PINTEREST, INC., 10-Q filed on 11/4/2021
Quarterly Report
v3.21.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2021
Oct. 29, 2021
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
Document Transition Report false  
Entity File Number 001-38872  
Entity Registrant Name Pinterest, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3607129  
Entity Address, Address Line One 505 Brannan Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 415  
Local Phone Number 762-7100  
Title of 12(b) Security Class A Common Stock, $0.00001 par value  
Trading Symbol PINS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001506293  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   562,699,562
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   89,496,940
v3.21.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 1,231,931 $ 669,230
Marketable securities 1,075,465 1,091,076
Accounts receivable, net of allowances of $6,813 and $8,811 as of September 30, 2021 and December 31, 2020, respectively 505,021 563,733
Prepaid expenses and other current assets 58,705 33,502
Total current assets 2,871,122 2,357,541
Property and equipment, net 54,445 69,375
Operating lease right-of-use assets 203,055 155,916
Goodwill and intangible assets, net 13,550 13,562
Other assets 10,618 13,065
Total assets 3,152,790 2,609,459
Current liabilities:    
Accounts payable 57,612 49,491
Accrued expenses and other current liabilities 183,382 155,340
Total current liabilities 240,994 204,831
Operating lease liabilities 189,348 139,321
Other liabilities 24,081 22,936
Total liabilities 454,423 367,088
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 560,728 and 530,140 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 89,435 and 96,232 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 7 6
Additional paid-in capital 4,891,043 4,574,934
Accumulated other comprehensive income 627 2,480
Accumulated deficit (2,193,310) (2,335,049)
Total stockholders’ equity 2,698,367 2,242,371
Total liabilities and stockholders’ equity $ 3,152,790 $ 2,609,459
v3.21.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Allowances $ 6,813 $ 8,811
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 6,666,667 6,666,667
Common stock, shares issued (in shares) 560,728 530,140
Common stock, shares outstanding (in shares) 560,728 530,140
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,333,333 1,333,333
Common stock, shares issued (in shares) 89,435 96,232
Common stock, shares outstanding (in shares) 89,435 96,232
v3.21.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue $ 632,932 $ 442,616 $ 1,731,372 $ 987,041
Costs and expenses:        
Cost of revenue 126,783 112,844 388,072 320,335
Research and development 185,949 160,187 539,408 442,484
Sales and marketing 156,092 118,531 450,754 322,041
General and administrative 65,659 148,087 206,399 249,834
Total costs and expenses 534,483 539,649 1,584,633 1,334,694
Income (loss) from operations 98,449 (97,033) 146,739 (347,653)
Interest income 765 2,896 3,382 14,265
Interest expense and other income (expense), net (4,765) (51) (5,991) (2,144)
Income (loss) before provision for income taxes 94,449 (94,188) 144,130 (335,532)
Provision for income taxes 453 32 2,391 632
Net income (loss) $ 93,996 $ (94,220) $ 141,739 $ (336,164)
Net income (loss) per share, basic (in dollars per share) $ 0.15 $ (0.16) $ 0.22 $ (0.57)
Net income (loss) per share, diluted (in dollars per share) $ 0.14 $ (0.16) $ 0.20 $ (0.57)
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 643,979 603,490 636,308 588,895
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 691,853 603,490 692,106 588,895
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 93,996 $ (94,220) $ 141,739 $ (336,164)
Other comprehensive income (loss), net of taxes:        
Change in unrealized gain (loss) on available-for-sale marketable securities (265) (1,772) (1,606) 1,634
Change in foreign currency translation adjustment (256) 98 (247) (218)
Comprehensive income (loss) $ 93,475 $ (95,894) $ 139,886 $ (334,748)
v3.21.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019   569,904      
Beginning balance at Dec. 31, 2019 $ 2,023,705 $ 6 $ 4,229,778 $ 647 $ (2,206,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   13,785      
Shares repurchased for tax withholdings on release of restricted stock units (56,894)   (56,894)    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   28,855      
Issuance of common stock for cash upon exercise of stock options, net 64,992   64,992    
Issuance of common stock related to charitable contributions (in shares)   150      
Issuance of common stock related to charitable contributions 2,748   2,748    
Issuance of restricted stock awards (in shares)   2,549      
Share-based compensation 234,801   234,801    
Other comprehensive income (loss) 1,416     1,416  
Net income (loss) (336,164)       (336,164)
Ending balance (in shares) at Sep. 30, 2020   615,243      
