Company: NET
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001477333-25-000137
Chunk: 325

Company: Cloudflare, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 325
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Item 1. FINANCIAL STATEMENTS 

CLOUDFLARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

(unaudited)June 30,2025December 31,2024AssetsCurrent assets:Cash and cash equivalents$1,518,608 $147,691 Available-for-sale securities2,441,112 1,708,228 Accounts receivable, net307,507 316,753 Contract assets21,275 16,568 Restricted cash short-term4,373 4,273 Prepaid expenses and other current assets112,956 75,484 Total current assets4,405,831 2,268,997 Property and equipment, net547,349 467,420 Goodwill181,087 181,087 Acquired intangible assets, net22,110 21,865 Operating lease right-of-use assets185,355 168,379 Deferred contract acquisition costs, noncurrent183,919 172,217 Restricted cash2,475 2,250 Other noncurrent assets34,235 18,947 Total assets$5,562,361 $3,301,162 Liabilities and Stockholders’ EquityCurrent liabilities:Accounts payable$95,680 $105,807 Accrued expenses and other current liabilities80,463 81,602 Accrued compensation77,940 80,854 Operating lease liabilities56,812 47,626 Deferred revenue546,698 477,765 Total current liabilities857,593 793,654 Convertible senior notes, net3,260,506 1,287,321 Operating lease liabilities, noncurrent144,795 128,266 Deferred revenue, noncurrent35,805 22,095 Other noncurrent liabilities23,935 23,625 Total liabilities4,322,634 2,254,961 Commitments and contingencies (Note 8)Stockholders’ EquityClass A common stock; $0.001 par value; 2,250,000 shares authorized as of June 30, 2025 and December 31, 2024; 312,677 and 307,892 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively312 307 Class B common stock; $0.001 par value; 315,