Cloudflare(NYSE:NET) 
CloudFlare, Inc. operates a cloud platform that delivers a range of network services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service appli...
Website: http://www.cloudflare.com
Founded: 2009
IPO Price: $15 (Sep 13, 2019)
Full Time Employees: 3,704 (Mar 2024)
Founder: Matthew Prince, Lee Holloway, Michelle Zatlyn
CEO: Matthew Prince
Sector: Technology
Industry: Software-Infrastructure
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At a glance:
- Revenue Growth Remains Solid, With Ongoing Mix Shift Toward Enterprise: Cloudflare continues to expand its customer base and drive higher spend per customer, supported by upsell/cross-sell of security, performance, and developer products. Enterprise adoption remains a key lever for sustaining growth as the platform broadens.
- Security and Zero Trust Demand Supports Durable Tailwinds: Demand for cloud security, DDoS mitigation, WAF, and Zero Trust networking remains resilient as organizations modernize security architectures. Cloudflare’s integrated platform approach can reduce vendor sprawl and improve deployment speed.
- Operating Leverage Is a Core Focus as the Business Scales: With a software-heavy model and a large global network, Cloudflare has the potential to expand operating margins over time through disciplined headcount growth, improved efficiency, and scaling of existing infrastructure.
- Developer Platform Expansion Creates Longer-Term Optionality: Products such as Workers and related developer services extend Cloudflare beyond edge delivery into application hosting and compute at the edge. If adoption accelerates, this can increase wallet share and deepen customer lock-in.
- Key Watch Items: Competitive Intensity, Large-Deal Cycles, and Network Investment Needs: Cloudflare operates in competitive markets against hyperscalers and security incumbents, which can pressure pricing and retention. Investors also watch the pace of enterprise deal closures and ongoing capex requirements to maintain and expand the global network.
Bull Thesis:
- Expanding Product Portfolio and Total Addressable Market (TAM): Cloudflare continues to innovate and expand its product offerings beyond traditional CDN/DDoS, venturing into serverless computing (Workers), object storage (R2), AI infrastructure, and comprehensive Zero Trust security solutions. This broadens its appeal to a wider range of customers and significantly increases its potential revenue per user.
- Strategic Position in the Zero Trust Security Market: With Cloudflare One, the company is a strong contender in the rapidly growing Zero Trust security market, offering a unified platform for network security, access control, and data protection. This positions them to capture significant market share from legacy VPNs and traditional security vendors.
- Global Network Advantage and Developer Ecosystem: Cloudflare's massive, globally distributed network provides a significant performance, reliability, and security advantage that is difficult for competitors to replicate. Its developer-friendly platforms like Workers and Pages foster a sticky ecosystem, driving adoption and future monetization opportunities.
- Leveraging AI for Edge Computing and Inference: Cloudflare is strategically positioning its network and Workers platform as critical infrastructure for AI inference and model serving at the edge. This enables developers to deploy AI applications closer to users, reducing latency and costs, and making Cloudflare a key enabler for the next wave of AI innovation.
Bear Thesis:
- Intense Competition Across Multiple Segments: Cloudflare operates in highly competitive markets, facing established giants like AWS, Microsoft Azure, Google Cloud (in CDN, serverless, storage), Akamai, and specialized security vendors like Zscaler and Palo Alto Networks. This intense competition could lead to pricing pressure and margin compression.
- Path to Sustainable Profitability and Free Cash Flow: Despite strong revenue growth, Cloudflare has historically struggled to achieve consistent GAAP profitability and positive free cash flow. While showing improvement, the long-term financial health and ability to self-fund growth without further dilution remain a concern for investors.
- High Valuation and Potential for Growth Deceleration: Cloudflare's stock often trades at a premium valuation based on its high growth potential. Any signs of growth deceleration, increased competition, or slower-than-expected progress towards profitability could lead to a significant re-rating of its stock price.
- Execution Risk in Diversifying Product Portfolio: While expanding into numerous new product categories (e.g., R2, AI, enterprise features) broadens the TAM, it also introduces execution risk. Successfully competing and gaining significant market share in each of these diverse and often mature markets against entrenched players requires flawless execution and significant investment.
Main Competitors:
- Akamai Technologies ($AKAM) (Akamai Connected Cloud (CDN, Security, Edge Compute)), Akamai is a long-standing leader in CDN, DDoS protection, and web application security. It competes directly with Cloudflare for large enterprise customers seeking high-performance content delivery, robust edge security, and bot management solutions, often targeting the same enterprise-grade performance and security needs.
- Amazon Web Services (AWS) ($AMZN) (AWS CloudFront, AWS WAF, AWS Shield, AWS Route 53, AWS Lambda@Edge), AWS, as the largest cloud provider, offers a suite of services (CloudFront for CDN, WAF for security, Shield for DDoS, Route 53 for DNS, Lambda@Edge for edge compute) that directly overlap with Cloudflare's offerings. AWS competes by providing integrated solutions within its broader cloud ecosystem, appealing to customers already heavily invested in AWS infrastructure who prefer a single vendor for their cloud and edge needs.
- Zscaler ($ZS) (Zscaler Zero Trust Exchange (ZIA, ZPA)), Zscaler is a pure-play leader in the Zero Trust security market, offering secure web gateway, cloud firewall, and secure access to private applications. It directly competes with Cloudflare's growing Cloudflare One platform, particularly its Zero Trust Access and Gateway services, for enterprise customers looking to replace traditional VPNs and secure their distributed workforce and applications.
- Google Cloud (GCP) ($GOOGL) (Cloud CDN, Cloud Armor, Cloud DNS), Similar to AWS, Google Cloud offers its own set of integrated services like Cloud CDN, Cloud Armor (WAF/DDoS), and Cloud DNS. GCP competes by providing these services as part of its comprehensive cloud platform, appealing to customers who are already leveraging Google Cloud for their infrastructure and prefer a unified solution for performance, security, and networking.
