2024 Q2 Form 10-Q Financial Statement

#000151741324000104 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $132.4M $133.5M $117.6M
YoY Change 7.77% 13.57% 14.83%
Cost Of Revenue $59.47M $60.29M $57.31M
YoY Change 1.46% 5.19% 6.3%
Gross Profit $72.90M $73.23M $60.25M
YoY Change 13.53% 21.54% 24.32%
Gross Profit Margin 55.07% 54.85% 51.25%
Selling, General & Admin $81.39M $76.65M $70.10M
YoY Change 6.23% 9.34% -1.32%
% of Gross Profit 111.65% 104.66% 116.34%
Research & Development $35.11M $38.25M $37.43M
YoY Change -6.19% 2.18% -7.43%
% of Gross Profit 48.16% 52.23% 62.12%
Depreciation & Amortization $13.30M $18.18M $12.00M
YoY Change 3.1% 51.47% 21.21%
% of Gross Profit 18.24% 24.82% 19.92%
Operating Expenses $119.6M $119.5M $107.5M
YoY Change 4.91% 11.13% -3.54%
Operating Profit -$46.73M -$46.26M -$47.28M
YoY Change -6.21% -2.15% -24.97%
Interest Expense $3.473M $3.269M $1.213M
YoY Change 181.9% 169.5% -25.22%
% of Operating Profit
Other Income/Expense, Net $193.0K -$89.00K -$250.0K
YoY Change -124.03% -64.4% -10.39%
Pretax Income -$43.07M -$43.08M -$44.55M
YoY Change 306.53% -3.3% -30.63%
Income Tax $700.0K $347.0K $100.0K
% Of Pretax Income
Net Earnings -$43.73M -$43.43M -$44.69M
YoY Change 308.53% -2.82% -30.46%
Net Earnings / Revenue -33.04% -32.52% -38.01%
Basic Earnings Per Share -$0.32 -$0.32 -$0.36
Diluted Earnings Per Share -$0.32 -$0.32 -$0.36
COMMON SHARES
Basic Shares Outstanding 136.6M shares 134.2M shares 125.4M shares
Diluted Shares Outstanding 137.4M shares 134.6M shares 125.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $311.8M $329.5M $546.6M
YoY Change -21.54% -39.72% -14.56%
Cash & Equivalents $147.2M $124.4M $348.5M
Short-Term Investments $164.6M $185.4M $198.1M
Other Short-Term Assets $25.31M $23.21M $29.72M
YoY Change -14.2% -21.91% 25.83%
Inventory
Prepaid Expenses
Receivables $113.9M $107.5M $85.34M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $451.0M $460.2M $661.6M
YoY Change -10.73% -30.44% -10.23%
LONG-TERM ASSETS
Property, Plant & Equipment $246.9M $252.5M $179.9M
YoY Change 37.93% 40.33% 3.08%
Goodwill $670.4M $670.4M $670.2M
YoY Change 0.01% 0.03% 5.12%
Intangibles $52.68M $57.58M $77.73M
YoY Change -27.39% -25.92% -20.11%
Long-Term Investments $0.00 $1.743M $117.5M
YoY Change -100.0% -98.52% -70.21%
Other Assets $79.18M $63.56M $94.80M
YoY Change -17.14% -32.95% 215.78%
Total Long-Term Assets $1.032B $1.046B $1.201B
YoY Change -10.46% -12.91% -14.07%
TOTAL ASSETS
Total Short-Term Assets $451.0M $460.2M $661.6M
Total Long-Term Assets $1.032B $1.046B $1.201B
Total Assets $1.483B $1.506B $1.862B
YoY Change -10.54% -19.14% -12.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.532M $5.485M $4.668M
YoY Change -0.52% 17.5% -43.4%
Accrued Expenses $34.45M $55.52M $42.31M
YoY Change -26.71% 31.23% -15.21%
Deferred Revenue $33.86M $38.24M $24.60M
YoY Change 20.38% 55.45% -13.55%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.178M $11.97M $24.76M
YoY Change -63.22% -51.65% -7.48%
Total Short-Term Liabilities $109.3M $120.2M $125.2M
YoY Change -16.95% -3.97% -10.68%
LONG-TERM LIABILITIES
Long-Term Debt $344.2M $344.3M $705.4M
YoY Change -27.14% -51.19% -24.49%
Other Long-Term Liabilities $3.382M $49.61M $6.144M
YoY Change -53.14% 707.5% 178.64%
Total Long-Term Liabilities $347.5M $393.9M $711.5M
YoY Change -27.53% -44.64% -24.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.3M $120.2M $125.2M
Total Long-Term Liabilities $347.5M $393.9M $711.5M
Total Liabilities $501.5M $514.1M $903.9M
YoY Change -25.11% -43.12% -21.93%
SHAREHOLDERS EQUITY
Retained Earnings -$921.9M -$878.2M -$746.4M
YoY Change 21.78% 17.66% 29.77%
Common Stock $3.000K $3.000K $2.000K
YoY Change 50.0% 50.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $981.2M $991.8M $958.6M
YoY Change
Total Liabilities & Shareholders Equity $1.483B $1.506B $1.862B
YoY Change -10.54% -19.14% -12.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$43.73M -$43.43M -$44.69M
YoY Change 308.53% -2.82% -30.46%
Depreciation, Depletion And Amortization $13.30M $18.18M $12.00M
YoY Change 3.1% 51.47% 21.21%
Cash From Operating Activities -$4.948M $11.13M -$8.861M
YoY Change -119.8% -225.63% -32.82%
INVESTING ACTIVITIES
Capital Expenditures $9.381M $8.448M $3.494M
YoY Change -12.28% 141.79% 46.38%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $17.37M $42.13M $227.2M
YoY Change -84.98% -81.46% 142.05%
Cash From Investing Activities $7.991M $33.68M $219.5M
YoY Change -92.39% -84.66% 150.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.793M -1.880M -$5.713M
YoY Change -96.69% -67.09% -204.79%
NET CHANGE
Cash From Operating Activities -4.948M 11.13M -$8.861M
Cash From Investing Activities 7.991M 33.68M $219.5M
Cash From Financing Activities -6.793M -1.880M -$5.713M
Net Change In Cash -3.750M 42.94M $205.1M
YoY Change -95.01% -79.06% 157.22%
FREE CASH FLOW
Cash From Operating Activities -$4.948M $11.13M -$8.861M
Capital Expenditures $9.381M $8.448M $3.494M
Free Cash Flow -$14.33M $2.684M -$12.36M
YoY Change -200.23% -121.72% -20.68%

