Fastly, Inc(NYSE:FSLY) 
Fastly, Inc. operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digita...
Website: http://www.fastly.com
Founded: 2011
IPO Price: $16 (May 17, 2019)
Full Time Employees: 752
Founder: Artur Bergman
CEO: Kip Compton
Sector: Technology
Industry: Software-Application
Chief Architect: Artur Bergman
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At a glance:
- Revenue Growth Moderating with Mix Shift Toward Security: Fastly’s growth profile has been moderating versus earlier years, with an increasing emphasis on higher-value security offerings alongside its core edge delivery services.
- Gross Margin and Efficiency Focus Remain Key to Story: Ongoing initiatives to improve network utilization, product mix, and operating discipline are central to expanding margins and moving the business toward stronger profitability.
- Customer Concentration and Usage Volatility Persist: Performance can be sensitive to large customer traffic patterns and retention dynamics, making net expansion and diversification of the customer base important watch items.
- Competitive Edge Infrastructure Market: Fastly operates in a highly competitive landscape (CDN, edge compute, and security) where differentiation, feature velocity, and pricing pressure can influence growth and margins.
- Cash Flow Trajectory Depends on Operating Leverage: Free cash flow improvement is closely tied to scaling higher-margin products and maintaining cost control, with operating leverage expected to be a primary driver of longer-term value creation.
Bull Thesis:
- Growing Demand for Edge Computing and Security: The overall market for edge computing, content delivery networks (CDNs), and web application security (WAF, DDoS) is expanding rapidly. Fastly, with its high-performance, programmable edge cloud platform, is well-positioned to capture a significant share of this growing demand as businesses increasingly move workloads closer to users for better performance and enhanced security.
- Developer-First Platform and Innovation Lead: Fastly's platform is highly regarded by developers for its flexibility, programmability (e.g., Compute@Edge with WebAssembly), and performance. This developer-centric approach fosters strong customer loyalty, enables new use cases, and positions Fastly as an innovator in the edge computing space, attracting enterprises looking for advanced, customizable solutions.
- Improving Gross Margins and Path to Profitability: Fastly has shown signs of improving its gross margins as it scales its infrastructure and optimizes network costs. Continued operational efficiencies and a focus on higher-value security and Compute@Edge services could further drive gross margin expansion, paving a clearer path towards sustainable operating profitability and positive free cash flow in the long term.
- Strategic Importance of Security Offerings: Fastly's security portfolio, including its Next-Gen WAF and DDoS mitigation services, is becoming increasingly critical for enterprises. These offerings not only expand Fastly's total addressable market beyond traditional CDN but also provide a sticky, high-value service that can drive customer acquisition and increase average revenue per user, enhancing the platform's overall value proposition.
Bear Thesis:
- Intense Competition and Pricing Pressure: Fastly operates in a highly competitive market dominated by large players like Akamai, Cloudflare, AWS CloudFront, and Google Cloud CDN, as well as numerous smaller specialized providers. This intense competition can lead to pricing pressure, making it challenging for Fastly to maintain or expand market share without impacting its revenue growth rates or profitability.
- Persistent Unprofitability and Negative Free Cash Flow: Despite consistent revenue growth, Fastly has struggled to achieve sustained profitability and positive free cash flow. The company continues to invest heavily in R&D and sales & marketing, leading to ongoing operating losses. This raises concerns about its long-term financial sustainability and potential need for further capital raises, which could dilute existing shareholders.
- Macroeconomic Headwinds and Enterprise Spending Slowdown: In an uncertain economic environment, enterprises may reduce or delay spending on new IT infrastructure projects or optimize existing cloud expenditures. A slowdown in enterprise digital transformation initiatives or a general tightening of IT budgets could directly impact Fastly's customer acquisition, expansion rates, and overall revenue growth.
- Customer Concentration Risk: Historically, Fastly has faced risks associated with customer concentration, with a significant portion of its revenue coming from a few large customers (e.g., TikTok). While the company has made efforts to diversify its customer base, the potential for a large customer churn or reduced spending from key accounts remains a risk that could materially impact Fastly's financial performance.
Main Competitors:
- Akamai Technologies ($AKAM) (Akamai Intelligent Edge Platform (CDN, Security, Edge Compute)), A long-standing leader in CDN, web security (WAF, DDoS), and edge computing. Akamai competes directly with Fastly across all core offerings, particularly for large enterprises and media companies requiring high performance and robust security at scale.
- Cloudflare, Inc. ($NET) (Cloudflare Global Network (CDN, Security, Edge Compute Workers)), A major competitor known for its developer-friendly edge network, comprehensive security suite (WAF, DDoS, Bot Management), and serverless edge compute platform (Workers). Cloudflare competes with Fastly for modern web applications, API acceleration, and edge logic deployment, often appealing to similar developer audiences.
- Amazon Web Services (AWS) ($AMZN) (Amazon CloudFront (CDN), AWS WAF, Lambda@Edge), AWS's native CDN service, deeply integrated with the broader AWS ecosystem. CloudFront competes with Fastly for content delivery, API acceleration, and edge security (AWS WAF) for companies already heavily invested in AWS infrastructure, offering a unified cloud experience.
- Microsoft Azure ($MSFT) (Azure Front Door (Global Load Balancing, WAF, CDN), Azure CDN), Microsoft's global, scalable entry-point that uses the Microsoft global edge network to create fast, secure, and widely scalable web applications. Azure Front Door offers CDN, WAF, and global load balancing, competing with Fastly for enterprises leveraging the Azure cloud for their infrastructure and application delivery.
