Pinterest (PINS) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document Information [Line Items]
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Registrant Name	Pinterest, Inc.
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Central Index Key	0001506293
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		154,489,397
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		388,221,025

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,408,739	$ 122,509
Marketable securities	442,009	505,304
Accounts receivable, net of allowances of $2,533 and $3,097 as of June 30, 2019 and December 31, 2018, respectively	202,957	221,932
Prepaid expenses and other current assets	52,711	39,607
Total current assets	2,106,416	889,352
Property and equipment, net	84,612	81,512
Operating lease right-of-use assets	153,618	145,203
Goodwill and intangible assets, net	15,364	14,071
Restricted cash	23,315	11,724
Other assets	3,851	10,869
Total assets	2,387,176	1,152,731
Current liabilities:
Accounts payable	30,524	22,169
Accrued expenses and other current liabilities	109,373	86,258
Operating lease liabilities	139,897	108,427
Operating lease liabilities	155,847	151,395
Other liabilities	18,192	22,073
Total liabilities	313,936	281,895
Commitments and contingencies
Redeemable convertible preferred stock, $0.00001 par value; no shares authorized, issued or outstanding as of June 30, 2019; 928,676 shares authorized, 308,373 shares issued and outstanding as of December 31, 2018	0	1,465,399
Stockholders’ equity (deficit):
Common stock	0	1
Additional paid-in capital	4,118,988	252,212
Accumulated other comprehensive income (loss)	523	(1,421)
Accumulated deficit	(2,046,276)	(845,355)
Total stockholders’ equity (deficit)	2,073,240	(594,563)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	2,387,176	1,152,731
Class A and B common stock
Stockholders’ equity (deficit):
Common stock	5	0
Class B common stock
Stockholders’ equity (deficit):
Common stock	$ 5	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Allowances	$ 2,533	$ 3,097
Redeemable convertible preferred stock, Par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, Shares authorized (in shares)	0	928,676,000
Redeemable convertible preferred stock, Shares issued (in shares)	0	308,373,000
Redeemable convertible preferred stock, Shares outstanding (in shares)	0	308,373,000
Common Stock, Par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares authorized (in shares)	0	1,932,500,000
Common Stock, Shares issued (in shares)	0	127,298,000
Common Stock, Shares outstanding (in shares)	0	127,298,000
Class A common stock
Common Stock, Par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares authorized (in shares)	6,666,667,000	0
Common Stock, Shares issued (in shares)	127,017,000	0
Common Stock, Shares outstanding (in shares)	127,017,000	0
Class B common stock
Common Stock, Par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Stock, Shares authorized (in shares)	1,333,333,000	0
Common Stock, Shares issued (in shares)	415,688,000	0
Common Stock, Shares outstanding (in shares)	415,688,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 261,249	$ 161,192	$ 463,160	$ 292,551
Costs and expenses:
Cost of revenue	105,415	57,974	179,109	109,627
Research and development	801,879	61,604	874,323	121,651
Sales and marketing	296,919	65,148	373,313	120,922
General and administrative	224,179	17,834	248,384	36,701
Total costs and expenses	1,428,392	202,560	1,675,129	388,901
Loss from operations	(1,167,143)	(41,368)	(1,211,969)	(96,350)
Other income (expense), net:
Interest income	8,127	3,187	12,186	5,825
Interest expense and other income (expense), net	(448)	(214)	(948)	(456)
Loss before provision for income taxes	(1,159,464)	(38,395)	(1,200,731)	(90,981)
Provision for income taxes	37	12	190	135
Net loss	$ (1,159,501)	$ (38,407)	$ (1,200,921)	$ (91,116)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (2.62)	$ (0.30)	$ (4.20)	$ (0.72)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	443,340	127,011	285,955	126,934

