(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 |
Cloudflare, Inc. | ||||||||||||||
Dated: August 5, 2021 | By: | /s/ Douglas Kramer | ||||||||||||
Douglas Kramer | ||||||||||||||
General Counsel and Secretary |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | $ | 152,428 | $ | 99,721 | $ | 290,483 | $ | 190,971 | |||||||||||||||
Cost of revenue(1)(2) | 35,029 | 24,164 | 67,113 | 44,985 | |||||||||||||||||||
Gross profit | 117,399 | 75,557 | 223,370 | 145,986 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1) | 75,995 | 51,376 | 145,969 | 98,341 | |||||||||||||||||||
Research and development(1)(3) | 41,349 | 28,131 | 80,876 | 61,485 | |||||||||||||||||||
General and administrative(1)(3) | 28,927 | 20,754 | 56,651 | 46,935 | |||||||||||||||||||
Total operating expenses | 146,271 | 100,261 | 283,496 | 206,761 | |||||||||||||||||||
Loss from operations | (28,872) | (24,704) | (60,126) | (60,775) | |||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||
Interest income | 373 | 1,857 | 917 | 4,426 | |||||||||||||||||||
Interest expense(4) | (10,444) | (5,007) | (20,678) | (5,074) | |||||||||||||||||||
Other income (expense), net | (877) | (219) | (729) | 266 | |||||||||||||||||||
Total non-operating income (expense), net | (10,948) | (3,369) | (20,490) | (382) | |||||||||||||||||||
Loss before income taxes | (39,820) | (28,073) | (80,616) | (61,157) | |||||||||||||||||||
Benefit from income taxes | (4,310) | (1,938) | (5,143) | (2,276) | |||||||||||||||||||
Net loss | $ | (35,510) | $ | (26,135) | $ | (75,473) | $ | (58,881) | |||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.12) | $ | (0.09) | $ | (0.25) | $ | (0.20) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 308,263 | 299,321 | 307,115 | 297,392 |
Cost of revenue | $ | 803 | $ | 329 | $ | 1,326 | $ | 634 | |||||||||||||||
Sales and marketing | 7,579 | 3,975 | 14,414 | 7,554 | |||||||||||||||||||
Research and development | 11,280 | 6,917 | 22,338 | 14,044 | |||||||||||||||||||
General and administrative | 4,486 | 3,347 | 9,134 | 6,953 | |||||||||||||||||||
Total stock-based compensation and related employer payroll taxes | $ | 24,148 | $ | 14,568 | $ | 47,212 | $ | 29,185 |
Cost of revenue | $ | 700 | $ | 700 | $ | 1,400 | $ | 1,431 | |||||||||||||||
Total amortization of acquired intangible assets | $ | 700 | $ | 700 | $ | 1,400 | $ | 1,431 |
Research and development | $ | — | $ | (51) | $ | — | $ | 5,725 | |||||||||||||||
General and administrative | — | — | — | 554 | |||||||||||||||||||
Total acquisition-related and other expenses | $ | — | $ | (51) | $ | — | $ | 6,279 | |||||||||||||||
Amortization of debt discounts and issuance costs | $ | 9,183 | $ | 4,303 | $ | 18,154 | $ | 4,303 | |||||||||||||||
Total amortization of debt discounts and issuance costs | $ | 9,183 | $ | 4,303 | $ | 18,154 | $ | 4,303 |
June 30, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 247,551 | $ | 108,895 | ||||||||||
Available-for-sale securities | 785,991 | 923,201 | ||||||||||||
Accounts receivable, net | 75,853 | 63,499 | ||||||||||||
Contract assets | 5,249 | 3,538 | ||||||||||||
Restricted cash short-term | 2,659 | 2,591 | ||||||||||||
Prepaid expenses and other current assets | 28,650 | 28,230 | ||||||||||||
Total current assets | 1,145,953 | 1,129,954 | ||||||||||||
Property and equipment, net | 156,719 | 123,688 | ||||||||||||
Goodwill | 17,167 | 17,167 | ||||||||||||
Acquired intangible assets, net | 1,400 | 2,800 | ||||||||||||
Operating lease right-of-use assets | 44,456 | 43,148 | ||||||||||||
Deferred contract acquisition costs, noncurrent | 56,587 | 44,176 | ||||||||||||
Restricted cash | 6,660 | 6,660 | ||||||||||||
Other noncurrent assets | 16,990 | 13,058 | ||||||||||||
