Pinterest, the digital media platform beloved by American moms, is going public. The company on March 22 publicly filed its registration statement, an important step on the road to becoming a public company. Pinterest plans to list its shares on the New York Stock Exchange, under the ticker PINS.

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.

Pinterest

Ben Silbermann

Ben Silbermann co-founded Pinterest in 2009 and is the company's CEO.

Advertisers are in the business of inspiration.

Quotable

"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."

Reuters/Handout/SAT

Risk factor

"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."

Pinterest

Evan Shar

Evan Sharp co-founded Pinterest in 2009 and is chief product officer.

Reuters/Francois Lenoir/File Photo

Risk factor

“We depend in part on internet search engines to direct traffic and refer new users to our service.”

Executive compensation

Reuters/Dado Ruvic/Illustration

Instawho?

Instagram, a Facebook-owned competitor of Pinterest, is mentioned only three times in Pinterest's S-1.

Reuters/Reem Baeshen

Competitors

"We primarily compete with consumer internet companies that are either tools (search, ecommerce) or media (newsfeeds, video, social networks)."

Reuters/Shannon Stapleton

Risk factor

"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."

Reuters/Keith Bedford

Principal stockholders

Venture-capital firm Andreessen Horowitz is one of Pinterest's largest shareholders.

Dreaming and productivity may seem like polar opposites, but on Pinterest, inspiration enables action and dreams become reality.

Quotable

"Visualizing the future helps bring it to life."

AP Photo/Damian Dovarganes

Risk factor

"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."

Reuters/Brendan McDermid

Risk factor

Pinterest has a history of net losses, and warns it may never be profitable.

Pinterest

The team

"As of December 31, 2018, we had 1,797 full-time employees, an increase of 32% compared to December 31, 2017."

Pinterest

Todd Morgenfeld

Todd Morgenfeld is chief financial officer of Pinterest.

Pinterest

HQ

"The substantial majority of our employees are based in our headquarters located in San Francisco, California."

Pinterest

Slogan

"Pinterest is where more than 250 million people around the world go to get inspiration for their lives."

PINS

Ticker

"We will apply to list our Class A common stock on the New York Stock Exchange ('NYSE') under the symbol 'PINS.’”

Reuters/Brendan McDermid

Listing

Pinterest plans to list on the New York Stock Exchange.

Pinterest

Going global

"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."

People often don’t have the words to describe what they want, but they know it when they see it.

Quotable

"This is why we made Pinterest a visual experience."

Pinterest

User base

"Pinterest reaches more than 250 million monthly active users, two thirds of whom are female."

Pinterest

Leases

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.

Reuters/Darren Staples

Share structure

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.

Business model

Pinterest generates revenue by serving ads on its website and mobile app.

Pinterest

Risk factor

“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.”

Reuters/Damir Sagolj

Track record

In February, Pinterest blocked search results about vaccines in an effort to stop the spread of misinformation.

User behavior

"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.”

Machine learning and computer vision help us find patterns in the data.

Quotable

"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."

Reuters/Regis Duvignau

Risk factor

"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."