Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 24, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 651 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, $0.00001 par value | |
Trading Symbol | PINS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001506293 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 599,347,750 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 83,822,143 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,632,149 | $ 1,361,936 |
Marketable securities | 1,144,260 | 1,149,148 |
Accounts receivable, net of allowances of $9,001 and $10,635 as of March 31, 2024 and December 31, 2023, respectively | 563,865 | 763,159 |
Prepaid expenses and other current assets | 73,497 | 64,316 |
Total current assets | 3,413,771 | 3,338,559 |
Property and equipment, net | 38,160 | 32,225 |
Operating lease right-of-use assets | 85,069 | 92,119 |
Goodwill and intangible assets, net | 115,622 | 117,462 |
Other assets | 14,097 | 14,040 |
Total assets | 3,666,719 | 3,594,405 |
Current liabilities: | ||
Accounts payable | 83,654 | 79,058 |
Accrued expenses and other current liabilities | 256,229 | 238,032 |
Total current liabilities | 339,883 | 317,090 |
Operating lease liabilities | 154,340 | 160,616 |
Other liabilities | 28,654 | 26,019 |
Total liabilities | 522,877 | 503,725 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 598,867 and 591,663 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 83,714 and 86,355 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 7 | 7 |
Additional paid-in capital | 5,321,530 | 5,241,954 |
Accumulated other comprehensive loss | (2,615) | (1,013) |
Accumulated deficit | (2,175,080) | (2,150,268) |
Total stockholders’ equity | 3,143,842 | 3,090,680 |
Total liabilities and stockholders’ equity | $ 3,666,719 | $ 3,594,405 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowances | $ 9,001 | $ 10,635 |
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) | 598,867 | 591,663 |
Common stock, shares outstanding (in shares) | 598,867 | 591,663 |
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) | 83,714 | 86,355 |
Common stock, shares outstanding (in shares) | 83,714 | 86,355 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 739,983 | $ 602,581 |
Costs and expenses: | ||
Cost of revenue | 181,091 | 170,926 |
Research and development | 280,275 | 266,346 |
Sales and marketing | 226,289 | 201,131 |
General and administrative | 106,744 | 207,864 |
Total costs and expenses | 794,399 | 846,267 |
Loss from operations | (54,416) | (243,686) |
Interest income (expense), net | 31,266 | 24,901 |
Other income (expense), net | (4,526) | 322 |
Loss before benefit from income taxes | (27,676) | (218,463) |
Benefit from income taxes | (2,864) | (9,884) |
Net loss | $ (24,812) | $ (208,579) |
Net loss per share, basic (in dollars per share) | $ (0.04) | $ (0.31) |
Net loss per share, diluted (in dollars per share) | $ (0.04) | $ (0.31) |
Weighted-average shares used in computing net loss per share, basic (in shares) | 678,819 | 681,140 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 678,819 | 681,140 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (24,812) | $ (208,579) |
Other comprehensive income (loss), net of taxes: | ||
Change in unrealized gain (loss) on available-for-sale marketable securities | (1,421) | 3,956 |
Change in foreign currency translation adjustment | (181) | 331 |
Comprehensive loss | $ (26,414) | $ (204,292) |
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 Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2022 | 683,202 | ||||
Beginning balance at Dec. 31, 2022 | $ 3,281,654 | $ 7 | $ 5,407,724 | $ (11,419) | $ (2,114,658) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Release of restricted stock units and issuance of restricted stock awards, net (in shares) | 2,775 | ||||
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards | (91,508) | (91,508) | |||
Issuance of common stock for cash upon exercise of stock options, net (in shares) | 950 | ||||
Issuance of common stock for cash upon exercise of stock options, net | 2,400 | 2,400 | |||
Repurchases of Class A common stock (in shares) | (2,770) | ||||
Repurchases of Class A common stock | (71,637) | (71,637) | |||
Share-based compensation | 143,122 | 143,122 | |||
Other comprehensive income (loss) | 4,287 | 4,287 | |||
Net loss | (208,579) | (208,579) | |||
Ending balance (in shares) at Mar. 31, 2023 | 684,157 | ||||
Ending balance at Mar. 31, 2023 | 3,059,739 | $ 7 | 5,390,101 | (7,132) | (2,323,237) |
Beginning balance (in shares) at Dec. 31, 2023 | 678,018 | ||||
Beginning balance at Dec. 31, 2023 | 3,090,680 | $ 7 | 5,241,954 | (1,013) | (2,150,268) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Release of restricted stock units and issuance of restricted stock awards, net (in shares) | 3,179 | ||||
