(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: November 2, 2023 | By: | /s/ Douglas Kramer | ||||||||||||
Douglas Kramer | ||||||||||||||
General Counsel and Secretary |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue | $ | 335,603 | $ | 253,857 | $ | 934,272 | $ | 700,541 | |||||||||||||||
Cost of revenue(1)(2) | 78,069 | 61,967 | 223,722 | 164,822 | |||||||||||||||||||
Gross profit | 257,534 | 191,890 | 710,550 | 535,719 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1)(2)(3) | 150,214 | 116,033 | 433,903 | 333,712 | |||||||||||||||||||
Research and development(1)(3) | 90,593 | 76,432 | 261,742 | 218,600 | |||||||||||||||||||
General and administrative(1) | 55,939 | 45,372 | 157,561 | 133,919 | |||||||||||||||||||
Total operating expenses | 296,746 | 237,837 | 853,206 | 686,231 | |||||||||||||||||||
Loss from operations | (39,212) | (45,947) | (142,656) | (150,512) | |||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||
Interest income | 17,954 | 3,852 | 47,977 | 6,554 | |||||||||||||||||||
Interest expense(4) | (1,138) | (1,512) | (4,803) | (4,109) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | (50,300) | — | |||||||||||||||||||
Other income (expense), net | 115 | 2,433 | (2,269) | 2,179 | |||||||||||||||||||
Total non-operating income (expense), net | 16,931 | 4,773 | (9,395) | 4,624 | |||||||||||||||||||
Loss before income taxes | (22,281) | (41,174) | (152,051) | (145,888) | |||||||||||||||||||
Provision for income taxes | 1,254 | 1,372 | 4,033 | 1,576 | |||||||||||||||||||
Net loss | $ | (23,535) | $ | (42,546) | $ | (156,084) | $ | (147,464) | |||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.07) | $ | (0.13) | $ | (0.47) | $ | (0.45) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 334,666 | 326,590 | 332,600 | 325,457 | |||||||||||||||||||
Cost of revenue | $ | 2,367 | $ | 2,157 | $ | 6,296 | $ | 5,481 | |||||||||||||||
Sales and marketing | 20,674 | 11,919 | 57,276 | 35,205 | |||||||||||||||||||
Research and development | 36,353 | 30,049 | 103,142 | 82,001 | |||||||||||||||||||
General and administrative | 17,463 | 11,763 | 43,482 | 32,455 | |||||||||||||||||||
Total stock-based compensation and related employer payroll taxes | $ | 76,857 | $ | 55,888 | $ | 210,196 | $ | 155,142 |
Cost of revenue | $ | 4,313 | $ | 4,314 | $ | 12,938 | $ | 9,133 | |||||||||||||||
Sales and marketing | 575 | 575 | 1,725 | 1,150 | |||||||||||||||||||
Total amortization of acquired intangible assets | $ | 4,888 | $ | 4,889 | $ | 14,663 | $ | 10,283 |
Sales and marketing | $ | — | $ | — | $ | — | $ | 265 | |||||||||||||||
Research and development | — | — | — | 3,682 | |||||||||||||||||||
Total acquisition-related and other expenses | $ | — | $ | — | $ | — | $ | 3,947 |
Interest expense | $ | 1,059 | $ | 1,165 | $ | 3,529 | $ | 3,497 | |||||||||||||||
Total amortization of debt issuance costs | $ | 1,059 | $ | 1,165 | $ | 3,529 | $ | 3,497 |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 94,143 | $ | 204,178 | |||||||
Available-for-sale securities | 1,480,162 | 1,445,759 | |||||||||
Accounts receivable, net | 199,468 | 148,544 | |||||||||
Contract assets | 11,689 | 8,292 | |||||||||
Restricted cash short-term | 1,612 | 10,555 | |||||||||
Prepaid expenses and other current assets | 70,929 | 70,556 | |||||||||
Total current assets | 1,858,003 | 1,887,884 | |||||||||
Property and equipment, net | 309,815 | 286,600 | |||||||||
Goodwill | 148,047 | 148,047 | |||||||||
Acquired intangible assets, net | 17,821 | 32,483 | |||||||||
Operating lease right-of-use assets | 126,407 | 132,360 | |||||||||
Deferred contract acquisition costs, noncurrent | 115,154 | 93,145 | |||||||||
Restricted cash | 1,885 | 471 | |||||||||
Other noncurrent assets | 12,778 | 6,918 | |||||||||
