Pinterest (PINS) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38872
Entity Registrant Name	Pinterest, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3607129
Entity Address, Address Line One	505 Brannan Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	415
Local Phone Number	762-7100
Title of 12(b) Security	Class A Common Stock, $0.00001 par value
Trading Symbol	PINS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001506293
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		555,177,057
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		89,451,769

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,012,928	$ 669,230
Marketable securities	1,130,398	1,091,076
Accounts receivable, net of allowances of $6,065 and $8,811 as of June 30, 2021 and December 31, 2020, respectively	468,181	563,733
Prepaid expenses and other current assets	52,204	33,502
Total current assets	2,663,711	2,357,541
Property and equipment, net	59,034	69,375
Operating lease right-of-use assets	136,900	155,916
Goodwill and intangible assets, net	13,842	13,562
Other assets	12,159	13,065
Total assets	2,885,646	2,609,459
Current liabilities:
Accounts payable	48,038	49,491
Accrued expenses and other current liabilities	189,411	155,340
Total current liabilities	237,449	204,831
Operating lease liabilities	121,632	139,321
Other liabilities	22,638	22,936
Total liabilities	381,719	367,088
Commitments and contingencies
Stockholders’ equity:
Common stock	6	6
Additional paid-in capital	4,790,079	4,574,934
Accumulated other comprehensive income	1,148	2,480
Accumulated deficit	(2,287,306)	(2,335,049)
Total stockholders’ equity	2,503,927	2,242,371
Total liabilities and stockholders’ equity	$ 2,885,646	$ 2,609,459

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowances	$ 6,065	$ 8,811
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	6,666,667	6,666,667
Common stock, shares issued (in shares)	553,387	530,140
Common stock, shares outstanding (in shares)	553,387	530,140
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,333,333	1,333,333
Common stock, shares issued (in shares)	89,401	96,232
Common stock, shares outstanding (in shares)	89,401	96,232

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 613,210	$ 272,485	$ 1,098,440	$ 544,425
Costs and expenses:
Cost of revenue	127,819	108,259	261,289	207,491
Research and development	181,731	136,593	353,459	282,297
Sales and marketing	164,340	86,483	294,662	203,510
General and administrative	68,122	45,680	140,740	101,747
Total costs and expenses	542,012	377,015	1,050,150	795,045
Income (loss) from operations	71,198	(104,530)	48,290	(250,620)
Interest income	1,125	4,218	2,617	11,369
Interest expense and other income (expense), net	337	(16)	(1,226)	(2,093)
Income (loss) before provision for income taxes	72,660	(100,328)	49,681	(241,344)
Provision for income taxes	3,243	420	1,938	600
Net income (loss)	$ 69,417	$ (100,748)	$ 47,743	$ (241,944)
Net income (loss) per share, basic (in dollars per share)	$ 0.11	$ (0.17)	$ 0.08	$ (0.42)
Net income (loss) per share, diluted (in dollars per share)	$ 0.10	$ (0.17)	$ 0.07	$ (0.42)
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	636,190	586,737	632,413	581,518
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	692,364	586,737	692,223	581,518

