PINTEREST, INC., 10-Q filed on 7/30/2024
Quarterly Report
v3.24.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 24, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 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, $0.00001 par value  
Trading Symbol PINS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001506293  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   603,566,773
Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   82,628,809
v3.24.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,376,681 $ 1,361,936
Marketable securities 1,358,502 1,149,148
Accounts receivable, net of allowances of $8,729 and $10,635 as of June 30, 2024 and December 31, 2023, respectively 664,293 763,159
Prepaid expenses and other current assets 93,270 64,316
Total current assets 3,492,746 3,338,559
Property and equipment, net 40,036 32,225
Operating lease right-of-use assets 83,941 92,119
Goodwill and intangible assets, net 113,783 117,462
Other assets 17,010 14,040
Total assets 3,747,516 3,594,405
Current liabilities:    
Accounts payable 73,924 79,058
Accrued expenses and other current liabilities 293,779 238,032
Total current liabilities 367,703 317,090
Operating lease liabilities 151,750 160,616
Other liabilities 30,010 26,019
Total liabilities 549,463 503,725
Commitments and contingencies
Stockholders’ equity:    
Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 603,564 and 591,663 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 82,629 and 86,355 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 7 7
Additional paid-in capital 5,366,284 5,241,954
Accumulated other comprehensive loss (2,045) (1,013)
Accumulated deficit (2,166,193) (2,150,268)
Total stockholders’ equity 3,198,053 3,090,680
Total liabilities and stockholders’ equity $ 3,747,516 $ 3,594,405
v3.24.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Allowances $ 8,729 $ 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) 603,564 591,663
Common stock, shares outstanding (in shares) 603,564 591,663
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) 82,629 86,355
Common stock, shares outstanding (in shares) 82,629 86,355
v3.24.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 853,680 $ 708,025 $ 1,593,663 $ 1,310,606
Costs and expenses:        
Cost of revenue 184,856 168,740 365,947 339,666
Research and development 312,837 269,391 593,112 535,737
Sales and marketing 265,354 243,239 491,643 444,370
General and administrative 112,074 99,898 218,818 307,762
Total costs and expenses 875,121 781,268 1,669,520 1,627,535
Loss from operations (21,441) (73,243) (75,857) (316,929)
Interest income (expense), net 34,680 24,888 65,946 49,789
Other income (expense), net (4,596) 2,180 (9,122) 2,502
Income (loss) before benefit from income taxes 8,643 (46,175) (19,033) (264,638)
Benefit from income taxes (244) (11,233) (3,108) (21,117)
Net income (loss) $ 8,887 $ (34,942) $ (15,925) $ (243,521)
Net income (loss) per share:        
Basic (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
Diluted (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
Weighted-average shares used in computing net income (loss) per share:        
Basic (in shares) 683,171 674,280 680,995 677,696
Diluted (in shares) 708,258 674,280 680,995 677,696
v3.24.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 8,887 $ (34,942) $ (15,925) $ (243,521)
Other comprehensive income (loss), net of taxes:        
Change in unrealized gain (loss) on available-for-sale marketable securities (110) (1,198) (1,531) 2,758
Change in foreign currency translation adjustment 680 (376) 499 (45)
Comprehensive income (loss) $ 9,457 $ (36,516) $ (16,957) $ (240,808)
v3.24.2
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive 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)   6,255      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (163,203)   (163,203)    
Issuance of common stock for cash upon exercise of stock options (in shares)   1,275      
Issuance of common stock for cash upon exercise of stock options 3,216   3,216    
Repurchases of Class A common stock (in shares)   (21,216)      
Repurchases of Class A common stock (500,529)   (500,529)    
Share-based compensation 312,752   312,752    
Other comprehensive income (loss) 2,713     2,713  
Net income (loss) (243,521)       (243,521)
Ending balance (in shares) at Jun. 30, 2023   669,516      
Ending balance at Jun. 30, 2023 2,693,082 $ 7 5,059,960 (8,706) (2,358,179)
Beginning balance (in shares) at Mar. 31, 2023   684,157      
Beginning balance at Mar. 31, 2023 3,059,739 $ 7 5,390,101 (7,132) (2,323,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   3,480      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (71,695)   (71,695)    
