PINTEREST, INC., 10-K filed on 2/5/2021
Annual Report
v3.20.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2020
Jan. 29, 2021
Jun. 30, 2020
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38872    
Entity Registrant Name Pinterest, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3607129    
Entity Address, Address Line One 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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 9.4
Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2020.    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Fiscal Year Focus 2020    
Entity Central Index Key 0001506293    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   532,423,430  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   96,091,207  
v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 669,230 $ 649,666
Marketable securities 1,091,076 1,063,679
Accounts receivable, net of allowances of $8,811 and $2,851 as of December 31, 2020 and 2019, respectively 563,733 316,367
Prepaid expenses and other current assets 33,502 37,522
Total current assets 2,357,541 2,067,234
Property and equipment, net 69,375 91,992
Operating lease right-of-use assets 155,916 188,251
Goodwill and intangible assets, net 13,562 14,576
Restricted cash 9,110 25,339
Other assets 3,955 5,925
Total assets 2,609,459 2,393,317
Current liabilities:    
Accounts payable 49,491 34,334
Accrued expenses and other current liabilities 155,340 141,823
Total current liabilities 204,831 176,157
Operating lease liabilities 139,321 173,392
Other liabilities 22,936 20,063
Total liabilities 367,088 369,612
Commitments and contingencies
Stockholders’ equity:    
Common stock 6 6
Additional paid-in capital 4,574,934 4,229,778
Accumulated other comprehensive income 2,480 647
Accumulated deficit (2,335,049) (2,206,726)
Total stockholders’ equity 2,242,371 2,023,705
Total liabilities and stockholders’ equity $ 2,609,459 $ 2,393,317
v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Allowances $ 8,811 $ 2,851
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) 530,140 360,850
Common stock, shares outstanding (in shares) 530,140 360,850
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) 96,232 209,054
Common stock, shares outstanding (in shares) 96,232 209,054
v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Revenue $ 1,692,658 $ 1,142,761 $ 755,932
Costs and expenses:      
Cost of revenue 449,358 358,903 241,584
Research and development 606,194 1,207,059 251,662
Sales and marketing 442,807 611,590 259,929
General and administrative 336,803 354,075 77,478
Total costs and expenses 1,835,162 2,531,627 830,653
Loss from operations (142,504) (1,388,866) (74,721)
Interest income 16,119 30,164 13,152
Interest expense and other income (expense), net (635) (2,137) (995)
Loss before provision for income taxes (127,020) (1,360,839) (62,564)
Provision for income taxes 1,303 532 410
Net loss $ (128,323) $ (1,361,371) $ (62,974)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) $ (0.22) $ (3.24) $ (0.50)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) 596,264 420,473 127,091
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net loss $ (128,323) $ (1,361,371) $ (62,974)
Other comprehensive income (loss), net of taxes:      
Change in unrealized gain (loss) on available-for-sale marketable securities 1,670 2,057 (443)
Change in foreign currency translation adjustment 163 11 (212)
Comprehensive loss $ (126,490) $ (1,359,303) $ (63,629)
v3.20.4
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Balance (in shares) at Dec. 31, 2017 308,373        
Balance at Dec. 31, 2017 $ 1,465,399        
Balance (in shares) at Dec. 31, 2018 308,373        
Balance at Dec. 31, 2018 $ 1,465,399        
Beginning balance (in shares) at Dec. 31, 2017   126,771      
Beginning balance at Dec. 31, 2017 (546,464) $ 1 $ 236,682 $ (766) $ (782,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock for cash upon exercise of stock options, net (in shares)   527      
Issuance of common stock for cash upon exercise of stock options, net 671   671    
Share-based compensation 14,859   14,859    
Other comprehensive income (loss) (655)     (655)  
Net income (loss) (62,974)       (62,974)
Ending balance (in shares) at Dec. 31, 2018   127,298      
Ending balance at Dec. 31, 2018 $ (594,563) $ 1 252,212 (1,421) (845,355)
Increase (Decrease) in Temporary Equity [Roll Forward]          
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering (in shares) (308,373)        
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering $ (1,465,399)        
Balance (in shares) at Dec. 31, 2019 0        
Balance at Dec. 31, 2019 $ 0        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   28,084      
Release of restricted stock units 1 $ 1      
Shares repurchased for tax withholdings on release of restricted stock units (475,015)   (475,015)    
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering (in shares)   308,622      
Conversion of redeemable convertible preferred stock and redeemable convertible preferred stock warrants to common stock in connection with initial public offering 1,470,077 $ 3 1,470,074    
Issuance of common stock in connection with initial public offering net of underwriters' discounts and commissions and offering costs (in shares)   86,250      
Issuance of common stock in connection with initial public offering net of underwriters' discounts and commissions and offering costs 1,563,383 $ 1 1,563,382    
Issuance of common stock for cash upon exercise of stock options, net (in shares)   19,650      
Issuance of common stock for cash upon exercise of stock options, net 41,344   41,344    
Share-based compensation 1,377,781   1,377,781    
Other comprehensive income (loss) 2,068     2,068  
Net income (loss) (1,361,371)       (1,361,371)
Ending balance (in shares) at Dec. 31, 2019   569,904      
Ending balance at Dec. 31, 2019 $ 2,023,705 $ 6 4,229,778 647 (2,206,726)
Balance (in shares) at Dec. 31, 2020 0        
Balance at Dec. 31, 2020 $ 0        
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units (in shares)   19,890      
Release of restricted stock units 0 $ 0      
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) 34,149 34,149      
Issuance of common stock for cash upon exercise of stock options, net $ 78,282   78,282    
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, net (in shares)   2,279      
Share-based compensation 321,020   321,020    
Other comprehensive income (loss) 1,833     1,833  
Net income (loss) (128,323)       (128,323)
Ending balance (in shares) at Dec. 31, 2020   626,372      
Ending balance at Dec. 31, 2020 $ 2,242,371 $ 6 $ 4,574,934 $ 2,480 $ (2,335,049)
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net loss attributable to common stockholders $ (128,323) $ (1,361,371) $ (62,974)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 36,988 27,791 20,859
Share-based compensation 321,020 1,377,781 14,859
Other 11,080 (3,990) 1,027
Changes in assets and liabilities:      
Accounts receivable (253,173) (94,224) (86,094)
Prepaid expenses and other assets 4,128 7,161 18,142
Operating lease right-of-use assets 41,898 32,378 18,492
Accounts payable 15,721 11,636 6,533
Accrued expenses and other liabilities 23,647 31,890 26,336
Operating lease liabilities (44,160) (28,395) (17,549)
Net cash provided by (used in) operating activities 28,826 657 (60,369)
Investing activities      
Purchases of property and equipment and intangible assets (17,401) (33,783) (22,194)
Purchases of marketable securities (1,216,260) (1,075,875) (518,711)
Sales of marketable securities 265,422 162,198 94,381
Maturities of marketable securities 920,300 360,959 561,087
Other investing activities 316 0 (500)
Net cash provided by (used in) investing activities (47,623) (586,501) 114,063
Financing activities      
Proceeds from initial public offering, net of underwriters' discounts and commissions 0 1,573,200 0
Proceeds from exercise of stock options, net 78,282 41,344 671
Shares repurchased for tax withholdings on release of restricted stock units (56,894) (475,015) 0
Fees paid for revolving credit facility 0 0 (2,552)
Payment of deferred offering costs and other financing activities (1,750) (11,331) (335)
Net cash provided by (used in) financing activities 19,638 1,128,198 (2,216)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 327 99 (157)
Net increase in cash, cash equivalents, and restricted cash 1,168 542,453 51,321
Cash, cash equivalents, and restricted cash, beginning of period 677,743 135,290 83,969
Cash, cash equivalents, and restricted cash, end of period 678,911 677,743 135,290
Supplemental cash flow information      
Accrued property and equipment 820 4,772 1,884
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 15,089 $ 76,387 $ 11,416
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets      
Cash and cash equivalents $ 669,230 $ 649,666 $ 122,509
Restricted cash included in prepaid expenses and other current assets 571 2,738 1,057
Restricted cash 9,110 25,339 11,724
Total cash, cash equivalents, and restricted cash $ 678,911 $ 677,743 $ 135,290
v3.20.4
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
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 consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Initial Public Offering
On April 23, 2019, we closed our initial public offering ("IPO") in which we issued and sold 75,000,000 shares of Class A common stock at $19.00 per share. We received net proceeds of $1,368.0 million after deducting underwriting discounts and commissions and before deducting offering costs of $9.8 million. Immediately prior to the completion of our IPO, all shares of our outstanding redeemable convertible preferred stock and redeemable convertible preferred stock warrants converted into 308,621,636 shares of Class B common stock on a one-for-one basis, and immediately thereafter but still prior to the completion of our IPO, all of our outstanding common stock were reclassified into 456,213,756 shares of Class B common stock on a one-for-one basis.
On April 29, 2019, we issued and sold an additional 11,250,000 shares of Class A common stock at $19.00 per share pursuant to the underwriters’ option to purchase additional shares. We received additional net proceeds of $205.2 million after deducting underwriting discounts and commissions.
Upon pricing our IPO, the performance condition for restricted stock units ("RSUs") granted under our 2009 Stock Plan (the "2009 Plan") was deemed satisfied, and we recorded cumulative share-based compensation expense for those RSUs for which the service condition had been satisfied at that date. For the years ended December 31, 2020, 2019 and 2018, we recorded total share-based compensation expense of $321.0 million, $1,377.8 million and $14.9 million, respectively.
Use of Estimates
Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, common stock prior to our IPO, 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.
Some of our estimates may require increased judgment due to the significant volatility, uncertainty and economic disruption of the COVID-19 pandemic. We continue to monitor the effects of the COVID-19 pandemic, and our estimates and judgments may change materially as new events occur or additional information becomes available to us.
Segments
We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer ("CEO"), who reviews financial information presented on a consolidated basis, accompanied by disaggregated information
about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources.
