(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 9, 2023 | By: | /s/ Douglas Kramer | ||||||||||||
Douglas Kramer | ||||||||||||||
General Counsel and Secretary |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 274,700 | $ | 193,596 | $ | 975,241 | $ | 656,426 | |||||||||||||||
Cost of revenue(1)(2) | 67,788 | 42,496 | 232,610 | 147,134 | |||||||||||||||||||
Gross profit | 206,912 | 151,100 | 742,631 | 509,292 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1)(2)(3) | 132,050 | 96,219 | 465,762 | 328,065 | |||||||||||||||||||
Research and development(1)(3) | 79,703 | 61,762 | 298,303 | 189,408 | |||||||||||||||||||
General and administrative(1) | 45,850 | 34,183 | 179,769 | 119,503 | |||||||||||||||||||
Total operating expenses | 257,603 | 192,164 | 943,834 | 636,976 | |||||||||||||||||||
Loss from operations | (50,691) | (41,064) | (201,203) | (127,684) | |||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||
Interest income | 8,323 | 668 | 14,877 | 1,970 | |||||||||||||||||||
Interest expense(4) | (875) | (16,108) | (4,984) | (49,234) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (72,234) | |||||||||||||||||||
Other income (expense), net | (1,602) | (426) | 577 | (794) | |||||||||||||||||||
Total non-operating income (expense), net | 5,846 | (15,866) | 10,470 | (120,292) | |||||||||||||||||||
Loss before income taxes | (44,845) | (56,930) | (190,733) | (247,976) | |||||||||||||||||||
Provision for income taxes | 1,072 | 20,571 | 2,648 | 12,333 | |||||||||||||||||||
Net loss | $ | (45,917) | $ | (77,501) | $ | (193,381) | $ | (260,309) | |||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.14) | $ | (0.24) | $ | (0.59) | $ | (0.83) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 328,326 | 320,331 | 326,332 | 312,321 |
Cost of revenue | $ | 1,289 | $ | 1,337 | $ | 6,770 | $ | 3,703 | |||||||||||||||
Sales and marketing | 18,487 | 10,184 | 53,692 | 32,869 | |||||||||||||||||||
Research and development | 30,276 | 24,747 | 112,277 | 61,056 | |||||||||||||||||||
General and administrative | 12,572 | 5,830 | 45,027 | 19,706 | |||||||||||||||||||
Total stock-based compensation and related employer payroll taxes | $ | 62,624 | $ | 42,098 | $ | 217,766 | $ | 117,334 |
Cost of revenue | $ | 4,311 | $ | 846 | $ | 13,444 | $ | 2,946 | |||||||||||||||
Sales and marketing | 575 | — | 1,725 | — | |||||||||||||||||||
Total amortization of acquired intangible assets | $ | 4,886 | $ | 846 | $ | 15,169 | $ | 2,946 |
Sales and marketing | $ | — | $ | — | $ | 265 | $ | — | |||||||||||||||
Research and development | — | — | 3,682 | — | |||||||||||||||||||
General and administrative | — | 380 | — | 380 | |||||||||||||||||||
Total acquisition-related and other expenses | $ | — | $ | 380 | $ | 3,947 | $ | 380 |
Amortization of debt discounts and issuance costs* | $ | 1,162 | $ | 15,686 | $ | 4,659 | $ | 46,174 | |||||||||||||||
Total amortization of debt discounts and issuance costs | $ | 1,162 | $ | 15,686 | $ | 4,659 | $ | 46,174 |
December 31, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 204,178 | $ | 313,777 | ||||||||||
Available-for-sale securities | 1,445,759 | 1,508,066 | ||||||||||||
Accounts receivable, net | 148,544 | 95,543 | ||||||||||||
Contract assets | 8,292 | 6,079 | ||||||||||||
Restricted cash short-term | 10,555 | 2,958 | ||||||||||||
Prepaid expenses and other current assets | 70,556 | 29,433 | ||||||||||||
Total current assets | 1,887,884 | 1,955,856 | ||||||||||||
Property and equipment, net | 286,600 | 183,736 | ||||||||||||
Goodwill | 148,047 | 23,530 | ||||||||||||
Acquired intangible assets, net | 32,483 | 1,254 | ||||||||||||
Operating lease right-of-use assets | 132,360 | 130,314 | ||||||||||||
Deferred contract acquisition costs, noncurrent | 93,145 | 70,320 | ||||||||||||
Restricted cash | 471 | 4,223 | ||||||||||||
Other noncurrent assets | 6,918 | 2,838 | ||||||||||||
Total assets | $ | 2,587,908 | $ | 2,372,071 | ||||||||||
Liabilities, Temporary Equity, and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 35,607 | $ | 26,086 | ||||||||||
Accrued expenses and other current liabilities | 66,425 | 38,085 | ||||||||||||
Accrued compensation | 42,014 | 65,905 | ||||||||||||