Ending balance at Sep. 30, 2020 1,934,604 $ 6 4,475,425 2,063 (2,542,890)
Beginning balance (in shares) at Jun. 30, 2020   596,264      
Beginning balance at Jun. 30, 2020 1,906,630 $ 6 4,351,557 3,737 (2,448,670)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   5,642      
Shares repurchased for tax withholdings on release of restricted stock units (7)   (7)    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   13,337      
Issuance of common stock for cash upon exercise of stock options, net 32,243   32,243    
Share-based compensation 91,632   91,632    
Other comprehensive income (loss) (1,674)     (1,674)  
Net income (loss) (94,220)       (94,220)
Ending balance (in shares) at Sep. 30, 2020   615,243      
Ending balance at Sep. 30, 2020 1,934,604 $ 6 4,475,425 2,063 (2,542,890)
Beginning balance (in shares) at Dec. 31, 2020   626,372      
Beginning balance at Dec. 31, 2020 2,242,371 $ 6 4,574,934 2,480 (2,335,049)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   16,658      
Release of restricted stock units $ 1 $ 1      
Issuance of common stock for cash upon exercise of stock options, net (in shares) 6,663 6,663      
Issuance of common stock for cash upon exercise of stock options, net $ 19,637   19,637    
Issuance of common stock related to charitable contributions (in shares)   250      
Issuance of common stock related to charitable contributions 20,490   20,490    
Issuance of restricted stock awards (in shares)   220      
Share-based compensation 275,982   275,982    
Other comprehensive income (loss) (1,853)     (1,853)  
Net income (loss) 141,739       141,739
Ending balance (in shares) at Sep. 30, 2021   650,163      
Ending balance at Sep. 30, 2021 2,698,367 $ 7 4,891,043 627 (2,193,310)
Beginning balance (in shares) at Jun. 30, 2021   642,787      
Beginning balance at Jun. 30, 2021 2,503,927 $ 6 4,790,079 1,148 (2,287,306)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   5,336      
Release of restricted stock units 1 $ 1      
Issuance of common stock for cash upon exercise of stock options, net (in shares)   1,820      
Issuance of common stock for cash upon exercise of stock options, net 4,702   4,702    
Issuance of restricted stock awards (in shares)   220      
Share-based compensation 96,262   96,262    
Other comprehensive income (loss) (521)     (521)  
Net income (loss) 93,996       93,996
Ending balance (in shares) at Sep. 30, 2021   650,163      
Ending balance at Sep. 30, 2021 $ 2,698,367 $ 7 $ 4,891,043 $ 627 $ (2,193,310)
v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income (loss) $ 141,739 $ (336,164)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 20,299 29,174
Share-based compensation 275,982 234,801
Non-cash charitable contributions 20,490 2,748
Other 9,495 4,520
Changes in assets and liabilities:    
Accounts receivable 61,033 (25,667)
Prepaid expenses and other assets (21,141) (6,184)
Operating lease right-of-use assets 32,014 31,835
Accounts payable 7,862 7,689
Accrued expenses and other liabilities 30,670 20,391
Operating lease liabilities (37,308) (35,013)
Net cash provided by (used in) operating activities 541,135 (71,870)
Investing activities    
Purchases of property and equipment and intangible assets (5,337) (14,032)
Purchases of marketable securities (878,465) (808,180)
Sales of marketable securities 213,651 174,042
Maturities of marketable securities 673,952 699,133
Other investing activities 0 316
Net cash provided by investing activities 3,801 51,279
Financing activities    
Proceeds from exercise of stock options, net 19,637 64,992
Shares repurchased for tax withholdings on release of restricted stock units 0 (56,894)
Other financing activities (1,750) (1,750)
Net cash provided by financing activities 17,887 6,348
Effect of exchange rate changes on cash, cash equivalents and restricted cash (693) (86)
Net increase (decrease) in cash, cash equivalents and restricted cash 562,130 (14,329)
Cash, cash equivalents and restricted cash, beginning of period 678,911 677,743
Cash, cash equivalents and restricted cash, end of period 1,241,041 663,414
Supplemental cash flow information    
Accrued property and equipment 915 3,952
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 81,869 $ 14,030
v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets    
Cash and cash equivalents $ 1,231,931 $ 652,723
Restricted cash included in prepaid expenses and other current assets 2,813 1,470
Other assets 6,297 9,221
Total cash, cash equivalents and restricted cash $ 1,241,041 $ 663,414
v3.21.2
Description of Business and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
Pinterest was incorporated in Delaware in 2008 and is headquartered in San Francisco, California. Pinterest is a visual discovery engine that people around the globe use to find the inspiration to create a life they love. We generate revenue by delivering ads on our website and mobile application.
