Pinterest announces fourth quarter and full year 2021 results
Pinterest, Inc. announced financial results for the quarter and year ended Dec. 31, 2021. Fourth-quarter revenue grew 20% year-over-year to $847 million, although Global Monthly Active Users (MAUs) decreased 6% year-over-year to 431 million.
GAAP net income was $175 million for Q4, including a $49 million one-time share-based compensation charge related to the co-founder Evan Sharp‘s transition and an unspecified $25 million noncash charitable contribution.
“We took important steps in 2021 with the launch of our foundational technology to deliver a video-first publishing platform,” said Ben Silbermann, CEO and co-founder, Pinterest. “And, I’m proud to say that for the first time, we surpassed $2 billion in revenue for the year — growing 52% over the previous year — and reached our first full year of GAAP profitability. As we look ahead to 2022, we plan to further invest in our business as we scale the distribution of Idea Pins through our creator-led content efforts and enhance our core Pinner experience and shopping to make Pinterest the destination for inspiration and action on the internet.”
Q4 2021 Financial Highlights
The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):
|
|
|
|
Three Months Ended |
|
% Change |
|
Year Ended |
|
% Change |
||||||||||||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
||||||||||||||
|
Revenue |
|
|
$ |
846,655 |
|
|
$ |
705,617 |
|
|
20 |
% |
|
$ |
2,578,027 |
|
|
$ |
1,692,658 |
|
|
52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income (loss) |
$ |
174,699 |
|
|
$ |
207,841 |
|
|
(16 |
) % |
|
$ |
316,438 |
|
|
$ |
(128,323 |
) |
|
NM |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Non-GAAP net income* |
$ |
339,447 |
|
|
$ |
294,312 |
|
|
15 |
% |
|
$ |
778,455 |
|
|
$ |
283,210 |
|
|
175 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Adjusted EBITDA* |
$ |
350,859 |
|
|
$ |
299,182 |
|
|
17 |
% |
|
$ |
814,369 |
|
|
$ |
305,004 |
|
|
167 |
% |
||
|
Adjusted EBITDA margin* |
|
41 |
% |
|
|
42 |
% |
|
|
|
|
32 |
% |
|
|
18 |
% |
|
|
||||
|
|
|
|
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|
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NM – not meaningful |
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* |
For more information on these non-GAAP financial measures, please see “―About non-GAAP financial measures” and the tables under “―Reconciliation of GAAP to non-GAAP financial results” included at the end of this release. |
Q4 2021 Other Highlights
The following table sets forth revenue, MAUs and average revenue per user (“ARPU”) based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):
|
|
Three Months Ended |
|
% Change |
|
Year Ended |
|
% Change |
||||||||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
||||||||
|
Revenue – Global |
$ |
847 |
|
$ |
706 |
|
20 |
% |
|
$ |
2,578 |
|
$ |
1,693 |
|
52 |
% |
|
Revenue – United States |
$ |
648 |
|
$ |
582 |
|
11 |
% |
|
$ |
2,016 |
|
$ |
1,425 |
|
41 |
% |
|
Revenue – International |
$ |
199 |
|
$ |
123 |
|
61 |
% |
|
$ |
562 |
|
$ |
268 |
|
110 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
MAUs – Global |
|
431 |
|
|
459 |
|
(6 |
) % |
|
|
431 |
|
|
459 |
|
(6 |
) % |
|
MAUs – United States |
|
86 |
|
|
98 |
|
(12 |
) % |
|
|
86 |
|
|
98 |
|
(12 |
) % |
|
MAUs – International |
|
346 |
|
|
361 |
|
(4 |
) % |
|
|
346 |
|
|
361 |
|
(4 |
) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
ARPU – Global |
$ |
1.93 |
|
$ |
1.57 |
|
23 |
% |
|
$ |
5.79 |
|
$ |
4.26 |
|
36 |
% |
|
ARPU – United States |
$ |
7.43 |
|
$ |
5.94 |
|
25 |
% |
|
$ |
21.98 |
|
$ |
15.34 |
|
43 |
% |
|
ARPU – International |
$ |
0.57 |
|
$ |
0.35 |
|
62 |
% |
|
$ |
1.59 |
|
$ |
0.88 |
|
80 |
% |