PINTEREST, INC., 10-Q filed on 11/7/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-38872  
Entity Registrant Name Pinterest, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3607129  
Entity Address, Address Line One 651 Brannan Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 415  
Local Phone Number 762-7100  
Title of 12(b) Security Class A Common Stock, $0.00001 par value  
Trading Symbol PINS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001506293  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   593,243,901
Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   82,582,326
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,035,565 $ 1,361,936
Marketable securities 1,406,993 1,149,148
Accounts receivable, net of allowances of $7,995 and $10,635 as of September 30, 2024 and December 31, 2023, respectively 680,515 763,159
Prepaid expenses and other current assets 109,324 64,316
Total current assets 3,232,397 3,338,559
Property and equipment, net 39,421 32,225
Operating lease right-of-use assets 86,172 92,119
Goodwill and intangible assets, net 111,943 117,462
Other assets 21,200 14,040
Total assets 3,491,133 3,594,405
Current liabilities:    
Accounts payable 88,876 79,058
Accrued expenses and other current liabilities 320,426 238,032
Total current liabilities 409,302 317,090
Operating lease liabilities 154,402 160,616
Other liabilities 33,550 26,019
Total liabilities 597,254 503,725
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 592,374 and 591,663 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 82,605 and 86,355 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 7 7
Additional paid-in capital 5,023,586 5,241,954
Accumulated other comprehensive income (loss) 5,923 (1,013)
Accumulated deficit (2,135,637) (2,150,268)
Total stockholders’ equity 2,893,879 3,090,680
Total liabilities and stockholders’ equity $ 3,491,133 $ 3,594,405
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Allowances $ 7,995 $ 10,635
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) 592,374 591,663
Common stock, shares outstanding (in shares) 592,374 591,663
Class B    
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) 82,605 86,355
Common stock, shares outstanding (in shares) 82,605 86,355
v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 898,373 $ 763,203 $ 2,492,036 $ 2,073,809
Costs and expenses:        
Cost of revenue 187,453 170,998 553,400 510,664
Research and development 326,679 264,698 919,791 800,435
Sales and marketing 249,033 225,929 740,676 670,299
General and administrative 141,124 106,577 359,942 414,339
Total costs and expenses 904,289 768,202 2,573,809 2,395,737
Loss from operations (5,916) (4,999) (81,773) (321,928)
Interest income (expense), net 32,477 26,691 98,423 76,480
Other income (expense), net 3,237 (4,596) (5,885) (2,094)
Income (loss) before provision for (benefit from) income taxes 29,798 17,096 10,765 (247,542)
Provision for (benefit from) income taxes (758) 10,363 (3,866) (10,754)
Net income (loss) $ 30,556 $ 6,733 $ 14,631 $ (236,788)
Net income (loss) per share:        
Basic (in dollars per share) $ 0.05 $ 0.01 $ 0.02 $ (0.35)
Diluted (in dollars per share) $ 0.04 $ 0.01 $ 0.02 $ (0.35)
Weighted-average shares used in computing net income (loss) per share:        
Basic (in shares) 678,496 669,261 680,157 674,853
Diluted (in shares) 695,483 687,101 701,768 674,853
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 30,556 $ 6,733 $ 14,631 $ (236,788)
Other comprehensive income (loss), net of taxes:        
Change in unrealized gain on available-for-sale marketable securities 6,783 1,646 5,252 4,404
Change in foreign currency translation adjustment 1,185 (389) 1,684 (434)
Comprehensive income (loss) $ 38,524 $ 7,990 $ 21,567 $ (232,818)
v3.24.3
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022   683,202      
Beginning balance at Dec. 31, 2022 $ 3,281,654 $ 7 $ 5,407,724 $ (11,419) $ (2,114,658)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   9,487      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (243,926)   (243,926)    
Issuance of common stock for cash upon exercise of stock options (in shares)   1,666      
Issuance of common stock for cash upon exercise of stock options 4,664   4,664    
Issuance of common stock related to charitable contributions (in shares)   500      
Issuance of common stock related to charitable contributions 12,890   12,890    
Repurchases of Class A common stock (in shares)   (21,216)      
Repurchases of Class A common stock (500,455)   (500,455)    
Share-based compensation 484,633   484,633    
Other comprehensive income (loss) 3,970     3,970  
Net income (loss) (236,788)       (236,788)
Ending balance (in shares) at Sep. 30, 2023   673,639      
Ending balance at Sep. 30, 2023 2,806,642 $ 7 5,165,530 (7,449) (2,351,446)
Beginning balance (in shares) at Jun. 30, 2023   669,516      
Beginning balance at Jun. 30, 2023 2,693,082 $ 7 5,059,960 (8,706) (2,358,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   3,232      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (80,723)   (80,723)    