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Significant Accounting Policies
There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2020.
v3.21.2
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
September 30, 2021
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $737,045 $— $— $737,045 
Commercial paper — 66,591 — 66,591 
Municipal securities— 7,501 — 7,501 
Marketable securities:
Corporate bonds — 425,188 — 425,188 
U.S. treasury securities 229,059 — — 229,059 
Commercial paper — 237,964 — 237,964 
Certificates of deposit — 109,757 — 109,757 
Municipal securities— 39,009 — 39,009 
Non-U.S. government and supranational bonds— 32,996 — 32,996 
Asset-backed securities— 492 — 492 
U.S. agency bonds— 1,000 — 1,000 
Prepaid expenses and other current assets:
Certificates of deposit — 2,813 — 2,813 
Other assets:
Certificates of deposit $— $6,297 $— $6,297 
December 31, 2020
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $225,643 $— $— $225,643 
Commercial paper— 48,532 — 48,532 
U.S. treasury securities39,998 — — 39,998 
Certificates of deposit— 2,996 — 2,996 
Marketable securities:
Corporate bonds — 454,487 — 454,487 
Commercial paper— 234,253 — 234,253 
U.S. treasury securities203,054 — — 203,054 
Certificates of deposit— 134,882 — 134,882 
Municipal securities— 17,619 — 17,619 
U.S. agency bonds— 16,018 — 16,018 
Non-U.S. government and supranational bonds— 15,950 — 15,950 
Asset-backed securities— 14,813 — 14,813 
Prepaid expenses and other current assets:
Certificates of deposit — 571 — 571 
Other assets:
Certificates of deposit $— $9,110 $— $9,110 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Gross unrealized gains and losses on our marketable securities were immaterial in the aggregate as of September 30, 2021 and December 31, 2020. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of September 30, 2021 and December 31, 2020.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
September 30, 2021
Due in one year or less $665,474 
Due after one to five years 409,991 
Total $1,075,465 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.21.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
In April 2021, we entered into a new private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $3,250.0 million of cloud services from AWS through April 2029. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of September 30, 2021, our remaining contractual commitment is $3,071.2 million. We expect to meet our remaining commitment.
Legal Matters
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business, including those described below. While the results of legal matters are inherently uncertain, we do not believe there is a reasonable possibility that the ultimate resolution of these matters, either individually or in aggregate, will have a material adverse effect on our business, financial position, results of operations or cash flows.
On November 23, 2020, Pinterest and our Chief Executive Officer and Chief Financial Officer were named as defendants in a putative securities class action filed in the U.S. District Court for the Northern District of California. The lawsuit alleged claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleged that defendants made material false and misleading public statements about our revenue and user growth in 2019. The complaint sought damages, litigation costs, and interest. On September 23, 2021, the court granted Pinterest’s motion to dismiss plaintiff’s complaint with leave to amend and plaintiff notified the court on October 12, 2021 that they do not intend to file an amended complaint. The court entered judgment on behalf of Pinterest and other defendants. This matter is no longer pending.