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 69,417	$ (100,748)	$ 47,743	$ (241,944)
Other comprehensive income (loss), net of taxes:
Change in unrealized gain (loss) on available-for-sale marketable securities	(354)	5,941	(1,341)	3,406
Change in foreign currency translation adjustment	189	3	9	(316)
Comprehensive income (loss)	$ 69,252	$ (94,804)	$ 46,411	$ (238,854)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		569,904
Beginning balance at Dec. 31, 2019	$ 2,023,705	$ 6	$ 4,229,778	$ 647	$ (2,206,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units (in shares)		8,143
Shares repurchased for tax withholdings on release of restricted stock units	(56,887)		(56,887)
Issuance of common stock for cash upon exercise of stock options, net (in shares)		15,518
Issuance of common stock for cash upon exercise of stock options, net	32,749		32,749
Issuance of common stock related to charitable contributions (in shares)		150
Issuance of common stock related to charitable contributions	2,748		2,748
Issuance of restricted stock awards (in shares)		2,549
Share-based compensation	143,169		143,169
Other comprehensive income (loss)	3,090			3,090
Net income (loss)	(241,944)				(241,944)
Ending balance (in shares) at Jun. 30, 2020		596,264
Ending balance at Jun. 30, 2020	1,906,630	$ 6	4,351,557	3,737	(2,448,670)
Beginning balance (in shares) at Mar. 31, 2020		581,840
Beginning balance at Mar. 31, 2020	1,938,480	$ 6	4,288,603	(2,207)	(2,347,922)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units (in shares)		5,230
Shares repurchased for tax withholdings on release of restricted stock units	(12,797)		(12,797)
Issuance of common stock for cash upon exercise of stock options, net (in shares)		6,595
Issuance of common stock for cash upon exercise of stock options, net	12,402		12,402
Issuance of common stock related to charitable contributions (in shares)		50
Issuance of common stock related to charitable contributions	1,204		1,204
Issuance of restricted stock awards (in shares)		2,549
Share-based compensation	62,145		62,145
Other comprehensive income (loss)	5,944			5,944
Net income (loss)	(100,748)				(100,748)
Ending balance (in shares) at Jun. 30, 2020		596,264
Ending balance at Jun. 30, 2020	1,906,630	$ 6	4,351,557	3,737	(2,448,670)
Beginning balance (in shares) at Dec. 31, 2020		626,372
Beginning balance at Dec. 31, 2020	$ 2,242,371	$ 6	4,574,934	2,480	(2,335,049)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units (in shares)		11,323
Issuance of common stock for cash upon exercise of stock options, net (in shares)	4,843	4,843
Issuance of common stock for cash upon exercise of stock options, net	$ 14,935		14,935
Issuance of common stock related to charitable contributions (in shares)		250
Issuance of common stock related to charitable contributions	20,490		20,490
Share-based compensation	179,720		179,720
Other comprehensive income (loss)	(1,332)			(1,332)
Net income (loss)	47,743				47,743
Ending balance (in shares) at Jun. 30, 2021		642,788
Ending balance at Jun. 30, 2021	2,503,927	$ 6	4,790,079	1,148	(2,287,306)
Beginning balance (in shares) at Mar. 31, 2021		635,329
Beginning balance at Mar. 31, 2021	2,328,823	$ 6	4,684,227	1,313	(2,356,723)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units (in shares)		5,613
Issuance of common stock for cash upon exercise of stock options, net (in shares)		1,846
Issuance of common stock for cash upon exercise of stock options, net	5,591		5,591
Share-based compensation	100,261		100,261
Other comprehensive income (loss)	(165)			(165)
Net income (loss)	69,417				69,417
Ending balance (in shares) at Jun. 30, 2021		642,788
Ending balance at Jun. 30, 2021	$ 2,503,927	$ 6	$ 4,790,079	$ 1,148	$ (2,287,306)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income (loss)	$ 47,743	$ (241,944)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	13,537	20,231
Share-based compensation	179,720	143,169
Non-cash charitable contributions	20,490	2,748
Other	9,398	1,063
Changes in assets and liabilities:
Accounts receivable	98,686	103,544
Prepaid expenses and other assets	(18,342)	(7,180)
Operating lease right-of-use assets	20,643	21,456
Accounts payable	(1,498)	9,780
Accrued expenses and other liabilities	25,662	(7,743)
Operating lease liabilities	(20,646)	(24,357)
Net cash provided by operating activities	375,393	20,767
Investing activities
Purchases of property and equipment and intangible assets	(3,428)	(11,325)
Purchases of marketable securities	(571,216)	(308,612)
Sales of marketable securities	154,586	113,184
Maturities of marketable securities	373,162	422,266
Other investing activities	0	316
Net cash (used in) provided by investing activities	(46,896)	215,829
Financing activities
Proceeds from exercise of stock options, net	14,935	32,749
Shares repurchased for tax withholdings on release of restricted stock units	0	(56,887)
Net cash provided by (used in) financing activities	14,935	(24,138)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(305)	(150)
Net increase in cash, cash equivalents and restricted cash	343,127	212,308
Cash, cash equivalents and restricted cash, beginning of period	678,911	677,743
Cash, cash equivalents and restricted cash, end of period	1,022,038	890,051
Supplemental cash flow information
Accrued property and equipment	905	4,453
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 1,657	$ 4,121

