- Record quarterly revenue exceeded high-end of quarterly
guidance range and grew 25% annually compared to prior quarter
- GAAP gross margin grew 370 bps sequentially; non-GAAP gross
margin grew 320 basis points sequentially
- Average enterprise customer spend grew 4% sequentially
Fastly, Inc. (NYSE: FSLY), the world’s fastest edge cloud
platform, today announced financial results for its third quarter
ended September 30, 2022.
“We are pleased to announce another record quarter, continuing
our revenue momentum into 2022 and exceeding the top end of our
guidance range while improving our gross margin significantly,”
said Todd Nightingale, CEO of Fastly.
“I’m excited that Fastly’s platform and differentiated products
are driving both amazing new customer acquisition and increased
existing customer usage,” continued Nightingale. “Our portfolio
expansion strategy is working and we will be focusing our efforts
on accelerating our cross-selling motion to drive growth into
2023.”
Results Summary
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Revenue
$
108,504
$
86,735
$
313,404
$
256,613
Gross Margin GAAP gross margin
48.6
%
52.4
%
47.0
%
53.6
%
Non-GAAP gross margin
53.6
%
57.5
%
52.2
%
58.4
%
Operating loss GAAP operating loss
$
(65,765
)
$
(54,934
)
$
(197,737
)
$
(162,365
)
Non-GAAP operating loss
$
(19,841
)
$
(12,935
)
$
(64,474
)
$
(43,400
)
Net loss per share GAAP net loss per common share—basic and
diluted
$
(0.52
)
$
(0.48
)
$
(1.19
)
$
(1.43
)
Non-GAAP net loss per common share—basic and diluted
$
(0.14
)
$
(0.11
)
$
(0.52
)
$
(0.38
)
Third Quarter 2022 Financial Summary
- Total revenue of $108.5 million, representing 6% sequential
growth and 25% year-over-year growth.
- GAAP gross margin of 48.6%, compared to 52.4% in the third
quarter of 2021. Non-GAAP gross margin of 53.6%, compared to 57.5%
in the third quarter of 2021.
- GAAP net loss of $63.4 million, compared to $56.2 million in
the third quarter of 2021. Non-GAAP net loss of $16.8 million,
compared to $13.2 million in the third quarter of 2021.
- GAAP net loss per basic and diluted shares of $0.52 compared to
$0.48 in the third quarter of 2021. Non-GAAP net loss per basic and
diluted shares of $0.14, compared to $0.11 in the third quarter of
2021.
Key Metrics
- Trailing 12-month net retention rate (NRR LTM)1 increased to
118% in the third quarter from 117% in the second quarter
2022.
- Dollar-Based Net Expansion Rate (DBNER)2 increased to 122% in
the third quarter from 120% in the second quarter 2022.
- Total customer count of 2,925 in the third quarter, of which
482 were enterprise3 customers.
- Average enterprise customer spend of $759K in the third
quarter, up 4% quarter-over-quarter.
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.
Third Quarter Business Highlights
- Todd Nightingale joined Fastly as CEO, bringing his experience
from Cisco where he led business strategy and development efforts
for its multi-billion dollar networking portfolio as Executive VP
and GM of Enterprise Networking and Cloud.
- Named a Challenger in Gartner® Magic Quadrant™ for Web
Application and API Protection (WAAP). Along with our recent
recognition as the Customers’ Choice for Web Application and API
Protection for a fourth consecutive year, this validates Fastly’s
first and only unified solution that protects Internet scale in any
environment.
- Introduced the AWS Lambda agent for the Fastly Next-Gen WAF,
further enhancing the ability to deploy Fastly’s Next-Gen WAF in
more places and to support serverless and FaaS initiatives with one
of the most popular serverless solutions on the market.
- Released general availability of a frictionless security
solution, GraphQL inspection with Next-Gen WAF, supporting popular
GraphQL APIs with GraphQL visibility and protection available right
out of the box. Several customers in media streaming, financial
services, and ecommerce achieve threat protection on their GraphQL
with our turnkey solution.
- Selected by AWS as VIP Marketing Accelerate Partner to expand
sales and distribution of Fastly Next-Gen WAF.
Fourth Quarter and Full Year 2022 Guidance
Q4 2022 Full Year 2022 Total Revenue
(millions)
$112 - $116
$425 - $429
Non-GAAP Operating Loss (millions)
($18.0) - ($14.0)
($82) - ($78)
Non-GAAP Net Loss per share (4)(5)
($0.15) - ($0.11)
($0.67) - ($0.63)
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, November 2,
2022.
