DigitalOcean(NYSE:DOCN) 
DigitalOcean Holdings, Inc. operates a cloud computing platform that offers infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses in North America, Europe, Asia, and internationally. It offers infrastructure solutions across compute, storage, and networki...
Website: https://www.digitalocean.com/
Founded: 2011
IPO Price: $47 (Mar 24, 2021)
Full Time Employees: 1,204 (Dec 2022)
Co-Founder: Ben Uretsky
CEO: Paddy Srinivasan
Sector: Technology
Industry: Infrastructure
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At a glance:
- SMB-Focused Cloud Platform With Simple, Developer-Friendly Offering: DigitalOcean targets developers and small-to-midsize businesses with easy-to-use cloud infrastructure (Droplets, Kubernetes, managed databases) and predictable pricing, differentiating from hyperscalers on simplicity rather than breadth.
- Recurring Revenue Model Driven by Usage and Customer Expansion: Revenue is primarily recurring and usage-based, with growth influenced by net dollar retention, cross-sell into higher-value services, and onboarding new customers through self-serve channels.
- Profitability and Free Cash Flow Are Key Investor Focus Areas: Markets typically track the balance between growth and efficiency—operating margin progress, free cash flow generation, and disciplined investment in sales/marketing and product development.
- Competitive Pressure From Hyperscalers and Price Sensitivity in the Core Base: DigitalOcean competes with AWS, Azure, and Google Cloud as well as smaller providers; its customer base can be more price-sensitive, making retention, product differentiation, and support quality important.
- AI/ML and Platform Expansion Could Be a Growth Catalyst: Newer offerings (e.g., higher-performance compute, managed services, and AI-focused infrastructure) may expand average customer spend, but execution risk remains around product maturity and go-to-market effectiveness.
Bull Thesis:
- Strong Niche Market Position and Brand Loyalty: DigitalOcean has cultivated a strong brand among developers and SMBs by offering a simplified, cost-effective, and user-friendly cloud platform. This differentiation from the complexity of hyperscalers fosters high customer loyalty and stickiness within its target demographic, leading to predictable recurring revenue.
- Expanding Product Portfolio and Increased Wallet Share: Beyond its core 'droplets,' DigitalOcean has successfully expanded its product offerings to include managed databases, Kubernetes, serverless functions, and an app platform. This broadens its Total Addressable Market (TAM) and enables it to capture a larger share of customer spending, driving higher Average Revenue Per User (ARPU) and net dollar retention.
- Clear Path to Profitability and Positive Free Cash Flow: The company has demonstrated improving gross margins and operating leverage, indicating a clear trajectory towards sustained profitability and positive free cash flow. This financial discipline is attractive to investors, especially in the current market environment where profitable growth is highly valued.
Bear Thesis:
- Intense Competition from Hyperscalers' Simplified Offerings: Major cloud providers like AWS (Lightsail), Google Cloud (Cloud Run), and Azure (App Service) are increasingly offering simplified, developer-friendly services that directly compete with DigitalOcean's core value proposition. These hyperscalers possess vast resources, economies of scale, and existing customer bases, posing a significant competitive threat.
- Price Sensitivity and Potential for Customer Churn: DigitalOcean's target market of SMBs and individual developers is highly price-sensitive. Economic downturns or aggressive pricing strategies from competitors could lead to increased customer churn or pressure on DigitalOcean to lower prices, impacting revenue growth and profitability.
- Limited Upside in Enterprise Market Penetration: While DigitalOcean is expanding its product suite, its core brand and platform are primarily geared towards developers and SMBs. Breaking into the more lucrative enterprise market, which often requires complex features, compliance, and dedicated support, remains a significant challenge and could limit its long-term growth potential compared to broader cloud providers.
- Decelerating Revenue Growth Trajectory: As DigitalOcean matures and scales, maintaining its historical high revenue growth rates becomes increasingly challenging. A natural deceleration in growth, whether due to market saturation, increased competition, or macroeconomic headwinds, could disappoint investors expecting continued rapid expansion.
Main Competitors:
- Google Cloud Platform (GCP) ($GOOGL) (Compute Engine, Cloud Storage, Cloud SQL, Google Kubernetes Engine (GKE), App Engine), GCP provides a comprehensive suite of cloud computing services, including virtual machines (Compute Engine), managed databases (Cloud SQL), and container orchestration (GKE). DigitalOcean competes with GCP by targeting developers and small businesses with a focus on ease of use, predictable pricing, and a less overwhelming platform, often serving as an entry point before potential migration to hyperscalers like GCP for advanced needs.
- Linode (Akamai Technologies) ($AKAM) (Linode Compute Instances, Object Storage, Managed Databases, Kubernetes), Linode is a very direct competitor to DigitalOcean, offering similar developer-focused cloud infrastructure services like virtual machines, object storage, and managed databases. They compete head-to-head on price, simplicity, and target audience, often being chosen by developers and small to medium-sized businesses looking for reliable, easy-to-use, and cost-effective cloud hosting.
- Vultr (Cloud Compute, Bare Metal, Object Storage, Managed Databases, Kubernetes), Vultr is another direct competitor, known for its high-performance cloud compute instances and a wide global footprint. Like DigitalOcean and Linode, Vultr targets developers and SMBs with a focus on simplicity, competitive pricing, and a range of IaaS offerings, often being compared directly for raw performance and cost-efficiency.