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets
Cash and cash equivalents	$ 1,012,928	$ 863,620
Restricted cash included in prepaid expenses and other current assets	299	3,210
Other assets	8,811	23,221
Total cash, cash equivalents and restricted cash	$ 1,022,038	$ 890,051

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Pinterest was incorporated in Delaware in 2008 and is headquartered in San Francisco, California. Pinterest is a visual discovery engine that people around the globe use to find the inspiration to create a life they love. We generate revenue by delivering ads on our website and mobile application. Basis of Presentation and Consolidation We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K. In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021. Reclassifications We have reclassified certain amounts in prior periods to conform with current presentation. Use of Estimates Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments. Some of our estimates require increased judgment due to the significant volatility, uncertainty and economic disruption of the COVID-19 pandemic. We continue to monitor the effects of the COVID-19 pandemic, and our estimates and judgments may change materially as new events occur or additional information becomes available to us. Significant Accounting Policies There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2020.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 226,536 $ — $ — $ 226,536 Commercial paper — 43,810 — 43,810 Marketable securities: Corporate bonds — 457,567 — 457,567 U.S. treasury securities 285,236 — — 285,236 Commercial paper — 195,339 — 195,339 Certificates of deposit — 136,968 — 136,968 Municipal securities — 40,622 — 40,622 Non-U.S. government and supranational bonds — 12,399 — 12,399 Asset-backed securities — 1,267 — 1,267 U.S. agency bonds — 1,000 — 1,000 Prepaid expenses and other current assets: Certificates of deposit — 299 — 299 Other assets: Certificates of deposit $ — $ 8,811 $ — $ 8,811 December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 225,643 $ — $ — $ 225,643 Commercial paper — 48,532 — 48,532 U.S. treasury securities 39,998 — — 39,998 Certificates of deposit — 2,996 — 2,996 Marketable securities: Corporate bonds — 454,487 — 454,487 Commercial paper — 234,253 — 234,253 U.S. treasury securities 203,054 — — 203,054 Certificates of deposit — 134,882 — 134,882 Municipal securities — 17,619 — 17,619 U.S. agency bonds — 16,018 — 16,018 Non-U.S. government and supranational bonds — 15,950 — 15,950 Asset-backed securities — 14,813 — 14,813 Prepaid expenses and other current assets: Certificates of deposit — 571 — 571 Other assets: Certificates of deposit $ — $ 9,110 $ — $ 9,110 We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Gross unrealized gains and losses on our marketable securities were immaterial in the aggregate as of June 30, 2021 and December 31, 2020. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of June 30, 2021 and December 31, 2020. We continue to monitor the effects of the COVID-19 pandemic on expected credit losses. The fair value of our marketable securities by contractual maturity is as follows (in thousands): June 30, 2021 Due in one year or less $ 743,654 Due after one to five years 386,744 Total $ 1,130,398 Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments In April 2021, we entered into a new private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $3,250.0 million of cloud services from AWS through April 2029. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of June 30, 2021, our remaining contractual commitment is $3,180.8 million. We expect to meet our remaining commitment. Legal Matters We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business, including those described below. While the results of legal matters are inherently uncertain, we do not believe there is a reasonable possibility that the ultimate resolution of these matters, either individually or in aggregate, will have a material adverse effect on our business, financial position, results of operations or cash flows. On November 23, 2020, Pinterest and our Chief Executive Officer and Chief Financial Officer were named as defendants in a putative securities class action filed in the U.S. District Court for the Northern District of California. The lawsuit alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that defendants made material false and misleading public statements about our revenue and user growth in 2019. The complaint seeks damages, litigation costs, and interest. On May 28, 2021, defendants filed a motion to dismiss the complaint, which is currently scheduled to be heard on September 15, 2021. We continue to evaluate these claims but do not believe this litigation will have a material impact on our financial position or results of operations. In November and December 2020, certain of our executives and members of our board of directors were named as defendants in derivative lawsuits filed in the U.S. District Court for the Northern District of California. Pinterest was also named as a nominal defendant. The lawsuits purport to assert claims for breach of fiduciary duty in connection with allegations of gender and racial discrimination at Pinterest. In addition, the lawsuits purport to assert claims for waste, abuse of control, aiding and abetting breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Exchange Act. The complaints seek declaratory and injunctive relief, corporate governance changes, monetary damages, interest, disgorgement, and fees and costs. On April 22, 2021, the defendants moved to dismiss this complaint. On June 1, 2021, the court referred the lawsuit to a magistrate judge for mediation and vacated other pending deadlines. On July 14, 2021, another derivative complaint with similar allegations was filed in the same court. We continue to evaluate these claims but do not believe this litigation will have a material impact on our financial position or results of operations. In March 2021, certain of our executives and members of our board of directors were named as defendants in a derivative lawsuit filed in the Delaware Chancery Court. Pinterest was also named as a nominal defendant. The complaint alleges that executives and members of the board breached their fiduciary duties to the company in connection with allegations of gender and racial discrimination at Pinterest. On May 10, 2021, the court stayed this lawsuit in light of the related pending case in the Northern District of California. The complaint seeks damages,

