- First quarter revenue totaled $91 million, growing 48%
year-over-year
- Q1 GAAP gross margin of 77.2%, representing an increase of 50
basis points year-over-year; non-GAAP gross-margin of 78.3%,
representing an increase of 150 basis points year-over-year
- Q1 GAAP net loss per share of $(0.11), representing an
improvement of $0.09 year-over-year; non-GAAP net loss per share of
$(0.04), an improvement of $0.15 year-over-year
Cloudflare, Inc. (NYSE: NET), the security, performance, and
reliability company helping to build a better Internet, today
announced financial results for its first quarter ended March 31,
2020.
“Cloudflare's mission is to help build a better Internet, and
the world’s leaning on the Internet more than ever before. Our
scalable global network is solving digital transformation needs for
our customers in hours or minutes, faster than hardware could even
ship to vacant offices,” said Matthew Prince, co-founder and CEO of
Cloudflare. “I’m proud of the strong results for the quarter, and
the role we are playing, as a guardian of the Internet, when the
world needs it most.”
First Quarter Fiscal 2020 Financial Highlights
- Revenue: Total revenue of $91.3 million, representing an
increase of 48% year-over-year.
- Gross Profit: GAAP gross profit was $70.4 million, or
77.2% gross margin, compared to $47.4 million, or 76.7%, in the
first quarter of 2019. Non-GAAP gross profit was $71.5 million, or
78.3% gross margin, compared to $47.4 million, or 76.8%, in the
first quarter of 2019.
- Operating Loss: GAAP loss from operations was $36.1
million, or 39.5% of total revenue, compared to $17.1 million, or
27.8% of total revenue, in the first quarter of 2019. Non-GAAP loss
from operations was $14.4 million, or 15.8% of total revenue,
compared to $16.1 million, or 26.0% of total revenue, in the first
quarter of 2019.
- Net Loss: GAAP net loss was $32.7 million, compared to
$17.1 million in the first quarter of 2019. Non-GAAP net loss was
$12.3 million, compared to $16.0 million in the first quarter of
2019. GAAP net loss per share was $0.11, compared to $0.20 in the
first quarter of 2019. Non-GAAP net loss per share was $0.04,
compared to $0.19 in the first quarter of 2019.
- Cash Flow: Net cash flow from operations was negative
$14.3 million, compared to negative $9.7 million for the first
quarter of 2019. Free cash flow was negative $30.6 million, or 34%
of total revenue, compared to negative $22.1 million, or 36% of
total revenue, in the first quarter of 2019.
- Cash, cash equivalents, and available-for-sale
securities were $588 million as of March 31, 2020.
The section titled "Non-GAAP Financial Information" below
describes our usage of non-GAAP financial measures. Reconciliations
between historical GAAP and non-GAAP information are contained at
the end of this press release following the accompanying financial
data.
Financial Outlook
The following forward-looking statements regarding our financial
outlook are subject to substantial uncertainty as a result of the
COVID-19 pandemic, reflect our estimates as of May 7, 2020
regarding the impact of the pandemic on our operations, and are
highly dependent on numerous factors that we may not be able to
predict or control, including, among others: the duration and
spread of the pandemic; actions taken by governments in response to
the pandemic and the resulting impact on our customers, vendors,
and partners; the impact of the pandemic on global and regional
economies and economic activity generally; our ability to continue
operating in impacted areas; and customer demand and spending
patterns.
For the second quarter of fiscal 2020, we expect:
- Total revenue of $93.5 to $94.5 million
- Non-GAAP loss from operations of $20 to $19 million
- Non-GAAP net loss per share of $0.06 to $0.05, utilizing
weighted average common shares outstanding of approximately 299
million
For the full year fiscal 2020, we are reaffirming our previous
guidance of:
- Total revenue of $389 to $393 million
- Non-GAAP loss from operations of $65 to $61 million
- Non-GAAP net loss per share of $0.21 to $0.19, utilizing
weighted average common shares outstanding of approximately 301
million
Conference Call Information
Cloudflare will host an investor conference call to discuss its
first quarter ended March 31, 2020 earnings results today at 2:00
p.m. Pacific time (5:00 p.m. Eastern time). Interested parties can
access the call by dialing (866) 211-4146 from the United States or
(647) 689-6734 internationally with conference ID 8888489. A live
webcast of the conference call will be accessible from the investor
relations website at cloudflare.NET. A replay will be available
approximately two hours after the conclusion of the live event and
will remain available for approximately 30 days.