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,159,501)	$ (38,407)	$ (1,200,921)	$ (91,116)
Other comprehensive income (loss), net of taxes:
Change in unrealized gain (loss) on available-for-sale marketable securities	745	269	1,934	(858)
Change in foreign currency translation adjustment	9	(220)	10	(152)
Comprehensive loss	$ (1,158,747)	$ (38,358)	$ (1,198,977)	$ (92,126)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance, shares (in shares) at Dec. 31, 2017	308,373,000
Beginning balance at Dec. 31, 2017	$ 1,465,399
Ending balance at Jun. 30, 2018	308,373,000
Ending balance at Jun. 30, 2018	$ 1,465,399
Beginning balance (in shares) at Dec. 31, 2017		126,771,000
Beginning balance at Dec. 31, 2017	(546,464)	$ 1	$ 236,682	$ (766)	$ (782,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for cash upon exercise of stock options, net (in shares)		339,000
Issuance of common stock for cash upon exercise of stock options, net	861		861
Share-based compensation expense	8,793		8,793
Other comprehensive income (loss)	(1,010)			(1,010)
Net loss	(91,116)				(91,116)
Ending balance (in shares) at Jun. 30, 2018		127,110,000
Ending balance at Jun. 30, 2018	$ (628,936)	$ 1	246,336	(1,776)	(873,497)
Beginning balance, shares (in shares) at Mar. 31, 2018	308,373,000
Beginning balance at Mar. 31, 2018	$ 1,465,399
Ending balance at Jun. 30, 2018	308,373,000
Ending balance at Jun. 30, 2018	$ 1,465,399
Beginning balance (in shares) at Mar. 31, 2018		126,911,000
Beginning balance at Mar. 31, 2018	(594,963)	$ 1	241,951	(1,825)	(835,090)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for cash upon exercise of stock options, net (in shares)		199,000
Issuance of common stock for cash upon exercise of stock options, net	426		426
Share-based compensation expense	3,959		3,959
Other comprehensive income (loss)	49			49
Net loss	(38,407)				(38,407)
Ending balance (in shares) at Jun. 30, 2018		127,110,000
Ending balance at Jun. 30, 2018	$ (628,936)	$ 1	246,336	(1,776)	(873,497)
Beginning balance, shares (in shares) at Dec. 31, 2018	308,373,000
Beginning balance at Dec. 31, 2018	$ 1,465,399
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering (in shares)	(308,373,000)
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering	$ (1,465,399)
Ending balance at Jun. 30, 2019	0
Ending balance at Jun. 30, 2019	$ 0
Beginning balance (in shares) at Dec. 31, 2018		127,298,000
Beginning balance at Dec. 31, 2018	(594,563)	$ 1	252,212	(1,421)	(845,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units (in shares)		20,257,000
Shares repurchased for tax withholdings on release of restricted stock units (in shares)		0
Shares repurchased for tax withholdings on release of restricted stock units	(302,675)		(302,675)
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering (in shares)		308,622,000
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering	1,470,077	$ 3	1,470,074
Issuance of common stock in connection with initial public offering net of underwriters' discounts and commissions and offering costs (in shares)		86,250,000
Issuance of common stock in connection with initial public offering net of underwriters' discounts and commissions and offering costs	$ 1,563,383	$ 1	1,563,382
Issuance of common stock for cash upon exercise of stock options, net (in shares)	277,000	277,000
Issuance of common stock for cash upon exercise of stock options, net	$ 702		702
Share-based compensation expense	1,135,293		1,135,293
Other comprehensive income (loss)	1,944			1,944
Net loss	(1,200,921)				(1,200,921)
Ending balance (in shares) at Jun. 30, 2019		542,704,000
Ending balance at Jun. 30, 2019	$ 2,073,240	$ 5	4,118,988	523	(2,046,276)
Beginning balance, shares (in shares) at Mar. 31, 2019	308,373,000
Beginning balance at Mar. 31, 2019	$ 1,465,399
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering (in shares)	(308,373,000)
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering	$ (1,465,399)
Ending balance at Jun. 30, 2019	0
Ending balance at Jun. 30, 2019	$ 0
Beginning balance (in shares) at Mar. 31, 2019		127,371,000
Beginning balance at Mar. 31, 2019	(633,989)	$ 1	253,016	(231)	(886,775)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Release of restricted stock units (in shares)		20,257,000
Shares repurchased for tax withholdings on release of restricted stock units (in shares)		0
Shares repurchased for tax withholdings on release of restricted stock units	(302,675)		(302,675)
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering (in shares)		308,622,000
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering	1,470,077	$ 3	1,470,074
Issuance of common stock in connection with initial public offering net of underwriters' discounts and commissions and offering costs (in shares)		86,250,000
Issuance of common stock in connection with initial public offering net of underwriters' discounts and commissions and offering costs	1,563,383	$ 1	1,563,382
Issuance of common stock for cash upon exercise of stock options, net (in shares)		204,000
Issuance of common stock for cash upon exercise of stock options, net	592		592
Share-based compensation expense	1,134,599		1,134,599
Other comprehensive income (loss)	754			754
Net loss	(1,159,501)				(1,159,501)
Ending balance (in shares) at Jun. 30, 2019		542,704,000
Ending balance at Jun. 30, 2019	$ 2,073,240	$ 5	$ 4,118,988	$ 523	$ (2,046,276)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net loss	$ (1,200,921)	$ (91,116)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,203	10,298
Share-based compensation	1,135,293	8,793
Other	(2,713)	1,287
Changes in assets and liabilities:
Accounts receivable	19,615	14,599
Prepaid expenses and other assets	(6,174)	11,303
Operating lease right-of-use assets	14,040	9,063
Accounts payable	7,189	3,286
Accrued expenses and other liabilities	15,310	10,704
Operating lease liabilities	(10,217)	(7,044)
Net cash used in operating activities	(16,375)	(28,827)
Investing activities
Purchases of property and equipment and intangible assets	(11,914)	(13,585)
Purchases of marketable securities	(159,315)	(298,425)
Sales of marketable securities	60,239	42,392
Maturities of marketable securities	166,288	338,028
Net cash provided by investing activities	55,298	68,410
Financing activities
Proceeds from initial public offering, net of underwriters' discounts and commissions	1,573,200	0
Proceeds from exercise of stock options, net	702	861
Shares repurchased for tax withholdings on release of restricted stock units	(302,675)	0
Payment of deferred offering costs and other financing activities	(10,103)	0
Net cash provided by financing activities	1,261,124	861
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(17)	(110)
Net increase in cash, cash equivalents, and restricted cash	1,300,030	40,334
Cash, cash equivalents, and restricted cash, beginning of period	135,290	83,969
Cash, cash equivalents, and restricted cash, end of period	1,435,320	124,303
Supplemental cash flow information
Accrued property and equipment	4,618	4,283
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 23,381	$ 2,912

