PINTEREST, INC., 10-K filed on 2/8/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 02, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 13.8
Documents Incorporated by Reference Portions of the registrant’s Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023.    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Entity Central Index Key 0001506293    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   595,211,750  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   83,771,609  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location San Francisco, California
v3.24.0.1
Consolidated balance sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,361,936 $ 1,611,063
Marketable securities 1,149,148 1,087,164
Accounts receivable, net of allowances of $10,635 and $12,672 as of December 31, 2023 and 2022, respectively 763,159 681,532
Prepaid expenses and other current assets 64,316 74,918
Total current assets 3,338,559 3,454,677
Property and equipment, net 32,225 59,575
Operating lease right-of-use assets 92,119 206,253
Goodwill and intangible assets, net 117,462 124,822
Other assets 14,040 17,403
Total assets 3,594,405 3,862,730
Current liabilities:    
Accounts payable 79,058 87,920
Accrued expenses and other current liabilities 238,032 292,611
Total current liabilities 317,090 380,531
Operating lease liabilities 160,616 178,694
Other liabilities 26,019 21,851
Total liabilities 503,725 581,076
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 591,663 and 593,918 shares issued and outstanding as of December 31, 2023 and 2022, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 86,355 and 89,284 shares issued and outstanding as of December 31, 2023 and 2022, respectively 7 7
Additional paid-in capital 5,241,954 5,407,724
Accumulated other comprehensive loss (1,013) (11,419)
Accumulated deficit (2,150,268) (2,114,658)
Total stockholders’ equity 3,090,680 3,281,654
Total liabilities and stockholders’ equity $ 3,594,405 $ 3,862,730
v3.24.0.1
Consolidated balance sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Allowances $ 10,635 $ 12,672
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) 591,663 593,918
Common stock, shares outstanding (in shares) 591,663 593,918
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) 86,355 89,284
Common stock, shares outstanding (in shares) 86,355 89,284
v3.24.0.1
Consolidated statements of operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 3,055,071 $ 2,802,574 $ 2,578,027
Costs and expenses:      
Cost of revenue 688,760 678,597 529,320
Research and development 1,068,416 948,980 780,264
Sales and marketing 911,166 933,133 641,279
General and administrative 512,407 343,541 300,977
Total costs and expenses 3,180,749 2,904,251 2,251,840
Income (loss) from operations (125,678) (101,677) 326,187
Interest income (expense), net 105,439 30,235 3,075
Other income (expense), net 3,799 (14,502) (8,291)
Income (loss) before provision for income taxes (16,440) (85,944) 320,971
Provision for income taxes 19,170 10,103 4,533
Net income (loss) $ (35,610) $ (96,047) $ 316,438
Net income (loss) per share:      
Basic (in dollars per share) $ (0.05) $ (0.14) $ 0.49
Diluted (in dollars per share) $ (0.05) $ (0.14) $ 0.46
Weighted-average shares used in computing net income (loss) per share:      
Basic (in shares) 674,641 665,732 640,030
Diluted (in shares) 674,641 665,732 691,651
v3.24.0.1
Consolidated statements of comprehensive income (loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (35,610) $ (96,047) $ 316,438
Other comprehensive income (loss), net of taxes:      
Change in unrealized gain (loss) on available-for-sale marketable securities 10,001 (8,334) (4,252)
Change in foreign currency translation adjustment 405 (904) (409)
Comprehensive income (loss) $ (25,204) $ (105,285) $ 311,777
v3.24.0.1
Consolidated statements of stockholders' equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020   626,372      
Beginning balance at Dec. 31, 2020 $ 2,242,371 $ 6 $ 4,574,934 $ 2,480 $ (2,335,049)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   21,944      
Release of restricted stock units and issuance of restricted stock awards, net 1 $ 1      
Issuance of common stock for cash upon exercise of stock options, net (in shares)   7,806      
Issuance of common stock for cash upon exercise of stock options, net 23,912   23,912    
Issuance of common stock related to charitable contributions (in shares)   750      
Issuance of common stock related to charitable contributions 45,300   45,300    
Share-based compensation 415,382   415,382    
Other comprehensive (loss) income (4,661)     (4,661)  
Net income (loss) 316,438       316,438
Ending balance (in shares) at Dec. 31, 2021   656,872      
Ending balance at Dec. 31, 2021 3,038,743 $ 7 5,059,528 (2,181) (2,018,611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   17,435      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (161,809)   (161,809)    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   8,895      
Issuance of common stock for cash upon exercise of stock options, net 12,882   12,882    
Share-based compensation 497,123   497,123    
Other comprehensive (loss) income (9,238)     (9,238)  
Net income (loss) (96,047)       (96,047)
Ending balance (in shares) at Dec. 31, 2022   683,202      
Ending 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)   12,776      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards $ (335,019)   (335,019)    
Issuance of common stock for cash upon exercise of stock options, net (in shares) 2,756 2,756      
Issuance of common stock for cash upon exercise of stock options, net $ 8,499   8,499    
Issuance of common stock related to charitable contributions (in shares)   500      
Issuance of common stock related to charitable contributions 12,890   12,890    
Repurchases of Class A common stock (in shares)   (21,216)      
Repurchases of Class A common stock (500,000)   (500,000)    
Share-based compensation 647,860   647,860    
Other comprehensive (loss) income 10,406     10,406  
Net income (loss) (35,610)       (35,610)
Ending balance (in shares) at Dec. 31, 2023   678,018      
Ending balance at Dec. 31, 2023 $ 3,090,680 $ 7 $ 5,241,954 $ (1,013) $ (2,150,268)
v3.24.0.1
Consolidated statements of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income (loss) $ (35,610) $ (96,047) $ 316,438
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 21,509 46,489 27,500
Share-based compensation 647,860 497,123 415,382
Non-cash charitable contributions 12,890 0 45,300
Impairment and abandonment charges for leases and leasehold improvements 117,315 0 0
Amortization (accretion) of investment premiums discount (21,897) (638) 5,908
Other (2,438) (13,251) 3,699
Changes in assets and liabilities:      
Accounts receivable (80,782) (28,856) (88,862)
Prepaid expenses and other assets 18,102 (30,214) (14,727)
Operating lease right-of-use assets 55,324 56,024 43,995
Accounts payable (9,261) 70,777 (33,451)
Accrued expenses and other liabilities (43,544) 20,627 82,435
Operating lease liabilities (66,507) (52,832) (50,710)
Net cash provided by operating activities 612,961 469,202 752,907
Investing activities      
Purchases of property and equipment and intangible assets (8,063) (28,984) (9,031)
Purchases of marketable securities (1,308,020) (1,028,480) (1,104,087)
Sales of marketable securities 35,850 7,417 274,654
Maturities of marketable securities 1,243,240 1,007,861 849,520
Acquisition of business, net of cash acquired 0 (86,059) (36,914)
Net cash used in investing activities (36,993) (128,245) (25,858)
Financing activities      
Proceeds from exercise of stock options, net 8,256 12,882 23,912
Repurchases of Class A common stock (500,000) 0 0
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (335,019) (161,809) 0
Payment of deferred offering costs and other financing activities 0 0 (1,750)
Net cash (used in) provided by financing activities (826,763) (148,927) 22,162
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,667 (1,434) (1,058)
Net increase in cash, cash equivalents and restricted cash (249,128) 190,596 748,153
Cash, cash equivalents and restricted cash, beginning of period 1,617,660 1,427,064 678,911
Cash, cash equivalents and restricted cash, end of period 1,368,532 1,617,660 1,427,064
Supplemental cash flow information      
Cash paid for income taxes, net 19,173 10,008 1,494
Non-cash investing and financing activities:      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 32,784 $ 31,515 $ 118,977
v3.24.0.1
Consolidated statements of cash flows (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents $ 1,361,936 $ 1,611,063 $ 1,419,630
Restricted cash included in prepaid expenses and other current assets 2,542 1,067 1,137
Restricted cash included in other assets 4,054 5,530 6,297
Total cash, cash equivalents and restricted cash $ 1,368,532 $ 1,617,660 $ 1,427,064
v3.24.0.1
Description of business and summary of significant accounting policies
 12 Months Ended
Dec. 31, 2023
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 consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of estimates
Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer ("CEO"), 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, views an ad contracted on a cost per thousand impressions ("CPM") or cost per day ("CPD") basis or views a video ad contracted on a cost per view ("CPV") basis. We recognize revenue over the service period for ads contracted on a CPD basis, which do not contain minimum impression guarantees. We typically bill customers on a CPC, CPM, CPV, or CPD basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. 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, impression or view, 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 as incurred because we would amortize these over a period of less than one year.
Deferred revenue was $15.3 million and $13.2 million as of December 31, 2023 and 2022, respectively.
Cost of revenue
Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, amortization of acquired intangible assets and allocated facilities and other supporting overhead costs.
Share-based compensation
Restricted stock units ("RSUs") granted under our 2009 Stock Plan (the "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 initial public offering ("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 record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period.
RSUs, restricted stock awards ("RSAs"), and stock options granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are generally subject only to a service condition, which is typically satisfied over two to four years. We record share-based compensation expense for these RSUs, RSAs and stock options on a straight-line basis over the requisite service period.
We measure RSUs and RSAs based on the fair market value of our common stock on the grant date and stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model. We record the resulting expense in our consolidated statements of operations over the requisite service period, which is generally four years, and we account for forfeitures as they occur.
Income taxes
We account for income taxes using the asset and liability method. We recognize deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities using the enacted statutory tax rates in effect for the years in which we expect the differences to reverse. We establish valuation allowances to reduce deferred tax assets to the amounts we believe it is more likely than not we will be able to realize. We recognize tax benefits from uncertain tax positions when we believe it is more likely than not that the tax position is sustainable on examination by tax authorities based on its technical merits. We recognize taxes on Global Intangible Low-Taxed Income as incurred.
