#1P Q32023 Earnings Report Save 2023 Pinterest. All rights reserved.#2Non-GAAP Financial Measures Limitation of Key Metrics and Other Data To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative). The presentation of these financial measures is not intended to be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the Appendix. The numbers for our key metrics, which include our monthly active users (MAUS) and average revenue per user (ARPU), are calculated using internal company data based on the activity of user accounts. We define a monthly active user as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUS do not include Shuffles users unless they would otherwise qualify as MAUS. We measure monetization of our platform through our average revenue per user metric. We define ARPU as our total revenue in a given geography during a period divided by average MAUS in that geography during the period. We calculate average MAUS based on the average of the number of MAUS measured on the last day of the current period and the last day prior to the beginning of the current period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. We use these metrics to assess the growth and health of the overall business and believe that MAUS and ARPU best reflect our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology. All information provided in this presentation is as of October 30th, 2023. We undertake no duty to update this information unless required by law. All information provided in this presentation is unaudited. P © 2023 Pinterest. All rights reserved. 2#3"We loved the opportunity to innovate and be first to market with these two new high-impact takeover solutions. The results were outstanding so we know we'll continue to leverage Premiere Spotlight for big moments" Sabrina Pallotta General Manager, Maybelline Canada 8:08 For you Maybelline Canada ฟล Q Search Pinterest My style Date night ideas New 7 creative dinner party menu ideas ... MAYBELLINE NEWY STANTAGE RE ERASER INSTANT ERASER CONCEALER MAYBELLINE NEW YORK Promoted by Maybelline New York Canada Visit Ideas for you Minimalist style Looking for new and innovative ways to reach Beauty audiences, Maybelline Canada leaned on Pinterest's latest takeover product, Premiere Spotlight on Home Feed, and was the first brand in Canada to do so. Paired with the Premiere Spotlight on Search, Maybelline took over Pinterest for a 3-day span, driving millions of impressions with these high impact formats. 02.07 Maybelline Instant Age Rewind Concealer Promoted by Maybelline New York Canada Ideas for you Statement bags ↑ 2x higher video completion rate versus the average video campaign Pinterest Internal Data, Canada, July 2023 P a + Spotlight on Home Feed ૧ + Spotlight on Search Landing Page > > © 2023 Pinterest. All rights reserved. 3#466 "I always encourage my audience to have fun with their food, so I love how Pinterest's shopping features help me highlight the best tools and ingredients so viewers can easily build my creative recipes at home” Theresa Chong is a former engineer and journalist who traded in her construction boots for a video camera to share edible crafts and family-friendly recipes on Pinterest. From a how-to on building the Golden Gate Bridge out of watermelons, to a recipe on the perfect air fryer kale chips, she loves inspiring parents and party enthusiasts on Pinterest. Theresa is an avid user of the platform as well, and Pinterest is her go-to place to find kid-friendly gardening activities to keep her and her family occupied for hours! Theresa Chong @chewablestructures San Francisco, CA Inspired on Pinterest. Some of her boards: → Chewable Structures Recipes → Easy Lunch Box Ideas → Food Art Ideas → What's The Occasion → Holiday Feasting P 2023 Pinterest. All rights reserved. 4#5Q323 Business Highlights We're growing our engagement, including shopping engagement • • • • Q3 ended at 482 million MAUs, up 8%, which is our all-time highest MAU count. As we noted at our Investor Day, we're seeing strength with our Gen Z users, who are our fastest-growing, and most engaged users. We are seeing strong product market fit with our recent cohorts, who save 2x more content in their first year on Pinterest, relative to older cohorts. We launched the "more ideas" tab at the top of the Home Feed to allow users to easily access their board themes and quickly refocus on an ongoing use case. Our "Shop the Look" module helps users pivot into shopping mode by allowing users to shop lifestyle images on Pinterest. 