Moat:
Fastly operates in a highly competitive market for content delivery, edge computing, and web security. Its primary moat lies in its high-performance, real-time programmable edge cloud platform, offering granular control and low-latency content delivery through its unique VCL configuration language and WebAssembly-based Compute@Edge. Competition comes from established CDN providers like Akamai, modern edge platforms like Cloudflare that also emphasize developer experience and security, and hyperscale cloud providers (AWS, Azure, Google Cloud) that offer integrated CDN and edge services as part of their broader cloud ecosystems. Fastly differentiates by focusing on developer empowerment, performance, and real-time observability, aiming to serve customers who require highly customizable and performant edge solutions.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 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 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 173,021,000 | 172,612,000 | 158,223,000 | 148,709,000 | 144,474,000 | 140,579,000 | 137,206,000 | 132,371,000 | 133,520,000 | 137,777,000 | 127,816,000 | 122,831,000 | 117,564,000 | 119,321,000 | 108,504,000 | 102,518,000 | 102,382,000 | 97,717,000 | 86,735,000 | 85,026,000 | 84,852,000 | 82,649,000 | 70,638,000 | 74,663,000 | 62,924,000 | 58,936,000 | 49,797,000 | 46,173,000 |
yoy | 19.76% | 22.79% | 15.32% | 12.34% | 8.20% | 2.03% | 7.35% | 7.77% | 13.57% | 15.47% | 17.80% | 19.81% | 14.83% | 22.11% | 25.10% | 20.57% | 20.66% | 18.23% | 22.79% | 13.88% | 34.85% | 40.24% | 41.85% | 61.70% | ||||
qoq | 0.24% | 9.09% | 6.40% | 2.93% | 2.77% | 2.46% | 3.65% | -0.86% | -3.09% | 7.79% | 4.06% | 4.48% | -1.47% | 9.97% | 5.84% | 0.13% | 4.77% | 12.66% | 2.01% | 0.21% | 2.67% | 17.00% | -5.39% | 18.66% | 6.77% | 18.35% | 7.85% | |
cost of revenue | 64,840,000 | 66,652,000 | 65,894,000 | 67,593,000 | 67,676,000 | 65,516,000 | 62,466,000 | 59,470,000 | 60,286,000 | 62,003,000 | 61,730,000 | 58,617,000 | 57,310,000 | 56,738,000 | 55,825,000 | 56,466,000 | 53,915,000 | 47,944,000 | 41,244,000 | 40,320,000 | 37,494,000 | 33,753,000 | 29,292,000 | 29,697,000 | 27,265,000 | 25,528,000 | 22,292,000 | 20,784,000 |
gross profit | 108,181,000 | 105,960,000 | 92,329,000 | 81,116,000 | 76,798,000 | 75,063,000 | 74,740,000 | 72,901,000 | 73,234,000 | 75,774,000 | 66,086,000 | 64,214,000 | 60,254,000 | 62,583,000 | 52,679,000 | 46,052,000 | 48,467,000 | 49,773,000 | 45,491,000 | 44,706,000 | 47,358,000 | 48,896,000 | 41,346,000 | 44,966,000 | 35,659,000 | 33,408,000 | 27,505,000 | 25,389,000 |
yoy | 40.86% | 41.16% | 23.53% | 11.27% | 4.87% | -0.94% | 13.10% | 13.53% | 21.54% | 21.08% | 25.45% | 39.44% | 24.32% | 25.74% | 15.80% | 3.01% | 2.34% | 1.79% | 10.03% | -0.58% | 32.81% | 46.36% | 50.32% | 77.11% | ||||
qoq | 2.10% | 14.76% | 13.82% | 5.62% | 2.31% | 0.43% | 2.52% | -0.45% | -3.35% | 14.66% | 2.92% | 6.57% | -3.72% | 18.80% | 14.39% | -4.98% | -2.62% | 9.41% | 1.76% | -5.60% | -3.15% | 18.26% | -8.05% | 26.10% | 6.74% | 21.46% | 8.33% | |
gross margin % | 62.52% | 61.39% | 58.35% | 54.55% | 53.16% | 53.40% | 54.47% | 55.07% | 54.85% | 55.00% | 51.70% | 52.28% | 51.25% | 52.45% | 48.55% | 44.92% | 47.34% | 50.94% | 52.45% | 52.58% | 55.81% | 59.16% | 58.53% | 60.23% | 56.67% | 56.69% | 55.23% | 54.99% |
operating expenses: | ||||||||||||||||||||||||||||
research and development | 41,972,000 | 41,591,000 | 41,421,000 | 42,221,000 | 37,429,000 | 32,742,000 | 31,884,000 | 35,106,000 | 38,248,000 | 38,270,000 | 39,068,000 | 37,421,000 | 37,431,000 | 37,197,000 | 38,957,000 | 38,717,000 | 40,437,000 | 34,997,000 | 32,528,000 | 30,346,000 | 28,988,000 | 25,590,000 | 18,271,000 | 16,655,000 | 14,298,000 | 12,951,000 | 12,121,000 | 11,244,000 |
sales and marketing | 55,114,000 | 51,023,000 | 49,998,000 | 51,100,000 | 49,313,000 | 50,050,000 | 45,994,000 | 52,959,000 | 49,607,000 | 48,662,000 | 51,043,000 | 47,797,000 | 44,271,000 | 44,623,000 | 47,006,000 | 46,760,000 | 41,480,000 | 42,151,000 | 39,288,000 | 36,334,000 | 34,872,000 | 34,765,000 | 22,568,000 | 24,680,000 | 19,168,000 | 21,592,000 | 17,560,000 | 16,906,000 |
general and administrative | 34,990,000 | 28,436,000 | 29,698,000 | 24,323,000 | 28,235,000 | 26,154,000 | 27,173,000 | 28,433,000 | 31,639,000 | 31,426,000 | 30,001,000 | 28,823,000 | 25,827,000 | 29,225,000 | 32,481,000 | 29,543,000 | 29,554,000 | 29,281,000 | 28,609,000 | 35,494,000 | 33,461,000 | 45,885,000 | 23,961,000 | 18,069,000 | 14,169,000 | 12,896,000 | 10,583,000 | 8,920,000 |
total operating expenses | 132,076,000 | 121,050,000 | 121,117,000 | 118,059,000 | 114,977,000 | 109,394,000 | 115,330,000 | 119,635,000 | 119,494,000 | 118,358,000 | 124,428,000 | 114,041,000 | 107,529,000 | 111,045,000 | 118,444,000 | 115,020,000 | 111,471,000 | 106,429,000 | 100,425,000 | 102,174,000 | 97,321,000 | 106,240,000 | 64,800,000 | 59,404,000 | 47,635,000 | 47,439,000 | 40,264,000 | 37,070,000 |
income from operations | -23,895,000 | -15,090,000 | -28,788,000 | -36,943,000 | -38,179,000 | -34,331,000 | -40,590,000 | -46,734,000 | -46,260,000 | -42,584,000 | -58,342,000 | -49,827,000 | -47,275,000 | -48,462,000 | -65,765,000 | -68,968,000 | -63,004,000 | -56,656,000 | -54,934,000 | -57,468,000 | -49,963,000 | -57,344,000 | -23,454,000 | -14,438,000 | -11,976,000 | -14,031,000 | -12,759,000 | -11,681,000 |
yoy | -37.41% | -56.05% | -29.08% | -20.95% | -17.47% | -19.38% | -30.43% | -6.21% | -2.15% | -12.13% | -11.29% | -27.75% | -24.97% | -14.46% | 19.72% | 20.01% | 26.10% | -1.20% | 134.22% | 298.03% | 317.19% | 308.70% | 83.82% | 23.60% | ||||
qoq | 58.35% | -47.58% | -22.07% | -3.24% | 11.21% | -15.42% | -13.15% | 1.02% | 8.63% | -27.01% | 17.09% | 5.40% | -2.45% | -26.31% | -4.64% | 9.47% | 11.20% | 3.13% | -4.41% | 15.02% | -12.87% | 144.50% | 62.45% | 20.56% | -14.65% | 9.97% | 9.23% | |