Supplemental Financial and Other Information
Supplemental financial and other information can be accessed
through the Company’s investor relations website at cloudflare.NET.
During the quarter ended March 31, 2020, we transitioned the method
for calculating our key business metrics from a billings-based
methodology to a revenue-based methodology. We believe the change
in methodology to GAAP-based metrics provides improved disclosures
for our investors by better aligning our key business metrics with
GAAP and our financial statements and will provide a better
representation of these important components of our operating model
and business performance as we continue to scale. We have recast
these metrics for the eight trailing quarters to reflect this new
methodology in our supplemental materials.
Non-GAAP Financial Information
Cloudflare believes that the presentation of non-GAAP financial
information provides important supplemental information to
management and investors regarding financial and business trends
relating to the Company’s financial condition and results of
operations. Reconciliations of non-GAAP financial measures to the
most directly comparable financial results as determined in
accordance with GAAP are included at the end of this press release
following the accompanying financial data. A reconciliation of
non-GAAP guidance measures to corresponding GAAP measures is not
available on a forward-looking basis without unreasonable effort
due to the uncertainty of expenses that may be incurred in the
future. For further information regarding why Cloudflare believes
that these non-GAAP measures provide useful information to
investors, the specific manner in which management uses these
measures, and some of the limitations associated with the use of
these measures, please refer to the “Explanation of Non-GAAP
Financial Measures” section at the end of this press release.
Available Information
Cloudflare intends to use its press releases, website, investor
relations website, news site, blog, and Twitter account, in
addition to filings made with the Securities and Exchange
Commission (SEC) and public conference calls, as a means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which statements involve substantial risks and
uncertainties. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,”
“should,” “expect,” “explore,” “plan,” “anticipate,” “could,”
“intend,” “target,” “project,” “contemplate,” “believe,”
“estimate,” “predict,” “potential,” or “continue,” or the negative
of these words, or other similar terms or expressions that concern
our expectations, strategy, plans, or intentions. However, not all
forward-looking statements contain these identifying words.
Forward-looking statements expressed or implied in this press
release include, but are not limited to, statements regarding our
future financial and operating performance, the impact of the
COVID-19 pandemic on our and our customers’, vendors’, and
partners’ operations and future financial performance, our
reputation and performance in the market, general market trends,
our estimated and projected revenue, non-GAAP net loss from
operations and net loss per share, shares outstanding, our plans
and objectives for future operations, growth, initiatives, or
strategies, and comments made by our CEO and others. There are a
significant number of factors that could cause actual results to
differ materially from statements made in this press release,
including: the extent and duration of the impact of the COVID-19
pandemic and adverse conditions in the general domestic and global
economic markets; our history of net losses; our limited operating
history; risks associated with managing our rapid growth; our
ability to attract and retain new customers; our ability to retain
and upgrade paying customers and convert free customers to paying
customers; problems with our internal systems, network, or data,
including actual or perceived breaches or failures; rapidly
evolving technological developments in the market; length of sales
cycles; and general market, political, economic, and business
conditions. Our actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in our
filings with the SEC, including our Annual Report on Form 10-K
filed on March 4, 2020, as well as other filings that we may make
from time to time with the SEC.
The forward-looking statements made in this press release relate
only to events as of the date on which the statements are made. We
undertake no obligation to update any forward-looking statements
made in this press release to reflect events or circumstances after
the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law. We
may not actually achieve the plans, intentions, or expectations
disclosed in our forward-looking statements, and you should not
place undue reliance on our forward-looking statements.
About Cloudflare
Cloudflare, Inc. (www.cloudflare.com / @cloudflare) is on a
mission to help build a better Internet. Cloudflare’s platform
protects and accelerates any Internet application online without
adding hardware, installing software, or changing a line of code.