Moat:
Cloudflare's competitive moat is built on its vast, globally distributed network, offering an integrated platform for performance, security, and reliability from a single pane of glass. Its freemium model and developer-friendly tools have fostered rapid adoption. Competition comes from multiple fronts: hyperscale cloud providers (AWS, Google Cloud, Azure) offering integrated, often cost-effective alternatives within their ecosystems; traditional CDN and security vendors (Akamai) with deep enterprise relationships; and pure-play Zero Trust security specialists (Zscaler) focusing on secure access. Cloudflare differentiates by providing a comprehensive, cloud-agnostic solution that often outperforms and simplifies management compared to piecemeal or cloud-specific offerings.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 639,755,000 | 614,507,000 | 562,027,000 | 512,316,000 | 479,087,000 | 459,946,000 | 430,082,000 | 400,996,000 | 378,602,000 | 362,473,000 | 335,603,000 | 308,494,000 | 290,175,000 | 274,700,000 | 253,857,000 | 234,517,000 | 212,167,000 | 193,596,000 | 172,347,000 | 152,428,000 | 138,055,000 | 125,926,000 | 114,162,000 | 99,721,000 | 91,250,000 | 83,930,000 | 73,941,000 |
yoy | 33.54% | 33.60% | 30.68% | 27.76% | 26.54% | 26.89% | 28.15% | 29.99% | 30.47% | 31.95% | 32.20% | 31.54% | 36.77% | 41.89% | 47.29% | 53.85% | 53.68% | 53.74% | 50.97% | 52.85% | 51.29% | 50.04% | 54.40% | ||||
qoq | 4.11% | 9.34% | 9.70% | 6.94% | 4.16% | 6.94% | 7.25% | 5.91% | 4.45% | 8.01% | 8.79% | 6.31% | 5.63% | 8.21% | 8.25% | 10.53% | 9.59% | 12.33% | 13.07% | 10.41% | 9.63% | 10.30% | 14.48% | 9.28% | 8.72% | 13.51% | |
cost of revenue | 184,158,000 | 161,956,000 | 146,316,000 | 128,677,000 | 115,576,000 | 108,686,000 | 95,967,000 | 89,011,000 | 85,038,000 | 83,283,000 | 78,069,000 | 75,221,000 | 70,432,000 | 67,788,000 | 61,967,000 | 55,804,000 | 47,051,000 | 42,496,000 | 37,525,000 | 35,029,000 | 32,084,000 | 29,065,000 | 27,005,000 | 24,164,000 | 20,821,000 | 18,198,000 | 16,033,000 |
gross profit | 455,597,000 | 452,551,000 | 415,711,000 | 383,639,000 | 363,511,000 | 351,260,000 | 334,115,000 | 311,985,000 | 293,564,000 | 279,190,000 | 257,534,000 | 233,273,000 | 219,743,000 | 206,912,000 | 191,890,000 | 178,713,000 | 165,116,000 | 151,100,000 | 134,822,000 | 117,399,000 | 105,971,000 | 96,861,000 | 87,157,000 | 75,557,000 | 70,429,000 | 65,732,000 | 57,908,000 |
yoy | 25.33% | 28.84% | 24.42% | 22.97% | 23.83% | 25.81% | 29.74% | 33.74% | 33.59% | 34.93% | 34.21% | 30.53% | 33.08% | 36.94% | 42.33% | 52.23% | 55.81% | 56.00% | 54.69% | 55.38% | 50.47% | 47.36% | 50.51% | ||||
qoq | 0.67% | 8.86% | 8.36% | 5.54% | 3.49% | 5.13% | 7.09% | 6.27% | 5.15% | 8.41% | 10.40% | 6.16% | 6.20% | 7.83% | 7.37% | 8.23% | 9.28% | 12.07% | 14.84% | 10.78% | 9.41% | 11.13% | 15.35% | 7.28% | 7.15% | 13.51% | |
gross margin % | 71.21% | 73.64% | 73.97% | 74.88% | 75.88% | 76.37% | 77.69% | 77.80% | 77.54% | 77.02% | 76.74% | 75.62% | 75.73% | 75.32% | 75.59% | 76.20% | 77.82% | 78.05% | 78.23% | 77.02% | 76.76% | 76.92% | 76.35% | 75.77% | 77.18% | 78.32% | 78.32% |
operating expenses: | |||||||||||||||||||||||||||
sales and marketing | 271,600,000 | 251,138,000 | 236,309,000 | 219,359,000 | 214,011,000 | 191,967,000 | 185,221,000 | 174,501,000 | 194,102,000 | 165,214,000 | 150,214,000 | 146,688,000 | 137,001,000 | 132,050,000 | 116,033,000 | 117,622,000 | 100,057,000 | 96,219,000 | 85,877,000 | 75,995,000 | 69,974,000 | 63,552,000 | 55,982,000 | 51,376,000 | 46,965,000 | 47,107,000 | 45,538,000 |
research and development | 150,972,000 | 141,887,000 | 120,956,000 | 134,557,000 | 115,089,000 | 120,213,000 | 110,911,000 | 102,547,000 | 87,703,000 | 96,401,000 | 90,593,000 | 89,610,000 | 81,539,000 | 79,703,000 | 76,432,000 | 75,114,000 | 67,054,000 | 61,762,000 | 46,770,000 | 41,349,000 | 39,527,000 | 34,757,000 | 30,902,000 | 28,131,000 | 33,354,000 | 26,289,000 | 27,863,000 |
general and administrative | 95,019,000 | 108,760,000 | 95,906,000 | 96,987,000 | 87,658,000 | 73,799,000 | 68,777,000 | 69,635,000 | 66,309,000 | 60,404,000 | 55,939,000 | 53,147,000 | 48,475,000 | 45,850,000 | 45,372,000 | 50,518,000 | 38,029,000 | 34,183,000 | 28,669,000 | 28,927,000 | 27,724,000 | 23,293,000 | 21,525,000 | 20,754,000 | 26,181,000 | 22,278,000 | 25,593,000 |
total operating expenses | 517,591,000 | 501,785,000 | 453,171,000 | 450,903,000 | 416,758,000 | 385,979,000 | 364,909,000 | 346,683,000 | 348,114,000 | 322,019,000 | 296,746,000 | 289,445,000 | 267,015,000 | 257,603,000 | 237,837,000 | 243,254,000 | 205,140,000 | 192,164,000 | 161,316,000 | 146,271,000 | 137,225,000 | 121,602,000 | 108,409,000 | 100,261,000 | 106,500,000 | 95,674,000 | 98,994,000 |
income from operations | -61,994,000 | -49,234,000 | -37,460,000 | -67,264,000 | -53,247,000 | -34,719,000 | -30,794,000 | -34,698,000 | -54,550,000 | -42,829,000 | -39,212,000 | -56,172,000 | -47,272,000 | -50,691,000 | -45,947,000 | -64,541,000 | -40,024,000 | -41,064,000 | -26,494,000 | -28,872,000 | -31,254,000 | -24,741,000 | -21,252,000 | -24,704,000 | -36,071,000 | -29,942,000 | -41,086,000 |
yoy | 16.43% | 41.81% | 21.65% | 93.86% | -2.39% | -18.94% | -21.47% | -38.23% | 15.40% | -15.51% | -14.66% | -12.97% | 18.11% | 23.44% | 73.42% | 123.54% | 28.06% | 65.98% | 24.67% | 16.87% | -13.35% | -17.37% | -48.27% | ||||
qoq | 25.92% | 31.43% | -44.31% | 26.32% | 53.37% | 12.75% | -11.25% | -36.39% | 27.37% | 9.22% | -30.19% | 18.83% | -6.74% | 10.32% | -28.81% | 61.26% | -2.53% | 54.99% | -8.24% | -7.62% | 26.32% | 16.42% | -13.97% | -31.51% | 20.47% | -27.12% | |
operating margin % | -9.69% | -8.01% | -6.67% | -13.13% | -11.11% | -7.55% | -7.16% | -8.65% | -14.41% | -11.82% | -11.68% | -18.21% | -16.29% | -18.45% | -18.10% | -27.52% | -18.86% | -21.21% | -15.37% | -18.94% | -22.64% | -19.65% | -18.62% | -24.77% | -39.53% | -35.67% | -55.57% |
non-operating income: | |||||||||||||||||||||||||||
interest income | 40,166,000 | 41,885,000 | 42,529,000 | 25,406,000 | 21,399,000 | 21,988,000 | 22,471,000 | 21,715,000 | 21,252,000 | 20,190,000 | 17,954,000 | 16,536,000 | 13,487,000 | 8,323,000 | 3,852,000 | 1,641,000 | 1,061,000 | 668,000 | 385,000 | 373,000 | 544,000 | 846,000 | 1,316,000 | 1,857,000 | 2,569,000 | 2,965,000 | 1,079,000 |