Issuance of common stock for cash upon exercise of stock options (in shares)   325      
Issuance of common stock for cash upon exercise of stock options 816   816    
Repurchases of Class A common stock (in shares)   (18,446)      
Repurchases of Class A common stock (428,892)   (428,892)    
Share-based compensation 169,630   169,630    
Other comprehensive income (loss) (1,574)     (1,574)  
Net income (loss) (34,942)       (34,942)
Ending balance (in shares) at Jun. 30, 2023   669,516      
Ending balance at Jun. 30, 2023 2,693,082 $ 7 5,059,960 (8,706) (2,358,179)
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)   6,995      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards $ (219,461)   (219,461)    
Issuance of common stock for cash upon exercise of stock options (in shares) 1,984 1,984      
Issuance of common stock for cash upon exercise of stock options $ 19,263   19,263    
Repurchases of Class A common stock (in shares)   (804)      
Repurchases of Class A common stock (34,378)   (34,378)    
Share-based compensation 358,906   358,906    
Other comprehensive income (loss) (1,032)     (1,032)  
Net income (loss) (15,925)       (15,925)
Ending balance (in shares) at Jun. 30, 2024   686,193      
Ending balance at Jun. 30, 2024 3,198,053 $ 7 5,366,284 (2,045) (2,166,193)
Beginning balance (in shares) at Mar. 31, 2024   682,581      
Beginning balance at Mar. 31, 2024 3,143,842 $ 7 5,321,530 (2,615) (2,175,080)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Release of restricted stock units and issuance of restricted stock awards, net (in shares)   3,816      
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (119,753)   (119,753)    
Issuance of common stock for cash upon exercise of stock options (in shares)   600      
Issuance of common stock for cash upon exercise of stock options 2,452   2,452    
Repurchases of Class A common stock (in shares)   (804)      
Repurchases of Class A common stock (34,378)   (34,378)    
Share-based compensation 196,433   196,433    
Other comprehensive income (loss) 570     570  
Net income (loss) 8,887       8,887
Ending balance (in shares) at Jun. 30, 2024   686,193      
Ending balance at Jun. 30, 2024 $ 3,198,053 $ 7 $ 5,366,284 $ (2,045) $ (2,166,193)
v3.24.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income (loss) $ (15,925) $ (243,521)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,781 11,283
Share-based compensation 358,906 312,752
Impairment and abandonment charges for leases and leasehold improvements 0 117,315
Net amortization of investment premium and discount (13,092) (8,986)
Other 3,629 4,485
Changes in assets and liabilities:    
Accounts receivable 102,767 136,827
Prepaid expenses and other assets (35,722) (23,048)
Operating lease right-of-use assets 16,618 34,595
Accounts payable (4,968) (24,295)
Accrued expenses and other liabilities 60,681 (31,663)
Operating lease liabilities (20,103) (39,568)
Net cash provided by operating activities 462,572 246,176
Investing activities    
Purchases of property and equipment (16,897) (2,800)
Purchases of marketable securities (811,693) (654,349)
Sales of marketable securities 7,749 29,271
Maturities of marketable securities 606,566 609,402
Net cash used in investing activities (214,275) (18,476)
Financing activities    
Proceeds from exercise of stock options 19,255 3,216
Repurchases of Class A common stock (33,336) (500,000)
Shares repurchased for tax withholdings on release of restricted stock units and restricted stock awards (219,461) (163,203)
Net cash used in financing activities (233,542) (659,987)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,484) 1,075
Net increase (decrease) in cash, cash equivalents and restricted cash 13,271 (431,212)
Cash, cash equivalents and restricted cash, beginning of period 1,368,532 1,617,660
Cash, cash equivalents and restricted cash, end of period 1,381,803 1,186,448
Supplemental cash flow information    
Cash paid for income taxes, net 15,178 6,006
Non-cash investing and financing activities:    
Repurchases of Class A common stock in accrued expenses and other current liabilities 1,042 0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 9,778 $ 13,809
v3.24.2
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets    
Cash and cash equivalents $ 1,376,681 $ 1,179,852
Restricted cash included in prepaid expenses and other current assets 1,068 2,243
Restricted cash included in other assets 4,054 4,353
Total cash, cash equivalents and restricted cash $ 1,381,803 $ 1,186,448
v3.24.2
Description of Business and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 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.
