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    Cloudflare Announces Second Quarter 2024 Financial Results

    8/1/24 4:15:00 PM ET
    $NET
    Computer Software: Prepackaged Software
    Technology
    Get the next $NET alert in real time by email
    • Second quarter revenue totaled $401.0 million, representing an increase of 30% year-over-year
    • GAAP loss from operations of $34.7 million, or 9% of revenue, and non-GAAP income from operations of $57.0 million, or 14% of revenue
    • Operating cash flow of $74.8 million, or 19% of revenue, and free cash flow of $38.3 million, or 10% of revenue

    Cloudflare, Inc. (NYSE:NET), the leading connectivity cloud company, today announced financial results for its second quarter ended June 30, 2024.

    "We had a strong second quarter, crossing $1.6 billion in annualized revenue and growing 30% year-over-year. The world is still complicated, but our team remained focused on execution and delivered terrific results, including a double-digit year-over-year improvement in sales productivity," said Matthew Prince, co-founder & CEO of Cloudflare. "I'm proud of how Cloudflare rises to the occasion to help our customers solve some of the hardest problems they face when modernizing, transforming, and securing their businesses—checking off even more value with the promise of our connectivity cloud and reinforcing Cloudflare's position on 'must-have' lists."

    Second Quarter Fiscal 2024 Financial Highlights

    • Revenue: Total revenue of $401.0 million, representing an increase of 30% year-over-year.
    • Gross Profit: GAAP gross profit was $312.0 million, or 77.8% gross margin, compared to $233.3 million, or 75.6%, in the second quarter of 2023. Non-GAAP gross profit was $316.6 million, or 79.0% gross margin, compared to $239.7 million, or 77.7%, in the second quarter of 2023.
    • Operating Income (Loss): GAAP loss from operations was $34.7 million, or 8.7% of revenue, compared to $56.2 million, or 18.2% of revenue, in the second quarter of 2023. Non-GAAP income from operations was $57.0 million, or 14.2% of revenue, compared to $20.3 million, or 6.6% of revenue, in the second quarter of 2023.
    • Net Income (Loss): GAAP net loss was $15.1 million, compared to $94.5 million in the second quarter of 2023. GAAP net loss per basic and diluted share was $0.04, compared to $0.28 in the second quarter of 2023. Non-GAAP net income was $69.5 million, compared to $33.7 million in the second quarter of 2023. Non-GAAP net income per diluted share was $0.20, compared to $0.10 in the second quarter of 2023.
    • Cash Flow: Net cash flow from operating activities was $74.8 million, compared to $64.5 million for the second quarter of 2023. Free cash flow was $38.3 million, or 10% of revenue, compared to $20.0 million, or 6% of revenue, in the second quarter of 2023.
    • Cash, cash equivalents, and available-for-sale securities were $1,757.4 million as of June 30, 2024.

    The section titled "Non-GAAP Financial Information" below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

    Financial Outlook

    For the third quarter of fiscal 2024, we expect:

    • Total revenue of $423.0 to $424.0 million
    • Non-GAAP income from operations of $50.0 to $51.0 million
    • Non-GAAP net income per share of $0.18, utilizing weighted average common shares outstanding of approximately 359 million

    For the full year fiscal 2024, we expect:

    • Total revenue of $1,657.0 to $1,659.0 million
    • Non-GAAP income from operations of $196.0 to $198.0 million
    • Non-GAAP net income per share of $0.70 to $0.71, utilizing weighted average common shares outstanding of approximately 358 million

    These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    Conference Call Information

    Cloudflare will host an investor conference call to discuss its second quarter ended June 30, 2024 earnings results today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). Interested parties can access the call by dialing (877) 400-4517 from the United States or (332) 251-2620 internationally with conference ID 3723782. A live webcast of the conference call will be accessible from the investor relations website at https://cloudflare.NET. A replay will be available approximately two hours after the conclusion of the live event and will remain available for approximately one year.

    Supplemental Financial and Other Information

    Supplemental financial and other information can be accessed through the Company's investor relations website at https://cloudflare.NET.

    Non-GAAP Financial Information

    Cloudflare believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. 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. For further information regarding why Cloudflare believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the "Explanation of Non-GAAP Financial Measures" section at the end of this press release.