Date:
Wednesday, November 2, 2022
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, November 2 through November 16, 2022 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 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, the demand for our platform, 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, 2021. Additional information will also be set
forth in our Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2022. 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 capital expenditures, including any advance
payments made related to capital expenditures.
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 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
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.
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 Enterprise customers are defined as those
spending $100,000 or more in the trailing twelve-month period.
4 Assumes weighted average basic shares
outstanding of 123.6 million in Q4 2022 and 121.6 million for the
full year 2022.
5 Non-GAAP Net Loss per share is calculated
as Non-GAAP Net Loss divided by weighted average basic shares for
2022.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts, unaudited)
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Revenue
$
108,504
$
86,735
$
313,404
$
256,613
Cost of revenue(1)
55,825
41,244
166,206
119,058
Gross profit
52,679
45,491
147,198
137,555
Operating expenses: Research and development(1)
38,957
32,528
118,111
91,862
Sales and marketing(1)
47,006
39,288
135,246
110,494
General and administrative(1)
32,481
28,609
91,578
97,564
Total operating expenses
118,444
100,425
344,935
299,920
Loss from operations
(65,765
)
(54,934
)
(197,737
)
(162,365
)
Net gain on extinguishment of debt
—
—
54,391
—
Interest income
1,967
280
4,150
730
Interest expense
(1,381
)
(1,555
)
(4,533
)
(3,652
)
Other income (expense)
1,877
41
(75
)
155
Loss before income taxes
(63,302
)
(56,168
)
(143,804
)
(165,132
)
Income tax expense
118
30
317
44
Net loss
$
(63,420
)
$
(56,198
)
$
(144,121
)
$
(165,176
)
Net income (loss) per share attributable to common stockholders,
basic and diluted
$
(0.52
)
$
(0.48
)
$
(1.19
)
$
(1.43
)
Weighted-average shares used in computing net income (loss) per
share attributable to common stockholders, basic and diluted
122,339
116,475
121,094
115,320
__________ (1)Includes stock-based compensation expense as follows:
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Cost of revenue
$
2,978
$
1,897
$
9,112
$
4,911
Research and development
14,488
14,752
46,966
31,344
Sales and marketing
10,920
9,121
31,198
19,760
General and administrative
10,992
10,866
27,102
44,885
Total
$
39,378
$
36,636
$
114,378
$
100,900
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, unaudited)
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Gross Profit GAAP gross profit
$
52,679
$
45,491
$
147,198
$
137,555
Stock-based compensation
2,978
1,897
9,112
4,911
Amortization of acquired intangible assets
2,475
2,475
7,425
7,425
Non-GAAP gross profit
$
58,132
$
49,863
$
163,735
$
149,891
GAAP gross margin
48.6
%
52.4
%
47.0
%
53.6
%
Non-GAAP gross margin
53.6
%
57.5
%
52.2
%
58.4
%
Research and development GAAP research and
development
$
38,957
$
32,528
$
118,111
$
91,862
Stock-based compensation
(14,488
)
(14,752
)
(46,966
)
(31,344
)
Non-GAAP research and development
$
24,469
$
17,776
$
71,145
$
60,518
Sales and marketing GAAP sales and marketing
$
47,006
$
39,288
$
135,246
$
110,494
Stock-based compensation
(10,920
)
(9,121
)
(31,198
)
(19,760
)
Amortization of acquired intangible assets
(2,897
)
(2,709
)
(8,316
)
(8,234
)
Non-GAAP sales and marketing
$
33,189
$
27,458
$
95,732
$
82,500
General and administrative GAAP general and
administrative
$
32,481
$
28,609
$
91,578
$
97,564
Stock-based compensation
(7,959
)
(10,866
)
(24,069
)
(44,885
)
Executive transition costs
(4,207
)
—
(4,207
)
—
Acquisition-related expenses
