PINTEREST, INC., 10-Q filed on 8/1/2022
Quarterly Report
v3.22.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2022
Jul. 26, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2022  
Document Transition Report false  
Entity File Number 001-38872  
Entity Registrant Name Pinterest, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3607129  
Entity Address, Address Line One 505 Brannan Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 415  
Local Phone Number 762-7100  
Title of 12(b) Security Class A Common Stock, $0.00001 par value  
Trading Symbol PINS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001506293  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   582,878,063
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   90,583,876
v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 1,641,509 $ 1,419,630
Marketable securities 1,017,510 1,060,488
#REF! 511,468 653,355
Prepaid expenses and other current assets 75,583 48,090
Total current assets 3,246,070 3,181,563
Property and equipment, net 66,074 53,401
Operating lease right-of-use assets 218,325 227,912
Goodwill and intangible assets, net 145,673 61,115
Other assets 17,890 13,247
Total assets 3,694,032 3,537,238
Current liabilities:    
Accounts payable 57,906 17,675
Accrued expenses and other current liabilities 292,949 242,131
Total current liabilities 350,855 259,806
Operating lease liabilities 192,543 209,181
Other liabilities 14,545 29,508
Total liabilities 557,943 498,495
Commitments and contingencies
Stockholders’ equity:    
#REF! 7 7
Additional paid-in capital 5,216,308 5,059,528
Accumulated other comprehensive loss (13,258) (2,181)
Accumulated deficit (2,066,968) (2,018,611)
Total stockholders’ equity 3,136,089 3,038,743
Total liabilities and stockholders’ equity $ 3,694,032 $ 3,537,238
v3.22.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Allowances $ 8,803 $ 8,282
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 6,666,667 6,666,667
Common stock, shares issued (in shares) 579,656 568,228
Common stock, shares outstanding (in shares) 579,656 568,228
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 1,333,333 1,333,333
Common stock, shares issued (in shares) 90,470 88,644
Common stock, shares outstanding (in shares) 90,470 88,644
v3.22.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Revenue $ 665,930 $ 613,210 $ 1,240,815 $ 1,098,440
Costs and expenses:        
Cost of revenue 164,896 127,819 310,966 261,289
Research and development 233,508 181,731 429,056 353,459
Sales and marketing 212,037 164,340 385,990 294,662
General and administrative 89,994 68,122 152,973 140,740
Total costs and expenses 700,435 542,012 1,278,985 1,050,150
Income (loss) from operations (34,505) 71,198 (38,170) 48,290
Interest income 3,365 1,125 4,453 2,617
Interest expense and other income (expense), net (9,252) 337 (10,828) (1,226)
Income (loss) before provision for income taxes (40,392) 72,660 (44,545) 49,681
Provision for income taxes 2,684 3,243 3,812 1,938
Net income (loss) $ (43,076) $ 69,417 $ (48,357) $ 47,743
Net income (loss) per share, basic (in dollars per share) $ (0.07) $ 0.11 $ (0.07) $ 0.08
Net income (loss) per share, diluted (in dollars per share) $ (0.07) $ 0.10 $ (0.07) $ 0.07
Basic weighted-average shares used in computing net income (loss) per share (in shares) 662,242 636,190 659,585 632,413
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 662,242 692,364 659,585 692,223
v3.22.2
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (43,076) $ 69,417 $ (48,357) $ 47,743
Other comprehensive income (loss), net of taxes:        
Change in unrealized gain (loss) on available-for-sale marketable securities (2,194) (354) (10,038) (1,341)
Change in foreign currency translation adjustment (805) 189 (1,039) 9
Comprehensive income (loss) $ (46,075) $ 69,252 $ (59,434) $ 46,411
v3.22.2
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020   626,372      
Beginning balance at Dec. 31, 2020 $ 2,242,371 $ 6 $ 4,574,934 $ 2,480 $ (2,335,049)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   11,323      
Issuance of common stock for cash upon exercise of stock options, net (in shares)   4,843      
Issuance of common stock for cash upon exercise of stock options, net 14,935   14,935    
Issuance of common stock related to charitable contributions (in shares)   250      
Issuance of common stock related to charitable contributions 20,490   20,490    
Share-based compensation 179,720   179,720    
Other comprehensive loss (1,332)     (1,332)  
Net income (loss) 47,743       47,743
Ending balance (in shares) at Jun. 30, 2021   642,788      
Ending balance at Jun. 30, 2021 2,503,927 $ 6 4,790,079 1,148 (2,287,306)