Revenue Recognition
We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click (“CPC”) basis, views an ad contracted on a cost per thousand impressions (“CPM”) basis or views a video ad contracted on a cost per view ("CPV") basis. We typically bill customers on a CPC, CPM or CPV basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We occasionally offer customers free ad inventory, and revenue is recognized only after satisfying our contractual performance obligations. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year.
We record sales commissions in sales and marketing expense as incurred because we would amortize these over a period of less than one year.
Deferred revenue was not material as of December 31, 2020 and 2019.
Cost of Revenue
Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation, for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, and allocated facilities and other supporting overhead costs.
Share-Based Compensation
RSUs granted under our 2009 Plan are subject to both a service condition, which is typically satisfied over four years, and a performance condition, which was deemed satisfied upon the pricing of our IPO. We did not record any share-based compensation expense for our RSUs prior to our IPO because the performance condition had not yet been satisfied. Upon pricing our IPO, we recorded cumulative share-based compensation expense using the accelerated attribution method for those RSUs granted under our 2009 Plan for which the service condition had been satisfied at that date. We will record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period.
RSUs and restricted stock awards ("RSAs") granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are subject only to a service condition, which is typically satisfied over four years. We record share-based compensation expense for these RSUs and RSAs on a straight-line basis over the requisite service period.
We measure RSUs and RSAs based on the fair market value of our common stock on the grant date, and we account for forfeitures as they occur.
Income Taxes
We account for income taxes using the asset and liability method. We recognize deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities using the enacted statutory tax rates in effect for the years in which we expect the differences to reverse. We establish valuation allowances to reduce deferred tax assets to the amounts we believe it is more likely than not we will be able to realize. We recognize tax benefits from uncertain tax positions when we believe it is more likely than not that the tax position is sustainable on examination by tax authorities based on its technical merits. We recognize taxes on Global Intangible Low-Taxed Income ("GILTI") as a current period expense when incurred.
Advertising Expenses
We record advertising expenses as incurred and include these in sales and marketing in the consolidated statements of operations. Advertising expenses were $30.3 million, $55.0 million and $19.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Marketable Securities
We invest in highly liquid corporate debt securities, U.S. treasury securities, asset-backed securities, U.S. government agency securities, money market funds and certificates of deposit. We classify marketable investments with stated maturities of ninety days or less from the date of purchase as cash equivalents and those with stated maturities greater than ninety days from the date of purchase as marketable securities.
We classify our marketable securities as available-for-sale investments in our current assets because they are available for use to support current operations. We carry our marketable investments at fair value and record unrealized gains or losses, net of taxes, in accumulated other comprehensive income (loss) in stockholders’ equity (deficit). We determine realized gains and losses on the sale of marketable investments using a specific identification method and record these and any expected credit losses in interest expense and other income (expense), net.
Restricted Cash
Our restricted cash primarily consists of certificates of deposit underlying secured letters of credit issued in connection with our operating leases. Restrictions typically lapse at the end of the lease term, and we classify restricted cash as current or non-current based on the remaining term of the restriction.
Fair Value Measurements
We account for certain assets and liabilities at fair value, which is the amount we believe market participants would receive to sell an asset or pay to transfer a liability in an orderly transaction. We categorize these assets and liabilities into the three levels below based on the degree to which the inputs we use to measure their fair values are observable in active markets. We use the most observable inputs available to us when measuring fair value.
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets
•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means
•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities
Accounts Receivable, Net of Allowances
We record accounts receivable at the original invoiced amount. We maintain an allowance for credit losses for any receivables we may be unable to collect. We estimate uncollectible receivables based on our receivables’ age, our customers’ credit quality and current economic conditions, among other factors that may affect our customers’ ability to pay. We also maintain an allowance for sales credits, which we determine based on historical credits issued to customers. We include the allowances for credit losses and sales credits in accounts receivable, net in the consolidated balance sheets.
Property and Equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Leases and Operating Lease Incremental Borrowing Rate
We lease office space under operating leases with expiration dates through 2033. We determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets on our consolidated balance sheets at lease commencement. We measure lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or our incremental borrowing rate, which is the estimated rate we would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own. We measure right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs we incur and (iii) tenant incentives under the lease. We begin recognizing rent expense when the lessor makes the underlying asset available to us, we do not assume renewals or early terminations unless we are reasonably certain to exercise these options at commencement, and we do not allocate consideration between lease and non-lease components.
For short-term leases, we record rent expense in our consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.
Business Combinations
We include the results of operations of businesses that we acquire in our consolidated financial statements beginning on their respective acquisition dates. We allocate the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values. When the fair value of the purchase consideration exceeds the fair values of the identifiable assets and liabilities acquired, we record the excess as goodwill.
Long-Lived Assets, Including Goodwill and Intangible Assets
We record definite-lived intangible assets at fair value less accumulated amortization. We calculate amortization using the straight-line method over the assets’ estimated useful lives of up to ten years.
We review our property and equipment and intangible assets for impairment whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. We measure recoverability by comparing an asset’s carrying value to the future undiscounted cash flows that we expect it to generate. If this test indicates that the asset’s carrying value is not recoverable, we record an impairment charge to reduce the asset’s carrying value to its fair value. We did not record material property and equipment or intangible asset impairments during the periods presented.
We review goodwill for impairment at least annually or more frequently if current circumstances or events indicate that the fair value of our single reporting unit may be less than its carrying value. We did not record any goodwill impairment during the periods presented.
Website Development Costs
We capitalize costs to develop our website and mobile application when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Due to the iterative process by which we perform upgrades and the relatively short duration of our development projects, development costs meeting our capitalization criteria were not material during the periods presented.
Loss Contingencies
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. We record a liability for these when we believe it is probable that we have incurred a loss and can reasonably estimate the loss. We regularly evaluate current information to determine whether we should adjust a recorded liability or record a new one.
Foreign Currency
The functional currency of our international subsidiaries is generally their local currency. We translate these subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue and costs and expenses. We record translation gains and losses in accumulated other comprehensive income (loss) in stockholders’ equity (deficit). We record foreign exchange gains and losses in interest expense and other income (expense), net. Our net foreign exchange gains and losses were not material for the periods presented.
Concentration of Business Risk
We have an agreement with Amazon Web Services (“AWS”) to provide the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We are currently required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense.
Concentration of Credit Risk
Financial instruments that may potentially expose us to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and restricted cash. Our investment policy is meant to preserve capital and maintain liquidity. The policy limits our marketable investments to investment-grade securities and limits our credit exposure by limiting our concentration in any one corporate issuer or sector and by establishing a minimum credit rating for marketable investments we purchase. Although we deposit cash and marketable investments with multiple financial institutions, our deposits may exceed insurable limits.
No customer accounted for more than 10% of our revenue for the years ended December 31, 2020 and December 31, 2018. One customer accounted for 10% of our revenue for the year ended December 31, 2019.
Our accounts receivable are generally unsecured. We monitor our customers’ credit quality on an ongoing basis and maintain reserves for estimated credit losses. Bad debt expense was not material for the years ended December 31, 2020, 2019 and 2018.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets not held at fair value. ASU 2016-13 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. We adopted ASU 2016-13 as of January 1, 2020, using the modified retrospective method, and while the effects of adoption on our consolidated financial statements were not material, we continue to monitor the effects of the COVID-19 pandemic on expected credit losses.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles for income taxes. We elected to early adopt ASU 2019-12 effective as of January 1, 2020, and the effects of adoption on our consolidated financial statements were not material.
v3.20.4
Cash, Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Marketable Securities Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities consist of the following (in thousands):
December 31, 2020
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash$352,061 $— $— $352,061 
Money market funds225,643 — — 225,643 
Commercial paper48,530 2 — 48,532 
U.S. treasury securities39,997 1 — 39,998 
Certificates of deposit2,996 — — 2,996 
Total cash and cash equivalents669,227 3 — 669,230 
Marketable securities:
Corporate bonds452,723 1,782 (18)454,487 
U.S. treasury securities202,795 260 (1)203,054 
Commercial paper234,170 86 (3)234,253 
Certificates of deposit134,828 57 (3)134,882 
Municipal securities17,604 22 (7)17,619 
U.S. agency bonds16,012 6 — 16,018 
Non-U.S. government and supranational bonds15,938 13 (1)15,950 
Asset-backed securities14,752 61 — 14,813 
Total marketable securities1,088,822 2,287 (33)1,091,076 
Total $1,758,049 $2,290 $(33)$1,760,306 

December 31, 2019
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash$323,194 $— $— $323,194 
Money market funds214,413 — — 214,413 
Commercial paper105,359 1 (6)105,354 
Corporate bonds3,792 — (1)3,791 
Certificates of deposit2,914 — — 2,914 
Total cash and cash equivalents649,672 1 (7)649,666 
Marketable securities:
Corporate bonds449,496 981 (44)450,433 
U.S. treasury securities201,561 88 (9)201,640 
Commercial paper196,304 31 (7)196,328 
Asset-backed securities114,425 188 (14)114,599 
Certificates of deposit100,647 38 (6)100,679 
Total marketable securities 1,062,433 1,326 (80)1,063,679 
Total $1,712,105 $1,327 $(87)$1,713,345 
Our allowance for credit losses for our marketable securities was not material as of December 31, 2020 and 2019. We continue to monitor the effects of the COVID-19 pandemic on expected credit losses.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
December 31, 2020
Due in one year or less $787,395 
Due after one to five years 303,681 
Total $1,091,076 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.20.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
December 31, 2020
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $225,643 $— $— $225,643 
Commercial paper — 48,532 — 48,532 
U.S. treasury securities 39,998 — — 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 securities 203,054 — — 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 
Restricted cash:
Certificates of deposit $— $9,110 $— $9,110 
December 31, 2019
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $214,413 $— $— $214,413 
Commercial paper— 105,354 — 105,354 
Corporate bonds— 3,791 — 3,791 
Certificates of deposit— 2,914 — 2,914 
Marketable securities:
Corporate bonds — 450,433 — 450,433 
U.S. treasury securities 201,640 — — 201,640 
Commercial paper — 196,328 — 196,328 
Asset-backed securities — 114,599 — 114,599 
Certificates of deposit — 100,679 — 100,679 
Prepaid expenses and other current assets:
Certificates of deposit — 2,738 — 2,738 
Restricted cash:
Certificates of deposit $— $25,339 $— $25,339 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
v3.20.4
Other Balance Sheet Components
 12 Months Ended
Dec. 31, 2020
Other Balance Sheet Components [Abstract]  
Other Balance Sheet Components Other Balance Sheet Components
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
December 31,
20202019
Leasehold improvements$101,242 $109,807 
Furniture and fixtures 24,516 22,353 
Computer and network equipment27,230 22,963 
Total property and equipment 152,988 155,123 
Less: accumulated depreciation (83,770)(73,270)
Construction in progress 157 10,139 
Property and equipment, net $69,375 $91,992 
Depreciation expense was $36.0 million, $26.3 million and $20.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
December 31,
20202019
Accrued hosting expenses$39,233 $27,322 
Accrued compensation33,215 26,574 
Operating lease liabilities43,633 46,527 
Other accrued expenses39,259 41,400 
Accrued expenses and other current liabilities $155,340 $141,823 
v3.20.4
Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill was unchanged during the years ended December 31, 2020 and 2019.
