Fastly Announces First Quarter 2024 Financial Results
Company reports positive operating cash flow of
“I am pleased with the first quarter operating performance, posting non-GAAP operating loss above our guidance and positive cash flow from operations,” said
“I'm happy with our innovation velocity with the release of our Bot Management Solution, which greatly enhances our security offering, and shows significant progress toward strengthening the Fastly Platform,” continued Nightingale. “Our path forward in 2024 will be continued investment in customer acquisition and go-to-market efforts to diversify our customer base and accelerate revenue growth.”
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
133,520 |
|
|
$ |
117,564 |
|
Gross margin |
|
|
|
|
||||
GAAP gross margin |
|
|
54.8 |
% |
|
|
51.3 |
% |
Non-GAAP gross margin |
|
|
58.8 |
% |
|
|
55.6 |
% |
Operating loss |
|
|
|
|
||||
GAAP operating loss |
|
$ |
(46,260 |
) |
|
$ |
(47,275 |
) |
Non-GAAP operating loss |
|
$ |
(9,664 |
) |
|
$ |
(14,074 |
) |
Net loss per share |
|
|
|
|
||||
GAAP net loss per common share—basic and diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.36 |
) |
Non-GAAP net loss per common share—basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.09 |
) |
For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this press release.
First Quarter 2024 Financial Summary
-
Total revenue of
$133.5 million , representing 14% year-over-year growth. Network services revenue of$106.0 million , representing 12% year-over-year growth. Security revenue of$24.6 million , representing 16% year-over-year growth. Network Services include solutions designed to improve performance of websites, apps, APIs, and digital media. Security includes products designed to protect websites, apps, APIs, and users. - GAAP gross margin of 54.8%, compared to 51.3% in the first quarter of 2023. Non-GAAP gross margin of 58.8%, compared to 55.6% in the first quarter of 2023.
-
GAAP net loss of
$43.4 million , compared to$44.7 million in the first quarter of 2023. Non-GAAP net loss of$6.5 million , compared to$10.8 million in the first quarter of 2023. -
GAAP net loss per basic and diluted shares of
$0.32 , compared to$0.36 in the first quarter of 2023. Non-GAAP net loss per basic and diluted shares of$0.05 , compared to$0.09 in the first quarter of 2023.
Key Metrics
- Last 12-month net retention rate (LTM NRR)1 increased to 114% in the first quarter from 113% in the fourth quarter of 2023.
- Total customer count2 was 3,290 in the first quarter, up 47 from the fourth quarter of 2023; 577 were enterprise customers2 in the first quarter, down 1 from the fourth quarter of 2023.
-
Remaining performance obligations (RPO)3 were
$227 million , down 4% from$236 million in the fourth quarter of 2023.
First Quarter Business and Product Highlights
- Released Fastly Bot Management Solution to help organizations combat automated “bot” attacks at the edge and minimize the business impact of fraud, DDoS attacks, account takeovers, and other abuse.
- Simplified our product bundles, making it easier for customers to choose Fastly by offering a predictable billing experience across our product portfolio.
- Enabled self-service adoption with Universal Login and the addition of Fastly product trials and upgrades to our Control Panel.
- Deepened protection for modern APIs and services with the addition of gRPC Inspection and Advanced Rate Limiting in our Next-Gen WAF.
-
Expanded our Compute platform with the
Secret Store , a secrets management service, allowing organizations to run more of their services entirely on the edge. - Released Edge Rate Limiting to protect Compute services from Layer 7 DDoS attacks and automated abuse.
- Released Edge Observability, a unified dashboard with real-time and historic metrics, and Alerts, which automatically notifies customers of service-related performance metrics and impending outages.
- New deal registrations and related revenue contribution more than doubled year-over-year in the first quarter.
- Closed more Fastly product package deals in the first quarter of 2024 than the first half of 2023.
- Fastly’s OHTTP Relay won the 2024 DEVIES award for best innovation in services: application development.
-
Published “API Security Study 2024,” an assessment of
Europe -based companies' API security concerns based on insights from cybersecurity decision makers, experts, and practitioners. - Announced Xcelerate, a series of in-person global events to help Fastly’s network of developers, security professionals, and business leaders deliver superior digital experiences at the edge.