Total assets | $ | 2,589,910 | $ | 2,587,908 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 40,590 | $ | 35,607 | |||||||
Accrued expenses and other current liabilities | 55,685 | 66,425 | |||||||||
Accrued compensation | 52,190 | 42,014 | |||||||||
Operating lease liabilities | 35,076 | 33,275 | |||||||||
Liability for early exercise of unvested stock options | 134 | 1,902 | |||||||||
Deferred revenue | 294,100 | 218,647 | |||||||||
Total current liabilities | 477,775 | 397,870 | |||||||||
Convertible senior notes, net | 1,282,372 | 1,436,192 | |||||||||
Operating lease liabilities, noncurrent | 101,673 | 107,624 | |||||||||
Deferred revenue, noncurrent | 17,354 | 11,732 | |||||||||
Other noncurrent liabilities | 11,479 | 10,526 | |||||||||
Total liabilities | 1,890,653 | 1,963,944 | |||||||||
Stockholders’ Equity | |||||||||||
Class A common stock; $0.001 par value; 2,250,000 shares authorized as of September 30, 2023 and December 31, 2022; 295,639 and 286,561 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 295 | 286 | |||||||||
Class B common stock; $0.001 par value; 315,000 shares authorized as of September 30, 2023 and December 31, 2022; 40,027 and 43,525 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 40 | 42 | |||||||||
Additional paid-in capital | 1,699,045 | 1,475,423 | |||||||||
Accumulated deficit | (995,975) | (839,891) | |||||||||
Accumulated other comprehensive loss | (4,148) | (11,896) | |||||||||
Total stockholders’ equity | 699,257 | 623,964 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,589,910 | $ | 2,587,908 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net loss | $ | (156,084) | $ | (147,464) | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 99,640 | 72,702 | |||||||||
Non-cash operating lease costs | 32,899 | 26,954 | |||||||||
Amortization of deferred contract acquisition costs | 44,757 | 32,019 | |||||||||
Stock-based compensation expense | 199,565 | 142,545 | |||||||||
Amortization of debt issuance costs | 3,529 | 3,497 | |||||||||
Net accretion of discounts and amortization of premiums on available-for-sale securities | (31,039) | 3,666 | |||||||||
Deferred income taxes | (588) | (1,603) | |||||||||
Provision for bad debt | 9,527 | 3,140 | |||||||||
Loss on extinguishment of debt | 50,300 | — | |||||||||
Other | 713 | 575 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable, net | (60,451) | (32,831) | |||||||||
Contract assets | (3,397) | (1,132) | |||||||||
Deferred contract acquisition costs | (66,766) | (48,981) | |||||||||
Prepaid expenses and other current assets | (17,115) | (7,367) | |||||||||
Other noncurrent assets | (1,189) | 1,398 | |||||||||
Accounts payable | 5,252 | 685 | |||||||||
Accrued expenses and other current liabilities | 8,378 | (23,643) | |||||||||
Operating lease liabilities | (31,096) | (31,271) | |||||||||
Deferred revenue | 81,075 | 51,909 | |||||||||
Other noncurrent liabilities | 1,055 | 674 | |||||||||
Net cash provided by operating activities | 168,965 | 45,472 | |||||||||
Cash Flows From Investing Activities | |||||||||||
Purchases of property and equipment | (83,580) | (103,461) | |||||||||
Capitalized internal-use software | (16,637) | (15,440) | |||||||||
Cash paid for acquisitions, net of cash acquired | — | (88,187) | |||||||||
Purchases of available-for-sale securities | (1,293,014) | (755,097) | |||||||||
Sales of available-for-sale securities | 20,248 | — | |||||||||
Maturities of available-for-sale securities | 1,288,364 | 746,420 | |||||||||
Other investing activities | 65 | 25 | |||||||||
Net cash used in investing activities | (84,554) | (215,740) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Repayments of convertible senior notes | (207,649) | (16,571) | |||||||||
Proceeds from the exercise of stock options | 11,384 | 8,130 | |||||||||
Proceeds from the early exercise of stock options | — | 62 | |||||||||
