Pinterest Announces Termination of Future Lease Contract
August 28 2020 - 5:00PM
Business Wire
Pinterest, Inc (NYSE: PINS) announces that it has terminated its
lease for approximately 490,000 square feet of office space to be
constructed near its current headquarters campus in San Francisco,
California. Instead, the company’s present plan is to continue to
lease its current buildings in downtown San Francisco and remain an
active member of the local community.
This action is intended to support a more diverse and
geographically distributed workforce at Pinterest. "As we analyze
how our workplace will change in a post-COVID world, we are
specifically rethinking where future employees could be based,"
said Todd Morgenfeld, CFO and Head of Business Operations of
Pinterest. "A more distributed workforce will give us the
opportunity to hire people from a wider range of backgrounds and
experiences."
The agreement involved a one-time payment of $89.5 million in
the third quarter of 2020. This will be reflected in Pinterest’s
financial statements as a GAAP general and administrative expense,
to be filed with its Quarterly Report on Form 10-Q for the period
ended September 30, 2020. As a result of the termination, Pinterest
will no longer be subject to future minimum lease payments of
approximately $440 million as disclosed in prior filings.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act of 1934, as amended,
about us and our industry that involve substantial risks and
uncertainties, including, among other things, statements about our
future operational and financial performance. Words such as
"believe," "project," "may," "will," "estimate," "continue,"
"anticipate," "intend," "expect," "plan" and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors included
in our most recent Form 10-K or 10-Q filed with the SEC. All
information provided in this press release is based on information
available to us as of the date of this press release. We undertake
no duty to update this information unless required by law.
About Pinterest
Pinterest is a visual discovery engine more than 400 million
people use each month to find inspiration for their lives,
including recipes, home and style ideas, travel destinations and
more. People have saved more than 240 billion Pins across a range
of interests, which others with similar tastes can discover through
search and recommendations. Located in San Francisco, Pinterest
launched in 2010 and has hundreds of millions of monthly active
users around the world. Available on iOS and Android, and at
pinterest.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200828005364/en/
Press Mike Mayzel press@pinterest.com
Investor Relations Doug Clark ir@pinterest.com
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