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Equity Incentive Plan In June 2009, our board of directors adopted and approved our 2009 Stock Plan (the "2009 Plan"), which provides for the issuance of stock options, Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") to qualified employees, directors and consultants. Stock options granted under our 2009 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of June 30, 2021. Our 2019 Plan became effective upon closing of our initial public offering and succeeds our 2009 Plan. Our 2019 Omnibus Incentive Plan (the "2019 Plan") provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. 127,224,592 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 30, 2021. The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. Stock Option Activity Stock option activity during the six months ended June 30, 2021, was as follows (in thousands, except per share amounts): Stock Options Outstanding Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (1) (in years) Outstanding as of December 31, 2020 23,947 $ 3.15 2.9 $ 1,502,604 Exercised (4,843) 3.08 Outstanding as of June 30, 2021 19,104 $ 3.17 2.4 $ 1,447,698 Exercisable as of June 30, 2021 18,398 $ 2.43 2.2 $ 1,407,707 (1) We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date. The total grant-date fair value of stock options vested during the six months ended June 30, 2021 and 2020, was $1.6 million and $1.7 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2021 and 2020, was $349.2 million and $303.1 million, respectively. No stock options were granted during the six months ended June 30, 2021. The total grant-date fair value of stock options granted during the six months ended June 30, 2020 was not material. Restricted Stock Unit and Restricted Stock Award Activity RSU and RSA activity during the six months ended June 30, 2021, was as follows (in thousands, except per share amounts): Restricted Stock Units and Restricted Stock Awards Outstanding Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2020 54,079 $ 20.45 Granted 5,947 75.54 Released (11,472) 21.72 Forfeited (2,052) 23.49 Outstanding as of June 30, 2021 46,502 $ 27.05 Share-Based Compensation Share-based compensation expense during the three and six months ended June 30, 2021 and 2020, was as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Cost of revenue $ 2,180 $ 2,325 $ 3,492 $ 3,751 Research and development 70,729 46,358 127,204 95,264 Sales and marketing (1) 13,996 (2,074) 25,887 11,845 General and administrative 13,356 15,536 23,137 32,309 Total share-based compensation $ 100,261 $ 62,145 $ 179,720 $ 143,169 (1) Share-based compensation expense was negative for the three months ended June 30, 2020 due to the reversal of previously recognized share-based compensation expense related to unvested RSUs forfeited by our former Chief Operating Officer. As of June 30, 2021, we had $963.8 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 3.0 years.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses. We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock. We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Class A Class B Class A Class B Class A Class B Class A Class B Basic net income (loss) per share: Numerator: Net income (loss) $ 59,651 $ 9,766 $ (70,961) $ (29,787) $ 40,817 $ 6,926 $ (165,255) $ (76,689) Denominator: Weighted-average shares used in computing net income (loss) per share, basic 546,687 89,504 413,262 173,475 540,666 91,747 397,194 184,324 Basic net income (loss) per share $ 0.11 $ 0.11 $ (0.17) $ (0.17) $ 0.08 $ 0.08 $ (0.42) $ (0.42) Diluted net income (loss) per share: Numerator: Net income (loss) $ 59,651 $ 9,766 $ (70,961) $ (29,787) $ 40,817 $ 6,926 $ (165,255) $ (76,689) Reallocation of net income as a result of conversion of Class B to Class A common stock 9,766 — — — 6,926 — — — Reallocation of net income to Class B common stock — (792) — — — (598) — — Diluted net income (loss) $ 69,417 $ 8,974 $ (70,961) $ (29,787) $ 47,743 $ 6,328 $ (165,255) $ (76,689) Denominator Weighted-average shares used in computing net income (loss) per share 546,687 89,504 413,262 173,475 540,666 91,747 397,194 184,324 Conversion of Class B to Class A common stock 89,504 — — — 91,747 — — — Weighted average effect of dilutive potential common stock 56,173 — — — 59,810 — — — Weighted-average shares used in computing net income (loss) per share, diluted 692,364 89,504 413,262 173,475 692,223 91,747 397,194 184,324 Diluted net income (loss) per share $ 0.10 $ 0.10 $ (0.17) $ (0.17) $ 0.07 $ 0.07 $ (0.42) $ (0.42) Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Outstanding stock options — 46,274 — 49,427 Unvested restricted stock units and restricted stock awards 732 65,873 372 61,083 Total 732 112,147 372 110,510