Repurchases of unvested common stock | (34) | (3) | |||||||||
Proceeds from the issuance of common stock for employee stock purchase plan | 10,450 | 8,687 | |||||||||
Payment of tax withholding obligation on RSU settlement | (5,643) | (1,977) | |||||||||
Payment of indemnity holdback | (10,483) | — | |||||||||
Net cash used in financing activities | (201,975) | (1,672) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (117,564) | (171,940) | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 215,204 | 320,958 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 97,640 | $ | 149,018 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reconciliation of cost of revenue: | ||||||||||||||||||||||||||
GAAP cost of revenue | $ | 78,069 | $ | 61,967 | $ | 223,722 | $ | 164,822 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (2,367) | (2,157) | (6,296) | (5,481) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (4,313) | (4,314) | (12,938) | (9,133) | ||||||||||||||||||||||
Non-GAAP cost of revenue | $ | 71,389 | $ | 55,496 | $ | 204,488 | $ | 150,208 | ||||||||||||||||||
Reconciliation of gross profit: | ||||||||||||||||||||||||||
GAAP gross profit | $ | 257,534 | $ | 191,890 | $ | 710,550 | $ | 535,719 | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 2,367 | 2,157 | 6,296 | 5,481 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,313 | 4,314 | 12,938 | 9,133 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 264,214 | $ | 198,361 | $ | 729,784 | $ | 550,333 | ||||||||||||||||||
GAAP gross margin | 76.7% | 75.6% | 76.1% | 76.5% | ||||||||||||||||||||||
Non-GAAP gross margin | 78.7% | 78.1% | 78.1% | 78.6% | ||||||||||||||||||||||
Reconciliation of operating expenses: | ||||||||||||||||||||||||||
GAAP sales and marketing | $ | 150,214 | $ | 116,033 | $ | 433,903 | $ | 333,712 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (20,674) | (11,919) | (57,276) | (35,205) | ||||||||||||||||||||||
Less: Amortization of acquired intangible assets | (575) | (575) | (1,725) | (1,150) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | — | (265) | ||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 128,965 | $ | 103,539 | $ | 374,902 | $ | 297,092 | ||||||||||||||||||
GAAP research and development | $ | 90,593 | $ | 76,432 | $ | 261,742 | $ | 218,600 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (36,353) | (30,049) | (103,142) | (82,001) | ||||||||||||||||||||||
Less: Acquisition-related and other expenses | — | — | — | (3,682) | ||||||||||||||||||||||
Non-GAAP research and development | $ | 54,240 | $ | 46,383 | $ | 158,600 | $ | 132,917 | ||||||||||||||||||
GAAP general and administrative | $ | 55,939 | $ | 45,372 | $ | 157,561 | $ | 133,919 | ||||||||||||||||||
Less: Stock-based compensation and related employer payroll taxes | (17,463) | (11,763) | (43,482) | (32,455) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 38,476 | $ | 33,609 | $ | 114,079 | $ | 101,464 | ||||||||||||||||||
Reconciliation of income (loss) from operations: | ||||||||||||||||||||||||||
GAAP loss from operations | $ | (39,212) | $ | (45,947) | $ | (142,656) | $ | (150,512) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 76,857 | 55,888 | 210,196 | 155,142 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,888 | 4,889 | 14,663 | 10,283 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | — | 3,947 | ||||||||||||||||||||||
Non-GAAP income from operations | $ | 42,533 | $ | 14,830 | $ | 82,203 | $ | 18,860 | ||||||||||||||||||
GAAP operating margin | (11.7)% | (18.1)% | (15.3)% | (21.5)% | ||||||||||||||||||||||
Non-GAAP operating margin | 12.7% | 5.8% | 8.8% | 2.7% | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Reconciliation of interest expense: | ||||||||||||||||||||||||||