Intangible assets, net consists of the following (in thousands):
December 31, 2020
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired patents $9,037 $(2,380)$6,657 9.1 years
Acquired technology and other intangibles 4,385 (4,385)— 1.5 years
Total intangible assets, net $13,422 $(6,765)$6,657 

December 31, 2019
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired patents$9,037 $(1,370)$7,667 9.1 years
Acquired technology and other intangibles4,385 (4,381)4 1.5 years
Total intangible assets, net $13,422 $(5,751)$7,671 
(1)Based on the weighted-average useful life established as of acquisition date.
Amortization expense was $1.0 million, $1.5 million and $0.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated future amortization expense as of December 31, 2020, is as follows (in thousands):
Intangible Asset Amortization
2021$1,009 
20221,009 
20231,009 
20241,009 
2025999 
Thereafter 1,622 
Total $6,657 
v3.20.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of December 31, 2020, our non-cancelable contractual commitments, consisting of operating leases, are as follows (in thousands):
Total Commitments
2021$52,472 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter 97,509 
Total $231,006 

Operating Leases
In March 2019, we entered into a lease for approximately 490,000 square feet of office space to be constructed near our current headquarters campus in San Francisco, California. In August 2020, we entered into an agreement to terminate the lease which involved a one-time payment of $89.5 million. As a result of the termination, we eliminated potential future total minimum lease payments of approximately $440.0 million.
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 CEO 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 alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that defendants made material false and misleading public statements about our revenue and user growth in 2019. 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.
In November and December 2020, certain or 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. 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.
Revolving Credit Facility
In November 2018, we entered into a five-year $500.0 million revolving credit facility with an accordion option which, if exercised, would allow us to increase the aggregate commitments by the greater of $100.0 million and 10% of our consolidated total assets, provided we are able to secure additional lender commitments and satisfy certain other conditions. Interest on any borrowings under the revolving credit facility accrues at either LIBOR plus 1.50% or at an alternative base rate plus 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the revolving credit facility.
The revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 1.50% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit.
The revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The revolving credit facility also contains two financial maintenance covenants: a consolidated total assets covenant and a minimum liquidity balance of $350.0 million, which includes any available borrowing capacity. The obligations under the revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets.
Our total borrowing capacity under the revolving credit facility is $500.0 million as of December 31, 2020. We have not issued any letters of credit against the revolving credit facility and are in compliance with all covenants under the revolving credit facility as of December 31, 2020.
Letters of Credit
We had $7.5 million and $25.5 million of secured letters of credit outstanding as of December 31, 2020 and 2019, respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in prepaid expenses and other current assets or restricted cash in our consolidated balance sheets based on the term of the remaining restriction.
Commitments and Contingencies Commitments and Contingencies
As of December 31, 2020, our non-cancelable contractual commitments, consisting of operating leases, are as follows (in thousands):
Total Commitments
2021$52,472 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter 97,509 
Total $231,006 

Operating Leases
In March 2019, we entered into a lease for approximately 490,000 square feet of office space to be constructed near our current headquarters campus in San Francisco, California. In August 2020, we entered into an agreement to terminate the lease which involved a one-time payment of $89.5 million. As a result of the termination, we eliminated potential future total minimum lease payments of approximately $440.0 million.
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 CEO 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 alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that defendants made material false and misleading public statements about our revenue and user growth in 2019. 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.
In November and December 2020, certain or 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. 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.
Revolving Credit Facility
In November 2018, we entered into a five-year $500.0 million revolving credit facility with an accordion option which, if exercised, would allow us to increase the aggregate commitments by the greater of $100.0 million and 10% of our consolidated total assets, provided we are able to secure additional lender commitments and satisfy certain other conditions. Interest on any borrowings under the revolving credit facility accrues at either LIBOR plus 1.50% or at an alternative base rate plus 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the revolving credit facility.
The revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 1.50% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit.
The revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The revolving credit facility also contains two financial maintenance covenants: a consolidated total assets covenant and a minimum liquidity balance of $350.0 million, which includes any available borrowing capacity. The obligations under the revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets.
Our total borrowing capacity under the revolving credit facility is $500.0 million as of December 31, 2020. We have not issued any letters of credit against the revolving credit facility and are in compliance with all covenants under the revolving credit facility as of December 31, 2020.
Letters of Credit
We had $7.5 million and $25.5 million of secured letters of credit outstanding as of December 31, 2020 and 2019, respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in prepaid expenses and other current assets or restricted cash in our consolidated balance sheets based on the term of the remaining restriction.
Leases
We have entered into various non-cancelable office space operating leases with original lease periods expiring between 2021 and 2033. These do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. Operating lease costs for the years ended December 31, 2020, 2019 and 2018, are as follows (in thousands):
Year Ended December 31,
202020192018
Lease cost:
Operating lease cost$51,285 $40,257 $27,469 
Short-term lease cost3,933 3,456 2,765 
Total$55,218 $43,713 $30,234 
The weighted-average remaining term of our operating leases was 8.1 years and 8.1 years, and the weighted-average discount rate used to measure the present value of our operating lease liabilities was 4.8% and 4.6% as of December 31, 2020 and 2019, respectively.
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2020, are as follows (in thousands):
Operating Leases
2021$51,396 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter97,509 
Total lease payments229,930 
Less imputed interest(46,976)
Total operating lease liabilities$182,954 
Cash payments included in the measurement of our operating lease liabilities were $54.3 million, $38.4 million and $26.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.As of December 31, 2020, we have not entered into any material leases that have not yet commenced.
v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Commitments and Contingencies
As of December 31, 2020, our non-cancelable contractual commitments, consisting of operating leases, are as follows (in thousands):
Total Commitments
2021$52,472 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter 97,509 
Total $231,006 

Operating Leases
In March 2019, we entered into a lease for approximately 490,000 square feet of office space to be constructed near our current headquarters campus in San Francisco, California. In August 2020, we entered into an agreement to terminate the lease which involved a one-time payment of $89.5 million. As a result of the termination, we eliminated potential future total minimum lease payments of approximately $440.0 million.
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 CEO 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 alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and alleges that defendants made material false and misleading public statements about our revenue and user growth in 2019. 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.
In November and December 2020, certain or 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. 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.
Revolving Credit Facility
In November 2018, we entered into a five-year $500.0 million revolving credit facility with an accordion option which, if exercised, would allow us to increase the aggregate commitments by the greater of $100.0 million and 10% of our consolidated total assets, provided we are able to secure additional lender commitments and satisfy certain other conditions. Interest on any borrowings under the revolving credit facility accrues at either LIBOR plus 1.50% or at an alternative base rate plus 0.50%, at our election, and we are required to pay an annual commitment fee that accrues at 0.15% per annum on the unused portion of the aggregate commitments under the revolving credit facility.
The revolving credit facility also allows us to issue letters of credit, which reduce the amount we can borrow. We are required to pay a fee that accrues at 1.50% per annum on the average aggregate daily maximum amount available to be drawn under any outstanding letters of credit.
The revolving credit facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict our ability to incur indebtedness, grant liens, make distributions to holders of our stock or the stock of our subsidiaries, make investments or engage in transactions with our affiliates. The revolving credit facility also contains two financial maintenance covenants: a consolidated total assets covenant and a minimum liquidity balance of $350.0 million, which includes any available borrowing capacity. The obligations under the revolving credit facility are secured by liens on substantially all of our domestic assets, including certain domestic intellectual property assets.
Our total borrowing capacity under the revolving credit facility is $500.0 million as of December 31, 2020. We have not issued any letters of credit against the revolving credit facility and are in compliance with all covenants under the revolving credit facility as of December 31, 2020.
Letters of Credit
We had $7.5 million and $25.5 million of secured letters of credit outstanding as of December 31, 2020 and 2019, respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in prepaid expenses and other current assets or restricted cash in our consolidated balance sheets based on the term of the remaining restriction.
Leases
We have entered into various non-cancelable office space operating leases with original lease periods expiring between 2021 and 2033. These do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. Operating lease costs for the years ended December 31, 2020, 2019 and 2018, are as follows (in thousands):
Year Ended December 31,
202020192018
Lease cost:
Operating lease cost$51,285 $40,257 $27,469 
Short-term lease cost3,933 3,456 2,765 
Total$55,218 $43,713 $30,234 
The weighted-average remaining term of our operating leases was 8.1 years and 8.1 years, and the weighted-average discount rate used to measure the present value of our operating lease liabilities was 4.8% and 4.6% as of December 31, 2020 and 2019, respectively.
