Pinterest(US:PINS)2025-02-06 21:09Financial Performance - Q4 2024 revenue reached $1.15 billion, an 18% increase year-over-year, marking the first billion-dollar revenue quarter for the company[1][3][4] - GAAP net income for Q4 was $1.85 billion, a significant increase of 818% compared to the previous year, driven by a $1.6 billion benefit from the release of a valuation allowance on deferred tax assets[3][4] - Adjusted EBITDA for Q4 was $471 million, representing a 28% increase year-over-year, with an adjusted EBITDA margin of 41%[3][4] - Revenue for Q4 2024 was $1,154,130, a 17.6% increase from $981,262 in Q4 2023[21] - Net income for Q4 2024 was $1,847,475, compared to $201,178 in Q4 2023, reflecting a significant increase[21] - Adjusted EBITDA for the year ended December 31, 2024, was $1,032,315, compared to $707,594 for the year ended December 31, 2023, reflecting a growth of 45.8%[28] - Non-GAAP net income for the year ended December 31, 2024, was $900,958, compared to $783,513 in 2023, showing a 15% increase[28] User Metrics - Global monthly active users (MAUs) hit an all-time high of 553 million, reflecting an 11% year-over-year growth[1][3][4] - Average revenue per user (ARPU) globally increased by 6% to $2.12 in Q4, with U.S. and Canada ARPU rising by 12% to $9.00[5] Cash Flow and Investments - Free cash flow for Q4 was $250 million, with net cash provided by operating activities at $254 million[3][4] - Cash provided by operating activities for the year ended December 31, 2024, was $964,594, an increase from $612,961 in 2023, marking a 57.3% rise[23] - The total free cash flow for the year ended December 31, 2024, was $939,988, compared to $604,898 in 2023, marking an increase of around 55.5%[30] - Net cash used in investing activities for the year ended December 31, 2024, was $(221,017), compared to $(36,993) in 2023, indicating a significant increase in investment outflows[23] - Purchases of property and equipment for the year ended December 31, 2024, were $24,606, up from $8,063 in 2023, indicating a substantial increase of approximately 205.5%[30] Future Outlook - For Q1 2025, the company expects revenue between $837 million and $852 million, indicating a growth of 13-15% year-over-year[6] - The company has not provided a forward-looking GAAP equivalent for Adjusted EBITDA due to uncertainties regarding reconciling items[8] Expenses and Liabilities - Total current assets increased to $3,484,707 in 2024 from $3,338,559 in 2023, indicating growth in liquidity[19] - The total liabilities increased to $591,506 in 2024 from $503,725 in 2023, indicating a rise in obligations[19] - The total costs and expenses for Q4 2024 were $892,540, compared to $785,012 in Q4 2023, reflecting a 13.7% increase[26] - Research and development expenses for the year ended December 31, 2024, were $1,240,564, up from $1,068,416 in 2023, showing increased investment in innovation[21] Shareholder Information - The company reported a total of 674,880 basic weighted-average shares used in computing net income per share for Q4 2024[21] - Total share-based compensation for Q4 2024 was $198,913, up from $163,227 in Q4 2023, indicating a 21.8% increase[26] - The company repurchased $600,198 of Class A common stock during the year ended December 31, 2024[23] Financial Health - The total stockholders' equity rose to $4,751,154 in 2024 from $3,090,680 in 2023, reflecting improved financial health[19] - Cash, cash equivalents, and restricted cash at the end of the period were $1,141,221, down from $1,368,532 at the end of 2023[23] Operational Changes - The company plans to exclude payroll tax expense related to share-based compensation from Adjusted EBITDA starting Q4 2024 to better reflect ongoing business operations[28] - The company plans to maintain its focus on being a positive platform, which is seen as a competitive advantage for long-term success[2]