Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $0.00001 par value | |
Trading Symbol | PINS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001506293 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 562,699,562 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 89,496,940 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,231,931 | $ 669,230 |
Marketable securities | 1,075,465 | 1,091,076 |
Accounts receivable, net of allowances of $6,813 and $8,811 as of September 30, 2021 and December 31, 2020, respectively | 505,021 | 563,733 |
Prepaid expenses and other current assets | 58,705 | 33,502 |
Total current assets | 2,871,122 | 2,357,541 |
Property and equipment, net | 54,445 | 69,375 |
Operating lease right-of-use assets | 203,055 | 155,916 |
Goodwill and intangible assets, net | 13,550 | 13,562 |
Other assets | 10,618 | 13,065 |
Total assets | 3,152,790 | 2,609,459 |
Current liabilities: | ||
Accounts payable | 57,612 | 49,491 |
Accrued expenses and other current liabilities | 183,382 | 155,340 |
Total current liabilities | 240,994 | 204,831 |
Operating lease liabilities | 189,348 | 139,321 |
Other liabilities | 24,081 | 22,936 |
Total liabilities | 454,423 | 367,088 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 560,728 and 530,140 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 89,435 and 96,232 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 7 | 6 |
Additional paid-in capital | 4,891,043 | 4,574,934 |
Accumulated other comprehensive income | 627 | 2,480 |
Accumulated deficit | (2,193,310) | (2,335,049) |
Total stockholders’ equity | 2,698,367 | 2,242,371 |
Total liabilities and stockholders’ equity | $ 3,152,790 | $ 2,609,459 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Allowances | $ 6,813 | $ 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) | 560,728 | 530,140 |
Common stock, shares outstanding (in shares) | 560,728 | 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) | 89,435 | 96,232 |
Common stock, shares outstanding (in shares) | 89,435 | 96,232 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 632,932 | $ 442,616 | $ 1,731,372 | $ 987,041 |
Costs and expenses: | ||||
Cost of revenue | 126,783 | 112,844 | 388,072 | 320,335 |
Research and development | 185,949 | 160,187 | 539,408 | 442,484 |
Sales and marketing | 156,092 | 118,531 | 450,754 | 322,041 |
General and administrative | 65,659 | 148,087 | 206,399 | 249,834 |
Total costs and expenses | 534,483 | 539,649 | 1,584,633 | 1,334,694 |
Income (loss) from operations | 98,449 | (97,033) | 146,739 | (347,653) |
Interest income | 765 | 2,896 | 3,382 | 14,265 |
Interest expense and other income (expense), net | (4,765) | (51) | (5,991) | (2,144) |
Income (loss) before provision for income taxes | 94,449 | (94,188) | 144,130 | (335,532) |
Provision for income taxes | 453 | 32 | 2,391 | 632 |
Net income (loss) | $ 93,996 | $ (94,220) | $ 141,739 | $ (336,164) |
Net income (loss) per share, basic (in dollars per share) | $ 0.15 | $ (0.16) | $ 0.22 | $ (0.57) |
Net income (loss) per share, diluted (in dollars per share) | $ 0.14 | $ (0.16) | $ 0.20 | $ (0.57) |
Weighted-average shares used in computing net income (loss) per share, basic (in shares) | 643,979 | 603,490 | 636,308 | 588,895 |
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) | 691,853 | 603,490 | 692,106 | 588,895 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 93,996 | $ (94,220) | $ 141,739 | $ (336,164) |
Other comprehensive income (loss), net of taxes: | ||||
Change in unrealized gain (loss) on available-for-sale marketable securities | (265) | (1,772) | (1,606) | 1,634 |
Change in foreign currency translation adjustment | (256) | 98 | (247) | (218) |
Comprehensive income (loss) | $ 93,475 | $ (95,894) | $ 139,886 | $ (334,748) |
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) | 13,785 | ||||
Shares repurchased for tax withholdings on release of restricted stock units | (56,894) | (56,894) | |||
Issuance of common stock for cash upon exercise of stock options, net (in shares) | 28,855 | ||||
Issuance of common stock for cash upon exercise of stock options, net | 64,992 | 64,992 | |||
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 | 234,801 | 234,801 | |||