Second Quarter and Full Year 2024 Guidance
|
|
Q2 2024 |
|
Full Year 2024 |
Total Revenue (millions) |
|
|
|
|
Non-GAAP Operating Loss (millions) |
|
( |
|
( |
Non-GAAP Net Loss per share (4)(5) |
|
( |
|
( |
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Fastly’s future GAAP financial results.
Conference Call Information
Fastly will host an investor conference call to discuss its results at
Date: |
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Time: |
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Webcast: |
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Dial-in: |
888-330-2022 (US/CA) or 646-960-0690 (Intl.) |
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Conf. ID#: |
7543239 |
Please dial in at least 10 minutes prior to the
A telephone replay of the conference call will be available at approximately
About
Fastly’s powerful and programmable edge cloud platform helps the world’s top brands deliver online experiences that are fast, safe, and engaging through edge compute, delivery, security, and observability offerings that improve site performance, enhance security, and empower innovation at global scale. Compared to other providers, Fastly’s powerful, high-performance, and modern platform architecture empowers developers to deliver secure websites and apps with rapid time-to-market and demonstrated, industry-leading cost savings. Organizations around the world trust Fastly to help them upgrade the internet experience, including Reddit, Wendy’s, Stripe,
Forward-Looking Statements
This press release contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, our operating performance, our ability to innovate, the success of our products and product enhancements, our customer acquisition and go-to-market efforts, our ability to monetize, and our ability to deliver on our long-term strategy. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the
Use of Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss and non-GAAP basic and diluted net loss per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense, amortization of acquired intangible assets, net gain on extinguishment of debt, impairment expense and amortization of debt discount and issuance costs.
Adjusted EBITDA : excludes stock-based compensation expense, depreciation and other amortization expenses, amortization of acquired intangible assets, executive transition costs, interest income, interest expense, including amortization of debt discount and issuance costs, net gain on extinguishment of debt, impairment expense, other income (expense), net, and income taxes.
Amortization of Acquired Intangible Asset s: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases and acquisitions. Management considers its operating results without this activity when evaluating its ongoing non-GAAP performance and its adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and acquisitions and may not be reflective of our core business, ongoing operating results, or future outlook.
Amortization of Debt Discount and Issuance Costs : consists primarily of amortization expense related to our debt obligations. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net loss performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook. These are included in our total interest expense.
Capital Expenditures : consists of cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.
Depreciation and Other Amortization Expense : consists of non-cash charges that can be affected by the timing and magnitude of asset purchases. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and may not be reflective of our core business, ongoing operating results, or future outlook.
Free Cash Flo w: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
Income Taxes : consists primarily of expenses recognized related to state and foreign income taxes. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Interest Expens e: consists primarily of interest expense related to our debt instruments, including amortization of debt discount and issuance costs. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net loss performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Interest Income : consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net loss performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Other Income (Expense), Net : consists primarily of foreign currency transaction gains and losses. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Stock-Based Compensation Expens e: consists of expenses for stock options, restricted stock units, performance awards, restricted stock awards and Employee Stock Purchase Plan ("ESPP") under our equity incentive plans. Although stock-based compensation is an expense for the Company and is viewed as a form of compensation, management considers its operating results without this activity when evaluating its ongoing non-GAAP net loss performance and its adjusted EBITDA performance, primarily because it is a non-cash expense not believed by management to be reflective of our core business, ongoing operating results, or future outlook. In addition, the value of some stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.
Management believes these non-GAAP financial measures and adjusted EBITDA serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.
In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this press release.
Key Metrics
1 We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period (“prior 12-month period”) ending at the beginning of the last twelve-month period (“LTM period”) minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.
2 Our number of customers is calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise customers are defined as those with annualized current quarter revenue in excess of
3 Remaining performance obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied.
4 Non-GAAP Net Loss per share is calculated as Non-GAAP Net Loss divided by weighted average basic shares for 2024.
5 Assumes weighted average basic shares outstanding of 137.7 million in Q2 2024 and 137.9 million for the full year 2024.
Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
133,520 |
|
|
$ |
117,564 |
|
Cost of revenue(1) |
|
|
60,286 |
|
|
|
57,310 |
|
Gross profit |
|
|
73,234 |
|
|
|
60,254 |
|
Operating expenses: |
|
|
|
|
||||
Research and development(1) |
|
|
38,248 |
|
|
|
37,431 |
|
Sales and marketing(1) |
|
|
49,607 |
|
|
|
44,271 |
|
General and administrative(1) |
|
|
31,639 |
|
|
|
25,827 |
|
Total operating expenses |
|
|
119,494 |
|
|
|
107,529 |
|
Loss from operations |
|
|
(46,260 |
) |
|
|
(47,275 |
) |
Interest income |
|
|
3,848 |
|
|
|
4,186 |
|
Interest expense |
|
|
(579 |
) |
|
|
(1,213 |
) |
Other expense, net |
|
|
(89 |
) |
|
|
(250 |
) |
Loss before income taxes |
|
|
(43,080 |
) |
|
|
(44,552 |
) |
Income tax expense |
|
|
347 |
|
|
|
135 |
|
Net loss |
|
$ |
(43,427 |
) |
|
$ |
(44,687 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.36 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
134,587 |
|
|
|
125,418 |
|
(1) |
|
Includes stock-based compensation expense as follows: |
|
|
Three months ended
|
||||||||
|
|
|
2024 |
|
|
|
2023 |
|
||
Cost of revenue |
|
$ |
2,779 |
|
$ |
2,681 |
||||
Research and development |
|
|
10,323 |
|
|
|
11,481 |
|
||
Sales and marketing |
|
|
7,843 |
|
|
|
6,705 |
|
||
General and administrative |
|
|
10,876 |
|
|
|
7,284 |
|
||
Total |
|
$ |
31,821 |
|
|
$ |
28,151 |
|
||
Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, unaudited) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Gross profit |
|
|
|
|
||||
GAAP gross profit |
|
$ |
73,234 |
|
|
$ |
60,254 |
|
Stock-based compensation |
|
|
2,779 |
|
|
|
2,681 |
|
Amortization of acquired intangible assets |
|
|
2,475 |
|
|
|
2,475 |
|
Non-GAAP gross profit |
|
$ |
78,488 |
|
|
$ |
65,410 |
|
GAAP gross margin |
|
|
54.8 |
% |
|
|
51.3 |
% |
Non-GAAP gross margin |
|
|
58.8 |
% |
|
|
55.6 |
% |
|
|
|
|
|
||||
Research and development |
|
|
|
|
||||
GAAP research and development |
|
$ |
38,248 |
|
|
$ |
37,431 |
|
Stock-based compensation |
|
|
(10,323 |
) |
|
|
(11,481 |
) |
Non-GAAP research and development |
|
$ |
27,925 |
|
|
$ |
25,950 |
|
|
|
|
|
|
||||
Sales and marketing |
|
|
|
|
||||
GAAP sales and marketing |
|
$ |
49,607 |
|
|
$ |
44,271 |
|
Stock-based compensation |
|
|
(7,843 |
) |
|
|
(6,705 |
) |
Amortization of acquired intangible assets |
|
|
(2,300 |
) |
|
|
(2,575 |
) |
Non-GAAP sales and marketing |
|
$ |
39,464 |
|
|
$ |
34,991 |
|
|
|
|
|
|
||||
General and administrative |
|
|
|
|
||||
GAAP general and administrative |
|
$ |
31,639 |
|
|
$ |
25,827 |
|
Stock-based compensation |
|
|
(10,876 |
) |
|
|
(7,284 |
) |
Non-GAAP general and administrative |
|
$ |
20,763 |
|
|
$ |
18,543 |
|
|
|
|
|
|
||||
Operating loss |
|
|
|
|
||||
GAAP operating loss |
|
$ |
(46,260 |
) |
|
$ |
(47,275 |
) |
Stock-based compensation |
|
|
31,821 |
|
|
|
28,151 |
|
Amortization of acquired intangible assets |
|
|
4,775 |
|
|
|
5,050 |
|
Non-GAAP operating loss |
|
$ |
(9,664 |
) |
|
$ |
(14,074 |
) |
|
|
|
|
|
||||
Net loss |
|
|
|
|
||||
GAAP net loss |
|
$ |
(43,427 |
) |
|
$ |
(44,687 |
) |
Stock-based compensation |
|
|
31,821 |
|
|
|
28,151 |
|
Amortization of acquired intangible assets |
|
|
4,775 |
|