Advertising expenses
We record advertising expenses as incurred and include these in sales and marketing in the consolidated statements of operations. Advertising expenses were $145.6 million, $139.7 million and $94.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Marketable securities
We invest in highly liquid corporate debt securities, U.S. treasury securities, asset-backed securities, U.S. government agency securities, municipal securities, non-U.S. government and supranational bonds and certificates of deposit. We classify marketable investments with stated maturities of ninety days or less from the date of purchase as cash equivalents and those with stated maturities greater than ninety days from the date of purchase as marketable securities.
We classify our marketable securities as available-for-sale investments in our current assets because they are available for use to support current operations. We carry our marketable investments at fair value and record unrealized gains or losses, net of taxes, in accumulated other comprehensive income (loss) in stockholders’ equity. We determine realized gains and losses on the sale of marketable investments using a specific identification method and record these and any expected credit losses in other income (expense), net.
Fair value measurements
We account for certain assets and liabilities at fair value, which is the amount we believe market participants would be willing to receive to sell an asset or pay to transfer a liability in an orderly transaction. We categorize these assets and liabilities into the three levels below based on the degree to which the inputs we use to measure their fair values are observable in active markets. We use the most observable inputs available to us when measuring fair value.
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets
•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means
•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities
Accounts receivable, net of allowances
We record accounts receivable at the original invoiced amount. We maintain an allowance for credit losses for any receivables we may be unable to collect. We estimate uncollectible receivables based on our receivables’ age, our customers’ credit quality and current economic conditions, among other factors that may affect our customers’ ability to pay. We also maintain an allowance for sales credits, which we determine based on historical credits issued to customers. We include the allowances for credit losses and sales credits in accounts receivable, net in the consolidated balance sheets.
Property and equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Leases and operating lease incremental borrowing rate
We lease office space under operating leases with expiration dates through 2035. We determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets on our 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 consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.
Business combinations
We include the results of operations of businesses that we acquire in our consolidated financial statements beginning on their respective acquisition dates. We allocate the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values. When the fair value of the purchase consideration exceeds the fair values of the identifiable assets and liabilities acquired, we record the excess as goodwill. Our estimates of fair value are based on assumptions we believe to be reasonable but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets and liabilities acquired with the corresponding offset to goodwill. Any adjustments after the measurement period are reflected in our consolidated statements of operations.
Long-lived assets, including goodwill and intangible assets
We record definite-lived intangible assets at fair value less accumulated amortization. We calculate amortization using the straight-line method over the assets’ estimated useful lives of up to ten years.
We review our property and equipment, operating lease right-of-use assets and intangible assets for impairment whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. We measure recoverability by comparing an asset’s carrying value to the future undiscounted cash flows that we expect it to generate. If this test indicates that the asset’s carrying value is not recoverable, we record an impairment charge to reduce the asset’s carrying value to its fair value.
We recorded $117.3 million of impairment and abandonment charges for operating lease right-of-use assets and leasehold improvements for the year ended December 31, 2023. Refer to Note 13, "Restructuring" for further information. In the fourth quarter of 2022, we recorded $9.4 million of impairment charges for acquired intangible assets. We did not record any other material property and equipment or intangible asset impairments during the periods presented.
We review goodwill for impairment at least annually or more frequently if current circumstances or events indicate that the fair value of our single reporting unit may be less than its carrying value. We did not record any goodwill impairment during the periods presented.
Website development costs
We capitalize costs to develop our website and mobile application when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Due to the iterative process by which we perform upgrades and the relatively short duration of our development projects, development costs meeting our capitalization criteria were not material during the periods presented.
Loss contingencies
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. We record a liability for these when we believe it is probable that we have incurred a loss and can reasonably estimate the loss. We regularly evaluate current information to determine whether we should adjust a recorded liability or record a new one.
Foreign currency
The functional currency of our international subsidiaries is generally their local currency. We translate these subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and rates that approximate those in effect during the period for revenue and costs and expenses. We record translation gains and losses in accumulated other comprehensive loss in stockholders’ equity. We record foreign exchange gains and losses in other income (expense), net. Our net foreign exchange gains and losses were not material for the periods presented.
Concentration of business risk
We have an agreement with Amazon Web Services (“AWS”) to provide the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We are currently required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense.
Concentration of credit risk
Financial instruments that may potentially expose us to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and restricted cash. Our investment policy is meant to preserve capital and maintain liquidity. The policy limits our marketable investments to investment-grade securities and limits our credit exposure by limiting our concentration in any one corporate issuer or sector and by establishing a minimum credit rating for marketable investments we purchase. Although we deposit cash and marketable investments with multiple financial institutions, our deposits may exceed insurable limits.
No customer accounted for more than 10% of our revenue for the years ended December 31, 2023, 2022 and 2021.
Our accounts receivable are generally unsecured. We monitor our customers’ credit quality on an ongoing basis and maintain reserves for estimated credit losses. Bad debt expense was not material for the years ended December 31, 2023, 2022 and 2021.
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 will be effective for our annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. The amendments must be applied retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 will be effective for us beginning January 1, 2025. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.
v3.24.0.1
Cash, cash equivalents and marketable securities
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and marketable securities Cash, cash equivalents and marketable securities
Cash, cash equivalents and marketable securities consist of the following (in thousands):
December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$220,583 $— $— $220,583 
Money market funds
1,032,675 — — 1,032,675 
Commercial paper
106,312 — (44)106,268 
Corporate bonds
859 — — 859 
Certificates of deposit1,551 — — 1,551 
Total cash and cash equivalents
1,361,980 — (44)1,361,936 
Marketable securities:
Corporate bonds
428,002 1,277 (1,322)427,957 
Commercial paper
200,963 212 (30)201,145 
U.S. treasury securities
336,721 251 (616)336,356 
Certificates of deposit
132,314 152 (9)132,457 
Non-U.S. government and supranational bonds
9,101 1 (119)8,983 
U.S. agency bonds
42,324 3 (77)42,250 
Total marketable securities
1,149,425 1,896 (2,173)1,149,148 
Total $2,511,405 $1,896 $(2,217)$2,511,084 
December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$474,365 $— $— $474,365 
Money market funds
1,017,191 — — 1,017,191 
Commercial paper
111,996 — (21)111,975 
Corporate bonds
1,542 — — 1,542 
U.S. treasury securities5,988 2 — 5,990 
Total cash and cash equivalents
1,611,082 2 (21)1,611,063 
Marketable securities:
Corporate bonds
370,445 172 (7,542)363,075 
Commercial paper
241,407 71 (286)241,192 
U.S. treasury securities
244,056 33 (1,173)242,916 
Certificates of deposit
158,607 60 (421)158,246 
Municipal securities
28,029 4 (584)27,449 
Non-U.S. government and supranational bonds
23,228 — (629)22,599 
U.S. agency bonds
31,695 40 (48)31,687 
Total marketable securities
1,097,467 380 (10,683)1,087,164 
Total $2,708,549 $382 $(10,704)$2,698,227 
Our allowance for credit losses for our marketable securities was not material as of December 31, 2023 and 2022.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
December 31, 2023
Due in one year or less $835,925 
Due after one to five years 313,223 
Total
$1,149,148 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.24.0.1
Fair value of financial instruments
 12 Months Ended
Dec. 31, 2023
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):
December 31, 2023
Level 1Level 2Level 3Total
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 
December 31, 2022
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,017,191 $— $— $1,017,191 
Commercial paper— 111,975 — 111,975 
U.S. treasury securities5,990 — — 5,990 
Corporate bonds— 1,542 — 1,542 
Marketable securities:
Corporate bonds— 363,075 — 363,075 
Commercial paper— 241,192 — 241,192 
U.S. treasury securities242,916 — — 242,916 
Certificates of deposit— 158,246 — 158,246 
Municipal securities— 27,449 — 27,449 
Non-U.S. government and supranational bonds— 22,599 — 22,599 
U.S. agency bonds— 31,687 — 31,687 
Prepaid expenses and other current assets:
Certificates of deposit— 1,067 — 1,067 
Restricted cash:
Certificates of deposit$— $5,530 $— $5,530 
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.
v3.24.0.1
Other balance sheet components
 12 Months Ended
Dec. 31, 2023
Other Balance Sheet Components [Abstract]  
Other balance sheet components Other balance sheet components
Property and equipment, net
Property and equipment, net consists of the following (in thousands):
December 31,
20232022
Leasehold improvements$64,326 $104,557 
Furniture and fixtures21,077 30,882 
Computer and network equipment26,603 32,845 
Total property and equipment112,006 168,284 
Less: accumulated depreciation (90,116)(116,291)
Construction in progress10,335 7,582 
Property and equipment, net$32,225 $59,575 
Depreciation expense was $14.1 million, $21.6 million and $26.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
December 31,
20232022
Accrued hosting expenses$53,262 $53,380 
Accrued compensation48,924 48,146 
Operating lease liabilities35,666 50,274 
Other accrued expenses100,180 140,811 
Accrued expenses and other current liabilities$238,032 $292,611 
v3.24.0.1
Acquisition
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
On June 10, 2022, we acquired all outstanding shares of The Yes Platform, Inc. (“The Yes”), an AI powered shopping platform for fashion. We believed the acquisition of The Yes would help accelerate our vision for Pinterest to be the home of taste-driven shopping.
The total purchase consideration was $87.6 million in cash. Of this, we attributed $15.0 million to customer relationships, $13.6 million to developed technology, and $60.0 million to goodwill. Goodwill represents the synergies we expect to realize from the acquisition and the assembled workforce and is not deductible for tax purposes.
We included the results of The Yes’s operations in our consolidated financial statements beginning on the acquisition date. The acquisition did not have a material impact on our consolidated financial statements so we have not presented historical and pro forma disclosures.