Total assets | $ | 1,445,932 | $ | 1,380,651 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 29,558 | $ | 14,485 | ||||||||||
Accrued expenses and other current liabilities | 33,483 | 20,217 | ||||||||||||
Accrued compensation | 31,098 | 25,410 | ||||||||||||
Operating lease liabilities | 20,031 | 17,717 | ||||||||||||
Liability for early exercise of unvested stock options | 6,477 | 8,603 | ||||||||||||
Deferred revenue | 79,829 | 54,945 | ||||||||||||
Total current liabilities | 200,476 | 141,377 | ||||||||||||
Convertible senior notes, net | 401,428 | 383,275 | ||||||||||||
Operating lease liabilities, noncurrent | 26,936 | 27,309 | ||||||||||||
Deferred revenue, noncurrent | 4,728 | 1,891 | ||||||||||||
Other noncurrent liabilities | 11,268 | 9,859 | ||||||||||||
Total liabilities | 644,836 | 563,711 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
Class A common stock; $0.001 par value; 2,250,000 shares authorized as of June 30, 2021 and December 31, 2020; 263,096 and 249,401 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 263 | 249 | ||||||||||||
Class B common stock; $0.001 par value; 315,000 shares authorized as of June 30, 2021 and December 31, 2020; 49,269 and 59,239 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 46 | 55 | ||||||||||||
Additional paid-in capital | 1,296,824 | 1,236,993 | ||||||||||||
Accumulated deficit | (495,993) | (420,520) | ||||||||||||
Accumulated other comprehensive income (loss) | (44) | 163 | ||||||||||||
Total stockholders’ equity | 801,096 | 816,940 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,445,932 | $ | 1,380,651 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net loss | $ | (75,473) | $ | (58,881) | |||||||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization expense | 31,245 | 22,113 | |||||||||
Non-cash operating lease costs | 11,004 | 9,332 | |||||||||
Amortization of deferred contract acquisition costs | 12,915 | 7,462 | |||||||||
Stock-based compensation expense | 38,589 | 25,346 | |||||||||
Amortization of debt discount and issuance costs | 18,154 | 4,303 | |||||||||
Net accretion of discounts and amortization of premiums on available-for-sale securities | 3,864 | (367) | |||||||||
Deferred income taxes | (6,616) | (2,621) | |||||||||
Provision for bad debt | 2,009 | 2,493 | |||||||||
Other | 84 | (95) | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable, net | (14,363) | (12,272) | |||||||||
Contract assets | (1,711) | (161) | |||||||||
Deferred contract acquisition costs | (25,326) | (16,158) | |||||||||
Prepaid expenses and other current assets | (1,465) | (171) | |||||||||
Other noncurrent assets | 1,590 | (894) | |||||||||
Accounts payable | 6,767 | 4,333 | |||||||||
Accrued expenses and other current liabilities | 10,936 | 4,179 | |||||||||
Operating lease liabilities | (10,371) | (10,205) | |||||||||
Deferred revenue | 27,721 | 13,371 | |||||||||
Other noncurrent liabilities | 1,396 | (1,396) | |||||||||
Net cash provided by (used in) operating activities | 30,949 | (10,289) | |||||||||
Cash Flows From Investing Activities | |||||||||||
Purchases of property and equipment | (35,840) | (30,605) | |||||||||
Capitalized internal-use software | (7,103) | (9,863) | |||||||||
Cash paid for acquisitions, net of cash acquired | — | (13,691) | |||||||||
Purchases of available-for-sale securities | (381,205) | (579,437) | |||||||||
Maturities of available-for-sale securities | 514,344 | 323,832 | |||||||||
Other investing activities | 50 | 223 | |||||||||
Net cash provided by (used in) investing activities | 90,246 | (309,541) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Gross proceeds from issuance of convertible senior notes | — | 575,000 | |||||||||
Purchases of capped calls related to convertible senior notes | — | (67,333) | |||||||||