    Available Information

    Cloudflare intends to use its press releases, website, investor relations website, news site, blog, X account, Facebook account, and Instagram account, in addition to filings made with the Securities and Exchange Commission (SEC) and public conference calls, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "explore," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these words, or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding our future financial and operating performance, our reputation and performance in the market, general market trends, our estimated and projected revenue, non-GAAP income from operations and non-GAAP net income per share, shares outstanding, the benefits to customers from using our products, the expected functionality and performance of our products, the demand by customers for our products, our plans and objectives for future operations, growth, initiatives, or strategies, our market opportunity, and comments made by our CEO and others. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: the impact of adverse macroeconomic conditions, such as inflation, high interest rates, actual or potential bank failures and recessionary concerns, on our and our customers', vendors', and partners' operations and future financial performance; the impact of the Hamas-Israel and Russia-Ukraine conflicts and other areas of geopolitical tension around the world, or any potential worsening or expansion of those conflicts or geopolitical tensions and other geopolitical events such as elections and other governmental changes; our history of net losses; risks associated with managing our rapid growth; our ability to attract and retain new customers (including new large customers); our ability to retain and upgrade paying customers and convert free customers to paying customers; our ability to expand the number of products we sell to paying customers; our ability to effectively increase sales to large customers; our ability to increase brand awareness; our ability to continue to innovate and develop new products and product features; our ability to generate demand for our products; our ability to effectively attract, train, and retain our sales force to be able to sell our existing and new products and product features; our sales team's productivity; our ability to effectively attract, integrate and retain key personnel; problems with our internal systems, network, or data, including actual or perceived breaches or failures; rapidly evolving technological developments, including advancements in AI, in the market; length of our sales cycles and the timing of payments by our customers; activities of our paying and free customers or the content of their websites and other Internet properties that use our network and products; foreign currency fluctuations; changes in the legal, tax, and regulatory environment applicable to our business; and other general market, political, economic, and business conditions. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the SEC, including our Quarterly Report on Form 10-Q filed on May 2, 2024, as well as other filings that we may make from time to time with the SEC.

    The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

    About Cloudflare

    Cloudflare, Inc. (NYSE:NET) is the leading connectivity cloud company on a mission to help build a better Internet. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare's connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

    Powered by one of the world's largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

    Learn more about Cloudflare's connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at radar.cloudflare.com.

    CLOUDFLARE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except per share data)

    (unaudited)

       

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue

     

    $

    400,996

     

     

    $

    308,494

     

     

    $

    779,598

     

     

    $

    598,669

     

    Cost of revenue(1)(2)

     

     

    89,011

     

     

     

    75,221

     

     

     

    174,049

     

     

     

    145,653

     

    Gross profit

     

     

    311,985

     

     

     

    233,273

     

     

     

    605,549

     

     

     

    453,016

     

    Operating expenses:

     

     

     

     

     

     

     

     

    Sales and marketing(1)(2)(4)

     

     

    174,501

     

     

     

    146,688

     

     

     

    368,603

     

     

     

    283,689

     

    Research and development(1)

     

     

    102,547

     

     

     

    89,610

     

     

     

    190,250

     

     

     

    171,149

     

    General and administrative(1)(3)

     

     

    69,635

     

     

     

    53,147

     

     

     

    135,944

     

     

     

    101,622

     

    Total operating expenses

     

     

    346,683

     

     

     

    289,445

     

     

     

    694,797

     

     

     

    556,460

     

    Loss from operations

     

     

    (34,698

    )

     

     

    (56,172

    )

     

     

    (89,248

    )

     

     

    (103,444

    )

    Non-operating income (expense):

     

     

     

     

     

     

     

     

    Interest income

     

     

    21,715

     

     

     

    16,536

     

     

     

    42,967

     

     

     

    30,023

     

    Interest expense(5)

     

     

    (1,218

    )

     

     

    (1,539

    )

     

     

    (2,318

    )

     

     

    (3,665

    )

    Loss on extinguishment of debt

     

     

    —

     

     

     

    (50,300

    )

     

     

    —

     

     

     

    (50,300

    )

    Other income (expense), net

     

     

    269

     

     

     

    (1,527

    )

     

     

    1,393

     

     

     

    (2,384

    )

    Total non-operating income (expense), net

     

     

    20,766

     

     

     

    (36,830

    )

     

     

    42,042

     

     

     

    (26,326

    )

