Pinterest (PINS) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	2022
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		587,550,853
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		90,680,046

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,671,320	$ 1,419,630
Marketable securities	994,150	1,060,488
Accounts receivable, net of allowances of $10,120 and $8,282 as of September 30, 2022 and December 31, 2021, respectively	511,054	653,355
Prepaid expenses and other current assets	85,528	48,090
Total current assets	3,262,052	3,181,563
Property and equipment, net	65,922	53,401
Operating lease right-of-use assets	207,312	227,912
Goodwill and intangible assets, net	140,128	61,115
Other assets	16,795	13,247
Total assets	3,692,209	3,537,238
Current liabilities:
Accounts payable	88,601	17,675
Accrued expenses and other current liabilities	256,074	242,131
Total current liabilities	344,675	259,806
Operating lease liabilities	183,244	209,181
Other liabilities	19,748	29,508
Total liabilities	547,667	498,495
Commitments and contingencies
Stockholders’ equity:
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 586,583 and 568,228 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 90,566 and 88,644 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	7	7
Additional paid-in capital	5,292,789	5,059,528
Accumulated other comprehensive loss	(16,105)	(2,181)
Accumulated deficit	(2,132,149)	(2,018,611)
Total stockholders’ equity	3,144,542	3,038,743
Total liabilities and stockholders’ equity	$ 3,692,209	$ 3,537,238

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowances	$ 10,120	$ 8,282
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)	586,583	568,228
Common stock, shares outstanding (in shares)	586,583	568,228
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)	90,566	88,644
Common stock, shares outstanding (in shares)	90,566	88,644

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 684,550	$ 632,932	$ 1,925,365	$ 1,731,372
Costs and expenses:
Cost of revenue	182,603	126,783	493,569	388,072
Research and development	254,684	185,949	683,740	539,408
Sales and marketing	229,873	156,092	615,863	450,754
General and administrative	86,765	65,659	239,738	206,399
Total costs and expenses	753,925	534,483	2,032,910	1,584,633
Income (loss) from operations	(69,375)	98,449	(107,545)	146,739
Interest income	9,318	765	13,771	3,382
Interest expense and other income (expense), net	(10,116)	(4,765)	(20,944)	(5,991)
Income (loss) before provision for (benefit from) income taxes	(70,173)	94,449	(114,718)	144,130
Provision for (benefit from) income taxes	(4,992)	453	(1,180)	2,391
Net income (loss)	$ (65,181)	$ 93,996	$ (113,538)	$ 141,739
Net income (loss) per share, basic (in dollars per share)	$ (0.10)	$ 0.15	$ (0.17)	$ 0.22
Net income (loss) per share, diluted (in dollars per share)	$ (0.10)	$ 0.14	$ (0.17)	$ 0.20
Basic weighted-average shares used in computing net income (loss) per share (in shares)	669,171	643,979	662,816	636,308
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	669,171	691,853	662,816	692,106

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (65,181)	$ 93,996	$ (113,538)	$ 141,739
Other comprehensive income (loss), net of taxes:
Change in unrealized gain (loss) on available-for-sale marketable securities	(1,772)	(265)	(11,810)	(1,606)
Change in foreign currency translation adjustment	(1,075)	(256)	(2,114)	(247)
Comprehensive income (loss)	$ (68,028)	$ 93,475	$ (127,462)	$ 139,886

