← Cloudflare, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Depreciation and amortization expense | $12.2m | $18.9m | $29.5m | $49.4m | $66.6m | $102.3m | $135.8m | $127.7m | $189.7m | |
| Amortization of deferred contract acquisition costs | $4.0m | $7.1m | $10.8m | $17.3m | $29.3m | $45.1m | $61.4m | $77.8m | $101.6m | |
| Amortization of debt issuance costs | — | — | — | — | — | $4.7m | $4.5m | $4.0m | $7.1m | |
| Net accretion of discounts and amortization of premiums on available-for-sale securities | $338k | ($570k) | ($1.8m) | $1.6m | $8.4m | ($263k) | ($44.4m) | ($42.1m) | ($29.9m) | |
| Deferred income taxes | ($135k) | $385k | $370k | ($6.1m) | $8.7m | ($140k) | $2.3m | $2.1m | $1.3m | |
| Non-cash operating lease costs | $3.2m | $0 | $0 | $19.8m | $25.1m | $36.3m | $44.8m | $49.5m | $66.4m | |
| Loss on extinguishment of debt | — | — | $0 | $0 | $72.2m | $0 | $50.3m | $0 | $0 | |
| Operating lease liabilities | — | $0 | $0 | ($20.7m) | ($23.1m) | ($31.7m) | ($40.0m) | ($55.2m) | ($63.8m) | |
| Cash paid for operating lease liabilities | $3.2m | $0 | $0 | $20.9m | $22.8m | $28.9m | $40.7m | $51.4m | $70.9m | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | — | $0 | $0 | $9.9m | $109.8m | $33.1m | $44.7m | $71.8m | $130.1m | |
| Net loss | ($10.7m) | ($87.2m) | ($105.8m) | ($119.4m) | ($260.3m) | ($193.4m) | ($183.9m) | ($78.8m) | ($102.3m) | |
| Stock-based compensation expense | $2.8m | $27.3m | $36.6m | $56.3m | $90.1m | $202.8m | $274.0m | $338.5m | $451.5m | |
| Provision for bad debt | $0 | $1.1m | $2.5m | $3.4m | $3.8m | $4.8m | $13.6m | $10.0m | $15.0m | |
| Other | $9k | $46k | $304k | $1k | $511k | $629k | $829k | $643k | ($38k) | |
| Accounts receivable, net | ($2.1m) | ($14.8m) | ($11.2m) | ($33.0m) | ($35.8m) | ($56.2m) | ($113.4m) | ($78.5m) | ($80.6m) | |
| Contract assets | ($3.1m) | $2.2m | ($511k) | ($1.5m) | ($2.5m) | ($2.2m) | ($2.7m) | ($5.5m) | ($4.5m) | |
| Deferred contract acquisition costs | ($9.0m) | ($12.2m) | ($20.1m) | ($36.3m) | ($55.4m) | ($67.9m) | ($101.5m) | ($116.8m) | ($148.9m) | |
| Prepaid expenses and other current assets | $941k | ($5.9m) | ($7.6m) | ($11.6m) | ($2.4m) | ($7.7m) | ($22.1m) | ($38.2m) | ($80.0m) | |
| Other noncurrent assets | ($1.3m) | ($352k) | ($1.6m) | ($2.3m) | $1.5m | ($539k) | $1.0m | $2.2m | $6.8m | |
| Accounts payable | ($957k) | $4.4m | ($1.3m) | $1.7m | $2.5m | ($9.6m) | $11.8m | $18.6m | $8.9m | |
| Accrued expenses and other current liabilities | $4.0m | $6.8m | $12.3m | $17.1m | $58.9m | ($5.4m) | $25.8m | $9.9m | $15.4m | |
| Accrued compensation | — | — | — | — | — | ($24.3m) | $21.8m | $18.7m | $26.7m | |
| Deferred revenue | $5.5m | $4.9m | $14.6m | $25.2m | $64.4m | $102.2m | $134.5m | $135.0m | $223.8m | |
| Other noncurrent liabilities | $688k | $3.4m | $2.5m | $392k | ($4.6m) | ($253k) | $2.0m | $960k | ($1.1m) | |
| Purchases of property and equipment | ($19.0m) | ($25.5m) | ($43.3m) | ($56.4m) | ($93.0m) | ($143.6m) | ($114.4m) | ($185.0m) | ($315.6m) | |
| Capitalized internal-use software | ($3.9m) | ($9.4m) | ($14.0m) | ($18.6m) | ($14.8m) | ($19.8m) | ($20.5m) | ($28.5m) | ($26.9m) | |
| Purchases of available-for-sale securities | ($47.1m) | ($145.3m) | ($537.4m) | ($1.3b) | ($1.6b) | ($1.1b) | ($1.9b) | ($1.6b) | ($3.5b) | |
| Sales of available-for-sale securities | $0 | $0 | $2.0m | $0 | $25.7m | $0 | $20.2m | $0 | $0 | |