Internet properties powered by Cloudflare have all web traffic
routed through its intelligent global network, which gets smarter
with every request. As a result, they see significant improvement
in performance and a decrease in spam and other attacks. Cloudflare
was named to Entrepreneur Magazine’s Top Company Cultures 2018 list
and ranked among the World’s Most Innovative Companies by Fast
Company in 2019. Headquartered in San Francisco, CA, Cloudflare has
offices in Austin, TX, Champaign, IL, New York, NY, San Jose, CA,
Seattle, WA, Washington, D.C., Lisbon, London, Munich, Beijing,
Singapore, and Sydney.
CLOUDFLARE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(thousands, except per share
data)
(unaudited)
Three Months Ended
March 31,
2020
2019
Revenue
$
91,250
$
61,727
Cost of revenue (1)(2)
20,821
14,360
Gross profit
70,429
47,367
Operating expenses:
Sales and marketing (1)
46,965
30,817
Research and development (1)(3)
33,354
17,649
General and administrative (1)(3)
26,181
16,048
Total operating expenses
106,500
64,514
Loss from operations
(36,071
)
(17,147
)
Non-operating income (expense):
Interest income
2,569
913
Interest expense
(67
)
(273
)
Other expense, net
485
(293
)
Total non-operating income (expense),
net
2,987
347
Loss before income taxes
(33,084
)
(16,800
)
Provision for (benefit from) income
taxes
(338
)
314
Net loss
$
(32,746
)
$
(17,114
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.11
)
$
(0.20
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
296,077
85,078
____________
(1) Includes stock-based compensation and
related employer payroll taxes as follows:
Cost of revenue
$
305
$
32
Sales and marketing
3,579
279
Research and development
7,127
417
General and administrative
3,606
329
Total stock-based compensation and related
employer payroll expenses
$
14,617
$
1,057
(2) Includes amortization of acquired
intangible assets as follows:
Cost of revenue
$
731
$
31
Total amortization of acquired intangible
assets
$
731
$
31
(3) Includes acquisition-related and other
expenses as follows:
Research and development
$
5,776
$
—
General and administrative
554
—
Total acquisition-related and other
expenses
$
6,330
$
—
CLOUDFLARE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except par
value)
(unaudited)
March 31, 2020
December 31,
2019
Assets
Current assets:
Cash and cash equivalents
$
109,063
$
138,976
Available-for-sale securities
478,791
497,972
Accounts receivable, net
39,778
33,867
Contract assets
1,779
2,063
Prepaid expenses and other current
assets
18,193
16,994
Total current assets
647,604
689,872
Property and equipment, net
100,174
101,466
Goodwill
16,399
4,083
Acquired intangible assets, net
4,900
31
Operating lease right-of-use assets
48,234
—
Deferred contract acquisition costs,
noncurrent
28,171
25,184
Restricted cash
8,847
6,660
Other noncurrent assets
4,202
3,528
Total assets
$
858,531
$
830,824
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
14,301
$
11,463
Accrued expenses and other current
liabilities
27,872
28,314
Operating lease liabilities
17,009
—
Liability for early exercise of unvested
stock options
12,006
13,263
Deferred revenue
37,096
30,843
Total current liabilities
108,284
83,883
Build-to-suit lease financing
obligation
—
10,506
Operating lease liabilities,
noncurrent
33,795
—
Deferred revenue, noncurrent
996
804
Other noncurrent liabilities
9,104
9,803
Total liabilities
152,179
104,996
Stockholders’ Equity:
Class A common stock; $0.001 par value;
2,250,000 shares authorized as of March 31, 2020 and December 31,
2019; 154,622 and 87,072 shares issued and outstanding as of March
31, 2020 and December 31, 2019, respectively
154
87
Class B common stock; $0.001 par value;
315,000 shares authorized as of March 31, 2020 and December 31,
2019; 148,735 and 213,101 shares issued and outstanding as of March
31, 2020 and December 31, 2019, respectively
143
207
Additional paid-in capital
1,038,544
1,027,179
Accumulated deficit
(333,896
)
(301,706
)