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between our effective tax rate and the federal statutory rate is the full valuation allowance we have established on our federal, state and foreign net operating losses and credits. Income taxes from international operations are not material for the three and six months ended June 30, 2021 and 2020. We are subject to taxation in the U.S. and various other state and foreign jurisdictions. As we have net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years. For material foreign jurisdictions, the tax years open to examination include the years 2015 and forward. The Internal Revenue Service has started an examination of our U.S. consolidated federal income tax return for calendar years 2018 and 2019. We believe that we have adequately reserved for any adjustments to the provision for income taxes or other tax items that may ultimately result from these examinations.

Geographical Information

Geographical Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Geographical Information	Geographical Information Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 United States $ 476,093 $ 224,272 $ 864,339 $ 459,222 International (1) 137,117 48,213 234,101 85,203 Total revenue $ 613,210 $ 272,485 $ 1,098,440 $ 544,425 (1) No individual country other than the United States exceeded 10% of our total revenue for any period presented. Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands): June 30, December 31, 2021 2020 United States $ 188,962 $ 213,831 International (1) 6,972 11,460 Total property and equipment, net and operating lease right-of-use assets $ 195,934 $ 225,291 (1) No individual country other than the United States exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K. In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
Consolidation	Basis of Presentation and Consolidation We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K. In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
Reclassifications	Reclassifications We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates	Use of Estimates Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments. Some of our estimates require increased judgment due to the significant volatility, uncertainty and economic disruption of the COVID-19 pandemic. We continue to monitor the effects of the COVID-19 pandemic, and our estimates and judgments may change materially as new events occur or additional information becomes available to us.
Net Loss Per Share Attributable to Common Stockholders	We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses. We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments Measured on a Recurring Basis	The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 226,536 $ — $ — $ 226,536 Commercial paper — 43,810 — 43,810 Marketable securities: Corporate bonds — 457,567 — 457,567 U.S. treasury securities 285,236 — — 285,236 Commercial paper — 195,339 — 195,339 Certificates of deposit — 136,968 — 136,968 Municipal securities — 40,622 — 40,622 Non-U.S. government and supranational bonds — 12,399 — 12,399 Asset-backed securities — 1,267 — 1,267 U.S. agency bonds — 1,000 — 1,000 Prepaid expenses and other current assets: Certificates of deposit — 299 — 299 Other assets: Certificates of deposit $ — $ 8,811 $ — $ 8,811 December 31, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 225,643 $ — $ — $ 225,643 Commercial paper — 48,532 — 48,532 U.S. treasury securities 39,998 — — 39,998 Certificates of deposit — 2,996 — 2,996 Marketable securities: Corporate bonds — 454,487 — 454,487 Commercial paper — 234,253 — 234,253 U.S. treasury securities 203,054 — — 203,054 Certificates of deposit — 134,882 — 134,882 Municipal securities — 17,619 — 17,619 U.S. agency bonds — 16,018 — 16,018 Non-U.S. government and supranational bonds — 15,950 — 15,950 Asset-backed securities — 14,813 — 14,813 Prepaid expenses and other current assets: Certificates of deposit — 571 — 571 Other assets: Certificates of deposit $ — $ 9,110 $ — $ 9,110
Fair Value of Marketable Securities by Contractual Maturity	The fair value of our marketable securities by contractual maturity is as follows (in thousands): June 30, 2021 Due in one year or less $ 743,654 Due after one to five years 386,744 Total $ 1,130,398