v3.24.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 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):
June 30, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,141,896 $— $— $1,141,896 
Commercial paper— 130,088 — 130,088 
U.S. treasury securities7,519 — — 7,519 
Marketable securities:
Corporate bonds— 545,856 — 545,856 
U.S. treasury securities350,520 — — 350,520 
Commercial paper— 272,668 — 272,668 
Certificates of deposit— 167,027 — 167,027 
U.S. agency bonds— 13,381 — 13,381 
Non-U.S. government and supranational bonds— 9,050 — 9,050 
Prepaid expenses and other current assets:
Certificates of deposit— 1,068 — 1,068 
Restricted cash:
Certificates of deposit— 4,054 — 4,054 
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 June 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 June 30, 2024 and December 31, 2023.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
June 30, 2024
Due in one year or less $1,027,926 
Due after one to five years 330,576 
Total $1,358,502 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.
v3.24.2
Commitments and Contingencies
 6 Months Ended
Jun. 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 June 30, 2024, our remaining contractual commitment is $1,440.2 million. We expect to meet our remaining commitment.
Legal Matters
We are involved in various lawsuits, claims and proceedings that arise in the ordinary course of business. 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.
v3.24.2
Stockholders' Equity
 6 Months Ended
Jun. 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 June 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. 170,323,989 shares of our Class A common stock were reserved for future issuance under our 2019 Plan as of June 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 six months ended June 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
(1,984)9.71 
Forfeited (10)2.96 
Outstanding as of June 30, 202411,049$16.44 6.3$305,302 
Exercisable as of June 30, 20246,238$13.72 5.0$189,305 
(1)We calculate intrinsic value based on the difference between the exercise price of in-the-money-stock options and the fair value of our common stock as of the respective balance sheet date.
The total grant-date fair value of stock options vested during the six months ended June 30, 2024 and 2023, was $12.6 million and $14.2 million, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 and 2023 was $56.5 million and $29.4 million, respectively.
Restricted Stock Unit and Restricted Stock Award Activity
RSU and RSA activity during the six months ended June 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
17,55833.93 
Released(13,114)27.72 
Forfeited
(2,984)26.31 
Outstanding as of June 30, 202446,559$28.32 
Share-Based Compensation
Share-based compensation expense during the three and six months ended June 30, 2024 and 2023, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of revenue
$3,777 $2,740 $6,725 $5,049 
Research and development128,481 108,580 230,836 202,845 
Sales and marketing30,906 26,398 55,895 45,587 
General and administrative
33,269 31,912 65,450 59,271 
Total share-based compensation
$196,433 $169,630 $358,906 $312,752 
As of June 30, 2024, we had $1,288.8 million of unrecognized share-based compensation expense, which we expect to recognize over a weighted-average period of 2.2 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. Under the stock repurchase program, we are authorized to repurchase, from time-to-time, shares of our Class A common stock through open market purchases, in privately negotiated transactions or in such other manner as permitted by securities law and as determined by management at such time and in such amounts as management may decide. The program does not obligate us to repurchase any specific number of shares and may be modified, suspended or discontinued at any time. The timing, manner, price and amount of any repurchases are determined by management in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. During the six months ended June 30, 2024, we repurchased and retired 804,297 shares of our Class A common stock for an aggregate purchase price of $34.4 million. As of June 30, 2024, $965.6 million remains available for repurchases under the stock repurchase program.