Cash paid for issuance costs on convertible senior notes | — | (12,520) | |||||||||
Proceeds from the exercise of stock options | 11,519 | 4,335 | |||||||||
Proceeds from the early exercise of stock options | 95 | 80 | |||||||||
Repurchases of unvested common stock | (169) | (101) | |||||||||
Payments on note payable | — | (200) | |||||||||
Proceeds from the issuance of common stock for employee stock purchase plan | 7,174 | 5,447 | |||||||||
Payment of tax withholding obligation on RSU settlement | (1,090) | (7,308) | |||||||||
Payment of tax withholding obligation on common stock issued under employee stock purchase plan | — | (376) | |||||||||
Net cash provided by financing activities | 17,529 | 497,024 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 138,724 | 177,194 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 118,146 | 145,636 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 256,870 | $ | 322,830 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Reconciliation of cost of revenue: | ||||||||||||||||||||||||||
GAAP cost of revenue | $ | 35,029 | $ | 24,164 | $ | 67,113 | $ | 44,985 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (803) | (329) | (1,326) | (634) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (700) | (700) | (1,400) | (1,431) | ||||||||||||||||||||||
Non-GAAP cost of revenue | $ | 33,526 | $ | 23,135 | $ | 64,387 | $ | 42,920 | ||||||||||||||||||
Reconciliation of gross profit: | ||||||||||||||||||||||||||
GAAP gross profit | $ | 117,399 | $ | 75,557 | $ | 223,370 | $ | 145,986 | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 803 | 329 | 1,326 | 634 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 700 | 700 | 1,400 | 1,431 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 118,902 | $ | 76,586 | $ | 226,096 | $ | 148,051 | ||||||||||||||||||
GAAP gross margin | 77.0% | 75.8% | 76.9% | 76.4% | ||||||||||||||||||||||
Non-GAAP gross margin | 78.0% | 76.8% | 77.8% | 77.5% | ||||||||||||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||||||||||||
GAAP sales and marketing | $ | 75,995 | $ | 51,376 | $ | 145,969 | $ | 98,341 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (7,579) | (3,975) | (14,414) | (7,554) | ||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 68,416 | $ | 47,401 | $ | 131,555 | $ | 90,787 | ||||||||||||||||||
GAAP research and development | $ | 41,349 | $ | 28,131 | $ | 80,876 | $ | 61,485 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (11,280) | (6,917) | (22,338) | (14,044) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | 51 | — | (5,725) | ||||||||||||||||||||||
Non-GAAP research and development | $ | 30,069 | $ | 21,265 | $ | 58,538 | $ | 41,716 | ||||||||||||||||||
GAAP general and administrative | $ | 28,927 | $ | 20,754 | $ | 56,651 | $ | 46,935 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (4,486) | (3,347) | (9,134) | (6,953) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | — | (554) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 24,441 | $ | 17,407 | $ | 47,517 | $ | 39,428 | ||||||||||||||||||
Reconciliation of loss from operations: | ||||||||||||||||||||||||||
GAAP loss from operations | $ | (28,872) | $ | (24,704) | $ | (60,126) | $ | (60,775) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 24,148 | 14,568 | 47,212 | 29,185 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 700 | 700 | 1,400 | 1,431 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | (51) | — | 6,279 | ||||||||||||||||||||||
Non-GAAP loss from operations | $ | (4,024) | $ | (9,487) | $ | (11,514) | $ | (23,880) | ||||||||||||||||||
GAAP operating margin | (18.9)% | (24.8)% | (20.7)% | (31.8)% | ||||||||||||||||||||||
Non-GAAP operating margin | (2.6)% | (9.5)% | (4.0)% | (12.5)% | ||||||||||||||||||||||
