#1P Q2 2023 Earnings Report © 2023 Pinterest. All rights reserved.#2Non-GAAP Financial Measures 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. Limitation of Key Metrics and Other Data 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 August 1st, 2023. We undertake no duty to update this information unless required by law. All information provided in this presentation is unaudited. © 2023 Pinterest. All rights reserved. 2#3"I am very proud of the strong community that I have built on Pinterest and a lot of that is due to how simple and easy it is to use, create and engage on the platform" Jamie, a teacher-turned-recipe-developer, combined her passion and expertise in education and cooking to create and post delicious recipes on Pinterest. With millions of views on her recipes monthly, she's proud of the strong community she's built on Pinterest - her strong reach has also enabled her to collaborate with large brand partners! In addition to being a creator on the platform, Jamie uses Pinterest for personal projects as well. Most recently, she's been pinning home decor inspo for her new house, as well as cleaning hacks and hosting tips! © 2023 Pinterest. All rights reserved. Jamie @everythingdelish Toronto, Canada Inspired on Pinterest Some of her pins: → Caprese Pasta Salad → Pesto Over Baked Salmon → Leopard Nails → Spinach Artichoke Dip → Holiday Turkey Board 3#4"People come to Pinterest to dream up and plan their next holiday. With Travel Catalogs, we were able to make our ads more actionable and saw a strong increase in users clicking through to view available hotel listings," Miriam Abels Digital Performance Marketing, TUI Germany TUI, one of the world's leading tourism groups, knows that people come to Pinterest to get inspired and plan holidays. By adding Travel Catalogs to their full funnel approach, TUI was able to promote their large variety of hotel listings, and make their ads more actionable by allowing users to easily click through to them. The results for TUI were strong, leading to 6x higher outbound clickthrough rate (OCTR) and a 80% lower outbound-cost-per-click (oCPC) than they were seeing in previous conversion campaigns. ℗ © 2023 Pinterest. All rights reserved. URLAUBSREIF? JETZT TOLLE ANGEBOTE FINDEN UND TRAUMURLAUB BUCHEN AUF TUI.COM Die besten TUI Hotelangebote Jetzt buchen Promoted by TUI PRE : 4#5Q223 Business Highlights We're growing our inspired engagement • We grew our global user base year over year to 465M MAUS. Engagement metrics like sessions, impressions, and saves grew faster than MAUs, indicating we're deepening our engagement with our user base. ● ● ● ● In H1, we incorporated propensity to share into our Al recommender models, improving retention of our core users, and growing revisits of dormant users. We launched a browsing module to help users find new use cases on the platform, leading to a meaningful lift in revisitations. • We saw strong growth in the number of MAUs engaging with emerging verticals such as men's fashion, autos, health and travel in the first half of this year. Global Mobile app MAUs grew 16% year over year, and our U.S. and Canada mobile app MAUs grew 9% year over year. Gen Z users continue to grow on Pinterest. In Q2, Gen Z were our largest contributor to overall engagement growth and the fastest growing cohort, growing double digits and accounting for a larger portion of our overall mix. ● We're expanding our advertiser solutions • We launched travel catalogs this quarter, allowing advertisers to reach users who are in the midst of planning, organizing, and taking action on their travel dreams. We've steadily grown the percentage of revenue from large advertisers who adopted our conversion API solution. • In July, we brought our mobile deep linking product, or MDL, to general availability. • We made our Premier Spotlight ad format available for all advertisers, and we are seeing early adoption from a large number of brand advertisers. • We expanded our use of GPU serving from core engagement Al models to our ads delivery models, which enabled us to use models that were 100x larger than before in ads as well as organic. The cumulative impact was a 5% reduction in cost-per-action and over 10% lift in click-through rates. © 2023 Pinterest. All rights reserved. 