v3.24.2
Net Income (Loss) Per Share
 6 Months Ended
Jun. 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 June 30,Six Months Ended June 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$7,805 $1,082 $(30,314)$(4,628)$(13,965)$(1,960)$(211,427)$(32,094)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
600,033 83,138 584,978 89,302 597,193 83,802 588,382 89,314 
Basic net income (loss) per share
$0.01 $0.01 $(0.05)$(0.05)$(0.02)$(0.02)$(0.36)$(0.36)
Diluted net income (loss) per share:
Numerator:
Net income (loss)$7,805 $1,082 $(30,314)$(4,628)$(13,965)$(1,960)$(211,427)$(32,094)
Reallocation of net income as a result of conversion of Class B to Class A common stock 1,082 — — — — — — — 
Reallocation of net income to Class B common stock — (38)— — — — — — 
Diluted net income (loss)
$8,887 $1,044 $(30,314)$(4,628)$(13,965)$(1,960)$(211,427)$(32,094)
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
600,033 83,138 584,978 89,302 597,193 83,802 588,382 89,314 
Conversion of Class B to Class A common stock83,138 — — — — — — — 
Weighted average effect of dilutive potential common stock 25,087 — — — — — — — 
Weighted-average shares used in computing net income (loss) per share, diluted
708,258 83,138 584,978 89,302 597,193 83,802 588,382 89,314 
Diluted net income (loss) per share
$0.01 $0.01 $(0.05)$(0.05)$(0.02)$(0.02)$(0.36)$(0.36)
Basic net income (loss) per share is the same as diluted net income (loss) per share for the periods we reported net losses. We excluded the following weighted-average potential shares of common stock from our calculation of diluted net income (loss) per share because these would be anti-dilutive (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Outstanding stock options— 14,723 11,884 14,973 
Unvested restricted stock units and restricted stock awards1,623 50,521 46,963 52,085 
Total1,623 65,244 58,847 67,058 
v3.24.2
Income Taxes
 6 Months Ended
Jun. 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 tax benefits are not material for the three and six months ended June 30, 2024. We recorded income tax benefits of $11.2 million and $21.1 million for the three and six months ended June 30, 2023, respectively.
The income tax benefits recorded for all periods presented were primarily driven by the pre-tax losses generated during the periods, partially offset by changes in our valuation allowance. 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 within the next twelve months 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 should be released. The reversal would result in a significant income tax benefit for the period when we release the valuation allowance in the U.S. 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.
v3.24.2
Geographical Information
 6 Months Ended
Jun. 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
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. and Canada(1)
$633,607 $549,653 $1,180,191 $1,021,474 
Europe(2)
143,729 118,810 267,771 216,198 
Rest of World
76,344 39,562 145,701 72,934 
Total revenue
$853,680 $708,025 $1,593,663 $1,310,606 
(1)United States revenue was $603.8 million and $518.5 million for the three months ended June 30, 2024 and 2023, respectively, and $1,126.4 million and $967.5 million for the six months ended June 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 $21.5 million and $15.3 million as of June 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):
June 30,December 31,
20242023
United States
$67,703 $66,335 
Ireland
25,895 18,658 
Mexico10,079 12,835 
International(1)
20,300 26,516 
Total property and equipment, net and operating lease right-of-use assets$123,977 $124,344 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 8,887 $ (34,942) $ (15,925) $ (243,521)
v3.24.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 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  
Gokul Rajaram [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On June 12, 2024, Gokul Rajaram, a member of our board of directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (“Rule 10b5-1(c)”) to sell up to 18,400 shares of our Class A common stock between September 18, 2024 and August 20, 2025.