interest expense | -2,563,000 | -2,887,000 | -2,912,000 | -1,524,000 | -1,443,000 | -1,445,000 | -1,433,000 | -1,218,000 | -1,100,000 | -1,069,000 | -1,138,000 | -1,539,000 | -2,126,000 | -875,000 | -1,512,000 | -1,040,000 | -1,557,000 | -16,108,000 | -12,448,000 | -10,444,000 | -10,234,000 | -10,062,000 | -9,828,000 | -5,007,000 | -67,000 | -142,000 | -407,000 |
other income | 2,990,000 | -272,000 | -307,000 | -3,907,000 | -3,468,000 | 3,333,000 | -3,066,000 | 269,000 | 1,124,000 | -2,103,000 | 115,000 | -1,527,000 | -857,000 | -1,602,000 | 2,433,000 | 233,000 | -487,000 | -426,000 | 361,000 | -877,000 | 148,000 | 113,000 | -208,000 | -219,000 | 485,000 | ||
total non-operating income | 40,593,000 | 38,726,000 | 39,310,000 | 19,975,000 | 16,488,000 | 23,876,000 | 17,972,000 | 20,766,000 | 21,276,000 | 17,018,000 | 16,931,000 | -36,830,000 | 10,504,000 | 5,846,000 | 4,773,000 | 834,000 | -983,000 | -15,866,000 | -83,936,000 | -10,948,000 | -9,542,000 | -9,103,000 | -8,720,000 | -3,369,000 | 2,987,000 | 2,411,000 | 21,000 |
income before income taxes | -21,401,000 | -10,508,000 | 1,850,000 | -47,289,000 | -36,759,000 | -10,843,000 | -12,822,000 | -13,932,000 | -33,274,000 | -25,811,000 | -22,281,000 | -93,002,000 | -36,768,000 | -44,845,000 | -41,174,000 | -63,707,000 | -41,007,000 | -56,930,000 | -110,430,000 | -39,820,000 | -40,796,000 | -33,844,000 | -29,972,000 | -28,073,000 | -33,084,000 | -27,531,000 | -41,065,000 |
provision for income taxes | 1,526,000 | 1,569,000 | 3,140,000 | 3,157,000 | 1,695,000 | 2,005,000 | 2,509,000 | 1,146,000 | 2,269,000 | 2,054,000 | 1,254,000 | 1,465,000 | 1,314,000 | 1,072,000 | 1,372,000 | -170,000 | 374,000 | 177,000 | -3,504,000 | -1,938,000 | -338,000 | 624,000 | -212,000 | ||||
net income | -22,927,000 | -12,077,000 | -1,290,000 | -50,446,000 | -38,454,000 | -12,848,000 | -15,331,000 | -15,078,000 | -35,543,000 | -27,865,000 | -23,535,000 | -94,467,000 | -38,082,000 | -45,917,000 | -42,546,000 | -63,537,000 | -41,381,000 | -77,501,000 | -107,335,000 | -35,510,000 | -39,963,000 | -34,021,000 | -26,468,000 | -26,135,000 | -32,746,000 | -28,155,000 | -40,853,000 |
yoy | -40.38% | -6.00% | -91.59% | 234.57% | 8.19% | -53.89% | -34.86% | -84.04% | -6.67% | -39.31% | -44.68% | 48.68% | -7.97% | -40.75% | -60.36% | 78.93% | 3.55% | 127.80% | 305.53% | 35.87% | 22.04% | 20.83% | -35.21% | ||||
qoq | 89.84% | 836.20% | -97.44% | 31.19% | 199.30% | -16.20% | 1.68% | -57.58% | 27.55% | 18.40% | -75.09% | 148.06% | -17.06% | 7.92% | -33.04% | 53.54% | -46.61% | -27.80% | 202.27% | -11.14% | 17.47% | 28.54% | 1.27% | -20.19% | 16.31% | -31.08% | |
net income margin % | -3.58% | -1.97% | -0.23% | -9.85% | -8.03% | -2.79% | -3.56% | -3.76% | -9.39% | -7.69% | -7.01% | -30.62% | -13.12% | -16.72% | -16.76% | -27.09% | -19.50% | -40.03% | -62.28% | -23.30% | -28.95% | -27.02% | -23.18% | -26.21% | -35.89% | -33.55% | -55.25% |
net income per share | -0.07 | -0.03 | -0.15 | -0.11 | -0.04 | -0.04 | -0.04 | -0.1 | -0.08 | -0.07 | -0.28 | -0.12 | -0.14 | -0.13 | -0.2 | -0.13 | -0.24 | -0.34 | -0.12 | -0.13 | -0.11 | -0.09 | -0.09 | -0.11 | 0.09 | -0.35 | |
weighted-average shares used for eps calculation | 352,625 | 348,421 | 349,312 | 347,489 | 345,723 | 341,411 | 342,356 | 340,648 | 338,583 | 333,656 | 334,666 | 332,297 | 330,389 | 326,332 | 326,590 | 325,197 | 323,334 | 312,321 | 314,543 | 308,263 | 305,947 | 299,774 | 301,689 | 299,321 | 296,077 | 146,306 | 118,056 |
loss on extinguishment of debt | -50,300,000 | -72,234,000 | |||||||||||||||||||||||||
benefit from income taxes | -2,059,500 | -3,095,000 | -4,310,000 | -833,000 | |||||||||||||||||||||||
other expense | -257,500 | -651,000 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||
cash and cash equivalents | 932,226,000 | 943,536,000 | 1,052,644,000 | 1,518,608,000 | 204,459,000 | 147,691,000 | 182,883,000 | 156,967,000 | 254,401,000 | 86,864,000 | 94,143,000 | 159,318,000 | 256,363,000 | 204,178,000 | 137,838,000 | 142,675,000 | 151,976,000 | 313,777,000 | 618,231,000 | 247,551,000 | 187,476,000 | 108,895,000 | 111,959,000 | 313,983,000 | 109,063,000 | 138,976,000 | 501,706,000 |
available-for-sale securities | 3,231,652,000 | 3,157,715,000 | 2,990,864,000 | 2,441,112,000 | 1,710,415,000 | 1,708,228,000 | 1,640,963,000 | 1,600,430,000 | 1,461,801,000 | 1,586,880,000 | 1,480,162,000 | 1,425,302,000 | 1,459,229,000 | 1,445,759,000 | 1,498,424,000 | 1,499,173,000 | 1,573,264,000 | 1,508,066,000 | 1,195,646,000 | 785,991,000 | 847,748,000 | 923,201,000 | 939,338,000 | 755,108,000 | 478,791,000 | 497,972,000 | |
accounts receivable | 379,586,000 | 382,488,000 | 351,890,000 | 307,507,000 | 286,319,000 | 316,753,000 | 252,927,000 | 250,213,000 | 213,183,000 | 248,268,000 | 199,468,000 | 177,920,000 | 179,749,000 | 148,544,000 | 126,868,000 | 122,114,000 | 125,350,000 | 95,543,000 | 84,705,000 | 75,853,000 | 71,240,000 | 63,499,000 | 48,783,000 | 43,646,000 | 39,778,000 | 33,867,000 | 32,205,000 |
contract assets | 24,162,000 | 23,531,000 | 22,645,000 | 21,275,000 | 15,988,000 | 16,568,000 | 13,458,000 | 12,917,000 | 11,589,000 | 11,041,000 | 11,689,000 | 8,673,000 | 8,023,000 | 8,292,000 | 7,211,000 | 7,195,000 | 6,329,000 | 6,079,000 | 5,049,000 | 5,249,000 | 3,660,000 | 3,538,000 | 2,086,000 | 2,224,000 | 1,779,000 | 2,063,000 | 1,470,000 |
restricted cash short-term | 10,955,000 | 9,364,000 | 4,373,000 | 4,373,000 | 4,373,000 | 4,273,000 | 1,000,000 | 1,000,000 | 5,535,000 | 2,522,000 | 1,612,000 | 2,797,000 | 10,505,000 | 10,555,000 | 10,709,000 | 9,357,000 | 2,487,000 | 2,958,000 | 471,000 | 2,659,000 | 2,659,000 | 2,591,000 | 2,187,000 | ||||
prepaid expenses and other current assets | 137,075,000 | 128,203,000 | 114,349,000 | 112,956,000 | 402,737,000 | 75,484,000 | 72,647,000 | 71,491,000 | 69,663,000 | 47,502,000 | 70,929,000 | 44,050,000 | 40,531,000 | 70,556,000 | 34,737,000 | 33,499,000 | 35,404,000 | 29,433,000 | 26,475,000 | 28,650,000 | 27,085,000 | 28,230,000 | 23,026,000 | 17,163,000 | 18,193,000 | 16,994,000 | 16,898,000 |
total current assets | 4,715,656,000 | 4,644,837,000 | 4,536,765,000 | 4,405,831,000 | 2,624,291,000 | 2,268,997,000 | 2,163,878,000 | 2,093,018,000 | 2,016,172,000 | 1,983,077,000 | 1,858,003,000 | 1,818,060,000 | 1,954,400,000 | 1,887,884,000 | 1,815,787,000 | 1,814,013,000 | 1,894,810,000 | 1,955,856,000 | 1,930,577,000 | 1,145,953,000 | 1,139,868,000 | 1,129,954,000 | 1,127,379,000 | 1,132,124,000 | 647,604,000 | 689,872,000 | 695,678,000 |