Issuance of common stock for cash upon exercise of stock options (in shares)   391      
Issuance of common stock for cash upon exercise of stock options 1,448   1,448    
Issuance of common stock related to charitable contributions (in shares)   500      
Issuance of common stock related to charitable contributions 12,890   12,890    
Repurchases of Class A common stock 74   74    
Share-based compensation 171,881   171,881    
Other comprehensive income (loss) 1,257     1,257  
Net income (loss) 6,733       6,733
Ending balance (in shares) at Sep. 30, 2023   673,639      
Ending balance at Sep. 30, 2023 2,806,642 $ 7 5,165,530 (7,449) (2,351,446)
Beginning balance (in shares) at Dec. 31, 2023   678,018      
Beginning balance at Dec. 31, 2023 3,090,680 $ 7 5,241,954 (1,013) (2,150,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   10,636      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards $ (305,519)   (305,519)    
Issuance of common stock for cash upon exercise of stock options (in shares) 2,220 2,220      
Issuance of common stock for cash upon exercise of stock options $ 20,269   20,269    
Repurchases of Class A common stock (in shares)   (15,895)      
Repurchases of Class A common stock (500,000)   (500,000)    
Share-based compensation 566,882   566,882    
Other comprehensive income (loss) 6,936     6,936  
Net income (loss) 14,631       14,631
Ending balance (in shares) at Sep. 30, 2024   674,979      
Ending balance at Sep. 30, 2024 2,893,879 $ 7 5,023,586 5,923 (2,135,637)
Beginning balance (in shares) at Jun. 30, 2024   686,193      
Beginning balance at Jun. 30, 2024 3,198,053 $ 7 5,366,284 (2,045) (2,166,193)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   3,641      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (86,058)   (86,058)    
Issuance of common stock for cash upon exercise of stock options (in shares)   236      
Issuance of common stock for cash upon exercise of stock options 1,006   1,006    
Repurchases of Class A common stock (in shares)   (15,091)      
Repurchases of Class A common stock (465,622)   (465,622)    
Share-based compensation 207,976   207,976    
Other comprehensive income (loss) 7,968     7,968  
Net income (loss) 30,556       30,556
Ending balance (in shares) at Sep. 30, 2024   674,979      
Ending balance at Sep. 30, 2024 $ 2,893,879 $ 7 $ 5,023,586 $ 5,923 $ (2,135,637)
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 14,631 $ (236,788)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 15,202 16,185
Share-based compensation 566,882 484,633
Non-cash charitable contributions 0 12,890
Impairment and abandonment charges for leases and leasehold improvements 0 117,315
Net amortization of investment premium and discount (21,124) (14,814)
Other 4,851 (656)
Changes in assets and liabilities:    
Accounts receivable 88,449 59,303
Prepaid expenses and other assets (54,016) (2,308)
Operating lease right-of-use assets 24,361 43,785
Accounts payable 9,933 (16,711)
Accrued expenses and other liabilities 89,715 (54,780)
Operating lease liabilities (28,285) (53,373)
Net cash provided by operating activities 710,599 354,681
Investing activities    
Purchases of property and equipment (20,813) (3,780)
Purchases of marketable securities (1,196,557) (1,065,445)
Sales of marketable securities 9,718 31,709
Maturities of marketable securities 954,844 978,804
Net cash used in investing activities (252,808) (58,712)
Financing activities    
Proceeds from exercise of stock options 20,266 4,664
Repurchases of Class A common stock (500,000) (500,000)
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (305,519) (243,926)
Net cash used in financing activities (785,253) (739,262)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (668) 648
Net decrease in cash, cash equivalents and restricted cash (328,130) (442,645)
Cash, cash equivalents and restricted cash, beginning of period 1,368,532 1,617,660
Cash, cash equivalents and restricted cash, end of period 1,040,402 1,175,015
Supplemental cash flow information    
Cash paid for income taxes, net 18,660 9,227
Non-cash investing and financing activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 21,744 $ 35,347
v3.24.3
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Sep. 30, 2023
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets    
Cash and cash equivalents $ 1,035,565 $ 1,168,419
Restricted cash included in prepaid expenses and other current assets 0 2,542
Restricted cash included in other assets 4,837 4,054
Total cash, cash equivalents and restricted cash $ 1,040,402 $ 1,175,015
v3.24.3
Description of Business and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
Pinterest was incorporated in Delaware in 2008 and is headquartered in San Francisco, California. Pinterest is a visual search and discovery platform positioned at the intersection of search, social and commerce. We generate revenue by delivering ads on our website and mobile application.