In November and December 2020, certain of our executives and members of our board of directors were named as defendants in derivative lawsuits filed in the U.S. District Court for the Northern District of California. Pinterest was also named as a nominal defendant. The lawsuits purport to assert claims for breach of fiduciary duty in connection with allegations of gender and racial discrimination at Pinterest. In addition, the lawsuits purport to assert claims for waste, abuse of control, aiding and abetting breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Exchange Act. The complaints seek declaratory and injunctive relief, corporate governance changes, monetary damages, interest, disgorgement, and fees and costs. On April 22, 2021, the defendants moved to dismiss this complaint. On June 1, 2021, the court referred the lawsuit to a magistrate judge for mediation and vacated other pending deadlines. On July 14, 2021, another derivative complaint with similar allegations was filed in the same court and was subsequently related to the earlier action. The cases were referred to a magistrate judge for mediation, and the proceedings were stayed during the pendency of that mediation. We continue to evaluate these claims but do not believe this litigation will have a material impact on our financial position or results of operations.
In March 2021, certain of our executives and members of our board of directors were named as defendants in a derivative lawsuit filed in the Delaware Chancery Court. Pinterest was also named as a nominal defendant. The complaint alleges that executives and members of the board breached their fiduciary duties to the company in connection with allegations of gender and racial discrimination at Pinterest. On May 10, 2021, the court stayed this lawsuit in light of the related pending case in the Northern District of California. The complaint seeks damages,
litigation costs, and interest. We continue to evaluate these claims but do not believe this litigation will have a material impact on our financial position or results of operations.
v3.21.2
Share-Based Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Equity Incentive Plan
In June 2009, our board of directors adopted and approved our 2009 Stock Plan (the "2009 Plan"), which provides for the issuance of stock options, Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") to qualified employees, directors and consultants. Stock options granted under our 2009 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of September 30, 2021.
Our 2019 Plan became effective upon closing of our initial public offering and succeeds our 2009 Plan. Our 2019 Omnibus Incentive Plan (the "2019 Plan") provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. 127,290,417 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of September 30, 2021.
The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors.
Stock Option Activity
Stock option activity during the nine months ended September 30, 2021, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 202023,947$3.15 2.9$1,502,604 
Exercised (6,663)2.95 
Outstanding as of September 30, 202117,284$3.23 2.2$824,775 
Exercisable as of September 30, 202116,649$2.50 2.0$806,588 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the nine months ended September 30, 2021 and 2020, was $2.4 million and $2.5 million, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2021 and 2020, was $463.1 million and $719.0 million, respectively.

No stock options were granted during the nine months ended September 30, 2021. The total grant-date fair value of stock options granted during the nine months ended September 30, 2020 was not material.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the nine months ended September 30, 2021, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202054,079$20.45 
Granted 6,83774.79 
Released(16,867)22.54 
Forfeited(3,008)25.26 
Outstanding as of September 30, 202141,041$28.30 
Share-Based Compensation
Share-based compensation expense during the three and nine months ended September 30, 2021 and 2020, was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Cost of revenue $2,015 $2,298 $5,507 $6,049 
Research and development67,463 61,357 194,667 156,621 
Sales and marketing13,404 11,958 39,291 23,803 
General and administrative 13,380 16,019 36,517 48,328 
Total share-based compensation $96,262 $91,632 $275,982 $234,801 
As of September 30, 2021, we had $902.0 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.9 years.
v3.21.2
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. 