Name Gokul Rajaram  
Title member of our board of directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date June 12, 2024  
Expiration Date August 20, 2025  
Arrangement Duration 336 days  
Aggregate Available 18,400 18,400
Ben Silbermann [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On June 14, 2024, SFTC LLC adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 450,000 shares of our Class A common stock. SFTC LLC is owned by The Silbermann 2012 Irrevocable Trust, the beneficiaries of which include certain of Ben Silbermann's immediate family members. Mr. Silbermann is deemed not to be a beneficial owner of the shares held by the SFTC LLC.
Name Ben Silbermann  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date June 14, 2024  
Aggregate Available 450,000 450,000
v3.24.2
Description of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 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.
v3.24.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 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):
June 30, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$1,141,896 $— $— $1,141,896 
Commercial paper— 130,088 — 130,088 
U.S. treasury securities7,519 — — 7,519 
Marketable securities:
Corporate bonds— 545,856 — 545,856 
U.S. treasury securities350,520 — — 350,520 
Commercial paper— 272,668 — 272,668 
Certificates of deposit— 167,027 — 167,027 
U.S. agency bonds— 13,381 — 13,381 
Non-U.S. government and supranational bonds— 9,050 — 9,050 
Prepaid expenses and other current assets:
Certificates of deposit— 1,068 — 1,068 
Restricted cash:
Certificates of deposit— 4,054 — 4,054 
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):
June 30, 2024
Due in one year or less $1,027,926 
Due after one to five years 330,576 
Total $1,358,502 
v3.24.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
Stock option activity during the six months ended June 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
(1,984)9.71 
Forfeited (10)2.96 
Outstanding as of June 30, 202411,049$16.44 6.3$305,302 
Exercisable as of June 30, 20246,238$13.72 5.0$189,305 
(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 six months ended June 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
17,55833.93 
Released(13,114)27.72 
Forfeited
(2,984)26.31 
Outstanding as of June 30, 202446,559$28.32 
Schedule of Share-Based Compensation Expense
Share-based compensation expense during the three and six months ended June 30, 2024 and 2023, was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of revenue
$3,777 $2,740 $6,725 $5,049 
Research and development128,481 108,580 230,836 202,845 
Sales and marketing30,906 26,398 55,895 45,587 
General and administrative
33,269 31,912 65,450 59,271 
Total share-based compensation
$196,433 $169,630 $358,906 $312,752 
v3.24.2
Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 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 June 30,Six Months Ended June 30,
2024202320242023
Class AClass BClass AClass BClass AClass BClass AClass B
Basic net income (loss) per share:
Numerator:
Net income (loss)$7,805 $1,082 $(30,314)$(4,628)$(13,965)$(1,960)$(211,427)$(32,094)
Denominator:
Weighted-average shares used in computing net income (loss) per share, basic
600,033 83,138 584,978 89,302 597,193 83,802 588,382 89,314 
Basic net income (loss) per share
$0.01 $0.01 $(0.05)$(0.05)$(0.02)$(0.02)$(0.36)$(0.36)
Diluted net income (loss) per share:
Numerator:
Net income (loss)$7,805 $1,082 $(30,314)$(4,628)$(13,965)$(1,960)$(211,427)$(32,094)
Reallocation of net income as a result of conversion of Class B to Class A common stock 1,082 — — — — — — — 
Reallocation of net income to Class B common stock — (38)— — — — — — 
Diluted net income (loss)
$8,887 $1,044 $(30,314)$(4,628)$(13,965)$(1,960)$(211,427)$(32,094)
Denominator
Weighted-average shares used in computing net income (loss) per share, basic
600,033 83,138 584,978 89,302 597,193 83,802 588,382 89,314 
Conversion of Class B to Class A common stock83,138 — — — — — — — 
Weighted average effect of dilutive potential common stock 25,087 — — — — — — — 
Weighted-average shares used in computing net income (loss) per share, diluted
708,258 83,138 584,978 89,302 597,193 83,802 588,382 89,314 
Diluted net income (loss) per share
$0.01 $0.01 $(0.05)$(0.05)$(0.02)$(0.02)$(0.36)$(0.36)
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
June 30,		Six Months Ended
June 30,
2024202320242023
Outstanding stock options— 14,723 11,884 14,973 
Unvested restricted stock units and restricted stock awards1,623 50,521 46,963 52,085 
Total1,623 65,244 58,847 67,058 
v3.24.2
Geographical Information (Tables)
 6 Months Ended
Jun. 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
June 30,		Six Months Ended
June 30,
2024202320242023
U.S. and Canada(1)
$633,607 $549,653 $1,180,191 $1,021,474 