Moat:
DigitalOcean's competitive edge lies in its strong focus on developer experience, offering a simplified, intuitive platform with predictable pricing. It primarily competes by providing an accessible and less complex alternative to the 'hyperscale' cloud providers (AWS, GCP) for startups, SMBs, and individual developers who prioritize ease of use and cost-effectiveness over the vast, complex feature sets of larger clouds. Direct competition also comes from other developer-focused IaaS providers like Linode and Vultr, where the battle is fought on price, performance, global reach, and the breadth of managed services tailored for developers. DigitalOcean's strategy is to offer a 'just right' set of features that allows growth without overwhelming users, fostering a loyal community.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 242,390,000 | 229,634,000 | 218,700,000 | 210,703,000 | 204,925,000 | 198,484,000 | 192,476,000 | 184,730,000 | 180,874,000 | 177,062,000 | 169,814,000 | 165,134,000 | 162,998,000 | 152,115,000 | 133,882,000 | 127,327,000 | 119,662,000 | 111,428,000 | 103,810,000 | 93,661,000 |
yoy | 18.28% | 15.69% | 13.62% | 14.06% | 13.30% | 12.10% | 13.35% | 11.87% | 10.97% | 16.40% | 26.84% | 29.69% | 36.22% | 36.51% | 28.97% | 35.94% | ||||
qoq | 5.55% | 5.00% | 3.80% | 2.82% | 3.25% | 3.12% | 4.19% | 2.13% | 2.15% | 4.27% | 2.83% | 1.31% | 7.15% | 13.62% | 5.15% | 6.41% | 7.39% | 7.34% | 10.84% | |
cost of revenue | 100,120,000 | 92,701,000 | 87,755,000 | 81,259,000 | 87,846,000 | 79,043,000 | 75,139,000 | 72,644,000 | 74,405,000 | 70,329,000 | 67,354,000 | 71,879,000 | 63,388,000 | 54,536,000 | 47,246,000 | 46,757,000 | 44,400,000 | 43,506,000 | 43,145,000 | 39,544,000 |
gross profit | 142,270,000 | 136,933,000 | 130,945,000 | 129,444,000 | 117,079,000 | 119,441,000 | 117,337,000 | 112,086,000 | 106,469,000 | 106,733,000 | 102,460,000 | 93,255,000 | 99,610,000 | 97,579,000 | 86,636,000 | 80,570,000 | 75,262,000 | 67,922,000 | 60,665,000 | 54,117,000 |
yoy | 21.52% | 14.64% | 11.60% | 15.49% | 9.97% | 11.91% | 14.52% | 20.19% | 6.89% | 9.38% | 18.26% | 15.74% | 32.35% | 43.66% | 42.81% | 48.88% | ||||
qoq | 3.90% | 4.57% | 1.16% | 10.56% | -1.98% | 1.79% | 4.68% | 5.28% | -0.25% | 4.17% | 9.87% | -6.38% | 2.08% | 12.63% | 7.53% | 7.05% | 10.81% | 11.96% | 12.10% | |
gross margin % | 58.69% | 59.63% | 59.87% | 61.43% | 57.13% | 60.18% | 60.96% | 60.68% | 58.86% | 60.28% | 60.34% | 56.47% | 61.11% | 64.15% | 64.71% | 63.28% | 62.90% | 60.96% | 58.44% | 57.78% |
operating expenses: | ||||||||||||||||||||
research and development | 44,264,000 | 38,119,000 | 39,644,000 | 39,594,000 | 37,111,000 | 37,377,000 | 34,040,000 | 33,971,000 | 30,897,000 | 32,627,000 | 38,569,000 | 38,272,000 | 39,445,000 | 30,243,000 | 36,956,000 | 37,241,000 | 36,234,000 | 29,927,000 | 27,121,000 | 22,402,000 |
sales and marketing | 22,516,000 | 21,228,000 | 19,288,000 | 19,401,000 | 13,600,000 | 17,036,000 | 20,130,000 | 20,804,000 | 19,681,000 | 19,015,000 | 16,100,000 | 17,709,000 | 25,184,000 | 19,097,000 | 18,219,000 | 19,044,000 | 15,333,000 | 13,312,000 | 11,812,000 | 10,421,000 |
general and administrative | 36,694,000 | 32,654,000 | 36,394,000 | 32,807,000 | 33,833,000 | 40,422,000 | 40,839,000 | 45,773,000 | 44,881,000 | 20,064,000 | 48,858,000 | 48,939,000 | 50,076,000 | 38,847,000 | 38,838,000 | 37,424,000 | 33,834,000 | 26,354,000 | 24,362,000 | 18,040,000 |
total operating expenses | 103,474,000 | 92,001,000 | 95,326,000 | 91,802,000 | 84,544,000 | 94,835,000 | 95,009,000 | 100,548,000 | 95,484,000 | 71,265,000 | 103,961,000 | 125,789,000 | 114,705,000 | 88,187,000 | 94,013,000 | 93,709,000 | 85,401,000 | 69,593,000 | 63,295,000 | 50,863,000 |
income from operations | 38,796,000 | 44,932,000 | 35,619,000 | 37,642,000 | 32,535,000 | 24,606,000 | 22,328,000 | 11,538,000 | 10,985,000 | 35,468,000 | -1,501,000 | -32,534,000 | -15,095,000 | 9,392,000 | -7,377,000 | -13,139,000 | -10,139,000 | -1,671,000 | -2,630,000 | |
yoy | 19.24% | 82.61% | 59.53% | 226.24% | 196.18% | -30.62% | -1587.54% | -135.46% | -172.77% | 277.64% | -79.65% | 147.61% | 48.88% | -662.06% | 180.49% | |||||
qoq | -13.66% | 26.15% | -5.37% | 15.70% | 32.22% | 10.20% | 93.52% | 5.03% | -69.03% | -2462.96% | -95.39% | 115.53% | -260.72% | -227.31% | -43.85% | 29.59% | 506.76% | -36.46% | ||
operating margin % | 16.01% | 19.57% | 16.29% | 17.86% | 15.88% | 12.40% | 11.60% | 6.25% | 6.07% | 20.03% | -0.88% | -19.70% | -9.26% | 6.17% | -5.51% | -10.32% | -8.47% | -1.50% | -2.53% | 0% |
other income: | ||||||||||||||||||||