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$80,945 $13,051 $(75,035)$(19,185)$121,476 $20,263 $(242,731)$(93,433)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 
Basic net income (loss) per share$0.15 $0.15 $(0.16)$(0.16)$0.22 $0.22 $(0.57)$(0.57)
Diluted net income (loss) per share:
Numerator:
Net income (loss)$80,945 $13,051 $(75,035)$(19,185)$121,476 $20,263 $(242,731)$(93,433)
Reallocation of net income as a result of conversion of Class B to Class A common stock 13,051 — — — 20,263 — — — 
Reallocation of net income to Class B common stock — (903)— — — (1,634)— — 
Diluted net income (loss)$93,996 $12,148 $(75,035)$(19,185)$141,739 $18,629 $(242,731)$(93,433)
Denominator
Weighted-average shares used in computing net income (loss) per share554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 
Conversion of Class B to Class A common stock89,411 — — — 90,968 — — — 
Weighted average effect of dilutive potential common stock 47,874 — — — 55,798 — — — 
Weighted-average shares used in computing net income (loss) per share, diluted691,853 89,411 480,606 122,885 692,106 90,968 425,218 163,677 
Diluted net income (loss) per share$0.14 $0.14 $(0.16)$(0.16)$0.20 $0.20 $(0.57)$(0.57)
    
Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Outstanding stock options— 35,226 — 44,659 
Unvested restricted stock units and restricted stock awards5,268 63,695 2,005 64,353 
Total5,268 98,921 2,005 109,013 
v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between our effective tax rate and the federal statutory rate is the full valuation allowance we have established on our federal, state and foreign net operating losses and credits. Income taxes from international operations are not material for the three and nine months ended September 30, 2021 and 2020.
We are subject to taxation in the U.S. and various other state and foreign jurisdictions. As we have net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years. For material foreign jurisdictions, the tax years open to examination include the years 2015 and forward. We are currently under examination of our U.S. consolidated federal income tax return by the Internal Revenue Service for calendar years 2018 and 2019. We believe that we have adequately reserved for any adjustments to the provision for income taxes or other tax items that may ultimately result from these examinations.
v3.21.2
Geographical Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Geographical Information Geographical Information
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
United States $494,357 $367,998 $1,358,696 $827,220 
International(1)
138,575 74,618 372,676 159,821 
Total revenue $632,932 $442,616 $1,731,372 $987,041 
(1)No individual country other than the United States exceeded 10% of our total revenue for any period presented.
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
September 30,December 31,
20212020
United States $229,477 $213,831 
International(1)
28,023 11,460 
Total property and equipment, net and operating lease right-of-use assets$257,500 $225,291 
(1)No individual country other than the United States exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.21.2
Subsequent Events
 9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn October 4, 2021, we issued 500,000 shares of our Class A common stock reserved for charitable purposes to our donor advised fund and will record non-cash charitable contribution expense of $24.8 million for the fourth quarter of 2021.On October 15, 2021, our Co-founder and Chief Design and Creative Officer transitioned into a consulting role pursuant to a consulting agreement dated October 13, 2021. He will continue to serve on our Board of Directors, and his existing RSU award will continue vesting after the transition. For accounting purposes, we will treat this as a modification of his RSU award and will record a one-time charge of $48.6 million, including incremental compensation cost of $40.8 million, in share-based compensation expense for the fourth quarter of 2021.
v3.21.2
Description of Business and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
Consolidation
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021.
Reclassifications Reclassifications We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Net Loss Per Share Attributable to Common Stockholders
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. 
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.