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards | $ (99,708) | (99,708) | |||
Issuance of common stock for cash upon exercise of stock options, net (in shares) | 1,383 | 1,384 | |||
Issuance of common stock for cash upon exercise of stock options, net | $ 16,811 | 16,811 | |||
Share-based compensation | 162,473 | 162,473 | |||
Other comprehensive income (loss) | (1,602) | (1,602) | |||
Net loss | (24,812) | (24,812) | |||
Ending balance (in shares) at Mar. 31, 2024 | 682,581 | ||||
Ending balance at Mar. 31, 2024 | $ 3,143,842 | $ 7 | $ 5,321,530 | $ (2,615) | $ (2,175,080) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net loss | $ (24,812) | $ (208,579) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 4,861 | 6,212 |
Share-based compensation | 162,473 | 143,122 |
Impairment and abandonment charges for leases and leasehold improvements | 0 | 112,934 |
Net amortization of investment premium and discount | (6,788) | (4,198) |
Other | (2,695) | 2,852 |
Changes in assets and liabilities: | ||
Accounts receivable | 201,188 | 192,523 |
Prepaid expenses and other assets | (10,240) | (5,773) |
Operating lease right-of-use assets | 8,727 | 25,163 |
Accounts payable | 4,639 | (11,031) |
Accrued expenses and other liabilities | 29,688 | (43,659) |
Operating lease liabilities | (10,895) | (26,109) |
Net cash provided by operating activities | 356,146 | 183,457 |
Investing activities | ||
Purchases of property and equipment | (12,113) | (1,990) |
Purchases of marketable securities | (336,522) | (331,608) |
Sales of marketable securities | 2,999 | 29,271 |
Maturities of marketable securities | 342,517 | 318,490 |
Net cash (used in) provided by investing activities | (3,119) | 14,163 |
Financing activities | ||
Proceeds from exercise of stock options, net | 16,756 | 2,400 |
Repurchases of Class A common stock | 0 | (69,476) |
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards | (99,708) | (91,508) |
Net cash used in financing activities | (82,952) | (158,584) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (709) | 1,142 |
Net increase in cash, cash equivalents and restricted cash | 269,366 | 40,178 |
Cash, cash equivalents and restricted cash, beginning of period | 1,368,532 | 1,617,660 |
Cash, cash equivalents and restricted cash, end of period | 1,637,898 | 1,657,838 |
Supplemental cash flow information | ||
Repurchases of Class A common stock in accrued expenses and other current liabilities | 0 | 2,161 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 2,057 | $ 803 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets | ||
Cash and cash equivalents | $ 1,632,149 | $ 1,651,242 |
Restricted cash included in prepaid expenses and other current assets | 1,695 | 2,243 |
Restricted cash included in other assets | 4,054 | 4,353 |
Total cash, cash equivalents and restricted cash | $ 1,637,898 | $ 1,657,838 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 search and discovery platform positioned at the intersection of search, social and commerce. 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, 2023 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, 2023, 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, 2024. 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, leases, 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, 2023. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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): March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,332,610 $ — $ — $ 1,332,610 Commercial paper — 116,808 — 116,808 U.S. treasury securities 21,809 — — 21,809 Marketable securities: Corporate bonds — 457,432 — 457,432 Commercial paper — 257,031 — 257,031 U.S. treasury securities 250,212 — — 250,212 Certificates of deposit — 137,278 — 137,278 Non-U.S. government and supranational bonds — 9,013 — 9,013 U.S. agency bonds — 33,294 — 33,294 Prepaid expenses and other current assets: Certificates of deposit — 1,695 — 1,695 Restricted cash: Certificates of deposit — 4,054 — 4,054 December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,032,675 $ — $ — $ 1,032,675 Commercial paper — 106,268 — 106,268 Certificates of deposit — 1,551 — 1,551 Corporate bonds — 859 — 859 Marketable securities: Corporate bonds — 427,957 — 427,957 Commercial paper — 201,145 — 201,145 U.S. treasury securities 336,356 — — 336,356 Certificates of deposit — 132,457 — 132,457 Non-U.S. government and supranational bonds — 8,983 — 8,983 U.S. agency bonds — 42,250 — 42,250 Prepaid expenses and other current assets: Certificates of deposit — 2,542 — 2,542 Restricted cash: Certificates of deposit — 4,054 — 4,054 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 not material in the aggregate as of March 31, 2024 and December 31, 2023. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of March 31, 2024 and December 31, 2023. The fair value of our marketable securities by contractual maturity is as follows (in thousands): March 31, 2024 Due in one year or less $ 848,270 Due after one to five years 295,990 Total $ 1,144,260 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 | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments In April 2021, we entered into a private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the 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 March 31, 2024, our remaining contractual commitment is $1,598.2 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. 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. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders' Equity 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 March 31, 2024. Our 2019 Omnibus Incentive Plan ("2019 Plan") became effective upon closing of our initial public offering and succeeds our 2009 Plan. Our 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. 181,885,320 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of March 31, 2024. 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 three months ended March 31, 2024, 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, 2023 13,043 $ 15.41 6.1 $ 282,197 Exercised (1,383) 12.15 Outstanding as of March 31, 2024 11,660 $ 15.79 6.2 $ 220,120 Exercisable as of March 31, 2024 6,314 $ 12.26 4.5 $ 141,485 (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 three months ended March 31, 2024 and 2023, was $6.3 million and $7.1 million, respectively. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 and 2023 was $33.9 million and $22.5 million, respectively. Restricted Stock Unit and Restricted Stock Award Activity RSU and RSA activity during the three months ended March 31, 2024, 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, 2023 45,099 $ 25.83 Granted 1,733 37.10 Released (6,300) 26.44 Forfeited (1,531) 25.71 Outstanding as of March 31, 2024 39,001 $ 26.23 Share-Based Compensation Share-based compensation expense during the three months ended March 31, 2024 and 2023, was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 2,948 $ 2,309 Research and development 102,355 94,265 Sales and marketing 24,989 19,189 General and administrative 32,181 27,359 Total share-based compensation $ 162,473 $ 143,122 As of March 31, 2024, we had $991.6 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.1 years. Stock Repurchase On September 16, 2023, our board of directors authorized a stock repurchase program of up to $1.0 billion of our Class A common stock. Under the stock repurchase program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. As of March 31, 2024, $1.0 billion remains available for repurchases under the stock repurchase program. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share We present net 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 loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs, to the extent these are dilutive. We calculated basic and diluted net loss per share as follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (21,725) $ (3,087) $ (181,226) $ (27,353) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 594,353 84,466 591,815 89,325 Net loss per share, basic and diluted $ (0.04) $ (0.04) $ (0.31) $ (0.31) Basic net loss per share is the same as diluted net loss per share because we reported net losses for all periods presented. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net loss per share because these would be anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Outstanding stock options 12,397 15,225 Unvested restricted stock units and restricted stock awards 43,486 53,246 Total 55,883 68,471 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023. All periods include the effects of the capitalization and amortization of research and development expenses as required by the 2017 Tax Cuts and Jobs Act. |
Geographical Information
Geographical Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Geographical Information | Geographical Information Revenue disaggregated by geography based on our customers’ billing addresses was as follows (in thousands): Three Months Ended March 31, 2024 2023 U.S. and Canada (1) $ 546,584 $ 471,821 Europe (2) 124,042 97,388 Rest of World 69,357 33,372 Total revenue $ 739,983 $ 602,581 (1) United States revenue was $522.6 million and $449.0 million for the three months ended March 31, 2024 and 2023, 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): March 31, December 31, 2024 2023 United States $ 67,375 $ 66,335 Ireland 22,564 18,658 Mexico 12,167 12,835 International (1) 21,123 26,516 Total property and equipment, net and operating lease right-of-use assets $ 123,229 $ 124,344 (1) Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In April 2024, we granted 15,731,546 RSUs with an aggregate grant-date fair value of $527.6 million, which we expect to recognize as share-based compensation expense over a weighted-average period of 2.8 years. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (24,812) | $ (208,579) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Andrea Acosta [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On March 14, 2024, Andrea Acosta , our Chief Accounting Officer , adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1(c)”) to sell, between June 10, 2024 and December 31, 2024 up to the total number of shares of our Class A common stock to be issued to Ms. Acosta after the satisfaction of applicable taxes following the vesting and settlement of 41,574 restricted stock units. |
Name | Andrea Acosta |
Title | Chief Accounting Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | March 14, 2024 |
Arrangement Duration | 204 days |
Aggregate Available | 41,574 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). |
Consolidation | We have eliminated all intercompany balances and transactions. |
Reclassifications | Reclassifications |
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, leases, 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 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 loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs, to the extent these are dilutive. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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): March 31, 2024 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,332,610 $ — $ — $ 1,332,610 Commercial paper — 116,808 — 116,808 U.S. treasury securities 21,809 — — 21,809 Marketable securities: Corporate bonds — 457,432 — 457,432 Commercial paper — 257,031 — 257,031 U.S. treasury securities 250,212 — — 250,212 Certificates of deposit — 137,278 — 137,278 Non-U.S. government and supranational bonds — 9,013 — 9,013 U.S. agency bonds — 33,294 — 33,294 Prepaid expenses and other current assets: Certificates of deposit — 1,695 — 1,695 Restricted cash: Certificates of deposit — 4,054 — 4,054 December 31, 2023 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,032,675 $ — $ — $ 1,032,675 Commercial paper — 106,268 — 106,268 Certificates of deposit — 1,551 — 1,551 Corporate bonds — 859 — 859 Marketable securities: Corporate bonds — 427,957 — 427,957 Commercial paper — 201,145 — 201,145 U.S. treasury securities 336,356 — — 336,356 Certificates of deposit — 132,457 — 132,457 Non-U.S. government and supranational bonds — 8,983 — 8,983 U.S. agency bonds — 42,250 — 42,250 Prepaid expenses and other current assets: Certificates of deposit — 2,542 — 2,542 Restricted cash: Certificates of deposit — 4,054 — 4,054 |
Schedule of Fair Value of Marketable Securities by Contractual Maturity | The fair value of our marketable securities by contractual maturity is as follows (in thousands): March 31, 2024 Due in one year or less $ 848,270 Due after one to five years 295,990 Total $ 1,144,260 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | Stock option activity during the three months ended March 31, 2024, 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, 2023 13,043 $ 15.41 6.1 $ 282,197 Exercised (1,383) 12.15 Outstanding as of March 31, 2024 11,660 $ 15.79 6.2 $ 220,120 Exercisable as of March 31, 2024 6,314 $ 12.26 4.5 $ 141,485 (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. |
Schedule of Restricted Stock Unit Activity | RSU and RSA activity during the three months ended March 31, 2024, 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, 2023 45,099 $ 25.83 Granted 1,733 37.10 Released (6,300) 26.44 Forfeited (1,531) 25.71 Outstanding as of March 31, 2024 39,001 $ 26.23 |
Schedule of Share-Based Compensation Expense | Share-based compensation expense during the three months ended March 31, 2024 and 2023, was as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 2,948 $ 2,309 Research and development 102,355 94,265 Sales and marketing 24,989 19,189 General and administrative 32,181 27,359 Total share-based compensation $ 162,473 $ 143,122 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share | We calculated basic and diluted net loss per share as follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (21,725) $ (3,087) $ (181,226) $ (27,353) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 594,353 84,466 591,815 89,325 Net loss per share, basic and diluted $ (0.04) $ (0.04) $ (0.31) $ (0.31) |
Schedule of Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share | We excluded the following weighted-average potential shares of common stock from our calculation of diluted net loss per share because these would be anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Outstanding stock options 12,397 15,225 Unvested restricted stock units and restricted stock awards 43,486 53,246 Total 55,883 68,471 |