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
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 and issuance of restricted stock awards (in shares)		16,878
Release of restricted stock units and issuance of restricted stock awards	1	$ 1
Issuance of common stock for cash upon exercise of stock options, net (in shares)		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
Share-based compensation	275,982		275,982
Other comprehensive 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 and issuance of restricted stock awards (in shares)		5,556
Release of restricted stock units and issuance of restricted stock awards	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
Share-based compensation	96,262		96,262
Other comprehensive 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)
Beginning balance (in shares) at Dec. 31, 2021		656,872
Beginning balance at Dec. 31, 2021	3,038,743	$ 7	5,059,528	(2,181)	(2,018,611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and issuance of restricted stock awards (in shares)		15,471
Shares repurchased for tax withholdings on release of restricted stock units	$ (98,357)		(98,357)
Issuance of common stock for cash upon exercise of stock options, net (in shares)	4,806	4,806
Issuance of common stock for cash upon exercise of stock options, net	$ 4,807		4,807
Share-based compensation	326,811		326,811
Other comprehensive loss	(13,924)			(13,924)
Net income (loss)	(113,538)				(113,538)
Ending balance (in shares) at Sep. 30, 2022		677,149
Ending balance at Sep. 30, 2022	3,144,542	$ 7	5,292,789	(16,105)	(2,132,149)
Beginning balance (in shares) at Jun. 30, 2022		670,126
Beginning balance at Jun. 30, 2022	3,136,089	$ 7	5,216,308	(13,258)	(2,066,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units and issuance of restricted stock awards (in shares)		6,774
Shares repurchased for tax withholdings on release of restricted stock units	(60,404)		(60,404)
Issuance of common stock for cash upon exercise of stock options, net (in shares)		249
Issuance of common stock for cash upon exercise of stock options, net	727		727
Share-based compensation	136,158		136,158
Other comprehensive loss	(2,847)			(2,847)
Net income (loss)	(65,181)				(65,181)
Ending balance (in shares) at Sep. 30, 2022		677,149
Ending balance at Sep. 30, 2022	$ 3,144,542	$ 7	$ 5,292,789	$ (16,105)	$ (2,132,149)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income (loss)	$ (113,538)	$ 141,739
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	26,884	20,299
Share-based compensation	326,811	275,982
Non-cash charitable contributions	0	20,490
Other	10,731	9,495
Changes in assets and liabilities:
Accounts receivable	144,083	61,033
Prepaid expenses and other assets	(37,960)	(21,141)
Operating lease right-of-use assets	39,140	32,014
Accounts payable	71,603	7,862
Accrued expenses and other liabilities	(17,852)	30,670
Operating lease liabilities	(38,990)	(37,308)
Net cash provided by operating activities	410,912	541,135
Investing activities
Purchases of property and equipment and intangible assets	(27,931)	(5,337)
Purchases of marketable securities	(688,146)	(878,465)
Sales of marketable securities	4,168	213,651
Maturities of marketable securities	735,819	673,952
Acquisition of business, net of cash acquired	(86,059)	0
Net cash (used in) provided by investing activities	(62,149)	3,801
Financing activities
Proceeds from exercise of stock options, net	4,807	19,637
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards	(98,357)	0
Other financing activities	0	(1,750)
Net cash (used in) provided by financing activities	(93,550)	17,887
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,558)	(693)
Net increase in cash, cash equivalents and restricted cash	251,655	562,130
Cash, cash equivalents and restricted cash, beginning of period	1,427,064	678,911
Cash, cash equivalents and restricted cash, end of period	1,678,719	1,241,041
Supplemental cash flow information
Accrued property and equipment	4,699	915
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 19,783	$ 81,869

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets
Cash and cash equivalents	$ 1,671,320	$ 1,231,931
Restricted cash included in prepaid expenses and other current assets	1,869	2,813
Restricted cash included in other assets	5,530	6,297
Total cash, cash equivalents and restricted cash	$ 1,678,719	$ 1,241,041

