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美國
證券交易委員會
華盛頓特區20549
_________________
表格 10-Q
_________________

☒ 根據1934年證券交易所法第13或15(d)條款提交的季度報告。
截至季度結束日期的財務報告2024年9月30日
或者
☐ 根據1934年證券交易所法第13或15(d)節提交的過渡報告。
過渡期從 到
委員會檔案編號 001-38872
pinterestlogo.jpg
pinterest
（按其章程規定的確切註冊人名稱）
特拉華州26-3607129
(所在地或其他司法管轄區
組建國的駐地		（IRS僱主
鑑別編號)
651 Brannan Street
（主要營業地址，包括郵政編碼）, 加利福尼亞州
94107
主執行官辦公室的地址，包括郵政編碼(郵政編碼)
(415) 762-7100
註冊人電話號碼，包括區號。
_______________________
在法案第12(b)條的規定下注冊的證券：
 每一類的名稱
交易代碼
在其上註冊的交易所的名稱
A類普通股，面值$0.00001
 PINS
請使用moomoo賬號登錄查看New York Stock Exchange

用勾號標識: (1) 在過去的12個月內，提交了《證券交易法》第13條或第15(d)條所要求提交的所有報告。(或對於註冊者要求提交這些報告的更短期間)(2) 在過去的90天內一直遵守報告要求。  Yes ☒   否。☐
在檢查標記中表明註冊人是否已經在過去的12個月內（或者爲註冊人需要提交這些文件的較短期間）根據S-T法規405規定，遞交了每個互動數據文件。    Yes ☒   No ☐
請勾選符合交易所法案1934年規則120億.2中「大型加速申報人」，「加速申報人」，「小型報告公司」和「新興成長公司」的定義。
大型加速報告人☒加速文件申報人☐
非加速文件提交人☐更小的報告公司☐
新興成長公司 ☐
如果新興成長公司，根據交易所法案13(a)條款，表明是否選擇不使用延長過渡期來遵守任何新的或修訂的財務會計準則。☐
請用複選標記指示是否註冊公司是外殼公司 (如《交易所法》第120億.2條所定義)。 是 ☐   No ☒
截至2024年10月31日， 593,243,901 註冊公司的A類普通股股份爲每股0.00001美元，已發行股份，並且 82,582,326 股份已登記的B類普通股股份未平倉。


Pinterest公司。
目錄
頁面
第 1 項。
第 2 項。
第 3 項。
第 4 項。
第 1 項。
第 1A 項。
第 2 項。
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2

有關前瞻性聲明的說明
本季度報告中的表格10-Q包含根據修正後的1933年證券法（"證券法"）第27A條和修正後的1934年證交法（"交易所法"）第21E條的前瞻性陳述，這些陳述涉及重大風險和不確定性。前瞻性陳述可通過它們不嚴格與歷史或當前事實相關，並經常以"相信"，"估計"，"期望"，"可能"，"將"，"能夠"，"可以"，"可能"，"繼續"，"打算"，"計劃"，"預測"，"策略"，"預測"，"戰略"，"目標"，"趨勢"，"項目"，"目標"，"預期"，"潛在"等詞彙，或通過戰略，計劃或意圖的討論而予以確定。這種前瞻性陳述涉及已知和未知風險，不確定性，假設以及可能導致我們的實際結果，績效或成就或行業結果與歷史結果或任何未來結果，績效或成就在這些前瞻性陳述所表達，暗示或暗示的任何未來結果，績效或成就顯著不同的其他重要因素。這些風險和不確定性包括但不限於關於的陳述：
•全球市場普遍經濟不確定性加劇，全球經濟狀況惡化或經濟增長水平較低，包括通貨膨脹、銀行業壓力、匯率期貨波動和供應鏈問題；
•一般經濟和政治條件的影響；
•我們的財務表現，包括營業收入、成本和費用以及現金流量；
•我們吸引、留住和恢復用戶的能力，以及保持並提高他們的參與度水平；
•我們能夠提供對用戶個人喜好和興趣有用和相關的內容;
•我們開發成功新產品或改進現有產品的能力;
•我們維護和提升品牌和聲譽的能力；
•由安全方面妥協引起的潛在危害，包括我們的網絡安全概念保護和資源以及預防、檢測和糾正潛在安全漏洞所需成本;
•由在線應用商店或互聯網搜索引擎的方法發生變化可能導致潛在的危害，特別是搜索引擎優化方法和政策;
•第三方單點登錄訪問的停止、中斷或故障;
•我們在行業板塊有效競爭的能力；
•我們有能力擴大我們的業務，包括我們的貨幣化努力；
•我們吸引和留住廣告客戶的能力，並擴大我們的營收模型；
•我們吸引和留住能夠創作相關且引人入勝內容的創作者和發佈者的能力;
•我們有能力爲廣告商開發有效的產品和工具，包括測量工具；
•我們有能力在國際上擴展和實現平台的盈利能力;
•我們有效管理業務增長的能力；
•我們有能力繼續使用和發展人工智能（"AI"），並管理AI帶來的挑戰和風險；
•我們成功管理靈活工作模式和更分散的員工隊伍的能力；
•我們缺乏經營歷史和維持盈利能力的能力；
•影響短期營業收入或盈利的決定，或者未產生我們預期的長期利益；
•我們營運結果的波動；
•我們能否以有利條件或根本就能籌集到更多資金的能力；
•我們能否從企業併購、合資、戰略合作夥伴關係和其他投資中實現預期的好處。
•我們保護知識產權的能力；
•我們處理、儲存、使用和分享數據的能力，以及與數據隱私和內容相關的法律法規合規性；
•涉及我們的現有或潛在訴訟和監管行動；
3

•我們遵守適用於我們業務的修改或新法律和法規的能力，及由於那些法律和法規而對我們業務可能造成的損害；
•與我們業務相關的指標的真實或被認為是不準確的地方；
•干擾、破壞或干涉我們使用亞馬遜網絡服務（"AWS"）和我們的製造行業；和
•我們吸引和留住人才的能力。
這些聲明基於我們的歷史表現以及我們當前的計劃、估計和預測；考慮到目前對我們可得的資訊，因此您不應過度依賴它們。包含這些前瞻性信息不應被視為我們或任何其他人對未來計劃、估計或預期的一種陳述將會實現。本季度10-Q表格中提出的前瞻性陳述僅於發布當日有效，我們無義務根據新資訊或未來事件更新這些陳述，除非法律要求。
您應該仔細考慮上述因素，以及本季度報告表10-Q中其他地方討論的因素。上述確定的因素不應被解釋為可能影響我們未來業務、營業收入和財務結果的因素的詳盡清單，應與本季度報告中包含的其他警語聲明一同閱讀。此外，新的風險和不確定性不時出現，我們無法預測這些事件如何影響我們。如果這些趨勢、風險或不確定性實際發生或持續存在，我們的業務、營業收入和財務結果可能會受損，我們的A級普通股交易價格可能下跌，您可能會失去全部或部分投資。
除非另有明示或上下文要求，本文件中的術語“pinterest”、“公司”、“我們”、“我們的”指的是特拉華州的Delaware州公司Pinterest，Inc.，以及適當時，其全資擁有的子公司。術語“pinterest”也可能指我們的產品，無論它們如何訪問。有關在“網絡”上或通過“網站”訪問pinterest的參照，這些術語指的是在個人電腦上訪問pinterest。有關在“移動裝置”上訪問pinterest的參照，這個術語指的是通過移動應用程序或通過我們的網站的移動優化版本（如m.pinterest.com）訪問pinterest，無論是在手機還是平板電腦上。
風險因素摘要
以下概述了使投資於我們公司具有投機性或風險的主要因素，所有這些因素在下面的風險因素部分中都有更詳細描述。這份摘要應與風險因素部分一起閱讀，不應依賴其作為我們業務面臨的重要風險的詳盡摘要。以下因素可能導致對我們的業務、聲譽、營業收入、財務業績和前景等方面造成損害：
業務策略與成長。 我們擴大業務的戰略決策和努力，包括:
•我們有能力擴大業務，為未來增長做好準備；
•我們吸引、培養、保留、挽回和吸引我們的用戶群的能力；
•我們對廣告作為我們營業收入的主要依賴；
•提供對用戶個人口味和興趣有用並有關的內容；
•我們的決策應符合我們的使命和價值觀，可能會降低我們的短期或中期營運結果；
•刪除令人反感的內容或阻止廣告商或第三方的令人反感的行為;
•我們在用戶、創作者、發行商或廣告商方面競爭的能力。
•我們開發有效產品和工具供廣告商使用的能力;
•我們進一步擴展和國際化我們平台，以實現盈利。
•有效管理我們業務增長；
•我們收購其他企業；
•我們對成功新產品的開發或投資，或對現有產品的改進；
•我們對於維持和加強強大品牌和聲譽的依賴性和能力；以及
4

•我們關鍵人才以及其他高素質人才的吸引、留任和流失。
數據、安防和隱私。
•我們安防上的實際或被認定的妥協;
•我們接收、處理、儲存、使用和分享的數據，包括個人信息，使我們受到複雜且不斷發展的政府監管和其他與數據隱私、數據保護和其他事項相關的法律義務的約束；以及
•致力於研發工具，精確衡量廣告在我們平台上的效果，從而吸引和留住廣告商。
我們業務的操作項目。 我們經營業務的方式，包括：
•與使用者指標和其他估計相關的測量固有的挑戰；以及
•我們有能力維護和擴展我們的科技製造行業，包括我們服務的速度和可用性。
第三方依賴。 我們對第三方業務和產品的使用和依賴，或第三方業務和產品的影響，包括：
•我們依賴在線應用商店和互聯網搜索引擎，包括它們的方法、政策和結果，來引導流量並將新用戶推薦到我們的服務；
•用戶通過第三方登錄提供商驗證來訪問我們的服務的能力;
•我們對AWS在計算、儲存、資料傳輸和其他服務方面所具有的廣泛依賴；
•有效運作各種移動操作系統、網路瀏覽器、網路、監管條例和標準，而這些我們無法控制，以及我們產品或該等移動操作系統、網路瀏覽器、網路、監管條例與標準的變化；
•我們對軟體、技術和其他相關服務來自其他方面的依賴；和
•可用的技術可以阻止我們廣告的顯示。
法律與監管事項。 我們業務、產品、服務和運營受到的法律和監管框架、行動和要求，包括:
•對於在我們的服務上發布或提供的內容或資訊所產生的任何責任；
•政府采取行动限制我們在其國家的服務或某些產品的訪問；
•我們參與任何法律或其他昂貴且可能不利地解決的糾紛；
•保護我們的知識產權和我們使用「開源」軟體的能力；以及
•美國和其他國家稅法解釋和應用，或美國或其他國家對我們業務的稅收進行其他變更。
基本報表和業績。 我們基本報表的準備以及我們的財務和營運績效，包括：
•本公司有限的營運歷史和先前遭遇的營運損失，預計營運成本和支出增加，以及我們獲利能力的取得或維持。
•我們營運結果季度間出現波動；
•我們獲得額外融資的能力，如有需要，以及我們信用責任上的違約情況；
•超出預期的稅務負債；
•我們無法充分利用或從我們的淨運營虧損結轉和某些其他稅收屬性中獲益的限制；
•成為一家上市公司的要求；
•不良的全球經濟和金融狀況；和
5

•美國普遍接受的會計原則的變化。
我們的普通股。 我們的普通股權、限制和結構，以及可能影響我們普通股的行動，包括：
•我們普通股的雙重類股結構；
•我們A類普通股的交易價格波動性；
•未來我們或現有股東舉行的債務或股本證券發行可能對我們的A類普通股價格產生不利影響；
•額外的股票發行，包括與股權獎勵解決方案相關，以及由此產生的稀釋；
•根據特拉華州法律和我們的管理文件的相關規定，可能會使合併、要約收購或代理爭奪變得困難；
•我們的公司章程將德拉瓦州或聯邦法院指定為我們與股東之間幾乎所有爭議的專屬法院；並且
•我們的意向是在可見的未來內不支付分紅派息。

6

關鍵指標和其他數據的限制
我們的重要業績指標數字，包括我們的月活躍用戶數（"MAUs"）和平均用戶收入（"ARPU"），是根據用戶帳戶活動的內部公司數據計算的。我們將MAU定義為在測量日期結束的30天期間內至少有一次訪問我們網站、打開我們的移動應用程序或通過我們的瀏覽器或網站擴展之一（例如“保存”按鈕）與Pinterest互動的已驗證用戶。MAU的數量不包括Shuffles用戶，除非他們本應符合MAU資格。除非另有說明，我們基於當前期間最後一天測量的MAU數量呈現MAU。我們通過我們在給定地理區域期間內的總營業收入除以該地理區域該期間內的平均MAU數量來衡量我們平台的金融化。我們根據當前期間最後一天和當前期間開始前一天測量的MAU數量的平均值來計算平均MAU。我們根據我們估計發生產生收入活動的地理位置，按地理區域計算ARPU。我們使用這些指標來評估整體業務的增長和健康狀況，並相信MAU和ARPU最能反映我們吸引、保留、參與和實現用戶的能力，進而推動業務營業收入增長。儘管這些數字基於我們認為對適用測量期間的用戶基礎的合理估計，但在全球各地的大型在線和移動人口中測量我們產品使用存在固有挑戰。此外，我們不斷努力改進我們對用戶基礎的估計，並且由於技術或我們的方法論的改進或變更，這些估計可能會發生變化。

7
第一部分 - 財務信息
項目1. 基本報表
pinterest, inc.
縮表合併資產負債表
（以千為單位，除面值外）
(未經查核)


九月三十日，12月31日，
20242023
資產
流動資產:
現金及現金等價物$1,035,565 $1,361,936 
有價證券1,406,993 1,149,148 
結餘應收帳款$7,995 15.110,635 截至2024年9月30日和2023年12月31日，分別
680,515 763,159 
預付費用及其他流動資產109,324 64,316 
全部流動資產3,232,397 3,338,559 
物業及設備，扣除折舊後淨值39,421 32,225 
營運租賃權使用資產86,172 92,119 
商譽和無形資產，淨值111,943 117,462 
其他資產21,200 14,040 
資產總額$3,491,133 $3,594,405 
負債及股東權益
流動負債：
應付賬款$88,876 $79,058 
應計費用及其他流動負債320,426 238,032 
流動負債合計409,302 317,090 
營業租賃負債154,402 160,616 
其他負債33,550 26,019 
總負債597,254 503,725 
合約和可能負債
股東權益：
A類普通股，$0.00001 每股面額為 6,666,667 股份已授權 592,374 和 591,663 2024年9月30日和2023年12月31日，發行並流通的股份分別為；B類普通股，$0.00001 每股面額為 1,333,333 股份已授權 82,605 和 86,355 截至2024年9月30日和2023年12月31日期間已發行並流通的股份數分別為
7 7 
資本公積額額外增資5,023,586 5,241,954 
其他綜合損益（損失）累積額5,923 (1,013)
累積虧損(2,135,637)(2,150,268)
股東權益總額2,893,879 3,090,680 
負債和股東權益總額$3,491,133 $3,594,405 


T附注是這些簡明綜合基本報表的重要組成部分。

8

pinterest, inc.
綜合營業損益匯縮陳述
(以千為單位，每股金額除外)
(未經查核)
三個月結束
九月三十日		截止九個月
九月三十日
2024202320242023
收入$898,373 $763,203 $2,492,036 $2,073,809 
成本和費用：
收入成本187,453 170,998 553,400 510,664 
研究與開發326,679 264,698 919,791 800,435 
銷售和行銷249,033 225,929 740,676 670,299 
一般及行政141,124 106,577 359,942 414,339 
總成本和支出904,289 768,202 2,573,809 2,395,737 
營運損失(5,916)(4,999)(81,773)(321,928)
利息收入（費用），淨32,477 26,691 98,423 76,480 
其他收入（費用），淨額3,237 (4,596)(5,885)(2,094)
所得稅預備（受益）前的收入（虧損）29,798 17,096 10,765 (247,542)
所得稅（受益）的預備(758)10,363 (3,866)(10,754)
淨收入（虧損）$30,556 $6,733 $14,631 $(236,788)
每股淨收入（虧損）：
基本$0.05 $0.01 $0.02 $(0.35)
稀釋$0.04 $0.01 $0.02 $(0.35)
計算每股淨收入（虧損）用的加權平均股份：
基本678,496 669,261 680,157 674,853 
稀釋695,483 687,101 701,768 674,853 








T附注是這些簡明綜合基本報表的重要組成部分。

9

pinterest, inc.
綜合收益（損失）簡明綜合表
（以千為單位）
(未經查核)


三個月結束了
九月三十日，		九個月結束了
九月三十日，
2024202320242023
凈利潤（損失）$30,556 $6,733 $14,631 $(236,788)
其他綜合收益（虧損），稅後淨額：
可供出售有價證券未實現獲利變動
6,783 1,646 5,252 4,404 
外幣兌換調整變動 1,185 (389)1,684 (434)
綜合收益（損失）$38,524 $7,990 $21,567 $(232,818)








T附注是這些簡明綜合基本報表的重要組成部分。

10

pinterest, Inc.
股東權益簡明合併報表
（以千為單位）
(未經審計)


2024年9月30日結束的三個月
 
A類和B類普通股		額外的已實收入股本
資本溢價
累計其他綜合收益（損失）
累積虧損股東權益
股份金額
截至2024年6月30日的餘額686,193$7 $5,366,284 $(2,045)$(2,166,193)$3,198,053 
釋出限制股份單位並發行限制股獎勵，凈利潤
3,641 — — — — — 
釋出限制股份單位和限制股獎勵項下回購的股份，以支付稅款— — (86,058)— — (86,058)
發行普通股以現金行使期權
236 — 1,006 — — 1,006 
回购A类普通股(15,091)— (465,622)— — (465,622)
基於股份的報酬— — 207,976 — — 207,976 
其他綜合收益— — — 7,968 — 7,968 
凈利潤— — — — 30,556 30,556 
截至2024年9月30日的餘額674,979 $7 $5,023,586 $5,923 $(2,135,637)$2,893,879 

2023年9月30日結束的三個月
 
A類和B類普通股		額外的已實收入股本
資本溢價
累計其他綜合收益（損失）
累積虧損股東權益
股份金額
截至2023年6月30日的結餘669,516$7 $5,059,960 $(8,706)$(2,358,179)$2,693,082 
釋出限制股份單位並發行限制股獎勵，凈利潤
3,232 — — — — — 
釋出限制股份單位和限制股獎勵項下回購的股份，以支付稅款— — (80,723)— — (80,723)
發行普通股以現金行使期權
391 — 1,448 — — 1,448 
發行普通股與慈善捐助有關500 — 12,890 — — 12,890 
回购A类普通股
— — 74 — — 74 
基於股份的報酬— — 171,881 — — 171,881 
其他綜合收益— — — 1,257 — 1,257 
凈利潤— — — — 6,733 6,733 
2023年9月30日的結餘673,639 $7 $5,165,530 $(7,449)$(2,351,446)$2,806,642 










T附注是這些簡明綜合基本報表的重要組成部分。

11

pinterest, Inc.
股東權益簡明合併報表
（以千為單位）
(未經審計)


截至二零二四年九月三十日止九個月
 
A 類及 b 類普通股		額外
已繳資本
累計其他綜合收益（虧損）
累積赤字股東權益
股票金額
截至二零二三年十二月三十一日止餘額678,018$7 $5,241,954 $(1,013)$(2,150,268)$3,090,680 
發放限制股份單位及發行限制股份獎勵（淨值）
10,636 — — — — — 
因發布限制股份單位及限制股票獎勵而代扣稅而購回股份— — (305,519)— — (305,519)
行使股權時發行普通股以現金發行普通股
2,220 — 20,269 — — 20,269 
回購 A 類普通股(15,895)— (500,000)— — (500,000)
基於股份的賠償— — 566,882 — — 566,882 
其他綜合收益— — — 6,936 — 6,936 
淨收入— — — — 14,631 14,631 
截至二零二四年九月三十日止餘額674,979 $7 $5,023,586 $5,923 $(2,135,637)$2,893,879 

截至二零二三年九月三十日止九個月
 
A 類及 b 類普通股		額外
已繳資本
累計其他綜合收益（虧損）
累積赤字股東權益
股票金額
截至二二零二年十二月三十一日止餘額683,202$7 $5,407,724 $(11,419)$(2,114,658)$3,281,654 
發放限制股份單位及發行限制股份獎勵（淨值）
9,487 — — — — — 
因發布限制股份單位及限制股票獎勵而代扣稅而購回股份— — (243,926)— — (243,926)
行使股權時發行普通股以現金發行普通股
1,666 — 4,664 — — 4,664 
發行有關慈善捐款的普通股500 — 12,890 — — 12,890 
回購 A 類普通股(21,216)— (500,455)— — (500,455)
基於股份的賠償— — 484,633 — — 484,633 
其他綜合收益— — — 3,970 — 3,970 
淨虧損— — — — (236,788)(236,788)
截至二零二三年九月三十日止餘額673,639 $7 $5,165,530 $(7,449)$(2,351,446)$2,806,642 