interest expense | -8,451,000 | -5,042,000 | -2,239,000 | -2,208,000 | -2,226,000 | -2,262,000 | -2,321,000 | -2,304,000 | -2,311,000 | -2,333,000 | -2,112,000 | 2,189,000 | 2,115,000 | 2,127,000 | 2,095,000 | 2,059,000 | 1,069,000 | 186,000 | 233,000 | 2,256,000 |
gain on extinguishment of debt | 48,373,000 | |||||||||||||||||||
interest income and other income | 2,175,000 | 2,051,000 | 9,337,000 | 5,946,000 | -1,315,000 | 7,297,000 | 4,802,000 | 5,021,000 | 4,858,000 | 3,979,000 | 7,594,000 | |||||||||
other income | -6,276,000 | 45,382,000 | 6,829,000 | 3,738,000 | -3,541,000 | 5,035,000 | 2,481,000 | 2,717,000 | 2,547,000 | 1,646,000 | 5,482,000 | |||||||||
income before income taxes | 32,520,000 | 90,314,000 | 42,448,000 | 41,380,000 | 28,994,000 | 29,641,000 | 24,809,000 | 14,255,000 | 13,532,000 | 37,114,000 | 3,981,000 | -27,329,000 | -12,801,000 | 10,539,000 | -7,360,000 | -14,785,000 | -11,201,000 | -1,997,000 | -2,660,000 | -2,343,000 |
income tax benefit | -6,860,000 | 68,057,000 | -619,750 | 3,308,000 | -5,671,000 | -116,000 | -3,316,000 | |||||||||||||
net income attributable to common stockholders | 25,660,000 | 158,371,000 | 37,027,000 | 38,204,000 | 18,266,000 | 32,949,000 | 19,138,000 | 14,139,000 | 15,939,000 | 19,175,000 | 665,000 | -3,554,250 | 10,097,000 | |||||||
yoy | 40.48% | 380.65% | 93.47% | 170.20% | 14.60% | 71.83% | 2777.89% | -548.45% | 89.91% | |||||||||||
qoq | -83.80% | 327.72% | -3.08% | 109.15% | -44.56% | 72.17% | 35.36% | -11.29% | -16.88% | 2783.46% | -135.20% | |||||||||
net income margin % | 10.59% | 68.97% | 16.93% | 18.13% | 8.91% | 16.60% | 9.94% | 7.65% | 8.81% | 10.83% | 0.39% | 0% | -2.18% | 6.64% | 0% | 0% | 0% | 0% | 0% | 0% |
net income per share | -0.37 | -0.06 | -0.17 | -0.13 | -0.02 | -0.02 | -0.07 | |||||||||||||
basic | 0.27 | 1.74 | 0.41 | 0.42 | 0.2 | 0.36 | 0.21 | 0.16 | 0.18 | 0.22 | 0.01 | |||||||||
diluted | 0.21 | 1.51 | 0.39 | 0.39 | 0.19 | 0.33 | 0.2 | 0.15 | 0.16 | 0.2 | 0.01 | |||||||||
weighted-average shares used for eps calculation | 95,565 | 100,806 | 96,559 | 102,502 | 106,980 | 93,224 | 107,955 | 106,765 | 49,432 | |||||||||||
basic | 91,481 | 91,191 | 91,097 | 91,988 | 91,634 | 92,145 | 91,318 | 90,794 | 90,141 | 87,667 | 89,007 | |||||||||
diluted | 105,343 | 105,520 | 100,617 | 102,322 | 94,503 | 102,591 | 93,832 | 93,787 | 96,415 | 102,674 | 96,247 | |||||||||
loss on extinguishment of debt | -269,000 | 407,000 | 3,435,000 | |||||||||||||||||
income tax expense | -5,421,000 | -3,176,000 | 2,407,000 | -17,939,000 | 7,608,000 | -2,735,000 | 442,000 | -1,169,000 | 3,338,000 | 924,000 | -145,000 | -473,000 | 996,000 | |||||||
restructuring and other charges | 25,000 | -441,000 | 434,000 | 20,869,000 | ||||||||||||||||
other expense: | ||||||||||||||||||||
other expense | -7,394,000 | -4,409,000 | -3,274,000 | -2,112,000 | -820,000 | -7,000 | 140,000 | -203,000 | -94,000 | |||||||||||
net loss attributable to common stockholders | -34,937,000 | -6,191,000 | -18,123,000 | -12,125,000 | -1,852,000 | -2,187,000 | -3,339,000 | |||||||||||||
net income per share | -0.37 | -0.06 | -0.17 | -0.13 | -0.02 | -0.02 | -0.07 | |||||||||||||
weighted-average shares used for eps calculation | 95,565 | 100,806 | 96,559 | 102,502 | 106,980 | 93,224 | 107,955 | 106,765 | 49,432 | |||||||||||
basic and diluted net income per share | -0.035 | 0.1 | ||||||||||||||||||
net income from operations | 3,254,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
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current assets: | ||||||||||||||||||||
cash and cash equivalents | 254,475,000 | 236,561,000 | 387,745,000 | 360,421,000 | 428,446,000 | 439,872,000 | 443,110,000 | 419,063,000 | 317,236,000 | 79,361,000 | 120,045,000 | 20,872,000 | 140,772,000 | 24,115,000 | 72,177,000 | 464,836,000 | 1,713,387,000 | 589,750,000 | 577,218,000 | 560,053,000 |
accounts receivables | 90,908,000 | 84,379,000 | 81,260,000 | 76,608,000 | 72,486,000 | 68,936,000 | 67,435,000 | 63,866,000 | 62,186,000 | 60,237,000 | 57,077,000 | 54,972,000 | 53,833,000 | 52,425,000 | 44,056,000 | 42,527,000 | 39,619,000 | 36,505,000 | 33,919,000 | 28,941,000 |
prepaid expenses and other current assets | 81,598,000 | 46,685,000 | 40,768,000 | 42,213,000 | 40,786,000 | 43,198,000 | 33,178,000 | 32,884,000 | 29,040,000 | 27,141,000 | 34,485,000 | 31,087,000 | 28,485,000 | 31,277,000 | 20,922,000 | 14,171,000 | 17,050,000 | 16,528,000 | 17,980,000 | 18,288,000 |
total current assets | 426,981,000 | 367,625,000 | 509,773,000 | 479,242,000 | 541,718,000 | 552,006,000 | 543,723,000 | 515,813,000 | 502,994,000 | 471,459,000 | 642,069,000 | 698,612,000 | 946,552,000 | 908,356,000 | 1,231,132,000 | 1,611,904,000 | 1,770,056,000 | 642,783,000 | 629,117,000 | 607,282,000 |
