Cloudflare Inc
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 20, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash Flows from Operating Activities | |||
| Net loss | $(78,800) | $(183,949) | $(193,381) |
| Adjustments to reconcile net loss to cash provided by operating activities: | |||
| Depreciation and amortization expense | 127,722 | 135,820 | 102,335 |
| Non-cash operating lease costs | 49,476 | 44,792 | 36,332 |
| Amortization of deferred contract acquisition costs | 77,822 | 61,374 | 45,115 |
| Stock-based compensation expense | 338,461 | 273,989 | 202,777 |
| Amortization of debt issuance costs | 3,959 | 4,519 | 4,659 |
| Net accretion of discounts and amortization of premiums on available-for-sale securities | (42,081) | (44,441) | (263) |
| Deferred income taxes | 2,111 | 2,264 | (140) |
| Provision for bad debt | 10,038 | 13,637 | 4,828 |
| Loss on extinguishment of debt | — | 50,300 | — |
| Other | 643 | 829 | 629 |
| Changes in operating assets and liabilities, net of effect of asset acquisitions and business combinations: | |||
| Accounts receivable, net | (78,523) | (113,361) | (56,195) |
| Contract assets | (5,527) | (2,749) | (2,213) |
| Deferred contract acquisition costs | (116,803) | (101,465) | (67,940) |
| Prepaid expenses and other current assets | (38,227) | (22,125) | (7,701) |
| Other noncurrent assets | 2,170 | 1,018 | (539) |
| Accounts payable | 18,626 | 11,781 | (9,605) |
| Accrued expenses and other current liabilities | 9,900 | 4,001 | 18,986 |
| Accrued compensation | 18,742 | 21,787 | (24,349) |
| Operating lease liabilities | (55,248) | (40,046) | (31,691) |
| Deferred revenue | 135,008 | 134,473 | 102,204 |
| Other noncurrent liabilities | 960 | 1,958 | (253) |
| Net cash provided by operating activities | 380,429 | 254,406 | 123,595 |
| Cash Flows from Investing Activities | |||
| Purchases of property and equipment | (185,037) | (114,396) | (143,606) |
| Capitalized internal-use software | (28,477) | (20,546) | (19,758) |
| Asset acquisitions and business combinations, net of cash acquired | (37,991) | (6,083) | (88,187) |
| Purchases of available-for-sale securities | (1,572,113) | (1,877,513) | (1,132,951) |
| Sales of available-for-sale securities | — | 20,248 | — |
| Maturities of available-for-sale securities | 1,493,356 | 1,812,015 | 1,148,770 |
| Other investing activities | 38 | 74 | 36 |
| Net cash used in investing activities | (330,224) | (186,201) | (235,696) |
| Cash Flows from Financing Activities | |||
| Repayments of convertible senior notes | — | (207,649) | (16,571) |
| Cash paid for issuance costs on revolving credit facility | (2,148) | — | — |
| Proceeds from the exercise of stock options | 12,905 | 14,851 | 10,000 |
| Proceeds from the early exercise of stock options | 6 | — | 113 |
| Repurchases of unvested common stock | — | (34) | (3) |
| Proceeds from the issuance of common stock for employee stock purchase plan | 19,796 | 19,083 | 15,291 |
| Payment of tax withholding obligation on RSU settlement | (16,774) | (7,953) | (2,483) |
| Payment of indemnity holdback | (1,000) | (10,483) | — |
| Net cash provided by (used in) financing activities | 12,785 | (192,185) | 6,347 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 62,990 | (123,980) | (105,754) |
| Cash, cash equivalents, and restricted cash, beginning of period | 91,224 | 215,204 | 320,958 |
| Cash, cash equivalents, and restricted cash, end of period | $154,214 | $91,224 | $215,204 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Cash paid for interest | $75 | $670 | $1,238 |
| Cash paid for income taxes, net of refunds | $4,995 | $4,454 | $2,223 |
| Cash paid for operating lease liabilities | $51,387 | $40,747 | $28,881 |
| Supplemental Disclosure of Non-cash Investing and Financing Activities: | |||
| Stock-based compensation capitalized for software development | $10,839 | $6,641 | $5,452 |
| Accounts payable and accrued expenses related to property and equipment additions | $57,241 | $26,423 | $28,979 |
|---|---|---|---|
| Vesting of early exercised stock options | $109 | $1,761 | $2,862 |
| Indemnity holdback consideration associated with asset acquisitions and business combinations | $6,523 | $1,000 | $10,483 |
| Issuance of common stock related to an acquisition | $— | $— | $65,504 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $71,773 | $44,707 | $33,137 |
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