Operating lease liabilities | 33,275 | 25,175 | ||||||||||||
Liability for early exercise of unvested stock options | 1,902 | 4,651 | ||||||||||||
Deferred revenue | 218,647 | 116,546 | ||||||||||||
Current portion of convertible senior notes, net | — | 12,117 | ||||||||||||
Total current liabilities | 397,870 | 288,565 | ||||||||||||
Convertible senior notes, net | 1,436,192 | 1,146,877 | ||||||||||||
Operating lease liabilities, noncurrent | 107,624 | 109,037 | ||||||||||||
Deferred revenue, noncurrent | 11,732 | 4,680 | ||||||||||||
Other noncurrent liabilities | 10,526 | 7,114 | ||||||||||||
Total liabilities | 1,963,944 | 1,556,273 | ||||||||||||
Temporary equity, convertible senior notes | — | 4,439 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
Class A common stock; $0.001 par value; 2,250,000 shares authorized as of December 31, 2022 and 2021; 286,561 and 277,708 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 286 | 277 | ||||||||||||
Class B common stock; $0.001 par value; 315,000 shares authorized as of December 31, 2022 and 2021; 43,525 and 45,904 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 42 | 44 | ||||||||||||
Additional paid-in capital | 1,475,423 | 1,494,512 | ||||||||||||
Accumulated deficit | (839,891) | (680,829) | ||||||||||||
Accumulated other comprehensive loss | (11,896) | (2,645) | ||||||||||||
Total stockholders’ equity | 623,964 | 811,359 | ||||||||||||
Total liabilities, temporary equity, and stockholders’ equity | $ | 2,587,908 | $ | 2,372,071 |
Year ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net loss | $ | (193,381) | $ | (260,309) | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 102,335 | 66,607 | |||||||||
Non-cash operating lease costs | 36,332 | 25,091 | |||||||||
Amortization of deferred contract acquisition costs | 45,115 | 29,267 | |||||||||
Stock-based compensation expense | 202,777 | 90,137 | |||||||||
Amortization of debt discount and issuance costs | 4,659 | 46,174 | |||||||||
Net accretion of discounts and amortization of premiums on available-for-sale securities | (263) | 8,357 | |||||||||
Deferred income taxes | (140) | 8,738 | |||||||||
Provision for bad debt | 4,828 | 3,804 | |||||||||
Loss on extinguishment of debt | — | 72,234 | |||||||||
Exchange of convertible senior notes attributable to the accreted interest related to debt discount | — | (29,353) | |||||||||
Other | 629 | 511 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable, net | (56,195) | (35,848) | |||||||||
Contract assets | (2,213) | (2,541) | |||||||||
Deferred contract acquisition costs | (67,940) | (55,411) | |||||||||
Prepaid expenses and other current assets | (7,701) | (2,395) | |||||||||
Other noncurrent assets | (539) | 1,534 | |||||||||
Accounts payable | (9,605) | 2,462 | |||||||||
Accrued expenses and other current liabilities | (5,363) | 58,897 | |||||||||
Operating lease liabilities | (31,691) | (23,071) | |||||||||
Deferred revenue | 102,204 | 64,390 | |||||||||
Other noncurrent liabilities | (253) | (4,627) | |||||||||
Net cash provided by operating activities | 123,595 | 64,648 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Purchases of property and equipment | (143,606) | (92,986) | |||||||||
Capitalized internal-use software | (19,758) | (14,752) | |||||||||
Cash paid for acquisitions, net of cash acquired | (88,187) | (5,605) | |||||||||
Purchases of available-for-sale securities | (1,132,951) | (1,589,265) | |||||||||
Sales of available-for-sale securities | — | 25,714 | |||||||||
Maturities of available-for-sale securities | 1,148,770 | 967,519 | |||||||||
Other investing activities | 36 | 53 | |||||||||
Net cash used in investing activities | (235,696) | (709,322) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Gross proceeds from issuance of convertible senior notes | — | 1,293,750 | |||||||||
Purchases of capped calls related to convertible senior notes | — | (86,293) | |||||||||
Cash consideration paid in exchange of convertible senior debt | — | (370,647) | |||||||||
Cash paid for issuance costs on convertible senior notes | — | (19,797) | |||||||||
Repayments of convertible senior notes | (16,571) | — | |||||||||