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2020, are as follows (in thousands):
Operating Leases
2021$51,396 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter97,509 
Total lease payments229,930 
Less imputed interest(46,976)
Total operating lease liabilities$182,954 
Cash payments included in the measurement of our operating lease liabilities were $54.3 million, $38.4 million and $26.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.As of December 31, 2020, we have not entered into any material leases that have not yet commenced.
v3.20.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2020
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 Plan, which provides for the issuance of stock options, RSAs and RSUs to qualified employees, directors and consultants. Stock options granted under our 2009 Stock Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of December 31, 2020.
Our 2019 Plan became effective upon closing of our IPO and succeeds our 2009 Plan. Our 2019 Plan provides for the issuance of stock options, RSAs, RSUs and other equity- or cash-based awards to qualified employees, directors and consultants. Stock options granted under our 2019 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. 99,801,162 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of December 31, 2020.
The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors.
Stock Option Activity
Stock option activity during the year ended December 31, 2020, 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, 201956,966$2.25 3.5$933,299 
Granted1,13022.35 
Exercised (34,149)2.29 
Outstanding as of December 31, 202023,947$3.15 2.9$1,502,604 
Exercisable as of December 31, 202023,099$2.45 2.7$1,465,680 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the years ended December 31, 2020, 2019 and 2018, was $3.3 million, $2.2 million and $18.6 million, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018, was $1,023.9 million, $425.1 million and $5.9 million, respectively.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the year ended December 31, 2020, was as follows (in thousands, except per share amounts):
Restricted Stock Units Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 201956,791$20.19 
Granted 31,22419.75 
Released(23,304)19.57 
Forfeited(10,632)18.89 
Outstanding as of December 31, 202054,079$20.45 
Share-Based Compensation
Share-based compensation expense during the years ended December 31, 2020, 2019 and 2018, was as follows (in thousands):
Year Ended December 31,
202020192018
Cost of revenue $7,865 $31,758 $83 
Research and development 218,718 867,191 13,155 
Sales and marketing 35,645 239,315 784 
General and administrative 58,792 239,517 837 
Total share-based compensation $321,020 $1,377,781 $14,859 
As of December 31, 2020, we had $742.7 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 3.0 years.
v3.20.4
Net Loss Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders Net Loss Per Share Attributable to Common Stockholders
We present net loss per share attributable to common stockholders using the two-class method required for multiple classes of common stock and participating securities. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net losses. Prior to our IPO, we considered all series of our redeemable convertible preferred stock participating securities. We have not allocated net loss attributable to common stockholders to our redeemable convertible preferred stock because the holders of our redeemable convertible preferred stock are not contractually obligated to share in our losses.
We calculate basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of our redeemable convertible preferred stock and redeemable convertible preferred stock warrants, stock options, RSAs, RSUs and common stock warrants to the extent these are dilutive.
We calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts):
Year Ended December 31,
202020192018
Class AClass BClass AClass BCommon
Numerator:
Net loss attributable to common stockholders$(96,499)$(31,824)$(459,412)$(901,959)$(62,974)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted448,392 147,872 141,894 278,579 127,091 
Net loss per share attributable to common stockholders, basic and diluted$(0.22)$(0.22)$(3.24)$(3.24)$(0.50)
Basic net loss per share is the same as diluted net loss per share because we reported net losses for all periods presented. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net loss per share attributable to common stockholders because these would be anti-dilutive (in thousands):
Year Ended December 31,
202020192018
Redeemable convertible preferred stock— 95,469 308,373 
Outstanding stock options40,067 72,999 76,911 
Unvested restricted stock units and restricted stock awards63,603 69,800 68,795 
Redeemable convertible preferred stock warrants— 77 158 
Common stock warrants— — 96 
Total103,670 238,345 454,333 
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of loss before provision for income taxes are as follows (in thousands):
Year Ended December 31,
202020192018
United States $49,973 $(1,266,677)$(31,641)
Foreign (176,993)(94,162)(30,923)
Loss before provision for income taxes $(127,020)$(1,360,839)$(62,564)
Provision for income taxes consists of the following (in thousands):
Year Ended December 31,
202020192018
Current:
Federal $— $— $— 
State 79 — — 
Foreign 691 1,677 500 
Total current tax expense 770 1,677 500 
Deferred:
Federal 654 (555)4 
State 5 (76)4 
Foreign (126)(514)(98)
Total deferred tax expense (benefit)533 (1,145)(90)
Provision for income taxes $1,303 $532 $410 
The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following (in thousands):
Year Ended December 31,
202020192018
Tax at U.S. statutory rate $(26,674)$(285,776)$(13,138)
State income taxes, net of benefit 84 (77)4 
Foreign losses not benefited 37,716 20,932 6,891 
Permanent book/tax differences 1,051 2,453 1,967 
Legal settlement2,290 — — 
Share-based compensation (303,245)(84,366)(864)
Change in valuation allowance 352,410 422,315 15,952 
Tax credits (63,205)(74,399)(10,460)
Other 876 (550)58 
Provision for income taxes $1,303 $532 $410 
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.
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
20202019
Deferred tax assets:
Net operating loss carryforwards $784,721 $416,709 
Research tax credits 269,658 167,489 
Reserves, accruals, and other 18,106 15,960 
Lease obligation 44,446 52,734 
Share-based compensation 96,932 133,067 
Total deferred tax assets 1,213,863 785,959 
Less: valuation allowance (1,176,910)(737,003)
Deferred tax assets, net of valuation allowance 36,953 48,956 
Deferred tax liabilities:
Depreciation and amortization (34,576)(46,398)
Prepaid expenses (1,523)(1,862)
Total deferred tax liabilities (36,099)(48,260)
Net deferred tax assets $854 $696 
In December 2019, we completed an intra-entity asset transfer of certain of our intellectual property rights to an Irish subsidiary where our international business is headquartered. The transfer resulted in a step-up in the tax basis of the transferred intellectual property rights and a correlated increase in foreign deferred tax assets. As of December 31, 2020, we believe it is more likely than not that these additional foreign deferred tax assets will not be realized and, therefore, are offset by a full valuation allowance.
Due to our history of losses we believe it is more likely than not that our U.S. and Irish deferred tax assets will not be realized as of December 31, 2020. Accordingly, we have established a full valuation allowance on our U.S. and Irish deferred tax assets. Our valuation allowance increased by $439.9 and $520.1 million during the years ended December 31, 2020 and 2019, respectively, primarily due to U.S. federal and state tax losses and credits incurred during the period.
As of December 31, 2020, we had federal, California and other state net operating loss carryforwards of $3,282.2 million, $405.6 million and $1214.9 million, respectively. If not utilized, these will begin to expire in 2028, 2028 and 2026, respectively. Utilization of our net operating loss carryforwards may be subject to annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. Our net operating loss carryforwards could expire before utilization if subject to annual limitations. As of December 31, 2020, we had $37.9 million of Irish net operating loss carryforwards that can be carried forward indefinitely.
As of December 31, 2020, we had federal and California research and development credit carryforwards of $241.6 million and $181.7 million, respectively. If not utilized, our federal carryforwards will begin to expire in 2030. Our California carryforwards do not expire.
Changes in gross unrecognized tax benefits were as follows (in thousands):
Gross Unrecognized Tax Benefits
Balance as of December 31, 2018$38,550 
Decreases for tax positions of prior years(50)
Increases for tax positions of current year 90,685 
Balance as of December 31, 2019$129,185 
Increases for tax positions of prior years 886 
Decreases for tax positions of prior years(37,250)
Increases for tax positions of current year 47,339 
Balance as of December 31, 2020$140,160 

On June 7, 2019, a three-judge panel from the U.S. Court of Appeals for the Ninth Circuit overturned the U.S. Tax Court's decision in Altera Corp. v. Commissioner and upheld the portion of the Treasury regulations under Section 482 of the Internal Revenue Code that requires related parties in a cost-sharing arrangement to share expenses related to share-based compensation. As a result of this decision, our gross unrecognized tax benefits increased to reflect the impact of including share-based compensation in cost-sharing arrangements. On July 22, 2019, the taxpayer filed a petition for a rehearing before the full Ninth Circuit. and the request was denied on November 12, 2019. On February 10, 2020, the taxpayer filed a petition to appeal the decision to the Supreme Court and on June 22, 2020, the Supreme Court denied the petition. As a result of the Supreme Court’s action, our U.S. deferred tax asset related to net operating losses was reduced by $24.4 million and we no longer consider this to be an uncertain tax position. There is no impact on our effective tax rate for the year ended December 31, 2020, due to our full valuation allowance against our deferred tax assets.
Recognizing the $140.2 million of gross unrecognized tax benefits we had as of December 31, 2020 would not affect our effective tax rate as their recognition would be offset by the reversal of related deferred tax assets, which are subject to a full valuation allowance. We do not expect our gross unrecognized tax benefits to change significantly within the next 12 months. We recognize interest and penalties related to uncertain tax positions in provision for income taxes. Accrued interest and penalties are not material as of December 31, 2020 and 2019.
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. The Internal Revenue Service has started an examination of our U.S. consolidated federal income tax return for calendar year 2018. 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.
We have not recognized deferred taxes for the difference between the financial reporting basis and the tax basis of our investment in our foreign subsidiaries because we have the ability and intent to maintain our investments for the foreseeable future.
v3.20.4
Geographical Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Geographical Information Geographical Information
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Year Ended December 31,
202020192018
United States $1,404,282 $1,010,186 $697,170 
International(1)
288,376 132,575 58,762 
Total revenue $1,692,658 $1,142,761 $755,932 
(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):
December 31,
20202019
United States $213,831 $266,763 
International(1)
11,460 13,480 
Total property and equipment, net and operating lease right-of-use assets$225,291 $280,243 
(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.
v3.20.4
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Consolidation We prepared the accompanying consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
Reclassifications We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, assets acquired and liabilities assumed through business combinations, common stock prior to our IPO, 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.