Basis of Presentation and Consolidation
We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). The condensed consolidated financial statements include the accounts of Pinterest, Inc. and its wholly owned subsidiaries. We have eliminated all intercompany balances and transactions.
The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date. We have condensed or omitted certain information and notes normally included in complete financial statements prepared in accordance with GAAP. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2023, which are included in our Annual Report on Form 10-K.
In our opinion, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the results for the interim periods presented, but they are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2024.
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, leases, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Significant Accounting Policies
There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2023.
v3.24.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
September 30, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$816,813 $— $— $816,813 
Commercial paper— 102,965 — 102,965 
U.S. treasury securities12,951 — — 12,951 
Marketable securities:
Corporate bonds— 560,303 — 560,303 
U.S. treasury securities429,093 — — 429,093 
Commercial paper— 286,454 — 286,454 
Certificates of deposit— 124,933 — 124,933 
Non-U.S. government and supranational bonds— 6,210 — 6,210 
Restricted cash:
Certificates of deposit— 4,837 — 4,837 
December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,032,675 $— $— $1,032,675 
Commercial paper— 106,268 — 106,268 
Certificates of deposit— 1,551 — 1,551 
Corporate bonds— 859 — 859 
Marketable securities:
Corporate bonds— 427,957 — 427,957 
U.S. treasury securities336,356 — — 336,356 
Commercial paper— 201,145 — 201,145 
Certificates of deposit— 132,457 — 132,457 
U.S. agency bonds— 42,250 — 42,250 
Non-U.S. government and supranational bonds— 8,983 — 8,983 
Prepaid expenses and other current assets:
Certificates of deposit— 2,542 — 2,542 
Restricted cash:
Certificates of deposit— 4,054 — 4,054 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Gross unrealized gains and losses on our marketable securities were not material in the aggregate as of September 30, 2024 and December 31, 2023. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of September 30, 2024 and December 31, 2023.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
September 30, 2024
Due in one year or less $1,111,889 
Due after one to five years 295,104 
Total $1,406,993 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
In April 2021, we entered into a private pricing addendum with Amazon Web Services (“AWS”), which governs our use of cloud computing infrastructure provided by AWS. Under the pricing addendum, we are required to purchase at least $3,250.0 million of cloud services from AWS through April 2029. If we fail to do so, we are required to pay the difference between the amount we spend and the required commitment amount. As of September 30, 2024, our remaining contractual commitment is $1,279.1 million. We expect to meet our remaining commitment.
Legal Matters
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. 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.
v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Equity Incentive Plan
In June 2009, our board of directors adopted and approved our 2009 Stock Plan (the "2009 Plan"), which provides for the issuance of stock options, Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") to qualified employees, directors and consultants. Stock options granted under our 2009 Plan have a maximum life of 10 years and an exercise price not less than 100% of the fair market value of our common stock on the date of grant. RSUs granted under our 2009 Plan have a maximum life of seven years. No shares of our common stock were reserved for future issuance under our 2009 Plan as of September 30, 2024.
Our 2019 Omnibus Incentive Plan ("2019 Plan") became effective upon closing of our initial public offering 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. 171,811,414 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of September 30, 2024.
The number of shares of our Class A common stock available for issuance under the 2019 Plan will be increased by the number of shares of our Class B common stock subject to awards outstanding under our 2009 Plan that would, but for the terms of the 2019 Plan, have returned to the share reserves of the 2009 Plan pursuant to the terms of such awards, including as the result of forfeiture, repurchase, expiration or retention by us in order to satisfy an award’s exercise price or tax withholding obligations. In addition, the number of shares of our Class A common stock reserved for issuance under our 2019 Plan will automatically increase on the first day of each fiscal year through and including January 1, 2029, in an amount equal to 5% of the total number of shares of our Class A common stock and our Class B common stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors.