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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, 2021 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, 2021, 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, 2022. 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, 2021.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
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, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,122,738 $ — $ — $ 1,122,738 Commercial paper — 80,992 — 80,992 U.S. treasury securities 4,246 — — 4,246 Marketable securities: Corporate bonds — 393,892 — 393,892 U.S. treasury securities 221,773 — — 221,773 Commercial paper — 178,995 — 178,995 Certificates of deposit — 134,308 — 134,308 Non-U.S. government and supranational bonds — 35,467 — 35,467 Municipal securities — 28,050 — 28,050 U.S. agency bonds — 1,665 — 1,665 Prepaid expenses and other current assets: Certificates of deposit — 1,869 — 1,869 Other assets: Certificates of deposit $ — $ 5,530 $ — $ 5,530 December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 711,188 $ — $ — $ 711,188 Commercial paper — 114,976 — 114,976 Corporate bonds — 4,310 — 4,310 Marketable securities: Corporate bonds — 449,417 — 449,417 Commercial paper — 247,560 — 247,560 U.S. treasury securities 189,010 — — 189,010 Certificates of deposit — 82,486 — 82,486 Municipal securities — 49,331 — 49,331 Non-U.S. government and supranational bonds — 41,684 — 41,684 U.S. agency bonds — 1,000 — 1,000 Prepaid expenses and other current assets: Certificates of deposit — 1,137 — 1,137 Other assets: Certificates of deposit $ — $ 6,297 $ — $ 6,297 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, 2022 and December 31, 2021. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of September 30, 2022 and December 31, 2021. The fair value of our marketable securities by contractual maturity is as follows (in thousands): September 30, 2022 Due in one year or less $ 829,772 Due after one to five years 164,378 Total $ 994,150 Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On June 10, 2022, we acquired all outstanding shares of The Yes Platform, Inc. (“The Yes”), an AI powered shopping platform for fashion. We believe the acquisition of The Yes will help accelerate our vision for Pinterest to be the home of taste-driven shopping. The total purchase consideration was $87.6 million in cash. Of this, we attributed $15.0 million to customer relationships, which have useful lives of one year; $13.6 million to developed technology, which has a useful life of three years; and $60.0 million to goodwill. Goodwill represents the synergies we expect to realize from the acquisition and the assembled workforce and is not deductible for tax purposes. We included the results of The Yes’s operations in our condensed consolidated financial statements beginning on the acquisition date. The acquisition did not have a material impact on our condensed consolidated financial statements so we have not presented historical and pro forma disclosures.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Changes in goodwill are as follows (in thousands): Balance as of December 31, 2021 $ 40,208 Acquisitions 60,019 Balance as of September 30, 2022 $ 100,227 Intangible assets, net consists of the following (in thousands): September 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (1) Acquired technology, patents and other intangibles $ 39,907 $ (12,256) $ 27,651 4.9 years Customer relationships 17,700 (5,450) 12,250 1.6 years Total intangible assets, net $ 57,607 $ (17,706) $ 39,901 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (1) Acquired technology, patents and other intangibles $ 26,307 $ (8,055) $ 18,252 5.8 years Customer relationships 2,700 (45) 2,655 5 years Total intangible assets, net $ 29,007 $ (8,100) $ 20,907 (1) Based on the weighted-average useful life established as of acquisition date. Amortization expense was $5.5 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $9.6 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively. Estimated future amortization expense as of September 30, 2022, is as follows (in thousands): Intangible Asset Amortization Remainder of 2022 $ 5,916 2023 14,909 2024 8,659 2025 6,005 2026 3,424 Thereafter 988 Total $ 39,901

