Fastly Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
FSLY$16.24+1.6%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 | $(133,088) | $(190,774) | $(222,697) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation expense | 51,602 | 42,619 | 28,799 |
| Amortization of intangible assets | 20,424 | 21,696 | 21,238 |
| Non-cash lease expense | 22,678 | 25,448 | 23,065 |
| Amortization of debt discount and issuance costs | 2,476 | 3,169 | 3,185 |
| Amortization of deferred contract costs | 15,548 | 8,916 | 6,294 |
| Stock-based compensation | 136,303 | 145,796 | 140,488 |
| Deferred income taxes | (900) | — | — |
| Provision for credit losses | 2,025 | 2,406 | 196 |
| (Gain) loss on disposals of property and equipment | 505 | 854 | (300) |
| Amortization and accretion of discounts and premiums on investments | (646) | 3,137 | 2,221 |
| Impairment of operating lease right-of-use assets | 744 | 2,083 | — |
| Impairment expense | 4,316 | — | — |
| Net gain on extinguishment of debt | (52,416) | (54,391) | — |
| Other adjustments | 648 | 3,688 | 4 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (32,945) | (27,359) | (14,563) |
| Prepaid expenses and other current assets | 8,709 | (6,758) | (4,777) |
| Other assets | (23,137) | (35,396) | (10,423) |
| Accounts payable | 382 | (4,724) | 146 |
| Accrued expenses | (7,856) | 8,289 | 4,261 |
| Operating lease liabilities | (22,074) | (22,778) | (22,629) |
| Other liabilities | 7,064 | 4,447 | 7,010 |
| Net cash (used in) provided by operating activities | 362 | (69,632) | (38,482) |
| Cash flows from investing activities: | |||
| Purchases of marketable securities | (132,233) | (355,479) | (928,155) |
| Sales of marketable securities | 25,625 | 161,918 | 66,527 |
| Maturities of marketable securities | 433,767 | 535,040 | 118,085 |
| Business acquisitions, net of cash acquired | — | (25,902) | (1,169) |
| Advance payment for purchase of property and equipment | — | (42,197) | — |
| Purchases of property and equipment | (10,976) | (19,975) | (34,816) |
| Proceeds from sale of property and equipment | 49 | 492 | 588 |
| Capitalized internal-use software | (21,292) | (18,146) | (13,479) |
| Purchases of intangible assets | — | — | (2,092) |
| Net cash (used in) provided by investing activities | 294,940 | 235,751 | (794,511) |
| Cash flows from financing activities: | |||
| Issuance of convertible note, net of issuance costs | — | — | 930,775 |
| Payments of debt issuance costs | — | — | (1,351) |
| Cash paid for debt extinguishment | (310,540) | (177,082) | — |
| Repayments of finance lease liabilities | (27,175) | (22,532) | (13,568) |
| Cash received for restricted stock sold in advance of vesting conditions | — | 10,655 | — |
| Cash paid for early sale of restricted shares | — | (10,655) | — |
| Payment of deferred consideration for business acquisitions | (4,393) | — | — |
| Proceeds from exercise of vested stock options | 2,169 | 5,688 | 12,626 |
| Proceeds from employee stock purchase plan | 8,559 | 4,777 | 8,069 |
| Net cash (used in) provided by financing activities | (331,380) | (189,149) | 936,551 |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 608 | (390) | (477) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (35,470) | (23,420) | 103,081 |
| Cash, cash equivalents, and restricted cash at beginning of period | 143,541 | 166,961 | 63,880 |
| Cash, cash equivalents, and restricted cash at end of period | $108,071 | $143,541 | $166,961 |
CONSOLIDATED STATEMENTS OF CASH FLOWS—Continued
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $1,574 | $2,656 | $1,938 |
| Cash paid for income taxes, net of refunds received | $331 | $250 | $267 |
| Noncash investing and financing activities: | |||
| Property and equipment additions not yet paid in cash or financed | $640 | $1,492 | $18,275 |
| Vesting of early-exercised stock options | $— | $— | $405 |
| Stock-based compensation capitalized to internal-use software | $9,975 | $7,997 | $4,446 |
| Assets obtained in exchange for operating lease obligations | $5,769 | $29,606 | $32,458 |
| Assets obtained in exchange for finance lease obligations | $— | $23,575 | $31,529 |
| Net non-cash change in operating lease assets and liabilities associated with modifications and terminations | $(4,425) | $3,126 | $— |
| Interest paid for finance leases | $1,329 | $2,381 | $1,754 |
| Purchase consideration associated with business combination, accrued but not paid | $— | $8,000 | $— |
| Deployments of prepaid capital equipment | $8,665 | $5,184 | $— |
| Receivable related to shares of restricted stock | $— | $— | $10,655 |
| Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows | |||
| Cash and cash equivalents | $107,921 | $143,391 | $166,068 |
| Restricted cash | 150 | 150 | — |
| Restricted cash included in other assets | — | — | 893 |
| Total cash, cash equivalents, and restricted cash | $108,071 | $143,541 | $166,961 |
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