Cloudflare Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
NET$305.80+4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| 2023 · 2022 · 2021 | |||||
| Cash Flows From Operating Activities | |||||
| Net loss | $(183,949) | $(193,381) | $(260,309) | ||
| Adjustments to reconcile net loss to cash provided by operating activities: | |||||
| Depreciation and amortization expense | 135,820 | 102,335 | 66,607 | ||
| Non-cash operating lease costs | 44,792 | 36,332 | 25,091 | ||
| Amortization of deferred contract acquisition costs | 61,374 | 45,115 | 29,267 | ||
| Stock-based compensation expense | 273,989 | 202,777 | 90,137 | ||
| Amortization of debt discount and issuance costs | 4,519 | 4,659 | 46,174 | ||
| Net accretion of discounts and amortization of premiums on available-for-sale securities | (44,441) | (263) | 8,357 | ||
| Deferred income taxes | 2,264 | (140) | 8,738 | ||
| Provision for bad debt | 13,637 | 4,828 | 3,804 | ||
| Loss on extinguishment of debt | 50,300 | — | 72,234 | ||
| Exchange of convertible senior notes attributable to the accreted interest related to debt discount | — | (29,353) | |||
| Other | 829 | 629 | 511 | ||
| Changes in operating assets and liabilities, net of effect of acquisitions: | |||||
| Accounts receivable, net | (113,361) | (56,195) | (35,848) | ||
| Contract assets | (2,749) | (2,213) | (2,541) | ||
| Deferred contract acquisition costs | (101,465) | (67,940) | (55,411) | ||
| Prepaid expenses and other current assets | (22,125) | (7,701) | (2,395) | ||
| Other noncurrent assets | 1,018 | (539) | 1,534 | ||
| Accounts payable | 11,781 | (9,605) | 2,462 | ||
| Accrued expenses and other current liabilities | 25,788 | (5,363) | 58,897 | ||
| Operating lease liabilities | (40,046) | (31,691) | (23,071) | ||
| Deferred revenue | 134,473 | 102,204 | 64,390 | ||
| Other noncurrent liabilities | 1,958 | (253) | (4,627) | ||
| Net cash provided by operating activities | 254,406 | 123,595 | 64,648 | ||
| Cash Flows From Investing Activities | |||||
| Purchases of property and equipment | (114,396) | (143,606) | (92,986) | ||
| Capitalized internal-use software | (20,546) | (19,758) | (14,752) | ||
| Asset acquisitions and business combinations, net of cash acquired | (6,083) | (88,187) | (5,605) | ||
| Purchases of available-for-sale securities | (1,877,513) | (1,132,951) | (1,589,265) | ||
| Sales of available-for-sale securities | 20,248 | — | 25,714 | ||
| Maturities of available-for-sale securities | 1,812,015 | 1,148,770 | 967,519 | ||
| Other investing activities | 74 | 36 | 53 | ||
| Net cash used in investing activities | (186,201) | (235,696) | (709,322) | ||
| Cash Flows From Financing Activities | |||||
| Gross proceeds from issuance of convertible senior notes | — | — | 1,293,750 | ||
| Purchases of capped calls related to convertible senior notes | — | — | (86,293) | ||
| Cash consideration paid in exchange of convertible senior debt | — | — | (370,647) | ||
| Cash paid for issuance costs on convertible senior notes | — | — | (19,797) | ||
| Repayments of convertible senior notes | (207,649) | (16,571) | — | ||
| Proceeds from the exercise of stock options | 14,851 | 10,000 | 21,385 | ||
| Proceeds from the early exercise of stock options | — | 113 | 115 | ||
| Repurchases of unvested common stock | (34) | (3) | (189) | ||
| Proceeds from the issuance of common stock for employee stock purchase plan | 19,083 | 15,291 | 14,984 | ||
| Payment of tax withholding obligation on RSU settlement | (7,953) | (2,483) | (3,634) | ||
| Payment of indemnity holdback | (10,483) | — | (2,188) | ||
| Net cash provided by (used in) financing activities | (192,185) | 6,347 | 847,486 | ||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (123,980) | (105,754) | 202,812 | ||
| Cash, cash equivalents, and restricted cash, beginning of period | 215,204 | 320,958 | 118,146 | ||
| Cash, cash equivalents, and restricted cash, end of period | $91,224 | $215,204 | $320,958 | ||
| Supplemental Disclosure of Cash Flow Information: | |||||
| Cash paid for interest | $670 | $1,238 | $3,634 | ||
| Cash paid for income taxes, net of refunds | $4,454 | $2,223 | $1,546 | ||
| Cash paid for operating lease liabilities | $40,747 | $28,881 | $22,765 |
|---|---|---|---|
| Supplemental Disclosure of Non-cash Investing and Financing Activities: | |||
| Stock-based compensation capitalized for software development | $6,641 | $5,452 | $3,212 |
| Accounts payable and accrued expenses related to property and equipment additions | $26,423 | $28,979 | $13,544 |
| Vesting of early exercised stock options | $1,761 | $2,862 | $3,878 |
| Indemnity holdback consideration associated with asset acquisitions and business combinations | $1,000 | $10,483 | $— |
| Issuance of common stock related to an acquisition | $— | $65,504 | $1,565 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $44,707 | $33,137 | $109,821 |
| Issuance of common stock for exchange of convertible senior notes | $— | $— | $920,249 |
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