Some of our estimates may require increased judgment due to the significant volatility, uncertainty and economic disruption of the COVID-19 pandemic. We continue to monitor the effects of the COVID-19 pandemic, and our estimates and judgments may change materially as new events occur or additional information becomes available to us.
Segments We operate as a single operating segment. Our chief operating decision maker is our Chief Executive Officer ("CEO"), who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about our revenue, for purposes of making operating decisions, assessing financial performance and allocating resources.
Revenue Recognition and Cost of Revenue
We generate revenue by delivering ads on our website and mobile application. We recognize revenue only after transferring control of promised goods or services to customers, which occurs when a user clicks on an ad contracted on a cost per click (“CPC”) basis, views an ad contracted on a cost per thousand impressions (“CPM”) basis or views a video ad contracted on a cost per view ("CPV") basis. We typically bill customers on a CPC, CPM or CPV basis, and our payment terms vary by customer type and location. The term between billing and payment due dates is not significant.
We occasionally offer customers free ad inventory, and revenue is recognized only after satisfying our contractual performance obligations. When contracts with our customers contain multiple performance obligations, we allocate the overall transaction price, which is the amount of consideration to which we expect to be entitled in exchange for promised goods or services, to each of the distinct performance obligations based on their relative standalone selling prices. We generally determine standalone selling prices based on the effective price charged per contracted click, impression or view, and we do not disclose the value of unsatisfied performance obligations because the original expected duration of our contracts is generally less than one year.
We record sales commissions in sales and marketing expense as incurred because we would amortize these over a period of less than one year.
Cost of revenue consists primarily of expenses associated with the delivery of our service, including the cost of hosting our website and mobile application. Cost of revenue also includes personnel-related expense, including salaries, benefits and share-based compensation, for employees on our operations teams, payments associated with partner arrangements, credit card and other transaction processing fees, and allocated facilities and other supporting overhead costs.
Share-Based Compensation
RSUs granted under our 2009 Plan are subject to both a service condition, which is typically satisfied over four years, and a performance condition, which was deemed satisfied upon the pricing of our IPO. We did not record any share-based compensation expense for our RSUs prior to our IPO because the performance condition had not yet been satisfied. Upon pricing our IPO, we recorded cumulative share-based compensation expense using the accelerated attribution method for those RSUs granted under our 2009 Plan for which the service condition had been satisfied at that date. We will record the remaining unrecognized share-based compensation expense over the remainder of the requisite service period.
RSUs and restricted stock awards ("RSAs") granted under our 2019 Omnibus Incentive Plan (the "2019 Plan") are subject only to a service condition, which is typically satisfied over four years. We record share-based compensation expense for these RSUs and RSAs on a straight-line basis over the requisite service period.
We measure RSUs and RSAs based on the fair market value of our common stock on the grant date, and we account for forfeitures as they occur
Income Taxes We account for income taxes using the asset and liability method. We recognize deferred tax assets and liabilities for temporary differences between the financial reporting and tax bases of assets and liabilities using the enacted statutory tax rates in effect for the years in which we expect the differences to reverse. We establish valuation allowances to reduce deferred tax assets to the amounts we believe it is more likely than not we will be able to realize. We recognize tax benefits from uncertain tax positions when we believe it is more likely than not that the tax position is sustainable on examination by tax authorities based on its technical merits. We recognize taxes on Global Intangible Low-Taxed Income ("GILTI") as a current period expense when incurred.
Advertising Expenses We record advertising expenses as incurred and include these in sales and marketing in the consolidated statements of operations.
Marketable Securities
We invest in highly liquid corporate debt securities, U.S. treasury securities, asset-backed securities, U.S. government agency securities, money market funds and certificates of deposit. We classify marketable investments with stated maturities of ninety days or less from the date of purchase as cash equivalents and those with stated maturities greater than ninety days from the date of purchase as marketable securities.
We classify our marketable securities as available-for-sale investments in our current assets because they are available for use to support current operations. We carry our marketable investments at fair value and record unrealized gains or losses, net of taxes, in accumulated other comprehensive income (loss) in stockholders’ equity (deficit). We determine realized gains and losses on the sale of marketable investments using a specific identification method and record these and any expected credit losses in interest expense and other income (expense), net.
Restricted Cash Our restricted cash primarily consists of certificates of deposit underlying secured letters of credit issued in connection with our operating leases. Restrictions typically lapse at the end of the lease term, and we classify restricted cash as current or non-current based on the remaining term of the restriction.
Fair Value Measurements
We account for certain assets and liabilities at fair value, which is the amount we believe market participants would receive to sell an asset or pay to transfer a liability in an orderly transaction. We categorize these assets and liabilities into the three levels below based on the degree to which the inputs we use to measure their fair values are observable in active markets. We use the most observable inputs available to us when measuring fair value.
•Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets
•Level 2: Observable inputs such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, or inputs that are derived principally from or corroborated by observable market data or other means
•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities
Accounts Receivable, Net of Allowances We record accounts receivable at the original invoiced amount. We maintain an allowance for credit losses for any receivables we may be unable to collect. We estimate uncollectible receivables based on our receivables’ age, our customers’ credit quality and current economic conditions, among other factors that may affect our customers’ ability to pay. We also maintain an allowance for sales credits, which we determine based on historical credits issued to customers. We include the allowances for credit losses and sales credits in accounts receivable, net in the consolidated balance sheets.
Property and Equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Leases and Operating Lease Incremental Borrowing Rate
We lease office space under operating leases with expiration dates through 2033. We determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets on our consolidated balance sheets at lease commencement. We measure lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or our incremental borrowing rate, which is the estimated rate we would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. We estimate our incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to our own. We measure right-of-use assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs we incur and (iii) tenant incentives under the lease. We begin recognizing rent expense when the lessor makes the underlying asset available to us, we do not assume renewals or early terminations unless we are reasonably certain to exercise these options at commencement, and we do not allocate consideration between lease and non-lease components.
For short-term leases, we record rent expense in our consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.
Business Combinations We include the results of operations of businesses that we acquire in our consolidated financial statements beginning on their respective acquisition dates. We allocate the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values. When the fair value of the purchase consideration exceeds the fair values of the identifiable assets and liabilities acquired, we record the excess as goodwill.
Long-Lived Assets, Including Goodwill and Intangible Assets
We record definite-lived intangible assets at fair value less accumulated amortization. We calculate amortization using the straight-line method over the assets’ estimated useful lives of up to ten years.
We review our property and equipment and intangible assets for impairment whenever events or circumstances indicate that an asset’s carrying value may not be recoverable. We measure recoverability by comparing an asset’s carrying value to the future undiscounted cash flows that we expect it to generate. If this test indicates that the asset’s carrying value is not recoverable, we record an impairment charge to reduce the asset’s carrying value to its fair value. We did not record material property and equipment or intangible asset impairments during the periods presented.
We review goodwill for impairment at least annually or more frequently if current circumstances or events indicate that the fair value of our single reporting unit may be less than its carrying value. We did not record any goodwill impairment during the periods presented.
Website Development Costs We capitalize costs to develop our website and mobile application when preliminary development efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Due to the iterative process by which we perform upgrades and the relatively short duration of our development projects, development costs meeting our capitalization criteria were not material during the periods presented.
Loss Contingencies We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. We record a liability for these when we believe it is probable that we have incurred a loss and can reasonably estimate the loss. We regularly evaluate current information to determine whether we should adjust a recorded liability or record a new one.
Foreign Currency The functional currency of our international subsidiaries is generally their local currency. We translate these subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue and costs and expenses. We record translation gains and losses in accumulated other comprehensive income (loss) in stockholders’ equity (deficit). We record foreign exchange gains and losses in interest expense and other income (expense), net. Our net foreign exchange gains and losses were not material for the periods presented.
Concentration of Business Risk We have an agreement with Amazon Web Services (“AWS”) to provide the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We are currently required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense.
Concentration of Credit Risk Financial instruments that may potentially expose us to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities and restricted cash. Our investment policy is meant to preserve capital and maintain liquidity. The policy limits our marketable investments to investment-grade securities and limits our credit exposure by limiting our concentration in any one corporate issuer or sector and by establishing a minimum credit rating for marketable investments we purchase. Although we deposit cash and marketable investments with multiple financial institutions, our deposits may exceed insurable limits.
Credit Losses on Accounts Receivable Our accounts receivable are generally unsecured. We monitor our customers’ credit quality on an ongoing basis and maintain reserves for estimated credit losses.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets not held at fair value. ASU 2016-13 replaces the existing incurred loss impairment model with a forward-looking expected credit loss model which will result in earlier recognition of credit losses. We adopted ASU 2016-13 as of January 1, 2020, using the modified retrospective method, and while the effects of adoption on our consolidated financial statements were not material, we continue to monitor the effects of the COVID-19 pandemic on expected credit losses.