Proceeds from the exercise of stock options | 10,000 | 21,385 | |||||||||
Proceeds from the early exercise of stock options | 113 | 115 | |||||||||
Repurchases of unvested common stock | (3) | (189) | |||||||||
Payments on note payable | — | — | |||||||||
Proceeds from the issuance of common stock for employee stock purchase plan | 15,291 | 14,984 | |||||||||
Payment of tax withholding obligation on RSU settlement | (2,483) | (3,634) | |||||||||
Payment of tax withholding obligation on common stock issued under employee stock purchase plan | — | — | |||||||||
Payment of indemnity holdback | — | (2,188) | |||||||||
Net cash provided by financing activities | 6,347 | 847,486 | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (105,754) | 202,812 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 320,958 | 118,146 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 215,204 | $ | 320,958 | |||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of cost of revenue: | ||||||||||||||||||||||||||
GAAP cost of revenue | $ | 67,788 | $ | 42,496 | $ | 232,610 | $ | 147,134 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (1,289) | (1,337) | (6,770) | (3,703) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (4,311) | (846) | (13,444) | (2,946) | ||||||||||||||||||||||
Non-GAAP cost of revenue | $ | 62,188 | $ | 40,313 | $ | 212,396 | $ | 140,485 | ||||||||||||||||||
Reconciliation of gross profit: | ||||||||||||||||||||||||||
GAAP gross profit | $ | 206,912 | $ | 151,100 | $ | 742,631 | $ | 509,292 | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 1,289 | 1,337 | 6,770 | 3,703 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,311 | 846 | 13,444 | 2,946 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 212,512 | $ | 153,283 | $ | 762,845 | $ | 515,941 | ||||||||||||||||||
GAAP gross margin | 75.3% | 78.0% | 76.1% | 77.6% | ||||||||||||||||||||||
Non-GAAP gross margin | 77.4% | 79.2% | 78.2% | 78.6% | ||||||||||||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||||||||||||
GAAP sales and marketing | $ | 132,050 | $ | 96,219 | $ | 465,762 | $ | 328,065 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (18,487) | (10,184) | (53,692) | (32,869) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (575) | — | (1,725) | — | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | (265) | — | ||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 112,988 | $ | 86,035 | $ | 410,080 | $ | 295,196 | ||||||||||||||||||
GAAP research and development | $ | 79,703 | $ | 61,762 | $ | 298,303 | $ | 189,408 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (30,276) | (24,747) | (112,277) | (61,056) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | (3,682) | — | ||||||||||||||||||||||
Non-GAAP research and development | $ | 49,427 | $ | 37,015 | $ | 182,344 | $ | 128,352 | ||||||||||||||||||
GAAP general and administrative | $ | 45,850 | $ | 34,183 | $ | 179,769 | $ | 119,503 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (12,572) | (5,830) | (45,027) | (19,706) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | (380) | — | (380) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 33,278 | $ | 27,973 | $ | 134,742 | $ | 99,417 | ||||||||||||||||||
Reconciliation of income (loss) from operations: | ||||||||||||||||||||||||||
GAAP loss from operations | $ | (50,691) | $ | (41,064) | $ | (201,203) | $ | (127,684) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 62,624 | 42,098 | 217,766 | 117,334 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,886 | 846 | 15,169 | 2,946 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | 380 | 3,947 | 380 | ||||||||||||||||||||||
Non-GAAP income (loss) from operations | $ | 16,819 | $ | 2,260 | $ | 35,679 | $ | (7,024) | ||||||||||||||||||
GAAP operating margin | (18.5)% | (21.2)% | (20.6)% | (19.5)% | ||||||||||||||||||||||
Non-GAAP operating margin | 6.1% | 1.2% | 3.7% | (1.1)% | ||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of interest expense: | ||||||||||||||||||||||||||
GAAP interest expense | $ | (875) | $ | (16,108) | $ | (4,984) | $ | (49,234) | ||||||||||||||||||
Add: Amortization of debt discount and issuance costs(1) | 1,162 | 15,686 | 4,659 | 46,174 | ||||||||||||||||||||||
