#1P Q3 2023 Earnings Report © 2023 Pinterest. All rights reserved. A Save#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 October 30th, 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"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 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. 个 2x higher video completion rate versus the average video campaign Pinterest Internal Data, Canada, July 2023 ℗ 8:08 For you My style MA Date night ideas New MAYBELLINE NEW YOR 7 creative dinner party menu ideas STANAGE REN ERASER 0261.07 Maybelline Instant Age Rewind Concealer Promoted by Maybelline New York Canada Maybelline Canada INSTANT ERASER CONCEALER all? a + Spotlight on Home Feed ... Q Search Pinterest MAYBELLINE NEW YORK Promoted by Maybelline New York Canada Ideas for you Minimalist style Ideas for you Statement bags + Spotlight on Search Landing Page Visit > © 2023 Pinterest. All rights reserved. 3#4"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! P 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 © 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. © 2023 Pinterest. All rights reserved. 5#68% $685 $24 $86 $575 Q322 US & Canada 4% $877 $32 $123 $722 Q422 Revenue (in millions) Europe 5% $603 $24 $93 $486 Q123 Rest of World 6% © 2023 Pinterest. All rights reserved. $708 $29 $114 $565 Q223 11% $763 $31 $114 $618 Q323 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. +11% Global Y/Y +8% US & Canada Y/Y +33% Europe Y/Y +29% Rest of World Y/Y 6#70% 445 230 120 95 Q322 US & Canada Monthly active users (in millions) 4% 450 231 124 95 Q422 Europe 7% 463 240 128 95 Q123 Rest of World 8% © 2023 Pinterest. All rights reserved. 465 246 124 95 Q223 8% 482 258 128 96 Q323 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. 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. +8% Global Y/Y +1% US & Canada Y/Y +7% Europe Y/Y +12% Rest of World Y/Y 7#8Global $1.56 Q322 Europe $0.72 Q322 $1.96 Q422 $1.01 Q422 Average revenue per user $1.32 Q123 $0.74 Q123 $1.53 Q223 $0.91 Q223 $1.61 Q323 $0.91 Q323 US & Canada $6.13 Q322 $0.11 Rest of World Q322 $7.60 Q422 © 2023 Pinterest. All rights reserved. $0.14 Q422 $5.11 Q123 $0.10 Q123 $5.92 Q223 $0.12 Q223 $6.46 Q323 $0.12 Q323 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. +3% Global Y/Y +5% US & Canada Y/Y +26% Europe Y/Y +16% Rest of World Y/Y 8#9Cost of Revenue 26% $178 Q322 S&M 30% $203 20% Non-GAAP costs and expenses (in millions) $177 Q422 30% $261 28% $167 Q123 30% $179 % of revenue 23% $164 Q223 - 31% 22% $217 $167 % of revenue Q323 26% $200 R&D 24% $165 Q322 G&A 10% 19% © 2023 Pinterest. All rights reserved. $165 Q422 9% $82 28% $168 Q123 11% % of revenue 23% $160 Q223 9% 20% $152 Q323 % of revenue 8% $63 Q323 $66 $66 $63 Q322 Q422 Q123 Q223 Q323 Q322 Q422 Q123 Q223 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. (7%) COR Y/Y (8%) R&D Y/Y (2%) S&M Y/Y (3%) G&A Y/Y 9#1011% $77 Q322 Adjusted EBITDA 22% $196 Q422 Adjusted EBITDA (in millions) 4% $27 Q123 15% $107 © 2023 Pinterest. All rights reserved. Q223 Adjusted EBITDA Margin % 24% $185 Q323 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. +139% Adj. EBITDA Y/Y 10#11Appendix © 2023 Pinterest. All rights reserved. 11#12GAAP 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 $171.0 264.7 225.9 106.6 $768.2 GAAP $168.7 269.4 243.2 99.9 $781.3 Quarter ended September 30, 2023 Share-based compensation $3.0 112.9 25.9 30.2 $171.9 Quarter ended June 30, 2023 Share-based compensation $2.7 108.6 26.4 31.9 $169.6 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 Note: Totals may not sum due to rounding. 1: Other expense is comprised of restructuring costs and non-cash charitable contributions. Other expense¹ $0.0 0.0 0.0 12.9 $12.9 Other expense¹ $0.0 0.6 0.1 4.9 $5.6 Non-GAAP $166.5 151.8 199.9 63.3 $581.6 Non-GAAP $164.5 160.2 216.6 62.9 $604.2 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 $170.9 266.3 201.1 207.9 $846.3 GAAP $185.0 265.2 317.3 103.8 $871.3 Quarter ended March 31, 2023 Share-based compensation $2.3 94.3 19.2 27.4 $143.1 Quarter ended December 31, 2022 Share-based compensation $2.8 100.2 45.9 21.4 $170.3 Amortization $1.5 0.0 0.1 0.2 $1.8 © 2023 Pinterest. All rights reserved. Amortization $5.0 0.0 10.1 0.2 $15.3 Note: Totals may not sum due to rounding. 1: Other expense is comprised of restructuring costs and non-cash charitable contributions. Other expense¹ $0.0 4.1 2.7 114.6 $121.3 Other expense $0.0 0.0 0.0 0.0 $0.0 Non-GAAP $167.1 168.0 179.1 65.8 $580.0 Non-GAAP $177.2 165.1 261.2 82.2 $685.7 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 GAAP $182.6 254.7 229.9 86.8 $753.9 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. © 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 Non-GAAP $178.4 165.0 203.2 65.6 $612.2 14#15Adjusted EBITDA reconciliation Reconciliation of net income (loss) to adjusted EBITDA (in millions) Net income (loss) Depreciation and amortization Share-based compensation Interest income (expense), net Other expense (income), net Provision for (benefit from) income taxes Restructuring costs Non-cash charitable contribution Adjusted EBITDA September 30, 2022 $(65.2) 10.5 136.2 (8.9) 9.7 (5.0) 0.0 0.0 $77.3 Three months ended December 31, 2022 $17.5 19.6 170.3 (16.6) (6.3) 11.3 0.0 0.0 $195.8 March 31, 2023 $(208.6) 6.2 143.1 (24.9) (0.3) (9.9) 121.3 0.0 $27.0 © 2023 Pinterest. All rights reserved. June 30, 2023 $(34.9) 5.1 169.6 (24.9) (2.2) (11.2) 5.6 0.0 $107.0 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 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. September 30, 2023 $6.7 4.9 171.9 (26.7) 4.6 10.4 0.0 12.9 $184.7 15#16@ © 2023 Pinterest. All rights reserved.