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Option Activity	Stock option activity during the six months ended June 30, 2021, was as follows (in thousands, except per share amounts): Stock Options Outstanding Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (1) (in years) Outstanding as of December 31, 2020 23,947 $ 3.15 2.9 $ 1,502,604 Exercised (4,843) 3.08 Outstanding as of June 30, 2021 19,104 $ 3.17 2.4 $ 1,447,698 Exercisable as of June 30, 2021 18,398 $ 2.43 2.2 $ 1,407,707 (1) We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
Restricted Stock Unit Activity	RSU and RSA activity during the six months ended June 30, 2021, was as follows (in thousands, except per share amounts): Restricted Stock Units and Restricted Stock Awards Outstanding Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2020 54,079 $ 20.45 Granted 5,947 75.54 Released (11,472) 21.72 Forfeited (2,052) 23.49 Outstanding as of June 30, 2021 46,502 $ 27.05
Share-Based Compensation Expense	Share-based compensation expense during the three and six months ended June 30, 2021 and 2020, was as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Cost of revenue $ 2,180 $ 2,325 $ 3,492 $ 3,751 Research and development 70,729 46,358 127,204 95,264 Sales and marketing (1) 13,996 (2,074) 25,887 11,845 General and administrative 13,356 15,536 23,137 32,309 Total share-based compensation $ 100,261 $ 62,145 $ 179,720 $ 143,169 (1) Share-based compensation expense was negative for the three months ended June 30, 2020 due to the reversal of previously recognized share-based compensation expense related to unvested RSUs forfeited by our former Chief Operating Officer.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Net Income (Loss) Per Share	We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Class A Class B Class A Class B Class A Class B Class A Class B Basic net income (loss) per share: Numerator: Net income (loss) $ 59,651 $ 9,766 $ (70,961) $ (29,787) $ 40,817 $ 6,926 $ (165,255) $ (76,689) Denominator: Weighted-average shares used in computing net income (loss) per share, basic 546,687 89,504 413,262 173,475 540,666 91,747 397,194 184,324 Basic net income (loss) per share $ 0.11 $ 0.11 $ (0.17) $ (0.17) $ 0.08 $ 0.08 $ (0.42) $ (0.42) Diluted net income (loss) per share: Numerator: Net income (loss) $ 59,651 $ 9,766 $ (70,961) $ (29,787) $ 40,817 $ 6,926 $ (165,255) $ (76,689) Reallocation of net income as a result of conversion of Class B to Class A common stock 9,766 — — — 6,926 — — — Reallocation of net income to Class B common stock — (792) — — — (598) — — Diluted net income (loss) $ 69,417 $ 8,974 $ (70,961) $ (29,787) $ 47,743 $ 6,328 $ (165,255) $ (76,689) Denominator Weighted-average shares used in computing net income (loss) per share 546,687 89,504 413,262 173,475 540,666 91,747 397,194 184,324 Conversion of Class B to Class A common stock 89,504 — — — 91,747 — — — Weighted average effect of dilutive potential common stock 56,173 — — — 59,810 — — — Weighted-average shares used in computing net income (loss) per share, diluted 692,364 89,504 413,262 173,475 692,223 91,747 397,194 184,324 Diluted net income (loss) per share $ 0.10 $ 0.10 $ (0.17) $ (0.17) $ 0.07 $ 0.07 $ (0.42) $ (0.42)
Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share	Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Outstanding stock options — 46,274 — 49,427 Unvested restricted stock units and restricted stock awards 732 65,873 372 61,083 Total 732 112,147 372 110,510