5#6Q223 Business Highlights We're building an inspired shopping experience • Users are actively engaging with shoppable content, with click-through rates and saves of shoppable pins growing over 50% year over year, accelerating from Q1. We launched a new, automated "shop the look" module for home decor and fashion pins that utilizes Al to recommend similar shoppable products tied to our merchant catalogs. In early tests, this drove a 9% increase in conversions. Shopping ads revenue continued to grow at a pace meaningfully faster than our overall revenue rate. ● We're doubling down on what makes us different • We published our latest Transparency Report, covering the second half of 2022. Our biannual transparency report features more than 400 distinct data points on our content moderation and enforcement practices as we continue to evolve our approach to keep up with new trends. We announced our support of the Inspired Internet Pledge, which is a call to action for tech companies and the broader digital ecosystem to unite with the common goal of making the internet a safer and healthier place. We're building inclusive Al technology like skin tone diversification that helps users personalize their experience and see themselves on Pinterest. In Q2 we improved the skin tone diversification of our core feeds, which led to engagement wins. ● © 2023 Pinterest. All rights reserved. 6#79% $666 $22 $102 $542 Q222 US & Canada 8% $685 $24 $86 $575 Q322 Revenue (in millions) Europe 4% $877 $32 $123 Q422 Rest of World 5% $603 $24 © 2023 Pinterest. All rights reserved. $93 $486 Q123 6% $708 $29 $114 $565 Q223 Y/Y growth rate 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. +6% Global Y/Y +4% US & Canada Y/Y +12% Europe Y/Y +32% Rest of World Y/Y 7#8(5%) 433 223 117 92 Q222 US & Canada Monthly active users (in millions) 0% 445 230 120 95 Q322 Europe 4% 450 231 124 95 Q422 Rest of World 7% © 2023 Pinterest. All rights reserved. 463 240 128 95 Q123 8% 465 246 124 95 Q223 Y/Y growth rate 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. 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. +8% Global Y/Y +3% US & Canada Y/Y +6% Europe Y/Y +10% Rest of World Y/Y 8#9Global $1.54 Q222 Europe $0.86 Q222 $1.56 Q322 $0.72 Q322 Average revenue per user $1.96 Q422 $1.01 Q422 $1.32 Q123 $0.74 Q123 $1.53 Q223 $0.91 Q223 US & Canada $5.82 Q222 $0.10 Rest of World Q222 $6.13 Q322 © 2023 Pinterest. All rights reserved. $0.11 Q322 $7.60 Q422 $0.14 Q422 $5.11 Q123 $0.10 Q123 Note: 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. $5.92 Q223 $0.12 Q223 (1%) Global Y/Y +2% US & Canada Y/Y +6% Europe Y/Y +20% Rest of World Y/Y 9#10Cost of Revenue 24% $163 Q222 S&M 29% $192 26% Non-GAAP costs and expenses (in millions) $178 Q322 30% $203 20% $177 Q422 30% $261 Q422 % of revenue 28% $167 Q123 - 30% 23% $179 $164 % of revenue Q223 31% $217 R&D 23% $152 Q222 G&A 11% $74 24% © 2023 Pinterest. All rights reserved. $165 Q322 10% $66 Q322 19% $165 Q422 9% $82 % of revenue 28% $168 Q123 11% 23% $160 $66 Q222 Q322 Q123 Q223 Q222 Q422 Q123 Note: Costs and expenses are non-GAAP financial measures, which exclude share-based compensation (SBC), amortization of acquired intangible assets, 