Beginning balance (in shares) at Mar. 31, 2021   635,329      
Beginning balance at Mar. 31, 2021 2,328,823 $ 6 4,684,227 1,313 (2,356,723)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   5,613      
Issuance of common stock for cash upon exercise of stock options, net (in shares)   1,846      
Issuance of common stock for cash upon exercise of stock options, net 5,591   5,591    
Share-based compensation 100,261   100,261    
Other comprehensive loss (165)     (165)  
Net income (loss) 69,417       69,417
Ending balance (in shares) at Jun. 30, 2021   642,788      
Ending balance at Jun. 30, 2021 2,503,927 $ 6 4,790,079 1,148 (2,287,306)
Beginning balance (in shares) at Dec. 31, 2021   656,872      
Beginning balance at Dec. 31, 2021 3,038,743 $ 7 5,059,528 (2,181) (2,018,611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards (in shares)   8,697      
Shares repurchased for tax withholdings on release of restricted stock units $ (37,953)   (37,953)    
Issuance of common stock for cash upon exercise of stock options, net (in shares) 4,557 4,557      
Issuance of common stock for cash upon exercise of stock options, net $ 4,080   4,080    
Share-based compensation 190,653   190,653    
Other comprehensive loss (11,077)     (11,077)  
Net income (loss) (48,357)       (48,357)
Ending balance (in shares) at Jun. 30, 2022   670,126      
Ending balance at Jun. 30, 2022 3,136,089 $ 7 5,216,308 (13,258) (2,066,968)
Beginning balance (in shares) at Mar. 31, 2022   662,254      
Beginning balance at Mar. 31, 2022 3,099,660 $ 7 5,133,804 (10,259) (2,023,892)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards (in shares)   3,684      
Shares repurchased for tax withholdings on release of restricted stock units (37,953)   (37,953)    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   4,188      
Issuance of common stock for cash upon exercise of stock options, net 3,044   3,044    
Share-based compensation 117,413   117,413    
Other comprehensive loss (2,999)     (2,999)  
Net income (loss) (43,076)       (43,076)
Ending balance (in shares) at Jun. 30, 2022   670,126      
Ending balance at Jun. 30, 2022 $ 3,136,089 $ 7 $ 5,216,308 $ (13,258) $ (2,066,968)
v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income (loss) $ (48,357) $ 47,743
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 16,355 13,537
Share-based compensation 190,653 179,720
Non-cash charitable contributions 0 20,490
Other 12,473 9,398
Changes in assets and liabilities:    
Accounts receivable 143,877 98,686
Prepaid expenses and other assets (31,057) (18,342)
Operating lease right-of-use assets 25,103 20,643
Accounts payable 40,557 (1,498)
Accrued expenses and other liabilities 10,605 25,662
Operating lease liabilities (26,752) (20,646)
Net cash provided by operating activities 333,457 375,393
Investing activities    
Purchases of property and equipment and intangible assets (19,916) (3,428)
Purchases of marketable securities (367,806) (571,216)
Sales of marketable securities 4,168 154,586
Maturities of marketable securities 393,784 373,162
Acquisition of business, net of cash acquired (86,059) 0
Net cash used in investing activities (75,829) (46,896)
Financing activities    
Proceeds from exercise of stock options, net 4,080 14,935
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (37,953) 0
Net cash (used in) provided by financing activities (33,873) 14,935
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,947) (305)
Net increase in cash, cash equivalents and restricted cash 221,808 343,127
Cash, cash equivalents and restricted cash, beginning of period 1,427,064 678,911
Cash, cash equivalents and restricted cash, end of period 1,648,872 1,022,038
Supplemental cash flow information    
Accrued property and equipment 7,314 905
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 15,899 $ 1,657
v3.22.2
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2022
Jun. 30, 2021
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets    
Cash and cash equivalents $ 1,641,509 $ 1,012,928
Restricted cash included in prepaid expenses and other current assets 1,834 299
Restricted cash included in other assets 5,529 8,811
Total cash, cash equivalents and restricted cash $ 1,648,872 $ 1,022,038
v3.22.2
Description of Business and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
Pinterest was incorporated in Delaware in 2008 and is headquartered in San Francisco, California. Pinterest is a visual discovery engine that people around the globe use to find the inspiration to create a life they love. We generate revenue by delivering ads on our website and mobile application.
