- Record first quarter revenue exceeded high-end of quarterly
guidance range and grew 15% year-over-year.
- Google selected Fastly’s oblivious HTTP relay for its privacy
sandbox initiative to enhance online privacy for billions of Chrome
users via its FLEDGE solution.
- Introduced a new partner program featuring a tiered model with
simplified pricing and packaging, and access to Fastly's entire
portfolio. The program was awarded CRN's 5-star rating.
Fastly, Inc. (NYSE: FSLY), one of the world’s fastest edge cloud
platforms, today announced financial results for its first quarter
ended March 31, 2023.
“We are pleased with the revenue and operating performance of
the first quarter, exceeding the top end of our guidance range,”
said Todd Nightingale, CEO of Fastly.
“I'm excited to share the results of our team's efforts on
go-to-market simplification, packaging and innovation velocity, and
improvements in cost control and financial rigor,” continued
Nightingale. “As we continue to gain customer mind share with these
efforts, we will be focused on accelerating market share gains as
well.”
Three months ended March
31,
2023
2022
Revenue
$
117,564
$
102,382
Gross Margin
GAAP gross margin
51.3
%
47.3
%
Non-GAAP gross margin
55.6
%
52.6
%
Operating loss
GAAP operating loss
$
(47,275
)
$
(63,004
)
Non-GAAP operating loss
$
(14,074
)
$
(17,740
)
Net loss per share
GAAP net loss per common share—basic and
diluted
$
(0.36
)
$
(0.54
)
Non-GAAP net loss per common share—basic
and diluted
$
(0.09
)
$
(0.15
)
First Quarter 2023 Financial Summary
- Total revenue of $117.6 million, representing 15%
year-over-year growth and 1% sequential decrease.
- GAAP gross margin of 51.3%, compared to 47.3% in the first
quarter of 2022. Non-GAAP gross margin of 55.6%, compared to 52.6%
in the first quarter of 2022.
- GAAP net loss of $44.7 million, compared to $64.3 million in
the first quarter of 2022. Non-GAAP net loss of $10.8 million,
compared to $18.0 million in the first quarter of 2022.
- GAAP net loss per basic and diluted shares of $0.36 compared to
$0.54 in the first quarter of 2022. Non-GAAP net loss per basic and
diluted shares of $0.09, compared to $0.15 in the first quarter of
2022.
Key Metrics
- Trailing 12-month net retention rate (LTM NRR)1 decreased to
116% in the first quarter from 119% in the fourth quarter of
2022.
- Dollar-Based Net Expansion Rate (DBNER)2 decreased to 121% in
the first quarter from 123% in the fourth quarter of 2022.
- Our total customer count was 3,100 in the first quarter, up 38
from the fourth quarter 2022; 540 were enterprise customers3 in the
first quarter, up 7 from the fourth quarter of 2022. Please refer
to footnote 3 for the updates made to our methodology.
- Our average enterprise customer spend6 was $795 thousand in the
first quarter, down 3% quarter-over-quarter. Please refer to
footnote 6 for the updates made to our methodology.
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 Business and Product Highlights
- Google selected Fastly’s oblivious HTTP relay for its privacy
sandbox initiative to enhance online privacy for billions of Chrome
users via its FLEDGE solution.
- Fastly's streaming bandwidth reached a record 81.9 Tbps during
a successful livestream of the Super Bowl supported by its
automated traffic routing systems, Autopilot and Precision Path.
This consistent track record with livestreaming led to major
sporting event wins in international regions.
- Introduced a new partner program to deliver greater value for
customers and partners, featuring a new tiered model with
simplified pricing and packaging, enhancing resources to drive
growth and success. The program was awarded CRN's 5-star
rating.
- Launched a managed security service to protect enterprises from
rising web application attacks with 24/7 threat detection and
response service.
- Introduced Config Store, giving developers the ability to
create key/value pairs that their edge logic can reference to make
near real-time decisions from every server in Fastly’s
platform.
- Released into GA support for Brotli, a next-generation lossless
HTTP compression algorithm designed for text compression to improve
website performance.
- Introduced into beta the Fastly Oblivious HTTP Relay, a
component of the Oblivious HTTP architecture that allows receipt of
critical request data from end users without any of the identifying
metadata to ensure privacy.
- Released into GA WebSockets support, providing customers the
ability to open a two-way interactive communication session between
the end user's browser and the origin server.