Other comprehensive income (loss) | 1,416 | 1,416 | |||
Net income (loss) | (336,164) | (336,164) | |||
Ending balance (in shares) at Sep. 30, 2020 | 615,243 | ||||
Ending balance at Sep. 30, 2020 | 1,934,604 | $ 6 | 4,475,425 | 2,063 | (2,542,890) |
Beginning balance (in shares) at Jun. 30, 2020 | 596,264 | ||||
Beginning balance at Jun. 30, 2020 | 1,906,630 | $ 6 | 4,351,557 | 3,737 | (2,448,670) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Release of restricted stock units (in shares) | 5,642 | ||||
Shares repurchased for tax withholdings on release of restricted stock units | (7) | (7) | |||
Issuance of common stock for cash upon exercise of stock options, net (in shares) | 13,337 | ||||
Issuance of common stock for cash upon exercise of stock options, net | 32,243 | 32,243 | |||
Share-based compensation | 91,632 | 91,632 | |||
Other comprehensive income (loss) | (1,674) | (1,674) | |||
Net income (loss) | (94,220) | (94,220) | |||
Ending balance (in shares) at Sep. 30, 2020 | 615,243 | ||||
Ending balance at Sep. 30, 2020 | 1,934,604 | $ 6 | 4,475,425 | 2,063 | (2,542,890) |
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) | 16,658 | ||||
Release of restricted stock units | $ 1 | $ 1 | |||
Issuance of common stock for cash upon exercise of stock options, net (in shares) | 6,663 | 6,663 | |||
Issuance of common stock for cash upon exercise of stock options, net | $ 19,637 | 19,637 | |||
Issuance of common stock related to charitable contributions (in shares) | 250 | ||||
Issuance of common stock related to charitable contributions | 20,490 | 20,490 | |||
Issuance of restricted stock awards (in shares) | 220 | ||||
Share-based compensation | 275,982 | 275,982 | |||
Other comprehensive income (loss) | (1,853) | (1,853) | |||
Net income (loss) | 141,739 | 141,739 | |||
Ending balance (in shares) at Sep. 30, 2021 | 650,163 | ||||
Ending balance at Sep. 30, 2021 | 2,698,367 | $ 7 | 4,891,043 | 627 | (2,193,310) |
Beginning balance (in shares) at Jun. 30, 2021 | 642,787 | ||||
Beginning balance at Jun. 30, 2021 | 2,503,927 | $ 6 | 4,790,079 | 1,148 | (2,287,306) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Release of restricted stock units (in shares) | 5,336 | ||||
Release of restricted stock units | 1 | $ 1 | |||
Issuance of common stock for cash upon exercise of stock options, net (in shares) | 1,820 | ||||
Issuance of common stock for cash upon exercise of stock options, net | 4,702 | 4,702 | |||
Issuance of restricted stock awards (in shares) | 220 | ||||
Share-based compensation | 96,262 | 96,262 | |||
Other comprehensive income (loss) | (521) | (521) | |||
Net income (loss) | 93,996 | 93,996 | |||
Ending balance (in shares) at Sep. 30, 2021 | 650,163 | ||||
Ending balance at Sep. 30, 2021 | $ 2,698,367 | $ 7 | $ 4,891,043 | $ 627 | $ (2,193,310) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income (loss) | $ 141,739 | $ (336,164) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 20,299 | 29,174 |
Share-based compensation | 275,982 | 234,801 |
Non-cash charitable contributions | 20,490 | 2,748 |
Other | 9,495 | 4,520 |
Changes in assets and liabilities: | ||
Accounts receivable | 61,033 | (25,667) |
Prepaid expenses and other assets | (21,141) | (6,184) |
Operating lease right-of-use assets | 32,014 | 31,835 |
Accounts payable | 7,862 | 7,689 |
Accrued expenses and other liabilities | 30,670 | 20,391 |
Operating lease liabilities | (37,308) | (35,013) |
Net cash provided by (used in) operating activities | 541,135 | (71,870) |
Investing activities | ||
Purchases of property and equipment and intangible assets | (5,337) | (14,032) |
Purchases of marketable securities | (878,465) | (808,180) |
Sales of marketable securities | 213,651 | 174,042 |
Maturities of marketable securities | 673,952 | 699,133 |
Other investing activities | 0 | 316 |
Net cash provided by investing activities | 3,801 | 51,279 |
Financing activities | ||
Proceeds from exercise of stock options, net | 19,637 | 64,992 |
Shares repurchased for tax withholdings on release of restricted stock units | 0 | (56,894) |
Other financing activities | (1,750) | (1,750) |
Net cash provided by financing activities | 17,887 | 6,348 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (693) | (86) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 562,130 | (14,329) |