Accumulated other comprehensive income
1,407
61
Total stockholders’ equity
706,352
725,828
Total liabilities and stockholders’
equity
$
858,531
$
830,824
CLOUDFLARE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March
31,
2020
2019
Cash Flows From Operating
Activities
Net loss
$
(32,746
)
$
(17,114
)
Adjustments to reconcile net loss to cash
used in operating activities:
Depreciation and amortization expense
10,563
6,170
Non-cash operating lease costs
4,543
—
Amortization of deferred contract
acquisition costs
3,499
2,319
Stock-based compensation expense
12,897
1,057
Net accretion of discounts and
amortization of premiums on marketable securities
(456
)
(518
)
Deferred income taxes
(117
)
—
Provision for bad debt
2,209
259
Change in fair value of redeemable
convertible preferred stock warrant liability
—
118
Other
(197
)
4
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net
(8,120
)
(5,616
)
Contract assets
284
180
Deferred contract acquisition costs
(6,486
)
(4,225
)
Prepaid expenses and other current
assets
(1,086
)
(121
)
Other noncurrent assets
(658
)
(148
)
Accounts payable
1,507
(2,553
)
Accrued expenses and other current
liabilities
40
1,022
Operating lease liabilities
(4,804
)
—
Deferred revenue
6,445
7,400
Other noncurrent liabilities
(1,593
)
2,076
Net cash used in operating
activities
(14,276
)
(9,690
)
Cash Flows From Investing
Activities
Purchases of property and equipment
(11,405
)
(9,036
)
Capitalized internal-use software
(4,922
)
(3,397
)
Cash paid for acquisitions, net of cash
acquired
(13,639
)
—
Purchases of marketable securities
(110,609
)
(14,856
)
Sales of marketable securities
—
1,978
Maturities of marketable securities
131,580
40,498
Other investing activities
223
22
Net cash used in investing
activities
(8,772
)
15,209
Cash Flows From Financing
Activities
Proceeds from the exercise of stock
options
2,675
681
Proceeds from the early exercise of stock
options
32
1,638
Repurchases of unvested common stock
(70
)
(4
)
Payments on note payable
(200
)
(90
)
Proceeds from build-to-suit lease
financing obligation drawdown
—
23
Payment of tax withholding obligation on
RSU settlement
(7,115
)
—
Net cash provided by financing
activities
(4,678
)
2,248
Net increase in cash, cash equivalents,
and restricted cash
(27,726
)
7,767
Cash, cash equivalents, and restricted
cash, beginning of period
145,636
31,426
Cash, cash equivalents, and restricted
cash, end of period
$
117,910
$
39,193
CLOUDFLARE, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended
March 31, 2020
Three Months Ended
March 31, 2019
Reconciliation of cost of
revenue:
GAAP cost of revenue
$
20,821
$
14,360
Less: Stock-based compensation and related
employer payroll taxes
(305
)
(32
)
Less: Amortization of acquired intangible
assets
(731
)
(31
)
Non-GAAP cost of revenue
$
19,785
$
14,297
Reconciliation of gross profit:
GAAP gross profit
$
70,429
$
47,367
Add: Stock-based compensation and related
employer payroll taxes
305
32
Add: Amortization of acquired intangible
assets
731
31
Non-GAAP gross profit
$
71,465
$
47,430
Non-GAAP gross margin
78.3
%
76.8
%
Reconciliation of operating
expenses:
GAAP sales and marketing
$
46,965
$
30,817
Less: Stock-based compensation and related
employer payroll taxes
(3,579
)
(279
)
Non-GAAP sales and marketing
$
43,386
$
30,538
GAAP research and development
$
33,354
$
17,649
Less: Stock-based compensation and related
employer payroll taxes
(7,127
)
(417
)
Less: Acquisition-related and other
expenses
(5,776
)
—
Non-GAAP research and development
$
20,451
$
17,232
GAAP general and administrative
$
26,181
$
16,048
Less: Stock-based compensation and related
employer payroll taxes
(3,606
)
(329
)
Less: Acquisition-related and other
expenses
(554
)
—
Non-GAAP general and administrative
$
22,021
$
15,719
Reconciliation of loss from
operations:
GAAP loss from operations
$
(36,071
)
$
(17,147
)
Add: Stock-based compensation and related
employer payroll taxes
14,617
1,057
Add: Amortization of acquired intangible
assets