In the fourth quarter of 2022, we recorded impairment charges of $9.4 million related to the customer relationships and developed technology. Refer to Note 6 for detail.
v3.24.0.1
Goodwill and intangible assets, net
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets, net Goodwill and intangible assets, net
Goodwill was unchanged for the year ended December 31, 2023 and increased by $60.0 million for the year ended December 31, 2022, due to our acquisition of The Yes.
Intangible assets, net consists of the following (in thousands):
December 31, 2023
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(24,246)$15,661 4.9 years
Customer relationships17,700 (16,126)1,574 1.6 years
Total intangible assets, net$57,607 $(40,372)$17,235 
December 31, 2022
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(17,427)$22,480 4.9 years
Customer relationships17,700 (15,585)2,115 1.6 years
Total intangible assets, net$57,607 $(33,012)$24,595 
(1)Based on the weighted-average useful life established as of acquisition date.
Amortization expense was $7.4 million, $24.9 million, and $1.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.
During the fourth quarter of 2022, we evaluated the acquired intangible assets from The Yes for impairment due to the departure of certain key employees. We concluded that the fair values of the customer relationships and developed technology were impaired and recorded impairment charges of $6.3 million and $3.1 million to sales and marketing and cost of revenue, respectively.
Estimated future amortization expense as of December 31, 2023, is as follows (in thousands):
Intangible Asset Amortization
2024$7,359 
20255,464 
20263,424 
2027476 
2028434 
Thereafter78 
Total$17,235 
v3.24.0.1
Commitments and contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
As of December 31, 2023, our non-cancelable contractual commitments are as follows (in thousands):
Purchase CommitmentsOperating LeasesTotal Commitments
2024$— $42,906 $42,906 
2025— 33,197 33,197 
2026— 31,542 31,542 
2027— 27,919 27,919 
2028— 22,172 22,172 
Thereafter1,754,553 83,233 1,837,786 
Total$1,754,553 $240,969 $1,995,522 
Purchase commitments
In April 2021, we entered into a new private pricing addendum with AWS, which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $3,250.0 million of cloud services from AWS through April 2029. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of December 31, 2023, our remaining contractual commitment is $1,754.6 million. We expect to meet our remaining commitment.
Legal matters
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business, including those described below. While the results of legal matters are inherently uncertain, we do not believe there is a reasonable possibility that the ultimate resolution of these matters, either individually or in aggregate, will have a material adverse effect on our business, financial position, results of operations or cash flows.
Revolving credit facility
In October 2022, we replaced the $500.0 million revolving credit facility entered into in November 2018 with an amended and restated five-year $400.0 million revolving credit facility (the “2022 revolving credit facility”) that contained an accordion option which, if exercised, would allow us to increase the aggregate commitments by up to $405.0 million provided we are able to secure additional lender commitments and satisfy certain other conditions.
In October 2023, we amended the 2022 revolving credit facility to increase our aggregate commitment to $500.0 million and reduce our accordion option from $405.0 million to $305.0 million. Interest on any borrowings under the 2022 revolving credit facility accrues at either an adjusted term SOFR plus 0.10% and a margin of 1.50% or at an alternative base rate plus a margin of 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the 2022 revolving credit facility.
The 2022 revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 0.125% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit.
The 2022 revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The 2022 revolving credit facility also contains a financial maintenance covenant: a maximum net leverage ratio of consolidated debt to consolidated EBITDA no greater than 3.50 to 1.00, subject to an increase up to 4.00 to 1.00 for a certain period following an acquisition. The obligations under the 2022 revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets.
Our total borrowing capacity under the revolving credit facility is $500.0 million as of December 31, 2023. We have not issued any letters of credit and are in compliance with all covenants under the 2022 revolving credit facility as of December 31, 2023.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
We have entered into various non-cancelable office space operating leases with original lease periods expiring between 2024 and 2035. These do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. Operating lease costs for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):
Year Ended December 31,
202320222021
Lease cost:
Operating lease cost (1)$51,044 $66,022 $53,691 
Short-term lease cost759 2,809 1,434 
Total$51,803 $68,831 $55,125 
(1) The decrease in operating lease cost for the year ended December 31, 2023 compared to the year ended December 31, 2022 is primarily due to office space reductions. Refer to Note 13, "Restructuring" for further information.
The weighted-average remaining term of our operating leases was 7.2 years and 6.8 years, and the weighted-average discount rate used to measure the present value of our operating lease liabilities was 5.1% and 4.1% as of December 31, 2023 and 2022, respectively.
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2023, are as follows (in thousands):
Operating Leases
2024$42,906 
202533,197 
202631,542 
202727,919 
202822,172 
Thereafter83,233 
Total lease payments240,969 
Less imputed interest(44,687)
Total operating lease liabilities$196,282 
Cash payments included in the measurement of our operating lease liabilities were $61.8 million, $64.0 million and $59.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.
As of December 31, 2023, operating leases that have not yet commenced were not material and are excluded from the table above.
v3.24.0.1
Stockholder's Equity
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stockholder's Equity Stockholder's Equity
Equity incentive plan
In June 2009, our board of directors adopted and approved our 2009 Plan, which provides for the issuance of stock options, RSAs and 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 December 31, 2023.
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, 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. 145,335,295 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of December 31, 2023.
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 year ended December 31, 2023, 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, 202215,799 $13.25 6.1$174,165 
Exercised
(2,756)3.08 
Outstanding as of December 31, 202313,043 $15.41 6.1$282,197 
Exercisable as of December 31, 20237,164 $11.67 4.2$181,762 
(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 years ended December 31, 2023, 2022 and 2021 was $28.4 million, $9.5 million and $3.2 million, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $70.2 million, $180.2 million and $511.4 million, respectively.
Restricted stock unit and restricted stock award activity
RSU and RSA activity during the year ended December 31, 2023, 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, 202254,518$25.46 
Granted (1)
26,878 25.35 
Released
(27,552)25.11 
Forfeited (1)
(8,745)24.35 
Outstanding as of December 31, 202345,099$25.83 
(1)Includes the effects of awards modified during the year ended December 31, 2023.
Share-based compensation
Share-based compensation expense during the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue $11,117 $7,629 $7,438 
Research and development 422,964 324,161 309,715 
Sales and marketing 96,798 99,467 52,691 
General and administrative 116,981 65,866 45,538 
Total share-based compensation
$647,860 $497,123 $415,382 
As of December 31, 2023, we had $1,128.1 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.2 years.
Fair value of stock options
We measure stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model, and we record the resulting expense in our consolidated statements of operations over the requisite service period, which is generally four years.
Stock options granted during the years ended December 31, 2023 and 2021 were not material. The weighted-average grant-date fair value of stock options granted during the year ended December 31, 2022 was $11.79, which we estimated using the Black‑Scholes option-pricing model with the following assumptions:
Year Ended December 31, 2022
Expected term (in years)6.1
Risk-free interest rate3.2 %
Expected volatility61.1 %
Dividend yield— %
The key inputs we used in the Black-Scholes model are:
•Expected term – The expected term represents the period we expect our share-based awards to be outstanding, which is also the period we used to measure risk-free interest rates and expected volatility. We estimated the expected term using the simplified method as we do not have sufficient historical stock option exercise data.
•Risk-free interest rate – We estimated the risk-free interest rate based on zero-coupon U.S. Treasury notes.
•Expected volatility – We estimated expected volatility based on a combination of our historical volatility and that of comparable publicly-traded companies.
•Dividend yield – We applied a dividend yield of zero because we have never paid or declared dividends, and we have no plan to do so in the foreseeable future.
Stock Repurchase
On February 2, 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock, which we completed in the second quarter of 2023. Under the program, we repurchased and retired 21,215,663 shares of our Class A common stock for an aggregate purchase price of $500.0 million at an average price per share of $23.57.
On September 16, 2023, our board of directors authorized a new 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 December 31, 2023, $1.0 billion remains available for repurchases under the stock repurchase program.
v3.24.0.1
Net income (loss) per share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net income (loss) per share Net income (loss) per share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Year Ended December 31,
202320222021
Class AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(30,937)$(4,673)$(83,110)$(12,937)$274,699 $41,739 
Denominator:
Basic weighted-average shares used in computing net income (loss) per share
586,109 88,532 576,061 89,671 555,608 84,422 
Basic net income (loss) per share$(0.05)$(0.05)$(0.14)$(0.14)$0.49 $0.49 
Diluted net income (loss) per share:






Numerator:
Net income (loss)$(30,937)$(4,673)$(83,110)$(12,937)$274,699 $41,739 
Reallocation of net income as a result of conversion of Class B to Class A common stock
— — — — 41,739 — 
Reallocation of net income to Class B common stock
— — — — — (3,115)
Diluted net income (loss)
$(30,937)$(4,673)$(83,110)$(12,937)$316,438 $38,624 
Denominator:
Basic weighted-average shares used in computing net income (loss) per share
586,109 88,532 576,061 89,671 555,608 84,422 
Conversion of Class B to Class A common stock
— — — — 84,422 — 
Weighted average effect of dilutive potential common stock
— — — — 51,621 — 
Diluted weighted-average shares used in computing net income (loss) per share
586,109 88,532 576,061 89,671 691,651 84,422 
Diluted net income (loss) per share$(0.05)$(0.05)$(0.14)$(0.14)$0.46 $0.46 
Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Year Ended December 31,
202320222021
Outstanding stock options14,463 17,405 — 
Unvested restricted stock units and restricted stock awards53,228 52,256 3,271 
Total
67,691 69,661 3,271 
v3.24.0.1
Income taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The components of income (loss) before provision for income taxes are as follows (in thousands):
Year Ended December 31,
202320222021
United States$20,713 $29,108 $331,447 
Foreign(37,153)(115,052)(10,476)
Income (loss) before provision for income taxes $(16,440)$(85,944)$320,971 
Provision for income taxes consists of the following (in thousands):
Year Ended December 31,
202320222021
Current:
Federal
$7,833 $1,681 $— 
State
6,698 7,385 2,303 
Foreign
6,477 4,381 2,957 
Total current tax expense
21,008 13,447 5,260 
Deferred:
Federal
6 (1,861)6 
State
3 (356)6 
Foreign
(1,847)(1,127)(739)
Total deferred tax expense (benefit)
(1,838)(3,344)(727)
Provision for income taxes$19,170 $10,103 $4,533 
The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following (in thousands):
Year Ended December 31,
202320222021
Tax at U.S. statutory rate
$(3,453)$(18,048)$67,404 
State income taxes, net of benefit
5,111 5,502 2,307 
Foreign operations
12,018 26,985 4,448 
Permanent book/tax differences
6,809 6,598 409 
Share-based compensation
(18,925)(20,663)(269,009)
Change in valuation allowance
111,497 62,048 278,761 
Tax credits
(93,887)(52,319)(79,787)
Provision for income taxes
$19,170 $10,103 $4,533 
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 and for the years ended December 31, 2023 and December 31, 2022 includes the effects of the capitalization and amortization of research and development expenses as required by the 2017 Tax Cuts and Jobs Act.