Stock Option Activity
Stock option activity during the nine months ended September 30, 2024, 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, 202313,043$15.41 6.1$282,197 
Exercised
(2,220)9.13 
Forfeited (10)2.96 
Outstanding as of September 30, 202410,813$16.71 6.2$169,383 
Exercisable as of September 30, 20246,537$14.58 5.2$116,310 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the nine months ended September 30, 2024 and 2023, was $18.9 million and $21.3 million, respectively. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 and 2023 was $62.7 million and $38.9 million, respectively.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the nine months ended September 30, 2024, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202345,099$25.83 
Granted
20,08034.79 
Released(19,514)28.22 
Forfeited
(4,295)26.93 
Outstanding as of September 30, 202441,370$28.93 
Share-Based Compensation
Share-based compensation expense during the three and nine months ended September 30, 2024 and 2023, was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Cost of revenue
$3,943 $2,989 $10,668 $8,038 
Research and development138,610 112,879 369,446 315,724 
Sales and marketing32,389 25,857 88,284 71,444 
General and administrative
33,034 30,156 98,484 89,427 
Total share-based compensation
$207,976 $171,881 $566,882 $484,633 
As of September 30, 2024, we had $1,147.2 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.0 years.
Stock Repurchase
On September 16, 2023, our board of directors authorized a stock repurchase program of up to $1.0 billion of our Class A common stock (the "September 2023 program"). Under the September 2023 program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The September 2023 program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the nine months ended September 30, 2024, we repurchased and retired 15,894,701 shares of our Class A common stock for an aggregate purchase price of $500.0 million. As of September 30, 2024, $500.0 million remained available for repurchases under the September 2023 program.

The September 2023 program was canceled in November 2024. Refer to Note 8 for further information.
v3.24.3
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs, to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$26,835 $3,721 $5,847 $886 $12,837 $1,794 $(205,602)$(31,186)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
595,867 82,629 581,235 88,026 596,749 83,408 585,973 88,880 
Basic net income (loss) per share
$0.05 $0.05 $0.01 $0.01 $0.02 $0.02 $(0.35)$(0.35)
Diluted net income (loss) per share:
Numerator:
Net income (loss)$26,835 $3,721 $5,847 $886 $12,837 $1,794 $(205,602)$(31,186)
Reallocation of net income as a result of conversion of Class B to Class A common stock 3,721 — 886 — 1,794 — — — 
Reallocation of net income to Class B common stock — (91)— (25)— (55)— — 
Diluted net income (loss)
$30,556 $3,630 $6,733 $861 $14,631 $1,739 $(205,602)$(31,186)
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
595,867 82,629 581,235 88,026 596,749 83,408 585,973 88,880 
Conversion of Class B to Class A common stock82,629 — 88,026 — 83,408 — — — 
Weighted average effect of dilutive potential common stock 16,987 — 17,840 — 21,611 — — — 
Weighted-average shares used in computing net income (loss) per share, diluted
695,483 82,629 687,101 88,026 701,768 83,408 585,973 88,880 
Diluted net income (loss) per share
$0.04 $0.04 $0.01 $0.01 $0.02 $0.02 $(0.35)$(0.35)
Basic net income (loss) per share is the same as diluted net income (loss) per share for the nine months ended September 30, 2023 because we reported a net loss. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Outstanding stock options— 8,553 — 14,750 
Unvested restricted stock units and restricted stock awards13,932 5,327 5,701 53,967 
Total13,932 13,880 5,701 68,717 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The primary difference between our effective tax rate and the federal statutory rate is the full valuation allowance we have established on our federal, state and foreign net operating losses and credits. Income taxes are not material for the three and nine months ended September 30, 2024 and 2023. All periods include the effects of the capitalization and amortization of research and development expenses as required by the 2017 Tax Cuts and Jobs Act.
Given our recent history of generating net income in the U.S., we believe that there is a reasonable possibility that sufficient positive evidence may become available to allow us to determine that a significant portion of the valuation allowance recorded against our U.S. deferred tax assets could be released within the next twelve months. The reversal would result in the recognition of material U.S. deferred tax assets and a corresponding income tax benefit in the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change based on our actual operating results.
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 2019 and forward.
v3.24.3
Geographical Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Geographical Information Geographical Information
Revenue disaggregated by geography based on our customers’ billing addresses was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
U.S. and Canada(1)
$691,108 $592,366 $1,871,299 $1,613,840 
Europe(2)
132,724 118,469 400,495 334,666 
Rest of World
74,541 52,368 220,242 125,303 
Total revenue
$898,373 $763,203 $2,492,036 $2,073,809 
(1)United States revenue was $659.3 million and $560.0 million for the three months ended September 30, 2024 and 2023, respectively, and $1,785.6 million and $1,527.5 million for the nine months ended September 30, 2024 and 2023, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Our total deferred revenue was $20.8 million and $15.3 million as of September 30, 2024 and December 31, 2023, respectively.
