EX-99.1 2 ex991-fslypressrelease93022.htm EX-99.1 Document

Exhibit 99.1
Fastly Announces Third Quarter 2022 Financial Results

•Record quarterly revenue exceeded high-end of quarterly guidance range and grew 25% annually compared to prior quarter
•GAAP gross margin grew 370 bps sequentially; non-GAAP gross margin grew 320 basis points sequentially
•Average enterprise customer spend grew 4% sequentially


SAN FRANCISCO, November 2, 2022 — Fastly, Inc. (NYSE: FSLY), the world’s fastest edge cloud platform, today announced financial results for its third quarter ended September 30, 2022.

“We are pleased to announce another record quarter, continuing our revenue momentum into 2022 and exceeding the top end of our guidance range while improving our gross margin significantly,” said Todd Nightingale, CEO of Fastly.

“I’m excited that Fastly’s platform and differentiated products are driving both amazing new customer acquisition and increased existing customer usage,” continued Nightingale. “Our portfolio expansion strategy is working and we will be focusing our efforts on accelerating our cross-selling motion to drive growth into 2023.”

Three months ended
September 30,
Nine months ended
September 30,
2022202120222021
Revenue$108,504 $86,735 $313,404 $256,613 
Gross Margin
GAAP gross margin48.6 %52.4 %47.0 %53.6 %
Non-GAAP gross margin53.6 %57.5 %52.2 %58.4 %
Operating loss
GAAP operating loss$(65,765)$(54,934)$(197,737)$(162,365)
Non-GAAP operating loss$(19,841)$(12,935)$(64,474)$(43,400)
Net loss per share
GAAP net loss per common share—basic and diluted$(0.52)$(0.48)$(1.19)$(1.43)
Non-GAAP net loss per common share—basic and diluted$(0.14)$(0.11)$(0.52)$(0.38)

Third Quarter 2022 Financial Summary

•Total revenue of $108.5 million, representing 6% sequential growth and 25% year-over-year growth.
•GAAP gross margin of 48.6%, compared to 52.4% in the third quarter of 2021. Non-GAAP gross margin of 53.6%, compared to 57.5% in the third quarter of 2021.
•GAAP net loss of $63.4 million, compared to $56.2 million in the third quarter of 2021. Non-GAAP net loss of $16.8 million, compared to $13.2 million in the third quarter of 2021.
•GAAP net loss per basic and diluted shares of $0.52 compared to $0.48 in the third quarter of 2021. Non-GAAP net loss per basic and diluted shares of $0.14, compared to $0.11 in the third quarter of 2021.
Key Metrics
•Trailing 12-month net retention rate (NRR LTM)1 increased to 118% in the third quarter from 117% in the second quarter 2022.
•Dollar-Based Net Expansion Rate (DBNER)2 increased to 122% in the third quarter from 120% in the second quarter 2022.
•Total customer count of 2,925 in the third quarter, of which 482 were enterprise3 customers.
•Average enterprise customer spend of $759K in the third quarter, up 4% quarter-over-quarter.

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 Business Highlights

•Todd Nightingale joined Fastly as CEO, bringing his experience from Cisco where he led business strategy and development efforts for its multi-billion dollar networking portfolio as Executive VP and GM of Enterprise Networking and Cloud.
•Named a Challenger in Gartner® Magic Quadrant™ for Web Application and API Protection (WAAP). Along with our recent recognition as the Customers’ Choice for Web Application and API Protection for a fourth consecutive year, this validates Fastly’s first and only unified solution that protects Internet scale in any environment.
•Introduced the AWS Lambda agent for the Fastly Next-Gen WAF, further enhancing the ability to deploy Fastly’s Next-Gen WAF in more places and to support serverless and FaaS initiatives with one of the most popular serverless solutions on the market.
•Released general availability of a frictionless security solution, GraphQL inspection with Next-Gen WAF, supporting popular GraphQL APIs with GraphQL visibility and protection available right out of the box. Several customers in media streaming, financial services, and ecommerce achieve threat protection on their GraphQL with our turnkey solution.
•Selected by AWS as VIP Marketing Accelerate Partner to expand sales and distribution of Fastly Next-Gen WAF.


Fourth Quarter and Full Year 2022 Guidance

Q4 2022Full Year 2022
Total Revenue (millions)$112 - $116$425 - $429
Non-GAAP Operating Loss (millions)($18.0) - ($14.0)($82) - ($78)
Non-GAAP Net Loss per share (4)(5)
($0.15) - ($0.11)($0.67) - ($0.63)
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 2, 2022.