    Loss before income taxes

     

     

    (13,932

    )

     

     

    (93,002

    )

     

     

    (47,206

    )

     

     

    (129,770

    )

    Provision for income taxes

     

     

    1,146

     

     

     

    1,465

     

     

     

    3,415

     

     

     

    2,779

     

    Net loss

     

    $

    (15,078

    )

     

    $

    (94,467

    )

     

    $

    (50,621

    )

     

    $

    (132,549

    )

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

     

    $

    (0.04

    )

     

    $

    (0.28

    )

     

    $

    (0.15

    )

     

    $

    (0.40

    )

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

     

     

    340,648

     

     

     

    332,297

     

     

     

    339,617

     

     

     

    331,448

     

    ____________

     

    (1) Includes stock-based compensation and related employer payroll taxes as follows:

    Cost of revenue

     

    $

    3,011

     

    $

    2,126

     

    $

    5,833

     

    $

    3,929

    Sales and marketing

     

     

    24,629

     

     

     

    20,734

     

     

     

    46,404

     

     

     

    36,602

     

    Research and development

     

     

    37,106

     

     

     

    36,573

     

     

     

    66,086

     

     

     

    66,789

     

    General and administrative

     

     

    24,761

     

     

     

    12,156

     

     

     

    47,911

     

     

     

    26,019

     

    Total stock-based compensation and related employer payroll taxes

     

    $

    89,507

     

     

    $

    71,589

     

     

    $

    166,234

     

     

    $

    133,339

     

    (2) Includes amortization of acquired intangible assets as follows:

    Cost of revenue

     

    $

    1,619

     

    $

    4,314

     

    $

    6,310

     

    $

    8,625

    Sales and marketing

     

     

    363

     

     

     

    574

     

     

     

    938

     

     

     

    1,150

     

    Total amortization of acquired intangible assets

     

    $

    1,982

     

     

    $

    4,888

     

     

    $

    7,248

     

     

    $

    9,775

     

    (3) Includes acquisition-related and other expenses as follows:

    General and administrative

     

    $

    162

     

    $

    —

     

    $

    162

     

    $

    —

    Total acquisition-related and other expenses

     

    $

    162

     

     

    $

    —

     

     

    $

    162

     

     

    $

    —

     

    (4) Includes one-time compensation charge as follows:

    Sales and marketing

     

    $

    —

     

    $

    —

     

    $

    15,000

     

    $

    —

    Total one-time compensation charge

     

    $

    —

     

     

    $

    —

     

     

    $

    15,000

     

     

    $

    —

     

    (5) Includes amortization of debt issuance costs as follows:

    Interest expense

     

    $

    990

     

    $

    1,307

     

    $

    1,980

     

    $

    2,470

    Total amortization of debt issuance costs

     

    $

    990

     

     

    $

    1,307

     

     

    $

    1,980

     

     

    $

    2,470

     

    CLOUDFLARE, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands, except par value)

    (unaudited)

     

     

     

    June 30,

    2024

     

    December 31,

    2023

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    156,967

     

     

    $

    86,864

     

    Available-for-sale securities

     

     

    1,600,430

     

     

     

    1,586,880

     

    Accounts receivable, net

     

     

    250,213

     

     

     

    248,268

     

    Contract assets

     

     

    12,917

     

     

     

    11,041

     

    Restricted cash short-term

     

     

    1,000

     

     

     

    2,522

     

    Prepaid expenses and other current assets

     

     

    71,491

     

     

     

    47,502

     

    Total current assets

     

     

    2,093,018

     

     

     

    1,983,077

     

    Property and equipment, net

     

     

    339,124

     

     

     

    322,813

     

    Goodwill

     

     

    156,162

     

     

     

    148,047

     

    Acquired intangible assets, net

     

     

    21,663

     

     

     

    19,564

     

    Operating lease right-of-use assets

     

     

    141,870

     

     

     

    138,556

     

    Deferred contract acquisition costs, noncurrent

     

     

    144,330

     

     

     

    133,236

     

    Restricted cash

     

     

    2,023

     

     

     

    1,838

     

    Other noncurrent assets

     

     

    18,483

     

     

     

    12,636

     

    Total assets

     

    $

    2,916,673

     

     

    $

    2,759,767

     

    Liabilities and Stockholders' Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    59,528

     

     

    $

    53,727

     