v3.21.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Measured on a Recurring Basis
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
September 30, 2021
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $737,045 $— $— $737,045 
Commercial paper — 66,591 — 66,591 
Municipal securities— 7,501 — 7,501 
Marketable securities:
Corporate bonds — 425,188 — 425,188 
U.S. treasury securities 229,059 — — 229,059 
Commercial paper — 237,964 — 237,964 
Certificates of deposit — 109,757 — 109,757 
Municipal securities— 39,009 — 39,009 
Non-U.S. government and supranational bonds— 32,996 — 32,996 
Asset-backed securities— 492 — 492 
U.S. agency bonds— 1,000 — 1,000 
Prepaid expenses and other current assets:
Certificates of deposit — 2,813 — 2,813 
Other assets:
Certificates of deposit $— $6,297 $— $6,297 
December 31, 2020
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $225,643 $— $— $225,643 
Commercial paper— 48,532 — 48,532 
U.S. treasury securities39,998 — — 39,998 
Certificates of deposit— 2,996 — 2,996 
Marketable securities:
Corporate bonds — 454,487 — 454,487 
Commercial paper— 234,253 — 234,253 
U.S. treasury securities203,054 — — 203,054 
Certificates of deposit— 134,882 — 134,882 
Municipal securities— 17,619 — 17,619 
U.S. agency bonds— 16,018 — 16,018 
Non-U.S. government and supranational bonds— 15,950 — 15,950 
Asset-backed securities— 14,813 — 14,813 
Prepaid expenses and other current assets:
Certificates of deposit — 571 — 571 
Other assets:
Certificates of deposit $— $9,110 $— $9,110 
Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
September 30, 2021
Due in one year or less $665,474 
Due after one to five years 409,991 
Total $1,075,465 
v3.21.2
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock Option Activity
Stock option activity during the nine months ended September 30, 2021, was as follows (in thousands, except per share amounts):
Stock Options Outstanding
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
Aggregate Intrinsic
Value (1)
(in years)
Outstanding as of December 31, 202023,947$3.15 2.9$1,502,604 
Exercised (6,663)2.95 
Outstanding as of September 30, 202117,284$3.23 2.2$824,775 
Exercisable as of September 30, 202116,649$2.50 2.0$806,588 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
Restricted Stock Unit Activity
RSU and RSA activity during the nine months ended September 30, 2021, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202054,079$20.45 
Granted 6,83774.79 
Released(16,867)22.54 
Forfeited(3,008)25.26 
Outstanding as of September 30, 202141,041$28.30 
Share-Based Compensation Expense
Share-based compensation expense during the three and nine months ended September 30, 2021 and 2020, was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Cost of revenue $2,015 $2,298 $5,507 $6,049 
Research and development67,463 61,357 194,667 156,621 
Sales and marketing13,404 11,958 39,291 23,803 
General and administrative 13,380 16,019 36,517 48,328 
Total share-based compensation $96,262 $91,632 $275,982 $234,801 
v3.21.2
Net Income (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Net Income (Loss) Per Share We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$80,945 $13,051 $(75,035)$(19,185)$121,476 $20,263 $(242,731)$(93,433)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 
Basic net income (loss) per share$0.15 $0.15 $(0.16)$(0.16)$0.22 $0.22 $(0.57)$(0.57)
Diluted net income (loss) per share:
Numerator:
Net income (loss)$80,945 $13,051 $(75,035)$(19,185)$121,476 $20,263 $(242,731)$(93,433)
Reallocation of net income as a result of conversion of Class B to Class A common stock 13,051 — — — 20,263 — — — 
Reallocation of net income to Class B common stock — (903)— — — (1,634)— — 
Diluted net income (loss)$93,996 $12,148 $(75,035)$(19,185)$141,739 $18,629 $(242,731)$(93,433)
Denominator
Weighted-average shares used in computing net income (loss) per share554,568 89,411 480,606 122,885 545,340 90,968 425,218 163,677 
Conversion of Class B to Class A common stock89,411 — — — 90,968 — — — 
Weighted average effect of dilutive potential common stock 47,874 — — — 55,798 — — — 
Weighted-average shares used in computing net income (loss) per share, diluted691,853 89,411 480,606 122,885 692,106 90,968 425,218 163,677 
Diluted net income (loss) per share$0.14 $0.14 $(0.16)$(0.16)$0.20 $0.20 $(0.57)$(0.57)
Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Outstanding stock options— 35,226 — 44,659 
Unvested restricted stock units and restricted stock awards5,268 63,695 2,005 64,353 
Total5,268 98,921 2,005 109,013 
v3.21.2
Geographical Information (Tables)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
United States $494,357 $367,998 $1,358,696 $827,220 
International(1)
138,575 74,618 372,676 159,821 
Total revenue $632,932 $442,616 $1,731,372 $987,041 
(1)No individual country other than the United States exceeded 10% of our total revenue for any period presented.