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles for income taxes. We elected to early adopt ASU 2019-12 effective as of January 1, 2020, and the effects of adoption on our consolidated financial statements were not material.
v3.20.4
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Estimated Useful Lives of Property and Equipment
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20202019
Leasehold improvements$101,242 $109,807 
Furniture and fixtures 24,516 22,353 
Computer and network equipment27,230 22,963 
Total property and equipment 152,988 155,123 
Less: accumulated depreciation (83,770)(73,270)
Construction in progress 157 10,139 
Property and equipment, net $69,375 $91,992 
v3.20.4
Cash, Cash Equivalents and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]  
Composition of Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities consist of the following (in thousands):
December 31, 2020
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash$352,061 $— $— $352,061 
Money market funds225,643 — — 225,643 
Commercial paper48,530 2 — 48,532 
U.S. treasury securities39,997 1 — 39,998 
Certificates of deposit2,996 — — 2,996 
Total cash and cash equivalents669,227 3 — 669,230 
Marketable securities:
Corporate bonds452,723 1,782 (18)454,487 
U.S. treasury securities202,795 260 (1)203,054 
Commercial paper234,170 86 (3)234,253 
Certificates of deposit134,828 57 (3)134,882 
Municipal securities17,604 22 (7)17,619 
U.S. agency bonds16,012 6 — 16,018 
Non-U.S. government and supranational bonds15,938 13 (1)15,950 
Asset-backed securities14,752 61 — 14,813 
Total marketable securities1,088,822 2,287 (33)1,091,076 
Total $1,758,049 $2,290 $(33)$1,760,306 

December 31, 2019
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash$323,194 $— $— $323,194 
Money market funds214,413 — — 214,413 
Commercial paper105,359 1 (6)105,354 
Corporate bonds3,792 — (1)3,791 
Certificates of deposit2,914 — — 2,914 
Total cash and cash equivalents649,672 1 (7)649,666 
Marketable securities:
Corporate bonds449,496 981 (44)450,433 
U.S. treasury securities201,561 88 (9)201,640 
Commercial paper196,304 31 (7)196,328 
Asset-backed securities114,425 188 (14)114,599 
Certificates of deposit100,647 38 (6)100,679 
Total marketable securities 1,062,433 1,326 (80)1,063,679 
Total $1,712,105 $1,327 $(87)$1,713,345 
Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
December 31, 2020
Due in one year or less $787,395 
Due after one to five years 303,681 
Total $1,091,076 
v3.20.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
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):
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 securities 39,998 — — 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 securities 203,054 — — 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 
Restricted cash:
Certificates of deposit $— $9,110 $— $9,110 
December 31, 2019
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds $214,413 $— $— $214,413 
Commercial paper— 105,354 — 105,354 
Corporate bonds— 3,791 — 3,791 
Certificates of deposit— 2,914 — 2,914 
Marketable securities:
Corporate bonds — 450,433 — 450,433 
U.S. treasury securities 201,640 — — 201,640 
Commercial paper — 196,328 — 196,328 
Asset-backed securities — 114,599 — 114,599 
Certificates of deposit — 100,679 — 100,679 
Prepaid expenses and other current assets:
Certificates of deposit — 2,738 — 2,738 
Restricted cash:
Certificates of deposit $— $25,339 $— $25,339 
v3.20.4
Other Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2020
Other Balance Sheet Components [Abstract]  
Property and Equipment, Net
We carry property and equipment at cost less accumulated depreciation and calculate depreciation using the straight-line method over our assets’ estimated useful lives, which are generally:
Property and EquipmentUseful Life
Computer and network equipment3 years
Furniture and fixtures4 years
Leasehold improvementsLesser of estimated useful life or remaining lease term
Property and equipment, net consists of the following (in thousands):
December 31,
20202019
Leasehold improvements$101,242 $109,807 
Furniture and fixtures 24,516 22,353 
Computer and network equipment27,230 22,963 
Total property and equipment 152,988 155,123 
Less: accumulated depreciation (83,770)(73,270)
Construction in progress 157 10,139 
Property and equipment, net $69,375 $91,992 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consists of the following (in thousands):
December 31,
20202019
Accrued hosting expenses$39,233 $27,322 
Accrued compensation33,215 26,574 
Operating lease liabilities43,633 46,527 
Other accrued expenses39,259 41,400 
Accrued expenses and other current liabilities $155,340 $141,823 
v3.20.4
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Composition of Intangible Assets, Net
Intangible assets, net consists of the following (in thousands):
December 31, 2020
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired patents $9,037 $(2,380)$6,657 9.1 years
Acquired technology and other intangibles 4,385 (4,385)— 1.5 years
Total intangible assets, net $13,422 $(6,765)$6,657 

December 31, 2019
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted-Average Useful Life (1)
Acquired patents$9,037 $(1,370)$7,667 9.1 years
Acquired technology and other intangibles4,385 (4,381)4 1.5 years
Total intangible assets, net $13,422 $(5,751)$7,671 
(1)Based on the weighted-average useful life established as of acquisition date.
Estimated Future Amortization Expense Estimated future amortization expense as of December 31, 2020, is as follows (in thousands):
Intangible Asset Amortization
2021$1,009 
20221,009 
20231,009 
20241,009 
2025999 
Thereafter 1,622 
Total $6,657 
v3.20.4
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Maturities of Operating Lease Liabilities
As of December 31, 2020, our non-cancelable contractual commitments, consisting of operating leases, are as follows (in thousands):
Total Commitments
2021$52,472 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter 97,509 
Total $231,006 
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2020, are as follows (in thousands):
Operating Leases
2021$51,396 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter97,509 
Total lease payments229,930 
Less imputed interest(46,976)
Total operating lease liabilities$182,954 
Non-cancelable Contractual Commitments
As of December 31, 2020, our non-cancelable contractual commitments, consisting of operating leases, are as follows (in thousands):
Total Commitments
2021$52,472 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter 97,509 
Total $231,006 
v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Operating Lease Costs Operating lease costs for the years ended December 31, 2020, 2019 and 2018, are as follows (in thousands):
Year Ended December 31,
202020192018
Lease cost:
Operating lease cost$51,285 $40,257 $27,469 
Short-term lease cost3,933 3,456 2,765 
Total$55,218 $43,713 $30,234 
Maturities of Operating Lease Liabilities
As of December 31, 2020, our non-cancelable contractual commitments, consisting of operating leases, are as follows (in thousands):
Total Commitments
2021$52,472 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter 97,509 
Total $231,006 
Maturities of our operating lease liabilities, which do not include short-term leases, as of December 31, 2020, are as follows (in thousands):
Operating Leases
2021$51,396 
202235,224 
202321,559 
202411,942 
202512,300 
Thereafter97,509 
Total lease payments229,930 
Less imputed interest(46,976)
Total operating lease liabilities$182,954 
v3.20.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock Option Activity
Stock option activity during the year ended December 31, 2020, 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, 201956,966$2.25 3.5$933,299 
Granted1,13022.35 
Exercised (34,149)2.29 
Outstanding as of December 31, 202023,947$3.15 2.9$1,502,604 
Exercisable as of December 31, 202023,099$2.45 2.7$1,465,680 
(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 year ended December 31, 2020, was as follows (in thousands, except per share amounts):
Restricted Stock Units Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 201956,791$20.19 
Granted 31,22419.75 
Released(23,304)19.57 
Forfeited(10,632)18.89 
Outstanding as of December 31, 202054,079$20.45 
Share-Based Compensation Expense
Share-based compensation expense during the years ended December 31, 2020, 2019 and 2018, was as follows (in thousands):
Year Ended December 31,
202020192018
Cost of revenue $7,865 $31,758 $83 
Research and development 218,718 867,191 13,155 
Sales and marketing 35,645 239,315 784 
General and administrative 58,792 239,517 837 
Total share-based compensation $321,020 $1,377,781 $14,859 
v3.20.4
Net Loss Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders We calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts):
Year Ended December 31,
202020192018
Class AClass BClass AClass BCommon
Numerator:
Net loss attributable to common stockholders$(96,499)$(31,824)$(459,412)$(901,959)$(62,974)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted448,392 147,872 141,894 278,579 127,091 
Net loss per share attributable to common stockholders, basic and diluted$(0.22)$(0.22)$(3.24)$(3.24)$(0.50)
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 because we reported net losses for all periods presented. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net loss per share attributable to common stockholders because these would be anti-dilutive (in thousands):
Year Ended December 31,
202020192018
Redeemable convertible preferred stock— 95,469 308,373 
Outstanding stock options40,067 72,999 76,911 
Unvested restricted stock units and restricted stock awards63,603 69,800 68,795 
Redeemable convertible preferred stock warrants— 77 158 
Common stock warrants— — 96 
Total103,670 238,345 454,333 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Components of Loss Before Provision for Income Taxes
The components of loss before provision for income taxes are as follows (in thousands):
Year Ended December 31,
202020192018
United States $49,973 $(1,266,677)$(31,641)
Foreign (176,993)(94,162)(30,923)
Loss before provision for income taxes $(127,020)$(1,360,839)$(62,564)
Composition of the Provision for Income Taxes
Provision for income taxes consists of the following (in thousands):
Year Ended December 31,
202020192018
Current:
Federal $— $— $— 
State 79 — — 
Foreign 691 1,677 500 
Total current tax expense 770 1,677 500 
Deferred:
Federal 654 (555)4 
State 5 (76)4 
Foreign (126)(514)(98)
Total deferred tax expense (benefit)533 (1,145)(90)
Provision for income taxes $1,303 $532 $410 
Reconciliation of the Difference Between Income Taxes Computed at the Statutory Federal Income Tax Rate and the Provision for Income Taxes
The difference between income taxes computed at the statutory federal income tax rate and the provision for income taxes is attributable to the following (in thousands):
Year Ended December 31,
202020192018
Tax at U.S. statutory rate $(26,674)$(285,776)$(13,138)
State income taxes, net of benefit 84 (77)4 
Foreign losses not benefited 37,716 20,932 6,891 
Permanent book/tax differences 1,051 2,453 1,967 
Legal settlement2,290 — — 
Share-based compensation (303,245)(84,366)(864)
Change in valuation allowance 352,410 422,315 15,952 
Tax credits (63,205)(74,399)(10,460)
Other 876 (550)58 
Provision for income taxes $1,303 $532 $410 
Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
December 31,
20202019
Deferred tax assets:
Net operating loss carryforwards $784,721 $416,709 
Research tax credits 269,658 167,489 
Reserves, accruals, and other 18,106 15,960 
Lease obligation 44,446 52,734 
Share-based compensation 96,932 133,067 
Total deferred tax assets 1,213,863 785,959 
Less: valuation allowance (1,176,910)(737,003)
Deferred tax assets, net of valuation allowance 36,953 48,956 
Deferred tax liabilities:
Depreciation and amortization (34,576)(46,398)
Prepaid expenses (1,523)(1,862)
Total deferred tax liabilities (36,099)(48,260)
Net deferred tax assets $854 $696 
Changes in Gross Unrecognized Tax Benefits
Changes in gross unrecognized tax benefits were as follows (in thousands):
Gross Unrecognized Tax Benefits
Balance as of December 31, 2018$38,550 
Decreases for tax positions of prior years(50)
Increases for tax positions of current year 90,685 
Balance as of December 31, 2019$129,185 
Increases for tax positions of prior years 886 
Decreases for tax positions of prior years(37,250)
Increases for tax positions of current year 47,339 
Balance as of December 31, 2020$140,160 
v3.20.4
Geographical Information (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses is as follows (in thousands):
Year Ended December 31,
202020192018
United States $1,404,282 $1,010,186 $697,170 
International(1)
288,376 132,575 58,762 
Total revenue $1,692,658 $1,142,761 $755,932 
(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):
December 31,
20202019
United States $213,831 $266,763 
International(1)
11,460 13,480 
Total property and equipment, net and operating lease right-of-use assets$225,291 $280,243 
(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.