| Maturities of available-for-sale securities | $79.8m | $59.2m | $175.0m | $840.2m | $967.5m | $1.1b | $1.8b | $1.5b | $2.1b | |
| Proceeds from settlement of the 2025 Capped Calls | — | — | — | — | — | — | $0 | $0 | $309.6m | |
| Gross proceeds from issuance of 2030 convertible senior notes | — | $0 | $0 | $575.0m | $1.3b | $0 | $0 | $0 | $2.0b | |
| Purchases of capped calls related to the 2030 convertible senior notes | — | — | — | — | — | — | $0 | $0 | ($283.4m) | |
| Cash paid for issuance costs on 2030 convertible senior notes | — | $0 | $0 | ($12.5m) | ($19.8m) | $0 | $0 | $0 | ($29.0m) | |
| Repayments of convertible senior notes | — | — | — | — | $0 | ($16.6m) | ($207.6m) | $0 | $0 | |
| Cash paid for issuance costs on revolving credit facility | — | — | — | — | — | $0 | $0 | ($2.1m) | $0 | |
| Proceeds from the exercise of stock options | $1.1m | $4.4m | $3.1m | $7.5m | $21.4m | $10.0m | $14.9m | $12.9m | $33.1m | |
| Proceeds from the early exercise of stock options | $1.7m | $14.5m | $2.9m | $241k | $115k | $113k | $0 | $6k | $0 | |
| Payment of tax withholding obligation on RSU and PSU settlement | — | $0 | $0 | ($8.5m) | ($3.6m) | ($2.5m) | ($8.0m) | ($16.8m) | ($48.3m) | |
| Payment of indemnity holdback | — | — | $0 | $0 | ($2.2m) | $0 | ($10.5m) | ($1.0m) | ($3.8m) | |
| Stock-based compensation capitalized for software development and cloud computing arrangements | $51k | $267k | $2.0m | $3.4m | $3.2m | $5.5m | $6.6m | $10.8m | $12.0m | |
| Accounts payable and accrued expenses related to property and equipment additions | $563k | $5.8m | $3.6m | $3.1m | $13.5m | $29.0m | $26.4m | $57.2m | $26.4m | |
| Vesting of early exercised stock options | $455k | $1.4m | $3.7m | $4.7m | $3.9m | $2.9m | $1.8m | $109k | $0 | |
| Indemnity holdback consideration associated with asset acquisitions and business combinations | — | — | — | — | $0 | $10.5m | $1.0m | $6.5m | $7.8m | |
| Net cash provided by operating activities | $3.2m | ($43.3m) | ($38.9m) | ($17.1m) | $64.6m | $123.6m | $254.4m | $380.4m | $603.1m | |
| Asset acquisitions and business combinations, net of cash acquired | — | — | — | — | ($5.6m) | ($88.2m) | ($6.1m) | ($38.0m) | ($50.9m) | |
| Other investing activities | $28k | $64k | $44k | $397k | $53k | $36k | $74k | $38k | $1.8m | |
| Net cash used in investing activities | $9.5m | ($120.8m) | ($417.6m) | ($515.3m) | ($709.3m) | ($235.7m) | ($186.2m) | ($330.2m) | ($1.8b) | |
| Proceeds from the issuance of common stock for employee stock purchase plan | — | $0 | $0 | $10.9m | $15.0m | $15.3m | $19.1m | $19.8m | $25.4m | |
| Repurchases of unvested common stock | ($16k) | ($65k) | ($283k) | ($157k) | ($189k) | ($3k) | ($34k) | $0 | $0 | |
| Net cash provided by (used in) financing activities | ($149k) | $168.6m | $570.8m | $504.9m | $847.5m | $6.3m | ($192.2m) | $12.8m | $2.0b | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $12.6m | $4.5m | $114.2m | ($27.5m) | $202.8m | ($105.8m) | ($124.0m) | $63.0m | $800.1m | |
| Cash, cash equivalents, and restricted cash, beginning of period | $26.9m | $31.4m | $145.6m | $118.1m | $321.0m | $215.2m | $91.2m | $154.2m | $954.4m | |
| Cash paid for interest | $812k | $786k | $786k | $2.2m | $3.6m | $1.2m | $670k | $75k | $29k | |
| Cash paid for income taxes, net of refunds | $825k | $2.7m | $2.4m | $702k | $1.5m | $2.2m | $4.5m | $5.0m | $7.8m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.