Pinterest’s 184-plus page S-1 had a surprise or two about the online image discovery company.
Pinterest Inc. filed its first round of its much-anticipated initial public offering documents on Friday, after the market closed, and the 184-plus page S-1 had a surprise or two about the online image discovery company.
What is Pinterest? Instead, the company said: “Pinterest is where more than 250 million people around the world go to get inspiration for their lives. They come to discover ideas for just about anything you can imagine: daily activities like cooking dinner or deciding what to wear, major commitments like remodeling a house or training for a marathon, ongoing passions like fly fishing or fashion and milestone events like planning a wedding or a dream vacation.
Selling ads is now making money in the fourth quarter The company surprisingly had two profitable fourth quarters, but with two full years of losses. In the most recent fourth quarter, Pinterest said it had revenue of $273 million in the fourth quarter and net income of $47 million, compared with revenue of $173.3 million, and a net income of $3.4 million.
Pinterest joins the dual-class bandwagon, but with a twist In a not so surprising statement, Pinterest, like many other tech companies in recent years, is going to have dual-class shares, a popular option in Silicon Valley, which worships founder control. However, Pinterest offered a more corporate governance friendly version of dual-class stock, which typically gives two or three company founders complete control of their companies into perpetuity.
Another interesting element is that Pinterest co-founder Evan Sharp, who is listed as chief design and creative officer, is not an executive officer of the company, nor is he on the board. On Thursday, both Silbermann and Sharp were each issued 7 million restricted stock units, with the conditions that they vest only if certain service based and liquidity conditions are met.
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