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2021, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Significant Accounting Policies
There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2021.
v3.22.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
June 30, 2022
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $1,014,280 $— $— $1,014,280 
Commercial paper — 149,891 — 149,891 
Corporate bonds— 5,014 — 5,014 
U.S. treasury securities 8,987 — — 8,987 
Marketable securities:
Corporate bonds — 424,541 — 424,541 
U.S. treasury securities 246,357 — — 246,357 
Commercial paper — 191,147 — 191,147 
Certificates of deposit — 91,645 — 91,645 
Municipal securities— 30,020 — 30,020 
Non-U.S. government and supranational bonds— 33,800 — 33,800 
Prepaid expenses and other current assets:
Certificates of deposit — 1,834 — 1,834 
Other assets:
Certificates of deposit $— $5,529 $— $5,529 
December 31, 2021
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $711,188 $— $— $711,188 
Commercial paper— 114,976 — 114,976 
Corporate bonds— 4,310 — 4,310 
Marketable securities:
Corporate bonds — 449,417 — 449,417 
Commercial paper— 247,560 — 247,560 
U.S. treasury securities189,010 — — 189,010 
Certificates of deposit— 82,486 — 82,486 
Municipal securities— 49,331 — 49,331 
Non-U.S. government and supranational bonds— 41,684 — 41,684 
U.S. agency bonds— 1,000 — 1,000 
Prepaid expenses and other current assets:
Certificates of deposit — 1,137 — 1,137 
Other assets:
Certificates of deposit $— $6,297 $— $6,297 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Gross unrealized gains and losses on our marketable securities were immaterial in the aggregate as of June 30, 2022 and December 31, 2021. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of June 30, 2022 and December 31, 2021.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
June 30, 2022
Due in one year or less $791,457 
Due after one to five years 226,053 
Total $1,017,510 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.22.2
Acquisition
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
On June 10, 2022, we acquired all outstanding shares of The Yes Platform, Inc. (“The Yes”), an AI powered shopping platform for fashion. We believe the acquisition of The Yes will help accelerate our vision for Pinterest to be the home of taste-driven shopping.
The total purchase consideration was $87.6 million in cash. Of this, we attributed $15.0 million to customer relationships, which have useful lives of one year; $13.6 million to developed technology, which has a useful life of three years; and $60.0 million to goodwill. Goodwill represents the synergies we expect to realize from the acquisition and the assembled workforce and is not deductible for tax purposes.
We included the results of The Yes’s operations in our condensed consolidated financial statements beginning on the acquisition date. The acquisition did not have a material impact on our condensed consolidated financial statements so we have not presented historical and pro forma disclosures.
v3.22.2
Goodwill and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Changes in goodwill are as follows (in thousands):
Balance as of December 31, 2021$40,208 
Acquisitions60,019 
Balance as of June 30, 2022$100,227 
Intangible assets, net consists of the following (in thousands):
June 30, 2022
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired technology, patents and other intangibles$39,907 $(10,088)$29,819 4.9 years
Customer relationships17,700 (2,073)15,627 1.6 years
Total intangible assets, net $57,607 $(12,161)$45,446 
December 31, 2021
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired technology, patents and other intangibles$26,307 $(8,055)$18,252 5.8 years
Customer relationships2,700 (45)2,655 5 years
Total intangible assets, net $29,007 $(8,100)$20,907 
(1)Based on the weighted-average useful life established as of acquisition date.
Amortization expense was $3.0 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $4.1 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively. Estimated future amortization expense as of June 30, 2022, is as follows (in thousands):
Intangible Asset Amortization
Remainder of 2022$11,461 
202314,909 
20248,659 
20256,005 
20263,424 
Thereafter 988 
Total $45,446 
v3.22.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
In April 2021, we entered into a new private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the new pricing addendum, we are required to purchase at least $3,250.0 million of cloud services from AWS through April 2029. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of June 30, 2022, our remaining contractual commitment is $2,672.2 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.
In November and December 2020, certain of our executives and members of our board of directors were named as defendants in shareholder derivative lawsuits filed in the U.S. District Court for the Northern District of California. Pinterest was also named as a nominal defendant. The lawsuits purport to assert claims for breach of fiduciary duty in connection with allegations of gender and racial discrimination at Pinterest. In addition, the lawsuits purport to assert claims for waste, abuse of control, aiding and abetting breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Exchange Act. The complaints seek declaratory and injunctive relief, corporate governance changes, monetary damages, interest, disgorgement, and fees and costs. On July 14, 2021, another shareholder derivative complaint with similar allegations was filed in the same court and was subsequently related to the earlier action. The cases were referred to a magistrate judge for mediation, and the proceedings were stayed during the pendency of that mediation. On November 24, 2021, the parties entered into a stipulation of settlement. Preliminary approval was granted February 16, 2022, and a final approval for the settlement was granted on May 26, 2022.