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Revenue Disaggregated by Geography	Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 United States $ 476,093 $ 224,272 $ 864,339 $ 459,222 International (1) 137,117 48,213 234,101 85,203 Total revenue $ 613,210 $ 272,485 $ 1,098,440 $ 544,425 (1) No individual country other than the United States exceeded 10% of our total revenue for any period presented.
Property and Equipment, Net and Operating Lease Right-of-Use Assets by Geography	Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands): June 30, December 31, 2021 2020 United States $ 188,962 $ 213,831 International (1) 6,972 11,460 Total property and equipment, net and operating lease right-of-use assets $ 195,934 $ 225,291 (1) No individual country other than the United States exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 1,130,398
Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	457,567	$ 454,487
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	285,236	203,054
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	195,339	234,253
Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	136,968	134,882
Prepaid expenses and other current assets	299	571
Other assets	8,811	9,110
Recurring | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	40,622	17,619
Recurring | Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	12,399	15,950
Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,267	14,813
Recurring | U.S. agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,000	16,018
Level 1 | Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	285,236	203,054
Level 1 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Prepaid expenses and other current assets	0	0
Other assets	0	0
Level 1 | Recurring | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Recurring | Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 1 | Recurring | U.S. agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 2 | Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	457,567	454,487
Level 2 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 2 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	195,339	234,253
Level 2 | Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	136,968	134,882
Prepaid expenses and other current assets	299	571
Other assets	8,811	9,110
Level 2 | Recurring | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	40,622	17,619
Level 2 | Recurring | Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	12,399	15,950
Level 2 | Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,267	14,813
Level 2 | Recurring | U.S. agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,000	16,018
Level 3 | Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Prepaid expenses and other current assets	0	0
Other assets	0	0
Level 3 | Recurring | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Recurring | Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 3 | Recurring | U.S. agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Money market funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	226,536	225,643
Money market funds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	226,536	225,643
Money market funds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	43,810	48,532
Commercial paper | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	43,810	48,532
Commercial paper | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	0
U.S. treasury securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		39,998
U.S. treasury securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		39,998
U.S. treasury securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
U.S. treasury securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,996
Certificates of deposit | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Certificates of deposit | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		2,996
Certificates of deposit | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value of Marketable Securities by Contractual Maturity (Details) $ in Thousands	Jun. 30, 2021USD ($)
Cash and Cash Equivalents [Abstract]
Due in one year or less	$ 743,654
Due after one to five years	386,744
Total	$ 1,130,398

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Minimum required purchases	$ 3,180.8	$ 3,250

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value of stock options vested	$ 1.6	$ 1.7
Aggregate intrinsic value of stock options exercised	$ 349.2	$ 303.1
Stock options granted (in shares)	0
Unrecognized share-based compensation expense	$ 963.8
Weighted-average recognition period for unrecognized share-based compensation expense	3 years
2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	0
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding shares, additional reserve	5.00%
2019 Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	127,224,592
Stock Options | 2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Stock Options | 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
RSUs | 2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Shares
Beginning balance (in shares)	23,947
Exercised (in shares)	(4,843)
Ending balance (in shares)	19,104
Exercisable (in shares)	18,398
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 3.15
Exercised (in dollars per share)	3.08
Ending balance (in dollars per share)	3.17
Exercisable (in dollars per share)	$ 2.43
Weighted-Average Remaining Contractual Term, Outstanding	2 years 4 months 24 days	2 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable	2 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 1,447,698		$ 1,502,604
Aggregate Intrinsic Value, Exercisable	$ 1,407,707