731
31
Add: Acquisition-related and other
expenses
6,330
—
Non-GAAP loss from operations
$
(14,393
)
$
(16,059
)
Non-GAAP operating margin
(15.8
)%
(26.0
)%
Reconciliation of provision for
(benefit from) income taxes:
GAAP provision for (benefit from) income
taxes
$
(338
)
$
314
Income tax effect of non-GAAP adjustments
(1)
1,251
6
Non-GAAP provision for (benefit from)
income taxes
$
913
$
320
Reconciliation of net loss and net loss
per share:
GAAP net loss attributable to common
stockholders
$
(32,746
)
$
(17,114
)
Add: Stock-based compensation expense
14,617
1,057
Add: Amortization of acquired intangible
assets
731
31
Add: Acquisition-related and other
expenses
6,330
—
Income tax effect of non-GAAP adjustments
(1)
(1,251
)
(6
)
Non-GAAP net loss
$
(12,319
)
$
(16,032
)
GAAP net loss per share
$
(0.11
)
$
(0.20
)
Add: Stock-based compensation expense
0.05
0.01
Add: Amortization of acquired intangible
assets
—
—
Add: Acquisition-related and other
expenses
0.02
—
Income tax effect of non-GAAP adjustments
(1)
—
—
Non-GAAP net loss per share (2)
$
(0.04
)
$
(0.19
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
296,077
85,078
____________
(1)
Non-GAAP adjustment for Q1'20
includes $0.7 million of income tax benefit from valuation
allowance release as a result of the S2 Systems acquisition.
(2)
Totals may not sum due to
rounding. Figures are calculated based upon the respective
underlying non-rounded data.
CLOUDFLARE, INC.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands)
(unaudited)
Three Months Ended March
31,
2020
2019
Free cash flow
Net cash used in operating activities
$
(14,276
)
$
(9,690
)
Less: Purchases of property and
equipment
(11,405
)
(9,036
)
Less: Capitalized internal-use
software
(4,922
)
(3,397
)
Free cash flow
$
(30,603
)
$
(22,123
)
Net cash used in investing activities
$
(8,772
)
$
15,209
Net cash provided by (used in) financing
activities
$
(4,678
)
$
2,248
Net cash used in operating activities
(percentage of revenue)
(16
)%
(16
)%
Less: Purchases of property and equipment
(percentage of revenue)
(13
)%
(15
)%
Less: Capitalized internal-use software
(percentage of revenue)
(5
)%
(5
)%
Free cash flow margin (1)
(34
)%
(36
)%
____________
(1)
Totals may not sum due to
rounding. Figures are calculated based upon the respective
underlying non-rounded data.
Explanation of Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States (U.S.
GAAP), we believe the following non-GAAP measures are useful in
evaluating our operating performance. We use the following non-GAAP
financial information to evaluate our ongoing operations and for
internal planning and forecasting purposes. We believe that
non-GAAP financial information, when taken collectively, may be
helpful to investors because it provides consistency and
comparability with past financial performance. However, non-GAAP
financial information is presented for supplemental informational
purposes only, has limitations as an analytical tool and should not
be considered in isolation or as a substitute for financial
information presented in accordance with U.S. GAAP. In particular,
free cash flow is not a substitute for cash provided by (used in)
operating activities. Additionally, the utility of free cash flow
as a measure of our liquidity is further limited as it does not
represent the total increase or decrease in our cash balance for a
given period. In addition, other companies, including companies in
our industry, may calculate similarly titled non-GAAP measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison. A
reconciliation is provided above for each non-GAAP financial
measure to the most directly comparable financial measure stated in
accordance with U.S. GAAP. Investors are encouraged to review the
related U.S. GAAP financial measures and the reconciliation of
these non-GAAP financial measures to their most directly comparable
U.S. GAAP financial measures, and not to rely on any single
financial measure to evaluate our business.