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
September 30,December 31,
20242023
United States
$71,052 $66,335 
Ireland
24,951 18,658 
Mexico8,850 12,835 
International(1)
20,740 26,516 
Total property and equipment, net and operating lease right-of-use assets$125,593 $124,344 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Legal Matters
On November 1, 2024, we reached a settlement to resolve pending litigation relating to allegations concerning the early development of Pinterest. We recorded $34.7 million, net of insurance proceeds, to general and administrative expense for the three and nine months ended September 30, 2024.
Stock Repurchase
In November 2024, our board of directors authorized a new stock repurchase program of up to $2.0 billion of our Class A common stock (the "November 2024 program") and canceled the September 2023 program under which $500.0 million had remained available for repurchase. Under the November 2024 program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The November 2024 program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. We have not repurchased any of our Class A common stock under the November 2024 program as of November 7, 2024.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 30,556 $ 6,733 $ 14,631 $ (236,788)
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Wanji Walcott [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On August 22, 2024, Wanji Walcott, our Chief Legal Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, to sell, between November 27, 2024 and December 31, 2025, up to 50% of net shares of our Class A common stock to be issued to Ms. Walcott after the satisfaction of applicable taxes following the vesting and settlement of up to 213,101 RSUs.
Name Wanji Walcott  
Title Chief Legal Officer,  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 22, 2024  
Expiration Date December 31, 2025  
Arrangement Duration 399 days  
Aggregate Available 213,101 213,101
v3.24.3
Description of Business and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation We prepared the accompanying condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP").
Consolidation We have eliminated all intercompany balances and transactions.
Reclassifications
Reclassifications
We have reclassified certain amounts in prior periods to conform with current presentation.
Use of Estimates
Use of Estimates
Preparing our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and judgments that affect amounts reported in the condensed consolidated financial statements and accompanying notes. We base these estimates and judgments on historical experience and various other assumptions that we consider reasonable. GAAP requires us to make estimates and assumptions in several areas, including the fair values of financial instruments, leases, assets acquired and liabilities assumed through business combinations, share-based awards, and contingencies as well as the collectability of our accounts receivable, the useful lives of our intangible assets and property and equipment, the incremental borrowing rate we use to determine our operating lease liabilities, and revenue recognition, among others. Actual results could differ materially from these estimates and judgments.
Net Loss Per Share Attributable to Common Stockholders
We present net income (loss) per share using the two-class method required for multiple classes of common stock. Holders of our Class A and Class B common stock have identical rights except with respect to voting, conversion and transfer rights and therefore share equally in our net income or losses.
We calculate basic net income (loss) per share by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period.
Diluted net income (loss) per share gives effect to all potential shares of common stock, including stock options, RSAs and RSUs, to the extent these are dilutive. The calculation of diluted net income (loss) of Class A common stock assumes the conversion of our Class B common stock to Class A common stock, while the diluted net income (loss) of Class B common stock does not assume the conversion of those shares to Class A common stock.