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets
Cash and cash equivalents	$ 1,408,739	$ 112,472
Restricted cash included in prepaid expenses and other current assets	3,266	851
Restricted cash	23,315	10,980
Total cash, cash equivalents, and restricted cash	$ 1,435,320	$ 124,303

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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 advertising 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, 2018 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, 2018 , which are included in our prospectus filed pursuant to Rule 424(b) on April 18, 2019. 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, 2019 . Initial Public Offering On April 23, 2019, we closed our initial public offering ("IPO") in which we issued and sold 75,000,000 shares of Class A common stock at $19.00 per share. We received net proceeds of $1,368.0 million after deducting underwriting discounts and commissions and before deducting offering costs of $9.8 million . Immediately prior to the completion of our IPO, all shares of our outstanding redeemable convertible preferred stock and redeemable convertible preferred stock warrants converted into 308,621,636 shares of Class B common stock on a one -for-one basis, and immediately thereafter but still prior to the completion of our IPO, all of our outstanding common stock were reclassified into 456,213,756 shares of Class B common stock on a one -for-one basis. On April 29, 2019, we issued and sold an additional 11,250,000 shares of Class A common stock at $19.00 per share pursuant to the underwriters’ option to purchase additional shares. We received additional net proceeds of $205.2 million after deducting underwriting discounts and commissions. Upon pricing our IPO, the performance condition for restricted stock units ("RSUs") granted under our 2009 Stock Plan (the "2009 Plan") was deemed satisfied, and we recorded cumulative share-based compensation expense for those RSUs for which the service condition had been satisfied at that date. For the three and six months ended June 30, 2019 , we recorded total share-based compensation expense of $1,134.6 million and $1,135.3 million , respectively, as compared to $4.0 million and $8.8 million for the three and six months ended June 30, 2018 , respectively. Stock Split On March 28, 2019, we effected a 1-for-3 reverse split of our capital stock. We have adjusted all share and per share amounts in the accompanying condensed consolidated financial statements and notes to reflect the reverse stock split. 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, common stock prior to our IPO and 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. Segments We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources. Revenue Recognition We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click (“CPC”) basis or views an ad contracted on a cost per thousand impressions (“CPM”) basis. We typically bill customers on a CPC or CPM basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant. We occasionally offer customers free ad inventory or measurement studies that demonstrate the effectiveness of their advertising campaigns on our platform. In either case, we recognize revenue only after satisfying our contractual performance obligation. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click or impression or based on expected cost plus margin, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year. We record sales commissions in sales and marketing expense as incurred because we would amortize these over a period of less than one year. Deferred revenue was not material as of June 30, 2019 and December 31, 2018 . Share-Based Compensation We have granted RSUs since March 2015. We measure RSUs based on the fair market value of our common stock on the grant date. RSUs granted under our 2009 Plan are subject to both a service condition, which is typically satisfied over four years , and a performance condition, which was deemed satisfied upon the pricing of our IPO. We did not record any share-based compensation expense for our RSUs prior to our IPO because the performance condition had not yet been satisfied. Upon pricing our IPO, we recorded cumulative share-based compensation expense using the accelerated attribution method for those RSUs granted under our 2009 Plan for which the service condition had been satisfied at that date. We will record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period. RSUs granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are subject only to a service condition, which is typically satisfied over four years . We record share-based compensation expense on these RSUs on a straight-line basis over the requisite service period. We account for forfeitures as they occur. Valuation of Common Stock and Redeemable Convertible Preferred Stock Warrants Until our IPO, we determined the fair value of our common stock and redeemable convertible preferred stock warrants using the most observable inputs available to us, including recent sales of our stock as well as income and market valuation approaches. The income approach estimates the value of our business based on the future cash flows we expect to generate discounted to their present value using an appropriate discount