Second Quarter and Full Year 2023 Guidance
Q2 2023
Full Year 2023
Total Revenue (millions)
$117 - $120
$495 - $505
Non-GAAP Operating Loss
(millions)
($18.0) - ($16.0)
($53.0) - ($47.0)
Non-GAAP Net Loss per share
(4)(5)
($0.11) - ($0.09)
($0.27) - ($0.21)
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 3,
2023.
Date: Wednesday, May 3, 2023 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 3 through May 17, 2023 by dialing
800-770-2030 or 647-362-9199 and entering the passcode 7543239.
About Fastly
Fastly’s powerful and programmable edge cloud platform helps the
world’s top brands deliver the fastest online experiences possible,
while improving site performance, enhancing security, and
empowering innovation at global scale. With world-class support
that achieves 95%+ average annual customer satisfaction ratings,
Fastly’s beloved suite of edge compute, delivery, and security
offerings has been recognized as a leader by industry analysts such
as IDC, Forrester and Gartner. Compared to legacy providers,
Fastly’s powerful and modern network architecture is one of the
fastest on the planet, empowering developers to deliver secure
websites and apps at global scale with rapid time-to-market and
industry-leading cost savings. Thousands of the world’s most
prominent organizations trust Fastly to help them upgrade the
internet experience, including Reddit, Pinterest, Stripe, Neiman
Marcus, The New York Times, Epic Games, and GitHub. 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, continued customer conversion through 2023,
the demand for our platform, the cultivation of our enterprise
customers, the growth and success of our partner program, our
go-to-market efforts 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, 2022. Additional
information will also be set forth in our Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2023. 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, acquisition-related expenses,
executive transition costs, net gain on extinguishment of debt 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, acquisition-related expenses,
executive transition costs, interest income, interest expense,
including amortization of debt discount and issuance costs, net
gain on extinguishment of debt, other income (expense), net, and
income taxes.
Acquisition-related Expenses: consists of
acquisition-related charges that are not related to ongoing
operations. Management considers its operating results without this
activity when evaluating its ongoing non-GAAP net loss performance
and its adjusted EBITDA performance because these charges may not
be reflective of our core business, ongoing operating results, or
future outlook.
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.
Executive Transition costs: consists of one-time cash and
non-cash charges recognized with respect to changes in our
executive’s employment status. 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.
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.
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 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 We calculate Dollar-Based Net Expansion Rate by dividing the
revenue for a given period from customers who remained customers as
of the last day of the given period (the “current” period) by the
revenue from the same customers for the same period measured one
year prior (the “base” period). The revenue included in the current
period excludes revenue from (i) customers that churned after the
end of the base period and (ii) new customers that entered into a
customer agreement after the end of the base period.
3 Under our new methodology, our number of customers are
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. Under our prior methodology, our number of customers are
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 last month of
the quarter. Under our new methodology, 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. Under
our prior methodology, our enterprise customers are defined as
those with revenue in excess of $100,000 in the trailing 12-month
period. Under our prior methodology, our total customer count was
3,001 in the first quarter, up 43 from the fourth quarter of 2022;
514 were enterprise customers in the first quarter, up 21 from the
fourth quarter of 2022.
4 Assumes weighted average basic shares outstanding of 127.6
million in Q2 2023 and 128.3 million for the full year 2023.
5 Non-GAAP Net Loss per share is calculated as Non-GAAP Net Loss
divided by weighted average basic shares for 2023.
6 Under our new methodology, our average enterprise customer
spend is calculated by taking the annualized current quarter
revenue contributed by enterprise customers existing as of the
current period, and dividing that by the number of enterprise
customers as of the current period. Under our prior methodology,
our average enterprise customer spend is calculated by taking the
sum of the trailing 12-month revenue contributed by enterprise
customers existing as of the current period, and dividing that by
the number of enterprise customers as of the current period. Under
our prior methodology, our average enterprise customer spend was
$778 thousand in the first quarter, down 1%
quarter-over-quarter.
