EX-99.1 2 ex991-fslypressrelease63024.htm EX-99.1 Document

Exhibit 99.1
Fastly Announces Second Quarter 2024 Financial Results

SAN FRANCISCO — August 7, 2024 — Fastly, Inc. (NYSE: FSLY), a leader in global edge cloud platforms, today announced financial results for its second quarter ended June 30, 2024.
“We continued to drive customer acquisition in the second quarter, achieving 4% sequential growth in Enterprise customer count,” said Todd Nightingale, CEO of Fastly. “This, along with the acceleration of our go-to-market motions, contributed to revenue growth above the midpoint of our guidance.”
“However, we are experiencing demand challenges with some of our largest customers, and we are taking measures to align our cost structure accordingly,” continued Nightingale. “This change will enable focused investment in edge cloud innovation and continued go-to-market transformation.”

Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Revenue$132,371 $122,831 $265,891 $240,395 
Gross margin
GAAP gross margin55.1 %52.3 %55.0 %51.8 %
Non-GAAP gross margin58.5 %56.6 %58.6 %56.1 %
Operating loss
GAAP operating loss$(46,734)$(49,827)$(92,994)$(97,102)
Non-GAAP operating loss$(12,673)$(7,785)$(22,337)$(21,859)
Net loss per share
GAAP net loss per common share—basic and diluted$(0.32)$(0.08)$(0.64)$(0.44)
Non-GAAP net loss per common share—basic and diluted$(0.07)$(0.04)$(0.12)$(0.12)
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.
Second Quarter 2024 Financial Summary
•Total revenue of $132.4 million, representing 8% year-over-year growth. Network services revenue of $104.2 million, representing 6% year-over-year growth. Security revenue of $25.4 million, representing 13% year-over-year growth. Network Services include solutions designed to improve performance of websites, apps, APIs, and digital media. Security includes products designed to protect websites, apps, APIs, and users.
•GAAP gross margin of 55.1%, compared to 52.3% in the second quarter of 2023. Non-GAAP gross margin of 58.5%, compared to 56.6% in the second quarter of 2023.
•GAAP net loss of $43.7 million, compared to $10.7 million in the second quarter of 2023. Non-GAAP net loss of $9.3 million, compared to $4.6 million in the second quarter of 2023.
•GAAP net loss per basic and diluted shares of $0.32, compared to $0.08 in the second quarter of 2023. Non-GAAP net loss per basic and diluted shares of $0.07, compared to $0.04 in the second quarter of 2023.
Key Metrics
•Enterprise customer1 count was 601 in the second quarter, up 24 from the first quarter of 2024. Total customer count1 was 3,295 in the second quarter, up 5 from the first quarter of 2024.
•Last 12-month net retention rate (LTM NRR)2 decreased to 110% in the second quarter from 114% in the first quarter of 2024.
•Remaining performance obligations (RPO)3 were $223 million, down 2% from $227 million in the first quarter of 2024.





Second Quarter Business and Product Highlights
•Scott R. Lovett joined Fastly as Chief Revenue Officer, bringing more than 30 years of experience in the network services and cybersecurity industries.
•Fastly recognized as a 2024 Gartner® Peer Insights™ Customers’ Choice for Cloud Web Application and API Protection (WAAP) for the sixth consecutive year – and the only vendor to be recognized for six years running.
•Fastly Security Research Team identified the active exploitation of unauthenticated stored XSS vulnerabilities in WordPress Plugins.
•Fastly named to the U.S. News & World Report's 2024-2025 Best Companies to Work For.
•Product package deals doubled compared to the first quarter of 2024, driven by the successful introduction of Observability packages in addition to Compute, Security, and Delivery.
•New deal registrations grew 33% quarter-over-quarter in the second quarter, and year-to-date revenue contribution more than doubled year-over-year.
•Released beta version of Fastly AI Accelerator, the company’s first AI solution to help developers speed up the performance of their ChatGPT-powered apps and reduce the costs of using OpenAI’s large language model API.
•Redesigned our pricing page to provide clarification around our new self-serve checkout plan (Usage), mix-and-match packages, and our free tier offerings.
•Launched free developer accounts alongside Simplified Compute Service Creation, which allows developers to set up, configure, and sync a new Compute service to their local machine using a single command.
•Enhanced Fastly Managed Security Service offering with Fastly Bot Management, and an industry-leading 30-minute time-to-notify service level agreement (SLA).