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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, 2022, our remaining contractual commitment is $2,513.0 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. In November and December 2020, certain of our executives and members of our board of directors were named as defendants in shareholder 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 July 14, 2021, another shareholder 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. On November 24, 2021, the parties entered into a stipulation of settlement. A final approval for the settlement was granted on May 26, 2022. The court granted a portion of the attorneys' fees sought by Plaintiffs, while another portion remains contingent on certain conditions being fulfilled within two years of the settlement approval. We don't believe that these fees will be material to our financial position. In March 2021, certain of our executives and members of our board of directors were named as defendants in a shareholder derivative lawsuit filed in the Delaware Chancery Court. Pinterest was also named as a nominal defendant. The complaint alleged 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. The complaint sought damages, litigation costs, and interest. On May 10, 2021, the court stayed this lawsuit in light of the related pending case in the Northern District of California. On July 21, 2022 the matter was dismissed.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2022
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, 2022. 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. 120,668,301 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of September 30, 2022. 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, 2022, 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, 2021 16,141 $ 3.19 1.9 $ 535,118 Granted 8,553 19.96 Exercised (4,806) 1.00 Outstanding as of September 30, 2022 19,888 $ 10.93 5.1 $ 245,875 Exercisable as of September 30, 2022 10,982 $ 3.54 1.5 $ 216,972 (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, 2022 and 2021, was $2.4 million and $2.4 million, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2022 and 2021 was $88.2 million and $463.1 million, respectively. Restricted Stock Unit and Restricted Stock Award Activity RSU and RSA activity during the nine months ended September 30, 2022, 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, 2021 36,258 $ 30.84 Granted 43,960 21.79 Released (16,501) 25.64 Forfeited (8,866) 27.62 Outstanding as of September 30, 2022 54,851 $ 25.67 Share-Based Compensation Share-based compensation expense during the three and nine months ended September 30, 2022 and 2021, was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Cost of revenue $ 2,189 $ 2,015 $ 4,800 $ 5,507 Research and development 89,669 67,463 223,995 194,667 Sales and marketing 23,294 13,404 53,564 39,291 General and administrative 21,006 13,380 44,452 36,517 Total share-based compensation $ 136,158 $ 96,262 $ 326,811 $ 275,982 As of September 30, 2022, we had $1,338.2 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 3.0 years. Fair Value of Stock Options We measure stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model, and we record the resulting expense in our condensed consolidated statements of operations over the requisite service period, which is generally four years. We estimated the fair value of the stock options granted during the nine months ended September 30, 2022, using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended Expected term (in years) 6.1 Risk-free interest rate 3.2 % Expected volatility 61.1 % Dividend yield — % The key inputs we used in the Black-Scholes model are: • Expected term – The expected term represents the period we expect our share-based awards to be outstanding, which is also the period we used to measure risk-free interest rates and expected volatility. We estimated the expected term using the simplified method as we do not have sufficient historical stock option exercise data. • Risk-free interest rate – We estimated the risk-free interest rate based on zero-coupon U.S. Treasury notes. • Expected volatility – We estimated expected volatility based on a combination of our historical volatility and that of comparable publicly-traded companies. • Dividend yield – We applied a dividend yield of zero because we have never paid or declared dividends, and we have no plan to do so in the foreseeable future. The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2022 was $11.79. No stock options were granted during the nine months ended September 30, 2021.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
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, 2022 2021 2022 2021 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) $ (56,362) $ (8,819) $ 80,945 $ 13,051 $ (98,224) $ (15,314) $ 121,476 $ 20,263 Denominator: Basic weighted-average shares used in computing net income (loss) per share 578,637 90,534 554,568 89,411 573,415 89,401 545,340 90,968 Basic net income (loss) per share $ (0.10) $ (0.10) $ 0.15 $ 0.15 $ (0.17) $ (0.17) $ 0.22 $ 0.22 Diluted net income (loss) per share: Numerator: Net income (loss) $ (56,362) $ (8,819) $ 80,945 $ 13,051 $ (98,224) $ (15,314) $ 121,476 $ 20,263 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) $ (56,362) $ (8,819) $ 93,996 $ 12,148 $ (98,224) $ (15,314) $ 141,739 $ 18,629 Denominator Basic weighted-average shares used in computing net income (loss) per share 578,637 90,534 554,568 89,411 573,415 89,401 545,340 90,968 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 — Diluted weighted-average shares used in computing net income (loss) per share 578,637 90,534 691,853 89,411 573,415 89,401 692,106 90,968 Diluted net income (loss) per share $ (0.10) $ (0.10) $ 0.14 $ 0.14 $ (0.17) $ (0.17) $ 0.20 $ 0.20 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 2022 2021 2022 2021 Outstanding stock options 20,004 — 17,063 — Unvested restricted stock units and restricted stock awards 57,967 5,268 47,941 2,005 Total 77,971 5,268 65,004 2,005