Condensed Consolidated Statements of
Operations
(in thousands, except per share
amounts, unaudited)
Three months ended
March 31,
2023
2022
Revenue
$
117,564
$
102,382
Cost of revenue(1)
57,310
53,915
Gross profit
60,254
48,467
Operating expenses:
Research and development(1)
37,431
40,437
Sales and marketing(1)
44,271
41,480
General and administrative(1)
25,827
29,554
Total operating expenses
107,529
111,471
Loss from operations
(47,275
)
(63,004
)
Interest income
4,186
681
Interest expense
(1,213
)
(1,622
)
Other income (expense)
(250
)
(279
)
Loss before income taxes
(44,552
)
(64,224
)
Income tax expense
135
40
Net loss
$
(44,687
)
$
(64,264
)
Net income (loss) per share
attributable to common stockholders, basic and diluted
$
(0.36
)
$
(0.54
)
Weighted-average shares used in
computing net income (loss) per share attributable to common
stockholders, basic and diluted
125,418
119,673
__________
(1)
Includes stock-based compensation expense
as follows:
Three months ended
March 31,
2023
2022
Cost of revenue
$
2,681
$
2,946
Research and development
11,481
18,589
Sales and marketing
6,705
10,094
General and administrative
7,284
8,393
Total
$
28,151
$
40,022
Reconciliation of GAAP to Non-GAAP
Financial Measures
(in thousands, unaudited)
Three months ended
March 31,
2023
2022
Gross Profit
GAAP gross profit
$
60,254
$
48,467
Stock-based compensation
2,681
2,946
Amortization of acquired intangible
assets
2,475
2,475
Non-GAAP gross profit
$
65,410
$
53,888
GAAP gross margin
51.3
%
47.3
%
Non-GAAP gross margin
55.6
%
52.6
%
Research and development
GAAP research and development
$
37,431
$
40,437
Stock-based compensation
(11,481
)
(18,589
)
Non-GAAP research and
development
$
25,950
$
21,848
Sales and marketing
GAAP sales and marketing
$
44,271
$
41,480
Stock-based compensation
(6,705
)
(10,094
)
Amortization of acquired intangible
assets
(2,575
)
(2,709
)
Non-GAAP sales and marketing
$
34,991
$
28,677
General and administrative
GAAP general and administrative
$
25,827
$
29,554
Stock-based compensation
(7,284
)
(8,393
)
Acquisition-related expenses
—
(58
)
Non-GAAP general and
administrative
$
18,543
$
21,103
Operating loss
GAAP operating loss
$
(47,275
)
$
(63,004
)
Stock-based compensation
28,151
40,022
Amortization of acquired intangible
assets
5,050
5,184
Acquisition-related expenses
—
58
Non-GAAP operating loss
$
(14,074
)
$
(17,740
)
Net loss
GAAP net loss
$
(44,687
)
$
(64,264
)
Stock-based compensation
28,151
40,022
Amortization of acquired intangible
assets
5,050
5,184
Acquisition-related expenses
—
58
Amortization of debt discount and issuance
costs
716
963
Non-GAAP loss
$
(10,770
)
$
(18,037
)
Non-GAAP net loss per common
share—basic and diluted
$
(0.09
)
$
(0.15
)
Weighted average basic and diluted
common shares
125,418
119,673
Three months ended
March 31,
2023
2022
Adjusted EBITDA
GAAP net loss
$
(44,687
)
$
(64,264
)
Stock-based compensation
28,151
40,022
Depreciation and other amortization
12,179
9,975
Amortization of acquired intangible
assets
5,050
5,184
Acquisition-related expenses
—
58
Interest income
(4,186
)
(681
)
Interest expense
497
659
Amortization of debt discount and issuance
costs
716
963
Other expense
250
279
Income tax expense
135
40
Adjusted EBITDA
$
(1,895
)
$
(7,765
)
Condensed Consolidated Balance
Sheets
(in thousands)
As of
March 31, 2023
As of
December 31, 2022
(unaudited)
(audited)
ASSETS
Current assets:
Cash and cash equivalents
$
348,463
$
143,391
Marketable securities, current
198,116
374,581
Accounts receivable, net of allowance for
credit losses
85,344
89,578
Prepaid expenses and other current
assets
29,717
28,933
Total current assets
661,640
636,483
Property and equipment, net
179,922
180,378
Operating lease right-of-use assets,
net
60,615
68,440
Goodwill
670,192
670,185
Intangible assets, net
77,725
82,900
Marketable securities, non-current
117,518
165,105
Other assets
94,798
92,622
Total assets
$
1,862,410
$
1,896,113
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
4,668
$
4,786
Accrued expenses
42,311
61,161
Finance lease liabilities, current
24,763
28,954