property and equipment | 589,094,000 | 520,510,000 | 465,521,000 | 445,914,000 | 432,544,000 | 371,000,000 | 367,428,000 | 322,052,000 | 305,444,000 | 284,806,000 | 270,707,000 | 277,957,000 | 273,170,000 | 270,985,000 | 268,418,000 | 259,385,000 | 249,643,000 | 241,083,000 | 243,050,000 | 242,722,000 |
restricted cash | 158,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,747,000 | 1,935,000 | 1,935,000 | 1,935,000 | 2,038,000 | 2,038,000 | 2,226,000 | 2,226,000 | 2,226,000 | |
goodwill | 348,674,000 | 348,674,000 | 348,674,000 | 348,674,000 | 348,674,000 | 348,674,000 | 348,674,000 | 348,322,000 | 348,322,000 | 348,322,000 | 296,579,000 | 296,579,000 | 313,718,000 | 315,161,000 | 32,170,000 | 32,170,000 | 32,170,000 | 32,170,000 | 2,674,000 | 2,674,000 |
intangible assets | 99,504,000 | 104,418,000 | 109,332,000 | 113,503,000 | 117,718,000 | 123,110,000 | 128,682,000 | 134,416,000 | 140,151,000 | 145,886,000 | 113,848,000 | 117,638,000 | 118,928,000 | 122,543,000 | 52,205,000 | 46,453,000 | 42,915,000 | 43,266,000 | 34,497,000 | 34,573,000 |
operating lease right-of-use assets | 270,854,000 | 280,075,000 | 269,133,000 | 243,275,000 | 187,877,000 | 121,430,000 | 138,461,000 | 156,002,000 | 155,201,000 | 166,294,000 | 166,738,000 | 185,516,000 | 154,501,000 | |||||||
deferred tax assets | 90,310,000 | 92,040,000 | 586,000 | 541,000 | 200,000 | 2,035,000 | 1,939,000 | 1,945,000 | 1,994,000 | 731,000 | 751,000 | 753,000 | 751,000 | 82,000 | 86,000 | 89,000 | 88,000 | 82,000 | 84,000 | 83,000 |
other assets | 12,130,000 | 12,364,000 | 15,042,000 | 8,772,000 | 8,537,000 | 6,476,000 | 6,139,000 | 5,276,000 | 5,114,000 | 5,892,000 | 5,464,000 | 5,594,000 | 6,353,000 | 4,625,000 | 4,762,000 | 4,789,000 | 4,085,000 | 4,215,000 | 3,782,000 | 3,705,000 |
total assets | 1,837,705,000 | 1,725,706,000 | 1,719,808,000 | 1,641,668,000 | 1,639,015,000 | 1,526,478,000 | 1,536,793,000 | 1,485,573,000 | 1,460,967,000 | 1,425,137,000 | 1,497,903,000 | 1,584,396,000 | 1,815,908,000 | 1,623,687,000 | 1,590,708,000 | 1,956,828,000 | 2,100,995,000 | 965,825,000 | 915,430,000 | 893,265,000 |
current liabilities: | ||||||||||||||||||||
accounts payable | 38,836,000 | 67,599,000 | 31,349,000 | 9,422,000 | 54,565,000 | 12,946,000 | 9,465,000 | 4,536,000 | 3,957,000 | 14,306,000 | 9,595,000 | 11,005,000 | 21,138,000 | 11,762,000 | 17,759,000 | 16,329,000 | 12,657,000 | 12,689,000 | 16,187,000 | 15,149,000 |
accrued other expenses | 42,679,000 | 46,595,000 | 34,764,000 | 42,785,000 | 38,156,000 | 28,065,000 | 55,839,000 | 24,398,000 | 24,779,000 | 27,886,000 | 38,220,000 | 33,987,000 | 36,645,000 | 39,023,000 | 25,627,000 | 31,907,000 | 28,412,000 | 21,976,000 | 16,756,000 | |
deferred revenue | 5,882,000 | 8,587,000 | 11,264,000 | 5,642,000 | 5,397,000 | 5,575,000 | 6,803,000 | 5,477,000 | 5,340,000 | 5,094,000 | 4,985,000 | 5,015,000 | 5,550,000 | 5,476,000 | 4,734,000 | 5,248,000 | 4,826,000 | 5,136,000 | 5,030,000 | 4,920,000 |
debt, current | 325,109,000 | 9,500,000 | ||||||||||||||||||
operating lease liabilities, current | 108,037,000 | 131,207,000 | 98,223,000 | 92,909,000 | 75,785,000 | 68,113,000 | 73,998,000 | 81,218,000 | 81,320,000 | 76,122,000 | 71,704,000 | 73,058,000 | 57,682,000 | |||||||
finance lease liabilities and equipment financing obligations, current | 31,411,000 | 8,234,000 | ||||||||||||||||||
other current liabilities | 67,510,000 | 53,276,000 | 48,931,000 | 47,562,000 | 47,052,000 | 61,311,000 | 74,051,000 | 73,322,000 | 70,982,000 | 63,988,000 | 53,141,000 | 58,856,000 | 45,913,000 | 44,925,000 | 12,711,000 | 15,247,000 | 8,849,000 | 11,340,000 | 12,194,000 | 9,224,000 |
total current liabilities | 619,464,000 | 324,998,000 | 224,531,000 | 198,320,000 | 220,955,000 | 176,010,000 | 220,156,000 | 188,951,000 | 192,645,000 | 184,289,000 | 167,311,000 | 186,154,000 | 164,270,000 | 98,808,000 | 74,227,000 | 62,451,000 | 58,239,000 | 57,577,000 | 55,387,000 | 46,049,000 |
deferred tax liabilities | 4,092,000 | 4,496,000 | 4,580,000 | 4,462,000 | 4,123,000 | 3,518,000 | 3,510,000 | 3,517,000 | 3,533,000 | 6,640,000 | 5,279,000 | 3,771,000 | 18,209,000 | 22,107,000 | 421,000 | 421,000 | 421,000 | 207,000 | 205,000 | 206,000 |
debt, long-term | 970,653,000 | 1,284,315,000 | ||||||||||||||||||
operating lease liabilities, long-term | 166,895,000 | 160,243,000 | 176,196,000 | 161,655,000 | ||||||||||||||||
finance lease liabilities and equipment financing obligations, long-term | 99,103,000 | 21,272,000 | ||||||||||||||||||