Property and Equipment, Net and Operating Lease Right-of-Use Assets by Geography
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
September 30,December 31,
20212020
United States $229,477 $213,831 
International(1)
28,023 11,460 
Total property and equipment, net and operating lease right-of-use assets$257,500 $225,291 
(1)No individual country other than the United States exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.21.2
Fair Value of Financial Instruments - Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 1,075,465  
Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 425,188 $ 454,487
Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 229,059 203,054
Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 237,964 234,253
Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 109,757 134,882
Prepaid expenses and other current assets 2,813 571
Other assets 6,297 9,110
Recurring | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 39,009 17,619
Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 32,996 15,950
Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 492 14,813
Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 1,000 16,018
Level 1 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 229,059 203,054
Level 1 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets 0 0
Other assets 0 0
Level 1 | Recurring | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 425,188 454,487
Level 2 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 237,964 234,253
Level 2 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 109,757 134,882
Prepaid expenses and other current assets 2,813 571
Other assets 6,297 9,110
Level 2 | Recurring | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 39,009 17,619
Level 2 | Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 32,996 15,950
Level 2 | Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 492 14,813
Level 2 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 1,000 16,018
Level 3 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets 0 0
Other assets 0 0
Level 3 | Recurring | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 737,045 225,643
Money market funds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 737,045 225,643
Money market funds | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 66,591 48,532
Commercial paper | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 66,591 48,532
Commercial paper | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Municipal securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 7,501  
Municipal securities | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Municipal securities | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 7,501  
Municipal securities | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0  
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   39,998
U.S. treasury securities | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   39,998
U.S. treasury securities | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
U.S. treasury securities | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   2,996
Certificates of deposit | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Certificates of deposit | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   2,996
Certificates of deposit | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 0
v3.21.2
Fair Value of Financial Instruments - Fair Value of Marketable Securities by Contractual Maturity (Details)
$ in Thousands
Sep. 30, 2021
USD ($)
Cash and Cash Equivalents [Abstract]  
Due in one year or less $ 665,474
Due after one to five years 409,991
Total $ 1,075,465
v3.21.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 3,071.2 $ 3,250.0
v3.21.2
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grant-date fair value of stock options vested $ 2.4 $ 2.5
Aggregate intrinsic value of stock options exercised $ 463.1 $ 719.0
Stock options granted (in shares) 0  
Unrecognized share-based compensation expense $ 902.0  
Weighted-average recognition period for unrecognized share-based compensation expense 2 years 10 months 24 days  
2009 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares reserved for issuance (in shares) 0  
2019 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of outstanding shares, additional reserve 5.00%  
2019 Plan | Class A    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares reserved for issuance (in shares) 127,290,417  
Stock Options | 2009 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 10 years  
Stock Options | 2019 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 10 years  
RSUs | 2009 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expiration period 7 years  
v3.21.2
Share-Based Compensation - Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Shares    
Beginning balance (in shares) | shares 23,947  
Exercised (in shares) | shares (6,663)  
Ending balance (in shares) | shares 17,284 23,947
Exercisable (in shares) | shares 16,649  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) | $ / shares $ 3.15  
Exercised (in dollars per share) | $ / shares 2.95  
Ending balance (in dollars per share) | $ / shares 3.23 $ 3.15
Exercisable (in dollars per share) | $ / shares $ 2.50  
Weighted-Average Remaining Contractual Term, Outstanding 2 years 2 months 12 days 2 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable 2 years  
Aggregate Intrinsic Value, Outstanding | $ $ 824,775 $ 1,502,604
Aggregate Intrinsic Value, Exercisable | $ $ 806,588  
v3.21.2
Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding
shares in Thousands
 9 Months Ended
Sep. 30, 2021
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 54,079
Granted (in shares) | shares 6,837
Released (in shares) | shares (16,867)
Forfeited (in shares) | shares (3,008)
Ending balance (in shares) | shares 41,041
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 20.45
Granted (in dollars per share) | $ / shares 74.79
Released (in dollars per share) | $ / shares 22.54
Forfeited (in dollars per share) | $ / shares 25.26
Ending balance (in dollars per share) | $ / shares $ 28.30
v3.21.2
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Unvested restricted stock units and restricted stock awards        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 96,262 $ 91,632 $ 275,982 $ 234,801
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 2,015 2,298 5,507 6,049
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 67,463 61,357 194,667 156,621
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 13,404 11,958 39,291 23,803
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 13,380 $ 16,019 $ 36,517 $ 48,328
v3.21.2
Net Income (Loss) Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 643,979 603,490 636,308 588,895
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 691,853 603,490 692,106 588,895
Net income (loss) per share, basic (in dollars per share) $ 0.15 $ (0.16) $ 0.22 $ (0.57)
Net income (loss) per share, diluted (in dollars per share) $ 0.14 $ (0.16) $ 0.20 $ (0.57)
Class A        
Numerator:        
Net income (loss) $ 80,945 $ (75,035) $ 121,476 $ (242,731)
Reallocation of net income as a result of conversion of Class B to Class A common stock 13,051 0 20,263 0
Reallocation of net income to Class B common stock 0 0 0 0
Diluted net income (loss) $ 93,996 $ (75,035) $ 141,739 $ (242,731)
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 554,568 480,606 545,340 425,218
Conversion of Class B to Class A common stock (in shares) 89,411 0 90,968 0
Weighted average effect of dilutive potential common stock (in shares) 47,874 0 55,798 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 691,853 480,606 692,106 425,218
Net income (loss) per share, basic (in dollars per share) $ 0.15 $ (0.16) $ 0.22 $ (0.57)
Net income (loss) per share, diluted (in dollars per share) $ 0.14 $ (0.16) $ 0.20 $ (0.57)
Class B        
Numerator:        
Net income (loss) $ 13,051 $ (19,185) $ 20,263 $ (93,433)
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0 0
Reallocation of net income to Class B common stock (903) 0 (1,634) 0
Diluted net income (loss) $ 12,148 $ (19,185) $ 18,629 $ (93,433)
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 89,411 122,885 90,968 163,677
Conversion of Class B to Class A common stock (in shares) 0 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 0 0 0 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 89,411 122,885 90,968 163,677
Net income (loss) per share, basic (in dollars per share) $ 0.15 $ (0.16) $ 0.22 $ (0.57)
Net income (loss) per share, diluted (in dollars per share) $ 0.14 $ (0.16) $ 0.20 $ (0.57)
v3.21.2
Net Income (Loss) Per Share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 5,268 98,921 2,005 109,013
Outstanding stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 0 35,226 0 44,659
Unvested restricted stock units and restricted stock awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 5,268 63,695 2,005 64,353
v3.21.2
Geographical Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue $ 632,932 $ 442,616 $ 1,731,372 $ 987,041  
Total property and equipment, net and operating lease right-of-use assets 257,500   257,500   $ 225,291
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 494,357 367,998 1,358,696 827,220  
Total property and equipment, net and operating lease right-of-use assets 229,477   229,477   213,831
International          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 138,575 $ 74,618 372,676 $ 159,821  
Total property and equipment, net and operating lease right-of-use assets $ 28,023   $ 28,023   $ 11,460
v3.21.2
Subsequent Events (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 04, 2021
Dec. 31, 2021
Sep. 30, 2021
Sep. 30, 2020
Subsequent Event [Line Items]        
Non-cash charitable contributions     $ 20,490 $ 2,748
Forecast        
Subsequent Event [Line Items]        
Non-cash charitable contributions   $ 24,800    
Subsequent Event | Forecast | Co-Founder And Chief Design And Creative Officer        
Subsequent Event [Line Items]        
One-time charge   48,600    
Incremental compensation cost   $ 40,800    
Subsequent Event | Class A        
Subsequent Event [Line Items]        
Issuance of common stock related to charitable contributions (in shares) 500,000