Operating lease liabilities, current
20,516
23,026
Other current liabilities
32,942
34,394
Total current liabilities
125,200
152,321
Long-term debt
705,378
704,710
Finance lease liabilities, non-current
10,858
15,507
Operating lease liabilities,
non-current
56,275
61,341
Other long-term liabilities
6,144
7,076
Total liabilities
903,855
940,955
Stockholders’ equity:
Common stock
2
2
Additional paid-in capital
1,710,498
1,666,106
Accumulated other comprehensive loss
(5,594
)
(9,286
)
Accumulated deficit
(746,351
)
(701,664
)
Total stockholders’ equity
958,555
955,158
Total liabilities and stockholders’
equity
$
1,862,410
$
1,896,113
Condensed Consolidated Statements of
Cash Flows
(in thousands, unaudited)
Three months ended
March 31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(44,687
)
$
(64,264
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation expense
12,040
9,850
Amortization of intangible assets
5,175
5,309
Non-cash lease expense
6,115
5,914
Amortization of debt discount and issuance
costs
716
964
Amortization of deferred contract
costs
3,425
1,851
Stock-based compensation
28,151
40,022
Provision for credit losses
533
127
Loss on disposals of property and
equipment
251
268
Amortization and accretion of discounts
and premiums on investments
449
957
Other adjustments
(243
)
128
Changes in operating assets and
liabilities:
Accounts receivable
3,701
(9,219
)
Prepaid expenses and other current
assets
(634
)
(2,111
)
Other assets
(7,212
)
(2,451
)
Accounts payable
(175
)
(2,492
)
Accrued expenses
(6,827
)
4,891
Operating lease liabilities
(5,750
)
(5,632
)
Other liabilities
(3,889
)
2,698
Net cash used in operating
activities
(8,861
)
(13,190
)
Cash flows from investing
activities:
Purchases of marketable securities
—
(148,193
)
Sales of marketable securities
—
2,301
Maturities of marketable securities
227,211
240,547
Business acquisitions, net of cash
acquired
—
(775
)
Purchases of property and equipment
(3,494
)
(2,387
)
Proceeds from sale of property and
equipment
22
—
Capitalized internal-use software
(4,209
)
(3,810
)
Net cash provided by investing
activities
219,530
87,683
Cash flows from financing
activities:
Repayments of finance lease
liabilities
(8,645
)
(7,159
)
Cash received for restricted stock sold in
advance of vesting conditions
—
10,655
Cash paid for early sale of restricted
shares
—
(3,498
)
Proceeds from exercise of vested stock
options
336
3,048
Proceeds from employee stock purchase
plan
2,596
2,406
Net cash provided by (used in)
financing activities
(5,713
)
5,452
Effects of exchange rate changes on cash,
cash equivalents, and restricted cash
116
(219
)
Net increase in cash, cash equivalents,
and restricted cash
205,072
79,726
Cash, cash equivalents, and restricted
cash at beginning of period
143,541
166,961
Cash, cash equivalents, and restricted
cash at end of period
348,613
246,687
Reconciliation of cash, cash
equivalents, and restricted cash as shown in the statements of cash
flows:
Cash and cash equivalents
348,463
245,794
Restricted cash, current
150
—
Restricted cash, non-current
—
893
Total cash, cash equivalents, and
restricted cash
$
348,613
$
246,687
Free Cash Flow
(in thousands, unaudited)
Three months ended
March 31,
2023
2022
Cash flow used in operations
$
(8,861
)
$
(13,190
)
Capital expenditures(1)
(16,326
)
(13,356
)
Advance payment for purchase of property
and equipment(2)
—
—
Free Cash Flow
$
(25,187
)
$
(26,546
)
__________
(1)
Capital expenditures are defined as cash
used for purchases of property and equipment, net of proceeds from
sale of property and equipment, and capitalized internal-use
software and payments on finance lease obligations, as reflected in
our statement of cash flows.
(2)
As reflected in our statement of cash
flows. In the three months ended March 31, 2023, we received $1.4
million of capital equipment that was prepaid prior to the current
quarter.
Source: Fastly, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005435/en/
Investor Contact: Vernon Essi, Jr. ir@fastly.com
Media Contact: press@fastly.com
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