v3.20.4
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 29, 2019
USD ($)
$ / shares
shares
Apr. 23, 2019
USD ($)
$ / shares
shares
Apr. 22, 2019
shares
Mar. 28, 2019
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Summary of Significant Accounting Policies [Line Items]              
Share-based compensation | $         $ 321,020 $ 1,377,781 $ 14,859
Reverse stock split ratio       0.33      
Number of operating segments | segment         1    
Advertising expenses | $         $ 30,300 $ 55,000 $ 19,200
Estimated useful lives of intangible assets (up to)         10 years    
Unvested restricted stock units and restricted stock awards | 2019 Plan              
Summary of Significant Accounting Policies [Line Items]              
Service period         4 years    
RSUs | 2009 Plan              
Summary of Significant Accounting Policies [Line Items]              
Service period         4 years    
Class A Common Stock | IPO              
Summary of Significant Accounting Policies [Line Items]              
Shares sold (in shares)   75,000,000          
Share price (in dollars per share) | $ / shares   $ 19.00          
Net proceeds | $   $ 1,368,000          
Estimated offering costs | $   $ 9,800          
Class A Common Stock | Over-Allotment Option              
Summary of Significant Accounting Policies [Line Items]              
Shares sold (in shares) 11,250,000            
Share price (in dollars per share) | $ / shares $ 19.00            
Net proceeds | $ $ 205,200            
Redeemable Convertible Preferred Stock and Redeemable Convertible Preferred Stock Warrants Converted | Class B Common Stock              
Summary of Significant Accounting Policies [Line Items]              
Shares issued in conversion (in shares)     308,621,636        
Shares converted (in shares)     1        
Common Stock Reclassified Into Class B Common Stock | Class B Common Stock              
Summary of Significant Accounting Policies [Line Items]              
Shares issued in conversion (in shares)     456,213,756        
Common stock reclassified (in shares)     1        
v3.20.4
Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)
 12 Months Ended
Dec. 31, 2020
Computer and network equipment  
Property, Plant and Equipment [Line Items]  
Useful Life 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful Life 4 years
v3.20.4
Cash, Cash Equivalents and Marketable Securities - Composition of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Cash and cash equivalents:    
Amortized Cost $ 669,227 $ 649,672
Unrealized Gains 3 1
Unrealized Losses 0 (7)
Fair Value 669,230 649,666
Marketable securities:    
Amortized Cost 1,088,822 1,062,433
Unrealized Gains 2,287 1,326
Unrealized Losses (33) (80)
Fair Value 1,091,076 1,063,679
Total    
Amortized Cost 1,758,049 1,712,105
Unrealized Gains 2,290 1,327
Unrealized Losses (33) (87)
Fair Value 1,760,306 1,713,345
Corporate bonds    
Marketable securities:    
Amortized Cost 452,723 449,496
Unrealized Gains 1,782 981
Unrealized Losses (18) (44)
Fair Value 454,487 450,433
U.S. treasury securities    
Marketable securities:    
Amortized Cost 202,795 201,561
Unrealized Gains 260 88
Unrealized Losses (1) (9)
Fair Value 203,054 201,640
Commercial paper    
Marketable securities:    
Amortized Cost 234,170 196,304
Unrealized Gains 86 31
Unrealized Losses (3) (7)
Fair Value 234,253 196,328
Asset-backed securities    
Marketable securities:    
Amortized Cost 14,752 114,425
Unrealized Gains 61 188
Unrealized Losses 0 (14)
Fair Value 14,813 114,599
U.S. agency bonds    
Marketable securities:    
Amortized Cost 16,012  
Unrealized Gains 6  
Unrealized Losses 0  
Fair Value 16,018  
Certificates of deposit    
Marketable securities:    
Amortized Cost 134,828 100,647
Unrealized Gains 57 38
Unrealized Losses (3) (6)
Fair Value 134,882 100,679
Municipal securities    
Marketable securities:    
Amortized Cost 17,604  
Unrealized Gains 22  
Unrealized Losses (7)  
Fair Value 17,619  
Non-U.S. government and supranational bonds    
Marketable securities:    
Amortized Cost 15,938  
Unrealized Gains 13  
Unrealized Losses (1)  
Fair Value 15,950  
Cash    
Cash and cash equivalents:    
Amortized Cost 352,061 323,194
Fair Value 352,061 323,194
Money market funds    
Cash and cash equivalents:    
Amortized Cost 225,643 214,413
Fair Value 225,643 214,413
Commercial paper    
Cash and cash equivalents:    
Amortized Cost 48,530 105,359
Unrealized Gains 2 1
Unrealized Losses 0 (6)
Fair Value 48,532 105,354
Corporate bonds    
Cash and cash equivalents:    
Amortized Cost   3,792
Unrealized Losses   (1)
Fair Value   3,791
U.S. treasury securities    
Cash and cash equivalents:    
Amortized Cost 39,997  
Unrealized Gains 1  
Fair Value 39,998  
Certificates of deposit    
Cash and cash equivalents:    
Amortized Cost 2,996 2,914
Fair Value $ 2,996 $ 2,914
v3.20.4
Cash, Cash Equivalents and Marketable Securities - Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]    
Due in one year or less $ 787,395  
Due after one to five years 303,681  
Total $ 1,091,076 $ 1,063,679
v3.20.4
Fair Value of Financial Instruments - Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 669,230 $ 649,666
Marketable securities 1,091,076 1,063,679
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 454,487 450,433
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 454,487 450,433
Corporate bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Corporate bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 454,487 450,433
Corporate bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 234,253 196,328
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 234,253 196,328
Commercial paper | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Commercial paper | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 234,253 196,328
Commercial paper | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 203,054 201,640
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 203,054 201,640
U.S. treasury securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 203,054 201,640
U.S. treasury securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
U.S. treasury securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 134,882 100,679
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 134,882 100,679
Prepaid expenses and other current assets 571 2,738
Restricted cash 9,110 25,339
Certificates of deposit | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets 0 0
Restricted cash 0 0
Certificates of deposit | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 134,882 100,679
Prepaid expenses and other current assets 571 2,738
Restricted cash 9,110 25,339
Certificates of deposit | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets 0 0
Restricted cash 0 0
Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 17,619  
Municipal securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 17,619  
Municipal securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
Municipal securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 17,619  
Municipal securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 16,018  
U.S. agency bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 16,018  
U.S. agency bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
U.S. agency bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 16,018  
U.S. agency bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 15,950  
Non-U.S. government and supranational bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 15,950  
Non-U.S. government and supranational bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
Non-U.S. government and supranational bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 15,950  
Non-U.S. government and supranational bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0  
Asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 14,813 114,599
Asset-backed securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 14,813 114,599
Asset-backed securities | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Asset-backed securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 14,813 114,599
Asset-backed securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 225,643 214,413
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 225,643 214,413
Money market funds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 225,643 214,413
Money market funds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 48,532 105,354
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 48,532 105,354
Commercial paper | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 48,532 105,354
Commercial paper | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   3,791
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   3,791
Corporate bonds | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Corporate bonds | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   3,791
Corporate bonds | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 39,998  
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 | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 39,998  
U.S. treasury securities | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
U.S. treasury securities | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 2,996 2,914
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 2,996 2,914
Certificates of deposit | Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Certificates of deposit | Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 2,996 2,914
Certificates of deposit | Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.20.4
Other Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (83,770) $ (73,270)
Property and equipment, net 69,375 91,992
Depreciable Property and Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 152,988 155,123
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 101,242 109,807
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment 24,516 22,353
Computer and network equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 27,230 22,963
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 157 $ 10,139
v3.20.4
Other Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Other Balance Sheet Components [Abstract]      
Depreciation expense $ 36.0 $ 26.3 $ 20.1
v3.20.4
Other Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Other Balance Sheet Components [Abstract]    
Accrued hosting expenses $ 39,233 $ 27,322
Accrued compensation 33,215 26,574
Operating lease liabilities 43,633 46,527
Other accrued expenses 39,259 41,400
Accrued expenses and other current liabilities $ 155,340 $ 141,823
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:AccruedLiabilitiesCurrent us-gaap:AccruedLiabilitiesCurrent
v3.20.4
Goodwill and Intangible Assets, Net - Composition of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 13,422 $ 13,422
Accumulated Amortization (6,765) (5,751)
Net Carrying Amount $ 6,657 7,671
Weighted-Average Useful Life 10 years  
Acquired patents    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 9,037 9,037
Accumulated Amortization (2,380) (1,370)
Net Carrying Amount $ 6,657 $ 7,667
