Pinterest, Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

PINTEREST, INC. (PINS) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Pinterest reported financial results for the first quarter of 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data includes common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings as of March 31, 2024, and December 31, 2023. The company's business address is 651 Brannan Street, San Francisco, CA. The filing includes details on fair value measurements for money market funds and commercial paper as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking PINTEREST, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and balance sheet information for Pinterest, Inc. Understanding the company's financial health and changes in equity accounts is crucial for assessing its investment potential and operational stability.

Risk Assessment

Risk Level: — PINTEREST, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments beyond routine financial disclosures.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-Q to understand revenue trends, profitability, and any changes in the company's capital structure.

Key Numbers

• 2024-03-31 — Report Date (Period of report)
• 2024-01-01 — Quarter Start Date (Period of report)
• 2023-12-31 — Prior Year End Date (Balance sheet comparison)
• 2023-03-31 — Prior Year Quarter End Date (Balance sheet comparison)

Key Players & Entities

• PINTEREST, INC. (company) — Filer name
• 651 BRANNAN STREET (location) — Business address
• SAN FRANCISCO (location) — Business address city
• CA (location) — Business address state
• DE (location) — State of incorporation

FAQ

Industry Context

Pinterest operates in the internet services and digital advertising industry, a sector characterized by rapid technological advancements and evolving user engagement models.

Regulatory Implications

As a publicly traded company, Pinterest is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and EPS trends.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review any footnotes or disclosures for specific business events or accounting policies.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update on the company's financial position and performance compared to the end of fiscal year 2023 and the first quarter of fiscal year 2023.

Key Financial Figures

• $0.00001 — which registered Class A Common Stock, $0.00001 par value PINS New York Stock Exchange

Filing Documents

• pins-20240331.htm (10-Q) — 1112KB
• pins-ex101x20240331.htm (EX-10.1) — 17KB
• pins-ex102x20240331.htm (EX-10.2) — 70KB
• pins-ex311x20240331.htm (EX-31.1) — 9KB
• pins-ex312x20240331.htm (EX-31.2) — 9KB
• pins-ex321x20240331.htm (EX-32.1) — 8KB
• pins-20240331_g1.jpg (GRAPHIC) — 15KB
• pins-20240331_g2.jpg (GRAPHIC) — 73KB
• pins-20240331_g3.jpg (GRAPHIC) — 50KB
• pins-20240331_g4.jpg (GRAPHIC) — 76KB
• pins-20240331_g5.jpg (GRAPHIC) — 152KB
• pins-20240331_g6.jpg (GRAPHIC) — 71KB
• pins-20240331_g7.jpg (GRAPHIC) — 144KB
• 0001506293-24-000078.txt ( ) — 5970KB
• pins-20240331.xsd (EX-101.SCH) — 21KB
• pins-20240331_cal.xml (EX-101.CAL) — 43KB
• pins-20240331_def.xml (EX-101.DEF) — 123KB
• pins-20240331_lab.xml (EX-101.LAB) — 408KB
• pins-20240331_pre.xml (EX-101.PRE) — 269KB
• pins-20240331_htm.xml (XML) — 552KB

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 8 Condensed Consolidated Balance Sheets 8 Condensed Consolidated Statements of Operations 9 Condensed Consolidated Statements of Comprehensive Loss 10 Condensed Consolidated Statements of Stockholders' Equity 11 Condensed Consolidated Statements of Cash Flows 12 Notes to Condensed Consolidated Financial Statements 13

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 33

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64

Other Information

Item 5. Other Information 65

Exhibits

Item 6. Exhibits 66

Signatures

Signatures 67 2 NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risk and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "will," "can," "intends," "plans," "targets," "forecasts," "anticipates," or similar expressions, or by discussions of strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from historical results or any future results, performance or achievements expressed, suggested or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, statements about: general economic uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, stress in the banking industry, foreign exchange fluctuations and supply-chain issues; the effect of general economic and political conditions; our financial performance, including revenue, cost and expenses and cash flows; our ability to attract, retain and recover users and maintain and grow their level of engagement; our ability to provide content that is useful and relevant to users' personal taste and interests; our ability to develop successful new products or improve existing ones; our ability to maintain and enhance our brand and reputation; potential harm caused by compromises in security, including our cybersecu

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PINTEREST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 1,632,149 $ 1,361,936 Marketable securities 1,144,260 1,149,148 Accounts receivable, net of allowances of $ 9,001 and $ 10,635 as of March 31, 2024 and December 31, 2023, respectively 563,865 763,159 Prepaid expenses and other current assets 73,497 64,316 Total current assets 3,413,771 3,338,559 Property and equipment, net 38,160 32,225 Operating lease right-of-use assets 85,069 92,119 Goodwill and intangible assets, net 115,622 117,462 Other assets 14,097 14,040 Total assets $ 3,666,719 $ 3,594,405 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 83,654 $ 79,058 Accrued expenses and other current liabilities 256,229 238,032 Total current liabilities 339,883 317,090 Operating lease liabilities 154,340 160,616 Other liabilities 28,654 26,019 Total liabilities 522,877 503,725 Commitments and contingencies Stockholders' equity: Class A common stock, $ 0.00001 par value, 6,666,667 shares authorized, 598,867 and 591,663 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; Class B common stock, $ 0.00001 par value, 1,333,333 shares authorized, 83,714 and 86,355 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 7 7 Additional paid-in capital 5,321,530 5,241,954 Accumulated other comprehensive loss ( 2,615 ) ( 1,013 ) Accumulated deficit ( 2,175,080 ) ( 2,150,268 ) Total stockholders' equity 3,143,842 3,090,680 Total liabilities and stockholders' equity $ 3,666,719 $ 3,594,405 T he accompanying notes are an integral part of these condensed consolidated financial statements. 8 PINTEREST, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March

View Full Filing

View this 10-Q filing on SEC EDGAR