T附注是這些簡明綜合基本報表的重要組成部分。

12

pinterest, inc.
簡明財務報表現金流量表
（以千為單位）
(未經查核)



截至9月30日的九個月
20242023
營運活動
凈利潤（損失）$14,631 $(236,788)
調整凈利潤（虧損）以調節營運活動提供的淨現金流量：
折舊與攤提15,202 16,185 
基於股份的報酬566,882 484,633 
非現金慈善捐贈— 12,890 
租賃和租賃改善的減值和棄置費用— 117,315 
投資優惠和折扣的淨攤提(21,124)(14,814)
其他4,851 (656)
資產及負債的變動：
應收帳款88,449 59,303 
預付費用及其他資產(54,016)(2,308)
營運租賃權使用資產24,361 43,785 
應付賬款9,933 (16,711)
應計費用及其他負債89,715 (54,780)
營業租賃負債(28,285)(53,373)
經營活動產生的淨現金流量710,599 354,681 
投資活動
購買不動產和設備(20,813)(3,780)
可銷售證券的購入(1,196,557)(1,065,445)
出售可交易證券9,718 31,709 
到期的可交易證券954,844 978,804 
投資活動中使用的淨現金(252,808)(58,712)
融資活動
行使股票期權所得20,266 4,664 
回购A类普通股(500,000)(500,000)
釋出限制股份單位和限制股獎勵項下回購的股份，以支付稅款(305,519)(243,926)
籌集資金的淨現金流量(785,253)(739,262)
匯率變動對現金、現金等價物及限制性現金的影響(668)648 
813,840(328,130)(442,645)
本期期初現金、現金及受限制的現金餘額為1,368,532 1,617,660 
本期期末現金、現金及受限制的現金餘額為$1,040,402 $1,175,015 
補充現金流量資訊
支付所得稅淨額的現金$18,660 $9,227 
非現金投資和融資活動：
以營業租賃債務換取的營業租賃使用權資產$21,744 $35,347 
現金、現金等價物和受限制現金與簡明合并資產負債表的調節
現金及現金等價物$1,035,565 $1,168,419 
報預期及其他流動資產内的受限現金— 2,542 
其他資產中包括的限制性現金4,837 4,054 
現金、現金等價物和限制性現金的總額$1,040,402 $1,175,015 







T附注是這些簡明綜合基本報表的重要組成部分。

13

pinterest, inc.
基本報表附註
(未經查核)

1.業務描述和重要會計政策摘要
業務描述
pinterest於2008年在特拉華州成立，總部設於加利福尼亞州舊金山。pinterest是一個視覺搜索和探索平台，定位於搜索、社交和商業的交叉點。我們通過在網站和手機應用程式上投放廣告來獲得營業收入。
報表呈示和合併的基礎
我們根據美國通行的會計準則（“GAAP”）編製了附帶的簡明綜合財務報表。 這些簡明綜合財務報表包括pinterest公司及其全資子公司的賬戶。 我們已清除所有公司間的結餘和交易。
2023年12月31日的精簡綜合資產負債表是從該日期的審計基本報表中衍生的。我們已經精簡或省略了某些通常包含在依照GAAP編製的完整基本報表中的資訊和附註。因此，應該在閱讀這些未經審計的精簡綜合基本報表時，同時參考截至2023年12月31日的及2023年完成之年度報告中包含的綜合基本報表。
我們認為，附註的簡明綜合基本報表反映了為了公平地呈現所呈報的中期結果所需的所有正常和經常性調整，但這些調整不必然反映截至2024年12月31日年結果的業務運作預期。
重新分類
我們已重新分類某些金額，以符合目前的呈現方式。
估計的使用
依據GAAP編製我們的總體財務報表需要我們做出影響總體財務報表及相關附註中所報金額的估計和判斷。我們基於歷史經驗和其他各種我們認為合理的假設進行這些估計和判斷。GAAP要求我們在多個領域進行估計和假設，包括金融工具的公平價值、租賃、透過業務組合取得的資產和承擔的負債、股份為基礎的獎勵和緊急情況，以及我們應收賬款的回收性、無形資產和財產與設備的可用生命期、我們用於確定營運租賃負債的增量借款利率，以及營業收入認列，等等。實際結果可能與這些估計和判斷有實質差異。
重要之會計政策
我們在截至2023年12月31日的年度10k表格編報中，重大會計政策沒有發生實質性變化。




14


pinterest, inc.
基本報表附註
(未經查核)
2. 金融工具的公允價值
我們定期測量的金融工具的公平值如下（以千計）：
2024年9月30日
一級二級等級 3總計
現金等價物：
貨幣市場基金$816,813 $— $— $816,813 
商業本票— 102,965 — 102,965 
美國國債證券12,951 — — 12,951 
市場可流通證券:
公司債券— 560,303 — 560,303 
美國國債證券429,093 — — 429,093 
商業本票— 286,454 — 286,454 
存款證明— 124,933 — 124,933 
非美國政府和超國家債券— 6,210 — 6,210 
受限現金：
存款證明— 4,837 — 4,837 
2023年12月31日
一級二級等級 3總計
現金等價物：
貨幣市場基金$1,032,675 $— $— $1,032,675 
商業本票— 106,268 — 106,268 
存款證明— 1,551 — 1,551 
公司債券— 859 — 859 
市場可流通證券:
公司債券— 427,957 — 427,957 
美國國債證券336,356 — — 336,356 
商業本票— 201,145 — 201,145 
存款證明— 132,457 — 132,457 
美國機構債券— 42,250 — 42,250 
非美國政府和超國家債券— 8,983 — 8,983 
預付費用和其他流動資產：
存款證明— 2,542 — 2,542 
受限現金：
存款證明— 4,054 — 4,054 
我們將我們的有市場交易的證券分類為第1級或第2級，因為我們根據報價市場價格或替代定價來源和利用市場可觀察輸入的模型，來判斷其公允價值。
截至2024年9月30日和2023年12月31日，我們持有的可供變現證券的總未實現收益和損失未達顯著金額。我們評估了所有可用的證據，並於2024年9月30日和2023年12月31日未承認任何關於我們可供變現證券的信用損失準備。
15

pinterest, inc.
基本報表附註
(未經查核)
我們按合約到期日分類的有價證券的公平價值如下（以千計）：
2024年9月30日
一年內到期 $1,111,889 
一到五年後到期 295,104 
總計 $1,406,993 
對於所呈報的任何期間，來自可供出售證券出售的淨實現收益和損失均不重要。
3. 承諾和條件
購買承諾
2021年4月，我們與亞馬遜網絡服務（“AWS”）簽署了一份私人定價附件，規定我們使用由AWS提供的雲計算基礎設施。根據此定價附件，我們需在2029年4月前從AWS購買至少1000萬美元的雲服務。如果未能達到該金額，我們將需要支付我們實際花費與所需承諾金額之間的差額。截至2024年9月30日，我們的剩餘合約承諾金額為1000萬美元。我們預期會履行我們的剩餘承諾。3,250.0 2029年4月前，我們必須向AWS購買至少1000萬美元的雲服務。如果未能達到該金額，我們將需要支付我們實際花費與所需承諾金額之間的差額。截至2024年9月30日，我們的剩餘合約承諾金額為1000萬美元。我們預期會履行我們的剩餘承諾。1,279.11000萬美元。我們預期會履行我們的剩餘承諾。
法律問題
我們參與各種在業務正常運作過程中出現的訴訟、索賠和訴訟。雖然法律事項的結果本質上是不確定的，但我們不認為這些事項的最終解決，無論是個別還是總體上，將對我們的業務、財務狀況、營運成果或現金流量產生重大不利影響的合理可能性。
4. 股東權益
股權激勵計劃
2009年6月，我們的董事會通過並批准了我們的2009年股票計劃（"2009 Plan"），該計劃提供給合格的員工、董事和顧問股票期權、受限股票獎（"RSAs"）和受限股票單位（"RSUs"）。根據我們的2009 Plan授予的股票期權最長有效期為 10 年，行使價不得低於 100%的我們普通股公平市值。根據我們的2009 Plan授予的RSUs最長有效期為 七年. 沒有 ，截至2024年9月30日，我們的普通股股票計劃下尚有股份備作未來發行。
我們的2019年全面激勵計劃（"2019計劃"）在我們首次公開發行後生效，取代了我們的2009計劃。我們的2019計劃提供了發行股期權、限制性股票獎勵（RSAs）、限制性股票單位（RSUs）和其他股權或現金為基礎的獎勵給合格的員工、董事和顧問。根據我們的2019計劃授予的股期權最長有效期為 10 年，行使價不得低於 100%，相當於授予日我們普通股的公允市值。 171,811,414 截至2024年9月30日，我們的A類普通股股份中的股份已預留用於未來依據我們的2019計劃發行。
根據2019計劃發行的A類普通股股份數將增加，這將包括2009計劃中已發放獎項未條款有關2019計劃規定的股份數，因應該等獎項的條款，包括由於沒收、回購、到期或我們保留以滿足獎項行使價格或稅款扣繳義務而應返回2009計劃的股份。此外，根據2019計劃，我們為發行保留的A類普通股股份數將在每個財政年度的第一天自動增加，直至2029年1月1日，增加幅度將為 5我們董事會決定的我們A類普通股和B類普通股於每次自動增加日前一個日歷月底的總股份數的%數，或我們董事會決定的較少股份數。
16

pinterest, inc.
基本報表附註
(未經查核)
期權活動
2024年9月30日結束後的九個月內，股票期權活動如下（價格單位：千元，每股金額除外）：
期權未行使
股份加權平均行使價加權平均剩餘合約期限
匯總內在價值
價值 (1)
(按年計算)
截至2023年12月31日的未解除股票總數13,043$15.41 6.1$282,197 
行使
(2,220)9.13 
被沒收 (10)2.96 
2024年9月30日未清款項10,813$16.71 6.2$169,383 
2024年9月30日可行使6,537$14.58 5.2$116,310 
(1)我們根據當時賬面日期的內在價值計算在金錢股票期權的行使價和我們普通股的公允價值之間的差額。
在2024年和2023年九個月結束於9月30日的股票期權已發放的總授予日期公允價值為$18.9 百萬美元和21.3 分別為百萬美元。在2024年和2023年九個月結束於9月30日行使的股票期權的結合內在價值是$62.7 百萬美元和38.9 百萬。
受限股權單位和受限股權獎勵活動
2024年9月30日結束的九個月內，RSU和RSA活動如下（以千為單位，除每股金額外）：
尚未行使的限制性股票單位和限制性股票獎。
股份加權平均質訴日期公允價值
截至2023年12月31日的未解除股票總數45,099$25.83 
已頒發
20,08034.79 
已發行股票(19,514)28.22 
已棄權股份
(4,295)26.93 
2024年9月30日未清款項41,370$28.93 
按股份分享計劃支付的報酬
截至2024年和2023年9月30日三個月和九個月的股份報酬支出如下（以千為單位）：
三個月結束了
九月三十日，		九個月結束了
九月三十日，
2024202320242023
營業成本
$3,943 $2,989 $10,668 $8,038 
研發費用138,610 112,879 369,446 315,724 
銷售和市場推廣費用32,389 25,857 88,284 71,444 
總務與行政
33,034 30,156 98,484 89,427 
總分紅股份償償
$207,976 $171,881 $566,882 $484,633 
17

潘特斯特公司
簡明綜合財務報表附註
(未經審核)
截至2024年9月30日，我們有$未認列的股份報酬費用。1,147.2 百萬的未認列股份報酬費用，我們預計將在加權平均期間認列。 2.0 年
股票回購
2023年9月16日，我們的董事會授權了高達$10億的股票回購計劃。1.0 根據2023年9月計劃，我們被授權從時間到時間透過公開市場購買、私下談判交易或其他證券法允許的方式回購我們的A類普通股，並由管理層於當時決定及在管理層決定的數量內透過。2023年9月計劃並不義務我們回購任何特定數量的股票，可以在任何時候進行修改、暫停或終止。任何回購的時間、方式、價格和數量均由管理層自行決定，取決於各種因素，包括法律要求、價格以及經濟和市場條件。截至2024年9月30日，我們回購並注銷了 15,894,701 我們A類普通股的股份，合計購入價為$百萬。截至2024年9月30日，擁有$百萬用於在2023年9月計劃下回購股份。500.0 百萬。截至2024年9月30日，尚有$百萬用於在2023年9月計劃下回購股份。500.0 百萬。截至2024年9月30日，尚有$百萬用於在2023年9月計劃下回購股份。

2023年9月的計畫於2024年11月取消。詳細資訊請參考註釋8。
5. 每股凈利潤（虧損）
我們使用適用於多種普通股類別的兩級法來呈現每股凈利潤（損失）。我們的A類股和B類股股東在投票、轉換和轉讓權方面除外具有相同權利，因此在我們的凈利潤或虧損中享有同等份額。
我們通過將凈利潤（虧損）除以期間內流通普通股加權平均數量來計算基本每股盈利（虧損）。
稀釋後每股凈利潤（損失）考慮所有潛在普通股，包括期權、RSAs和RSUs，只要對稀釋有影響。對A類普通股的稀釋後凈利潤（損失）計算假定我們的B類普通股轉換為A類普通股，而對B類普通股的稀釋後凈利潤（損失）則不假定這些股份轉換為A類普通股。
我們計算基本和稀釋每股收益（損失）如下（以千為單位，除每股金額外）：
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基本報表附註
(未經查核)
截至9月30日的三個月截至9月30日的九個月
2024202320242023
A級B級股A班B級股A班B級股A類B級股
每股基本凈利潤（虧損）:
分子:
凈利潤（損失）$26,835 $3,721 $5,847 $886 $12,837 $1,794 $(205,602)$(31,186)
分母:
用於計算每股盈（虧）凈利潤的加權平均股份，基本
595,867 82,629 581,235 88,026 596,749 83,408 585,973 88,880 
基本每股凈利潤（損失）
$0.05 $0.05 $0.01 $0.01 $0.02 $0.02 $(0.35)$(0.35)
每股稀釋後凈利潤（損失）：
分子:
凈利潤（損失）$26,835 $3,721 $5,847 $886 $12,837 $1,794 $(205,602)$(31,186)
由於 Class b 轉換為 A類普通股導致凈利潤重新分配 3,721 — 886 — 1,794 — — — 
凈利潤重新分配給B類普通股 — (91)— (25)— (55)— — 
收稀釋後淨利潤（損失）
$30,556 $3,630 $6,733 $861 $14,631 $1,739 $(205,602)$(31,186)
分母
計算每股凈利潤（虧損）基本值時所使用的加權平均股份
595,867 82,629 581,235 88,026 596,749 83,408 585,973 88,880 
將B類股轉換為A類普通股82,629 — 88,026 — 83,408 — — — 
稀釋潛在普通股的加權平均效果 16,987 — 17,840 — 21,611 — — — 
用於計算每股凈利潤（損失），稀釋的加權平均份額
695,483 82,629 687,101 88,026 701,768 83,408 585,973 88,880 
每股稀釋凈利潤（損失）
$0.04 $0.04 $0.01 $0.01 $0.02 $0.02 $(0.35)$(0.35)




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基本報表附註
(未經查核)
基本每股淨利潤（損失）與截至2023年9月30日的稀釋每股淨利潤（損失）相同，因為我們宣布了一項淨虧損。 我們從每股稀釋淨利潤（損失）計算中排除了以下普通股的加權平均潛在股份，因為這些股份將對稀釋產生負面影響（單位：千）：
三個月結束了
九月三十日，		九個月結束了
九月三十日，
2024202320242023
優秀的股票期權— 8,553 — 14,750 
未發行的限制股票單元和限制股獎13,932 5,327 5,701 53,967 
總計13,932 13,880 5,701 68,717 
6. 所得稅
我們根據在提出的期間發生的離散項目進行調整的我們年度實際稅率的估計來確定中期所得稅。 我們有效稅率與聯邦法定稅率之間的主要區別是，我們對聯邦、州和外國淨營業虧損和抵免設立的完整估價準備。 所有稅期均包括依據2017年稅收削減和就業法案要求的研發支出資本化和攤銷的影響。 無t material for the 三個月和九個月結束了。 2024年9月30日和2023年。 所有板塊包括根據2017年稅收削減和就業法案要求的研究與開發費用的資本化和攤銷的影響。
考慮到我們最近在美國實現的凈利潤歷史，我們認為有合理可能性，將有足夠的積極證據可供我們判斷，我們在美國推遲支付稅款的資產中記錄的大部分減值準備，在未來十二個月內可能釋放。這種反轉將導致在記錄放行的期間，承認實質的美國推遲支付稅款資產和相應的所得稅利益。然而，減值準備產生放行的確切時間和金額可能會根據我們的實際運營結果而變化。
我們需要繳納美國及其他州和外國司法管轄區的稅款。由於我們在美國聯邦和州司法管轄區有淨營運虧損抵扣前年度，各種稅務年限均未結束。對於重要的外國司法管轄區，可能被審查的稅務年限包括2019年及之後的年份。
7. 地理資訊
根據我們客戶的帳單地址，按地理位置細分的營業收入如下（以千元計）：
三個月結束了
九月三十日，		九個月結束了
九月三十日，
2024202320242023
美國和加拿大(1)
$691,108 $592,366 $1,871,299 $1,613,840 
歐洲(2)
132,724 118,469 400,495 334,666 
全球其他地區
74,541 52,368 220,242 125,303 
營業總收入
$898,373 $763,203 $2,492,036 $2,073,809 
(1)美國營業收入為$659.3 百萬美元和560.0 百萬，而$1,785.6 百萬美元和1,527.5 截至2024年和2023年9月30日的九個月，沒有任何單一國家的營收超過我們任何期間所呈報的總營業收入的10%。
(2)歐洲包括俄羅斯和土耳其。


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基本報表附註
(未經查核)
我們的總逕留收入為$20.8 百萬美元和15.3 百萬分別截至2024年9月30日及2023年12月31日。
資產和設備、淨額及地緣經營租賃使用權資產如下（以千元計）：
九月三十日，12月31日，
20242023
美國
$71,052 $66,335 
愛爾蘭
24,951 18,658 
墨西哥8,850 12,835 
國際(1)
20,740 26,516 
固定資產及設備總額、淨額和營運租賃資產$125,593 $124,344 
(1)除美國、愛爾蘭和墨西哥外，沒有其他國家在所報告的任何期間內超過我們總資產和設備、淨額及營業租賃使用權資產的10%。
8. 隨後的事件
法律問題
2024年11月1日，我們達成一項和解協議，解決了有關早期Pinterest發展的指控訴訟。我們將此記錄於 $34.7總計減少190萬美元.，扣除保險賠款，計入了截至2024年9月30日的三個月和九個月的總部管理費用。 這三個月和截至2024年9月30日的九個月。
股票回購
2024年11月，我們的董事會授權了一項最高達$的新股票回購計劃。2.0億我們的A級普通股（"2024年11月計劃"），並取消了2023年9月計劃，該計劃下尚有剩餘可回購的美元。根據2024年11月計劃，我們獲授權時不時通過公開市場購買、私下談判交易或任何許可的證券法允許的其他方式進行A級普通股的回購，並由管理層在那時決定的金額。2024年11月計劃不會強制我們回購任何特定數量的股份，並且可以隨時進行修改、暫停或終止。任何回購的時間、方式、價格和金額均由管理層酌情決定，取決於各種因素，包括法律要求、價格和經濟及市場條件。截至2024年11月7日，我們尚未根據2024年11月計劃回購任何A級普通股。500.02024年11月，我們的董事會授權了一項最高達$的新股票回購計劃。

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項目 2. 管理探討財務狀況和營運成果
我們的財務狀況和營運結果的以下討論和分析應該與我們此份10-Q表格的精簡合併財務報表和相關註釋以及其他財務資訊一同閱讀。這個討論和分析中包含了涉及風險、不確定性和假設的前瞻性陳述。由於許多因素的影響，我們的實際結果可能會與這些前瞻性陳述有實質性差異，這些因素已在本10-Q表格其他地方包括“風險因素”和“關於前瞻性陳述的註”中討論。
第三季度業績概況
截至2024年9月30日止三個月，我們的主要財務和運營結果如下：
•營業收入為8.984億美元，較2023年9月30日結束的三個月增加18%。
•月活躍用戶數（"MAUs"）為53700萬，較2023年9月30日增加11%。
•股份報酬支出為20800萬美元，較2023年9月30日止三個月增加 3.61億美元 。
•總成本和費用為9.043億美元。
•營運虧損額為 $590萬。
•凈利潤 凈利潤為3060萬美元。
•調整後的EBITDA為24210萬美元。
•現金、現金等價物及有市場流通性的證券總額為$244260萬。
•員工人數為 4,549.
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使用者指標的趨勢
月活躍用戶數。 我們將已驗證的pinterest用戶中，於過去30天內至少於測量日期之前一次訪問我們的網站、打開我們的移動應用程式或通過我們的瀏覽器或站點擴展功能之一與pinterest互動的用戶視為一個MAU。MAU數量不包括Shuffles用戶，除非他們符合MAU資格。我們根據當期最後一天測量的MAU數量來呈現MAU。我們根據當期最後一天測量的MAU數量和當期開始前一天的MAU數量的平均值來計算平均MAU。MAU是我們衡量活躍用戶基數規模的主要指標。 在測量日期結束的30天期限內，我們將至少在一天內訪問我們的網站、打開我們的移動應用程式或通過我們的瀏覽器或站點擴展功能之一與Pinterest互動的已驗證用戶視為MAU。 MAU數量不包括Shuffles用戶，除非他們本來就符合MAU資格。我們基於當期最後一天測得的MAU數量呈現MAU。我們根據當期最後一天測得的MAU數量和當期開始前一天測得的MAU數量的平均值計算平均MAU。 MAU是我們衡量活躍用戶基地規模的主要指標。
季度月活躍用戶數
(以百萬為單位)
836