other non-current liabilities | 6,188,000 | |||||||||||||||||||
total liabilities | 1,866,395,000 | 1,795,324,000 | 1,895,025,000 | 1,852,415,000 | 1,841,970,000 | 1,738,181,000 | 1,790,577,000 | 1,771,645,000 | 1,774,665,000 | 1,783,910,000 | 1,765,482,000 | 1,802,050,000 | 1,764,818,000 | 1,593,470,000 | 1,542,435,000 | 1,528,997,000 | 1,522,798,000 | 59,392,000 | 57,346,000 | 48,155,000 |
commitments and contingencies | ||||||||||||||||||||
preferred stock | ||||||||||||||||||||
common stock | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
additional paid-in capital | 16,005,000 | 720,000 | 8,883,000 | 10,986,000 | 57,282,000 | 65,701,000 | 56,748,000 | 44,615,000 | 30,989,000 | 28,781,000 | 263,957,000 | 235,278,000 | 268,689,000 | 639,388,000 | 769,705,000 | 1,085,788,000 | 1,035,514,000 | 1,020,313,000 | ||
accumulated other comprehensive loss | -960,000 | -943,000 | -591,000 | -1,197,000 | -1,497,000 | -398,000 | -577,000 | -591,000 | -452,000 | -1,022,000 | -948,000 | -679,000 | -2,048,000 | -4,308,000 | -4,968,000 | -2,300,000 | -374,000 | -346,000 | -273,000 | -233,000 |
accumulated deficit | -43,737,000 | -69,397,000 | -183,511,000 | -220,538,000 | -258,742,000 | -277,008,000 | -309,957,000 | -330,098,000 | -344,237,000 | -357,753,000 | -266,633,000 | -245,758,000 | -210,821,000 | -200,755,000 | -210,852,000 | -204,661,000 | -186,538,000 | -174,413,000 | -172,561,000 | -170,374,000 |
total stockholders’ deficit | -28,690,000 | -69,618,000 | -175,217,000 | -210,747,000 | -202,955,000 | -211,703,000 | -253,784,000 | -286,072,000 | ||||||||||||
total liabilities and stockholders’ deficit | 1,837,705,000 | 1,725,706,000 | 1,719,808,000 | 1,641,668,000 | 1,639,015,000 | 1,526,478,000 | 1,536,793,000 | 1,485,573,000 | ||||||||||||
long-term debt | 1,489,164,000 | 1,487,264,000 | 1,485,366,000 | 1,483,470,000 | 1,481,577,000 | 1,479,687,000 | 1,477,798,000 | 1,475,913,000 | 1,474,029,000 | 1,472,148,000 | 1,470,270,000 | 1,468,393,000 | 1,466,519,000 | 1,464,525,000 | 1,462,676,000 | |||||
other long-term liabilities | 554,000 | 714,000 | 1,095,000 | 1,627,000 | 2,342,000 | 4,316,000 | 9,528,000 | 9,838,000 | 5,495,000 | 6,506,000 | 3,826,000 | 4,162,000 | 1,268,000 | 1,600,000 | 1,462,000 | 1,608,000 | 1,754,000 | 1,900,000 | ||
marketable securities | 94,532,000 | 304,720,000 | 430,462,000 | 591,681,000 | 723,462,000 | 800,539,000 | 1,093,977,000 | 1,090,370,000 | ||||||||||||
operating lease liabilities, non-current | 130,431,000 | 73,556,000 | 82,992,000 | 95,174,000 | 91,161,000 | 107,230,000 | 113,368,000 | 133,471,000 | 108,243,000 | |||||||||||
accrued other incomes | 31,046,000 | |||||||||||||||||||
total stockholders’ (deficit) equity | -313,698,000 | -358,773,000 | -267,579,000 | -217,654,000 | ||||||||||||||||
total liabilities and stockholders’ (deficit) equity | 1,460,967,000 | |||||||||||||||||||
total liabilities and stockholders’ equity | 1,425,137,000 | 1,497,903,000 | 1,584,396,000 | 1,815,908,000 | 1,623,687,000 | 1,590,708,000 | 1,956,828,000 | |||||||||||||
treasury stock | -4,598,000 | -4,598,000 | -4,598,000 | -4,598,000 | -4,598,000 | -4,598,000 | ||||||||||||||
total stockholders’ equity | 51,090,000 | 30,217,000 | 48,273,000 | 427,831,000 | 578,197,000 | 906,433,000 | 858,084,000 | 845,110,000 | ||||||||||||
current portion of long-term debt | ||||||||||||||||||||
convertible preferred stock | ||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 2,100,995,000 | 965,825,000 | 915,430,000 | 893,265,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||||
net income attributable to common stockholders | 25,660,000 | 158,371,000 | 37,027,000 | 38,204,000 | 18,266,000 | 32,949,000 | 19,138,000 | 14,139,000 | 15,939,000 | |||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 40,414,000 | 35,060,000 | 32,765,000 | 29,210,000 | 29,227,000 | 35,809,000 | 33,129,000 | 31,887,000 | 30,781,000 | 30,554,000 | 27,618,000 | 28,913,000 | 28,332,000 | 25,626,000 | 24,341,000 | 23,933,000 | 23,450,000 | 22,381,000 | 21,590,000 | 20,951,000 |
stock-based compensation | 20,002,000 | 19,800,000 | 21,081,000 | 19,432,000 | 22,886,000 | 22,949,000 | 21,833,000 | 22,877,000 | 22,758,000 | -2,371,000 | 36,429,000 | 31,531,000 | 28,071,000 | 23,594,000 | 28,183,000 | 25,981,000 | 24,197,000 | 18,555,000 | 12,201,000 | 6,624,000 |
provision for expected credit losses | 4,648,000 | 4,730,000 | 4,410,000 | 4,197,000 | 4,428,000 | 4,033,000 | 3,810,000 | 4,175,000 | 3,941,000 | 3,865,000 | 3,564,000 | 3,987,000 | ||||||||
