Slide 1: Q1 2023 Earnings Report
Q1 2023 Earnings Report © 2023 Pinterest. All rights reserved.
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 prepared The numbers for our key metrics, which include our monthly active users (MAUs) and and presented in accordance with generally accepted accounting pri
Slide 3: Creator spotlight: Pamyla Cummings
“ My favorite thing about being a creator on Pinterest is the community. People come to Pinterest to find inspirational content that can enhance their lives, and to be able to create that is extremely rewarding.” Pamyla Cummings @pamylasworld Staten Island, NY, United States Pamyla Cummings is a ski
Slide 4: Mazda advertiser case study
Mazda “ Pinterest provides a unique opportunity to reach users who are early in the purchase journey, enabling us to capture interest and encourage users to be potential Mazda owners” Michael Tsang, National Manager, Digital Innovation Mazda Canada Advertisers in emerging verticals are turning to Pi
Slide 5: Q123 Business Highlights: inspired engagement and content
We’re growing our inspired engagement Q123 Business • We continued to grow our global user base both year over year and sequentially to 463M users. • Sessions, impressions, and time spent grew faster than MAUs, indicating we’re deepening our Highlights engagement with our user base. • Mobile app MAU
Slide 6: Q123 Business Highlights: advertiser solutions
We’re expanding our advertiser solutions Q123 Business • We began testing Premiere Spotlight, our first premium awareness offering to showcase brands in an exclusive placement on our search page for 24 hours. Highlights • In Q1, we integrated our API for conversion with Tealium, and we are in the pr
Slide 7: Revenue
Revenue (in millions) 18% 9% 8% +5%Global Y/Y 4% 5% $877 $32 $575 $666 $22 $685 $24 $123 $603 +3% US & Canada Y/Y $86 $24 $17 $102 $87 $93 $470 $542 $575 $722 $486 +6%Europe Y/Y +38% Q122 Q222 Q322 Q422 Q123 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Note: Revenue is geograph
Slide 8: Monthly active users
Monthly active users (in millions) 0% 4% 7% +7%Global Y/Y (5%) (9%) +1% 463 445 450 433 433 US & Canada Y/Y 231 240 220 223 230 120 117 120 124 128 +7%Europe Y/Y 94 92 95 95 95 +9% Q122 Q222 Q322 Q422 Q123 US & Canada Europe Rest of World Y/Y growth rate Rest of World Y/Y Note: We define a monthly a
Slide 9: Average revenue per user
Average revenue per user Global US & Canada $7.60 (1%) Global Y/Y $5.82 $6.13 $4.98 $5.11 $1.33 $1.54 $1.56 $1.96 $1.32 +3% US & Canada Y/Y Q122 Q222 Q322 Q422 Q123 Q122 Q222 Q322 Q422 Q123 Europe Rest of World +2%Europe Y/Y $0.72 $0.86 $0.72 $1.01 $0.74 $0.08 $0.10 $0.11 $0.14 $0.10 Q122 Q222 Q322
Slide 10: Non-GAAP costs and expenses
Non-GAAP costs and expenses (in millions) Cost of Revenue % of revenue R&D % of revenue +16% COR Y/Y 25% 24% 26% 28% 25% 23% 24% 28% 20% 19% 144 163 178 177 167 143 152 165 165 168 +18% R&D Y/Y Q122 Q222 Q322 Q422 Q123 Q122 Q222 Q322 Q422 Q123 S&M 30% 30% % of revenue 30% G&A 10% 11% 10% % of revenu
Slide 11: Adjusted EBITDA
Adjusted EBITDA (in millions) 22% 13% 14% 11% 4% $196 (65%) Adj. EBITDA Y/Y $92 $77 $77 $27 Q122 Q222 Q322 Q422 Q123 Adjusted EBITDA Adjusted EBITDA Margin % Note: Adjusted EBITDA is a non-GAAP financial measure. We define adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amo
Slide 12: Appendix
Appendix © 2023 Pinterest. All rights reserved. 12
Slide 13: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2023 GAAP Share-based compensation Amortization Other expense1 Non-GAAP Cost of revenue $170.9 $2.3 $1.5 $0.0 $167.1 Research and development 266.3 94.3 0.0 4.1 168.0 Sales and marketing 201.1 19.2 0.1 2.7 179.1
Slide 14: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended September 30, 2022 GAAP Share-based compensation Amortization Other expense Non-GAAP Cost of revenue $182.6 $2.2 $2.0 $0.0 $178.4 Research and development 254.7 89.7 0.0 0.0 165.0 Sales and marketing 229.9 23.3 3.4 0.0 20
Slide 15: GAAP to non-GAAP costs and expenses reconciliation
GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2022 GAAP Share-based compensation Amortization Other expense Non-GAAP Cost of revenue $146.1 $1.2 $0.7 $0.0 $144.2 Research and development 195.5 52.9 0.0 0.0 142.7 Sales and marketing 174.0 11.8 0.1 0.0 162.0
Slide 16: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Reconciliation of net income (loss) to adjusted EBITDA (in millions) Three months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Net income (loss) $(5.3) $(43.1) $(65.2) $17.5 $(208.6) Depreciation and amortization 7.2 9.1 10.5 1
Slide 17: © 2023 Pinterest. All rights reserved.
© 2023 Pinterest. All rights reserved.