property and equipment | 631,082,000 | 618,691,000 | 588,361,000 | 547,349,000 | 513,866,000 | 467,420,000 | 396,552,000 | 339,124,000 | 329,422,000 | 322,813,000 | 309,815,000 | 293,259,000 | 298,188,000 | 286,600,000 | 264,132,000 | 244,560,000 | 202,432,000 | 183,736,000 | 176,556,000 | 156,719,000 | 135,795,000 | 123,688,000 | 122,423,000 | 114,549,000 | 100,174,000 | 101,466,000 | 92,485,000 |
goodwill | 233,491,000 | 226,563,000 | 181,087,000 | 181,087,000 | 181,087,000 | 181,087,000 | 157,200,000 | 156,162,000 | 148,047,000 | 148,047,000 | 148,047,000 | 148,047,000 | 148,047,000 | 148,047,000 | 149,122,000 | 149,122,000 | 28,481,000 | 23,530,000 | 17,167,000 | 17,167,000 | 17,167,000 | 17,167,000 | 17,167,000 | 17,167,000 | 16,399,000 | 4,083,000 | 4,083,000 |
acquired intangible assets | 38,310,000 | 41,799,000 | 18,411,000 | 22,110,000 | 23,896,000 | 21,865,000 | 19,247,000 | 21,663,000 | 14,298,000 | 19,564,000 | 17,821,000 | 22,708,000 | 27,596,000 | 32,483,000 | 37,371,000 | 42,258,000 | 3,846,000 | 1,254,000 | 700,000 | 1,400,000 | 2,100,000 | 2,800,000 | 3,500,000 | 4,200,000 | 4,900,000 | 31,000 | 62,000 |
operating lease right-of-use assets | 244,167,000 | 237,646,000 | 222,148,000 | 185,355,000 | 178,091,000 | 168,379,000 | 151,513,000 | 141,870,000 | 141,820,000 | 138,556,000 | 126,407,000 | 130,043,000 | 130,908,000 | 132,360,000 | 132,962,000 | 132,165,000 | 138,871,000 | 130,314,000 | 101,260,000 | 44,456,000 | 41,745,000 | 43,148,000 | 45,106,000 | 46,150,000 | 48,234,000 | ||
deferred contract acquisition costs, noncurrent | 225,481,000 | 219,499,000 | 194,035,000 | 183,919,000 | 174,543,000 | 172,217,000 | 152,380,000 | 144,330,000 | 137,527,000 | 133,236,000 | 115,154,000 | 107,482,000 | 98,427,000 | 93,145,000 | 87,282,000 | 80,706,000 | 76,266,000 | 70,320,000 | 61,607,000 | 56,587,000 | 48,982,000 | 44,176,000 | 37,714,000 | 33,880,000 | 28,171,000 | 25,184,000 | 21,141,000 |
restricted cash | 1,232,000 | 1,457,000 | 2,475,000 | 2,475,000 | 2,250,000 | 2,250,000 | 2,023,000 | 2,023,000 | 1,838,000 | 1,838,000 | 1,885,000 | 2,264,000 | 1,564,000 | 471,000 | 471,000 | 1,746,000 | 5,969,000 | 4,223,000 | 6,660,000 | 6,660,000 | 6,660,000 | 6,660,000 | 6,660,000 | 8,847,000 | 8,847,000 | 6,660,000 | 6,660,000 |
other noncurrent assets | 74,558,000 | 45,764,000 | 43,113,000 | 34,235,000 | 23,235,000 | 18,947,000 | 19,953,000 | 18,483,000 | 12,506,000 | 12,636,000 | 12,778,000 | 11,345,000 | 8,434,000 | 6,918,000 | 3,490,000 | 3,889,000 | 3,274,000 | 2,838,000 | 20,987,000 | 16,990,000 | 13,209,000 | 13,058,000 | 11,276,000 | 7,138,000 | 4,202,000 | 3,528,000 | 3,569,000 |
total assets | 6,163,977,000 | 6,036,256,000 | 5,786,395,000 | 5,562,361,000 | 3,721,259,000 | 3,301,162,000 | 3,062,746,000 | 2,916,673,000 | 2,801,630,000 | 2,759,767,000 | 2,589,910,000 | 2,533,208,000 | 2,667,564,000 | 2,587,908,000 | 2,490,617,000 | 2,468,459,000 | 2,353,949,000 | 2,372,071,000 | 2,315,514,000 | 1,445,932,000 | 1,405,526,000 | 1,380,651,000 | 1,371,225,000 | 1,364,055,000 | 858,531,000 | 830,824,000 | 839,847,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||
accounts payable | 58,843,000 | 84,115,000 | 85,878,000 | 95,680,000 | 93,781,000 | 105,807,000 | 74,110,000 | 59,528,000 | 47,832,000 | 53,727,000 | 40,590,000 | 32,376,000 | 54,563,000 | 35,607,000 | 39,227,000 | 55,732,000 | 32,925,000 | 26,086,000 | 34,561,000 | 29,558,000 | 20,475,000 | 14,485,000 | 16,995,000 | 17,278,000 | 14,301,000 | 11,463,000 | 9,517,000 |
accrued expenses and other current liabilities | 126,462,000 | 109,054,000 | 92,514,000 | 80,463,000 | 89,615,000 | 81,602,000 | 68,885,000 | 66,916,000 | 68,412,000 | 63,597,000 | 55,685,000 | 54,600,000 | 69,374,000 | 66,425,000 | 55,070,000 | 53,184,000 | 40,888,000 | 38,085,000 | 33,841,000 | 33,483,000 | 24,022,000 | 45,627,000 | 38,630,000 | 32,076,000 | 27,872,000 | 28,314,000 | 23,121,000 |
accrued compensation | 103,395,000 | 111,005,000 | 90,201,000 | 77,940,000 | 76,457,000 | 80,854,000 | 65,797,000 | 57,813,000 | 62,299,000 | 63,801,000 | 52,190,000 | 46,774,000 | 45,669,000 | 42,014,000 | 42,573,000 | 36,639,000 | 39,978,000 | 65,905,000 | 37,185,000 | 31,098,000 | 31,724,000 | ||||||
operating lease liabilities | 74,603,000 | 70,901,000 | 65,321,000 | 56,812,000 | 53,062,000 | 47,626,000 | 43,028,000 | 40,740,000 | 39,273,000 | 38,351,000 | 35,076,000 | 35,366,000 | 34,796,000 | 33,275,000 | 28,526,000 | 28,298,000 | 27,305,000 | 25,175,000 | 23,450,000 | 20,031,000 | 17,990,000 | 17,717,000 | 17,265,000 | 17,239,000 | 17,009,000 | ||
deferred revenue | 755,097,000 | 684,207,000 | 598,978,000 | 546,698,000 | 508,094,000 | 477,765,000 | 389,795,000 | 370,968,000 | 356,243,000 | 347,608,000 | 294,100,000 | 267,979,000 | 238,795,000 | 218,647,000 | 171,398,000 | 155,811,000 | 131,650,000 | 116,546,000 | 92,415,000 | 79,829,000 | 66,418,000 | 54,945,000 | 48,435,000 | 43,419,000 | 37,096,000 | 30,843,000 | 29,835,000 |
current portion of convertible senior notes | 1,292,271,000 | 1,291,281,000 | 1,290,291,000 | 35,330,000 | 12,117,000 | ||||||||||||||||||||||
total current liabilities | 2,410,671,000 | 2,350,563,000 | 2,223,183,000 | 857,593,000 | 821,009,000 | 793,654,000 | 641,615,000 | 595,965,000 | 574,059,000 | 567,084,000 | 477,775,000 | 473,118,000 | 444,505,000 | 397,870,000 | 339,287,000 | 332,814,000 | 276,616,000 | 288,565,000 | 226,957,000 | 200,476,000 | 168,146,000 | 141,377,000 | 131,004,000 | 120,747,000 | 108,284,000 | 83,883,000 | 77,139,000 |
convertible senior notes | 1,975,556,000 | 1,974,120,000 | 1,972,707,000 | 3,260,506,000 | 1,288,311,000 | 1,287,321,000 | 1,286,332,000 | 1,285,342,000 | 1,284,352,000 | 1,283,362,000 | 1,282,372,000 | 1,281,383,000 | 1,437,355,000 | 1,436,192,000 | 1,435,030,000 | 1,433,867,000 | 1,432,705,000 | 1,146,877,000 | 1,143,308,000 | 401,428,000 | 392,246,000 | 383,275,000 | 374,511,000 | 365,949,000 | |||
operating lease liabilities, noncurrent | 182,106,000 | 182,025,000 | 173,432,000 | 144,795,000 | 134,521,000 | 128,266,000 | 121,374,000 | 112,508,000 | 113,017,000 | 113,490,000 | 101,673,000 | 106,992,000 | 108,804,000 | 107,624,000 | 104,017,000 | 105,348,000 | 114,619,000 | 109,037,000 | 81,113,000 | 26,936,000 | 25,627,000 | 27,309,000 | 29,675,000 | 30,869,000 | 33,795,000 | ||