Non-GAAP interest expense | $ | 287 | $ | (422) | $ | (325) | $ | (3,060) | ||||||||||||||||||
Reconciliation of loss on extinguishment of debt: | ||||||||||||||||||||||||||
GAAP loss on extinguishment of debt | $ | — | $ | — | $ | — | $ | (72,234) | ||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | — | 72,234 | ||||||||||||||||||||||
Non-GAAP loss on extinguishment of debt | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Reconciliation of provision for income taxes: | ||||||||||||||||||||||||||
GAAP provision for income taxes | $ | 1,072 | $ | 20,571 | $ | 2,648 | $ | 12,333 | ||||||||||||||||||
Income tax effect of non-GAAP adjustments | 1,179 | (18,622) | 3,722 | (6,109) | ||||||||||||||||||||||
Non-GAAP provision for income taxes | $ | 2,251 | $ | 1,949 | $ | 6,370 | $ | 6,224 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of net income (loss) and net income (loss) per share: | ||||||||||||||||||||||||||
GAAP net loss attributable to common stockholders | $ | (45,917) | $ | (77,501) | $ | (193,381) | $ | (260,309) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 62,624 | 42,098 | 217,766 | 117,334 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,886 | 846 | 15,169 | 2,946 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | 380 | 3,947 | 380 | ||||||||||||||||||||||
Add: Amortization of debt discount and issuance costs(1) | 1,162 | 15,686 | 4,659 | 46,174 | ||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | — | 72,234 | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (1,179) | 18,622 | (3,722) | 6,109 | ||||||||||||||||||||||
Non-GAAP net income (loss) | $ | 21,576 | $ | 131 | $ | 44,438 | $ | (15,132) | ||||||||||||||||||
GAAP net loss per share, basic | $ | (0.14) | $ | (0.24) | $ | (0.59) | $ | (0.83) | ||||||||||||||||||
GAAP net loss per share, diluted | $ | (0.14) | $ | (0.24) | $ | (0.59) | $ | (0.83) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 0.19 | 0.13 | 0.67 | 0.38 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 0.01 | — | 0.04 | — | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | 0.01 | — | ||||||||||||||||||||||
Add: Amortization of debt discount and issuance costs(1) | — | 0.05 | 0.01 | 0.15 | ||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | — | 0.23 | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | — | 0.06 | (0.01) | 0.02 | ||||||||||||||||||||||
Effect of dilutive shares | — | — | — | — | ||||||||||||||||||||||
Non-GAAP net income (loss) per share, diluted(2)(3) | $ | 0.06 | $ | 0.00 | $ | 0.13 | $ | (0.05) | ||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 328,326 | 320,331 | 326,332 | 312,321 | ||||||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted(3) | 341,123 | 345,838 | 341,676 | 312,321 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Free cash flow | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 78,123 | $ | 40,617 | $ | 123,595 | $ | 64,648 | |||||||||||||||
Less: Purchases of property and equipment | (40,145) | (28,334) | (143,606) | (92,986) | |||||||||||||||||||
Less: Capitalized internal-use software | (4,318) | (3,647) | (19,758) | (14,752) | |||||||||||||||||||
Free cash flow | $ | 33,660 | $ | 8,636 | $ | (39,769) | $ | (43,090) | |||||||||||||||
Net cash used in investing activities | $ | (19,956) | $ | (354,795) | $ | (235,696) | $ | (709,322) | |||||||||||||||
Net cash provided by financing activities | $ | 8,019 | $ | 9,774 | $ | 6,347 | $ | 847,486 | |||||||||||||||
Net cash provided by operating activities (percentage of revenue) | 28 | % | 21 | % | 13 | % | 10 | % | |||||||||||||||
Less: Purchases of property and equipment (percentage of revenue) | (15) | % | (15) | % | (15) | % | (14) | % | |||||||||||||||
Less: Capitalized internal-use software (percentage of revenue) | (1) | % | (2) | % | (2) | % | (2) | % | |||||||||||||||
Free cash flow margin(1) | 12 | % | 4 | % | (4) | % | (7) | % |
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Document and Entity Information Document |
Feb. 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 09, 2023 |
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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