Fastly Announces First Quarter 2024 Financial Results

Company reports positive operating cash flow of $11.1 million

Fastly, Inc. (NYSE: FSLY), a leader in global edge cloud platforms, today announced financial results for its first quarter ended March 31, 2024.

“I am pleased with the first quarter operating performance, posting non-GAAP operating loss above our guidance and positive cash flow from operations,” said Todd Nightingale, CEO of Fastly. “But, we're not satisfied with our revenue growth outlook.”

“I'm happy with our innovation velocity with the release of our Bot Management Solution, which greatly enhances our security offering, and shows significant progress toward strengthening the Fastly Platform,” continued Nightingale. “Our path forward in 2024 will be continued investment in customer acquisition and go-to-market efforts to diversify our customer base and accelerate revenue growth.”

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Revenue

 

$

133,520

 

 

$

117,564

 

Gross margin

 

 

 

 

GAAP gross margin

 

 

54.8

%

 

 

51.3

%

Non-GAAP gross margin

 

 

58.8

%

 

 

55.6

%

Operating loss

 

 

 

 

GAAP operating loss

 

$

(46,260

)

 

$

(47,275

)

Non-GAAP operating loss

 

$

(9,664

)

 

$

(14,074

)

Net loss per share

 

 

 

 

GAAP net loss per common share—basic and diluted

 

$

(0.32

)

 

$

(0.36

)

Non-GAAP net loss per common share—basic and diluted

 

$

(0.05

)

 

$

(0.09

)

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.

First Quarter 2024 Financial Summary

  • Total revenue of $133.5 million, representing 14% year-over-year growth. Network services revenue of $106.0 million, representing 12% year-over-year growth. Security revenue of $24.6 million, representing 16% 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 54.8%, compared to 51.3% in the first quarter of 2023. Non-GAAP gross margin of 58.8%, compared to 55.6% in the first quarter of 2023.
  • GAAP net loss of $43.4 million, compared to $44.7 million in the first quarter of 2023. Non-GAAP net loss of $6.5 million, compared to $10.8 million in the first quarter of 2023.
  • GAAP net loss per basic and diluted shares of $0.32, compared to $0.36 in the first quarter of 2023. Non-GAAP net loss per basic and diluted shares of $0.05, compared to $0.09 in the first quarter of 2023.

Key Metrics

  • Last 12-month net retention rate (LTM NRR)1 increased to 114% in the first quarter from 113% in the fourth quarter of 2023.
  • Total customer count2 was 3,290 in the first quarter, up 47 from the fourth quarter of 2023; 577 were enterprise customers2 in the first quarter, down 1 from the fourth quarter of 2023.
  • Remaining performance obligations (RPO)3 were $227 million, down 4% from $236 million in the fourth quarter of 2023.

First Quarter Business and Product Highlights

  • Released Fastly Bot Management Solution to help organizations combat automated “bot” attacks at the edge and minimize the business impact of fraud, DDoS attacks, account takeovers, and other abuse.
  • Simplified our product bundles, making it easier for customers to choose Fastly by offering a predictable billing experience across our product portfolio.
  • Enabled self-service adoption with Universal Login and the addition of Fastly product trials and upgrades to our Control Panel.
  • Deepened protection for modern APIs and services with the addition of gRPC Inspection and Advanced Rate Limiting in our Next-Gen WAF.
  • Expanded our Compute platform with the Secret Store, a secrets management service, allowing organizations to run more of their services entirely on the edge.
  • Released Edge Rate Limiting to protect Compute services from Layer 7 DDoS attacks and automated abuse.
  • Released Edge Observability, a unified dashboard with real-time and historic metrics, and Alerts, which automatically notifies customers of service-related performance metrics and impending outages.
  • New deal registrations and related revenue contribution more than doubled year-over-year in the first quarter.
  • Closed more Fastly product package deals in the first quarter of 2024 than the first half of 2023.
  • Fastly’s OHTTP Relay won the 2024 DEVIES award for best innovation in services: application development.
  • Published “API Security Study 2024,” an assessment of Europe-based companies' API security concerns based on insights from cybersecurity decision makers, experts, and practitioners.
  • Announced Xcelerate, a series of in-person global events to help Fastly’s network of developers, security professionals, and business leaders deliver superior digital experiences at the edge.