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
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 are not material for the three and nine months ended September 30, 2022 and 2021. 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 2017 and forward. We are currently under examination of our U.S. consolidated federal income tax return by the Internal Revenue Service for 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, 2022
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 2022 2021 2022 2021 U.S. and Canada (1) $ 562,434 $ 520,319 $ 1,555,233 $ 1,426,862 Europe (2) 90,110 90,687 283,758 251,402 Rest of World 32,006 21,926 86,374 53,108 Total revenue $ 684,550 $ 632,932 $ 1,925,365 $ 1,731,372 (1) United States revenue was $534.1 million and $494.4 million for the three months ended September 30, 2022 and 2021 , respectively, and $1,475.3 million and $1,358.7 million for the nine months ended September 30, 2022 and 2021, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented. (2) Europe includes Russia and Turkey. Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands): September 30, December 31, 2022 2021 United States $ 221,592 $ 247,975 International (1) 51,642 33,338 Total property and equipment, net and operating lease right-of-use assets $ 273,234 $ 281,313 (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, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2022, we entered into an amended and restated five-year $400.0 million revolving credit facility (the “2022 revolving credit facility”), which replaced our previous $500.0 million revolving credit facility entered into in November 2018. The 2022 revolving credit facility also contains an accordion option which, if exercised, would allow us to increase the aggregate commitments by up to $405.0 million provided we are able to secure additional lender commitments and satisfy certain other conditions. Interest on any borrowings under the 2022 revolving credit facility accrues at either an adjusted term Secured Overnight Financing Rate ("SOFR") plus 0.10% and a margin of 1.50% or at an alternative base rate plus a margin of 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the 2022 revolving credit facility. The 2022 revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 0.125% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit. The 2022 revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The 2022 revolving credit facility also contains a financial maintenance covenant: a maximum net leverage ratio of consolidated debt to consolidated EBITDA no greater than 3.50 to 1.00, subject to an increase up to 4.00 to 1.00 for a certain period following an acquisition. The obligations under the 2022 revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets. We are in compliance with all covenants, and there were no amounts outstanding under this facility as of the filing of this Quarterly Report on Form 10-Q.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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, 2021 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, 2021, 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, 2022.
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, 2021 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, 2021, 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, 2022.
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. 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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,122,738 $ — $ — $ 1,122,738 Commercial paper — 80,992 — 80,992 U.S. treasury securities 4,246 — — 4,246 Marketable securities: Corporate bonds — 393,892 — 393,892 U.S. treasury securities 221,773 — — 221,773 Commercial paper — 178,995 — 178,995 Certificates of deposit — 134,308 — 134,308 Non-U.S. government and supranational bonds — 35,467 — 35,467 Municipal securities — 28,050 — 28,050 U.S. agency bonds — 1,665 — 1,665 Prepaid expenses and other current assets: Certificates of deposit — 1,869 — 1,869 Other assets: Certificates of deposit $ — $ 5,530 $ — $ 5,530 December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 711,188 $ — $ — $ 711,188 Commercial paper — 114,976 — 114,976 Corporate bonds — 4,310 — 4,310 Marketable securities: Corporate bonds — 449,417 — 449,417 Commercial paper — 247,560 — 247,560 U.S. treasury securities 189,010 — — 189,010 Certificates of deposit — 82,486 — 82,486 Municipal securities — 49,331 — 49,331 Non-U.S. government and supranational bonds — 41,684 — 41,684 U.S. agency bonds — 1,000 — 1,000 Prepaid expenses and other current assets: Certificates of deposit — 1,137 — 1,137 Other assets: Certificates of deposit $ — $ 6,297 $ — $ 6,297
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, 2022 Due in one year or less $ 829,772 Due after one to five years 164,378 Total $ 994,150

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in goodwill are as follows (in thousands): Balance as of December 31, 2021 $ 40,208 Acquisitions 60,019 Balance as of September 30, 2022 $ 100,227
Composition of Intangible Assets, Net	Intangible assets, net consists of the following (in thousands): September 30, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (1) Acquired technology, patents and other intangibles $ 39,907 $ (12,256) $ 27,651 4.9 years Customer relationships 17,700 (5,450) 12,250 1.6 years Total intangible assets, net $ 57,607 $ (17,706) $ 39,901 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (1) Acquired technology, patents and other intangibles $ 26,307 $ (8,055) $ 18,252 5.8 years Customer relationships 2,700 (45) 2,655 5 years Total intangible assets, net $ 29,007 $ (8,100) $ 20,907 (1) Based on the weighted-average useful life established as of acquisition date.
Estimated Future Amortization Expense	Estimated future amortization expense as of September 30, 2022, is as follows (in thousands): Intangible Asset Amortization Remainder of 2022 $ 5,916 2023 14,909 2024 8,659 2025 6,005 2026 3,424 Thereafter 988 Total $ 39,901