    Accrued expenses and other current liabilities

     

     

    66,916

     

     

     

    63,597

     

    Accrued compensation

     

     

    57,813

     

     

     

    63,801

     

    Operating lease liabilities

     

     

    40,740

     

     

     

    38,351

     

    Deferred revenue

     

     

    370,968

     

     

     

    347,608

     

    Total current liabilities

     

     

    595,965

     

     

     

    567,084

     

    Convertible senior notes, net

     

     

    1,285,342

     

     

     

    1,283,362

     

    Operating lease liabilities, noncurrent

     

     

    112,508

     

     

     

    113,490

     

    Deferred revenue, noncurrent

     

     

    23,579

     

     

     

    17,244

     

    Other noncurrent liabilities

     

     

    17,734

     

     

     

    15,540

     

    Total liabilities

     

     

    2,035,128

     

     

     

    1,996,720

     

    Stockholders' Equity

     

     

     

     

    Class A common stock; $0.001 par value; 2,250,000 shares authorized as of June 30, 2024 and December 31, 2023; 303,321 and 298,089 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

     

     

    302

     

     

     

    297

     

    Class B common stock; $0.001 par value; 315,000 shares authorized as of June 30, 2024 and December 31, 2023; 38,216 and 39,443 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

     

     

    39

     

     

     

    40

     

    Additional paid-in capital

     

     

    1,956,984

     

     

     

    1,784,566

     

    Accumulated deficit

     

     

    (1,074,461

    )

     

     

    (1,023,840

    )

    Accumulated other comprehensive income (loss)

     

     

    (1,319

    )

     

     

    1,984

     

    Total stockholders' equity

     

     

    881,545

     

     

     

    763,047

     

    Total liabilities and stockholders' equity

     

    $

    2,916,673

     

     

    $

    2,759,767

     

    CLOUDFLARE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

    (unaudited)

       

     

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

    Cash Flows from Operating Activities

     

     

     

     

    Net loss

     

    $

    (50,621

    )

     

    $

    (132,549

    )

    Adjustments to reconcile net loss to cash provided by operating activities:

     

     

     

     

    Depreciation and amortization expense

     

     

    59,767

     

     

     

    65,182

     

    Non-cash operating lease costs

     

     

    23,124

     

     

     

    21,925

     

    Amortization of deferred contract acquisition costs

     

     

    36,991

     

     

     

    29,011

     

    Stock-based compensation expense

     

     

    155,714

     

     

     

    125,793

     

    Amortization of debt issuance costs

     

     

    1,980

     

     

     

    2,470

     

    Net accretion of discounts and amortization of premiums on available-for-sale securities

     

     

    (24,028

    )

     

     

    (19,050

    )

    Deferred income taxes

     

     

    (1,310

    )

     

     

    (613

    )

    Provision for bad debt

     

     

    4,770

     

     

     

    6,037

     

    Loss on extinguishment of debt

     

     

    —

     

     

     

    50,300

     

    Other

     

     

    291

     

     

     

    494

     

    Changes in operating assets and liabilities, net of effect of acquisitions:

     

     

     

     

    Accounts receivable, net

     

     

    (6,715

    )

     

     

    (35,413

    )

    Contract assets

     

     

    (1,876

    )

     

     

    (381

    )

    Deferred contract acquisition costs

     

     

    (48,085

    )

     

     

    (43,348

    )

    Prepaid expenses and other current assets

     

     

    (24,726

    )

     

     

    (13,996

    )

    Other noncurrent assets

     

     

    1,941

     

     

     

    (1,991

    )

    Accounts payable

     

     

    15,996

     

     

     

    6,602

     

    Accrued expenses and other current liabilities

     

     

    254

     

     

     

    1,454

     

    Operating lease liabilities

     

     

    (25,031

    )

     

     

    (18,149

    )

    Deferred revenue

     

     

    29,695

     

     

     

    56,460

     

    Other noncurrent liabilities

     

     

    263

     

     

     

    627

     

    Net cash provided by operating activities

     

     

    148,394

     

     

     

    100,865

     

    Cash Flows from Investing Activities

     

     

     

     

    Purchases of property and equipment

     

     

    (61,681

    )

     

     

    (56,289

    )

    Capitalized internal-use software

     

     

    (12,831

    )

     

     

    (10,703

    )

    Asset acquisitions and business combinations, net of cash acquired

     

