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Pinterest IPO

 
Old 12-19-2018, 10:28 PM
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Pinterest IPO

Another flop of a company like Snap which was valued at $24 billion at IPO (current market cap is $7 billion )?

https://www.wsj.com/articles/pintere...po-11545251368

Pinterest Readies Itself for Early 2019 IPO

Online image-search company could choose bankers for the offering as early as January

Dec. 19, 2018

Pinterest Inc. is actively preparing for an IPO that could come as soon as April, according to people familiar with the company’s plans, the latest in a line of tech companies ramping up plans to go public.

Pinterest has told bankers it could choose its slate of underwriters to run the initial-public-offering process as soon as January, these people said. It could achieve a valuation in the public market at or in excess of $12 billion—the level at which it most recently raised funding, some of the people said. Valuations can change until a company prices its initial public offering.

In September, Pinterest surpassed more than 250 million monthly active users, who visit the site to browse through billions of images on topics ranging from living-room furniture to dinner recipes and tattoos. The company generates revenue from ads scattered across its site and is poised to generate revenue in excess of $700 million this year, up 50% from the prior year, according to a person familiar with the matter.

Should Pinterest move forward with an IPO in the first half of 2019, it would join a gaggle of highly valued startups, like Uber Technologies Inc. and Lyft Inc., that have stayed private for years and are now gearing up for debuts next year.

Pinterest’s CEO Ben Silbermann has said the company would look to debut in 2019, without being more specific.

Bankers and advisers say some companies have ramped up IPO preparations to get ready to go public in the first half because of concerns about a steeper market selloff next year. Uber and Lyft Inc. both recently filed paperwork confidentially with the Securities and Exchange Commission for IPOs that could come as soon as early 2019, The Wall Street Journal has reported.

Pinterest is also in conversations with banks for a credit line that could come in at around $500 million, these people said. Companies tend to make such moves ahead of their IPOs, and banks are often incentivized to lend to companies in the run-up to an IPO to land a key role on the offering. Pinterest recently contacted a number of large banks asking how much they would be willing to commit to the loan, and at what terms, the people said.
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Old 03-21-2019, 11:26 PM
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https://www.wsj.com/articles/pintere...il-11553209062

Pinterest Steps Up Planning for IPO, Aims to List Shares on NYSE in April

March 21, 2019

Pinterest Inc. has sped up the timing of its initial public offering as the image-search company looks to tap into a red-hot market for new issues, according to people familiar with the matter.

The startup, which submitted its IPO paperwork confidentially with the Securities and Exchange Commission earlier this year, is preparing to make the filing public as early as Friday and list its shares on the New York Stock Exchange in mid-April, the people said.

Pinterest, last valued privately at about $12 billion, is racing to debut as the IPO market gains momentum. On Thursday, shares of Levi Strauss & Co. roared ahead in their debut after the jeans maker priced the stock above its targeted range. The shares closed at $22.41, up 31.8%, for the third-biggest first-day jump for a big, non-technology IPO since 2015, according to Dealogic.

. . . .

Pinterest Chief Executive Ben Silbermann has been meeting with potential investors in New York and London in recent weeks ahead of a formal roadshow expected to take place next month.

Executives of companies in the IPO pipeline and their underwriters are mindful that the good times will end sooner or later and are eager to have their shares start trading before that happens.

By moving forward with an IPO in mid-April, Pinterest will likely beat Uber, which is expected to stage one of the largest IPOs on record as soon as late April.

Like most founder-led technology companies, Pinterest will debut with a dual-class structure that gives some existing investors extra votes per share, people familiar with the company said. Some stock indexes have banned newly public companies with dual-class structures, which governance advocates frown upon.

In a move that appears to be aimed at shoring up its governance, Pinterest insiders, including Mr. Silbermann, will only be able to retain their supervoting shares after a certain period of time if they continue to hold a certain amount of stock and, in the case of executives, remain with the company, some of the people said.

In September, Pinterest, which launched in 2010, surpassed 250 million monthly active users, who visit the site to browse through billions of images on topics ranging from living-room furniture to dinner recipes and tattoos.

