Fastly Announces Third Quarter 2024 Financial Results
Fastly (NYSE: FSLY) announced its Q3 2024 financial results, reporting a GAAP loss of $38.0 million but achieving a record non-GAAP income of $2.4 million and an adjusted EBITDA of $13.3 million. Total revenue grew by 7% YoY to $137.2 million, driven by a 20% increase in revenue outside the top ten customers. GAAP gross margin improved to 54.5%, while non-GAAP gross margin rose to 57.7%. Despite a GAAP net loss per share of $0.27, non-GAAP net income per share was $0.02. The company saw a decline in enterprise customer count but an increase in total customer count. Fastly's top ten customers accounted for 33% of revenue, down from 40% a year ago. The company also provided Q4 and full-year 2024 guidance, expecting revenue between $136.0 million and $140.0 million for Q4 and between $539.0 million and $543.0 million for the full year.
Fastly (NYSE: FSLY) ha annunciato i risultati finanziari del terzo trimestre del 2024, riportando una perdita GAAP di 38,0 milioni di dollari, ma raggiungendo un reddito non GAAP record di 2,4 milioni di dollari e un EBITDA rettificato di 13,3 milioni di dollari. Il fatturato totale è cresciuto del 7% su base annua, raggiungendo 137,2 milioni di dollari, trainato da un aumento del 20% del fatturato al di fuori dei primi dieci clienti. Il margine lordo GAAP è migliorato al 54,5%, mentre il margine lordo non GAAP è salito al 57,7%. Nonostante una perdita netta GAAP per azione di 0,27 dollari, l'utile netto non GAAP per azione era di 0,02 dollari. L'azienda ha registrato una diminuzione del numero di clienti enterprise ma un aumento nel numero totale dei clienti. I dieci principali clienti di Fastly hanno rappresentato il 33% del fatturato, in calo rispetto al 40% dell'anno precedente. L'azienda ha anche fornito una previsione per il quarto trimestre e per l'intero anno 2024, con previsioni di fatturato compreso tra 136,0 milioni e 140,0 milioni di dollari per il quarto trimestre e tra 539,0 milioni e 543,0 milioni di dollari per l'intero anno.
Fastly (NYSE: FSLY) anunció sus resultados financieros del tercer trimestre de 2024, reportando una pérdida GAAP de 38,0 millones de dólares, pero logrando un ingreso no GAAP récord de 2,4 millones de dólares y un EBITDA ajustado de 13,3 millones de dólares. Los ingresos totales crecieron un 7% interanual a 137,2 millones de dólares, impulsados por un aumento del 20% en los ingresos fuera de los diez principales clientes. El margen bruto GAAP mejoró al 54,5%, mientras que el margen bruto no GAAP aumentó al 57,7%. A pesar de una pérdida neta GAAP por acción de 0,27 dólares, la utilidad neta no GAAP por acción fue de 0,02 dólares. La compañía experimentó una disminución en el número de clientes empresariales, pero un aumento en el número total de clientes. Los diez principales clientes de Fastly representaron el 33% de los ingresos, en comparación con el 40% del año anterior. La empresa también proporcionó orientaciones para el cuarto trimestre y el año completo de 2024, esperando ingresos entre 136,0 millones y 140,0 millones de dólares para el cuarto trimestre y entre 539,0 millones y 543,0 millones de dólares para el año completo.
Fastly (NYSE: FSLY)는 2024년 3분기 재무 결과를 발표하면서 GAAP 기준으로 3,800만 달러의 손실을 기록했지만, 비 GAAP 기준으로 240만 달러의 역대 최대 수익과 1억 3,300만 달러의 조정 EBITDA를 달성했다고 밝혔습니다. 총 수익은 전년 대비 7% 성장하여 1억 3,720만 달러에 도달했으며, 이는 상위 10개 고객 외의 수익이 20% 증가했기 때문입니다. GAAP 총 마진은 54.5%로 개선되었고, 비 GAAP 총 마진은 57.7%로 상승했습니다. 1주당 GAAP 기준의 순 손실은 0.27달러였던 반면, 비 GAAP 기준의 1주당 순익은 0.02달러였습니다. 회사는 기업 고객 수는 감소했지만 전체 고객 수는 증가했습니다. Fastly의 상위 10개 고객은 총 수익의 33%를 차지했으며, 이는 작년의 40%에서 감소한 수치입니다. 회사는 2024년 4분기 및 연간 가이던스도 제공했으며, 4분기 매출을 1억 3,600만 달러에서 1억 4,000만 달러 사이로, 연간 총 매출을 5억 3,900만 달러에서 5억 4,300만 달러 사이로 예상하고 있습니다.
