Pinterest(US:PINS)2025-08-07 20:23Financial Performance - Revenue for the three months ended June 30, 2025, was $998.2 million, representing a 17% increase compared to the same period in 2024[83]. - Adjusted EBITDA for the three months ended June 30, 2025, was $250.8 million, up from $188.3 million in the same period of 2024[104]. - Net income for the three months ended June 30, 2025, was $38.8 million, compared to a net income of $8.9 million in the same period of 2024[104]. - Revenue for the three months ended June 30, 2025, increased by 17% to $998.2 million compared to $853.7 million for the same period in 2024, while revenue for the six months increased by 16% to $1.85 billion from $1.59 billion[117]. - Net income for the three months ended June 30, 2025, was $38.8 million, a 399% increase from $8.9 million in the same period of 2024[127]. - Adjusted EBITDA for the three months ended June 30, 2025, was $250.8 million, up 33% from $188.3 million in the same period of 2024[127]. User Metrics - Monthly active users (MAUs) reached 578 million, an 11% increase from June 30, 2024[83]. - Average Monthly Active Users (MAUs) increased by 11%, contributing to a 6% increase in Average Revenue Per User (ARPU) for the three months ended June 30, 2025[117]. Cash Flow and Liquidity - Free cash flow for the six months ended June 30, 2025, was $553.1 million, compared to $445.7 million for the same period in 2024[106]. - Net cash provided by operating activities for the six months ended June 30, 2025, was $571.4 million, an increase of $108.8 million from $462.6 million in 2024[138]. - Cash used in investing activities decreased by $140.2 million for the six months ended June 30, 2025, primarily due to increased maturities of marketable securities[140]. - The company believes existing cash and available credit will be sufficient to meet working capital needs for at least the next 12 months[135]. Expenses - Cost of revenue for the three months ended June 30, 2025, increased by 10% to $203.0 million, representing 20% of revenue, compared to 22% in the same period of 2024[119]. - Research and development expenses rose by 15% to $359.6 million for the three months ended June 30, 2025, accounting for 36% of revenue, driven by a 17% increase in personnel expenses[120]. - Sales and marketing expenses increased by 18% to $313.1 million for the three months ended June 30, 2025, maintaining 31% of revenue, primarily due to higher personnel and marketing expenses[121]. - General and administrative expenses increased by 13% to $126.8 million for the three months ended June 30, 2025, representing 13% of revenue, largely due to non-cash charitable contributions[122]. - Share-based compensation expense was $227.2 million, an increase of $30.8 million compared to the same period in 2024[83]. Cash and Securities - Cash, cash equivalents, and marketable securities totaled $2,659.4 million as of June 30, 2025[83]. - As of June 30, 2025, the company had $2,659.4 million in cash, cash equivalents, and marketable securities[129]. - The total borrowing capacity under the 2022 revolving credit facility is $500.0 million as of June 30, 2025, with no letters of credit issued[134]. Stock and Financing Activities - During the six months ended June 30, 2025, the company repurchased 6,557,179 shares of Class A common stock for $227.6 million at an average price of $34.71 per share[137]. - Net cash used in financing activities increased by $185.5 million for the six months ended June 30, 2025, mainly due to higher stock repurchases[141]. Other Considerations - Interest income decreased by 19% to $28.0 million for the three months ended June 30, 2025, while other income increased significantly by 270% to $11.0 million[123]. - The company is evaluating the impact of the One Big Beautiful Bill Act, which allows for immediate expensing of domestic U.S. research and development expenses[125]. - There is a reasonable possibility that the valuation allowance against Ireland deferred tax assets may be released within the next twelve months, potentially resulting in an income tax benefit[126].