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$751,273 $900,200 
Research tax credits570,061 473,248 
Reserves, accruals, and other26,855 31,502 
Lease obligation44,676 56,185 
Share-based compensation30,146 40,976 
Research capitalization and amortization411,113 208,373 
Total deferred tax assets1,834,124 1,710,484 
Less: valuation allowance(1,821,027)(1,660,609)
Deferred tax assets, net of valuation allowance13,097 49,875 
Deferred tax liabilities:
Depreciation and amortization(7,467)(44,790)
Prepaid expenses(2,682)(4,190)
Total deferred tax liabilities(10,149)(48,980)
Deferred tax assets (liabilities)$2,948 $895 
Due to our history of losses, we believe it is more likely than not that our U.S. and Irish deferred tax assets will not be realized as of December 31, 2023. Accordingly, we have established a full valuation allowance on our U.S. and Irish deferred tax assets. Our valuation allowance increased by $160.4 million and $120.7 million during the years ended December 31, 2023 and 2022, respectively, primarily due to U.S. federal and state tax credits and the effects of the capitalization and amortization of research and development expenses as required by the 2017 Tax Cuts and Job Act, offset by the utilization of net operating loss.
As of December 31, 2023, we had federal, California and other state net operating loss carryforwards of $2,914.6 million, $555.0 million and $1,387.5 million, respectively. Our federal carryforwards do not expire. If not utilized, our California and other state carryforwards will begin to expire in 2028 and 2026, respectively. Utilization of our net operating loss carryforwards may be subject to annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. Our net operating loss carryforwards could expire before utilization if subject to annual limitations. As of December 31, 2023, we had $208.5 million and $10.2 million of Irish and Other Foreign net operating loss carryforwards, respectively that can be carried forward indefinitely.
As of December 31, 2023, we had federal and California research and development credit carryforwards of $491.4 million and $365.7 million, respectively. If not utilized, our federal carryforwards will begin to expire in 2037. Our California carryforwards do not expire.
Changes in gross unrecognized tax benefits were as follows (in thousands):
Gross Unrecognized
Tax Benefits
Balance as of December 31, 2021$205,059 
Increases for tax positions of prior years— 
Decreases for tax positions of prior years(3,347)
Increases for tax positions of current year38,226 
Balance as of December 31, 2022$239,938 
Increases for tax positions of prior years3,736 
Decreases for tax positions of prior years(119)
Increases for tax positions of current year44,377 
Audit Settlement(37,027)
Balance as of December 31, 2023$250,905 
Recognizing the $250.9 million of gross unrecognized tax benefits we had as of December 31, 2023 would affect our effective tax rate by $5.3 million. The remaining $245.6 million of gross unrecognized tax benefits would be offset by the reversal of related deferred tax assets, which primarily are subject to a full valuation allowance. We do not expect our gross unrecognized tax benefits to change significantly within the next 12 months. We recognize interest and penalties related to uncertain tax positions in provision for income taxes. Accrued interest and penalties are not material as of December 31, 2023 and 2022.
We are subject to taxation in the U.S. and various other state and foreign jurisdictions. As we have net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years. For material foreign jurisdiction, the tax years open to examination include the years 2019 and forward.
v3.24.0.1
Geographical information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Geographical information Geographical information
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Year Ended December 31,
202320222021
U.S. and Canada(1)
$2,350,188 $2,264,640 $2,109,089 
Europe(2)
501,290 410,516 384,657 
Rest of World
203,593 127,418 84,281 
Total revenue
$3,055,071 $2,802,574 $2,578,027 
(1)United States revenue was $2,226.3 million, $2,144.3 million and $2,003.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
December 31,
20232022
United States
$66,335 $205,374 
Ireland
18,658 4,950 
Mexico
12,835 11,627 
International(1)
26,516 43,877 
Total property and equipment, net and operating lease right-of-use assets
$124,344 $265,828 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.24.0.1
Restructuring
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In March 2023, we initiated a restructuring plan intended to support our corporate strategy, improve efficiency and position our business in light of the ongoing macroeconomic environment (the “Plan”).
As part of the Plan, we announced a workforce reduction of approximately 4%. We also ceased occupying our former headquarters at 505 Brannan Street in San Francisco, which we are actively marketing for sublease, and abandoned certain other leased office spaces in order to adjust our office space footprint to better align with the needs of our flexible work model. As a result, we recorded impairment and abandonment charges for the related operating lease right-of-use assets and leasehold improvements.
The Plan was completed in the third quarter of 2023. Restructuring charges for the year ended December 31, 2023 were as follows (in thousands):
Office Space Reductions(1)
Severance and Other Personnel CostsTotal
Cost of revenue$— $— $— 
Research and development— 4,696 4,696 
Sales and marketing— 2,749 2,749 
General and administrative117,315 2,122 119,437 
Total$117,315 $9,567 $126,882 
(1) Office space reductions are non-cash and include impairment charges and accelerated expense related to operating lease right-of-use assets and leasehold improvements. We estimated the fair value of the impaired assets using a discounted cash flow model based on market participant assumptions.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) $ (35,610) $ (96,047) $ 316,438
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
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  
Julia Brau Donnelly [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 11, 2023, Julia Brau Donnelly, Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1(c)”) to sell, between March 11, 2024 and November 15, 2024 (a) up to 65,972 shares of our Class A common stock, and (b) the net shares of our Class A common stock to be issued to Ms. Donnelly after the satisfaction of applicable taxes following the vesting and settlement of 196,414 RSUs.
Name Julia Brau Donnelly  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date On December 11, 2023  
Arrangement Duration 249 days  
Julia Brau Donnelly Trading Arrangement, Class A Common Stock [Member] | Julia Brau Donnelly [Member]    
Trading Arrangements, by Individual    
Aggregate Available 65,972 65,972
Julia Brau Donnelly Trading Arrangement, RSUs [Member] | Julia Brau Donnelly [Member]    
Trading Arrangements, by Individual    
Aggregate Available 196,414 196,414
v3.24.0.1
Description of business and summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation and consolidation
We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Consolidation
Basis of presentation and consolidation
We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Reclassifications
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of estimates
Use of estimates
Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Segments
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer ("CEO"), 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 and Cost of revenue
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, views an ad contracted on a cost per thousand impressions ("CPM") or cost per day ("CPD") basis or views a video ad contracted on a cost per view ("CPV") basis. We recognize revenue over the service period for ads contracted on a CPD basis, which do not contain minimum impression guarantees. We typically bill customers on a CPC, CPM, CPV, or CPD basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We recognize revenue only after satisfying our contractual performance obligations. We occasionally offer customers free ad inventory. 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, impression or view, 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 as incurred because we would amortize these over a period of less than one year.
Cost of revenue
Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, amortization of acquired intangible assets and allocated facilities and other supporting overhead costs.
Share-based compensation
Share-based compensation
Restricted stock units ("RSUs") granted under our 2009 Stock Plan (the "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 initial public offering ("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 record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period.
RSUs, restricted stock awards ("RSAs"), and stock options granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are generally subject only to a service condition, which is typically satisfied over two to four years. We record share-based compensation expense for these RSUs, RSAs and stock options on a straight-line basis over the requisite service period.
We measure RSUs and RSAs based on the fair market value of our common stock on the grant date and stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model. We record the resulting expense in our consolidated statements of operations over the requisite service period, which is generally four years, and we account for forfeitures as they occur.
Income taxes
Income taxes
We account for income taxes using the asset and liability method. We recognize deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities using the enacted statutory tax rates in effect for the years in which we expect the differences to reverse. We establish valuation allowances to reduce deferred tax assets to the amounts we believe it is more likely than not we will be able to realize. We recognize tax benefits from uncertain tax positions when we believe it is more likely than not that the tax position is sustainable on examination by tax authorities based on its technical merits. We recognize taxes on Global Intangible Low-Taxed Income as incurred.
Advertising expenses
Advertising expenses
We record advertising expenses as incurred and include these in sales and marketing in the consolidated statements of operations.
Marketable securities
Marketable securities
We invest in highly liquid corporate debt securities, U.S. treasury securities, asset-backed securities, U.S. government agency securities, municipal securities, non-U.S. government and supranational bonds and certificates of deposit. We classify marketable investments with stated maturities of ninety days or less from the date of purchase as cash equivalents and those with stated maturities greater than ninety days from the date of purchase as marketable securities.
We classify our marketable securities as available-for-sale investments in our current assets because they are available for use to support current operations. We carry our marketable investments at fair value and record unrealized gains or losses, net of taxes, in accumulated other comprehensive income (loss) in stockholders’ equity. We determine realized gains and losses on the sale of marketable investments using a specific identification method and record these and any expected credit losses in other income (expense), net.