Cash, cash equivalents and restricted cash, beginning of period | 678,911 | 677,743 |
Cash, cash equivalents and restricted cash, end of period | 1,241,041 | 663,414 |
Supplemental cash flow information | ||
Accrued property and equipment | 915 | 3,952 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 81,869 | $ 14,030 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets | ||
Cash and cash equivalents | $ 1,231,931 | $ 652,723 |
Restricted cash included in prepaid expenses and other current assets | 2,813 | 1,470 |
Other assets | 6,297 | 9,221 |
Total cash, cash equivalents and restricted cash | $ 1,241,041 | $ 663,414 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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. 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 | 9 Months Ended |
Sep. 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): September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 737,045 $ — $ — $ 737,045 Commercial paper — 66,591 — 66,591 Municipal securities — 7,501 — 7,501 Marketable securities: Corporate bonds — 425,188 — 425,188 U.S. treasury securities 229,059 — — 229,059 Commercial paper — 237,964 — 237,964 Certificates of deposit — 109,757 — 109,757 Municipal securities — 39,009 — 39,009 Non-U.S. government and supranational bonds — 32,996 — 32,996 Asset-backed securities — 492 — 492 U.S. agency bonds — 1,000 — 1,000 Prepaid expenses and other current assets: Certificates of deposit — 2,813 — 2,813 Other assets: Certificates of deposit $ — $ 6,297 $ — $ 6,297 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 September 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 September 30, 2021 and December 31, 2020. The fair value of our marketable securities by contractual maturity is as follows (in thousands): September 30, 2021 Due in one year or less $ 665,474 Due after one to five years 409,991 Total $ 1,075,465 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 | 9 Months Ended |
Sep. 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 September 30, 2021, our remaining contractual commitment is $3,071.2 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 alleged claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleged that defendants made material false and misleading public statements about our revenue and user growth in 2019. The complaint sought damages, litigation costs, and interest. On September 23, 2021, the court granted Pinterest’s motion to dismiss plaintiff’s complaint with leave to amend and plaintiff notified the court on October 12, 2021 that they do not intend to file an amended complaint. The court entered judgment on behalf of Pinterest and other defendants. This matter is no longer pending. 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 and was subsequently related to the earlier action. The cases were referred to a magistrate judge for mediation, and the proceedings were stayed during the pendency of that mediation. 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 | 9 Months Ended |
Sep. 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 September 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. 127,290,417 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of September 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 nine months ended September 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 (6,663) 2.95 Outstanding as of September 30, 2021 17,284 $ 3.23 2.2 $ 824,775 Exercisable as of September 30, 2021 16,649 $ 2.50 2.0 $ 806,588 (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 nine months ended September 30, 2021 and 2020, was $2.4 million and $2.5 million, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2021 and 2020, was $463.1 million and $719.0 million, respectively. No stock options were granted during the nine months ended September 30, 2021. The total grant-date fair value of stock options granted during the nine months ended September 30, 2020 was not material. Restricted Stock Unit and Restricted Stock Award Activity RSU and RSA activity during the nine months ended September 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 6,837 74.79 Released (16,867) 22.54 Forfeited (3,008) 25.26 Outstanding as of September 30, 2021 41,041 $ 28.30 Share-Based Compensation Share-based compensation expense during the three and nine months ended September 30, 2021 and 2020, was as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of revenue $ 2,015 $ 2,298 $ 5,507 $ 6,049 Research and development 67,463 61,357 194,667 156,621 Sales and marketing 13,404 11,958 39,291 23,803 General and administrative 13,380 16,019 36,517 48,328 Total share-based compensation $ 96,262 $ 91,632 $ 275,982 $ 234,801 As of September 30, 2021, we had $902.0 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.9 years. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 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) $ 80,945 $ 13,051 $ (75,035) $ (19,185) $ 121,476 $ 20,263 $ (242,731) $ (93,433) Denominator: Weighted-average shares used in computing net income (loss) per share, basic 554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 Basic net income (loss) per share $ 0.15 $ 0.15 $ (0.16) $ (0.16) $ 0.22 $ 0.22 $ (0.57) $ (0.57) Diluted net income (loss) per share: Numerator: Net income (loss) $ 80,945 $ 13,051 $ (75,035) $ (19,185) $ 121,476 $ 20,263 $ (242,731) $ (93,433) Reallocation of net income as a result of conversion of Class B to Class A common stock 13,051 — — — 20,263 — — — Reallocation of net income to Class B common stock — (903) — — — (1,634) — — Diluted net income (loss) $ 93,996 $ 12,148 $ (75,035) $ (19,185) $ 141,739 $ 18,629 $ (242,731) $ (93,433) Denominator Weighted-average shares used in computing net income (loss) per share 554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 Conversion of Class B to Class A common stock 89,411 — — — 90,968 — — — Weighted average effect of dilutive potential common stock 47,874 — — — 55,798 — — — Weighted-average shares used in computing net income (loss) per share, diluted 691,853 89,411 480,606 122,885 692,106 90,968 425,218 163,677 Diluted net income (loss) per share $ 0.14 $ 0.14 $ (0.16) $ (0.16) $ 0.20 $ 0.20 $ (0.57) $ (0.57) 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 Nine Months Ended 2021 2020 2021 2020 Outstanding stock options — 35,226 — 44,659 Unvested restricted stock units and restricted stock awards 5,268 63,695 2,005 64,353 Total 5,268 98,921 2,005 109,013 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 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 nine months ended September 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. We are currently under examination of our U.S. consolidated federal income tax return by the Internal Revenue Service 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2021 2020 2021 2020 United States $ 494,357 $ 367,998 $ 1,358,696 $ 827,220 International (1) 138,575 74,618 372,676 159,821 Total revenue $ 632,932 $ 442,616 $ 1,731,372 $ 987,041 (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): September 30, December 31, 2021 2020 United States $ 229,477 $ 213,831 International (1) 28,023 11,460 Total property and equipment, net and operating lease right-of-use assets $ 257,500 $ 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn October 4, 2021, we issued 500,000 shares of our Class A common stock reserved for charitable purposes to our donor advised fund and will record non-cash charitable contribution expense of $24.8 million for the fourth quarter of 2021.On October 15, 2021, our Co-founder and Chief Design and Creative Officer transitioned into a consulting role pursuant to a consulting agreement dated October 13, 2021. He will continue to serve on our Board of Directors, and his existing RSU award will continue vesting after the transition. For accounting purposes, we will treat this as a modification of his RSU award and will record a one-time charge of $48.6 million, including incremental compensation cost of $40.8 million, in share-based compensation expense for the fourth quarter of 2021. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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. |
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) | 9 Months Ended |
