The company said the increase in revenue in 2023 compared with 2022 was mainly driven by growth in sales of its security solutions and growth in its compute solutions from the acquisition of Linode in March 2022. It cited pricing impact of renewals and moderated traffic growth as factors behind the decline in delivery solutions revenue.

1. 01

   The company said the increase in revenue in 2023 compared with 2022 was mainly driven by growth in sales of its security solutions and growth in its compute solutions from the acquisition of Linode in March 2022. It cited pricing impact of renewals and moderated traffic growth as factors behind the decline in delivery solutions revenue.

2. 02

   The company cited co-location costs, bandwidth costs, network build-out and supporting services costs, and payroll costs as factors behind the increase in cost of revenue in 2023. It said that by increasing the average useful life of its servers from 5 years to 6 years, depreciation expense for 2023 decreased by $62.7 million.

3. 03

   The company issued convertible senior notes due 2029 in August 2023 with a principal amount of $1,265.0 million and said it intends to use part of the net proceeds to repay at maturity its convertible senior notes due 2025, of which $1,150.0 million is outstanding. In 2023, it repurchased 7.8 million shares of its common stock at an average price of $83.83.

4. 04

   As of December 31, 2023, the company said its cash, cash equivalents and marketable securities totaled $2.3 billion and that convertible senior notes of $3,565.0 million in principal amount were outstanding. It said there were no outstanding borrowings under its $500.0 million revolving credit facility.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.8B

Operating income

$637M

Net income

$548M

EPS

$3.52

Operating cash flow

$1.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.