Europe(2)
143,729 118,810 267,771 216,198 
Rest of World
76,344 39,562 145,701 72,934 
Total revenue
$853,680 $708,025 $1,593,663 $1,310,606 
(1)United States revenue was $603.8 million and $518.5 million for the three months ended June 30, 2024 and 2023, respectively, and $1,126.4 million and $967.5 million for the six months ended June 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):
June 30,December 31,
20242023
United States
$67,703 $66,335 
Ireland
25,895 18,658 
Mexico10,079 12,835 
International(1)
20,300 26,516 
Total property and equipment, net and operating lease right-of-use assets$123,977 $124,344 
(1)Other than the United States, Ireland and Mexico, no other country exceeded 10% of our total property and equipment, net and operating lease right-of-use assets for any period presented.
v3.24.2
Fair Value of Financial Instruments - Fair Values of Financial Instruments Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities $ 1,358,502  
Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 545,856 $ 427,957
Recurring | U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 350,520 336,356
Recurring | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 272,668 201,145
Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 167,027 132,457
Prepaid expenses and other current assets 1,068 2,542
Restricted cash 4,054 4,054
Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 13,381 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 9,050 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 350,520 336,356
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 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 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 545,856 427,957
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 272,668 201,145
Level 2 | Recurring | Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 167,027 132,457
Prepaid expenses and other current assets 1,068 2,542
Restricted cash 4,054 4,054
Level 2 | Recurring | U.S. agency bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities 13,381 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 9,050 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 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 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 1,141,896 1,032,675
Money market funds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,141,896 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 130,088 106,268
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 130,088 106,268
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 7,519  
U.S. treasury securities | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 7,519  
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  
v3.24.2
Fair Value of Financial Instruments - Fair Value of Marketable Securities by Contractual Maturity (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Due in one year or less $ 1,027,926
Due after one to five years 330,576
Total $ 1,358,502
v3.24.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Apr. 30, 2021
Commitments and Contingencies Disclosure [Abstract]    
Minimum required purchases $ 1,440.2 $ 3,250.0
v3.24.2
Stockholders' Equity - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Sep. 16, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant-date fair value of stock options vested     $ 12,600 $ 14,200  
Aggregate intrinsic value of stock options exercised     56,500 29,400  
Unrecognized share-based compensation expense $ 1,288,800   $ 1,288,800    
Weighted-average recognition period for unrecognized share-based compensation expense     2 years 2 months 12 days    
Repurchases of Class A common stock 34,378 $ 428,892 $ 34,378 $ 500,529  
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)     804,297    
Repurchases of Class A common stock     $ 34,400    
Stock remaining available for repurchases $ 965,600   $ 965,600    
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) 170,323,989   170,323,989    
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    
v3.24.2
Stockholders' Equity - Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Shares    
Beginning balance (in shares) | shares 13,043  
Exercised (in shares) | shares (1,984)  
Forfeited (in shares) | shares (10)  
Ending balance (in shares) | shares 11,049 13,043
Exercisable (in shares) | shares 6,238  
Weighted-Average Exercise Price    
Beginning balance (in dollars per share) | $ / shares $ 15.41  
Exercised (in dollars per share) | $ / shares 9.71  
Forfeited (in dollars per share) | $ / shares 2.96  
Ending balance (in dollars per share) | $ / shares 16.44 $ 15.41
Exercisable (in dollars per share) | $ / shares $ 13.72  
Weighted-Average Remaining Contractual Term, Outstanding 6 years 3 months 18 days 6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Exercisable 5 years  
Aggregate Intrinsic Value, Outstanding | $ $ 305,302 $ 282,197
Aggregate Intrinsic Value, Exercisable | $ $ 189,305  
v3.24.2
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units and Restricted Stock Awards Outstanding
shares in Thousands
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 45,099
Granted (in shares) | shares 17,558
Released (in shares) | shares (13,114)
Forfeited (in shares) | shares (2,984)
Ending balance (in shares) | shares 46,559
Weighted Average Grant Date Fair Value  
Beginning balance (in dollars per share) | $ / shares $ 25.83
Granted (in dollars per share) | $ / shares 33.93
Released (in dollars per share) | $ / shares 27.72
Forfeited (in dollars per share) | $ / shares 26.31
Ending balance (in dollars per share) | $ / shares $ 28.32
v3.24.2
Stockholders' Equity - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 196,433 $ 169,630 $ 358,906 $ 312,752
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 3,777 2,740 6,725 5,049
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 128,481 108,580 230,836 202,845
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense 30,906 26,398 55,895 45,587
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share based compensation expense $ 33,269 $ 31,912 $ 65,450 $ 59,271
v3.24.2
Net Income (Loss) Per Share - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 683,171 674,280 680,995 677,696
Basic net income (loss) per share (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 708,258 674,280 680,995 677,696
Diluted net income (loss) per share (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
Class A        
Numerator:        
Net income (loss) $ 7,805 $ (30,314) $ (13,965) $ (211,427)
Reallocation of net income as a result of conversion of Class B to Class A common stock 1,082 0 0 0
Reallocation of net income to Class B common stock 0 0 0 0
Diluted net income (loss) $ 8,887 $ (30,314) $ (13,965) $ (211,427)
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 600,033 584,978 597,193 588,382
Basic net income (loss) per share (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
Conversion of Class B to Class A common stock (in shares) 83,138 0 0 0
Weighted average effect of dilutive potential common stock (in shares) 25,087 0 0 0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares) 708,258 584,978 597,193 588,382
Diluted net income (loss) per share (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
Class B        
Numerator:        
Net income (loss) $ 1,082 $ (4,628) $ (1,960) $ (32,094)
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 (38) 0 0 0
Diluted net income (loss) $ 1,044 $ (4,628) $ (1,960) $ (32,094)
Denominator:        
Weighted-average shares used in computing net income (loss) per share, basic (in shares) 83,138 89,302 83,802 89,314
Basic net income (loss) per share (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
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) 83,138 89,302 83,802 89,314
Diluted net income (loss) per share (in dollars per share) $ 0.01 $ (0.05) $ (0.02) $ (0.36)
v3.24.2
Net Income (Loss) Per Share - Weighted-Average Anti-Dilutive Shares of Common Stock Excluded from the Calculation of Diluted Net Income (Loss) Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average anti-dilutive shares of common stock (in shares) 1,623 65,244 58,847 67,058
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 14,723 11,884 14,973
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) 1,623 50,521 46,963 52,085
v3.24.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Benefit from income taxes $ 244 $ 11,233 $ 3,108 $ 21,117
v3.24.2
Geographical Information - Schedule of Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue $ 853,680 $ 708,025 $ 1,593,663 $ 1,310,606  
Total property and equipment, net and operating lease right-of-use assets 123,977   123,977   $ 124,344
U.S. and Canada          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 633,607 549,653 1,180,191 1,021,474  
Europe          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 143,729 118,810 267,771 216,198  
Rest of World          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 76,344 39,562 145,701 72,934  
United States          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Total revenue 603,800 $ 518,500 1,126,400 $ 967,500  
Total property and equipment, net and operating lease right-of-use assets 67,703   67,703   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 25,895   25,895   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 10,079   10,079   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 $ 20,300   $ 20,300   $ 26,516
v3.24.2
Geographical Information - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting [Abstract]    
Deferred revenue $ 21.5 $ 15.3