deferred revenue, noncurrent | 39,874,000 | 41,088,000 | 45,900,000 | 35,805,000 | 27,555,000 | 22,095,000 | 21,990,000 | 23,579,000 | 17,645,000 | 17,244,000 | 17,354,000 | 18,860,000 | 13,465,000 | 11,732,000 | 8,686,000 | 6,841,000 | 5,577,000 | 4,680,000 | 4,561,000 | 4,728,000 | 5,064,000 | 1,891,000 | 1,637,000 | 1,599,000 | 996,000 | 804,000 | 816,000 |
other noncurrent liabilities | 29,062,000 | 29,337,000 | 24,157,000 | 23,935,000 | 23,985,000 | 23,625,000 | 18,345,000 | 17,734,000 | 15,333,000 | 15,540,000 | 11,479,000 | 11,021,000 | 10,849,000 | 10,526,000 | 9,608,000 | 9,099,000 | 8,955,000 | 7,114,000 | 6,425,000 | 11,268,000 | 10,403,000 | 9,859,000 | 7,951,000 | 9,273,000 | 9,104,000 | 9,803,000 | 10,993,000 |
total liabilities | 4,637,269,000 | 4,577,133,000 | 4,439,379,000 | 4,322,634,000 | 2,295,381,000 | 2,254,961,000 | 2,089,656,000 | 2,035,128,000 | 2,004,406,000 | 1,996,720,000 | 1,890,653,000 | 1,891,374,000 | 2,014,978,000 | 1,963,944,000 | 1,896,628,000 | 1,887,969,000 | 1,838,472,000 | 1,556,273,000 | 1,462,364,000 | 644,836,000 | 601,486,000 | 563,711,000 | 544,778,000 | 528,437,000 | 152,179,000 | 104,996,000 | 99,449,000 |
commitments and contingencies | |||||||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||||||
class a common stock; 0.001 par value... | 319,000 | 317,000 | 314,000 | 312,000 | 309,000 | 307,000 | 305,000 | 302,000 | 300,000 | 297,000 | 295,000 | 291,000 | 289,000 | 286,000 | 283,000 | 282,000 | 280,000 | 277,000 | 273,000 | 263,000 | 256,000 | 249,000 | 233,000 | 184,000 | 154,000 | 87,000 | 87,000 |
class b common stock; 0.001 par value... | 33,000 | 34,000 | 35,000 | 36,000 | 37,000 | 37,000 | 37,000 | 39,000 | 39,000 | 40,000 | 40,000 | 41,000 | 41,000 | 42,000 | 44,000 | 43,000 | 43,000 | 44,000 | 45,000 | 46,000 | 51,000 | 55,000 | 69,000 | 116,000 | 143,000 | 207,000 | 207,000 |
additional paid-in capital | 2,759,973,000 | 2,651,420,000 | 2,525,193,000 | 2,414,291,000 | 2,562,972,000 | 2,152,750,000 | 2,046,593,000 | 1,956,984,000 | 1,857,168,000 | 1,784,566,000 | 1,699,045,000 | 1,620,251,000 | 1,536,367,000 | 1,475,423,000 | 1,404,934,000 | 1,347,671,000 | 1,215,790,000 | 1,494,512,000 | 1,456,371,000 | 1,296,824,000 | 1,264,182,000 | 1,236,993,000 | 1,212,074,000 | 1,194,125,000 | 1,038,544,000 | 1,027,179,000 | 1,013,582,000 |
accumulated deficit | -1,227,834,000 | -1,204,907,000 | -1,192,830,000 | -1,191,540,000 | -1,141,094,000 | -1,102,640,000 | -1,089,792,000 | -1,074,461,000 | -1,059,383,000 | -1,023,840,000 | -995,975,000 | -972,440,000 | -877,973,000 | -839,891,000 | -793,974,000 | -751,428,000 | -687,891,000 | -680,829,000 | -603,328,000 | -495,993,000 | -460,483,000 | -420,520,000 | -386,499,000 | -360,031,000 | -333,896,000 | -301,706,000 | -273,551,000 |
accumulated other comprehensive income | -5,783,000 | 12,259,000 | 14,304,000 | 16,628,000 | 3,654,000 | -4,253,000 | 15,947,000 | -1,319,000 | -900,000 | 1,984,000 | -2,645,000 | -211,000 | -44,000 | 34,000 | 163,000 | 570,000 | 1,224,000 | 1,407,000 | 61,000 | 73,000 | |||||||
total stockholders’ equity | 1,526,708,000 | 1,459,123,000 | 1,347,016,000 | 1,239,727,000 | 1,425,878,000 | 1,046,201,000 | 973,090,000 | 881,545,000 | 797,224,000 | 763,047,000 | 699,257,000 | 641,834,000 | 652,586,000 | 623,964,000 | 593,989,000 | 580,490,000 | 515,477,000 | 811,359,000 | 853,150,000 | 801,096,000 | 804,040,000 | 816,940,000 | 826,447,000 | 835,618,000 | 706,352,000 | 725,828,000 | 740,398,000 |
total liabilities and stockholders’ equity | 6,163,977,000 | 6,036,256,000 | 5,786,395,000 | 5,562,361,000 | 3,721,259,000 | 3,301,162,000 | 3,062,746,000 | 2,916,673,000 | 2,801,630,000 | 2,759,767,000 | 2,589,910,000 | 2,533,208,000 | 2,667,564,000 | 2,315,514,000 | 1,445,932,000 | 1,405,526,000 | 1,380,651,000 | 1,371,225,000 | 1,364,055,000 | 858,531,000 | |||||||
liability for early exercise of unvested stock options | 134,000 | 693,000 | 1,308,000 | 1,902,000 | 2,493,000 | 3,150,000 | 3,870,000 | 4,651,000 | 5,505,000 | 6,477,000 | 7,517,000 | 8,603,000 | 9,679,000 | 10,735,000 | 12,006,000 | 13,263,000 | 14,629,000 | ||||||||||
accumulated other comprehensive loss | -4,148,000 | -6,309,000 | -6,138,000 | -11,896,000 | -17,298,000 | -16,078,000 | -12,745,000 | ||||||||||||||||||||
liabilities, temporary equity, and stockholders’ equity | |||||||||||||||||||||||||||
temporary equity, convertible senior notes | 4,439,000 | ||||||||||||||||||||||||||
total liabilities, temporary equity and stockholders’ equity | 2,587,908,000 | 2,490,617,000 | 2,468,459,000 | 2,353,949,000 | 2,372,071,000 | ||||||||||||||||||||||
liabilities, temporary equity and stockholders’ equity | |||||||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||||||
build-to-suit lease financing obligation | 10,506,000 | 10,501,000 | |||||||||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | |||||||||||||||||||||||||||
note payable, current portion | 37,000 | ||||||||||||||||||||||||||
redeemable convertible preferred stock | |||||||||||||||||||||||||||
redeemable convertible preferred stock; 0.001 par value... | |||||||||||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 830,824,000 | 839,847,000 | |||||||||||||||||||||||||
marketable securities | 143,399,000 | ||||||||||||||||||||||||||
long-term investments | 16,169,000 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||||||
net loss | -22,927,000 | -12,077,000 | -1,290,000 | -50,446,000 | -38,454,000 | -12,848,000 | -15,331,000 | -15,078,000 | -35,543,000 | -27,865,000 | -23,535,000 | -94,467,000 | -38,082,000 | -45,917,000 | -42,546,000 | -63,537,000 | -41,381,000 | -77,501,000 | -107,335,000 | -35,510,000 | -39,963,000 | -34,021,000 | -26,468,000 | -26,135,000 | -32,746,000 | -28,155,000 |
adjustments to reconcile net loss to cash from operating activities: | ||||||||||||||||||||||||||
depreciation and amortization expense | 57,814,000 | 52,586,000 | 49,468,000 | 45,481,000 | 42,207,000 | 36,246,000 | 31,709,000 | 29,655,000 | 30,112,000 | 36,180,000 | 34,458,000 | 33,673,000 | 31,509,000 | 29,633,000 | 27,350,000 | 25,338,000 | 20,014,000 | 18,332,000 | 17,030,000 | 16,027,000 | 15,218,000 | 14,358,000 | 12,916,000 | 11,550,000 | 10,563,000 | 8,556,000 |