Second Quarter and Full Year 2024 Guidance

 

 

Q2 2024

 

Full Year 2024

Total Revenue (millions)

 

$130.0 - $134.0

 

$555.0 - $565.0

Non-GAAP Operating Loss (millions)

 

($16.0) - ($12.0)

 

($28.0) - ($22.0)

Non-GAAP Net Loss per share (4)(5)

 

($0.10) - ($0.06)

 

($0.12) - ($0.06)

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, May 1, 2024.

Date:

Wednesday, May 1, 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, May 1 through May 15, 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, Stripe, Neiman Marcus, Universal Music Group, SeatGeek, and Advance Publications. 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, 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 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 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.

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.

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 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 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.

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 137.7 million in Q2 2024 and 137.9 million for the full year 2024.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)

 

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Revenue

 

$

133,520

 

 

$

117,564

 

Cost of revenue(1)

 

 

60,286

 

 

 

57,310

 

Gross profit

 

 

73,234

 

 

 

60,254

 

Operating expenses:

 

 

 

 

Research and development(1)

 

 

38,248

 

 

 

37,431

 

Sales and marketing(1)

 

 

49,607

 

 

 

44,271

 

General and administrative(1)

 

 

31,639

 

 

 

25,827

 

Total operating expenses

 

 

119,494

 

 

 

107,529

 

Loss from operations

 

 

(46,260

)

 

 

(47,275

)

Interest income

 

 

3,848

 

 

 

4,186

 

Interest expense

 

 

(579

)

 

 

(1,213

)

Other expense, net

 

 

(89

)

 

 

(250

)

Loss before income taxes

 

 

(43,080

)

 

 

(44,552

)

Income tax expense

 

 

347

 

 

 

135

 

Net loss

 

$

(43,427

)

 

$

(44,687

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.32

)

 

$

(0.36

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

134,587

 

 

 

125,418

 

 

(1)

 

Includes stock-based compensation expense as follows:

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Cost of revenue

 

$

2,779

 

$

2,681

Research and development

 

 

10,323

 

 

 

11,481

 

Sales and marketing

 

 

7,843

 

 

 

6,705

 

General and administrative

 

 

10,876

 

 

 

7,284

 

Total

 

$

31,821

 

 

$

28,151

 

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, unaudited)

 

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Gross profit

 

 

 

 

GAAP gross profit

 

$

73,234

 

 

$

60,254

 

Stock-based compensation

 

 

2,779

 

 

 

2,681

 

Amortization of acquired intangible assets

 

 

2,475

 

 

 

2,475

 

Non-GAAP gross profit

 

$

78,488

 

 

$

65,410

 

GAAP gross margin

 

 

54.8

%

 

 

51.3

%

Non-GAAP gross margin

 

 

58.8

%

 

 

55.6

%

 

 

 

 

 

Research and development

 

 

 

 

GAAP research and development

 

$

38,248

 

 

$

37,431

 

Stock-based compensation

 

 

(10,323

)

 

 

(11,481

)

Non-GAAP research and development

 

$

27,925

 

 

$

25,950

 

 

 

 

 

 

Sales and marketing

 

 

 

 

GAAP sales and marketing

 

$

49,607

 

 

$

44,271

 

Stock-based compensation

 

 

(7,843

)

 

 

(6,705

)

Amortization of acquired intangible assets

 

 

(2,300

)

 

 

(2,575

)

Non-GAAP sales and marketing

 

$

39,464

 

 

$

34,991

 

 

 

 

 

 

General and administrative

 

 

 

 

GAAP general and administrative

 

$

31,639

 

 

$

25,827

 