rate to reflect the risk of achieving the expected cash flows. The market approach estimates the value of our business by applying valuation multiples derived from the observed valuation multiples of comparable public companies to our expected financial results. We used the Probability Weighted Expected Return Method ("PWERM") to allocate the value of our business among our outstanding stock and share-based awards. We applied the PWERM by first defining the range of potential future liquidity outcomes for our business, such as an IPO, and then allocating its value to our outstanding stock and share-based awards based on the relative probability that each outcome will occur. We used the Option Pricing Method to allocate the value of our business to our outstanding stock and share-based awards under the non-IPO outcome we considered within the PWERM. Applying these valuation and allocation approaches involved the use of estimates, judgments, and assumptions that are highly complex and subjective, such as those regarding our expected future revenue, expenses, and cash flows, discount rates, valuation multiples, the selection of comparable public companies, and the probability of future events. Changes in any or all of these estimates and assumptions, or the relationships between these assumptions, impacted our valuation as of each valuation date and may have a material impact on the valuation of our common stock and redeemable convertible preferred stock warrants. Following our IPO, there is an active market for our Class A common stock and the warrants to purchase shares of our redeemable convertible preferred stock are no longer outstanding, so we no longer apply these valuation and allocation approaches. Leases and Operating Lease Incremental Borrowing Rate We lease office space under operating leases with expiration dates through 2033 . We determine whether an arrangement constitutes a lease and record lease liabilities and right-of-use assets on our condensed consolidated balance sheets at lease commencement. We measure lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or our incremental borrowing rate, which is the estimated rate we would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own. We measure right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs we incur and (iii) tenant incentives under the lease. We begin recognizing rent expense when the lessor makes the underlying asset available to us, we do not assume renewals or early terminations unless we are reasonably certain to exercise these options at commencement, and we do not allocate consideration between lease and non-lease components. For short-term leases, we record rent expense in our condensed consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands): June 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 41,707 $ — $ 41,707 Money market funds 1,001,067 — — 1,001,067 Marketable securities: Corporate bonds — 203,309 — 203,309 Asset-backed securities — 97,397 — 97,397 Certificates of deposit — 40,721 — 40,721 Commercial paper — 80,541 — 80,541 U.S. treasury securities 20,041 — — 20,041 Prepaid expenses and other current assets: Certificates of deposit — 3,266 — 3,266 Restricted cash: Certificates of deposit $ — $ 23,315 $ — $ 23,315 December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 785 $ — $ — $ 785 Commercial paper — 73,486 — 73,486 Marketable securities: Corporate bonds — 204,170 — 204,170 U.S. treasury securities 35,921 — — 35,921 Asset-backed securities — 106,658 — 106,658 Certificates of deposit — 68,359 — 68,359 Commercial paper — 90,196 — 90,196 Prepaid expenses and other current assets: Certificates of deposit — 1,057 — 1,057 Restricted cash: Certificates of deposit — 11,724 — 11,724 Other liabilities: Redeemable convertible preferred stock warrants $ — $ — $ 4,934 $ 4,934 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. We classify our redeemable convertible preferred stock warrants within Level 3 because we determine their fair values using significant unobservable inputs, including the fair value of our redeemable convertible preferred stock, which we determine in the same manner as our common stock. Refer to our significant accounting policies in Note 1 for additional information. We record changes in the fair value of our redeemable convertible preferred stock warrants in interest expense and other income (expense), net. These amounts were not material for the three and six months ended June 30, 2019 and 2018 . Gross unrealized gains and losses on our marketable securities were immaterial in the aggregate as of June 30, 2019 and December 31, 2018 , and gross unrealized losses for marketable securities that had been in an unrealized loss position for greater than 12 consecutive months were also immaterial as of June 30, 2019 and December 31, 2018 . We evaluated all available evidence and concluded that our marketable securities are not other than temporarily impaired as of June 30, 2019 and December 31, 2018 . The fair value of our marketable securities by contractual maturity is as follows (in thousands): June 30, 2019 Due in one year or less $ 293,904 Due after one to five years 148,105 Total $ 442,009 Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In March 2019, we entered into a lease for approximately 490,000 square feet of office space to be constructed near our current headquarters campus in San Francisco, California. The estimated commencement and expiration dates are in 2022 and 2033 , respectively. We may terminate the lease prior to commencement if certain contingencies are not satisfied. We will be subject to total noncancelable minimum lease payments of approximately $420.0 million if these contingencies are met, and if the lease commences we will record a right-of-use asset and related lease liability of no more than that amount at lease commencement using our incremental borrowing rate at that date. 