operating margin % | -13.81% | -8.74% | -18.19% | -24.84% | -26.43% | -24.42% | -29.58% | -35.31% | -34.65% | -30.91% | -45.65% | -40.57% | -40.21% | -40.61% | -60.61% | -67.27% | -61.54% | -57.98% | -63.34% | -67.59% | -58.88% | -69.38% | -33.20% | -19.34% | -19.03% | -23.81% | -25.62% | -25.30% |
interest income | 2,927,000 | 3,151,000 | 3,080,000 | 3,084,000 | 2,975,000 | 3,267,000 | 3,819,000 | 3,937,000 | 3,848,000 | 4,584,000 | 4,908,000 | 4,508,000 | 4,186,000 | 2,894,000 | 1,967,000 | 1,502,000 | 681,000 | 552,000 | 280,000 | 276,000 | 174,000 | 178,000 | 353,000 | 378,000 | 719,000 | 856,000 | 1,154,000 | 861,000 |
interest expense | -3,306,000 | -3,201,000 | -3,161,000 | -3,164,000 | -3,173,000 | -1,231,000 | -473,000 | -464,000 | -579,000 | -744,000 | -862,000 | -1,232,000 | -1,213,000 | -1,354,000 | -1,381,000 | -1,530,000 | -1,622,000 | -1,593,000 | -1,555,000 | -1,436,000 | -661,000 | -452,000 | -410,000 | -371,000 | -316,000 | -391,000 | -621,000 | -2,989,000 |
other expense | -380,000 | -625,000 | -55,000 | -80,000 | -815,000 | -317,000 | -89,000 | -803,000 | -250,000 | -279,000 | -1,696,000 | |||||||||||||||||
income before income taxes | -24,654,000 | -35,951,000 | -63,302,000 | -16,278,000 | -64,224,000 | -41,283,000 | -56,168,000 | -58,450,000 | -50,514,000 | -12,274,250 | -23,442,000 | -14,484,000 | -11,171,000 | -13,764,000 | -12,117,000 | -15,505,000 | ||||||||||||
Tax Provision | -4,130,000 | 681,000 | 559,000 | 557,000 | 691,000 | 1,141,000 | 455,000 | 661,000 | 347,000 | -465,000 | -1,000 | 110,000 | 135,000 | -223,000 | 118,000 | 159,000 | 40,000 | 25,000 | 30,000 | -155,000 | ||||||||
net income | -20,524,000 | -15,505,000 | -29,483,000 | -37,541,000 | -39,148,000 | -32,886,000 | -38,016,000 | -43,729,000 | -43,427,000 | -23,386,000 | -54,311,000 | -10,704,000 | -44,687,000 | -46,653,000 | -63,420,000 | -16,437,000 | -64,264,000 | -57,521,000 | -56,198,000 | -58,295,000 | -50,683,000 | -45,704,000 | -23,778,000 | -14,460,000 | -11,990,000 | -14,073,000 | -12,163,000 | -15,587,000 |
yoy | -47.57% | -52.85% | -22.45% | -14.15% | -9.85% | 40.62% | -30.00% | 308.53% | -2.82% | -49.87% | -14.36% | -34.88% | -30.46% | -18.89% | 12.85% | -71.80% | 26.80% | 25.86% | 136.34% | 303.15% | 322.71% | 224.76% | 95.49% | -7.23% | ||||
qoq | 32.37% | -47.41% | -21.46% | -4.10% | 19.04% | -13.49% | -13.06% | 0.70% | 85.70% | -56.94% | 407.39% | -76.05% | -4.21% | -26.44% | 285.84% | -74.42% | 11.72% | 2.35% | -3.60% | 15.02% | 10.89% | 92.21% | 64.44% | 20.60% | -14.80% | 15.70% | -21.97% | |
net income margin % | -11.86% | -8.98% | -18.63% | -25.24% | -27.10% | -23.39% | -27.71% | -33.04% | -32.52% | -16.97% | -42.49% | -8.71% | -38.01% | -39.10% | -58.45% | -16.03% | -62.77% | -58.86% | -64.79% | -68.56% | -59.73% | -55.30% | -33.66% | -19.37% | -19.05% | -23.88% | -24.43% | -33.76% |
net income per share | -0.13 | -0.1 | -0.2 | -0.26 | -0.27 | -0.23 | -0.27 | -0.32 | -0.32 | -0.17 | -0.42 | -0.08 | -0.36 | -0.38 | -0.52 | -0.14 | -0.54 | -0.49 | -0.48 | -0.51 | -0.44 | -0.43 | -0.22 | -0.14 | -0.13 | -0.12 | -0.13 | -0.26 |
weighted-average shares used for eps calculation | 153,579 | 146,902 | 148,129 | 145,780 | 143,284 | 138,099 | 139,237 | 137,444 | 134,587 | 128,770 | 129,873 | 127,863 | 125,418 | 121,723 | 122,339 | 121,242 | 119,673 | 116,053 | 116,475 | 115,326 | 114,134 | 103,552 | 105,942 | 99,835 | 95,401 | 68,350 | 93,240 | 59,781 |
impairment expense | 415,000 | 448,000 | 559,000 | 3,137,000 | 4,316,000 | |||||||||||||||||||||||
restructuring charges | 9,720,000 | |||||||||||||||||||||||||||
loss before income tax expense | -14,824,000 | -28,924,000 | -36,984,000 | -38,457,000 | -31,745,000 | -37,561,000 | -43,068,000 | -43,080,000 | -23,851,000 | -54,312,000 | -10,594,000 | -44,552,000 | ||||||||||||||||
other income | 39,000 | 193,000 | -763,000 | -16,000 | 46,000 | 1,877,000 | -1,673,000 | 201,000 | 41,000 | 178,000 | -64,000 | -697,000 | 69,000 | -53,000 | 402,000 | -198,000 | 109,000 | |||||||||||
net gain on extinguishment of debt | 15,656,000 | 36,760,000 | 54,391,000 | |||||||||||||||||||||||||
income taxes | 169,000 | 282,750 | 336,000 | -24,000 | 819,000 | 309,000 | 46,000 | 82,000 | ||||||||||||||||||||
other comprehensive income: | ||||||||||||||||||||||||||||
foreign currency translation adjustment | -21,000 | |||||||||||||||||||||||||||
loss on investments in available-for-sale-securities | 14,000 | |||||||||||||||||||||||||||
total other comprehensive income | -7,000 | |||||||||||||||||||||||||||
comprehensive loss | -15,594,000 | |||||||||||||||||||||||||||
net loss attributable to common stockholders | -15,587,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 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 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||
cash and cash equivalents | 146,670,000 | 180,563,000 | 113,131,000 | 82,487,000 | 125,484,000 | 286,175,000 | 217,514,000 | 147,196,000 | 150,809,000 | 107,921,000 | 270,300,000 | 273,742,000 | 348,463,000 | 143,391,000 | 87,897,000 | 62,510,000 | 245,794,000 | 166,068,000 | 282,131,000 | 687,986,000 | 948,783,000 | 62,900,000 | 309,968,000 | 257,418,000 | 22,501,000 | 54,706,000 | 213,463,000 | |
marketable securities | 183,819,000 | 147,793,000 | 131,283,000 | 92,302,000 | 126,607,000 | 94,084,000 | 153,098,000 | 32,156,000 | ||||||||||||||||||||
accounts receivable | 130,037,000 | 118,029,000 | 109,184,000 | 117,318,000 | 119,035,000 | 115,988,000 | 116,800,000 | 113,878,000 | 107,517,000 | 120,498,000 | 98,622,000 | 78,295,000 | 85,344,000 | 89,578,000 | 72,914,000 | 68,218,000 | 73,717,000 | 64,625,000 | 54,234,000 | 56,065,000 | 52,363,000 | 50,258,000 | 42,593,000 | 58,331,000 | 43,017,000 | 33,905,000 | 28,542,000 | |