MAU Graph.jpg
注意: 美國和加拿大、歐洲和世界其他地區的總和可能由於四捨五入而不等於全球。 歐洲包括俄羅斯和土耳其，在我們按地域板塊報告營業收入、MAU和ARPU時。
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截至2024年9月30日， 全球貨幣MAUs增加。 相比2023年9月30日主要是由於我們在相關性和個性化方面的持續投資。 我們持續投資於相關性和個性化。
貨幣化指標的趨勢
營業收入。 我們根據估計用戶從事賺取營業收入的活動時的地理位置來計算各地區用戶的營業收入。我們用戶的地理位置影響了我們的營業收入和財務結果，因為我們目前僅對某些國家和貨幣進行盈利，且因為我們對不同地理位置進行盈利的平均比率不同。我們在美國和加拿大，以及在較小程度上的歐洲，主要因為這些地區數位廣告市場的相對規模和成熟度較高，所以我們的營業收入較高。
季度營業收入
(以百萬為單位)
1792
Revenue Graph.jpg
24

註：以上圖表中按地理區域劃分的營業收入是根據我們估計用戶進行產生營收活動時的地理位置為依據的。這種分配與我們在我們簡明綜合財務報表附註中按地理區域分解營收的公開披露有所不同，該處營收是根據我們客戶的帳單地址劃分的。美國和加拿大、歐洲和其他地區的金額可能不等於全球總和，季度金額可能不等於年度金額，原因是因為取整。
每個用戶的平均營業收入。 我們通過每個用戶的平均營業收入指標來衡量我們平台的貨幣化程度。我們將ARPU定義為在某一地理區域在一段時間內的總營業收入除以該地理區域在該期間的平均月活躍用戶數。我們根據我們估計的營收活動發生地的地理位置來按地理位置計算ARPU。我們在美國和加拿大、歐洲和其他地區的基礎上呈現ARPU，因為我們目前在不同地區以不同的平均收入水平對用戶進行貨幣化。我們在美國和加拿大，以及在較小程度上的歐洲的ARPU較高，主要是由於這些地區數碼廣告市場的相對規模和成熟度。
每季每用戶平均營業收入
3050
ARPU Graph.jpg
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截至2024年9月30日，全球ARPU為1.70美元，較2023年9月30日結束的三個月增加了5%。截至2024年9月30日，美國和加拿大的ARPU為7.31美元，增長了13%，歐洲的ARPU為1.00美元，增長了10%，而其他地區的ARPU為0.14美元，比2023年9月30日結束的三個月增加了18%。
我們使用月活躍用戶數和每用戶平均收入來評估整體業務的增長和健康狀況，並相信這些指標最能反映我們吸引、保留、參與和賺取用戶數的能力，從而推動收入增長。
26

非通用会计准则财务指标
為補充我們按照GAAP制定的簡明綜合基本報表，我們考慮調整後的EBITDA，這是一種不基於任何GAAP規定的標準方法的財務指標。
我們將調整後的EBITDA定義為調整後的凈利潤（虧損），不包括折舊和攤銷費用、股份報酬費用、利息收入（費用）、淨額、其他收入（費用）、淨額、所得稅賦（收益）和一些其他非經常性或非現金項目，這些項目影響我們不認為是業務持續表現指標。
我們使用調整後的EBITDA來評估我們的營運結果，以及在財務和業務決策上。我們認為調整後的EBITDA有助於識別出我們業務中的潛在趨勢，而這些趨勢可能會被其排除的收入和開支所掩蓋。我們也相信調整後的EBITDA提供了關於我們營運結果的有用資訊，增進了對我們過去表現和未來前景的整體了解，並提供了更大的透明度，以便於財務和業務決策中使用的主要指標。我們呈現調整後的EBITDA以協助投資者透過管理層的觀點來看待我們的營運結果，因為我們認為這個指標提供了一個額外工具，讓投資者比較我們核心業務在多個時期的營運結果與行業其他公司。然而，我們對調整後的EBITDA的定義可能與其他公司使用的同名指標不同。
應避免孤立地看待調整後的EBITDA，或將其視為依據GAAP編製的財務信息的替代。與淨利潤（損失）兆.最接近的GAAP等效須考慮使用調整後的EBITDA時所涉及的數個限制。例如，調整後的EBITDA不包括：
•某些重複出現的非現金支出，例如固定資產折舊和取得無形資產之攤銷，儘管這些資產將來可能需要更換；和
•基於股份的補償費用在可預見的未來將繼續是一項重要的固定費用，也是我們補償策略的重要部分。
考慮到這些限制，您應該將調整後的EBITDA與其他財務績效指標（包括淨利潤（虧損）以及我們根據通用會計原則（GAAP）呈報的其他財務結果）一起考慮。以下表格顯示了淨利潤（虧損）的調和，這是根據通用會計原則（GAAP）計算並呈報的最直接可比的財務指標與千位的調整後的EBITDA（千元）。
三個月結束
九月三十日		截止九個月
九月三十日
2024202320242023
淨收入（虧損）$30,556 $6,733 $14,631 $(236,788)
折舊和攤銷5,421 4,902 15,202 16,185 
基於股份的賠償207,976 171,881 566,882 484,633 
利息（收入）費用，淨額(32,477)(26,691)(98,423)(76,480)
其他（收入）費用，淨值(3,237)4,596 5,885 2,094 
所得稅（受益）的預備(758)10,363 (3,866)(10,754)
法律解決(1)
34,650 — 34,650 — 
重組費用— — — 126,882 
非現金慈善捐款— 12,890 — 12,890 
調整後的 EBITDA$242,131 $184,674 $534,961 $318,662 
(1)於2024年11月1日，我們達成和解協議，解決了有關Pinterest早期開發的指控訴訟。我們記錄了3470萬美元的法律和解費用，扣除保險收入，截至2024年9月30日三個月和九個月的調整後EBITDA中排除了此項費用，因為它是非經常性的，且不反映我們業務運營或業務基本趨勢。

27

業績結果的元件
營業收入。 我們透過在我們的網站和移動應用程式上展示廣告來獲得營業收入。廣告客戶直接與我們購買廣告或通過廣告代理建立的合作關係購買廣告。我們在將承諾的商品或服務的控制權轉移給客戶後才確認營業收入，這發生在用戶點擊按每次點擊成本（CPC）計費的合約廣告、以每千次曝光計費（CPM）的合約廣告、每日計費（CPD）的合約廣告或以每次觀看計費（CPV）的合約廣告時。我們對CPD方式合約廣告在服務期間進行收入確認，不包含最低曝光保證。
營業成本。 營業成本主要由與提供服務相關的費用組成，包括託管網站和手機應用程式的成本。營業成本還包括與人員相關的費用，包括在我們運營團隊中工作的員工的薪酬、福利和基於股份的補償，與合作夥伴安排相關的支付，信用卡和其他交易處理費用，取得之無形資產的攤銷，以及分配的設施和其他支持性間接成本。
研究與開發。研究與開發主要包括人員相關費用，包括工程師和其他從事我們產品研究與開發的員工的薪資、福利和股份報酬，以及分攤設施和其他支援間接成本。
銷售和營銷業務。銷售和營銷主要包括人員相關支出，包括薪酬、佣金、福利和員工參與銷售、銷售支援、營銷和客戶服務職能的股份報酬，廣告和促銷支出，專業服務，無形資產攤銷，以及分配設施和其他支援間接成本。我們的營銷努力也包括針對用戶和廣告商的市場支出。
總部和行政。 總務和行政主要包括與人員相關的費用，包括財務、法律、人力資源和其他行政職能人員的薪水、福利和股份報酬，專業服務，包括外部法律和會計服務，慈善貢獻和分配的設施及其他支持性間接成本。
利息及其他收入（費用），淨。 利息及其他收入（費用），淨主要包括我們持有的貨幣等值物和有價證券所獲得的利息，以及外幣貨幣兌換的收益和損失。
所得稅負債（受益）項目。 所得稅項目（受益）主要包括外國司法管轄區和美國聯邦及州所得稅，並考慮離散項目進行調整。
調整後EBITDA。 我們將調整後的EBITDA定義為調整後的淨利潤，不包括折舊及攤銷費用、股份報酬費用、利息收入（費用）、其他收入（費用）、所得稅賦（利益）以及我們認為不反映我們業務持續表現指標的某些其他非經常性或非現金項目的影響。請參閱“非GAAP財務指標”以獲取更多信息並進行淨利潤的調和—該指標是根據GAAP計算和提供的最直接可比財務指標調整後的EBITDA。

28

營運業績結果
以下表格列出了我們的綜合營運狀況數據（單位：千元）：
三個月結束
九月三十日		截止九個月
九月三十日
2024202320242023
收入$898,373 $763,203 $2,492,036 $2,073,809 
成本和開支(1):
收入成本187,453 170,998 553,400 510,664 
研究與開發326,679 264,698 919,791 800,435 
銷售和行銷249,033 225,929 740,676 670,299 
一般及行政141,124 106,577 359,942 414,339 
總成本和支出904,289 768,202 2,573,809 2,395,737 
營運損失(5,916)(4,999)(81,773)(321,928)
利息收入（費用），淨32,477 26,691 98,423 76,480 
其他收入（費用），淨額3,237 (4,596)(5,885)(2,094)
所得稅預備（受益）前的收入（虧損）29,798 17,096 10,765 (247,542)
所得稅（受益）的預備(758)10,363 (3,866)(10,754)
淨收入（虧損）$30,556 $6,733 $14,631 $(236,788)
調整後的 EBITDA(2)
$242,131 $184,674 $534,961 $318,662 
(1)包括以下股份報酬費用（單位：千元）：
三個月結束了
九月三十日，		九個月結束了
九月三十日，
2024202320242023
營業收入成本 $3,943 $2,989 $10,668 $8,038 
研發 138,610 112,879 369,446 315,724 
銷售和市場推廣費用32,389 25,857 88,284 71,444 
總務行政 33,034 30,156 98,484 89,427 
總分紅股份償償$207,976 $171,881 $566,882 $484,633 
(2)詳情及凈利潤（虧損）的調解，最直接可比對的財務指標，根據GAAP計算並呈獻的相應財務指標，請參閱「非GAAP財務指標」。

29

以下表格列出了我們的總體營業收入數據（佔收入百分比）：
三個月結束了
九月三十日，		九個月結束了
九月三十日，
2024202320242023
營業收入100 %100 %100 %100 %
成本及費用:
營業成本 21 22 22 25 
研發費用36 35 37 39 
銷售和市場推廣費用28 30 30 32 
總務與行政16 14 14 20 
總費用及支出101 101 103 116 
營運虧損(1)(1)(3)(16)
利息收入（費用），淨額4 3 4 4 
其他收入（費用），淨額— (1)— — 
所得稅前（費用）收益3 2 — (12)
所得稅賦（減）益— 1 — (1)
凈利潤（損失）3 %1 %1 %(11)%
2024年和2023年截至9月30日的三個和九個月
收入
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
收入$898,373 $763,203 18 %$2,492,036 $2,073,809 20 %
截至2024年9月30日，三個月和九個月的營業收入相比於截至2023年9月30日分別增長了13520萬美元和41820萬美元，主要是由於我們考慮和轉化目標需求增長所致。營業收入增長主要是由於ARPU分別增加了5%和8%，MAU則增加了11%，相比於截至2023年9月30日的三個月和九個月，2024年9月30日的三個月和九個月。 廣告投放量分別增加了41%和38%。 2024年9月30日的三個月和九個月期間，廣告價格分別比截至2023年9月30日的三個月和九個月期間下降了17%和13%。
根據我們估計用戶數的地理位置，營業收入在2024年9月30日結束的三個月和九個月中，美國和加拿大分別增加了16%和19%，達到7.195億美元和1984.2億美元，歐洲營業收入增加了20%和24%，達到1.366億美元和3.973億美元，其餘地區營業收入增加了38%和32%，分別達到4.23億美元和11.06億美元，相較於分別於2023年9月30日結束的三個月和九個月。
收入成本
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
收入成本$187,453 $170,998 10 %$553,400 $510,664 8 %
收入百分比21 %22 %22 %25 %
截至2024年9月30日的三個月和九個月，營業成本分別比截至2023年9月30日的三個月和九個月增加了1650萬美元和4270萬美元，主要是因為用戶數和參與度增加，抵消了製造行業效率措施。
30

研究與開發
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
研究與開發$326,679 $264,698 23 %$919,791 $800,435 15 %
收入百分比36 %35 %37 %39 %
2024年9月30日結束的三個月和九個月的研發支出，分別與截至2023年9月30日的三個月和九個月相比增加了6200萬和11940萬美元。這些增加主要是由於人員費用分別增加了26%和17%，以及按股份報酬計算的支出分別增加了2570萬和5370萬美元。
銷售與行銷
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
銷售和行銷$249,033 $225,929 10 %$740,676 $670,299 10 %
收入百分比28 %30 %30 %32 %
截至2024年9月30日的三個月和九個月的銷售和市場推廣分別較2023年9月30日的三個月和九個月增加了2310萬美元和7040萬美元。這些增加主要是由於600萬美元和 1680萬美元的股份報酬支出增加，6%和6%的人員費用增加，外包服務成本增加，以及截至2024年9月30日的九個月，市場推廣費增加了2810萬美元。
一般及行政
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
一般及行政$141,124 $106,577 32 %$359,942 $414,339 (13)%
收入百分比16 %14 %14 %20 %
2024年9月30日結束的三個月的總務及行政費用增加了3450萬美元，與2023年9月30日結束的三個月相比，主要是由於3470萬美元的法律和解款項，扣除保險收益。2024年9月30日結束的九個月的總務及行政費用減少了5440萬美元，主要是因為2023年11940萬美元的重組費用，法律和解款項扣除後，加上與2013年9月30日結束的九個月相比，法律相關費用增加了1600萬美元，非所得稅增加了1270萬美元。
31

利息收入及其他收入(費用)，淨額
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
利息收入（費用），淨$32,477 $26,691 22 %$98,423 $76,480 29 %
其他收入（費用），淨額3,237 (4,596)(170)%(5,885)(2,094)(181)%
利息及其他收入（費用），淨額$35,714 $22,095 62 %$92,538 $74,386 24 %
截至2024年9月30日的三個月和九個月的利率期貨和其他收入（費用），淨額 增加 相比於截至2023年9月30日的三個月和九個月，$1360萬和$1820萬，主要是由於我們市場證券的回報較高，這是因為利率較高和投資餘額較高，以及截至2024年9月30日的三個月的外幣兌換利得。
所得稅負債（受益）提存
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
所得稅（受益）的預備$(758)$10,363 (107)%$(3,866)$(10,754)(64)%
對於所有期間提供的所得稅負債（收益）主要是由於在美國聯邦、州以及某些外國司法管轄區產生的收入（損失）。 所有時期均包括根據2017年稅收削減和就業法案要求進行的研究與開發費用的資本化和攤銷影響。
考慮到我們最近在美國產生凈利潤的歷史記錄，我們相信有合理可能性會提供足夠的積極證據，讓我們判斷在接下來的十二個月內可釋放美國遞延所得稅資產的重要部分評價溢餘。這種逆轉將導致已記錄的美國遞延所得稅資產的重要部分被確認和相應所得稅益，估計在記錄釋放的期間為15億至17億美元。但是，評價溢餘釋放的確切時間和金額可能會根據我們的實際營運結果而改變。
凈利潤（損失）和調整後的EBITDA
三個月結束
九月三十日		截止九個月
九月三十日
20242023變動百分比20242023變動百分比
（以千計，百分比除外）
淨收入（虧損）$30,556 $6,733 354 %$14,631 $(236,788)106 %
調整後的 EBITDA$242,131 $184,674 31 %$534,961 $318,662 68 %
截至2024年9月30日的三個月和九個月的凈利潤分別為3060萬和1460萬美元，相對比2023年9月30日前三個月的凈利潤670萬美元和前九個月的凈損失23680萬美元。調整後的EBITDA分別為2024年9月30日的三個月和九個月24210萬和53500萬美元，相對比2023年9月30日的三個月和九個月的18470萬和31870萬美元，原因是上述描述的因素。有關更多信息和將凈利潤（損失）按照GAAP計算並呈現的最直接可比財務指標調整後的EBITDA，請參見“非GAAP財務指標”。
32

流動性和資本資源
我們主要通過從客戶收到的付款來資助我們的業務運作。我們的現金主要用於人員相關成本、網站和移動應用程式的託管成本。截至2024年9月30日，我們持有$244,260萬的現金、現金等價物和有價證券。我們的現金等價物和有價證券主要投資於短期固定收入證券，包括政府和投資級企業債券以及貨幣市場基金。截至2024年9月30日，我們$16240萬的現金及現金等價物由我們的外國子公司持有。
2022年10月，我們將於2018年11月簽訂的50000萬美元循環信貸協議替換為修訂及重新訂立的五年40000萬美元循環信貸協議（“2022年循環信貸協議”），該協議包含一項手風琴選項，若行使，我們將可將總承諾增加至最多4.05億美元，前提是我們能夠獲得額外的貸款人承諾並滿足其他特定條件。
2023年10月，我們修訂了2022年循環信貸額度，將我們的總承諾提高到5億美元，將手風琴選項從4.05億美元減少到3,0500萬美元。根據2022年循環信貸額度的任何借款利息將按照調整後的期限Secured Overnight Financing Rate（“SOFR”）加0.10%和1.50%的保證金或以另一基準利率加0.50%的保證金計算，我們可選擇支付每年0.15%的年度承諾費，該費用按照2022年循環信貸額度未使用部分計算。
2022年的循環信用設施還允許我們發行信用證，這將減少我們可以借款的金額。我們需要支付一筆費用，按照平均每年0.125％的利率計息，計算可用於任何未償還信用證的最大總額。
2022年循環信貸安排包括借款的慣例條件、違約事件和契約，其中包括限制我們承擔負債、授予留置權、向我們的股東或附屬公司的股東派息、進行投資或與我們的聯屬公司進行交易的條款。2022年循環信貸安排還包括一項財務維持契約：合併債務淨比合併EBITDA不大於3.50比1.00，取得後可增加至4.00比1.00的一段時間。2022年循環信貸安排下的義務由實質上的所有國內資產，包括某些國內知識產權資產，作為抵押。
截至2024年9月30日，我們在循環信貸計劃下的總借款額為5億美元。截至2024年9月30日，我們尚未發行任何信用證，且符合2022年循環信貸計劃下的所有契約條款。
我們相信我們現有的現金、現金等價物、有價證券和2022年循環信貸計劃可足夠應付最少未來12個月的營運資本和資本支出需求，盡管未來我們可能需要額外的資本來源。 我們可能選擇透過發行額外的股權來籌集額外資本，以資助未來超過未來12個月的需求。
自2023年12月31日以來，我們的資金需求和不可取消的合同承諾均未發生實質變化。
2023年9月16日，我們的董事會授權展開高達10億美元的A類普通股回購計劃（「2023年9月計劃」）。根據2023年9月計劃，我們被授權從時間到時間透過公開市場購買、私人協商交易或管理層在當時根據證券法允許的其他方式回購我們A類普通股，並按照管理層決定的時間和數量進行。2023年9月計劃並不要求我們回購任何特定的股份數量，並且可以在任何時間進行修改、暫停或停止。任何回購的時間、方式、價格和數量由管理層自行酌情決定，取決於各種因素，包括法律要求、價格以及經濟和市場狀況。在截至2024年9月30日的九個月內，我們回購並注銷了15,894,701股A類普通股。 我們的A類普通股在2024年9月30日之前回購了50000萬美元，剩餘5000萬美元可用於2023年9月計劃的回購。
2024年11月，我們的董事會授權了一項新的股票回購計劃，最多可回購20億美元的A類普通股（「2024年11月計劃」），並取消了截至2023年9月的計劃，根據該計劃，仍可回購5億美元。在2024年11月計劃下，我們被授權隨時通過公開市場購買或私下方式回購我們的A類普通股。
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經談判交易或依證券法所允許的其他方式，由管理層於任何時間及管理層決定的金額進行。2024年11月計劃不義務我們回購任何特定數量的股份，並可隨時修改、暫停或終止。回購的時間、方式、價格和金額由管理層酌情決定，並取決於各種因素，包括法律要求、價格和經濟及市場條件。截至2024年11月7日，我們尚未根據2024年11月計劃回購任何我們的A類普通股。
截至2024年9月30日和2023年，我們的淨現金流如下（單位：千元）：
截至9月30日的九個月
20242023
經由以下方式提供（或使用）淨現金流量：
營運活動$710,599 $354,681 
投資活動$(252,808)$(58,712)
融資活動$(785,253)$(739,262)
營運活動
營運活動現金流量包括我們的凈利潤（損失）經過調整後的特定非現金對帳項，如基於股份的報酬支出、折舊及攤銷費用、非現金重組費用以及我們營運資產和負債的變動。截至2024年9月30日止的九個月，營運活動提供的淨現金較2023年9月30日止的九個月增加了35590萬美元，主要是由於我們的凈利潤增加以及應付給供應商的支付時間推遲導致應計費用和其他負債增加。
投資活動
投資活動現金流量包括進行新辦公空間和現有辦公空間改善的資本支出和對企業的收購。我們還積極管理我們的營運現金和現金等價餘額，並將多餘現金投資於短期市場有價證券，其銷售和到期用於資助我們持續的運營資本需求。截至2024年9月30日結束的9個月中，投資活動使用的淨現金較截至2023年9月30日結束的9個月增加了19410萬美元，主要是由於有價證券淨購買增加所致。
融資活動
融資活動的現金流量包括釋出限制性股票單位（RSUs）和限制性股票獎勵（RSAs）而產生的稅款、回購我們的A類普通股以及從股票期權行使所得。截至2024年9月30日的九個月結束時，融資活動使用的淨現金與2023年9月30日的九個月結束時相比增加了4600萬美元，主要是由於釋出RSUs和RSAs的稅款增加，這是由於我們的股價上升所致。
關鍵的會計政策和估計
我們根據GAAP準則準備簡明綜合基本報表。準備我們的簡明綜合基本報表需要我們進行影響資產、負債、營業收入和費用以及相關披露金額的估計和判斷。由於這些估計和判斷可能會隨著時間週期而變化，實際結果可能會有實質不同，可能對我們的財務狀況或營運結果產生負面影響。我們的估計和判斷基於歷史經驗和各種其他合理假設，我們會持續評估這些估計和判斷。我們將這些估計和判斷稱為臨界會計政策和估計，下文將進一步探討。
有關我們其他重要會計政策的詳細資訊，請參考我們簡明合併基本報表附註1。
營收認證
我們透過在我們的網站和手機應用程式上投放廣告來獲得營業收入。我們僅在將承諾的商品或服務轉移給客戶後才確認營業收入，這發生在使用者按一次按(“CPC”)計費的廣告、查看按千次印象(“CPM”)或每天按天數計費的廣告時。
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基於「CPD」基礎或觀看以每次觀看成本（「CPV」）為基礎的視頻廣告合約。對於在CPD基礎上簽訂廣告合約且不包含最低曝光量保證的廣告，我們在服務期內認識營業收入。我們通常根據客戶類型和地點以CPC、CPM、CPV或CPD的基礎向客戶開具帳單，我們的付款條款因客戶類型和地點而異。帳單和付款到期日之間的期限並不重要。
我們僅在滿足合約履行義務後才承認收入。我們偶爾會為客戶提供免費廣告庫存。當與客戶的合同包含多個履行義務時，我們將整體交易價格（即預期能夠獲得的對應商品或服務的考慮金額）分配到各個獨立的履行義務中，基於它們相對獨立的單獨銷售價格。我們一般根據每次合約點擊、展示或查看所收取的有效價格來判斷獨立銷售價格，並且我們不會揭示未履行履行義務的價值，因為我們合同的原始預期持續期限通常不到一年。