Stock-based compensation

 

 

(10,876

)

 

 

(7,284

)

Non-GAAP general and administrative

 

$

20,763

 

 

$

18,543

 

 

 

 

 

 

Operating loss

 

 

 

 

GAAP operating loss

 

$

(46,260

)

 

$

(47,275

)

Stock-based compensation

 

 

31,821

 

 

 

28,151

 

Amortization of acquired intangible assets

 

 

4,775

 

 

 

5,050

 

Non-GAAP operating loss

 

$

(9,664

)

 

$

(14,074

)

 

 

 

 

 

Net loss

 

 

 

 

GAAP net loss

 

$

(43,427

)

 

$

(44,687

)

Stock-based compensation

 

 

31,821

 

 

 

28,151

 

Amortization of acquired intangible assets

 

 

4,775

 

 

 

5,050

 

Amortization of debt discount and issuance costs

 

 

354

 

 

 

716

 

Non-GAAP net loss

 

$

(6,477

)

 

$

(10,770

)

 

 

 

 

 

Non-GAAP net loss per common share—basic and diluted

 

$

(0.05

)

 

$

(0.09

)

Weighted average basic and diluted common shares

 

 

134,587

 

 

 

125,418

 

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, unaudited) (continued)

 

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Adjusted EBITDA

 

 

 

 

GAAP net loss

 

$

(43,427

)

 

$

(44,687

)

Stock-based compensation

 

 

31,821

 

 

 

28,151

 

Depreciation and other amortization

 

 

13,400

 

 

 

12,179

 

Amortization of acquired intangible assets

 

 

4,775

 

 

 

5,050

 

Amortization of debt discount and issuance costs

 

 

354

 

 

 

716

 

Interest income

 

 

(3,848

)

 

 

(4,186

)

Interest expense

 

 

225

 

 

 

497

 

Other expense, net

 

 

89

 

 

 

250

 

Income tax expense

 

 

347

 

 

 

135

 

Adjusted EBITDA

 

$

3,736

 

 

$

(1,895

)

 

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

 

 

 

As of March 31, 2024

 

As of December 31, 2023

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

150,809

 

 

$

107,921

 

Marketable securities, current

 

 

178,677

 

 

 

214,799

 

Accounts receivable, net of allowance for credit losses

 

 

107,517

 

 

 

120,498

 

Prepaid expenses and other current assets

 

 

23,207

 

 

 

20,455

 

Total current assets

 

 

460,210

 

 

 

463,673

 

Property and equipment, net

 

 

177,574

 

 

 

176,608

 

Operating lease right-of-use assets, net

 

 

54,420

 

 

 

55,212

 

Goodwill

 

 

670,356

 

 

 

670,356

 

Intangible assets, net

 

 

57,576

 

 

 

62,475

 

Marketable securities, non-current

 

 

1,743

 

 

 

6,088

 

Other assets

 

 

84,044

 

 

 

90,779

 

Total assets

 

$

1,505,923

 

 

$

1,525,191

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

5,485

 

 

$

5,611

 

Accrued expenses

 

 

35,555

 

 

 

61,818

 

Finance lease liabilities, current

 

 

11,974

 

 

 

15,684

 

Operating lease liabilities, current

 

 

22,580

 

 

 

24,042

 

Other current liabilities

 

 

44,633

 

 

 

40,539

 

Total current liabilities

 

 

120,227

 

 

 

147,694

 

Long-term debt

 

 

343,837

 

 

 

343,507

 

Finance lease liabilities, non-current

 

 

440

 

 

 

1,602

 

Operating lease liabilities, non-current

 

 

46,857

 

 

 

48,484

 

Other long-term liabilities

 

 

2,756

 

 

 

4,416

 

Total liabilities

 

 

514,117

 

 

 

545,703

 

Stockholders’ equity:

 

 

 

 

Common stock

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

1,870,503

 

 

 

1,815,245

 

Accumulated other comprehensive loss

 

 

(521

)

 

 