In March 2021, certain of our executives and members of our board of directors were named as defendants in a shareholder derivative lawsuit filed in the Delaware Chancery Court. Pinterest was also named as a nominal defendant. The complaint 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. The complaint seeks damages, litigation costs, and interest. On May 10, 2021, the court stayed this lawsuit in light of the related pending case in the Northern District of California and on July 21, 2022 the matter was dismissed.
v3.22.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Equity Incentive Plan
In June 2009, our board of directors adopted and approved our 2009 Stock Plan (the "2009 Plan"), which provides for the issuance of stock options, Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") to qualified employees, directors and consultants. Stock options granted under our 2009 Plan have a maximum life of 10 years
and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of June 30, 2022.
Our 2019 Plan became effective upon closing of our initial public offering and succeeds our 2009 Plan. Our 2019 Omnibus Incentive Plan (the "2019 Plan") provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. 132,432,216 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 30, 2022.
The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors.
Stock Option Activity
Stock option activity during the six months ended June 30, 2022, 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, 202116,141$3.19 1.9$535,118 
Granted 8,55319.96 
Exercised (4,557)0.90 
Outstanding as of June 30, 202220,137$10.83 5.4$165,499 
Exercisable as of June 30, 202211,160$3.41 1.7$165,499 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the six months ended June 30, 2022 and 2021, was $1.6 million and $1.6 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2022 and 2021 was $83.3 million and $349.2 million, respectively.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the six months ended June 30, 2022, 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, 202136,258$30.84 
Granted 27,88323.58 
Released(10,454)26.10 
Forfeited(7,107)27.76 
Outstanding as of June 30, 202246,580$28.03 
Share-Based Compensation
Share-based compensation expense during the three and six months ended June 30, 2022 and 2021, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Cost of revenue $1,417 $2,180 $2,611 $3,492 
Research and development81,436 70,729 134,326 127,204 
Sales and marketing18,501 13,996 30,270 25,887 
General and administrative 16,059 13,356 23,446 23,137 
Total share-based compensation $117,413 $100,261 $190,653 $179,720 
As of June 30, 2022, we had $1,221.4 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 3.1 years.
Fair Value of Stock Options
We measure stock options based on their estimated grant date fair values, which we determine using the Black-Scholes option-pricing model, and we record the resulting expense in our condensed consolidated statements of operations over the requisite service period, which is generally four years.
We estimated the fair value of the stock options granted during the six months ended June 30, 2022, using the Black-Scholes option-pricing model with the following assumptions:
Six Months Ended
June 30, 2022
Expected term (in years)
6.1
Risk-free interest rate
3.2 %
Expected volatility
61.1 %
Dividend yield
— %
The key inputs we used in the Black-Scholes model are:
•Expected term – The expected term represents the period we expect our share-based awards to be outstanding, which is also the period we used to measure risk-free interest rates and expected volatility. We
estimated the expected term using the simplified method as we do not have sufficient historical stock option exercise data.
•Risk-free interest rate – We estimated the risk-free interest rate based on zero-coupon U.S. Treasury notes.
•Expected volatility – We estimated expected volatility based on a combination of our historical volatility and that of comparable publicly-traded companies.
•Dividend yield – We applied a dividend yield of zero because we have never paid or declared dividends, and we have no plan to do so in the foreseeable future.
The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2022 was $11.79. No stock options were granted during the six months ended June 30, 2021.
v3.22.2
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(37,288)$(5,788)$59,651 $9,766 $(41,845)$(6,512)$40,817 $6,926 
Denominator:
Basic weighted-average shares used in computing net income (loss) per share573,255 88,987 546,687 89,504 570,760 88,825 540,666 91,747 
Basic net income (loss) per share$(0.07)$(0.07)$0.11 $0.11 $(0.07)$(0.07)$0.08 $0.08 
Diluted net income (loss) per share:
Numerator:
Net income (loss)$(37,288)$(5,788)$59,651 $9,766 $(41,845)$(6,512)$40,817 $6,926 
Reallocation of net income as a result of conversion of Class B to Class A common stock — — 9,766 — — — 6,926 — 
Reallocation of net income to Class B common stock — — — (792)— — — (598)
Diluted net income (loss)$(37,288)$(5,788)$69,417 $8,974 $(41,845)$(6,512)$47,743 $6,328 
Denominator
Basic weighted-average shares used in computing net income (loss) per share573,255 88,987 546,687 89,504 570,760 88,825 540,666 91,747 
Conversion of Class B to Class A common stock— — 89,504 — — — 91,747 — 
Weighted average effect of dilutive potential common stock — — 56,173 — — — 59,810 — 
Diluted weighted-average shares used in computing net income (loss) per share573,255 88,987 692,364 89,504 570,760 88,825 692,223 91,747 
Diluted net income (loss) per share$(0.07)$(0.07)$0.10 $0.10 $(0.07)$(0.07)$0.07 $0.07 
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
June 30,		Six Months Ended
June 30,
2022202120222021
Outstanding stock options15,210 — 15,568 — 
Unvested restricted stock units and restricted stock awards48,605 732 41,709 372 
Total63,815 732 57,277 372 
v3.22.2
Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between our effective tax rate and the federal statutory rate is the full valuation allowance we have established on our federal, state and foreign net operating losses and credits. Income taxes are not material for the three and six months ended June 30, 2022 and 2021.