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Option Activity	Stock option activity during the nine months ended September 30, 2022, 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, 2021 16,141 $ 3.19 1.9 $ 535,118 Granted 8,553 19.96 Exercised (4,806) 1.00 Outstanding as of September 30, 2022 19,888 $ 10.93 5.1 $ 245,875 Exercisable as of September 30, 2022 10,982 $ 3.54 1.5 $ 216,972 (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, 2022, 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, 2021 36,258 $ 30.84 Granted 43,960 21.79 Released (16,501) 25.64 Forfeited (8,866) 27.62 Outstanding as of September 30, 2022 54,851 $ 25.67
Share-Based Compensation Expense	Share-based compensation expense during the three and nine months ended September 30, 2022 and 2021, was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Cost of revenue $ 2,189 $ 2,015 $ 4,800 $ 5,507 Research and development 89,669 67,463 223,995 194,667 Sales and marketing 23,294 13,404 53,564 39,291 General and administrative 21,006 13,380 44,452 36,517 Total share-based compensation $ 136,158 $ 96,262 $ 326,811 $ 275,982
Fair Value of Stock Options	We estimated the fair value of the stock options granted during the nine months ended September 30, 2022, using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended Expected term (in years) 6.1 Risk-free interest rate 3.2 % Expected volatility 61.1 % Dividend yield — %

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 2021 2022 2021 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) $ (56,362) $ (8,819) $ 80,945 $ 13,051 $ (98,224) $ (15,314) $ 121,476 $ 20,263 Denominator: Basic weighted-average shares used in computing net income (loss) per share 578,637 90,534 554,568 89,411 573,415 89,401 545,340 90,968 Basic net income (loss) per share $ (0.10) $ (0.10) $ 0.15 $ 0.15 $ (0.17) $ (0.17) $ 0.22 $ 0.22 Diluted net income (loss) per share: Numerator: Net income (loss) $ (56,362) $ (8,819) $ 80,945 $ 13,051 $ (98,224) $ (15,314) $ 121,476 $ 20,263 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) $ (56,362) $ (8,819) $ 93,996 $ 12,148 $ (98,224) $ (15,314) $ 141,739 $ 18,629 Denominator Basic weighted-average shares used in computing net income (loss) per share 578,637 90,534 554,568 89,411 573,415 89,401 545,340 90,968 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 — Diluted weighted-average shares used in computing net income (loss) per share 578,637 90,534 691,853 89,411 573,415 89,401 692,106 90,968 Diluted net income (loss) per share $ (0.10) $ (0.10) $ 0.14 $ 0.14 $ (0.17) $ (0.17) $ 0.20 $ 0.20
Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net 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 2022 2021 2022 2021 Outstanding stock options 20,004 — 17,063 — Unvested restricted stock units and restricted stock awards 57,967 5,268 47,941 2,005 Total 77,971 5,268 65,004 2,005

Geographical Information (Table

Geographical Information (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 U.S. and Canada (1) $ 562,434 $ 520,319 $ 1,555,233 $ 1,426,862 Europe (2) 90,110 90,687 283,758 251,402 Rest of World 32,006 21,926 86,374 53,108 Total revenue $ 684,550 $ 632,932 $ 1,925,365 $ 1,731,372 (1) United States revenue was $534.1 million and $494.4 million for the three months ended September 30, 2022 and 2021 , respectively, and $1,475.3 million and $1,358.7 million for the nine months ended September 30, 2022 and 2021, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented. (2) Europe includes Russia and Turkey.
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, 2022 2021 United States $ 221,592 $ 247,975 International (1) 51,642 33,338 Total property and equipment, net and operating lease right-of-use assets $ 273,234 $ 281,313 (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, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 994,150
Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	393,892	$ 449,417
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	178,995	247,560
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	221,773	189,010
Recurring | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	134,308	82,486
Prepaid expenses and other current assets	1,869	1,137
Other assets	5,530	6,297
Recurring | Non-U.S. government and supranational bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	35,467	41,684
Recurring | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	28,050	49,331
Recurring | U.S. agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,665	1,000
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 | Commercial paper
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	221,773	189,010
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 | 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 | Municipal 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	393,892	449,417
Level 2 | Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	178,995	247,560
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 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	134,308	82,486
Prepaid expenses and other current assets	1,869	1,137
Other assets	5,530	6,297
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	35,467	41,684
Level 2 | Recurring | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	28,050	49,331
Level 2 | Recurring | U.S. agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	1,665	1,000
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 | Commercial paper
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 | 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 | 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 | Municipal 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	1,122,738	711,188
Money market funds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,122,738	711,188
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	80,992	114,976
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	80,992	114,976
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	4,246
U.S. treasury securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,246
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
Corporate bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,310
Corporate bonds | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0
Corporate bonds | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,310
Corporate bonds | 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, 2022 USD ($)
Cash and Cash Equivalents [Abstract]
Due in one year or less	$ 829,772
Due after one to five years	164,378
Total	$ 994,150