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 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. Letters of Credit We had $24.4 million and $10.6 million of secured letters of credit outstanding as of June 30, 2019 and December 31, 2018 , respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in prepaid expenses and other current assets or restricted cash in our condensed consolidated balance sheets based on the term of the remaining restriction.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation Equity Incentive Plan In June 2009, our board of directors adopted and approved our 2009 Plan, which provides for the issuance of stock options, restricted stock and RSUs to qualified employees, directors and consultants. Stock options granted under our 2009 Stock Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years . No shares of our common stock were reserved for future issuance under our 2009 Plan as of June 30, 2019 . Our 2019 Plan became effective upon closing of our IPO and succeeds our 2009 Plan. Our 2019 Plan provides for the issuance of stock options, restricted stock, 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. 82,666,620 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 30, 2019 . 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 as of the closing of our IPO 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, commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. Stock Option Activity Stock option activity during the six months ended June 30, 2019 , 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, 2018 76,635 $ 2.22 4.5 $ 1,285,338 Exercised (277) 2.53 Forfeited (16) 4.04 Outstanding as of June 30, 2019 76,342 $ 2.22 4.0 $ 1,908,813 Exercisable as of June 30, 2019 76,320 $ 2.21 4.0 $ 1,906,231 (1) We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date. The total grant-date fair value of stock options vested during the six months ended June 30, 2019 and 2018 , was $1.9 million and $11.2 million , respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2019 and 2018 , was $5.6 million and $5.4 million , respectively. Restricted Stock Unit Activity RSU activity during the six months ended June 30, 2019 , was as follows (in thousands, except per share amounts): Restricted Stock Units Outstanding Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 77,882 $ 17.79 Granted 29,682 19.62 Released (36,187) 17.14 Forfeited (3,916) 14.63 Outstanding at June 30, 2019 67,461 $ 19.13 Share-Based Compensation Share-based compensation expense during the three and six months ended June 30, 2019 and 2018 , was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cost of revenue $ 28,157 $ 20 $ 28,172 $ 52 Research and development 709,996 3,608 710,622 7,662 Sales and marketing 202,128 352 202,157 593 General and administrative 194,318 (21 ) 194,342 486 Total share-based compensation $ 1,134,599 $ 3,959 $ 1,135,293 $ 8,793 As of June 30, 2019 , we had $762.3 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 3.5 years.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders We present net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities, and we consider all series of our redeemable convertible preferred stock participating securities. We have not allocated net loss attributable to common stockholders to our redeemable convertible preferred stock because the holders of our redeemable convertible preferred stock are not contractually obligated to share in our losses. We calculate basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of our redeemable convertible preferred stock and redeemable convertible preferred stock warrants, stock options, RSUs and common stock warrants to the extent these are dilutive. We calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Class A Class B Common Class A Class B Common Numerator: Net loss attributable to common stockholders $ (189,368 ) $ (970,133 ) $ (38,407 ) $ (151,947 ) $ (1,048,974 ) $ (91,116 ) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 72,406 370,934 127,011 36,180 249,775 126,934 Net loss per share attributable to common stockholders, basic and diluted $ (2.62 ) $ (2.62 ) $ (0.30 ) $ (4.20 ) $ (4.20 ) $ (0.72 ) 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 attributable to common stockholders because these would be anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Redeemable convertible preferred stock 74,552 308,373 190,816 308,373 Outstanding stock options 76,424 76,950 76,505 77,144 Unvested restricted stock units 73,555 66,730 77,708 62,611 Redeemable convertible preferred stock warrants 60 136 154 113 Common stock warrants — 167 — 167 Total 224,591 452,356 345,183 448,408