gain on extinguishment of debt | 0 | |||||||||||||||||||
deferred income taxes | 1,285,000 | -628,000 | -1,028,000 | -2,561,000 | 4,150,000 | -4,630,000 | ||||||||||||||
operating lease right-of-use assets and liabilities | -7,250,000 | 6,070,000 | -6,624,000 | -7,192,000 | -2,537,000 | 1,438,000 | -1,877,000 | 3,300,000 | -74,000 | -1,065,000 | -2,675,000 | 9,523,000 | ||||||||
non-cash interest expense | 1,967,000 | 1,446,000 | 2,002,000 | 2,003,000 | 2,000,000 | 1,999,000 | 1,995,000 | 1,993,000 | 1,991,000 | 1,989,000 | 1,986,000 | 1,983,000 | 1,982,000 | 1,980,000 | 1,959,000 | 1,959,000 | 971,000 | 90,000 | 91,000 | 205,000 |
net accretion of discounts and amortization of premiums on investments | 0 | 0 | 0 | 2,569,000 | 4,128,000 | 427,000 | 747,000 | -3,436,000 | -3,036,000 | -2,072,000 | ||||||||||
impairment of certain long-lived assets | ||||||||||||||||||||
release of vat reserve | 0 | -6,376,000 | ||||||||||||||||||
other | 496,000 | 201,000 | -5,762,000 | -2,091,000 | 7,493,000 | -2,933,000 | 414,000 | -53,000 | 143,000 | 948,000 | -1,054,000 | 590,000 | -2,230,000 | 1,657,000 | 116,000 | 623,000 | -356,000 | 518,000 | 294,000 | -335,000 |
changes in operating assets and liabilities: | ||||||||||||||||||||
accounts receivable | -11,150,000 | -7,996,000 | -8,745,000 | -8,319,000 | -7,978,000 | -5,534,000 | -7,379,000 | -5,855,000 | -5,891,000 | -5,982,000 | -5,670,000 | -5,125,000 | -6,375,000 | -7,763,000 | -5,576,000 | -6,931,000 | -6,265,000 | -5,175,000 | -5,538,000 | -3,749,000 |
prepaid expenses and other current assets | -34,381,000 | -6,076,000 | 2,456,000 | -1,255,000 | 1,495,000 | -9,248,000 | -1,602,000 | -2,744,000 | -2,024,000 | -1,396,000 | -3,418,000 | -2,755,000 | 4,045,000 | -708,000 | -6,750,000 | 2,878,000 | 1,264,000 | -1,697,000 | -991,000 | 2,554,000 |
accounts payable and accrued expenses | 12,264,000 | 3,047,000 | 8,463,000 | -11,492,000 | 6,287,000 | 4,791,000 | -395,000 | -3,260,000 | 4,793,000 | -970,000 | -3,869,000 | -11,031,000 | 11,271,000 | -5,370,000 | 10,134,000 | -10,535,000 | 5,324,000 | 234,000 | 11,180,000 | -7,413,000 |
deferred revenue | -2,705,000 | -2,677,000 | 5,622,000 | 245,000 | -178,000 | -1,227,000 | 1,325,000 | 137,000 | 246,000 | 4,000 | -30,000 | -535,000 | 74,000 | -271,000 | -515,000 | 422,000 | -309,000 | 106,000 | 109,000 | 48,000 |
other assets and liabilities | 5,978,000 | 4,706,000 | -517,000 | 1,148,000 | -12,387,000 | -11,673,000 | 593,000 | -2,472,000 | 4,413,000 | 10,132,000 | -6,138,000 | 12,804,000 | -8,979,000 | 3,168,000 | -3,589,000 | 5,763,000 | -262,000 | 1,031,000 | 1,797,000 | -241,000 |
net cash from operating activities | 57,280,000 | 95,787,000 | 92,447,000 | 64,090,000 | 71,339,000 | 73,353,000 | 71,340,000 | 66,693,000 | 80,516,000 | 54,050,000 | 64,161,000 | 36,215,000 | 65,144,000 | 54,356,000 | 45,369,000 | 30,283,000 | 32,738,000 | 40,179,000 | 40,406,000 | 19,791,000 |
capital expenditures | 0 | -3,129,000 | -1,383,000 | -2,029,000 | -1,864,000 | -2,446,000 | -2,483,000 | -1,563,000 | -1,439,000 | -1,180,000 | -1,101,000 | -1,794,000 | -2,320,000 | -2,263,000 | -2,054,000 | -2,276,000 | -2,094,000 | -1,584,000 | -1,343,000 | -1,370,000 |
free cash flows | 57,280,000 | 92,658,000 | 91,064,000 | 62,061,000 | 69,475,000 | 70,907,000 | 68,857,000 | 65,130,000 | 79,077,000 | 52,870,000 | 63,060,000 | 34,421,000 | 62,824,000 | 52,093,000 | 43,315,000 | 28,007,000 | 30,644,000 | 38,595,000 | 39,063,000 | 18,421,000 |
investing activities | ||||||||||||||||||||
capital expenditures - property and equipment | -26,155,000 | -7,771,000 | -33,197,000 | -61,963,000 | -45,281,000 | -57,352,000 | -31,869,000 | -43,665,000 | -52,222,000 | -20,229,000 | -23,534,000 | -23,314,000 | -28,672,000 | -29,676,000 | -25,065,000 | -22,976,000 | -30,592,000 | -19,444,000 | -24,638,000 | -22,398,000 |
capital expenditures - internal-use software | ||||||||||||||||||||
acquisition of equipment under financing arrangements | ||||||||||||||||||||
purchase of intangible assets | 0 | 0 | -852,000 | -983,000 | 0 | 0 | 0 | |||||||||||||
cash paid for acquisition of businesses, net of cash acquired | 317,000 | -7,000 | 0 | |||||||||||||||||
cash paid for asset acquisitions | 0 | 0 | 0 | -2,500,000 | 0 | 0 | ||||||||||||||
purchase of marketable securities | ||||||||||||||||||||
maturities of marketable securities | 0 | 0 | 0 | 91,675,000 | ||||||||||||||||
purchased interest on marketable securities | ||||||||||||||||||||
proceeds from interest on marketable securities | ||||||||||||||||||||
proceeds from sale of equipment | 73,000 | 1,000 | 0 | 0 | 230,000 | 6,000 | 14,000 | 58,000 | 452,000 | 457,000 | 285,000 | 128,000 | 0 | 81,000 | ||||||