The company generates revenue from ads scattered across its site and notched more than $700 million in 2018, up 50% from the prior year.

In meetings with investors, Mr. Silbermann has pitched Pinterest as an alternative to online-ad giants Facebook Inc. and Alphabet Inc.’s Google.
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Old 04-08-2019, 10:34 AM
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https://www.wsj.com/articles/pintere...on-11554723426

Pinterest Sets IPO Price Below Last Valuation

April 8, 2019

Pinterest Inc. set a price range of $15 to $17 for its initial public offering, a range that is below where it last raised money privately, as the image-search company begins its roadshow to pitch the shares to investors Monday.

The company said it plans to sell up to 75 million shares in the IPO, which at the midpoint of the price range would raise roughly $1.2 billion.

Pinterest last sold shares to pre-IPO investors in 2017 at a price of $21.54 each, valuing the company at roughly $12 billion. At the proposed price range, Pinterest would be valued below that level.

There is no guarantee that IPO shares will ultimately be priced within the initial range, and underwriters typically seek to set conservative expectations with the hope that they can exceed them when the shares are sold. Pinterest’s shares are expected to start trading next week on the New York Stock Exchange under the symbol PINS.

Lyft Inc., which had been closely watched as a barometer for highly valued technology companies entering the public domain, stumbled somewhat after its recent debut and that may have contributed to Pinterest’s decision to take a conservative tack. The ride-hailing company priced its IPO in late March above its initial range, which was well above its last private valuation.

Pinterest’s listing will be the next big test. After that, Uber Technologies Inc. is expected to stage the biggest offering of the year—and one of the largest IPOs on record—as soon as May.

Like many founder-led technology companies, Pinterest will debut with a dual-class structure that gives existing investors 20 votes per share compared with public investors, who will be entitled to one vote per share.

Pinterest has reported sharp revenue growth and narrowing losses. Its revenue for 2018 totaled $756 million, up from $472.9 million a year earlier. The company’s net loss narrowed to $63 million from $130 million in 2017.
$15-$17 IPO price gives them an approx $10 billion valuation.

That gives them a Price-to-Sales ratio of 13.23 That's higher than Lyft. No wonder they lowered their price range.
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Old 04-09-2019, 07:43 PM
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Serious, who uses Pinterest?
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Old 04-15-2019, 01:59 PM
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Originally Posted by Mizouse View Post
Serious, who uses Pinterest?
A lot of women apparently. Stay-at-home house wives?

https://www.sec.gov/Archives/edgar/d...697629ds1a.htm

Pinterest is where more than 250 million people around the world go to get inspiration for their lives. They come to discover ideas for just about anything you can imagine: daily activities like cooking dinner or deciding what to wear, major commitments like remodeling a house or training for a marathon, ongoing passions like fly fishing or fashion and milestone events like planning a wedding or a dream vacation.

We call these people Pinners. We show them visual recommendations, which we call Pins, based on their personal taste and interests. They then save and organize these recommendations into collections, called boards. Browsing and saving visual ideas on our service helps Pinners imagine what their future could look like, which helps them go from inspiration to reality.

Valuable Audience : Pinterest reaches more than 250 million monthly active users, two thirds of whom are female. In the United States, our total audience includes 43% of internet users, according to an independent study by Comscore based on total unique visitors to our service. This includes eight out of 10 moms, who are often the primary decision-makers when it comes to buying products and services for their household, as well as more than half of all U.S. millennials. We expect to continue to grow our user base over time, especially in international markets.

Over two billion text based searches and guided searches happen on Pinterest every month, based on monthly average searches for the year ended December 31, 2018, with 85% on mobile devices.
Went over S-1 yesterday. They're an interesting company that's still growing and could actually have (a small) positive earnings this year.

I'm finding them way more interesting than Lyft and Uber. . . . both of which have no real path to profitability and still have huge losses.