Facts In Submission

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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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348463000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
150000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
150000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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150959000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
348613000 usd
CY2024Q1 us-gaap Nature Of Operations
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Nature of Business<div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fastly, Inc. has built an edge cloud platform that can process, serve, and secure its customers' applications as close to their end users as possible. The Company was incorporated in Delaware in 2011 and is headquartered in San Francisco, California.</span></div><div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, “Fastly,” “the Company,” “its” and similar terms include Fastly, Inc. and its subsidiaries, unless the context indicates otherwise.</span></div>
CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates, judgments, and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, internal-use software development costs, the incremental borrowing rate related to the Company’s lease liabilities,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">fair value of assets acquired and liabilities assumed during business combinations, useful lives of acquired intangible assets and property and equipment, fair value of the Company’s long-lived assets as well as goodwill, income tax reserves, and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements in the period of change and prospectively from the date of the change in estimate.</span></div>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div><span><br/></span></div><div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. </span></div><div style="margin-bottom:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s cash, cash equivalents, and marketable securities primarily consisted of bank deposits, money market funds, investment-grade commercial paper, corporate notes and bonds, U.S. treasury securities, municipal securities, foreign government and supranational securities and asset-backed securities held at major financial institutions that the Company believes to be of high credit standing. The primary focus of its investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy limits the amount of credit exposure with any one financial institution or commercial issuer. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets. While the Company has not experienced any losses in such accounts and the Company has historically maintained its cash in multiple financial institutions, the failure of Silicon Valley Bank (“SVB”) in March 2023, at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to limited credit risk prior to the completion by the Federal Deposit Insurance Corporation (“FDIC”) of the resolution of SVB in a manner that fully protected all depositors.</span></div>Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s customer base consists of a large number of geographically dispersed customers diversified across several industries.
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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133520000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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133520000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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117564000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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133520000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
117564000 usd
CY2024Q1 us-gaap Revenue Performance Obligation Description Of Payment Terms
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The Company’s payment terms and conditions vary by contract type, and generally range from 30 to 90 days.
CY2024Q1 us-gaap Contract With Customer Asset Net
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CY2023Q4 us-gaap Contract With Customer Asset Net
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227000000 usd
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0.78
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164083000 usd
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157303000 usd
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CY2024Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Depreciation
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CY2024Q1 us-gaap Contract With Customer Liability Current
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400000 usd
CY2023Q1 us-gaap Sublease Income
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300000 usd
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Variable Lease Cost
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3595000 usd
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3623000 usd
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439000 usd
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3757000 usd
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4062000 usd
CY2023Q1 us-gaap Operating Lease Impairment Loss
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20820000 usd
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232000 usd
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4900000 usd
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765000 usd
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400000 usd
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800000 usd
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CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
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42334000 usd
CY2024Q1 us-gaap Purchase Obligation Due In Next Twelve Months
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11191000 usd
CY2024Q1 us-gaap Purchase Obligation Due In Third Year
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111000 usd
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CY2024Q1 us-gaap Purchase Obligation
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4300000 usd
CY2024Q1 fsly Number Of Equity Incentive Plans
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4 plan
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CommonStockSharesOutstanding
136500000 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
136500000 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
133000000 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
133000000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2710000 shares
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M6D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
26383000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
71000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.58
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2639000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.32
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M24D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
15255000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2110000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.28
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y8M12D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
15255000 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31821000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28151000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2900000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1300000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-43427000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43427000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-44687000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-44687000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
134587000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134587000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125418000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125418000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20164000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25063000 shares
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
CY2024Q1 fsly Property Plant And Equipment Net And Operating Lease Right Of Use Assets Net
PropertyPlantAndEquipmentNetAndOperatingLeaseRightOfUseAssetsNet
231994000 usd
CY2023Q4 fsly Property Plant And Equipment Net And Operating Lease Right Of Use Assets Net
PropertyPlantAndEquipmentNetAndOperatingLeaseRightOfUseAssetsNet
231820000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001517413-24-000104.txt Edgar Link pending
0001517413-24-000104-xbrl.zip Edgar Link pending
exhibit102-thirdamendmentt.htm Edgar Link pending
R44.htm Edgar Link pending
exhibit103-stockownershipg.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
fsly-20240331.htm Edgar Link pending
fsly-20240331.xsd Edgar Link pending
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