We are subject to taxation in the U.S. and various other state and foreign jurisdictions. As we have net operating loss carryforwards for U.S. federal and state jurisdictions, the statute of limitations is open for all tax years. For material foreign jurisdictions, the tax years open to examination include the years 2017 and forward. We are currently under examination of our U.S. consolidated federal income tax return by the Internal Revenue Service for 2018 and 2019. We believe that we have adequately reserved for any adjustments to the provision for income taxes or other tax items that may ultimately result from these examinations.
v3.22.2
Geographical Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Geographical Information Geographical Information
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
U.S. and Canada(1)
$530,726 $501,468 $992,799 $906,543 
Europe(2)
104,751 92,499 193,648 160,715 
Rest of World
30,453 19,243 54,368 31,182 
Total revenue $665,930 $613,210 $1,240,815 $1,098,440 
(1)United States revenue was $500.3 million and $476.1 million for the three months ended June 30, 2022 and 2021, respectively, and $941.3 million and $864.3 million for the six months ended June 30, 2022 and 2021, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
June 30,December 31,
20222021
United States $235,032 $247,975 
International(1)
49,367 33,338 
Total property and equipment, net and operating lease right-of-use assets$284,399 $281,313 
(1)No individual country other than the United States exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.22.2
Description of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2021, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022.
Consolidation
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2021, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022.
Reclassifications Reclassifications We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Net Loss Per Share Attributable to Common Stockholders
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
v3.22.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Measured on a Recurring Basis
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
June 30, 2022
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $1,014,280 $— $— $1,014,280 
Commercial paper — 149,891 — 149,891 
Corporate bonds— 5,014 — 5,014 
U.S. treasury securities 8,987 — — 8,987 
Marketable securities:
Corporate bonds — 424,541 — 424,541 
U.S. treasury securities 246,357 — — 246,357 
Commercial paper — 191,147 — 191,147 
Certificates of deposit — 91,645 — 91,645 
Municipal securities— 30,020 — 30,020 
Non-U.S. government and supranational bonds— 33,800 — 33,800 
Prepaid expenses and other current assets:
Certificates of deposit — 1,834 — 1,834 
Other assets:
Certificates of deposit $— $5,529 $— $5,529 
December 31, 2021
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $711,188 $— $— $711,188 
Commercial paper— 114,976 — 114,976 
Corporate bonds— 4,310 — 4,310 
Marketable securities:
Corporate bonds — 449,417 — 449,417 
Commercial paper— 247,560 — 247,560 
U.S. treasury securities189,010 — — 189,010 
Certificates of deposit— 82,486 — 82,486 
Municipal securities— 49,331 — 49,331 
Non-U.S. government and supranational bonds— 41,684 — 41,684 
U.S. agency bonds— 1,000 — 1,000 
Prepaid expenses and other current assets:
Certificates of deposit — 1,137 — 1,137 
Other assets:
Certificates of deposit $— $6,297 $— $6,297 
Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
June 30, 2022
Due in one year or less $791,457 
Due after one to five years 226,053 
Total $1,017,510 
v3.22.2
Goodwill and Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in goodwill are as follows (in thousands):
Balance as of December 31, 2021$40,208 
Acquisitions60,019 
Balance as of June 30, 2022$100,227 
Composition of Intangible Assets, Net
Intangible assets, net consists of the following (in thousands):
June 30, 2022
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired technology, patents and other intangibles$39,907 $(10,088)$29,819 4.9 years
Customer relationships17,700 (2,073)15,627 1.6 years
Total intangible assets, net $57,607 $(12,161)$45,446 
December 31, 2021
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired technology, patents and other intangibles$26,307 $(8,055)$18,252 5.8 years
Customer relationships2,700 (45)2,655 5 years
Total intangible assets, net $29,007 $(8,100)$20,907 
(1)Based on the weighted-average useful life established as of acquisition date.