v3.24.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Instruments Measured on a Recurring Basis
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
September 30, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$816,813 $— $— $816,813 
Commercial paper— 102,965 — 102,965 
U.S. treasury securities12,951 — — 12,951 
Marketable securities:
Corporate bonds— 560,303 — 560,303 
U.S. treasury securities429,093 — — 429,093 
Commercial paper— 286,454 — 286,454 
Certificates of deposit— 124,933 — 124,933 
Non-U.S. government and supranational bonds— 6,210 — 6,210 
Restricted cash:
Certificates of deposit— 4,837 — 4,837 
December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,032,675 $— $— $1,032,675 
Commercial paper— 106,268 — 106,268 
Certificates of deposit— 1,551 — 1,551 
Corporate bonds— 859 — 859 
Marketable securities:
Corporate bonds— 427,957 — 427,957 
U.S. treasury securities336,356 — — 336,356 
Commercial paper— 201,145 — 201,145 
Certificates of deposit— 132,457 — 132,457 
U.S. agency bonds— 42,250 — 42,250 
Non-U.S. government and supranational bonds— 8,983 — 8,983 
Prepaid expenses and other current assets:
Certificates of deposit— 2,542 — 2,542 
Restricted cash:
Certificates of deposit— 4,054 — 4,054 
Schedule of Fair Value of Marketable Securities by Contractual Maturity
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
September 30, 2024
Due in one year or less $1,111,889 
Due after one to five years 295,104 
Total $1,406,993 
v3.24.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
Stock option activity during the nine months ended September 30, 2024, 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, 202313,043$15.41 6.1$282,197 
Exercised
(2,220)9.13 
Forfeited (10)2.96 
Outstanding as of September 30, 202410,813$16.71 6.2$169,383 
Exercisable as of September 30, 20246,537$14.58 5.2$116,310 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
Schedule of Restricted Stock Unit Activity
RSU and RSA activity during the nine months ended September 30, 2024, was as follows (in thousands, except per share amounts):
Restricted Stock Units and Restricted Stock Awards Outstanding
SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 202345,099$25.83 
Granted
20,08034.79 
Released(19,514)28.22 
Forfeited
(4,295)26.93 
Outstanding as of September 30, 202441,370$28.93 
Schedule of Share-Based Compensation Expense
Share-based compensation expense during the three and nine months ended September 30, 2024 and 2023, was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Cost of revenue
$3,943 $2,989 $10,668 $8,038 
Research and development138,610 112,879 369,446 315,724 
Sales and marketing32,389 25,857 88,284 71,444 
General and administrative
33,034 30,156 98,484 89,427 
Total share-based compensation
$207,976 $171,881 $566,882 $484,633 
v3.24.3
Net Income (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share
We calculated basic and diluted net income (loss) per share as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$26,835 $3,721 $5,847 $886 $12,837 $1,794 $(205,602)$(31,186)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
595,867 82,629 581,235 88,026 596,749 83,408 585,973 88,880 
Basic net income (loss) per share
$0.05 $0.05 $0.01 $0.01 $0.02 $0.02 $(0.35)$(0.35)
Diluted net income (loss) per share:
Numerator:
Net income (loss)$26,835 $3,721 $5,847 $886 $12,837 $1,794 $(205,602)$(31,186)
Reallocation of net income as a result of conversion of Class B to Class A common stock 3,721 — 886 — 1,794 — — — 
Reallocation of net income to Class B common stock — (91)— (25)— (55)— — 
Diluted net income (loss)
$30,556 $3,630 $6,733 $861 $14,631 $1,739 $(205,602)$(31,186)
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
595,867 82,629 581,235 88,026 596,749 83,408 585,973 88,880 
Conversion of Class B to Class A common stock82,629 — 88,026 — 83,408 — — — 
Weighted average effect of dilutive potential common stock 16,987 — 17,840 — 21,611 — — — 
Weighted-average shares used in computing net income (loss) per share, diluted
695,483 82,629 687,101 88,026 701,768 83,408 585,973 88,880 
Diluted net income (loss) per share
$0.04 $0.04 $0.01 $0.01 $0.02 $0.02 $(0.35)$(0.35)
Schedule of Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Outstanding stock options— 8,553 — 14,750 
Unvested restricted stock units and restricted stock awards13,932 5,327 5,701 53,967 
Total13,932 13,880 5,701 68,717 
v3.24.3
Geographical Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenue Disaggregated by Geography
Revenue disaggregated by geography based on our customers’ billing addresses was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
U.S. and Canada(1)
$691,108 $592,366 $1,871,299 $1,613,840 
Europe(2)
132,724 118,469 400,495 334,666 
Rest of World
74,541 52,368 220,242 125,303 
Total revenue
$898,373 $763,203 $2,492,036 $2,073,809 
(1)United States revenue was $659.3 million and $560.0 million for the three months ended September 30, 2024 and 2023, respectively, and $1,785.6 million and $1,527.5 million for the nine months ended September 30, 2024 and 2023, respectively. No individual country other than the United States exceeded 10% of our total revenue for any period presented.
(2)Europe includes Russia and Turkey.