Reconciliation of interest expense: | ||||||||||||||||||||||||||
GAAP interest expense | $ | (10,444) | $ | (5,007) | $ | (20,678) | $ | (5,074) | ||||||||||||||||||
Add: Amortization of debt discount and issuance costs | 9,183 | 4,303 | 18,154 | 4,303 | ||||||||||||||||||||||
Non-GAAP interest expense | $ | (1,261) | $ | (704) | $ | (2,524) | $ | (771) | ||||||||||||||||||
Reconciliation of provision for (benefit from) income taxes: | ||||||||||||||||||||||||||
GAAP benefit from income taxes | $ | (4,310) | $ | (1,938) | $ | (5,143) | $ | (2,276) | ||||||||||||||||||
Income tax effect of non-GAAP adjustments(1) | 5,807 | 2,979 | 7,910 | 4,230 | ||||||||||||||||||||||
Non-GAAP provision for income taxes | $ | 1,497 | $ | 1,041 | $ | 2,767 | $ | 1,954 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Reconciliation of net loss and net loss per share: | ||||||||||||||||||||||||||
GAAP net loss attributable to common stockholders | $ | (35,510) | $ | (26,135) | $ | (75,473) | $ | (58,881) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 24,148 | 14,568 | 47,212 | 29,185 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 700 | 700 | 1,400 | 1,431 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | (51) | — | 6,279 | ||||||||||||||||||||||
Add: Amortization of debt discount and issuance costs | 9,183 | 4,303 | 18,154 | 4,303 | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments(1) | (5,807) | (2,979) | (7,910) | (4,230) | ||||||||||||||||||||||
Non-GAAP net loss | $ | (7,286) | $ | (9,594) | $ | (16,617) | $ | (21,913) | ||||||||||||||||||
GAAP net loss per share | $ | (0.12) | $ | (0.09) | $ | (0.25) | $ | (0.20) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 0.08 | 0.05 | 0.15 | 0.10 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | — | — | — | — | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | — | 0.02 | ||||||||||||||||||||||
Add: Amortization of debt discount and issuance costs | 0.03 | 0.01 | 0.06 | 0.01 | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments(1) | (0.02) | (0.01) | (0.03) | (0.01) | ||||||||||||||||||||||
Non-GAAP net loss per share(2) | $ | (0.02) | $ | (0.03) | $ | (0.05) | $ | (0.07) | ||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 308,263 | 299,321 | 307,115 | 297,392 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Free cash flow | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 7,455 | $ | 3,987 | $ | 30,949 | $ | (10,289) | |||||||||||||||
Less: Purchases of property and equipment | (13,572) | (19,200) | (35,840) | (30,605) | |||||||||||||||||||
Less: Capitalized internal-use software | (3,658) | (4,941) | (7,103) | (9,863) | |||||||||||||||||||
Free cash flow | $ | (9,775) | $ | (20,154) | $ | (11,994) | $ | (50,757) | |||||||||||||||
Net cash provided by (used) in investing activities | $ | 42,470 | $ | (300,769) | $ | 90,246 | $ | (309,541) | |||||||||||||||
Net cash provided by financing activities | $ | 10,150 | $ | 501,702 | $ | 17,529 | $ | 497,024 | |||||||||||||||
Net cash provided by (used in) operating activities (percentage of revenue) | 5 | % | 4 | % | 11 | % | (5) | % | |||||||||||||||
Less: Purchases of property and equipment (percentage of revenue) | (9) | % | (19) | % | (12) | % | (17) | % | |||||||||||||||
Less: Capitalized internal-use software (percentage of revenue) | (2) | % | (5) | % | (3) | % | (5) | % | |||||||||||||||
Free cash flow margin(1) | (6) | % | (20) | % | (4) | % | (27) | % |
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Document and Entity Information Document |
Aug. 05, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 05, 2021 |
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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