(1,008

)

Accumulated deficit

 

 

(878,179

)

 

 

(834,752

)

Total stockholders’ equity

 

 

991,806

 

 

 

979,488

 

Total liabilities and stockholders’ equity

 

$

1,505,923

 

 

$

1,525,191

 

 

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(43,427

)

 

$

(44,687

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation expense

 

 

13,277

 

 

 

12,040

 

Amortization of intangible assets

 

 

4,899

 

 

 

5,175

 

Non-cash lease expense

 

 

5,556

 

 

 

6,115

 

Amortization of debt discount and issuance costs

 

 

354

 

 

 

716

 

Amortization of deferred contract costs

 

 

4,573

 

 

 

3,425

 

Stock-based compensation

 

 

31,821

 

 

 

28,151

 

Deferred income taxes

 

 

228

 

 

 

 

Provision for credit losses

 

 

953

 

 

 

533

 

Loss on disposals of property and equipment

 

 

399

 

 

 

251

 

Amortization of premiums (discounts) on investments

 

 

(1,158

)

 

 

449

 

Other adjustments

 

 

(259

)

 

 

(243

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

12,028

 

 

 

3,701

 

Prepaid expenses and other current assets

 

 

(2,700

)

 

 

(634

)

Other assets

 

 

(1,814

)

 

 

(7,212

)

Accounts payable

 

 

101

 

 

 

(175

)

Accrued expenses

 

 

(8,760

)

 

 

(6,827

)

Operating lease liabilities

 

 

(7,606

)

 

 

(5,750

)

Other liabilities

 

 

2,667

 

 

 

(3,889

)

Net cash provided by (used in) operating activities

 

 

11,132

 

 

 

(8,861

)

Cash flows from investing activities:

 

 

 

 

Purchases of marketable securities

 

 

(56,948

)

 

 

 

Maturities of marketable securities

 

 

99,080

 

 

 

227,211

 

Purchases of property and equipment

 

 

(1,603

)

 

 

(3,494

)

Proceeds from sale of property and equipment

 

 

 

 

 

22

 

Capitalized internal-use software

 

 

(6,845

)

 

 

(4,209

)

Net cash provided by investing activities

 

 

33,684

 

 

 

219,530

 

Cash flows from financing activities:

 

 

 

 

Repayments of finance lease liabilities

 

 

(4,872

)

 

 

(8,645

)

Proceeds from exercise of vested stock options

 

 

111

 

 

 

336

 

Proceeds from employee stock purchase plan

 

 

2,881

 

 

 

2,596

 

Net cash used in financing activities

 

 

(1,880

)

 

 

(5,713

)

Effects of exchange rate changes on cash, cash equivalents, and restricted cash

 

 

(48

)

 

 

116

 

Net increase in cash, cash equivalents, and restricted cash

 

 

42,888

 

 

 

205,072

 

Cash, cash equivalents, and restricted cash at beginning of period

 

 

108,071

 

 

 

143,541

 

Cash, cash equivalents, and restricted cash at end of period

 

 

150,959

 

 

 

348,613

 

Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows:

 

 

 

 

Cash and cash equivalents

 

 

150,809

 

 

 

348,463

 

Restricted cash, current

 

 

150

 

 

 

150

 

Total cash, cash equivalents, and restricted cash

 

$

150,959

 

 

$

348,613

 

 

Free Cash Flow

(in thousands, unaudited)

 

 

 

Three months ended

March 31,

 

 

 

2024

 

 

 

2023

 

Cash flow provided by (used in) operations

 

$

11,132

 

 

$

(8,861

)

Capital expenditures(1)

 

 

(13,320

)

 

 

(16,326

)

Free Cash Flow

 

$

(2,188

)

 

$

(25,187

)

 

(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. Our capital expenditures exclude deployment of $3.7 million prepaid capital equipment for the three months ended March 31, 2024, as reflected in the supplemental disclosure of our statement of cash flows.

Source: Fastly, Inc.

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