%[115, 116] Customer Metrics - Paid Customers with more than $10,000 in ARR grew 32%[101] - Paid Customers with more than $100,000 in ARR grew 44%[101] Financial Outlook - Expected Q4 2025 Revenue is $292-294 million[121] - The company holds $16 billion in cash, cash equivalents, and marketable securities as of September 30, 2025[114]

Core Insights - Figma is experiencing strong performance heading into the end of the year, with significant customer adoption and product velocity [1][2] - The company has launched over 50 new features, indicating a robust development cycle and commitment to enhancing user experience [2] - Figma's revenue for the full year is projected to be between $1.044 billion and $1.046 billion, reflecting growth in both existing and new customer segments [5][6] Customer Behavior and Product Adoption - There is a notable increase in both existing customers utilizing more products and new customers adopting Figma's offerings, contributing to overall growth [6] - The Average Revenue per User (ARPU) has increased from $129 to $131, showcasing improved monetization strategies [6] - The platform's interoperability and the appeal of its product ecosystem are driving customer adoption [7] Financial Performance and Strategy - The company reported net losses primarily due to stock-based compensation, a common practice in the tech industry [7][8] - Figma aims to normalize stock-based compensation on a non-GAAP basis as it continues to invest in long-term growth [9][10] - The company is focused on enhancing its platform capabilities while balancing short-term investments with long-term profitability [10][12] AI Integration and Future Outlook - Figma is actively working on integrating AI capabilities, which is expected to enhance user experience and expand its market reach [23][24] - The company is exploring monetization strategies related to its AI offerings, particularly in collaboration with OpenAI [16][24] - Figma's leadership is committed to continuous improvement and responsiveness to customer feedback, which is crucial for maintaining competitive advantage [20][21]