Schedule of Property and Equipment, Net and Operating Lease Right-of-Use Assets by Geography
Property and equipment, net and operating lease right-of-use assets by geography is as follows (in thousands):
September 30,December 31,
20242023
United States
$71,052 $66,335 
Ireland
24,951 18,658 
Mexico8,850 12,835 
International(1)
20,740 26,516 
Total property and equipment, net and operating lease right-of-use assets$125,593 $124,344 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.24.3
Fair Value of Financial Instruments - Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 1,406,993  
Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 560,303 $ 427,957
Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 429,093 336,356
Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 286,454 201,145
Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 124,933 132,457
Prepaid expenses and other current assets   2,542
Restricted cash 4,837 4,054
Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   42,250
Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 6,210 8,983
Level 1 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 429,093 336,356
Level 1 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 1 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets   0
Restricted cash 0 0
Level 1 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Level 1 | Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 560,303 427,957
Level 2 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 2 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 286,454 201,145
Level 2 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 124,933 132,457
Prepaid expenses and other current assets   2,542
Restricted cash 4,837 4,054
Level 2 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   42,250
Level 2 | Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 6,210 8,983
Level 3 | Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Level 3 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Prepaid expenses and other current assets   0
Restricted cash 0 0
Level 3 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities   0
Level 3 | Recurring | Non-U.S. government and supranational bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 0 0
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 816,813 1,032,675
Money market funds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 816,813 1,032,675
Money market funds | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 102,965 106,268
Commercial paper | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Commercial paper | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 102,965 106,268
Commercial paper | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Certificates of deposit | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   1,551
Certificates of deposit | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Certificates of deposit | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   1,551
Certificates of deposit | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Corporate bonds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   859
Corporate bonds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Corporate bonds | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   859
Corporate bonds | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   $ 0
U.S. treasury securities | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 12,951  
U.S. treasury securities | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 12,951  
U.S. treasury securities | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0  
U.S. treasury securities | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0  
v3.24.3
Fair Value of Financial Instruments - Fair Value of Marketable Securities by Contractual Maturity (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Due in one year or less $ 1,111,889
Due after one to five years 295,104
Total $ 1,406,993
v3.24.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 1,279.1 $ 3,250.0
v3.24.3
Stockholders' Equity - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 16, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant-date fair value of stock options vested     $ 18,900 $ 21,300  
Aggregate intrinsic value of stock options exercised     62,700 38,900  
Unrecognized share-based compensation expense $ 1,147,200   $ 1,147,200    
Weighted-average recognition period for unrecognized share-based compensation expense     2 years    
Repurchases of Class A common stock 465,622 $ (74) $ 500,000 $ 500,455  
Stock Repurchase Program, September 2023          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Authorized share repurchase amount         $ 1,000,000
Repurchases of Class A common stock (in shares)     15,894,701    
Repurchases of Class A common stock     $ 500,000    
Stock remaining available for repurchases $ 500,000   $ 500,000    
2009 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares reserved for issuance (in shares) 0   0    
2019 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of outstanding shares, additional reserve     5.00%    
2019 Plan | Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares reserved for issuance (in shares) 171,811,414   171,811,414    
Stock Options | 2009 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period     10 years    
Percentage of fair market value of outstanding stock, maximum     100.00%    
Stock Options | 2019 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period     10 years    
Percentage of fair market value of outstanding stock, maximum     100.00%    
RSUs | 2009 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period     7 years    
v3.24.3
Stockholders' Equity - Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Shares    
Beginning balance (in shares) | shares 13,043  
Exercised (in shares) | shares (2,220)  
Forfeited (in shares) | shares (10)  
Ending balance (in shares) | shares 10,813 13,043
Exercisable (in shares) | shares 6,537  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) | $ / shares $ 15.41  
Exercised (in dollars per share) | $ / shares 9.13  