Date: Wednesday, November 2, 2022
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 2 through November 16, 2022 by dialing 800-770-2030 or 647-362-9199 and entering the passcode 7543239.


About Fastly
Fastly’s powerful and programmable edge cloud platform helps the world’s top brands deliver the fastest online experiences possible, while improving site performance, enhancing security, and empowering innovation at global scale. With world-class support that achieves 95%+ average annual customer satisfaction ratings, Fastly’s beloved suite of edge compute, delivery, and security offerings has been recognized as a leader by industry analysts such as IDC, Forrester and Gartner. Compared to legacy providers, Fastly’s powerful and modern network architecture is the fastest on the planet, empowering developers to deliver secure websites and apps at global scale with rapid time-to-market and industry-leading cost savings. Thousands of the world’s most prominent organizations trust Fastly to help them upgrade the internet experience, including Reddit, Pinterest, Stripe, Neiman Marcus, The New York Times, Epic Games, and GitHub. 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, the demand for our platform, 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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022. 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 the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP basic and diluted net loss per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.
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, acquisition-related expenses, executive transition costs, net gain on extinguishment of debt 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, acquisition-related expenses, executive transition costs, interest income, interest expense, including amortization of debt discount and issuance costs, net gain on extinguishment of debt, other income (expense), net, and income taxes.

Acquisition-related Expenses: consists of acquisition-related charges that are not related to ongoing operations. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net loss performance and its adjusted EBITDA performance because these charges may not be reflective of our core business, ongoing operating results, or future outlook.

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 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 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 capital expenditures, including any advance payments made related to capital expenditures.

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 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 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 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 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 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.






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 We calculate Dollar-Based Net Expansion Rate by dividing the revenue for a given period from customers who remained customers as of the last day of the given period (the “current” period) by the revenue from the same customers for the same period measured one year prior (the “base” period). The revenue included in the current period excludes revenue from (i) customers that churned after the end of the base period and (ii) new customers that entered into a customer agreement after the end of the base period.
3 Enterprise customers are defined as those spending $100,000 or more in the trailing twelve-month period.
4 Assumes weighted average basic shares outstanding of 123.6 million in Q4 2022 and 121.6 million for the full year 2022.
5 Non-GAAP Net Loss per share is calculated as Non-GAAP Net Loss divided by weighted average basic shares for 2022.









































Condensed Consolidated Statements of Operations
(in thousands, except per share amounts, unaudited)
Three months ended
September 30,		Nine months ended
September 30,
2022202120222021
Revenue$108,504 $86,735 $313,404 $256,613 
Cost of revenue(1)
55,825 41,244 166,206 119,058 
Gross profit52,679 45,491 147,198 137,555 
Operating expenses:
Research and development(1)
38,957 32,528 118,111 91,862 
Sales and marketing(1)
47,006 39,288 135,246 110,494 
General and administrative(1)
32,481 28,609 91,578 97,564 
Total operating expenses118,444 100,425 344,935 299,920 
Loss from operations(65,765)(54,934)(197,737)(162,365)
Net gain on extinguishment of debt— — 54,391 — 
Interest income1,967 280 4,150 730 
Interest expense(1,381)(1,555)(4,533)(3,652)
Other income (expense)1,877 41 (75)155 
Loss before income taxes(63,302)(56,168)(143,804)(165,132)
Income tax expense 118 30 317 44 
Net loss$(63,420)$(56,198)$(144,121)$(165,176)
Net income (loss) per share attributable to common stockholders, basic and diluted$(0.52)$(0.48)$(1.19)$(1.43)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic and diluted122,339 116,475 121,094 115,320 

__________

(1)Includes stock-based compensation expense as follows:
Three months ended
September 30,		Nine months ended
September 30,
2022202120222021
Cost of revenue$2,978 $1,897 $9,112 $4,911 
Research and development14,488 14,752 46,966 31,344 
Sales and marketing10,920 9,121 31,198 19,760 
General and administrative10,992 10,866 27,102 44,885 
Total$39,378 $36,636 $114,378 $100,900 
























Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, unaudited)
Three months ended
September 30,		Nine months ended
September 30,
2022202120222021
Gross Profit
GAAP gross profit$52,679 $45,491 $147,198 $137,555 
Stock-based compensation2,978 1,897 9,112 4,911 
Amortization of acquired intangible assets2,475 2,475 7,425 7,425 
Non-GAAP gross profit$58,132 $49,863 $163,735 $149,891 
GAAP gross margin48.6 %52.4 %47.0 %53.6 %
Non-GAAP gross margin53.6 %57.5 %52.2 %58.4 %
Research and development
GAAP research and development$38,957 $32,528 $118,111 $91,862 
Stock-based compensation(14,488)(14,752)(46,966)(31,344)
Non-GAAP research and development$24,469 $17,776 $71,145 $60,518 
Sales and marketing
GAAP sales and marketing$47,006 $39,288 $135,246 $110,494 
Stock-based compensation(10,920)(9,121)(31,198)(19,760)
Amortization of acquired intangible assets(2,897)(2,709)(8,316)(8,234)
Non-GAAP sales and marketing$33,189 $27,458 $95,732 $82,500 
General and administrative
GAAP general and administrative$32,481 $28,609 $91,578 $97,564 
Stock-based compensation(7,959)(10,866)(24,069)(44,885)
Executive transition costs(4,207)— (4,207)— 
Acquisition-related expenses— (179)(1,970)(2,406)
Non-GAAP general and administrative$20,315 $17,564 $61,332 $50,273 
Operating loss
GAAP operating loss$(65,765)$(54,934)$(197,737)$(162,365)
Stock-based compensation36,345 36,636 111,345 100,900 
Executive transition costs4,207 — 4,207 — 
Amortization of acquired intangible assets5,372 5,184 15,741 15,659 
Acquisition-related expenses— 179 1,970 2,406 
Non-GAAP operating loss$(19,841)$(12,935)$(64,474)$(43,400)
Net loss
GAAP net loss$(63,420)$(56,198)$(144,121)$(165,176)
Stock-based compensation36,345 36,636 111,345 100,900 
Executive transition costs4,207 — 4,207 — 
Amortization of acquired intangible assets5,372 5,184 15,741 15,659 
Acquisition-related expenses— 179 1,970 2,406 
Net gain on extinguishment of debt — — (54,391)— 
Amortization of debt discount and issuance costs714 967 2,453 1,960 
Non-GAAP loss$(16,782)$(13,232)$(62,796)$(44,251)
Non-GAAP net loss per common share—basic and diluted$(0.14)$(0.11)$(0.52)$(0.38)
Weighted average basic and diluted common shares122,339116,475121,094115,320




Three months ended
September 30,		Nine months ended
September 30,
2022202120222021
Adjusted EBITDA
GAAP net loss$(63,420)$(56,198)$(144,121)$(165,176)
Stock-based compensation36,345 36,636 111,345 100,900 
Executive transition costs4,207 — 4,207 — 
Depreciation and other amortization10,786 7,489 31,621 20,980 
Amortization of acquired intangible assets5,372 5,184 15,741 15,659 
Acquisition-related expenses— 179 1,970 2,406 
Interest income(1,967)(280)(4,150)(730)
Interest expense667 588 2,080 1,692 
Amortization of debt discount and issuance costs714 967 2,453 1,960 
Net gain on extinguishment of debt — — (54,391)— 
Other expense (income)(1,877)(41)75 (155)
Income tax expense118 30 317 44 
Adjusted EBITDA$(9,055)$(5,446)$(32,853)$(22,420)




Condensed Consolidated Balance Sheets
(in thousands)
As of
September 30, 2022		As of
December 31, 2021
(unaudited)(audited)
ASSETS
Current assets:
Cash and cash equivalents$87,897 $166,068 
Marketable securities, current445,048 361,795 
Accounts receivable, net of allowance for credit losses72,914 64,625 
Prepaid expenses and other current assets31,321 32,160 
Total current assets637,180 624,648 
Property and equipment, net179,080 166,961 
Operating lease right-of-use assets, net72,374 69,631 
Goodwill670,158 636,805 
Intangible assets, net88,482 102,596 
Marketable securities, non-current186,066 528,911 
Other assets73,258 29,468 
Total assets$1,906,598 $2,159,020 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$8,265 $9,257 
Accrued expenses54,186 36,112 
Finance lease liabilities, current27,807 21,125 
Operating lease liabilities, current20,919 20,271 
Other current liabilities33,422 45,107 
Total current liabilities144,599 131,872 
Long-term debt704,042 933,205 
Finance lease liabilities, noncurrent21,027 22,293 
Operating lease liabilities, noncurrent62,750 55,114 
Other long-term liabilities7,201 2,583 
Total liabilities939,619 1,145,067 
Stockholders’ equity:
Class A common stock2 2 
Additional paid-in capital1,634,666 1,527,468 
Accumulated other comprehensive loss(12,678)(2,627)
Accumulated deficit(655,011)(510,890)
Total stockholders’ equity 966,979 1,013,953 
Total liabilities and stockholders’ equity $1,906,598 $2,159,020 







Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2022202120222021
Cash flows from operating activities:
Net loss$(63,420)$(56,198)$(144,121)$(165,176)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense10,662 7,364 31,248 20,710 
Amortization of intangible assets5,496 5,309 16,114 15,929 
Amortization of right-of-use assets and other8,501 7,158 21,879 19,818 
Amortization of debt discount and issuance costs715 966 2,454 2,235 
Amortization of deferred contract costs2,031 1,621 6,020 4,567 
Stock-based compensation39,378 36,636 114,378 100,900 
Provision for credit losses1,253 236 1,782 41 
Interest on finance lease(603)(524)(1,843)(1,259)
Loss on disposals of property and equipment— (204)854 (177)
Amortization and accretion of discounts and premiums on investments771 — 2,622 — 
Net gain on extinguishment of debt— — (54,391)— 
Other adjustments(353)683 (292)1,496 
Changes in operating assets and liabilities:
Accounts receivable(5,949)1,595 (10,071)(4,017)
Prepaid expenses and other current assets(975)(8)(5,787)(5,502)
Other assets(13,505)(2,231)(19,904)(7,320)
Accounts payable(4,301)(1,815)(3,457)(1,653)
Accrued expenses3,328 6,548 4,490 2,713 
Operating lease liabilities(7,830)(6,879)(20,667)(19,735)
Other liabilities(2,833)(2,948)1,188 5,856 
Net cash used in operating activities(27,634)(2,691)(57,504)(30,574)
Cash flows from investing activities:
Purchases of marketable securities— (443,701)(355,479)(777,569)
Sales of marketable securities— 51,739 161,853 64,236 
Maturities of marketable securities72,857 15,600 440,737 72,853 
Business acquisitions, net of cash acquired and other related payments(1,746)— (27,745)— 
Advance payment for purchase of property and equipment(1,964)— (31,274)— 
Purchases of property and equipment(2,631)(20,254)(11,446)(31,267)
Proceeds from sale of property and equipment125 291 366 291 
Capitalized internal-use software(5,120)(7,619)(13,856)(10,299)
Purchase of intangible assets— 1 — (2,092)
Net cash provided by (used in) investing activities61,521 (403,943)163,156 (683,847)
Cash flows from financing activities:
Issuance of convertible note, net of issuance costs— — — 930,775 
Payments of other debt issuance costs— — — (1,351)
Net cash paid for debt extinguishment— — (177,082)— 
Repayments of finance lease liabilities(7,076)(3,985)(18,105)(10,564)
Cash received for restricted stock sold in advance of vesting conditions— — 10,655 — 
Cash paid for early sale of restricted shares(3,618)— (10,655)— 
Proceeds from exercise of vested stock options555 1,430 5,324 9,094 
Proceeds from employee stock purchase plan1,749 3,489 5,726 5,994 
Net cash provided by (used in) financing activities(8,390)934 (184,137)933,948 
Effects of exchange rate changes on cash and cash equivalents(110)(242)(429)(383)
Net increase (decrease) in cash and cash equivalents25,387 (405,942)(78,914)219,144 
Cash and cash equivalents and restricted cash at beginning of period62,660 688,966 166,961 63,880 
Cash and cash equivalents and restricted cash at end of period88,047 283,024 88,047 283,024 
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows:
Cash and cash equivalents87,897 282,131 87,897 282,131 
Restricted cash, current150 — 150 — 
Restricted cash, non-current— 893 — 893 
Total cash, cash equivalents, and restricted cash$88,047 $283,024 $88,047 $283,024 







Free Cash Flow
(in thousands, unaudited)
Three months ended
September 30,
Nine months ended
September 30,
2022202120222021
Cash flow used in operations$(27,634)$(2,691)$(57,504)$(30,574)
Capital expenditures(1)
(14,702)(31,567)(43,041)(51,839)
Advance payment for purchase of property and equipment(2)
$(1,964)$— $(31,274)$— 
Free Cash Flow$(44,300)$(34,258)$(131,819)$(82,413)
__________
(1)Capital Expenditures are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, and capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.
(2)Advance payments for purchase of property and equipment relate to prepayments made for our capital expenditures in advance of receiving the asset, as reflected in our statement of cash flows.




















Contacts:
Investor Contact:
Vernon Essi, Jr.
ir@fastly.com

Media Contact:
press@fastly.com

Source: Fastly, Inc.