Estimated Future Amortization Expense Estimated future amortization expense as of June 30, 2022, is as follows (in thousands):
Intangible Asset Amortization
Remainder of 2022$11,461 
202314,909 
20248,659 
20256,005 
20263,424 
Thereafter 988 
Total $45,446 
v3.22.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity
Stock option activity during the six months ended June 30, 2022, 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, 202116,141$3.19 1.9$535,118 
Granted 8,55319.96 
Exercised (4,557)0.90 
Outstanding as of June 30, 202220,137$10.83 5.4$165,499 
Exercisable as of June 30, 202211,160$3.41 1.7$165,499 
(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 six months ended June 30, 2022, 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, 202136,258$30.84 
Granted 27,88323.58 
Released(10,454)26.10 
Forfeited(7,107)27.76 
Outstanding as of June 30, 202246,580$28.03 
Share-Based Compensation Expense
Share-based compensation expense during the three and six months ended June 30, 2022 and 2021, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Cost of revenue $1,417 $2,180 $2,611 $3,492 
Research and development81,436 70,729 134,326 127,204 
Sales and marketing18,501 13,996 30,270 25,887 
General and administrative 16,059 13,356 23,446 23,137 
Total share-based compensation $117,413 $100,261 $190,653 $179,720 
Fair Value of Stock Options
We estimated the fair value of the stock options granted during the six months ended June 30, 2022, using the Black-Scholes option-pricing model with the following assumptions:
Six Months Ended
June 30, 2022
Expected term (in years)
6.1
Risk-free interest rate
3.2 %
Expected volatility
61.1 %
Dividend yield
— %
v3.22.2
Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Net Income (Loss) Per Share We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$(37,288)$(5,788)$59,651 $9,766 $(41,845)$(6,512)$40,817 $6,926 
Denominator:
Basic weighted-average shares used in computing net income (loss) per share573,255 88,987 546,687 89,504 570,760 88,825 540,666 91,747 
Basic net income (loss) per share$(0.07)$(0.07)$0.11 $0.11 $(0.07)$(0.07)$0.08 $0.08 
Diluted net income (loss) per share:
Numerator:
Net income (loss)$(37,288)$(5,788)$59,651 $9,766 $(41,845)$(6,512)$40,817 $6,926 
Reallocation of net income as a result of conversion of Class B to Class A common stock — — 9,766 — — — 6,926 — 
Reallocation of net income to Class B common stock — — — (792)— — — (598)
Diluted net income (loss)$(37,288)$(5,788)$69,417 $8,974 $(41,845)$(6,512)$47,743 $6,328 
Denominator
Basic weighted-average shares used in computing net income (loss) per share573,255 88,987 546,687 89,504 570,760 88,825 540,666 91,747 
Conversion of Class B to Class A common stock— — 89,504 — — — 91,747 — 
Weighted average effect of dilutive potential common stock — — 56,173 — — — 59,810 — 
Diluted weighted-average shares used in computing net income (loss) per share573,255 88,987 692,364 89,504 570,760 88,825 692,223 91,747 
Diluted net income (loss) per share$(0.07)$(0.07)$0.10 $0.10 $(0.07)$(0.07)$0.07 $0.07 
Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Loss Per Share Basic net loss per share is the same as diluted net loss per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Outstanding stock options15,210 — 15,568 — 
Unvested restricted stock units and restricted stock awards48,605 732 41,709 372 
Total63,815 732 57,277 372 
v3.22.2
Geographical Information (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
U.S. and Canada(1)
$530,726 $501,468 $992,799 $906,543 
Europe(2)
104,751 92,499 193,648 160,715 
Rest of World
30,453 19,243 54,368 31,182 
Total revenue $665,930 $613,210 $1,240,815 $1,098,440 
(1)United States revenue was $500.3 million and $476.1 million for the three months ended June 30, 2022 and 2021, respectively, and $941.3 million and $864.3 million for the six months ended June 30, 2022 and 2021, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Property and Equipment, Net and Operating Lease Right-of-Use Assets by Geography
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
June 30,December 31,
20222021
United States $235,032 $247,975 
International(1)
49,367 33,338 
Total property and equipment, net and operating lease right-of-use assets$284,399 $281,313 
(1)No individual country other than the United States exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.22.2
Fair Value of Financial Instruments - Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 1,017,510  
Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 424,541 $ 449,417
Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 191,147 247,560
Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 246,357 189,010
Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 91,645 82,486
Prepaid expenses and other current assets 1,834 1,137
Other assets 5,529 6,297
Recurring | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 30,020 49,331
Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 33,800 41,684
Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   1,000
Level 1 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 246,357 189,010
