Financial Outlook

Healthy first quarter results demonstrate impactful product innovation and disciplined execution of our key growth initiatives, including Studio, AI and our focus empowering Self Creators. Notably, new cohort strength remains robust through April and early May against a dynamic macro backdrop. We expect new cohort strength to continue and drive top-line growth acceleration in 2H as additional cohorts layer on throughout the year.

While we are encouraged by our strong Q1 results and robust top of funnel, we are maintaining full year bookings outlook of $2,025 - 2,060 million, up 11-13% y/y. This reflects conservatism due to macro uncertainty, specifically in our Business Solutions segment, with potential volatility offset by fully dissipating FX headwinds.

With these same considerations, we are also maintaining our full year revenue outlook of $1,970 - 2,000 million, up 12-14% y/y.

We expect total revenue in Q2 2025 to be $485 - 489 million, up 11-12% y/y.

For the full year 2025, we continue to expect non-GAAP total gross margin of ~70% and non-GAAP operating expenses to be 47-48% of revenue for the full year.

We continue to expect to generate free cash flow of $590 - 610 million, or ~30-31% of revenue.

As a result, we remain on track to achieve Rule of 45 in 2025 at the high end of our outlook.