     

    (13,977

    )

     

     

    —

     

    Purchases of available-for-sale securities

     

     

    (790,675

    )

     

     

    (795,096

    )

    Sales of available-for-sale securities

     

     

    —

     

     

     

    20,248

     

    Maturities of available-for-sale securities

     

     

    792,354

     

     

     

    857,456

     

    Other investing activities

     

     

    18

     

     

     

    59

     

    Net cash provided by (used in) investing activities

     

     

    (86,792

    )

     

     

    15,675

     

    Cash Flows from Financing Activities

     

     

     

     

    Repayments of convertible senior notes

     

     

    —

     

     

     

    (172,249

    )

    Cash paid for issuance costs on revolving credit facility

     

     

    (2,148

    )

     

     

    —

     

    Proceeds from the exercise of stock options

     

     

    7,614

     

     

     

    7,059

     

    Proceeds from the early exercise of stock options

     

     

    6

     

     

     

    —

     

    Repurchases of unvested common stock

     

     

    —

     

     

     

    (34

    )

    Proceeds from the issuance of common stock for employee stock purchase plan

     

     

    10,455

     

     

     

    10,450

     

    Payment of tax withholding obligation on RSU settlement

     

     

    (8,763

    )

     

     

    (3,383

    )

    Payment of indemnity holdback

     

     

    —

     

     

     

    (9,208

    )

    Net cash provided by (used in) financing activities

     

     

    7,164

     

     

     

    (167,365

    )

    Net increase (decrease) in cash, cash equivalents, and restricted cash

     

     

    68,766

     

     

     

    (50,825

    )

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

     

     

    91,224

     

     

     

    215,204

     

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

     

    $

    159,990

     

     

    $

    164,379

     

    CLOUDFLARE, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (in thousands, except per share amounts)

    (unaudited)

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Reconciliation of cost of revenue:

     

     

     

     

     

     

     

     

    GAAP cost of revenue

     

    $

    89,011

     

     

    $

    75,221

     

     

    $

    174,049

     

     

    $

    145,653

     

    Less: Stock-based compensation and related employer payroll taxes

     

     

    (3,011

    )

     

     

    (2,126

    )

     

     

    (5,833

    )

     

     

    (3,929

    )

    Less: Amortization of acquired intangible assets

     

     

    (1,619

    )

     

     

    (4,314

    )

     

     

    (6,310

    )

     

     

    (8,625

    )

    Non-GAAP cost of revenue

     

    $

    84,381

     

     

    $

    68,781

     

     

    $

    161,906

     

     

    $

    133,099

     

    Reconciliation of gross profit:

     

     

     

     

     

     

     

     

    GAAP gross profit

     

    $

    311,985

     

     

    $

    233,273

     

     

    $

    605,549

     

     

    $

    453,016

     

    Add: Stock-based compensation and related employer payroll taxes

     

     

    3,011

     

     

     

    2,126

     

     

     

    5,833

     

     

     

    3,929

     

    Add: Amortization of acquired intangible assets

     

     

    1,619

     

     

     

    4,314

     

     

     

    6,310

     

     

     

    8,625

     

    Non-GAAP gross profit

     

    $

    316,615

     

     

    $

    239,713

     

     

    $

    617,692

     

     

    $

    465,570

     

    GAAP gross margin

     

     

    77.8

    %

     

     

    75.6

    %

     

     

    77.7

    %

     

     

    75.7

    %

    Non-GAAP gross margin

     

     

    79.0

    %

     

     

    77.7

    %

     

     

    79.2

    %

     

     

    77.8

    %

    Reconciliation of operating expenses:

     

     

     

     

     

     

     

     

    GAAP sales and marketing

     

    $

    174,501

     

     

    $

    146,688

     

     

    $

    368,603

     

     

    $

    283,689

     

    Less: Stock-based compensation and related employer payroll taxes

     

     

    (24,629

    )

     

     

    (20,734

    )

     

     

    (46,404

    )

     

     

    (36,602

    )

    Less: Amortization of acquired intangible assets

     

     

    (363

    )

     

     

    (574

    )

     

     

    (938

    )

     

     

    (1,150

    )

    Less: One-time compensation charge

     

     

    —

     

     

     

    —

     

     

     

    (15,000

    )

     

     

    —

     

    Non-GAAP sales and marketing

     