Forfeited (in dollars per share) | $ / shares 2.96  
Ending balance (in dollars per share) | $ / shares 16.71 $ 15.41
Exercisable (in dollars per share) | $ / shares $ 14.58  
Weighted-Average Remaining Contractual Term, Outstanding 6 years 2 months 12 days 6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Exercisable 5 years 2 months 12 days  
Aggregate Intrinsic Value, Outstanding | $ $ 169,383 $ 282,197
Aggregate Intrinsic Value, Exercisable | $ $ 116,310  
v3.24.3
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding
shares in Thousands
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 45,099
Granted (in shares) | shares 20,080
Released (in shares) | shares (19,514)
Forfeited (in shares) | shares (4,295)
Ending balance (in shares) | shares 41,370
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 25.83
Granted (in dollars per share) | $ / shares 34.79
Released (in dollars per share) | $ / shares 28.22
Forfeited (in dollars per share) | $ / shares 26.93
Ending balance (in dollars per share) | $ / shares $ 28.93
v3.24.3
Stockholders' Equity - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 207,976 $ 171,881 $ 566,882 $ 484,633
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 3,943 2,989 10,668 8,038
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 138,610 112,879 369,446 315,724
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 32,389 25,857 88,284 71,444
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 33,034 $ 30,156 $ 98,484 $ 89,427
v3.24.3
Net Income (Loss) Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 678,496 669,261 680,157 674,853
Basic net income (loss) per share (in dollars per share) $ 0.05 $ 0.01 $ 0.02 $ (0.35)
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 695,483 687,101 701,768 674,853
Diluted net income (loss) per share (in dollars per share) $ 0.04 $ 0.01 $ 0.02 $ (0.35)
Class A        
Numerator:        
Net income (loss) $ 26,835 $ 5,847 $ 12,837 $ (205,602)
Reallocation of net income as a result of conversion of Class B to Class A common stock 3,721 886 1,794 0
Reallocation of net income to Class B common stock 0 0 0 0
Diluted net income (loss) $ 30,556 $ 6,733 $ 14,631 $ (205,602)
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 595,867 581,235 596,749 585,973
Basic net income (loss) per share (in dollars per share) $ 0.05 $ 0.01 $ 0.02 $ (0.35)
Conversion of Class B to Class A common stock (in shares) 82,629 88,026 83,408 0
Weighted average effect of dilutive potential common stock (in shares) 16,987 17,840 21,611 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 695,483 687,101 701,768 585,973
Diluted net income (loss) per share (in dollars per share) $ 0.04 $ 0.01 $ 0.02 $ (0.35)
Class B        
Numerator:        
Net income (loss) $ 3,721 $ 886 $ 1,794 $ (31,186)
Reallocation of net income as a result of conversion of Class B to Class A common stock 0 0 0 0
Reallocation of net income to Class B common stock (91) (25) (55) 0
Diluted net income (loss) $ 3,630 $ 861 $ 1,739 $ (31,186)
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 82,629 88,026 83,408 88,880
Basic net income (loss) per share (in dollars per share) $ 0.05 $ 0.01 $ 0.02 $ (0.35)
Conversion of Class B to Class A common stock (in shares) 0 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 0 0 0 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 82,629 88,026 83,408 88,880
Diluted net income (loss) per share (in dollars per share) $ 0.04 $ 0.01 $ 0.02 $ (0.35)
v3.24.3
Net Income (Loss) Per Share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 13,932 13,880 5,701 68,717
Outstanding stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 0 8,553 0 14,750
Unvested restricted stock units and restricted stock awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 13,932 5,327 5,701 53,967
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Provision for (benefit from) income taxes $ 758 $ (10,363) $ 3,866 $ 10,754
v3.24.3
Geographical Information - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue $ 898,373 $ 763,203 $ 2,492,036 $ 2,073,809  
Total property and equipment, net and operating lease right-of-use assets 125,593   125,593   $ 124,344
U.S. and Canada          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 691,108 592,366 1,871,299 1,613,840  
Europe          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 132,724 118,469 400,495 334,666  
Rest of World          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 74,541 52,368 220,242 125,303  
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 659,300 $ 560,000 1,785,600 $ 1,527,500  
Total property and equipment, net and operating lease right-of-use assets 71,052   71,052   66,335
Ireland          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total property and equipment, net and operating lease right-of-use assets 24,951   24,951   18,658
Mexico          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total property and equipment, net and operating lease right-of-use assets 8,850   8,850   12,835
International          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total property and equipment, net and operating lease right-of-use assets $ 20,740   $ 20,740   $ 26,516
v3.24.3
Geographical Information - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Segment Reporting [Abstract]    
Deferred revenue $ 20.8 $ 15.3
v3.24.3
Subsequent Events (Details) - USD ($)
$ in Millions
Nov. 01, 2024
Nov. 07, 2024
Sep. 30, 2024
Sep. 16, 2023
Stock Repurchase Program, September 2023        
Subsequent Event [Line Items]        
Authorized share repurchase amount       $ 1,000.0
Stock remaining available for repurchases     $ 500.0  
Subsequent event        
Subsequent Event [Line Items]        
Litigation settlement expense $ 34.7      
Subsequent event | Stock Repurchase Program, November 2024        
Subsequent Event [Line Items]        
Authorized share repurchase amount   $ 2,000.0    
Subsequent event | Stock Repurchase Program, September 2023        
Subsequent Event [Line Items]        
Stock remaining available for repurchases   $ 500.0