net cash from investing activities | -129,513,000 | -38,365,000 | -35,432,000 | -64,975,000 | -47,144,000 | -59,756,000 | -34,352,000 | 46,447,000 | 152,886,000 | 4,557,000 | 135,753,000 | 107,956,000 | 51,584,000 | -40,558,000 | -38,229,000 | -1,120,955,000 | -32,401,000 | -31,536,000 | -25,981,000 | -23,687,000 |
financing activities | ||||||||||||||||||||
proceeds related to issuance of common stock under equity incentive plan | 727,000 | |||||||||||||||||||
proceeds from issuance of common stock under employee stock purchase plan | 1,993,000 | |||||||||||||||||||
employee payroll taxes paid related to net settlement of equity awards | -7,189,000 | -5,928,000 | -7,576,000 | -8,718,000 | -7,181,000 | -7,697,000 | -6,677,000 | -6,792,000 | -5,981,000 | -5,062,000 | -6,668,000 | -3,864,000 | -3,660,000 | -4,623,000 | -7,611,000 | -12,384,000 | ||||
proceeds from issuance of 2030 convertible notes, net of issuance costs | -697,000 | |||||||||||||||||||
purchases of capped calls related to 2030 convertible notes | 0 | |||||||||||||||||||
proceeds from 2025 credit facility, net of issuance costs | 371,000 | |||||||||||||||||||
repayments of 2026 convertible notes including related costs | 0 | |||||||||||||||||||
proceeds from financing arrangements | ||||||||||||||||||||
principal repayments of finance leases and financing arrangements | ||||||||||||||||||||
repurchase and retirement of common stock including related costs | 0 | -2,925,000 | -20,147,000 | -59,052,000 | -29,910,000 | -11,695,000 | ||||||||||||||
net cash from financing activities | 90,268,000 | -210,301,000 | -29,697,000 | -67,179,000 | -35,426,000 | -16,827,000 | -12,946,000 | -11,247,000 | 4,433,000 | -108,351,000 | -100,755,000 | -264,230,000 | 178,000 | -52,759,000 | -399,903,000 | -157,879,000 | 1,123,112,000 | 3,889,000 | 2,740,000 | 463,638,000 |
effect of exchange rate changes on cash, cash equivalents, and restricted cash | 37,000 | -52,000 | 6,000 | 39,000 | -195,000 | -8,000 | 5,000 | -66,000 | 40,000 | -40,000 | 14,000 | -29,000 | ||||||||
increase in cash, cash equivalents and restricted cash | 18,072,000 | -152,931,000 | 27,324,000 | -68,025,000 | -11,426,000 | -3,238,000 | 24,047,000 | 101,827,000 | 116,657,000 | -38,962,000 | -392,762,000 | -1,248,551,000 | 1,123,449,000 | 12,532,000 | 17,165,000 | 459,742,000 | ||||
cash, cash equivalents and restricted cash - beginning of period | 0 | 0 | 0 | 430,193,000 | 0 | 0 | 0 | 318,983,000 | 0 | 0 | 0 | 151,807,000 | 0 | 0 | 0 | 1,715,425,000 | 0 | 0 | 0 | 102,537,000 |
cash, cash equivalents and restricted cash - end of period | 18,072,000 | -152,931,000 | 27,324,000 | 362,168,000 | -11,426,000 | -3,238,000 | 24,047,000 | 420,810,000 | 237,875,000 | -49,784,000 | 99,173,000 | 31,719,000 | 116,657,000 | -38,962,000 | -392,762,000 | 466,874,000 | 1,123,449,000 | 12,532,000 | 17,165,000 | 562,279,000 |
supplemental disclosures of cash flow information: | ||||||||||||||||||||
cash paid for interest | 6,966,000 | 195,000 | 224,000 | 321,000 | 126,000 | 128,000 | 129,000 | 92,000 | 96,000 | 96,000 | ||||||||||
cash paid for taxes, net of refunds | 1,372,000 | 175,000 | 6,225,000 | 689,000 | ||||||||||||||||
operating cash flows paid for operating leases | 37,622,000 | 34,129,000 | 18,673,000 | 23,210,000 | ||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||||
capitalized stock-based compensation | 582,000 | 569,000 | 586,000 | 460,000 | 437,000 | 487,000 | 387,000 | 411,000 | 329,000 | 266,000 | ||||||||||
property and equipment received but not yet paid, included in accounts payable and accrued other expenses | -45,773,000 | 26,032,000 | 45,865,000 | -10,978,000 | -4,275,000 | -6,105,000 | 5,223,000 | 20,846,000 | -1,323,000 | |||||||||||
operating right-of-use assets obtained in exchange for operating lease liabilities | 16,981,000 | 85,513,000 | 7,612,000 | |||||||||||||||||
finance right-of-use assets obtained in exchange for finance lease liabilities | 1,274,000 | 236,000 | -20,000 | |||||||||||||||||
capital expenditures - internal-use software development | -3,129,000 | -1,383,000 | -2,029,000 | -1,864,000 | -2,446,000 | -2,483,000 | -1,563,000 | -1,439,000 | -1,180,000 | -1,101,000 | -1,794,000 | -2,320,000 | -2,263,000 | -2,054,000 | -2,276,000 | -2,094,000 | -1,584,000 | -1,343,000 | -1,370,000 | |
acquisition of equipment under financing arrangement | ||||||||||||||||||||
proceeds from financing arrangement | ||||||||||||||||||||