    $

    149,509

     

     

    $

    125,380

     

     

    $

    306,261

     

     

    $

    245,937

     

    GAAP research and development

     

    $

    102,547

     

     

    $

    89,610

     

     

    $

    190,250

     

     

    $

    171,149

     

    Less: Stock-based compensation and related employer payroll taxes

     

     

    (37,106

    )

     

     

    (36,573

    )

     

     

    (66,086

    )

     

     

    (66,789

    )

    Non-GAAP research and development

     

    $

    65,441

     

     

    $

    53,037

     

     

    $

    124,164

     

     

    $

    104,360

     

    GAAP general and administrative

     

    $

    69,635

     

     

    $

    53,147

     

     

    $

    135,944

     

     

    $

    101,622

     

    Less: Stock-based compensation and related employer payroll taxes

     

     

    (24,761

    )

     

     

    (12,156

    )

     

     

    (47,911

    )

     

     

    (26,019

    )

    Less: Acquisition-related and other expenses

     

     

    (162

    )

     

     

    —

     

     

     

    (162

    )

     

     

    —

     

    Non-GAAP general and administrative

     

    $

    44,712

     

     

    $

    40,991

     

     

    $

    87,871

     

     

    $

    75,603

     

    Reconciliation of income (loss) from operations:

     

     

     

     

     

     

     

     

    GAAP loss from operations

     

    $

    (34,698

    )

     

    $

    (56,172

    )

     

    $

    (89,248

    )

     

    $

    (103,444

    )

    Add: Stock-based compensation and related employer payroll taxes

     

     

    89,507

     

     

     

    71,589

     

     

     

    166,234

     

     

     

    133,339

     

    Add: Amortization of acquired intangible assets

     

     

    1,982

     

     

     

    4,888

     

     

     

    7,248

     

     

     

    9,775

     

    Add: Acquisition-related and other expenses

     

     

    162

     

     

     

    —

     

     

     

    162

     

     

     

    —

     

    Add: One-time compensation charge

     

     

    —

     

     

     

    —

     

     

     

    15,000

     

     

     

    —

     

    Non-GAAP income from operations

     

    $

    56,953

     

     

    $

    20,305

     

     

    $

    99,396

     

     

    $

    39,670

     

    GAAP operating margin

     

     

    (8.7

    )%

     

     

    (18.2

    )%

     

     

    (11.4

    )%

     

     

    (17.3

    )%

    Non-GAAP operating margin

     

     

    14.2

    %

     

     

    6.6

    %

     

     

    12.7

    %

     

     

    6.6

    %

    CLOUDFLARE, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (in thousands, except per share amounts)

    (unaudited)

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Reconciliation of interest expense:

     

     

     

     

     

     

     

     

    GAAP interest expense

     

    $

    (1,218

    )

     

    $

    (1,539

    )

     

    $

    (2,318

    )

     

    $

    (3,665

    )

    Add: Amortization of debt issuance costs

     

     

    990

     

     

     

    1,307

     

     

     

    1,980

     

     

     

    2,470

     

    Non-GAAP interest expense

     

    $

    (228

    )

     

    $

    (232

    )

     

    $

    (338

    )

     

    $

    (1,195

    )

    Reconciliation of loss on extinguishment of debt:

     

     

     

     

     

     

     

     

    GAAP loss on extinguishment of debt

     

    $

    —

     

     

    $

    (50,300

    )

     

    $

    —

     

     

    $

    (50,300

    )

    Add: Loss on extinguishment of debt

     

     

    —

     

     

     

    50,300

     

     

     

    —

     

     

     

    50,300

     

    Non-GAAP loss on extinguishment of debt

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    Reconciliation of provision for income taxes:

     

     

     

     

     

     

     

     

    GAAP provision for income taxes

     

    $

    1,146

     

     

    $

    1,465

     

     

    $

    3,415

     

     

    $

    2,779

     

    Income tax effect of non-GAAP adjustments

     

     

    8,082

     

     

     

    (88

    )

     

     

    12,372

     

     

     

    2,449

     

    Non-GAAP provision for income taxes

     

    $

    9,228

     

     

    $

    1,377

     

     

    $

    15,787

     

     

    $

    5,228

     

    Reconciliation of net income (loss) and net income (loss) per share:

     

     

     

     

     

     

     

     