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. Q223 % of revenue 9% $63 Q223 +1% COR Y/Y +5% R&D Y/Y +13% S&M Y/Y (15%) G&A Y/Y 10#1114% $92 Q222 Adjusted EBITDA 11% $77 Q322 Adjusted EBITDA (in millions) 22% $196 Q422 4% $27 © 2023 Pinterest. All rights reserved. Q123 Adjusted EBITDA Margin % 15% $107 Q223 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 and other (income) expense, net and provision for (benefit from) income taxes, 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. © 2022 Pinterest. All rights reserved. +16% Adj. EBITDA Y/Y 11#12Appendix © 2023 Pinterest. All rights reserved. 12#13GAAP to non-GAAP costs and expenses reconciliation (in millions) Cost of revenue Research and development Sales and marketing General and administrative Total costs and expenses Cost of revenue Research and development Sales and marketing General and administrative Total costs and expenses GAAP $168.7 269.4 243.2 99.9 $781.3 GAAP $170.9 266.3 201.1 207.9 $846.3 Quarter ended June 30, 2023 Share-based compensation $2.7 108.6 26.4 31.9 $169.6 Quarter ended March 31, 2023 Share-based compensation $2.3 94.3 19.2 27.4 $143.1 Note: Totals may not sum due to rounding. 1: Other expense is comprised of restructuring costs. Amortization $1.5 0.0 0.1 0.2 $1.8 © 2023 Pinterest. All rights reserved. Amortization $1.5 0.0 0.1 0.2 $1.8 Other expense¹ $0.0 0.6 0.1 4.9 5.6 Other expense¹ $0.0 4.1 2.7 114.6 121.3 Non-GAAP $164.5 160.2 216.6 62.9 $604.2 Non-GAAP $167.1 168.0 179.1 65.8 $580.0 13#14GAAP to non-GAAP costs and expenses reconciliation (in millions) Cost of revenue Research and development Sales and marketing General and administrative Total costs and expenses Cost of revenue Research and development Sales and marketing General and administrative Total costs and expenses GAAP $185.0 265.2 317.3 103.8 $871.3 GAAP $182.6 254.7 229.9 86.8 $753.9 Quarter ended December 31, 2022 Share-based compensation $2.8 100.2 45.9 21.4 $170.3 Quarter ended September 30, 2022 Share-based compensation $2.2 89.7 23.3 21.0 $136.2 Note: Totals may not sum due to rounding. Amortization $5.0 0.0 10.1 0.2 $15.3 © 2023 Pinterest. All rights reserved. Amortization $2.0 0.0 3.4 0.2 $5.5 Other expense $0.0 0.0 0.0 0.0 0.0 Other expense $0.0 0.0 0.0 0.0 0.0 Non-GAAP $177.2 165.1 261.2 82.2 $685.7 Non-GAAP $178.4 165.0 203.2 65.6 $612.2 14#15GAAP to non-GAAP costs and expenses reconciliation (in millions) Cost of revenue Research and development Sales and marketing General and administrative Total costs and expenses GAAP $164.9 233.5 212.0 90.0 $700.4 Quarter ended June 30, 2022 Share-based compensation $1.4 81.4 18.5 16.1 $117.4 Note: Totals may not sum due to rounding. © 2023 Pinterest. All rights reserved. Amortization $0.9 0.0 1.9 0.2 $3.0 Other expense $0.0 0.0 0.0 0.0 0.0 Non-GAAP $162.5 152.1 191.6 73.7 $580.0 15#16Adjusted EBITDA reconciliation Reconciliation of net income (loss) to adjusted EBITDA (in millions) Net income (loss) Depreciation and amortization Share-based compensation Interest income Interest and other expense (income), net Provision for (benefit from) income taxes Restructuring Costs Adjusted EBITDA June 30, 2022 $(43.1) 9.1 117.4 (3.4) 9.3 2.7 0.0 $92.0 Three months ended September 30, 2022 $(65.2) 10.5 136.2 (9.3) 10.1 (5.0) 0.0 $77.3 December 31, 2022 $17.5 19.6 170.3 (17.2) (5.7) 11.3 0.0 $195.8 © 2023 Pinterest. All rights reserved. March 31, 2023 $(208.6) 6.2 143.1 (24.9) (0.3) (9.9) 121.3 27.0 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 and other (income) expense, net and provision for (benefit from) income taxes, and restructuring costs. Note: Totals may not sum due to rounding. June 30, 2023 $(34.9) 5.1 169.6 (24.9) (2.2) (11.2) 5.6 107.0 16#17@ © 2023 Pinterest. All rights reserved.