prepaid expenses and other current assets | 29,560,000 | 26,921,000 | 27,689,000 | 26,137,000 | 26,243,000 | 28,325,000 | 28,011,000 | 25,312,000 | 23,207,000 | 20,455,000 | 24,481,000 | 29,500,000 | 29,717,000 | 28,933,000 | 31,321,000 | 29,037,000 | 23,616,000 | 32,160,000 | 22,230,000 | 22,222,000 | 18,408,000 | 16,728,000 | 14,769,000 | 12,974,000 | 12,139,000 | 14,223,000 | 12,192,000 | |
total current assets | 490,086,000 | 506,709,000 | 479,784,000 | 464,663,000 | 452,570,000 | 440,195,000 | 453,058,000 | 450,955,000 | 460,210,000 | 463,673,000 | 551,458,000 | 505,142,000 | 661,640,000 | 636,483,000 | 637,180,000 | 579,670,000 | 737,077,000 | 624,648,000 | 719,885,000 | 1,008,104,000 | 1,167,434,000 | 261,256,000 | 529,719,000 | 525,417,000 | 241,828,000 | 255,932,000 | 286,353,000 | |
property and equipment | 215,911,000 | 186,785,000 | 182,896,000 | 181,770,000 | 177,876,000 | 179,097,000 | 180,288,000 | 177,058,000 | 177,574,000 | 176,608,000 | 171,914,000 | 179,045,000 | 179,922,000 | 180,378,000 | 179,080,000 | 173,950,000 | 174,550,000 | 166,961,000 | 147,729,000 | 116,471,000 | 98,608,000 | 95,979,000 | 83,498,000 | 65,836,000 | 69,069,000 | 56,640,000 | 55,610,000 | |
operating lease right-of-use assets | 57,697,000 | 52,067,000 | 53,050,000 | 54,001,000 | 48,802,000 | 50,433,000 | 47,700,000 | 52,451,000 | 54,420,000 | 55,212,000 | 52,927,000 | 56,733,000 | 60,615,000 | 68,440,000 | 72,374,000 | 69,861,000 | 63,455,000 | 69,631,000 | 60,019,000 | |||||||||
goodwill | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,356,000 | 670,192,000 | 670,185,000 | 670,158,000 | 670,186,000 | 637,570,000 | 636,805,000 | 635,635,000 | 635,646,000 | 635,645,000 | 635,590,000 | 362,000 | 347,000 | 348,000 | 348,000 | 359,000 | |
intangible assets | 23,494,000 | 25,771,000 | 28,055,000 | 32,814,000 | 37,976,000 | 42,876,000 | 47,776,000 | 52,676,000 | 57,576,000 | 62,475,000 | 67,375,000 | 72,550,000 | 77,725,000 | 82,900,000 | 88,482,000 | 93,978,000 | 97,287,000 | 102,596,000 | 107,905,000 | 113,215,000 | 116,379,000 | 121,742,000 | 2,792,000 | 2,864,000 | 1,089,000 | 1,161,000 | 1,198,000 | |
other assets | 55,984,000 | 57,789,000 | 56,461,000 | 59,573,000 | 61,665,000 | 68,402,000 | 72,576,000 | 79,176,000 | 84,044,000 | 90,779,000 | 94,353,000 | 95,550,000 | 94,798,000 | 92,622,000 | 73,258,000 | 60,199,000 | 30,020,000 | 29,468,000 | 28,142,000 | 27,578,000 | 56,923,000 | 45,365,000 | 15,147,000 | 13,400,000 | 11,512,000 | 13,239,000 | 12,856,000 | |
total assets | 1,513,528,000 | 1,499,477,000 | 1,470,602,000 | 1,463,177,000 | 1,449,245,000 | 1,451,359,000 | 1,471,754,000 | 1,482,672,000 | 1,505,923,000 | 1,525,191,000 | 1,640,663,000 | 1,657,418,000 | 1,862,410,000 | 1,896,113,000 | 1,906,598,000 | 1,932,795,000 | 2,134,423,000 | 2,159,020,000 | 2,138,934,000 | 2,136,871,000 | 2,138,294,000 | 1,219,951,000 | 631,518,000 | 607,864,000 | 323,846,000 | 320,969,000 | 327,320,000 | 356,376,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||
accounts payable | 39,006,000 | 17,612,000 | 10,829,000 | 13,344,000 | 9,802,000 | 6,044,000 | 11,354,000 | 5,532,000 | 5,485,000 | 5,611,000 | 5,723,000 | 5,561,000 | 4,668,000 | 4,786,000 | 8,265,000 | 10,011,000 | 8,248,000 | 9,257,000 | 7,766,000 | 10,202,000 | 12,019,000 | 9,150,000 | 12,273,000 | 6,087,000 | 9,457,000 | 6,796,000 | 5,753,000 | |
accrued expenses | 45,523,000 | 70,669,000 | 60,421,000 | 45,282,000 | 37,165,000 | 41,622,000 | 40,854,000 | 34,445,000 | 35,555,000 | 61,818,000 | 56,595,000 | 47,001,000 | 42,311,000 | 61,161,000 | 54,186,000 | 49,943,000 | 49,902,000 | 36,112,000 | 36,063,000 | 28,609,000 | 36,320,000 | 34,334,000 | 38,559,000 | 22,631,000 | 20,218,000 | 23,465,000 | 25,101,000 | |
long-term debt, current | 38,557,000 | |||||||||||||||||||||||||||
operating lease liabilities, current | 28,107,000 | 24,427,000 | 23,676,000 | 23,673,000 | 26,988,000 | 25,155,000 | 23,857,000 | 25,399,000 | 22,580,000 | 24,042,000 | 21,533,000 | 20,575,000 | 20,516,000 | 23,026,000 | 20,919,000 | 19,243,000 | 18,688,000 | 20,271,000 | 20,007,000 | 19,713,000 | 20,011,000 | 19,895,000 | ||||||
deferred revenue | 39,560,000 | 35,234,000 | ||||||||||||||||||||||||||
other current liabilities | 11,244,000 | 7,499,000 | 45,757,000 | 42,373,000 | 38,442,000 | 29,307,000 | 33,261,000 | 35,748,000 | 44,633,000 | 40,539,000 | 40,234,000 | 36,234,000 | 32,942,000 | 34,394,000 | 33,422,000 | 33,705,000 | 36,569,000 | 45,107,000 | 24,758,000 | 29,735,000 | 19,036,000 | 19,677,000 | 9,555,000 | 4,402,000 | 5,430,000 | 1,611,000 | 1,589,000 | |
total current liabilities | 163,440,000 | 193,998,000 | 328,915,000 | 312,803,000 | 300,885,000 | 104,456,000 | 114,208,000 | 109,302,000 | 120,227,000 | 147,694,000 | 143,335,000 | 131,604,000 | 125,200,000 | 152,321,000 | 144,599,000 | 140,990,000 | 140,173,000 | 131,872,000 | 107,269,000 | 103,032,000 | 98,296,000 | 94,089,000 | 66,447,000 | 38,308,000 | 40,396,000 | 45,377,000 | 65,265,000 | |
long-term debt | 323,620,000 | 323,282,000 | 149,893,000 | 149,883,000 | 149,874,000 | 337,614,000 | 344,498,000 | 344,167,000 | 343,837,000 | 343,507,000 | 472,823,000 | 472,369,000 | 705,378,000 | 704,710,000 | 704,042,000 | 703,375,000 | 934,121,000 | 933,205,000 | 932,305,000 | 931,385,000 | 930,291,000 | |||||||
operating lease liabilities, non-current | 46,019,000 | 43,921,000 | 47,106,000 | 48,577,000 | 36,615,000 | 39,561,000 | 40,565,000 | 44,634,000 | 46,857,000 | 48,484,000 | 47,775,000 | 51,448,000 | 61,341,000 | |||||||||||||||