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
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 and state net operating losses and credits. Income taxes from international operations are not material for the three and six months ended June 30, 2019 and 2018 . On June 7, 2019, a three-judge panel from the U.S. Court of Appeals for the Ninth Circuit overturned the U.S. Tax Court's decision in Altera Corp. v. Commissioner and upheld the portion of Section 482 of the Internal Revenue Code that requires related parties in a cost-sharing arrangement to share expenses related to share-based compensation. As a result of this decision, our gross unrecognized tax benefits increased by $16.8 million to reflect the impact of including share-based compensation in cost-sharing arrangements. Recognizing our gross unrecognized tax benefits would not affect our effective tax rate as their recognition would be offset by the reversal of related deferred tax assets, which are subject to a full valuation allowance. On July 22, 2019, Altera filed a petition for a rehearing before the full Ninth Circuit. We will continue to monitor future developments and their potential effects on our condensed consolidated financial statements.

Geographical Information

Geographical Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Geographical Information	Geographical Information Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 United States $ 231,770 $ 150,206 $ 413,532 $ 271,588 International (1) 29,479 10,986 49,628 20,963 Total revenue $ 261,249 $ 161,192 $ 463,160 $ 292,551 (1) No individual country other than the United States exceeded 10% of our total revenue for any period presented. Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands): June 30, December 31, 2019 2018 United States $ 229,438 $ 222,188 International (1) 8,792 4,527 Total property and equipment, net and operating lease right-of-use assets $ 238,230 $ 226,715 (1) No individual country other than the United States exceeded 10% of our total property and equipment, net for any period presented.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
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, 2018 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, 2018 , which are included in our prospectus filed pursuant to Rule 424(b) on April 18, 2019. 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, 2019 .
Basis of Presentation	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, 2018 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, 2018 , which are included in our prospectus filed pursuant to Rule 424(b) on April 18, 2019. 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, 2019 .
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, common stock prior to our IPO and 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.
Segments	We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer, who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources.
Revenue Recognition	We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click (“CPC”) basis or views an ad contracted on a cost per thousand impressions (“CPM”) basis. We typically bill customers on a CPC or CPM basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant. We occasionally offer customers free ad inventory or measurement studies that demonstrate the effectiveness of their advertising campaigns on our platform. In either case, we recognize revenue only after satisfying our contractual performance obligation. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click or impression or based on expected cost plus margin, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year. We record sales commissions in sales and marketing expense as incurred because we would amortize these over a period of less than one year.
Share-Based Compensation	We have granted RSUs since March 2015. We measure RSUs based on the fair market value of our common stock on the grant date. RSUs granted under our 2009 Plan are subject to both a service condition, which is typically satisfied over four years , and a performance condition, which was deemed satisfied upon the pricing of our IPO. We did not record any share-based compensation expense for our RSUs prior to our IPO because the performance condition had not yet been satisfied. Upon pricing our IPO, we recorded cumulative share-based compensation expense using the accelerated attribution method for those RSUs granted under our 2009 Plan for which the service condition had been satisfied at that date. We will record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period. RSUs granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are subject only to a service condition, which is typically satisfied over four years . We record share-based compensation expense on these RSUs on a straight-line basis over the requisite service period. We account for forfeitures as they occur.
Valuation of Common Stock and Redeemable Convertible Preferred Stock Warrants	Until our IPO, we determined the fair value of our common stock and redeemable convertible preferred stock warrants using the most observable inputs available to us, including recent sales of our stock as well as income and market valuation approaches. The income approach estimates the value of our business based on the future cash flows we expect to generate discounted to their present value using an appropriate discount rate to reflect the risk of achieving the expected cash flows. The market approach estimates the value of our business by applying valuation multiples derived from the observed valuation multiples of comparable public companies to our expected financial results. We used the Probability Weighted Expected Return Method ("PWERM") to allocate the value of our business among our outstanding stock and share-based awards. We applied the PWERM by first defining the range of potential future liquidity outcomes for our business, such as an IPO, and then allocating its value to our outstanding stock and share-based awards based on the relative probability that each outcome will occur. We used the Option Pricing Method to allocate the value of our business to our outstanding stock and share-based awards under the non-IPO outcome we considered within the PWERM. Applying these valuation and allocation approaches involved the use of estimates, judgments, and assumptions that are highly complex and subjective, such as those regarding our expected future revenue, expenses, and cash flows, discount rates, valuation multiples, the selection of comparable public companies, and the probability of future events. Changes in any or all of these estimates and assumptions, or the relationships between these assumptions, impacted our valuation as of each valuation date and may have a material impact on the valuation of our common stock and redeemable convertible preferred stock warrants. Following our IPO, there is an active market for our Class A common stock and the warrants to purchase shares of our redeemable convertible preferred stock are no longer outstanding, so we no longer apply these valuation and allocation approaches.
Incremental Borrowing Rate	We lease office space under operating leases with expiration dates through 2033 . We determine whether an arrangement constitutes a lease and record lease liabilities and right-of-use assets on our condensed consolidated balance sheets at lease commencement. We measure lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or our incremental borrowing rate, which is the estimated rate we would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own. We measure right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs we incur and (iii) tenant incentives under the lease. We begin recognizing rent expense when the lessor makes the underlying asset available to us, we do not assume renewals or early terminations unless we are reasonably certain to exercise these options at commencement, and we do not allocate consideration between lease and non-lease components. For short-term leases, we record rent expense in our condensed consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value on a recurring basis	The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands): June 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 41,707 $ — $ 41,707 Money market funds 1,001,067 — — 1,001,067 Marketable securities: Corporate bonds — 203,309 — 203,309 Asset-backed securities — 97,397 — 97,397 Certificates of deposit — 40,721 — 40,721 Commercial paper — 80,541 — 80,541 U.S. treasury securities 20,041 — — 20,041 Prepaid expenses and other current assets: Certificates of deposit — 3,266 — 3,266 Restricted cash: Certificates of deposit $ — $ 23,315 $ — $ 23,315 December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 785 $ — $ — $ 785 Commercial paper — 73,486 — 73,486 Marketable securities: Corporate bonds — 204,170 — 204,170 U.S. treasury securities 35,921 — — 35,921 Asset-backed securities — 106,658 — 106,658 Certificates of deposit — 68,359 — 68,359 Commercial paper — 90,196 — 90,196 Prepaid expenses and other current assets: Certificates of deposit — 1,057 — 1,057 Restricted cash: Certificates of deposit — 11,724 — 11,724 Other liabilities: Redeemable convertible preferred stock warrants $ — $ — $ 4,934 $ 4,934
Fair value of our marketable securities by contractual maturity	The fair value of our marketable securities by contractual maturity is as follows (in thousands): June 30, 2019 Due in one year or less $ 293,904 Due after one to five years 148,105 Total $ 442,009