GAAP interest expense | $ | (1,138) | $ | (1,512) | $ | (4,803) | $ | (4,109) | ||||||||||||||||||
Add: Amortization of debt issuance costs | 1,059 | 1,165 | 3,529 | 3,497 | ||||||||||||||||||||||
Non-GAAP interest expense | $ | (79) | $ | (347) | $ | (1,274) | $ | (612) | ||||||||||||||||||
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 | $ | 1,254 | $ | 1,372 | $ | 4,033 | $ | 1,576 | ||||||||||||||||||
Income tax effect of non-GAAP adjustments | 4,005 | 296 | 6,454 | 2,543 | ||||||||||||||||||||||
Non-GAAP provision for income taxes | $ | 5,259 | $ | 1,668 | $ | 10,487 | $ | 4,119 | ||||||||||||||||||
Reconciliation of net income (loss) and net income (loss) per share: | ||||||||||||||||||||||||||
GAAP net loss attributable to common stockholders | $ | (23,535) | $ | (42,546) | $ | (156,084) | $ | (147,464) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 76,857 | 55,888 | 210,196 | 155,142 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,888 | 4,889 | 14,663 | 10,283 | ||||||||||||||||||||||
Add: Acquisition-related and other expenses | — | — | — | 3,947 | ||||||||||||||||||||||
Add: Amortization of debt issuance costs | 1,059 | 1,165 | 3,529 | 3,497 | ||||||||||||||||||||||
Add: Loss on extinguishment of debt | — | — | 50,300 | — | ||||||||||||||||||||||
Income tax effect of non-GAAP adjustments | (4,005) | (296) | (6,454) | (2,543) | ||||||||||||||||||||||
Non-GAAP net income | $ | 55,264 | $ | 19,100 | $ | 116,150 | $ | 22,862 | ||||||||||||||||||
GAAP net loss per share, basic | $ | (0.07) | $ | (0.13) | $ | (0.47) | $ | (0.45) | ||||||||||||||||||
GAAP net loss per share, diluted | $ | (0.07) | $ | (0.13) | $ | (0.47) | $ | (0.45) | ||||||||||||||||||
Add: Stock-based compensation and related employer payroll taxes | 0.23 | 0.17 | 0.63 | 0.48 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 0.01 | 0.01 | 0.04 | 0.03 | ||||||||||||||||||||||
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 adjustment | (0.01) | — | (0.02) | (0.01) | ||||||||||||||||||||||
Effect of dilutive shares | — | 0.01 | — | — | ||||||||||||||||||||||
Non-GAAP net income per share, diluted(1)(2) | $ | 0.16 | $ | 0.06 | $ | 0.34 | $ | 0.07 | ||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 334,666 | 326,590 | 332,600 | 325,457 | ||||||||||||||||||||||
Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted(2) | 351,709 | 341,151 | 343,432 | 341,558 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Free cash flow | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 68,100 | $ | 42,688 | $ | 168,965 | $ | 45,472 | |||||||||||||||
Less: Purchases of property and equipment | (27,291) | (41,896) | (83,580) | (103,461) | |||||||||||||||||||
Less: Capitalized internal-use software | (5,934) | (5,406) | (16,637) | (15,440) | |||||||||||||||||||
Free cash flow | $ | 34,875 | $ | (4,614) | $ | 68,748 | $ | (73,429) | |||||||||||||||
Net cash used in investing activities | $ | (100,229) | $ | (48,887) | $ | (84,554) | $ | (215,740) | |||||||||||||||
Net cash provided by (used in) financing activities | $ | (34,610) | $ | 1,439 | $ | (201,975) | $ | (1,672) | |||||||||||||||
Net cash provided by operating activities (percentage of revenue) | 20 | % | 17 | % | 18 | % | 6 | % | |||||||||||||||
Less: Purchases of property and equipment (percentage of revenue) | (8) | % | (17) | % | (9) | % | (14) | % | |||||||||||||||
Less: Capitalized internal-use software (percentage of revenue) | (2) | % | (2) | % | (2) | % | (2) | % | |||||||||||||||
Free cash flow margin(1) | 10 | % | (2) | % | 7 | % | (10) | % |
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Document and Entity Information Document |
Nov. 02, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 02, 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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