Acquisition (Details)

Acquisition (Details) - USD ($)	Jun. 10, 2022	Sep. 30, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Goodwill		$ 100,227,000	$ 40,208,000
The Yes
Asset Acquisition [Line Items]
Purchase consideration in cash	$ 87,600,000
Goodwill	60,000,000
Deductible goodwill	0
The Yes | Customer relationships
Asset Acquisition [Line Items]
Finite intangibles acquired	$ 15,000,000
Useful life	1 year
The Yes | Developed technology
Asset Acquisition [Line Items]
Finite intangibles acquired	$ 13,600,000
Useful life	3 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 40,208
Acquisitions	60,019
Ending balance	$ 100,227

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Composition of Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 57,607	$ 29,007
Accumulated Amortization	(17,706)	(8,100)
Net Carrying Amount	39,901	20,907
Acquired technology, patents and other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	39,907	26,307
Accumulated Amortization	(12,256)	(8,055)
Net Carrying Amount	$ 27,651	$ 18,252
Weighted-Average Useful Life	4 years 10 months 24 days	5 years 9 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 17,700	$ 2,700
Accumulated Amortization	(5,450)	(45)
Net Carrying Amount	$ 12,250	$ 2,655
Weighted-Average Useful Life	1 year 7 months 6 days	5 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5.5	$ 0.3	$ 9.6	$ 0.8

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 5,916
2023	14,909
2024	8,659
2025	6,005
2026	3,424
Thereafter	988
Net Carrying Amount	$ 39,901	$ 20,907

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Minimum required purchases	$ 2,513	$ 3,250

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value of stock options vested	$ 2.4	$ 2.4
Aggregate intrinsic value of stock options exercised	88.2	$ 463.1
Unrecognized share-based compensation expense	$ 1,338.2
Weighted-average recognition period for unrecognized share-based compensation expense	3 years
Grant-date fair value of stock options granted	$ 11.79
Stock options granted (in shares)	8,553,000	0
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%
2019 Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	120,668,301
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	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Shares
Beginning balance (in shares)	16,141
Granted (in shares)	8,553	0
Exercised (in shares)	(4,806)
Ending balance (in shares)	19,888		16,141
Exercisable (in shares)	10,982
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 3.19
Granted (in dollars per share)	19.96
Exercised (in dollars per share)	1
Ending balance (in dollars per share)	10.93		$ 3.19
Exercisable (in dollars per share)	$ 3.54
Weighted-Average Remaining Contractual Term, Outstanding	5 years 1 month 6 days		1 year 10 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable	1 year 6 months
Aggregate Intrinsic Value, Outstanding	$ 245,875		$ 535,118
Aggregate Intrinsic Value, Exercisable	$ 216,972

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, 2022 $ / shares shares
Shares
Beginning balance (in shares) | shares	36,258
Granted (in shares) | shares	43,960
Released (in shares) | shares	(16,501)
Forfeited (in shares) | shares	(8,866)
Ending balance (in shares) | shares	54,851
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 30.84
Granted (in dollars per share) | $ / shares	21.79
Released (in dollars per share) | $ / shares	25.64
Forfeited (in dollars per share) | $ / shares	27.62
Ending balance (in dollars per share) | $ / shares	$ 25.67

Share-Based Compensation - Shar

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share based compensation expense	$ 136,158	$ 96,262	$ 326,811	$ 275,982
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share based compensation expense	2,189	2,015	4,800	5,507
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share based compensation expense	89,669	67,463	223,995	194,667
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share based compensation expense	23,294	13,404	53,564	39,291
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share based compensation expense	$ 21,006	$ 13,380	$ 44,452	$ 36,517