Fastly (NYSE: FSLY) a annoncé ses résultats financiers pour le troisième trimestre de 2024, rapportant une perte GAAP de 38,0 millions de dollars, mais atteignant un revenu non-GAAP record de 2,4 millions de dollars et un EBITDA ajusté de 13,3 millions de dollars. Le chiffre d'affaires total a augmenté de 7 % d'une année sur l'autre, atteignant 137,2 millions de dollars, soutenu par une augmentation de 20 % du chiffre d'affaires en dehors des dix principaux clients. La marge brute GAAP s'est améliorée pour atteindre 54,5 %, tandis que la marge brute non-GAAP a augmenté à 57,7 %. Malgré une perte nette GAAP par action de 0,27 dollar, le bénéfice net non-GAAP par action était de 0,02 dollar. L'entreprise a constaté une diminution du nombre de clients d'entreprise, mais une augmentation du nombre total de clients. Les dix principaux clients de Fastly représentaient 33 % du chiffre d'affaires, en baisse par rapport à 40 % l'année précédente. L'entreprise a également fourni des prévisions pour le quatrième trimestre et l'année complète 2024, s'attendant à un chiffre d'affaires compris entre 136,0 millions et 140,0 millions de dollars pour le quatrième trimestre et entre 539,0 millions et 543,0 millions de dollars pour l'année complète.
Fastly (NYSE: FSLY) hat seine Finanzzahlen für das 3. Quartal 2024 veröffentlicht und einen GAAP-Verlust von 38,0 Millionen Dollar gemeldet, jedoch einen Rekord-Nicht-GAAP-Einkommen von 2,4 Millionen Dollar sowie ein bereinigtes EBITDA von 13,3 Millionen Dollar erreicht. Der Gesamtumsatz wuchs im Jahresvergleich um 7% auf 137,2 Millionen Dollar, angetrieben durch einen Anstieg der Umsätze außerhalb der zehn größten Kunden um 20%. Die GAAP-Bruttomarge verbesserte sich auf 54,5%, während die Nicht-GAAP-Bruttomarge auf 57,7% stieg. Trotz eines GAAP-Nettoverlustes pro Aktie von 0,27 Dollar betrug der Nicht-GAAP-Nettoertrag pro Aktie 0,02 Dollar. Das Unternehmen verzeichnete einen Rückgang der Unternehmenskundenzahl, jedoch einen Anstieg der Gesamtzahl der Kunden. Die zehn größten Kunden von Fastly trugen 33% zum Umsatz bei, im Vergleich zu 40% im Vorjahr. Das Unternehmen gab auch eine Prognose für das 4. Quartal und das Gesamtjahr 2024 ab und erwartet einen Umsatz zwischen 136,0 Millionen und 140,0 Millionen Dollar für das 4. Quartal sowie zwischen 539,0 Millionen und 543,0 Millionen Dollar für das Gesamtjahr.
- Record non-GAAP income of $2.4 million.
- Adjusted EBITDA reached a record $13.3 million.
- Total revenue grew by 7% YoY to $137.2 million.
- Revenue outside top ten customers grew by 20% YoY.
- GAAP gross margin improved to 54.5%.
- Non-GAAP gross margin improved to 57.7%.
- Non-GAAP net income per share was $0.02.
- GAAP net loss of $38.0 million.
- GAAP net loss per share of $0.27.
- Enterprise customer count decreased by 25.
- Revenue from top ten customers declined by 11% YoY.
- LTM NRR decreased to 105% from 110%.
Reports GAAP loss of
Delivers record adjusted EBITDA of
“Fastly delivered significant upside on our revenue guidance in Q3 along with record non-GAAP net income and adjusted EBITDA,” said Todd Nightingale, CEO of Fastly. “This was driven by better-than-expected strength in some of our largest customers, continued share gains outside of our top ten customers, and faster-than-projected execution of our restructuring.”