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	Stock option activity during the six months ended June 30, 2019 , 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, 2018 76,635 $ 2.22 4.5 $ 1,285,338 Exercised (277) 2.53 Forfeited (16) 4.04 Outstanding as of June 30, 2019 76,342 $ 2.22 4.0 $ 1,908,813 Exercisable as of June 30, 2019 76,320 $ 2.21 4.0 $ 1,906,231 (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 activity during the six months ended June 30, 2019 , was as follows (in thousands, except per share amounts): Restricted Stock Units Outstanding Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 77,882 $ 17.79 Granted 29,682 19.62 Released (36,187) 17.14 Forfeited (3,916) 14.63 Outstanding at June 30, 2019 67,461 $ 19.13
Schedule of share-based compensation	Share-based compensation expense during the three and six months ended June 30, 2019 and 2018 , was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Cost of revenue $ 28,157 $ 20 $ 28,172 $ 52 Research and development 709,996 3,608 710,622 7,662 Sales and marketing 202,128 352 202,157 593 General and administrative 194,318 (21 ) 194,342 486 Total share-based compensation $ 1,134,599 $ 3,959 $ 1,135,293 $ 8,793

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Basic and diluted net loss per share attributable to common stockholders	We calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Class A Class B Common Class A Class B Common Numerator: Net loss attributable to common stockholders $ (189,368 ) $ (970,133 ) $ (38,407 ) $ (151,947 ) $ (1,048,974 ) $ (91,116 ) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 72,406 370,934 127,011 36,180 249,775 126,934 Net loss per share attributable to common stockholders, basic and diluted $ (2.62 ) $ (2.62 ) $ (0.30 ) $ (4.20 ) $ (4.20 ) $ (0.72 )
Schedule of anti-dilutive shares	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 attributable to common stockholders because these would be anti-dilutive (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Redeemable convertible preferred stock 74,552 308,373 190,816 308,373 Outstanding stock options 76,424 76,950 76,505 77,144 Unvested restricted stock units 73,555 66,730 77,708 62,611 Redeemable convertible preferred stock warrants 60 136 154 113 Common stock warrants — 167 — 167 Total 224,591 452,356 345,183 448,408

Geographical Information (Table

Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Revenue disaggregated by geography	Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 United States $ 231,770 $ 150,206 $ 413,532 $ 271,588 International (1) 29,479 10,986 49,628 20,963 Total revenue $ 261,249 $ 161,192 $ 463,160 $ 292,551 (1) No individual country other than the United States exceeded 10% of our total revenue for any period presented.
Property and equipment, net by geography	Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands): June 30, December 31, 2019 2018 United States $ 229,438 $ 222,188 International (1) 8,792 4,527 Total property and equipment, net and operating lease right-of-use assets $ 238,230 $ 226,715 (1) No individual country other than the United States exceeded 10% of our total property and equipment, net for any period presented.

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 29, 2019	Apr. 23, 2019	Apr. 22, 2019	Jun. 30, 2019	Jun. 30, 2018
Subsidiary, Sale of Stock [Line Items]
Estimated offering costs				$ 10,103	$ 0
Class A common stock | IPO
Subsidiary, Sale of Stock [Line Items]
Shares sold (in shares)		75,000,000
Share price (in dollars per share)		$ 19
Net proceeds		$ 1,368,000
Estimated offering costs		$ 9,800
Class A common stock | Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares sold (in shares)	11,250,000
Share price (in dollars per share)	$ 19
Net proceeds	$ 205,200
Redeemable Convertible Preferred Stock And Redeemable Convertible Preferred Stock Warrants Converted | Class B common stock
Subsidiary, Sale of Stock [Line Items]
Shares converted (in shares)			1
Shares issued in conversion (in shares)			308,621,636
Common stock reclassified (in shares)			1
Common Stock Reclassified Into Class B Common Stock | Class B common stock
Subsidiary, Sale of Stock [Line Items]
Shares issued in conversion (in shares)			456,213,756

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Mar. 28, 2019	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)
Accounting Policies [Abstract]
Reverse stock split ratio	0.33
Number of operating segments | segment				1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 1,134,599	$ 3,959	$ 1,135,293	$ 8,793
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 1,134,600	$ 4,000	$ 1,135,300	$ 8,800
Service period				4 years

