PINS Q4 2020 Earnings

Call Details

• Call Title: Pinterest, Inc. Q4 2020 Earnings Call
• Date: February 4, 2021 at 9:30 PM UTC
• Management Team:
  • Ben Silbermann (President and Chief Executive Officer)
  • Todd Morgenfeld (Chief Financial Officer and Head of Business Operations)
  • Doug Clark (Investor Relations)

Call Summary

Financial Performance

• Monthly active users grew 37% year-over-year to 459M in Q4.
• Revenue in Q4 grew 76% year-over-year to $706M.
• The company added over 100M monthly active users globally in 2020.
• Adjusted EBITDA margin for the quarter was 42% on a non-GAAP basis.
• International revenue grew 145% year-over-year and represented 17% of total revenue in Q4.
• Product search activity increased roughly 20x year-over-year.
• Pinterest reported being profitable on a non-cap basis for full-year 2020.
• Headcount grew 15% year-over-year in Q4, reflecting investment-driven cost base expansion.

Guidance

• Pinterest expects revenue to grow in the low 70% range year-over-year in Q1 2021.
• The company expects total non-GAAP operating expenses in Q1 to be at a similar level to Q4 2020.
• Pinterest plans to expand monetization into Latin America in the first half of 2021.
• Management identified COVID-19 re-opening risk as a potential headwind to user engagement and advertiser demand.
• Management identified privacy and measurement changes as an industry-wide headwind that could reduce conversion visibility.
• The preliminary guide reflects current knowledge and does not commit to any longer-term multi-quarter financial targets.