Geographical Information (Table
Geographical Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Revenue Disaggregated by Geography | Revenue disaggregated by geography based on our customers’ billing addresses was as follows (in thousands): Three Months Ended March 31, 2024 2023 U.S. and Canada (1) $ 546,584 $ 471,821 Europe (2) 124,042 97,388 Rest of World 69,357 33,372 Total revenue $ 739,983 $ 602,581 (1) United States revenue was $522.6 million and $449.0 million for the three months ended March 31, 2024 and 2023, 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. |
Schedule of 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): March 31, December 31, 2024 2023 United States $ 67,375 $ 66,335 Ireland 22,564 18,658 Mexico 12,167 12,835 International (1) 21,123 26,516 Total property and equipment, net and operating lease right-of-use assets $ 123,229 $ 124,344 (1) Other than the United States, Ireland and Mexico, no other country 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 1,144,260 | |
Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 457,432 | $ 427,957 |
Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 257,031 | 201,145 |
Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 250,212 | 336,356 |
Recurring | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 137,278 | 132,457 |
Prepaid expenses and other current assets | 1,695 | 2,542 |
Restricted cash | 4,054 | 4,054 |
Recurring | Non-U.S. government and supranational bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,013 | 8,983 |
Recurring | U.S. agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 33,294 | 42,250 |
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 | 250,212 | 336,356 |
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 |
Restricted cash | 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 | U.S. agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Level 2 | Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 457,432 | 427,957 |
Level 2 | Recurring | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 257,031 | 201,145 |
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 | 137,278 | 132,457 |
Prepaid expenses and other current assets | 1,695 | 2,542 |
Restricted cash | 4,054 | 4,054 |
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 | 9,013 | 8,983 |
Level 2 | Recurring | U.S. agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 33,294 | 42,250 |
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 |
Restricted cash | 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 | 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 | 1,332,610 | 1,032,675 |
Money market funds | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,332,610 | 1,032,675 |
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 | 116,808 | 106,268 |
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 | 116,808 | 106,268 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Certificates of deposit | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,551 | |
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 | 1,551 | |
Certificates of deposit | 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 | 859 | |
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 | 859 | |
Corporate bonds | 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 | 21,809 | |
U.S. treasury securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 21,809 | |
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 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Fair Value of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Fair Value Disclosures [Abstract] | |
Due in one year or less | $ 848,270 |
Due after one to five years | 295,990 |
Total | $ 1,144,260 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Apr. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Minimum required purchases | $ 1,598.2 | $ 3,250 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 16, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant-date fair value of stock options vested | $ 6.3 | $ 7.1 | |
Aggregate intrinsic value of stock options exercised | 33.9 | $ 22.5 | |
Unrecognized share-based compensation expense | $ 991.6 | ||
Weighted-average recognition period for unrecognized share-based compensation expense | 2 years 1 month 6 days | ||
Stock Repurchase Program , September 2023 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized share repurchase amount | $ 1,000 | ||
Stock remaining available for repurchases | $ 1,000 | ||
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) | 181,885,320 | ||
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 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Shares | ||
Beginning balance (in shares) | 13,043 | |