—
(179
)
(1,970
)
(2,406
)
Non-GAAP general and administrative
$
20,315
$
17,564
$
61,332
$
50,273
Operating loss GAAP operating loss
$
(65,765
)
$
(54,934
)
$
(197,737
)
$
(162,365
)
Stock-based compensation
36,345
36,636
111,345
100,900
Executive transition costs
4,207
—
4,207
—
Amortization of acquired intangible assets
5,372
5,184
15,741
15,659
Acquisition-related expenses
—
179
1,970
2,406
Non-GAAP operating loss
$
(19,841
)
$
(12,935
)
$
(64,474
)
$
(43,400
)
Net loss GAAP net loss
$
(63,420
)
$
(56,198
)
$
(144,121
)
$
(165,176
)
Stock-based compensation
36,345
36,636
111,345
100,900
Executive transition costs
4,207
—
4,207
—
Amortization of acquired intangible assets
5,372
5,184
15,741
15,659
Acquisition-related expenses
—
179
1,970
2,406
Net gain on extinguishment of debt
—
—
(54,391
)
—
Amortization of debt discount and issuance costs
714
967
2,453
1,960
Non-GAAP loss
$
(16,782
)
$
(13,232
)
$
(62,796
)
$
(44,251
)
Non-GAAP net loss per common share—basic and diluted
$
(0.14
)
$
(0.11
)
$
(0.52
)
$
(0.38
)
Weighted average basic and diluted common shares
122,339
116,475
121,094
115,320
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Adjusted EBITDA GAAP net loss
$
(63,420
)
$
(56,198
)
$
(144,121
)
$
(165,176
)
Stock-based compensation
36,345
36,636
111,345
100,900
Executive transition costs
4,207
—
4,207
—
Depreciation and other amortization
10,786
7,489
31,621
20,980
Amortization of acquired intangible assets
5,372
5,184
15,741
15,659
Acquisition-related expenses
—
179
1,970
2,406
Interest income
(1,967
)
(280
)
(4,150
)
(730
)
Interest expense
667
588
2,080
1,692
Amortization of debt discount and issuance costs
714
967
2,453
1,960
Net gain on extinguishment of debt
—
—
(54,391
)
—
Other expense (income)
(1,877
)
(41
)
75
(155
)
Income tax expense (benefit)
118
30
317
44
Adjusted EBITDA
$
(9,055
)
$
(5,446
)
$
(32,853
)
$
(22,420
)
Condensed Consolidated Balance Sheets (in
thousands) As ofSeptember 30, 2022 As ofDecember 31,
2021 (unaudited) (audited) ASSETS
Current assets: Cash and cash equivalents
$
87,897
$
166,068
Marketable securities, current
445,048
361,795
Accounts receivable, net of allowance for credit losses
72,914
64,625
Prepaid expenses and other current assets
31,321
32,160
Total current assets
637,180
624,648
Property and equipment, net
179,080
166,961
Operating lease right-of-use assets, net
72,374
69,631
Goodwill
670,158
636,805
Intangible assets, net
88,482
102,596
Marketable securities, non-current
186,066
528,911
Other assets
73,258
29,468
Total assets
$
1,906,598
$
2,159,020
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable
$
8,265
$
9,257
Accrued expenses
54,186
36,112
Finance lease liabilities, current
27,807
21,125
Operating lease liabilities, current
20,919
20,271
Other current liabilities
33,422
45,107
Total current liabilities
144,599
131,872
Long-term debt
704,042
933,205
Finance lease liabilities, noncurrent
21,027
22,293
Operating lease liabilities, noncurrent
62,750
55,114
Other long-term liabilities
7,201
2,583
Total liabilities
939,619
1,145,067
Stockholders’ equity: Class A common stock
2
2
Additional paid-in capital
1,634,666
1,527,468
Accumulated other comprehensive loss
(12,678
)
(2,627
)
Accumulated deficit
(655,011
)
(510,890
)
Total stockholders’ equity
966,979
1,013,953
Total liabilities and stockholders’ equity
$
1,906,598
$
2,159,020
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Cash flows from operating activities: Net loss
$
(63,420
)
$
(56,198
)
$
(144,121
)
$
(165,176
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation expense
10,662
7,364
31,248
20,710
Amortization of intangible assets
5,496
5,309
16,114
15,929
Amortization of right-of-use assets and other
8,501
7,158
21,879
19,818
Amortization of debt discount and issuance costs
715
966
2,454
2,235
Amortization of deferred contract costs
2,031
1,621
6,020
4,567
Stock-based compensation
39,378
36,636