70% of the products recommended in "Shop the Look" are rated as exact or highly relevant matches. We expanded our guided browsing modules in the US and Canada region by resurfacing relevant buyable pins based on content users have engaged with in the past. We're expanding our advertiser solutions . • • • • • We launched Direct Links in Q3, and have migrated approximately 60% of lower funnel revenue to Direct Links, with plans to roll out to the remaining eligible lower funnel objectives, including CPC video ads and conversion ads, by the end of Q1 2024. We saw 88% higher outbound click-through rates and a 39% decrease in cost per outbound click for CPC objectives from early Direct Links adopters. In Q3, we expanded our Premiere Spotlight ad format from Search to the Home Feed. We onboarded several partners like Adobe Commerce and Salesforce Commerce Cloud to help drive more adoption of API for Conversions. Our API for Conversion solution accounted for 28% of our total revenue as of August 2023, up from 14% at the end of 2022. As we mentioned during our Investor day, we are seeing strong early test results from our Amazon ads 3P partnership, with over 50% improvement in relevance on search, and a 100% improvement in relevance on related items. We began leveraging a longer history of users' on-platform behaviors in our ads models. On search specifically, we made improvements in our ability to match relevant ads to user search queries. These two launches drove meaningful improvements across cost per clicks and cost per actions, and better ads relevance. P 2023 Pinterest. All rights reserved. 5#6Revenue (in millions) 8% 6% 5% 4% $877 11% +11% Global Y/Y $32 $763 $708 $31 $685 $123 $29 $24 $603 $114 $24 $86 $114 $93 $722 $618 $575 $565 $486 Q322 US & Canada Q422 Europe Q123 Rest of World Q223 Q323 Y/Y growth rate P Note: Revenue is geographically apportioned based on our estimate of the geographic location of our users when they perform a revenue-generating activity. Geographic breakdown may not sum to Global due to rounding; quarterly amounts may not sum to annual due to rounding. © 2023 Pinterest. All rights reserved. +8% US & Canada Y/Y +33% Europe Y/Y +29% Rest of World Y/Y 6#7Monthly active users (in millions) 7% 8% 8% 4% 0% 463 465 445 450 482 258 240 246 230 231 120 124 128 124 128 95 95 95 95 96 Q322 US & Canada Q422 Europe Q123 Rest of World Q223 Q323 Y/Y growth rate P Note: We define a monthly active user as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUS do not include Shuffles users unless they would otherwise qualify as MAUS. We present MAUS based on the number of MAUS measured on the last day of the current period. Geographic breakdown may not sum to Global due to rounding. © 2023 Pinterest. All rights reserved. +8% Global Y/Y +1% US & Canada Y/Y +7% Europe Y/Y +12% Rest of World Y/Y 7#8Global Average revenue per user $1.96 $1.56 $1.32 $1.53 $1.61 US & Canada $7.60 $6.13 $6.46 $5.92 $5.11 Q322 Q422 Q123 Q223 Q323 Q322 Q422 Q123 Q223 Q323 Europe Rest of World $0.72 $1.01 $0.74 $0.91 $0.91 $0.11 $0.14 $0.10 $0.12 $0.12 Q322 Q422 Q123 Q223 Q323 Q322 Q422 Q123 Q223 Q323 P Note: We define a monthly active user as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUS do not include Shuffles users unless they would otherwise qualify as MAUS. We present MAUS based on the number of MAUS measured on the last day of the current period. Geographic breakdown may not sum to Global due to rounding. 2023 Pinterest. All rights reserved. +3% Global Y/Y +5% US & Canada Y/Y +26% Europe Y/Y +16% Rest of World Y/Y 8#9Non-GAAP costs and expenses (in millions) Cost of Revenue % of revenue R&D - % of revenue 26% 28% 23% 22% 24% 28% 23% 20% 19% 20% $178 $177 $167 $164 $167 $165 $165 $168 $160 $152 Q322 Q422 Q123 Q223 Q323 Q322 Q422 Q123 Q223 Q323 S&M % of revenue G&A - % of revenue 30% 30% 30% 31% 10% 11% 9% 9% 8% 26% $261 $203 $217 $200 $179 $66 $82 $66 $63 $63 Q322 Q422 Q123 Q223 Q323 Q322 Q422 Q123 Q223 Q323 P Note: Costs and expenses are non-GAAP financial measures, which exclude share-based compensation (SBC), amortization of acquired intangible assets, restructuring charges, and non-cash charitable contributions. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables included in the Appendix at the end of this release. © 2023 Pinterest. All rights reserved. (7%) COR Y/Y (8%) R&D Y/Y (2%) S&M Y/Y (3%) G&A Y/Y 9#1011% $77 Adjusted EBITDA (in millions) 22% $196 Q322 Q422 Adjusted EBITDA 24% 15% 4% $27 Q123 $107 Q223 Adjusted EBITDA Margin % $185 Q323 P Note: Adjusted EBITDA is a non-GAAP financial measure. We define adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share-based compensation expense, interest income (expense), net, other income (expense), net, and provision for (benefit from) income taxes, restructuring charges, and non-cash charitable contributions. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables included in the Appendix at the end of this release. © 2023 Pinterest. All rights reserved. +139% Adj. EBITDA Y/Y 10#11Appendix © 2023 Pinterest. All rights reserved. 11#12P GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended September 30, 2023 GAAP Share-based compensation Cost of revenue $171.0 $3.0 Amortization $1.5 Other expense¹ Non-GAAP $0.0 $166.5 Research and development 264.7 112.9 0.0 0.0 151.8 Sales and marketing 225.9 25.9 0.1 0.0 199.9 General and administrative 106.6 30.2 0.2 12.9 63.3 Total costs and expenses $768.2 $171.9 $1.8 $12.9 $581.6 Quarter ended June 30, 2023 GAAP Share-based compensation Amortization Other expense¹ Non-GAAP Cost of revenue $168.7 $2.7 $1.5 $0.0 $164.5 Research and development 269.4 108.6 0.0 0.6 160.2 Sales and marketing 243.2 26.4 0.1 0.1 216.6 General and administrative 99.9 31.9 0.2 4.9 62.9 Total costs and expenses $781.3 $169.6 $1.8 $5.6 $604.2 Note: Totals may not sum due to rounding. 1: Other expense is comprised of restructuring costs and non-cash charitable contributions. © 2023 Pinterest. All rights reserved. 12#13P GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended March 31, 2023 GAAP Share-based compensation Amortization Other expense¹ Non-GAAP Cost of revenue $170.9 $2.3 $1.5 $0.0 $167.1 Research and development 266.3 94.3 0.0 4.1 168.0 Sales and marketing 201.1 19.2 0.1 2.7 179.1 General and administrative 207.9 27.4 0.2 114.6 65.8 Total costs and expenses $846.3 $143.1 $1.8 $121.3 $580.0 Quarter ended December 31, 2022 GAAP Share-based compensation Amortization Other expense Non-GAAP Cost of revenue $185.0 $2.8 $5.0 $0.0 $177.2 Research and development 265.2 100.2 0.0 0.0 165.1 Sales and marketing 317.3 45.9 10.1 0.0 261.2 General and administrative 103.8 21.4 0.2 0.0 82.2 Total costs and expenses $871.3 $170.3 $15.3 $0.0 $685.7 Note: Totals may not sum due to rounding. 1: Other expense is comprised of restructuring costs and non-cash charitable contributions. © 2023 Pinterest. All rights reserved. 13#14GAAP to non-GAAP costs and expenses reconciliation (in millions) Quarter ended September 30, 2022 GAAP Share-based compensation Amortization Other expense Non-GAAP Cost of revenue $182.6 $2.2 $2.0 $0.0 $178.4 Research and development 254.7 89.7 0.0 0.0 165.0 Sales and marketing 229.9 23.3 3.4 0.0 203.2 General and administrative 86.8 21.0 0.2 0.0 65.6 Total costs and expenses $753.9 $136.2 $5.5 $0.0 $612.2 P Note: Totals may not sum due to rounding. © 2023 Pinterest. All rights reserved. 14#15Adjusted EBITDA reconciliation Reconciliation of net income (loss) to adjusted EBITDA (in millions) Three months ended Net income (loss) Depreciation and amortization Share-based compensation September 30, 2022 $(65.2) December 31, 2022 $17.5 March 31, 2023 $(208.6) June 30, 2023 $(34.9) September 30, 2023 $6.7 10.5 19.6 6.2 5.1 4.9 136.2 170.3 143.1 169.6 171.9 Interest income (expense), net (8.9) (16.6) (24.9) (24.9) (26.7) Other expense (income), net 9.7 (6.3) (0.3) (2.2) 4.6 Provision for (benefit from) income taxes (5.0) 11.3 (9.9) (11.2) 10.4 Restructuring costs 0.0 0.0 121.3 5.6 0.0 Non-cash charitable contribution 0.0 0.0 0.0 0.0 12.9 Adjusted EBITDA $77.3 $195.8 $27.0 $107.0 $184.7 P Note: Adjusted EBITDA is a non-GAAP financial measure. We define adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization expense, share- based compensation expense, interest income (expense), net, other income (expense), net, provision for (benefit from) income taxes, restructuring charges and non-cash charitable contributions. Note: Totals may not sum due to rounding. © 2023 Pinterest. All rights reserved. 15#16© 2023 Pinterest. All rights reserved. ට