Expenses Excluded from Non-GAAP Measures. We exclude
stock-based compensation expense, which is a non-cash expense, from
certain of our non-GAAP financial measures because we believe that
excluding this item provides meaningful supplemental information
regarding operational performance. We exclude employer payroll tax
expenses related to stock-based compensation which is a cash
expense, from certain of our non-GAAP financial measures because
such expenses are dependent on the price of our common stock and
other factors that are beyond our control and do not correlate to
the operation of our business. Employer payroll tax expenses
related to stock-based compensation was not material for all
previous periods presented, therefore not excluded from periods
prior to March 31, 2020. We exclude amortization of acquired
intangible assets, which is a non-cash expense, related to business
combinations from certain of our non-GAAP financial measures
because such expenses are related to business combinations and have
no direct correlation to the operation of our business. We exclude
acquisition-related and other expenses from certain of our non-GAAP
financial measures because such expenses are related to business
combinations and have no direct correlation to the operation of our
business. Acquisition-related and other expenses can be cash or
non-cash expenses, and include third-party transaction costs and
compensation expense for key acquired personnel.
Non-GAAP Gross Profit and Non-GAAP Gross Margin. We
define non-GAAP gross profit and non-GAAP gross margin as U.S. GAAP
gross profit and U.S. GAAP gross margin, respectively, excluding
stock-based compensation and related employer payroll taxes and
amortization of acquired intangible assets.
Non-GAAP Loss from Operations and Non-GAAP Operating
Margin. We define non-GAAP loss from operations and non-GAAP
operating margin as U.S. GAAP loss from operations and U.S. GAAP
operating margin, respectively, excluding stock-based compensation
and related employer payroll taxes, amortization of acquired
intangible assets, and acquisition-related and other expenses.
Non-GAAP Net Loss and Non-GAAP Net Loss per Share, Basic and
Diluted. We define non-GAAP net loss as GAAP net loss plus
stock-based compensation and related employer payroll taxes,
amortization of acquired intangible assets, acquisition-related and
other expenses, and a non-GAAP provision for (benefit from) income
taxes. Generally, the difference between our GAAP and non-GAAP
income tax expense (benefit) is primarily due to adjustments in
stock-based compensation and related employer payroll taxes,
amortization of acquired intangibles associated with business
combinations, and acquisition-related and other expenses. We define
non-GAAP net loss per share, basic and diluted, as non-GAAP net
loss divided by the weighted-average common shares outstanding.
Since we have reported net losses for all periods presented, we
have excluded all potentially dilutive securities from the
calculation of net loss per share as their effect is antidilutive
and accordingly, basic and diluted net loss per share is the same
for all periods presented. We believe that excluding these items
from non-GAAP net loss and non-GAAP net loss per share, diluted,
provides management and investors with greater visibility into the
underlying performance of our core business operating results.
Free Cash Flow and Free Cash Flow Margin. Free cash flow
is a non-GAAP financial measure that we calculate as net cash
provided by (used in) operating activities less cash used for
purchases of property and equipment and capitalized internal-use
software. Free cash flow margin is calculated as free cash flow
divided by revenue. We believe that free cash flow and free cash
flow margin are useful indicators of liquidity that provide
information to management and investors about the amount of cash
generated from our operations that, after the investments in
property and equipment and capitalized internal-use software, can
be used for strategic initiatives, including investing in our
business, and strengthening our financial position. We believe that
historical and future trends in free cash flow and free cash flow
margin, even if negative, provide useful information about the
amount of cash generated (or consumed) by our operating activities
that is available (or not available) to be used for strategic
initiatives. For example, if free cash flow is negative, we may
need to access cash reserves or other sources of capital to invest
in strategic initiatives. One limitation of free cash flow and free
cash flow margin is that they do not reflect our future contractual
commitments. Additionally, free cash flow does not represent the
total increase or decrease in our cash balance for a given
period.
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version on businesswire.com: https://www.businesswire.com/news/home/20200507005955/en/
Investor Relations Information Jayson Noland
ir@cloudflare.com
Press Contact Information Daniella Vallurupalli
press@cloudflare.com
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