Sep. 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): September 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 737,045 $ — $ — $ 737,045 Commercial paper — 66,591 — 66,591 Municipal securities — 7,501 — 7,501 Marketable securities: Corporate bonds — 425,188 — 425,188 U.S. treasury securities 229,059 — — 229,059 Commercial paper — 237,964 — 237,964 Certificates of deposit — 109,757 — 109,757 Municipal securities — 39,009 — 39,009 Non-U.S. government and supranational bonds — 32,996 — 32,996 Asset-backed securities — 492 — 492 U.S. agency bonds — 1,000 — 1,000 Prepaid expenses and other current assets: Certificates of deposit — 2,813 — 2,813 Other assets: Certificates of deposit $ — $ 6,297 $ — $ 6,297 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): September 30, 2021 Due in one year or less $ 665,474 Due after one to five years 409,991 Total $ 1,075,465 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity | Stock option activity during the nine months ended September 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 (6,663) 2.95 Outstanding as of September 30, 2021 17,284 $ 3.23 2.2 $ 824,775 Exercisable as of September 30, 2021 16,649 $ 2.50 2.0 $ 806,588 (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 nine months ended September 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 6,837 74.79 Released (16,867) 22.54 Forfeited (3,008) 25.26 Outstanding as of September 30, 2021 41,041 $ 28.30 |
Share-Based Compensation Expense | Share-based compensation expense during the three and nine months ended September 30, 2021 and 2020, was as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of revenue $ 2,015 $ 2,298 $ 5,507 $ 6,049 Research and development 67,463 61,357 194,667 156,621 Sales and marketing 13,404 11,958 39,291 23,803 General and administrative 13,380 16,019 36,517 48,328 Total share-based compensation $ 96,262 $ 91,632 $ 275,982 $ 234,801 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 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) $ 80,945 $ 13,051 $ (75,035) $ (19,185) $ 121,476 $ 20,263 $ (242,731) $ (93,433) Denominator: Weighted-average shares used in computing net income (loss) per share, basic 554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 Basic net income (loss) per share $ 0.15 $ 0.15 $ (0.16) $ (0.16) $ 0.22 $ 0.22 $ (0.57) $ (0.57) Diluted net income (loss) per share: Numerator: Net income (loss) $ 80,945 $ 13,051 $ (75,035) $ (19,185) $ 121,476 $ 20,263 $ (242,731) $ (93,433) Reallocation of net income as a result of conversion of Class B to Class A common stock 13,051 — — — 20,263 — — — Reallocation of net income to Class B common stock — (903) — — — (1,634) — — Diluted net income (loss) $ 93,996 $ 12,148 $ (75,035) $ (19,185) $ 141,739 $ 18,629 $ (242,731) $ (93,433) Denominator Weighted-average shares used in computing net income (loss) per share 554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 Conversion of Class B to Class A common stock 89,411 — — — 90,968 — — — Weighted average effect of dilutive potential common stock 47,874 — — — 55,798 — — — Weighted-average shares used in computing net income (loss) per share, diluted 691,853 89,411 480,606 122,885 692,106 90,968 425,218 163,677 Diluted net income (loss) per share $ 0.14 $ 0.14 $ (0.16) $ (0.16) $ 0.20 $ 0.20 $ (0.57) $ (0.57) |
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 Nine Months Ended 2021 2020 2021 2020 Outstanding stock options — 35,226 — 44,659 Unvested restricted stock units and restricted stock awards 5,268 63,695 2,005 64,353 Total 5,268 98,921 2,005 109,013 |
Geographical Information (Table
Geographical Information (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2021 2020 2021 2020 United States $ 494,357 $ 367,998 $ 1,358,696 $ 827,220 International (1) 138,575 74,618 372,676 159,821 Total revenue $ 632,932 $ 442,616 $ 1,731,372 $ 987,041 (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): September 30, December 31, 2021 2020 United States $ 229,477 $ 213,831 International (1) 28,023 11,460 Total property and equipment, net and operating lease right-of-use assets $ 257,500 $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 1,075,465 | |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 425,188 | $ 454,487 |
Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 229,059 | 203,054 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 237,964 | 234,253 |
Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 109,757 | 134,882 |
Prepaid expenses and other current assets | 2,813 | 571 |
Other assets | 6,297 | 9,110 |
Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 39,009 | 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 | 32,996 | 15,950 |
Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 492 | 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 | 229,059 | 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 | 425,188 | 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 | 237,964 | 234,253 |
Level 2 | Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 109,757 | 134,882 |
Prepaid expenses and other current assets | 2,813 | 571 |
Other assets | 6,297 | 9,110 |
Level 2 | Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 39,009 | 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 | 32,996 | 15,950 |
Level 2 | Recurring | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 492 | 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 | 737,045 | 225,643 |
Money market funds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 737,045 | 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 | 66,591 | 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 | 66,591 | 48,532 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Municipal securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,501 | |
Municipal securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Municipal securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,501 | |
Municipal securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 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 | Sep. 30, 2021USD ($) |
Cash and Cash Equivalents [Abstract] | |
Due in one year or less | $ 665,474 |
Due after one to five years | 409,991 |
Total | $ 1,075,465 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Apr. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Minimum required purchases | $ 3,071.2 | $ 3,250 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant-date fair value of stock options vested | $ 2.4 | $ 2.5 |
Aggregate intrinsic value of stock options exercised | $ 463.1 | $ 719 |
Stock options granted (in shares) | 0 | |
Unrecognized share-based compensation expense | $ 902 | |
Weighted-average recognition period for unrecognized share-based compensation expense | 2 years 10 months 24 days | |
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) | 127,290,417 | |
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) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Shares | ||
Beginning balance (in shares) | shares | 23,947 | |
Exercised (in shares) | shares | (6,663) | |
Ending balance (in shares) | shares | 17,284 | 23,947 |
Exercisable (in shares) | shares | 16,649 | |
Weighted-Average Exercise Price | ||
Beginning balance (in dollars per share) | $ / shares | $ 3.15 | |
Exercised (in dollars per share) | $ / shares | 2.95 | |
Ending balance (in dollars per share) | $ / shares | 3.23 | $ 3.15 |
Exercisable (in dollars per share) | $ / shares | $ 2.50 | |
Weighted-Average Remaining Contractual Term, Outstanding | 2 years 2 months 12 days | 2 years 10 months 24 days |
Weighted-Average Remaining Contractual Term, Exercisable | 2 years | |
Aggregate Intrinsic Value, Outstanding | $ | $ 824,775 | $ 1,502,604 |
Aggregate Intrinsic Value, Exercisable | $ | $ 806,588 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares | |
Beginning balance (in shares) | shares | 54,079 |
Granted (in shares) | shares | 6,837 |
Released (in shares) | shares | (16,867) |
Forfeited (in shares) | shares | (3,008) |
Ending balance (in shares) | shares | 41,041 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 20.45 |
Granted (in dollars per share) | $ / shares | 74.79 |
Released (in dollars per share) | $ / shares | 22.54 |
Forfeited (in dollars per share) | $ / shares | 25.26 |