|
|
5,050 |
|
Amortization of debt discount and issuance costs |
|
|
354 |
|
|
|
716 |
|
Non-GAAP net loss |
|
$ |
(6,477 |
) |
|
$ |
(10,770 |
) |
|
|
|
|
|
||||
Non-GAAP net loss per common share—basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.09 |
) |
Weighted average basic and diluted common shares |
|
|
134,587 |
|
|
|
125,418 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, unaudited) (continued) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Adjusted EBITDA |
|
|
|
|
||||
GAAP net loss |
|
$ |
(43,427 |
) |
|
$ |
(44,687 |
) |
Stock-based compensation |
|
|
31,821 |
|
|
|
28,151 |
|
Depreciation and other amortization |
|
|
13,400 |
|
|
|
12,179 |
|
Amortization of acquired intangible assets |
|
|
4,775 |
|
|
|
5,050 |
|
Amortization of debt discount and issuance costs |
|
|
354 |
|
|
|
716 |
|
Interest income |
|
|
(3,848 |
) |
|
|
(4,186 |
) |
Interest expense |
|
|
225 |
|
|
|
497 |
|
Other expense, net |
|
|
89 |
|
|
|
250 |
|
Income tax expense |
|
|
347 |
|
|
|
135 |
|
Adjusted EBITDA |
|
$ |
3,736 |
|
|
$ |
(1,895 |
) |
Condensed Consolidated Balance Sheets (in thousands, unaudited) |
||||||||
|
|
As of |
|
As of |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
150,809 |
|
|
$ |
107,921 |
|
Marketable securities, current |
|
|
178,677 |
|
|
|
214,799 |
|
Accounts receivable, net of allowance for credit losses |
|
|
107,517 |
|
|
|
120,498 |
|
Prepaid expenses and other current assets |
|
|
23,207 |
|
|
|
20,455 |
|
Total current assets |
|
|
460,210 |
|
|
|
463,673 |
|
Property and equipment, net |
|
|
177,574 |
|
|
|
176,608 |
|
Operating lease right-of-use assets, net |
|
|
54,420 |
|
|
|
55,212 |
|
|
|
|
670,356 |
|
|
|
670,356 |
|
Intangible assets, net |
|
|
57,576 |
|
|
|
62,475 |
|
Marketable securities, non-current |
|
|
1,743 |
|
|
|
6,088 |
|
Other assets |
|
|
84,044 |
|
|
|
90,779 |
|
Total assets |
|
$ |
1,505,923 |
|
|
$ |
1,525,191 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
5,485 |
|
|
$ |
5,611 |
|
Accrued expenses |
|
|
35,555 |
|
|
|
61,818 |
|
Finance lease liabilities, current |
|
|
11,974 |
|
|
|
15,684 |
|
Operating lease liabilities, current |
|
|
22,580 |
|
|
|
24,042 |
|
Other current liabilities |
|
|
44,633 |
|
|
|
40,539 |
|
Total current liabilities |
|
|
120,227 |
|
|
|
147,694 |
|
Long-term debt |
|
|
343,837 |
|
|
|
343,507 |
|
Finance lease liabilities, non-current |
|
|
440 |
|
|
|
1,602 |
|
Operating lease liabilities, non-current |
|
|
46,857 |
|
|
|
48,484 |
|
Other long-term liabilities |
|
|
2,756 |
|
|
|
4,416 |
|
Total liabilities |
|
|
514,117 |
|
|
|
545,703 |
|
Stockholders’ equity: |
|
|
|
|
||||
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
1,870,503 |
|
|
|
1,815,245 |
|
Accumulated other comprehensive loss |
|
|
(521 |
) |
|
|
(1,008 |
) |
Accumulated deficit |
|
|
(878,179 |
) |
|
|
(834,752 |
) |
Total stockholders’ equity |
|
|
991,806 |
|
|
|
979,488 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,505,923 |
|
|
$ |
1,525,191 |
|
Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(43,427 |
) |
|
$ |
(44,687 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation expense |
|
|
13,277 |
|
|
|
12,040 |
|