Level 1 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets 0 0
Other assets 0 0
Level 1 | Recurring | 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 | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Level 2 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 424,541 449,417
Level 2 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 191,147 247,560
Level 2 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 91,645 82,486
Prepaid expenses and other current assets 1,834 1,137
Other assets 5,529 6,297
Level 2 | Recurring | Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 30,020 49,331
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 33,800 41,684
Level 2 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   1,000
Level 3 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets 0 0
Other assets 0 0
Level 3 | Recurring | 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 | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,014,280 711,188
Money market funds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,014,280 711,188
Money market funds | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 149,891 114,976
Commercial paper | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 149,891 114,976
Commercial paper | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 8,987  
U.S. treasury securities | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 8,987  
U.S. treasury securities | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
U.S. treasury securities | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 5,014 4,310
Corporate bonds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Corporate bonds | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 5,014 4,310
Corporate bonds | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.22.2
Fair Value of Financial Instruments - Fair Value of Marketable Securities by Contractual Maturity (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Cash and Cash Equivalents [Abstract]  
Due in one year or less $ 791,457
Due after one to five years 226,053
Total $ 1,017,510
v3.22.2
Acquisition (Details) - USD ($)
Jun. 10, 2022
Jun. 30, 2022
Dec. 31, 2021
Asset Acquisition [Line Items]      
Goodwill   $ 100,227,000 $ 40,208,000
The Yes      
Asset Acquisition [Line Items]      
Purchase consideration in cash $ 87,600,000    
Goodwill 60,000,000    
Deductible goodwill 0    
The Yes | Customer relationships      
Asset Acquisition [Line Items]      
Finite intangibles acquired $ 15,000,000    
Useful life 1 year    
The Yes | Developed technology      
Asset Acquisition [Line Items]      
Finite intangibles acquired $ 13,600,000    
Useful life 3 years    
v3.22.2
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 40,208
Acquisitions 60,019
Ending balance $ 100,227
v3.22.2
Goodwill and Intangible Assets, Net - Composition of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 57,607 $ 29,007
Accumulated Amortization (12,161) (8,100)
Net Carrying Amount 45,446 20,907
Acquired technology, patents and other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 39,907 26,307
Accumulated Amortization (10,088) (8,055)
Net Carrying Amount $ 29,819 $ 18,252
Weighted-Average Useful Life 4 years 10 months 24 days 5 years 9 months 18 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 17,700 $ 2,700
Accumulated Amortization (2,073) (45)
Net Carrying Amount $ 15,627 $ 2,655
Weighted-Average Useful Life 1 year 7 months 6 days 5 years
v3.22.2
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 3.0 $ 0.3 $ 4.1 $ 0.5
v3.22.2
Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2022 $ 11,461  
2023 14,909  
2024 8,659  
2025 6,005  
2026 3,424  
Thereafter 988  
Net Carrying Amount $ 45,446 $ 20,907
v3.22.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 2,672.2 $ 3,250.0
v3.22.2
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Thousands, $ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grant-date fair value of stock options vested $ 1.6 $ 1.6
Aggregate intrinsic value of stock options exercised 83.3 $ 349.2
Unrecognized share-based compensation expense $ 1,221.4  
Weighted-average recognition period for unrecognized share-based compensation expense 3 years 1 month 6 days  
Grant-date fair value of stock options granted $ 11,790  
Stock options granted (in shares) 8,553,000 0
2009 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares reserved for issuance (in shares) 0  
2019 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of outstanding shares, additional reserve 5.00%  
2019 Plan | Class A    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares reserved for issuance (in shares) 132,432,216  
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  
v3.22.2
Share-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Shares      
Beginning balance (in shares) 16,141    
Granted (in shares) 8,553 0  
Exercised (in shares) (4,557)    
Ending balance (in shares) 20,137   16,141
Exercisable (in shares) 11,160    
Weighted-Average Exercise Price      
Beginning balance (in dollars per share) $ 3.19    
Granted (in dollars per share) 19.96    
Exercised (in dollars per share) 0.90    
Ending balance (in dollars per share) 10.83   $ 3.19
Exercisable (in dollars per share) $ 3.41    
Weighted-Average Remaining Contractual Term, Outstanding 5 years 4 months 24 days   1 year 10 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable 1 year 8 months 12 days    
Aggregate Intrinsic Value, Outstanding $ 165,499   $ 535,118
Aggregate Intrinsic Value, Exercisable $ 165,499    
v3.22.2
Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding
shares in Thousands
 6 Months Ended
Jun. 30, 2022
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 36,258
Granted (in shares) | shares 27,883
Released (in shares) | shares (10,454)
Forfeited (in shares) | shares (7,107)
Ending balance (in shares) | shares 46,580
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 30.84
Granted (in dollars per share) | $ / shares 23.58
Released (in dollars per share) | $ / shares 26.10
Forfeited (in dollars per share) | $ / shares 27.76
Ending balance (in dollars per share) | $ / shares $ 28.03
v3.22.2
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 117,413 $ 100,261 $ 190,653 $ 179,720
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 1,417 2,180 2,611 3,492
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 81,436 70,729 134,326 127,204
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 18,501 13,996 30,270 25,887
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 16,059 $ 13,356 $ 23,446 $ 23,137
v3.22.2
Share-Based Compensation - Fair Value of Stock Options (Details) - Stock Options
 6 Months Ended
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (in years) 6 years 1 month 6 days
Risk-free interest rate 3.20%
Expected volatility 61.10%
Dividend yield 0.00%
v3.22.2
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 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Denominator:        
Basic weighted-average shares used in computing net income (loss) per share (in shares) 662,242 636,190 659,585 632,413
Diluted weighted-average shares used in computing net income (loss) per share (in shares) 662,242 692,364 659,585 692,223
Basic net income (loss) per share (in dollars per share) $ (0.07) $ 0.11 $ (0.07) $ 0.08
Diluted net income (loss) per share (in dollars per share) $ (0.07) $ 0.10 $ (0.07) $ 0.07
Class A        
Numerator:        
Net income (loss) $ (37,288) $ 59,651 $ (41,845) $ 40,817
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 9,766 0 6,926
Reallocation of net income to Class B common stock 0 0 0 0
Diluted net income (loss) $ (37,288) $ 69,417 $ (41,845) $ 47,743
Denominator:        
Basic weighted-average shares used in computing net income (loss) per share (in shares) 573,255 546,687 570,760 540,666
Conversion of Class B to Class A common stock (in shares) 0 89,504 0 91,747
Weighted average effect of dilutive potential common stock (in shares) 0 56,173 0 59,810
Diluted weighted-average shares used in computing net income (loss) per share (in shares) 573,255 692,364 570,760 692,223
Basic net income (loss) per share (in dollars per share) $ (0.07) $ 0.11 $ (0.07) $ 0.08
Diluted net income (loss) per share (in dollars per share) $ (0.07) $ 0.10 $ (0.07) $ 0.07
Class B        
Numerator:        
Net income (loss) $ (5,788) $ 9,766 $ (6,512) $ 6,926
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0 0
Reallocation of net income to Class B common stock 0 (792) 0 (598)
Diluted net income (loss) $ (5,788) $ 8,974 $ (6,512) $ 6,328
Denominator:        
Basic weighted-average shares used in computing net income (loss) per share (in shares) 88,987 89,504 88,825 91,747
Conversion of Class B to Class A common stock (in shares) 0 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 0 0 0 0
Diluted weighted-average shares used in computing net income (loss) per share (in shares) 88,987 89,504 88,825 91,747
Basic net income (loss) per share (in dollars per share) $ (0.07) $ 0.11 $ (0.07) $ 0.08
Diluted net income (loss) per share (in dollars per share) $ (0.07) $ 0.10 $ (0.07) $ 0.07
v3.22.2
Net Income (Loss) Per Share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 63,815 732 57,277 372
Outstanding stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 15,210 0 15,568 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) 48,605 732 41,709 372
v3.22.2
Geographical Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue $ 665,930 $ 613,210 $ 1,240,815 $ 1,098,440  
Total property and equipment, net and operating lease right-of-use assets 284,399   284,399   $ 281,313
U.S. and Canada          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 530,726 501,468 992,799 906,543  
Europe          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 104,751 92,499 193,648 160,715  
Rest Of World          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 30,453 19,243 54,368 31,182  
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 500,300 $ 476,100 941,300 $ 864,300  
Total property and equipment, net and operating lease right-of-use assets 235,032   235,032   247,975
International          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total property and equipment, net and operating lease right-of-use assets $ 49,367   $ 49,367   $ 33,338