    GAAP net loss attributable to common stockholders

     

    $

    (15,078

    )

     

    $

    (94,467

    )

     

    $

    (50,621

    )

     

    $

    (132,549

    )

    Add: Stock-based compensation and related employer payroll taxes

     

     

    89,507

     

     

     

    71,589

     

     

     

    166,234

     

     

     

    133,339

     

    Add: Amortization of acquired intangible assets

     

     

    1,982

     

     

     

    4,888

     

     

     

    7,248

     

     

     

    9,775

     

    Add: Acquisition-related and other expenses

     

     

    162

     

     

     

    —

     

     

     

    162

     

     

     

    —

     

    Add: One-time compensation charge

     

     

    —

     

     

     

    —

     

     

     

    15,000

     

     

     

    —

     

    Add: Amortization of debt issuance costs

     

     

    990

     

     

     

    1,307

     

     

     

    1,980

     

     

     

    2,470

     

    Add: Loss on extinguishment of debt

     

     

    —

     

     

     

    50,300

     

     

     

    —

     

     

     

    50,300

     

    Income tax effect of non-GAAP adjustments

     

     

    (8,082

    )

     

     

    88

     

     

     

    (12,372

    )

     

     

    (2,449

    )

    Non-GAAP net income

     

    $

    69,481

     

     

    $

    33,705

     

     

    $

    127,631

     

     

    $

    60,886

     

     

     

     

     

     

     

     

     

     

    GAAP net loss per share, basic

     

    $

    (0.04

    )

     

    $

    (0.28

    )

     

    $

    (0.15

    )

     

    $

    (0.40

    )

     

     

     

     

     

     

     

     

     

    GAAP net loss per share, diluted

     

    $

    (0.04

    )

     

    $

    (0.28

    )

     

    $

    (0.15

    )

     

    $

    (0.40

    )

    Add: Stock-based compensation and related employer payroll taxes

     

     

    0.26

     

     

     

    0.22

     

     

     

    0.49

     

     

     

    0.40

     

    Add: Amortization of acquired intangible assets

     

     

    0.01

     

     

     

    0.01

     

     

     

    0.02

     

     

     

    0.03

     

    Add: Acquisition-related and other expenses

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Add: One-time compensation charge

     

     

    —

     

     

     

    —

     

     

     

    0.04

     

     

     

    —

     

    Add: Amortization of debt issuance costs

     

     

    —

     

     

     

    —

     

     

     

    0.01

     

     

     

    0.01

     

    Add: Loss on extinguishment of debt

     

     

    —

     

     

     

    0.15

     

     

     

    —

     

     

     

    0.15

     

    Income tax effect of non-GAAP adjustment

     

     

    (0.02

    )

     

     

    —

     

     

     

    (0.04

    )

     

     

    (0.01

    )

    Effect of dilutive shares

     

     

    (0.01

    )

     

     

    —

     

     

     

    (0.01

    )

     

     

    —

     

    Non-GAAP net income per share, diluted(1)(2)

     

    $

    0.20

     

     

    $

    0.10

     

     

    $

    0.36

     

     

    $

    0.18

     

     

     

     

     

     

     

     

     

     

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

     

     

    340,648

     

     

     

    332,297

     

     

     

    339,617

     

     

     

    331,448

     

    Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted(2)

     

     

    356,096

     

     

     

    343,187

     

     

     

    356,359

     

     

     

    342,667

     

    ____________

    (1)

     

    Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data.

    (2)

     

    For the period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average shares, adjusted for dilutive potential shares that were assumed outstanding during period.

    CLOUDFLARE, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (in thousands, except per share amounts)

    (unaudited)

       

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Free cash flow

     

     

     

     

     

     

     

     

    Net cash provided by operating activities

     

    $

    74,815

     

     

    $

    64,451

     

     

    $

    148,394

     

     

    $

    100,865

     

    Less: Purchases of property and equipment

     

     

    (29,625

    )

     

     

    (38,748

    )

     

     

    (61,681

    )

     

     

    (56,289

    )

    Less: Capitalized internal-use software

     

     

    (6,915

    )

     

     

    (5,733

    )

     

     

    (12,831

    )

     

     

    (10,703

    )

    Free cash flow

     

    $

    38,275

     

     

    $

    19,970

     

     

    $

    73,882

     

     

    $

    33,873

     

    Net cash provided by (used in) investing activities

     