Ending balance (in dollars per share) | $ / shares | $ 28.30 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unvested restricted stock units and restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share based compensation expense | $ 96,262 | $ 91,632 | $ 275,982 | $ 234,801 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share based compensation expense | 2,015 | 2,298 | 5,507 | 6,049 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share based compensation expense | 67,463 | 61,357 | 194,667 | 156,621 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share based compensation expense | 13,404 | 11,958 | 39,291 | 23,803 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share based compensation expense | $ 13,380 | $ 16,019 | $ 36,517 | $ 48,328 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Denominator: | ||||
Weighted-average shares used in computing net income (loss) per share, basic (in shares) | 643,979 | 603,490 | 636,308 | 588,895 |
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) | 691,853 | 603,490 | 692,106 | 588,895 |
Net income (loss) per share, basic (in dollars per share) | $ 0.15 | $ (0.16) | $ 0.22 | $ (0.57) |
Net income (loss) per share, diluted (in dollars per share) | $ 0.14 | $ (0.16) | $ 0.20 | $ (0.57) |
Class A | ||||
Numerator: | ||||
Net income (loss) | $ 80,945 | $ (75,035) | $ 121,476 | $ (242,731) |
Reallocation of net income as a result of conversion of Class B to Class A common stock | 13,051 | 0 | 20,263 | 0 |
Reallocation of net income to Class B common stock | 0 | 0 | 0 | 0 |
Diluted net income (loss) | $ 93,996 | $ (75,035) | $ 141,739 | $ (242,731) |
Denominator: | ||||
Weighted-average shares used in computing net income (loss) per share, basic (in shares) | 554,568 | 480,606 | 545,340 | 425,218 |
Conversion of Class B to Class A common stock (in shares) | 89,411 | 0 | 90,968 | 0 |
Weighted average effect of dilutive potential common stock (in shares) | 47,874 | 0 | 55,798 | 0 |
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) | 691,853 | 480,606 | 692,106 | 425,218 |
Net income (loss) per share, basic (in dollars per share) | $ 0.15 | $ (0.16) | $ 0.22 | $ (0.57) |
Net income (loss) per share, diluted (in dollars per share) | $ 0.14 | $ (0.16) | $ 0.20 | $ (0.57) |
Class B | ||||
Numerator: | ||||
Net income (loss) | $ 13,051 | $ (19,185) | $ 20,263 | $ (93,433) |
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 | (903) | 0 | (1,634) | 0 |
Diluted net income (loss) | $ 12,148 | $ (19,185) | $ 18,629 | $ (93,433) |
Denominator: | ||||
Weighted-average shares used in computing net income (loss) per share, basic (in shares) | 89,411 | 122,885 | 90,968 | 163,677 |
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) | 89,411 | 122,885 | 90,968 | 163,677 |
Net income (loss) per share, basic (in dollars per share) | $ 0.15 | $ (0.16) | $ 0.22 | $ (0.57) |
Net income (loss) per share, diluted (in dollars per share) | $ 0.14 | $ (0.16) | $ 0.20 | $ (0.57) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average anti-dilutive shares of common stock (in shares) | 5,268 | 98,921 | 2,005 | 109,013 |
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 | 35,226 | 0 | 44,659 |
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) | 5,268 | 63,695 | 2,005 | 64,353 |
Geographical Information (Detai
Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | $ 632,932 | $ 442,616 | $ 1,731,372 | $ 987,041 | |
Total property and equipment, net and operating lease right-of-use assets | 257,500 | 257,500 | $ 225,291 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 494,357 | 367,998 | 1,358,696 | 827,220 | |
Total property and equipment, net and operating lease right-of-use assets | 229,477 | 229,477 | 213,831 | ||
International | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 138,575 | $ 74,618 | 372,676 | $ 159,821 | |
Total property and equipment, net and operating lease right-of-use assets | $ 28,023 | $ 28,023 | $ 11,460 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Oct. 04, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Subsequent Event [Line Items] | ||||
Non-cash charitable contributions | $ 20,490 | $ 2,748 | ||
Forecast | ||||
Subsequent Event [Line Items] | ||||
Non-cash charitable contributions | $ 24,800 | |||
Subsequent Event | Forecast | Co-Founder And Chief Design And Creative Officer | ||||
Subsequent Event [Line Items] | ||||
One-time charge | 48,600 | |||
Incremental compensation cost | $ 40,800 | |||
Subsequent Event | Class A | ||||
Subsequent Event [Line Items] | ||||
Issuance of common stock related to charitable contributions (in shares) | 500,000 |