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Shares
Beginning balance (in shares) | shares	54,079
Granted (in shares) | shares	5,947
Released (in shares) | shares	(11,472)
Forfeited (in shares) | shares	(2,052)
Ending balance (in shares) | shares	46,502
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 20.45
Granted (in dollars per share) | $ / shares	75.54
Released (in dollars per share) | $ / shares	21.72
Forfeited (in dollars per share) | $ / shares	23.49
Ending balance (in dollars per share) | $ / shares	$ 27.05

Share-Based Compensation - Shar

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 100,261	$ 62,145	$ 179,720	$ 143,169
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	2,180	2,325	3,492	3,751
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	70,729	46,358	127,204	95,264
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	13,996	(2,074)	25,887	11,845
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 13,356	$ 15,536	$ 23,137	$ 32,309

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	636,190	586,737	632,413	581,518
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	692,364	586,737	692,223	581,518
Net income (loss) per share, basic (in dollars per share)	$ 0.11	$ (0.17)	$ 0.08	$ (0.42)
Net income (loss) per share, diluted (in dollars per share)	$ 0.10	$ (0.17)	$ 0.07	$ (0.42)
Class A
Numerator:
Net income (loss)	$ 59,651	$ (70,961)	$ 40,817	$ (165,255)
Reallocation of net income as a result of conversion of Class B to Class A common stock	9,766	0	6,926	0
Reallocation of net income to Class B common stock	0	0	0	0
Diluted net income (loss)	$ 69,417	$ (70,961)	$ 47,743	$ (165,255)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	546,687	413,262	540,666	397,194
Conversion of Class B to Class A common stock (in shares)	89,504	0	91,747	0
Weighted average effect of dilutive potential common stock (in shares)	56,173	0	59,810	0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	692,364	413,262	692,223	397,194
Net income (loss) per share, basic (in dollars per share)	$ 0.11	$ (0.17)	$ 0.08	$ (0.42)
Net income (loss) per share, diluted (in dollars per share)	$ 0.10	$ (0.17)	$ 0.07	$ (0.42)
Class B
Numerator:
Net income (loss)	$ 9,766	$ (29,787)	$ 6,926	$ (76,689)
Reallocation of net income as a result of conversion of Class B to Class A common stock	0	0	0	0
Reallocation of net income to Class B common stock	(792)	0	(598)	0
Diluted net income (loss)	$ 8,974	$ (29,787)	$ 6,328	$ (76,689)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	89,504	173,475	91,747	184,324
Conversion of Class B to Class A common stock (in shares)	0	0	0	0
Weighted average effect of dilutive potential common stock (in shares)	0	0	0	0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	89,504	173,475	91,747	184,324
Net income (loss) per share, basic (in dollars per share)	$ 0.11	$ (0.17)	$ 0.08	$ (0.42)
Net income (loss) per share, diluted (in dollars per share)	$ 0.10	$ (0.17)	$ 0.07	$ (0.42)

Net Income (Loss) Per Share - W

Net Income (Loss) Per Share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive shares of common stock (in shares)	732	112,147	372	110,510
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive shares of common stock (in shares)	0	46,274	0	49,427
Unvested restricted stock units and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive shares of common stock (in shares)	732	65,873	372	61,083

Geographical Information (Detai

Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 613,210	$ 272,485	$ 1,098,440	$ 544,425
Total property and equipment, net and operating lease right-of-use assets	195,934		195,934		$ 225,291
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	476,093	224,272	864,339	459,222
Total property and equipment, net and operating lease right-of-use assets	188,962		188,962		213,831
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	137,117	$ 48,213	234,101	$ 85,203
Total property and equipment, net and operating lease right-of-use assets	$ 6,972		$ 6,972		$ 11,460