Pinterest (PINS) Q1 FY2024 earnings: revenue $740 million, up 22.8% on the year

Pinterest, Inc. (PINS) reported revenue of $740 million for Q1 FY2024, the quarter ended 31 March 2024, up 22.8% on the same quarter a year earlier. Net income was -$25 million, and diluted earnings per share $-0.04. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$740 millionup 22.8%

Net income-$25 million

Diluted EPS$-0.04

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	740	981	n/a	n/a
Cost of revenue	181	178	n/a	n/a
Gross profit	559	803	n/a	n/a
Gross margin	75.5%	81.9%	n/a
Research and development	280	268	n/a	n/a
Operating income	-54.4	196	n/a	n/a
Operating margin	-7.4%	20.0%	n/a
Pre-tax income	-27.7	231	n/a	n/a
Income tax	-2.9	29.9	n/a	n/a
Effective tax rate	n/a	12.9%	n/a
Net income	-24.8	201	n/a	n/a
Net margin	-3.4%	20.5%	n/a
Diluted EPS	-$0.04	$0.29	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	356	258	n/a	n/a
Capital expenditure	12.1	4.3	n/a	n/a
Free cash flow	344	254	n/a	n/a
Free cash flow margin	46.5%	25.9%	n/a
Cash from investing	-3.1	21.7	n/a	n/a
Cash from financing	-83.0	-87.5	n/a	n/a
Depreciation and amortisation	4.9	5.3	n/a	n/a
Share-based compensation	162	163	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	679m	695m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,144	3,091	n/a	n/a
Debt	n/a	0.0	n/a	n/a
Operating lease liabilities	154	161	n/a	n/a
Other liabilities	369	343	n/a	n/a
Total liabilities and equity	3,667	3,594	n/a	n/a
Fixed assets	38.2	32.2	n/a	n/a
Intangible assets	n/a	17.2	n/a	n/a
Investments	1,144	1,149	n/a	n/a
Cash and equivalents	1,632	1,362	n/a	n/a
Receivables	564	763	n/a	n/a
Other assets	288	271	n/a	n/a
Total assets	3,667	3,594	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	763	981	740	854	898	1,154	855	998	1,049	1,319	1,008	1,180
Cost of revenue	171	178	181	185	187	197	199	203	212	227	239	257
Gross profit	592	803	559	669	711	957	656	795	837	1,092	769	922
Gross margin	78%	82%	76%	78%	79%	83%	77%	80%	80%	83%	76%	78%
R&D	265	268	280	313	327	321	332	360	371	365	381	451
Operating income	-5.0	196	-54.4	-21.4	-5.9	262	-35.5	-4.3	58.5	301	-80.3	-55.2
Operating margin	-1%	20%	-7%	-3%	-1%	23%	-4%	-0%	6%	23%	-8%	-5%
Pre-tax income	17.1	231	-27.7	8.6	29.8	277	-3.7	34.7	87.2	328	-63.5	-49.2
Tax rate	61%	13%	n/a	-3%	-3%	-567%	n/a	-12%	-6%	15%	n/a	n/a
Net income	6.7	201	-24.8	8.9	30.6	1,847	8.9	38.8	92.1	277	-73.6	-46.7
Net margin	1%	21%	-3%	1%	3%	160%	1%	4%	9%	21%	-7%	-4%
Diluted EPS	$0.01	$0.29	-$0.04	$0.01	$0.04	$2.68	$0.01	$0.06	$0.13	$0.41	-$0.12	-$0.08
Operating cash flow	109	258	356	106	248	254	364	208	322	391	328	293
Capital expenditure	1.0	4.3	12.1	4.8	3.9	3.8	7.3	11.0	3.2	10.8	16.3	23.0
Free cash flow	108	254	344	102	244	250	356	197	318	380	312	270
Buybacks	0.0	0.0	0.0	33.3	467	100	175	52.6	197	502	1,946	78.6
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 30 April 2024, accession 0001506293-24-000078: the filing on EDGAR. All of Pinterest, Inc.'s filings: EDGAR company page.

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