---------------- ---------------
Total current assets 552,006 502,994
Property and equipment, net 371,000 305,444
Restricted cash 1,747 1,747
Goodwill 348,674 348,322
Intangible assets, net 123,110 140,151
Operating lease right-of-use
assets, net 121,430 155,201
Deferred tax assets 2,035 1,994
Other assets 6,476 5,114
---------------- ---------------
Total assets $ 1,526,478 $ 1,460,967
================ ===============
Current liabilities:
Accounts payable $ 12,946 $ 3,957
Accrued other expenses 28,065 31,046
Deferred revenue 5,575 5,340
Operating lease liabilities,
current 68,113 81,320
Other current liabilities 61,311 70,982
---------------- ---------------
Total current liabilities 176,010 192,645
Deferred tax liabilities 3,518 3,533
Long-term debt 1,483,470 1,477,798
Operating lease liabilities,
non-current 73,556 91,161
Other long-term liabilities 1,627 9,528
---------------- ---------------
Total liabilities 1,738,181 1,774,665
Preferred stock ($0.000025 par
value per share; 10,000,000
shares authorized; 0 shares
issued and outstanding as of
September 30, 2024 and December
31, 2023) -- --
Common stock ($0.000025 par value
per share; 750,000,000 shares
authorized; 92,397,303 and
90,243,442 issued and
outstanding as of September 30,
2024 and December 31, 2023,
respectively) 2 2
Additional paid-in capital 65,701 30,989
Accumulated other comprehensive
loss (398) (452)
Accumulated deficit (277,008) (344,237)
---------------- ---------------
Total stockholders' deficit (211,703) (313,698)
Total liabilities and
stockholders' deficit $ 1,526,478 $ 1,460,967
================ ===============
DIGITALOCEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2024 2023 2024 2023
----------- ----------- ----------- -----------
Revenue $ 198,484 $ 177,062 $ 575,690 $ 512,010
Cost of revenue 79,043 70,329 226,826 209,562
----------- ----------- ----------- -----------
Gross profit 119,441 106,733 348,864 302,448
Operating expenses:
Research and
development 37,377 32,627 105,388 109,468
Sales and
marketing 17,036 19,015 57,970 53,346
General and
administrative 40,422 20,064 127,034 117,861
Restructuring
and other
charges -- (441) -- 20,862
----------- ----------- ----------- -----------
Total operating
expenses 94,835 71,265 290,392 301,537
Income from
operations 24,606 35,468 58,472 911
Other income
(expense):
Interest
expense (2,262) (2,333) (6,887) (6,634)
Interest income
and other
income, net 7,297 3,979 17,120 18,967
----------- ----------- ----------- -----------
Other income, net 5,035 1,646 10,233 12,333
Income before
income taxes 29,641 37,114 68,705 13,244
Income tax benefit
(expense) 3,308 (17,939) (2,479) (9,774)
----------- ----------- ----------- -----------
Net income
attributable to
common
stockholders $ 32,949 $ 19,175 $ 66,226 $ 3,470
=========== =========== =========== ===========
Net income per share attributable to common stockholders
Basic $ 0.36 $ 0.22 $ 0.72 $ 0.04
Diluted $ 0.33 $ 0.20 $ 0.70 $ 0.04
Weighted-average shares used to compute net income per share attributable
to common stockholders
Basic 92,145 87,667 91,413 90,769
Diluted 102,591 102,674 102,678 97,747
DIGITALOCEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
-------------------------------------
2024 2023
-------------- -------------
Operating activities
Net income attributable to common
stockholders $ 66,226 $ 3,470
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 100,825 87,085
Stock-based compensation 67,659 65,589
Provision for expected credit
losses 12,018 11,416
Operating lease right-of-use
assets and liabilities, net 2,861 5,783
Net accretion of discounts and
amortization of premiums on
investments 2,569 (2,262)
Non-cash interest expense 5,987 5,958
Loss on impairment of long-lived
assets 356 1,140
Deferred income taxes -- 561
Release of VAT reserve -- (819)
Other (2,572) 484
Changes in operating assets and
liabilities:
Accounts receivable (18,768) (16,777)
Prepaid expenses and other
current assets (13,594) (7,569)
Accounts payable and accrued
expenses 1,136 (15,870)
Deferred revenue 235 (561)
Other assets and liabilities (13,552) 16,798
-------------- -------------
Net cash provided by operating
activities 211,386 154,426
Investing activities
Capital expenditures - property and
equipment (132,886) (67,077)
Capital expenditures - internal-use
software development (6,492) (4,075)
Cash paid for acquisition of
businesses, net of cash acquired -- (99,340)
Cash paid for asset acquisitions -- (2,500)
Purchase of marketable securities -- (352,313)
Maturities of marketable securities 91,675 773,335
Purchased interest on marketable
securities -- (151)
Proceeds from interest on marketable
securities -- 151
Proceeds from sale of equipment 42 236
-------------- -------------
Net cash (used in) provided by
investing activities (47,661) 248,266
Financing activities
Proceeds related to the issuance of
common stock under equity incentive
plan 11,890 15,358
Proceeds from the issuance of common
stock under employee stock purchase
plan 2,231 2,797
Principal repayments of finance
leases (4,097) (947)
Employee payroll taxes paid related
to net settlement of equity awards (21,166) (15,594)
Repurchase and retirement of common
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