114,378
100,900
Provision for credit losses
1,253
236
1,782
41
Interest on finance lease
(603
)
(524
)
(1,843
)
(1,259
)
Loss on disposals of property and equipment
—
(204
)
854
(177
)
Amortization and accretion of discounts and premiums on investments
771
—
2,622
—
Net gain on extinguishment of debt
—
—
(54,391
)
—
Other adjustments
(353
)
683
(292
)
1,496
Changes in operating assets and liabilities: Accounts receivable
(5,949
)
1,595
(10,071
)
(4,017
)
Prepaid expenses and other current assets
(975
)
(8
)
(5,787
)
(5,502
)
Other assets
(13,505
)
(2,231
)
(19,904
)
(7,320
)
Accounts payable
(4,301
)
(1,815
)
(3,457
)
(1,653
)
Accrued expenses
3,328
6,548
4,490
2,713
Operating lease liabilities
(7,830
)
(6,879
)
(20,667
)
(19,735
)
Other liabilities
(2,833
)
(2,948
)
1,188
5,856
Net cash used in operating activities
(27,634
)
(2,691
)
(57,504
)
(30,574
)
Cash flows from investing activities: Purchases of
marketable securities
—
(443,701
)
(355,479
)
(777,569
)
Sales of marketable securities
—
51,739
161,853
64,236
Maturities of marketable securities
72,857
15,600
440,737
72,853
Business acquisitions, net of cash acquired and other related
payments
(1,746
)
—
(27,745
)
—
Advance payment for purchase of property and equipment
(1,964
)
—
(31,274
)
—
Purchases of property and equipment
(2,631
)
(20,254
)
(11,446
)
(31,267
)
Proceeds from sale of property and equipment
125
291
366
291
Capitalized internal-use software
(5,120
)
(7,619
)
(13,856
)
(10,299
)
Purchase of intangible assets
—
1
—
(2,092
)
Net cash provided by (used in) investing activities
61,521
(403,943
)
163,156
(683,847
)
Cash flows from financing activities: Issuance of
convertible note, net of issuance costs
—
—
—
930,775
Payments of other debt issuance costs
—
—
—
(1,351
)
Net cash paid for debt extinguishment
—
—
(177,082
)
—
Repayments of finance lease liabilities
(7,076
)
(3,985
)
(18,105
)
(10,564
)
Cash received for restricted stock sold in advance of vesting
conditions
—
—
10,655
—
Cash paid for early sale of restricted shares
(3,618
)
—
(10,655
)
—
Proceeds from exercise of vested stock options
555
1,430
5,324
9,094
Proceeds from employee stock purchase plan
1,749
3,489
5,726
5,994
Net cash provided by (used in) financing activities
(8,390
)
934
(184,137
)
933,948
Effects of exchange rate changes on cash and cash equivalents
(110
)
(242
)
(429
)
(383
)
Net increase (decrease) in cash and cash equivalents
25,387
(405,942
)
(78,914
)
219,144
Cash and cash equivalents and restricted cash at beginning of
period
62,660
688,966
166,961
63,880
Cash and cash equivalents and restricted cash at end of
period
88,047
283,024
88,047
283,024
Reconciliation of cash, cash equivalents, and restricted cash as
shown in the statements of cash flows: Cash and cash
equivalents
87,897
282,131
87,897
282,131
Restricted cash, current
150
—
150
—
Restricted cash, non-current
—
893
—
893
Total cash, cash equivalents, and restricted cash
$
88,047
$
283,024
$
88,047
$
283,024
Free Cash Flow (in thousands, unaudited)
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Cash flow used in operations
$
(27,634
)
$
(2,691
)
$
(57,504
)
$
(30,574
)
Capital expenditures(1)
(14,702
)
(31,567
)
(43,041
)
(51,839
)
Advance payment for purchase of property and equipment(2)
(1,964
)
—
(31,274
)
—
Free Cash Flow
$
(44,300
)
$
(34,258
)
$
(131,819
)
$
(82,413
)
__________ (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) Advance payments for purchase of
property and equipment relate to prepayments made for our capital
expenditures in advance of receiving the asset, as reflected in our
statement of cash flows.
Source: Fastly, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102005747/en/
Investor Contact: Vernon Essi, Jr. ir@fastly.com
Media Contact: press@fastly.com
Fastly (NYSE:FSLY)
Historical Stock Chart
From May 2023 to Jun 2023
Fastly (NYSE:FSLY)
Historical Stock Chart
From Jun 2022 to Jun 2023
