Pinterest, Inc.

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Pinterest Second Quarter Earnings Conference Call. At this time, all participants are in the lesson-only mode. After the speaker's remarks, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1 on your telephone. I would now like to turn the conference over to your speaker today, Jane Panner, Head of Investor Relations. Please go ahead.

Thank you, Julie. Good morning and thank you for joining us. Welcome to Pinterest's earnings conference call for the second quarter ended June 30, 2020. Joining me today on the call are Ben Silbermann, our president and CEO, and Todd Morgenfeld, our chief financial officer and head of business operations. Now I'll cover the safe harbor. Some of the statements that we make today regarding our performance operations and outlook, including the impact of the COVID-19 pandemic, may be considered forward-looking. and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. In addition, our results, trends and outlook for Q3 2020 are preliminary and may not be an indication of future performance. We are making these forward-looking statements based on information available to us as of today and we disclaim any duty to update them later unless required by law. For more information, please refer to the risk factors discussed in our most recent Form 10-Q or 10-K filed with the SEC and available on the Investor Relations section of our website. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release and letter to shareholders, which are distributed and available to the public through our Investor Relations website located at investor.pinterestinc.com. And now I'll turn the call over to Ben.

Hi, everyone. Thanks a lot for joining the call this morning. Todd and I will be giving some brief opening remarks touching on our results and our four strategic priorities, which are making Pinterest home to the most inspiring content, helping pinners discover more use cases, making Pinterest more shoppable, and scaling our ad business. Then we'll be happy to take your questions. But before going into business results, as we usually do, I just want to acknowledge that this period feels like anything but business as usual for people and businesses here in the U.S. and across the world. First, there's COVID-19, which, in addition to being a global health threat, is impacting how people live and work, including all of us here at Pinterest. We're learning how to operate as a distributed workforce, and in this new climate, we're going to keep making collaboration and efficiency a priority so we can keep delivering for pinners and for our advertisers. In addition, here in the U.S., we're experiencing a historic moment for racial justice, one that's leading companies to look at what they can do better, and Pinterest is no exception. We've made a number of commitments to drive change, from improving representation in our product to increasing the diversity of our workforce, especially in senior roles. I know that this is not how most earning calls begin, but I want to be transparent with all of you and with the public that we're not just focused on what we're doing as a business, but also how we do business. These issues are top of mind with everything we do, and we're going to work hard to do right by all of our stakeholders. Now on to our business results. Pinterest had a strong Q2. In both the U.S. and international markets, more people came to Pinterest looking for inspiration than ever before. We ended the quarter with 416 million monthly active users, representing year-over-year growth of 39%. In particular, we saw strong growth from resurrected users as well as from users under the age of 25 who grew twice as fast as users over 25. These users came looking for ideas as they adjusted to life during a global pandemic. And with new tools like the Today tab, we helped connect them to new use cases, everything from home office setups to recipes to cook at home to different summer activities for kids. We also continue to make our content more inspirational. And one example of this is video, which offers pinners another dynamic and engaging way to discover ideas. During Q2, total daily video views, which include both organic and paid, grew over 150% year-over-year, and we're looking to do more in this space. In addition, we also connected pinners to more shoppable content so they can turn their plans into a reality. We saw catalog uploads from businesses increased by more than 350% from Q1 to Q2, and we've built new features like our Shop tab and the ability to shop from boards to make it easier for pinners to find this content. So in total, we're making a lot of progress in helping pinners find inspiration for their lives. This is work that, in my mind, because of everything happening in the world, is as meaningful and relevant as it has been in the last decade. And here to share more about what all this has meant for advertisers and our overall business, is our CFO, Todd.