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Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks, including changes in foreign currency exchange and interest rates, in the ordinary course of our business.
Foreign Currency Exchange Risk
Our reporting currency is the U.S. dollar, and the functional currency of our subsidiaries is either their local currency or the U.S. dollar, depending on the circumstances. While the majority of our revenue and operating expenses are denominated in U.S. dollars, we have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S. dollar. We have experienced and will continue to experience fluctuations in our net income (loss) as a result of transaction gains or losses related to revaluing certain asset and liability balances denominated in currencies other than the functional currency of the subsidiaries in which they are recorded. To date, these fluctuations have not been material. We have not engaged in hedging activities relating to our foreign currency exchange risk, although we may do so in the future. We do not believe a 10% increase or decrease in the relative value of the U.S. dollar would have materially affected our condensed consolidated financial statements as of and for the three and nine months ended September 30, 2024.
Interest Rate Risk
As of September 30, 2024, we held cash, cash equivalents and marketable securities of $2,442.6 million. Our cash equivalents and marketable securities primarily consist of short-duration fixed income securities, including government and investment-grade corporate debt securities and money market funds, and our investment policy is meant to preserve capital and maintain liquidity. Changes in interest rates affect the interest income we earn on our cash, cash equivalents and marketable securities and the fair value of our cash equivalents and marketable securities. A hypothetical 100 basis point increase in interest rates would have decreased the market value of our cash equivalents and marketable securities by $8.2 million and $6.6 million as of September 30, 2024 and December 31, 2023, respectively.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer ("CEO") and chief financial officer ("CFO"), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our CEO and CFO have concluded that as of September 30, 2024, our disclosure controls and procedures are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission ("SEC"), and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(d) and 15d-15(d) under the Exchange Act) during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
We are currently involved in, and may in the future be involved in, actual and threatened legal proceedings, claims, investigations and government inquiries arising in the ordinary course of our business, including legal proceedings, claims, investigations and government inquiries involving intellectual property, data privacy and data protection, privacy and other torts, illegal or objectionable content, consumer protection, securities, corporate governance, employment, workplace culture, contractual rights, civil rights infringement, false or misleading advertising or other legal claims relating to content or information that is provided to us or published or made available on our service. This risk is enhanced in certain jurisdictions outside of the U.S. where our protection from liability for content published on our platform by third parties may be unclear and where we may be less protected under local laws than we are in the U.S.
For information on certain litigation we are involved in, see "Legal Matters" in Note 3 of the accompanying notes to our condensed consolidated financial statements, which is incorporated herein by reference.
Although the results of the actual and threatened legal proceedings, claims, investigations and government inquiries in which we currently are involved cannot be predicted with certainty, we do not believe that there is a reasonable possibility that the final outcome of these matters will have a material adverse effect on our business or financial results. Regardless of the final outcome, however, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, harm to our reputation and brand and other factors.
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Item 1A. Risk Factors
Investing in our Class A common stock involves a high degree of risk. In addition to the other information set forth in this Quarterly Report, you should carefully consider the risks and uncertainties described below, together with all of the other information in this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes, before deciding to invest in our Class A common stock. The occurrence of any of the following risks could harm our business, reputation, revenue, financial results and prospects. In addition, risks and uncertainties that are not presently known to us or that we currently believe are immaterial could also harm our business, reputation, revenue, financial results and prospects. If any of these risks occur, the value of our Class A common stock could decline and you may lose all or part of your investment.
Risks Related to our Business Strategy and Growth
We generate substantially all of our revenue from advertising. The failure to attract new advertisers, the loss of advertisers or a reduction in how much they spend could harm our business, revenue and financial results.
Substantially all of our revenue is generated from third-party advertising. However, we may not be able to continue to grow and scale this revenue model. Our growth strategy depends on, among other things, attracting more advertisers (including expanding our sales efforts to reach advertisers in international markets), scaling our business with existing advertisers and expanding our advertising product offerings.
Most advertisers do not have long-term advertising commitments with us. Many of our advertisers only recently started working with us and spend a relatively small portion of their overall advertising budget with us. In order to increase the number of advertisers and increase the portion of the advertising budget that our existing advertisers spend with us, we must invest in new tools and technology and/or expand our sales force, and there can be no assurance that those efforts will be successful. The insights on user behavior we provide to advertisers may not yield effective results for the advertisers and may reduce or stop their spend on our platform. In addition, some advertisers may view some of our products or our platform as experimental and may devote only a small portion of their advertising spend to our platform unless we improve existing and develop new measurement tools that better demonstrate the effectiveness of our platform. In addition, many advertisers do not have advertising creative content in a format that would be successful on our platform and may be unable or unwilling to devote the technical or financial resources required to develop content for our platform. While we continue to develop and deploy tools to allow advertisers to create content for our platform, we may be unable to develop tools that effectively and efficiently meet the needs of advertisers. Advertisers will not do, or continue to do, business with us if they do not believe that advertisements on our platform are effective in meeting their campaign goals, if we cannot measure the effectiveness of our advertising products or if they do not believe that their investment in advertising with us will generate a competitive return relative to other alternatives.
A substantial portion of our revenue is derived from a small number of advertisers and is currently concentrated in certain verticals, particularly CPG and retail. We either contract directly with advertisers or with advertising agencies on behalf of advertisers. Many of these advertising agencies are owned by large media corporations that exercise varying degrees of control over the agencies. Our business, revenue and financial results could be harmed by the loss of, or a deterioration in our relationship with, any of our largest advertisers or with any advertising agencies or the large media corporations that control them.
In addition, a portion of our revenue is derived from partnerships with third-party advertising platforms. We may be unable to maintain these partnerships or identify and secure new partnerships on commercially reasonable terms. In addition, we may be exposed to reputational and other risks arising from our business association with these partners. Any of these events could harm our business, revenue and financial results.
Our advertising revenue could be harmed by many other factors, including:
•changes in the price of advertisements;
•our inability to create new products that sustain or increase the value of our advertisements;
•our inability to meet advertiser demand on our platform if we cannot increase the size and engagement of our user base;
•if our partnerships for third party advertisement demand do not yield expected business impact;
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•our inability to find the right balance between brand and performance advertising and provide the right products and platform to support the pricing and demand needed for each of the advertisers and their advertising objectives;
•changes in user demographics that make us less attractive to advertisers;
•our inability to make our ads more relevant and effective;
•any decision to serve contextually relevant advertisements when the price of relevant advertisements may be lower than other advertisements that we could show users that are less relevant;
•the availability, accuracy and utility of our analytics and measurement solutions that demonstrate the value of our advertisements, or our ability to further improve such tools;
•changes to our data privacy practices (including as a result of changes to laws, regulations, legal decisions, or third-party policies) that affect the type or manner of advertising that we are able to provide;
•our inability to collect and share data which new or existing advertisers find useful;
•competitive developments or advertiser perception of the value of our products;
•product changes or advertising inventory management decisions we make that change the type, size or frequency of advertisements on our platform;
•users that upload content or take other actions that are deemed to be hostile, inappropriate, illicit, objectionable, illegal or otherwise not consistent with our advertisers’ brands;
•the impact of invalid clicks or click fraud on our advertisements;
•the failure of our advertising auction mechanism to target and price ads effectively;
•difficulty and frustration from advertisers who may need to reformat or change their advertisements to comply with our guidelines or experience challenges uploading and conforming their advertisements with our system requirements;
•the macroeconomic conditions and the status of the advertising industry, such as fear of recession, inflation, supply chain issues, and inventory and labor shortages, which could cause businesses to spend less on advertising and/or direct their advertising spend to larger companies that offer more traditional and widely accepted advertising products;
•adverse publicity, whether or not accurate, relating to us or to social media platforms in general, may tarnish our reputation and erode advertisers’ confidence in our platform;
•laws that allow users to opt out of the use of personal data or restrict the use of personal data of teens, which may limit or prohibit us and our customers from targeting advertising to users, including teens; and
•the other risks and uncertainties described in this Quarterly Report on Form 10-Q.
These and other factors could reduce the amount that advertisers spend on our platform, or cause advertisers to stop advertising with us altogether. Any of these events could harm our business, revenue and financial results.
Our ecosystem of users and advertisers depends on our ability to attract, retain and engage our user base. If we fail to add new users or retain or recover users, or if users engage less with us, our business, revenue and financial results could be harmed.
We must attract, grow, retain and engage our users on our platform. Our active users may not grow, and may decline.
If current and potential users do not perceive their experience with our platform to be useful, or the content that we serve to them to be relevant to their personal taste and interests, we may not be able to attract new users, retain existing users, recover past users or maintain or increase the frequency and duration of users' engagement. User engagement has and will continue to fluctuate depending on factors beyond our control. For example, although we saw a higher number of users and higher user engagement during the peak of the COVID-19 pandemic in 2020, we experienced declines in the number of users and lower levels of user engagement as the COVID-19 pandemic subsided.
We anticipate that our active user growth rate will decline over time if the size of our active user base increases or we achieve higher market penetration rates. As a result, our financial performance will increasingly depend on our ability to increase user engagement and our monetization efforts. Our platform particularly resonates with women, who
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comprise a significant majority of our total user base. In addition, our platform also resonates with the younger generation, as Gen Z users represent a large portion of our user base. We may not be able to further increase the number of users in these demographics and may need to increase the number of users in other demographics, such as men and international users, in order to grow our users. Further, we may make changes to our product that makes it less attractive for a particular demographic.
There are many other factors that could negatively affect user growth, retention and engagement, including if:
•our competitors mimic our products or product features or create more engaging platforms or products, causing users to utilize their products instead of, or more frequently than, our products;
•we do not provide a compelling user experience because of the decisions we make regarding our products or the type and frequency of advertisements that we display;
•our content is not relevant to users’ personal taste and interests;
•search queries by users do not yield relevant results;
•third parties do not permit or continue to permit their content to be displayed on our platform;
•users have difficulty or are blocked from installing, updating or otherwise accessing our platform on mobile devices or web browsers;
•there are changes in the amount of time users spend across all applications and platforms, including ours;
•users use or spend more time on other platforms that they feel are more relevant or engaging in lieu of our platform;
•we are unable to attract creators or publishers to create engaging and relevant content on our platform;
•there is decreased engagement with our products, decreased efficiency of our advertising products, or failure to accept our terms of service as part of changes that we have implemented or may implement in the future, whether required or voluntarily, in connection with, for example, the EU General Data Protection Regulation (GDPR), the EU ePrivacy Directive, the EU Digital Services Act ("DSA"), the California Consumer Privacy Act as amended by the California Privacy Rights Act ("CCPA"), and other U.S. federal and state privacy, and youth and social media laws, among others;
•technical or other problems frustrate the user experience, particularly if those problems prevent us from delivering our service in a fast and reliable manner;
•we are unable to successfully educate users how to utilize new products and product features that we introduce, such as live stream content, video and shopping features;
•users are located in countries with low smartphone penetration or with lack of cellular based data network since our products typically require high bandwidth data capabilities;
•changes in regulations or our contractual arrangements that adversely impact our access to, and use of, zero-rating offers or other discounts or data usage for our platform;
•we are unable to address user and advertiser concerns regarding the content, privacy and security of our platform;
•we are unable to combat spam, harassment, cyberbullying, discriminatory, political or other harmful, hostile, inappropriate, misleading, abusive, offensive, or illegal content or usage on our products or services;
•users adopt new technologies that block our products or services or where our products or services may be displaced in favor of other products or services, or may not be featured or otherwise available;
•third-party initiatives that may enable greater use of our platform, including low-cost or discounted data plans, are discontinued;
•merchants on Pinterest do not provide users with positive shopping experiences, for example, if products are not of the quality depicted on the platform or not readily available for purchase;
•there are macro level conditions that are beyond our control, such as those arising from the end of the COVID-19 pandemic and public health emergency declarations that caused users to spend less time on our platform; or
•the other risks and uncertainties described in this Quarterly Report on Form 10-Q.
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Our ability to serve advertisements on our platform, and therefore the value proposition for our advertisers, depends on the size and engagement of our user base. Our growth efforts are not currently focused on increasing the number of daily active users, and we do not anticipate that most of our users will become daily active users. Therefore, even if we are able to increase demand for our advertising products, we may not be able to deliver those advertisements if we cannot also increase the size and engagement of our user base, which could harm our business, revenue and financial results.
Any decrease in user growth, retention or engagement could render our platform less attractive to users or advertisers, and could harm our business, revenue and financial results.
If we are not able to continue to provide content that is useful and relevant to users’ personal taste and interests or fail to take appropriate action on objectionable content or block objectionable practices by advertisers or third parties, user growth, retention or engagement could decline, which could result in the loss of advertisers and revenue.
Our success depends on our ability to provide users with content, including advertisements and shopping content, that is useful and relevant to their personal taste and interests, which in turn, depends on the content contributed by our users, creators, publishers, advertisers, merchants and other third party partners and the manner in which we present that content to users. We may not be able to effectively compete for content on our platform, may not be able to effectively partner with third party content publishers or may get content that is not relevant, useful or inspiring to our users.
Users engage with content that is relevant to their country, language and gender preferences as well as their personal interests and intent. We may not always correctly or timely identify and serve content that is useful and relevant to users. In addition, new content and new or different forms of content we distribute may not have as much relevancy signal for optimal distribution of the pins as prior content and forms of content that have been saved repeatedly on our platform, which may result in lower users engagement with such content. For example, we have invested in publishing native content and short form video content on our platform. User engagement has declined and may continue to decline as we continue to learn to distribute this native and short form video content efficiently and as users learn new ways to use and navigate our platform. As a result, we do not always provide adequate, useful or relevant content to our users. Content that is not visually pleasing, is not intuitive or easy to use or is not in the desired language may not be engaging for users, especially in non-U.S. markets. If users do not believe that we offer content that is useful and relevant to their personal taste and interests, user growth, retention or engagement may decline, which could result in the loss of advertisers and revenue.
Some of the actions that we may take to make our platform more positive and inspiring and make our content more useful and relevant may reduce traffic that we drive from our platform to the websites of third parties, which may reduce their willingness to contribute or continue availability of their content on our platform. We endeavor to keep divisive, disturbing or unsafe content off our platform. We do this by deactivating or limiting the distribution of certain types of content, even if this content would be permitted on other platforms, which could result in a decrease in user growth, retention or engagement. We apply significant judgment in making these determinations and may be unsuccessful in our efforts to remove this content in a manner that is (or is perceived to be) consistently applied and on a timely basis or at all, which could also result in a decrease in user growth, retention or engagement. Further, we may not be able to prevent users from misusing the content they discover on our platform, or misusing the platform itself, which may harm our brand and reputation and also deter users and advertisers from using our platform. If we fail to identify and keep off our platform advertisers and merchants who offer poor quality goods or fail to deliver goods to their customers, we may lose user confidence. In addition, controversies regarding content on other social media platforms, such as the boycott of Facebook and X (formerly Twitter) by some advertisers and the allegations of the impact of social media on the mental health of users, may impact user engagement and advertising spending on our platform, which could adversely affect our business and revenue. Any of these factors could decrease our user growth, retention or engagement.
We regularly monitor how our advertising affects users’ experiences in our effort to avoid delivering too many advertisements or irrelevant advertisements to users, and will, from time to time, change the number of advertisements or eliminate certain types of advertisements to maintain users’ satisfaction in the service. Further, advertisements may be placed near content that may not be relevant or inspiring which can deter advertisers from using our platform.
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From time to time, we make changes to our platform based on feedback provided by users or advertisers. These decisions may not produce the short-term or long-term benefits that we expect, in which case user growth, retention and engagement, our relationships with advertisers, and our business, revenue and financial results could be harmed.
If we are unable to collect and use data because of data privacy laws, regulations, and legal decisions, it could impact our ability to effectively deliver relevant content. These laws, regulations, and legal decisions may also impact our ability to expand advertising on our platform, as they may impede our ability to deliver targeted advertising and accurately measure our ad performance. Additionally, even if not prohibited by data privacy laws, regulations, and legal decisions, we may elect not to collect certain types of data if we believe doing so would be inconsistent with our users’ expectations, if the source is unreliable or for any other reason. These and other decisions we make related to data privacy, including with respect to the advertising performance measurement tools that we have developed and may develop in the future, may fall short of our users’ expectations, and even if we satisfy their expectations, the increase in media attention generally about online privacy and data protection may motivate users to take certain actions to protect their privacy. For these and other reasons, our users may elect not to allow data sharing or use. This could impact our ability to deliver relevant content aligned with users’ personal taste and interests. Additionally, the impact of these developments may disproportionately affect our business in comparison to certain peers in the technology sector that, by virtue of the scope and breadth of their operations or user base, have greater access to user data.
Since substantially all our revenue is generated from advertising, our inability to serve the volume of advertisements desired by our advertisers may deter new or existing advertisers from using our platform which could harm our business, revenue and financial results.
If we are unable to compete effectively for users, our business, revenue and financial results could be harmed.
We face significant competition to attract, retain and engage users and for their time and attention. We compete with consumer internet companies that are either tools (search, e-commerce, creator tools) or media (newsfeeds, video, social networks).
We compete with large, established companies and companies that offer widely used products, such as Amazon, Meta (including Instagram), Google (including YouTube), Snap, TikTok and X (formerly Twitter), which provide their users with a variety of online products, services, content (including video), and other offerings, and advertising offerings, including web search engines, social networks and other means of discovering, using or acquiring goods and services. Many of these competitors have longer operating histories, significantly greater financial, technical, research, marketing and other resources and larger user bases than we do. Many of these competitors also have access to larger volumes of data and platforms that are used on a more frequent basis than ours, which may enable them to better understand their user base and develop and deliver more relevant content.
Our competitors have previously and may continue to develop technology, products, services or interfaces that are similar to our existing and future products quickly and at scale, or that achieve greater market acceptance than our products, including by users, advertisers, creators, publishers and other third parties. We may face additional competition with the introduction of new technologies and market entrants. Some of our competitors also operate existing products that have significant market power in certain market sectors and could use that market power to advance their own products or services that compete with ours. For example, many of our competitors have introduced shopping platforms, expanded their video-based and live shopping experiences. These competitors may engage in more extensive research and development efforts and undertake more extensive marketing campaigns, which may allow them to build larger, more engaged user bases than ours. Also, some of our existing or potential competitors operate products or services from which we currently derive substantial value, such as search engines and email, and those competitors could reduce or eliminate the value and information we receive.
We also face competition from smaller companies in one or more high-value verticals that offer users engaging content and commerce opportunities through similar technology, products, features or services to ours. In addition, emerging startups may be able to innovate and provide technology, products, services or features similar to ours or before us.
Our competitors may be able to respond more quickly than we can to new or emerging technologies and changes in user preferences. Barriers to entry in our industry are low, and our intellectual property rights may not be sufficient to prevent competitors from launching comparable products or services.
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In emerging international markets, where mobile devices often lack large storage capabilities, we may also compete with other applications for the limited space available on a user’s mobile device.
In addition to the above, we believe that our ability to compete for users depends upon many factors both within and beyond our control, including:
•the usefulness, novelty, performance and reliability of our platform compared to those of our competitors;
•the timing and market acceptance of products, including the developments and enhancements to those products, offered by us or our competitors;
•our brand strength relative to our competitors; and
•the other risks and uncertainties described in this Quarterly Report on Form 10-Q.
If we are unable to compete effectively for advertisers, our business, revenue and financial results could be harmed.
We face significant competition for advertising revenue across a variety of formats. To compete effectively, we must enable our advertisers to easily create content and buy, forecast, optimize and measure the performance of advertising on our platform. In order to grow our revenue and improve our operating results, we must increase our share of advertising spend relative to our competitors, many of which are larger companies that offer more traditional and widely accepted advertising products, as well as more robust tools to measure the effectiveness of advertising campaigns.
Some of our larger competitors have substantially broader product or service offerings and leverage their relationships based on other products or services to gain additional share of advertising spend. They have large distributed sales forces and an increasing amount of control over mobile distribution channels. These competitors’ economies of scale allow them to have access to larger volumes of data and platforms that are used on a more frequent basis than ours, which may enable them to better understand their user base and develop and deliver more targeted advertising. They may not need to rely on third-party data, including data provided by advertisers, in order to effectively target the campaigns of advertisers, which could make their advertising products more attractive to advertisers than ours as third-party data becomes less available to us, whether because of regulatory changes, privacy concerns or other reasons. If we are unable to provide our advertisers with the ability to effectively target their advertising campaigns, or if our advertisers do not believe that our value proposition is as compelling as those of our competitors, we may not be able to attract new advertisers or retain existing ones, and our business, revenue and financial results could be harmed.
We believe that our ability to compete for advertisers depends upon many factors both within and beyond our control, including:
•sales, marketing, customer service and support efforts;
•first- and third-party data available to us relative to our competitors;
•ease of use, performance, price and reliability of solutions developed either by us or our competitors;
•the attractiveness and volume of our product and service offerings (including pricing and measurement tools) compared to those of our competitors;
•the strength of our advertiser relationships and offerings compared to those of our competitors;
•the ease with which our advertising products fit into existing advertiser budgets compared to those of our competitors;
•positions or actions taken by us, users, advertisers or other third parties that may impact our brand and reputation or the desirability of advertising on online platforms in general; and
•the other risks and uncertainties described in this Quarterly Report on Form 10-Q.
We may not be able to develop effective products and tools for advertisers.
Growth in our advertising revenue depends on our ability to continue to develop and offer effective products and tools for advertisers. New ad formats that take up more space on our platform may result in fewer impressions, which could adversely affect our revenue. As the advertising market generates and develops new concepts and technologies, we may incur additional costs to implement more effective products and tools. We may introduce changes to our existing