Weighted-Average Useful Life 9 years 1 month 6 days 9 years 1 month 6 days
Acquired technology and other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 4,385 $ 4,385
Accumulated Amortization (4,385) (4,381)
Net Carrying Amount $ 0 $ 4
Weighted-Average Useful Life 1 year 6 months 1 year 6 months
v3.20.4
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 1.0 $ 1.5 $ 0.7
v3.20.4
Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]    
2020 $ 1,009  
2021 1,009  
2022 1,009  
2023 1,009  
2024 999  
Thereafter 1,622  
Net Carrying Amount $ 6,657 $ 7,671
v3.20.4
Commitments and Contingencies - Non-cancelable Contractual Commitments (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Total Commitments  
2021 $ 52,472
2022 35,224
2023 21,559
2024 11,942
2025 12,300
Thereafter 97,509
Total $ 231,006
v3.20.4
Commitments and Contingencies - Narrative (Details)
ft² in Thousands
 1 Months Ended
Aug. 31, 2020
USD ($)
Nov. 30, 2018
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
ft²
Commitments And Contingencies [Line Items]          
Area of office space (in sqft) | ft²         490
One-time payment for lease termination $ 89,500,000        
Noncancelable minimum lease payments not yet commenced         $ 440,000,000.0
Secured letters of credit outstanding     $ 7,500,000 $ 25,500,000  
Revolving Credit Facility | Line of Credit          
Commitments And Contingencies [Line Items]          
Term of borrowing agreement   5 years      
Maximum borrowing capacity   $ 500,000,000.0      
Increase in maximum borrowing capacity if the accordion option is exercised   $ 100,000,000.0      
Maximum increase in maximum borrowing capacity as a percent of consolidated total assets   10.00%      
Commitment fee rate   0.15%      
Required minimum liquidity balance   $ 350,000,000.0      
Remaining borrowing capacity     $ 500,000,000.0    
Revolving Credit Facility | Line of Credit | LIBOR          
Commitments And Contingencies [Line Items]          
Basis spread on variable rate   1.50%      
Revolving Credit Facility | Line of Credit | Alternative Base Rate          
Commitments And Contingencies [Line Items]          
Basis spread on variable rate   0.50%      
Revolving Credit Facility | Letter of Credit          
Commitments And Contingencies [Line Items]          
Commitment fee rate   1.50%      
v3.20.4
Leases - Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Lease cost:      
Operating lease cost $ 51,285 $ 40,257 $ 27,469
Short-term lease cost 3,933 3,456 2,765
Total $ 55,218 $ 43,713 $ 30,234
v3.20.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Leases [Abstract]      
Weighted-average remaining term of operating leases 8 years 1 month 6 days 8 years 1 month 6 days  
Weighted-average discount rate used to measure the present value of operating lease liabilities 4.80% 4.60%  
Cash payments included in the measurement of operating lease liabilities $ 54.3 $ 38.4 $ 26.2
v3.20.4
Leases - Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Leases [Abstract]  
2021 $ 51,396
2022 35,224
2023 21,559
2024 11,942
2025 12,300
Thereafter 97,509
Total lease payments 229,930
Less imputed interest (46,976)
Total operating lease liabilities $ 182,954
v3.20.4
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of outstanding shares, additional reserve 5.00%    
Grant-date fair value of stock options vested $ 3.3 $ 2.2 $ 18.6
Aggregate intrinsic value of stock options exercised 1,023.9 $ 425.1 $ 5.9
Unrecognized share-based compensation expense $ 742.7    
Weighted-average recognition period for unrecognized share-based compensation expense 3 years    
2009 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for issuance (in shares) 0    
2009 Plan | Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
2009 Plan | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 7 years    
2019 Plan | Class A      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for issuance (in shares) 99,801,162    
2019 Plan | Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
v3.20.4
Share-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Shares    
Beginning balance (in shares) 56,966  
Granted (in shares) 1,130  
Exercised (in shares) (34,149)  
Ending balance (in shares) 23,947 56,966
Exercisable (in shares) 23,099  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) $ 2.25  
Granted (in dollars per share) 22.35  
Exercised (in dollars per share) 2.29  
Ending balance (in dollars per share) 3.15 $ 2.25
Exercisable (in dollars per share) $ 2.45  
Weighted-Average Remaining Contractual Term, Outstanding 2 years 10 months 24 days 3 years 6 months
Weighted-Average Remaining Contractual Term, Exercisable 2 years 8 months 12 days  
Aggregate Intrinsic Value, Outstanding $ 1,502,604 $ 933,299
Aggregate Intrinsic Value, Exercisable $ 1,465,680  
v3.20.4
Share-Based Compensation - Restricted Stock Unit Activity (Details) - Unvested restricted stock units and restricted stock awards
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 56,791
Granted (in shares) | shares 31,224
Released (in shares) | shares (23,304)
Forfeited (in shares) | shares (10,632)
Ending balance (in shares) | shares 54,079
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 20.19
Granted (in dollars per share) | $ / shares 19.75
Released (in dollars per share) | $ / shares 19.57
Forfeited (in dollars per share) | $ / shares 18.89
Ending balance (in dollars per share) | $ / shares $ 20.45
v3.20.4
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation $ 321,020 $ 1,377,781 $ 14,859
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation 7,865 31,758 83
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation 218,718 867,191 13,155
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation 35,645 239,315 784
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based compensation $ 58,792 $ 239,517 $ 837
v3.20.4
Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Numerator:      
Net loss attributable to common stockholders $ (128,323) $ (1,361,371) $ (62,974)
Denominator:      
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) 596,264 420,473 127,091
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) $ (0.22) $ (3.24) $ (0.50)
Class A      
Numerator:      
Net loss attributable to common stockholders $ (96,499) $ (459,412)  
Denominator:      
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) 448,392 141,894  
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) $ (0.22) $ (3.24)  
Class B      
Numerator:      
Net loss attributable to common stockholders $ (31,824) $ (901,959)  
Denominator:      
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) 147,872 278,579  
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) $ (0.22) $ (3.24)  
v3.20.4
Net Loss Per Share Attributable to Common Stockholders - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 103,670 238,345 454,333
Redeemable convertible preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 0 95,469 308,373
Outstanding stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 40,067 72,999 76,911
Redeemable convertible preferred stock warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 0 77 158
Common stock warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 0 0 96
Restricted Stock Units (RSUs) And Restricted Stock Awards (RSAs) [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares of common stock (in shares) 63,603 69,800 68,795
v3.20.4
Income Taxes - Components of Loss Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
United States $ 49,973 $ (1,266,677) $ (31,641)
Foreign (176,993) (94,162) (30,923)
Loss before provision for income taxes $ (127,020) $ (1,360,839) $ (62,564)
v3.20.4
Income Taxes - Composition of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current:      
Federal $ 0 $ 0 $ 0
State 79 0 0
Foreign 691 1,677 500
Total current tax expense 770 1,677 500
Deferred:      
Federal 654 (555) 4
State 5 (76) 4
Foreign (126) (514) (98)
Total deferred tax expense (benefit) 533 (1,145) (90)
Provision for income taxes $ 1,303 $ 532 $ 410
v3.20.4
Income Taxes - Reconciliation of the Difference Between Income Taxes Computed at the Statutory Federal Income Tax Rate and the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Tax at U.S. statutory rate $ (26,674) $ (285,776) $ (13,138)
State income taxes, net of benefit 84 (77) 4
Foreign losses not benefited 37,716 20,932 6,891
Permanent book/tax differences 1,051 2,453 1,967
Legal settlement 2,290 0 0
Share-based compensation (303,245) (84,366) (864)
Change in valuation allowance 352,410 422,315 15,952
Tax credits (63,205) (74,399) (10,460)
Other 876 (550) 58
Provision for income taxes $ 1,303 $ 532 $ 410
v3.20.4
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Net operating loss carryforwards $ 784,721 $ 416,709
Research tax credits 269,658 167,489
Reserves, accruals, and other 18,106 15,960
Lease obligation 44,446 52,734
Share-based compensation 96,932 133,067
Total deferred tax assets 1,213,863 785,959
Less: valuation allowance (1,176,910) (737,003)
Deferred tax assets, net of valuation allowance 36,953 48,956
Deferred tax liabilities:    
Depreciation and amortization (34,576) (46,398)
Prepaid expenses (1,523) (1,862)
Total deferred tax liabilities (36,099) (48,260)
Net deferred tax assets $ 854 $ 696
v3.20.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 22, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Taxes [Line Items]        
Increase (decrease) in deferred tax asset valuation allowance   $ 439,900 $ 520,100  
Reduction in deferred tax assets related to net operating losses $ 24,400      
Gross unrecognized tax benefits   140,160 $ 129,185 $ 38,550
Federal        
Income Taxes [Line Items]        
Net operating loss carryforwards   3,282,200    
Federal | Research Tax Credits        
Income Taxes [Line Items]        
Tax credit carryforwards   241,600    
State | California        
Income Taxes [Line Items]        
Net operating loss carryforwards   405,600    
State | California | Research Tax Credits        
Income Taxes [Line Items]        
Tax credit carryforwards   181,700    
State | Other States        
Income Taxes [Line Items]        
Net operating loss carryforwards   1,214,900    
Foreign | Ireland        
Income Taxes [Line Items]        
Net operating loss carryforwards   $ 37,900    
v3.20.4
Income Taxes - Changes in Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance $ 129,185 $ 38,550
Increases for tax positions of prior years 886  
Increases for tax positions of prior years (37,250) (50)
Increases for tax positions of current year 47,339 90,685
Balance $ 140,160 $ 129,185
v3.20.4
Geographical Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 1,692,658 $ 1,142,761 $ 755,932
Total property and equipment, net and operating lease right-of-use assets 225,291 280,243  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,404,282 1,010,186 697,170
Total property and equipment, net and operating lease right-of-use assets 213,831 266,763  
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 288,376 132,575 $ 58,762
Total property and equipment, net and operating lease right-of-use assets $ 11,460 $ 13,480