Fair value measurements
Fair value measurements
We account for certain assets and liabilities at fair value, which is the amount we believe market participants would be willing to receive to sell an asset or pay to transfer a liability in an orderly transaction. We categorize these assets and liabilities into the three levels below based on the degree to which the inputs we use to measure their fair values are observable in active markets. We use the most observable inputs available to us when measuring fair value.
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets
•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means
•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities
Accounts receivable, net of allowances
Accounts receivable, net of allowances
We record accounts receivable at the original invoiced amount. We maintain an allowance for credit losses for any receivables we may be unable to collect. We estimate uncollectible receivables based on our receivables’ age, our customers’ credit quality and current economic conditions, among other factors that may affect our customers’ ability to pay. We also maintain an allowance for sales credits, which we determine based on historical credits issued to customers. We include the allowances for credit losses and sales credits in accounts receivable, net in the consolidated balance sheets.
Property and equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Leases and operating lease incremental borrowing rate
Leases and operating lease incremental borrowing rate
We lease office space under operating leases with expiration dates through 2035. We determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets on our 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 consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.
Business combinations
Business combinations
We include the results of operations of businesses that we acquire in our consolidated financial statements beginning on their respective acquisition dates. We allocate the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values. When the fair value of the purchase consideration exceeds the fair values of the identifiable assets and liabilities acquired, we record the excess as goodwill. Our estimates of fair value are based on assumptions we believe to be reasonable but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets and liabilities acquired with the corresponding offset to goodwill. Any adjustments after the measurement period are reflected in our consolidated statements of operations.
Long-lived assets, including goodwill and intangible assets
Long-lived assets, including goodwill and intangible assets
We record definite-lived intangible assets at fair value less accumulated amortization. We calculate amortization using the straight-line method over the assets’ estimated useful lives of up to ten years.
We review our property and equipment, operating lease right-of-use assets and intangible assets for impairment whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. We measure recoverability by comparing an asset’s carrying value to the future undiscounted cash flows that we expect it to generate. If this test indicates that the asset’s carrying value is not recoverable, we record an impairment charge to reduce the asset’s carrying value to its fair value.
We recorded $117.3 million of impairment and abandonment charges for operating lease right-of-use assets and leasehold improvements for the year ended December 31, 2023. Refer to Note 13, "Restructuring" for further information. In the fourth quarter of 2022, we recorded $9.4 million of impairment charges for acquired intangible assets. We did not record any other material property and equipment or intangible asset impairments during the periods presented.
We review goodwill for impairment at least annually or more frequently if current circumstances or events indicate that the fair value of our single reporting unit may be less than its carrying value. We did not record any goodwill impairment during the periods presented.
Website development costs
Website development costs
We capitalize costs to develop our website and mobile application when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Due to the iterative process by which we perform upgrades and the relatively short duration of our development projects, development costs meeting our capitalization criteria were not material during the periods presented.
Loss contingencies
Loss contingencies
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. We record a liability for these when we believe it is probable that we have incurred a loss and can reasonably estimate the loss. We regularly evaluate current information to determine whether we should adjust a recorded liability or record a new one.
Foreign currency
Foreign currency
The functional currency of our international subsidiaries is generally their local currency. We translate these subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and rates that approximate those in effect during the period for revenue and costs and expenses. We record translation gains and losses in accumulated other comprehensive loss in stockholders’ equity. We record foreign exchange gains and losses in other income (expense), net. Our net foreign exchange gains and losses were not material for the periods presented.
Concentration of business risk
Concentration of business risk
We have an agreement with Amazon Web Services (“AWS”) to provide the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We are currently required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense.
Concentration of credit risk
Concentration of credit risk
Financial instruments that may potentially expose us to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and restricted cash. Our investment policy is meant to preserve capital and maintain liquidity. The policy limits our marketable investments to investment-grade securities and limits our credit exposure by limiting our concentration in any one corporate issuer or sector and by establishing a minimum credit rating for marketable investments we purchase. Although we deposit cash and marketable investments with multiple financial institutions, our deposits may exceed insurable limits.
Credit losses on accounts receivable Our accounts receivable are generally unsecured. We monitor our customers’ credit quality on an ongoing basis and maintain reserves for estimated credit losses.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 will be effective for our annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. The amendments must be applied retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 will be effective for us beginning January 1, 2025. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We are currently evaluating the effects of adoption on our consolidated financial statements.
v3.24.0.1
Description of business and summary of significant accounting policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Estimated Useful Lives of Property and Equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20232022
Leasehold improvements$64,326 $104,557 
Furniture and fixtures21,077 30,882 
Computer and network equipment26,603 32,845 
Total property and equipment112,006 168,284 
Less: accumulated depreciation (90,116)(116,291)
Construction in progress10,335 7,582 
Property and equipment, net$32,225 $59,575 
v3.24.0.1
Cash, cash equivalents and marketable securities (Tables)
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Summary of Composition of Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities consist of the following (in thousands):
December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$220,583 $— $— $220,583 
Money market funds
1,032,675 — — 1,032,675 
Commercial paper
106,312 — (44)106,268 
Corporate bonds
859 — — 859 
Certificates of deposit1,551 — — 1,551 
Total cash and cash equivalents
1,361,980 — (44)1,361,936 
Marketable securities:
Corporate bonds
428,002 1,277 (1,322)427,957 
Commercial paper
200,963 212 (30)201,145 
U.S. treasury securities
336,721 251 (616)336,356 
Certificates of deposit
132,314 152 (9)132,457 
Non-U.S. government and supranational bonds
9,101 1 (119)8,983 
U.S. agency bonds
42,324 3 (77)42,250 
Total marketable securities
1,149,425 1,896 (2,173)1,149,148 
Total $2,511,405 $1,896 $(2,217)$2,511,084 
December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash
$474,365 $— $— $474,365 
Money market funds
1,017,191 — — 1,017,191 
Commercial paper
111,996 — (21)111,975 
Corporate bonds
1,542 — — 1,542 
U.S. treasury securities5,988 2 — 5,990 
Total cash and cash equivalents
1,611,082 2 (21)1,611,063 
Marketable securities:
Corporate bonds
370,445 172 (7,542)363,075 
Commercial paper
241,407 71 (286)241,192 
U.S. treasury securities
244,056 33 (1,173)242,916 
Certificates of deposit
158,607 60 (421)158,246 
Municipal securities
28,029 4 (584)27,449 
Non-U.S. government and supranational bonds
23,228 — (629)22,599 
U.S. agency bonds
31,695 40 (48)31,687 
Total marketable securities
1,097,467 380 (10,683)1,087,164 
Total $2,708,549 $382 $(10,704)$2,698,227 
Summary of Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
December 31, 2023
Due in one year or less $835,925 
Due after one to five years 313,223 
Total
$1,149,148 
v3.24.0.1
Fair value of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary 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):
December 31, 2023
Level 1Level 2Level 3Total
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 
December 31, 2022
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,017,191 $— $— $1,017,191 
Commercial paper— 111,975 — 111,975 
U.S. treasury securities5,990 — — 5,990 
Corporate bonds— 1,542 — 1,542 
Marketable securities:
Corporate bonds— 363,075 — 363,075 
Commercial paper— 241,192 — 241,192 
U.S. treasury securities242,916 — — 242,916 
Certificates of deposit— 158,246 — 158,246 
Municipal securities— 27,449 — 27,449 
Non-U.S. government and supranational bonds— 22,599 — 22,599 
U.S. agency bonds— 31,687 — 31,687 
Prepaid expenses and other current assets:
Certificates of deposit— 1,067 — 1,067 
Restricted cash:
Certificates of deposit$— $5,530 $— $5,530 
v3.24.0.1
Other balance sheet components (Tables)
 12 Months Ended
Dec. 31, 2023
Other Balance Sheet Components [Abstract]  
Summary of Property and Equipment, Net
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20232022
Leasehold improvements$64,326 $104,557 
Furniture and fixtures21,077 30,882 
Computer and network equipment26,603 32,845 
Total property and equipment112,006 168,284 
Less: accumulated depreciation (90,116)(116,291)
Construction in progress10,335 7,582 
Property and equipment, net$32,225 $59,575 
Summary of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
December 31,
20232022
Accrued hosting expenses$53,262 $53,380 
Accrued compensation48,924 48,146 
Operating lease liabilities35,666 50,274 
Other accrued expenses100,180 140,811 
Accrued expenses and other current liabilities$238,032 $292,611 
v3.24.0.1
Goodwill and intangible assets, net (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Composition of Intangible Assets, Net
Intangible assets, net consists of the following (in thousands):
December 31, 2023
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(24,246)$15,661 4.9 years
Customer relationships17,700 (16,126)1,574 1.6 years
Total intangible assets, net$57,607 $(40,372)$17,235 
December 31, 2022
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Weighted-Average Useful Life(1)
Acquired technology, patents and other intangibles$39,907 $(17,427)$22,480 4.9 years
Customer relationships17,700 (15,585)2,115 1.6 years
Total intangible assets, net$57,607 $(33,012)$24,595 
(1)Based on the weighted-average useful life established as of acquisition date.
Summary of Estimated Future Amortization Expense
Estimated future amortization expense as of December 31, 2023, is as follows (in thousands):
Intangible Asset Amortization
2024$7,359 
20255,464 
20263,424 
2027476 
2028434 
Thereafter78 
Total$17,235 
v3.24.0.1
Commitments and contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Non-cancelable Contractual Commitments
As of December 31, 2023, our non-cancelable contractual commitments are as follows (in thousands):
Purchase CommitmentsOperating LeasesTotal Commitments
2024$— $42,906 $42,906 
2025— 33,197 33,197 
2026— 31,542 31,542 
2027— 27,919 27,919 
2028— 22,172 22,172 
Thereafter1,754,553 83,233 1,837,786 
Total$1,754,553 $240,969 $1,995,522 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Summary of Operating Lease Costs Operating lease costs for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):
Year Ended December 31,
202320222021
Lease cost:
Operating lease cost (1)$51,044 $66,022 $53,691 
Short-term lease cost759 2,809 1,434 
Total$51,803 $68,831 $55,125 
(1) The decrease in operating lease cost for the year ended December 31, 2023 compared to the year ended December 31, 2022 is primarily due to office space reductions. Refer to Note 13, "Restructuring" for further information.