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ad products or develop and introduce new and unproven ad products with which we have little or no prior experience. For example, as we execute on our business strategy of transitioning to provide full funnel advertising solutions there is no guarantee that the lower funnel performance advertising solutions that we have developed and that we may develop in the future will be attractive to or effective for advertisers or that we will otherwise be successful in executing on this strategy. Each of these could result in unintended outcomes or results that are not well received by advertisers. In addition, if new or enhanced ad products fail to attract or retain advertisers, we may fail to generate sufficient revenue. Further, continuing to develop and improve these products and tools may require significant time and resources and additional investment. If we cannot continue to develop and improve our advertising products and tools in a timely fashion, or if our advertising products and tools are not well received by advertisers, our advertising revenue could be adversely affected.
If we do not develop successful new products or improve existing ones, our business may suffer. We may also invest in new products that fail to attract or retain users or generate revenue.
Our ability to grow, retain and engage our user base and therefore increase our revenue depends on our ability to successfully enhance our existing products and create new products, both independently and in conjunction with platform developers or other third parties, and to do so quickly. We may introduce significant changes to our existing products or develop and introduce new and unproven products with which we have little or no prior development or operating experience. Our focus on innovation and experimentation could result in unintended outcomes or decisions that are poorly received by users. If new or enhanced products fail to engage our users, we may fail to generate sufficient revenue, operating margin or other value to justify our investments, any of which could harm our business, revenue and financial results. We also may develop new products that may increase user engagement and costs that may not increase revenue or that may not be fully integrated into the user experience.
Further, our products often require users to learn new behaviors that may not always be intuitive to them. To the extent that new users are less willing to invest the time to learn to use our products, or if we are unable to make our products easier to learn to use, our user growth, retention or engagement could be affected, and our business, revenue and financial results could be harmed.
We continue to develop our international growth strategy and may not succeed in further expanding and monetizing our platform internationally and may be subject to increased international business and economic risks.
We continue to develop and evolve our international growth strategy and may adjust the way we expand our business operations outside the United States. We may limit our expansion or decrease our operations in certain international markets, including discontinuing advertising in those markets or not monetizing those markets at all, which could harm our reputation and business, revenue and financial results. Alternatively, we may enter new international markets and expand in existing markets where we have limited or no experience in deploying our service or selling advertisements. We may launch our advertising platform in countries where we do not have sales staffing in place, where market perception of our service and ad platform may be low or where our audience size in a given market may be low relative to advertiser expectations, all or any of which could limit our ability to monetize those countries. In addition, as part of our growth and monetization strategy in markets outside the United States, we are working to partner with local third-party sales organizations, which we refer to as resellers. However, there is no guarantee that resellers will choose to work with us or be willing to invest the time and resources required to train their staff to effectively sell our platform or that this strategy will be successful to increase average revenue per user in these markets. Further, in order to expand successfully, we need to offer content and products that are customized and relevant to local users and advertisers, which requires significant investment of time and resources.
We are subject to a variety of risks inherent in doing business internationally, and our exposure to these risks will increase as we continue to expand our operations, user base and advertiser base globally. These risks include:
•political, social and economic instability, including armed conflict or hostilities, such as Russia's invasion of Ukraine and the war in the Middle East;
•selective or inconsistent government regulatory action or enforcement;
•fluctuations in currency exchange rates and restrictions on currency conversions;
•higher levels of credit risk and payment fraud;
•enhanced difficulties of integrating any foreign acquisitions;
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•reduced protection for intellectual property rights in some countries;
•difficulties in staffing and managing global operations and the increased travel, infrastructure and legal and tax compliance costs associated with multiple international locations and subsidiaries;
•different regulations and practices with respect to employee/employer relationships, existence of workers’ councils and labor unions, and other challenges caused by distance, language and cultural differences, making it harder to do business in certain international jurisdictions;
•increasing labor costs due to high wage inflation in certain international jurisdictions;
•compliance with statutory requirements relating to our equity;
•regulations that might add difficulties in repatriating cash earned outside the United States and otherwise prevent us from freely moving cash;
•import and export controls and restrictions and changes in trade regulations, including sanctions;
•compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar laws in other jurisdictions;
•compliance with laws governing supply chains and related business operations;
•compliance with environmental, social and governance (ESG) laws and with GDPR and similar data privacy and data protection laws;
•compliance with laws that might restrict content or advertising (such as laws intended to protect teens), require us to provide user information, including confidential information, to local authorities or add significant requirements that make it difficult to operate in that jurisdiction;
•macroeconomic conditions, such as inflation and labor shortage which had an impact on the pace of our global expansion;
•compliance with multiple tax jurisdictions and management of tax impact of global operations; and
•the other risks and uncertainties described in this Quarterly Report on Form 10-Q.
If we are unable to execute our strategy on international growth and manage the complexity of global operations successfully, our business, revenue and financial results could be harmed.
We may not be able to effectively manage the growth of our business.
Although we have experienced rapid growth and demand for our product in our initial years, we have not seen the same level of rapid growth more recently and cannot assure you that our business will grow at these same rates or at all. The growth and expansion of our business and product offerings and the increase in full-time employees place significant challenges on our management, operational and financial resources, including managing multiple relationships with users, creators, publishers, advertisers, technology licensors and other third parties. If we continue to grow our operations or the number of our third-party relationships, our technology systems, procedures or internal controls may not be adequate. Advancements in technology such as AI and machine learning are changing the way people work by automating tasks, enhancing communication, and improving decision-making processes, and our business may be harmed or we may face competitive disadvantage if we are slow to adopt these new technologies. Further, we may not be able to continue to develop or maintain a long -term growth strategy or execute the strategy effectively, which may harm our business, revenue and financial results. Further, due to challenging macroeconomic conditions, we may make decisions to save costs in certain ways that adversely affect our business, operations, revenue and financial results.
Over the years, our organization has grown in number of employees and offices. We utilize a flexible work model and, as a result, a majority of our employees work remotely. Accordingly, we are required to implement more complex organizational management structures. We may also find it increasingly difficult to preserve our workplace culture, which could impact our ability to quickly develop and launch new and innovative products and adequately oversee employees and business functions. This is particularly true as we continue our flexible work model. Our inability to effectively manage the growth of our organization may harm our business, revenue and financial results.
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We make decisions consistent with our mission and values that may reduce our short- or medium-term operating results.
Our mission—to bring everyone the inspiration to create a life they love—and company values are integral to everything we do. We frequently make decisions regarding our business and platform in accordance with our mission and values that may reduce our short- or medium-term operating results if we believe those decisions will improve the experiences of users, advertisers, content creators, employees or our community, and therefore benefit our business. For example, we may choose to remove content that we have determined does not create an inspiring and positive experience for users or revise our policies in ways that decrease user engagement. These decisions may not be consistent with the expectations of investors and any longer-term benefits may not materialize within the time frame we expect or at all, any of which could harm our business, revenue and financial results.
We may acquire other businesses, talent or technology, which could require significant management attention, disrupt our business, dilute stockholder value and harm our business, revenue and financial results.
As part of our business strategy, we have made and intend to make acquisitions to add specialized employees and complementary companies, products or technologies. Our previous and future acquisitions may not achieve our goals, and we may not realize benefits from acquisitions we make in the future. Any acquisitions, including the integration process will require significant time and resources, and we may not be able to manage the process successfully. If we fail to successfully integrate acquisitions, or the personnel or technologies associated with those acquisitions, the business, revenue and financial results of the combined company could be harmed. Our acquisition strategy may change over time and future acquisitions we complete could be viewed negatively by users, advertisers, investors or other parties with whom we do business. We may not successfully evaluate or utilize the acquired technology and accurately forecast the financial impact of an acquisition, including accounting charges. We may also incur unanticipated liabilities that we assume as a result of acquiring companies. We may have to pay cash, incur debt or issue equity securities to pay for any such acquisition, each of which could affect our financial condition or the value of our securities. We would expect to finance any future acquisitions through a combination of additional issuances of equity, corporate indebtedness, asset-backed acquisition financing or cash from operations. The sale of equity to finance any such acquisitions could result in dilution to our stockholders. The incurrence of indebtedness would result in increased fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations. In the future, we may not be able to find other suitable acquisition candidates, and we may not be able to complete acquisitions on favorable terms, if at all. Our acquisition strategy could require significant management attention, disrupt our business and harm our business, revenue and financial results.
Our business depends on a strong brand and reputation, and if we are unable to maintain and enhance our brand and reputation, our ability to expand our user and advertiser base will be impaired and our business, revenue and financial results could be harmed.
We believe that our brand, identity and reputation have significantly contributed to the success of our business. We also believe that maintaining and enhancing the “Pinterest” brand and reputation is critical to retaining and growing our user, creator, publisher and advertiser base. Maintaining and enhancing our brand and reputation depends largely on our continued ability to provide high-quality, relevant, reliable, trustworthy and innovative products, which may require substantial investment and may not be successful. From time to time, we introduce new products or updates to existing products that require users to agree to new terms of service that users may not like, which may negatively affect our brand and reputation. Additionally, advertisements or actions of our advertisers may affect our brand and reputation if users do not think the advertisements help them accomplish their objectives, or view the advertisements as intrusive, annoying or misleading or have poor experiences with our advertisers. In addition, our brand, identity and reputation may be adversely affected by perceptions of social media platforms in general, including perceptions resulting from factors unrelated to the company’s actions or the content or actions of users, such as the boycott of Facebook and X (formerly Twitter) by some advertisers or allegations of the impact of social media on the mental health of users.
Our brand and reputation can also be negatively affected by the content or actions of our users that are deemed to be hostile or inappropriate to other users, by the actions of our users acting under false or inauthentic identities, by the use of our products or services to disseminate information that is deemed to be misleading, or by the use of our platform for illicit, illegal or objectionable ends. We also may fail to respond expeditiously to the sharing of illegal, illicit or objectionable content on our platform or objectionable practices by advertisers, or to otherwise address user or advertiser concerns, which could erode confidence in our brand and damage our reputation. We expect that our ability
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to identify and respond to this content in a consistently applied manner and on a timely basis or at all may decrease as the number of users grows, as the amount of content on the platform increases or as we expand our product and service offerings, such as video and live streaming content. Any governmental or regulatory inquiry, investigation or action, including based on the appearance of illegal, illicit or objectionable content on our platform, our business practices, or failure to comply with laws and regulations, could damage our brand and reputation, regardless of the outcome.
We have experienced, and expect to continue to experience, media, legislative, governmental, regulatory, investor and other third-party scrutiny of our decisions. Any scrutiny, inquiry, investigation or action, including regarding our data privacy, copyright, content, employment or other practices, workplace culture, charitable giving, product changes, product quality, litigation or regulatory action or regarding the actions of our employees, users or advertisers or other issues, may harm our brand and reputation. In addition, scrutiny of other companies in our industry, including their impact on user “screen time” or their content policies or data privacy practices, could also have a negative impact on our brand and reputation. These concerns, whether actual or unfounded, may also deter users, creators, publishers or advertisers from using our platform.
Adverse publicity, regardless of its accuracy, relating to events or activities attributed to us, our employees, third-party vendors, users, creators, publishers or our advertisers, or to social media platforms in general, may tarnish our reputation and reduce the value of our brand. If we fail to promote and maintain the “Pinterest” brand or preserve our reputation, or if we incur excessive expenses in this effort, our business, revenue and financial results could be harmed.
Continued development and use of AI may result in reputational harm, liability, or other adverse consequences to our business operations.
We use machine learning and AI technologies in our products and services, and we are making investments in expanding our AI capabilities, including ongoing deployment and improvement of existing machine learning and AI technologies, as well as developing new product features using AI technologies. There are significant risks involved in developing and deploying AI and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business, including our profitability. AI technologies are complex and rapidly evolving, and we face significant potential disruption from other companies as well as an evolving regulatory landscape. The continued integration of any AI technologies into our products can result in new or enhanced governmental or regulatory scrutiny, intellectual property claims, litigation, confidentiality or security risks, ethical concerns, negative user perceptions as to automation and AI, or other complications that could adversely affect our business, reputation, or financial results. As a result of the complexity and rapid development of AI, it is also the subject of evolving review by various U.S. governmental and regulatory agencies, and other foreign jurisdictions are applying, or are considering applying, their platform moderation, intellectual property, cybersecurity, and data protection laws to AI and/or are considering general legal frameworks on AI. For example, the EU AI Act recently came into effect and gives companies one to three years to comply with its various requirements which are principally focused on creating transparency with respect to generative AI systems and AI-generated content. Penalties for non-compliance with the EU AI Act include fines as high as 7% of a violating company’s global annual revenue. We may not always be able to anticipate the necessary response to these frameworks given they are still rapidly evolving. We may also have to expend resources to adjust our product or service offerings in certain jurisdictions if the legal frameworks governing the use of AI are not consistent across jurisdictions.
Uncertainty around new and emerging AI technologies, such as generative AI, may require additional investment in the development of appropriate protections and safeguards for handling the use of data with AI technologies, which may be costly and could impact our expenses as we expand the use of AI into our product or service offerings. AI technologies, including generative AI, may create content that is factually inaccurate or flawed, or otherwise unlawful, harmful or policy-violating. Such content may expose us to brand or reputational harm and/or legal liability. It is also uncertain how various laws related to online services, intermediary liability, copyright and other issues will apply to content generated by AI. For example, we use generative AI which, despite our best efforts, may generate content that is not relevant or useful to our users and can subject us to risks related to harmful content, accuracy, bias, discrimination, toxicity, intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity, and sanctions and export controls, among others. The use of certain AI technologies presents emerging ethical and social issues, and if we offer solutions that draw scrutiny or controversy due to their perceived or actual impact on users or on society as a whole, we may experience brand or reputational harm, competitive harm, and/or legal liability. As such, it is not possible to predict all of the risks related to the use of AI, and developments in regulatory
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frameworks governing the use of AI, including restrictions around the collection and use of data, and in related stakeholder expectations may adversely affect our ability to develop and use AI or subject us to liability.
Risks Related to Data, Security and Privacy
If our security is compromised, or users or advertisers believe our security has been compromised, we could lose the trust of users, creators, publishers and advertisers who may use our platform less or may stop using our platform altogether, which could harm our business, revenue and financial results.
As a social media company we are frequently targeted by cybersecurity attacks because we receive, process, use, store, and share digitally large amounts of data, including user data as well as confidential, sensitive, proprietary, and personal information in the ordinary course of our business. There can be no assurance that any cybersecurity attack or incident will not be material or ultimately result in significant legal, financial, and reputational harm, including government inquiries, enforcement actions, litigation, and negative publicity. Our efforts to protect our internal data or the information that users, creators, publishers and advertisers and other partners have shared with us may be unsuccessful due to the actions of third parties, software bugs, misconfigurations, vulnerabilities or other technical malfunctions, cybersecurity attacks, employee error or malfeasance, hacking, ransomware, viruses or other factors. In addition, third parties have in the past and may in the future attempt to induce our personnel, users, creators, publishers, advertisers or vendors to disclose information to gain access to our data, advertisers' data or users’ data. Further, because the login credentials or passwords employed by users to access our platform may be similar to or the same as the ones that they use in connection with other platforms or websites, a breach in the security of those platforms or websites can allow third parties to gain unauthorized access to users’ accounts on our platform. If any of the events described above occur, our information or personnel's, users', creators', publishers' or advertisers' information could be accessed or disclosed improperly. If a third-party gains unauthorized access to our platform, they may, among other things, post malicious spam and other content on our platform using a user’s, creator's, publishers' or advertiser’s account, which could negatively affect our platform, reputation, and business.
Some third parties, including advertisers and vendors, store information that we share with them on their networks. If these third parties fail to implement adequate data-security practices or fail to comply with our terms and policies, users’ data may be improperly accessed, used or disclosed. Even if these third parties take all the necessary precautions, their networks may still suffer a breach, which could compromise the data we share with them.
Any incidents where personnel's, users’, creators', publishers', advertisers' or our information is accessed without authorization or is improperly used, or incidents that violate our privacy policy, terms of service or other policies, or the perception that an incident has occurred, could damage our brand and reputation, adversely impact our competitive position and result in significant costs. We may be required or choose to notify government authorities or affected personnel or users regarding security incidents, and government authorities or affected personnel, users, creators, publishers or advertisers could initiate legal or regulatory action against us over those incidents, which could cause us to incur significant expense and liability or result in orders or consent decrees forcing us to modify our business practices.
It may be difficult and costly to detect, investigate, mitigate, contain, and remediate a cybersecurity incident and our efforts to do so may not be successful. Actions taken by us or the third parties with whom we work to detect, investigate, mitigate, contain, and remediate a security incident could result in outages, data losses, and disruptions of our business. Threat actors may also gain access to other networks and systems after a compromise of our networks and systems. Further, there can be no assurance that our insurance coverage will be sufficient to compensate for related losses resulting from a cybersecurity incident.
In addition, we may expend significant resources or modify our business activities to adopt additional measures designed to protect against security incidents. Certain data privacy and security obligations require us to implement and maintain specific security measures or industry-standard or reasonable security measures to protect our systems and sensitive information. While we have implemented security measures designed to protect against security incidents, there can be no assurance that these measures will be effective.
Maintaining the trust of users, creators, publishers and advertisers is important to sustain user and advertiser growth, retention and engagement, and we may incur significant costs in an effort to detect and prevent security incidents. Concerns over our information security or data privacy practices, whether actual or unfounded, can subject us to negative publicity and damage our brand and reputation and deter users, creators, publishers and advertisers from using our platform. Any of these occurrences could harm our business, revenue and financial results.
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Our ability to attract and retain advertisers depends on our ability to collect and use data and develop tools to enable us to effectively deliver and accurately measure advertisements on our platform.
Most advertisers rely on tools that measure the effectiveness of their ad campaigns in order to allocate their advertising spend among various formats and platforms. If we are unable to measure the effectiveness of advertising on our platform or we are unable to convince advertisers that our platform should be part of a larger advertising budget, our ability to increase the demand and pricing of our advertising products and maintain or scale our revenue may be limited. Our tools may be less developed than those of other platforms with which we compete for advertising spend. Therefore, our ability to develop and offer tools that accurately measure the effectiveness of a campaign on our platform is critical to our ability to attract new advertisers and retain, and increase spend from, our existing advertisers.
We are continuing to develop and improve these tools and such efforts have and are likely to continue to require significant time and resources and additional investment, and in some cases we have relied on and may in the future rely on third parties to provide data and technology needed to provide certain measurement data to our advertisers. If we cannot continue to develop and improve our advertising tools in a timely fashion, those tools are not reliable, or the measurement results are inconsistent with advertiser goals, our advertising revenue could be adversely affected.
Many existing advertiser tools that measure the effectiveness of advertising do not account for the role of advertising early in a user's decision-making process, which is when many users come to our platform. Instead, these tools measure the last ad or content that was exposed to the user that gets credit for influencing any user’s purchase or action. As a result, we may not be able to demonstrate and measure for our advertisers the value of engaging with a user during the early intent phase.
In addition, web and mobile browser developers, such as Apple, Microsoft or Google, have implemented and may continue to implement changes, including requiring additional user permissions, in their browser or device operating system that impair our ability to measure and improve the effectiveness of advertising on our platform. Such changes include, limiting the use of first-party and third-party cookies and related tracking technologies, such as mobile advertising identifiers, and other changes that limit our ability to collect information that allows us to attribute user actions on advertisers’ websites to the effectiveness of advertising campaigns run on our platform. For example, Apple launched its Intelligent Tracking Prevention (“ITP”) feature in its Safari browser. ITP blocks some or all third-party cookies by default on mobile and desktop and ITP has become increasingly restrictive over time. Apple's related Privacy-Preserving Ad Click attribution ("PPAC"), intended to preserve some of the functionality lost with ITP, would limit cross-site and cross-device attribution, prevent measurement outside a narrowly-defined attribution window, and prevent ad re-targeting and optimization. Further, Apple implemented certain changes, including introducing an AppTrackingTransparency framework that limits the ability of mobile applications to request an iOS device’s advertising identifier and affects our ability to track user actions off our platform and connect their interactions with on-platform advertising.
In addition, third-parties, such as Apple, Microsoft or Google, have implemented and may continue to implement changes and restrictions in browser or device functionality including by limiting the use of cookies, or that limit our ability to communicate with or understand the identity of our users.
All these restrictions described above make it more difficult for us to provide the most relevant ads to our users, measure the effectiveness of, and to re-target and optimize, advertising on our platform. We have developed the Pinterest Conversions API and other measurement tools to address these restrictions, which are all designed to mitigate loss of conversion signal. However, there is no guarantee that advertisers will use this technology or future technologies that we develop, or that these technologies will otherwise be effective to improve conversion visibility and enable the use of conversion data for retargeting in future advertising campaigns. Advertisers may also prioritize integrations with larger platforms due to larger spend concentration. All of this may result in advertisers spending less or not at all, on our platform and prefer larger platforms like Facebook and Google that have more capabilities to help advertisers measure their conversions.
Developers may release additional technology that further inhibits our ability to collect data that allows us to measure the effectiveness of advertising on our platform. Any other restriction, whether by law, regulation, policy (including third-party policies) or otherwise, on our ability to collect and share data that our advertisers find useful, our ability to use or benefit from tracking and measurement technologies, including cookies, or that further reduces our ability to measure the effectiveness of advertising on our platform would impede our ability to attract, grow and retain advertisers. Advertisers and other third parties who provide data that helps us deliver personalized, relevant
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advertising may restrict or stop sharing this data. If they stop sharing this data with us, it may not be possible for us to collect this data within the product or from another source.
We rely heavily on our ability to collect and share data and metrics for our advertisers to help new and existing advertisers understand the performance of advertising campaigns. If advertisers do not perceive our metrics to be accurate representations of our user base and user engagement, or if we discover inaccuracies in our metrics, they may be less willing to allocate their budgets or resources to our platform, which could harm our business, revenue and financial results.
We receive, process, store, use and share data, some of which contains personal information, which subjects us to complex and evolving governmental regulation and other legal obligations related to data privacy, data protection and other matters, which are subject to change and uncertain interpretation.