principal repayments of finance leases | -1,421,000 | -1,383,000 | -1,350,000 | -1,378,000 | -1,377,000 | -1,361,000 | -1,359,000 | -1,313,000 | ||||||||||||
debt issuance costs incurred but not yet paid, included in accounts payable and accrued liabilities | ||||||||||||||||||||
loss on extinguishment of debt | 0 | 0 | 0 | 407,000 | 0 | 0 | 0 | 3,435,000 | ||||||||||||
payment of debt issuance costs | 0 | -28,000 | -571,000 | -921,000 | ||||||||||||||||
proceeds related to the issuance of common stock under equity incentive plan | 830,000 | 1,941,000 | 1,179,000 | 3,942,000 | 2,274,000 | 5,674,000 | 23,052,000 | 3,689,000 | 6,134,000 | 5,535,000 | 1,157,000 | 1,799,000 | 3,127,000 | 5,426,000 | 6,231,000 | |||||
proceeds from the issuance of common stock under employee stock purchase plan | 1,864,000 | 0 | 2,180,000 | 0 | 2,681,000 | 93,000 | ||||||||||||||
sales of marketable securities | ||||||||||||||||||||
loss on impairment of long-lived assets | 0 | 0 | 587,000 | 0 | 553,000 | |||||||||||||||
repurchase and retirement of common stock | -8,770,000 | -13,505,000 | -106,031,000 | -103,018,000 | -265,901,000 | 0 | -50,000,000 | -400,000,000 | -150,000,000 | |||||||||||
revaluation of warrants | 0 | 0 | 0 | -556,000 | ||||||||||||||||
proceeds from issuance of convertible notes, net of issuance costs | ||||||||||||||||||||
repayment of notes payable | 0 | 0 | -1,000 | -33,213,000 | ||||||||||||||||
repayment of term loan | 0 | 0 | 1,000 | -166,814,000 | ||||||||||||||||
repayment of borrowings under revolving credit facility | 0 | 0 | 0 | -63,200,000 | ||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | 1,258,000 | 1,000 | 0 | 723,125,000 | ||||||||||||||||
repayment of seller’s note | ||||||||||||||||||||
issuance of common stock for acquisition | 0 | |||||||||||||||||||
debt issuance costs included in accounts payable and accrued liabilities | -279,000 | 297,000 | ||||||||||||||||||
purchase of available-for-sale securities | -34,075,000 | -122,328,000 | -195,910,000 | -315,888,000 | -122,171,000 | -165,827,000 | -1,091,279,000 | |||||||||||||
sales of available-for-sale securities | 0 | |||||||||||||||||||
maturities of available-for-sale securities | 159,291,000 | 282,463,000 | 331,581,000 | 398,476,000 | 398,493,000 | |||||||||||||||
purchased interest on available-for-sale securities | 0 | -38,000 | -113,000 | -19,000 | -7,000 | -19,000 | -1,530,000 | |||||||||||||
proceeds from interest on available-for-sale securities | 90,000 | 0 | 179,000 | 721,000 | 649,000 | |||||||||||||||
decrease in cash, cash equivalents and restricted cash | -49,784,000 | 99,173,000 | -120,088,000 | |||||||||||||||||
net loss attributable to common stockholders | 19,232,000 | -34,937,000 | -10,066,000 | 10,097,000 | -6,191,000 | -18,123,000 | -12,125,000 | |||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||
acquisition related compensation | ||||||||||||||||||||
changes in operating assets and liabilities, net of acquisition: | ||||||||||||||||||||
repayment of capital leases | ||||||||||||||||||||
proceeds from third-party secured financings | ||||||||||||||||||||
proceeds from issuance of term loan, net of issuance costs | ||||||||||||||||||||
proceeds from borrowings under revolving credit facility, net of issuance costs | ||||||||||||||||||||
proceeds from the issuance of convertible preferred stock, net of issuance costs | ||||||||||||||||||||
cash paid for taxes | 2,898,000 | 561,000 | 105,000 | 1,003,000 | 380,000 | -92,000 | ||||||||||||||
seller financed equipment purchases | ||||||||||||||||||||
costs related to initial public offering included in accounts payable and accrued liabilities | ||||||||||||||||||||
bad debt expense | 4,147,000 | 4,047,000 | 4,023,000 | 3,152,000 | 2,588,000 | 1,860,000 | 1,607,000 | |||||||||||||
loss on impairment | 24,000 | 73,000 | ||||||||||||||||||
net accretion of discounts and amortization on available-for-sale securities | -117,000 | |||||||||||||||||||
cash paid for asset acquisition | -4,000,000 | |||||||||||||||||||
proceeds from issuance of term loan | ||||||||||||||||||||
proceeds from borrowings under revolving credit facility | ||||||||||||||||||||
payment of initial public offering costs | ||||||||||||||||||||
employee payroll taxes paid related to net settlement of restricted stock units | ||||||||||||||||||||
net loss | -2,187,000 | -3,339,000 | ||||||||||||||||||
proceeds related to the issuance of common stock under equity incentive plan, net of taxes withheld | ||||||||||||||||||||
property and equipment received but not yet paid | ||||||||||||||||||||
proceeds from the issuance of common stock under stock plans | 3,740,000 |