Third Quarter and Full Year 2024 Guidance

Q3 2024Full Year 2024
Total Revenue (millions)$130.0 - $134.0$530.0 - $540.0
Non-GAAP Operating Loss (millions)($12.0) - ($8.0)($33.0) - ($27.0)
Non-GAAP Net Loss per share (4)(5)
($0.08) - ($0.03)($0.16) - ($0.11)
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, August 7, 2024.

Date: Wednesday, August 7, 2024
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, August 7 through August 21, 2024 by dialing 800-770-2030 or 647-362-9199 and entering the passcode 7543239.
About Fastly, Inc.
Fastly’s powerful and programmable edge cloud platform helps the world’s top brands deliver online experiences that are fast, safe, and engaging through edge compute, delivery, security, and observability offerings that improve site performance, enhance security, and empower innovation at global scale. Compared to other providers, Fastly’s powerful, high-




performance, and modern platform architecture empowers developers to deliver secure websites and apps with rapid time-to-market and demonstrated, industry-leading cost savings. Organizations around the world trust Fastly to help them upgrade the internet experience, including Reddit, Wendy’s, Neiman Marcus, Universal Music Group, and SeatGeek. 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, our operating performance, our ability to innovate, the success of our products and product enhancements, the capabilities of Fastly’s AI Accelerator, our customer acquisition and go-to-market efforts, our ability to monetize, 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 those more fully described in Fastly’s Annual Report on Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024. 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, net gain on extinguishment of debt, impairment expense 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, executive transition costs, interest income, interest expense, including amortization of debt discount and issuance costs, net gain on extinguishment of debt, impairment expense, other income (expense), net, and income taxes.

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.

Free Cash Flow: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.
Impairment Expense: consists of non-recurring charges related to our long-lived assets. 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.
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 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.

Interest Income: consists primarily of interest income related to our marketable securities. 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.
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.




In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this press release.
Key Metrics
1 Our number of customers is calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four.
2 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.
3 Remaining performance obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied.
4 Non-GAAP Net Loss per share is calculated as Non-GAAP Net Loss divided by weighted average basic shares for 2024.
5 Assumes weighted average basic shares outstanding of 139.3 million in Q3 2024 and 137.5 million for the full year 2024.




Condensed Consolidated Statements of Operations
(in thousands, except per share amounts, unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Revenue$132,371 $122,831 $265,891 $240,395 
Cost of revenue(1)
59,470 58,617 119,756 115,927 
Gross profit72,901 64,214 146,135 124,468 
Operating expenses:
Research and development(1)
35,106 37,421 73,354 74,852 
Sales and marketing(1)
52,959 47,797 102,566 92,068 
General and administrative(1)
28,433 28,823 60,072 54,650 
Impairment expense3,137 — 3,137 — 
Total operating expenses119,635 114,041 239,129 221,570 
Loss from operations(46,734)(49,827)(92,994)(97,102)
Net gain on extinguishment of debt— 36,760 — 36,760 
Interest income3,937 4,508 7,785 8,694 
Interest expense(464)(1,232)(1,043)(2,445)
Other income (expense), net193 (803)104 (1,053)
Loss before income tax expense(43,068)(10,594)(86,148)(55,146)
Income tax expense661 110 1,008 245 
Net loss$(43,729)$(10,704)$(87,156)$(55,391)
Net loss per share attributable to common stockholders, basic and diluted$(0.32)$(0.08)$(0.64)$(0.44)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted137,444 127,863 136,015 126,648 
__________
(1)Includes stock-based compensation expense as follows:
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Cost of revenue$2,044 $2,837 $4,823 $5,518 
Research and development7,983 12,205 18,306 23,686 
Sales and marketing7,058 9,877 14,901 16,582 
General and administrative9,063 12,073 19,939 19,357 
Total$26,148 $36,992 $57,969 $65,143 







Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Gross profit
GAAP gross profit$72,901 $64,214 $146,135 $124,468 
Stock-based compensation2,044 2,837 4,823 5,518 
Amortization of acquired intangible assets2,475 2,475 4,950 4,950 
Non-GAAP gross profit$77,420 $69,526 $155,908 $134,936 
GAAP gross margin55.1 %52.3 %55.0 %51.8 %
Non-GAAP gross margin58.5 %56.6 %58.6 %56.1 %
Research and development
GAAP research and development$35,106 $37,421 $73,354 $74,852 
Stock-based compensation(7,983)(12,205)(18,306)(23,686)
Non-GAAP research and development$27,123 $25,216 $55,048 $51,166 
Sales and marketing
GAAP sales and marketing$52,959 $47,797 $102,566 $92,068 
Stock-based compensation(7,058)(9,877)(14,901)(16,582)
Amortization of acquired intangible assets(2,301)(2,575)(4,601)(5,150)
Non-GAAP sales and marketing$43,600 $35,345 $83,064 $70,336 
General and administrative
GAAP general and administrative$28,433 $28,823 $60,072 $54,650 
Stock-based compensation(9,063)(12,073)(19,939)(19,357)
Non-GAAP general and administrative$19,370 $16,750 $40,133 $35,293 
Operating loss
GAAP operating loss$(46,734)$(49,827)$(92,994)$(97,102)
Stock-based compensation26,148 36,992 57,969 65,143 
Amortization of acquired intangible assets4,776 5,050 9,551 10,100 
Impairment expense3,137 — 3,137 — 
Non-GAAP operating loss$(12,673)$(7,785)$(22,337)$(21,859)
Net loss
GAAP net loss$(43,729)$(10,704)$(87,156)$(55,391)
Stock-based compensation26,148 36,992 57,969 65,143 
Amortization of acquired intangible assets4,776 5,050 9,551 10,100 
Net gain on extinguishment of debt— (36,760)— (36,760)
Impairment expense3,137 — 3,137 — 
Amortization of debt discount and issuance costs349 803 703 1,519 
Non-GAAP net loss$(9,319)$(4,619)$(15,796)$(15,389)
Non-GAAP net loss per common share—basic and diluted$(0.07)$(0.04)$(0.12)$(0.12)
Weighted average basic and diluted common shares137,444 127,863 136,015 126,648 






Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, unaudited) (continued)

Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Adjusted EBITDA
GAAP net loss$(43,729)$(10,704)$(87,156)$(55,391)
Stock-based compensation26,148 36,992 57,969 65,143 
Net gain on extinguishment of debt— (36,760)— (36,760)
Impairment expense3,137 — 3,137 — 
Depreciation and other amortization13,443 13,030 26,843 25,210 
Amortization of acquired intangible assets4,776 5,050 9,551 10,100 
Amortization of debt discount and issuance costs349 803 703 1,519 
Interest income(3,937)(4,508)(7,785)(8,694)
Interest expense115 429 340 926 
Other income (expense), net(193)803 (104)1,053 
Income tax expense661 110 1,008 245 
Adjusted EBITDA$770 $5,245 $4,506 $3,351 




Condensed Consolidated Balance Sheets
(in thousands, unaudited)
As of
June 30, 2024		As of
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$147,196 $107,921 
Marketable securities, current164,569 214,799 
Accounts receivable, net of allowance for credit losses113,878 120,498 
Prepaid expenses and other current assets25,312 20,455 
Total current assets450,955 463,673 
Property and equipment, net177,058 176,608 
Operating lease right-of-use assets, net52,451 55,212 
Goodwill670,356 670,356 
Intangible assets, net52,676 62,475 
Marketable securities, non-current— 6,088 
Other assets79,176 90,779 
Total assets$1,482,672 $1,525,191 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$5,532 $5,611 
Accrued expenses34,445 61,818 
Finance lease liabilities, current8,178 15,684 
Operating lease liabilities, current25,399 24,042 
Other current liabilities35,748 40,539 
Total current liabilities109,302 147,694 
Long-term debt344,167 343,507 
Finance lease liabilities, non-current— 1,602 
Operating lease liabilities, non-current44,634 48,484 
Other long-term liabilities3,382 4,416 
Total liabilities501,485 545,703 
Stockholders’ equity:
Common stock3 3 
Additional paid-in capital1,903,374 1,815,245 
Accumulated other comprehensive loss(282)(1,008)
Accumulated deficit(921,908)(834,752)
Total stockholders’ equity981,187 979,488 
Total liabilities and stockholders’ equity$1,482,672 $1,525,191 







Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Cash flows from operating activities:
Net loss$(43,729)$(10,704)$(87,156)$(55,391)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense13,318 12,920 26,595 24,960 
Amortization of intangible assets4,900 5,175 9,799 10,350 
Non-cash lease expense5,800 5,648 11,356 11,763 
Amortization of debt discount and issuance costs349 803 703 1,519 
Amortization of deferred contract costs4,531 3,746 9,104 7,171 
Stock-based compensation26,148 36,992 57,969 65,143 
Deferred income taxes333 — 561 — 
Provision for credit losses393 567 1,346 1,100 
Loss on disposals of property and equipment45 296 444 547 
Amortization of premiums (discounts) on investments(1,244)298 (2,402)747 
Impairment of operating lease right-of-use assets— 187 — 187 
Impairment expense3,137 — 3,137 — 
Net gain on extinguishment of debt— (36,760)— (36,760)
Other adjustments(178)(85)(437)(328)
Changes in operating assets and liabilities:
Accounts receivable(6,754)6,482 5,274 10,183 
Prepaid expenses and other current assets(2,131)217 (4,831)(417)
Other assets(3,210)(4,771)(5,024)(11,983)
Accounts payable(341)1,119 (240)944 
Accrued expenses1,911 234 (6,849)(6,593)
Operating lease liabilities(4,406)(6,682)(12,012)(12,432)
Other liabilities(3,820)9,308 (1,153)5,419 
Net cash provided by (used in) operating activities(4,948)24,990 6,184 16,129 
Cash flows from investing activities:
Purchases of marketable securities(60,249)— (117,197)— 
Sales of marketable securities— 774 — 774 
Maturities of marketable securities77,597 114,884 176,677 342,095 
Advance payment for purchase of property and equipment(790)— (790)— 
Purchases of property and equipment(1,762)(4,464)(3,365)(7,958)
Proceeds from sale of property and equipment24 14 24 36 
Capitalized internal-use software(6,829)(6,230)(13,674)(10,439)
Net cash provided by investing activities7,991 104,978 41,675 324,508 
Cash flows from financing activities:
Cash paid for debt extinguishment— (196,934)— (196,934)
Repayments of finance lease liabilities(4,236)(6,557)(9,108)(15,202)
Payment of deferred consideration for business acquisitions(3,771)(4,393)(3,771)(4,393)
Proceeds from exercise of vested stock options180 535 291 871 
Proceeds from employee stock purchase plan1,034 2,191 3,915 4,787 
Net cash used in financing activities(6,793)(205,158)(8,673)(210,871)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash(13)469 (61)585 
Net increase (decrease) in cash, cash equivalents, and restricted cash
(3,763)(74,721)39,125 130,351 
Cash, cash equivalents, and restricted cash at beginning of period150,959 348,613 108,071 143,541 
Cash, cash equivalents, and restricted cash at end of period147,196 273,892 147,196 273,892 
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows:
Cash and cash equivalents147,196 273,742 147,196 273,742 
Restricted cash, current— 150 — 150 
Total cash, cash equivalents, and restricted cash$147,196 $273,892 $147,196 $273,892 










Free Cash Flow
(in thousands, unaudited)
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Net cash provided by (used in) operating activities$(4,948)$24,990 $6,184 $16,129 
Capital expenditures(1)
(12,803)(17,237)(26,123)(33,563)
Advance payment for purchase of property and equipment(2)
(790)— (790)— 
Free Cash Flow$(18,541)$7,753 $(20,729)$(17,434)
__________
(1)Capital expenditures are defined as 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.
(2)In the six months ended June 30, 2024, we received $7.8 million of capital equipment that was prepaid prior to the current quarter, as reflected in the supplemental disclosure of our statement of cash flows.


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

Media Contact
Spring Harris
press@fastly.com

Source: Fastly, Inc.