Exercised (in shares) | (1,383) | |
Ending balance (in shares) | 11,660 | 13,043 |
Exercisable (in shares) | 6,314 | |
Weighted-Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 15.41 | |
Exercised (in dollars per share) | 12.15 | |
Ending balance (in dollars per share) | 15.79 | $ 15.41 |
Exercisable (in dollars per share) | $ 12.26 | |
Weighted-Average Remaining Contractual Term, Outstanding | 6 years 2 months 12 days | 6 years 1 month 6 days |
Weighted-Average Remaining Contractual Term, Exercisable | 4 years 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 220,120 | $ 282,197 |
Aggregate Intrinsic Value, Exercisable | $ 141,485 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 45,099 |
Granted (in shares) | shares | 1,733 |
Released (in shares) | shares | (6,300) |
Forfeited (in shares) | shares | (1,531) |
Ending balance (in shares) | shares | 39,001 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 25.83 |
Granted (in dollars per share) | $ / shares | 37.10 |
Released (in dollars per share) | $ / shares | 26.44 |
Forfeited (in dollars per share) | $ / shares | 25.71 |
Ending balance (in dollars per share) | $ / shares | $ 26.23 |
Stockholders' Equity - Share-ba
Stockholders' Equity - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | $ 162,473 | $ 143,122 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | 2,948 | 2,309 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | 102,355 | 94,265 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | 24,989 | 19,189 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share based compensation expense | $ 32,181 | $ 27,359 |
Net Loss Per Share - Calculatio
Net 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Denominator: | ||
Weighted-average shares used in computing net loss per share, basic (in shares) | 678,819 | 681,140 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 678,819 | 681,140 |
Net loss per share, basic (in dollars per share) | $ (0.04) | $ (0.31) |
Net loss per share, diluted (in dollars per share) | $ (0.04) | $ (0.31) |
Class A | ||
Numerator: | ||
Net loss, basic | $ (21,725) | $ (181,226) |
Net loss, diluted | $ (21,725) | $ (181,226) |
Denominator: | ||
Weighted-average shares used in computing net loss per share, basic (in shares) | 594,353 | 591,815 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 594,353 | 591,815 |
Net loss per share, basic (in dollars per share) | $ (0.04) | $ (0.31) |
Net loss per share, diluted (in dollars per share) | $ (0.04) | $ (0.31) |
Class B | ||
Numerator: | ||
Net loss, basic | $ (3,087) | $ (27,353) |
Net loss, diluted | $ (3,087) | $ (27,353) |
Denominator: | ||
Weighted-average shares used in computing net loss per share, basic (in shares) | 84,466 | 89,325 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 84,466 | 89,325 |
Net loss per share, basic (in dollars per share) | $ (0.04) | $ (0.31) |
Net loss per share, diluted (in dollars per share) | $ (0.04) | $ (0.31) |
Net Loss Per Share - Weighted-A
Net 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted-average anti-dilutive shares of common stock (in shares) | 55,883 | 68,471 |
Outstanding stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted-average anti-dilutive shares of common stock (in shares) | 12,397 | 15,225 |
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) | 43,486 | 53,246 |
Geographical Information (Detai
Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 739,983 | $ 602,581 | |
Total property and equipment, net and operating lease right-of-use assets | 123,229 | $ 124,344 | |
U.S. and Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 546,584 | 471,821 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 124,042 | 97,388 | |
Rest of World | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 69,357 | 33,372 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 522,600 | $ 449,000 | |
Total property and equipment, net and operating lease right-of-use assets | 67,375 | 66,335 | |
Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net and operating lease right-of-use assets | 22,564 | 18,658 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net and operating lease right-of-use assets | 12,167 | 12,835 | |
International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net and operating lease right-of-use assets | $ 21,123 | $ 26,516 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | ||
Weighted-average recognition period for unrecognized share-based compensation expense | 2 years 1 month 6 days | |
Subsequent Event | Unvested restricted stock units and restricted stock awards | ||
Subsequent Event [Line Items] | ||
Granted (in shares) | 15,731,546 | |
Aggregate grant-date fair value | $ 527.6 | |
Weighted-average recognition period for unrecognized share-based compensation expense | 2 years 9 months 18 days |