Summary of Maturities of Operating Lease Liabilities
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2023, are as follows (in thousands):
Operating Leases
2024$42,906 
202533,197 
202631,542 
202727,919 
202822,172 
Thereafter83,233 
Total lease payments240,969 
Less imputed interest(44,687)
Total operating lease liabilities$196,282 
v3.24.0.1
Stockholder's Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
Stock option activity during the year ended December 31, 2023, 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, 202215,799 $13.25 6.1$174,165 
Exercised
(2,756)3.08 
Outstanding as of December 31, 202313,043 $15.41 6.1$282,197 
Exercisable as of December 31, 20237,164 $11.67 4.2$181,762 
(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.
Summary of Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the year ended December 31, 2023, 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, 202254,518$25.46 
Granted (1)
26,878 25.35 
Released
(27,552)25.11 
Forfeited (1)
(8,745)24.35 
Outstanding as of December 31, 202345,099$25.83 
(1)Includes the effects of awards modified during the year ended December 31, 2023.
Summary of Share-Based Compensation Expense
Share-based compensation expense during the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
Year Ended December 31,
202320222021
Cost of revenue $11,117 $7,629 $7,438 
Research and development 422,964 324,161 309,715 
Sales and marketing 96,798 99,467 52,691 
General and administrative 116,981 65,866 45,538 
Total share-based compensation
$647,860 $497,123 $415,382 
Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions which we estimated using the Black‑Scholes option-pricing model with the following assumptions:
Year Ended December 31, 2022
Expected term (in years)6.1
Risk-free interest rate3.2 %
Expected volatility61.1 %
Dividend yield— %
v3.24.0.1
Net income (loss) per share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Summary of Calculation of Basic and Diluted Net Income (Loss) Per Share
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Year Ended December 31,
202320222021
Class AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(30,937)$(4,673)$(83,110)$(12,937)$274,699 $41,739 
Denominator:
Basic weighted-average shares used in computing net income (loss) per share
586,109 88,532 576,061 89,671 555,608 84,422 
Basic net income (loss) per share$(0.05)$(0.05)$(0.14)$(0.14)$0.49 $0.49 
Diluted net income (loss) per share:






Numerator:
Net income (loss)$(30,937)$(4,673)$(83,110)$(12,937)$274,699 $41,739 
Reallocation of net income as a result of conversion of Class B to Class A common stock
— — — — 41,739 — 
Reallocation of net income to Class B common stock
— — — — — (3,115)
Diluted net income (loss)
$(30,937)$(4,673)$(83,110)$(12,937)$316,438 $38,624 
Denominator:
Basic weighted-average shares used in computing net income (loss) per share
586,109 88,532 576,061 89,671 555,608 84,422 
Conversion of Class B to Class A common stock
— — — — 84,422 — 
Weighted average effect of dilutive potential common stock
— — — — 51,621 — 
Diluted weighted-average shares used in computing net income (loss) per share
586,109 88,532 576,061 89,671 691,651 84,422 
Diluted net income (loss) per share$(0.05)$(0.05)$(0.14)$(0.14)$0.46 $0.46 
Summary of Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share
Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Year Ended December 31,
202320222021
Outstanding stock options14,463 17,405 — 
Unvested restricted stock units and restricted stock awards53,228 52,256 3,271 
Total
67,691 69,661 3,271 
v3.24.0.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Components of Income (Loss) Before Provision for Income Taxes
The components of income (loss) before provision for income taxes are as follows (in thousands):
Year Ended December 31,
202320222021
United States$20,713 $29,108 $331,447 
Foreign(37,153)(115,052)(10,476)
Income (loss) before provision for income taxes $(16,440)$(85,944)$320,971 
Summary of Composition of the Provision for Income Taxes
Provision for income taxes consists of the following (in thousands):
Year Ended December 31,
202320222021
Current:
Federal
$7,833 $1,681 $— 
State
6,698 7,385 2,303 
Foreign
6,477 4,381 2,957 
Total current tax expense
21,008 13,447 5,260 
Deferred:
Federal
6 (1,861)6 
State
3 (356)6 
Foreign
(1,847)(1,127)(739)
Total deferred tax expense (benefit)
(1,838)(3,344)(727)
Provision for income taxes$19,170 $10,103 $4,533 
Summary of Reconciliation of the Difference Between Income Taxes Computed at the Statutory Federal Income Tax Rate and the Provision for Income Taxes
The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following (in thousands):
Year Ended December 31,
202320222021
Tax at U.S. statutory rate
$(3,453)$(18,048)$67,404 
State income taxes, net of benefit
5,111 5,502 2,307 
Foreign operations
12,018 26,985 4,448 
Permanent book/tax differences
6,809 6,598 409 
Share-based compensation
(18,925)(20,663)(269,009)
Change in valuation allowance
111,497 62,048 278,761 
Tax credits
(93,887)(52,319)(79,787)
Provision for income taxes
$19,170 $10,103 $4,533 
Summary of Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
20232022
Deferred tax assets:
Net operating loss carryforwards$751,273 $900,200 
Research tax credits570,061 473,248 
Reserves, accruals, and other26,855 31,502 
Lease obligation44,676 56,185 
Share-based compensation30,146 40,976 
Research capitalization and amortization411,113 208,373 
Total deferred tax assets1,834,124 1,710,484 
Less: valuation allowance(1,821,027)(1,660,609)
Deferred tax assets, net of valuation allowance13,097 49,875 
Deferred tax liabilities:
Depreciation and amortization(7,467)(44,790)
Prepaid expenses(2,682)(4,190)
Total deferred tax liabilities(10,149)(48,980)
Deferred tax assets (liabilities)$2,948 $895 
Summary of Changes in Gross Unrecognized Tax Benefits
Changes in gross unrecognized tax benefits were as follows (in thousands):
Gross Unrecognized
Tax Benefits
Balance as of December 31, 2021$205,059 
Increases for tax positions of prior years— 
Decreases for tax positions of prior years(3,347)
Increases for tax positions of current year38,226 
Balance as of December 31, 2022$239,938 
Increases for tax positions of prior years3,736 
Decreases for tax positions of prior years(119)
Increases for tax positions of current year44,377 
Audit Settlement(37,027)
Balance as of December 31, 2023$250,905 
v3.24.0.1
Geographical information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Summary of Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Year Ended December 31,
202320222021
U.S. and Canada(1)
$2,350,188 $2,264,640 $2,109,089 
Europe(2)
501,290 410,516 384,657 
Rest of World
203,593 127,418 84,281 
Total revenue
$3,055,071 $2,802,574 $2,578,027 
(1)United States revenue was $2,226.3 million, $2,144.3 million and $2,003.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Summary 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):
December 31,
20232022
United States
$66,335 $205,374 
Ireland
18,658 4,950 
Mexico
12,835 11,627 
International(1)
26,516 43,877 
Total property and equipment, net and operating lease right-of-use assets
$124,344 $265,828 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.24.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Summary of Restructuring Charges Restructuring charges for the year ended December 31, 2023 were as follows (in thousands):
Office Space Reductions(1)
Severance and Other Personnel CostsTotal
Cost of revenue$— $— $— 
Research and development— 4,696 4,696 
Sales and marketing— 2,749 2,749 
General and administrative117,315 2,122 119,437 
Total$117,315 $9,567 $126,882 
(1) Office space reductions are non-cash and include impairment charges and accelerated expense related to operating lease right-of-use assets and leasehold improvements. We estimated the fair value of the impaired assets using a discounted cash flow model based on market participant assumptions.
