The registration statement is long: 184 pages, plus a 34-page index, plus some introductory pages, plus some further index pages, plus two pages that are just completely red, to be precise. So we thought, why read that? What if we distilled this bulky, cumbersome document to its essentials, by making a Pinterest board out of it?
Go ahead, play with it. Click on the pins to learn more about Pinterest. And to all the securities regulators reading this—if you’d like to replace the S-1 with the board format, we support that.
Ben Silbermann co-founded Pinterest in 2009 and is the company's CEO.
"In 2018, Prophet, a global brand and marketing consultancy, ranked Pinterest as the third most relevant brand in the United States and first in its inspiration category."
"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."
Evan Sharp co-founded Pinterest in 2009 and is chief product officer.
Reuters/Francois Lenoir/File Photo
“We depend in part on internet search engines to direct traffic and refer new users to our service.”
Instagram, a Facebook-owned competitor of Pinterest, is mentioned only three times in Pinterest's S-1.
"We primarily compete with consumer internet companies that are either tools (search, ecommerce) or media (newsfeeds, video, social networks)."
"If [Amazon Web Services] 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 with respect to us, those actions could harm our business, revenue and financial results."
Venture-capital firm Andreessen Horowitz is one of Pinterest's largest shareholders.
"Visualizing the future helps bring it to life."
AP Photo/Damian Dovarganes
"Regulators in the United States and in other countries may introduce new regulatory regimes that increase potential liability for content available on our service, including liability for misleading or manipulative information, hate speech, privacy and copyrighted content."
Pinterest has a history of net losses, and warns it may never be profitable.
"As of December 31, 2018, we had 1,797 full-time employees, an increase of 32% compared to December 31, 2017."
Todd Morgenfeld is chief financial officer of Pinterest.
"The substantial majority of our employees are based in our headquarters located in San Francisco, California."
"Pinterest is where more than 250 million people around the world go to get inspiration for their lives."
"We will apply to list our Class A common stock on the New York Stock Exchange ('NYSE') under the symbol 'PINS.’”
Pinterest plans to list on the New York Stock Exchange.
"We have experienced significant growth in our global MAUs over the last several years. In particular, our international MAUs have grown significantly as a result of our recent focus on localizing content in international markets."
"This is why we made Pinterest a visual experience."
"Pinterest reaches more than 250 million monthly active users, two thirds of whom are female."
Pinterest had $290,000 in operating leases as of Dec. 31, 2018. It signed a lease for nearly 500,000 square feet of office space near its current San Francisco headquarters in March 2019.
Under Pinterest's dual-class share structure, holders of Class A stock will get one vote per share, and holders of Class B stock will have 20 votes per share.
Pinterest generates revenue by serving ads on its website and mobile app.
“In the United States, our total audience includes...approximately 80% of women ages 18-64 with children….We may not be able to further increase the number of Pinners in this demographic and would need to increase the number of Pinners in other demographics, such as men and international users, in order to maintain our user growth rate.”
In February, Pinterest blocked search results about vaccines in an effort to stop the spread of misinformation.
"We define a monthly active user as a logged-in Pinterest user who visits our website or opens our mobile application at least once during the 30-day period ending on the date of measurement.”
"We then understand each individual Pin’s relationship not just to the Pinner who saved it, but also to the ideas and aesthetics reflected by the names and content of the boards where it’s been pinned."
"Scrutiny of other companies in our industry, including of their impact on user 'screen time' or their data privacy practices, could also have a negative impact on our brand and reputation."