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 442,009
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	41,707	$ 73,486
Commercial paper | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Commercial paper | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	41,707	73,486
Commercial paper | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,001,067	785
Money market funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,001,067	785
Money market funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money market funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Corporate bonds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	203,309	204,170
Corporate bonds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Corporate bonds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	203,309	204,170
Corporate bonds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Asset-backed securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	97,397	106,658
Asset-backed securities | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Asset-backed securities | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	97,397	106,658
Asset-backed securities | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	40,721	68,359
Prepaid expenses and other current assets	3,266	1,057
Restricted cash	23,315	11,724
Certificates of deposit | Recurring | Level 1
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
Certificates of deposit | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	40,721	68,359
Prepaid expenses and other current assets	3,266	1,057
Restricted cash	23,315	11,724
Certificates of deposit | Recurring | Level 3
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
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	80,541	90,196
Commercial paper | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Commercial paper | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	80,541	90,196
Commercial paper | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. treasury securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	20,041	35,921
U.S. treasury securities | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	20,041	35,921
U.S. treasury securities | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. treasury securities | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	0
Redeemable convertible preferred stock warrants | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities		4,934
Redeemable convertible preferred stock warrants | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities		0
Redeemable convertible preferred stock warrants | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities		0
Redeemable convertible preferred stock warrants | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities		$ 4,934

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value Maturity (Details) $ in Thousands	Jun. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Due in one year or less	$ 293,904
Due after one to five years	148,105
Total	$ 442,009

Commitments and Contingencies (

Commitments and Contingencies (Details) ft² in Thousands, $ in Millions	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Area of office space (in sqft) | ft²		490
Noncancelable minimum lease payments not yet commenced		$ 420
Secured letters of credit outstanding	$ 24.4		$ 10.6

Share-Based Compensation - Equi

Share-Based Compensation - Equity Incentive Plan (Details)	6 Months Ended
	Jun. 30, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding shares, additional reserve	5.00%
2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	0
2009 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
2009 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
2019 Plan | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	82,666,620
2019 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Shares
Beginning balance (in shares) | shares	76,635
Exercised (in shares) | shares	(277)
Forfeited (in shares) | shares	(16)
Ending balance (in shares) | shares	76,342	76,635
Exercisable (in shares) | shares	76,320
Weighted-Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 2.22
Exercised (in dollars per share) | $ / shares	2.53
Forfeited (in dollars per share) | $ / shares	4.04
Ending balance (in dollars per share) | $ / shares	2.22	$ 2.22
Exercisable (in dollars per share) | $ / shares	$ 2.21
Weighted-Average Remaining Contractual Term, Outstanding	4 years	4 years 6 months
Weighted-Average Remaining Contractual Term, Exercisable	4 years
Aggregate Intrinsic Value, Outstanding | $	$ 1,908,813	$ 1,285,338
Aggregate Intrinsic Value, Exercisable | $	$ 1,906,231

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value of stock options vested	$ 1.9	$ 11.2
Aggregate intrinsic value of stock options exercised	5.6	$ 5.4
Pro Forma | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 762.3
Unrecognized share-based compensation expense, weighted average period	3 years 6 months

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Activity (Details) - RSUs shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Shares
Beginning balance (in shares) | shares	77,882
Granted (in shares) | shares	29,682
Released (in shares) | shares	(36,187)
Forfeited (in shares) | shares	(3,916)
Ending balance (in shares) | shares	67,461
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 17.79
Granted (in dollars per share) | $ / shares	19.62
Released (in dollars per share) | $ / shares	17.14
Forfeited (in dollars per share) | $ / shares	14.63
Ending balance (in dollars per share) | $ / shares	$ 19.13

Share-Based Compensation - Shar

Share-Based Compensation - Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 1,134,599	$ 3,959	$ 1,135,293	$ 8,793
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	28,157	20	28,172	52
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	709,996	3,608	710,622	7,662
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	202,128	352	202,157	593
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 194,318	$ (21)	$ 194,342	$ 486

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net loss attributable to common stockholders	$ (1,159,501)	$ (38,407)	$ (1,200,921)	$ (91,116)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	443,340	127,011	285,955	126,934
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (2.62)	$ (0.30)	$ (4.20)	$ (0.72)
Class A
Numerator:
Net loss attributable to common stockholders	$ (189,368)		$ (151,947)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	72,406		36,180
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (2.62)		$ (4.20)
Class B
Numerator:
Net loss attributable to common stockholders	$ (970,133)		$ (1,048,974)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	370,934		249,775
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (2.62)		$ (4.20)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Anti-dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	224,591	452,356	345,183	448,408
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	74,552	308,373	190,816	308,373
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	76,424	76,950	76,505	77,144
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	73,555	66,730	77,708	62,611
Redeemable convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	60	136	154	113
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	167	0	167

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Increase in unrecognized tax benefits	$ 16.8

Geographical Information (Detai

Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 261,249	$ 161,192	$ 463,160	$ 292,551
Total property and equipment, net and operating lease right-of-use assets	238,230		238,230		$ 226,715
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	231,770	150,206	413,532	271,588
Total property and equipment, net and operating lease right-of-use assets	229,438		229,438		222,188
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	29,479	$ 10,986	49,628	$ 20,963
Total property and equipment, net and operating lease right-of-use assets	$ 8,792		$ 8,792		$ 4,527