    $

    (183,742

    )

     

    $

    108

     

     

    $

    (86,792

    )

     

    $

    15,675

     

    Net cash provided by (used in) financing activities

     

    $

    7,143

     

     

    $

    (168,612

    )

     

    $

    7,164

     

     

    $

    (167,365

    )

    Net cash provided by operating activities

    (percentage of revenue)

     

     

    19

    %

     

     

    21

    %

     

     

    19

    %

     

     

    17

    %

    Less: Purchases of property and equipment

    (percentage of revenue)

     

     

    (7

    )%

     

     

    (13

    )%

     

     

    (8

    )%

     

     

    (9

    )%

    Less: Capitalized internal-use software

    (percentage of revenue)

     

     

    (2

    )%

     

     

    (2

    )%

     

     

    (2

    )%

     

     

    (2

    )%

    Free cash flow margin(1)

     

     

    10

    %

     

     

    6

    %

     

     

    9

    %

     

     

    6

    %

    ____________

    (1)

     

    Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data.

    Explanation of Non-GAAP Financial Measures

    In addition to our results determined in accordance with generally accepted accounting principles in the United States (U.S. GAAP), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation is provided above for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

    Items Excluded from Non-GAAP Measures. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. We exclude employer payroll tax expenses related to stock-based compensation, which is a cash expense, from certain of our non-GAAP financial measures because such expenses are dependent on the price of our Class A common stock and other factors that are beyond our control and do not correlate to the operation of our business. We exclude amortization of acquired intangible assets, which is a non-cash expense, related to business combinations from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. We exclude acquisition-related and other expenses from certain of our non-GAAP financial measures because such expenses are related to business combinations and have no direct correlation to the operation of our business. Acquisition-related and other expenses can be cash or non-cash expenses and include third-party transaction costs and compensation expense for key acquired personnel. We also excluded the one-time cash compensation charge incurred during the three months ended March 31, 2024 from certain of our non-GAAP financial measures because it was not attributable to services provided and did not correlate to the ongoing operation of our business. We exclude amortization of debt issuance costs and loss on extinguishment of debt, which are non-cash expenses, from certain of our non-GAAP financial measures because such expenses have no direct correlation to the operation of our business.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit and non-GAAP gross margin as U.S. GAAP gross profit and U.S. GAAP gross margin, respectively, excluding stock-based compensation and related employer payroll taxes and amortization of acquired intangible assets.

    Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. We define non-GAAP income (loss) from operations and non-GAAP operating margin as U.S. GAAP loss from operations and U.S. GAAP operating margin, respectively, excluding stock-based compensation expense and its related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses.

    Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share, Diluted. We define non-GAAP net income (loss) as GAAP net income (loss) adjusted for stock-based compensation expense and its related employer payroll taxes, amortization of acquired intangible assets, acquisition-related and other expenses, amortization of issuance costs, loss on extinguishment of debt, and a non-GAAP provision for (benefit from) income taxes. Generally, the difference between our GAAP and non-GAAP income tax expense (benefit) is primarily due to adjustments in stock-based compensation and related employer payroll taxes, amortization of acquired intangibles associated with business combinations, acquisition-related and other expenses, and amortization of issuance costs. We define non-GAAP net loss per share, diluted, as non-GAAP net loss divided by the weighted-average common shares outstanding. Calculation of non-GAAP net loss per share, diluted excludes all potentially dilutive securities as their effect is antidilutive. We define non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average common shares outstanding, adjusted for dilutive potential shares that were assumed outstanding during period. Currently, potential dilutive effect mainly consists of employee equity incentive plans and convertible senior notes. We believe that excluding these items from non-GAAP net income (loss) per share, diluted, provides management and investors with greater visibility into the underlying performance of our core business operating results.

    Free Cash Flow and Free Cash Flow Margin. Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Free cash flow margin is calculated as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. We believe that historical and future trends in free cash flow and free cash flow margin, even if negative, provide useful information about the amount of cash generated by our operating activities that is available (or not available) to be used for strategic initiatives. For example, if free cash flow is negative, we may need to access cash reserves or other sources of capital to invest in strategic initiatives. One limitation of free cash flow and free cash flow margin is that they do not reflect our future contractual commitments. Additionally, free cash flow does not represent the total increase or decrease in our cash balance for a given period.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801447304/en/

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