other long-term liabilities | 3,303,000 | 8,698,000 | 7,723,000 | 9,267,000 | 4,848,000 | 4,478,000 | 3,029,000 | 3,382,000 | 2,756,000 | 4,416,000 | 4,298,000 | 7,217,000 | 6,144,000 | 7,076,000 | 7,201,000 | 7,556,000 | 2,205,000 | 2,583,000 | 5,056,000 | 6,502,000 | 3,520,000 | 4,400,000 | 3,944,000 | 2,533,000 | 1,357,000 | 6,983,000 | 5,911,000 | |
total liabilities | 536,382,000 | 569,899,000 | 533,637,000 | 520,530,000 | 492,222,000 | 486,109,000 | 502,300,000 | 501,485,000 | 514,117,000 | 545,703,000 | 672,091,000 | 669,664,000 | 903,855,000 | 940,955,000 | 939,619,000 | 939,057,000 | 1,157,700,000 | 1,145,067,000 | 1,123,355,000 | 1,107,781,000 | 1,093,260,000 | 158,086,000 | 96,398,000 | 65,699,000 | 67,796,000 | 67,905,000 | 89,054,000 | |
commitments and contingencies | ||||||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||||||
class a common stock | 3,000 | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||||||||||||||
class b common stock | ||||||||||||||||||||||||||||
additional paid-in capital | 2,112,577,000 | 2,044,103,000 | 2,035,956,000 | 2,012,312,000 | 1,989,108,000 | 1,958,157,000 | 1,929,397,000 | 1,903,374,000 | 1,870,503,000 | 1,815,245,000 | 1,781,870,000 | 1,747,959,000 | 1,710,498,000 | 1,666,106,000 | 1,634,666,000 | 1,597,869,000 | 1,561,371,000 | 1,527,468,000 | 1,469,366,000 | 1,426,520,000 | 1,384,045,000 | 1,350,050,000 | 777,231,000 | 760,237,000 | 459,360,000 | 449,463,000 | 439,480,000 | 435,189,000 |
accumulated other comprehensive loss | -423,000 | -41,000 | -12,000 | -169,000 | -130,000 | -100,000 | -22,000 | -282,000 | -521,000 | -1,008,000 | -1,934,000 | -3,152,000 | -5,594,000 | -9,286,000 | -12,678,000 | -12,542,000 | -9,496,000 | -22,000 | ||||||||||
accumulated deficit | -1,135,011,000 | -1,114,487,000 | -1,098,982,000 | -1,069,499,000 | -1,031,958,000 | -992,810,000 | -959,924,000 | -921,908,000 | -878,179,000 | -834,752,000 | -811,366,000 | -757,055,000 | -746,351,000 | -701,664,000 | -655,011,000 | -591,591,000 | -575,154,000 | -510,890,000 | -453,369,000 | -397,171,000 | -338,876,000 | -288,193,000 | -242,237,000 | -218,459,000 | -203,999,000 | -192,009,000 | -177,936,000 | -165,773,000 |
total stockholders’ equity | 977,146,000 | 929,578,000 | 936,965,000 | 942,647,000 | 957,023,000 | 965,250,000 | 969,454,000 | 981,187,000 | 991,806,000 | 979,488,000 | 968,572,000 | 987,754,000 | 958,555,000 | 955,158,000 | 966,979,000 | 993,738,000 | 976,723,000 | 1,013,953,000 | 1,015,579,000 | 1,029,090,000 | 1,045,034,000 | 1,061,865,000 | 535,120,000 | 542,165,000 | 256,050,000 | 259,415,000 | 267,322,000 | |
total liabilities and stockholders’ equity | 1,513,528,000 | 1,499,477,000 | 1,470,602,000 | 1,463,177,000 | 1,449,245,000 | 1,451,359,000 | 1,471,754,000 | 1,482,672,000 | 1,505,923,000 | 1,525,191,000 | 1,640,663,000 | 1,657,418,000 | 1,862,410,000 | 1,896,113,000 | 1,906,598,000 | 1,932,795,000 | 2,134,423,000 | 2,159,020,000 | 2,138,934,000 | 2,136,871,000 | 2,138,294,000 | 1,219,951,000 | 631,518,000 | 607,864,000 | 323,846,000 | |||
marketable securities, current | 181,196,000 | 229,780,000 | 238,721,000 | 181,808,000 | 9,707,000 | 90,733,000 | 164,569,000 | 178,677,000 | 214,799,000 | 158,055,000 | 123,605,000 | 198,116,000 | 374,581,000 | 445,048,000 | 419,905,000 | 393,950,000 | 361,795,000 | 361,290,000 | 241,744,000 | |||||||||
finance lease liabilities, current | 80,000 | 617,000 | 2,328,000 | 4,882,000 | 8,178,000 | 11,974,000 | 15,684,000 | 19,250,000 | 22,233,000 | 24,763,000 | 28,954,000 | 27,807,000 | 28,088,000 | 26,766,000 | 21,125,000 | 18,675,000 | 14,773,000 | 10,910,000 | ||||||||||
current debt | 188,232,000 | 188,051,000 | 187,871,000 | |||||||||||||||||||||||||
common stock | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||||||||||
marketable securities, non-current | 1,743,000 | 6,088,000 | 32,280,000 | 78,042,000 | 117,518,000 | 165,105,000 | 186,066,000 | 284,951,000 | 394,464,000 | 528,911,000 | ||||||||||||||||||
finance lease liabilities, non-current | 440,000 | 1,602,000 | 3,860,000 | 7,026,000 | 15,507,000 | |||||||||||||||||||||||
finance lease liabilities, noncurrent | 10,858,000 | 21,027,000 | 26,479,000 | 28,867,000 | 22,293,000 | 24,659,000 | 19,685,000 | 13,648,000 | 14,707,000 | |||||||||||||||||||
operating lease liabilities, noncurrent | 56,275,000 | 62,750,000 | 60,657,000 | 52,334,000 | 55,114,000 | 54,066,000 | 47,177,000 | 47,505,000 | 44,890,000 | |||||||||||||||||||
restricted cash | 87,000 | 87,000 | 87,000 | 70,087,000 | 70,087,000 | 70,087,000 | ||||||||||||||||||||||
class a and class b common | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||||||||
accumulated other comprehensive income | -2,627,000 | -420,000 | -261,000 | -137,000 | 6,000 | 124,000 | 385,000 | 687,000 | 13,000 | |||||||||||||||||||
marketable securities, noncurrent | 429,489,000 | 173,227,000 | ||||||||||||||||||||||||||
operating right-of-use assets | 70,149,000 | 62,630,000 | 63,305,000 | |||||||||||||||||||||||||
finance lease liabilities | 11,033,000 | |||||||||||||||||||||||||||
long-term debt, less current portion | 26,007,000 | 24,858,000 | 26,043,000 | 15,545,000 | 17,878,000 | |||||||||||||||||||||||
current portion of long-term debt | 6,060,000 | 5,188,000 | 5,291,000 | 13,505,000 | 32,822,000 | |||||||||||||||||||||||
cash, cash equivalents, and marketable securities | 131,109,000 | |||||||||||||||||||||||||||
working capital | 212,202,000 | |||||||||||||||||||||||||||
convertible preferred stock warrant liabilities | ||||||||||||||||||||||||||||
convertible preferred stock | ||||||||||||||||||||||||||||
total stockholders' equity | 257,652,000 | |||||||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | ||||||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||||
treasury stock | -2,109,000 | -2,109,000 | ||||||||||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 327,320,000 | 356,376,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 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 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||||||||||||
