Core Insights - Figma's Q4 performance exceeded market expectations, with accelerated revenue growth and stable profitability, driven by increased user penetration of its AI tools [1] - RBC Capital Markets noted that Figma's revenue grew by 40% year-over-year, with a non-GAAP gross margin of 86.2% and a non-GAAP operating margin of 14.5% [1] - Despite strong performance, RBC maintained a "market perform" rating and lowered the target price from $38 to $31, highlighting Figma's potential in multi-product synergy, especially in creative design with AI tools [1] Financial Performance - Figma's Q4 revenue increased by 40% year-over-year, with a non-GAAP gross margin of 86.2% and an operating margin of 14.5% [1] - The stability in gross margin is attributed to infrastructure optimization, which reduced the cost per user, while the operating margin improvement was driven by revenue exceeding expectations [1] - RBC expects pricing and product mix adjustments to contribute positively to revenue growth in FY2025 [1] Product and User Data - Over 80% of Figma Make's weekly active users also used Figma Design, with a more than 70% quarter-over-quarter growth in weekly active users for Figma Make [2] - More than half of the customers using Figma Make have an annual recurring revenue (ARR) expenditure exceeding $100,000, and about 60% of Figma Make files are created by non-designers [2] - Approximately 75% of paid customers with ARR over $10,000 have started using AI features weekly, and Figma has expanded its product line from 4 to 8 products, launching over 200 new features, many focused on AI [2] Market Position and Competitors - JPMorgan acknowledged Figma's execution and technology strategy but lowered its target price from $60 to $45 due to changes in valuation multiples among comparable companies [3] - Figma Make is seen as superior in positioning and functionality compared to lightweight "ambient programming" products, which face challenges in enterprise deployment [3] - Concerns about AI impacting seat-based software business models have suppressed the software sector's performance, with the iShares Expanded Tech Software ETF down approximately 24% over the past year [3] Future Outlook - Figma's CFO emphasized ongoing seat growth and a positive outlook for 2025, driven by new products, seat expansion from new and existing customers, and international market growth [3] - The business model will gradually shift to monetize both "seats + AI points," a change not yet reflected in historical revenue data [3]
业绩超预期难挡估值压力 华尔街大行下调Figma(FIG.US)目标价