“Our transformation initiatives are helping us focus on the broader market with revenue outside of our ten largest customers growing
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Three months ended
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Nine months ended
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2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
137,206 |
|
|
$ |
127,816 |
|
|
$ |
403,097 |
|
|
$ |
368,211 |
|
Gross margin |
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|
|
|
|
|
|
|
||||||||
GAAP gross margin |
|
|
54.5 |
% |
|
|
51.7 |
% |
|
|
54.8 |
% |
|
|
51.8 |
% |
Non-GAAP gross margin |
|
|
57.7 |
% |
|
|
55.9 |
% |
|
|
58.3 |
% |
|
|
56.0 |
% |
Operating loss |
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|
|
|
|
|
|
|
||||||||
GAAP operating loss |
|
$ |
(40,590 |
) |
|
$ |
(58,342 |
) |
|
$ |
(133,584 |
) |
|
$ |
(155,444 |
) |
Non-GAAP operating loss |
|
$ |
(520 |
) |
|
$ |
(12,552 |
) |
|
$ |
(22,857 |
) |
|
$ |
(34,411 |
) |
Net income (loss) per share |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss per common share — basic and diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.86 |
) |
Non-GAAP net income (loss) per common share — basic and diluted |
|
$ |
0.02 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.18 |
) |
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.
Third Quarter 2024 Financial Summary
-
Total revenue of
$137.2 million 7% year-over-year growth. Network services revenue of$107.4 million 5% year-over-year growth. Security revenue of$26.2 million 12% year-over-year growth. Other revenue of$3.6 million 85% year-over-year growth. Network services revenue includes solutions designed to improve performance of websites, apps, APIs, and digital media. Security revenue includes products designed to protect websites, apps, APIs, and users. Other revenue includes Compute and Observability solutions. -
GAAP gross margin of
54.5% , compared to51.7% in the third quarter of 2023. Non-GAAP gross margin of57.7% , compared to55.9% in the third quarter of 2023. -
GAAP net loss of
$38.0 million $54.3 million $2.4 million $8.0 million -
GAAP net loss per basic and diluted share of
$0.27 $0.42 $0.02 $0.06
Key Metrics
- Enterprise customer1 count was 576 in the third quarter, down 25 from the second quarter of 2024. Total customer count1 was 3,638 in the third quarter, up 343 from the second quarter of 2024.
-
Fastly's top ten customers accounted for
33% of revenue in the third quarter compared to40% in the third quarter of 2023. Revenue from the top ten customers declined11% year-over-year compared to revenue growth of20% year-over-year from customers outside the top ten. -
Last 12-month net retention rate (LTM NRR)2 decreased to
105% in the third quarter from110% in the second quarter of 2024. -
Remaining performance obligations (RPO)3 were
$235 million 6% from$223 million
Third Quarter Business and Product Highlights
-
Fastly Threat Insights Report revealed
91% of cyberattacks now target multiple organizations using mass scanning. -
Fastly’s “Bots Wars: How Bad Bots are Hurting Businesses” research revealed
59% of organizations reported an increase in bot attacks over the past year, with significant attacks costing organizations$2.9 million - Hosted Xcelerate Sydney, a curated customer event bringing together thought leaders and industry pioneers for a jam-packed day of innovation.
- Enhanced Fastly Next-Gen WAF with new capabilities that reduced the time to activate the product, enriched detection signals, and provided additional context to data with Country and IP Corp/Site lists.
- Updated Fastly Bot Management with new bot analysis capability to provide customers with visibility and control of their bot management expenses, while also enabling customers to provide logos for bot challenges.
- Enhanced the Fastly trials experience with access to combined trials for full product lines, helping customers discover new tools and unlock the full value of the Fastly Edge Cloud Platform.
- Added the Fastly Support Portal to the Fastly single sign-on experience, allowing customers to seamlessly navigate across the Fastly Control Panel, Next-Gen WAF Console and Support Portal.
Fourth Quarter and Full Year 2024 Guidance
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Q4 2024 |
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Full Year 2024 |
Total Revenue (millions) |
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|
Non-GAAP Operating Loss (millions) |
|
( |
|
( |
Non-GAAP Net Income (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 1:30 p.m. PT / 4:30 p.m. ET on Wednesday, November 6, 2024.
Date: Wednesday, November 6, 2024
Time: 1:30 p.m. PT / 4:30 p.m. ET
Webcast: https://investors.fastly.com
Dial-in: 888-330-2022 (US/CA) or 646-960-0690 (Intl.)
Conf. ID#: 7543239
Please dial in at least 10 minutes prior to the 1:30 p.m. PT start time. A live webcast of the call will be available at https://investors.fastly.com where listeners may log on to the event by selecting the webcast link under the “Quarterly Results” section.
A telephone replay of the conference call will be available at approximately 5:00 p.m. PT, November 6 through November 20, 2024 by dialing 800-770-2030 or 647-362-9199 and entering the passcode 7543239.
About Fastly, Inc.
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, Neiman Marcus, Universal Music Group, and SeatGeek. Learn more about Fastly at https://www.fastly.com, and follow us @fastly.
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, investment in continued edge cloud innovation, the capabilities of Fastly Next-Gen WAF, the capabilities of Fastly Bot Management, expectations regarding customer experiences with the Fastly trials experience and Support Portal, our customer acquisition and go-to-market efforts, our ability to monetize, expectations regarding customer mix and diversification of our revenue base, 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 Securities and Exchange Commission (“SEC”), including those more fully described in Fastly’s Annual Report on Form 10-K for the year ended December 31, 2023, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Copies of reports filed with the SEC are posted on Fastly’s website and are available from Fastly without charge.
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 income (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 Assets: 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 income (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.
Executive Transition Costs: consists of one-time cash and non-cash charges recognized with respect to changes in our executive’s employment status. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (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.
Free Cash Flow: 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.
Impairment Expense: consists of charges related to our long-lived assets. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (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.
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 Expense: 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 income (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 income (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.
Net Gain on Debt Extinguishment: relates to net gain on the partial repurchase of our outstanding convertible debt. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (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.
Restructuring Charges: consists primarily of employee-related severance and termination benefits related to management's restructuring plan that resulted in a reduction in our workforce. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (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.
Stock-Based Compensation Expense: 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 income (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 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
2 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.
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 Income (Loss) per share is calculated as Non-GAAP Net Income (Loss) divided by weighted average basic shares for 2024.
5 Assumes weighted average basic shares outstanding of 141.0 million in Q4 2024 and 137.5 million for the full year 2024.
Condensed Consolidated Statements of Operations |
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(in thousands, except per share amounts, unaudited) |
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Three months ended September 30, |
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Nine months ended September 30, |
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|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
137,206 |
|
|
$ |
127,816 |
|
|
$ |
403,097 |
|
|
$ |
368,211 |
|
Cost of revenue(1) |
|
|
62,466 |
|
|
|
61,730 |
|
|
|
182,222 |
|
|
|
177,657 |
|
Gross profit |
|
|
74,740 |
|
|
|
66,086 |
|
|
|
220,875 |
|
|
|
190,554 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development(1) |
|
|
31,884 |
|
|
|
39,068 |
|
|
|
105,238 |
|
|
|
113,920 |
|
Sales and marketing(1) |
|
|
45,994 |
|
|
|
51,043 |
|
|
|
148,560 |
|
|
|
143,111 |
|
General and administrative(1) |
|
|
27,173 |
|
|
|
30,001 |
|
|
|
87,245 |
|
|
|
84,651 |
|
Impairment expense |
|
|
559 |
|
|
|
4,316 |
|
|
|
3,696 |
|
|
|
4,316 |
|
Restructuring charges |
|
|
9,720 |
|
|
|
— |
|
|
|
9,720 |
|
|
|
— |
|
Total operating expenses |
|
|
115,330 |
|
|
|
124,428 |
|
|
|
354,459 |
|
|
|
345,998 |
|
Loss from operations |
|
|
(40,590 |
) |
|
|
(58,342 |
) |
|
|
(133,584 |
) |
|
|
(155,444 |
) |
Net gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,760 |
|
Interest income |
|
|
3,819 |
|
|
|
4,908 |
|
|
|
11,604 |
|
|
|
13,602 |
|
Interest expense |
|
|
(473 |
) |
|
|
(862 |
) |
|
|
(1,516 |
) |
|
|
(3,307 |
) |
Other expense, net |
|
|
(317 |
) |
|
|
(16 |
) |
|
|
(213 |
) |
|
|
(1,069 |
) |
Loss before income tax expense |
|
|
(37,561 |
) |
|
|
(54,312 |
) |
|
|
(123,709 |
) |
|
|
(109,458 |
) |
Income tax expense (benefit) |
|
|
455 |
|
|
|
(1 |
) |
|
|
1,463 |
|
|
|
244 |
|
Net loss |
|
$ |
(38,016 |
) |
|
$ |
(54,311 |
) |
|
$ |
(125,172 |
) |
|
$ |
(109,702 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.86 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
|
139,237 |
|
|
|
129,873 |
|
|
|
137,097 |
|
|
|
127,735 |
|
__________ |
||||||||||||||||
(1) Includes stock-based compensation expense as follows: |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cost of revenue |
|
$ |
1,911 |
|
$ |
2,860 |
|
$ |
6,734 |
|
$ |
8,378 |
||||
Research and development |
|
|
7,378 |
|
|
|
12,122 |
|
|
|
25,684 |
|
|
|
35,808 |
|
Sales and marketing |
|
|
7,113 |
|
|
|
9,061 |
|
|
|
22,014 |
|
|
|
25,643 |
|
General and administrative |
|
|
8,614 |
|
|
|
11,670 |
|
|
|
28,553 |
|
|
|
31,027 |
|
Total |
|
$ |
25,016 |
|
|
$ |
35,713 |
|
|
$ |
82,985 |
|
|
$ |
100,856 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||
(in thousands, unaudited) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Gross profit |
|
|
|
|
|
|
|
|
||||||||
GAAP gross profit |
|
$ |
74,740 |
|
|
$ |
66,086 |
|
|
$ |
220,875 |
|
|
$ |
190,554 |
|
Stock-based compensation |
|
|
1,911 |
|
|
|
2,860 |
|
|
|
6,734 |
|
|
|
8,378 |
|
Amortization of acquired intangible assets |
|
|
2,475 |
|
|
|
2,475 |
|
|
|
7,425 |
|
|
|
7,425 |
|
Non-GAAP gross profit |
|
$ |
79,126 |
|
|
$ |
71,421 |
|
|
$ |
235,034 |
|
|
$ |
206,357 |
|
GAAP gross margin |
|
|
54.5 |
% |
|
|
51.7 |
% |
|
|
54.8 |
% |
|
|
51.8 |
% |
Non-GAAP gross margin |
|
|
57.7 |
% |
|
|
55.9 |
% |
|
|
58.3 |
% |
|
|
56.0 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
|
|
|
|
|
|
||||||||
GAAP research and development |
|
$ |
31,884 |
|
|
$ |
39,068 |
|
|
$ |
105,238 |
|
|
$ |
113,920 |
|
Stock-based compensation |
|
|
(7,378 |
) |
|
|
(10,426 |
) |
|
|
(25,684 |
) |
|
|
(34,112 |
) |
Executive transition costs |
|
|
— |
|
|
|
(2,406 |
) |
|
|
— |
|
|
|
(2,406 |
) |
Non-GAAP research and development |
|
$ |
24,506 |
|
|
$ |
26,236 |
|
|
$ |
79,554 |
|
|
$ |
77,402 |
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing |
|
$ |
45,994 |
|
|
$ |
51,043 |
|
|
$ |
148,560 |
|
|
$ |
143,111 |
|
Stock-based compensation |
|
|
(7,113 |
) |
|
|
(9,061 |
) |
|
|
(22,014 |
) |
|
|
(25,643 |
) |
Amortization of acquired intangible assets |
|
|
(2,300 |
) |
|
|
(2,576 |
) |
|
|
(6,901 |
) |
|
|
(7,726 |
) |
Non-GAAP sales and marketing |
|
$ |
36,581 |
|
|
$ |
39,406 |
|
|
$ |
119,645 |
|
|
$ |
109,742 |
|
|
|
|
|
|
|
|
|
|
||||||||
General and administrative |
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative |
|
$ |
27,173 |
|
|
$ |
30,001 |
|
|
$ |
87,245 |
|
|
$ |
84,651 |
|
Stock-based compensation |
|
|
(8,614 |
) |
|
|
(11,670 |
) |
|
|
(28,553 |
) |
|
|
(31,027 |
) |
Non-GAAP general and administrative |
|
$ |
18,559 |
|
|
$ |
18,331 |
|
|
$ |
58,692 |
|
|
$ |
53,624 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
|
|
|
|
|
|
|
||||||||
GAAP operating loss |
|
$ |
(40,590 |
) |
|
$ |
(58,342 |
) |
|
$ |
(133,584 |
) |
|
$ |
(155,444 |
) |
Stock-based compensation |
|
|
25,016 |
|
|
|
34,017 |
|
|
|
82,985 |
|
|
|
99,160 |
|
Restructuring charges |
|
|
9,720 |
|
|
|
— |
|
|
|
9,720 |
|
|
|
— |
|
Executive transition costs |
|
|
— |
|
|
|
2,406 |
|
|
|
— |
|
|
|
2,406 |
|
Amortization of acquired intangible assets |
|
|
4,775 |
|
|
|
5,051 |
|
|
|
14,326 |
|
|
|
15,151 |
|
Impairment expense |
|
|
559 |
|
|
|
4,316 |
|
|
|
3,696 |
|
|
|
4,316 |
|
Non-GAAP operating loss |
|
$ |
(520 |
) |
|
$ |
(12,552 |
) |
|
$ |
(22,857 |
) |
|
$ |
(34,411 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
|
$ |
(38,016 |
) |
|
$ |
(54,311 |
) |
|
$ |
(125,172 |
) |
|
$ |
(109,702 |
) |
Stock-based compensation |
|
|
25,016 |
|
|
|
34,017 |
|
|
|
82,985 |
|
|
|
99,160 |
|
Restructuring charges |
|
|
9,720 |
|
|
|
— |
|
|
|
9,720 |
|
|
|
— |
|
Executive transition costs |
|
|
— |
|
|
|
2,406 |
|
|
|
— |
|
|
|
2,406 |
|
Amortization of acquired intangible assets |
|
|
4,775 |
|
|
|
5,051 |
|
|
|
14,326 |
|
|
|
15,151 |
|
Net gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,760 |
) |
Impairment expense |
|
|
559 |
|
|
|
4,316 |
|
|
|
3,696 |
|
|
|
4,316 |
|
Amortization of debt discount and issuance costs |
|
|
358 |
|
|
|
502 |
|
|
|
1,061 |
|
|
|
2,021 |
|
Non-GAAP net income (loss) |
|
$ |
2,412 |
|
|
$ |
(8,019 |
) |
|
$ |
(13,384 |
) |
|
$ |
(23,408 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net income (loss) per common share — basic and diluted |
|
$ |
0.02 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.18 |
) |
Weighted average basic common shares |
|
|
139,237 |
|
|
|
129,873 |
|
|
|
137,097 |
|
|
|
127,735 |
|
Weighted average diluted common shares |
|
|
143,415 |
|
|
|
129,873 |
|
|
|
137,097 |
|
|
|
127,735 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||||||||||
(in thousands, unaudited) (continued) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of GAAP to Non-GAAP diluted shares |
|
|
|
|
|
|
|
|
||||||||
GAAP diluted shares |
|
|
139,237 |
|
|
129,873 |
|
|
|
137,097 |
|
|
|
127,735 |
|
|
Other dilutive equity awards |
|
|
4,178 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Non-GAAP diluted shares |
|
|
143,415 |
|
|
|
129,873 |
|
|
|
137,097 |
|
|
|
127,735 |
|
Non-GAAP diluted net income (loss) per share |
|
$ |
0.02 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.18 |
) |
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
||||||||
GAAP net loss |
|
$ |
(38,016 |
) |
|
$ |
(54,311 |
) |
|
$ |
(125,172 |
) |
|
$ |
(109,702 |
) |
Stock-based compensation |
|
|
25,016 |
|
|
|
34,017 |
|
|
|
82,985 |
|
|
|
99,160 |
|
Restructuring charges |
|
|
9,720 |
|
|
|
— |
|
|
|
9,720 |
|
|
|
— |
|
Executive transition costs |
|
|
— |
|
|
|
2,406 |
|
|
|
— |
|
|
|
2,406 |
|
Net gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,760 |
) |
Impairment expense |
|
|
559 |
|
|
|
4,316 |
|
|
|
3,696 |
|
|
|
4,316 |
|
Depreciation and other amortization |
|
|
13,781 |
|
|
|
13,202 |
|
|
|
40,624 |
|
|
|
38,412 |
|
Amortization of acquired intangible assets |
|
|
4,775 |
|
|
|
5,051 |
|
|
|
14,326 |
|
|
|
15,151 |
|
Amortization of debt discount and issuance costs |
|
|
358 |
|
|
|
502 |
|
|
|
1,061 |
|
|
|
2,021 |
|
Interest income |
|
|
(3,819 |
) |
|
|
(4,908 |
) |
|
|
(11,604 |
) |
|
|
(13,602 |
) |
Interest expense |
|
|
115 |
|
|
|
360 |
|
|
|
455 |
|
|
|
1,286 |
|
Other expense, net |
|
|
317 |
|
|
|
16 |
|
|
|
213 |
|
|
|
1,069 |
|
Income tax expense (benefit) |
|
|
455 |
|
|
|
(1 |
) |
|
|
1,463 |
|
|
|
244 |
|
Adjusted EBITDA |
|
$ |
13,261 |
|
|
$ |
650 |
|
|
$ |
17,767 |
|
|
$ |
4,001 |
|
Condensed Consolidated Balance Sheets |
||||||||
(in thousands, unaudited) |
||||||||
|
|
As of September 30, 2024 |
|
As of December 31, 2023 |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
217,514 |
|
|
$ |
107,921 |
|
Marketable securities, current |
|
|
90,733 |
|
|
|
214,799 |
|
Accounts receivable, net of allowance for credit losses |
|
|
116,800 |
|
|
|
120,498 |
|
Prepaid expenses and other current assets |
|
|
28,011 |
|
|
|
20,455 |
|
Total current assets |
|
|
453,058 |
|
|
|
463,673 |
|
Property and equipment, net |
|
|
180,288 |
|
|
|
176,608 |
|
Operating lease right-of-use assets, net |
|
|
47,700 |
|
|
|
55,212 |
|
Goodwill |
|
|
670,356 |
|
|
|
670,356 |
|
Intangible assets, net |
|
|
47,776 |
|
|
|
62,475 |
|
Marketable securities, non-current |
|
|
— |
|
|
|
6,088 |
|
Other assets |
|
|
72,576 |
|
|
|
90,779 |
|
Total assets |
|
$ |
1,471,754 |
|
|
$ |
1,525,191 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
11,354 |
|
|
$ |
5,611 |
|
Accrued expenses |
|
|
40,854 |
|
|
|
61,818 |
|
Finance lease liabilities, current |
|
|
4,882 |
|
|
|
15,684 |
|
Operating lease liabilities, current |
|
|
23,857 |
|
|
|
24,042 |
|
Other current liabilities |
|
|
33,261 |
|
|
|
40,539 |
|
Total current liabilities |
|
|
114,208 |
|
|
|
147,694 |
|
Long-term debt |
|
|
344,498 |
|
|
|
343,507 |
|
Finance lease liabilities, non-current |
|
|
— |
|
|
|
1,602 |
|
Operating lease liabilities, non-current |
|
|
40,565 |
|
|
|
48,484 |
|
Other long-term liabilities |
|
|
3,029 |
|
|
|
4,416 |
|
Total liabilities |
|
|
502,300 |
|
|
|
545,703 |
|
Stockholders’ equity: |
|
|
|
|
||||
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
1,929,397 |
|
|
|
1,815,245 |
|
Accumulated other comprehensive loss |
|
|
(22 |
) |
|
|
(1,008 |
) |
Accumulated deficit |
|
|
(959,924 |
) |
|
|
(834,752 |
) |
Total stockholders’ equity |
|
|
969,454 |
|
|
|
979,488 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,471,754 |
|
|
$ |
1,525,191 |
|
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(in thousands, unaudited) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(38,016 |
) |
|
$ |
(54,311 |
) |
|
$ |
(125,172 |
) |
|
$ |
(109,702 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
||||||||
Depreciation expense |
|
|
13,656 |
|
|
|
13,055 |
|
|
|
40,251 |
|
|
|
38,015 |
|
Amortization of intangible assets |
|
|
4,900 |
|
|
|
5,175 |
|
|
|
14,699 |
|
|
|
15,525 |
|
Non-cash lease expense |
|
|
5,463 |
|
|
|
5,464 |
|
|
|
16,819 |
|
|
|
17,227 |
|
Amortization of debt discount and issuance costs |
|
|
358 |
|
|
|
501 |
|
|
|
1,061 |
|
|
|
2,020 |
|
Amortization of deferred contract costs |
|
|
4,773 |
|
|
|
4,082 |
|
|
|
13,877 |
|
|
|
11,253 |
|
Stock-based compensation |
|
|
25,016 |
|
|
|
35,713 |
|
|
|
82,985 |
|
|
|
100,856 |
|
Deferred income taxes |
|
|
339 |
|
|
|
— |
|
|
|
900 |
|
|
|
— |
|
Provision for credit losses |
|
|
1,054 |
|
|
|
211 |
|
|
|
2,400 |
|
|
|
1,311 |
|
(Gain) loss on disposals of property and equipment |
|
|
— |
|
|
|
(42 |
) |
|
|
444 |
|
|
|
505 |
|
Amortization of premiums (discounts) on investments |
|
|
(1,064 |
) |
|
|
(403 |
) |
|
|
(3,466 |
) |
|
|
344 |
|
Impairment of operating lease right-of-use assets |
|
|
371 |
|
|
|
401 |
|
|
|
371 |
|
|
|
588 |
|
Impairment expense |
|
|
559 |
|
|
|
4,316 |
|
|
|
3,696 |
|
|
|
4,316 |
|
Net gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,760 |
) |
Other adjustments |
|
|
520 |
|
|
|
71 |
|
|
|
83 |
|
|
|
(257 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
|
(3,976 |
) |
|
|
(20,538 |
) |
|
|
1,298 |
|
|
|
(10,355 |
) |
Prepaid expenses and other current assets |
|
|
(2,589 |
) |
|
|
5,019 |
|
|
|
(7,420 |
) |
|
|
4,602 |
|
Other assets |
|
|
(2,705 |
) |
|
|
(4,286 |
) |
|
|
(7,729 |
) |
|
|
(16,269 |
) |
Accounts payable |
|
|
4,754 |
|
|
|
314 |
|
|
|
4,514 |
|
|
|
1,258 |
|
Accrued expenses |
|
|
2,707 |
|
|
|
340 |
|
|
|
(4,142 |
) |
|
|
(6,253 |
) |
Operating lease liabilities |
|
|
(7,329 |
) |
|
|
(4,505 |
) |
|
|
(19,341 |
) |
|
|
(16,937 |
) |
Other liabilities |
|
|
(3,789 |
) |
|
|
1,033 |
|
|
|
(4,942 |
) |
|
|
6,452 |
|
Net cash provided by (used in) operating activities |
|
|
5,002 |
|
|
|
(8,390 |
) |
|
|
11,186 |
|
|
|
7,739 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
||||||||
Purchases of marketable securities |
|
|
(37,902 |
) |
|
|
(73,091 |
) |
|
|
(155,099 |
) |
|
|
(73,091 |
) |
Sales of marketable securities |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
775 |
|
Maturities of marketable securities |
|
|
113,032 |
|
|
|
86,030 |
|
|
|
289,709 |
|
|
|
428,125 |
|
Advance payment for purchase of property and equipment |
|
|
— |
|
|
|
— |
|
|
|
(790 |
) |
|
|
— |
|
Purchases of property and equipment |
|
|
(1,996 |
) |
|
|
(325 |
) |
|
|
(5,361 |
) |
|
|
(8,283 |
) |
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
13 |
|
|
|
24 |
|
|
|
49 |
|
Capitalized internal-use software |
|
|
(6,818 |
) |
|
|
(4,951 |
) |
|
|
(20,492 |
) |
|
|
(15,390 |
) |
Net cash provided by investing activities |
|
|
66,316 |
|
|
|
7,677 |
|
|
|
107,991 |
|
|
|
332,185 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
||||||||
Cash paid for debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(196,934 |
) |
Repayments of finance lease liabilities |
|
|
(3,296 |
) |
|
|
(6,041 |
) |
|
|
(12,404 |
) |
|
|
(21,243 |
) |
Payment of deferred consideration for business acquisitions |
|
|
— |
|
|
|
— |
|
|
|
(3,771 |
) |
|
|
(4,393 |
) |
Proceeds from exercise of vested stock options |
|
|
19 |
|
|
|
1,137 |
|
|
|
310 |
|
|
|
2,008 |
|
Proceeds from employee stock purchase plan |
|
|
2,168 |
|
|
|
2,222 |
|
|
|
6,083 |
|
|
|
7,009 |
|
Net cash used in financing activities |
|
|
(1,109 |
) |
|
|
(2,682 |
) |
|
|
(9,782 |
) |
|
|
(213,553 |
) |
Effects of exchange rate changes on cash, cash equivalents, and restricted cash |
|
|
109 |
|
|
|
(47 |
) |
|
|
48 |
|
|
|
538 |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
70,318 |
|
|
|
(3,442 |
) |
|
|
109,443 |
|
|
|
126,909 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
147,196 |
|
|
|
273,892 |
|
|
|
108,071 |
|
|
|
143,541 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
|
217,514 |
|
|
|
270,450 |
|
|
|
217,514 |
|
|
|
270,450 |
|
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows: |
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
|
217,514 |
|
|
|
270,300 |
|
|
|
217,514 |
|
|
|
270,300 |
|
Restricted cash, current |
|
|
— |
|
|
|
150 |
|
|
|
— |
|
|
|
150 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
217,514 |
|
|
$ |
270,450 |
|
|
$ |
217,514 |
|
|
$ |
270,450 |
|
Free Cash Flow |
||||||||||||||||
(in thousands, unaudited) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by (used in) operating activities |
|
$ |
5,002 |
|
|
$ |
(8,390 |
) |
|
$ |
11,186 |
|
|
$ |
7,739 |
|
Capital expenditures(1) |
|
|
(12,110 |
) |
|
|
(11,304 |
) |
|
|
(38,233 |
) |
|
|
(44,867 |
) |
Advance payment for purchase of property and equipment(2) |
|
|
— |
|
|
|
— |
|
|
|
(790 |
) |
|
|
— |
|
Free Cash Flow |
|
$ |
(7,108 |
) |
|
$ |
(19,694 |
) |
|
$ |
(27,837 |
) |
|
$ |
(37,128 |
) |
__________ |
||
(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. |
(2) |
|
In the nine months ended September 30, 2024, we received |
Source: Fastly, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106084057/en/
Investor Contact
Vernon Essi, Jr.
ir@fastly.com
Media Contact
Spring Harris
press@fastly.com
Source: Fastly, Inc.
FAQ
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