net loss | -20,524,000 | -15,505,000 | -29,483,000 | -37,541,000 | -39,148,000 | -32,886,000 | -38,016,000 | -43,729,000 | -43,427,000 | -23,386,000 | -54,311,000 | -10,704,000 | -44,687,000 | -46,653,000 | -63,420,000 | -16,437,000 | -64,264,000 | -57,521,000 | -56,198,000 | -58,295,000 | -50,683,000 | -45,704,000 | -23,778,000 | -14,460,000 | -11,990,000 | -14,073,000 | -12,163,000 |
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||||
depreciation expense | 11,892,000 | 15,263,000 | 15,639,000 | 14,962,000 | 15,167,000 | 13,786,000 | 13,656,000 | 13,318,000 | 13,277,000 | 13,587,000 | 13,055,000 | 12,920,000 | 12,040,000 | 11,371,000 | 10,662,000 | 10,736,000 | 9,850,000 | 7,364,000 | 6,927,000 | 6,419,000 | |||||||
amortization of intangible assets | 2,277,000 | 2,284,000 | 4,759,000 | 4,878,000 | 4,900,000 | 4,900,000 | 4,900,000 | 4,900,000 | 4,899,000 | 4,899,000 | 5,175,000 | 5,175,000 | 5,175,000 | 5,582,000 | 5,496,000 | 5,309,000 | 5,309,000 | 5,309,000 | 5,257,000 | 5,363,000 | |||||||
non-cash lease expense | 6,198,000 | 5,620,000 | 5,476,000 | 5,694,000 | 5,655,000 | 5,655,000 | 5,463,000 | 5,800,000 | 5,556,000 | 5,451,000 | 5,464,000 | 5,648,000 | 6,115,000 | ||||||||||||||
amortization of debt discount and issuance costs | 401,000 | 256,000 | 216,000 | 217,000 | 217,000 | 316,000 | 358,000 | 349,000 | 354,000 | 456,000 | 501,000 | 803,000 | 716,000 | 715,000 | 715,000 | 775,000 | 964,000 | 966,000 | 937,000 | 332,000 | |||||||
amortization of deferred contract costs | 4,758,000 | 4,803,000 | 4,869,000 | 4,847,000 | 4,850,000 | 4,746,000 | 4,773,000 | 4,531,000 | 4,573,000 | 4,295,000 | 4,082,000 | 3,746,000 | 3,425,000 | 2,896,000 | 2,031,000 | 2,138,000 | 1,851,000 | 1,727,000 | 1,621,000 | 1,535,000 | 1,411,000 | 1,141,000 | |||||
stock-based compensation | 34,981,000 | 32,277,000 | 33,129,000 | 26,335,000 | 25,582,000 | 24,945,000 | 25,016,000 | 26,148,000 | 31,821,000 | 35,447,000 | 35,713,000 | 36,992,000 | 28,151,000 | 31,418,000 | 39,378,000 | 34,978,000 | 40,022,000 | 39,588,000 | 36,636,000 | 33,426,000 | 30,838,000 | 29,681,000 | 12,142,000 | 16,281,000 | 6,329,000 | 4,595,000 | 3,840,000 |
deferred income taxes | -4,330,000 | 395,000 | 289,000 | 327,000 | 422,000 | 893,000 | 339,000 | 333,000 | 228,000 | ||||||||||||||||||
provision for credit losses | 1,518,000 | 951,000 | 1,236,000 | 1,048,000 | 946,000 | 1,434,000 | 1,054,000 | 393,000 | 953,000 | 714,000 | 211,000 | 567,000 | 533,000 | 624,000 | 1,253,000 | 402,000 | 127,000 | 236,000 | 225,000 | -420,000 | |||||||
loss on disposals of property and equipment | 276,000 | 229,000 | 0 | 96,000 | 0 | 45,000 | 399,000 | 0 | -42,000 | 296,000 | 251,000 | 0 | 0 | 586,000 | 268,000 | -123,000 | -204,000 | 0 | 27,000 | 786,000 | 65,000 | 4,000 | |||||
accretion of discounts on investments | -798,000 | -1,416,000 | |||||||||||||||||||||||||
other adjustments | -218,000 | 446,000 | -189,000 | -84,000 | 376,000 | -897,000 | 520,000 | -178,000 | -259,000 | 905,000 | 71,000 | -85,000 | -243,000 | 3,980,000 | -353,000 | -67,000 | 128,000 | 729,000 | 683,000 | 749,000 | 64,000 | 417,000 | 227,000 | 19,000 | -39,000 | -89,000 | |
changes in operating assets and liabilities: | |||||||||||||||||||||||||||
accounts receivable | -13,526,000 | -9,796,000 | 6,898,000 | 669,000 | -3,993,000 | -622,000 | -3,976,000 | -6,754,000 | 12,028,000 | -22,590,000 | -20,538,000 | 6,482,000 | 3,701,000 | -17,288,000 | -5,949,000 | 5,097,000 | -9,219,000 | -10,546,000 | 1,595,000 | -3,927,000 | -1,685,000 | -2,595,000 | 15,542,000 | -16,180,000 | -6,031,000 | -3,247,000 | -5,638,000 |
prepaid expenses and other current assets | -2,639,000 | 768,000 | -1,526,000 | 121,000 | 2,216,000 | -207,000 | -2,589,000 | -2,131,000 | -2,700,000 | 4,107,000 | 5,019,000 | 217,000 | -634,000 | -971,000 | -975,000 | -2,701,000 | -2,111,000 | 725,000 | -8,000 | -3,814,000 | -1,680,000 | -1,772,000 | -1,795,000 | -835,000 | -1,148,000 | 3,145,000 | -2,031,000 |
other assets | 1,350,000 | -6,554,000 | -4,820,000 | -6,076,000 | -2,095,000 | -4,140,000 | -2,705,000 | -3,210,000 | -1,814,000 | -6,868,000 | -4,286,000 | -4,771,000 | -7,212,000 | -15,492,000 | -13,505,000 | -3,948,000 | -2,451,000 | -3,103,000 | -2,231,000 | -2,137,000 | -2,952,000 | -9,752,000 | -4,122,000 | -1,888,000 | -1,400,000 | 3,127,000 | -383,000 |
accounts payable | 6,812,000 | 1,209,000 | -2,741,000 | 3,446,000 | 2,575,000 | -3,903,000 | 4,754,000 | -341,000 | 101,000 | -876,000 | 314,000 | 1,119,000 | -175,000 | -1,267,000 | -4,301,000 | 3,336,000 | -2,492,000 | 1,799,000 | -1,815,000 | -1,957,000 | 2,119,000 | -2,987,000 | 5,682,000 | -1,748,000 | 3,112,000 | -2,188,000 | 1,309,000 |
accrued expenses | 3,523,000 | 20,000 | 1,339,000 | 1,577,000 | -3,383,000 | 1,220,000 | 2,707,000 | 1,911,000 | -8,760,000 | -1,603,000 | 340,000 | 234,000 | -6,827,000 | 3,799,000 | 3,328,000 | -3,729,000 | 4,891,000 | 1,548,000 | 6,548,000 | -3,080,000 | -755,000 | -4,232,000 | 14,598,000 | 4,121,000 | -1,495,000 | 7,104,000 | -2,990,000 |
operating lease liabilities | -5,809,000 | -7,045,000 | -5,774,000 | -2,332,000 | -5,556,000 | -7,200,000 | -7,329,000 | -4,406,000 | -7,606,000 | -5,137,000 | -4,505,000 | -6,682,000 | -5,750,000 | -6,377,000 | -7,830,000 | -6,280,000 | -6,557,000 | -6,712,000 | -6,879,000 | -6,491,000 | -6,365,000 | ||||||
other liabilities | 2,724,000 | -830,000 | 912,000 | 8,694,000 | 9,183,000 | -1,492,000 | -3,789,000 | -3,820,000 | 2,667,000 | 612,000 | 1,033,000 | 9,308,000 | -3,889,000 | 5,640,000 | -2,833,000 | 732,000 | 3,289,000 | 2,908,000 | -2,948,000 | 7,733,000 | 1,071,000 | 5,178,000 | 15,000 | -843,000 | 507,000 | -413,000 | 49,000 |