We receive, process, store, use and share data, some of which contains personal information. There are numerous federal, state, local and foreign laws and regulations regarding matters central to our business, data privacy and the collection, storing, sharing, use, processing, disclosure and protection of personal information and other data from users, employees and business partners, the scope of which are regularly changing, subject to uncertain and differing interpretations and may be inconsistent among countries or states or conflict with other rules.
The application and interpretation of these laws and regulations are often uncertain, particularly in the new and rapidly evolving industry in which we operate, and as the focus on data privacy and data protection increases globally, we are, and will continue to be, subject to varied and evolving data privacy and data protection laws. We are subject to GDPR which expands the rights of individuals to control how their personal data is processed, includes restrictions on the use of personal data of children, creates new regulatory and operational requirements for processing personal data (in particular in case of a data breach), increases requirements for security and confidentiality, restricts transfers of data outside of the European Economic Area and provides for significant penalties for non-compliance, including fines of up to 4% of global annual turnover for the preceding financial year or €20 million (whichever is higher) for the most serious infringements. Additionally, we have historically relied upon multiple legally valid transfer mechanisms to transfer certain personal data outside of the European Economic Area, including the EU-U.S. Privacy Shield Framework and Standard Contractual Clauses (SCCs). The Court of Justice of the European Union ruled that the EU-U.S. Privacy Shield is an invalid transfer mechanism, but upheld the validity of the SCCs subject to future elaboration of additional safeguards by regulators such as specific “supplemental measures” that should be undertaken to protect EU data subjects. While the EU Commission has approved a new EU-U.S Data Privacy Framework, which Pinterest has applied to join, the validity of data transfer mechanisms and additional safeguards remains subject to legal, regulatory, and political review and developments in both Europe and the U.S. The invalidation of data transfer mechanisms, or the potential invalidation of additional safeguards could have a significant adverse impact on our ability to process and transfer the personal data of EEA users outside of the European Economic Area. The State of California enacted the CCPA which requires companies that process information of California residents to make new disclosures to consumers about their data collection, use and sharing practices, allows consumers to opt out of certain data sharing with third parties and provides a new cause of action for data breaches. Additionally, the California Privacy Rights Act ("CPRA") which went into effect in 2023 and significantly modifies the CCPA, has led to further uncertainty and requires us to incur additional costs and expenses. Other states have also enacted privacy laws similar to the CCPA, which became operative recently or will become operative in the next few years, with these providing consumers with similar abilities to opt-out of certain data sharing and to limit the use of certain data for targeted advertising. Additionally, the Federal Trade Commission and many state attorneys general are interpreting federal and state consumer protection laws to impose standards for the online collection, use, dissemination and security of data. The burdens imposed by these and other laws and regulations that may be enacted, or new interpretations of existing laws and regulations, may require us to modify our data processing practices and policies and to incur substantial costs in order to comply and may disproportionately affect our business in comparison to our peers that have greater resources. These laws and regulations may also impact our ability to expand advertising on our platform internationally, as they may impede our ability to deliver targeted advertising and accurately measure our ad performance.
In addition, the privacy of teens’ personal data collected online, and use of commercial websites, applications, online services, or other interactive platforms, generally, are also becoming increasingly scrutinized. Regulations focused on online safety and protection of teens’ privacy online may require us to change our services and incur costs to do so. Moreover, various laws to restrict or govern the use of commercial websites, applications, online services, or other interactive platforms by teens have passed or have been proposed, including laws prohibiting showing teens advertising, requiring age verification, limiting the use of teens’ personal data, and requiring parental consent or
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providing for other parental rights. These laws may be, or in some cases already have been, subject to legal challenges and changing interpretations, which may further complicate our efforts to comply with laws applicable to us. These new laws may result in restrictions on the use of certain of our products or services by teens, the inability to offer certain products and services to teens, decrease DAUs or user engagement in those jurisdictions, require changes to our products and services to achieve compliance, decrease our advertising and subscription revenue, and increase legal risk and compliance costs for us and our third-party partners, any of which could seriously harm our business.
Any failure or perceived failure by us to comply with our privacy policies, data privacy-related obligations to users or other third parties, or our data privacy-related legal obligations, or any compromise of security that results in the unauthorized release or transfer of personally identifiable information or other user data, or other failure to comply with these laws and regulations, or regulatory scrutiny, can result in governmental enforcement actions or litigation that could expose our business to substantial financial penalties, or other monetary or non-monetary relief, negative publicity, loss of confidence in our products, decline in user or advertiser growth or damage to our brand and reputation. Companies in the technology industry have recently experienced increased regulatory scrutiny relating to data privacy and data protection, and we have become subject to enhanced scrutiny and enforcement actions from regulators to ensure compliance with data privacy and data protection laws and regulations. The GDPR, CCPA and other such laws and regulations impose new and burdensome obligations, and include substantial uncertainty as to their interpretation, and we are subject to challenges in addressing their requirements, which could result in fines or penalties, lead us to change our data privacy policies and practices, how our product currently operates, and limit our ability to deliver personalized advertising by, for example, requiring users to opt-in to personalized advertising. Public statements and complaints against us by consumer advocacy groups or others could also cause users to lose trust in us, which could result in declines in user growth, retention or engagement and have an adverse effect on our brand, reputation and business. Additionally, if third parties that we work with, such as advertisers, service providers or developers, violate applicable laws or our policies, these violations may also put users’ information at risk and could in turn have an adverse effect on our business, revenue and financial results.
Any significant change to applicable laws, regulations or industry practices, or to interpretations of existing laws and regulations, regarding the use or disclosure of users’ data, or regarding requirements around obtaining consent from users for the use and disclosure of such data, could require us to modify our products to allow for limited data use, possibly in a material manner, and may limit our ability to develop new products that make use of the data that users voluntarily share. There currently are a number of proposals pending before federal, state and foreign legislative and regulatory bodies. In addition, some countries are considering or have passed legislation implementing data protection requirements or requiring local storage and processing of data or similar requirements that could increase the cost and complexity of delivering our service, particularly as we expand our operations internationally.
Risks Related to our Business Operations
Our business depends on our ability to maintain and scale our technology infrastructure, including speed and availability of our service.
Our reputation and ability to attract, retain and serve users, content creators and advertisers are dependent upon the reliable performance of our service and our underlying technology infrastructure and content delivery processes. From time to time, we experience interruptions in or disruptions of our systems. If our platform is unavailable when users, content creators or advertisers attempt to access it, if it does not load as quickly as they expect or if their content is not saved, users may not return to our platform as often in the future, or at all.
Our advertisers must be able to easily buy, forecast, optimize and measure the performance of ads on a responsive and stable platform. Advertisers will not continue to do business with us if our technology infrastructure is not reliable. Our systems may not be adequately designed with the necessary reliability and redundancy to avoid performance delays or outages that could harm our business. Our systems may not be adequately designed to avoid performance delays or outages. For example, our engineering teams' broad access to our systems is designed for speed and release velocity, which increases the risk of disruptive intentional and unintentional (and potentially premature) updates and changes being made directly to our live platforms and services. As our user, content creator and advertiser base and the volume and types of information shared on our service continue to grow, we will need an increasing amount of technology infrastructure, including network capacity and computing power, to continue to satisfy the needs of users, content creators and advertisers, which could increase our costs. Failure to effectively scale and grow our technology infrastructure to accommodate these increased demands could harm our business, revenue and financial results. Further, in the event of a systems failure, employee error, failure or interruption of services by AWS,
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or malicious intent by employees or third parties, we may lose all or substantial amounts of data and we may not be able to recover such data quickly or at all. Such loss of data could adversely affect our business and financial results.
In addition, our systems and operations are vulnerable to damage, delays or interruptions from fire, flood, power loss, telecommunications failure, spikes in usage volume, epidemics, pandemic and other public health emergencies, terrorist attacks, acts of war, earthquakes, the effects of climate change and other events beyond our control. We are particularly vulnerable to these types of events because our cloud computing infrastructure is currently located in one geographic region. In addition, the substantial majority of our employees are located in California, which has historically experienced, and may continue to experience, climate-related events including drought and water scarcity, warmer temperatures, wildfires and air quality impacts and power shut-offs. If there is a catastrophic failure involving our systems or major disruptive event affecting our headquarters or the San Francisco area in general, we may be unable to operate our service. Although we maintain crisis management and disaster response plans, such events could make it difficult or impossible for us to deliver our services and could cause us to incur substantial expense. Climate-related events, including the increasing frequency of extreme weather events and their impact, have the potential to disrupt our business and/or the business of our third-party suppliers and partners.
A substantial portion of our technology infrastructure is provided by third parties. Any disruption or failure in the services we receive from these providers could harm our ability to handle existing or increased traffic or cause our platform to become unavailable, which could harm our business. We exercise little control over these providers and have limited line of sight into their governance, and any financial or other difficulties these providers face may harm our business.
The occurrence of any of the foregoing risks could result in damage to our systems and hardware or could cause them to fail completely, and our insurance may not cover such risks or may be insufficient to compensate us for losses that may occur. These events may result in distraction of management, loss of revenue and costs from litigation and enforcement. In addition, they could also result in significant expense to repair or replace damaged facilities and remedy resultant data loss or corruption. A prolonged interruption in the availability or reduction in the speed or other functionality of our products could materially harm our reputation and business.
The failure to attract and retain highly qualified personnel, or loss of one or more of our key personnel, could harm our business, revenue and financial results.
We currently depend on the continued services and performance of our key personnel, including William Ready and others. Mr. Ready's employment, and the employment of our other key personnel, is at will, which means they may resign or be terminated for any reason at any time. Similarly, Mr. Silbermann is currently non-executive Chair of the Board and may resign at any time. In addition, much of our key technology and systems are custom-made for our business by our personnel. The loss of key personnel, including key members of management as well as our key engineering, design, marketing, sales and product development personnel, could disrupt our operations and harm our business. This risk is particularly heightened in an environment where companies, including us, slow down hiring or reduce their workforce and will continue to find ways to further reduce costs due to macroeconomic conditions.
In addition, it is important to our business to attract and retain highly talented personnel, particularly engineers with expertise in computer vision, AI and machine learning. We have found and may continue to find our recruiting and retention efforts more challenging because the marketplace for talent is highly competitive. The incentives provided by our stock option grants, restricted stock grants and restricted stock unit grants, or by other compensation and benefits arrangements, may not be effective to attract and retain employees, especially as a result of continued fluctuations in our stock price. We may also be required to enhance wages, benefits and non-equity incentives. If we are unable to meet employees and potential employees' expectations, we may experience difficulties attracting and retaining personnel.
Further, our ongoing efforts to address workplace culture concerns (including to meet the goals we set in our Inclusion and Diversity Reports), implement the recommendations of the Special Committee of our Board and the terms of the settlement agreement with respect to certain derivative lawsuits and resolve certain related allegations or claims have resulted in, and will continue to result in, increased costs, as well as consuming management's time and attention. Further, if our efforts are unsuccessful, we may not be able to attract and retain talent, we may be subject to investigations, litigation and other proceedings and our brand and reputation and stock price may be harmed.
We currently have a flexible work model which provides for a more distributed workforce. Our work strategy, including our efforts related to employee onboarding, training and development and retention may not be successful. Further, our work strategy may continue to evolve and may not meet the needs of our existing and potential future employees
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and they may prefer work models offered by other companies. If we do not succeed in attracting and retaining highly qualified personnel or the financial resources required to do so increase, we may not be able to meet our business objectives, and our business, revenue and financial results could be harmed.
Risks Arising from our Reliance on Third Parties
We depend in part on online application stores and internet search engines to direct traffic and refer new users to our platform. When these online application stores or search engines’ methodologies and policies are modified or enforced in ways we do not anticipate, or when our search results page rankings decline for other reasons, traffic to our platform or user growth, retention and engagement has declined and could decline in the future, any of which could harm our business, revenue and financial results.
We depend in part on internet search engines, such as Bing, Google and Yahoo!, to direct a significant amount of traffic to our platform. For example, when a user types a query into a search engine, we may receive traffic and acquire new users when those search results include Pins, boards, users and other features of our platform that cause the user to click on the Pinterest result or create a Pinterest account. These actions grow our users due to signups of new users and increase retention and engagement of existing users.
Our ability to maintain and increase the number of users directed to our platform from search engines is not within our control. Search engines, such as Google, have and may continue to modify their search algorithms (including what content they index and the format in which content is indexed) and policies or enforce those policies in ways that are detrimental to us, that we are not able to predict or without prior notice. When that occurs, we have in the past and expect to experience in the future, declines or de-indexing in the organic search ranking of certain Pinterest search results or negative impacts due to the format in which our search results appear, leading to a decrease in traffic to our platform, new user signups and existing user retention and engagement. We have experienced declines in traffic and user growth as a result of these changes in the past, and anticipate fluctuations as a result of such actions in the future. For example, changes to search engine algorithms have in the past and may in the future negatively impact traffic and user sign-ups. Our ability to appeal these actions is limited, and we may not be able to revise our search engine optimization (“SEO”) strategies to recover the loss in traffic or users resulting from such actions. In addition, changes in policies or their enforcement may not apply in the same manner to our competitors, or our competitors’ SEO strategies to retain and attract users may be more successful than ours. In addition, certain third parties offer browser extensions that give users the option to remove Pinterest from their search engine recommendations. Further, some of these search engines are owned by companies that compete with various aspects of our business. When email platforms, such as Google, change their policies related to the placement of our emails in users' inboxes, it can affect the open and click rate of our emails. Such changes have led to and may lead to a decrease in traffic to our platform, new user signups and existing user retention and engagement. To offset some of the impact on our user growth, we have and may continue to increase our investment in other growth strategies, such as paid marketing or other initiatives that drive user acquisition, which may cost more and be less effective. Any significant reduction in the number of users directed to our website or mobile application from search engines or email could harm our business, revenue and financial results.
In addition, we also rely on certain major online stores for distribution of our application. If these application store providers modify or implement new terms, we may be required to modify our product to maintain our ability to remain in that application store. Such requirements or our inability to meet such requirements could harm our business, revenue and financial results.
We allow users to authenticate with our service through third-party login providers. If these third parties discontinue these tools or experience a breach or outage in their platform or web browser developers make changes that restrict the use of these tools, user retention, growth or engagement could decline, and our business, revenue and financial results could be harmed.
A significant number of users access their accounts on our platform using a third-party login provider such as Facebook, Apple or Google. If security on those platforms is compromised, if users are locked out from their accounts on those platforms or if those platforms experience an outage or otherwise institute policies that prevent users from accessing their accounts on our platform through those logins, users may be unable to access our platform. In addition, third-party log-in providers may institute policies that restrict us from both communicating with users or identifying users. As a result of these actions, user growth, retention and engagement on our platform has been and could be adversely affected in the future, even if for a temporary period. Additionally, if Facebook or Google discontinue their identity services or experience an outage, then we may lose and be unable to recover users
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previously using this function, and our user growth or engagement could decline. Any of these events could harm our business, revenue and financial results.
We depend on AWS for the vast majority of our compute, storage, data transfer and other services. Any disruption of, degradation in or interference with our use of AWS could negatively affect our operations and harm our business, revenue and financial results.
AWS provides the cloud computing infrastructure we use to host our website, mobile application and many of the internal tools we use to operate our business. We have a long-term commitment with AWS. Under the agreement with AWS, in return for negotiated concessions, we currently are required to maintain a substantial majority of our monthly usage of certain compute, storage, data transfer and other services on AWS. This agreement is terminable only under certain conditions, including by either party following the other party’s material breach, which may be the result of circumstances that are beyond our control. A material breach of this agreement by us, or early termination of the agreement, could carry substantial penalties, including liquidated damages. If AWS increases pricing terms, terminates or seeks to terminate our contractual relationship, establishes more favorable relationships with our competitors, or changes or interprets its terms of service or policies in a manner that is unfavorable, those actions could harm our business, revenue and financial results.
Any significant disruption of, limitation of our access to or other interference with our use of AWS would negatively impact our operations and our business could be harmed. In addition, any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense and could disrupt or degrade our ability to deliver our products and services. The level of service provided by AWS could affect the availability or speed of our services. If users, creators, publishers or advertisers are not able to access our service or platform or encounter difficulties in doing so, we may lose users, creators, publishers or advertisers and could harm our business and reputation.
We utilize data center hosting facilities operated by AWS, located in various facilities. However, we have implemented a limited disaster recovery program which does not allow us to serve network traffic from back-up data center services. An unexpected disruption of services provided by these data centers could hamper our ability to handle existing or increased traffic, result in the loss of data or cause our platform to become unavailable, which may harm our reputation and business.
We must effectively operate with mobile operating systems, web browsers, online application stores, networks, regulations and standards, which we do not control. Changes in our products or to those mobile operating systems, web browsers, networks, regulations or standards may harm user retention, growth and engagement.
Because our platform is used on mobile devices and through web browsers, our application must remain interoperable with popular mobile operating systems and browsers, including Android, Chrome, iOS and Safari. We have no control over these operating systems and browsers. Any changes to these operating systems, browsers or the online stores distributing our application that impact the accessibility, speed or functionality of our service or give preferential treatment to competitive products, could harm usage of our platform. Some of our competitors that control the operating systems, browsers and online stores that our application runs on, or is distributed through, could make interoperability of our service with those systems, browsers and stores more difficult. In addition, new products we introduce may take longer to function with these systems and browsers.
If we are unable to deliver consistent, high-quality user experiences across different devices with different operating systems, user growth, retention or engagement may decline, which could harm our business, revenue and financial results.
The adoption of any laws or regulations that adversely affect the growth, popularity or use of the internet, including laws governing internet neutrality, could decrease the demand for our products and services and increase our cost of doing business. Regulatory changes could limit users’ ability to access our service or make our platform a less attractive alternative to our competitors’ platforms and cause our user growth, retention or engagement to decline, which could harm our business, revenue and financial results.
If it becomes more difficult for users to access and use our service on their browsers or mobile devices, if users choose not to access or use our platform on their mobile devices, or if users choose to use mobile products that limit access to our platform, user growth, retention and engagement may decline, which could harm our business, revenue and financial results.
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We rely on software, technologies and related services from third parties, and problems in their use, access or performance could increase our costs and harm our business, revenue and financial results.
We rely on software, technologies and related services from third parties to operate critical functions of our business. Third-party technologies or services that we utilize may become unavailable due to a variety of reasons, including outages, interruptions or failure to perform under our agreement. Unexpected delays in their availability or function can, in turn, affect the use or availability of our platform. Further, third-party software and service providers may no longer provide such software and services on commercially reasonable terms or may fail to properly maintain or update their software. In such instances, we may be required to seek licenses to software or services from other parties or to redesign our products to function with new software or services. This could result in delays in the release of new products until equivalent technology can be identified, licensed or developed, and integrated into our platform and services. Furthermore, we might be forced to limit the features available in our current or future products. These occurrences, delays and limitations, if they occur, could harm our business, revenue and financial results.
Technologies have been developed that can block the display of our ads, which could harm our business, revenue and financial results.
Technologies have been developed, and will likely continue to be developed, that block the display of our ads. We generate substantially all of our revenue from advertising, and ad blocking technologies can prevent the display of certain of our ads, which could harm our business, revenue and financial results. Existing ad blocking technologies that have not been effective on our platform can later become effective as we make certain product changes, and new ad blocking technologies are often in development. More users may choose to use products that block or obscure the display of our ads if we are unable to successfully balance the amount of organic content and paid advertisements, or if users’ attitudes toward advertisements become more negative. Further, regardless of their effectiveness, ad blockers may generate concern regarding the health of the digital advertising industry, which could reduce the value of digital advertising and harm our business, revenue and financial results.
Risks Related to Legal and Regulatory Matters
We may be liable as a result of content or information that is published or made available on our platform.
We are subject to many U.S. federal and state and international laws and regulations that involve matters central to our business, including laws and regulations that involve data privacy and protection, intellectual property (including copyright and patent laws), content regulation, rights of publicity, advertising, marketing, health and safety, competition, protection of minors, consumer protection, taxation, anti-bribery, anti-money laundering and corruption, economic or other trade prohibitions or sanctions or securities law compliance. We may be sued or face regulatory action for claims relating to content or information that is published or made available on our platform. Our systems, tools and personnel that help us to proactively detect potentially illegal, policy-violating or otherwise inappropriate content cannot identify all such content on our service, and in many cases this content will appear on our platform. This risk may increase as we develop and increase the use of certain products or product features, such as video content, for which identifying such content is challenging. Additionally, some controversial content may not be banned on our platform and, even if it is not featured in advertisements or recommendations to users, may still appear in search results or be saved on boards. This risk is enhanced in certain jurisdictions outside of the United States where our protection from liability for content published on our platform by third parties may be unclear and where we may be less protected under local laws than we are in the United States. Further, if policy-violating content is found on our platform, we may be in violation of the terms of certain of our key agreements, which may result in termination of the agreement and, in some cases, payment of damages. We could incur significant costs in investigating and defending such claims and, if we are found liable, damages. If any of these events occur, our business, revenue and financial results could be harmed.
We rely on a variety of statutory and common-law frameworks and defenses relevant to the content available on our platform, including but not limited to, the Digital Millennium Copyright Act ("DMCA"), the Communications Decency Act ("CDA") and the fair-use doctrine in the United States, and the EU E-Commerce Directive and the DSA, which became applicable to Pinterest in August 2023. These frameworks and defenses may limit but do not necessarily eliminate, our potential liability for caching, hosting, listing or linking to third-party content that may include materials that infringe copyrights or are otherwise unlawful. Each of these statutes and doctrines is subject to uncertain or evolving judicial interpretation and regulatory and legislative amendments, and we cannot guarantee that such frameworks and defenses will be available for our protection.
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Lawmakers in the United States and in other countries may introduce new regulatory regimes that increase potential liability for content available on our platform. There are a number of new laws and legislative proposals in the United States and globally aimed at limiting the scope of protections available to online services and/or that further impose new obligations affecting our business, such as liability for copyright infringement, content moderation, distributing targeted and other advertisements to teens, and other forms of unlawful content and/or online harm. These legislative and/or regulatory requirements may increase our costs of operations, our liability for content posted by users on our platform, our litigation costs, and/or may expose us to regulatory sanctions such as fines or penalties. If these or other additional statutory or regulatory changes reduce liability protections for content published on our platform, we may be required to make significant changes to our business model, including increasing our content moderation operations and building in additional product features or tools that may not be favorable to our business, add payment obligations or compliance costs.
We are also subject to fines or orders restricting or blocking our service in particular countries as a result of content on our platform. For example, certain countries have implemented regulations that authorize fines or provide for throttling or blocking services for failures to comply with certain content removal and disclosure obligations, and other countries may enact similar legislation, which would impose penalties for failure to remove certain content. There can be no assurance that the tools we use for certain removal obligations or any new custom tools we develop will be sufficient to maintain compliance with the new regulations.
Any new legislation or changes to existing legislation may be difficult to comply with in a timely and comprehensive fashion and may expose our business, users, or employees to increased fees and costs. These costs could be prohibitively expensive for a company of our size, which could prevent us from launching a product or require us to restrict access to a product in a particular market. This could disadvantage us relative to our competitors with more resources. If the rules, doctrines or currently available defenses change, if international jurisdictions refuse to apply similar protections that are currently available in the United States or the European Union or if a court were to disagree with our application of those rules to our platform, we could be required to expend significant resources to try to comply with the new rules or incur liability and our business, revenue and financial results could be harmed.
Action by governments to restrict access to our product or certain of our products in their countries could harm our business, revenue and financial results.
Governmental authorities outside the United States have restricted, and may in the future seek to restrict access to our platform if they consider us to be in violation of their laws or for other reasons. For example, access to our service has been or is currently restricted in whole or in part in certain countries. Other governments may seek to restrict access to or block our platform, prohibit or block the hosting of certain content available through our platform, or impose other restrictions that may affect the accessibility or usability of our platform in that country for a period of time or even indefinitely. We may also decide to stop offering our platform in a country as a result of these types of restrictions. For example, some countries have enacted laws that allow websites to be blocked for hosting certain types of content or may require websites to remove certain restricted content, to appoint local representatives in the country, or to store user data within that country. It can be challenging or impractical to manage the requirements of multiple jurisdictions governing the type and nature of the content available on our platform. If additional prohibitions or restrictions are imposed on our platform, or if our competitors are able to successfully penetrate new geographic markets or capture a greater share of existing geographic markets that we cannot access or where we face other restrictions, our user growth, retention and engagement may be adversely affected, and our business, revenue and financial results could be harmed.
We could become involved in legal disputes that are expensive to support, and if resolved adversely, could harm our business, revenue and financial results.
We are currently involved in, and may in the future be involved in, actual and threatened legal proceedings, including class action lawsuits, claims, investigations and government inquiries arising in the ordinary course of our business, including intellectual property, data privacy and data protection, privacy and other torts, illegal or objectionable content, consumer protection, securities, stockholder derivative claims, employment, governance, workplace culture, contractual rights, civil rights infringement, false or misleading advertising, or other legal claims relating to content or information that is provided to us or published or made available on our platform. Any proceedings, claims or inquiries involving us, whether successful or not, can be time consuming, result in costly litigation, unfavorable outcomes, high indemnification expenses, increased costs of business, may require us to change our business practices or products, require significant amount of management’s time, may harm our reputation or otherwise harm our business and future financial results.
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We are currently involved in and have been subject to actual and threatened litigation with respect to third-party patents, trademarks, copyrights and other intellectual property, and may continue to be subject to intellectual property litigation and threats thereof. Companies in the internet, technology and media industries own large numbers of patents, copyrights, trademarks and trade secrets and frequently enter into litigation based on allegations of infringement or other violations of intellectual property rights. As we face increasing competition, grow our business and products, and become increasingly high profile, the possibility of receiving a larger number of intellectual property claims against us grows. In addition, various “non-practicing entities” that own patents and other intellectual property rights have asserted, and may in the future attempt to assert, intellectual property claims against us to extract value through licensing or other settlements.
From time to time, we receive letters from patent holders alleging that some of our products infringe their patent rights and from trademark holders alleging infringement of their trademark rights. We also receive letters from copyright and trademark owners alleging that content on Pinterest infringes their intellectual property rights, including take-down requests. Our technologies and content, including the content that users save on our service, may not be able to withstand such third-party claims.
With respect to any intellectual property claims, we may have to seek a license to continue using technologies or engaging in practices found to be in violation of a third-party’s rights, which may not be available on reasonable terms and may significantly increase our operating expenses. A license to continue such technologies or practices may not be available to us at all and we may be required to discontinue use of such technologies or practices or to develop alternative non-infringing technologies or practices. The development of alternative non-infringing technologies or practices could require significant effort and expense or may not be achievable at all. Our business, revenue and financial results could be harmed as a result.
If we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our business, revenue and financial results could be harmed.
We rely, and expect to continue to rely, on a combination of confidentiality, invention assignment and license agreements with our employees, consultants and other third parties with whom we have relationships, as well as trademark, copyright, patent and trade secret protection laws, to protect our proprietary rights. We have filed various applications for certain aspects of our intellectual property in the United States and other countries, and we currently hold issued patents in multiple jurisdictions. Further, there can be no assurance that each of our patent applications will result in the issuance of a patent. In addition, any resulting issued patents may have claims narrower than those in our patent applications. There can be no assurance that each of our trademark registration applications will result in the issuance of a trademark or that each resulting trademark registration will be able to be maintained. In the future we may acquire additional patents or patent portfolios, license patents from third parties or agree to license the use of our patents to third parties, which could require significant cash expenditures. Additionally, our current and future patents, trademarks and other intellectual property or other proprietary rights may be contested, circumvented or found unenforceable or invalid.
Third parties may knowingly or unknowingly infringe or challenge our proprietary rights. Effective intellectual property protection may not be available in every country in which we operate or intend to operate our business. We may not be able to prevent infringement without incurring substantial time and expense, if at all. There can be no assurance that others will not offer technologies, products, services, features or concepts that are substantially similar to ours and compete with our business. Similarly, particularly as we expand the scope of our business and the countries in which we operate, we may not be able to prevent third parties from infringing, or challenging our use of, our intellectual property rights, including those used to build and distinguish the “Pinterest” brand. If the protection of our proprietary rights is inadequate to prevent unauthorized use or appropriation by third parties, the value of our brand and other intangible assets may be diminished and competitors may be able to more effectively mimic our technologies, products, services or features or methods of operations. Any of these events could harm our business, revenue and financial results.
Our use of “open source” software could subject us to possible litigation or could prevent us from offering products that include open source software or require us to obtain licenses on unfavorable terms.
A portion of the technologies we use incorporates “open source” software, and we may incorporate open source software in the future. Open source licenses may subject us to certain unfavorable conditions, including requirements that we offer our products that incorporate the open source software for no cost, that we make publicly available the source code for any modifications or derivative works we create based upon, incorporating or using the open source
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software, or that we license such modifications or derivative works under the terms of the particular open source license. Some open source software may include generative AI software or other software that incorporates or relies on generative AI. The use of such software may expose us to risks as the intellectual property ownership and license rights, including copyright, of generative AI software and tools have not been fully interpreted by U.S. courts or been fully addressed by federal or state regulations.
We also license to others some of our software through open source projects which requires us to make the source code publicly available, and therefore can affect our ability to protect our intellectual property rights with respect to that software. If an author or other third-party that distributes open source software that we use or license were to allege that we had not complied with the conditions of the applicable license, we could be required to incur significant legal expenses defending against such allegations and could be subject to significant damages, enjoined from offering our products that contained the open source software, required to release proprietary source code, required to obtain licenses from third parties or otherwise required to comply with the unfavorable conditions unless and until we can re-engineer the product so that it complies with the open source license or does not incorporate the open source software. Any of the foregoing could disrupt our ability to offer our products and harm our business, revenue and financial results.
The interpretation and application of U.S. tax legislations or other changes in U.S. or non-U.S. taxation of our operations could harm our business, revenue and financial results.
Tax reform has been a priority for governments worldwide and numerous proposals have been proposed or enacted. For example, the 2017 Tax Cuts and Jobs Act (the “Tax Act”) changed how the United States imposes income tax on multinational corporations in a number of ways. The issuance of additional regulatory or accounting guidance may affect our analysis of the impact of the law on us and may harm our operating results and financial condition. Furthermore, the Tax Act eliminated the option to deduct research and development expenditures in the current period and requires taxpayers to capitalize and amortize these expenses. Although Congress may consider legislation that would defer the capitalization and amortization requirement, there is no assurance that the provision will be repealed or otherwise modified. If the requirement is not repealed or modified, our net operating loss utilization will be accelerated.
Additionally, in October 2020, the Organisation for Economic Co-operation and Development, as part of its Base Erosion and Profit Shifting Action Plan, released proposals that provide a long-term, multilateral framework on taxation of the digital economy. In July 2023, the Inclusive Framework jurisdictions announced they reached agreement on the proposals endorsed by the Group of Twenty intergovernmental political forum, including a global minimum tax, and began implementation in 2024. Several countries are either proposing or have already enacted legislation to introduce key aspects of the plan. We do not expect a resulting material change to our income tax provision for fiscal year 2024 from this legislation. As additional jurisdictions enact legislation, we expect our effective tax rate and cash tax payments could increase in future years.
Various jurisdictions have also enacted or are considering a digital services tax on companies that generate revenues from the provision of digital services. These ongoing efforts to modernize the international tax framework and address the digitalization of the global economy could increase our future tax obligations.
Further changes to the U.S. or non-U.S. taxation of our operations may increase our worldwide effective tax rate, resulting in additional taxes or other costs or have other material consequences, which could harm our business, revenue and financial results.
Risks Relating to our Financial Statements and Performance
We have a limited operating history with the current scale of our business, and, as a result, our past results may not be indicative of future operating performance.
We have a limited operating history with the current scale of our business, which makes it difficult to forecast our future results. You should not rely on our past results of operations as indicators of future performance. You should consider and evaluate our prospects in light of the risks and uncertainties frequently encountered by companies like ours.
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We have incurred operating losses in the past, anticipate increasing our costs and operating expenses, may incur operating losses in the future and may not maintain profitability.
We have incurred significant net losses in the past and generated net income only recently. We generated net income (losses) of $14.6 million and $(236.8) million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, we had an accumulated deficit of $(2,135.6) million. We have achieved profitability only recently and may not realize sufficient revenue to maintain profitability in future periods.
We incur high operating expenses and may increase our operating expenses in the future as we continue to evolve or expand our business and operations. These efforts may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses. We may encounter unforeseen expenses, operating delays or other unknown factors that may result in losses in future periods. We have significant unrecognized share-based compensation expense, which we expect to recognize over the next several years. In addition, we have entered into certain non-cancelable commitments that limit our ability to reduce our cost and expenses in the future. For more information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Notes to Financial Statements." Any failure to increase our revenue as we implement initiatives to grow our business could prevent us from achieving or maintaining profitability on either a quarterly or annual basis.
Our operating results are likely to fluctuate from quarter to quarter, which makes them difficult to predict.
Our quarterly operating results are tied to certain key business metrics that have fluctuated in the past and are likely to fluctuate in the future, which makes them difficult to predict. Our operating results depend on numerous factors, many of which are outside of our control, including:
•our ability to generate revenue from our platform;
•our ability to improve or maintain gross margins;
•the number and relevancy of advertisements shown to users;
•the relevancy of content shown to users;
•the manner in which users engage with different products, where certain products may cause us to generate less revenue;
•downward pressure on the pricing of our advertisements;
•the timing, cost and mix of new and existing marketing and promotional efforts as we grow and expand our operations to remain competitive;
•fluctuations (seasonal or otherwise) in spending by our advertisers and platform usage and engagement by users, each of which may change as our product offerings and business evolves;
•seasonal fluctuations in engagement on our platform, including our historical experience of lower engagement in our second quarter;
•fluctuations in spending by our advertisers and platform usage and engagement by users due to macroeconomic conditions, such as the stress in the banking industry and inflation;
•seasonal fluctuations in internet usage generally;
•the success of technologies designed to block the display of ads;
•development and introduction of new product offerings by us or our competitors;
•existing, new and evolving regulations, both in the U.S. and internationally;
•the ability of our third-party providers to scale effectively and provide the necessary technical infrastructure for our service on a timely basis;
•system failures, disruptions, breaches of security or data privacy or internet downtime, whether on our service or on those of third parties;
•the inaccessibility of our service due to third-party actions;
•changes in measurement of our metrics;
•costs associated with the technical infrastructure used to operate our business, including hosting services;
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•fluctuations in the amount of share-based compensation expense;
•fluctuations, caused by stock price volatility, in the amount we spend to fund tax withholding and remittance obligations related to the vesting and settlement of RSUs as we continue to net settle such RSUs; and
•our ability to anticipate and adapt to the changing internet business or macroeconomic conditions; and the other risks and uncertainties described in this Quarterly Report on Form 10-Q.
User metrics and other estimates are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics could harm our business, revenue and financial results.
We regularly review metrics, including the number of our active users and other measures to evaluate growth trends, measure our performance and make strategic decisions. These metrics are calculated using internal company data and have not been validated by an independent third party. While these numbers are based on what we currently believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring how our products are used across large populations globally. Our metrics calculations may be inaccurate, and we may not be able to identify those inaccuracies. In the past, we have relied on other metrics that measure different activities, such as saving a Pin, clicking, searching and other activities, as indicators of user growth and engagement. We have in the past implemented, and may from time to time in the future implement, new methodologies for calculating these metrics, which may result in the metrics changing or decreasing from prior periods or not being comparable to prior periods. Our metrics may also differ from estimates published by third parties or from similarly titled metrics of our competitors due to differences in methodology or data used.
Our MAU metrics may also be impacted by our information quality efforts, which are our overall efforts to reduce malicious activity on our platform, including false, spam and malicious automation accounts in existence on our platform. We make efforts to regularly deactivate false, spam and malicious automation accounts that violate our terms of service, and exclude these users from the calculation of our MAU metrics; however, we will not succeed in identifying and removing all false, spam and malicious accounts from our platform. We are continually seeking to improve our ability to estimate the total number of false, spam or malicious accounts and we intend to continue to make such improvements, but there is no guarantee as to the accuracy of these estimates. In addition, users are not prohibited from having more than one account on our platform, and we treat multiple accounts held by a single person as multiple users for purposes of calculating our active users.
In addition, some of our user demographic data may be incomplete or inaccurate. For example, because users self-report their date of birth, our age-demographic data may differ from users’ actual ages, or be unavailable. We receive age-demographic data for a portion of those users from other third-party accounts that users chose to authenticate with on our platform, such as Facebook and Google, but there can be no assurance that those platforms will continue to give us permission to access that data or that the data we receive from those third parties is accurate. In addition, our data regarding the geographic location of users and revenue by user geography is estimated based on a number of factors, which may not always accurately reflect the actual location and may be different depending on the metric we are calculating. If our metrics provide us with incorrect or incomplete information about users and their behavior, we may make inaccurate conclusions about our business.
If we are unable to obtain additional financing, if needed, or if we default on our credit obligations, our operations may be interrupted and our business, revenue and financial results could be harmed.
We may require additional financing to maintain and grow our business. Our ability to obtain financing will depend on, among other things, our development efforts, business plans, operating performance, investor demand and the condition of the capital markets at the time we seek financing. We cannot assure you that additional financing will be available to us on favorable terms when required, or at all. If we raise additional funds through the issuance of equity, equity-linked or debt securities, those securities may have rights, preferences or privileges senior to the rights of our common stock, and our existing stockholders may experience dilution. If our access to capital is restricted or our borrowing costs increase as a result of developments in financial markets, our operations and financial condition could be adversely impacted.
Our revolving credit facility provides our lenders with a first-priority lien against substantially all of our domestic assets, as well as certain domestic intellectual property, and contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations. It contains a number of covenants that limit our ability and our subsidiaries’ ability to, among other things, incur additional indebtedness, pay dividends, make redemptions and repurchases of stock, make investments, loans and acquisitions, incur liens, engage in transactions with affiliates, merge or consolidate with other companies, sell material businesses or assets,
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or license or transfer certain of our intellectual property. In addition, we are also required to maintain a minimum consolidated leverage. Complying with these covenants may make it more difficult for us to successfully execute our business strategy and compete against companies who are not subject to such restrictions.
If we fail to comply with the covenants under the revolving credit facility, lenders would have a right to, among other things, terminate the commitments to provide additional loans under the facility, enforce any liens on collateral securing the obligations under the facility, declare all outstanding loans and accrued interest and fees to be due and payable and require us to post cash collateral to be held as security for any reimbursement obligations in respect of any outstanding letters of credit issued under the facility. If any remedies under the facility were exercised, we may not have sufficient cash or be able to borrow sufficient funds to refinance the debt or sell sufficient assets to repay the debt, which could immediately materially and adversely affect our business, cash flows, operations and financial condition. Even if we were able to obtain new financing, it may not be on commercially reasonable terms or on terms that are acceptable to us.
Additionally, our revolving credit facility utilizes SOFR or various alternative methods set forth in our revolving credit facility to calculate the amount of accrued interest on any borrowings. If a published U.S. dollar SOFR is unavailable, the interest rates on our debt indexed to SOFR will be determined using one of the alternative methods, any of which could, if the revolver is drawn, result in interest obligations that are more than the current form, which could have a material adverse effect on our financing costs.
We may have greater than anticipated tax liabilities, which could harm our business, revenue and financial results.
We operate in a number of tax jurisdictions globally, including in the United States at the federal, state and local levels, and in many other countries, and plan to continue to expand the scale of our operations in the future. Thus, we are subject to review and potential audit by a number of U.S. federal, state, local and non-U.S. tax authorities. Significant judgment is required in determining our worldwide provision for income taxes and other tax liabilities. Further, tax authorities may disagree with tax positions we take and challenge our tax positions. Successful unilateral or multi-jurisdictional actions by various tax authorities, including in the context of our current or future corporate operating structure and third party and intercompany arrangements (including transfer pricing and the manner in which we develop, value and use our intellectual property), may increase our worldwide effective tax rate, result in additional taxes or other costs or have other material consequences, which could harm our business and financial results. In December 2019, we completed an intra-entity asset transfer of certain of our intellectual property rights to our Irish subsidiary, which resulted in an increase in foreign deferred tax assets. We cannot be certain that this transfer will not lead to any unanticipated tax consequences which could harm our financial results.
Although we do not currently incur significant tax costs due to our history of operating losses, our tax liabilities may increase if our profitability increases in the future. In addition, our effective tax rate may change from year to year based on changes in the mix of activities and income allocated or earned among various jurisdictions, tax laws and the applicable tax rates in these jurisdictions (including future tax laws that may become material), tax treaties between countries, our eligibility for benefits under those tax treaties and the valuation of deferred tax assets and liabilities. Such changes could result in an increase in the effective tax rate applicable to all or a portion of our income, which would negatively affect our financial results.
Our ability to use or benefit from our net operating loss carryforwards and certain other tax attributes may be limited.
As of December 31, 2023, we had federal, California and other state net operating loss carryforwards of $2,914.6 million, $555.0 million and $1,387.5 million, respectively. Our federal carryforwards do not expire. If not utilized, our California and other state carryforwards will begin to expire in 2031 and 2024, respectively. Utilization of our net operating loss carryforwards and other tax attributes, such as research and development tax credits, may be subject to annual limitations, or could be subject to other limitations on utilization or benefit due to the ownership change limitations provided by Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), and other similar provisions. Further, the Tax Act changed the federal rules governing net operating loss carryforwards. For net operating loss carryforwards arising in tax years beginning after December 31, 2017, the Tax Act limits a taxpayer’s ability to utilize such carryforwards to 80% of taxable income. In addition, net operating loss carryforwards arising in tax years ending after December 31, 2017 can be carried forward indefinitely, but carryback is generally prohibited. Net operating loss carryforwards generated before January 1, 2018 will not be subject to the Tax Act’s taxable income limitation and will continue to have a twenty-year carryforward period. Nevertheless, our net operating
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loss carryforwards and other tax assets could expire before utilization and could be subject to limitations, which could harm our business and financial results.
Adverse global economic and financial conditions could harm our business and financial condition.
Adverse global economic and financial events, such as the epidemics, pandemics and other public health emergencies, Russia’s invasion of Ukraine, the war in the Middle East, recession or fears of recession, inflation, fluctuation in foreign exchange rate, supply chain issues, and inventory and labor shortages, have caused, and could in the future, continue to cause disruptions and volatility in global financial markets. Such conditions have resulted in or may result in, among other things, an adverse impact on the ability and willingness of companies to spend on advertising, volatility in our stock price, and an adverse impact on the financial condition of the institutions with whom we hold deposits or the credit quality of the issuers of our cash equivalents and marketable securities. In addition, since the majority of our revenue is derived from advertisers within the U.S., economic conditions in the U.S. have a greater impact on us. We may not perform well in adverse macroeconomic conditions and they could negatively impact our business and financial condition.
Our financial results may be adversely affected by changes in accounting principles generally accepted in the United States.
Generally accepted accounting principles in the United States are subject to interpretation by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants, the SEC and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could impact our revenue and financial results and could affect the reporting of transactions completed before the announcement of a change.
We cannot guarantee that our stock repurchase program will be fully consummated or that it will enhance long-term stockholder value.

