Pinterest, Inc. · NYSE:PINS

Pinterest — Q4 2024 Earnings Presentation

14 slides from Pinterest's earnings presentation, Feb 6, 2025

1. Slide 1: Q4 2024 Earnings Report

   Q4 2024 Earnings Report © 2025 Pinterest. All rights reserved.

2. Slide 2: Non-GAAP Limitation of Key Metrics

   Non-GAAP Limitation of Key Metrics Financial Measures and Other Data To supplement our condensed consolidated financial statements, which are The numbers for our key metrics, which include our monthly active users (MAUs) prepared and presented in accordance with generally accepted accounting and ave

3. Slide 3: Revenue Q4 2024

   Revenue Q4 2024 (in millions) 12% 23% 21% 18% 18% +18% Global Y/Y $1,154 $58 $981 $41 $740 $854 $38 $898 $42 $196 +16% US & Canada Y/Y $162 $30 $137 $143 $118 $779 $592 $673 $719 $900 +21% Europe Y/Y +44% Q423 Q124 Q224 Q324 Q424 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Not

4. Slide 4: Monthly active users Q4 2024

   Monthly active users Q4 2024 (in millions) 12% 12% +11% Global Y/Y 11% 11% 11% 498 518 522 537 553 279 300 307 +4% US & Canada Y/Y 288 266 135 140 136 139 145 +7%Europe Y/Y 97 98 98 99 101 +15% Q423 Q124 Q224 Q324 Q424 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Note: We defin

5. Slide 5: Average revenue per user Q4 2024

   Average revenue per user Q4 2024 Global US & Canada $9.00 +6%Global Y/Y $8.07 $7.31 $6.85 $6.05 $2.00 $1.46 $1.64 $1.70 $2.12 +12% US & Canada Y/Y Q423 Q124 Q224 Q324 Q424 Q423 Q124 Q224 Q324 Q424 Europe Rest of World +12% Europe Y/Y $1.23 $1.03 $1.38 $0.86 $1.00 $0.15 $0.11 $0.13 $0.14 $0.19 Q423 Q

6. Slide 6: Non-GAAP costs and expenses Q4 2024

   Non-GAAP costs and expenses Q4 2024 (in millions) Cost of Revenue % of revenue R&D % of revenue +10% COR Y/Y 18% 24% 21% 20% 23% 21% 21% 17% 16% 16% $173 $176 $179 $182 $191 $158 $169 $179 $185 $190 +20% R&D Y/Y Q423 Q124 Q224 Q324 Q424 Q423 Q124 Q224 Q324 Q424 S&M 22% 27% 27% 24% % of revenue 20% G

7. Slide 7: Adjusted EBITDA Q4 2024

   Adjusted EBITDA Q4 2024 (in millions) 38% 41% 22% 27% 17% $471 +28% Adj. EBITDA Y/Y $369 +320 $247 $188 bps of Margin Expansion Y/Y $126 Q423 Q124 Q224 Q324 Q424 Adjusted EBITDA Adjusted EBITDA Margin % Note: We define Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortiz

8. Slide 8: Appendix

   Appendix © 2025 Pinterest. All rights reserved.

9. Slide 9: GAAP to non-GAAP costs and expenses reconciliation

   GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended December 31, 2024 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $197.0 $4.2 $0.1 $1.5 $0.0 $191.2 Research and development 320.8 128.0 2.7 0.0 0.0 190.1 Sales

10. Slide 10: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended June 30, 2024 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $184.9 $3.8 $0.1 $1.5 $0.0 $179.4 Research and development 312.8 128.5 4.9 0.0 0.0 179.4 Sales and

11. Slide 11: GAAP to non-GAAP costs and expenses reconciliation

    GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended December 31, 2023 GAAP Share-based compensation Payroll tax expense on SBC Amortization Other expense Non-GAAP Cost of revenue $178.1 $3.1 $0.1 $1.5 $0.0 $173.4 Research and development 268.0 107.2 2.8 0.0 0.0 157.9 Sales

12. Slide 12: Adjusted EBITDA reconciliation: net income (loss) to adjusted EBITDA

    Adjusted EBITDA reconciliation: Reconciliation of net income (loss) to adjusted EBITDA (in millions) Three months ended December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net income (loss) $201.2 $(24.8) $8.9 $30.6 $1,847.5 Depreciation and amortization 5.3 4.9 4.9 5

13. Slide 13: Free cash flow conversion

    Free cash flow conversion (in millions) Year ended December 31, 2022 December 31, 2023 December 31, 2024 Net cash provided by operating activities $469.2 $613.0 $964.6 Less: Purchases of property and equipment (29.0) (8.1) (24.6) Free cash flow $440.2 $604.9 $940.0 Year ended December 31, 2022 Decem

14. Slide 14: © 2025 Pinterest. All rights reserved.

    © 2025 Pinterest. All rights reserved.

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