net cash from operating activities | 28,866,000 | 22,434,000 | 28,924,000 | 25,798,000 | 17,288,000 | 5,220,000 | 5,002,000 | -4,948,000 | 11,132,000 | -7,377,000 | -8,390,000 | 24,990,000 | -8,861,000 | -12,128,000 | -27,634,000 | -16,680,000 | -13,190,000 | -7,908,000 | -2,691,000 | -17,014,000 | -10,869,000 | -31,149,000 | 27,200,000 | -8,781,000 | -7,186,000 | -3,060,000 | -12,595,000 |
capital expenditures | -24,757,000 | -13,836,000 | -10,753,000 | -14,394,000 | -7,368,000 | -10,571,000 | -8,814,000 | -8,591,000 | -8,448,000 | -8,595,000 | -5,276,000 | -10,694,000 | -7,703,000 | -23,742,000 | -9,715,000 | -11,354,000 | -6,197,000 | -6,729,000 | -27,873,000 | -4,625,000 | -9,068,000 | -7,175,000 | -13,794,000 | -3,073,000 | -11,658,000 | -5,847,000 | -1,171,000 |
free cash flows | 4,109,000 | 8,598,000 | 18,171,000 | 11,404,000 | 9,920,000 | -5,351,000 | -3,812,000 | -13,539,000 | 2,684,000 | -15,972,000 | -13,666,000 | 14,296,000 | -16,564,000 | -35,870,000 | -37,349,000 | -28,034,000 | -19,387,000 | -14,637,000 | -30,564,000 | -21,639,000 | -19,937,000 | -38,324,000 | 13,406,000 | -11,854,000 | -18,844,000 | -8,907,000 | -13,766,000 |
cash flows from investing activities: | |||||||||||||||||||||||||||
purchases of marketable securities | -179,340,000 | -37,775,000 | -79,136,000 | -93,440,000 | -179,486,000 | 0 | -37,902,000 | -60,249,000 | -56,948,000 | -59,142,000 | 0 | 0 | -207,286,000 | -148,193,000 | -150,586,000 | -443,701,000 | -269,537,000 | -64,331,000 | -64,698,000 | -148,174,000 | -13,455,000 | -144,863,000 | |||||
maturities of marketable securities | 177,143,000 | 79,954,000 | 71,417,000 | 37,836,000 | 7,969,000 | 81,480,000 | 113,032,000 | 77,597,000 | 99,080,000 | 5,642,000 | 86,030,000 | 114,884,000 | 227,211,000 | 94,303,000 | 72,857,000 | 127,333,000 | 240,547,000 | 45,232,000 | 15,600,000 | 31,750,000 | 25,503,000 | 5,001,000 | 38,817,000 | 23,501,000 | 21,400,000 | 2,769,000 | |
purchases of property and equipment | -21,021,000 | -10,191,000 | -6,046,000 | -9,852,000 | -2,605,000 | -4,969,000 | -1,996,000 | -1,762,000 | -1,603,000 | -2,693,000 | -325,000 | -4,464,000 | -3,494,000 | -8,529,000 | -2,631,000 | -6,428,000 | -2,387,000 | -3,549,000 | -20,254,000 | -2,934,000 | -8,079,000 | -5,126,000 | -11,893,000 | -2,329,000 | -10,221,000 | -4,209,000 | -1,171,000 |
capitalized internal-use software | -3,736,000 | -3,645,000 | -4,707,000 | -4,542,000 | -4,763,000 | -5,602,000 | -6,818,000 | -6,829,000 | -6,845,000 | -5,902,000 | -4,951,000 | -6,230,000 | -4,209,000 | -4,290,000 | -5,120,000 | -4,926,000 | -3,810,000 | -3,180,000 | -7,619,000 | -1,691,000 | -989,000 | -2,049,000 | -1,901,000 | -744,000 | -1,437,000 | -1,638,000 | |
net cash from investing activities | -26,954,000 | 36,151,000 | -344,000 | -69,954,000 | -178,885,000 | 70,909,000 | 66,316,000 | 7,991,000 | 33,684,000 | -37,245,000 | 7,677,000 | 104,978,000 | 219,530,000 | 72,595,000 | 61,521,000 | 13,952,000 | 87,683,000 | -110,664,000 | -403,943,000 | -244,505,000 | -35,399,000 | -267,435,000 | 20,240,000 | -37,570,000 | 9,742,000 | 32,479,000 | -125,264,000 |
cash flows from financing activities: | |||||||||||||||||||||||||||
repayment of convertible senior notes | -38,593,000 | ||||||||||||||||||||||||||
payments of other debt issuance costs | -502,000 | 0 | 0 | -1,351,000 | |||||||||||||||||||||||
repayments of finance lease liabilities | 0 | -80,000 | -537,000 | -1,711,000 | -2,554,000 | -3,296,000 | -4,236,000 | -4,872,000 | -5,932,000 | -6,041,000 | -6,557,000 | -8,645,000 | -4,427,000 | -7,076,000 | -3,870,000 | -7,159,000 | -3,004,000 | -3,985,000 | -3,628,000 | -2,951,000 | |||||||
proceeds from exercise of vested stock options | 1,043,000 | 286,000 | 71,000 | 279,000 | 408,000 | 805,000 | 19,000 | 180,000 | 111,000 | 161,000 | 1,137,000 | 535,000 | 336,000 | 364,000 | 555,000 | 1,721,000 | 3,048,000 | 3,532,000 | 3,489,000 | 2,886,000 | 2,719,000 | 2,320,000 | 4,122,000 | 5,657,000 | 3,174,000 | 2,751,000 | 298,000 |
proceeds from employee stock purchase plan | 2,279,000 | 1,529,000 | 2,106,000 | 1,240,000 | 2,131,000 | 161,000 | 2,168,000 | 1,034,000 | 2,881,000 | 1,550,000 | 2,222,000 | 2,191,000 | 2,596,000 | -949,000 | 1,749,000 | 1,571,000 | 2,406,000 | 2,075,000 | 1,430,000 | 1,493,000 | 3,071,000 | 3,112,000 | 2,042,000 | 2,031,000 | 2,133,000 | 2,271,000 | 2,321,000 |
net cash from financing activities | -35,773,000 | 8,854,000 | 2,097,000 | 982,000 | 828,000 | -7,317,000 | -1,109,000 | -6,793,000 | -1,880,000 | -117,827,000 | -2,682,000 | -205,158,000 | -5,713,000 | -5,012,000 | -8,390,000 | -181,199,000 | 5,452,000 | 2,603,000 | 934,000 | 751,000 | 932,263,000 | -17,581,000 | 5,193,000 | 281,361,000 | 3,766,000 | 1,930,000 | -20,909,000 |
effects of exchange rate changes on cash and cash equivalents | -32,000 | -33,000 | |||||||||||||||||||||||||
net decrease in cash and cash equivalents | -33,893,000 | ||||||||||||||||||||||||||
cash and cash equivalents at beginning of period | 180,563,000 | 0 | |||||||||||||||||||||||||
cash and cash equivalents at end of period | 146,670,000 | 30,644,000 | |||||||||||||||||||||||||
impairment of operating lease right-of-use assets | 0 | 156,000 | 401,000 | ||||||||||||||||||||||||
impairment expense | 0 | 0 | 448,000 | 559,000 | 0 | ||||||||||||||||||||||
net gain on extinguishment of debt | -15,656,000 | 0 | 0 | 0 | |||||||||||||||||||||||
sales of marketable securities | 7,808,000 | 24,850,000 | 1,000 | 65,000 | 0 | 159,552,000 | 2,301,000 | 2,291,000 | 51,739,000 | 0 | 12,497,000 | 0 | 49,011,000 | -44,056,000 | |||||||||||||
advance payment for purchase of property and equipment | 0 | 0 | -10,923,000 | -1,964,000 | |||||||||||||||||||||||