Amortization of intangible assets |
|
|
4,899 |
|
|
|
5,175 |
|
Non-cash lease expense |
|
|
5,556 |
|
|
|
6,115 |
|
Amortization of debt discount and issuance costs |
|
|
354 |
|
|
|
716 |
|
Amortization of deferred contract costs |
|
|
4,573 |
|
|
|
3,425 |
|
Stock-based compensation |
|
|
31,821 |
|
|
|
28,151 |
|
Deferred income taxes |
|
|
228 |
|
|
|
— |
|
Provision for credit losses |
|
|
953 |
|
|
|
533 |
|
Loss on disposals of property and equipment |
|
|
399 |
|
|
|
251 |
|
Amortization of premiums (discounts) on investments |
|
|
(1,158 |
) |
|
|
449 |
|
Other adjustments |
|
|
(259 |
) |
|
|
(243 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
12,028 |
|
|
|
3,701 |
|
Prepaid expenses and other current assets |
|
|
(2,700 |
) |
|
|
(634 |
) |
Other assets |
|
|
(1,814 |
) |
|
|
(7,212 |
) |
Accounts payable |
|
|
101 |
|
|
|
(175 |
) |
Accrued expenses |
|
|
(8,760 |
) |
|
|
(6,827 |
) |
Operating lease liabilities |
|
|
(7,606 |
) |
|
|
(5,750 |
) |
Other liabilities |
|
|
2,667 |
|
|
|
(3,889 |
) |
Net cash provided by (used in) operating activities |
|
|
11,132 |
|
|
|
(8,861 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of marketable securities |
|
|
(56,948 |
) |
|
|
— |
|
Maturities of marketable securities |
|
|
99,080 |
|
|
|
227,211 |
|
Purchases of property and equipment |
|
|
(1,603 |
) |
|
|
(3,494 |
) |
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
22 |
|
Capitalized internal-use software |
|
|
(6,845 |
) |
|
|
(4,209 |
) |
Net cash provided by investing activities |
|
|
33,684 |
|
|
|
219,530 |
|
Cash flows from financing activities: |
|
|
|
|
||||
Repayments of finance lease liabilities |
|
|
(4,872 |
) |
|
|
(8,645 |
) |
Proceeds from exercise of vested stock options |
|
|
111 |
|
|
|
336 |
|
Proceeds from employee stock purchase plan |
|
|
2,881 |
|
|
|
2,596 |
|
Net cash used in financing activities |
|
|
(1,880 |
) |
|
|
(5,713 |
) |
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
(48 |
) |
|
|
116 |
|
Net increase in cash, cash equivalents, and restricted cash |
|
|
42,888 |
|
|
|
205,072 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
108,071 |
|
|
|
143,541 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
|
150,959 |
|
|
|
348,613 |
|
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows: |
|
|
|
|
||||
Cash and cash equivalents |
|
|
150,809 |
|
|
|
348,463 |
|
Restricted cash, current |
|
|
150 |
|
|
|
150 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
150,959 |
|
|
$ |
348,613 |
|
Free Cash Flow (in thousands, unaudited) |
||||||||
|
|
Three months ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flow provided by (used in) operations |
|
$ |
11,132 |
|
|
$ |
(8,861 |
) |
Capital expenditures(1) |
|
|
(13,320 |
) |
|
|
(16,326 |
) |
Free Cash Flow |
|
$ |
(2,188 |
) |
|
$ |
(25,187 |
) |
(1) |
|
Capital expenditures are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows. Our capital expenditures exclude deployment of |
Source:
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430014064/en/
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Media Contact
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press@fastly.com
Source: