(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Cloudflare, Inc. | ||||||||||||||
Dated: February 8, 2024 | By: | /s/ Douglas Kramer | ||||||||||||
Douglas Kramer | ||||||||||||||
Chief Legal Officer and Secretary |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 362,473 | $ | 274,700 | $ | 1,296,745 | $ | 975,241 | |||||||||||||||
Cost of revenue(1)(2) | 83,283 | 67,788 | 307,005 | 232,610 | |||||||||||||||||||
Gross profit | 279,190 | 206,912 | 989,740 | 742,631 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1)(2)(3) | 165,214 | 132,050 | 599,117 | 465,762 | |||||||||||||||||||
Research and development(1)(3) | 96,401 | 79,703 | 358,143 | 298,303 | |||||||||||||||||||
General and administrative(1) | 60,404 | 45,850 | 217,965 | 179,769 | |||||||||||||||||||
Total operating expenses | 322,019 | 257,603 | 1,175,225 | 943,834 | |||||||||||||||||||
Loss from operations | (42,829) | (50,691) | (185,485) | (201,203) | |||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||
Interest income | 20,190 | 8,323 | 68,167 | 14,877 | |||||||||||||||||||
Interest expense(4) | (1,069) | (875) | (5,872) | (4,984) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | (50,300) | — | |||||||||||||||||||
Other income (expense), net | (2,103) | (1,602) | (4,372) | 577 | |||||||||||||||||||
Total non-operating income, net | 17,018 | 5,846 | 7,623 | 10,470 | |||||||||||||||||||
Loss before income taxes | (25,811) | (44,845) | (177,862) | (190,733) | |||||||||||||||||||
Provision for income taxes | 2,054 | 1,072 | 6,087 | 2,648 | |||||||||||||||||||
Net loss | $ | (27,865) | $ | (45,917) | $ | (183,949) | $ | (193,381) | |||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.08) | $ | (0.14) | $ | (0.55) | $ | (0.59) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 336,578 | 328,326 | 333,656 | 326,332 |
Cost of revenue | $ | 2,064 | $ | 1,289 | $ | 8,360 | $ | 6,770 | |||||||||||||||
Sales and marketing | 19,435 | 18,487 | 76,711 | 53,692 | |||||||||||||||||||
Research and development | 36,932 | 30,276 | 140,074 | 112,277 | |||||||||||||||||||
General and administrative | 18,873 | 12,572 | 62,355 | 45,027 | |||||||||||||||||||
Total stock-based compensation and related employer payroll taxes | $ | 77,304 | $ | 62,624 | $ | 287,500 | $ | 217,766 |
Cost of revenue | $ | 4,764 | $ | 4,311 | $ | 17,702 | $ | 13,444 | |||||||||||||||
Sales and marketing | 575 | 575 | 2,300 | 1,725 | |||||||||||||||||||
Total amortization of acquired intangible assets | $ | 5,339 | $ | 4,886 | $ | 20,002 | $ | 15,169 |
Sales and marketing | $ | — | $ | — | $ | — | $ | 265 | |||||||||||||||
Research and development | — | — | — | 3,682 | |||||||||||||||||||
Total acquisition-related and other expenses | $ | — | $ | — | $ | — | $ | 3,947 |
Interest expense | $ | 990 | $ | 1,162 | $ | 4,519 | $ | 4,659 | |||||||||||||||
Total amortization of debt issuance costs | $ | 990 | $ | 1,162 | $ | 4,519 | $ | 4,659 |
December 31, 2023 | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 86,864 | $ | 204,178 | ||||||||||
Available-for-sale securities | 1,586,880 | 1,445,759 | ||||||||||||
Accounts receivable, net | 248,268 | 148,544 | ||||||||||||
Contract assets | 11,041 | 8,292 | ||||||||||||
Restricted cash short-term | 2,522 | 10,555 | ||||||||||||
Prepaid expenses and other current assets | 47,502 | 70,556 | ||||||||||||
Total current assets | 1,983,077 | 1,887,884 | ||||||||||||
Property and equipment, net | 322,813 | 286,600 | ||||||||||||
Goodwill | 148,047 | 148,047 | ||||||||||||
Acquired intangible assets, net | 19,564 | 32,483 | ||||||||||||
Operating lease right-of-use assets | 138,556 | 132,360 | ||||||||||||
Deferred contract acquisition costs, noncurrent | 133,236 | 93,145 | ||||||||||||
Restricted cash | 1,838 | 471 | ||||||||||||
Other noncurrent assets | 12,636 | 6,918 | ||||||||||||
Total assets | $ | 2,759,767 | $ | 2,587,908 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 53,727 | $ | 35,607 | ||||||||||
Accrued expenses and other current liabilities | 63,597 | 68,327 | ||||||||||||
Accrued compensation | 63,801 | 42,014 | ||||||||||||
Operating lease liabilities | 38,351 | 33,275 | ||||||||||||
Deferred revenue | 347,608 | 218,647 | ||||||||||||
Total current liabilities | 567,084 | 397,870 | ||||||||||||
Convertible senior notes, net | 1,283,362 | 1,436,192 | ||||||||||||
Operating lease liabilities, noncurrent | 113,490 | 107,624 | ||||||||||||
Deferred revenue, noncurrent | 17,244 | 11,732 | ||||||||||||
Other noncurrent liabilities | 15,540 | 10,526 | ||||||||||||
Total liabilities | 1,996,720 | 1,963,944 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
Class A common stock; $0.001 par value; 2,250,000 shares authorized as of December 31, 2023 and 2022; 298,089 and 286,561 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 297 | 286 | ||||||||||||
Class B common stock; $0.001 par value; 315,000 shares authorized as of December 31, 2023 and 2022; 39,443 and 43,525 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 40 | 42 | ||||||||||||
Additional paid-in capital | 1,784,566 | 1,475,423 | ||||||||||||
Accumulated deficit | (1,023,840) | (839,891) | ||||||||||||
Accumulated other comprehensive income (loss) | 1,984 | (11,896) | ||||||||||||
Total stockholders’ equity | 763,047 | 623,964 | ||||||||||||
Total liabilities, temporary equity, and stockholders’ equity | $ | 2,759,767 | $ | 2,587,908 |
Year ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net loss | $ | (183,949) | $ | (193,381) | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 135,820 | 102,335 | |||||||||
Non-cash operating lease costs | 44,792 | 36,332 | |||||||||
Amortization of deferred contract acquisition costs | 61,374 | 45,115 | |||||||||
Stock-based compensation expense | 273,989 | 202,777 | |||||||||
Amortization of debt discount and issuance costs | 4,519 | 4,659 | |||||||||
Net accretion of discounts and amortization of premiums on available-for-sale securities | (44,441) | (263) | |||||||||
Deferred income taxes | 2,264 | (140) | |||||||||
Provision for bad debt | 13,637 | 4,828 | |||||||||
Loss on extinguishment of debt | 50,300 | — | |||||||||
Other | 829 | 629 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable, net | (113,361) | (56,195) | |||||||||
Contract assets | (2,749) | (2,213) | |||||||||
Deferred contract acquisition costs | (101,465) | (67,940) | |||||||||
Prepaid expenses and other current assets | (22,125) | (7,701) | |||||||||
Other noncurrent assets | 1,018 | (539) | |||||||||
Accounts payable | 11,781 | (9,605) | |||||||||
Accrued expenses and other current liabilities | 25,788 | (5,363) | |||||||||
Operating lease liabilities | (40,046) | (31,691) | |||||||||
Deferred revenue | 134,473 | 102,204 | |||||||||
Other noncurrent liabilities | 1,958 | (253) | |||||||||
Net cash provided by operating activities | 254,406 | 123,595 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Purchases of property and equipment | (114,396) | (143,606) | |||||||||
Capitalized internal-use software | (20,546) | (19,758) | |||||||||
Asset acquisitions and business combinations, net of cash acquired | (6,083) | (88,187) | |||||||||
Purchases of available-for-sale securities | (1,877,513) | (1,132,951) | |||||||||
Sales of available-for-sale securities | 20,248 | — | |||||||||
Maturities of available-for-sale securities | 1,812,015 | 1,148,770 | |||||||||
Other investing activities | 74 | 36 | |||||||||
Net cash used in investing activities | (186,201) | (235,696) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Repayments of convertible senior notes | (207,649) | (16,571) | |||||||||
Proceeds from the exercise of stock options | 14,851 | 10,000 | |||||||||
Proceeds from the early exercise of stock options | — | 113 | |||||||||
Repurchases of unvested common stock | (34) | (3) | |||||||||
Proceeds from the issuance of common stock for employee stock purchase plan | 19,083 | 15,291 | |||||||||
Payment of tax withholding obligation on RSU settlement | (7,953) | (2,483) | |||||||||
Payment of indemnity holdback | (10,483) | — | |||||||||
Net cash provided by (used in) financing activities | (192,185) | 6,347 | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (123,980) | (105,754) | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 215,204 | 320,958 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 91,224 | $ | 215,204 | |||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reconciliation of cost of revenue: | ||||||||||||||||||||||||||
GAAP cost of revenue | $ | 83,283 | $ | 67,788 | $ | 307,005 | $ | 232,610 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (2,064) | (1,289) | (8,360) | (6,770) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (4,764) | (4,311) | (17,702) | (13,444) | ||||||||||||||||||||||
Non-GAAP cost of revenue | $ | 76,455 | $ | 62,188 | $ | 280,943 | $ | 212,396 | ||||||||||||||||||
Reconciliation of gross profit: | ||||||||||||||||||||||||||
GAAP gross profit | $ | 279,190 | $ | 206,912 | $ | 989,740 | $ | 742,631 | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 2,064 | 1,289 | 8,360 | 6,770 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,764 | 4,311 | 17,702 | 13,444 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 286,018 | $ | 212,512 | $ | 1,015,802 | $ | 762,845 | ||||||||||||||||||
GAAP gross margin | 77.0% | 75.3% | 76.3% | 76.1% | ||||||||||||||||||||||
Non-GAAP gross margin | 78.9% | 77.4% | 78.3% | 78.2% | ||||||||||||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||||||||||||
GAAP sales and marketing | $ | 165,214 | $ | 132,050 | $ | 599,117 | $ | 465,762 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (19,435) | (18,487) | (76,711) | (53,692) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (575) | (575) | (2,300) | (1,725) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | — | (265) | ||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 145,204 | $ | 112,988 | $ | 520,106 | $ | 410,080 | ||||||||||||||||||
GAAP research and development | $ | 96,401 | $ | 79,703 | $ | 358,143 | $ | 298,303 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (36,932) | (30,276) | (140,074) | (112,277) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | — | (3,682) | ||||||||||||||||||||||
Non-GAAP research and development | $ | 59,469 | $ | 49,427 | $ | 218,069 | $ | 182,344 | ||||||||||||||||||
GAAP general and administrative | $ | 60,404 | $ | 45,850 | $ | 217,965 | $ | 179,769 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (18,873) | (12,572) | (62,355) | (45,027) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 41,531 | $ | 33,278 | $ | 155,610 | $ | 134,742 | ||||||||||||||||||
Reconciliation of income (loss) from operations: | ||||||||||||||||||||||||||
GAAP loss from operations | $ | (42,829) | $ | (50,691) | $ | (185,485) | $ | (201,203) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 77,304 | 62,624 | 287,500 | 217,766 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 5,339 | 4,886 | 20,002 | 15,169 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | — | 3,947 | ||||||||||||||||||||||
Non-GAAP income from operations | $ | 39,814 | $ | 16,819 | $ | 122,017 | $ | 35,679 | ||||||||||||||||||
GAAP operating margin | (11.8)% | (18.5)% | (14.3)% | (20.6)% | ||||||||||||||||||||||
Non-GAAP operating margin | 11.0% | 6.1% | 9.4% | 3.7% | ||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reconciliation of interest expense: | ||||||||||||||||||||||||||
GAAP interest expense | $ | (1,069) | $ | (875) | $ | (5,872) | $ | (4,984) | ||||||||||||||||||
Add: Amortization of debt issuance costs | 990 | 1,162 | 4,519 | 4,659 | ||||||||||||||||||||||
Non-GAAP interest expense | $ | (79) | $ | 287 | $ | (1,353) | $ | (325) | ||||||||||||||||||
Reconciliation of loss on extinguishment of debt: | ||||||||||||||||||||||||||
GAAP loss on extinguishment of debt | $ | — | $ | — | $ | (50,300) | $ | — | ||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | 50,300 | — | ||||||||||||||||||||||
Non-GAAP loss on extinguishment of debt | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Reconciliation of provision for income taxes: | ||||||||||||||||||||||||||
GAAP provision for income taxes | $ | 2,054 | $ | 1,072 | $ | 6,087 | $ | 2,648 | ||||||||||||||||||
Income tax effect of non-GAAP adjustments | 2,244 | 1,179 | 8,698 | 3,722 | ||||||||||||||||||||||
Non-GAAP provision for income taxes | $ | 4,298 | $ | 2,251 | $ | 14,785 | $ | 6,370 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reconciliation of net income (loss) and net income (loss) per share: | ||||||||||||||||||||||||||
GAAP net loss attributable to common stockholders | $ | (27,865) | $ | (45,917) | $ | (183,949) | $ | (193,381) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 77,304 | 62,624 | 287,500 | 217,766 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 5,339 | 4,886 | 20,002 | 15,169 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | — | 3,947 | ||||||||||||||||||||||
Add: Amortization of debt issuance costs | 990 | 1,162 | 4,519 | 4,659 | ||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | 50,300 | — | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (2,244) | (1,179) | (8,698) | (3,722) | ||||||||||||||||||||||
Non-GAAP net income | $ | 53,524 | $ | 21,576 | $ | 169,674 | $ | 44,438 | ||||||||||||||||||
GAAP net loss per share, basic | $ | (0.08) | $ | (0.14) | $ | (0.55) | $ | (0.59) | ||||||||||||||||||
GAAP net loss per share, diluted | $ | (0.08) | $ | (0.14) | $ | (0.55) | $ | (0.59) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 0.23 | 0.19 | 0.86 | 0.67 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 0.02 | 0.01 | 0.06 | 0.04 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | — | 0.01 | ||||||||||||||||||||||
Add: Amortization of debt issuance costs | — | — | 0.01 | 0.01 | ||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | 0.15 | — | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (0.01) | — | (0.03) | (0.01) | ||||||||||||||||||||||
Effect of dilutive shares | (0.01) | — | (0.01) | — | ||||||||||||||||||||||
Non-GAAP net income per share, diluted(1)(2) | $ | 0.15 | $ | 0.06 | $ | 0.49 | $ | 0.13 | ||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 336,578 | 328,326 | 333,656 | 326,332 | ||||||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted(2) | 353,558 | 341,123 | 344,483 | 341,676 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Free cash flow | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 85,441 | $ | 78,123 | $ | 254,406 | $ | 123,595 | |||||||||||||||
Less: Purchases of property and equipment | (30,816) | (40,145) | (114,396) | (143,606) | |||||||||||||||||||
Less: Capitalized internal-use software | (3,909) | (4,318) | (20,546) | (19,758) | |||||||||||||||||||
Free cash flow | $ | 50,716 | $ | 33,660 | $ | 119,464 | $ | (39,769) | |||||||||||||||
Net cash used in investing activities | $ | (101,647) | $ | (19,956) | $ | (186,201) | $ | (235,696) | |||||||||||||||
Net cash provided by (used in) financing activities | $ | 9,790 | $ | 8,019 | $ | (192,185) | $ | 6,347 | |||||||||||||||
Net cash provided by operating activities (percentage of revenue) | 24 | % | 28 | % | 20 | % | 13 | % | |||||||||||||||
Less: Purchases of property and equipment (percentage of revenue) | (9) | % | (15) | % | (9) | % | (15) | % | |||||||||||||||
Less: Capitalized internal-use software (percentage of revenue) | (1) | % | (1) | % | (2) | % | (2) | % | |||||||||||||||
Free cash flow margin(1) | 14 | % | 12 | % | 9 | % | (4) | % |
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Document and Entity Information Document |
Feb. 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 08, 2024 |
Entity Registrant Name | Cloudflare, Inc. |
Entity Central Index Key | 0001477333 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39039 |
Entity Tax Identification Number | 27-0805829 |
Entity Address, Address Line One | 101 Townsend Street |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94107 |
City Area Code | 888 |
Local Phone Number | 993-5273 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.001 par value |
Trading Symbol | NET |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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