non-cash operating lease costs | 20,266,000 | 19,245,000 | 17,310,000 | 15,215,000 | 14,657,000 | 13,852,000 | 12,500,000 | 11,261,000 | 11,863,000 | 11,893,000 | 10,974,000 | 10,864,000 | 11,061,000 | 9,378,000 | 8,848,000 | 9,496,000 | 8,610,000 | 7,351,000 | 6,736,000 | 5,658,000 | 5,346,000 | 5,631,000 | 4,802,000 | 4,789,000 | 4,543,000 | |
amortization of deferred contract acquisition costs | 30,980,000 | 27,923,000 | 26,404,000 | 24,164,000 | 23,132,000 | 21,115,000 | 19,716,000 | 18,884,000 | 18,107,000 | 16,617,000 | 15,746,000 | 14,902,000 | 14,109,000 | 13,096,000 | 11,801,000 | 10,556,000 | 9,662,000 | 8,579,000 | 7,773,000 | 6,855,000 | 6,060,000 | 5,239,000 | 4,623,000 | 3,963,000 | 3,499,000 | 3,099,000 |
stock-based compensation expense | 114,241,000 | 123,625,000 | 109,917,000 | 122,377,000 | 95,535,000 | 94,492,000 | 88,255,000 | 85,991,000 | 69,723,000 | 74,424,000 | 73,772,000 | 68,392,000 | 57,401,000 | 60,232,000 | 53,765,000 | 54,815,000 | 33,965,000 | 28,499,000 | 23,049,000 | 20,547,000 | 18,042,000 | 16,243,000 | 14,745,000 | 12,449,000 | 12,897,000 | 11,615,000 |
amortization of debt discount and issuance costs | 2,426,000 | 2,440,000 | 2,441,000 | 1,199,000 | 990,000 | 989,000 | 990,000 | 990,000 | 990,000 | 990,000 | 1,059,000 | 1,307,000 | 1,163,000 | 1,162,000 | 1,165,000 | 1,162,000 | 1,170,000 | 15,686,000 | 12,334,000 | 9,183,000 | 8,971,000 | 8,764,000 | 8,562,000 | |||
net accretion of discounts and amortization of premiums on available-for-sale securities | -7,360,000 | -8,353,000 | -9,557,000 | -5,615,000 | -6,372,000 | -8,101,000 | -9,952,000 | -11,315,000 | -12,713,000 | -13,402,000 | -11,989,000 | -10,822,000 | -8,228,000 | -3,929,000 | -132,000 | 1,603,000 | 2,195,000 | 2,353,000 | 2,140,000 | 1,985,000 | 1,879,000 | 1,394,000 | 615,000 | 89,000 | -456,000 | -664,000 |
deferred income taxes | -800,000 | 1,813,000 | 0 | -324,000 | -156,000 | 3,449,000 | -28,000 | -1,034,000 | -276,000 | 2,852,000 | 25,000 | -493,000 | -120,000 | 1,463,000 | 230,000 | -1,839,000 | 6,000 | 19,416,000 | -4,062,000 | -5,103,000 | -1,513,000 | 663,000 | -4,187,000 | -2,504,000 | -117,000 | |
provision for bad debt | 1,501,000 | 2,211,000 | 4,963,000 | 4,541,000 | 3,274,000 | 2,681,000 | 2,587,000 | 1,547,000 | 3,223,000 | 4,110,000 | 3,490,000 | 4,461,000 | 1,576,000 | 1,688,000 | 1,130,000 | 1,042,000 | 968,000 | 893,000 | 902,000 | 539,000 | 1,470,000 | 574,000 | 301,000 | 284,000 | 2,209,000 | 1,627,000 |
other | -4,483,000 | -3,112,000 | -153,000 | 2,720,000 | 507,000 | 282,000 | 70,000 | 185,000 | 106,000 | 116,000 | 219,000 | 508,000 | -14,000 | 54,000 | 311,000 | 151,000 | 113,000 | 400,000 | 27,000 | 5,000 | 79,000 | 74,000 | 22,000 | 102,000 | -197,000 | 277,000 |
changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations: | ||||||||||||||||||||||||||
accounts receivable | 1,401,000 | -32,680,000 | -49,346,000 | -25,729,000 | 27,160,000 | -66,507,000 | -5,301,000 | -38,577,000 | 31,862,000 | -52,910,000 | -25,038,000 | -2,632,000 | -32,781,000 | -23,364,000 | -5,884,000 | 3,828,000 | -30,775,000 | -11,731,000 | -9,754,000 | -5,152,000 | -9,211,000 | -15,290,000 | -5,438,000 | -4,152,000 | -8,120,000 | -3,289,000 |
contract assets | -631,000 | 1,570,000 | -1,370,000 | -5,287,000 | 580,000 | -3,110,000 | -541,000 | -1,328,000 | -548,000 | 648,000 | -3,016,000 | -650,000 | 269,000 | -1,081,000 | -16,000 | -866,000 | -250,000 | -1,030,000 | 200,000 | -1,589,000 | -122,000 | -1,452,000 | 138,000 | -445,000 | 284,000 | -593,000 |
deferred contract acquisition costs | -36,962,000 | -53,387,000 | -36,520,000 | -33,540,000 | -25,458,000 | -40,952,000 | -27,766,000 | -25,687,000 | -22,398,000 | -34,699,000 | -23,418,000 | -23,957,000 | -19,391,000 | -18,959,000 | -18,377,000 | -14,996,000 | -15,608,000 | -17,292,000 | -12,793,000 | -14,460,000 | -10,866,000 | -11,700,000 | -8,457,000 | -9,672,000 | -6,486,000 | -7,142,000 |
prepaid expenses and other current assets | -34,518,000 | -17,717,000 | -15,939,000 | -19,050,000 | -27,289,000 | -12,914,000 | -587,000 | -1,704,000 | -23,022,000 | -5,010,000 | -3,119,000 | -5,062,000 | -8,934,000 | -334,000 | -2,300,000 | 1,708,000 | -6,775,000 | -3,118,000 | 2,188,000 | -2,079,000 | 614,000 | -5,503,000 | -5,960,000 | 915,000 | -1,086,000 | -96,000 |
other noncurrent assets | 6,393,000 | 2,350,000 | 130,000 | -806,000 | 5,118,000 | 1,549,000 | -1,320,000 | 1,181,000 | 760,000 | 2,207,000 | 802,000 | -1,180,000 | -811,000 | -1,937,000 | 1,027,000 | 456,000 | -85,000 | 72,000 | -128,000 | 229,000 | 1,361,000 | -1,338,000 | -36,000 | -236,000 | -658,000 | 111,000 |
accounts payable | -17,298,000 | 13,193,000 | -4,082,000 | 595,000 | -842,000 | 10,809,000 | -8,179,000 | 12,923,000 | 3,073,000 | 6,529,000 | -1,350,000 | -5,032,000 | 11,634,000 | -10,290,000 | -7,489,000 | 6,312,000 | 1,862,000 | -3,358,000 | -947,000 | 586,000 | 6,181,000 | -2,958,000 | 315,000 | 2,826,000 | 1,507,000 | -334,000 |
accrued expenses and other current liabilities | 9,506,000 | -2,188,000 | 16,852,000 | -11,461,000 | 12,219,000 | -1,416,000 | 11,062,000 | -3,584,000 | 3,838,000 | 17,410,000 | 6,924,000 | 804,000 | 650,000 | 18,280,000 | 6,836,000 | -5,052,000 | -25,427,000 | 36,750,000 | 11,211,000 | 817,000 | 10,119,000 | 8,530,000 | 4,366,000 | 4,139,000 | 40,000 | 6,682,000 |
accrued compensation | -7,610,000 | 17,328,000 | 12,261,000 | 1,483,000 | -4,397,000 | |||||||||||||||||||||
operating lease liabilities | -23,004,000 | -21,827,000 | -16,957,000 | -12,295,000 | -12,678,000 | -19,228,000 | -10,989,000 | -10,353,000 | -14,678,000 | -8,950,000 | -12,947,000 | -11,241,000 | -6,908,000 | -420,000 | -10,748,000 | -11,068,000 | -9,455,000 | -6,756,000 | -5,944,000 | -5,019,000 | -5,352,000 | -5,587,000 | -4,926,000 | -5,401,000 | -4,804,000 | |
deferred revenue | 69,676,000 | 78,797,000 | 62,375,000 | 46,854,000 | 35,789,000 | 88,075,000 | 17,238,000 | 20,659,000 | 9,036,000 | 53,398,000 | 24,615,000 | 34,579,000 | 21,881,000 | 50,295,000 | 17,432,000 | 18,476,000 | 16,001,000 | 24,250,000 | 12,419,000 | 13,075,000 | 14,646,000 | 6,764,000 | 5,054,000 | 6,926,000 | 6,445,000 | 996,000 |
other noncurrent liabilities | -281,000 | -1,329,000 | 216,000 | -280,000 | 262,000 | 103,000 | 594,000 | 199,000 | 64,000 | 903,000 | 428,000 | 197,000 | 430,000 | -927,000 | 285,000 | 666,000 | -277,000 | -1,178,000 | -4,845,000 | 861,000 | 535,000 | 802,000 | 986,000 | 197,000 | -1,593,000 | -1,634,000 |