proceeds from sale of property and equipment | 0 | 0 | 0 | 0 | 0 | 13,000 | 14,000 | 22,000 | 126,000 | 125,000 | 297,000 | 425,000 | |||||||||||||||
proceeds from issuance of convertible notes | |||||||||||||||||||||||||||
payments of issuance costs for convertible notes | |||||||||||||||||||||||||||
cash paid for debt extinguishment | -113,606,000 | 0 | |||||||||||||||||||||||||
payments for purchase of capped calls | |||||||||||||||||||||||||||
payment of deferred consideration for business acquisitions | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
effects of exchange rate changes on cash, cash equivalents, and restricted cash | 78,000 | -151,000 | 109,000 | -13,000 | -48,000 | 70,000 | -47,000 | 469,000 | 116,000 | 39,000 | -110,000 | -100,000 | -219,000 | -94,000 | -242,000 | -29,000 | -112,000 | -10,000 | -83,000 | -93,000 | 37,000 | 87,000 | 11,000 | ||||
net increase in cash, cash equivalents, and restricted cash | -160,691,000 | 68,661,000 | 70,318,000 | -3,763,000 | 42,888,000 | -162,379,000 | -3,442,000 | -74,721,000 | 205,072,000 | 55,494,000 | 25,387,000 | -184,027,000 | 79,726,000 | -116,063,000 | -405,942,000 | -260,797,000 | 885,883,000 | -316,175,000 | 52,550,000 | 234,917,000 | 6,359,000 | 31,436,000 | -158,757,000 | ||||
cash, cash equivalents, and restricted cash at beginning of period | 286,175,000 | 0 | 0 | 0 | 108,071,000 | 0 | 0 | 0 | 143,541,000 | 0 | 0 | 0 | 166,961,000 | 0 | 0 | 0 | 63,880,000 | 0 | 0 | 0 | 86,229,000 | 0 | 0 | ||||
cash, cash equivalents, and restricted cash at end of period | 125,484,000 | 68,661,000 | 70,318,000 | -3,763,000 | 150,959,000 | -162,379,000 | -3,442,000 | -74,721,000 | 348,613,000 | 55,494,000 | 25,387,000 | -184,027,000 | 246,687,000 | -116,063,000 | -405,942,000 | -260,797,000 | 949,763,000 | -316,175,000 | 52,550,000 | 234,917,000 | 92,588,000 | 31,436,000 | -158,757,000 | ||||
net increase in cash and cash equivalents | 30,644,000 | ||||||||||||||||||||||||||
amortization of discounts on investments | -1,356,000 | -626,000 | |||||||||||||||||||||||||
amortization of premiums on investments | -507,000 | -1,064,000 | -1,244,000 | -1,158,000 | |||||||||||||||||||||||
business acquisitions, net of cash acquired | -775,000 | ||||||||||||||||||||||||||
payments of debt issuance costs | |||||||||||||||||||||||||||
cash received for restricted stock sold in advance of vesting conditions | 0 | 0 | 0 | 10,655,000 | |||||||||||||||||||||||
cash paid for early sale of restricted shares | 0 | -3,618,000 | -3,539,000 | -3,498,000 | |||||||||||||||||||||||
amortization and accretion of discounts and premiums on investments | -990,000 | -403,000 | 298,000 | 449,000 | 515,000 | 771,000 | 894,000 | 957,000 | |||||||||||||||||||
purchases of intangible assets | 0 | 1,000 | 0 | 0 | 1,000 | 0 | |||||||||||||||||||||
issuance of convertible note, net of issuance costs | 0 | 0 | 0 | 930,775,000 | |||||||||||||||||||||||
interest paid for finance lease | |||||||||||||||||||||||||||
tax benefit related to release of valuation allowance | |||||||||||||||||||||||||||
proceeds from follow-on public offering, net of underwriting fees | 0 | 0 | |||||||||||||||||||||||||
payments of costs related to follow-on public offering | 0 | -502,000 | |||||||||||||||||||||||||
repayments of notes payable | -21,679,000 | -22,500,000 | |||||||||||||||||||||||||
amortization of right-of-use assets and other | 8,501,000 | 6,539,000 | 6,839,000 | 7,065,000 | 7,158,000 | 6,303,000 | 6,357,000 | ||||||||||||||||||||
interest on finance lease | -603,000 | -649,000 | -591,000 | ||||||||||||||||||||||||
business acquisitions, net of cash acquired and other related payments | -1,746,000 | ||||||||||||||||||||||||||
purchase of intangible assets | |||||||||||||||||||||||||||
net cash paid for debt extinguishment | 0 | ||||||||||||||||||||||||||
depreciation and amortization | 5,568,000 | 4,967,000 | 4,729,000 | 4,715,000 | 4,860,000 | 4,069,000 | |||||||||||||||||||||
amortization of acquired intangibles | |||||||||||||||||||||||||||
amortization of deferred rent | 1,450,000 | 1,287,000 | 204,000 | -5,892,000 | 1,196,000 | ||||||||||||||||||||||
amortization of debt issuance costs | 161,000 | 20,000 | 19,000 | 19,000 | 25,000 | 68,000 | |||||||||||||||||||||
provision for credit losses and doubtful accounts | |||||||||||||||||||||||||||
change in fair value of preferred stock warrant liabilities | 0 | 0 | |||||||||||||||||||||||||
interest paid on capital leases | -234,000 | -186,000 | -149,000 | -119,000 | -95,000 | -98,000 | |||||||||||||||||||||
acquisition of business, net of cash acquired | |||||||||||||||||||||||||||
proceeds from initial public offering, net of underwriting fees | |||||||||||||||||||||||||||
payments of costs related to initial public offering | -1,017,000 | -799,000 | |||||||||||||||||||||||||
proceeds from borrowings under notes payable | |||||||||||||||||||||||||||
proceeds from early exercise of stock options | 0 | 0 | |||||||||||||||||||||||||
proceeds from payment of stockholder note | 0 | 0 | |||||||||||||||||||||||||
interest paid on finance leases | -524,000 | -405,000 | -330,000 | ||||||||||||||||||||||||
proceeds from series f financing | |||||||||||||||||||||||||||
series f issuance costs | |||||||||||||||||||||||||||
repurchase of early exercised shares | |||||||||||||||||||||||||||
provision for doubtful accounts | 196,000 | 866,000 | 150,000 | 16,000 | 275,000 | ||||||||||||||||||||||
repayments of capital leases | -469,000 | -1,050,000 | -1,541,000 | -465,000 | -229,000 | ||||||||||||||||||||||
proceeds from initial public offering, net of underwriting discounts | 0 | ||||||||||||||||||||||||||
proceeds from series e financing | |||||||||||||||||||||||||||
series e issuance costs | |||||||||||||||||||||||||||
other non-operating activities |