v3.24.0.1
Description of business and summary of significant accounting policies - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Summary of Significant Accounting Policies [Line Items]        
Number of operating segments | segment   1    
Deferred revenue $ 13,200 $ 15,300 $ 13,200  
Service period   4 years    
Advertising expenses   $ 145,600 139,700 $ 94,700
Estimated useful lives of intangible assets (up to)   10 years    
Impairment and abandonment charges for leases and leasehold improvements   $ 117,315 $ 0 $ 0
Impairment charges for intangible assets $ 9,400      
2019 Plan | Minimum        
Summary of Significant Accounting Policies [Line Items]        
Service period   2 years    
2019 Plan | Maximum        
Summary of Significant Accounting Policies [Line Items]        
Service period   4 years    
RSUs | 2009 Plan        
Summary of Significant Accounting Policies [Line Items]        
Service period   4 years    
v3.24.0.1
Description of business and summary of significant accounting policies - Estimated Useful Lives of Property and Equipment (Details)
Dec. 31, 2023
Computer and network equipment  
Property, Plant and Equipment [Line Items]  
Useful Life 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful Life 4 years
v3.24.0.1
Cash, cash equivalents and marketable securities - Composition of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalents:    
Amortized Cost $ 1,361,980 $ 1,611,082
Unrealized Gains 0 2
Unrealized Losses (44) (21)
Fair Value 1,361,936 1,611,063
Marketable securities:    
Amortized Cost 1,149,425 1,097,467
Unrealized Gains 1,896 380
Unrealized Losses (2,173) (10,683)
Fair Value 1,149,148 1,087,164
Total    
Amortized Cost 2,511,405 2,708,549
Unrealized Gains 1,896 382
Unrealized Losses (2,217) (10,704)
Fair Value 2,511,084 2,698,227
Corporate bonds    
Marketable securities:    
Amortized Cost 428,002 370,445
Unrealized Gains 1,277 172
Unrealized Losses (1,322) (7,542)
Fair Value 427,957 363,075
Commercial paper    
Marketable securities:    
Amortized Cost 200,963 241,407
Unrealized Gains 212 71
Unrealized Losses (30) (286)
Fair Value 201,145 241,192
U.S. treasury securities    
Marketable securities:    
Amortized Cost 336,721 244,056
Unrealized Gains 251 33
Unrealized Losses (616) (1,173)
Fair Value 336,356 242,916
Certificates of deposit    
Marketable securities:    
Amortized Cost 132,314 158,607
Unrealized Gains 152 60
Unrealized Losses (9) (421)
Fair Value 132,457 158,246
Municipal securities    
Marketable securities:    
Amortized Cost   28,029
Unrealized Gains   4
Unrealized Losses   (584)
Fair Value   27,449
Non-U.S. government and supranational bonds    
Marketable securities:    
Amortized Cost 9,101 23,228
Unrealized Gains 1 0
Unrealized Losses (119) (629)
Fair Value 8,983 22,599
U.S. agency bonds    
Marketable securities:    
Amortized Cost 42,324 31,695
Unrealized Gains 3 40
Unrealized Losses (77) (48)
Fair Value 42,250 31,687
Cash    
Cash and cash equivalents:    
Amortized Cost 220,583 474,365
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 220,583 474,365
Money market funds    
Cash and cash equivalents:    
Amortized Cost 1,032,675 1,017,191
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 1,032,675 1,017,191
Commercial paper    
Cash and cash equivalents:    
Amortized Cost 106,312 111,996
Unrealized Gains 0 0
Unrealized Losses (44) (21)
Fair Value 106,268 111,975
Corporate bonds    
Cash and cash equivalents:    
Amortized Cost 859 1,542
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 859 1,542
U.S. treasury securities    
Cash and cash equivalents:    
Amortized Cost   5,988
Unrealized Gains   2
Unrealized Losses   0
Fair Value   $ 5,990
Certificates of deposit    
Cash and cash equivalents:    
Amortized Cost 1,551  
Unrealized Gains 0  
Unrealized Losses 0  
Fair Value $ 1,551  
v3.24.0.1
Cash, cash equivalents and marketable securities - Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]    
Due in one year or less $ 835,925  
Due after one to five years 313,223  
Total $ 1,149,148 $ 1,087,164
v3.24.0.1
Fair value of financial instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 1,361,936 $ 1,611,063
Marketable securities 1,149,148 1,087,164
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 427,957 363,075
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 427,957 363,075
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 427,957 363,075
Corporate bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 201,145 241,192
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 201,145 241,192
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 201,145 241,192
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 336,356 242,916
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 336,356 242,916
U.S. treasury securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 336,356 242,916
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
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 132,457 158,246
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 132,457 158,246
Prepaid expenses and other current assets 2,542 1,067
Restricted cash 4,054 5,530
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 132,457 158,246
Prepaid expenses and other current assets 2,542 1,067
Restricted cash 4,054 5,530
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
Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   27,449
Municipal securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   27,449
Municipal securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Municipal securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   27,449
Municipal securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 8,983 22,599
Non-U.S. government and supranational bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 8,983 22,599
Non-U.S. government and supranational bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Non-U.S. government and supranational bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 8,983 22,599
Non-U.S. government and supranational bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 42,250 31,687
U.S. agency bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 42,250 31,687
U.S. agency bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
U.S. agency bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 42,250 31,687
U.S. agency bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,032,675 1,017,191
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,032,675 1,017,191
Money market funds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,032,675 1,017,191
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
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 106,268 111,975
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 106,268 111,975
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 106,268 111,975
Commercial paper | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,551  
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,551  
Certificates of deposit | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Certificates of deposit | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,551  
Certificates of deposit | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 859 1,542
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 859 1,542
Corporate bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Corporate bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 859 1,542
Corporate bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   5,990
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   5,990
U.S. treasury securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   5,990
U.S. treasury securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
U.S. treasury securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 0
v3.24.0.1
Other balance sheet components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (90,116) $ (116,291)
Property and equipment, net 32,225 59,575
Depreciable Property and Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 112,006 168,284
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 64,326 104,557
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment 21,077 30,882
Computer and network equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 26,603 32,845
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 10,335 $ 7,582
v3.24.0.1
Other balance sheet components - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Balance Sheet Components [Abstract]      
Depreciation expense $ 14.1 $ 21.6 $ 26.2
v3.24.0.1
Other balance sheet components - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Balance Sheet Components [Abstract]    
Accrued hosting expenses $ 53,262 $ 53,380
Accrued compensation 48,924 48,146
Operating lease liabilities $ 35,666 $ 50,274
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Other accrued expenses $ 100,180 $ 140,811
Accrued expenses and other current liabilities $ 238,032 $ 292,611
v3.24.0.1
Acquisition (Details) - The Yes Platform, Inc. - USD ($)
 3 Months Ended
Jun. 10, 2022
Dec. 31, 2022
Asset Acquisition [Line Items]    
Purchase consideration in cash $ 87,600,000  
Goodwill 60,000,000  
Deductible goodwill 0  
Customer Relationships    
Asset Acquisition [Line Items]    
Finite intangibles acquired 15,000,000  
Acquired intangible assets impairment charges   $ 9,400,000
Developed Technology Rights    
Asset Acquisition [Line Items]    
Finite intangibles acquired $ 13,600,000  
Acquired intangible assets impairment charges   $ 9,400,000
v3.24.0.1
Goodwill and intangible assets, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]        
Goodwill acquired     $ 60.0  
Amortization expense   $ 7.4 $ 24.9 $ 1.3
Impairment charges for intangible assets $ 9.4      
Sales and marketing        
Finite-Lived Intangible Assets [Line Items]        
Impairment charges for intangible assets 6.3      
Cost of revenue        
Finite-Lived Intangible Assets [Line Items]        
Impairment charges for intangible assets $ 3.1      
v3.24.0.1
Goodwill and intangible assets, net - Composition of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 57,607 $ 57,607
Accumulated Amortization (40,372) (33,012)
Net Carrying Amount $ 17,235 24,595
Weighted-Average Useful Life 10 years  
Acquired technology, patents and other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 39,907 39,907
Accumulated Amortization (24,246) (17,427)
Net Carrying Amount $ 15,661 $ 22,480
Weighted-Average Useful Life 4 years 10 months 24 days 4 years 10 months 24 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 17,700 $ 17,700
Accumulated Amortization (16,126) (15,585)
Net Carrying Amount $ 1,574 $ 2,115
Weighted-Average Useful Life 1 year 7 months 6 days 1 year 7 months 6 days
v3.24.0.1
Goodwill and intangible assets, net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
2024 $ 7,359  
2025 5,464  
2026 3,424  
2027 476  
2028 434  
Thereafter 78  
Net Carrying Amount $ 17,235 $ 24,595
v3.24.0.1
Commitments and contingencies - Non-cancelable Contractual Commitments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Purchase Commitments  
2024 $ 0
2025 0
2026 0
2027 0
2028 0
Thereafter 1,754,553
Total 1,754,553
Operating Leases  
2024 42,906
2025 33,197
2026 31,542
2027 27,919
2028 22,172
Thereafter 83,233
Total lease payments 240,969
Total Commitments  
2024 42,906
2025 33,197
2026 31,542
2027 27,919
2028 22,172
Thereafter 1,837,786
Total $ 1,995,522
v3.24.0.1
Commitments and contingencies - Purchase Commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 1,754.6 $ 3,250.0
v3.24.0.1
Commitments and contingencies - Revolving Credit Facility (Details) - Line of Credit
$ in Millions
 1 Months Ended
Oct. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Oct. 31, 2023
USD ($)
Nov. 30, 2018
USD ($)
Revolving Credit Facility        
Commitments And Contingencies [Line Items]        
Maximum borrowing capacity $ 400.0   $ 500.0 $ 500.0
Term of borrowing agreement 5 years      
Commitment fee rate 0.15%      
Ration of consolidated net debt to EBITDA (no greater than) 3.50      
Future ratio of consolidated net debt to EBITDA (no greater than) 4.00      
Remaining borrowing capacity   $ 500.0    
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)        
Commitments And Contingencies [Line Items]        
Base rate component, spread on variable rate 0.0010      
Basis spread on variable rate 1.50%      
Revolving Credit Facility | Alternative Base Rate        
Commitments And Contingencies [Line Items]        
Basis spread on variable rate 0.50%      
Revolving Credit Facility | Credit Agreement Amended And Restated        