net cash from operating activities | 158,330,000 | 190,411,000 | 167,123,000 | 99,796,000 | 145,784,000 | 127,308,000 | 104,727,000 | 74,815,000 | 73,579,000 | 85,441,000 | 68,100,000 | 64,451,000 | 36,414,000 | 78,123,000 | 42,688,000 | 38,251,000 | -35,467,000 | 40,617,000 | -6,918,000 | 7,455,000 | 23,494,000 | -8,813,000 | 1,973,000 | 3,987,000 | -14,276,000 | -8,574,000 |
capital expenditures | -74,256,000 | -90,967,000 | -92,152,000 | -66,516,000 | -92,917,000 | -79,554,000 | -59,448,000 | -36,540,000 | -37,972,000 | -34,725,000 | -33,225,000 | -44,481,000 | -22,511,000 | -44,463,000 | -47,302,000 | -42,665,000 | -28,934,000 | -31,981,000 | -32,814,000 | -17,230,000 | -25,713,000 | -14,667,000 | -19,827,000 | -24,141,000 | -16,327,000 | -14,966,000 |
free cash flows | 84,074,000 | 99,444,000 | 74,971,000 | 33,280,000 | 52,867,000 | 47,754,000 | 45,279,000 | 38,275,000 | 35,607,000 | 50,716,000 | 34,875,000 | 19,970,000 | 13,903,000 | 33,660,000 | -4,614,000 | -4,414,000 | -64,401,000 | 8,636,000 | -39,732,000 | -9,775,000 | -2,219,000 | -23,480,000 | -17,854,000 | -20,154,000 | -30,603,000 | -23,540,000 |
cash flows from investing activities | ||||||||||||||||||||||||||
purchases of property and equipment | -65,231,000 | -85,190,000 | -84,641,000 | -59,897,000 | -85,889,000 | -73,153,000 | -50,203,000 | -29,625,000 | -32,056,000 | -30,816,000 | -27,291,000 | -38,748,000 | -17,541,000 | -40,145,000 | -41,896,000 | -37,084,000 | -24,481,000 | -28,334,000 | -28,812,000 | -13,572,000 | -22,268,000 | -10,413,000 | -15,357,000 | -19,200,000 | -11,405,000 | -12,308,000 |
capitalized internal-use software | -9,025,000 | -5,777,000 | -7,511,000 | -6,619,000 | -7,028,000 | -6,401,000 | -9,245,000 | -6,915,000 | -5,916,000 | -3,909,000 | -5,934,000 | -5,733,000 | -4,970,000 | -4,318,000 | -5,406,000 | -5,581,000 | -4,453,000 | -3,647,000 | -4,002,000 | -3,658,000 | -3,445,000 | -4,254,000 | -4,470,000 | -4,941,000 | -4,922,000 | -2,658,000 |
asset acquisitions and business combinations, net of cash acquired | -9,134,000 | -44,422,000 | 0 | -1,606,000 | -4,856,000 | -22,976,000 | -1,038,000 | |||||||||||||||||||
purchases of available-for-sale securities | -769,117,000 | -950,516,000 | -1,055,794,000 | -1,127,103,000 | -403,672,000 | -384,826,000 | -396,612,000 | -491,680,000 | -298,995,000 | -584,499,000 | -497,918,000 | -318,890,000 | -476,206,000 | -377,854,000 | -332,723,000 | -157,833,000 | -264,541,000 | -528,382,000 | -679,678,000 | -192,828,000 | -188,377,000 | -310,868,000 | -376,710,000 | -468,828,000 | -110,609,000 | -380,307,000 |
maturities of available-for-sale securities | 693,152,000 | 793,037,000 | 518,131,000 | 402,056,000 | 408,769,000 | 320,315,000 | 380,687,000 | 358,451,000 | 433,903,000 | 523,651,000 | 430,908,000 | 363,468,000 | 493,988,000 | 402,350,000 | 332,384,000 | 226,988,000 | 187,048,000 | 201,215,000 | 251,960,000 | 252,522,000 | 261,822,000 | 325,204,000 | 191,212,000 | 192,252,000 | 131,580,000 | 42,600,000 |
other investing activities | 549,000 | 1,149,000 | 297,000 | 144,000 | 238,000 | 9,000 | 11,000 | 4,000 | 14,000 | 9,000 | 6,000 | 11,000 | 48,000 | 11,000 | 0 | 23,000 | 2,000 | 0 | 3,000 | 6,000 | 44,000 | 2,000 | 172,000 | 0 | 223,000 | 14,000 |
net cash from investing activities | -158,806,000 | -291,719,000 | -629,518,000 | -793,025,000 | -92,438,000 | -167,032,000 | -76,400,000 | -183,742,000 | 96,950,000 | -101,647,000 | -100,229,000 | 108,000 | 15,567,000 | -19,956,000 | -48,887,000 | -56,048,000 | -110,805,000 | -354,795,000 | -444,773,000 | 42,470,000 | 47,776,000 | -579,000 | -205,153,000 | -300,769,000 | -8,772,000 | -352,659,000 |
cash flows from financing activities | ||||||||||||||||||||||||||
proceeds from the exercise of stock options | 5,703,000 | 3,668,000 | 11,513,000 | 6,713,000 | 11,229,000 | 3,874,000 | 1,417,000 | 3,192,000 | 4,422,000 | 3,467,000 | 4,325,000 | 3,754,000 | 3,305,000 | 1,870,000 | 2,153,000 | 2,971,000 | 3,006,000 | 4,583,000 | 5,283,000 | 3,555,000 | 7,964,000 | 1,733,000 | 1,389,000 | 1,660,000 | 2,675,000 | 159,000 |
payment of tax withholding obligation on rsu and psu settlement | -15,071,000 | |||||||||||||||||||||||||
payment of indemnity holdback | -100,000 | 0 | -1,275,000 | 0 | ||||||||||||||||||||||
net cash from financing activities | -9,468,000 | -3,827,000 | -3,569,000 | 2,007,603,000 | 3,522,000 | 8,032,000 | -2,411,000 | 7,143,000 | 21,000 | 9,790,000 | -34,610,000 | -168,612,000 | 1,247,000 | 8,019,000 | 1,439,000 | 11,143,000 | -14,254,000 | 9,774,000 | 820,183,000 | 10,150,000 | 7,379,000 | 6,732,000 | 1,156,000 | 501,702,000 | -4,678,000 | -1,497,000 |
net increase in cash, cash equivalents, and restricted cash | -9,944,000 | -105,135,000 | -465,964,000 | 1,314,374,000 | 56,868,000 | -31,692,000 | 25,916,000 | -101,784,000 | 170,550,000 | -6,416,000 | -66,739,000 | -104,053,000 | 53,228,000 | 66,186,000 | -4,760,000 | -6,654,000 | -160,526,000 | -304,404,000 | 368,492,000 | 60,075,000 | 78,649,000 | -2,660,000 | -202,024,000 | 204,920,000 | -27,726,000 | -362,730,000 |
cash, cash equivalents, and restricted cash, beginning of period | 954,357,000 | 0 | 0 | 0 | 154,214,000 | 0 | 0 | 0 | 91,224,000 | 0 | 0 | 0 | 215,204,000 | 0 | 0 | 0 | 320,958,000 | 0 | 0 | 0 | 118,146,000 | 0 | 0 | 0 | 145,636,000 | 0 |
cash, cash equivalents, and restricted cash, end of period | 944,413,000 | -105,135,000 | -465,964,000 | 1,314,374,000 | 211,082,000 | -31,692,000 | 25,916,000 | -101,784,000 | 261,774,000 | -6,416,000 | -66,739,000 | -104,053,000 | 268,432,000 | 66,186,000 | -4,760,000 | -6,654,000 | 160,432,000 | -304,404,000 | 368,492,000 | 60,075,000 | 196,795,000 | -2,660,000 | -202,024,000 | 204,920,000 | 117,910,000 | -362,730,000 |
supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||
cash paid for interest | 28,000 | 5,000 | 15,000 | 7,000 | 2,000 | 5,000 | 7,000 | 55,000 | 8,000 | 4,000 | 71,000 | 594,000 | 1,000 | 1,000 | 594,000 | 48,000 | 677,000 | 771,000 | 2,156,000 | 30,000 | 0 | 0 | 34,000 | 213,000 | ||
cash paid for income taxes, net of refunds | 2,343,000 | 2,339,000 | 2,473,000 | 1,030,000 | 971,000 | 1,283,000 | 1,844,000 | 897,000 | 449,000 | 1,448,000 | 1,297,000 | 1,260,000 | 451,000 | 116,000 | 874,000 | 281,000 | 323,000 | 286,000 | 656,000 | 593,000 | ||||||
