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Press Release: Pinterest Announces Fourth Quarter -3-

· 02/04/2021 16:05
development 163,710 165,033 606,194 1,207,059 Sales and marketing 120,766 127,537 442,807 611,590 General and administrative 86,969 54,241 336,803 354,075 -------- --------- ---------- ------------ Total costs and expenses 500,468 443,085 1,835,162 2,531,627 -------- --------- ---------- ------------ Income (loss) from operations 205,149 (43,187) (142,504) (1,388,866) Interest income 1,854 8,141 16,119 30,164 Interest expense and other income (expense), net 1,509 (133) (635) (2,137) -------- --------- ---------- ------------ Income (loss) before provision for income taxes 208,512 (35,179) (127,020) (1,360,839) Provision for income taxes 671 539 1,303 532 -------- --------- ---------- ------------ Net income (loss) $207,841 $(35,718) $(128,323) $(1,361,371) Net income (loss) per share attributable to common stockholders: Basic $ 0.34 $ (0.06) $ (0.22) $ (3.24) ======= ======== ========= =========== Diluted $ 0.30 $ (0.06) $ (0.22) $ (3.24) ======= ======== ========= =========== Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 618,214 562,396 596,264 420,473 ======== ========= ========== ============ Diluted 689,194 562,396 596,264 420,473 ======== ========= ========== ============ PINTEREST, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Year Ended December 31, ----------------------------- 2020 2019 ------------- -------------- Operating activities Net loss $ (128,323) $(1,361,371) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 36,988 27,791 Share-based compensation 321,020 1,377,781 Other 11,080 (3,990) Changes in assets and liabilities: Accounts receivable (253,173) (94,224) Prepaid expenses and other assets 4,128 7,161 Operating lease right-of-use assets 41,898 32,378 Accounts payable 15,721 11,636 Accrued expenses and other liabilities 23,647 31,890 Operating lease liabilities (44,160) (28,395) ------------- ------------ Net cash provided by operating activities 28,826 657 ------------- ------------ Investing activities Purchases of property and equipment and intangible assets (17,401) (33,783) Purchases of marketable securities (1,216,260) (1,075,875) Sales of marketable securities 265,422 162,198 Maturities of marketable securities 920,300 360,959 Other investing activities 316 -- ------------- ------------ Net cash used in investing activities (47,623) (586,501) ------------- ------------ Financing activities Proceeds from initial public offering, net of underwriters' discounts and commissions -- 1,573,200 Proceeds from exercise of stock options, net 78,282 41,344 Shares repurchased for tax withholdings on release of restricted stock units (56,894) (475,015) Payment of deferred offering costs and other financing activities (1,750) (11,331) ------------- ------------ Net cash provided by financing activities 19,638 1,128,198 ------------- ------------ Effect of exchange rate changes on cash, cash equivalents, and restricted cash 327 99 Net increase in cash, cash equivalents, and restricted cash 1,168 542,453 Cash, cash equivalents, and restricted cash, beginning of period 677,743 135,290 ------------- ------------ Cash, cash equivalents, and restricted cash, end of period $ 678,911 $ 677,743 ========= =========== Supplemental cash flow information Accrued property and equipment $ 820 $ 4,772 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 15,089 $ 76,387 Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets Cash and cash equivalents $ 669,230 $ 649,666 Restricted cash included in prepaid expenses and other current assets 571 2,738 Restricted cash 9,110 25,339 ------------- ------------ Total cash, cash equivalents, and restricted cash $ 678,911 $ 677,743 ========= =========== RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (in thousands) (unaudited) Three Months Ended December 31, Year Ended December 31, ------------------- -------------------------- 2020 2019 2020 2019 -------- --------- ---------- -------------- Share-based compensation by function: Cost of revenue $ 1,816 $ 2,018 $ 7,865 $ 31,758 Research and development 62,097 73,030 218,718 867,191 Sales and marketing 11,842 15,915 35,645 239,315 General and administrative 10,464 21,237 58,792 239,517 -------- --------- ---------- ------------ Total share-based compensation $ 86,219 $ 112,200 $ 321,020 $ 1,377,781 ======= ======== ========= =========== Amortization of acquired intangible assets by function: Cost of revenue $ 94 $ 94 $ 377 $ 329 General and administrative 158 290 636 1,166 -------- --------- ---------- ------------ Total amortization of acquired intangible assets $ 252 $ 384 $ 1,013 $ 1,495 ======= ======== ========= =========== Reconciliation of total costs and expenses to non-GAAP costs and expenses: Total costs and expenses $500,468 $ 443,085 $1,835,162 $ 2,531,627 Share-based compensation (86,219) (112,200) (321,020) (1,377,781) Amortization of acquired intangible assets (252) (384) (1,013) (1,495) Termination of future lease contract -- -- (89,500) -- -------- --------- ---------- ------------ Total non-GAAP costs and expenses $413,997 $ 330,501 $1,423,629 $ 1,152,351 ======= ======== ========= =========== Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) $207,841 $(35,718) $(128,323) $(1,361,371) Depreciation and amortization 7,814 8,295 36,988 27,791 Share-based compensation 86,219 112,200 321,020 1,377,781 Interest income (1,854) (8,141) (16,119) (30,164) Interest expense and other (income) expense, net (1,509) 133 635 2,137 Provision for income taxes 671 539 1,303 532 Termination of future lease contract -- -- 89,500 -- -------- --------- ---------- ------------ Adjusted EBITDA $299,182 $ 77,308 $ 305,004 $ 16,706 ======= ======== ========= =========== RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (in thousands, except per share amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, ------------------- -------------------------- 2020 2019 2020 2019 -------- --------- ---------- -------------- Reconciliation of net income (loss) to non-GAAP net income: Net income (loss) $207,841 $(35,718) $(128,323) $(1,361,371) Share-based compensation 86,219 112,200 321,020 1,377,781 Amortization of

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February 04, 2021 16:05 ET (21:05 GMT)