Commitments And Contingencies [Line Items]        
Accordion feature maximum borrowings capacity $ 405.0   $ 305.0  
Letter of Credit        
Commitments And Contingencies [Line Items]        
Commitment fee 0.125%      
v3.24.0.1
Leases - Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lease cost:      
Operating lease cost $ 51,044 $ 66,022 $ 53,691
Short-term lease cost 759 2,809 1,434
Total $ 51,803 $ 68,831 $ 55,125
v3.24.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Weighted-average remaining term of operating leases 7 years 2 months 12 days 6 years 9 months 18 days  
Weighted-average discount rate used to measure the present value of operating lease liabilities 5.10% 4.10%  
Cash payments included in the measurement of operating lease liabilities $ 61.8 $ 64.0 $ 59.0
v3.24.0.1
Leases - Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Leases [Abstract]  
2024 $ 42,906
2025 33,197
2026 31,542
2027 27,919
2028 22,172
Thereafter 83,233
Total lease payments 240,969
Less imputed interest (44,687)
Total operating lease liabilities $ 196,282
v3.24.0.1
Stockholder's Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 02, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Sep. 16, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant-date fair value of stock options vested   $ 28,400 $ 9,500 $ 3,200  
Aggregate intrinsic value of stock options exercised   70,200 $ 180,200 $ 511,400  
Unrecognized share-based compensation expense   $ 1,128,100      
Weighted-average recognition period for unrecognized share-based compensation expense   2 years 2 months 12 days      
Service period   4 years      
Weighted-average grant-date fair value of stock options granted (in dollars per share)     $ 11.79    
Repurchases of Class A common stock   $ 500,000      
Stock Repurchase Program , February 2023          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Authorized stock repurchase amount $ 500,000        
Repurchases of Class A common stock (in shares) 21,215,663        
Repurchases of Class A common stock $ 500,000        
Stock repurchased, average price per share (in dollars per share) $ 23.57        
Stock Repurchase Program , September 2023          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Authorized stock repurchase amount         $ 1,000,000
Remaining authorized stock repurchase amount   $ 1,000,000      
Stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Dividend yield     0.00%    
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      
Service period   4 years      
2019 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of outstanding shares, additional reserve   5.00%      
2019 Plan | Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares reserved for issuance (in shares)   145,335,295      
2019 Plan | Stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period   10 years      
v3.24.0.1
Stockholder's Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Shares    
Beginning balance (in shares) 15,799  
Exercised (in shares) (2,756)  
Ending balance (in shares) 13,043 15,799
Exercisable (in shares) 7,164  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) $ 13.25  
Exercised (in dollars per share) 3.08  
Ending balance (in dollars per share) 15.41 $ 13.25
Exercisable (in dollars per share) $ 11.67  
Weighted-Average Remaining Contractual Term, Outstanding 6 years 1 month 6 days 6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Exercisable 4 years 2 months 12 days  
Aggregate Intrinsic Value, Outstanding $ 282,197 $ 174,165
Aggregate Intrinsic Value, Exercisable $ 181,762  
v3.24.0.1
Stockholder's Equity - Restricted Stock Unit and Restricted Stock Award Activity (Details) - Unvested restricted stock units and restricted stock awards
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 54,518
Granted (in shares) | shares 26,878
Released (in shares) | shares (27,552)
Forfeited (in shares) | shares (8,745)
Ending balance (in shares) | shares 45,099
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 25.46
Granted (in dollars per share) | $ / shares 25.35
Released (in dollars per share) | $ / shares 25.11
Forfeited (in dollars per share) | $ / shares 24.35
Ending balance (in dollars per share) | $ / shares $ 25.83
v3.24.0.1
Stockholder's Equity - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation $ 647,860 $ 497,123 $ 415,382
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation 11,117 7,629 7,438
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation 422,964 324,161 309,715
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation 96,798 99,467 52,691
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation $ 116,981 $ 65,866 $ 45,538
v3.24.0.1
Stockholder's Equity - Fair Value of Stock Options (Details) - Stock options
 12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (in years) 6 years 1 month 6 days
Risk-free interest rate 3.20%
Expected volatility 61.10%
Dividend yield 0.00%
v3.24.0.1
Net income (loss) per share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Denominator:      
Basic weighted-average shares used in computing net income (loss) per share (in shares) 674,641 665,732 640,030
Diluted weighted-average shares used in computing net income (loss) per share) (in shares) 674,641 665,732 691,651
Basic net income (loss) per share (in dollars per share) $ (0.05) $ (0.14) $ 0.49
Diluted net income (loss) per share (in dollars per share) $ (0.05) $ (0.14) $ 0.46
Class A      
Numerator:      
Net income (loss) $ (30,937) $ (83,110) $ 274,699
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 41,739
Reallocation of net income to Class B common stock 0 0 0
Diluted net income (loss) $ (30,937) $ (83,110) $ 316,438
Denominator:      
Basic weighted-average shares used in computing net income (loss) per share (in shares) 586,109 576,061 555,608
Conversion of Class B to Class A common stock (in shares) 0 0 84,422
Weighted average effect of dilutive potential common stock (in shares) 0 0 51,621
Diluted weighted-average shares used in computing net income (loss) per share) (in shares) 586,109 576,061 691,651
Basic net income (loss) per share (in dollars per share) $ (0.05) $ (0.14) $ 0.49
Diluted net income (loss) per share (in dollars per share) $ (0.05) $ (0.14) $ 0.46
Class B      
Numerator:      
Net income (loss) $ (4,673) $ (12,937) $ 41,739
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0
Reallocation of net income to Class B common stock 0 0 (3,115)
Diluted net income (loss) $ (4,673) $ (12,937) $ 38,624
Denominator:      
Basic weighted-average shares used in computing net income (loss) per share (in shares) 88,532 89,671 84,422
Conversion of Class B to Class A common stock (in shares) 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 0 0 0
Diluted weighted-average shares used in computing net income (loss) per share) (in shares) 88,532 89,671 84,422
Basic net income (loss) per share (in dollars per share) $ (0.05) $ (0.14) $ 0.49
Diluted net income (loss) per share (in dollars per share) $ (0.05) $ (0.14) $ 0.46
v3.24.0.1
Net income (loss) per share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 67,691 69,661 3,271
Outstanding stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 14,463 17,405 0
Unvested restricted stock units and restricted stock awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 53,228 52,256 3,271
v3.24.0.1
Income taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ 20,713 $ 29,108 $ 331,447
Foreign (37,153) (115,052) (10,476)
Income (loss) before provision for income taxes $ (16,440) $ (85,944) $ 320,971
v3.24.0.1
Income taxes - Composition of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 7,833 $ 1,681 $ 0
State 6,698 7,385 2,303
Foreign 6,477 4,381 2,957
Total current tax expense 21,008 13,447 5,260
Deferred:      
Federal 6 (1,861) 6
State 3 (356) 6
Foreign (1,847) (1,127) (739)
Total deferred tax expense (benefit) (1,838) (3,344) (727)
Provision for income taxes $ 19,170 $ 10,103 $ 4,533
v3.24.0.1
Income taxes - Reconciliation of the Difference Between Income Taxes Computed at the Statutory Federal Income Tax Rate and the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Tax at U.S. statutory rate $ (3,453) $ (18,048) $ 67,404
State income taxes, net of benefit 5,111 5,502 2,307
Foreign operations 12,018 26,985 4,448
Permanent book/tax differences 6,809 6,598 409
Share-based compensation (18,925) (20,663) (269,009)
Change in valuation allowance 111,497 62,048 278,761
Tax credits (93,887) (52,319) (79,787)
Provision for income taxes $ 19,170 $ 10,103 $ 4,533
v3.24.0.1
Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Net operating loss carryforwards $ 751,273 $ 900,200
Research tax credits 570,061 473,248
Reserves, accruals, and other 26,855 31,502
Lease obligation 44,676 56,185
Share-based compensation 30,146 40,976
Research capitalization and amortization 411,113 208,373
Total deferred tax assets 1,834,124 1,710,484
Less: valuation allowance (1,821,027) (1,660,609)
Deferred tax assets, net of valuation allowance 13,097 49,875
Deferred tax liabilities:    
Depreciation and amortization (7,467) (44,790)
Prepaid expenses (2,682) (4,190)
Total deferred tax liabilities (10,149) (48,980)
Deferred tax assets $ 2,948 $ 895
v3.24.0.1
Income taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]    
Increase (decrease) in deferred tax asset valuation allowance $ 160.4 $ 120.7
Unrecognized tax benefits that would affect effective tax rate 250.9  
Effective tax rate impact 5.3  
Remaining unrecognized tax benefits 245.6  
Federal    
Income Taxes [Line Items]    
Net operating loss carryforwards 2,914.6  
Federal | Research Tax Credits    
Income Taxes [Line Items]    
Tax credit carryforwards 491.4  
State | California    
Income Taxes [Line Items]    
Net operating loss carryforwards 555.0  
State | California | Research Tax Credits    
Income Taxes [Line Items]    
Tax credit carryforwards 365.7  
State | Other States    
Income Taxes [Line Items]    
Net operating loss carryforwards 1,387.5  
Foreign | Ireland    
Income Taxes [Line Items]    
Net operating loss carryforwards 208.5  
Foreign | Other Foreign    
Income Taxes [Line Items]    
Net operating loss carryforwards $ 10.2  
v3.24.0.1
Income taxes - Changes in Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Beginning balance $ 239,938 $ 205,059
Increases for tax positions of prior years 3,736 0
Decreases for tax positions of prior years (119) (3,347)
Increases for tax positions of current year 44,377 38,226
Audit Settlement (37,027)  
Ending balance $ 250,905 $ 239,938
v3.24.0.1
Geographical information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 3,055,071 $ 2,802,574 $ 2,578,027
Total property and equipment, net and operating lease right-of-use assets 124,344 265,828  
United States and Canada      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,350,188 2,264,640 2,109,089
Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 501,290 410,516 384,657
Rest of World      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 203,593 127,418 84,281
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,226,300 2,144,300 $ 2,003,600
Total property and equipment, net and operating lease right-of-use assets 66,335 205,374  
Ireland      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total property and equipment, net and operating lease right-of-use assets 18,658 4,950  
Mexico      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total property and equipment, net and operating lease right-of-use assets 12,835 11,627  
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total property and equipment, net and operating lease right-of-use assets $ 26,516 $ 43,877  
v3.24.0.1
Restructuring - Narrative (Details)
 1 Months Ended
Mar. 31, 2023
Plan | Employee Severance  
Restructuring Cost and Reserve [Line Items]  
Workforce reduction 4.00%
v3.24.0.1
Restructuring - Summary of Restructuring Charges (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]  
Office Space Reductions $ 117,315
Severance and Other Personnel Costs 9,567
Total 126,882
Cost of revenue  
Restructuring Cost and Reserve [Line Items]  
Office Space Reductions 0
Severance and Other Personnel Costs 0
Total 0
Research and development  
Restructuring Cost and Reserve [Line Items]  
Office Space Reductions 0
Severance and Other Personnel Costs 4,696
Total 4,696
Sales and marketing  
Restructuring Cost and Reserve [Line Items]  
Office Space Reductions 0
Severance and Other Personnel Costs 2,749
Total 2,749
General and administrative  
Restructuring Cost and Reserve [Line Items]  
Office Space Reductions 117,315
Severance and Other Personnel Costs 2,122
Total $ 119,437