<< Pinterest Revenue >>

2016 = $298.870 million
Q1 = $47 million
Q2 = $63 million
Q3 = $74 million
Q4 = $115 million


2017 = $472.852 million (+58.213% Y/Y)
Q1 = $82.425 million (+75.372% Y/Y)
Q2 = $101.128 million (+60.521% Y/Y)
Q3 = $115.953 million (+56.693% Y/Y)
Q4 = $173.346 million (+50.736% Y/Y)


2018 = $755.932 million (+59.867% Y/Y)
Q1 = $131.359 million (+59.368% Y/Y)
Q2 = $161.192 million (+59.394% Y/Y)
Q3 = $190.197 million (+64.029% Y/Y)
Q4 = $273.184 million (+57.595% Y/Y)


2019 guidance
Q1 = between $198.9 million and $201.9 million (would be +51.417% to +53.701% Y/Y)



<< Pinterest Adjusted EBITDA >>

2016 = - $132,283 thousand

2017 = - $92,995 thousand (29.70% Y/Y improvement)
Q1 = - $51,266 thousand
Q2 = - $26,956 thousand
Q3 = - $26,864 thousand
Q4 = + $12,091 thousand


2018 = - $39,003 thousand (58.059% Y/Y improvement)
Q1 = - $45,361 thousand
Q2 = - $31,898 thousand
Q3 = - $13,426 thousand
Q4 = + $51,682 thousand


2019 guidance
Q1 = between - $43.5 million and - $41.0 million



<< Net loss per share attributable to common stockholders, basic and diluted >>

2016 = - - - -
2017 = - $0.34
2018 = - $0.17


Their gross margins are still improving/growing...

2016 = 46%
2017 = 62%
2018 = 68%


They're getting their operating losses in order... they keep shrinking it

<< Income/Loss from operations >>

2016 = - $188,008 thousand

2017 = - $137,934 thousand
Q1 = - $63,000 thousand
Q2 = - $38,388 thousand
Q3 = - $38,057 thousand
Q4 = + $1,511 thousand


2018 = - $74,721 thousand
Q1 = - $54,982 thousand
Q2 = - $41,368 thousand
Q3 = - $22,431 thousand
Q4 = + $44,060 thousand


2019 guidance
Q1 = between - $50.5 million and - $47.5 million



Their MAUs are catching up to Twitter (Twitter reported 321 million last quarter. . . a decline from 330 million a year ago). And they're growing it at a much faster rate than Snap and Twitter too

Q1 2016 = 128 million
Q2 2016 = 135 million (+5.47% Q/Q)
Q3 2016 = 150 million (+11.11% Q/Q)
Q4 2016 = 160 million (+6.67% Q/Q)

Q1 2017 = 175 million (+9.375% Q/Q and +36.72% Y/Y)
Q2 2017 = 185 million (+5.714% Q/Q and +37.04% Y/Y)
Q3 2017 = 204 million (+10.270% Q/Q and +36.0% Y/Y)
Q4 2017 = 216 million (+5.882% Q/Q and +35.0% Y/Y)

Q1 2018 = 239 million (+10.648% Q/Q and +36.57% Y/Y)
Q2 2018 = 231 million (-3.347% Q/Q but +24.865% Y/Y)
Q3 2018 = 251 million (+8.658% Q/Q and +23.039% Y/Y)
Q4 2018 = 265 million (+5.578% Q/Q and +22.685% Y/Y)

Q1 2019 guidance = 291 million (would be +21.757% Y/Y)


The downside is their MAU growth in U.S. has slowed a lot. Most MAU growth is coming from International markets




However, they're still growing their ARPU (Average Revenue per User) . . . though it's mostly from U.S.