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value of Stock Options (Details) - Stock Options	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days
Risk-free interest rate	3.20%
Expected volatility	61.10%
Dividend yield	0%

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Denominator:
Basic weighted-average shares used in computing net income (loss) per share (in shares)	669,171	643,979	662,816	636,308
Diluted weighted-average shares used in computing net income (loss) per share (in shares)	669,171	691,853	662,816	692,106
Basic net income (loss) per share (in dollars per share)	$ (0.10)	$ 0.15	$ (0.17)	$ 0.22
Diluted net income (loss) per share (in dollars per share)	$ (0.10)	$ 0.14	$ (0.17)	$ 0.20
Class A
Numerator:
Net income (loss)	$ (56,362)	$ 80,945	$ (98,224)	$ 121,476
Reallocation of net income as a result of conversion of Class B to Class A common stock	0	13,051	0	20,263
Reallocation of net income to Class B common stock	0	0	0	0
Diluted net income (loss)	$ (56,362)	$ 93,996	$ (98,224)	$ 141,739
Denominator:
Basic weighted-average shares used in computing net income (loss) per share (in shares)	578,637	554,568	573,415	545,340
Conversion of Class B to Class A common stock (in shares)	0	89,411	0	90,968
Weighted average effect of dilutive potential common stock (in shares)	0	47,874	0	55,798
Diluted weighted-average shares used in computing net income (loss) per share (in shares)	578,637	691,853	573,415	692,106
Basic net income (loss) per share (in dollars per share)	$ (0.10)	$ 0.15	$ (0.17)	$ 0.22
Diluted net income (loss) per share (in dollars per share)	$ (0.10)	$ 0.14	$ (0.17)	$ 0.20
Class B
Numerator:
Net income (loss)	$ (8,819)	$ 13,051	$ (15,314)	$ 20,263
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	0	(903)	0	(1,634)
Diluted net income (loss)	$ (8,819)	$ 12,148	$ (15,314)	$ 18,629
Denominator:
Basic weighted-average shares used in computing net income (loss) per share (in shares)	90,534	89,411	89,401	90,968
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
Diluted weighted-average shares used in computing net income (loss) per share (in shares)	90,534	89,411	89,401	90,968
Basic net income (loss) per share (in dollars per share)	$ (0.10)	$ 0.15	$ (0.17)	$ 0.22
Diluted net income (loss) per share (in dollars per share)	$ (0.10)	$ 0.14	$ (0.17)	$ 0.20

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 Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive shares of common stock (in shares)	77,971	5,268	65,004	2,005
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average anti-dilutive shares of common stock (in shares)	20,004	0	17,063	0
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)	57,967	5,268	47,941	2,005

Geographical Information (Detai

Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 684,550	$ 632,932	$ 1,925,365	$ 1,731,372
Total property and equipment, net and operating lease right-of-use assets	273,234		273,234		$ 281,313
U.S. and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	562,434	520,319	1,555,233	1,426,862
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	90,110	90,687	283,758	251,402
Rest Of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	32,006	21,926	86,374	53,108
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	534,100	$ 494,400	1,475,300	$ 1,358,700
Total property and equipment, net and operating lease right-of-use assets	221,592		221,592		247,975
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net and operating lease right-of-use assets	$ 51,642		$ 51,642		$ 33,338

Subsequent Events (Details)

Subsequent Events (Details) - Line of Credit $ in Millions	1 Months Ended
	Oct. 27, 2022 USD ($)	Nov. 30, 2018 USD ($)
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 500
Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Term of borrowing agreement	5 years
Maximum borrowing capacity	$ 400
Commitment fee rate	0.15%
Ratio of consolidated net debt to EBITDA (no greater than)	3.50
Future ratio of consolidated net debt to EBITDA (no greater than)	4
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Subsequent Event
Subsequent Event [Line Items]
Base rate component, spread on variable rate	0.0010
Basis spread on variable rate	1.50%
Revolving Credit Facility | Alternative Base Rate | Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Credit Agreement Amended And Restated | Subsequent Event
Subsequent Event [Line Items]
Accordion feature maximum borrowing capacity	$ 405
Letter of Credit | Subsequent Event
Subsequent Event [Line Items]
Commitment fee	0.125%