Although our board of directors has authorized a stock repurchase program, the program does not require us to repurchase any specific dollar amount or to acquire any specific number of shares of our Class A common stock. We cannot guarantee that the program will be fully consummated or that it will enhance long-term stockholder value. The program could also affect the trading price of our stock and increase volatility, and any announcement of a termination or change of this program may result in a decrease in the trading price of our stock. In addition, any purchases made under this program would diminish our cash reserves.
Risks Related to Ownership of Our Class A Common Stock
The dual class structure of our common stock has the effect of concentrating voting control with those stockholders who held our capital stock prior to the completion of our initial public offering ("IPO"), including our co-founders, executive officers, employees and directors, their affiliates, and all of our other pre-IPO stockholders (including those unaffiliated with any of our co-founders, executive officers, employees or directors). This will limit or preclude your ability to influence corporate matters.
Our Class B common stock has twenty votes per share, and our Class A common stock has one vote per share. Because of the 20-to-1 voting ratio between our Class B and Class A common stock, the holders of our outstanding Class B hold approximately 73.6% of the voting power of our outstanding capital stock as of September 30, 2024. Because the holders of our Class B common stock hold in the aggregate significantly more than a majority of the combined voting power of our capital stock, such holders (which include our pre-IPO stockholders who have not converted their Class B common stock to Class A common stock, including those holders unaffiliated with any of our executive officers, employees or directors) control all matters submitted to our stockholders for approval. The holders of Class B common stock will no longer hold in the aggregate over 50% of the voting power of our outstanding capital stock once the Class B common stock represents in the aggregate less than approximately 4.76% of our outstanding capital stock.
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As a result, for the foreseeable future, holders of our Class B common stock could have significant influence over the management and affairs of our company and over the outcome of all matters submitted to our stockholders for approval, including the election of directors and significant corporate transactions, such as a merger, consolidation or sale of substantially all of our assets, even though their stock holdings were to represent in the aggregate less than 50% of the outstanding shares of our capital stock. In addition, this may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel are in your best interest as one of our stockholders. These holders of our Class B common stock may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. This control may adversely affect the trading price of our Class A common stock. Despite no longer being employed by us, Paul Sciarra and Benjamin Silbermann, two of our co-founders, remain able to exercise significant voting power.
Transfers by holders of Class B common stock will generally result in those shares converting to Class A common stock, except certain transfers to entities, including certain charities and foundations, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock, and certain other transfers described in our amended and restated certificate of incorporation. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock on (i) the seven-year anniversary of the closing date of our IPO, except with respect to shares of Class B common stock held by any holder that continues to beneficially own at least 50% of the number of shares of Class B common stock that such holder beneficially owned immediately prior to completion of our IPO, and (ii) a date that is between 90 to 540 days, as determined by the board of directors, after the death or permanent incapacity of Mr. Silbermann. Conversions of Class B common stock to Class A common stock have already had and will continue to have the effect, over time, of increasing the relative voting power of those holders of Class B common stock who retain their shares in the long term.
Our dual class structure may depress the trading price of our Class A common stock.
We cannot predict whether our dual class structure will result in a lower or more volatile market price of our Class A common stock or in adverse publicity or other adverse consequences. For example, certain index providers have restrictions on including companies with multiple-class share structures in certain of their indexes. In addition, several stockholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our common stock may cause stockholder advisory firms to publish negative commentary about our corporate governance practices, recommend that stockholders vote against certain company annual stockholder meeting proposals or otherwise seek to cause us to change our capital structure. Any such exclusion from indices or any actions or publications by stockholder advisory firms critical of our corporate governance practices or capital structure could adversely affect the value and trading market of our Class A common stock.
An active trading market for our Class A common stock may not be sustained.
Our Class A common is listed on the NYSE under the symbol “PINS.” However, we cannot assure you that an active trading market for our Class A common stock will be sustained. Accordingly, we cannot assure you of the likelihood that an active trading market for our Class A common stock will be maintained, the liquidity of any trading market, your ability to sell your shares of our Class A common stock when desired or the prices that you may obtain for your shares.
The trading price of our Class A common stock has been and may continue to be volatile, and you could lose all or part of your investment.
The trading price of our Class A common stock has been, and is likely to continue to be volatile and could be subject to fluctuations in response to various factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our Class A common stock since you might be unable to sell your shares at or above the price you paid. Factors that could cause fluctuations in the trading price of our Class A common stock include the following:
•price and volume fluctuations in the overall stock market from time to time;
•volatility in the trading prices and trading volumes of technology stocks;
•changes in operating performance and stock market valuations of other technology companies generally, or those in our industry in particular;
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•sales, or anticipated sales, of shares of our Class A common stock by us or our stockholders, including when stockholders sell shares of our Class A common stock into the market to cover taxes due upon the settlement of RSUs or the exercise of stock options, or conversions, or anticipated conversions, of a substantial number of shares of our Class B common stock by our stockholders;
•actions and investment positions taken by institutional and other stockholders, including activist investors;
•failure by industry or securities analysts to maintain coverage of us, downgrade of our Class A common stock by analysts or provision of a more favorable recommendation of our competitors;
•failure by analysts to regularly publish research reports or the publication of an unfavorable or inaccurate report about our business;
•changes by external analysts to their financial and operating estimates for our company or our performance relative to third parties' estimates or the expectations;
•forward-looking financial or operating information or financial projections we may provide to the public, any changes in that information or projections or our failure to meet projections;
•any indebtedness we may incur in the future;
•whether investors or securities analysts view our stock structure unfavorably, particularly our dual class structure and the significant voting control of holders of our Class B common stock;
•announcements by us or our competitors of new products, features, services, technical innovations, acquisitions, strategic partnerships, joint ventures or capital commitments;
•announcements by us or estimates by third parties of actual or anticipated changes in the size of our user base or level of engagement, or those of our competitors;
•the public’s perception of the quality and accuracy of our key metrics on our user base and engagement;
•the public’s reaction to our press releases, other public announcements and filings with the SEC;
•rumors and market speculation involving us or other companies in our industry;
•actual or anticipated fluctuations in our user growth, retention, engagement, revenue or other operating results;
•actual or anticipated developments in our business, our competitors’ businesses or the competitive landscape generally;
•litigation involving us, our industry, or both, or investigations by regulators and other third parties into our operations or those of our competitors;
•developments or disputes concerning our intellectual property or other proprietary rights;
•developments or disputes concerning our culture or other diversity, equity and inclusion practices and initiatives;
•announced or completed acquisitions of businesses, products, services or technologies by us or our competitors;
•existing, new and evolving regulations, both in the U.S. and internationally;
•changes in accounting standards, policies, guidelines, interpretations or principles;
•any significant changes in our management;
•stakeholder dissatisfaction if we are unable to meet stakeholders' expectations and requirements or our publicly announced goals around environmentally friendly, ethical, socially conscious, and sustainable business practices or disclosures;
•adoption and trading under a stock repurchase program;
•if we are unable to address any workplace culture related issues (including to meet the goals we set in our Inclusion and Diversity Report that we publish periodically);
•macroeconomic events that are beyond our control; and
•general economic conditions and slow or negative growth of our markets.
In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many technology companies. Stock prices of many
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technology companies, including ours, have fluctuated in a manner that may be unrelated or disproportionate to the financial performance of such companies. Following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action and derivative litigation has often been instituted against these companies, including against us. Such litigation could result in substantial costs and a diversion of our management’s attention and resources. Further, when our revenue, users or operating results fall below the expectations of investors or securities analysts or below any guidance we may provide to the market, the price of our Class A common stock has declined and could likely decline in the future.
Future offerings of debt or equity securities by us or existing stockholders may adversely affect the market price of our Class A common stock.
In the future, we may attempt to obtain financing or to further increase our capital resources by issuing additional capital stock or offering debt or other securities, including commercial paper, medium-term notes, senior or subordinated notes, debt securities convertible into equity or shares of preferred stock. Future acquisitions could also require substantial additional capital in excess of cash from operations.
Issuing additional shares of capital stock or other securities, including securities convertible into equity, may dilute the economic and voting rights of our existing stockholders, reduce the market price of our Class A common stock or both. Upon liquidation, holders of debt securities and preferred shares, if issued, and lenders with respect to other borrowings would receive a distribution of our available assets prior to the holders of our common stock. Debt securities convertible into equity could be subject to adjustments in the conversion ratio pursuant to which certain events may increase the number of equity securities issuable upon conversion. Preferred shares, if issued, could have a preference with respect to liquidating distributions or a preference with respect to dividend payments that could limit our ability to pay dividends to the holders of our common stock. Our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, which may adversely affect the amount, timing or nature of our future offerings. In addition, the large number of shares of our common stock eligible for public sale or subject to rights requiring us to register them for public sale could depress the market price of our Class A common stock. The market price of our Class A common stock could decline as a result of sales of a large number of shares of our Class A common stock in the market, and the perception that these sales could occur may also depress the market price of our Class A common stock. As a result, holders of our Class A common stock bear the risk that our future offerings or future sales of shares may reduce the market price of our Class A common stock and dilute their stockholdings in our company.
Additional stock issuances, including in connection with settlement of equity awards, could result in significant dilution to our stockholders.
Future issuances of shares of our Class A common stock or the conversion of a substantial number of shares of our Class B common stock to Class A common stock, or the perception that these sales or conversions may occur, could depress the market price of our Class A common stock and result in significant dilution for holders of our Class A common stock. We currently have Class B common stock that may be issued upon exercise of outstanding stock options or upon settlement of outstanding RSUs, shares of Class A common stock that may be issued upon settlement of outstanding RSUs or outstanding restricted stock awards ("RSAs"). For more information, see “Notes to Financial Statements”. As of September 30, 2024, we have 5,837,968,426 shares of authorized but unissued Class A common stock that are currently not reserved for issuance under our equity incentive plans or charitable giving program. We may issue all of these shares of Class A common stock without any action or approval by our stockholders, subject to certain exceptions. We also intend to continue to evaluate acquisition opportunities and may issue Class A common stock or other securities in connection with these acquisitions. Any common stock issued in connection with our equity incentive plans, acquisitions, the exercise of outstanding stock options, settlement of RSUs and RSAs or otherwise would dilute the percentage ownership held by our Class A common stockholders.
Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer or proxy contest difficult, thereby depressing the market price of our Class A common stock.
Our status as a Delaware corporation and the anti-takeover provisions of the Delaware General Corporation Law (the “DGCL”) may discourage, delay or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change of control would be beneficial to our existing stockholders. In addition, our amended and
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restated certificate of incorporation and amended and restated bylaws contain provisions that may make the acquisition of our company more difficult, including the following:
•our dual class common stock structure, which provides our holders of Class B common stock with the ability to significantly influence the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of our outstanding common stock;
•our board of directors is classified into three classes of directors with staggered three-year terms and directors are only able to be removed from office for cause;
•certain amendments to our amended and restated certificate of incorporation will require the approval of 66⅔% of the then-outstanding voting power of our capital stock;
•approval of 66⅔% of the then-outstanding voting power of our capital stock, voting as a single class, is required for stockholders to amend or adopt any provision of our bylaws;
•our stockholders can take action only at a meeting of stockholders and not by written consent;
•vacancies on our board of directors can be filled only by our board of directors and not by stockholders;
•no provision in our amended and restated certificate of incorporation or amended and restated bylaws provides for cumulative voting, which limits the ability of minority stockholders to elect director candidates;
•only our chairman of the board of directors, our chief executive officer, our president or another officer selected by a majority of the board of directors are authorized to call a special meeting of stockholders;
•certain litigation against us can only be brought in Delaware;
•nothing in our amended and restated certificate of incorporation precludes future issuances without stockholder approval of the authorized but unissued shares of our Class A common stock;
•our amended and restated certificate of incorporation authorizes undesignated preferred stock, the terms of which may be established and shares of which may be issued, without the approval of the holders of our capital stock; and
•advance notice procedures apply for stockholders to nominate candidates for election as directors or to bring matters before an annual meeting of stockholders.
These anti-takeover defenses could discourage, delay or prevent a transaction involving a change in control of our company. These provisions could also discourage proxy contests and make it more difficult for stockholders to elect directors of their choosing and to cause us to take other corporate actions they desire, any of which, under certain circumstances, could limit the opportunity for our stockholders to receive a premium for their shares of our common stock, and could also affect the price that some investors are willing to pay for our Class A common stock.
Our amended and restated certificate of incorporation designates a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers or employees.
Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers or other employees to us or our stockholders, (iii) any action arising pursuant to any provision of the DGCL, or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any other action asserting a claim that is governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, any state or federal district court in the state of Delaware), in all cases subject to the court’s having jurisdiction over indispensable parties named as defendants. Nothing in our amended and restated certificate of incorporation precludes stockholders that assert claims under the Securities Act or Exchange Act from bringing such claims in federal court, subject to applicable law.
Any person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to this provision. This exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum of its choosing. If a court were to find the exclusive forum provision in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could harm our results of operations.
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We do not intend to pay dividends for the foreseeable future.
We have never declared or paid dividends on our capital stock. We currently intend to retain any future earnings, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, stockholders must rely on sales of their Class A common stock after price appreciation as the only way to realize any future gains on their investment. In addition, our revolving credit facility contains restrictions on our ability to pay dividends.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table shows information about our purchases of equity securities that are registered pursuant to Section 12 of the Securities Exchange Act of 1934 for the three months ended September 30, 2024:
Period
Total number of shares purchased (1)
Average price paid per share(2)
Total number of shares purchased as part of publicly announced plans or programs(3)
Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs
July 1 - July 31, 2024
628,931 $40.26 599,311 941,511,547 
August 1 - August 31, 2024
14,491,093 $30.47 14,491,093 500,000,028 
September 1 - September 30, 2024
— $— — 500,000,028 
Total
15,120,024 15,090,404 
(1)We withheld shares from employees to satisfy tax withholding obligations on release of restricted stock awards. The value of the common stock was based on the closing price of our Class A common stock on the vesting date.
(2)Average price paid per share includes costs associated with repurchases.
(3)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. 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 and canceled the stock repurchase program approved on September 16, 2023, under which $500.0 million had remained available for repurchase. Refer to Note 4 and Note 8 to our condensed consolidated financial statements for further information on our stock repurchase program.

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Item 5. Other Information
Rule 10b5-1 Trading Plans
During the quarter ended September 30, 2024, our directors and section 16 officers entered into or terminated the following Rule 10b5–1 trading arrangements, the material terms of which are summarized below:
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.
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Item 6. Exhibits
Incorporated by Reference
Exhibit NumberExhibit DescriptionFormFile No.ExhibitFiling DateFiled Herewith
31.1X
31.2X
32.1*X
101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)X
101.SCHInline XBRL Taxonomy Extension Schema DocumentX
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentX
101.DEFInline XBRL Taxonomy Extension Definition Linkbase DocumentX
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentX
101.PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentX
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)X
*The certifications attached as Exhibit 32.1 that accompany this Quarterly Report on Form 10-Q, are deemed furnished and not filed with the Securities and Exchange Commission.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.
PINTEREST, INC.
Date: November 7, 2024By:/s/ Julia Brau Donnelly
Julia Brau Donnelly
Chief Financial Officer
(Principal Financial Officer)
Date: November 7, 2024By:/s/ Andrea Acosta
Andrea Acosta
Chief Accounting Officer
(Principal Accounting Officer)

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