For the year ended December 31, 2018, global ARPU was $3.14, which represents an increase of 25% compared to the year ended December 31, 2017. For the year ended December 31, 2018, U.S. ARPU was $9.04 and international ARPU was $0.25, which represent increases of 47% and 22%, respectively, compared to the year ended December 31, 2017.
U.S. ARPU

Q1 2016 = $0.74
Q2 2016 = $0.96
Q3 2016 = $1.07
Q4 2016 = $1.60

Q1 2017 = $1.13 (+52.703% Y/Y)
Q2 2017 = $1.36 (+41.667% Y/Y)
Q3 2017 = $1.52 (+42.056% Y/Y)
Q4 2017 = $2.17 (+35.625% Y/Y)

Q1 2018 = $1.59 (+40.708% Y/Y)
Q2 2018 = $1.98 (+45.588% Y/Y)
Q3 2018 = $2.33 (+53.289% Y/Y)
Q4 2018 = $3.16 (+45.622% Y/Y)


If they continue to grow revenues and margins and shrink losses like they have been, it might not be a bad investment.

Expensive at $15 - $17. But if I can get in at $12 - $13 or better. . .
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Old 04-15-2019, 02:01 PM
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Old 04-17-2019, 07:23 PM
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$19

https://www.cnbc.com/2019/04/17/pint...0-billion.html

Pinterest prices IPO at $19, valuing social media company at $10 billion

Pinterest raised $1.43 billion in its IPO after pricing the offering at $19 a share on Wednesday, valuing the company at $10 billion.

Pinterest, which is expected to start trading on Thursday on the New York Stock Exchange, had originally given a pricing range of $15 to $17. But investors appear to be showing an appetite for the social media company despite the challenges Lyft has faced since becoming the first consumer tech IPO of the year last month.

CNBC reported earlier on Wednesday that the company would price above the expected range. Pinterest’s revenue jumped 60% last year to $756 million, and the company moved significantly closer to profitability with a net loss of $63 million. Still, Pinterest’s IPO is below the $12 billion valuation it attained in a 2017 financing round.

Founded in 2010 by Ben Silbermann, a former Google employee, and Evan Sharp, who was previously a designer at Facebook, Pinterest has grown to 265 million monthly users.
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Old 04-17-2019, 07:53 PM
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Old 04-18-2019, 10:39 AM
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Opened $23.75

24.17 +5.17 (+27.21%)

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Old 05-09-2019, 03:19 AM
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https://investor.pinterestinc.com/pr...s/default.aspx

Pinterest to Announce First Quarter 2019 Results
05/01/2019

SAN FRANCISCO--(BUSINESS WIRE)--Pinterest, Inc. (NYSE: PINS) announced today that the company will release financial results and a shareholder letter for the first quarter 2019 on Thursday, May 16, 2019 after market close. Pinterest will host a Q&A conference call to discuss these results at 2:00 p.m. PT (5:00 p.m. ET) on the same day.
Big bet PINS goes higher

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Old 05-16-2019, 02:42 PM
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Q1 2019 analyst estimate
Loss of $0.11 per share
Revenue of $200.6 million

MAU: ? . . . was 80 million a year ago and 82 million in Q4 2018
ARPU: ? . . . was $1.59 a year ago and $3.16 in Q4 2018
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Old 05-16-2019, 03:11 PM
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$27.29 : -$3.57 (-11.57%)
After hours: 4:11PM EDT


Loss of $0.32 vs loss of $0.11 estimate -- big miss
Revenue of $201.911 million vs $200.6 million estimate -- slight beat

Global MAU: 291 million , up 22% from 239 million a year ago
U.S. MAU: 85 million , up 6% from 80 million a year ago
International MAU: 206 million , up 29% from 160 million a year ago

Global ARPU: $0.73 , up 26% from $0.58 a year ago
U.S. ARPU: $2.25 , up 41% from $1.59 a year ago
International ARPU: $0.08 , up 59% from $0.05 a year ago


U.S. user growth continues to slow. They need to grow and better monetize international markets.


https://investor.pinterestinc.com/pr...s/default.aspx

Full year 2019 outlook
  • Total revenue is expected to be between $1,055 million and $1,080 million.
  • Adjusted EBITDA is expected to be between $(70) million and $(45) million.
.

Last edited by AZuser; 05-16-2019 at 03:14 PM.
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Old 05-17-2019, 05:31 PM
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Old 05-22-2019, 06:46 PM
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Bought some today, already losing money.
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