cash paid for operating lease liabilities | 21,216,000 | 16,854,000 | 16,904,000 | 15,474,000 | 14,764,000 | 13,835,000 | 10,258,000 | 12,530,000 | 11,990,000 | 11,041,000 | 7,265,000 | 8,610,000 | 8,470,000 | 8,291,000 | 6,846,000 | 5,558,000 | 5,187,000 | 5,174,000 | 5,312,000 | 5,467,000 | 4,477,000 | |||||
supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||||||||||||
stock-based compensation capitalized for software development and cloud computing arrangements | 3,681,000 | |||||||||||||||||||||||||
accounts payable and accrued expenses related to property and equipment additions | 20,928,000 | -9,492,000 | 5,058,000 | 46,032,000 | 22,151,000 | -2,718,000 | 16,961,000 | 10,462,000 | -4,929,000 | 13,276,000 | -6,781,000 | 18,295,000 | 16,922,000 | -8,133,000 | 2,335,000 | 16,515,000 | 2,827,000 | -575,000 | 129,000 | 4,522,000 | 2,280,000 | |||||
operating lease right-of-use assets obtained in exchange for operating lease liabilities | 23,911,000 | 51,489,000 | 24,061,000 | 22,209,000 | 20,263,000 | 9,588,000 | 13,282,000 | 5,668,000 | 8,565,000 | 8,071,000 | 8,246,000 | 1,571,000 | 15,966,000 | 35,415,000 | 62,801,000 | 8,375,000 | 3,230,000 | 3,368,000 | 2,221,000 | 2,386,000 | ||||||
reclassification of the 2025 capped calls from equity to derivative asset | 308,299,000 | |||||||||||||||||||||||||
loss on extinguishment of debt | 0 | 0 | 0 | |||||||||||||||||||||||
sales of available-for-sale securities | 0 | 0 | 0 | 20,248,000 | 9,958,000 | 0 | ||||||||||||||||||||
proceeds from settlement of the 2025 capped calls | 0 | 0 | ||||||||||||||||||||||||
gross proceeds from issuance of 2030 convertible senior notes | 0 | 0 | ||||||||||||||||||||||||
purchases of capped calls related to the 2030 convertible senior notes | 0 | 0 | ||||||||||||||||||||||||
cash paid for issuance costs on 2030 convertible senior notes | -15,000 | -1,116,000 | ||||||||||||||||||||||||
repayments of convertible senior notes | 0 | -35,400,000 | 0 | 0 | 0 | -16,571,000 | ||||||||||||||||||||
cash paid for issuance costs on revolving credit facility | 0 | 0 | ||||||||||||||||||||||||
proceeds from the early exercise of stock options | 0 | 0 | 51,000 | 0 | 0 | 62,000 | 20,000 | 0 | 0 | 95,000 | 61,000 | 100,000 | 48,000 | 32,000 | 38,000 | |||||||||||
repurchases of unvested common stock | 0 | 0 | 0 | 0 | 0 | -3,000 | -1,000 | -19,000 | -19,000 | -150,000 | -44,000 | -12,000 | -31,000 | -70,000 | -128,000 | |||||||||||
proceeds from the issuance of common stock for employee stock purchase plan | 12,378,000 | 0 | 9,341,000 | 0 | 8,633,000 | 0 | 6,604,000 | -1,000 | 7,810,000 | 0 | 5,476,000 | 0 | ||||||||||||||
payment of tax withholding obligation on rsu settlement | -13,966,000 | -10,510,000 | -7,707,000 | -4,183,000 | -3,828,000 | -4,362,000 | -4,401,000 | -2,310,000 | -2,260,000 | -1,325,000 | -2,058,000 | -506,000 | -713,000 | -516,000 | -748,000 | -1,601,000 | -943,000 | -560,000 | -530,000 | -494,000 | -299,000 | -193,000 | -7,115,000 | |||
stock-based compensation capitalized for software development | 2,803,000 | 2,332,000 | 2,529,000 | 2,332,000 | 3,557,000 | 2,511,000 | 2,439,000 | 2,117,000 | 1,885,000 | 1,640,000 | 1,225,000 | 1,547,000 | 1,109,000 | 814,000 | 856,000 | 882,000 | 660,000 | 928,000 | 1,054,000 | 578,000 | 547,000 | |||||
vesting of early exercised stock options | 35,000 | 32,000 | 31,000 | 559,000 | 581,000 | 590,000 | 656,000 | 719,000 | 841,000 | 874,000 | 952,000 | 1,021,000 | 1,031,000 | 1,140,000 | 1,288,000 | 1,223,000 | 1,279,000 | |||||||||
indemnity holdback consideration associated with asset acquisitions and business combinations | ||||||||||||||||||||||||||
maturity of marketable securities in other current assets | ||||||||||||||||||||||||||
changes in operating assets and liabilities, net of effect of acquisitions: | ||||||||||||||||||||||||||
indemnity holdback consideration associated with business combinations | -97,000 | 9,307,000 | 1,275,000 | -1,000 | 0 | 2,188,000 | ||||||||||||||||||||
exchange of convertible senior notes attributable to the accreted interest related to debt discount | 0 | |||||||||||||||||||||||||
gross proceeds from issuance of convertible senior notes | 0 | 0 | 0 | |||||||||||||||||||||||
purchases of capped calls related to convertible senior notes | 0 | 0 | 0 | |||||||||||||||||||||||
cash consideration paid in exchange of convertible senior debt | 0 | |||||||||||||||||||||||||
cash paid for issuance costs on convertible senior notes | -1,037,000 | 0 | -22,000 | |||||||||||||||||||||||
cash paid for acquisitions, net of cash acquired | 0 | -1,246,000 | -82,561,000 | -4,380,000 | -250,000 | 0 | -52,000 | -13,639,000 | ||||||||||||||||||
issuance of common stock related to an acquisition | 0 | 63,547,000 | 1,957,000 | 0 | 717,000 | 1,104,000 | ||||||||||||||||||||
adjustments to reconcile net loss to cash provided (used in) by operating activities: | ||||||||||||||||||||||||||
payments on note payable | 0 | 0 | 0 | -200,000 | -37,000 | |||||||||||||||||||||
payment of tax withholding obligation on common stock issued under employee stock purchase plan | 0 | 0 | ||||||||||||||||||||||||
debt issuance costs, accrued but not paid | ||||||||||||||||||||||||||
issuance of common stock for exchange of convertible senior notes | 0 | |||||||||||||||||||||||||
change in fair value of redeemable convertible preferred stock warrant liability | 0 | |||||||||||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions | 0 | |||||||||||||||||||||||||
proceeds from build-to-suit lease financing obligation drawdown | 5,000 | |||||||||||||||||||||||||
payments of deferred offering costs | -1,534,000 | |||||||||||||||||||||||||
deferred offering costs, accrued but not paid | -1,534,000 | |||||||||||||||||||||||||
derecognition of build-to-suit lease | 0 | 0 | 9,886,000 | |||||||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock | 0 | |||||||||||||||||||||||||
conversion of redeemable convertible preferred stock warrant liability reclassified to additional paid-in capital | 0 | |||||||||||||||||||||||||
proceeds from issuance of preferred stock, net of issuance costs | ||||||||||||||||||||||||||
cash paid for income taxes | 163,000 | |||||||||||||||||||||||||
payments on related party promissory note payable | ||||||||||||||||||||||||||
cash paid for taxes | 364,000 | |||||||||||||||||||||||||
liability for early exercise of unvested stock options |